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Confluent Announces First Quarter 2025 Financial Results

  • Subscription revenue of $261 million, up 26% year over year
  • Confluent Cloud revenue of $143 million, up 34% year over year
  • 1,412 customers with $100,000 or greater in ARR, up 12% year over year

Confluent, Inc. (NASDAQ: CFLT), the data streaming pioneer, today announced financial results for its first quarter of 2025, ended March 31, 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250429741671/en/

“Confluent started the year with solid momentum, achieving subscription revenue growth of 26% year over year,” said Jay Kreps, co-founder and CEO, Confluent. “Our growth at scale amid heightened macroeconomic uncertainty demonstrates the mission-critical nature of data streaming and our significant product leadership. We remain laser-focused on enabling our customers to cost-efficiently build next-generation applications and win in the age of AI.”

“We are pleased with our robust first quarter results, demonstrating the resilience of our business and our ability to capture our market opportunity,” said Rohan Sivaram, CFO, Confluent. “These results underscore the strength of our data streaming platform, the strategic value of our multi-cloud, multi-data destination, and multi-deployment approach, as well as the flexibility of our well-diversified growth strategy.”

First Quarter 2025 Financial Highlights

(In millions, except per share data and percentages)

 

 

Q1 2025

Q1 2024

Y/Y Change

Subscription Revenue

$260.9

$206.9

26%

Total Revenue

$271.1

$217.2

25%

GAAP Operating Loss

$(101.2)

$(111.4)

$10.2

Non-GAAP Operating Income (Loss)

$11.6

$(3.3)

$14.9

GAAP Operating Margin

(37.3%)

(51.3%)

14.0 pts

Non-GAAP Operating Margin

4.3%

(1.5%)

5.8 pts

GAAP Net Loss Per Share

$(0.20)

$(0.30)

$0.10

Non-GAAP Net Income Per Diluted Share

$0.08

$0.05

$0.03

Net Cash Used in Operating Activities

$(26.8)

$(26.0)

$(0.8)

Adjusted Free Cash Flow

$4.9

$(31.7)

$36.6

Financial Outlook

For the second quarter and fiscal year 2025, Confluent expects:

 

 

Q2 2025 Outlook

FY 2025 Outlook

Subscription Revenue

$267-$268 million

$1.10-$1.11 billion

Non-GAAP Operating Margin

~5%

~6%

Non-GAAP Net Income Per Diluted Share

$0.08-$0.09

~$0.36

A reconciliation of forward-looking non-GAAP operating margin, adjusted free cash flow margin and non-GAAP net income per diluted share to the most directly comparable GAAP measures is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. In particular, the measures and effects of our stock-based compensation-related charges, which include stock-based compensation expenses, employer payroll taxes on employee stock transactions, and amortization of stock-based compensation capitalized in internal-use software, are directly impacted by the timing of employee stock transactions and unpredictable fluctuations in our stock price, which we expect to have a significant impact on our future GAAP financial results.

Conference Call Information

Confluent will host a video webcast to discuss the company’s first quarter 2025 results as well as its financial outlook today at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time. Open to the public, investors may access the webcast, earnings press release, supplemental financial information, and investor presentation on Confluent’s investor relations website at investors.confluent.io before the commencement of the webcast. A replay of the webcast will also be accessible from Confluent’s investor relations website a few hours after the conclusion of the live event.

Confluent uses its investor relations website and may use its X (Twitter), LinkedIn, and Facebook accounts as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release and the earnings call referencing this press release contain forward-looking statements including, among other things, statements regarding (i) our financial outlook, including expected subscription revenue, Confluent Cloud revenue, non-GAAP operating margin, free cash flow margin, adjusted free cash flow margin, non-GAAP net income per share, revenue mix, including Confluent Cloud subscription revenue mix, revenue run rates, Confluent Cloud and data streaming platform growth, adoption and traction, operating margins and margin improvements, targeted or anticipated gross and operating margin levels, earnings per share levels and improvements, in-product optimizations of Confluent Cloud, continued business momentum, and expected revenue, (ii) our market and category leadership position, (iii) our expectations and trends relating to growth of our Data Streaming Platform products, (iv) rates of Confluent Cloud consumption and demand for and retention of data streaming platforms like Confluent, (v) customer growth, retention and engagement, and expansion of customers into new use cases, (vi) ability for Confluent Cloud to provide cost savings for users and customers, including lower total cost of ownership, and our ability to drive return-on-investment-based expansions for our customers and capture the open-source conversion opportunity, (vii) increased adoption of our offerings and fully managed solutions for data streaming in general, including from customers building generative AI applications, (viii) dependence of businesses on data in motion, (ix) growth in and growth rate of revenue, customers, dollar-based net retention rate, and gross retention rate, (x) our ability to increase engagement of customers for Confluent and expand customer cohorts, (xi) our market opportunity and our ability to capture our market opportunity, (xii) the resilience of our business, (xiii) our go-to-market strategy, (xiv) our product differentiation and market acceptance of our products, (xv) our strategy and expected results and market acceptance for our Flink offering, Tableflow, Freight Clusters, and our other Data Streaming Platform offerings, (xvi) our expectations for market acceptance, direction and growth of stream processing, its potential to accelerate adoption of our platform and growth of our business, and our ability and positioning to capture this market, (xvii) our expectations of meeting near-term and mid-term financial targets, (xviii) our expectations regarding the generative AI landscape and our offerings, (xix) our expectations of relevance of certain key financial and operating metrics, (xx) our ability to drive long-term growth, (xxi) our expectations regarding the impact of our offerings, including WarpStream and Freight Clusters, (xxii) our expectations regarding our growth strategies and our partner ecosystem, including our Confluent OEM Program, (xxiii) our ability to offer pricing and packaging that fit the full range of Kafka use cases, and (xxiv) our overall future prospects. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “seek,” “plan,” “project,” “target,” “looking ahead,” “look to,” “move into,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements represent our current beliefs, estimates and assumptions only as of the date of this press release and information contained in this press release should not be relied upon as representing our estimates as of any subsequent date. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. Risks include, but are not limited to: (i) our limited operating history, including in uncertain macroeconomic environments, (ii) our ability to sustain and manage our rapid growth, (iii) our ability to increase consumption of our offerings, including by existing customers and through the acquisition of new customers, including by addressing customer consumption preferences, successfully adding new features and functionality to our offerings, and partnering with our customers to help them realize increased value in Confluent in an efficient and sustainable manner, (iv) our ability to successfully execute our go-to-market strategy and initiatives, (v) our ability to attract new customers and successfully ramp their consumption of our offerings, as well as retain and sell additional features and services to our existing customers, (vi) uncertain macroeconomic conditions, including high inflation, high interest rates, bank failures, global tariffs, taxes on multinational companies, geopolitical events, recessionary risks, and exchange rate fluctuations, (vii) our ability to achieve profitability and improve margins annually, by our expected timelines or at all, (viii) the estimated addressable market opportunity for our Data Streaming Platform, and our ability to capture our share of that market opportunity, (ix) shifts in certain customers’ data streaming strategies, (x) our ability to compete effectively in an increasingly competitive market, (xi) our ability to attract, ramp, and retain highly qualified personnel, and the impacts of attrition and related challenges, (xii) breaches in our security measures, intentional or accidental cybersecurity incidents or unauthorized access to our platform, our data, or our customers’ or other users’ personal data, (xiii) our reliance on third-party cloud-based infrastructure to host Confluent Cloud, (xiv) public sector budgetary cycles and funding reductions or delays, or shifts in procurement strategies, (xv) our ability to accurately forecast our future performance, business and growth, and (xvi) general market, political, economic, and business conditions. These risks are not exhaustive. Further information on these and other risks that could affect Confluent’s results is included in our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024, and our future reports that we may file from time to time with the SEC. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 that will be filed with the SEC, which should be read in conjunction with this press release and the financial results included herein. Confluent assumes no obligation to, and does not currently intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

This press release includes the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing, and general and administrative), non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, free cash flow, free cash flow margin, adjusted free cash flow, and adjusted free cash flow margin. We use these non-GAAP financial measures and other key metrics internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. We believe these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only. They should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies, including companies in our industry, may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Further, free cash flow and adjusted free cash flow are not substitutes for cash used in operating activities. The utility of free cash flow and adjusted free cash flow are limited as such measures do not reflect our future contractual commitments and do not represent the total increase or decrease in our cash balance for any given period. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, as presented below.

We define non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses (research and development, sales and marketing, and general and administrative), non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income, and non-GAAP net income per share as the respective GAAP measures, adjusted for, as applicable, stock-based compensation-related charges which include stock-based compensation expense, employer taxes on employee stock transactions and amortization of stock-based compensation capitalized in internal-use software; amortization of acquired intangibles; acquisition-related expenses; amortization of debt issuance costs; and income tax effects associated with these adjustments as well as the non-recurring income tax expense or benefit associated with acquisitions and income tax benefit from the release of a valuation allowance on certain deferred tax assets. Non-GAAP gross margin and non-GAAP operating margin are defined as non-GAAP gross profit and non-GAAP operating income (loss) as a percentage of revenue, respectively.

We define free cash flow as net cash used in operating activities less capitalized internal-use software costs and capital expenditures and free cash flow margin as free cash flow as a percentage of revenue. We define adjusted free cash flow as free cash flow excluding the non-recurring impact from a change to timing of certain cash compensation payments and adjusted free cash flow margin as adjusted free cash flow as a percentage of revenue. We believe that free cash flow, free cash flow margin, adjusted free cash flow, and adjusted free cash flow margin are useful indicators of liquidity that provide information to management and investors about the performance of core operations and future ability to generate cash that can be used for strategic opportunities or investing in our business.

Definition

Customers with $100,000 or greater in annual recurring revenue (“ARR”) represent the number of customers that contributed $100,000 or more in ARR as of period end. We define ARR as (1) with respect to Confluent Platform customers, the amount of revenue to which our customers are contractually committed over the following 12 months assuming no increases or reductions in their subscriptions, and (2) with respect to Confluent Cloud and WarpStream customers, the amount of revenue that we expect to recognize from such customers over the following 12 months, calculated by annualizing actual consumption of Confluent Cloud and WarpStream in the last three months of the applicable period, assuming no increases or reductions in usage rate. Services arrangements are excluded from the calculation of ARR. For purposes of determining our customer count, we treat all affiliated entities with the same parent organization as a single customer and include pay-as-you-go customers. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity.

About Confluent

Confluent is the data streaming platform that is pioneering a fundamentally new category of data infrastructure that sets data in motion. Confluent’s cloud-native offering is the foundational platform for data in motion – designed to be the intelligent connective tissue enabling real-time data, from multiple sources, to constantly stream across the organization. With Confluent, organizations can meet the new business imperative of delivering rich, digital front-end customer experiences and transitioning to sophisticated, real-time, software-driven backend operations.

 

Confluent, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

 
March 31, December 31,

 

2025

 

 

2024

 

ASSETS
Current assets:
Cash and cash equivalents

$

278,561

 

$

385,980

 

Marketable securities

 

1,638,016

 

 

1,524,583

 

Accounts receivable, net

 

297,862

 

 

314,306

 

Deferred contract acquisition costs

 

46,149

 

 

47,271

 

Prepaid expenses and other current assets

 

82,250

 

 

79,179

 

Total current assets

 

2,342,838

 

 

2,351,319

 

Property and equipment, net

 

81,697

 

 

78,680

 

Operating lease right-of-use assets

 

7,923

 

 

8,818

 

Goodwill

 

164,406

 

 

164,406

 

Intangible assets, net

 

7,463

 

 

7,924

 

Deferred contract acquisition costs, non-current

 

69,069

 

 

71,468

 

Other assets, non-current

 

25,278

 

 

12,296

 

Total assets

$

2,698,674

 

$

2,694,911

 

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable

$

5,983

 

$

7,531

 

Accrued expenses and other liabilities

 

141,922

 

 

194,250

 

Operating lease liabilities

 

9,093

 

 

8,694

 

Deferred revenue

 

372,870

 

 

378,771

 

Total current liabilities

 

529,868

 

 

589,246

 

Operating lease liabilities, non-current

 

6,735

 

 

9,138

 

Deferred revenue, non-current

 

32,511

 

 

30,430

 

Convertible senior notes, net

 

1,093,094

 

 

1,092,149

 

Other liabilities, non-current

 

11,133

 

 

12,722

 

Total liabilities

 

1,673,341

 

 

1,733,685

 

Stockholders’ equity:
Preferred stock

 

-

 

 

-

 

Class A common stock

 

2

 

 

2

 

Class B common stock

 

1

 

 

1

 

Additional paid-in capital

 

3,079,260

 

 

2,953,080

 

Accumulated other comprehensive income (loss)

 

2,860

 

 

(2,641

)

Accumulated deficit

 

(2,056,790

)

 

(1,989,216

)

Total stockholders’ equity

 

1,025,333

 

 

961,226

 

Total liabilities and stockholders’ equity

$

2,698,674

 

$

2,694,911

 

Confluent, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(unaudited)

 
Three Months Ended March 31,

 

2025

 

 

2024

 

Revenue:
Subscription

$

260,910

 

$

206,902

 

Services

 

10,210

 

 

10,335

 

Total revenue

 

271,120

 

 

217,237

 

Cost of revenue:
Subscription(1)

 

56,847

 

 

48,355

 

Services(1)

 

12,271

 

 

12,866

 

Total cost of revenue

 

69,118

 

 

61,221

 

Gross profit

 

202,002

 

 

156,016

 

Operating expenses:
Research and development(1)

 

116,801

 

 

97,571

 

Sales and marketing(1)

 

146,259

 

 

131,352

 

General and administrative(1)

 

40,120

 

 

38,444

 

Total operating expenses

 

303,180

 

 

267,367

 

Operating loss

 

(101,178

)

 

(111,351

)

Other income, net

 

20,410

 

 

20,850

 

Loss before income taxes

 

(80,768

)

 

(90,501

)

Provision for (benefit from) income taxes

 

(13,194

)

 

2,466

 

Net loss

$

(67,574

)

$

(92,967

)

Net loss per share, basic and diluted

$

(0.20

)

$

(0.30

)

Weighted-average shares used to compute net loss per share, basic and diluted

 

335,755,902

 

 

314,203,181

 

 
 

(1) Includes stock-based compensation-related charges as follows:

 
Three Months Ended March 31,

 

2025

 

 

2024

 

Cost of revenue - subscription

$

8,708

 

$

7,905

 

Cost of revenue - services

 

1,867

 

 

2,718

 

Research and development

 

43,835

 

 

41,424

 

Sales and marketing

 

32,757

 

 

35,780

 

General and administrative

 

14,410

 

 

15,158

 

Total stock-based compensation-related charges

$

101,577

 

$

102,985

 

Confluent, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 
Three Months Ended March 31,

 

2025

 

 

2024

 

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss

$

(67,574

)

$

(92,967

)

Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization

 

6,605

 

 

4,311

 

Net accretion of discounts on marketable securities

 

(6,847

)

 

(10,396

)

Amortization of debt issuance costs

 

945

 

 

953

 

Amortization of deferred contract acquisition costs

 

13,931

 

 

12,762

 

Non-cash operating lease costs

 

1,075

 

 

885

 

Stock-based compensation, net of amounts capitalized

 

92,575

 

 

95,322

 

Deferred income taxes

 

(17,338

)

 

615

 

Other

 

454

 

 

849

 

Changes in operating assets and liabilities, net of effects of business combinations:
Accounts receivable

 

15,414

 

 

29,360

 

Deferred contract acquisition costs

 

(10,410

)

 

(9,732

)

Prepaid expenses and other assets

 

1,515

 

 

(1,929

)

Accounts payable

 

(1,274

)

 

(4,932

)

Accrued expenses and other liabilities

 

(49,828

)

 

(43,752

)

Operating lease liabilities

 

(2,177

)

 

(1,935

)

Deferred revenue

 

(3,820

)

 

(5,368

)

Net cash used in operating activities

 

(26,754

)

 

(25,954

)

CASH FLOWS FROM INVESTING ACTIVITIES
Capitalization of internal-use software costs

 

(4,806

)

 

(5,539

)

Purchases of marketable securities

 

(405,235

)

 

(443,307

)

Maturities of marketable securities

 

299,467

 

 

432,267

 

Purchases of property and equipment

 

(1,429

)

 

(186

)

Net cash used in investing activities

 

(112,003

)

 

(16,765

)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock upon exercise of vested options

 

16,606

 

 

14,401

 

Proceeds from issuance of common stock under employee stock purchase plan

 

14,195

 

 

15,603

 

Net cash provided by financing activities

 

30,801

 

 

30,004

 

Effect of exchange rate changes on cash and cash equivalents

 

537

 

 

(673

)

Net decrease in cash and cash equivalents

 

(107,419

)

 

(13,388

)

Cash and cash equivalents at beginning of period

 

385,980

 

 

349,761

 

Cash and cash equivalents at end of period

$

278,561

 

$

336,373

 

Confluent, Inc.

Reconciliation of GAAP Measures to Non-GAAP Measures

(in thousands, except percentages, share and per share data)

(unaudited)

 
Three Months Ended March 31,

 

2025

 

 

2024

 

Reconciliation of GAAP total gross profit to non-GAAP total gross profit:
Total gross profit on a GAAP basis

$

202,002

 

$

156,016

 

Total gross margin on a GAAP basis

 

74.5

%

 

71.8

%

Add: Stock-based compensation-related charges

 

10,575

 

 

10,623

 

Add: Amortization of acquired intangibles

 

461

 

 

502

 

Non-GAAP total gross profit

$

213,038

 

$

167,141

 

Non-GAAP total gross margin

 

78.6

%

 

76.9

%

 
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
Research and development operating expense on a GAAP basis

$

116,801

 

$

97,571

 

Research and development operating expense as a percentage of total revenue on a GAAP basis

 

43.1

%

 

44.9

%

Less: Stock-based compensation-related charges

 

43,835

 

 

41,424

 

Less: Acquisition-related expenses

 

9,641

 

 

4,362

 

Non-GAAP research and development operating expense

$

63,325

 

$

51,785

 

Non-GAAP research and development operating expense as a percentage of total revenue

 

23.4

%

 

23.8

%

 
Sales and marketing operating expense on a GAAP basis

$

146,259

 

$

131,352

 

Sales and marketing operating expense as a percentage of total revenue on a GAAP basis

 

53.9

%

 

60.5

%

Less: Stock-based compensation-related charges

 

32,757

 

 

35,780

 

Less: Acquisition-related expenses

 

1,076

 

 

-

 

Non-GAAP sales and marketing operating expense

$

112,426

 

$

95,572

 

Non-GAAP sales and marketing operating expense as a percentage of total revenue

 

41.5

%

 

44.0

%

 
General and administrative operating expense on a GAAP basis

$

40,120

 

$

38,444

 

General and administrative operating expense as a percentage of total revenue on a GAAP basis

 

14.8

%

 

17.7

%

Less: Stock-based compensation-related charges

 

14,410

 

 

15,158

 

Less: Acquisition-related expenses

 

14

 

 

225

 

Non-GAAP general and administrative operating expense

$

25,696

 

$

23,061

 

Non-GAAP general and administrative operating expense as a percentage of total revenue

 

9.5

%

 

10.6

%

 
Three Months Ended March 31,

 

2025

 

 

2024

 

Reconciliation of GAAP operating loss to non-GAAP operating income (loss):
Operating loss on a GAAP basis

$

(101,178

)

$

(111,351

)

GAAP operating margin

 

(37.3

%)

 

(51.3

%)

Add: Stock-based compensation-related charges

 

101,577

 

 

102,985

 

Add: Amortization of acquired intangibles

 

461

 

 

502

 

Add: Acquisition-related expenses

 

10,731

 

 

4,587

 

Non-GAAP operating income (loss)

$

11,591

 

$

(3,277

)

Non-GAAP operating margin

 

4.3

%

 

(1.5

%)

 
Reconciliation of GAAP net loss to non-GAAP net income:
Net loss on a GAAP basis

$

(67,574

)

$

(92,967

)

Add: Stock-based compensation-related charges

 

101,577

 

 

102,985

 

Add: Amortization of acquired intangibles

 

461

 

 

502

 

Add: Acquisition-related expenses

 

10,731

 

 

4,587

 

Add: Amortization of debt issuance costs

 

945

 

 

953

 

Add: Income tax effects and adjustments(1)

 

(17,156

)

 

(260

)

Non-GAAP net income

$

28,984

 

$

15,800

 

Non-GAAP net income per share, basic

$

0.09

 

$

0.05

 

Non-GAAP net income per share, diluted

$

0.08

 

$

0.05

 

Weighted-average shares used to compute non-GAAP net income per share, basic

 

335,755,902

 

 

314,203,181

 

Weighted-average shares used to compute non-GAAP net income per share, diluted

 

367,802,218

 

 

350,195,868

 

 

(1) Income tax effects and adjustments for the three months ended March 31, 2025 includes an adjustment for the income tax benefit from the release of a valuation allowance on certain deferred tax assets.

The following table presents a reconciliation of free cash flow to net cash used in operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands, except percentages):

Three Months Ended March 31,

 

2025

 

 

2024

 

Net cash used in operating activities

$

(26,754

)

$

(25,954

)

Capitalized internal-use software costs

 

(4,806

)

 

(5,539

)

Capital expenditures

 

(1,429

)

 

(186

)

Free cash flow

$

(32,989

)

$

(31,679

)

Impact from compensation payments adjustment(1)

 

37,930

 

 

-

 

Adjusted free cash flow

$

4,941

 

$

(31,679

)

Net cash used in operating activities as a percentage of total revenue

 

(9.9

%)

 

(11.9

%)

Free cash flow margin

 

(12.2

%)

 

(14.6

%)

Adjusted free cash flow margin

 

1.8

%

 

(14.6

%)

Net cash used in investing activities

$

(112,003

)

$

(16,765

)

Net cash provided by financing activities

$

30,801

 

$

30,004

 

 

(1) Represents an adjustment to reflect the non-recurring impact in the first quarter of 2025 from the change to timing of cash compensation payments for most of our non go-to-market employees implemented at the start of 2025.

 

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