DigitalOcean(DOCN) - 2024 Q2 - Quarterly Results

Revenue and Growth - Revenue for Q2 2024 was $192 million, representing a 13$781 million, up 15% year-over-year[2] - Average Revenue Per Customer (ARPU) increased to $99.45, a 9$770 to $775 million for the full year 2024[4] - The company initiated guidance for Q3 2024 with expected revenue of$196 to $197 million[4] - Total revenue for Q2 2024 was$192,476, an increase of 13.3% compared to $169,814 in Q2 2023[24] Profitability and Income - Adjusted EBITDA was$82 million, with an adjusted EBITDA margin of 42%[2] - Net income attributable to common stockholders for the first half of 2024 was $33,277, compared to a net loss of$15,705 in the same period of 2023[26] - The company reported a basic net income per share of $0.21 for Q2 2024, compared to$0.01 in Q2 2023[24] - GAAP net income attributable to common stockholders for the three months ended June 30, 2024, was $19,138, compared to$665 for the same period in 2023[27] - Non-GAAP net income for the six months ended June 30, 2024, was $90,352, compared to$74,405 for the same period in 2023, reflecting a 21% increase[29] - Non-GAAP net income per share, diluted, for the three months ended June 30, 2024, was $0.48, compared to$0.44 for the same period in 2023[30] - The company reported a net income margin of 10% for the three months ended June 30, 2024, compared to a loss margin of -% in the same period of 2023[27] Cash Flow and Assets - Cash and cash equivalents increased to $443,110 as of June 30, 2024, from$317,236 at the end of 2023, representing a growth of 39.7%[22] - Total assets grew to $1,536,793 as of June 30, 2024, compared to$1,460,967 at the end of 2023, indicating a 5.2% increase[22] - The company generated $138,033 in net cash provided by operating activities for the first half of 2024, compared to$100,376 in the same period of 2023, an increase of 37.6%[26] - GAAP net cash provided by operating activities for the six months ended June 30, 2024, was $138,033, compared to$100,376 in the same period of 2023[32] Expenses and Investments - Operating expenses decreased to $95,009 in Q2 2024 from$103,961 in Q2 2023, a reduction of 8.5%[24] - Capital expenditures for property and equipment were $75,534 in the first half of 2024, compared to$46,848 in the same period of 2023, reflecting a significant investment in growth[26] - Capital expenditures for property and equipment for the three months ended June 30, 2024, were $31,869, compared to$23,534 in the same period of 2023[32] - Stock-based compensation for the three months ended June 30, 2024, was $21,833, down from$36,429 in the same period of 2023[29] Other Metrics - Net Dollar Retention Rate (NDR) remained stable at 97% compared to the previous quarter[3] - DigitalOcean announced the Early Availability of GPU droplets, enhancing access to NVIDIA H100 instances for approximately 638,000 customers[3] - Adjusted EBITDA for the six months ended June 30, 2024, was $155,910, representing a 22$127,908 in the same period of 2023[27] - Adjusted EBITDA margin for the three months ended June 30, 2024, was 42%, slightly down from 43% in the same period of 2023[27] - Adjusted free cash flow for the three months ended June 30, 2024, was $37,429, down from$45,104 in the same period of 2023[32]