Cloudflare Long-Term Financials and Business Strategy

CLOUDFLARE Long-Term Model (Non-GAAP) 2018 2019 Q3 2020 Long-Term Model Gross Margin 78% 78% 76% 75% - 77% Sales & Marketing 48 % 52% 45% 27% -29% (% of revenue) Research & Development 27% 27% 21 % 18%-20% (% of revenue) General & Administrative 31 % 23 % 16% 8% - 10% (% of revenue) Operating Margin (30)% (25)% (4)% 20% + Copyright Cloudflare, Inc. Note: Metrics shown are Non-GAAP. See Appendix for GAAP financial measures and reconciliation. 25

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