Cloudflare Long-Term Financials and Business Strategy

Leverage of Our Platform Operating Loss and Margin (30)% (25)% (25)% $(71.2) $(57.0) Operating Expense as a % of Revenue 21% 27% 27% 27% 16% 31% 23% 21% $(18.1) (4)% 55% 52% $(4.5) 48% 45% 2018 2019 Q3 2019 Q3 2020 CLOUDFLARE Copyright Cloudflare, Inc. Note: $ in millions. Metrics shown are Non-GAAP. See Appendix for GAAP financial measures and reconciliation. 2018 2019 Q3 2019 Q3 2020 S&M G&A R&D 24 24

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