Growth and Scale in Cloud Security

Leverage of Our Operating Model Non-GAAP Operating Margin (25)% (8)%. (4)% 23% (1)% Operating Expense as a % of Revenue 1% 18% 27% 15% 16% 14% 21% 20% 20% 19% CLOUDFLARE Copyright Cloudflare, Inc. 52% 46% 45% 46% 44% 2019 2020 S&M Note: See the Appendix for GAAP to Non-GAAP reconciliation. 2021 Q4 Q4 2020 2021 R&D G&A

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