Cloudflare Investor Presentation Deck

Non-GAAP Operating Margin Operating Expense as a % of Revenue CLOUDFLARE © Copyright Cloudflare, Inc. Leverage of Our Operating Model (25)% 23% 27% 52% 2019 (8)% 18% 21% 46% 2020 S&M Note: See the Appendix for GAAP to Non-GAAP reconciliation. (1)% R&D 15% 20% 45% 2021 G&A (3)% 16% 20% 45% Q2 2021 (0)% 15% 20% 44% Q2 2022

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