Growth and Market Expansion Strategy

Leverage of Our Operating Model Non-GAAP Operating Margin (30)% (25)% (10)% (8)% 31% 23% (3)% Operating Expense as a % of Revenue 17% 27% 18% 16% 27% 21% 21% 20% 52% 48% 46% 48% 45% CLOUDFLARE Copyright Cloudflare, Inc. 2018 2019 S&M Note: See the Appendix for GAAP to Non-GAAP reconciliation. 2020 Q2 2020 Q2 2021 R&D G&A

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