Cloudflare Investor Presentation Deck

CLOUDFLARE Non-GAAP Gross Margin Sales & Marketing (% of revenue) Research & Development (% of revenue) General & Administrative (% of revenue) Non-GAAP Operating Margin Long-Term Model 2019 78 % 52 % 27% 23 % (25)% 2020 78 % 46 % 21 % 18 % (8)% 2021 79 % 45 % 20% 15 % (1)% Q1 2022 © Copyright Cloudflare, Inc. Note: Metrics shown are Non-GAAP. See Appendix for GAAP financial measures and GAAP to Non-GAAP reconciliation. 79 % 42 % 19% 1 15 % 2% Long-Term Model 75% - 77% 27% -29% 18% - 20% 8% - 10% 20% + Driving product innovation as the marginal cost to serve customers declines creates significant long-term operating margin opportunity

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