Growth and Scale in Cloud Security

Long-Term Model 2018 2019 2020 2021 Long-Term Model 75%-77% Non-GAAP Gross Margin 78% 78% 78 % 79% I Sales & Marketing 48 % 52 % 46% 45% 27% -29% (% of revenue) Research & Development 27% 27% 21% 20% 18%-20% (% of revenue) General & Administrative 31% 23 % 18% 15% 8%-10% (% of revenue) Non-GAAP Operating (30)% (25)% (8)% (1)% 20% + Margin CLOUDFLARE Copyright Cloudflare, Inc. Note: Metrics shown are Non-GAAP. See Appendix for GAAP financial measures and GAAP to Non-GAAP reconciliation.

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