Investor Presentaiton

Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 GAAP Cost of Revenue Less: Stock-based Compensation Expense & Related Payroll Taxes $35,029 -$803 $37,525 $42,496 $47,051 $55,804 -$1,040 -$1,337 -$1,323 -$2,001 Less: Amortization of Acquired Intangible Assets Non-GAAP Cost of Revenue -$700 -$700 -$846. -$507 -$4,312 $33,526 $35,785 $40,313 $45,221 GAAP Gross Profit $117,399 $134,822 Add: Stock-based Compensation & Related Payroll Taxes $803 Add: Amortization of Acquired Intangible Assets $700 Non-GAAP Gross Profit $118,902 $1,040 $700 $136,562 $151,100 $1,337 $846 $165,116 $49,491 $178,713 $1,323 $2,001 $153,283 $507 $166,946 $4,312 $185,026 GAAP Gross Margin 77% 78% 78% 78% 76% GAAP to Non-GAAP Reconciliation (Quarterly) Less: Stock-based Compensation & Related Payroll Taxes Less: Amortization of acquired intangible assets. Non-GAAP Gross Margin GAAP Sales and Marketing 78% 79% 79% 79% 79% $75,995 -$7,579 $85,877 -$8,271 $96,219 -$10,184 $100,057 -$10,379 $117,622 -$12,907 -$575 Less: Acquisition-related and other expenses Non-GAAP Sales and Marketing -$265 $68,416 $77,606 $86,035 $89,678 $103,875 GAAP S&M Expense as a % of Revenue 50% 50% Non-GAAP S&M Expense as a % of Revenue 45% 45% 50% 44% 47% 42% 50% 44% GAAP Research and Development $41,349 $46,770 $61,762 $67,054 $75,114 Less: Stock-based Compensation & Related Payroll Taxes -$11,280 -$13,971 -$24,747 Less: Acquisition-related and other expenses -$24,079 -$2,639 -$27,873 -$1,043 Non-GAAP Research and Development $30,069 $32,799 $37,015 $40,336 $46,198 GAAP R&D Expense as a % of Revenue 27% 27% 32% 32% 32% Non-GAAP R&D Expense as a % of Revenue 20% 19% 19% 19% 20% GAAP General and Administrative $28,927 $28,669 Less: Stock-based Compensation & Related Payroll Taxes Less: Acquisition-related and other expenses -$4,486 -$4,742 Non-GAAP General and Administrative Expense $24,441 $23,927 $34,183 -$5,830 -$380 $27,973 $38,029 -$6,018 $50,518 -$14,674 $32,011 GAAP G&A Expense as a % of Revenue 19% 17% Non-GAAP G&A Expense as a % of Revenue GAAP Loss from Operations 16% 14% 18% 14% 18% $35,844 22% 15% 15% -$28,872 Add: Stock-based Compensation & Related Payroll Taxes Add: Amortization of Acquired Intangible Assets Add: Acquisition-related and other expenses. Non-GAAP Loss from Operations $24,148 $700 -$26,494 $28,024 $700 -$41,064 $42,098 $846 $380 -$40,024 $41,799 -$64,541 $57,455 $507 $4,887 $2,639 $1,308 -$4,024 CLOUDFLARE © Copyright Cloudflare, Inc. GAAP Operating Margin Non-GAAP Operating Margin -19% $2,230 -15% $2,260 $4,921 -$891 -21% -19% -28% -3% 1% 1% 2% 0%

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