Company: NET
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001477333-25-000141
Chunk: 350

Company: Cloudflare, Inc.
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 350
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7 to the consolidated financial statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for further information on the 2025 Notes and 2025 Capped Calls.The net carrying amounts of the Notes were as follows:September 30, 2025December 31, 20242030 Notes2026 Notes2030 Notes2026 Notes(in thousands)Principal$2,000,000 $1,293,750 $— $1,293,750 Unamortized debt issuance costs(27,293)(3,459)— (6,429)Carrying amount, net$1,972,707 $1,290,291 $— $1,287,321 The following tables set forth total interest expense recognized related to the Notes:Three Months Ended September 30,202520242030 Notes2026 Notes2030 Notes2026 Notes(in thousands)Amortization of debt issuance costs$1,451 $990 $— $990 Total$1,451 $990 $— $990 Nine Months Ended September 30,202520242030 Notes2026 Notes2030 Notes2026 Notes(in thousands)Amortization of debt issuance costs$1,660 $2,970 $— $2,970 Total$1,660 $2,970 $— $2,970 Revolving Credit Facility

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In May 2024, the Company entered into a credit agreement with a syndicated group of lenders, that provides for a senior secured $400.0 million revolving credit facility (the Revolving Credit Facility), with a sublimit of $30.0 million available for the issuance of letters of credit and $30.0 million available for swingline borrowings. The credit agreement permits the Company to increase the commitments under the Revolving Credit Facility by an aggregate principal amount of up to $150.0 million, subject to the satisfaction of certain conditions. The proceeds of the loans under the Revolving Credit Facility may be used for working capital and general corporate purposes.The Company is required to pay a commitment fee on the daily unused amount of Revolving Credit Facility commitments ranging from 0.25% to 0.40% per annum, depending upon the Company’s total net leverage ratio. Borrowings under the credit agreement will bear interest, at the Company