Company: NET
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001477333-25-000043
Chunk: 141

Company: Cloudflare, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 141
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,185)$6,347 Free cash flow$166,915 $119,464 $(39,769)Net cash provided by operating activities (as a percentage of revenue)23 %20 %13 %Free cash flow margin10 %9 %(4)%Paying customers(1)237,714 189,791 162,086 Paying customers (> $100,000 Annualized Revenue)(1)3,497 2,756 2,042 

(1)Key business metrics are derived on a quarterly basis. Refer to Key Business Metrics section below for further detail. 

The following table summarizes the revenue by region based on the billing address of customers who use the Company’s products: Year Ended December 31,202420232022(dollars in thousands)AmountPercentageof RevenueAmountPercentageof RevenueAmountPercentageof RevenueUnited States$849,500 51 %$678,184 52 %$515,722 53 %Europe, Middle East, and Africa466,499 28 %356,569 28 %258,291 26 %Asia Pacific223,234 13 %168,826 13 %133,353 14 %Other130,393 8 %93,166 7 %67,875 7 %Total$1,669,626 100 %$1,296,745 100 %$975,241 100 %

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (U.S. GAAP), we believe the following non-GAAP measures are useful in evaluating our operating performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies