Company: NET
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001477333-25-000043
Chunk: 149

Company: Cloudflare, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 149
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84

Results of Operations

The following tables set forth our consolidated results of operations for the periods presented in dollars and as a percentage of our revenue for those periods:

Year Ended December 31,202420232022(in thousands)Revenue$1,669,626 $1,296,745 $975,241 Cost of revenue378,702 307,005 232,610 Gross profit1,290,924 989,740 742,631 Operating expenses:Sales and marketing745,791 599,117 465,762 Research and development421,374 358,143 298,303 General and administrative278,520 217,965 179,769 Total operating expenses1,445,685 1,175,225 943,834 Loss from operations(154,761)(185,485)(201,203)Non-operating income (expense):Interest income87,426 68,167 14,877 Interest expense(5,196)(5,872)(4,984)Loss on extinguishment of debt— (50,300)— Other income (expense), net1,660 (4,372)577 Total non-operating income, net83,890 7,623 10,470 Loss before income taxes(70,871)(177,862)(190,733)Provision for income taxes7,929 6,087 2,648 Net loss$(78,800)$(183,949)$(193,381)

85

Year Ended December 31,202420232022Percentage of Revenue Data:Revenue100 %100 %100 %Cost of revenue23 24 24 Gross margin77 76 76 Operating expenses:Sales and marketing44 46 48 Research and development25 27 31 General and administrative17 17 18 Total operating expenses86 90 97 Loss from operations(9)(14)(21)Non-operating income (expense):Interest income5 5 2 Interest expense— — (1)Loss on extinguishment of debt— (4)— Other income (expense), net— — — Total non-operating income, net5 1 1 Loss before income taxes(4)(13)(20)Provision for income taxes1 1 — Net loss(5)%(14)%(20)%

Comparison of the Years