Company: NET
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001477333-25-000065
Chunk: 41

Company: Cloudflare, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 41
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. Non-GAAP net income was $269.0 million, compared to non-GAAP net income of $169.7 million for fiscal 2023. GAAP net loss per basic and diluted share was $0.23, compared to a GAAP net loss per basic and diluted share of $0.55 for fiscal 2023. Non-GAAP net income per diluted share was $0.75, compared to non-GAAP net income per diluted share of $0.49 for fiscal 2023.

• Cash Flow – Net cash flow from operating activities was $380.4 million, compared to $254.4 million for fiscal 2023. Free cash flow was $166.9 million, or 10% of total revenue, compared to $119.5 million, or 9% of total revenue, for fiscal 2023.

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we provide investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP income from operations, non-GAAP loss from operations, non-GAAP net income, non-GAAP net loss, non-GAAP net income per share, non-GAAP net loss per share, and free cash flow. For a full reconciliation for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP, please see Exhibit 99.1 to our Current Report on Form 8-K and our 2024 Annual Report filed with the SEC on February 6, 2025 and February 20, 2025, respectively.

2024 Executive Compensation Highlights

Our Board of Directors and the compensation committee took the following actions with respect to the compensation of our named executive officers for 2024 and 2025:

• Base Salary Increases – During 2024, the annual base salaries of Messrs. Seifert and Kramer were increased to $750,000 and $650,000, respectively, which reflected the first increase in their base salaries since our initial public offering in 2019. The base salaries of Mr. Prince and Ms. Zatlyn (collectively, our Co-Founders) were maintained at their 2023 levels during 2024. In February 2025, we increased the annual base salaries of each of our Co-Founders to $550,000, which reflected the first increase in their base salaries since our initial public offering in 2019.

• No Annual Cash Bonus Program – We