Cloudflare, Inc.

NYSE-NET

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	-103	-117.1	-81.7	-78.8	-93.8	-102
Net Income
Depreciation & Amortization	273.8	247.9	226.6	209.5	204.9	203.8
Depreciation and Amortization Expense
Amortization of Deferred Contract Acquisition Costs
Amortization of Debt Issuance Costs
Stock Based Compensation	423.2	400.7	364.3	338.5	317.5	303.9
Stock-Based Compensation Expense
Other Adjustments	50.2	48.8	29.9	20.2	13.7	7.9
Non-Cash Operating Lease Costs
Net Accretion of Discounts and Amortization of Premiums on Available-for-Sale Securities
Deferred Income Taxes
Provision for Bad Debt
Loss on Extinguishment of Debt
Exchange of Convertible Senior Notes Attributable to the Accreted Interest Related to Debt Discount
Change in Fair Value of Redeemable Convertible Preferred Stock Warrant Liability
Other
Changes in Trade Receivables	-114.4	-70.4	-83.2	-78.5	-64.9	-84.7
Accounts Receivable, Net
Changes in Accounts Payable	6.5	2.4	14.7	18.6	14.3	21.2
Accounts Payable
Changes in Accrued Expenses	44.3	26.2	32.6	28.6	28.7	35.5
Accrued Expenses and Other Current Liabilities
Accrued Compensation
Changes in Unearned Revenue	233.1	188	161.8	135	100.3	107.7
Deferred Revenue
Changes in Other Operating Activities	-275.7	-245.9	-212.3	-212.7	-183	-183.7
Contract Assets
Deferred Contract Acquisition Costs
Prepaid Expenses and Other Current Assets
Other Noncurrent Assets
Operating Lease Liabilities
Liability for Early Exercise of Unvested Stock Options
Other Noncurrent Liabilities
Cash from Operating Activities	540	479.6	452.6	380.4	340.6	299.9
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-303.6	-269.2	-238.9	-185	-142.7	-119.8
Purchases of Property and Equipment
Purchases of Intangible Assets	-27.6	-29.3	-29.6	-28.5	-26	-22.7
Capitalized Internal-Use Software
Purchases of Investments	-2,971.4	-2,312.2	-1,676.8	-1,572.1	-1,771.8	-1,873.1
Purchases of Available-for-Sale Securities
Proceeds from Sale of Investments	1,649.3	1,511.8	1,468.2	1,493.4	1,696.7	1,746.9
Sales of Available-for-Sale Securities
Maturities of Available-for-Sale Securities
Payments for Business Acquisitions	—	-30.5	-42.8	-38	-21.1	-23.1
Asset Acquisitions and Business Combinations, Net of Cash Acquired
Other Investing Activities	0.7	0.4	0.3	0	0	0
Other Investing Activities
Cash from Investing Activities	-1,682	-1,128.9	-519.6	-330.2	-264.8	-288.7
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	—	—	—	—	—	—
Gross Proceeds from Issuance of Convertible Senior Notes
Proceeds from Build-to-Suit Lease Financing Obligation Drawdown
Repayments of Long-Term Debt	—	—	—	—	—	—
Repayments of Convertible Senior Notes
Cash Consideration Paid in Exchange of Convertible Senior Debt
Payments on Note Payable
Payments on Related Party Promissory Note Payable
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	33.3	23.2	19.7	32.7	12.5	15.4
Proceeds from Initial Public Offering, Net of Underwriting Discounts and Commissions
Proceeds from the Exercise of Stock Options
Proceeds from the Early Exercise of Stock Options
Proceeds from the Issuance of Common Stock for Employee Stock Purchase Plan
Repurchases of Common Shares	-36.4	-26.2	-20.1	-16.8	-14.9	-13.3
Repurchases of Unvested Common Stock
Payment of Tax Withholding Obligation on RSU Settlement
Payment of Tax Withholding Obligation on Common Stock Issued Under Employee Stock Purchase Plan
Net Issuance / (Repurchases) of Common Shares	-3	-3	-0.4	15.9	-2.4	2.1
Issuance of Preferred Shares	—	—	—	—	—	—
Proceeds from Issuance of Preferred Stock, Net of Issuance Costs
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Other Financing Activities	—	—	—	-3.1	—	—
Purchases of Capped Calls Related to Convertible Senior Notes
Cash Paid for Issuance Costs on Convertible Senior Notes
Cash Paid for Issuance Costs on Revolving Credit Facility
Payments of Deferred Offering Costs
Payment of Indemnity Holdback
Cash from Financing Activities	2,015.6	2,016.7	16.3	12.8	14.5	-17.7
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	236.4	210.5	213.8	195.4	197.9	180.1
NOPAT	-213.4	-202.2	-168.6	-172.1	-178	-183.4
Levered Free Cash Flow	-124.6	-167.6	-97.2	-84.7	-71.2	-37.3
Unlevered Free Cash Flow	-235	-252.7	-184.1	-178	-155.4	-118.7
Net Change in Cash	873.6	1,367.5	-50.7	63	90.3	-6.4