Cloudflare

We exclude amortization of debt issuance costs, which is a non-cash expense, from certain of our non-GAAP financial measures because such expenses have no direct correlation to the operation of our business.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Repaying and servicing our existing and future debt, including our Notes (as defined below) and borrowings under our Revolving Credit Facility (as defined below), may require a significant amount of cash, and we may not have sufficient cash flow from our business to pay our indebtedness.

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

Provision for bad debt for the three months ended June 30, 2026 and 2025 was $ 3.4 million and $ 4.5 million, respectively, and for the six months ended June 30, 2026 and 2025 was $ 4.6 million and $ 7.8 million, respectively.

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

Financing Arrangements 2030 Convertible Senior Notes In June 2025, the Company issued $ 2,000.0 million aggregate principal amount of 0 % Convertible Senior Notes due 2030 (the 2030 Notes).

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

The total proceeds from the issuance of the 2030 Notes, net of initial purchaser discounts and commissions and debt issuance costs, were $ 1,971.0 million.

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

The 2030 Notes are senior unsecured obligations of the Company and will matu re on June 15, 2030, unless earlier redeemed, repurchased, or converted, and are governed by the terms of the Indenture dated June 17, 2025 ( the 2030 Indenture).

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

While we ve continued to sign even bigger and longer deals, some of our most strategic wins have been centered around our work to help invent the new business model for content creators on the AI-driven Internet.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

We are firing on all cylinders, with the right technology, strategy, and team to accelerate the next phase of growth for Cloudflare and for the Internet at-large.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

In some cases, you can identify forward-looking statements because they contain words such as may, will, should, expect, explore, plan, anticipate, could, intend, target, project, contemplate, believe, estimate, predict, potential, or continue, or the negative of these words, or other similar terms or expressions that concern our expectations, strategy, plans, or intentions.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding our future financial and operating performance, our reputation and performance in the market, general market trends, our estimated and projected revenue, non-GAAP income from operations and non-GAAP net income per share, shares outstanding, the benefits to customers from using our products, the expected functionality and performance of our products, the demand by customers for our products, our plans and objectives for future operations, growth, initiatives, or strategies, our market opportunity, and comments made by our CEO and others.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in our business, and strengthening our financial position.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties.

SEC original ↗Cloudflare — Earnings release (8-K exhibit)EX-99Jul 31, 2025

OTHER INFORMATION Item 1 Legal Proceedings 59 Item 1A Risk Factors 59 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 114 Item 5 Other Information 115 Item 6 Exhibits 116 Signatures 118 4 Table of contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties.

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in the section titled Risk Factors and elsewhere in this Quarterly Report on Form 10-Q.

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

Readers are urged to carefully review and consider the various disclosures made in this Quarterly Report on Form 10-Q and in other documents we file from time to time with the Securities and Exchange Commission (SEC) that disclose risks and uncertainties that may affect our business.

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026

New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q.

SEC original ↗Cloudflare — 10-Q Quarterly report10-QAug 6, 2026