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Mar 31, 2021
Cloudflare Q1 2021 Earnings Report
Cloudflare experienced record revenue growth and customer acquisition.
Key Takeaways
Cloudflare announced strong Q1 2021 financial results, with revenue up 51% year-over-year and record dollar-based net retention of 123%. The company also saw strong growth in large customers, which now represent more than half of total revenue.
Revenue totaled $138.1 million, a 51% year-over-year increase.
Dollar-based net retention reached a record 123%, up 600 basis points year-over-year.
GAAP gross profit was $106.0 million, with a gross margin of 76.8%.
Free cash flow was negative $2.2 million, representing 2% of total revenue.
Forward Guidance
For Q2 2021, Cloudflare expects revenue between $145.5 to $146.5 million and a non-GAAP loss per share of $0.04 to $0.03. For the full year 2021, the company anticipates revenue of $612 to $616 million and a non-GAAP loss per share of $0.11 to $0.10.
Positive Outlook
- Total revenue of $145.5 to $146.5 million for Q2 2021.
- Full year 2021 total revenue of $612 to $616 million.
- Q2 2021 Non-GAAP loss from operations of $10 to $9 million.
- Full year 2021 Non-GAAP loss from operations of $28 to $24 million.
- Non-GAAP net loss per share of $0.04 to $0.03 for Q2 2021.
Challenges Ahead
- Substantial uncertainty due to the ongoing COVID-19 pandemic.
- Impact of the pandemic on operations is estimated as of May 6, 2021.
- Estimates are highly dependent on numerous factors that may not be predictable or controllable.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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