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Cloudflare
🇺🇸 NYSE:NET
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Sep 30, 2021

Cloudflare Q3 2021 Earnings Report

Cloudflare's revenue increased by 51% year-over-year, with strong large customer growth and the achievement of profitability.

Key Takeaways

Cloudflare reported a landmark third quarter with revenue growth of 51% year-over-year. The company added roughly 170 large customers, bringing the total to 1,260. Cloudflare achieved profitability, reaching this milestone a year ahead of schedule.

Total revenue reached $172.3 million, a 51% increase year-over-year.

The company added a record of approximately 170 large customers, bringing the total to 1,260.

GAAP net loss was $107.3 million, while non-GAAP net income was $1.4 million.

Cloudflare achieved profitability, reaching the milestone a year ahead of the original timeline.

Total Revenue
$172M
Previous year: $114M
+51.0%
EPS
-$0.341
Previous year: -$0.02
+1606.2%
Gross Margin
78.2%
Previous year: 76.3%
+2.5%
Free Cash Flow Margin
-23%
Previous year: -16%
+43.8%
Gross Profit
$135M
Previous year: $87.2M
+54.6%
Cash and Equivalents
$618M
Previous year: $112M
+452.2%
Free Cash Flow
-$39.7M
Previous year: -$17.9M
+121.8%
Total Assets
$2.32B
Previous year: $1.37B
+68.9%

Cloudflare

Cloudflare

Forward Guidance

For the fourth quarter of fiscal 2021, Cloudflare expects total revenue of $184.0 to $185.0 million, non-GAAP income (loss) from operations of $(1.0) to $0.0 million, and non-GAAP net income (loss) per share of $(0.01) to $0.00. For the full year fiscal 2021, the company expects total revenue of $647.0 to $648.0 million, non-GAAP loss from operations of $10.5 to $9.5 million, and non-GAAP net loss per share of $0.06 to $0.05.

Positive Outlook

  • Total revenue of $184.0 to $185.0 million is expected for Q4 2021.
  • Non-GAAP income (loss) from operations of $(1.0) to $0.0 million is anticipated for Q4 2021.
  • Non-GAAP net income (loss) per share of $(0.01) to $0.00 is expected for Q4 2021.
  • Total revenue of $647.0 to $648.0 million is projected for the full year fiscal 2021.
  • Non-GAAP loss from operations of $10.5 to $9.5 million is expected for the full year fiscal 2021.

Challenges Ahead

  • Non-GAAP income (loss) from operations is expected to be between $(1.0) to $0.0 million for Q4 2021.
  • Non-GAAP net income (loss) per share is projected to be between $(0.01) to $0.00 for Q4 2021.
  • Non-GAAP loss from operations is anticipated to be between $10.5 to $9.5 million for the full year fiscal 2021.
  • The forward-looking statements are subject to uncertainty due to the ongoing COVID-19 pandemic.
  • The financial outlook is dependent on numerous factors that Cloudflare may not be able to predict or control.

Company Overview

Full financial data and analysis

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