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Dec 31, 2020
Cloudflare Q4 2020 Earnings Report
Delivered a record fourth quarter and full year, with paid customer count growing to more than 111,000.
Key Takeaways
Cloudflare announced strong Q4 and fiscal year 2020 financial results, with Q4 revenue totaling $126 million, representing a 50% year-over-year increase. The company's paid customer count grew to more than 111,000, and they delivered over 550 products and capabilities during the year.
Q4 revenue totaled $126 million, representing an increase of 50% year-over-year.
GAAP gross profit was $96.9 million, or 76.9% gross margin.
GAAP loss from operations was $24.7 million, or 19.6% of total revenue.
Free cash flow was negative $23.5 million, or 19% of total revenue.
Forward Guidance
Cloudflare provided financial outlook for Q1 2021 and full year 2021, but it is subject to substantial uncertainty as a result of the COVID-19 pandemic.
Positive Outlook
- Total revenue of $130 to $131 million for the first quarter of 2021
- Non-GAAP loss from operations of $9 to $8 million for the first quarter of 2021
- Non-GAAP net loss per share of $0.03 to $0.02 for the first quarter of 2021, utilizing weighted average common shares outstanding of approximately 306 million
- Total revenue of $589 to $593 million for the full year 2021
- Non-GAAP loss from operations of $25 to $21 million for the full year 2021
Challenges Ahead
- Non-GAAP net loss per share of $0.09 to $0.08 for the full year 2021, utilizing weighted average common shares outstanding of approximately 309 million
- Outlook is subject to substantial uncertainty as a result of the COVID-19 pandemic
- Estimates as of February 11, 2021 regarding the impact of the pandemic on operations
Historical Earnings Impact
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Avg. Return Before/After Earnings
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