Financials Cloudflare, Inc.

Equities

NET

US18915M1071

IT Services & Consulting

Market Closed - Nyse Other stock markets 21:00:02 11/09/2024 BST			Pre-market 14:16:43
78.56 ^USD	+2.28%		78.13	-0.55%

09:10am	Cloudflare Insider Sold Shares Worth $2,934,465, According to a Recent SEC Filing	MT
09-09	Cloudflare Insider Sold Shares Worth $12,211,455, According to a Recent SEC Filing	MT

Projected Income Statement: Cloudflare, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	287	431.1	656.4	975.2	1,297	1,659	2,110	2,699
Change	-	50.18%	52.28%	48.57%	32.97%	27.97%	27.13%	27.94%
EBITDA ¹	-41.84	15.5	59.58	138	257.8	324.8	419.4	582.4
Change	-	-	284.53%	131.63%	86.82%	25.96%	29.13%	38.88%
EBIT ¹	-71.19	-33.89	-7.024	35.68	122	198.6	262.8	355.2
Change	-	-52.39%	-79.28%	-	241.99%	62.79%	32.29%	35.17%
Interest Paid ¹	-1.112	-3.335	-3.06	-0.325	-1.353	-0.62	-0.725	-1.633
Earnings before Tax (EBT) ¹	-104.7	-	-248	-190.7	-177.9	-88.86	-68.71	-24.99
Change	-	-100%	-	-23.08%	-6.75%	50.04%	22.68%	63.63%
Net income ¹	-105.8	-119.4	-260.3	-193.4	-183.9	-109.5	-102.5	-149.7
Change	-	12.8%	118.07%	-25.71%	-4.88%	40.46%	6.39%	-46.04%
Announcement Date	13/02/20	11/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	73.94	83.93	91.3	99.72	114.2	125.9	138.1	152.4	172.3	193.6	212.2	234.5	253.9	274.7	290.2	308.5	335.6	362.5	378.6	401	424.1	455.8	478.7	505.5	534.4	574.9	593.6	624.2
Change	-	13.51%	8.78%	9.22%	14.48%	10.3%	9.63%	10.41%	13.07%	12.33%	9.59%	10.53%	8.25%	8.21%	5.63%	6.31%	8.79%	8.01%	4.45%	5.91%	5.76%	7.47%	5.02%	5.6%	5.71%	7.58%	3.25%	5.16%
EBITDA ¹	-10.41	-9.771	-3.837	2.063	8.37	8.892	7.728	12	19.26	16.07	24.94	24.45	42.18	46.45	50.87	53.98	76.99	75.99	72.56	86.61	82.19	82.81	90.97	101	104.8	108.6	140.2	149.3
Change	-	-6.16%	-60.73%	-	305.72%	6.24%	-13.09%	55.32%	60.46%	-16.55%	55.15%	-1.96%	72.54%	10.13%	9.52%	6.1%	42.63%	-1.29%	-4.53%	19.37%	-5.1%	0.76%	9.85%	11.07%	3.71%	3.67%	29.03%	6.48%
EBIT ¹	-18.14	-18.3	-14.4	-9.487	-4.546	-5.466	-7.49	-4.024	2.23	2.26	4.921	-0.891	14.83	16.82	19.36	20.3	42.53	39.81	42.44	56.95	51.46	48.42	54.56	63.54	66.62	72.57	72.87	77.6
Change	-	0.84%	-21.29%	-34.12%	-52.08%	20.24%	37.03%	-46.28%	-	1.35%	117.74%	-	-	13.41%	15.14%	4.85%	109.47%	-6.39%	6.6%	34.19%	-9.64%	-5.9%	12.67%	16.46%	4.85%	8.92%	0.42%	6.49%
Charge d'intérêts ¹	-	-0.142	-0.067	-5.007	-8.72	-1.298	-10.23	-10.44	-12.45	-0.422	-0.387	-1.04	-0.347	0.287	-2.126	-1.539	-1.138	-0.079	-0.11	-0.228	-0.175	-0.175	-0.3333	-0.3333	-0.3333	-0.3333	-0.7	-0.7
Earnings before Tax (EBT) ¹	-41.06	-27.53	-	-28.07	-29.97	-33.84	-40.8	-39.82	-110.4	-56.93	-41.01	-63.71	-41.17	-44.84	-36.77	-93	-22.28	-25.81	-33.27	-13.93	-15.86	-18.43	-	-7.9	1.9	-	-	-
Change	-	-32.96%	-100%	-	6.76%	12.92%	20.54%	-2.39%	177.32%	-48.45%	-27.97%	55.36%	-35.37%	8.92%	-18.01%	152.94%	-76.04%	15.84%	28.91%	-58.13%	-13.81%	-16.23%	100%	-	-	-100%	-	-
Net income ¹	-40.85	-28.16	-32.7	-26.14	-26.47	-34.02	-39.96	-35.51	-107.3	-77.5	-41.38	-63.54	-42.55	-45.92	-38.08	-94.47	-23.54	-27.86	-35.54	-15.08	-26.86	-32.73	-35.78	-33.29	-32.98	-32.26	-45.01	-46.46
Change	-	-31.08%	16.14%	-20.08%	1.27%	28.54%	17.47%	-11.14%	202.27%	-27.8%	-46.61%	53.54%	-33.04%	7.92%	-17.06%	148.06%	-75.09%	18.4%	27.55%	-57.58%	-78.17%	-21.84%	-9.32%	6.95%	0.96%	2.17%	-39.54%	-3.2%
Announcement Date	07/11/19	13/02/20	07/05/20	06/08/20	05/11/20	11/02/21	06/05/21	05/08/21	04/11/21	10/02/22	05/05/22	04/08/22	03/11/22	09/02/23	27/04/23	03/08/23	02/11/23	08/02/24	02/05/24	01/08/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Cloudflare, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-128	-649	-663	-214	-390	-474	-655	-840
Change	-	-607.03%	-202.16%	-132.28%	-282.24%	-221.42%	-238.19%	-228.24%
Announcement Date	13/02/20	11/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Cloudflare, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	43.29	56.38	92.99	143.6	114.4	167.9	218.7	247.7
Change	-	30.23%	64.94%	54.44%	-20.34%	46.81%	30.22%	13.28%
Free Cash Flow (FCF) ¹	-82.21	-73.5	-43.09	-20.01	140	165.5	236.3	380
Change	-	-10.59%	-41.38%	-53.56%	-799.67%	18.19%	42.78%	60.82%
Announcement Date	13/02/20	11/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Cloudflare, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-14.58%	3.59%	9.08%	14.15%	19.88%	19.57%	19.88%	21.58%
EBIT Margin (%)	-24.8%	-7.86%	-1.07%	3.66%	9.41%	11.97%	12.46%	13.16%
EBT Margin (%)	-36.48%	-	-37.78%	-19.56%	-13.72%	-5.36%	-3.26%	-0.93%
Net margin (%)	-36.87%	-27.69%	-39.66%	-19.83%	-14.19%	-6.6%	-4.86%	-5.55%
FCF margin (%)	-28.64%	-17.05%	-6.56%	-2.05%	10.8%	9.97%	11.2%	14.08%
FCF / Net Income (%)	77.68%	61.58%	16.55%	10.35%	-76.11%	-151.09%	-230.45%	-253.77%
Profitability
ROA	-12.31%	-3.18%	-0.81%	1.79%	6.35%	8.59%	9.84%	-
ROE	-22.7%	-4.55%	-1.86%	6.19%	24.47%	29.78%	26.11%	26.02%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	15.08%	13.08%	14.17%	14.73%	8.82%	10.12%	10.37%	9.18%
CAPEX / EBITDA (%)	-103.46%	363.83%	156.06%	104.05%	44.37%	51.71%	52.15%	42.54%
CAPEX / FCF (%)	-52.66%	-76.7%	-215.79%	-717.64%	81.71%	101.49%	92.56%	65.2%
Items per share
Cash flow per share ¹	-0.266	-0.0571	0.207	0.3617	0.7385	1.095	1.499	-
Change	-	-78.52%	-462.27%	74.73%	104.17%	48.3%	36.89%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	4.961	2.725	2.507	0.529	2.261	2.637	3.568	5.049
Change	-	-45.07%	-8%	-78.9%	327.33%	16.64%	35.31%	41.51%
EPS ¹	-0.72	-0.4	-0.83	-0.59	-0.55	-0.317	-0.2921	-0.3818
Change	-	-44.44%	107.5%	-28.92%	-6.78%	-42.37%	-7.84%	30.71%
Nbr of stocks (in thousands)	300,190	307,301	321,746	328,625	335,772	341,703	341,703	341,703
Announcement Date	13/02/20	11/02/21	10/02/22	09/02/23	08/02/24	-	-	-