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Sankey diagram of Cloudflare, Inc.. A complete text table follows the diagram.
The network is scaling through resellers and larger enterprise accounts, but infrastructure costs are growing faster than the top line.
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Because reported expenses exceed income, the GAAP net loss is shown as an accounting gap on the source side of the identity. It is not a cash financing flow. All amounts are reported filing values and no negative values are relabeled as profit.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Direct customers | 1 | $447M | 70% of revenue |
| Channel partners | 1 | $193M | 30% of revenue, up from 23% |
| Global edge-network revenue | 2 | $640M | 34% year-over-year growth |
| Interest income | 2 | $40.2M | Yield on cash and securities |
| Other income | 2 | $3M | Net other result |
| GAAP net-loss gap | 2 | $22.9M | Accounting costs above income |
| Revenue, income & loss gap | 3 | $706M | Accounting identity supporting reported costs |
| Operating the global network | 4 | $184M | 29% of revenue; up 59% |
| Sales & marketing | 4 | $272M | 42% of revenue |
| Research & development | 4 | $151M | 24% of revenue |
| General & administrative | 4 | $95M | 15% of revenue |
| Interest expense | 4 | $2.6M | Convertible notes |
| Income tax | 4 | $1.5M | Tax despite pretax loss |
| From | To | Value |
|---|---|---|
| Direct customers | Global edge-network revenue | $447M |
| Channel partners | Global edge-network revenue | $193M |
| Global edge-network revenue | Revenue, income & loss gap | $640M |
| Interest income | Revenue, income & loss gap | $40.2M |
| Other income | Revenue, income & loss gap | $3M |
| GAAP net-loss gap | Revenue, income & loss gap | $22.9M |
| Revenue, income & loss gap | Operating the global network | $184M |
| Revenue, income & loss gap | Sales & marketing | $272M |
| Revenue, income & loss gap | Research & development | $151M |
| Revenue, income & loss gap | General & administrative | $95M |
| Revenue, income & loss gap | Interest expense | $2.6M |
| Revenue, income & loss gap | Income tax | $1.5M |