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  "documentTitle": "2025 Q2 Investor Presentation",
  "authorId": "Cloudflare",
  "authorName": "Cloudflare",
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  "notes": "The chart illustrates operating leverage by showing the decline in expense categories (S&M, R&D, G&A) as a percentage of revenue over time, leading to margin expansion.",
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      "kind": "chart",
      "text": "Stacked bar chart showing COGS, S&M, R&D, G&A and Operating Margin from 2020 to 2025E",
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      "text": "Note: See the Appendix for GAAP to Non-GAAP reconciliation. *2025E is based on full-year mid-point guidance provided by Cloudflare on July 31, 2025.",
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      "text": "Operating Margin: 13%",
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      "text": "Elasticity of & Leverage in Our Operating Model",
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      "text": "Non-GAAP Operating Expenses & Operating Margin (% of Revenue)",
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