Key Takeaways Cloudflare's S&M expense to revenue ratio dropped to 38.28% in Q1 2025 from 41.4% a year earlier. NET's Q1 operating margin rose 50 bps YoY to 11.7%, driven by S&M discipline and stable cost structure. Customer count rose 27% YoY, with 30 new large clients helping total $100K+ accounts reach 3,527.Cloudflare (NET) is continuously improving its sales and marketing (S&M) efficiency. This is reflected in the declining S&M expense to revenue ratio, which has been on a constant decline for the pa ...