Cloudflare, Inc.


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Cloudflare, Inc. delivered an all-around beat in the third quarter. In Q3, the company achieved a noteworthy revenue of $335.6 million, marking a substantial 32% increase year-over-year. The addition of 206 new large customers, contributing more than $100,000 annually, brought the total to 2,558 large customers—a 34% YoY growth. Significant strides were made with larger customers, witnessing a significant number of net new customers spending over $500,000 and $1 million per year with Cloudflare. Quarterly adjustments to go-to-market strategies showcased steady pipeline close rates, unchanged sales force productivity, and Q2-like linearity. The ability to maintain stability amidst substantial organizational changes within the sales and marketing segments is a positive development. In the face of escalating DDoS attacks, Cloudflare’s unique architecture positioned it as a reliable shield against these threats. The expansion of relationships with key clients, such as a leading ad tech company and a Fortune 500 technology company, further solidified Cloudflare’s position. The company’s solutions, including Magic Transit and Advanced Application Security, addressed specific needs like network security modernization and AI data collection while prioritizing privacy. Furthermore, their foray into AI was marked by strategic collaborations with industry giants like NVIDIA, Microsoft, Meta, Hugging Face, and Databricks. The introduction of Workers AI, offering powerful AI inference within milliseconds, garnered significant attention.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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