Jason Moser

Cloudflare is a company that is working to protect us on that front as well.

But that's the answer in a nutshell.

I think this was another good quarter that showed that the language we've been using over the last couple of years with Cloudflare, and with a number of enterprise software-type companies, the elongated sales cycle, the trepidation of their customers to commit to spending,

Those days seemed to be well past us.

It was another very solid report.

They grew revenue 34% for the quarter, well exceeding their own guidance, guiding for another tremendous year, 28% revenue growth.

They tend to under-promise and over-deliver, which is certainly priced into the stock.

The story with Cloudflare really continues to be large customers.

Those customers that pay over $100,000 per year, they really continue to drive results.

Revenue contribution in that segment for the quarter was up 42%, and now contributes 73% of revenue

in total, and that's up from 69% from a year ago.

And then just to top it all off, that dollar-based net expansion rate of 120%, that was up from 111% from a year ago.

Very encouraging to see that not only do they sign on new customers, but they continue to really grow those relationships with customers as we've seen from that large customer data.

I think it's a little bit of both, to be fair.

I always look at something like a Cloudflare and think one of the primary risks to a business like this, beyond some sort of security breach, is the valuation itself.

It has always really traded for a premium valuation.

saved those couple of years just a few years back when we were talking about those elongated sales cycles and how

how committed their customers were.

We really saw the stock take a huge hit back then.

But it has recovered, I think, based on these growth rates that we're seeing.