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Cloudflare (NYSE: NET)
Q4 2024 Earnings Call
Feb 06, 2025, 5:00 p.m. ET

Cloudflare’s Q4 Earnings Reveal Strong Performance and Growth Prospects

Overview of the Call

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks

Operator

Good day, everyone, and welcome to Cloudflare’s Q4 2024 earnings call. This conference is being recorded. At this time, I would like to hand the call over to Mr. Phil Winslow.

Please go ahead, sir.

Phil Winslow — Vice President, Strategic Finance, Treasury, and Investor Relations

Thank you for joining us today to discuss Cloudflare’s financial results for the fourth quarter of 2024. With me on the call, we have Matthew Prince, co-founder and CEO; Michelle Zatlyn, co-founder and president; and Thomas Seifert, CFO. By now, everyone should have access to our earnings announcement, which can also be found on our Investor Relations website.

As a reminder, we will be making forward-looking statements during our discussion today. These may involve our customers, vendors, product launches, and future financial performance. Please note that these statements are subject to risks and uncertainties, and actual results may differ significantly from those projected.

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These forward-looking statements are valid as of today. We will not be updating them post-call. For a thorough discussion regarding the risks that may affect our future performance, please refer to our SEC filings and today’s earnings release. Unless noted, all figures discussed today, other than revenue, will be on an adjusted non-GAAP basis.

You can find a reconciliation of GAAP to non-GAAP financial measures included in our earnings release on our Investor Relations website. We will also participate in the Morgan Stanley Technology, Media, and Telecom Conference on March 3 and host our Annual Investor Day on March 12.

Now, I would like to turn the call over to Matthew.

Matthew Prince — Co-Founder and Chief Executive Officer

Thank you, Phil. We concluded 2024 with impressive results. We achieved revenue of $459.9 million, an increase of 27% year over year. Additionally, we welcomed a record number of large customers, those spending over $100,000 annually with us, reaching 3,497 large customers, also up 27% year over year.

The percentage of our revenue from large customers has now climbed to 69%, up from 66% during the same quarter last year. Our dollar-based net retention also rose by one percentage point quarter over quarter to 111%. We maintained strong gross margins at 77.6%, above our long-term target range of 75% to 77%. An operating profit of $67.2 million was achieved, resulting in an operating margin of 14.6%.

Free cash flow remained robust at $47.8 million for the quarter and $166.9 million for the full year. Since early 2024, our customers have been more cautious with budgets, thoroughly evaluating spending in terms of immediate value. However, by the end of Q4, we noticed positive signs of returning confidence, particularly in the U.S.

The primary topics in these discussions have been security, AI, modernization, and efficiency—all areas where Cloudflare excels. We recorded observable improvements in Q4, such as increased close rates and shortened sales cycles. Many of the large customers whose contracts were delayed from Q3 reengaged and signed significant deals in Q4.

We crossed a milestone of 3 million active developers on our platform, which includes Cloudflare Workers and Workers AI. The growth among our largest customers, those spending over $1 million annually, also hit record levels, with 173 such customers by year’s end; 55 of these were onboarded in 2024, most in the fourth quarter alone.

I am proud of our team’s commitment to delivering tangible ROI for customers, which propelled these record results in Q4 and positioned us well for 2025. Central to this success is our improved sales strategy. Mark Anderson has demonstrated exceptional leadership as we have increased sales productivity for five consecutive quarters. During 2024, not only was sales productivity higher each quarter than in 2023, but we also improved by moving account executives closer to their attainment targets.

New enterprise account executives are being hired at a significant pace, with nearly 80% of new hires in Q4 focused on enterprise roles. In fact, the number of new enterprise AEs rose by 84% year over year. As we continue this path, we are confident in our future growth prospects.

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Cloudflare’s Expanding Market Presence: Record Contracts and Strategic Partnership Growth

Cloudflare continues to defy limitations in its addressable market, showing strong signs of progress and innovation. Every day reveals further evidence of this trend.

Sales Force Capacity Remains Key To Growth

The company’s main constraint has been, and will likely continue to be for another quarter, the capacity of its sales force. Under Mark’s leadership, we have seen improvements in the performance of our sales team. As we close out 2024, net sales capacity is poised for a turnaround. With the ramp-up expected in Q2 of 2025, we anticipate seeing significant acceleration in sales performance.

Major Customer Contracts Showcase Confidence

To illustrate the momentum, 80% of our 2025 full-year sales plan is already assigned to account executives at Cloudflare. We’ve refined our strategy and are committed to maintaining this growth trajectory. Our strengths lie in product innovation, network stability, and reliability, and we aim to demonstrate our prowess in market engagement as well.

Record Contract Wins with Fortune 100 and AI Companies

A notable highlight includes a five-year, $20 million contract with a Fortune 100 technology firm. This contract, marking Cloudflare’s largest new customer win to date, encompasses all Cloudflare products, facilitating a frictionless integration across our platform. Initially, the focus will be on application security, performance, and our Workers developer platform. The customer views us as a key strategic ally in multi-cloud security, AI, and data sovereignty.

Additionally, a leading AI company has expanded its engagement with Cloudflare, securing a one-year, $13.5 million pool of funds contract. This strategic structure ensures seamless access to the entire Cloudflare suite, allowing for enhanced innovation and transparent pricing. The client remarked, “Cloudflare is a model partner. We wish to emulate this relationship with all our vendors.”

Retail and Financial Institutions Follow Suit

A major global retailer has also signed a three-year, $10.8 million contract, opting for Cloudflare’s application services, Workers, R2, and other products. This retailer sought a partner to amplify its online offerings amid substantial growth, successfully displacing a long-standing competitor.

Moreover, a notable U.S. investment firm chose Cloudflare by signing a three-year, $4 million SASE contract to utilize Zero Trust and data loss prevention services. This client, dissatisfied with their previous provider, favored us due to superior network performance and the benefits of our single-vendor solution.

In another instance, a Global 2000 aviation group selected Cloudflare for a five-year, $9.4 million deal encompassing application security and performance solutions. Their decision came after a comprehensive review of numerous vendors, with Cloudflare standing out for its modernization capabilities and user-friendly products.

Furthermore, a Global 2000 financial institution committed to a four-year, $13.6 million contract to enhance its application services. This institution aims to expedite its digital transformation while ensuring security, a task that previously took weeks with their former provider—now achievable in just 10 minutes with Cloudflare.

AI Opportunities and Innovations

Cloudflare is also making strides in the realm of AI. We see four key opportunities in this space. Firstly, we’re optimizing our internal processes with AI, a common goal for many companies today. Remarkably, we’re increasingly developing these capabilities on our own infrastructure.

Secondly, AI enhances our performance and security products, contributing to our commitment to advanced threat detection. Our machine learning systems are adept at identifying novel security threats, solidifying Cloudflare’s standing in the market.

The third opportunity lies in our Workers platform, which is well-suited for AI applications. It allows developers to create AI agents, benefiting from our serverless architecture and cost-effective pricing models.

We previously mentioned a large AI client utilizing our infrastructure, yielding impressive results. Our engineers have worked hard to optimize the GPU usage, significantly reducing costs compared to traditional hyperscaler models. Many developers are also discovering our AI Gateway, with some recording more than a tenfold improvement in pricing efficiency.

As our journey progresses in AI, the continuing breakthroughs and adoption will play a vital role in shaping Cloudflare’s future.

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Cloudflare Reports Robust Growth and Strategic AI Innovations

Cloudflare is making significant strides in AI and customer acquisition, positioning itself for a promising future in the tech landscape.

Impressive Developments in AI Inference

According to Chief Executive Officer Matthew Prince, Cloudflare is optimizing AI inference on its platform, leading to faster performance, reduced prices for customers, and improved margins for the company. He emphasizes that AI inference holds greater potential than training, as Cloudflare continues to discover groundbreaking improvements that place it ahead of competitors. Moreover, Cloudflare serves as a crucial player in bridging the gap between leading AI companies and a wide array of content creators, helping to shape the next generation of web economics.

Fourth Quarter Financial Performance

Thomas J. Seifert, Chief Financial Officer, shared positive insights during the earnings call. Cloudflare achieved strong operational and financial results for the fourth quarter, driven by growth among large $1 million customers and increased security investments. The company recorded a total revenue of $459.9 million for Q4, representing a 27% year-over-year increase. The distribution of revenue showed the U.S. accounting for 50% of total revenue, EMEA contributing 28%, and APAC 14%, with APAC growing the fastest at 39% year over year.

Customer Metrics Showcase Growth

Cloudflare’s fourth quarter also marked a record of approximately 237,700 paying customers, adding nearly 48,000 in 2024 alone—a 25% year-over-year increase. Additionally, the number of large customers rose to 3,500, with record growth of more than 740 large clients this year. Revenue from these large accounts now constitutes 69% of total revenue, up from 66% in the previous year.

Financial Health and Operating Expenses

Cloudflare’s gross margin for the fourth quarter stood at 77.6%, slightly down from previous periods due to increased costs associated with a higher proportion of paid customer traffic. Operating expenses decreased to 63% of revenue, signaling effective cost management. The workforce also grew by 16%, totaling around 4,300 employees by year-end, with marketing expenses making up $166.9 million for the quarter.

Strong Operating Income and Future Outlook

Operational success is highlighted by an operating income of $67.2 million, marking a substantial 69% increase year-over-year. The company’s net income for the quarter was $68.8 million, translating to a diluted net income per share of $0.19. Despite fluctuations in the effective tax rate, Cloudflare’s end-of-quarter cash reserves stood at $1.86 billion, underlining its commitment to fiscal responsibility.

For 2025, Cloudflare anticipates network capital expenditures to be between 12% and 13% of revenue, reflecting its ongoing investment in AI technology and infrastructure. Management is optimistic about future revenue growth and profitability, attributes that are central to the company’s long-term value creation strategy.

Cloudflare Sets Ambitious Growth Goals for 2025

Strong Forecast for Revenue and Income Amid Growing Opportunities

Cloudflare is committed to operational efficiencies to maximize returns, ensuring each dollar spent fuels long-term growth and profitability. The past two years highlighted the company’s strength in transforming its operations, focusing on the vast opportunities still ahead. This disciplined strategy allows for agile investment when favorable chances arise.

As 2025 approaches, data analysis shows that it is an opportune time to invest further in reaccelerating growth. Cloudflare’s leadership has identified several key performance indicators, such as increased sales productivity, the boosting of account executive capacities, and engagement with high-value customers. The company has set its first-quarter revenue expectation between $468 million and $469 million, which represents a robust 24% year-over-year increase.

Variable revenue remains a nascent but evolving part of Cloudflare’s business model. Despite positive signals observed in the fourth quarter, management plans to maintain a cautious outlook for the first quarter, largely due to limited historical data on consumption trends. The anticipated operating income is expected to fall between $54 million and $55 million, alongside an effective tax rate projected at 21%.

For the full year of 2025, Cloudflare projects revenue between $2.090 billion and $2.094 billion, marking an impressive 25% increase year over year. The distribution of revenue within 2025 is anticipated to be about 40 to 50 basis points heavier in the second half compared to the first half. The projected operating income for the full year stands between $272 million and $276 million, totaling an effective tax rate of 21%.

With regards to diluted net income per share for 2025, expectations are set between $0.79 to $0.80, based on an estimated 366 million shares outstanding. Enthusiastic about the path forward, Cloudflare’s leadership believes their ongoing strategy will foster innovation and stimulate growth. The focus remains on creating substantial shareholder value through disciplined execution and operational efficiency, with updates promising in forthcoming quarters as the company scales up its growth.

Moving on, let’s open the floor for questions. Operator, please proceed with the inquiries.

Questions & Answers:

Operator

Thank you, sir. [Operator instructions] We will first hear from Hamza Fodderwala of Morgan Stanley.

Hamza Fodderwala — Analyst

Thank you for taking my question. Congratulations on concluding the year on a strong note. Matthew, DeepSeek has been a major story this year. Given the efficiency improvements in these models, do you foresee an increase in inference workloads shifting to the edge?

Matthew Prince — Co-Founder and Chief Executive Officer

Thank you, Hamza. I appreciate your question. DeepSeek has attracted a lot of attention partly due to its origin from a Chinese company, raising some national security concerns. We’ve examined the underlying research, which highlights two clever optimizations from the DeepSeek team that significantly cut training costs. This reinforces the notion that models might become more accessible over time, with many transitioning from proprietary to open systems.

What Meta is doing with Llama mirrors this trend, positively impacting Cloudflare. We see a growing array of models running on our network that can benefit our customers. Moreover, DeepSeek shows that efficiency is achievable in AI. Historically, some believed that winning in AI required massive financial investments. However, DeepSeek challenges that view, playing directly into Cloudflare’s expertise in maximizing efficiency.

Importantly, we now recognize similar opportunities in inference as DeepSeek identified in training. Our serverless platform is positioned to deliver competitive pricing and maintain high margins for us. I believe inference and agents are critical opportunities for AI, and while investments have previously focused on training, more will shift towards inference moving forward. Our Cloudflare Workers product is ideally suited for this, thus propelling our growth potential.

Hamza Fodderwala — Analyst

Thank you. I look forward to our next update.

Operator

Now, let’s hear from Matt Hedberg at RBC.

Matt Hedberg — Analyst

Thanks for the insights. Congratulations on the strong results today.

I’d like to focus on product developments. With CJ now well-established in his role, could you share what excites you most about product innovation this year? Are there any key moments we should anticipate regarding these developments?

Matthew Prince — Co-Founder and Chief Executive Officer

Absolutely. Today, I participated in our regional sales kickoff in London alongside CJ and Mark. Cloudflare has a strong engineering track record, but I believe 2025 marks our opportunity to showcase not only great products but also a world-class market approach. CJ, as a product and engineering leader, emphasizes customer focus and ensures our sales team has the tools and support needed to succeed.

Cloudflare Ventures into AI and Federal Services: Insights from Recent Discussions

Building Real Applications with AI

Over the last two days, the enthusiasm among the EMEA team was palpable. The excitement stems from seeing AI transition from a mere science experiment into practical applications that can deliver real value. This year marks a significant turning point as AI begins to produce tangible use cases.

Directly addressing the opportunities of AI, we noted that inference and agents hold great potential. Some intriguing applications have emerged, particularly in finance, where a financial services company developed an agent on Cloudflare Workers to conduct due diligence on M&A targets. Meanwhile, in the medical sector, a start-up is using AI to review clinical trial results.

In the customer support arena, a new company designed an agent to consolidate customer information, ensuring human agents have all necessary data at their fingertips to assist efficiently. In Customer Relationship Management (CRM), another company created an agent to offer detailed insights into prospects and their organizational structures, boosting salespeople’s efficiency. These innovations are all built on the Cloudflare Workers platform.

Moreover, a media customer utilized an agent to respond to questions regarding legal documents, while a marketing client developed an agent to research current topics and create SEO-friendly pages promoting their products. At Cloudflare, we’ve integrated an incident management agent, which is saving us approximately four to six hours daily. This clearly illustrates the shift from AI hype to real return on investment (ROI) for customers.

Analyzing Pool of Funds Deals in Q4

Thomas J. Seifert, the Chief Financial Officer, shared insights regarding the pool of funds. In Q4, the activity remained on par with the previous quarter, contributing around nine percentage points. In a subscription-based model, revenue often lags behind activity; however, the fourth quarter presented signs of potential growth as sales capabilities turn into increased activity and subsequent revenue.

Notable indicators suggest a boost in sales productivity and the presence of large deals exceeding $1 million. Guardrails implemented ensure that these pool of funds deals translate into product consumption while maintaining revenue recognition throughout the year, especially in the second half.

Implications of FedRAMP High on Cloudflare’s Network

Another key discussion point was the announcement regarding FedRAMP High. Matthew Prince, Co-Founder and CEO, addressed concerns regarding its impact on network architecture. The federal business is vital, and ensuring compliance while maintaining the integrity of Cloudflare’s architecture has been a priority.

Rather than fragmenting the network for quick revenue, the aim is to align regulatory needs with Cloudflare’s operational frameworks. This strategic compliance approach enables the enhancement of federal services without compromising network efficiency. During a recent meeting with NATO’s CTO, it became clear that collaborations in this realm continue to expand, highlighting Cloudflare’s role in safeguarding critical infrastructure across the globe.

Update on Security Performance

Moving forward, a focus on security performance set the stage for further inquiries. Matthew Prince recognized that over recent quarters, the upward trend remains encouraging with significant product performance and development. The team strives to enhance security offerings, further solidifying Cloudflare’s position in the market.

In conclusion, as AI proliferates into practical applications and Cloudflare strengthens its federal services, the combination of innovation and compliance promises a robust future for the company. Each development not only serves current clients but also sets a foundation for broader market success.

Cloudflare’s Strategic Shift Towards Comprehensive Platform Solutions

Over recent quarters, Cloudflare has noticed a trend where large customers are increasingly adopting its entire platform rather than seeking out individual services. This includes solutions such as Web Application Firewall (WAF) and modern VPN replacements. Customers are aligned with Cloudflare’s vision for a modern network architecture, recognizing the long-term benefits it offers.

When we mention a “pool of funds,” it signifies that customers are committing a budget to utilize various Cloudflare services as needed. Rather than requesting one-off products, businesses are preparing to integrate a broad array of Cloudflare offerings into their operations. This transition towards a unified platform, built on a cohesive architecture, is essential for enabling substantial funding agreements.

According to Cloudflare’s Co-Founder and CEO, Matthew Prince, the allure of this comprehensive platform is proving to be its standout feature. Recently, the company celebrated reaching over 3 million developers using its platform, reflecting a rapidly growing interest in its services.

Jonathan Ho – William Blair – Analyst

Thank you.

Operator

Next, we’ll hear from Fatima Boolani at Citi.

Fatima Boolani – Analyst

Good afternoon, and thank you for taking my questions. Matthew, I’d like to revisit your comments on the enhanced sales capacity and productivity trends for this year. As we enter Year 2 with Mark leading the organization, can you share if there will be any changes in compensation or incentives to further boost growth in developer services and Zero Trust solutions?

Matthew Prince – Co-Founder and Chief Executive Officer

Absolutely. As we approach Mark’s one-year anniversary, it’s been impressive to witness his achievements. He has effectively built his leadership team and improved the overall capability of our sales teams.

One of the key factors has been identifying top performers and ensuring they receive proper recognition. We’re focusing on better territory assignments to ensure fairness. Recently, I spoke with our EMEA sales team, where everyone acknowledged that the current territory setup is more equitable.

The challenge with Cloudflare is its broad appeal; every business needs Cloudflare, which is a positive aspect. However, without proper territory management, sales strategies may become inconsistent. Mark’s approach promotes deeper engagements with customers while transitioning to pool of funds agreements.

We’re adjusting compensation to emphasize revenue recognition based on actual service consumption instead of just new sales. This approach strengthens our sales team’s relationships with customers and ensures they maximize the benefits from all of our products.

Thomas J. Seifert – Chief Financial Officer

There’s not much to add beyond Matthew’s insights. The transformation has proceeded smoothly thus far, avoiding major disruptions. As we progress through the year, minor adjustments will be made, but the foundational elements are firmly established.

Fatima Boolani – Analyst

Thank you both.

Operator

Now, we’ll move to Gabriela Borges from Goldman Sachs.

Gabriela Borges – Analyst

Hello, good afternoon, and thank you for taking my question. Matthew, I’d like to approach the go-to-market strategy from another angle. Given that your market share is often higher with AI-native companies, how do you manage conversations at the enterprise level where there may be differing opinions within the organization? Additionally, do you face any challenges regarding the depth of your ecosystem on the Workers platform, and how do you address those?”

Matthew Prince – Co-Founder and Chief Executive Officer

The AI landscape is still emerging, resulting in a mix of advocates and skeptics within organizations. Our strategy begins with Cloudflare being accessible and easy to use. Companies can try our services without significant investment; they just need a credit card to start experimenting.

In 2025, we plan to focus more strategically on specific accounts where we see potential for collaboration, particularly with existing Cloudflare customers. We aim to leverage successes to build case studies that demonstrate our capabilities across industries and organizational sizes.

This initiative is part of our ongoing commitment to ensure we deliver valuable solutions, reinforcing our position as a leader in the market.

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Cloudflare’s Strategic AI Expansion: Leveraging Workers for Enhanced Efficiency

Key Insights on Cloudflare’s Go-to-Market Strategy and AI Innovations

In an insightful discussion, leaders at Cloudflare shared their approach to transforming customer engagement through targeted case studies and strategic planning. The team recognizes the potential for bottom-up growth in utilizing Cloudflare’s platform without the need for extensive marketing efforts. Instead, they are focusing their go-to-market team on a select number of customers to develop illustrative success stories.

Gabriela Borges — Analyst

Gabriela expressed gratitude for the detailed insights shared by Cloudflare’s executives.

Operator

Next, we have Trevor Walsh from Citizens JMP.

Trevor Walsh — Analyst

Trevor opened with a question regarding the use of AI agents within the Workers platform. He asked for clarification on the unique aspects of Workers that support agent development and sought examples of larger customers utilizing agents internally.

Matthew Prince — Co-Founder and Chief Executive Officer

Matthew noted that several notable examples involve large companies engaging with the Workers platform. The difference often lies in the willingness of startups to share their innovations publicly. Cloudflare aims to contrast its Workers offerings with those from major cloud providers.

To illustrate his point, Matthew explained the challenges of building an agent on a typical hyperscaler. Companies must lease a significant computing resource, often committing to long-term contracts to secure competitive pricing. For many, GPU utilization peaks at about 10%, with some averaging even lower. This inefficiency stems from unpredictable demand and submission times for queries, resulting in wasted capacity during downtime.

In contrast, Cloudflare operates on a different model. They charge customers only when their agents are actively processing tasks, leading to reduced startup costs. Clients can simply use a credit card to access services without entering into lengthy commitments. This flexibility, alongside competitive pricing, positions Cloudflare favorably.

Matthew highlighted that while hyperscalers may struggle with GPU efficiency, Cloudflare has achieved peak GPU utilization rates of roughly 70%. Customers benefit from significant cost savings—potentially seven times more output per dollar spent compared to traditional providers. This efficiency positions Cloudflare as an indispensable partner for companies looking to maximize their AI capabilities.

The potential for producing high efficiency translates into easier access to powerful AI solutions. Cloudflare manages the complexities of infrastructure, allowing customers to scale flexibly. “It’s easier, cost-effective, and fairer,” Matthew emphasized, noting Cloudflare’s unique ability to invent and adapt technology in ways that favor multiple users—a key differentiator in a crowded market.

Trevor Walsh — Analyst

Trevor responded with appreciation for the insights shared.

Operator

We’ll now hear from Andrew Nowinski from Wells Fargo.

Andrew Nowinski — Analyst

Andrew commenced by congratulating Cloudflare on its strong performance and shifted the focus to their Secure Access Service Edge (SASE) solutions. He sought clarity on how much of Cloudflare’s SASE success is fueled by market growth versus winning over competitors, and asked for insights on the company’s competitive advantages.

“`

Cloudflare’s Matthew Prince Talks Strategy Shifts in Zero Trust Security

Understanding Customer Dissatisfaction with Current Vendors

Matthew Prince — Co-Founder and Chief Executive Officer

Initially, our plan was to focus on the new market opportunities. However, we soon discovered that many customers were unhappy with their first-generation Zero Trust vendors. These customers reported issues with performance and reliability.

Some vendors showed a level of arrogance about their products, and there was a noticeable lack of ongoing innovation in the sector. This prompted us to pivot our strategy. We began targeting clients who were struggling with their existing Zero Trust solutions. Our approach focuses on offering the fastest global network access.

A Comprehensive Network Solution Beyond Zero Trust

Our unique offering includes a comprehensive solution for the entire network, covering both forward and reverse proxy needs. Bundling these services provides much higher return on investment (ROI) compared to competitors. A significant portion of our wins has come from displacing existing Zero Trust vendors, demonstrating our capability to address customer challenges effectively.

While we are also securing new opportunities in unexplored markets, our extensive platform allows us to tackle a wider range of problems beyond just Zero Trust security. Over time, we’ve come to view Zero Trust as just one feature in a larger secure network solution, with Cloudflare leading the way in comprehensive security offerings.

Looking Ahead to Future Opportunities

Andrew Nowinski — Analyst

Thank you, Matthew.

Operator

We have no further questions at this time. I’ll now return the floor to Mr. Matthew Prince for any last comments.

Matthew Prince — Co-Founder and Chief Executive Officer

I appreciate everyone for tuning in. A big thank you to our whole team for an outstanding 2024. As Thomas pointed out, we anticipate the first half of 2025 will be pivotal for our company, and I’m eager for what lies ahead.

I am keen to meet many of you in the upcoming weeks as I travel to various sales events globally. Thank you again, and let’s continue to support Cloudflare.

Operator

[Operator signoff]

Duration: 0 minutes

Call Participants:

Phil Winslow — Vice President, Strategic Finance, Treasury, and Investor Relations

Matthew Prince — Co-Founder and Chief Executive Officer

Thomas J. Seifert — Chief Financial Officer

Hamza Fodderwala — Analyst

Matt Hedberg — Analyst

Thomas Seifert — Chief Financial Officer

Adam Borg — Analyst

Jonathan Ho — William Blair — Analyst

Fatima Boolani — Analyst

Gabriela Borges — Analyst

Trevor Walsh — Analyst

Andrew Nowinski — Analyst

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