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Cloudflare, Inc. (ticker: NET) is a technology company that provides internet security, performance, and reliability solutions through subscription-based services. The company offers various subscription plans with different levels of functionality, as well as add-on products and professional services to assist customers with migration and configuration. Cloudflare focuses on expanding its customer base, particularly among larger enterprises, while maintaining strategic relationships with third-party partners to support its growth objectives.
- Subscription Plans - Offers tiered subscription services that provide varying levels of internet security, performance, and reliability functionalities to customers.
- Add-On Products - Provides additional network functionalities and features that can be purchased separately to enhance the core subscription plans.
- Professional Services - Assists large customers with migration from existing vendors and the configuration and use of Cloudflare's products.
- Government Contracts - Delivers tailored solutions to government organizations, addressing compliance, certification, and audit requirements.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Matthew Prince ExecutiveBoard | CEO, Chair of the Board | Chair of Unspam Technologies, Inc. | Co-founder of Cloudflare, serving as CEO since inception in July 2009. Previously co-founded Unspam Technologies, Inc. | View Report → |
Michelle Zatlyn ExecutiveBoard | President, Co-Chair of the Board | Board member at Atlassian Corporation, Plc | Co-founder of Cloudflare, transitioned from Head of User Experience to COO in 2016, then to President in 2020. Appointed Co-Chair of the Board in February 2025. | |
Douglas Kramer Executive | Chief Legal Officer, Secretary | None | Joined Cloudflare in August 2016 as General Counsel, later becoming Chief Legal Officer in January 2024. Previously held senior legal roles in U.S. government agencies and private law firms. | |
Thomas Seifert Executive | Chief Financial Officer (CFO) | Board member at First Derivatives plc | Joined Cloudflare as CFO in June 2017. Previously held CFO roles at Symantec, Brightstar, and AMD, where he also served as Interim CEO. | |
Carl Ledbetter Board | Director, Chair of Compensation Committee | CEO and CTO of SimpleRose, Inc. | Joined Cloudflare's Board in November 2009. Former Managing Director at Pelion Venture Partners. Currently chairs the Compensation Committee. | |
Katrin Suder Board | Director | Supervisory board member at LEG Immobilien SE and DHL | Former State Secretary for the German Federal Ministry of Defense. Joined Cloudflare's Board in August 2019 and serves on the Audit and Nominating and Corporate Governance Committees. | |
Maria Eitel Board | Director | Supervisory board member at LEG Immobilien SE and DHL | Former Chair of the Nike Foundation and founder of Girl Effect. Joined Cloudflare's Board in December 2018 and currently chairs the Nominating and Corporate Governance Committee. | |
Mark Hawkins Board | Director, Chair of Audit Committee | Board member at Toast, SecureWorks, and Workday | Former CFO of Salesforce, Autodesk, and Logitech. Joined Cloudflare's Board in June 2022 and serves as Chair of the Audit Committee. | |
Scott Sandell Board | Lead Independent Director | Chairman, CEO, and CIO of NEA; Board member at Coursera, Bloom Energy | Venture capitalist with extensive board experience. Lead Independent Director at Cloudflare since September 2019. |
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Your full-year 2025 revenue guidance implies a deceleration compared to 2024; what factors are contributing to this slower growth expectation, and how confident are you in achieving the 25% year-over-year increase?
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You mentioned that pool of funds contracts can impact revenue recognition and dollar-based net retention; how are these contracts affecting your near-term revenue growth, and what are the implications for long-term revenue visibility?
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Despite adding a record number of large customers, your dollar-based net retention rate remains at 111%; what strategies are you implementing to drive higher net retention, and what challenges are you facing in upselling existing customers?
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With increased investments in sales capacity and go-to-market initiatives, how are you balancing these costs with your commitment to profitability, and what is the expected impact on operating margins in the coming quarters?
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Given the competitive landscape in the Zero Trust and SASE markets, how do you plan to differentiate your offerings and win against established incumbents, especially in securing large enterprise customers who may be hesitant to switch providers?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Kivera, Inc. | 2024 | Cloudflare, Inc. acquired Kivera, Inc. on October 7, 2024, for approximately $29.4 million in cash; Kivera specializes in cloud security, data protection, and compliance technology, and the purchase accounting is still in progress. |
BastionZero | 2024 | Acquired in May 2024 for a total consideration of $13.1 million (including $11.3 million in cash and a $1.6 million cash holdback), this deal strengthened the firm's Zero Trust access platform and its Secure Access Service Edge (SASE) portfolio while adding $5.1 million of intangible assets and $8.1 million of goodwill. |
Area 1 Security, Inc. | 2022 | Acquired on April 1, 2022 with a total purchase consideration of $156.6 million (a mix of cash, stock, and holdbacks), this acquisition brought in cloud-native email security technology alongside significant goodwill from the assembled workforce and synergies, including detailed asset and liability assumptions. |
Vectrix Security, Inc. | 2022 | Completed on January 14, 2022 for a total purchase price of $7.6 million (involving cash, shares, and a cash holdback), the deal acquired developed technology valued at $3.1 million and goodwill of $4.951 million, with additional stock-based compensation arrangements that included vesting conditions. |