BroadwayDan,
I couldn’t agree more. I feel ridiculous saying this but I felt breathless after reading Prince’s opening remarks in the Q1 earnings. I’ll put some of the best quotes from the whole earnings call below:
“We closed our largest acquisition ever in the quarter, buying Area 1 Security for $162 million. We have a very high hurdle rate for acquisitions being strongly biased toward internal development but Area 1 technology and team are special. We started out as a customer. I remember shortly after we implemented their solution, writing to our Chief Security Officer to ask if something was wrong, I hadn’t seen any phishing reports in a few weeks, where usually our team would report double digits per day. It turned out Area 1 and their incredible email security tech was the answer. By the way, if you’re still seeing phishing messages in your own box, tell your IT team to call us. We now have a great solution. Over the last few years, the customer of Area 1, we got to know their team…We extended offers to all the Area 1 team, and even in this hot labor market, 98% of them chose to join Cloudflare. And I’m not giving up hope on that last one Area 1 team member who hasn’t yet. I think that says something about how good it fit the two companies are together, the technologies and the culture.”
"A large Indian media platform chose Cloudflare over Zscaler and Palo Alto Networks for their zero-trust network. They signed a $150,000 deal for 5,000 seats. They appreciated how much more tightly integrated our solutions were than the competition. We are going head-to-head with Zscaler and Palo Alto Networks more and more, and we like our win rates when we do."
"A Fortune 1000 gaming company signed a $3.3 million three-year contract. I love this story. They were using AWS but found their security couldn’t prevent the attacks they were seeing. After struggling to keep their application online, AWS’s team eventually told them, “You should just use Cloudflare.” And so they did."
“At Cloudflare, our global network serves as an early warning sensor for what’s happening across the Internet. In the month leading up to Russia invasion, we saw characteristics cyber probing and other warning signs that were similar to what we’ve seen in Georgia and Crimea years earlier. Concerned, we’ve briefed Western government and offered our services to critical infrastructure providers and government institutions in Ukraine well before the physical invasion began. Many organizations there took us up on our offer of protection. One of the stories of the war has been the relative lack of cyberattacks. That’s not exactly accurate. There have been attacks. However, the number that have been successful are thankfully few. I’m proud of the role that Cloudflare has played to that end.”
"I think that if you study developer platforms, for them to really reach escape velocity, takes between eight and 12 years. And so Workers was launched in late 2017, so we’re continuing to develop it. We’re on that curve. I think the thing that has surprised me is that we’re seeing very big companies with very sophisticated development teams getting excited about and realizing that Workers is a solution for a lot of the problems they have."
I posted this (https://discussion.fool.com/net-34908728.aspx) a few months back and nothing has changed except that my conviction continues to grow. I find it very difficult to find flaws with this company when looking at the whole package of leadership, moat, market adoption, market potential, best-of-breed tech, etc.
PS his comments about 98% of the workers accepting the Cloudflare offer is a HUGE testament to their culture. I am an engineer and the job market is absurd right now with people moving around for raises and flexibility across the board.
Junomean2
Long NET