Yes, i concur, 54% YoY growth for 3 quarters straight.
Cloudflare also continues to raise full year revenue guidance from $927.0 to $931.0 million in Q4’21
to full year revenue guidance of $955.0 to $959.0 million in last Q1’22.
Now they have raised full year revenue guidance again to $968.0 to $972.0 million.
The past couple of quarters they have also raised and then beaten quarterly expectations, at the high end, by about 3% so i expect revenues for Q3 to come in around $258.5M.
Q3’21 Revenue was $172.3M up 50.9% YoY, so that would also put next Q3’22 up 50% YoY… if my math is right. ;^)
Though your math is quicker and 46% - 50% is great for Q3’22.
…and if Q3 is their slow quarter, then Q4 could pop right back up to 54+% if they keep raising guidance.
Better yet, i like the growing ‘Large Customer’ count and overall retention rates.
Last quarter they delivered a record dollar-based net retention of 127%, and this quarter they had
Strong large customer growth, with a record addition of 212 large customers in the quarter, bringing the total number of large customers to 1,749
Large Customers (>$100,000 Annualized Revenue) count has been rising steadily YoY,
Q2 2022 Q2 2021 Q2 2020 Q2 2019
1,749 1,088 637 387
With a similarly steadily rising Total ‘Paying Customer’ count of 151,803 this quarter which is up from 148,184 (*corrected -5925) from last quarter.
“We delivered another strong quarter, with revenue growth up 54% year-over-year, driven by strength in our large customers, and a record number of large customer additions. Large customers now represent 60% of our revenue, and they are leaning forward to hear how Cloudflare can save them money and reduce IT complexity, all while increasing their security, performance, and reliability,"
said Matthew Prince, co-founder & CEO of Cloudflare.
“Cloudflare addresses organizations’ ‘must-have’ list, and that’s even more important in these economic times. Companies aren’t abandoning the Internet, reverting back to outdated on-prem boxes backlogged with supply chain issues, or ditching cybersecurity when attacks are larger than ever. I’m confident Cloudflare will continue to grow stronger even through the tough economic times that may be ahead.”
Dollar Based Retention Rates
Q2’22 Q1’22 Q4’21 Q3’21 Q2’21
126% 127% 125% 124% 124%
From CEO Prince comments it sounds like Cloudflare is a ‘must-have’ we can look forward to steady and increasing Retention rates. ;^)
“Cloudflare’s mission is to help build a better Internet."
i like this report, Matthew Prince’s confidence, and guidance.
Best, kevin c
long of Cloudflare, Inc.
please click my screen name for disclose holdings