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| But strength in federal, not only in our country but outside across the oceans in both directions, very strong federal business in the fourth quarter and a good pipeline, I would say, for federal business moving forward |
| And we see really encouraging trends |
| But if you come back to what we said earlier, our Zero Trust momentum is accelerating |
| The hardware team is doing a good job |
| And we think there's significant upside still in front of us, both from our go-to-market land perspective, but especially also from an expansion perspective |
| We have seen really good progress, especially when it comes to consolidating spend and delivering ROI on our platform, a topic that has been hugely important to folks like me in time when budgets were tight last year and still continue to be tight |
| And as you know, we had a really good quarter |
| And some of our peers that we admire showed really strong results |
| And then we have a superior margin structure that we can take advantage of in terms of rewarding successful partner for us without endangering the price envelope that are in the market |
| They fill the infrastructure and run on the infrastructure we have built, highly performing at the edge of our network at a very superior margin structure |
| So Q4 was very strong |
| I was -- we were particularly impressed with the acceleration in RPO and CRPO bookings in particular |
| Act 1 has been the very strong application services business around DDoS protection, CDN and various other services |
| We still got good progress on our transformation from a go-to-market perspective |
| We are really encouraged by the accelerated momentum of our Zero Trust platform |
| But we've reached a point where we have literally reached feature parity with everybody else who is out there and that is driving momentum |
| Now we have a fully featured Zero Trust product in combination with the platform we have with a rather compelling offering, and that drove momentum across a wide set of customers, verticals and regions |
| And then I think the other really important topic in Q4 was a very strong federal business |
| That is something we have done successfully on all the other products we offer, and that is another reason why our margin structure is still superior |
| That might not be a business model forever, but it's certainly a good business model for the time being |
| He's been very successful |
| And this the key reason why our margin structure is so superior and why you have such an elasticity in our business model |
| The platform is compelling |
| We are really good at that |
| So enabling the channel has become an important part of our go-to-market strategy and general enabled revenue grew from 70% last year |
| And that hopefully leads to better products that we monetize |
| That's a significant opportunity for us |
| That is the most promising |
| And this evolution is still giving us a lot of opportunity in terms of customer size, number of very large customers we talked on the earnings call now with the first handful of customers that are far north of $10 million, but there's a lot of room to grow |
| We are in a very unique position |
| Statement |
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| If you look at one of the problems today in training land is that GPUs are very spiky in their utilization, and you have long periods of significant underutilization that makes it very expensive |
| We had a late dinner, so there might be some fatigue, but not really |
| There's still a lot of noise in the data |
| What does that GPU capacity that you have look like? And how is Cloudflare able to make these investments? And I believe even like I think last quarter or last year, your CapEx was down |
| I think this is -- and we worry about the abstraction |
| I wanted to talk about fatigue |
| I mean, you just have to open up the what's your journal from this morning between ransomware and health care attacks against critical infrastructure, nation-sponsored attacks against defense industry is driving a threat landscape that is anything but fatigue from a security perspective |
| So we cannot really speak of fatigue |
| It didn't -- these products didn't leave a lot of room for channel partners to provide value with the wave 2 products, the SASE or Zero Trust has changed |
| So there's nothing, there's no fatigue that we see |
| Yes, I certainly and you certainly seemed fatigue, but I think we can get a second wind here |
| And you're never in a position where you invest ahead of the demand curve |
| You have to see a lot of inference happen to stimulate the growth of worker and edge products |
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