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2021-10-26

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Cloudflare: Big Gains Made As Investors Brace For Earnings<blockquote>Cloudflare：投资者为盈利做好准备，取得巨大收益</blockquote>

Summary Cloudflare has once again experienced huge gains in a very short period of time. The reason

Cloudflare: Big Gains Made As Investors Brace For Earnings<blockquote>Cloudflare：投资者为盈利做好准备，取得巨大收益</blockquote>

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The Company has a vast and growing total addressable market (TAM) expected to reach over $100B in a few short years and has experienced massive growth. The stock has again reached all-time highs and is up over 60%&nbsp;since my previous article&nbsp;in only three weeks, as shown below. The big question is: is there any upside left?<blockquote>Cloudflare，Inc.（纽约证券交易所代码：NET）（以下简称“公司”）是一家向云、边缘计算和物联网（IoT）发展的创新公司。2500万互联网资产依靠Cloudflare提供安全性和性能。该公司拥有庞大且不断增长的总潜在市场(TAM)，预计在短短几年内将达到1000亿美元以上，并且经历了巨大的增长。该股再次创下历史新高，自我上一篇文章以来仅三周内就上涨了60%以上，如下所示。最大的问题是：还有上升空间吗？</blockquote> <img src=\"https://static.tigerbbs.com/293a69c29d5824b489e8d5431648afba\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> The Pandemic Revealed Cloudflare's Indispensability<blockquote>疫情揭示了Cloudflare的不可或缺性</blockquote> At the onset of the pandemic, almost everything moved online. Schools were being taught virtually. Restaurants who would normally have a majority of in-person patrons were taking orders mostly online. Grocery delivery skyrocketed. And perhaps the most drastic change, employees were working from home (WFH) in record numbers.<blockquote>疫情爆发时，几乎所有东西都转移到了网上。学校是虚拟教学。通常会有大多数面对面顾客的餐馆主要在网上接受订单。杂货配送猛增。也许最剧烈的变化是，在家工作（WFH）的员工数量创历史新高。</blockquote> The results are clear to see in this graphic. Internet traffic exploded around the globe.<blockquote>结果在这张图中清晰可见。全球互联网流量爆炸式增长。</blockquote> “We sit in front of more than 10 percent of all websites, so we have a pretty representative sample of how traffic patterns change in response to events globally,”- Matthew Prince. <img src=\"https://static.tigerbbs.com/70ea8221521dc964fb56c2c20faec268\" tg-width=\"640\" tg-height=\"415\" width=\"100%\" height=\"auto\">Source: Cloudflare.<blockquote>马修·普林斯（Matthew Prince）表示：“我们拥有超过10%的网站，因此我们有一个非常有代表性的样本，可以了解流量模式如何随着全球事件而变化。”来源：Cloudflare。</blockquote> During this time, attacks also increased exponentially. This included attacks on critical infrastructure like hospitals.According to Cloudflare, attack traffic was up significantly from January 2020 to March through May 2020 on healthcare centers.<blockquote>在此期间，攻击也呈指数级增长。这包括对医院等关键基础设施的攻击。根据Cloudflare的数据，从2020年1月到2020年3月至5月，医疗保健中心的攻击流量大幅上升。</blockquote> The increase in traffic, however, was no great sweat to Cloudflare's systems which handle&nbsp;DDoS attacks&nbsp;which are exponentially more traffic than even the height of the pandemic's increased traffic. In fact, in summer of 2021 Cloudflare&nbsp;deflected such an attack&nbsp;that was 3x larger than any other noted on record. The single attack produced nearly 70% of the total of all legitimate traffic. The attacks were deflected successfully and automatically.<blockquote>然而，流量的增加对Cloudflare处理DDoS攻击的系统来说并不是什么大问题，这些攻击的流量甚至比疫情增加的流量还要多。事实上，在2021年夏天，Cloudflare抵御了这样一次攻击，其规模是有记录以来任何其他攻击的3倍。单次攻击产生了所有合法流量总量的近70%。攻击被成功地自动偏转了。</blockquote> We also had a fairly important election season in 2020 which you may remember. In 2017 the Department of Homeland Security reported that 21 states had voter registration files and websites targeted. Cloudflare developed Athenian Project to provide protection to state and local governments' voter related sites - for free. There are several case studies from local and state government internet security personnel and technology executives. Cloudflare states that there are over 120,000 threats per day to election sites nationwide. Yet, there were no major stories of local or state level hacks during the previous cycle. To this end, Cloudflare also mitigated over 77M threats to campaign websites over a six month period with&nbsp;Cloudflare for Campaigns.<blockquote>我们在2020年也有一个相当重要的选举季，你可能还记得。2017年，国土安全部报告称，21个州的选民登记文件和网站成为目标。Cloudflare开发了Athenian项目，为州和地方政府的选民相关网站提供免费保护。有几个来自地方和州政府互联网安全人员和技术高管的案例研究。Cloudflare表示，全国范围内每天有超过120,000个选举网站受到威胁。然而，在上一个周期中，没有发生地方或州级黑客攻击的重大事件。为此，Cloudflare还通过Cloudflare for Campaigns在六个月内缓解了超过7700万次针对活动网站的威胁。</blockquote> In September 2021 Cloudflare announced an initiative into email security. Phishing is the most common type of attack on enterprises according to the FBI. Cloudflare will be providing its Advanced Email Security Suite to customers as a fully integrated solution.<blockquote>2021年9月，Cloudflare宣布了一项针对电子邮件安全的计划。根据联邦调查局的说法，网络钓鱼是对企业最常见的攻击类型。Cloudflare将向客户提供其高级电子邮件安全套件作为完全集成的解决方案。</blockquote> The bottom line is that Cloudflare has become a necessity to keeping the world moving that many people may not even be aware of.<blockquote>底线是Cloudflare已经成为保持世界运转的必需品，而许多人可能甚至没有意识到这一点。</blockquote> Matthew Prince's Leadership<blockquote>马修·普林斯的领导力</blockquote> Matthew Prince has a very public role in the company. However, he is not a promotional mouthpiece. When he speaks, he does so on the needs of their customers, the needs of enterprises and individuals, and what Cloudflare seeks to provide. Prince is a regular on major financial networks and several videos and fireside chats can be found on YouTube.<blockquote>马修·普林斯在公司中扮演着非常公开的角色。然而，他不是一个宣传喉舌。当他发言时，他会根据客户的需求、企业和个人的需求以及Cloudflare寻求提供的服务。普林斯是主要金融网络的常客，在YouTube上可以找到一些视频和炉边聊天。</blockquote> Matthew Prince is also no stranger to emergency situations at Cloudflare. Serious outages have affected the company. He has been lauded for his leadership and communication during these incidents, even when the outages may only last for minutes.<blockquote>Matthew Prince对Cloudflare的紧急情况也并不陌生。严重的停电影响了公司。他因在这些事件中的领导和沟通而受到称赞，即使停电可能只持续几分钟。</blockquote> \"We built Cloudflare with a mission of helping build a better Internet and, this morning, we didn't live up to that,\"Cloudflare CEO Matthew Prince told DCD. \"I take personal responsibility for that. And so I think that that it's disappointing, and it's painful.\" I believe customers value this level of openness, quickness to communicate, and personal responsibility.<blockquote>Cloudflare首席执行官马修·普林斯(Matthew Prince)表示：“我们构建Cloudflare的使命是帮助构建更好的互联网，但今天早上，我们没有实现这一目标。”DCD“我对此负有个人责任。所以我认为这是令人失望和痛苦的。”我相信客户重视这种程度的开放性、沟通的速度和个人责任感。</blockquote> He has an excellent grasp on the various issues facing the internet, including the differing regulations and upcoming changes to laws in many countries throughout the world. One example is the Digital Services Act in the European Union. And why not? He has an MBA from Harvard, a Law Degree from the University of Chicago, and a computer science degree, among other qualifications. Co-founder, COO, and Director Michelle Zatlyn also has a strong pedigree with a Harvard MBA and having served as Head of User Experience for several years prior to this role.<blockquote>他非常了解互联网面临的各种问题，包括世界上许多国家的不同法规和即将到来的法律变化。一个例子是欧盟的《数字服务法》。为什么不呢？他拥有哈佛大学的MBA学位、芝加哥大学的法律学位和计算机科学学位等资格。联合创始人、首席运营官兼董事米歇尔·扎特林(Michelle Zatlyn)也拥有哈佛MBA学位，在此之前曾担任用户体验主管数年。</blockquote> Hitting On The Numbers<blockquote>击中数字</blockquote> I have previously delved deeper into the quantitative aspects of the company. Cloudflare will report on November 4th and estimates for revenue average $165M for the quarter. This would be an 8% increase over Q2 2021. Year over year, Q2 2021 revenues were over 52% above Q2 2020. Estimates for forward growth are over 33% for fiscal 2022.<blockquote>我之前曾深入研究过公司的量化方面。Cloudflare将于11月4日发布报告，预计本季度平均收入为1.65亿美元。这将比2021年第二季度增长8%。与去年同期相比，2021年第二季度的收入比2020年第二季度增长了52%以上。预计2022财年的未来增长率将超过33%。</blockquote> Cloudflare has some excellent metrics that will assist in achieving profits once the company has scaled. First, the gross margin has reached 77% over the prior three quarters. This is higher than most companies in this industry. Another metric to watch will be the increase in paying customers and paying customers providing over $100k in annual recurring revenue (ARR). The Q2 figures were very impressive and represented a 32% gain over the prior year for total paying customers, as shown below.<blockquote>Cloudflare有一些出色的指标，一旦公司扩大规模，这些指标将有助于实现利润。首先，前三季度毛利率达到77%。这高于该行业的大多数公司。另一个值得关注的指标是付费客户和年度经常性收入(ARR)超过10万美元的付费客户的增长。第二季度的数据非常令人印象深刻，付费客户总数比上一年增长了32%，如下所示。</blockquote> <img src=\"https://static.tigerbbs.com/277d56301a9537a8aad8ebfdd8114535\" tg-width=\"640\" tg-height=\"385\" width=\"100%\" height=\"auto\">Chart created by author with data from company earnings calls.<blockquote>作者用评级公司收益数据创建的图表。</blockquote> The data is even more impressive with the increase in large customers or those who provide over $100,000 in ARR. The chart below depicts these gains.<blockquote>随着大客户或ARR超过100,000美元的客户的增加，数据更加令人印象深刻。下图描述了这些收益。</blockquote> <img src=\"https://static.tigerbbs.com/4adf1187db4f952b514069ceed3deb56\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\">Chart created by author with data from company earnings calls.<blockquote>作者用评级公司收益数据创建的图表。</blockquote> Cloudflare's valuation has once again appeared to outrun the short-term fundamentals, however there is still a long-term opportunity with this indispensable company. A short-term pullback would not surprise me after the earnings call. The fact is that even a blowout quarter will make the valuation tough to justifyat this point. I believe the company will continue to grow and become quite profitable as it scales in the coming years.<blockquote>Cloudflare的估值似乎再次超过了短期基本面，但这家不可或缺的公司仍然存在长期机会。在盈利看涨期权之后，短期回调不会让我感到惊讶。事实是，即使是一个井喷的季度，估值也很难证明其合理性在这一点上.我相信该公司将继续增长，并在未来几年随着规模的扩大而变得相当盈利。</blockquote> Conclusion<blockquote>结论</blockquote> In my previous article on Cloudflare I noted that pullbacks in this stock signal opportunities.<blockquote>在我之前关于Cloudflare的文章中，我指出该股票的回调预示着机会。</blockquote> \"The 17% pullback on no company-specific negative news is the essence of this approach. Stocks like NET are prone to taking the escalator up and then quick elevator pullbacks.\" <img src=\"https://static.tigerbbs.com/fdeb92f1280ebab6cf7bfd0d2c9f84c8\" tg-width=\"640\" tg-height=\"430\" width=\"100%\" height=\"auto\">NET Stock Chart With Author's Annotations<blockquote>“在没有公司特定负面消息的情况下回调17%是这种方法的本质。像NET这样的股票很容易乘坐自动扶梯上升，然后快速电梯回调。”带作者注释的净股票图表</blockquote> Since this pullback the stock has gained well over 50%.<blockquote>自此次回调以来，该股已上涨超过50%。</blockquote> <img src=\"https://static.tigerbbs.com/d9c398be2230ad658874bd2f76b0b197\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> I consider this to signal a recognition from investors and institutions that Cloudflare has an immensely bright future. Earnings will be a test of investor confidence on this stock and I would not be surprised to see a significant pullback, although likely still substantially above the prior pullback level. It is also entirely possible that management hits a home run and the stock runs higher. As always it is best to accumulate shares over time to manage short-term risks. The thesis remains the same: I consider any short-term pullback an accumulation opportunity in NET stock.<blockquote>我认为这标志着投资者和机构认识到Cloudflare拥有非常光明的未来。盈利将是对投资者对该股信心的考验，如果出现大幅回调，我不会感到惊讶，尽管可能仍远高于之前的回调水平。管理层也完全有可能打出全垒打，股价走高。一如既往，最好随着时间的推移积累股票以管理短期风险。论点保持不变：我认为任何短期回调都是净股票的积累机会。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Cloudflare: Big Gains Made As Investors Brace For Earnings<blockquote>Cloudflare：投资者为盈利做好准备，取得巨大收益</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCloudflare: Big Gains Made As Investors Brace For Earnings<blockquote>Cloudflare：投资者为盈利做好准备，取得巨大收益</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nSeeking Alpha2021-10-26 13:21\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Cloudflare has once again experienced huge gains in a very short period of time.</li> <li>The reasons for this are multiple, however they seem to return to the company's necessary nature and leadership from Matthew Prince.</li> <li>Earnings are around the corner and investors are likely bracing for impact due to the high valuation of this stock.</li> </ul> <img src=\"https://static.tigerbbs.com/5bd63105e871f3b7086e6743081853b5\" tg-width=\"1536\" tg-height=\"1022\" width=\"100%\" height=\"auto\">Steve Jennings/Getty Images Entertainment<blockquote><ul><li>Cloudflare再次在很短的时间内获得了巨大的收益。</li><li>造成这种情况的原因是多方面的，但它们似乎可以追溯到公司的必要性质和马修·普林斯的领导力。</li><li>盈利即将到来，由于该股估值较高，投资者可能会受到影响。</li></ul>史蒂夫·詹宁斯/盖蒂图片社</blockquote> Investment Thesis For NET Stock:<blockquote>净股票的投资论点：</blockquote> Cloudflare, Inc.(NYSE:NET)(also \"the Company\" hereafter) is an innovative company in the evolution into the cloud, edge computing and the internet of things (IoT). 25 million internet properties count on Cloudflare to provide security and performance. The Company has a vast and growing total addressable market (TAM) expected to reach over $100B in a few short years and has experienced massive growth. The stock has again reached all-time highs and is up over 60%&nbsp;since my previous article&nbsp;in only three weeks, as shown below. The big question is: is there any upside left?<blockquote>Cloudflare，Inc.（纽约证券交易所代码：NET）（以下简称“公司”）是一家向云、边缘计算和物联网（IoT）发展的创新公司。2500万互联网资产依靠Cloudflare提供安全性和性能。该公司拥有庞大且不断增长的总潜在市场(TAM)，预计在短短几年内将达到1000亿美元以上，并且经历了巨大的增长。该股再次创下历史新高，自我上一篇文章以来仅三周内就上涨了60%以上，如下所示。最大的问题是：还有上升空间吗？</blockquote> <img src=\"https://static.tigerbbs.com/293a69c29d5824b489e8d5431648afba\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> The Pandemic Revealed Cloudflare's Indispensability<blockquote>疫情揭示了Cloudflare的不可或缺性</blockquote> At the onset of the pandemic, almost everything moved online. Schools were being taught virtually. Restaurants who would normally have a majority of in-person patrons were taking orders mostly online. Grocery delivery skyrocketed. And perhaps the most drastic change, employees were working from home (WFH) in record numbers.<blockquote>疫情爆发时，几乎所有东西都转移到了网上。学校是虚拟教学。通常会有大多数面对面顾客的餐馆主要在网上接受订单。杂货配送猛增。也许最剧烈的变化是，在家工作（WFH）的员工数量创历史新高。</blockquote> The results are clear to see in this graphic. Internet traffic exploded around the globe.<blockquote>结果在这张图中清晰可见。全球互联网流量爆炸式增长。</blockquote> “We sit in front of more than 10 percent of all websites, so we have a pretty representative sample of how traffic patterns change in response to events globally,”- Matthew Prince. <img src=\"https://static.tigerbbs.com/70ea8221521dc964fb56c2c20faec268\" tg-width=\"640\" tg-height=\"415\" width=\"100%\" height=\"auto\">Source: Cloudflare.<blockquote>马修·普林斯（Matthew Prince）表示：“我们拥有超过10%的网站，因此我们有一个非常有代表性的样本，可以了解流量模式如何随着全球事件而变化。”来源：Cloudflare。</blockquote> During this time, attacks also increased exponentially. This included attacks on critical infrastructure like hospitals.According to Cloudflare, attack traffic was up significantly from January 2020 to March through May 2020 on healthcare centers.<blockquote>在此期间，攻击也呈指数级增长。这包括对医院等关键基础设施的攻击。根据Cloudflare的数据，从2020年1月到2020年3月至5月，医疗保健中心的攻击流量大幅上升。</blockquote> The increase in traffic, however, was no great sweat to Cloudflare's systems which handle&nbsp;DDoS attacks&nbsp;which are exponentially more traffic than even the height of the pandemic's increased traffic. In fact, in summer of 2021 Cloudflare&nbsp;deflected such an attack&nbsp;that was 3x larger than any other noted on record. The single attack produced nearly 70% of the total of all legitimate traffic. The attacks were deflected successfully and automatically.<blockquote>然而，流量的增加对Cloudflare处理DDoS攻击的系统来说并不是什么大问题，这些攻击的流量甚至比疫情增加的流量还要多。事实上，在2021年夏天，Cloudflare抵御了这样一次攻击，其规模是有记录以来任何其他攻击的3倍。单次攻击产生了所有合法流量总量的近70%。攻击被成功地自动偏转了。</blockquote> We also had a fairly important election season in 2020 which you may remember. In 2017 the Department of Homeland Security reported that 21 states had voter registration files and websites targeted. Cloudflare developed Athenian Project to provide protection to state and local governments' voter related sites - for free. There are several case studies from local and state government internet security personnel and technology executives. Cloudflare states that there are over 120,000 threats per day to election sites nationwide. Yet, there were no major stories of local or state level hacks during the previous cycle. To this end, Cloudflare also mitigated over 77M threats to campaign websites over a six month period with&nbsp;Cloudflare for Campaigns.<blockquote>我们在2020年也有一个相当重要的选举季，你可能还记得。2017年，国土安全部报告称，21个州的选民登记文件和网站成为目标。Cloudflare开发了Athenian项目，为州和地方政府的选民相关网站提供免费保护。有几个来自地方和州政府互联网安全人员和技术高管的案例研究。Cloudflare表示，全国范围内每天有超过120,000个选举网站受到威胁。然而，在上一个周期中，没有发生地方或州级黑客攻击的重大事件。为此，Cloudflare还通过Cloudflare for Campaigns在六个月内缓解了超过7700万次针对活动网站的威胁。</blockquote> In September 2021 Cloudflare announced an initiative into email security. Phishing is the most common type of attack on enterprises according to the FBI. Cloudflare will be providing its Advanced Email Security Suite to customers as a fully integrated solution.<blockquote>2021年9月，Cloudflare宣布了一项针对电子邮件安全的计划。根据联邦调查局的说法，网络钓鱼是对企业最常见的攻击类型。Cloudflare将向客户提供其高级电子邮件安全套件作为完全集成的解决方案。</blockquote> The bottom line is that Cloudflare has become a necessity to keeping the world moving that many people may not even be aware of.<blockquote>底线是Cloudflare已经成为保持世界运转的必需品，而许多人可能甚至没有意识到这一点。</blockquote> Matthew Prince's Leadership<blockquote>马修·普林斯的领导力</blockquote> Matthew Prince has a very public role in the company. However, he is not a promotional mouthpiece. When he speaks, he does so on the needs of their customers, the needs of enterprises and individuals, and what Cloudflare seeks to provide. Prince is a regular on major financial networks and several videos and fireside chats can be found on YouTube.<blockquote>马修·普林斯在公司中扮演着非常公开的角色。然而，他不是一个宣传喉舌。当他发言时，他会根据客户的需求、企业和个人的需求以及Cloudflare寻求提供的服务。普林斯是主要金融网络的常客，在YouTube上可以找到一些视频和炉边聊天。</blockquote> Matthew Prince is also no stranger to emergency situations at Cloudflare. Serious outages have affected the company. He has been lauded for his leadership and communication during these incidents, even when the outages may only last for minutes.<blockquote>Matthew Prince对Cloudflare的紧急情况也并不陌生。严重的停电影响了公司。他因在这些事件中的领导和沟通而受到称赞，即使停电可能只持续几分钟。</blockquote> \"We built Cloudflare with a mission of helping build a better Internet and, this morning, we didn't live up to that,\"Cloudflare CEO Matthew Prince told DCD. \"I take personal responsibility for that. And so I think that that it's disappointing, and it's painful.\" I believe customers value this level of openness, quickness to communicate, and personal responsibility.<blockquote>Cloudflare首席执行官马修·普林斯(Matthew Prince)表示：“我们构建Cloudflare的使命是帮助构建更好的互联网，但今天早上，我们没有实现这一目标。”DCD“我对此负有个人责任。所以我认为这是令人失望和痛苦的。”我相信客户重视这种程度的开放性、沟通的速度和个人责任感。</blockquote> He has an excellent grasp on the various issues facing the internet, including the differing regulations and upcoming changes to laws in many countries throughout the world. One example is the Digital Services Act in the European Union. And why not? He has an MBA from Harvard, a Law Degree from the University of Chicago, and a computer science degree, among other qualifications. Co-founder, COO, and Director Michelle Zatlyn also has a strong pedigree with a Harvard MBA and having served as Head of User Experience for several years prior to this role.<blockquote>他非常了解互联网面临的各种问题，包括世界上许多国家的不同法规和即将到来的法律变化。一个例子是欧盟的《数字服务法》。为什么不呢？他拥有哈佛大学的MBA学位、芝加哥大学的法律学位和计算机科学学位等资格。联合创始人、首席运营官兼董事米歇尔·扎特林(Michelle Zatlyn)也拥有哈佛MBA学位，在此之前曾担任用户体验主管数年。</blockquote> Hitting On The Numbers<blockquote>击中数字</blockquote> I have previously delved deeper into the quantitative aspects of the company. Cloudflare will report on November 4th and estimates for revenue average $165M for the quarter. This would be an 8% increase over Q2 2021. Year over year, Q2 2021 revenues were over 52% above Q2 2020. Estimates for forward growth are over 33% for fiscal 2022.<blockquote>我之前曾深入研究过公司的量化方面。Cloudflare将于11月4日发布报告，预计本季度平均收入为1.65亿美元。这将比2021年第二季度增长8%。与去年同期相比，2021年第二季度的收入比2020年第二季度增长了52%以上。预计2022财年的未来增长率将超过33%。</blockquote> Cloudflare has some excellent metrics that will assist in achieving profits once the company has scaled. First, the gross margin has reached 77% over the prior three quarters. This is higher than most companies in this industry. Another metric to watch will be the increase in paying customers and paying customers providing over $100k in annual recurring revenue (ARR). The Q2 figures were very impressive and represented a 32% gain over the prior year for total paying customers, as shown below.<blockquote>Cloudflare有一些出色的指标，一旦公司扩大规模，这些指标将有助于实现利润。首先，前三季度毛利率达到77%。这高于该行业的大多数公司。另一个值得关注的指标是付费客户和年度经常性收入(ARR)超过10万美元的付费客户的增长。第二季度的数据非常令人印象深刻，付费客户总数比上一年增长了32%，如下所示。</blockquote> <img src=\"https://static.tigerbbs.com/277d56301a9537a8aad8ebfdd8114535\" tg-width=\"640\" tg-height=\"385\" width=\"100%\" height=\"auto\">Chart created by author with data from company earnings calls.<blockquote>作者用评级公司收益数据创建的图表。</blockquote> The data is even more impressive with the increase in large customers or those who provide over $100,000 in ARR. The chart below depicts these gains.<blockquote>随着大客户或ARR超过100,000美元的客户的增加，数据更加令人印象深刻。下图描述了这些收益。</blockquote> <img src=\"https://static.tigerbbs.com/4adf1187db4f952b514069ceed3deb56\" tg-width=\"640\" tg-height=\"384\" width=\"100%\" height=\"auto\">Chart created by author with data from company earnings calls.<blockquote>作者用评级公司收益数据创建的图表。</blockquote> Cloudflare's valuation has once again appeared to outrun the short-term fundamentals, however there is still a long-term opportunity with this indispensable company. A short-term pullback would not surprise me after the earnings call. The fact is that even a blowout quarter will make the valuation tough to justifyat this point. I believe the company will continue to grow and become quite profitable as it scales in the coming years.<blockquote>Cloudflare的估值似乎再次超过了短期基本面，但这家不可或缺的公司仍然存在长期机会。在盈利看涨期权之后，短期回调不会让我感到惊讶。事实是，即使是一个井喷的季度，估值也很难证明其合理性在这一点上.我相信该公司将继续增长，并在未来几年随着规模的扩大而变得相当盈利。</blockquote> Conclusion<blockquote>结论</blockquote> In my previous article on Cloudflare I noted that pullbacks in this stock signal opportunities.<blockquote>在我之前关于Cloudflare的文章中，我指出该股票的回调预示着机会。</blockquote> \"The 17% pullback on no company-specific negative news is the essence of this approach. Stocks like NET are prone to taking the escalator up and then quick elevator pullbacks.\" <img src=\"https://static.tigerbbs.com/fdeb92f1280ebab6cf7bfd0d2c9f84c8\" tg-width=\"640\" tg-height=\"430\" width=\"100%\" height=\"auto\">NET Stock Chart With Author's Annotations<blockquote>“在没有公司特定负面消息的情况下回调17%是这种方法的本质。像NET这样的股票很容易乘坐自动扶梯上升，然后快速电梯回调。”带作者注释的净股票图表</blockquote> Since this pullback the stock has gained well over 50%.<blockquote>自此次回调以来，该股已上涨超过50%。</blockquote> <img src=\"https://static.tigerbbs.com/d9c398be2230ad658874bd2f76b0b197\" tg-width=\"635\" tg-height=\"417\" width=\"100%\" height=\"auto\">Data by YCharts<blockquote>数据来自YCharts</blockquote> I consider this to signal a recognition from investors and institutions that Cloudflare has an immensely bright future. Earnings will be a test of investor confidence on this stock and I would not be surprised to see a significant pullback, although likely still substantially above the prior pullback level. It is also entirely possible that management hits a home run and the stock runs higher. As always it is best to accumulate shares over time to manage short-term risks. The thesis remains the same: I consider any short-term pullback an accumulation opportunity in NET stock.<blockquote>我认为这标志着投资者和机构认识到Cloudflare拥有非常光明的未来。盈利将是对投资者对该股信心的考验，如果出现大幅回调，我不会感到惊讶，尽管可能仍远高于之前的回调水平。管理层也完全有可能打出全垒打，股价走高。一如既往，最好随着时间的推移积累股票以管理短期风险。论点保持不变：我认为任何短期回调都是净股票的积累机会。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4461839-cloudflare-big-gains-made-as-investors-brace-for-earnings\">Seeking Alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NET":"Cloudflare, Inc."},"source_url":"https://seekingalpha.com/article/4461839-cloudflare-big-gains-made-as-investors-brace-for-earnings","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1125399259","content_text":"Summary\n\nCloudflare has once again experienced huge gains in a very short period of time.\nThe reasons for this are multiple, however they seem to return to the company's necessary nature and leadership from Matthew Prince.\nEarnings are around the corner and investors are likely bracing for impact due to the high valuation of this stock.\n\nSteve Jennings/Getty Images Entertainment\nInvestment Thesis For NET Stock:\nCloudflare, Inc.(NYSE:NET)(also \"the Company\" hereafter) is an innovative company in the evolution into the cloud, edge computing and the internet of things (IoT). 25 million internet properties count on Cloudflare to provide security and performance. The Company has a vast and growing total addressable market (TAM) expected to reach over $100B in a few short years and has experienced massive growth. The stock has again reached all-time highs and is up over 60% since my previous article in only three weeks, as shown below. The big question is: is there any upside left?\nData by YCharts\nThe Pandemic Revealed Cloudflare's Indispensability\nAt the onset of the pandemic, almost everything moved online. Schools were being taught virtually. Restaurants who would normally have a majority of in-person patrons were taking orders mostly online. Grocery delivery skyrocketed. And perhaps the most drastic change, employees were working from home (WFH) in record numbers.\nThe results are clear to see in this graphic. Internet traffic exploded around the globe.\n\n “We sit in front of more than 10 percent of all websites, so we have a pretty representative sample of how traffic patterns change in response to events globally,”- Matthew Prince.\n\nSource: Cloudflare.\nDuring this time, attacks also increased exponentially. This included attacks on critical infrastructure like hospitals.According to Cloudflare, attack traffic was up significantly from January 2020 to March through May 2020 on healthcare centers.\nThe increase in traffic, however, was no great sweat to Cloudflare's systems which handle DDoS attacks which are exponentially more traffic than even the height of the pandemic's increased traffic. In fact, in summer of 2021 Cloudflare deflected such an attack that was 3x larger than any other noted on record. The single attack produced nearly 70% of the total of all legitimate traffic. The attacks were deflected successfully and automatically.\nWe also had a fairly important election season in 2020 which you may remember. In 2017 the Department of Homeland Security reported that 21 states had voter registration files and websites targeted. Cloudflare developed Athenian Project to provide protection to state and local governments' voter related sites - for free. There are several case studies from local and state government internet security personnel and technology executives. Cloudflare states that there are over 120,000 threats per day to election sites nationwide. Yet, there were no major stories of local or state level hacks during the previous cycle. To this end, Cloudflare also mitigated over 77M threats to campaign websites over a six month period with Cloudflare for Campaigns.\nIn September 2021 Cloudflare announced an initiative into email security. Phishing is the most common type of attack on enterprises according to the FBI. Cloudflare will be providing its Advanced Email Security Suite to customers as a fully integrated solution.\nThe bottom line is that Cloudflare has become a necessity to keeping the world moving that many people may not even be aware of.\nMatthew Prince's Leadership\nMatthew Prince has a very public role in the company. However, he is not a promotional mouthpiece. When he speaks, he does so on the needs of their customers, the needs of enterprises and individuals, and what Cloudflare seeks to provide. Prince is a regular on major financial networks and several videos and fireside chats can be found on YouTube.\nMatthew Prince is also no stranger to emergency situations at Cloudflare. Serious outages have affected the company. He has been lauded for his leadership and communication during these incidents, even when the outages may only last for minutes.\n\n \"We built Cloudflare with a mission of helping build a better Internet and, this morning, we didn't live up to that,\"Cloudflare CEO Matthew Prince told\n DCD. \"I take personal responsibility for that. And so I think that that it's disappointing, and it's painful.\"\n\nI believe customers value this level of openness, quickness to communicate, and personal responsibility.\nHe has an excellent grasp on the various issues facing the internet, including the differing regulations and upcoming changes to laws in many countries throughout the world. One example is the Digital Services Act in the European Union. And why not? He has an MBA from Harvard, a Law Degree from the University of Chicago, and a computer science degree, among other qualifications. Co-founder, COO, and Director Michelle Zatlyn also has a strong pedigree with a Harvard MBA and having served as Head of User Experience for several years prior to this role.\nHitting On The Numbers\nI have previously delved deeper into the quantitative aspects of the company. Cloudflare will report on November 4th and estimates for revenue average $165M for the quarter. This would be an 8% increase over Q2 2021. Year over year, Q2 2021 revenues were over 52% above Q2 2020. Estimates for forward growth are over 33% for fiscal 2022.\nCloudflare has some excellent metrics that will assist in achieving profits once the company has scaled. First, the gross margin has reached 77% over the prior three quarters. This is higher than most companies in this industry. Another metric to watch will be the increase in paying customers and paying customers providing over $100k in annual recurring revenue (ARR). The Q2 figures were very impressive and represented a 32% gain over the prior year for total paying customers, as shown below.\nChart created by author with data from company earnings calls.\nThe data is even more impressive with the increase in large customers or those who provide over $100,000 in ARR. The chart below depicts these gains.\nChart created by author with data from company earnings calls.\nCloudflare's valuation has once again appeared to outrun the short-term fundamentals, however there is still a long-term opportunity with this indispensable company. A short-term pullback would not surprise me after the earnings call. The fact is that even a blowout quarter will make the valuation tough to justifyat this point. I believe the company will continue to grow and become quite profitable as it scales in the coming years.\nConclusion\nIn my previous article on Cloudflare I noted that pullbacks in this stock signal opportunities.\n\n \"The 17% pullback on no company-specific negative news is the essence of this approach. Stocks like NET are prone to taking the escalator up and then quick elevator pullbacks.\"\n\nNET Stock Chart With Author's Annotations\nSince this pullback the stock has gained well over 50%.\nData by YCharts\nI consider this to signal a recognition from investors and institutions that Cloudflare has an immensely bright future. Earnings will be a test of investor confidence on this stock and I would not be surprised to see a significant pullback, although likely still substantially above the prior pullback level. It is also entirely possible that management hits a home run and the stock runs higher. As always it is best to accumulate shares over time to manage short-term risks. The thesis remains the same: I consider any short-term pullback an accumulation opportunity in NET stock.","news_type":1,"symbols_score_info":{"NET":0.9}},"isVote":1,"tweetType":1,"viewCount":1465,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":33,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}