Company Overview - Cloudflare is a $67 billion provider of global cloud services, offering a suite of integrated products including website and application services, developer-based solutions, CDN, and consumer offerings [1] - The company reported revenues of $1.67 billion in 2024, a 28.8% increase from the previous year, with approximately 48% of revenues derived from outside the United States [6] Business and Services - Cloudflare's offerings include website and application security solutions such as Web Application Firewall, bot management, and Distributed Denial of Service protection, as well as performance solutions like content delivery and load balancing [3][4] - The Cloudflare One platform is a Zero Trust network-as-a-service that provides network connectivity, security, and performance [5] Customer Base - As of 2024, Cloudflare had about 237,714 paying customers, including 3,497 large customers paying over $100,000 annually [6][9] Market Position and Competition - The company faces competition from on-premise network hardware vendors like Cisco and Palo Alto, as well as point solution vendors and public cloud service providers [7] - Despite valuation concerns, Cloudflare is projected to achieve 25% revenue growth this year, crossing $2 billion, with expectations to reach $2.5 billion next year [8] Financial Metrics - The stock is currently valued at 27X sales and over 200X EPS, with EPS growth projected at only 5% this year [2][9] - The extreme valuation may be driven by anticipated growth from Gen-AI video platforms, indicating a potential surge in content production [10]