Cloudflare, Inc. Class A common stock, par value $0.001 per share Goldman Sachs Communacopia + Technology Conference 2026

One of our founders, Michelle, we make fun of her, because every year when we have kickoff for the year and talk about the targets for what is to come and how we approach the year, she says we're only getting started. Now this is our what, eighth year as a public company. So the beginning of the year, she said it the eighth time. I truly think that what you just said is true. When we think about our life in acts, Act 1, Act 2, Act 3, Workers AI, we'll talk about it, Act 4, content protection, how we monetize it, we think that that opportunity is going to dwarf what is already behind us. Last year, we were sitting here, and agentic AI was still far away.

The step-up of the LLMs only came in November, and we were primarily concerned about convincing you all that our sales execution was on track, that productivity was coming, that we felt comfortable investing in sales capacity, and that was driving the early steps of acceleration and growth in a quite significant way. Now I think we are what you described in this paradigm shift of what an agentic AI world is going to do to us. We find ourselves at a point where the network, the architecture, the biggest competitive mode of Cloudflare, the network itself, seem to be designed for what is going to come, and support what agentic AI workflows are looking for. Super low latency, secure sandboxes to execute code, and so on. What you look for are the signs that signal the early innings.

Because of the architecture of the network and the benefits, developers are flocking to Cloudflare. That is an early sign that I think is signaling this dramatic shift. Developer count was up 2 million developers quarter-over-quarter alone. You see that the acceleration of revenue is now happening in what we call variable revenue. So consumption-based revenue. Another big shift, I think, in the agentic world is that we move and disrupt SaaS from a seat-based metric into highly variable consumption-driven revenue. That is where we see acceleration. We're at a point now where pretty much all the large names of AI-native companies, whether it's Lovable, Figma, Anthropic, OpenAI, are building on Workers on top of the network. One of the stats we gave at Investor Day was that we think about 80% of the significant AI enterprise infrastructure is a customer of Cloudflare.

All the signs you want to see. There's one trend that I think is signaling what is going to come when we talk about Act 4. There was this vertical that we always were highly underrepresented. It was content creators. Media was always a vertical that was revenue weak at Cloudflare because there was not a lot of value for us just moving bytes from one place to another. They are now shifting towards Cloudflare to start to protect and make their content that they create scarce in order to generate leverage. I think there are so many structural signs that signal what is coming, and that is, to be very honest, what gave us the confidence at Investor Day to raise our North Star. We said for many years now 40% was our North Star. We shifted that to 50%.

We'll exit this year with significant momentum in that direction. I think there's clearly a world, and that is what we also said, beyond 2027, where we will live in a world beyond the rule of 50, and that will be the result of acceleration Act 3 and Act 4.