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- **Revenue Acceleration**: Q3 2025 revenue up 30.7% YoY to $562M, with large customers contributing 73% (+42% YoY) and 119% net retention.
- **AI-Driven Wins**: Secured $22.8M, $34.3M, and $16.1M contracts leveraging AI/ML, Workers, and SASE platforms for global enterprises.
- **Financial Strength**: Free cash flow $75M, operating margin 15.3%, with 2028 $5B revenue target on track.
- **Strategic Innovations**: Launched NET Dollar for agnostic commerce, AI Gateway for media-AI partnerships, and quantum-safe security.
- **Pipeline Momentum**: 43% YoY RPO growth, 7x consecutive QoQ sales productivity gains, and 2026 $3B annualized revenue run rate.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $562 million, up 30.7% YoY, driven by large customers (73% of revenue, +42% YoY) and a 119% dollar-based net retention rate.
- **Strategic Wins**: Signed $22.8M, $34.3M, and $16.1M contracts with global media, European tech, and financial services firms, showcasing AI-driven platform adoption.
- **AI and Edge Innovation**: Launched NET Dollar for agnostic commerce, AI Gateway for media-AI partnerships, and quantum-safe security upgrades.
- **Leadership Transition**: CJ Desai departing to lead another public tech company, with Thomas Seifert highlighting CJ's legacy of customer-obsessed engineering.

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $102.6M, free cash flow $75M (13% of revenue). Gross margin 75.3%, within 75-77% target range. Operating margin 15.3%, up 50bps YoY.
- **Guidance**: Q4 2025 revenue $588.5-589.5M (+28% YoY), full-year 2025 $2.142B (+28% YoY). 2028 target: $5B annualized revenue.
- **Cost Efficiency**: Sales & marketing 36% of revenue, R&D 15%, G&A 10%, all down YoY. Network CapEx 14% of revenue, expected 13% for FY25.

**【Q&A Key Highlights】**
- **RPO Growth**: 43% YoY RPO growth driven by large customers and pool of funds contracts, with Workers AI and SASE leading expansion.
- **Sales Productivity**: 7th consecutive quarter of YoY sales productivity gains, with close rates and pipeline attainment exceeding expectations.
- **AI and Multi-Cloud**: 80% of leading AI companies use Cloudflare; NET Dollar and X402 partnerships enable frictionless agent-to-agent commerce.
- **SASE Momentum**: Partner-led SASE bookings doubling YoY, with high gross margins balancing lower-margin AI/Workers growth.
- **Capacity Utilization**: Network utilization 70-80%, GPU utilization improving; no capacity constraints despite AI/ML demand surge.

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