Summary * In the final part of the Cloudflare series we discuss the 1Q24 results and the lack of GAAP EBIT improvements that may become an issue for investors. * We discuss the dynamics compelling Cloudflare to execute a new GTM strategy more conducive for enterprise network security. * We provide a valuation with investor considerations, pointing out that while we think Cloudflare is trading in the fair value range, there is way more downside than upside potential. 1Q24 Overview NET outp