01:46:25 路 Matthew Prince
[01:46:25] S13: Yeah. I mean, so so first of all, I mean, we're we're gonna need more data centers. I think a lot of a lot of the discussion is is somewhat silliness. I mean, the the water consumption I mean, these are closed loop systems. I mean, a a golf course uses more water than than probably all the data centers in The United States over over the course of over a year. Yeah. So, you know, I I think that I think, you know, there there's there's there's a lot of kinda silly concerns that are there. And but but there are but there are real concerns as well. We've gotta make sure that there are efficient ways to get power to these things, that it's not taking power from from other other systems that the grid can support support that. And so I think those are all all all good considerations. For Cloudflare ourselves, you know, it it we're we're we're a little bit different where in in the case of, you know, if you're a a AWS or a Google or, you know, a SpaceX, you're building one big facility or a handful of very big facilities and putting a ton of machines in that that one facility. Cloudflare is different. Have a ton of machines, but we spread them massively all around the world. And oftentimes, we we wanna go into the places where networks come together. And so those those can be, you know, some of the oldest data centers in the world. And in any of those facilities, we may not have we may we may have only hundreds of machines. But over collectively around the world, we've got, you know, what is effectively much larger than any individual data center which is which is out there. So I think we're less less impacted from, you know, the new builds of data centers. I think we're much more impacted by how do we find our way into the existing data centers, and then how do we make sure that the equipment that we're deploying is as power efficient as possible because we're often given sort of, here's the envelope that you have to fit your fit your your equipment in, and we're often guests of, you know, whoever the local ISP is or or or whoever, you know, partner is that we're working within in the, you know, the the thousands of buildings that we're in all around the world.
01:48:20 路 Jordi Hays, John Coogan, Matthew Prince, Sridhar Ramaswamy, Farza Majeed
[01:48:20] S0: What's new with Italy? [01:48:23] S1: Yeah. [01:48:25] S13: Italy and Spain. Like it's it's it's it's [01:48:28] S1: Wait. So you're fighting for Italy. You're summer plans. [01:48:32] S0: You're summer need world [01:48:33] S1: peace here. [01:48:33] S0: Come on. Our limited duty. Unlimited. [01:48:36] S8: I I [01:48:37] S13: I know no no Ibiza for me or or Brutal. [01:48:40] S1: In the [01:48:40] S13: Multi Coast. No. It's Brutal. [01:48:42] S6: It's you know, I
01:48:42 路 Farza Majeed, Matthew Prince
[01:48:42] S6: It's you know, I [01:48:43] S13: think it's it's interesting. It's been actually kind of puzzling for us. So all of this stems back. So so for those who don't know, in in both Italy and in Spain, there there's been pretty aggressive tactics to come after either me personally or or Cloudflare. And it's all been driven largely by the football leagues, the the soccer league in those in those places. And what they're concerned about is is piracy. The the thing that's been ironic about it is, like, we don't like piracy on our network either. We don't make any money off of it. It's it takes bandwidth. It steals resources. So we have a whole team that's working all the time to shut shut the pirates down. And and yet, you know, the pirates are clever. They find ways to to use our our system because, you know, huge percentage of the Internet sits behind Cloudflare. You know, there's gonna be stuff from time to time that we don't we don't capture. It takes us some time to catch. With leagues everywhere else in the world, so the NBA and NFL and and MLB and and the Premier League in in The UK and and others, we work really closely with them to if they identify a pirate stream for us to, you know, pull that down. Because, again, it costs us money. We don't like it. But for whatever reason, La Liga in in in in Spain and and and the the league in Italy have have decided that instead of instead of partnering with us to take this down, they they would sue us instead. And so so again, yes, it it it does cramp some of my summer plans.
01:50:10 路 John Coogan, Jordi Hays, Matthew Prince
[01:50:10] S1: I wanna talk about IPOs, life as a public company. There's a few entrepreneurs that are trying to go public this year. You had a very successful IPO. The stock is up more than a 100,000 basis points since you went public. Fantastic run. But advice for [01:50:29] S0: We're putting everything in [01:50:33] S1: even better. I mean, this stock's up a thousand percent. It's fantastic. But a 100,000 basis points sounds even better. [01:50:38] S13: Basis points a [01:50:39] S1: lot. 100 more 110,000 basis points. Who's counting? But anyway, what was the what was your process like? We were talking about the level of float lockups. Like what were the hard decisions? Were there things that we're talking about now with these big IPOs that weren't even on the top 10 of your to do list? What is important to a successful IPO and then running a public company?
01:50:39 路 John Coogan, Matthew Prince
[01:50:39] S1: lot. 100 more 110,000 basis points. Who's counting? But anyway, what was the what was your process like? We were talking about the level of float lockups. Like what were the hard decisions? Were there things that we're talking about now with these big IPOs that weren't even on the top 10 of your to do list? What is important to a successful IPO and then running a public company? [01:51:06] S13: Yeah. I think, you know, there are handful of things that that that that are, you interesting lessons for us. So first of all, like, I love being a public company. It's, you know, I I think that it's interesting. You know, the the the in in jurisdictions where, yeah, you don't have no fault divorce, spousal homicides are much higher, which is I think kind of an analogy to the difference between private market investors and public market investors. It's really hard to fire your VC. It's hard for your VCs to fire you. And so as a result, like, actually, it's kind of dysfunctional. Whereas public market, like, I love our investors because if I do something stupid, they call me up and they say, that was stupid. I sold your stock. And then we and we have a conversation, and sometimes they say, oh, actually, that makes sense now, and I bought it back. Right? But I think you can have actually a much more honest, much more real And that's felt actually just a lot healthier than what you see in the third Yeah.
01:51:06 路 Matthew Prince, Jordi Hays
[01:51:06] S13: Yeah. I think, you know, there are handful of things that that that that are, you interesting lessons for us. So first of all, like, I love being a public company. It's, you know, I I think that it's interesting. You know, the the the in in jurisdictions where, yeah, you don't have no fault divorce, spousal homicides are much higher, which is I think kind of an analogy to the difference between private market investors and public market investors. It's really hard to fire your VC. It's hard for your VCs to fire you. And so as a result, like, actually, it's kind of dysfunctional. Whereas public market, like, I love our investors because if I do something stupid, they call me up and they say, that was stupid. I sold your stock. And then we and we have a conversation, and sometimes they say, oh, actually, that makes sense now, and I bought it back. Right? But I think you can have actually a much more honest, much more real And that's felt actually just a lot healthier than what you see in the third Yeah. [01:52:09] S0: It's so true. I mean, every every everybody that's angel invested in any number of meaningful companies is gonna have portfolio companies where you've fully given up on the company and you just try to be try to be nice and yeah, help if but you at some point, you're just totally disassociated with the investment and you're just like and and that's that's that's the reality. But yeah. So it's it's very healthy to be like, yep. I'm disassociated, like, moving on. Moving on. And and and