Cash Flow ChallengesThe second-quarter free cash flow estimate was lowered significantly, indicating potential challenges in that quarter.
Contract ImpactsPool of Fund deals, which are large spend commitments with longer durations, present a short term headwind to margins, and accounted for ~15% of 1Q ACV.
Geopolitical UncertaintyCloudflare describes a 'highly volatile external business and geopolitical backdrop' as a source of uncertainty.