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  "notes": "The slide defines CTB, CTS, Attrition, and Unit Economic Margin, then plots their trends over time.",
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      "text": "Unit Economic Margin = [LTR - CTB - (CTS * LTR)] / LTR",
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      "text": "Unit Economic Margin by Component",
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      "text": "Note: Unit economic margin in this and subsequent slides are calculations based on assumptions derived from Cloudflare's historical operations regarding unit lifetime revenue and subscription economics, including cost to book, cost to serve, and attrition dynamics. Unit economic margin is not operating margin. The calculations charted are as of fourth quarter of the respective years.",
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      "text": "Cost to Book (CTB): What does it \"cost to book\" $1 of incremental ARR? CTB = Sales & Marketing cost per dollar of incremental ARR. Cost to Serve (CTS): How much does it \"cost to serve\" the lifetime revenue? CTS = Delivery, R&D, Support & G&A cost as % of ARR. Attrition: What's the expected lifetime revenue from $1 ARR? Lifetime Revenue (LTR) = $1 ARR / attrition rate. Unit Economic Margin: What is the economic margin created by $1 ARR? Unit Economic Margin = [LTR - CTB - (CTS * LTR)] / LTR",
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      "text": "41% Unit Economic Margin",
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