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  "documentTitle": "2025 Investor Day",
  "authorId": "Cloudflare",
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  "notes": "The chart shows trends for Cost to Book, Cost to Serve, Attrition, and Unit Economic Margin from 2019 to 2024.",
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      "kind": "callout",
      "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): Sales & Marketing cost per dollar of incremental ARR. Cost to Serve (CTS): Delivery, R&D, Support & G&A cost as % of ARR. Attrition: Lifetime Revenue (LTR) = $1 ARR / attrition rate.",
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