Fastly, Inc.

Good afternoon. My name is David, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fastly fourth quarter 2020 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. Thank you. I would now like to turn the conference over to Maria Lukens, Vice President of Investor Relations. Please go ahead.

Hi, everyone. Thank you for joining our fourth quarter and full year 2020 earnings call. We have Fastly CEO Joshua Bixby and CFO Adria Lara with us today. Before we start, I want to remind everyone about the usual format of our call. We published a shareholder letter on our Investor Relations website and went to SEC about an hour ago. Since the letter provides a lot of details, we'll make some brief opening remarks and reserve the rest of the time for your questions. During this call, we will be making forward-looking statements, including statements related to the expected performance of our business, future financial results, the integration of signal finances, strategy, long-term growth, and overall future prospects. These statements are subject to known and unknown risks, uncertainties, and assumptions that could cause actual results to differ materially from those projected or implied during the call. Please take a look at our filings with the SEC and our Q4 2020 shareholder letter for a discussion of the factors that could cause our results to differ. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements except as required by law. Also during this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website. These non-GAAP measures are not intended to be a substitute for our GAAP results. Finally, this call is being webcast and will be archived on our website shortly afterwards. With that, I'll turn the call over to Joshua.

Thanks, Maria. Hi, everyone, and thanks for joining us today. We've had a busy and successful quarter, and it's reflected in our results. We delivered 40% year-over-year top-line growth with revenue of nearly $83 million. Last year, our world changed and businesses changed with it. We saw many companies invest more heavily in their digital presence than ever before. Subsequently, we've added new customers while our existing customer base grew. These customers include Blackboard, a top-tier learning management system, UC Davis, a higher education institution, an enterprise tech company, and one of the world's largest telecommunication companies, among others. We're also gaining traction in the rapidly growing gaming vertical and one new and additional business with two leading gaming companies. We've also seen our customers go above and beyond to help their communities during these challenging times. Two stories that encouraged me are from Gannett and Doximity. Gannett, a leading media and publishing company, launched Support Local, which allows people to support their neighborhood businesses through gift cards, as well as Take Action, which provides resources to those looking to step up when it comes to social and racial justice. We're proud to have supported them in getting these sites up and running in a matter of days. Doximity, a company that helps medical professionals virtually connect to patients, saw double-digit user growth and a 30 times increase in traffic on their secure calling feature within just a few weeks at the onset of the pandemic. They turned to our security offerings, which gave them the control they needed to block malicious traffic, all while providing reliable connectivity to patients at a time when it was needed the most. Our other customers delivered breaking news during the crucial election, brought people together through virtual gatherings, helped entertain and educate through gaming and schooling, and enabled a busy holiday shopping season, all online. On a Fastly-only basis, we've continued to demonstrate the stickiness of our platform, resulting in dollar-based net expansion rate of 143%, average enterprise customer spend of $782,000, and a very impressive annualized revenue retention rate of 99%. Like others, we transitioned our cornerstone customer event, Altitude, online for the first time in November. The community around developer empowerment was reflected in the audience, which nearly doubled from previous in-person events. We heard from leading digital brands such as USA Today, Vox, PayPal, Grubhub, Adorama, TED, and the Massachusetts Institute of Technology based in Cambridge. The event made it clear that edge innovation and security enabled their digital transformations and their successes during the challenging year. Adriel will cover our financial performance for both the fourth quarter and full year in more detail. But before he does, I want to take a moment to provide an update on two core pillars of our comprehensive Edge Cloud platform, compute and security. As we announced last quarter, Computed Edge is in the market running production traffic in multiple verticals. We've seen some incredibly innovative use cases from developers. I've recently seen an Edge-native multiplayer version of the popular video game, Doom, a machine learning product used to identify objects in an image at the edge, and a system that automatically simplifies the text on a website for new language learners. One of the most compelling use cases I've seen is a dynamic ad insertion product focused on personalized video ads based on user-specific criteria, all done in real time at the edge. Developers use three key languages to build out these use cases. AssemblyScript, which is a great entry point for JavaScript and TypeScript developers, as well as C and Rust. We continued our investment in technical talent by hiring several key open source and community leaders, including the co-creators of WebAssembly. They will continue working on impactful open source projects such as Wasmtime, the Rust language, and the WebAssembly standard itself, all of which are key technologies for the future of Computed Edge. On the security front, I'm very excited about the progress we have made since we closed our transaction with Signal Sciences last quarter. The cross-sell and up-sell of our new security portfolio exceeded our expectations in the quarter, and the pipeline is strong. There is no security without usability, and SignalScience's single, intuitive, easy-to-use interface has begun to impress our existing customer base and prospects, and was recognized industry-wide by Gardner as a visionary in its annual magic quadrant. We continue to see excellent customer reviews on Gardner Peer Insights, a popular peer-driven rating and review platform. We are gaining momentum with these two pillars, and the increased interest and enthusiasm from our customers is very exciting. The demand for Fastly's platform remains strong as more companies are beginning to realize the tremendous potential at the edge. Both our compute and secure offerings will continue to be key areas of focus and investment for us going forward. Before I turn it over to Adriel, I also want to welcome Brett Shirk to Fastly as our new Chief Revenue Officer. He will be starting officially on February 22nd. Brett brings extensive experience in building and scaling revenue organizations at cloud and security companies and has more than 25 years of technology experience, having recently served as CRO at Rubrik. Brett is a highly experienced, purpose-driven executive and is acutely aligned with our values and mission. We are happy to have him on board. With that, I'll turn it over to Adriel to go over the financials.