And the churn in Asia is not really a regional topic.It's much more a vertical topic where we saw a couple of customers churn off which had a higher exposure to the verticals that are COVID-19 impacted.Got it. As an example of that, in March, we made the call to make Cloudflare for Teams, which we just launched in January, free for any business until September 1. You guys were talking about having dollar-based renewal rates slowly increase. And so I think that some of the improvement that we anticipate in dollar-based net retention definitely comes from a mix shift as we shift to more and more large customers.
We expect operating loss in the range of $20 million to $19 million. We also continue to invest heavily outside of North America with opening new offices in Europe and Asia, that is going to help us, Tokyo and France, specifically. Today, the Cloudflare network spans 200 cities worldwide and is within less than 100 milliseconds of nearly everyone connected to the Internet. Kicking off his VSTA coverage, he put a Buy rating and $26 price target on the stock. Thanks for taking my questions. In summary, we had an excellent quarter, and we are pleased to have closed out our first fiscal year as a public company with strong execution.
Mining is big business, Here are a few things that you should know before adding mining stocks to your port....Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. We wanted to be appropriately prudent in how we think about the remainder of the year. We've been very conservative in our assumptions, how much revenue we will derive from this business of the remainder -- for the remainder of the year. Sales and marketing expenses as a percentage of revenue decreased to 48% from 49% in the first quarter last year and from 52% last quarter.Research and development expenses were $20.5 million in the quarter, representing a decrease of 7% sequentially and an increase of 19% year over year. And how are you thinking about that in 2020?Yes. And I think that's the -- our platform strategy really has shown over Q1.Your next question comes from the line of Heather Bellini from Goldman Sachs. So for a number of companies that are what I would think of as CDN companies, they have been looking to the OTT space as a big driver of revenue.And I know it's sometimes natural to try and comp us against those companies, but I think it really is not a fairly accurate comp to us. And as Matthew said, we did -- the infrastructure team did an extraordinary good job, making sure that, early in the year, in January, already making sure our supply chain is protected and that weighed heavily on our cash flow in the first quarter, but that should balance out for the remainder of the year. For the trailing 12 months, our GAAP operating margin reached nearly 5%. Should this target be met, a twelve-month gain of 70% could be in the cards. This shows that these 44 stocks have net unrealized gains of $11.4 billion.Coca-Cola has remained one of the longest-held stocks in the portfolio, first purchased in 1988. So definitely it was not an exposure to the SMB market, which is what drove the weakness in Asia.Yeah. First of all, it is estimated that the industry would need to drill 6,000 oil wells, implying 500 drilling rigs and roughly 200 frac fleets are required to keep U.S. production flat.
Our effective tax rate for Q4 was negative 3.1%.Net loss for fiscal 2019 was $69.5 million or a net loss per share of $0.48. So I was hoping you could talk a little bit about the degree of friction that is in the selling process and, specifically, how much benefit you get as you're going through the selling process as a result of your superlative penetration of the coding community and DevOps world. As Matthew mentioned, we are pleased to welcome the S2 team to Cloudflare. Digging deeper into the details of the print, revenue, non-GAAP gross margin and non-GAAP EPS all exceeded Bolton’s expectations.
Airbnb, which was previously seen as a candidate for a direct listing, said this month it filed for a traditional initial public offering. And so we have reopened our office in Beijing. They have a formal RFP process.The people who are on that committee included people who are developers in addition to kind of your traditional CISO or CIO suite. Despite these headwinds, we remain uniquely positioned as a mission-critical security and Internet performance partner for our customers. On the other hand, traffic to sites about sports scores, travel and real estate has declined. And so I think that we're not forecasting revenue based on that right now. Turning to our balance sheet.
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