Confluent Inc (CFLT) 2022 Q3 法說會逐字稿

Hi, everyone. Welcome to the Confluent Q3 2022 Earnings Conference Call. I'm Shane Xie from Investor Relations, and I'm joined by Jay Kreps, Co-Founder and CEO; and Steffan Tomlinson, CFO.

大家好。歡迎參加 Confluent 2022 年第三季度收益電話會議。我是 Investor Relations 的 Shane Xie，聯合創始人兼首席執行官 Jay Kreps 加入了我的行列；和首席財務官 Steffan Tomlinson。

During today's call, management will make forward-looking statements regarding our business operations, financial performance and future prospects, including statements regarding our financial outlook for the fiscal fourth quarter of 2022, fiscal year 2022 and fiscal year 2023.

在今天的電話會議中，管理層將對我們的業務運營、財務業績和未來前景做出前瞻性陳述，包括關於我們對 2022 財年第四季度、2022 財年和 2023 財年的財務展望的陳述。

These forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated by these statements. Further information on risk factors that could cause actual results to differ is included in the most recent Form 10-Q filed with the SEC.

這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與這些陳述的預期存在重大差異。有關可能導致實際結果不同的風險因素的更多信息包含在最近提交給 SEC 的 10-Q 表格中。

We assume no obligation to update these statements after today's call, except as required by law. As a reminder, certain financial measures used on today's call are expressed on a non-GAAP basis. We use these non-GAAP financial measures internally to facility analysis of our financial and business trends and for internal planning and forecasting purposes.

除法律要求外，我們不承擔在今天電話會議後更新這些聲明的義務。提醒一下，今天電話會議中使用的某些財務指標是在非公認會計原則的基礎上表達的。我們在內部使用這些非公認會計原則財務措施來分析我們的財務和業務趨勢，並用於內部規劃和預測目的。

These non-GAAP financial measures have limitations and should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. A reconciliation between these GAAP and non-GAAP financial measures is included in our earnings press release and supplemental financials, which can be found on our Investor Relations website at investors.confluent.io.

這些非公認會計原則財務措施有局限性，不應孤立地考慮或替代根據公認會計原則編制的財務信息。這些 GAAP 和非 GAAP 財務指標之間的對賬包含在我們的收益新聞稿和補充財務報告中，可在我們的投資者關係網站 Investors.confluent.io 上找到。

And with that, I'll hand the call over to Jay.

有了這個，我會把電話交給傑伊。

Thanks, Shane. Welcome, everyone, to our third quarter earnings call. I'm pleased to say that Confluent delivered another strong quarter with the results exceeding the high end of all our guided metrics.

謝謝，謝恩。歡迎大家參加我們的第三季度財報電話會議。我很高興地說，Confluent 實現了又一個強勁的季度，其結果超過了我們所有指導指標的高端。

Total revenue grew 48% year-over-year to $152 million. Confluent Cloud continued to be the fastest-growing area of our business with revenue up 112% year-over-year to $57 million. We are also continuing to increase our operating leverage with a 14-point year-over-year improvement in non-GAAP operating margins.

總收入同比增長 48% 至 1.52 億美元。 Confluent Cloud 繼續成為我們業務中增長最快的領域，收入同比增長 112% 至 5700 萬美元。我們還繼續增加我們的經營槓桿，非公認會計準則營業利潤率同比提高 14 個百分點。

Despite the pressure from a more difficult macroeconomic backdrop, we think these strong and consistent results are a testament to our ability to drive durable and efficient growth. The rise of data streaming is one of the most fundamental shifts in the world of data. So it will be hard to imagine a time when companies didn't have ubiquitous access to real-time data and the ability to react to it instantaneously.

儘管宏觀經濟環境更加艱難，但我們認為這些強勁和一致的結果證明了我們推動持久和高效增長的能力。數據流的興起是數據世界中最根本的轉變之一。因此，很難想像公司沒有無處不在的實時數據訪問權和即時響應能力的時代。

Apache Kafka has emerged as the de facto standard of this movement, hundreds of thousands of organizations, including more than 75% of the Fortune 500 use it every day for critical use cases across their business.

Apache Kafka 已成為這一運動的事實上的標準，成千上萬的組織，包括超過 75% 的財富 500 強企業，每天都將它用於其業務中的關鍵用例。

But there are also incredible things happening within the larger data streaming ecosystem, including an extraordinary number of new use cases and technologies. In October, we hosted Current 2022, the first ever industry event for data streaming.

但在更大的數據流生態系統中也發生了令人難以置信的事情，包括大量的新用例和技術。 10 月，我們舉辦了 Current 2022，這是有史以來第一個數據流行業盛會。

It put Confluent at the center of the ecosystem and brought together over 4,000 attendees, hundreds of ecosystem partners and more than 50 sponsors to learn, network and explore the future of data streaming.

它將 Confluent 置於生態系統的中心，匯集了 4,000 多名與會者、數百名生態系統合作夥伴和 50 多家贊助商，以學習、交流和探索數據流的未來。

In today's call, I want to give a view of this emerging data streaming category and explain how it relates to some of the legacy technologies it replaces. We believe data streaming represents a major new data platform that has the potential to be as broad in scope as databases have been.

在今天的電話會議中，我想介紹這個新興的數據流類別，並解釋它與它所取代的一些傳統技術之間的關係。我們認為數據流代表了一個主要的新數據平台，其範圍可能與數據庫一樣廣泛。

However, many of the legacy products in this space have been quite limited in adoption and scope. How can we square the skyrocketing adoption of Kafka, rapid success of Confluent and expansive view most technologists have about streaming with more limited success previous tools in the space have had.

但是，該領域的許多遺留產品在採用和範圍上都非常有限。我們如何才能將 Kafka 的飛速採用、Confluent 的迅速成功以及大多數技術人員對流媒體的廣泛看法與該領域以前的工具所取得的有限成功相提並論。

To answer that requires a brief excursion through the legacy technologies that Confluent displaces. Today, we can broadly think of 3 major states of software and data. First, custom applications, the business is built from scratch and the operational databases that support them. Second, the hundreds of SaaS applications like Salesforce and Workday that address common yet critical needs for business functions and finally, analytics systems improve decision-making.

要回答這個問題，需要簡要了解一下 Confluent 取代的遺留技術。今天，我們可以大致想到軟件和數據的 3 種主要狀態。首先，自定義應用程序，業務是從頭開始構建的，並且支持它們的操作數據庫。其次，數百個 SaaS 應用程序（如 Salesforce 和 Workday）解決了業務功能的常見但關鍵需求，最後，分析系統改進了決策制定。

Each of these areas has grown a set of ad hoc fragmented tools for integration and improved kind of data in motion. Let's review these previous generation of tools and then discuss how it is displaced by data streaming.

這些領域中的每一個都發展了一套專門的碎片化工具，用於集成和改進動態數據。讓我們回顧一下這些上一代工具，然後討論它是如何被數據流取代的。

Custom applications communicate with message queues, database change capture products, ad hoc APIs and enterprise service buses. These technologies fit the real-time requirements of application workloads, but were impossible to scale, low level and labor-intensive to work with and limited in their application.

自定義應用程序與消息隊列、數據庫變更捕獲產品、即席 API 和企業服務總線進行通信。這些技術滿足應用程序工作負載的實時要求，但無法擴展、低級別和勞動密集型，並且在其應用程序中受到限制。

SaaS applications, meanwhile, grew their own set of tools, including proprietary application integration platforms, business process, management tools and bulk file transfers. These tools achieved some success in their domains but were again limited in scalability, unable to handle complex data transformations or logic, fragile to work with and disconnected from modern development platforms.

與此同時，SaaS 應用程序發展了自己的工具集，包括專有應用程序集成平台、業務流程、管理工具和批量文件傳輸。這些工具在其領域取得了一些成功，但在可擴展性方面再次受到限制，無法處理複雜的數據轉換或邏輯，使用起來很脆弱，並且與現代開發平台脫節。

Finally, businesses drive data into analytical systems, primarily through a combination of legacy ETL or ELT tools as well as preprocessing and data lakes. These tools support rich transformations, but are stuck with slow batch processing that makes the data hours or days late by the time it arrives.

最後，企業主要通過傳統 ETL 或 ELT 工具以及預處理和數據湖的組合將數據驅動到分析系統中。這些工具支持豐富的轉換，但受困於緩慢的批處理，這使得數據在到達時會延遲數小時或數天。

These tools are all flawed in different ways. They're either slow and batch oriented, nonscalable, requires significant maintenance from centralized teams or are unable to work with more sophisticated data and processing. But more importantly, the critical problem is that in a modern company, all 3 of the major estates of data must be highly connected.

這些工具都以不同的方式存在缺陷。它們要么速度慢、面向批處理、不可擴展、需要集中團隊進行大量維護，要么無法處理更複雜的數據和處理。但更重要的是，關鍵問題是在現代公司中，所有 3 個主要數據資產都必須高度連接。

The custom applications must interconnect with the off-the-shelf applications and the analytics applications. Consider a simple example of a modern retailer. Data about what is selling is needed by dozens or hundreds of custom applications, SaaS applications and analytics platforms, having to create point-to-point plumbing across a dozen different tools for each use case and simply not feasible or scalable approach.

自定義應用程序必須與現成應用程序和分析應用程序互連。考慮一個現代零售商的簡單示例。數十或數百個自定義應用程序、SaaS 應用程序和分析平台需要有關銷售商品的數據，必須為每個用例創建跨十幾種不同工具的點對點管道，而且根本不可行或可擴展的方法。

Data streaming works by rethinking this problem from the ground up whereas the previous generation of tools were ad hoc and limited to a narrow domain. Data streaming starts with a broad foundational approach. It takes the core architectural concepts of a database, such as ledger of changes, transactional guarantees, horizontal scalability and easy dynamic data transformations and translates them from the world of data at rest to data in motion.

數據流的工作原理是從頭開始重新思考這個問題，而上一代工具是臨時的，僅限於一個狹窄的領域。數據流從廣泛的基礎方法開始。它採用數據庫的核心架構概念，例如變更分類帳、事務保證、水平可擴展性和簡單的動態數據轉換，並將它們從靜態數據世界轉換為動態數據。

We believe the result is something vastly more general and powerful than any of the previous solutions. It consolidates the fragmented ecosystem of integration tools with a solution that can achieve all the capabilities each of the previous tools could not. It's real time, it's horizontally scalable, it's transactionally correct, and it provides an open, programmable platform.

我們相信結果是比以前的任何解決方案都更加通用和強大。它將集成工具的碎片化生態系統整合到一個解決方案中，該解決方案可以實現以前每個工具都無法實現的所有功能。它是實時的，它是水平可擴展的，它在事務上是正確的，並且它提供了一個開放的、可編程的平台。

This provides a solution that is better in each of the domains than the previous generation of systems, but its key strength is that it treats data in a reusable manner. A single stream of data can feed all use cases, whether custom applications, SaaS applications or analytic stores.

這提供了一個在每個領域都比上一代系統更好的解決方案，但它的關鍵優勢在於它以可重用的方式處理數據。單個數據流可以提供所有用例，無論是自定義應用程序、SaaS 應用程序還是分析存儲。

This allows vastly more simplicity and reuse than previous solutions, but the power of data streaming is well beyond the integration technologies of yesterday because it starts with an open programmable foundation, is not limited to building pipelines. The stream processing capabilities in Kafka allow any application logic, whether for data transformation or applying smart business rules.

與以前的解決方案相比，這允許更多的簡單性和重用性，但數據流的力量遠遠超出了昨天的集成技術，因為它從開放的可編程基礎開始，不限於構建管道。 Kafka 中的流處理功能允許任何應用程序邏輯，無論是用於數據轉換還是應用智能業務規則。

This is what has made Confluent a foundation for developing real-time applications that react to the stream of business events continuously. The real-time applications that organizations can build with Confluent are limitless includes fraud detection, fleet management, customer 360 platforms, real-time inventory management and many more.

這就是使 Confluent 成為開發實時應用程序的基礎，這些應用程序不斷地響應業務事件流。組織可以使用 Confluent 構建的實時應用程序是無限的，包括欺詐檢測、車隊管理、客戶 360 平台、實時庫存管理等等。

Thus, while each of the legacy technologies was limited in scope and adoption, data streaming has much broader potential as it both consolidates this landscape and expands well beyond it. Indeed, considering the 3 estates of data I mentioned before, the custom applications, SaaS applications and analytics systems.

因此，雖然每種傳統技術的範圍和採用都受到限制，但數據流具有更廣泛的潛力，因為它既鞏固了這一格局，又遠遠超出了這一格局。事實上，考慮到我之前提到的 3 個數據領域，自定義應用程序、SaaS 應用程序和分析系統。

It's worth noting that each of these is a repository of stored data. That is data at rest. However, equally important is the data in motion that Confluent is providing the underlying platform and foundation for.

值得注意的是，每一個都是存儲數據的存儲庫。那是靜止的數據。然而，同樣重要的是 Confluent 為其提供底層平台和基礎的動態數據。

We believe this data in motion represents a fourth estate of data, which will be equally critical to the operation of a modern business. This background provides a good framework for contextualizing a few exciting product releases from Confluent.

我們認為，這些動態數據代表了第四類數據，這對於現代企業的運營同樣至關重要。這個背景為 Confluent 的一些令人興奮的產品發布提供了一個很好的框架。

While Confluent has revolutionized the underlying infrastructure for integration with data streaming, some of the legacy tools still had one advantage. Whereas Confluent was primarily a programmatic tool, many of the legacy tools were low code or no code guise which, while limited in power, were easy to learn and use.

雖然 Confluent 徹底改變了與數據流集成的底層基礎架構，但一些遺留工具仍然具有一個優勢。雖然 Confluent 主要是一種編程工具，但許多遺留工具都是低代碼或無代碼偽裝，雖然功能有限，但易於學習和使用。

This is what makes me so excited for our recent announcement of Stream Designer. Stream Designer brings a dead simple UI for building pipelines, familiar from other integration tools, but it does it on top of our modern data streaming platform.

這就是讓我對我們最近發布的 Stream Designer 感到如此興奮的原因。 Stream Designer 為構建管道帶來了一個非常簡單的 UI，與其他集成工具相似，但它是在我們現代數據流平台之上完成的。

Stream Designer is the first drag-and-drop visual builder to rapidly build and deploy streaming pipelines natively on Kafka. It integrates with the core capabilities of our platform, Kafka, Connect, Stream Processing and Governance to make building mission-critical data pipeline simple.

Stream Designer 是第一個在 Kafka 上本地快速構建和部署流式傳輸管道的拖放式可視化構建器。它與我們平台、Kafka、Connect、流處理和治理的核心功能集成，使構建關鍵任務數據管道變得簡單。

Stream Designer also makes deploying streaming data pipelines accessible to more people throughout an organization, including people less familiar with Kafka. Users with different skill sets don't have to give up the power of the underlying infrastructure either. They can seamlessly switch between the UI, code editor and command-line interface to quickly and declaratively build data pipelines.

Stream Designer 還使整個組織中的更多人（包括不太熟悉 Kafka 的人）可以訪問部署流數據管道。具有不同技能的用戶也不必放棄底層基礎設施的力量。他們可以在 UI、代碼編輯器和命令行界面之間無縫切換，以快速、聲明式地構建數據管道。

Back in 2021, we mentioned a wide variety of up-the-stack use cases we are uniquely positioned to address. Stream Designer represents our first step in that direction and lets us serve the set of use cases broadly characterized as data pipelines.

早在 2021 年，我們就提到了我們獨特定位的各種上層用例。 Stream Designer 代表了我們朝著這個方向邁出的第一步，讓我們能夠為廣泛描述為數據管道的用例集提供服務。

This isn't the end of the story though. By having one layer where data flows throughout the organization, this enables Confluent to add additional value. As data streaming use cases grow and real-time data flows more freely across the business, it's critical that this data can easily be discovered, understood and governed in real time.

但這還不是故事的結局。通過讓數據在整個組織中流動的一層，這使 Confluent 能夠增加額外的價值。隨著數據流用例的增長和實時數據在整個企業中更自由地流動，能夠輕鬆地實時發現、理解和管理這些數據至關重要。

Stream Governance Advanced does exactly that. The newest capability in our Stream Governance suite makes governing mission-critical workloads at any scale more reliable with a 99.95% uptime. And the ability to add user-generated business context makes it easier to find the data that's needed to power new use cases.

Stream Governance Advanced 正是這樣做的。我們的 Stream Governance 套件中的最新功能使管理任何規模的任務關鍵型工作負載更加可靠，正常運行時間為 99.95%。添加用戶生成的業務上下文的能力可以更輕鬆地找到支持新用例所需的數據。

Now customers can more easily scale the power of data streaming from individual projects to central nervous systems for their business. Taken together, Stream Designer and Stream governance advanced are powerful examples of the fundamental paradigm shift occurring with data streaming. They also show our unique ability to build out-of-the-box solutions on top of our platform that reach a broader set of customers, accelerate their adoption and grow our addressable market over time. It was once thought of as different software categories are today consolidating into one much more general, powerful and valuable market data streaming platforms.

現在，客戶可以更輕鬆地將數據流的力量從單個項目擴展到其業務的中樞神經系統。總而言之，Stream Designer 和 Stream 治理高級是數據流發生的基本範式轉變的有力示例。它們還展示了我們在平台之上構建開箱即用解決方案的獨特能力，這些解決方案可以覆蓋更廣泛的客戶群，加速他們的採用，並隨著時間的推移擴大我們的潛在市場。人們曾經認為，今天不同的軟件類別正在整合成一個更通用、更強大、更有價值的市場數據流平台。

Next, I'd like to touch on something I mentioned in my opening remarks, Confluent is set up to drive durable and efficient growth. We've seen fantastic momentum to date, but what's most exciting is our approximately $60 billion market opportunity in front of us. We've started to demonstrate both the breadth and depth of this opportunity.

接下來，我想談一談我在開場白中提到的一些事情，Confluent 旨在推動持久和高效的增長。迄今為止，我們已經看到了驚人的勢頭，但最令人興奮的是我們面前大約 600 億美元的市場機會。我們已經開始展示這個機會的廣度和深度。

The breadth is captured by the massive adoption of Kafka, which provides a large installed base for new customer acquisition through self-service on Confluent Cloud. This is foundational to our strategy of converting open source users and landing greenfield customers in high volume.

Kafka 的廣泛採用體現了其廣度，它為通過 Confluent Cloud 上的自助服務獲取新客戶提供了龐大的安裝基礎。這是我們轉換開源用戶和大量吸引新客戶的戰略的基礎。

We've also shown the depth of the value of these opportunities with our ability to expand rapidly after we land a customer. This is evident in our best-in-class large customer ratio, where 22% of our customers have an ARR of $100,000 or more.

我們還展示了這些機會的價值的深度，以及我們在獲得客戶後迅速擴張的能力。這在我們一流的大客戶比率中很明顯，我們 22% 的客戶的 ARR 為 100,000 美元或更多。

But at the same time, we believe there are strong expansion opportunities with our largest customers still, including those with ARR of $10 million or more, particularly as we make it easier to connect and consume data throughout the platform.

但與此同時，我們相信我們最大的客戶仍有強大的擴張機會，包括那些 ARR 為 1000 萬美元或更多的客戶，特別是因為我們讓整個平台的數據連接和消費變得更加容易。

We also continue to benefit from the secular move to the public cloud, particularly in an environment where there's increased pressure for organizations to run their businesses more efficiently. Our cloud-native platform significantly simplifies operational complexities and reduces total cost of ownership saving valuable engineering resources allocated to manually building and managing lower-level infrastructure tools like Kafka. A new Q3 customer is a great example of the cost savings of Confluent Cloud.

我們還繼續受益於向公共雲的長期遷移，尤其是在組織面臨更高效運營業務的壓力越來越大的環境中。我們的雲原生平台顯著簡化了操作複雜性並降低了總擁有成本，從而節省了分配給手動構建和管理 Kafka 等較低級別基礎設施工具的寶貴工程資源。一個新的 Q3 客戶是 Confluent Cloud 節省成本的一個很好的例子。

Armis is a leading cybersecurity platform for connected devices that enables its customers to discover and secure their IT, cloud, IoT and edge assets in real time. Today, Armis tracks over 3 billion devices for its customers, from printers, laptops and mobile devices to connected medical devices and factory equipment.

Armis 是用於連接設備的領先網絡安全平台，使客戶能夠實時發現和保護他們的 IT、雲、物聯網和邊緣資產。如今，Armis 為其客戶追踪超過 30 億台設備，從打印機、筆記本電腦和移動設備到聯網醫療設備和工廠設備。

Kafka is a central part of their business, responsible for ingesting data bidirectionally from billions of devices to provide real-time protection and policy enforcement. But with the rapid growth of its business and the proliferation of connected devices, the cost and overhead of managing open source Kafka was unwieldy.

Kafka 是其業務的核心部分，負責從數十億台設備雙向攝取數據，以提供實時保護和策略執行。但隨著其業務的快速增長和連接設備的激增，管理開源 Kafka 的成本和開銷變得難以控制。

This quarter, Armis turned to Confluent Cloud for a cloud-native Kafka service that can scale alongside its business. Confluent will be the central nervous system for Armis' data streaming platform, managing data from billions of devices in real time, all while enabling them to reassign 70% of the expensive engineering talent previously focused on Kafka to projects that move the needle for the business.

本季度，Armis 轉向 Confluent Cloud 尋求可隨業務擴展的雲原生 Kafka 服務。 Confluent 將成為 Armis 數據流平台的中樞神經系統，實時管理來自數十億台設備的數據，同時使他們能夠將 70% 的先前專注於 Kafka 的昂貴工程人才重新分配給推動業務發展的項目.

The durability of our growth is also reflected in our ability to rapidly expand once we land a customer. A great illustration of this dynamic is one of our largest Confluent Cloud customers. As one of the highest traffic job websites in the world, this customer sends more than 4.5 gigabytes per second through Confluent Cloud every day.

我們增長的持久性也反映在我們一旦獲得客戶就迅速擴張的能力。這種動態的一個很好的例子是我們最大的 Confluent Cloud 客戶之一。作為世界上流量最高的求職網站之一，該客戶每天通過 Confluent Cloud 每秒發送超過 4.5 GB 的數據。

Kafka was a no-brainer choice to start their data in motion journey, but they soon found themselves spending too much developer time managing Kafka. Our commercial relationship started with a small deal in 2020 for a single use case in a single business unit.

Kafka 是開始他們的動態數據之旅的不二之選，但他們很快發現自己花費了太多的開發人員時間來管理 Kafka。我們的商業關係始於 2020 年針對單個業務部門的單個用例的小額交易。

As that pilot proved successful, we landed a $1 million-plus deal that expanded Confluent Cloud to more business units across the company. Inspired by our platform's extensive capabilities and an accelerated move to the cloud, our customers reimagined their data architecture in 2021, leading to our first multimillion dollar deal with this customer.

由於該試點證明是成功的，我們達成了超過 100 萬美元的交易，將 Confluent Cloud 擴展到整個公司的更多業務部門。受我們平台的廣泛功能和加速遷移到雲的啟發，我們的客戶在 2021 年重新構想了他們的數據架構，從而促成了我們與該客戶的第一筆數百萬美元的交易。

As Confluent became a critical unified data layer across the organization, their annual spend surpassed $8 million. As you can see, what often starts as a small land for a single use case can rapidly expand to a large customer in just 2 years' time. But we believe we are still at the beginning of a great partnership as use cases and streaming data become more pervasive throughout the organization.

隨著 Confluent 成為整個組織的關鍵統一數據層，他們的年支出超過了 800 萬美元。正如您所看到的，通常從單個用例的小塊土地開始可以在短短 2 年內迅速擴展到大客戶。但我們相信，隨著用例和流數據在整個組織中變得越來越普遍，我們仍處於良好合作關係的開端。

Turning to efficiency. On a year-over-year basis, we improved non-GAAP operating margin by 14 points in Q3 and 8 points in Q2. We are pleased with the substantial margin improvement we've driven this quarter and excited that there are significant opportunities to continue these improvements.

轉向效率。與去年同期相比，我們在第三季度將非公認會計準則營業利潤率提高了 14 個百分點，在第二季度提高了 8 個百分點。我們對本季度推動的利潤率大幅提高感到高興，並對有繼續這些改進的重要機會感到興奮。

We're making substantial progress in creating strong connective tissue between our product-led and enterprise sales motions to help accelerate our customers' time to value. And we are still early in leveraging our partner ecosystem and bringing to bear a solution and industry focus.

我們在以產品為主導的和企業銷售活動之間建立強大的結締組織方面取得了重大進展，以幫助加快客戶實現價值的時間。我們仍處於利用我們的合作夥伴生態系統並帶來解決方案和行業焦點的早期階段。

As an 8-year-old company, we believe our go-to-market model will drive differentiation and separation from our competitors, which will generate greater leverage and efficiency in our model over time.

作為一家擁有 8 年曆史的公司，我們相信我們的上市模式將推動與競爭對手的差異化和分離，隨著時間的推移，這將在我們的模式中產生更大的影響力和效率。

Looking forward, we remain confident in our ability to achieve positive non-GAAP operating margin when we exit Q4 2024, Confluent's 10-year mark as a company. A profitability time line comparable to many of our successful high-growth peers.

展望未來，當我們退出 2024 年第四季度（Confluent 作為一家公司的 10 年標誌）時，我們仍然有能力實現正的非公認會計原則營業利潤率。與我們許多成功的高增長同行相媲美的盈利時間線。

And finally, we're pleased to announce that Rey Perez has joined Confluent as our Chief Customer Officer. Rey joins us from New Relic where he most recently held the role of CCO, leading the solutions engineering, solutions architecture, enablement and expert services teams.

最後，我們很高興地宣布 Rey Perez 已加入 Confluent，擔任我們的首席客戶官。 Rey 從 New Relic 加入我們，他最近擔任 CCO 的職務，領導解決方案工程、解決方案架構、支持和專家服務團隊。

We'd also like to thank Roger Scott for his leadership and impact while at Confluent and wish him the best in his next chapter.

我們還要感謝 Roger Scott 在 Confluent 期間的領導和影響，並祝愿他在下一章一切順利。

To summarize, we have entered the data streaming era. Kafka is at the center of this movement, but represents just the foundation of the emerging platform. Our recent releases of Stream Designer and Stream Governance are great examples of this and show how Confluent is moving up the stack to help our customers connect, process, store, govern and share data from across their businesses.

總而言之，我們已經進入了數據流時代。卡夫卡是這場運動的中心，但只是新興平台的基礎。我們最近發布的 Stream Designer 和 Stream Governance 就是很好的例子，展示了 Confluent 如何在堆棧中向上移動，以幫助我們的客戶連接、處理、存儲、管理和共享來自其業務的數據。

We believe this model will be the basis to drive continued durable and efficient growth for our business and allow us to capture the lion's share of our large market opportunity ahead.

我們相信，這種模式將成為推動我們業務持續持久和高效增長的基礎，並使我們能夠在未來的巨大市場機會中佔據最大份額。

With that, I'll turn the call over to Steffan to walk through the financials.

有了這個，我會把電話轉給 Steffan 來看看財務狀況。

Thanks, Jay. In Q3, we beat our revenue and bottom line guidance as we've done in each quarter since going public. Key highlights include strong top line growth, including the largest increase in sequential revenue add for Confluent Cloud.

謝謝，傑。在第三季度，我們超越了我們自上市以來每個季度的收入和底線指導。主要亮點包括強勁的收入增長，包括 Confluent Cloud 的連續收入增幅最大。

Robust expansion of large customer cohorts, which translated to another quarter of greater than 130% net retention rate and a 14-point year-over-year improvement in non-GAAP operating margin. These strong results reflect that our market-leading data streaming platform continues to resonate with customers despite a cost-conscious environment, and we continue to demonstrate our ability to drive durable growth and improve efficiency and profitability.

大型客戶群的強勁擴張，這轉化為另一個季度的淨保留率超過 130%，非公認會計準則營業利潤率同比提高 14 個百分點。這些強勁的業績反映了我們市場領先的數據流平台在註重成本的環境下繼續與客戶產生共鳴，並且我們繼續展示我們推動持久增長、提高效率和盈利能力的能力。

Turning to the detailed results. I'd like to note all comparisons are on a year-over-year basis unless otherwise noted. RPO in the third quarter grew 72% to $663.5 million. Current RPO estimated to be 62% of RPO was approximately $408.2 million, up 59%. Total revenue grew 48% to $151.7 million. Subscription revenue grew 50% to $138.7 million and accounted for 91% of total revenue.

轉向詳細的結果。我想指出，除非另有說明，否則所有比較都是按年進行的。第三季度的 RPO 增長了 72%，達到 6.635 億美元。目前的 RPO 估計佔 RPO 的 62%，約為 4.082 億美元，增長了 59%。總收入增長 48% 至 1.517 億美元。訂閱收入增長 50% 至 1.387 億美元，佔總收入的 91%。

Within subscription, Confluent platform revenue was $81.8 million, up 25% and accounted for 54% of total revenue. Confluent platform remains an important component of building a central nervous system for our customers and continues to drive upsell and cross-sell opportunities for Confluent Cloud.

在訂閱方面，Confluent 平台收入為 8180 萬美元，增長 25%，佔總收入的 54%。 Confluent 平台仍然是為我們的客戶構建中樞神經系統的重要組成部分，並繼續推動 Confluent Cloud 的追加銷售和交叉銷售機會。

And we saw another record quarter of sequential revenue add for Confluent Cloud, up $9.9 million sequentially and up 112% to $56.9 million, representing 38% of total revenue compared to 26% of revenue a year ago.

我們看到 Confluent Cloud 的連續收入增加了另一個創紀錄的季度，連續增長 990 萬美元，增長 112% 至 5690 萬美元，佔總收入的 38%，而一年前為 26%。

Cloud accounted for more than 60% of new ACV bookings and Q3 marks the fourth consecutive quarter where Cloud accounted for greater than 50% of new ACV bookings. As Cloud accounts for a larger share of new ACV bookings, Confluent Platform will have lower ACV and less upfront revenue.

雲佔新 ACV 預訂量的 60% 以上，第三季度連續第四個季度雲佔新 ACV 預訂量的 50% 以上。由於雲在新的 ACV 預訂中所佔份額較大，因此 Confluent 平台的 ACV 和前期收入將減少。

Confluent Cloud momentum was driven by our strong product advantage, our continued focus on decreasing time to value and use case expansion, leading to robust consumption across a broad spectrum of verticals. Additionally, customers run their operational workloads on Confluent and these workloads are directly responsible for driving the core operations of our customers' business, which reflects the mission criticality and resiliency of our data streaming platform.

Confluent Cloud 的發展勢頭是由我們強大的產品優勢推動的，我們繼續專注於縮短價值實現時間和用例擴展，從而導致廣泛垂直領域的強勁消費。此外，客戶在 Confluent 上運行他們的運營工作負載，這些工作負載直接負責推動客戶業務的核心運營，這反映了我們數據流平台的任務關鍵性和彈性。

Turning to the geographic mix of revenue. Revenue from the U.S. grew 44% to $95.1 million. Revenue from outside the U.S. grew 56% to $56.6 million. On our last earnings call, we called out some deals that were taking longer to close in Q2 due to additional scrutiny in pockets across geographies.

轉向收入的地理組合。來自美國的收入增長了 44%，達到 9510 萬美元。來自美國以外的收入增長了 56%，達到 5660 萬美元。在我們上次的財報電話會議上，我們召集了一些交易，這些交易在第二季度需要更長的時間才能完成，因為對跨地區的口袋進行了額外的審查。

While this dynamic has continued, I'm pleased to report that the vast majority of those deals were closed as expected in Q3.

雖然這種動態仍在繼續，但我很高興地報告，這些交易中的絕大多數在第三季度按預期完成。

Turning to customers. We added 120 net new customers ending the quarter with approximately 4,240 total customers, up 40%. We're pleased with the improved sequential growth despite the continued impact of paywall removal.

轉向客戶。截至本季度末，我們增加了 120 名淨新客戶，總客戶數約為 4,240 名，增長 40%。儘管取消付費專區的持續影響，但我們對連續增長的改善感到高興。

This strategic move removed the payment friction for developers to test drive complement and it continues to have a positive effect for new sign-ups. As a reminder, we expect the impact of total customer count will take a few quarters to work through and new pay-as-you-go customers do not have a material contribution to our revenue in any given quarter. The growth in our large customer base continue to be robust.

這一戰略舉措消除了開發人員試駕補充的支付摩擦，並繼續對新註冊產生積極影響。提醒一下，我們預計總客戶數量的影響將需要幾個季度才能發揮作用，新的現收現付客戶在任何給定季度都不會對我們的收入做出重大貢獻。我們龐大的客戶群繼續保持強勁增長。

Customers with $100,000 or more in ARR grew 39% to 921, representing 22% of our total customer count and these customers contributed more than 85% of total revenue in the quarter. Customers with $1 million or more in ARR grew 53% to 113. As discussed at Current we have a growing number of customers with $5 million plus and $10 million plus in ARR, and we see strong expansion opportunities across our customer base, including these 2 largest customer cohorts.

ARR 為 100,000 美元或以上的客戶增長了 39% 至 921 名，占我們總客戶數量的 22%，這些客戶在本季度貢獻了超過 85% 的總收入。 ARR 超過 100 萬美元的客戶增長了 53% 至 113最大的客戶群。

Dollar-based net retention rate in the quarter remained above 130% for the sixth consecutive quarter driven by 90% plus gross retention and strong expansion across platform and cloud. Importantly, NRR for cloud continue to be higher than the company average and NRR for hybrid customers remain the highest.

本季度基於美元的淨留存率連續第六個季度保持在 130% 以上，這得益於 90% 以上的總留存率以及跨平台和雲的強勁擴張。重要的是，雲計算的 NRR 繼續高於公司平均水平，混合客戶的 NRR 仍然最高。

A period of tough economic times is when the real durability of demand for our product is tested and we think our consistent and strong NRR is a testament to our TCO advantage and the mission criticality of our use cases.

艱難的經濟時期是對我們產品需求的真正持久性進行測試的時期，我們認為我們一致而強大的 NRR 證明了我們的 TCO 優勢和我們用例的任務關鍵性。

Moving on to gross margins. I'd like to note that I'll be referring to non-GAAP results unless stated otherwise. Total gross margin was 71% and subscription gross margin was 76.9%, our focus on improving the unit economics of our Cloud offering continued to pay off, driving another quarter of healthy gross margins despite a continued revenue mix shift to Confluent Cloud.

繼續討論毛利率。我想指出，除非另有說明，否則我將指的是非公認會計原則的結果。總毛利率為 71%，訂閱毛利率為 76.9%，儘管收入組合持續轉移到 Confluent Cloud，但我們對改善雲產品單位經濟性的關注繼續獲得回報，推動了又一個季度的健康毛利率。

In the near term, we anticipate total gross margin to fluctuate near our midterm target of approximately 70%. Turning to profitability and cash flow. Operating margin improved 14 percentage points to negative 28%. The improvement was primarily driven by improved sales and marketing efficiency and our balanced approach of investing in the highest ROI projects while continuing to proactively manage spend across the organization.

在短期內，我們預計總毛利率將在我們約 70% 的中期目標附近波動。轉向盈利能力和現金流。營業利潤率提高 14 個百分點至負 28%。這一改進主要是由於銷售和營銷效率的提高以及我們在投資於最高投資回報率項目的同時繼續主動管理整個組織的支出的平衡方法。

Net loss per share was negative $0.13 using 282.3 million basic and diluted weighted average shares outstanding. Free cash flow margin was negative 30% in line with our expectations. As discussed last quarter, we changed our annual bonus structure by moving $13.5 million payout into Q3 '22 from Q1 '23.

使用 2.823 億股基本和稀釋加權平均流通股，每股淨虧損為負 0.13 美元。自由現金流利潤率為負 30%，符合我們的預期。正如上個季度所討論的，我們通過將 1350 萬美元的支出從 23 年第一季度轉移到 22 年第三季度來改變我們的年度獎金結構。

The bonus payment had a negative impact of approximately 9 percentage points on free cash flow margin in the quarter. And we ended the third quarter with $1.94 billion in cash, cash equivalents and marketable securities.

獎金支付對本季度的自由現金流利潤率產生了約 9 個百分點的負面影響。我們在第三季度結束時擁有 19.4 億美元的現金、現金等價物和有價證券。

Now I'll turn to our outlook. We are raising our revenue and bottom line guidance for Q4 in FY '22. The magnitude of the raise incorporates what we've experienced since June, where deal cycles are elongated due to the additional scrutiny on budget approvals.

現在我將轉向我們的前景。我們正在提高 22 財年第四季度的收入和底線指導。加薪幅度包含了我們自 6 月以來所經歷的情況，由於對預算批准的額外審查，交易週期被拉長。

Our forecast assumes that this macro dynamic persists in Q4. For the fourth quarter of 2022, we expect revenue to be in the range of $161 million to $163 million, representing growth of 34% to 36%.

我們的預測假設這種宏觀動態在第四季度持續存在。對於 2022 年第四季度，我們預計收入將在 1.61 億美元至 1.63 億美元之間，增長 34% 至 36%。

Confluent Cloud sequential revenue add to be in the range of $9.8 million to $10 million. Non-GAAP operating margin to be approximately negative 28% and non-GAAP net loss per share to be in the range of negative $0.16 to negative $0.14, using approximately 286 million weighted average shares outstanding.

Confluent Cloud 的連續收入增加在 980 萬美元到 1000 萬美元之間。使用約 2.86 億股加權平均流通股，非 GAAP 營業利潤率約為負 28%，非 GAAP 每股淨虧損在負 0.16 美元至負 0.14 美元之間。

For the full year 2022, we expect revenue to be in the range of $578 million to $580 million, representing growth of 49% to 50%. Non-GAAP operating margin to be approximately negative 32% and non-GAAP net loss per share in the range of negative $0.65 to negative $0.63 using approximately 280 million weighted average shares outstanding.

對於 2022 年全年，我們預計收入將在 5.78 億美元至 5.8 億美元之間，增長 49% 至 50%。使用約 2.8 億股加權平均流通股，非 GAAP 營業利潤率約為負 32%，非 GAAP 每股淨虧損在負 0.65 美元至負 0.63 美元之間。

Looking ahead, while we're still in the midst of annual planning, I'd like to provide a preliminary outlook for next year. For the full year 2023, we expect revenue to be in the range of $760 million to $770 million, incorporated in the preliminary revenue outlook is a negative impact of $12 million to $17 million, stemming from the increased scrutiny on deal approvals and we're assuming that the overall macro dynamic that we see today will continue to persist throughout next year.

展望未來，雖然我們仍處於年度計劃之中，但我想對明年進行初步展望。對於 2023 年全年，我們預計收入將在 7.6 億美元至 7.7 億美元之間，初步收入展望中包含 1200 萬美元至 1700 萬美元的負面影響，原因是對交易批准的審查增加，我們正在假設我們今天看到的整體宏觀動態將在明年繼續存在。

And we expect non-GAAP operating margin for the full year 2023 will be approximately negative 21%. We will continue to invest with discipline focusing on the highest ROI segments of our business to drive efficient and high growth. We'll monitor and course correct if the macro conditions change materially and action is warranted to ensure we meet our margin targets.

我們預計 2023 年全年非 GAAP 營業利潤率將約為負 21%。我們將繼續有紀律地投資，專注於我們業務中投資回報率最高的部分，以推動高效和高增長。如果宏觀條件發生重大變化並且有必要採取行動以確保我們達到我們的保證金目標，我們將進行監控並進行糾正。

In closing, our strong Q3 results are another proof point of our ability to drive high growth with increased efficiencies. The demand environment for data streaming remains strong despite the macro dynamics around deal approvals. Our confluent Cloud momentum reflects our TCO value proposition, the differentiation of our use case driven consumption model and the mission-critical nature of our cloud-native platform.

最後，我們強勁的第三季度業績再次證明了我們有能力通過提高效率來推動高增長。儘管圍繞交易批准的宏觀動態，數據流的需求環境仍然強勁。我們融合的雲動力反映了我們的 TCO 價值主張、我們用例驅動的消費模型的差異化以及我們雲原生平台的關鍵任務性質。

Looking forward, we're well positioned to drive efficient digital transformation with high ROI for our customers. Now Jay and I will take your questions.

展望未來，我們有能力為客戶推動高效的數字化轉型和高投資回報率。現在傑伊和我會回答你的問題。

(Operator Instructions) And today, our first question will come from Phil Winslow with Credit Suisse, followed by William Blair. Phil?

（操作員說明）今天，我們的第一個問題將來自瑞士信貸的菲爾溫斯洛，然後是威廉布萊爾。菲爾?

Congrats on a really strong bookings quarter, but also delivering a pretty impressive operating leverage. Jay, one of our takeaways from Current '22 was that large Apache Kafka users are increasingly coming to the realization that open source DIY simply wasn't really scaling for them. And they were, therefore, increasingly looking at Confluent Cloud.

祝賀一個非常強勁的預訂季度，但也提供了令人印象深刻的運營槓桿。 Jay，我們從 Current '22 中得到的一個收穫是，Apache Kafka 的大型用戶越來越意識到開源 DIY 並沒有真正為他們擴展。因此，他們越來越關注 Confluent Cloud。

Now I also appreciate your customer example on this call today. So with IT budgets as a whole coming under pressure due to just macro, how is this change in conversations with those open source Apache Kafka users in terms of sort of TCO and potentially moving those to Confluent Cloud? And then I just have one follow-up with Steffan.

現在，我也感謝您今天在電話會議上的客戶示例。因此，由於宏觀因素導致整個 IT 預算面臨壓力，與這些開源 Apache Kafka 用戶的對話在 TCO 方面有何變化，並可能將這些變化轉移到 Confluent Cloud？然後我只對 Steffan 進行了一次跟進。

Great observation. That's exactly right. So the TCO angle of our cloud offering has been part of our sales process for a while now, but it has kind of come to the forefront. And it's one of a number of advantages of moving to a true cloud offering, right? You get a more complete product, you get something that's really kind of cloud native and elastic and expands as you need it. And then it's actually just a better deal, and we think that's compelling. And so yes, we see this kind of call them large tech customers that have a big installed base of Apache Kafka. We see that as a huge opportunity for us where they're already using the open source. In many cases, they started before there was a Confluent or before there was a Confluent Cloud. But now that we have a cloud offering that really works well at scale and it's cost effective, it kind of meets the needs of even very demanding customers. We're very optimistic about that segment.

偉大的觀察。這是完全正確的。因此，我們雲產品的 TCO 角度一直是我們銷售流程的一部分，但它已經走到了最前沿。這是遷移到真正的雲產品的眾多優勢之一，對吧？你會得到一個更完整的產品，你會得到一些真正的雲原生和彈性的東西，並且可以根據你的需要進行擴展。然後它實際上只是一個更好的交易，我們認為這是令人信服的。所以是的，我們看到這種稱他們為擁有大量 Apache Kafka 安裝基礎的大型技術客戶。我們認為這對我們來說是一個巨大的機會，他們已經在使用開源。在許多情況下，他們在 Confluent 或 Confluent Cloud 出現之前就開始了。但是，現在我們的雲產品確實在規模上運行良好並且具有成本效益，它可以滿足甚至非常苛刻的客戶的需求。我們對該細分市場非常樂觀。

Awesome. And then Steffan, it was great to see a sequential increase in Confluent Cloud and I remember you flagged that 2 quarters ago. Could you just remind us of the seasonality that you see there, kind of Q4, Q1, just the trend there?

驚人的。然後是 Steffan，很高興看到 Confluent Cloud 的連續增長，我記得你在 2 個季度前就指出了這一點。您能否提醒我們您在那裡看到的季節性，第四季度，第一季度，只是那裡的趨勢？

Because obviously, the bookings were strong again at a high level this quarter, but just maybe help us think through just sort of the, call it, the seasonality in terms of translating that into Confluent Cloud revenue.

因為顯然，本季度的預訂量再次處於高位強勁，但這可能有助於我們思考將其轉化為 Confluent Cloud 收入的季節性因素。

From Q3 to Q4 or Q4 to Q1.

從 Q3 到 Q4 或 Q4 到 Q1。

Both actually.

實際上兩者都是。

Yes. So sure. So we are very pleased with the fact that we were able to deliver the highest sequential net add in Q3 of $9.9 million for Confluent Cloud. So that came in above our expectations. And as we think to Q4, we factored in a couple of things into our guide for the $9.8 million to $10 million sequential increase.

是的。這麼確定。因此，我們很高興我們能夠在第三季度為 Confluent Cloud 提供最高的連續淨增加值，即 990 萬美元。所以這超出了我們的預期。正如我們對第四季度的看法，我們在指南中考慮了幾件事，即連續增長 980 萬至 1000 萬美元。

And 2 main factors. One is we have a very robust consumption modeling system that we use to help drive that. And then we also learned from last year that at the end of the calendar year, some companies aren't as aggressive in terms of deploying new workloads in Q4 as they look to lock down systems for the end of the year.

和2個主要因素。一是我們有一個非常強大的消費建模系統來幫助推動這一點。然後我們還從去年了解到，在日曆年年底，一些公司在第四季度部署新工作負載方面並不像他們希望在年底鎖定係統那樣積極。

So we took that into consideration. We're very pleased though with the $9.8 million to $10 million guidance range for the quarter. And then Q4 to Q1, typically, most companies that have a hybrid revenue model would see sequential net add from Q4 to Q1, but not at the same rate as the prior quarter.

所以我們考慮到了這一點。我們對本季度 980 萬至 1000 萬美元的指導範圍感到非常滿意。然後第四季度到第一季度，通常情況下，大多數採用混合收入模式的公司會看到從第四季度到第一季度的連續淨增長，但與上一季度不同。

And while it's a little bit too premature to talk about specific quarterization of what FY '23 looks like. We wanted to share that dynamic with you as well. Because when you look at the overall $7.60 to $7.70 range and the growth rates that we're posting, Confluent Cloud is going to be a continued driver and it's going to continue to account for probably 2 to 3 points of additional revenue share per quarter throughout next year.

雖然現在談論 23 財年的具體季度劃分還為時過早。我們也想與您分享這種動態。因為當您查看 7.60 美元到 7.70 美元的整體範圍以及我們發布的增長率時，Confluent Cloud 將成為持續的驅動力，它將繼續佔整個季度可能 2 到 3 個額外的收入份額明年。

We'll have Jason Ader from William Blair. Next, followed by Morgan Stanley.

我們將有來自威廉布萊爾的傑森阿德。接下來是摩根士丹利。

I guess my question -- well, first, I want to say great job on explaining the power of Kafka. I thought you guys did give really an amazing explanation, really simple and articulated the history, I think, extremely well.

我想我的問題——嗯，首先，我想說一下解釋卡夫卡的力量的偉大工作。我認為你們確實給出了一個非常驚人的解釋，非常簡單和清晰的歷史，我認為，非常好。

My question is on consumption and whoever wants to take it. But we've seen some other companies, obviously, Azure, AWS, Mongo, get hit by the sort of consumption impact related to macro. It doesn't seem like it's affected you guys as much. Maybe can you talk through that and why?

我的問題是關於消費以及谁愿意接受它。但我們已經看到其他一些公司，顯然，Azure、AWS、Mongo，受到與宏觀相關的消費影響的打擊。好像對你們影響不大。也許你能談談，為什麼？

Yes. Yes. It's an interesting one. I do think this is more about the individual product or products than it is about just consumption models. I think no matter what the business model is, when there's tight economic times, customers look at, hey, are we really getting the value out of this? Is there a way to use less seats, less instances, less servers or in a consumption model, can we dial down overall usage in some way, right?

是的。是的。這是一個有趣的。我確實認為這更多的是關於單個產品或產品，而不僅僅是消費模式。我認為無論商業模式是什麼，當經濟形勢緊張時，客戶會看，嘿，我們真的從中獲得了價值嗎？有沒有辦法使用更少的席位、更少的實例、更少的服務器或在消費模型中，我們可以以某種方式降低整體使用量，對嗎？

I think the reason that you see less of that with Confluent, a few things like one, we tend to serve mission-critical use cases, and there's a lot of use cases, right? So the opportunity to expand is very large. And that counterbalances any headwind from optimization that we've seen. Beyond that, I think these mission-critical use cases are important. You're not going to turn it off in one quarter. And they usually come out more or less preoptimized.

我認為您在 Confluent 中看到的較少的原因是，我們傾向於為關鍵任務用例提供服務，並且有很多用例，對吧？所以擴大的機會非常大。這抵消了我們所看到的優化帶來的任何不利影響。除此之外，我認為這些關鍵任務用例很重要。您不會在一個季度內將其關閉。而且它們通常或多或少地經過預先優化。

And so we haven't seen a huge amount of that in our customer base. Obviously, economic pressure does create a kind of a headwind. I think the tailwind in this area is strong enough that it just doesn't show up, and that's kind of shown in the overall NRR that's remained strong. I think, shown in the kind of sequential net add in Cloud.

所以我們在我們的客戶群中並沒有看到大量的這種情況。顯然，經濟壓力確實造成了一種逆風。我認為這個領域的順風足夠強大，以至於它沒有出現，這在整體 NRR 中有所體現，它仍然很強勁。我認為，表現在 Cloud 中的那種順序網絡添加。

And then a quick follow-up, Shane, for Steffan, just on percentage of ARR through partners and then particular cloud partners. Can you give us those numbers, Steffan?

然後快速跟進，Shane，Steffan，只是通過合作夥伴和特定雲合作夥伴的 ARR 百分比。你能給我們這些數字嗎，斯特凡？

Well, we don't break those out specifically, but what I can tell you is we saw tremendous growth from all the 3 main cloud service providers through the marketplaces. We saw like the best growth that we've seen in a long time from all 3. So when we look at the overall mix of business, primarily where we sell direct to our customers, and oftentimes, we fulfill through the channel.

好吧，我們沒有具體列出這些，但我可以告訴你的是，我們看到所有 3 家主要雲服務提供商通過市場實現了巨大的增長。我們看到了長期以來我們從所有 3 中看到的最好的增長。因此，當我們查看業務的整體組合時，主要是我們直接向客戶銷售的地方，而且通常，我們通過渠道實現。

But the marketplace business that we do with the 3 cloud service providers is definitely an accelerant, and it's been a bright spot for us, specifically this past quarter.

但是我們與這 3 家云服務提供商合作的市場業務絕對是一個加速器，這對我們來說是一個亮點，特別是在上個季度。

And it has better unit economics for you?

它對你來說有更好的單位經濟學嗎？

It does for sure. .

確實如此。 .

We'll take our next question from Sanjit Singh with Morgan Stanley, followed by D.A. Davidson.

我們將向摩根士丹利的 Sanjit Singh 提出下一個問題，然後是 D.A.戴維森。

Congrats on a very, very solid Q3. Jay, I think over the past couple of quarters, you guys have talked about different use cases. And as sort of another sort of take on that, if you sort of aggregate it up in your mind, what percentage of the business, Confluent Cloud or overall is coming supporting like operational use cases, whether it's just-in-time inventory or a dynamic pricing, something that's driving more operational use cases versus Confluent being used for analytical decisions to support for more analytical use cases. Is there any way to think about that and how that maybe evolves over time?

恭喜第三季度非常非常穩健。 Jay，我認為在過去的幾個季度中，你們討論了不同的用例。作為另一種看法，如果您在腦海中將其匯總起來，那麼有多少百分比的業務、Confluent Cloud 或整體將像運營用例一樣提供支持，無論是即時庫存還是動態定價，這推動了更多的運營用例，而 Confluent 被用於分析決策以支持更多的分析用例。有什麼辦法可以考慮這一點，以及隨著時間的推移它會如何演變？

Yes. Yes. I don't have something more scientific and there's obviously a set of use cases that kind of blur the lines where, okay, it's some machine learning app, it's kind of analytics, but it does have some feedback loop into production.

是的。是的。我沒有更科學的東西，顯然有一組用例模糊了界限，好吧，它是一些機器學習應用程序，它是一種分析，但它確實有一些反饋循環到生產中。

Yes. But I would say the vast majority are kind of operational in nature, right? They tend to be things built by software engineers rather than data scientists. We do have an interaction with the analytics world. We're often kind of a very significant feed into the Snowflakes and Databricks and BigQueries of the world. But we're not really competing with those technologies or replacing them. I think to them, we would just be an upstream feed, even though, obviously, our demand were the exciting thing doing data processing.

是的。但我想說絕大多數本質上都是可操作的，對吧？它們往往是由軟件工程師而不是數據科學家構建的東西。我們確實與分析界有互動。我們通常是世界上雪花、Databricks 和 BigQueries 的一個非常重要的信息源。但我們並沒有真正與這些技術競爭或取代它們。我認為對他們來說，我們只是上游的提要，儘管很明顯，我們的需求是進行數據處理的令人興奮的事情。

Is that part of the -- in terms of just the position that you just laid out, is that part of the reason why we're seeing relative resiliency versus some of the other data platforms that are seeing customers optimize and rushing more.

就您剛剛提出的立場而言，這是否是我們看到相對彈性與其他一些數據平台看到客戶優化和加速的部分原因。

Yes. I think it's one aspect. I mean there's a number of things. I think when you peek behind the curtains in any of these companies, I couldn't speculate company by company. But I do think if you think about operational use cases, this is some chunk of software engineers spent probably a better part of a year, maybe a team of people, a better part of a year building. It doesn't just get turned off and on.

是的。我認為這是一方面。我的意思是有很多事情。我認為，當您窺視這些公司的幕後時，我無法逐家推測公司。但我確實認為，如果你考慮運營用例，這部分軟件工程師可能花費了一年的大部分時間，也許是一個團隊，一年的大部分時間都在構建。它不只是被關閉和打開。

So it's not -- like when we -- when we look at our spend on reporting, for example, we realize, oh, look, we have a bunch of reports, nobody looks, let's delete them. It's pretty easy to do. That's generally not the case with these kind of more core applications.

所以它不是 - 就像我們 - 當我們查看我們在報告上的支出時，例如，我們意識到，哦，看，我們有一堆報告，沒有人看，讓我們刪除它們。這很容易做到。這種更核心的應用程序通常不是這種情況。

But if you look at what happens with consumption, there's a number of things that impacted, including just the particular product, how much traction it has, that space. You can't fold all that into just the space, but I do think that's one important variable.

但如果你看看消費會發生什麼，就會發現有很多事情會受到影響，包括特定的產品、它有多大的吸引力、那個空間。您不能將所有這些都折疊到空間中，但我確實認為這是一個重要的變量。

And I think it's a positive thing to serve these mission-critical use cases in this environment. I think these things are typically like the very important big bet for the company. It's the thing that's likely to kind of go forward in a purchasing decision, and it's the thing that's unlikely to get cut when you're looking to optimize.

而且我認為在這種環境中為這些關鍵任務用例提供服務是一件積極的事情。我認為這些事情通常對公司來說是非常重要的大賭注。這是在購買決策中可能會有所進展的事情，並且在您尋求優化時不太可能被削減。

And I think that shows up both in the continued expansion, sequential add in cloud as well as we shared the gross retention number. I think all of it kind of supports that story.

我認為這體現在持續擴張、連續添加雲以及我們共享的總保留數中。我認為所有這些都支持這個故事。

Makes some sense. And then one for Steffan. Steffan, thank you so much for the color on seasonality in Confluent Cloud. As it relates to fiscal year '23, the $12 million to $17 million headwind, which I think is primarily from longer sales cycles.

有一定道理。然後是Steffan。 Steffan，非常感謝 Confluent Cloud 中的季節性顏色。由於它與 23 財年有關，1200 萬至 1700 萬美元的逆風，我認為這主要來自較長的銷售週期。

Any way to -- like how to sort of arrive at that number? And dive in some more broadly in terms of saying expectations this early just given the dynamics of your model. How do you guys sort of -- what are sort of the underlying assumptions that gotten you to 2023 guidance?

有什麼辦法——比如如何得出這個數字？考慮到模型的動態，在這麼早說出期望方面進行更廣泛的研究。你們怎麼樣——讓你們獲得 2023 年指導的基本假設是什麼？

Well, it starts with the track record of us delivering on our commitments throughout FY '22. And on the basis of FY '22, numbers where it was the FY '22 plan. And right now, we are in the midst of doing our FY '23 plan.

嗯，它始於我們在整個 22 財年兌現承諾的記錄。在 22 財年的基礎上，它是 22 財年計劃的數字。而現在，我們正在製定我們的 23 財年計劃。

We have very good visibility to multiple streams of future revenue. And then we also took a look at a number of drivers around productivity per head. We look at pipeline, we look at a number of other factors. And then we layer on the macro dynamics that we've seen around sales cycle elongation. And through all that process, we arrived with the $12 million to $17 million headwind for FY '23 that we're calling out.

我們對未來的多種收入來源有很好的了解。然後我們還研究了一些圍繞人均生產力的驅動因素。我們著眼於管道，我們著眼於許多其他因素。然後，我們將圍繞銷售週期延長所看到的宏觀動態進行分層。通過所有這些過程，我們在 23 財年面臨 1200 萬至 1700 萬美元的逆風，我們正在呼籲。

And look, the environment is -- has been tough. We've been able to go through and execute against what we've committed to folks. And our level of like confidence and enthusiasm around FY '23 is there, right? And so we are -- we take things into consideration like the macro and everything else.

看，環境是 - 一直很艱難。我們已經能夠通過並執行我們對人們的承諾。我們在 23 財年的信心和熱情水平在那裡，對吧？所以我們是——我們考慮到宏觀和其他一切。

But at the end of the day, we felt good about the $760 to $770 and the improvement in operating margin. We are definitely focused on balancing growth and profitability. And that has shown up not only this year, but how we're guiding next year.

但歸根結底，我們對 760 美元至 770 美元以及營業利潤率的提高感到滿意。我們絕對專注於平衡增長和盈利能力。這不僅體現在今年，而且體現在我們明年的指導方式上。

We'll take our next question from Rudy Kessinger with D.A. Davidson, followed by Cowen.

我們將回答 Rudy Kessinger 和 D.A. 的下一個問題。戴維森，其次是考恩。

I know you talked about on the macro extended deal cycles, et cetera. I guess I'm curious -- and you also talked about current customers that can't really diode you down.

我知道你談到了宏觀延長交易週期等。我想我很好奇——你還談到了不能真正讓你失望的現有客戶。

But I guess as you look at your current customers, and the pace that they're expanding to new use cases, how has that pace changed over the last 6 months given the macro?

但我想，當您查看您當前的客戶以及他們向新用例擴展的速度時，考慮到宏觀環境，過去 6 個月的速度有何變化？

Yes. When we kind of give that $2 million to $3 million of pressure for Q4 and as we did for Q3, I think that takes into account both new use cases, like net new customers, new use cases as well as expansion. And yes, I think it's relatively similar between both.

是的。當我們給第四季度 200 萬到 300 萬美元的壓力以及我們在第三季度所做的那樣時，我認為這會考慮到新的用例，比如淨新客戶、新用例以及擴展。是的，我認為兩者之間比較相似。

There's obviously a little more scrutiny on a new customer than on an expansion. The reality is there's a lot of use cases to go after. And so despite that, I think we've shown strong performance on NRR, which is kind of the best roll-up staff that shows what's actually happening.

顯然，對新客戶的審查比對擴張的審查要多一些。現實情況是有很多用例需要研究。因此，儘管如此，我認為我們在 NRR 上表現出了強勁的表現，這是一種最好的匯總人員，可以顯示實際發生的情況。

And so I think that is the takeaway as we're kind of seeing that continue. And then we did talk about, hey, some of these deals that slipped, we felt confident they would close last quarter, and that was borne out. The vast majority of those did close, took a little longer, but we were pleased to see that. And I think that's credit to the strength of the TCO argument, these things are getting a lot of scrutiny, but they're going through with a lot of scrutiny.

所以我認為這就是我們的收穫，因為我們看到這種情況仍在繼續。然後我們確實談到了，嘿，其中一些交易失敗了，我們相信他們會在上個季度完成，這得到了證實。其中絕大多數確實關閉了，花了更長的時間，但我們很高興看到這一點。我認為這要歸功於 TCO 論點的力量，這些事情正在受到大量審查，但它們正在經歷大量審查。

Yes. Got it. Steffan, quick follow-up for you. Given the commentary on '23, I know you're not giving too granular details yet, but just with cloud expected to increase is 2, 3 points as a percentage of the mix. Is it right to think that platform growth is really going to start to level off. I think that forces you into about high single digits to low double digits growth in platform. Does that sound about right?

是的。知道了。 Steffan，為您快速跟進。鑑於對 23 年的評論，我知道您還沒有提供太細化的細節，但預計雲計算將增加 2、3 個百分點作為混合百分比。認為平台增長真的會開始趨於平穩是否正確。我認為這會迫使您在平台上進入大約高個位數到低兩位數的增長。那個聽起來是對的嗎？

We'll be providing more color commentary around guidance and mix on our Q4 call. But by definition, given the mix shift that we've already seen this year, with cloud becoming a greater portion of new ACV. By definition, that means that Confluent platform is reducing in terms of percentage of ACV, and we see that trend to continue. So growth will be moderating for Confluent Platform.

我們將在第四季度電話會議上圍繞指導和混合提供更多色彩評論。但根據定義，鑑於我們今年已經看到的混合轉變，云成為新 ACV 的更大部分。根據定義，這意味著 Confluent 平台在 ACV 的百分比方面正在減少，我們認為這種趨勢將繼續下去。因此，Confluent Platform 的增長將放緩。

With that said, Confluent Platform is incredibly important, and it's important for the solution that we're providing, customers need to be running their data and motion solution everywhere. That means on-prem, hybrid cloud, multi-cloud.

話雖如此，Confluent 平台非常重要，對於我們提供的解決方案也很重要，客戶需要在任何地方運行他們的數據和運動解決方案。這意味著本地、混合雲、多雲。

And so Confluent Platform is going to continue to be a very important part of the story, but growth will be moderating a little bit as we've seen this mix shift. And by the way, the cloud business continues to overperform our expectations. And it's really being customer-led, and we feel like we're still in the very kind of early stages of the growth curve with cloud.

因此，Confluent 平台將繼續成為故事中非常重要的一部分，但隨著我們看到這種混合轉變，增長將有所放緩。順便說一句，雲業務繼續超出我們的預期。它真的是以客戶為主導的，我們覺得我們仍處於雲增長曲線的早期階段。

Thanks, Rudy. We'll take our next question from Derrick Wood with Cowen followed by Wells Fargo.

謝謝，魯迪。我們將向 Derrick Wood 和 Cowen 提出下一個問題，然後是 Wells Fargo。

Great job on a solid quarter. I guess, Jay, just to start with you, going back to the topic of this mindset shift from DIY to Cloud. That was certainly something we heard loud and clear in your conference.

在一個穩定的季度做得很好。我想，Jay，首先從你開始，回到從 DIY 到 Cloud 的思維轉變的話題。這當然是我們在你的會議上清晰而清晰地聽到的。

Two questions about this. One, as this shift happens, how does this change the competitive landscape and kind of short list of vendors that companies may look at? And two, how are you changing your go-to-market strategy from a direct and indirect sales standpoint as you really try to lean more into the Cloud?

關於這個的兩個問題。第一，隨著這種轉變的發生，這將如何改變競爭格局和公司可能關注的供應商短名單？第二，當您真正嘗試更多地傾向於雲時，您如何從直接和間接銷售的角度改變您的市場戰略？

Yes. Yes, both are excellent questions. I think this is a very significant thing that's happening. It's happening in the big tech companies where they have heavy investment. It's happening in mainstream enterprise. Companies are just looking at where resources are going and looking for a way to do the same thing, better, faster, cheaper, that's what this kind of time tends to encourage.

是的。是的，這兩個都是很好的問題。我認為這是正在發生的一件非常重要的事情。這發生在他們有大量投資的大型科技公司。它發生在主流企業中。公司只是在關注資源的去向，並尋找一種方法來做同樣的事情，更好、更快、更便宜，這正是這種時間所鼓勵的。

And there's a really obvious one with these managed services where you're putting a lot of effort into a very difficult problem that you're not doing well, and there is a better way to do it. So yes, we're absolutely seeing it. What does it impact in the terms of the competitive landscape?

這些託管服務有一個非常明顯的問題，即您將大量精力投入到您做得不好的非常困難的問題上，並且有更好的方法來解決。所以是的，我們絕對看到了。它對競爭格局有何影響？

I don't think it's a huge change. I would say, net-net, the folks who are focused in an on-premise world become less relevant. And there are a set of companies that provide something around Kafka support or some of these legacy technologies that primarily exist in data centers. I mean, I do think there's a shift away from that stuff. So that's a change.

我不認為這是一個巨大的變化。我想說，net-net，專注於本地世界的人們變得不那麼重要了。還有一些公司圍繞 Kafka 提供支持，或者提供一些主要存在於數據中心的遺留技術。我的意思是，我確實認為這些東西已經發生了轉變。所以這是一個變化。

I don't think it's a dramatic change because we didn't view those as kind of compelling competitors to begin with because this shift was already underway. On the partner side, I don't think it's a major revelation. We work very closely with the cloud providers, and they're obviously a very important partner as Steffan alluded to, each in their own environment, have a significant sales force.

我不認為這是一個巨大的變化，因為我們一開始並不認為這些是引人注目的競爭對手，因為這種轉變已經在進行中。在合作夥伴方面，我不認為這是一個重大的啟示。我們與雲提供商密切合作，他們顯然是一個非常重要的合作夥伴，正如 Steffan 所暗示的那樣，每個人都在自己的環境中擁有一支重要的銷售隊伍。

And they're looking for ways to bridge between these environments. When we -- when I talk to any kind of large enterprise, they are all in on the transition to the cloud. They have a set of systems in data centers that are going to persist for a very long time. That connectivity and the fabric for data that spans, that's incredibly strategic and important to them.

他們正在尋找在這些環境之間架起橋樑的方法。當我們——當我與任何類型的大型企業交談時，他們都在向雲過渡。他們在數據中心擁有一套系統，這些系統將持續很長時間。這種連接性和跨越數據的結構對他們來說具有難以置信的戰略意義和重要性。

And I do think that's a part of the conversation around data streaming that they view as very strategic because it's what enables them to actually make this move. And so it's both about the shift of open source stuff like Kafka to a managed service as well as the overall story of migration to the cloud and how that plugs into an existing business. And so I think both of those are kind of important aspects of what we're doing.

而且我確實認為這是圍繞數據流的對話的一部分，他們認為這是非常具有戰略意義的，因為這使他們能夠真正採取這一行動。因此，這既是關於 Kafka 等開源產品向託管服務的轉變，也是關於遷移到雲的整體故事以及如何將其插入現有業務。所以我認為這兩個都是我們正在做的事情的重要方面。

Got it. Great. Steffan, one for you. I know billings is not a number you closely watch, but just wanted to ask about this because there's been a bit more deceleration in deferred revenue than in the RPO or cRPO.

知道了。偉大的。斯特凡，給你一個。我知道比林斯不是您密切關注的數字，但只是想問一下這個問題，因為遞延收入的減速比 RPO 或 cRPO 的減速更多。

cRPO numbers have been holding up quite high even against tougher comps. So I guess just as you shift more to the cloud, does that have some sort of impact on deferred, especially if there's pay-as-you-go or are there some things around invoice duration that have changed because of the macro. Just trying to get an understanding of the potential dynamics around the deferred revenue side.

即使面對更強硬的比賽，cRPO 的數量也一直保持在相當高的水平。所以我想，當你更多地轉向雲時，這是否會對延期產生某種影響，特別是如果有現收現付的情況，或者發票期限是否因宏觀而發生了變化。只是試圖了解遞延收入方面的潛在動態。

Well, for both billings and deferred revenue, they are impacted by mix and as we have more Confluent cloud business, specifically on billings we have a mixture kind of in practice, but usually, it's monthly or quarterly billings for Confluent Cloud.

好吧，對於賬單和遞延收入，它們都受到混合的影響，因為我們有更多的 Confluent 雲業務，特別是在賬單方面，我們在實踐中採用了混合類型，但通常是 Confluent Cloud 的月度或季度賬單。

And one of the reasons why we do focus on RPO and cRPO is that's more consistent with the consumption type model as opposed to more of a legacy model that would be more focused on traditional billings.

我們專注於 RPO 和 cRPO 的原因之一是它與消費類型模型更一致，而不是更多地關注傳統計費的傳統模型。

So the more that Cloud becomes a bigger percentage of our new ACV and revenue there will be more of a disparity between billings and short-term revenue versus RPO and CRPO. And I guess the last thing I would say is on just billings practices in general. We haven't seen very much change in billings requests or anything along those lines. Things have been relatively stable.

因此，雲計算在我們新的 ACV 和收入中所佔的比例越大，與 RPO 和 CRPO 相比，賬單和短期收入之間的差異就會越大。我想我要說的最後一件事是關於比林斯的一般做法。我們還沒有看到賬單請求或類似的任何事情發生太大變化。事情一直比較穩定。

We'll take our next question from Michael Turrin with Wells Fargo, followed by Scotiabank.

我們將向富國銀行的邁克爾·特林提出下一個問題，然後是豐業銀行。

Nice job everyone with the execution here. I mean, look, you're managing your business through a challenging backdrop. Maybe, Jay, you can speak to how you keep the go-to-market and engineering teams all focused and moving in the right direction given just all the noise and volatility you've seen since going public.

在這裡執行的每個人都做得很好。我的意思是，看，您正在通過一個充滿挑戰的背景來管理您的業務。傑伊，也許你可以談談你是如何讓上市和工程團隊保持專注並朝著正確的方向前進的，因為你在上市後看到了所有的噪音和波動。

And then Steffan, can you maybe expand on how that informs your approach to the growth margin framework and trade-off and just what underlines the confidence and just the consistent approach to making sure you're taking advantage of the growth opportunity first and foremost here?

然後 Steffan，您能否擴展一下這如何影響您的增長利潤率框架和權衡方法，以及強調信心和始終如一的方法，以確保您首先在這裡利用增長機會?

Yes. Michael, yes, look, I would say there's no silver bullet. The thing I think, does help us is, as a company, we've done some hard things before. So we went through a very significant kind of cloud transition.

是的。邁克爾，是的，看，我會說沒有靈丹妙藥。我認為確實對我們有所幫助的是，作為一家公司，我們以前做過一些艱難的事情。因此，我們經歷了一種非常重要的雲過渡。

You would see a lot of that kind of shift happening now, but the work was done earlier on. And doing that in a small company is a lot of work. And just difficult, you're asking people to build and launch a very difficult second product in the middle of the start-up take it out to market. I think just working through our things kind of builds the muscle.

你會看到現在發生了很多這樣的轉變，但這項工作是在早些時候完成的。在一家小公司裡做這件事需要做很多工作。只是很難，你要求人們在初創公司的中間構建和推出非常困難的第二個產品，將其推向市場。我認為只是通過我們的事情來鍛煉肌肉。

And then if you're in more difficult times, people who have been through something hard before, you've kind of built a little comradery around how you go to it. There's some resilience. There's some people used to it. And so I think that helps. And I think that kind of built a bit of a core of a team that is ready for some challenges. Obviously, it doesn't help if there's kind of friction in the world, it doesn't make it easier. I think we're lucky to be in a space that just has potential that can outpace that as long as we execute well.

然後，如果您處於更困難的時期，那些以前經歷過困難的人，您會圍繞自己的方式建立起一點同志情誼。有一定的韌性。有些人已經習慣了。所以我認為這有幫助。而且我認為這種方式建立了一個團隊的核心，為一些挑戰做好了準備。顯然，如果世界上存在某種摩擦，這無濟於事，它不會讓事情變得更容易。我認為我們很幸運能夠進入一個具有潛力的領域，只要我們執行得好，就可以超越它。

And on the growth and profitability side of the house, we've been very prescriptive ever since we've been public around we have a growth and profitability framework. It bears to mention, we've never been in a company where it's been growth at all costs. We've been always about growth and improving operating margin.

在公司的增長和盈利方面，自從我們公開以來，我們一直非常規範，我們有一個增長和盈利框架。值得一提的是，我們從未在一家不惜一切代價實現增長的公司工作。我們一直關注增長和提高營業利潤率。

And we've constructed our internal plan and what we've communicated with Wall Street through the following lens. It is all about making sure that we are adequately invested to tackle the $60 billion market that's out there. While we are also increasing the fundamental drivers of efficiency, think about productivity per head, think about unit economics of cloud. These are projects that are going to be continuing on for probably forgot forever.

我們已經制定了我們的內部計劃以及我們通過以下鏡頭與華爾街溝通的內容。這一切都是為了確保我們有足夠的投資來應對 600 億美元的市場。雖然我們也在提高效率的基本驅動力，但想想人均生產力，想想雲的單位經濟學。這些項目將繼續進行，可能永遠被遺忘。

And as we've constructed this model, showing the year-over-year improvement in operating margin is critical for us to demonstrate that we're showing that efficiency and productivity while still in high-growth mode and we define high growth mode as greater than 30%. So this is a framework that we put in place. We've been operating against it. and we're committed to driving high growth and improving profitability towards the breakeven target of exiting Q4 '24, which, as Jay mentioned, is the 10-year mark of the company -- of the company's age.

當我們構建了這個模型時，顯示營業利潤率的同比改善對於我們證明我們在仍處於高增長模式時展示效率和生產力至關重要，我們將高增長模式定義為更大超過 30%。所以這是我們建立的一個框架。我們一直在反對它。我們致力於推動高增長並提高盈利能力，實現退出 Q4 '24 的盈虧平衡目標，正如傑伊所說，這是公司成立 10 年的標誌——公司的年齡。

We'll take our next question from Nick Altmann with Scotiabank followed by Barclays.

我們將向 Scotiabank 和 Barclays 的 Nick Altmann 提出下一個問題。

Yes. Great. Maybe one for Jay to start. You guys outlined your TAM at the Analyst Day and it -- the numbers kind of insinuated that half of the market is kind of at the commercial end. And just given you guys don't talk about the lower end of the market as much.

是的。偉大的。也許是傑伊開始的一個。你們在分析師日概述了你們的 TAM，這些數字暗示了一半的市場是商業端的。只是考慮到你們不要談論市場的低端。

I was wondering if you guys could maybe elaborate on the strategy there, how meaningful the commercial segment is to revenue and to bookings? And how much of a focus is that portion of the market in the medium term versus the larger end of the market?

我想知道你們是否可以詳細說明那裡的策略，商業部門對收入和預訂有多大意義？與市場的較大端相比，中期市場的這一部分有多少關注？

Yes, it's a fantastic area for us. A few years back, that was absolutely the worst part of the business and had very low focus internally. And as we started to have a low-friction cloud product, we realized, hey, we could build just really a cloud-native motion that would help land companies in that segment.

是的，這對我們來說是一個很棒的地方。幾年前，這絕對是業務中最糟糕的部分，內部關注度很低。當我們開始擁有一個低摩擦的雲產品時，我們意識到，嘿，我們可以構建一個真正的雲原生運動，幫助該領域的公司登陸。

And really kind of reimagine that team and they got better on every metric, right? Now it's one of the highest performing areas in the company. It's -- that's newer, right? But it's definitely an area where we are doubling down and kind of disproportionately adding capacity. They're doing great against their targets.

真的有點重新想像那個團隊，他們在每一個指標上都變得更好，對吧？現在它是公司中表現最好的領域之一。它是——那是較新的，對吧？但這絕對是一個我們正在加倍投入並且不成比例地增加容量的領域。他們在對付目標方面做得很好。

And we think that's really important. To us, it's important to have -- have a mechanism to capture both breadth and depth, right? So depth is definitely the larger customers. We do tend to talk about those because people always have the question of like, hey, what is the breadth of depth, what could a customer be in this space? How much might they spend?

我們認為這非常重要。對我們來說，擁有一個既能捕捉廣度又能捕捉深度的機制很重要，對吧？所以深度肯定是大客戶。我們確實傾向於談論這些，因為人們總是有這樣的問題，嘿，深度的廣度是多少，客戶在這個領域會是什麼？他們能花多少錢？

And so I think there's value in that. We don't talk as much about how we're going after the broad market. I think there it's more about the mechanisms, how does the self-service kind of feed into a more transactional early-stage sale? How does that kind of grow and expand. It turns out a lot of these commercial customers can actually become quite sizable, and they move pretty quickly. And so what starts small actually can turn into something pretty reasonable. So we're very excited about that area, and it's probably good feedback that we should talk about it more.

所以我認為這是有價值的。我們不會過多地談論我們將如何追逐大盤。我認為更多的是關於機制，自助服務如何融入更具交易性的早期銷售？這種成長和擴大是如何的。事實證明，這些商業客戶中有很多實際上可以變得相當大，而且他們移動得很快。因此，從小事開始實際上可以變成相當合理的事情。所以我們對這個領域非常興奮，我們應該更多地談論它可能是很好的反饋。

Great. And then just one more. You guys have talked about how the cloud marketplaces have been a very much successful from a go-to-market perspective, from a lead gen perspective. I guess as we're sort of entering a choppier macro environment, what are sort of the puts and takes there?

偉大的。然後只有一個。你們已經談到了雲市場是如何從進入市場的角度、從潛在客戶的角度非常成功的。我想當我們進入一個波動較大的宏觀環境時，那裡的看跌期權是什麼？

Because I guess on one side of the equation, if there's consolidation of spend from a procurement perspective, maybe that's a tailwind as people are using AWS credits to sort of burn down, commits and allocating those to Confluent. And the flip side of the equation, maybe it's a little bit easier to slow consumption or reallocate those credits. So is it choppier macro and sort of your relationship with these cloud marketplaces. Is that more of a tailwind? Or is there a little bit of a headwind there potentially too?

因為我猜在等式的一方面，如果從採購的角度整合支出，也許這是一個順風，因為人們正在使用 AWS 積分來燃燒、提交並將這些積分分配給 Confluent。而等式的另一面，也許減緩消費或重新分配這些信用會更容易一些。你與這些雲市場的關係是不是更不穩定？這更像是順風嗎？或者那裡也可能有一點逆風？

I think it's a tailwind. So the way the marketplace has come into play, it's a little bit of a lead gen thing, but the bigger aspect is that companies have significant committed spend with the cloud providers and it's possible to buy products through that through your marketplace agreement.

我認為這是順風。因此，市場發揮作用的方式有點像領先一代，但更大的方面是公司與雲提供商有大量的承諾支出，並且可以通過您的市場協議購買產品。

And so you could think of that committed spend as kind of a shadow budget that's flexible across different things that you could purchase. And so if you're in tighter times, you're probably optimizing everything in the cloud, and it's a really nice way to be able to fit in a new thing like Confluent.

因此，您可以將承諾支出視為一種影子預算，可以靈活地處理您可以購買的不同事物。因此，如果您處於更緊的時期，您可能正在優化雲中的所有內容，這是一種非常好的方式來適應像 Confluent 這樣的新事物。

And so yes, we see it as something that reduces friction in the sale for sure. It also provides a great mechanism for cooperation with the cloud providers, right? What motivates them is both that marketplace consumption as well as the flow of data into all of their other services, which kind of helps drive utilization and consumption in their cloud. And so both of those are the things that are going to activate their kind of go-to-market teams to help. And so we think these are great programs. We've leaned heavily into them and been quite successful.

所以是的，我們認為它肯定會減少銷售中的摩擦。它還為與雲提供商的合作提供了很好的機制，對嗎？激勵他們的是市場消費以及數據流入所有其他服務，這有助於推動其云中的利用率和消費。因此，這兩件事都將激活他們那種進入市場的團隊來提供幫助。所以我們認為這些都是很棒的項目。我們已經大力支持他們並取得了相當大的成功。

We'll take our next question from Raimo Lenschow with Barclays followed by JMP Securities.

我們的下一個問題將來自 Raimo Lenschow 和巴克萊，然後是 JMP 證券。

Two quick questions from me. Jay, like the interesting thing at the conference was to see the excitement like how kind of messaging and what your offering is changing the world. In light of that, like how do you see this at the moment playing out in customer conversations because as macro is getting tougher, does it -- in the past, a tend to be like the tendency to stay with the old for now because you're just keeping the lights on versus also have any pressure to become more real time and actually do something. So the question is more, how are the customer conversations changing now as macro is getting a little bit more choppy and then I have one follow-up from Steffan.

我的兩個快速問題。傑伊，就像會議上有趣的事情是看到令人興奮的消息，以及您的產品正在改變世界。鑑於此，就像您現在如何看待這一點在客戶對話中的表現一樣，因為隨著宏觀環境變得越來越強硬，它是不是 - 在過去，現在傾向於與舊的保持一致，因為您'只是保持燈亮，而不是有任何壓力變得更加實時並實際做某事。所以問題更多了，隨著宏變得越來越不穩定，客戶對話現在如何變化，然後我收到了 Steffan 的後續跟進。

Yes. Yes. I mean I think the critical question is, hey, does that excitement persist in times where there's more economic pressure. And what we've seen is, yes, it absolutely has, right? And on both sides of it, like we're continuing to grow through more difficult times.

是的。是的。我的意思是，我認為關鍵問題是，嘿，這種興奮是否會在經濟壓力更大的時候持續存在。我們所看到的是，是的，它絕對有，對吧？在它的兩邊，就像我們在更困難的時期繼續成長一樣。

I think if anything, the big change is how prevalent is that TCO side of things, right? Is there a really strong story of how you can displace legacy technologies, how you can get out of this kind of internal operations of open source that can be very costly and then how you can just get more efficient use out of your data and enable the things that you have to do as a business, but now with a little bit of a tighter overall management of budget.

我認為，如果有的話，最大的變化是 TCO 方面的普遍性，對吧？有沒有關於如何取代遺留技術、如何擺脫這種可能非常昂貴的開源內部操作以及如何更有效地利用數據並啟用作為企業必須做的事情，但現在對預算進行了更嚴格的整體管理。

And I think that we actually have a very compelling story in that area. And I think that goes along well with the overall excitement about the area. I think that, that's now -- you kind of have to have both of those things be true about any product area for it to continue to succeed in the current environment.

我認為我們實際上在該領域有一個非常引人入勝的故事。我認為這與該地區的整體興奮相吻合。我認為，那就是現在 - 你必須讓任何產品領域的這兩件事都是真實的，它才能在當前環境中繼續取得成功。

And then, Steffan, as the more question on the investment. So as you guys doing more cloud, what does it kind of do in terms of investment levels in sales and marketing, et cetera, going forward? Because this cloud in a way one beauty of cloud is increases visibility for you in terms of you see what a customer is doing, you see how much they're doing.

然後，Steffan，作為投資的更多問題。因此，當你們做更多的雲計算時，它在銷售和營銷等方面的投資水平方面會做什麼？因為這種雲以某種方式增加了您的可見性，因為您可以看到客戶在做什麼，您可以看到他們在做什麼。

Does that kind of trigger like a different investment in sales and marketing? Is it -- can you do more with less? Like how do you have to think about that dynamic?

這種觸發方式是否類似於對銷售和營銷的不同投資？是不是——你能事半功倍嗎？就像你必須如何考慮這種動態？

As we look at the investment profile for sales and marketing, we are definitely leaning into the mix shift that we're seeing that's being more driven by our customers, where it's more cloud-oriented.

當我們查看銷售和營銷的投資概況時，我們肯定會傾向於我們看到的混合轉變，這種轉變更多地由我們的客戶推動，它更加面向雲計算。

We have a customer growth go-to-market journey where we have these 5 stages ultimately with getting to a central nervous system. And so along the way of that journey, what we are doing from a sales and marketing standpoint is making sure that we have the right model in place around number of account executives and systems engineers and customer success people. In the cloud business, when we segmented and we look at the commercial business, the commercial business is 100% cloud. That business is growing very healthily.

我們有一個客戶成長進入市場的旅程，我們有這 5 個階段，最終到達中樞神經系統。因此，在此過程中，從銷售和營銷的角度來看，我們正在做的是確保我們圍繞客戶主管、系統工程師和客戶成功人員的數量建立了正確的模型。在雲業務中，當我們細分來看商業業務時，商業業務是 100% 的雲。該業務正在非常健康地發展。

And then we look at the enterprise business, which is growing healthily, too, but we see more hybrid opportunities in the enterprise business where they have existing Confluent platform deals, and we're looking to upsell and cross-sell into those existing customers where they could be adopting Confluent Cloud.

然後我們看看企業業務，它也在健康增長，但我們看到企業業務中有更多的混合機會，他們有現有的 Confluent 平台交易，我們希望向那些現有的客戶追加銷售和交叉銷售他們可能正在採用 Confluent Cloud。

So when you net it all out, what we're looking at is we're looking at a more efficient go-to-market structure, sales and marketing with the shift to cloud because a lot of it is expansion selling. And we feel like it's a good setup as we look to get more leverage out of sales and marketing over time.

所以當你把這一切都弄清楚時，我們正在尋找的是一個更有效的進入市場結構、銷售和營銷以及向雲的轉變，因為其中很多都是擴展銷售。我們覺得這是一個很好的設置，因為我們希望隨著時間的推移從銷售和營銷中獲得更多的影響力。

And a big part of that, just to tag on is, look, the ability to drive kind of product-led growth and adoption and then expansion with software in addition to an excellent field sales team, it's just not that easy to do on-premise.

其中很大一部分，只是要標記的是，看，除了優秀的現場銷售團隊之外，還有能力推動以產品為主導的增長和採用，然後通過軟件進行擴展，這並不容易做到——前提。

It is hard to get net new data systems stood up on-premise. You got to hire people, you have to order servers. There's no way to just do it with software. In the cloud, that's totally different.

很難在本地建立全新的數據系統。您必須僱用人員，您必須訂購服務器。沒有辦法只用軟件來做。在雲中，情況完全不同。

So our ability to kind of augment what that team does make our field force like more efficient in everything they do and how they work with customers. It's just so much better as well as our data about how that's progressing and our ability to be smart and targeted in what we do.

因此，我們增強該團隊所做工作的能力使我們的現場工作人員在他們所做的一切以及他們與客戶的合作方式上都更加高效。它以及我們關於進展情況的數據以及我們在工作中變得聰明和有針對性的能力都要好得多。

And so yes, that's kind of where that efficiency comes from. Now obviously, there's some investment to get all those parts built and strung together. We've talked a little bit about how we're trying to orchestrate that journey. But yes, I think it's a huge ability to amplify what you're doing with humans and really be intelligent and direct it well to drive efficient growth.

所以是的，這就是效率的來源。現在顯然，有一些投資可以將所有這些部件組裝起來並串在一起。我們已經談了一點關於我們如何試圖協調這一旅程。但是，是的，我認為這是一種巨大的能力，可以放大你對人類所做的事情，真正變得聰明並很好地指導它以推動有效的增長。

Our next question will come from Patrick Walravens with JMP Securities.

我們的下一個問題將來自 JMP 證券公司的 Patrick Walravens。

Let me add my congratulations. So Jay, I saw that about an hour ago, you announced a new Chief Customer Officer, Rey Perez I guess. And I was looking at his background. It actually seems really similar to Roger Scott, right? So I'm just wondering yes, really similar. What's the rationale there?

讓我補充一下我的祝賀。傑伊，大約一個小時前，我看到你宣布了一位新的首席客戶官，我猜是雷伊佩雷斯。我正在查看他的背景。它實際上看起來和羅傑斯科特非常相似，對吧？所以我只是想知道是的，真的很相似。那裡的理由是什麼？

Yes. Yes, they know each other. This is a planned transition. So we feel really good about it. Basically, Roger stepping back, and we were looking for who would be good to step into it, and we're really excited about Rey. So yes, I think it's an awesome evolution of the team, and we're excited about what he adds.

是的。是的，他們彼此認識。這是有計劃的過渡。所以我們對此感覺非常好。基本上，羅傑退後了，我們正在尋找合適的人選，我們對雷伊感到非常興奮。所以是的，我認為這是團隊的一次了不起的演變，我們對他添加的內容感到興奮。

All right. And then also, my follow-up is and lots of people have this issue. But with the stock having gone from the '90s to '22, that makes retention harder. What are you guys doing? What's your message to people? And is there anything you can do to offset sort of the pressure that comes from having the equity to do that?

好的。然後，我的後續行動是，很多人都有這個問題。但是隨著股票從 90 年代到 22 年代，這使得保留變得更加困難。你們在幹什麼？你對人們的信息是什麼？你能做些什麼來抵消因擁有股權而產生的壓力嗎？

Yes. Well, I mean, look, it was a turbulent time for us to go public. There was a big run-up and then some fall off. I think the employee base we have has been through a number of things that were difficult. And so we're kind of in it for the long haul. There's a huge opportunity here. People are excited about it.

是的。好吧，我的意思是，看，這是我們上市的動盪時期。有一個很大的上升，然後一些下降。我認為我們的員工基礎經歷了許多困難的事情。所以我們長期參與其中。這裡有一個巨大的機會。人們對此感到興奮。

We did do some small things to try and help. So Steffan talked about the fact that we kind of split the bonus payout, we felt like that was a cost-efficient way of trying to give people something a little earlier. So what would have been a payout in Q1, we split into 2 payments and gave the first one upfront so that it wasn't kind of cushion some of it. And I think that helps that was extremely well received.

我們確實做了一些小事來嘗試和幫助。因此，Steffan 談到了我們將獎金分紅的事實，我們覺得這是一種嘗試早點給人們一些東西的經濟高效的方式。因此，在第一季度支付的費用是多少，我們分成兩筆付款，並預先支付了第一筆款項，這樣它就不會起到緩衝的作用。我認為這很有幫助，非常受歡迎。

So I think we're in a good state with our employees, and it's also gotten much easier to hire new people and grow because it's a more difficult economy. So I guess that's a silver lining in it.

因此，我認為我們的員工狀況良好，僱用新員工和發展也變得容易得多，因為這是一個更加困難的經濟體。所以我想這是一線希望。

The other thing I'd tag on is, as you think about our demonstrated ability to deliver on our commitments. That is very important as all the employees, including everyone on this call, we all have goals and objectives that we're trying to accomplish each quarter and those get boiled up into how we guide the Street, how we execute and the level of execution since we've been public has been a big bright spot for employees because people are delivering on their commitments in a very tough environment.

我要指出的另一件事是，當您想到我們表現出的履行承諾的能力時。這非常重要，因為所有員工，包括本次電話會議的每個人，我們都有目標和目標，我們每個季度都在努力完成，這些目標和目標被歸結為我們如何指導華爾街、我們如何執行以及執行水平自從我們上市以來，一直是員工的一大亮點，因為人們在非常艱難的環境中兌現他們的承諾。

And a lot of things are going on in the macro and the volatility in the stock market. There are some things that are outside of our control. But what we can control is our execution, and that has been really stellar in a very volatile environment. And I think that is -- that provides some comfort to the employee base as well.

宏觀和股市波動中正在發生很多事情。有些事情是我們無法控制的。但我們可以控制的是我們的執行，這在一個非常不穩定的環境中非常出色。我認為這也為員工群體提供了一些安慰。

All right. That concludes today's earnings call. Thanks again, everyone, for joining us. We'll talk soon. Take care.

好的。今天的財報電話會議到此結束。再次感謝大家加入我們。我們很快就會談。小心。

Thank you all.

謝謝你們。