Confluent Inc (CFLT) 2024 Q1 法說會逐字稿

Hello, everyone. Welcome to the Confluent Q1 2024 Earnings Conference Call. I'm Shane Xie from Investor Relations, and I'm joined by Jay Kreps, Co-Founder and CEO; and Rohan Sivaram, CFO.

大家好。歡迎參加 Confluence 2024 年第一季財報電話會議。我是投資者關係部的謝恩·謝（Shane Xie），共同創辦人兼執行長傑伊·克雷普斯（Jay Kreps）也加入其中。羅漢‧西瓦拉姆 (Rohan Sivaram)，財務長。

During today's call, management will make forward-looking statements regarding our business, operations, sales strategy, market and product positioning, financial performance and future prospects, including statements regarding our financial guidance for the fiscal second quarter of 2024 and fiscal year 2024. 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 our most recent Form 10-K filed with the SEC. We assume no obligation to update these statements after today's call, except as required by law.

在今天的電話會議中，管理層將就我們的業務、營運、銷售策略、市場和產品定位、財務業績和未來前景做出前瞻性陳述，包括有關我們2024 年第二季度和2024 財年財務指導的陳述。有關可能導致實際結果不同的風險因素的更多資​​訊包含在我們最近向 SEC 提交的 10-K 表格中。除非法律要求，否則我們沒有義務在今天的電話會議後更新這些聲明。

Unless stated otherwise, certain financial measures used on today's call are expressed on a non-GAAP basis, and all comparisons are made on a year-over-year 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. 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 IR website at investors.confluent.io.

除非另有說明，今天電話會議中使用的某些財務指標是在非公認會計準則基礎上表示的，所有比較都是在同比基礎上進行的。我們在內部使用這些非公認會計準則財務指標來分析我們的財務和業務趨勢以及內部規劃和預測目的。這些非公認會計原則財務指標具有局限性，不應孤立地考慮或取代根據公認會計原則準備的財務資訊。這些 GAAP 和非 GAAP 財務指標之間的調整包含在我們的收益新聞稿和補充財務資訊中，您可以在我們的 IR 網站 Investors.confluence.io 上找到這些資訊。

And finally, once we have concluded our earnings call, we will post the Confluent earnings report to our IR website. The report is a single PDF, which contains our earnings into graphic, one pagers on our technology, our prepared remarks and slides from today's earnings call. Going forward, we plan on publishing the report at the end of our quarterly earnings call.

最後，一旦我們結束了我們的財報電話會議，我們將把 Confluence 財報發佈到我們的 IR 網站上。該報告是一個 PDF 格式，其中包含我們的圖形收益、有關我們技術的尋呼機、我們準備好的評論以及今天收益電話會議的幻燈片。展望未來，我們計劃在季度收益電話會議結束時發布該報告。

With that, I'll turn the call over to Jay.

這樣，我就把電話轉給傑伊。

Thanks, Shane. Good afternoon, everyone, and welcome to our first quarter earnings call. I'm happy to report we had a strong start to the year, exceeding the high end of all guided metrics. Total revenue grew 25% to $217 million. Confluent Cloud revenue grew 45% to $107 million, which now accounts for the majority of the subscription revenue and remains our fastest-growing offering.

謝謝，謝恩。大家下午好，歡迎參加我們的第一季財報電話會議。我很高興地向大家報告，今年我們取得了良好的開局，超過了所有指導指標的高端。總營收成長 25%，達到 2.17 億美元。 Confluence Cloud 營收成長了 45%，達到 1.07 億美元，目前佔訂閱收入的大部分，並且仍然是我們成長最快的產品。

Non-GAAP operating margin improved 22 percentage points our fourth consecutive quarter of more than 20 points improvement. These results reflect our team's strong execution amid still uncertain but stabilizing macro environment.

非 GAAP 營運利潤率提高了 22 個百分點，連續第四個季度實現超過 20 個百分點的提高。這些結果反映了我們團隊在仍不確定但穩定的宏觀環境中的強大執行力。

In Q1, we launched our consumption transformation. We oriented our sales compensation for cloud towards incremental consumption and new logo acquisition. We rolled out new systems, metrics and measures and made pricing adjustments, reduced friction and lending new customers. It remains early days but we are in the strong promising signals of our consumption orientation, particularly around new customer acquisition and stabilization of consumption trends.

一季度，我們啟動了消費轉型。我們將雲端銷售薪酬定位於增量消費和新商標取得。我們推出了新的系統、指標和措施，並進行了定價調整、減少摩擦並向新客戶提供貸款。雖然現在還處於早期階段，但我們的消費導向發出了強烈的有希望的信號，特別是在新客戶獲取和消費趨勢穩定方面。

With an increased focus on new logo growth, we added 160 customers to our total customer count, our largest sequential growth since Q1 '23. We not only increased the volume of customer additions but we're better able to target high potential customers, increasing the quality of our customer adds as well.

隨著對新商標成長的日益關注，我們的客戶總數增加了 160 名客戶，這是自 23 年第一季以來最大的連續成長。我們不僅增加了新增客戶的數量，而且能夠更好地瞄準高潛力客戶，同時也提高了新增客戶的品質。

We recently hosted Kafka Summit in London and Bangalore. Kafka Summit Bangalore was the first ever Kafka Summit in APAC. These events are a great illustration of the tremendous growth and innovation happening within the data streaming category. Between the 2 events, we had more than 7,000 people joining us in person or registered virtually, spanning start-ups, enterprises and everything in between including organizations like Apple, Bloomberg, CERN, ING, Stripe, Uber and many others.

我們最近在倫敦和班加羅爾舉辦了卡夫卡峰會。班加羅爾卡夫卡高峰會是亞太地區首屆卡夫卡高峰會。這些事件很好地說明了資料流類別中發生的巨大成長和創新。在這兩次活動中，有超過 7,000 人親自參加或虛擬註冊，涵蓋新創公司、企業以及介於兩者之間的各種組織，包括 Apple、Bloomberg、CERN、ING、Stripe、Uber 等組織。

Our relentless pace of product innovation was on full display with 15 major customer-facing features and pricing performance optimizations announced across both events, including the general availability of Flink and early availability of a powerful new feature we call Tableflow. Tableflow makes all the data streams that flow through Confluent Cloud available as structured tables and cloud object storage using an open table format called Apache Iceberg.

我們在產品創新方面堅持不懈的步伐，在兩場活動中宣布的15 項面向客戶的主要功能和定價性能優化得到了充分展示，包括Flink 的全面發布以及我們稱為Tableflow 的強大新功能的早期發布。 Tableflow 使用稱為 Apache Iceberg 的開放式表格式，使所有流經 Confluence Cloud 的資料流可用作結構化表格和雲端物件儲存。

Let me provide a little background on what this means and why it's so powerful. Historically, data in the analytics and data warehousing world, who's existing in closed systems that tracked their data inside of walled garden. As the complexity of the analytics world has grown, this has led to a mismatch of data warehouses, data links, AI products and reporting systems. This granted lots of value for technology vendors but created yet another data silo for the end user. However, over the last 5 years, a trend has emerged of standardizing around open data formats and metadata on top of cloud object store. The rise of cheap cloud object storage like S3 means another path is possible, instead of fragmenting data across various analytical systems, the tables of data that can be shared across systems.

讓我提供一些背景知識，說明這意味著什麼以及為什麼它如此強大。從歷史上看，分析和資料倉儲領域的資料存在於封閉的系統中，這些系統在圍牆花園內追蹤其資料。隨著分析世界的複雜性不斷增加，這導致了資料倉儲、資料連結、人工智慧產品和報告系統的不匹配。這為技術供應商帶來了許多價值，但為最終用戶創建了另一個資料孤島。然而，在過去 5 年中，出現了圍繞雲端物件儲存之上的開放資料格式和元資料進行標準化的趨勢。 S3 等廉價雲端物件儲存的興起意味著另一種路徑是可能的，即可以跨系統共享資料表，而不是將資料分散到各個分析系統中。

Apache Iceberg has arisen as the de facto standard for these open analytic tables on top of cloud object storage. Iceberg is an open source project that has near universal support across the open source systems like Apache Spark and Flink as well as the data warehousing and data lake house world, including products like AWS Athena, RedShift, Google's BigQuery and Snowflake. Tableflow is more than just a connector, already Kafka and Confluent are one of the most common feeds of data into the analytics system. But with Tableflow, we can make that integration far deeper.

Apache Iceberg 已成為雲端物件儲存之上這些開放分析表的事實上的標準。 Iceberg 是一個開源項目，幾乎得到了 Apache Spark 和 Flink 等開源系統以及資料倉儲和資料湖屋領域的普遍支持，包括 AWS Athena、RedShift、Google 的 BigQuery 和 Snowflake 等產品。 Tableflow 不只是一個連接器，Kafka 和 Confluence 已成為分析系統中最常見的資料來源之一。但透過 Tableflow，我們可以讓這個整合更加深入。

Kora, our cloud native Kafka implementation already heavily relied on cloud object storage for storing the streams of data in Confluent Cloud. Tableflow means that we can open up these same streams directly as iceberg tables with the click of a button. This means data is defined a single time, stored a single time and no complex mappings or translations are needed. Tableflow is in early access now and taking on its first users. For some vendors, the rise of open data formats like Iceberg is perceived as a threat as it opens up data that was locked in a silo to an ecosystem of processing and analytics layers letting vendors compete on a level playing field based on cost, performance and features rather than any new entrant having to overcome significant data gravity. However, we believe Confluent is uniquely positioned to benefit from this trend as our goal and indeed, our business model is built around the sharing of data. So the rise of iceberg creates a very important destination for data that can increase the value of the streams in our platform.

Kora，我們的雲端原生 Kafka 實作已經嚴重依賴雲端物件儲存來儲存 Confluence Cloud 中的資料流。 Tableflow 意味著我們可以透過點擊按鈕直接開啟這些相同的串流作為冰山表。這意味著資料一次性定義、一次性存儲，不需要複雜的映射或轉換。 Tableflow 現已進入搶先體驗階段並迎來第一批使用者。對於一些供應商來說，像Iceberg 這樣的開放資料格式的興起被視為一種威脅，因為它將鎖定在孤島中的資料開放到處理和分析層的生態系統中，使供應商能夠在基於成本、性能和成本的公平競爭環境中競爭。然而，我們相信 Confluence 具有獨特的優勢，可以從這一趨勢中受益，並將其作為我們的目標，事實上，我們的業務模式是圍繞數據共享構建的。因此，冰山的崛起為資料創造了一個非常重要的目的地，可以增加我們平台中流的價值。

This makes Tableflow central to Confluent's vision of opening up and connecting all the data in an organization. We've heard overwhelmingly positive feedback from customers with this announcement and look forward to making this a significant part of our business over time. Last quarter, we discussed the world of stream processing and why our Flink offering is uniquely positioned to win this market. And we've been seeing incredibly interesting excitement for our Flink offering. Nearly 600 prospects and customers have tried Flink since its preview.

這使得 Tableflow 成為 Confluence 開放和連結組織中所有資料的願景的核心。我們從客戶那裡聽到了對這項公告的絕大多數積極反饋，並期待隨著時間的推移使其成為我們業務的重要組成部分。上個季度，我們討論了流處理領域，以及為什麼我們的 Flink 產品具有獨特的優勢來贏得這個市場。我們已經看到 Flink 產品帶來了令人難以置信的有趣興奮。自 Flink 預覽版以來，已有近 600 名潛在客戶和客戶嘗試過。

At Kafka Summit London, we announced the general availability of Confluent Cloud for Apache Flink. Early customer feedback has been strong. We see many of these customers starting the ramp towards production applications that will drive significant assumption over time. We announced another exciting Flink development at Kafka Summit Bangalore. We'll be adding Flink to our on-premise software offering Confluent Platform. This helps our on-premise and hybrid customers adopt Flink for critical workloads running in their data centers. These are very exciting steps for Confluent and it cements our position as the only complete data streaming platform. Tableflow and Flink are capabilities beyond Kafka and represents significant progress towards building what believe will be the most important data platform in a modern company.

在倫敦 Kafka 高峰會上，我們宣布 Apache Flink 的 Confluence Cloud 全面上市。早期的客戶回饋非常強烈。我們看到許多這樣的客戶開始轉向生產應用程序，隨著時間的推移，這將推動重大假設。我們在班加羅爾 Kafka 峰會上宣布了另一個令人興奮的 Flink 開發。我們將把 Flink 加入我們提供 Confluence Platform 的本機軟體中。這有助於我們的本地和混合客戶採用 Flink 來處理在其資料中心運行的關鍵工作負載。對 Confluence 來說，這些都是非常令人興奮的步驟，它鞏固了我們作為唯一完整資料流平台的地位。 Tableflow 和 Flink 的功能超越 Kafka，代表著在建立現代公司中最重要的資料平台方面取得的重大進展。

Gen AI continues to be top of mind for many companies but most are coming to realize that LLM don't stand alone. RAG or retrieval augmented generation has emerged as the common pattern for Gen AI to extend the powerful LLM models to domain specific data sets in a way that avoids hallucination and allows granular access control. Data streaming platforms play a pivotal in enriching RAG-enabled workloads with contextual and trustworthy data. It enables companies to tap into a continuous stream of real-time data to that power the business and transform it into the right to be used by vector basis for AI applications.

Gen AI 仍然是許多公司的首要考慮因素，但大多數公司開始意識到 LLM 並不是孤立的。 RAG 或檢索增強生成已成為 Gen AI 的常見模式，以避免幻覺並允許精細存取控制的方式將強大的 LLM 模型擴展到特定領域的資料集。資料流平台在透過上下文和可信任資料豐富支援 RAG 的工作負載方面發揮關鍵作用。它使公司能夠利用連續的即時數據流來為業務提供動力，並將其轉化為基於向量的人工智慧應用程式的使用權。

Another announcement from Kafka Summit Bangalore that helps make this kind of RAG architecture easier with support for AI models in remote inference in Flink SQL. This capability is designed to simplify the development and deployment of AI applications by enabling software developers to integrate inference and embedding computation directly into their data processing, making it easier than ever to bring AI to real-time apps.

班加羅爾 Kafka 高峰會的另一項公告透過支援 Flink SQL 中遠端推理中的 AI 模型，幫助簡化這種 RAG 架構。該功能旨在簡化人工智慧應用程式的開發和部署，使軟體開發人員能夠將推理和嵌入計算直接整合到數據處理中，比以往更輕鬆地將人工智慧引入即時應用程式。

We're seeing particularly strong traction with the digital native segment with companies like OpenAI, Notion and Motive. We're leveraging Gen AI to reimagine customer experiences in nearly every industry. One such customer is an AI-powered customer intelligence platform to manage contact centers and customer engagements. A powerful communications AI is central to its platform and is used for a variety of use cases, including surfacing real-time insights for call center managers and identifying when agents need immediate assistance or intervention in handling problematic situations. Their existing architecture was unable to handle the demands of real time with latency sometimes exceeding a minute. This sluggishness was unacceptable for an AI application that requires access to fresh and continuously updated data. So this customer turned to Confluent Cloud for fast and scalable data streaming.

我們看到 OpenAI、Notion 和 Motive 等公司對數位原生領域的吸引力特別強。我們正在利用 Gen AI 重新構想幾乎每個產業的客戶體驗。其中一個客戶是人工智慧驅動的客戶智慧平台，用於管理聯絡中心和客戶互動。強大的通訊人工智慧是其平台的核心，可用於各種用例，包括為呼叫中心經理提供即時見解，以及確定代理商何時需要立即協助或介入來處理問題情況。他們現有的架構無法處理即時需求，延遲有時會超過一分鐘。對於需要存取新鮮且持續更新的數據的人工智慧應用程式來說，這種遲緩是不可接受的。因此，該客戶轉向 Confluence Cloud 來實現快速且可擴展的資料流。

By integrating Confluent with other components of its architecture, the customer was able to significantly reduce latencies for response times from over a minute down to as slow as 10 milliseconds. With faster, fresher data and more real-time insights available, the customers better equip to meet the needs of its customers and provide them with valuable tools and analytics for managing their contact centers and customer engagements.

透過將 Confluence 與其架構的其他元件集成，客戶能夠大幅減少回應時間的延遲，從一分鐘多降至 10 毫秒。憑藉更快、更新鮮的數據和更即時的洞察，客戶可以更好地滿足客戶的需求，並為他們提供有價值的工具和分析來管理其聯絡中心和客戶互動。

But it's not just digital natives who are putting Gen AI into action. Another great example is GEP Worldwide, a global leader in supply chain and procurement solutions. This $1 billion revenue company provides software consultancy and managed services to some of the world's biggest multinationals. Its software offerings are infused by Gen AI to support chatbots and Decision support tools. Previously the team was an open-source Kafka shop but operating and maintaining Open Source became too burdensome to maintain, ultimately stifling their ability to iterate and innovate quickly. So they turn to Confluent.

但將 Gen AI 付諸實踐的不僅僅是數位原住民。另一個很好的例子是 GEP Worldwide，它是供應鏈和採購解決方案的全球領導者。這家營收達 10 億美元的公司為全球一些最大的跨國公司提供軟體諮詢和託管服務。其軟體產品由 Gen AI 注入，以支援聊天機器人和決策支援工具。此前，該團隊是一家開源 Kafka 商店，但營運和維護開源變得過於繁重，難以維護，最終扼殺了他們快速迭代和創新的能力。因此他們轉向 Confluence。

With Confluent serving as the central nervous system of its software, the company is able to more quickly connect data across hundreds of applications, including both custom apps and the operational and analytical estates to provide contextual, relevant and real-time insight into its AI platform. Confluent continues to innovate across our products and partner ecosystem to make it easier for customers, so organizations can quickly scale and build AI-enabled applications using trusted data streams.

透過 Confluence 作為其軟體的中樞神經系統，該公司能夠更快速地連接數百個應用程式中的數據，包括自訂應用程式以及操作和分析資產，以提供對其 AI 平台的上下文、相關和即時洞察。 Confluence 不斷在我們的產品和合作夥伴生態系統中進行創新，讓客戶更輕鬆地使用，以便組織可以使用可信任資料流快速擴展和建立支援 AI 的應用程式。

In closing, I'm incredibly proud of our team. Our rapid pace of innovation is phenomenal, and our field and go-to-market teams are leaning into our consumption transformation with early positive results. I've never been more excited or confident in Confluent's ability to capture the lion's share of the data streaming platform market.

最後，我為我們的團隊感到無比自豪。我們的創新速度驚人，我們的現場和市場推廣團隊正在致力於消費轉型，並取得了早期積極成果。我對 Confluence 佔領資料流平台市場最大份額的能力感到前所未有的興奮和信心。

With that, I'll turn things over to Rohan.

這樣，我就把事情交給Rohan了。

Thanks, Jay. Good afternoon, everyone. We delivered solid first quarter results, beating all our guided metrics and a still uncertain macro environment. Key highlights include robust top line growth and bottom line improvements. The largest sequential customer growth since Q1 2023 and create momentum in multiproduct adoption. These results reflect our team's strong execution on our consumption transformation, and our expanding multiproduct platform leadership in data streaming.

謝謝，傑伊。大家下午好。我們交付了穩健的第一季業績，超越了我們所有的指導指標，並且宏觀環境仍然不確定。主要亮點包括強勁的營收成長和獲利改善。自 2023 年第一季以來最大的連續客戶成長，為多產品採用創造了動力。這些結果反映了我們團隊在消費轉型方面的強大執行力，以及我們在資料流方面不斷擴大的多產品平台領導地位。

Turning to the Q1 results. Total revenue grew 25% to $217.2 million. Subscription revenue grew 29% to $206.9 million. Within subscription, Confluent Platform revenue grew 15% to $100.1 million, representing 46% of total revenue. Customers rely on Confluent Platform to harness data streaming on-prem, on the edge and bridge to the cloud. We continue to see healthy demand for Confluent Platform as most organizations are still early in their move to the cloud.

轉向第一季的結果。總營收成長 25%，達到 2.172 億美元。訂閱收入成長 29%，達到 2.069 億美元。在訂閱業務中，Confluence 平台營收成長了 15%，達到 1.001 億美元，佔總營收的 46%。客戶依靠 Confluence Platform 來利用本地、邊緣和雲端的資料流。我們繼續看到對 Confluence Platform 的健康需求，因為大多數組織仍處於向雲端遷移的早期階段。

Confluent Cloud revenue grew 45% to $106.8 million, exceeding our guidance of $105 million and ended the quarter at 49% of total revenue compared to 42% a year ago. Our cloud performance was driven by the ramp in consumption from select customers added in recent quarters, and we started seeing stabilization of new use case expansion in our existing customer base, including our digital native segment.

Confluence Cloud 營收成長 45%，達到 1.068 億美元，超過我們指引的 1.05 億美元，本季末佔總營收的 49%，而去年同期為 42%。我們的雲端效能是由最近幾季新增的特定客戶的消費量成長所推動的，我們開始看到現有客戶群（包括我們的數位原生細分市場）新用例擴展的穩定。

Turning to the geographical mix of revenue. Revenue from the U.S. grew 23% to $127.4 million. Revenue from outside the U.S. grew 28% to $89.8 million.

轉向收入的地理組合。來自美國的收入成長了 23%，達到 1.274 億美元。來自美國以外的收入成長了 28%，達到 8,980 萬美元。

Moving on to the rest of the income statement. I'll be referring to non-GAAP results unless stated otherwise. Total gross margin was 76.9%, up 470 basis points. Subscription gross margin was 80.7%, up 320 basis points. We are pleased with operating above our long-term target level of 75% for total gross margin even with a continued revenue mix shift to cloud. Our cloud offering has significant architectural advantages in multi-tenancy, elasticity, data balancing, networking and data replication. Combined with continual optimizations at every layer of the stack, we have driven a significant cost advantage in operations while delivering industry-leading innovations to our customers at a lower TCO.

繼續看損益表的其餘部分。除非另有說明，我將指的是非公認會計準則的結果。總毛利率為76.9%，上升470個基點。認購毛利率為80.7%，上升320個基點。即使營收組合持續轉向雲，我們仍對總毛利率高於 75% 的長期目標水準感到滿意。我們的雲端產品在多租戶、彈性、資料平衡、網路和資料複製方面具有顯著的架構優勢。結合堆疊每一層的持續優化，我們在營運方面取得了顯著的成本優勢，同時以較低的整體擁有成本為客戶提供業界領先的創新。

Turning to profitability and cash flow. Operating margin improved 22 percentage negative 1.5%, representing our seventh consecutive quarter of more than 10 points and fourth quarter of more than 20 points in margin improvement. Operating margin performance was driven by our gross margin performance and our continued focus on driving efficient growth economy with the most pronounced progress made in sales and marketing. The improvements in sales and marketing demonstrates focused efforts in driving operating leverage and improving unit economics.

轉向獲利能力和現金流。營業利潤率提高了 22 個百分點，負 1.5%，這代表我們連續第七個季度超過 10 個百分點，第四季利潤率提高超過 20 個百分點。營業利潤率表現是由我們的毛利率表現以及我們持續專注於推動經濟高效成長（銷售和行銷方面最顯著的進展）所推動。銷售和行銷的改善顯示了在提高營運槓桿和提高單位經濟效益方面的重點努力。

Net income per share was $0.05 for Q1, using 350.2 million diluted weighted average shares outstanding. Fully diluted share count under the treasury stock method was approximately 362.4 million. Free cash flow margin improved 33 percentage points to negative 14.6%. And we ended the first quarter with $1.91 billion in cash, cash equivalents and marketable securities.

使用 3.502 億股稀釋加權平均流通股計算，第一季每股淨利為 0.05 美元。庫存股法下的完全稀釋股份數量約為3.624億股。自由現金流利潤率提高了 33 個百分點，至負 14.6%。第一季結束時，我們擁有 19.1 億美元的現金、現金等價物和有價證券。

Turning now to other business metrics. Total customer count was approximately 5,120, representing an increase of 160 customers sequentially. This is our largest sequential growth in total customers since Q1 2023, reflecting the early signs of success from our consumption transformation. Customers with $100,000 in ARR grew 17% to 1,260 and continue to account for greater than 85% of our revenue. Customers with $1 million plus in ARR grew 24% to 168, reflecting the power of our network effect and customers' continued standardization on our data streaming platform. NRR was healthy and in line with our target range of 120% to 125% for this year. Gross retention rate remained strong and was above 90%.

現在轉向其他業務指標。客戶總數約 5,120 名，較上一季增加 160 名。這是我們自 2023 年第一季以來客戶總數最大的連續成長，反映出我們消費轉型成功的早期跡象。 ARR 為 100,000 美元的客戶增長了 17%，達到 1,260 個，並繼續占我們收入的 85% 以上。 ARR 超過 100 萬美元的客戶成長了 24%，達到 168 個，反映了我們網路效應的力量以及客戶在我們的資料流平台上的持續標準化。 NRR 健康，符合我們今年 120% 至 125% 的目標範圍。毛保留率依然強勁，達到90%以上。

As discussed in the last quarter, we expect NRR to exceed our midterm target threshold of 125% starting fiscal year '25 as we exit the consumption transformation. RPO was $840.2 million, up 13%. Current RPO was estimated to be $570.6 million, up 20%. As discussed in prior quarters, RPO related metrics are now less relevant given our greater focus on driving consumption for our cloud business. Starting this quarter, investors can access our RPO metrics in our supplemental financials document on our IR website.

正如上個季度所討論的，隨著我們退出消費轉型，我們預計從 25 財年開始，NRR 將超過 125% 的中期目標門檻。 RPO 為 8.402 億美元，成長 13%。目前 RPO 預計為 5.706 億美元，成長 20%。正如前幾季所討論的，鑑於我們更加關注推動雲端業務的消費，RPO 相關指標現在不再那麼重要。從本季開始，投資者可以在我們的 IR 網站上的補充財務文件中查看我們的 RPO 指標。

Now I would like to discuss our long-term opportunity with our data streaming platform, or DSP. We have driven success with our cloud-native streaming product with Kafka accounting for the substantial majority of our cloud revenue. Over the last few years, we have added Connect, Process and Govern to complete our multiproduct platform. As Jay mentioned, early customer reception of our stream processing product Flink has been strong. As our customers start building and ramping their streaming applications, we expect Flink will contribute to revenue meaningfully in 2025.

現在我想討論一下我們的資料流平台（DSP）的長期機會。我們透過雲端原生串流產品取得了成功，其中 Kafka 佔據了我們雲端收入的絕大部分。在過去的幾年裡，我們增加了連結、流程和治理來完善我們的多產品平台。正如 Jay 所提到的，早期客戶對我們的串流處理產品 Flink 的接受度非常高。隨著我們的客戶開始建立和擴展他們的串流應用程序，我們預計 Flink 將在 2025 年為收入做出有意義的貢獻。

But Confluent isn't just about streaming and stream processing. Our growth potential with Connect and Govern is often underestimated. Legacy integration companies have a massive installed base around connectors, and this is a significant opportunity for our Connect portfolio. Connect is our first and largest DSP product after streaming and its revenue growth trajectory has been robust. For Govern, the increasing complexity around data, security, regulation, coupled with the rise of Gen AI are driving the demand for our Governance products. In fact, revenue growth for Stream Governance has been the fastest of any products we have launched to date.

但 Confluence 不僅僅涉及流和流處理。我們在連結和治理方面的成長潛力經常被低估。傳統整合公司在連接器方面擁有龐大的安裝基礎，這對於我們的 Connect 產品組合來說是一個重要的機會。 Connect 是我們繼串流媒體之後的第一個也是最大的 DSP 產品，其營收成長軌跡一直強勁。對治理而言，資料、安全、監管日益複雜，加上人工智慧的興起，正在推動對我們治理產品的需求。事實上，Stream Governance 的營收成長是我們迄今為止推出的所有產品中最快的。

The multiproduct aspect of our unified platform adds to our growth vectors and extends our runway to drive durable and efficient growth. Let me put it into more context. First, each pillar of our platform has the potential to become a large independent business on its own. The 3 DSP products, which include Connect, Process and Govern are early their S-curve of maturity and adoption than Kafka. But over time, we think the growth potential will be larger than Kafka itself.

我們統一平台的多產品方面增加了我們的成長向量，並擴展了我們的跑道，以推動持久和高效的成長。讓我把它放在更多的背景。首先，我們平台的每個支柱都有潛力成為一個大型獨立業務。 Connect、Process 和 Govern 等 3 個 DSP 產品的成熟度和採用率比 Kafka 更早進入 S 曲線。但隨著時間的推移，我們認為成長潛力將比 Kafka 本身更大。

Second, our opportunity with our DSP products remain in very early days. In Q1 2024, the 3 DSP products accounted for approximately 10% of cloud revenue, but with a substantially faster growth rate than our overall cloud business. We expect 3 DSP products to remain the fastest-growing part of our business and account for a much larger portion of our cloud revenue over time.

其次，我們的 DSP 產品機會仍處於早期階段。 2024年第一季度，這3種DSP產品約佔雲端營收的10%，但成長速度明顯快於我們整體雲端業務的成長速度。我們預計 3 DSP 產品仍將是我們業務成長最快的部分，並隨著時間的推移在我們的雲端收入中佔據更大的比例。

And third, multiproduct customers have a higher NRR profile. In Q1 2024, customers using 3 or more products in our 100,000-plus customer cohort increased 47% year-over-year. These multiproduct customers had an NRR substantially higher than the company average. This underscores the strong networks of our unified platform, where the success of one product drives additional success in the others.

第三，多產品客戶的 NRR 較高。 2024 年第一季度，我們 10 多萬名客戶群中使用 3 種或以上產品的客戶年增 47%。這些多產品客戶的 NRR 遠高於公司平均值。這凸顯了我們統一平台的強大網絡，其中一種產品的成功帶動了其他產品的進一步成功。

As our data streaming platform matures and multiproduct adoption continues to increase, we believe we will be in a stronger position to address our $60 billion market opportunity ahead.

隨著我們的資料流平台的成熟和多產品採用的不斷增加，我們相信我們將處於更有利的地位來應對未來 600 億美元的市場機會。

Before turning to our financial outlook, I'd like to note that our guidance philosophy is consistent with prior quarters with the overall objective of setting prudent and achievable targets. We don't forecast a better or worst macro environment in our guidance. And as a reminder, beginning with the third quarter of 2024, we will fully transition to providing total subscription revenue guidance only.

在談到我們的財務前景之前，我想指出的是，我們的指導理念與前幾季一致，整體目標是設定審慎且可實現的目標。我們的指導中沒有預測更好或最差的宏觀環境。提醒一下，從 2024 年第三季開始，我們將全面過渡為僅提供總訂閱收入指引。

Now let's turn to guidance. For the second quarter of 2024, we expect total revenue to be in the range of $229 million to $230 million, representing growth of 21% to 22%. subscription revenue to be in the range of $217 million to $218 million, representing growth of 23% to 24%. Cloud revenue to be approximately $116 million, representing growth of approximately 39%. Non-GAAP operating margin at approximately negative 1%, representing improvement of approximately 8 percentage points, and non-GAAP's net per diluted share to be in the range $0.04 to $0.05.

現在讓我們轉向指導。 2024 年第二季度，我們預計總營收將在 2.29 億美元至 2.3 億美元之間，成長 21% 至 22%。訂閱收入將在 2.17 億美元至 2.18 億美元之間，成長 23% 至 24%。雲端收入約 1.16 億美元，成長約 39%。非 GAAP 營運利潤率約為負 1%，提高了約 8 個百分點，非 GAAP 攤薄後每股淨收益將在 0.04 美元至 0.05 美元之間。

For the full year 2024, we now expect total revenue to be approximately $957 million, representing growth of approximately 23%. Subscription revenue to be approximately $910 million, representing growth of approximately 25%, non-GAAP operating margin to breakeven, representing improvement of approximately 7 percentage points. Free cash flow margin to breakeven representing improvement of approximately 16 percentage points and non-GAAP net income per diluted share to be in the range of $0.19 to $0.20.

對於 2024 年全年，我們目前預計總收入約為 9.57 億美元，成長約 23%。訂閱收入約 9.1 億美元，成長約 25%，非 GAAP 營業利潤達到損益平衡，提高約 7 個百分點。損益平衡點的自由現金流利潤率提高了約 16 個百分點，非 GAAP 攤薄後每股淨利潤將在 0.19 美元至 0.20 美元之間。

Finally, we expect net dilution for fiscal year '24 will be approximately 3%, in line with our midterm target. Our long-term target is to bring net dilution down to under 2%, which we expect will drive SBC as a percentage of total revenue down to the mid-teens over time.

最後，我們預計 24 財年的淨稀釋度約為 3%，與我們的中期目標一致。我們的長期目標是將淨稀釋率降至 2% 以下，我們預計隨著時間的推移，這將推動 SBC 在總收入中所佔的百分比降至十幾歲左右。

In closing, we are pleased with our strong and bottom line performance in the first quarter. Our consumption transformation has shown early signs of success. The value proposition of our multiproduct platform is resonating with customers. We will stay focused on delivering innovation and value to our customers while continuing to fine-tune our go-to-market effort, which we believe will put us in a stronger position to capture our market opportunity ahead.

最後，我們對第一季強勁的獲利表現感到滿意。我們的消費轉型已初見成效。我們的多產品平台的價值主張引起了客戶的共鳴。我們將繼續專注於為客戶提供創新和價值，同時繼續調整我們的市場推廣工作，我們相信這將使我們處於更有利的地位，以抓住未來的市場機會。

Now Jay and I will take your questions.

現在傑伊和我將回答你們的問題。

(Operator Instructions) And today, our first question will come from Sanjit Singh with Morgan Stanley, followed by RBC.

（操作員說明）今天，我們的第一個問題將來自摩根士丹利的桑吉特辛格（Sanjit Singh），其次是加拿大皇家銀行（RBC）。

Congrats on a solid start to the year. Jay, I want to go back to the big macro environment in terms of just the pace of new software development projects. I remember last year, that had definitely slowed down quite a bit. What are you seeing now in terms of just new software development initiatives? And maybe you can sort of tie that into some of the sales transformation efforts that you have thrown on new organization?

恭喜今年有一個好的開始。 Jay，我想回到宏觀環境，就新軟體開發專案的節奏而言。我記得去年，速度肯定慢了很多。您現在在新的軟體開發計劃方面看到了什麼？也許您可以將其與您對新組織進行的一些銷售轉型工作聯繫起來？

Yes. I think we've seen overall stabilization. I would say the focus for a lot of our customers over the last year was really heavy focus on cost optimization with some amount of new developments, but really only the most necessary things. I do think that's picked up a little bit. The -- that's probably most pronounced in the digital native segment where they were probably the hardest hit last year. And they probably have the biggest bounce back in terms of focus on AI-related initiatives and other developments. So I would say that's positive.

是的。我認為我們已經看到整體穩定。我想說，去年我們許多客戶的重點確實是透過一些新開發來優化成本，但實際上只是最必要的事情。我確實認為這已經有所改善。這可能在數位原生領域最為明顯，他們去年可能受到的打擊最為嚴重。就對人工智慧相關舉措和其他發展的關注而言，他們可能有最大的反彈。所以我想說這是正面的。

And then on the consumption transformation, I think that's gone really well. I do feel like we've seen -- we had to execute really a large number of changes in a pretty short period of time. And I think we've really significantly derisked the set of changes by rolling out a bunch of system changes. They were well adopted by our field team. They've actually proved themselves out with customers. And I think that's shown up in the higher rate of new customer acquisition. And I think one of the nice things is in addition to just getting more customers, we're actually targeting and getting higher propensity customers. So it's kind of more volume and higher quality book. So yes, we felt like that was overall a really good result.

然後在消費轉型方面，我認為進展非常順利。我確實覺得我們已經看到——我們必須在很短的時間內執行大量的更改。我認為，透過推出一系列系統變更，我們確實大大降低了這一系列變更的風險。我們的現場團隊很好地採用了它們。他們實際上已經向客戶證明了自己。我認為這體現在更高的新客戶獲取率。我認為好處之一是除了獲得更多客戶之外，我們實際上正在瞄準並獲得更高傾向的客戶。所以這是一本容量更大、品質更高的書。所以，是的，我們覺得這總體上是一個非常好的結果。

It's good to hear. I really appreciate the breakout on some of the new product contribution in Q1 2024. In terms of the monetization strategy across the pillars of DSP, could you just sort of just outline that for us? And how does Tableflow potentially get monetized overtime?

很高興聽到。我真的很欣賞 2024 年第一季一些新產品貢獻的突破。 Tableflow 如何透過加班獲利？

Yes. Yes. So each of those represents kind of a distinct monetization opportunity. So the connectors, we charge for each of these connectors. There's a couple of pricing levers but it roughly correlates with how many instances of the connector and the amount of volume of data flowing. For Flink, it's kind of the compute hour is very similar to the models you'd see for other processing services like Snowflake. For Governance, it's an uplift that comes as kind of a flat fee as you move to our advanced governance package as well as something that scales up with your usage of the product. And Tableflow is new. So it's just an early access. Now, we haven't announced any pricing but that will also have monetization opportunities that go along with it.

是的。是的。因此，每一個都代表著獨特的貨幣化機會。因此，對於連接器，我們對每個連接器收費。有幾個定價槓桿，但它大致與連接器實例的數量和資料流的量相關。對於 Flink，它的計算時間與您在 Snowflake 等其他處理服務中看到的模型非常相似。對於治理而言，當您轉向我們的高階治理包時，這是一種固定費用的提升，並且隨著您對產品的使用而擴展。 Tableflow 是新的。所以這只是早期訪問。現在，我們還沒有宣布任何定價，但這也將帶來隨之而來的貨幣化機會。

All right. Thanks, Sanjit. We'll take our next question from Matt Hedberg with RBC followed by Barclays.

好的。謝謝，桑吉特。我們將接受來自加拿大皇家銀行和巴克萊銀行的馬特·赫德伯格的下一個問題。

Congrats on the results. Really nice to see. Maybe as a follow-up to Sanjit's question. You guys have a lot of company-specific drivers that are certainly seeming to be apparent in your numbers. I'm just sort of curious, could you help us think about how important improving hyperscaler trends and growth rates that we're seeing in that is also relevant to your success? Just trying to get a sense for how much of it is just sort of more of the environment versus complement specific?

祝賀結果。真的很高興看到。也許作為桑吉特問題的後續。你們有很多公司特定的驅動因素，這些驅動因素在你們的數據中肯定很明顯。我只是有點好奇，您能否幫助我們思考改善超大規模趨勢和成長率對您的成功有何重要意義？只是想了解其中有多少是環境因素而不是補體特異性因素？

Yes. Yes, it's a question. I mean I don't know that the specific performance of other companies directly drives us but there's obviously some amount of correlation in all spend in the cloud. If we were breaking out the different things, I would say the success of our consumption transformation thus far. That's an important factor. I think the kind of DSP components that Rohan outlined are early contributors probably, Connect is the furthest along, followed by Governance and Flink just went GA. So that's just starting to ramp to revenue contribution, it'll contribute more coming into next year.

是的。是的，這是一個問題。我的意思是，我不知道其他公司的具體業績是否會直接驅動我們，但顯然在雲端的所有支出之間存在一定程度的相關性。如果我們要區分不同的事情，我會說迄今為止我們的消費轉型是成功的。這是一個重要因素。我認為 Rohan 概述的 DSP 元件可能是早期貢獻者，Connect 是進展最遠的，其次是 Governance，而 Flink 剛剛進入 GA。因此，這對收入的貢獻剛開始增加，明年它將貢獻更多。

If I can just follow up, actually as a nice tie. It sounds like, Jay, you mentioned 600 prospects have tried Flink. It's great to hear. I mean we're starting to hear it show up in partner conversations as well. It sounds like a '25 thing. I'm just wondering Rohan, to -- when you think about it in guidance, are you featuring any Flink contribution in the second half of '24?

如果我能跟進的話，實際上是一條不錯的領帶。 Jay，聽起來你提到有 600 位潛在客戶嘗試過 Flink。很高興聽到。我的意思是我們也開始聽到它出現在合作夥伴的對話中。這聽起來像是25年的事。我只是想知道 Rohan，當您在指導中思考時，您是否在 24 年下半年對 Flink 做出了任何貢獻？

Matt, thanks for your question. Well, we've said this before, really Flink is a big opportunity for us. And 2024 is all about adoption and 2025 is all monetization. So from an overall what's included guidance, we're basically assuming that the contribution -- the material contribution from Flink will happen in fiscal '25.

馬特，謝謝你的問題。嗯，我們之前已經說過，Flink 對我們來說確實是一個很大的機會。 2024 年的重點是採用，2025 年的重點是貨幣化。因此，從整體指導內容來看，我們基本上假設 Flink 的貢獻——實質貢獻將在 25 財年發生。

All right. Thanks Matt. We'll take our next question from Raimo Lenschow with Barclays, followed by William Blair.

好的。謝謝馬特。我們將接受巴克萊銀行的雷莫·倫肖 (Raimo Lenschow) 提出的下一個問題，然後是威廉·布萊爾 (William Blair)。

Congrats from me as well. Jay, on the Flink side, now that you have proper early customer conversations, what are you seeing in terms of the adoption curve you seeing there? And you obviously saw -- have seen Kafka before. What's the early customer conversations there? And what does it drive you if you think about the addressable market coming out of that one?

我也表示祝賀。 Jay，在 Flink 方面，現在您已經進行了適當的早期客戶對話，您對那裡的採用曲線有何看法？你顯然以前見過卡夫卡。早期的客戶對話是什麼？如果您考慮該市場的潛在市場，它會對您產生什麼推動力？

Yes, I would say it's been very positive. There's incredible enthusiasm in our customer base really across the broad set of customers from the kind of digital native to large enterprises. It's early in the adoption for any of these cloud offerings. Nobody wants to build production workloads against the pre-GA product. So this kind of milestone of going GAs really kind of the starting line and then it's really about the build of production workloads. And each workload adds a little bit of continuous revenue production. And as those build up within customers, that's where it starts to contribute meaningfully.

是的，我想說這是非常積極的。我們的客戶群擁有令人難以置信的熱情，涵蓋從數位原生企業到大型企業的廣泛客戶。這些雲端產品的採用還處於早期階段。沒有人願意針對 GA 前的產品建構生產工作負載。因此，這種正式發布的里程碑確實是起跑線，然後才是真正關於生產工作負載的建構。每個工作負載都會增加一點點持續的收入生產。當這些在客戶內部建立起來時，它就開始做出有意義的貢獻。

And so I would say, overall, both the development of that product, the market reception has gone about as well as we could possibly expect as we kind of initiated the development of the Flink offering. Now it's really on us to go execute it as a business and make customers successful with it, which is obviously a very important next step.

因此，我想說，總體而言，該產品的開發和市場接受度都符合我們的預期，因為我們開始了 Flink 產品的開發。現在我們真的有責任將其作為一項業務來執行，並讓客戶從中取得成功，這顯然是非常重要的下一步。

Yes. And then one follow-up, Rohan, where I get a lot of the questions at the moment from the financial committees on RPO, cRPO. Maybe it's worth a reminder why that's kind of -- how that number came together and how that number needs to be seen in the overall context of the results?

是的。然後是 Rohan，我現在從財務委員會收到了很多關於 RPO、cRPO 的問題。也許值得提醒為什麼會這樣——這個數字是如何組合在一起的，以及如何在結果的整體背景下看待這個數字？

Absolutely. Raimo, we've called it out last quarter. When we think about the consumption transformation, one of the important changes that we are driving is making sure we're driving and incentivizing and focusing on consumption and not the commitment from the customer. And what that means is RPO is nothing but the commitment from the customer. And that not a huge focus for us because what drives Confluent Cloud is next unit of consumption. And as result of that, we said that when you think about the forward-looking indicators of our business, consumption revenue and subscription revenue are true indicators of organic growth and that will be probably a more leading indicator than RPO, cRPO.

絕對地。 Raimo，我們上個季度就已經提出了這一點。當我們考慮消費轉型時，我們正在推動的重要變革之一是確保我們推動、激勵和專注於消費，而不是客戶的承諾。這意味著 RPO 只不過是客戶的承諾。這對我們來說並不是一個重點，因為驅動 Confluence Cloud 的是下一個消費單位。因此，我們說，當你考慮我們業務的前瞻性指標時，消費收入和訂閱收入是有機成長的真正指標，這可能是比 RPO、cRPO 更領先的指標。

Thanks, Raimo. We'll take our next question from Jason Ader William Blair, followed by Walls Margo.

謝謝，雷莫。我們將接受傑森·阿德爾·威廉·布萊爾的下一個問題，然後是沃爾斯·馬戈。

Just wanted to ask about Gen AI. You gave some customer examples where folks are using your technology as part of Gen AI projects. Can you talk a little bit more about the timing of actual impact to the revenue? And then what specific products are you selling? Is it just the streaming? Or is it some of the other elements of the DSP?

只是想問Gen AI。您提供了一些客戶範例，其中人們正在使用您的技術作為 Gen AI 專案的一部分。能多談談對收入的實際影響的時間嗎？那麼您銷售的具體產品是什麼呢？僅僅是串流媒體嗎？還是 DSP 的其他一些元素？

Yes. Yes. So kind of as we described, I would say that's ramping now, like we're seeing customers that are adopting this. Usually the digital names are a little further ahead in their use cases. This is one of the number of use cases for us. It's not the only thing happening. But it's an important one and I think a strategic one for customers. So yes, I think that as these initiatives hit production, I think we'll see an increasing ramp of contribution from them heading into next year. The -- what their customers are using is really the full platform. Like our role in this is to supply chain of data. So that involves our connectors, involves Kora, our Kafka engine, it'll increasingly involved Flink and the integration into the LLM that we just announced in Kafka Summit Bangalore. And so yes, I think all of that will be driven by these use cases.

是的。是的。正如我們所描述的那樣，我想說現在這種情況正在增加，就像我們看到客戶正在採用它一樣。通常，數字名稱在其用例中稍微領先一些。這是我們的眾多用例之一。這並不是唯一發生的事情。但這是一項重要的任務，我認為對客戶來說是一項策略任務。所以，是的，我認為隨著這些舉措投入生產，我認為我們將看到它們在明年的貢獻不斷增加。他們的客戶使用的其實是完整的平台。就像我們在這方面的角色是提供數據鏈一樣。因此，這涉及我們的連接器，涉及 Kora、我們的 Kafka 引擎，它將越來越多地涉及 Flink 以及我們剛剛在班加羅爾 Kafka 峰會上宣布的 LLM 整合。所以，是的，我認為所有這一切都將由這些用例驅動。

And one quick follow-up for Rohan. Rohan, can you talk about hiring right now? You seem to be doing a good job managing expenses but I assume that with things stabilizing, you guys are ramping up some of your hiring, and that's one of the reasons why the op margins are going to be flat this year, which is maybe some thoughts on the hiring.

以及 Rohan 的快速後續。 Rohan，現在可以談談招募的事情嗎？你們似乎在管理費用方面做得很好，但我認為隨著情況穩定下來，你們正在增加一些招聘，這就是今年營運利潤率持平的原因之一，這可能是一些關於招聘的想法。

Yes. I mean, Jason, when we really think about our resource allocation philosophy, it is obviously driving durable and efficient growth. And when I say durable growth, it's essentially extending our runway to growth over a long period of time. And as we think about that, of course, like investment and investment in headcount is a key part of that. So for example, in Q1, we've had one of our strongest hiring quarters for the go-to-market organization, which is great. And so yes, I think we feel pretty good with respect to where we are and how we are thinking about a balanced approach on growth and profitability.

是的。我的意思是，傑森，當我們真正思考我們的資源分配理念時，它顯然正在推動持久和高效的成長。當我說持久成長時，它本質上是在延長我們的長期成長跑道。當然，正如我們所思考的那樣，投資和人員投資是其中的關鍵部分。例如，在第一季度，我們為進入市場組織提供了最強勁的招聘季度之一，這非常棒。所以，是的，我認為我們對我們所處的位置以及我們如何考慮成長和獲利的平衡方法感覺非常好。

On your question on the margins, as you know, over the last, say, 24 odd months, we've improved our efficiency by over 40 percentage points. And heading into this year, we're on track to deliver the 7 percentage point improvement, which is going to get us to breakeven for the full year, and we are on track to get there.

關於你提到的邊緣問題，如你所知，在過去的 24 個多月裡，我們的效率提高了 40 個百分點以上。進入今年，我們有望實現 7 個百分點的改善，這將使我們全年實現收支平衡，而且我們正在朝著這個目標邁進。

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

謝謝傑森。我們將接受富國銀行的 Michael Turrin 提出的下一個問題，隨後是瑞穗銀行 (Mizuho)。

Great. Jay, back to Flink, is there a way to think about the customers you see as best suited to take advantage of the offering. I'm wondering if the addition of platform is important from that perspective. And then any early sense you can provide us around how getting newer products to GA can help as the go-to-market conversations are shifting more towards consumption profile and away from booking?

偉大的。 Jay，回到 Flink，有沒有一種方法可以考慮您認為最適合利用該產品的客戶。我想知道從這個角度來看，增加平台是否重要。然後，隨著進入市場的對話更多地轉向消費概況而不是預訂，您可以向我們提供有關如何將更新的產品推向 GA 的早期信息嗎？

Yes. Yes, I'm happy to do that. So we've certainly seen interest across our customer base. One of the things that we will see is a slightly different dynamic between the Confluent Platform Flink offering and the cloud offering. With the cloud offering, the early versions of the cloud offering tend to be best suited to new use cases, just beginning development, whereas there's more of a lift in shift opportunity on-premise as well as suiting new use cases. Over time, as that cloud offering reaches feature completeness and proofs itself out with customers, there will be more of a shift of existing Flink workloads, that's the behavior we saw with Kafka, where the early adoption was the incremental use case and the lift and shift of kind of large installed bases took more time.

是的。是的，我很高興這樣做。所以我們確實看到了我們的客戶群的興趣。我們將看到的一件事是 Confluence Platform Flink 產品和雲端產品之間的動態略有不同。對於雲端產品，雲端產品的早期版本往往最適合剛開始開發的新用例，而內部部署的輪班機會以及適合新用例的提升更多。隨著時間的推移，隨著該雲端產品達到功能完整性並得到客戶的認可，現有的Flink 工作負載將會發生更多的轉變，這就是我們在Kafka 中看到的行為，早期的採用是增量用例以及提升和提升大型安裝基地的轉變需要更多時間。

So I think we'll see a similar behavior here and that's what we've seen out of customers. Nonetheless, across the full set of customers. There's a ton of eagerness. So people are kind of lining up. Even if there's some feature they're waiting on, they're eagerly awaiting the delivery of that feature. So yes, I think that we'll see growth on both dimensions.

所以我認為我們會在這裡看到類似的行為，這就是我們在客戶身上看到的。儘管如此，還是針對所有客戶。有很多渴望。所以人們都在排隊。即使他們正在等待某些功能，他們也會熱切地等待該功能的交付。所以，是的，我認為我們將看到兩個方面的成長。

In terms of why we added to the software offering Confluent platform, that was by popular demand. Originally, the intention was just to do in cloud. Ultimately we have a set of customers that have pretty extensive on-premise operations, some of them are very big Flink users and they were very eager to have an offering for them as well. And for us, our goal is to serve customers everywhere. And so as soon as we add capacity to kind of take on the development of that, we added plans for that and built it up.

至於我們為什麼要加入提供 Confluence 平台的軟體中，那是因為大眾的需求。最初的目的只是在雲端進行。最終，我們有一群擁有相當廣泛的本地營運的客戶，其中一些是非常大的 Flink 用戶，他們也非常渴望為他們提供產品。對我們來說，我們的目標是為世界各地的客戶提供服務。因此，一旦我們增加了承擔該開發的能力，我們就添加了相應的計劃並進行了建造。

Rohan, if I may, just if you can comment from your perspective on how the go-to-market changes you've made are progressing and how that impacts your confidence around the initial fiscal year guide you framed alongside Q3? It's encouraging to see the numbers moving up but just any additional context is useful.

Rohan，如果可以的話，您能否從您的角度評論一下您所做的進入市場的變革進展如何，以及這如何影響您對與第三季度一起制定的初始財政年度指南的信心？看到數字上升令人鼓舞，但任何額外的背景資訊都是有用的。

Absolutely. Well, Jay touched on it. I mean, the early indicators from the consumption transformation have been very positive. And we've gone through made a lot of changes with respect to processes, systems. And some of the early data points, for example, if you look at the ads that we had in Q1, the highest we've had in 5 quarters. Obviously, early but very positive. And then when you look at our Q1 performance in general, we're very pleased with our total revenue performance and particularly our cloud revenue performance and the growth we saw 45% year-over-year. And that momentum has actually continued into the month 1 of the second quarter as well.

絕對地。好吧，傑伊談到了這一點。我的意思是，消費轉型的早期指標非常正面。我們在流程、系統方面進行了許多改變。一些早期的數據點，例如，如果你看我們在第一季的廣告，這是我們五個季度以來的最高水平。顯然，雖然很早，但非常積極。然後，當你看看我們第一季的整體表現時，我們對我們的總收入表現，特別是我們的雲端收入表現以及我們看到的同比增長 45% 感到非常滿意。這種勢頭實際上也持續到了第二季第一個月。

So when you kind of put this into context, Michael, for the full year, we've increased our full year guidance from 22% to 23%. And what has also happened is we've delivered a strong Q1 with a strong guide for Q2. So that has somehow derisked the second half of the year in a manner, which we're uncandidly very happy about. And more importantly, when you look at the growth rates first half versus second half, that was obviously a point of discussion same time last quarter. Now we're looking at flattish because of the derisk nature of our first half performance. So overall, I would say early indication very positive, feel good about our full year guide and obviously happy about our Q1 performance.

因此，邁克爾，當你將這一點放在具體背景中時，我們已將全年指導從 22% 提高到 23%。我們也發布了強勁的第一季業績，並為第二季提供了強而有力的指導。因此，這在某種程度上降低了今年下半年的風險，對此我們感到非常高興。更重要的是，當您查看上半年與下半年的成長率時，這顯然是上季度同一時間的討論點。現在，由於我們上半場表現的危險性，我們的表現平平。因此，總的來說，我想說早期跡象非常積極，對我們的全年指南感覺良好，並且顯然對我們第一季的表現感到高興。

Thanks, Michael. We'll take our next question from Gregg Moskowitz with Mizuho, followed by Needham.

謝謝，麥可。我們將接受瑞穗的格雷格·莫斯科維茲（Gregg Moskowitz）和尼達姆（Needham）提出的下一個問題。

Jay, obviously, there's a lot of buzz in the industry around Apache Iceberg. So once Tableflow becomes GA, what are your expectations on the adoption curve among your installed base? Also, do you think that it will help you land new logos as well?

Jay，顯然，業界圍繞著 Apache Iceberg 有很多討論。因此，一旦 Tableflow 正式發布，您對安裝基礎的採用曲線有何期望？另外，您認為它也會幫助您設計新徽標嗎？

Yes. Yes, I think it will. We were actually expecting a fair amount of enthusiasm around this. As you said, there's a great deal of buzz around Iceberg. Despite that, I think we were actually surprised by how widespread the interest was. And we felt like, well, in many ways, sometimes the analytics environment is kind of a little bit to the side of the team that we naturally serve. We weren't sure if they would have a direct interest in that. But in fact, it's been a huge drop and topic of discussion in almost every conversation that I've had with the customers. So no, it's on us to deliver a GA product. This is just the first step in that journey. So it would be too early to project the rate of adoption or revenue contribution or whatever, but we feel that, that has a ton of potential as it comes out onto the market.

是的。是的，我想會的。我們實際上期待對此有相當大的熱情。正如你所說，Iceberg 周圍有很多討論。儘管如此，我認為我們實際上對人們的興趣如此廣泛感到驚訝。我們覺得，嗯，在很多方面，有時分析環境有點偏向我們自然服務的團隊。我們不確定他們是否對此有直接興趣。但事實上，在我與客戶的幾乎每一次對話中，這都是一個巨大的下降和討論的話題。所以不，我們有責任提供 GA 產品。這只是這趟旅程的第一步。因此，現在預測採用率或收入貢獻等還為時過早，但我們認為，當它進入市場時，它具有巨大的潛力。

And as I said, it does kind of align with our business in, I think, a really fantastic way. Confluent is very much about opening up data and sharing it across an organization. And this is a fantastic mechanism for us to do that. In many ways, the fragmentation of the analytics market made it hard to deliver data and the volume that we would like across all the different systems there. And this really helps with that. And our ability to integrate that directly into Kora and offer that data in a very natural low friction, low overhead way, I think, is a great competitive differentiation.

正如我所說，我認為這確實與我們的業務非常契合。 Confluence 的核心是開放資料並在整個組織內共享資料。對我們來說，這是一個非常棒的機制。在許多方面，分析市場的分散化使得我們很難在所有不同的系統中提供我們想要的數據和數量。這確實有幫助。我認為，我們能夠將其直接整合到 Kora 中，並以非常自然的低摩擦、低開銷的方式提供數據，這是一個巨大的競爭優勢。

And I think a huge boon to that area as well where one of the challenges in that environment is always getting access to high-quality, reliable data that's up to date. So yes, I think we're very excited about it. Still early and we have to go finish the delivery of the product and make all the customers' success.

我認為這對該領域來說也是一個巨大的福音，因為該環境中的挑戰之一始終是獲取高品質、可靠的最新數據。所以，是的，我認為我們對此感到非常興奮。時間還早，我們必須完成產品的交付並讓所有客戶成功。

Very helpful. And then either for you or for Rohan. So we've spoken before about the potential to do a lot more business with SIs going forward. The new accelerate with Confluent program will that or can that be a difference maker in your view? and if so, why?

很有幫助。然後無論是為了你還是為了羅漢。因此，我們之前已經談到了未來與系統整合商開展更多業務的潛力。在您看來，新的 Confluence 加速計畫會帶來改變嗎？如果是這樣，為什麼？

Rohan, you want to take that?

羅漢，你想要那個嗎？

I'll be happy to. Gregg, I mean we've called it out before as well when we think about the broader partner ecosystem and kind of up leveling a little bit, that's an opportunity, which is in early innings, most of the opportunities ahead of us. So specifically around SI and accelerate program that we called out, absolutely, that's an opportunity for us to drive revenue. But again, it's in early days. So it's not that something you're going to see next quarter or next month. It is an huge opportunity for us and we're working hard to make sure that we're taking advantage of that opportunity. So long story short, I think SIs and in general, GSIs and the partner ecosystem will continue to be a focus for us as we look ahead.

我會很樂意的。格雷格，我的意思是，當我們考慮更廣泛的合作夥伴生態系統並稍微提升水平時，我們之前也曾說過，這是一個機會，這是在早期階段，我們面前的大部分機會。因此，特別是圍繞我們所呼籲的 SI 和加速計劃，這絕對是我們增加收入的機會。但話又說回來，現在還處於早期階段。所以這不會是你下個季度或下個月會看到的事情。這對我們來說是一個巨大的機會，我們正在努力確保我們能夠利用這個機會。長話短說，我認為 SI 以及一般而言，GSI 和合作夥伴生態系統將繼續成為我們展望未來的焦點。

Great. We'll take our next question from Mike Cikos with Needham, followed by TD Cowen.

偉大的。我們將回答 Mike Cikos 和 Needham 提出的下一個問題，然後是 TD Cowen。

Jay, Rohan, I wanted to come back to the multiproduct adoption that you guys are citing today. And what I was thinking through, I just wanted to stress test this. Is it fair to think that your shift in this to prioritize consumption over commitments is actually driving faster adoption across Confluent's Platform? Or is it still too early to start seeing this in the numbers? This has been like a slow go but that's something to come as a result of this go-to-market transformation you guys have...

Jay、Rohan，我想回到你們今天提到的多產品採用。我的想法是，我只是想對此進行壓力測試。您將消費置於承諾之上的轉變實際上推動了 Confluence 平台的更快採用，這樣想是否公平？或者現在開始從數字中看到這一點還為時過早嗎？這就像一個緩慢的過程，但這是你們進入市場轉型的結果...

Yes. Yes. It's -- actually, it's a very good observation. So this is a subtle point but previously, the field team really sold commitments, which was just dollars. And so the incentive to drive adoption of these DSP components was much less, right? Of course, the customer adopt Flink, they'll consume more as it comes time for them to renew next year, they might commit to more but that payoff could be a year out. It's somewhat delayed. In a consumption world, of course, consumption ramps higher the immediate compensation arrives, right? And so that payoff is much more immediate. And so the consumption transformation was actually quite important for driving adoption of these additional components around Kafka.

是的。是的。事實上，這是一個非常好的觀察。所以這是一個微妙的點，但以前，現場團隊確實出售了承諾，而這只是美元。因此，推動採用這些 DSP 組件的動力要少得多，對嗎？當然，客戶採用 Flink，他們會消耗更多，因為明年需要更新，他們可能會承諾更多，但回報可能會在一年後。是有點延遲了。當然，在消費世界中，當補償立即到來時，消費就會增加，對吧？因此，回報更加立竿見影。因此，消費轉型實際上對於推動 Kafka 周圍這些附加組件的採用非常重要。

In terms of have we seen that effect? Yes, I think we've seen an increased focus from our field team on these components to us. The use cases around that it's not like it just materializes overnight to all in 1 quarter, that will build that getting that model right to be set up for multiproduct delivery, was actually a substantial motivation for us in doing this more quickly because we felt we had actually very good offerings now around Kafka, and we wanted to make sure that we were set up to sell them.

我們看到了這種效果嗎？是的，我認為我們的現場團隊越來越關注我們這些組件。圍繞它的用例並不是一夜之間在一個季度內向所有人實現，這將建立正確的模型以用於多產品交付，這實際上是我們更快地做到這一點的重要動力，因為我們覺得我們事實上，現在Kafka 周圍有非常好的產品，我們想確保我們準備好銷售它們。

Awesome. And then just a follow-up on the go-to-market, a bit of a 2-parter here. But I guess to start with, Jay, like, it's interesting, one of the things that I think you guys are calling out is attach you're seeing from even higher quality customers despite the fact that you're not pressing on commitments, right? And I would have thought the presumption would be that if you're not pressing on commitments, your might get some lower quality customers. So can you kind of tease that out for folks, I think that would be beneficial?

驚人的。然後是上市的後續行動，這裡有點像兩個部分。但我想首先，傑伊，這很有趣，我認為你們呼籲的一件事是，儘管你們沒有嚴格履行承諾，但你們還是從更高品質的客戶那裡看到了，對吧？我原以為，如果你不履行承諾，你可能會得到一些品質較低的客戶。那麼您能否為人們梳理一下這一點，我認為這會有所幫助？

And then I guess, the second piece for Rohan, if you could just articulate like I know there was a lot of angst into the first half of this year, given the go-to-market change but like what more is there to do on your front now that you guys are kind of clicking along here with, call it, 4 months and change behind you?

然後我想，羅漢的第二篇文章，如果你能像我知道的那樣清楚地表達出來，考慮到進入市場的變化，今年上半年有很多焦慮，但就像還有什麼要做的那樣你們的前面現在你們有點點擊這裡，稱之為，4個月，然後在你們身後改變？

Yes. Yes, it's a great question. I start with the bid on customers. Yes, so the change we made on the field side was to directly incentivize the land as part of the comp plan. But not only that to actually target a set of high potential customers that we felt were particularly important to land and compensate even more highly for those because those will be worth a lot more to Confluent as they ramp to large consumption. And so what was exciting to us was not only the volume of customers go up but then as you said, yes, those were actually better targeted into that set of high propensity spenders than they had been previously.

是的。是的，這是一個很好的問題。我從對客戶的出價開始。是的，所以我們在現場所做的改變是直接激勵土地，作為補償計畫的一部分。但不僅如此，要真正瞄準一群我們認為特別重要的高潛在客戶，並為這些客戶提供更高的補償，因為隨著他們的消費量增加，這些客戶對 Confluence 來說將價值更高。因此，令我們興奮的不僅是客戶數量的增加，而且正如您所說，是的，這些客戶實際上比以前更好地瞄準了高消費傾向人群。

And that -- I think that's just the direct result of the incentives. And we had that differentiation because as I said, we want to make sure these are high-quality customer additions that we're picking up.

我認為這只是激勵措施的直接結果。我們之所以有這種差異化，是因為正如我所說，我們希望確保我們所吸引的客戶都是高品質的。

And I'll let you take the second half, Rohan.

下半場我會交給你，Rohan。

Yes. On -- Mike, on the second half, we're obviously, -- we saw this was the first quarter of the transformation and Jay called out earlier, the early indications have been very positive, which showed up in our cloud performance for the quarter. And more importantly, when we look at our month 1 and how we are entering Q2, we feel good that some of the momentum has actually carried on to Q2. So that's good. But in general, like we still have a couple of quarters of execution that we need to focus on.

是的。 On -- Mike, on the second half, we're obviously, -- we saw this was the first quarter of the transformation and Jay called out earlier, the early indications have been very positive, which showed up in our cloud performance for the四分之一.更重要的是，當我們回顧第一個月以及我們如何進入第二季度時，我們感覺很好，因為一些勢頭實際上已經延續到了第二季度。所以這樣很好。但總的來說，我們還有幾個季度的執行需要關注。

But if you ask me how am I feeling? Obviously, what's evident in our Q1 performance and our Q2 guide, which are strong and which we feel are ahead of our expectations. And what that does is the strength in the first half is also derisking our second half from an overall guidance perspective. So overall, where we are, we feel really good with the transformation but at the same time, we still need to execute a couple of more quarters.

但如果你問我感覺如何？顯然，我們第一季的表現和第二季的指南很明顯，它們很強勁，我們認為超出了我們的預期。從整體指導的角度來看，上半年的實力也讓我們的下半年面臨風險。因此，總體而言，我們對轉型感到非常滿意，但同時，我們仍然需要再執行幾個季度。

Thanks, Mike. We'll take our next question from Derrick Wood with TD Cowen, followed by Bernstein.

謝謝，麥克。我們將接受 Derrick Wood 和 TD Cowen 提出的下一個問題，然後是 Bernstein。

Jay, you mentioned having gone through some pricing changes recently. Can you remind us what changes you made and what kind of dividends you're expecting to see as this gets absorbed in the market?

傑伊，您提到最近經歷了一些定價變化。您能提醒我們您做了哪些改變以及您期望在市場吸收後看到什麼樣的股息嗎？

Yes. Yes. There's a set of changes. Some of these that are actually product offerings, which effectively allow better TCO and incentivize the use of our multi-tenant offerings, which are more efficient for us. So we announced freight clusters in Kafka Summit Bangalore. We announced enterprise cluster type, which is a high-performing multi-tenants offering with private networking. We made adjustments to some of the throughput-oriented pricing. So there was a number of changes that came out. All of these were meant to reduce friction in the land and expand process. We've thought about those consumption transformation. A big part of it was changes on the field team, changes in our systems, changes in compensation.

是的。是的。有一系列的變化。其中一些實際上是產品，可以有效地實現更好的 TCO 並激勵使用我們的多租戶產品，這對我們來說更有效率。因此，我們在班加羅爾卡夫卡峰會上宣布了貨運集群。我們推出了企業集群類型，這是一種具有專用網路的高效能多租戶產品。我們對一些以吞吐量為導向的定價進行了調整。因此出現了一些變化。所有這些都是為了減少土地摩擦並擴大流程。我們已經考慮過這些消費轉型。其中很大一部分是現場團隊的變化、我們系統的變化、薪酬的變化。

But I think going along with that, we felt it was very important that there will not be a ton of product or pricing friction in that land process, right? So if we're trying to tell the team to go sell in a way that gets customers up and going, it can't be the case to get to a reasonable price. There's a 6-month negotiation at the very front door of the process. And so those changes have lined up with that.

但我認為除此之外，我們認為在土地流程中不會出現大量產品或定價摩擦非常重要，對吧？因此，如果我們試圖告訴團隊以吸引客戶的方式進行銷售，那麼就不可能達到合理的價格。在這個過程的最前門有一個為期 6 個月的談判。因此，這些變化與此一致。

Why do that? It's ultimately because there's a ton of Open Source Kafka and we want to go soak that up with our cloud offering. We feel that's a very important. So kind of growing the breadth of that customer base that sets us up for all the growth on those customers over time. And we do feel like these kind of changes and new offerings unlock workloads that would have been harder to access, and that comes out of the TCO of the offering, right? We've talked in the past about how Kora is able to really offer a better TCO for customers. And it's important that we make sure we have offerings that cut across all the different workloads they have, so that it's a bit of a no-brainer across everything they do, not just a certain workload type or a certain use case. So that was our goal.

為什麼要這麼做？最終是因為有大量的開源 Kafka，我們希望透過我們的雲端產品來吸收它們。我們覺得這是非常重要的。擴大客戶群的廣度，為我們隨著時間的推移這些客戶的成長奠定了基礎。我們確實覺得這些變化和新產品釋放了原本更難訪問的工作負載，而這來自於該產品的總體擁有成本，對嗎？我們過去曾討論過 Kora 如何真正為客戶提供更好的 TCO。重要的是，我們要確保我們的產品能夠滿足他們所有不同的工作負載，這樣他們所做的一切就變得很簡單，而不僅僅是某種工作負載類型或某種用例。這就是我們的目標。

Yes, that's very helpful color. And I don't know, for Jay or Rohan, you guys talked about rebound and digital native consumption trends, wanted to ask about financial services vertical, which is obviously important for you. Just curious what you're seeing there around demand conditions and deal sizes and whether you're seeing much composition change in Platform versus Cloud?

是的，這是非常有用的顏色。我不知道，對於 Jay 或 Rohan 來說，你們談到了反彈和數位原生消費趨勢，想詢問金融服務垂直領域，這對你們來說顯然很重要。只是好奇您在需求條件和交易規模方面看到了什麼，以及您是否看到平台與雲端的組成發生很大變化？

Yes. That's continued to be a strong segment for us. And over the last few years, we have seen a pretty significant ramp-up in Confluent Cloud adoption. And I would say that, that happened first in the smaller banks. And then over time, that spread to some of the largest financial institutions. And they tend to be a little bit slower to start with the new cloud offering. There's actually very substantial security, reliability, scrutiny that goes into the adoption of any part of their stack but increasingly, we're really a great fit for their use cases and it actually allow them to meet the requirements that they have faster if they are trying to build this out themselves.

是的。這對我們來說仍然是一個強大的細分市場。在過去的幾年裡，我們看到 Confluence Cloud 的採用率顯著上升。我想說的是，這種情況首先發生在較小的銀行。然後隨著時間的推移，這種情況蔓延到一些最大的金融機構。他們開始使用新的雲端產品的速度往往會慢一些。實際上，他們的堆疊的任何部分的採用都需要經過非常嚴格的安全性、可靠性和審查，但我們越來越適合他們的用例，並且實際上可以讓他們更快地滿足他們的要求。自己建構這個。

And so we've started to see great adoption of cloud and financial services. I think that's a very promising thing as these very large institutions open up something that has very low friction to consume across their very broad set of use cases. So we're really excited about kind of getting in the front door in a lot of these very large banks.

因此，我們開始看到雲端和金融服務的廣泛採用。我認為這是一件非常有前途的事情，因為這些非常大的機構開闢了一些在其非常廣泛的用例中具有非常低摩擦的東西。因此，我們對進入許多此類超大型銀行的前門感到非常興奮。

Thank you. Our next question will come from Peter Weed with Bernstein, followed by Guggenheim.

謝謝。我們的下一個問題將由伯恩斯坦的彼得·威德提出，其次是古根漢。

Obviously, great to see the continued momentum on the Cloud side and the transition to consumption working out kind of as you planned. But I may have missed it, but I feel like we haven't talked very much more on the Platform side, where I think we saw a sequential step down in revenue and I wonder how we should think about some of that a little bit more weakness there and whether or not some of that's cannibalization of people moving to cloud. And so it's just some underlying share shifting or whether or not we should think about like slower growth going forward on that side of the business given that it's an important part of the revenue stream.

顯然，很高興看到雲端方面的持續成長動能以及向消費的過渡按照您的計劃進行。但我可能錯過了，但我覺得我們在平台方面還沒有進行更多的討論，我認為我們看到收入連續下降，我想知道我們應該如何更多地考慮其中的一些那裡的弱點，以及其中是否會蠶食遷移到雲端的人。因此，這只是一些潛在的份額轉移，或者我們是否應該考慮業務這方面的成長放緩，因為它是收入流的重要組成部分。

Yes, do you want to speak to that, Rohan?

是的，你想談談這個嗎，羅漢？

Yes, I'll be happy to take it. Thanks for your question, Peter. Well, when we look at our Confluent Platform performance, we're very pleased actually. We grew 15% year-over-year. And when you generally think about the Platform business, more of as a reminder, what happens is about 20% of total contract value is recognized as license revenue upfront. So what that can do, that can add a little bit of lumpiness in the revenue. Clearly, based on the timing of large deals or the timing of renewals for large deals, those have an impact. But when I take a step back and I look at, say, in the last 12 months for this business, we've been very pleased with the overall momentum. And Jay also called out with respect to product innovation, we launched a Flink on-prem, which is obviously going to help this part of the business as well.

是的，我很樂意接受。謝謝你的提問，彼得。嗯，當我們看到 Confluence 平台的效能時，我們實際上非常滿意。我們年增 15%。當您一般考慮平台業務時，更多的是作為提醒，發生的情況是合約總價值的約 20% 被預先確認為許可證收入。那麼這可以做什麼，這會增加一點收入的不穩定。顯然，根據大宗交易的時間或大宗交易的續約時間，這些都會產生影響。但當我退後一步，看看這項業務過去 12 個月的情況時，我們對整體勢頭感到非常滿意。 Jay也提到了產品創新，我們推出了Flink on-prem，顯然對這部分業務也有幫助。

So yes, I mean, listen, we've said that Confluent needs to be wherever our data and applications are side. If it's on-prem, we need to be on-prem, if it's in the cloud, we need to be cloud. Just keeping that in mind, we do feel that this is going to be an important part of the business as we look ahead.

所以，是的，我的意思是，聽著，我們已經說過，無論我們的數據和應用程式在哪裡，Confluence 都需要出現在其中。如果是在本地，我們需要在本地，如果在雲端中，我們需要在雲端。記住這一點，我們確實認為，展望未來，這將成為業務的重要組成部分。

All right. We'll take our next question from Howard Ma with Guggenheim, followed by JPMorgan.

好的。我們將接受古根漢的霍華德·馬提出的下一個問題，然後是摩根大通。

Jay, can you talk about some of the alternative options that you're aware of for the transport layer in RAG architectures? I don't believe there's a standard yet. And do you have -- on that point, do you have plans to establish a more formalize reference architecture program for RAG implementations and perhaps broader inference use cases too. And it's really aimed at making Confluent the standard for transport and transformation as well.

Jay，您能談談您所知道的 RAG 架構中傳輸層的一些替代選項嗎？我不相信還存在一個標準。在這一點上，您是否計劃為 RAG 實作以及更廣泛的推理用例建立更正式的參考架構程式。它的真正目的是讓 Confluence 成為傳輸和轉換的標準。

Yes, yes. It has been a focus for us kind of evangelizing this architecture because, as you say, it is something that's just coming in kind of formation now. The reality is I don't think that there are great alternatives for real-time data movement, right, outside of Confluent. I would say we have a kind of strong status as a de facto for real-time movement across the enterprise. There is opportunities for customers to just try and build it and batch. There's plenty of batch GTL products. The reality is though for a lot of these use cases, there are interesting questions about the business, and that's really just not good enough.

是的是的。它一直是我們傳播這種架構的焦點，因為正如你所說，它現在才剛剛形成。現實情況是，我認為除了 Confluence 之外，還沒有其他出色的即時數據行動替代方案。我想說，作為整個企業即時移動的事實，我們擁有某種強大的地位。客戶有機會嘗試建立並大量生產。有大量批量GTL產品。現實情況是，對於許多這樣的用例，存在有關業務的有趣問題，而這確實還不夠好。

For a lot of these use case, it's something that's customer support related or in other words, driving some aspects of the business where kind of answering without of data information is very likely to wrong relative to what the customer was just viewing. And so we are seeing a real push towards real time. And yes, it's on us to make sure that, that -- as that stack solidifies, we have a permanent position in that.

對於許多這樣的用例，它與客戶支援相關，或者換句話說，推動業務的某些方面，其中相對於客戶剛剛查看的內容，沒有數據資訊的回答很可能是錯誤的。因此，我們看到了實時性的真正推動。是的，我們有責任確保──隨著堆疊的鞏固，我們在其中擁有永久的地位。

That's great. And maybe I could slip in one more. Just on the topic of Open Source Kafka conversions. Can you talk about any progress that you're seeing with the Confluent migration accelerator tool, I believe it's called. And it is increasing your wallet share among Fortune 500 and to what extent our partners using that tool?

那太棒了。或許我還可以再插上一張。只是關於開源 Kafka 轉換的主題。您能談談您在 Confluence 遷移加速器工具方面看到的任何進展嗎？它正在增加您在財富 500 強中的錢包份額，我們的合作夥伴在多大程度上使用該工具？

Yes. We're just ramping that up. So somewhat surprisingly, we haven't had really a focused effort on these migrations. It's been somewhat more one-off customer by customer. And so both in terms of tooling and with our partners, creating a focused effort to move customers over. As you can imagine, in any of these situations where there's kind of a better TCO alternative but some effort that's required to make the switch, you want to reduce as much as possible that effort and make it really easy for customers to get from point A to point B. So I think it's just coming into being down, we believe that will contribute over the next few years.

是的。我們只是在加大力度。令人有些驚訝的是，我們並沒有真正集中精力進行這些遷移。這在某種程度上更像是一個客戶一個客戶的性行為。因此，無論是在工具方面還是與我們的合作夥伴一起，我們都專注於吸引客戶。正如您可以想像的那樣，在任何一種情況下，如果存在更好的TCO 替代方案，但需要付出一些努力才能進行轉換，您希望盡可能減少這種工作量，並使客戶能夠輕鬆地從A點獲得收益所以我認為它剛開始形成，我們相信這將在未來幾年做出貢獻。

Thank you. We'll take our next question from Pinjalim Bora with JPMorgan.

謝謝。我們將接受摩根大通的 Pinjalim Bora 提出的下一個問題。

Congrats everyone for the quarter. One clarification, help me understand how broad-based was the cloud consumption ramp? I heard it was driven by a select set of customer? So wanted to clarify. And in a way to understand if some of the new AI vendors that you recently added materially contributed in the quarter?

恭喜本季的所有人。澄清一下，幫助我了解雲端消費成長的基礎有多廣泛？我聽說它是由一組精選的客戶驅動的？所以想澄清一下。並以某種方式了解您最近添加的一些新的人工智慧供應商是否在本季度做出了實質貢獻？

Yes, you want to take it Rohan?

是的，你想拿走羅漢嗎？

Yes, happy to. Pinjalim, thanks for your question. So when you look at the Cloud performance, I'd put it in maybe two categories, the performance, if I had to call out for Q1. The first one is when you look at our broad base of customers, we did see stabilization in consumption and the net new use cases. And the digital need of segment is inclusive in there. So that's good, that's a broad base of our customer. And the second call out was newer customers. We've seen the ramp-up of these newer customers, I'd say, something that we are very pleased on. And the Gen AI customer that you spoke about is probably in that [port] of customers. It's a few of them who've kind of we've run and where the ramp schedule looks in line and we're pretty happy with that. And that's for Q1. And as we enter Q2, most of these trends have continued into month 1 of Q2, which has informed our guidance for Q2 as well. So that's the overall context around the consumption patterns.

是的，很高興。 Pinjalim，謝謝你的提問。因此，當您查看雲端效能時，如果我必須指出第一季度，我可能會將其分為兩個類別：效能。第一個是，當你看看我們廣泛的客戶群時，我們確實看到了消費的穩定和淨新用例。細分市場的數位需求也包含在內。所以這很好，這是我們廣泛的客戶基礎。第二個呼籲是新客戶。我想說，我們已經看到這些新客戶的增加，對此我們感到非常高興。你所說的 Gen AI 客戶可能就屬於那位客戶。他們中的一些人已經和我們一起跑步了，而且坡道時間表看起來很一致，我們對此非常滿意。這是第一季的情況。當我們進入第二季時，大多數趨勢已經持續到第二季​​的第一個月，這也為我們對第二季的指導提供了資訊。這就是消費模式的整體背景。

One question for you, Jay. We have been picking up on this notion that Flink SQL being SQL, which is most understood by almost every developer, kind of opens up the aperture versus a skilled set of Java developer or something else and bringing in more developers to do more Flink and then Flink additionally drives more Kafka, that kind of creates a little bit of a flywheel. Are you starting to see some of...

傑伊，有個問題想問你。我們一直在接受這樣一個概念：Flink SQL 就是SQL，幾乎每個開發人員都最了解它，這在某種程度上打開了與熟練的Java 開發人員或其他開發人員相比的差距，並引入更多的開發人員來做更多的Flink，然後Flink 還驅動更多的 Kafka，這創造了一點飛輪。你是否開始看到一些...

I like this question. I mean this question sounds like my answer already. Go ahead. Go ahead.

我喜歡這個問題。我的意思是這個問題聽起來已經是我的答案了。前進。前進。

No, no, no. Please answer.

不不不。請回答。

Are we starting to see that? Yes, we are. Yes, I mean our goal is to open up the full set of APIs. So the first thing we launched was SQL. Our intention is to bring out Java and Python APIs as well. We think they serve differences. There's a set of kind of core applications that will probably always be in these more application-oriented programming languages like Java. There's a set of more dynamic use cases and transformations, which are well suited to SQL. One of the powerful things about Flink is kind of opening up that broad set of tools, all on top of a core engine, I think that's one of the things that's made it the leader in stream processing.

我們開始看到這一點了嗎？是的我們是。是的，我的意思是我們的目標是開放全套API。所以我們首先推出的是 SQL。我們的目的是同時推出 Java 和 Python API。我們認為它們服務於差異。有一組核心應用程式可能始終採用 Java 等更面向應用程式的程式語言。有一組更動態的用例和轉換，非常適合 SQL。 Flink 的強大功能之一是開放了一系列廣泛的工具，所有這些工具都建立在核心引擎之上，我認為這是使其成為串流處理領域領導者的原因之一。

And as we do that, yes, our goal is very much to make this easier and easier to use. The -- for a long time, I think it's been the case that customers would prefer real-time data. They would rather work with apps that updated in real time, they reacted in real time, they would rather to connect things in real time. Nobody wants the data to be slow. It's actually just been difficult to do that. So making this really easy is kind of a core way of enabling this. Like there's an obvious benefit if you can make it not more costly and not more complicated for our customers.

是的，當我們這樣做時，我們的目標就是讓它變得越來越容易使用。長期以來，我認為客戶更喜歡即時數據。他們更願意使用即時更新的應用程序，即時做出反應，他們更願意即時連接事物。沒有人希望數據變慢。事實上做到這一點很困難。因此，讓這一切變得非常簡單是實現這一目標的核心方式。如果您能讓我們的客戶不增加成本且不增加複雜性，那麼就會有明顯的好處。

So when you see us kind of focusing on both this ease of development and TCO orientated things, that really is the kind of core thing that drives this, and as we do we think there's a huge opportunity for this whole set of batch data movement, batch processing that really needs to move and will move as the alternative becomes appealing because of that ease of use in TCO.

因此，當你看到我們同時關注這種易於開發和以TCO 為導向的事情時，這確實是推動這一點的核心事情，正如我們所做的那樣，我們認為這整套批量數據移動存在巨大的機會，由於 TCO 的易用性，批次確實需要移動，並且隨著替代方案變得有吸引力，它也會移動。

As a reminder, the Confluent earnings report is now on our IR website. The report contains our earnings infographic, a 1-pagers on our technology, the prepared remarks and earnings slides from today's call. We encourage you to go and take a look.

謹此提醒，Confluence 收益報告現已發佈在我們的 IR 網站上。該報告包含我們的收益資訊圖表、有關我們技術的一頁紙、準備好的評論以及今天電話會議的收益幻燈片。我們鼓勵您去看看。

And today, our final question will come from Miller Jump with Truist Securities.

今天，我們的最後一個問題將來自 Truist Securities 的 Miller Jump。

Right. Great. I'll echo congrats on the strong start. So just -- you talked about the strength in governance and I'm just curious, like is the need to get your data estate ready for AI driving more conversations there? And then maybe if you could just remind us what that opportunity looks like maybe on a unit economics level, if you're spending in dollar on streaming? What does that look like for Governance?

正確的。偉大的。我會祝賀這個強勁的開局。那麼，您談到了治理的優勢，我只是很好奇，是否需要讓您的資料資產為人工智慧推動更多對話做好準備？然後，也許您可以提醒我們，如果您在串流媒體上花費美元，那麼在單位經濟層面上，這個機會是什麼樣的？對於治理來說，這是什麼樣的呢？

Yes. Yes, it's a great question. So yes, AI is definitely one of the drivers. I would say that there's a whole set of forces that have driven interest in data governance. One of those is just the kind of rising compliance regime around data. GDPR is to start but there's a long list of things that organizations have to do. The second is around just the safety of data. The third is actually around opening it up. Those first two are maybe things you have to do. But in order to really take advantage of data, it has to be the case that the right team can find the right data set, what it means at the right time, that kind of discovery process, documentation is actually really critical to the integrity of data as something that customers can build around and against.

是的。是的，這是一個很好的問題。所以，是的，人工智慧絕對是驅動因素之一。我想說的是，有一整套力量推動了人們對資料治理的興趣。其中之一就是圍繞著數據不斷加強的合規制度。 GDPR 即將啟動，但組織必須做一長串的事情。第二個是關於資料的安全性。第三個實際上是圍繞著開放它。前兩件事也許是你必須要做的事。但為了真正利用數據，正確的團隊必須能夠找到正確的數據集，在正確的時間意味著什麼，這種發現過程、文件實際上對於數據的完整性至關重要。

And then as you said, all of that, I think, has been supercharged by AI, where you have a set of applications that are much more data rich to draw on many more data sources across an organization than a traditional enterprise app might. But in order for that to work well, you have to know what's going work. And is it up to date? Is it getting there in the right way? Is it supposed to be there at all? And managing all of that has just gotten harder and harder, and managing it on top of some trusty set of old bespoke pipelines is trending towards impossible, and I think that's one of the things that's driven the rise of data streaming. And the nice thing for us is the ability to bring these governance capabilities kind of right there with the Platform. So there's no extra effort to go and adopt this use case by use case. The data is naturally tracked as it flows, you have the lineage of what goes where, you've kind of strong schemas that allow the creation of these data products that are shared across organization. And this is a really powerful thing for customers as they think about how they use this technology in the large and how they really take advantage of the day that they have to better serve customers and be more efficient.

然後，正如您所說，我認為所有這些都得到了人工智慧的推動，在人工智慧中，您擁有一組數據豐富得多的應用程序，可以在整個組織中利用比傳統企業應用程式更多的資料來源。但為了讓它發揮作用，你必須知道什麼是有效的。它是最新的嗎？它是否以正確的方式到達那裡？它應該存在嗎？管理所有這些變得越來越困難，並且在一些值得信賴的舊定制管道之上對其進行管理幾乎是不可能的，我認為這是推動數據流興起的因素之一。對我們來說，好處是能夠將這些治理功能與平台結合。因此，不需要額外的努力來逐一用例地採用這個用例。數據在流動時會被自然地跟踪，您擁有數據流向的沿襲，您擁有強大的模式，可以創建在組織內共享的這些數據產品。這對客戶來說是一件非常強大的事情，因為他們考慮如何大規模使用這項技術，以及如何真正利用這一天，他們必須更好地服務客戶並提高效率。

And on the unit economics, yes, this will change over time as that product line develops. Right now, it is kind of a step up with some additional usage as you use it more broadly. I think we're adding more and more functionality around the encryption of fields of data around other aspects of how you use and analyze data, and I think that will increase the monetization over time. I think it's too early to call the kind of final pending state ratio probably for any of these offerings but we do think that, that will be a sizable business for us.

就單位經濟效益而言，是的，隨著產品線的發展，這會隨著時間的推移而改變。現在，隨著您更廣泛地使用它，它是一個進步，有一些額外的用途。我認為我們正在圍繞如何使用和分析資料的其他方面的資料欄位加密添加越來越多的功能，我認為隨著時間的推移，這將增加貨幣化。我認為現在就這些產品中的任何一種確定最終待定狀態比率還為時過早，但我們確實認為這對我們來說將是一項規模可觀的業務。

That is helpful. And if I could squeeze in one quick one for Rohan. Any gross margin changes to consider as these uses outside of streaming start to scale?

這很有幫助。如果我能為羅漢擠一擠的話。隨著串流媒體以外的這些用途開始擴大規模，需要考慮任何毛利率變化嗎？

Yes. From a gross margin perspective, what we've said, Miller, is we are essentially long term target at 75-plus percent gross margin. We are operating well above that and it's been consistently above that. So as we look ahead for rest of the year, we expect to be in the zip code of gross margins. So not a whole lot to call out there with respect to any impact one way or the other on gross margins.

是的。從毛利率的角度來看，米勒，我們所說的是，我們的長期目標基本上是 75% 以上的毛利率。我們的營運遠高於這個水平，而且一直高於這個水平。因此，當我們展望今年剩餘時間時，我們預計毛利率將達到最高水準。因此，對於毛利率的任何影響，沒有太多值得指出的地方。

All right. Thank for all the questions. This concludes our earnings call today. Thanks again for joining us. Bye, everyone.

好的。感謝所有的問題。我們今天的財報電話會議到此結束。再次感謝您加入我們。迴見了各位。

Thanks, everyone.

感謝大家。

Thank you.

謝謝。