Confluent Inc (CFLT) 2024 Q2 法說會逐字稿

Hello, everyone. Welcome to the Confluent Second Quarter 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. 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 third quarter of 2024 and fiscal year 2024.

大家好。歡迎參加 Confluence 2024 年第二季財報電話會議。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。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 年第三季和2024 財年財務指導的陳述。

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 our most recent Form 10-Q filed with the SEC. We assume no obligation to update these statements after today's call, except as required by law.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與這些陳述預期的結果有重大差異。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-Q 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 facilitate the 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.

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，以促進對我們的財務和業務趨勢的分析以及內部規劃和預測的目的。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。

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. And finally, once we've concluded our prepared remarks, we will post the Confluent earnings report to our IR website.

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。最後，一旦我們完成了準備好的評論，我們將把 Confluence 收益報告發佈到我們的 IR 網站上。

And 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 second quarter earnings call. I'm pleased to report a solid second quarter, once again exceeding our revenue and margin guidance despite a continuing volatile macro environment. Subscription revenue grew 27% to $225 million, Confluent Cloud revenue grew 40% to $117 million, and non-GAAP operating margin was positive, representing approximately 10 percentage points of improvement. These results underscore the power of our data streaming platform and our relentless focus on delivering success for our customers.

謝謝，謝恩。大家下午好，歡迎參加我們的第二季財報電話會議。我很高興地報告第二季業績強勁，儘管宏觀環境持續動盪，但營收和利潤率再次超出了我們的指導。訂閱營收成長 27%，達到 2.25 億美元，Confluence Cloud 營收成長 40%，達到 1.17 億美元，非 GAAP 營運利潤率正，提高了約 10 個百分點。這些結果強調了我們資料流平台的力量以及我們對為客戶取得成功的不懈關注。

Today, I'll start with providing an update on our consumption transformation. Overall, the vast majority of our rollout towards our transformation to becoming consumption-oriented is complete, a step change in how we run our Cloud business.

今天，我將首先介紹我們消費轉型的最新情況。整體而言，我們轉型為消費導向型的大部分工作已經完成，這是我們雲端業務運作方式的一步改變。

One success indicator for our transformation is new logo growth. I'm pleased to share that we increased our total customer count by 320 in Q2, double from the previous quarter and representing our largest sequential increase in 2 years. In addition to landing a higher volume of customers, we believe we have increased the quality.

我們轉型成功的指標之一是新商標的成長。我很高興地告訴大家，第二季我們的客戶總數增加了 320 名，是上一季的兩倍，是兩年來最大的連續增幅。除了獲得更多客戶之外，我們相信我們還提高了品質。

-A strong focus on our target accounts has increased the percentage of high propensity customer lands. Though this new consumption motion lands them earlier in their journey, we believe over time, many of these customers will represent the next wave of high consumption accounts for us. We remain as confident as ever in the strategic position of the company and the prospects for durable long-term growth.

-對目標客戶的高度關注增加了高傾向客戶的比例。儘管這種新的消費舉措使他們提前進入了他們的旅程，但我們相信隨著時間的推移，其中許多客戶將代表我們的下一波高消費帳戶。我們對公司的策略地位和持久長期成長的前景一如既往地充滿信心。

We have the industry-leading technology in an increasingly critical and relevant category that we believe will be as important as databases. Over the past year, we've made a series of innovations to build out the full set of capabilities of a data streaming platform, enabling us to capture the full life cycle of data in motion. And as we progress along our consumption transformation, we will be better equipped than ever to rapidly acquire new customers, win new workloads and fuel the adoption of our full set of product capabilities.

我們在日益關鍵和相關的類別中擁有領先業界的技術，我們相信該技術將與資料庫一樣重要。在過去的一年裡，我們進行了一系列創新，建構了資料流平台的全套功能，使我們能夠捕捉動態資料的整個生命週期。隨著我們在消費轉型方面取得進展，我們將比以往任何時候都更有能力快速獲取新客戶、贏得新工作負載並推動我們全套產品功能的採用。

Our rapid pace of innovation and ability to land high-quality customers who have the potential to consume more of our product leaves me more excited than ever about the long-term opportunity to capture the lion's share of the data streaming market.

我們快速的創新步伐以及吸引有潛力消費更多我們產品的高品質客戶的能力，讓我對佔領資料流市場最大份額的長期機會比以往任何時候都更加興奮。

Vimeo, a leading SaaS video platform with over 260 million users, is a great example of a customer using our complete data streaming platform. Success for video platforms like Vimeo largely depend on delivering stellar user experiences, but traditional data warehousing and batch ETL processes limited their ability to see real-time customer usage, hindering timely decisions, quick pivots on products and campaigns and adaptive user experiences without buffering.

Vimeo 是領先的 SaaS 視訊平台，擁有超過 2.6 億用戶，是客戶使用我們完整的資料流平台的一個很好的例子。像Vimeo 這樣的視訊平台的成功在很大程度上取決於提供出色的用戶體驗，但傳統的資料倉儲和批量ETL 流程限制了它們查看即時客戶使用情況的能力，阻礙了及時決策、產品和活動的快速調整以及無緩衝的自適應使用者體驗。

So they tuned to Confluent to enable real-time data flows that provided the visibility they lacked. Fully managed connectors to Snowflake, S3 and others make it easy to instantly connect data through their business without the hassle of building and self-managing connectors. Stream Governance ensures data quality and security and allows Vimeo to safely scale and share data streams. And the team is looking towards Flink to enhance their streaming use cases while freeing up bandwidth across the team.

因此，他們轉向 Confluence 來實現即時資料流，從而提供他們所缺乏的可見性。Snowflake、S3 等的完全託管連接器可以輕鬆地透過其業務即時連接數據，而無需建置和自我管理連接器的麻煩。流治理可確保資料品質和安全性，並允許 Vimeo 安全地擴展和共享資料流。該團隊希望 Flink 能夠增強他們的串流用例，同時釋放整個團隊的頻寬。

With Confluent and real-time data flows, Vimeo can make quick decisions and deliver top quality personalized experiences that drive growth and profitability. Next, I'd like to discuss the critical role our partners play in our business and some exciting announcements in this area. Partners are essential to our strategy to expand our reach into new markets, improve sales efficiency and complement our data streaming platform. We're pleased to share a number of notable achievements and milestones across all 3 pillars of our partner ecosystem.

借助融合的即時數據流，Vimeo 可以快速做出決策並提供高品質的個人化體驗，從而推動成長和獲利。接下來，我想討論我們的合作夥伴在我們業務中發揮的關鍵作用以及該領域的一些令人興奮的公告。合作夥伴對於我們拓展新市場、提高銷售效率和補充我們的資料流平台的策略至關重要。我們很高興與大家分享我們合作夥伴生態系統三大支柱的一些顯著成就和里程碑。

In Q2, we announced Build with Confluent and Accelerate with Confluent, which makes it easier for our global SI partners like KPMG, Accenture and EY to build specialized offerings as they embed data streaming into their core business. A wide range of use cases have already been established through the Build with Confluent program, including a GenAI bot for airline customer support, fraud detection against AI-powered voice phishing, automated limit increases for credit card users and real-time telemetry analysis for freight optimization.

在第二季度，我們宣布使用 Confluence 建立和使用 Confluence 加速，這使得畢馬威、埃森哲和安永等全球 SI 合作夥伴在將資料流嵌入其核心業務時能夠更輕鬆地建立專業產品。A wide range of use cases have already been established through the Build with Confluent program, including a GenAI bot for airline customer support, fraud detection against AI-powered voice phishing, automated limit increases for credit card users and real-time telemetry analysis for freight最佳化.

We're also seeing great traction with Connect with Confluent, a technology partner program that makes it easier for partners to build data integrations with Confluent Cloud. In Q2, we crossed more than 40 technology partner built integrations, including SAP, MongoDB, and services at Google Cloud and AWS, giving us coverage across the major segments of the modern data and AI stack to help us drive consumption of Confluent. The success of Connect with Confluent has tripled the amount of data traffic from our partner integration since the start of the year.

我們還看到 Connect with Confluence 的巨大吸引力，這是一項技術合作夥伴計劃，使合作夥伴能夠更輕鬆地與 Confluence Cloud 建立資料整合。在第二季度，我們跨越了 40 多個技術合作夥伴建置的集成，包括 SAP、MongoDB 以及 Google Cloud 和 AWS 的服務，使我們涵蓋了現代資料和 AI 堆疊的主要部分，幫助我們推動 Confluence 的消費。自今年年初以來，Connect 與 Confluence 的成功使我們合作夥伴整合的數據流量增加了兩倍。

And finally, on the CSP front, we were pleased to be recognized as Partners of the Year by both Google and Microsoft. This marks the third year in a row that Confluent won this award from Microsoft and the fifth year that we've been recognized by Google. Together, these recognitions underscore our highly valuable and symbiotic relationship with our cloud partners.

最後，在 CSP 方面，我們很高興被 Google 和 Microsoft 評為年度合作夥伴。這標誌著 Confluence 連續第三年獲得 Microsoft 頒發的這項獎項，也是我們第五年獲得 Google 的認可。這些認可共同強調了我們與雲端合作夥伴的高度有價值的共生關係。

As we discussed last quarter, data streaming plays a critical role in fueling GenAI applications with contextual and trustworthy streams of real-time data. This was underscored by our 2024 data streaming report. 90% of the 4,000-plus IT leaders we surveyed said data streaming platforms can lead to more product and service innovation in AI and ML development, with 63% saying data streaming platforms significantly fuel AI progress by building a real-time data foundation. I'm pleased to share a couple of examples of this. A top 5 mortgage lender in the United States is turning to Confluent and GenAI to reimagine the home buying experience.

正如我們上季度所討論的，資料流在透過上下文和可信賴的即時資料流推動 GenAI 應用程式方面發揮關鍵作用。我們的 2024 年資料流報告強調了這一點。在我們調查的4,000 多名IT 領導者中，90% 的人表示資料流平台可以在人工智慧和機器學習開發方面帶來更多產品和服務創新，其中63% 的人表示資料流平台透過建立即時數據基礎顯著推動人工智慧的進步。我很高興分享幾個這方面的例子。美國排名前 5 名的抵押貸款機構正在尋求 Confluence 和 GenAI 來重新構想購房體驗。

This company uses generative AI to listen to client calls, transcribe them, analyze sentiment and record client patterns and preferences to create personalized experiences for millions of customers and prospects. They turn to Confluent as a key part of their RAG-enabled architecture to quickly build and scale GenAI use cases by tapping into readily usable trustworthy data streams.

該公司使用生成式人工智慧來監聽客戶電話、進行轉錄、分析情緒並記錄客戶模式和偏好，為數百萬客戶和潛在客戶創造個人化體驗。他們將 Confluence 作為支援 RAG 的架構的關鍵部分，透過利用易於使用的可信任資料流來快速建立和擴展 GenAI 用例。

Connectors allow them to connect data and systems from across lines of business, while Stream Governance and Stream Processing enabled the team to create reusable data products that are easy to find, understand and use. As a result of their GenAI initiatives, approximately 70% of servicing calls can be fully self-served without the need for full team member intervention. By saving the client servicing team 40,000 hours annually, team members can concentrate on cultivating strong, meaningful client relationships, while AI manages the mundane tasks.

連接器使他們能夠連接跨業務線的資料和系統，而串流治理和串流處理使團隊能夠創建易於找到、理解和使用的可重複使用資料產品。由於他們的 GenAI 計劃，大約 70% 的服務呼叫可以完全自助服務，而不需要整個團隊成員的介入。透過每年為客戶服務團隊節省 40,000 小時，團隊成員可以專注於培養強大、有意義的客戶關係，而人工智慧則負責管理日常任務​​。

But this is just the start. In the future, their GenAI platform will earn homeowners' preferences and communication habits so that team members can anticipate and solve clients' needs. An international e-commerce company in Germany with EUR16 billion in annual sales is another example of companies turning to Confluent to play a key role in their GenAI stack.

但這只是開始。未來，他們的GenAI平台將贏得業主的偏好和溝通習慣，以便團隊成員能夠預測和解決客戶的需求。德國一家年銷售額達 160 億歐元的國際電子商務公司是轉向 Confluence 並在其 GenAI 堆疊中發揮關鍵作用的公司的另一個例子。

When e-commerce products from this company's iconic brands are promoted, their call centers received massive spikes in call volume. But with only 100 call center reps, customers are often left in long wait queues, leading to failed convergence and unhappy customers. So they turned to Confluent to help power GenAI applications like voice bots that can scale up in seconds and answer 1,000 calls in parallel. As customers interact with these voice bots, an AI order entry bot enables the order completion process and communicates with ERP systems in real time via Confluent, streaming transactional data such as product, order, customer, payment and billing information.

當該公司標誌性品牌的電子商務產品被推廣時，他們的呼叫中心接到的呼叫量大幅增加。但由於呼叫中心只有 100 名代表，客戶常常排在很長的等待隊列中，導致融合失敗和客戶不滿意。因此，他們求助於 Confluence 來幫助支援語音機器人等 GenAI 應用程序，這些應用程式可以在幾秒鐘內擴展並並行應答 1,000 個呼叫。當客戶與這些語音機人互動時，AI 訂單輸入機器人可實現訂單完成流程，並透過 Confluence 即時與 ERP 系統通信，串流處理產品、訂單、客戶、付款和帳單資訊等交易資料。

A key part of this workflow is Confluent's streaming KPIs from bots in the operational domain to their analytical systems, capturing data like real-time orders, call metrics, sentiment analysis, and how many AI tokens were used to analyze and measure the efficacy of calls to continuously make their bots smarter and more effective. Powered by enriched trusted data streams from Confluent, this e-commerce company can now handle unexpected traffic spikes to increase call center capacity on demand to reduce customer wait times and improve order completion rate.

此工作流程的關鍵部分是 Confluence 將 KPI 從操作域中的機器人串流傳輸到其分析系統，捕獲即時訂單、通話指標、情緒分析等數據，以及使用多少 AI 代幣來分析和衡量通話的功效不斷讓他們的機器人變得更聰明、更有效率。在 Confluence 豐富的可信任資料流的支援下，這家電子商務公司現在可以處理意外的流量峰值，按需增加呼叫中心的容量，從而減少客戶等待時間並提高訂單完成率。

In closing, we're excited about the trajectory we're on. With our complete data streaming platform and our transition to a consumption-oriented business, we're well positioned to attract more customers who can drive even more value from Confluent as they capture the full life cycle of streaming data from our platform. The future of Confluent is incredibly bright. With that, I'll turn it over to Rohan.

最後，我們對目前的發展軌跡感到興奮。憑藉我們完整的資料流平台以及向消費導向業務的轉型，我們能夠吸引更多客戶，他們可以從我們的平台捕獲流資料的整個生命週期，從而從 Confluence 中獲得更多價值。Confluence 的未來非常光明。這樣，我就把它交給羅漢了。

Thanks, Jay. Good afternoon, everyone. In Q2, we delivered solid subscription revenue growth and substantial margin expansions, ending the quarter with positive non-GAAP operating margin and free cash flow margin. These results, coupled with continued adoption of our data streaming platform, demonstrate our relentless focus on driving long-term efficient growth in a volatile macro environment.

謝謝，傑伊。大家下午好。在第二季度，我們實現了訂閱收入的穩健成長和利潤率的大幅擴張，本季結束時，非公認會計原則營業利潤率和自由現金流利潤率為正。這些結果，加上我們資料流平台的持續採用，顯示我們對在動盪的宏觀環境中推動長期高效成長的不懈關注。

Turning to the Q2 results. Subscription revenue grew 27% to $224.7 million, exceeding the high end of our guidance and representing 96% of total revenue. Confluent Platform revenue growth accelerated to 16%, ending the quarter at $107.3 million and accounting for 48% of subscription revenue. We closed 2 8-figure multiyear deals consisting of renewal and expansion with existing customers in the financial services industry. This underscores Confluent as the platform of choice for data streaming among the world's most established enterprises.

轉向第二季的結果。訂閱收入成長 27%，達到 2.247 億美元，超過了我們指導的上限，佔總收入的 96%。Confluence 平台營收成長加速至 16%，本季末達到 1.073 億美元，佔訂閱收入的 48%。我們與金融服務業的現有客戶達成了兩項價值 8 位數的多年期交易，其中包括續約和擴張。這凸顯了 Confluence 是全球最知名企業首選的資料流平台。

Confluent Cloud revenue grew 40% to $117.4 million and accounted for 52% of subscription revenue compared to 47% in the year ago quarter. We are pleased with delivering high growth at scale and continuing to improve the margin profile for our cloud business. Turning to the geographic mix of total revenue. Revenue from the US grew 26% to $143.2 million. Revenue from outside the US grew 22% to $91.7 million.

Confluence Cloud 營收成長 40%，達到 1.174 億美元，佔訂閱營收的 52%，去年同期為 47%。我們很高興能夠實現大規模的高速成長並繼續改善我們的雲端業務的利潤狀況。轉向總收入的地理組合。來自美國的收入成長了 26%，達到 1.432 億美元。來自美國以外地區的收入成長了 22%，達到 9,170 萬美元。

Moving on to rest of the income statement. I'll be referring to non-GAAP results, unless stated otherwise. Subscription gross margin was 80.8%, up 170 basis points. Gross margin performance was driven by strong Confluent platform margin and improving unit economics of our Confluent Cloud offering. Turning to profitability and cash flow.

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。認購毛利率為80.8%，上升170個基點。毛利率表現得益於強勁的 Confluence 平台利潤率和 Confluence 雲端產品單位經濟效益的提高。轉向獲利能力和現金流。

Operating margin expanded 9.7 percentage points to 0.6%, representing our eighth consecutive quarter of 9 points or more in margin improvement. Operating margin performance was driven by our gross margin performance and our continued focus on driving efficient growth across the company. Net income per share was $0.06 for Q2 using 354.2 million diluted weighted average shares outstanding. Fully diluted share count under the treasury stock method was approximately 362.9 million.

營業利潤率成長 9.7 個百分點，達到 0.6%，這意味著我們的利潤率連續第八個季度提高 9 個百分點或以上。營業利潤率表現是由我們的毛利率表現以及我們持續致力於推動整個公司的高效成長所推動的。使用 3.542 億股稀釋加權平均流通股計算，第二季每股淨利為 0.06 美元。庫存股法下的完全稀釋股份數量約為3.629億股。

Free cash flow margin turned positive and improved approximately 20 percentage points to 1.2%. And we ended second quarter with $1.93 billion in cash, cash equivalents and marketable securities. Turning now to other business metrics. Total customer count was approximately 5,440, up 320 customers sequentially, our largest sequential growth in 2 years. We are pleased with accelerating growth in total customer count and the quality of customers we have acquired.

自由現金流利潤率轉正，提高約 20 個百分點，達到 1.2%。第二季末，我們擁有 19.3 億美元的現金、現金等價物和有價證券。現在轉向其他業務指標。客戶總數約為 5,440 名，比上一季增加 320 名，這是我們兩年來最大的連續成長。我們對客戶總數和客戶品質的加速成長感到高興。

Additionally, we added 46 customers with $100,000 plus in ARR and 9 customers in $1 million plus in ARR, bringing the total to 1,306 and 177, respectively. Our $100,000-plus ARR customers continue to contribute greater than 85% of our revenue. Our new $1 million-plus ARR customers include customers from a variety of industries, including energy, financial services, manufacturing, retail, transportation and more.

此外，我們還增加了 46 名 ARR 超過 10 萬美元的客戶和 9 名 ARR 超過 100 萬美元的客戶，總數分別達到 1,306 和 177。我們的 ARR 超過 100,000 美元的客戶繼續貢獻我們超過 85% 的收入。我們的 ARR 超過 100 萬美元的新客戶包括來自各行業的客戶，包括能源、金融服務、製造、零售、運輸等。

Turning to NRR. Q2 NRR was 118%, below our target range of 120% to 125% for this year. This was due to continuing consumption volatility within our large digital native customer base. After the stabilization in Q1 and a healthy start in Q2, we saw increased short-term cloud cost controls and focused on driving efficiencies in this customer cohort in the month of June, which impacted expansion of new use cases.

轉向 NRR。第二季 NRR 為 118%，低於我們今年 120% 至 125% 的目標範圍。這是由於我們龐大的數位原生客戶群的消費持續波動。在第一季的穩定和第二季度的良好開局之後，我們看到短期雲端成本控制有所加強，並在 6 月專注於提高該客戶群的效率，這影響了新用例的擴展。

While the green shoots we saw earlier this year haven't yet translated to the level of consumption we had expected, we are pleased to see continued strength in our gross retention rate. GRR remained above 90% at a level consistent with the last 2 quarters, reflecting the sticky nature of our data streaming platform and our continued focus on delivering strong value and ROI to our customers.

雖然我們今年早些時候看到的萌芽尚未轉化為我們預期的消費水平，但我們很高興看到我們的毛保留率持續強勁。GRR 保持在 90% 以上，與過去兩個季度保持一致，反映了我們資料流平台的黏性，以及我們持續致力於為客戶提供強大的價值和投資回報率。

As we frame our guidance for the second half of 2024, there are 2 points I would like to call out before getting into the numbers. First, growth of our Confluent Platform business remains lumpy, driven by the timing of large renewal and expansion deals. As a reminder, approximately 20% of our Confluent Platform TCV is recognized as upfront license revenue. This could create short-term variability for growth in Confluent Platform. Q2 was a good example where we benefited from this dynamic, which creates a tough compare for growth for rest of 2024.

在我們制定 2024 年下半年的指導方針時，在討論數字之前我想指出兩點。首先，受大型更新和擴張交易時機的推動，我們的 Confluence 平台業務的成長仍然不穩定。提醒一下，我們的 Confluence 平台 TCV 中約 20% 被確認為預付費用授權收入。這可能會為 Confluence 平台的成長帶來短期變化。第二季就是一個很好的例子，我們從這種動態中受益，這為 2024 年剩餘時間的成長帶來了艱難的比較。

Second, consumption in our digital native customer base remains volatile. As mentioned, while the green shoots we saw over the last few months continue to take hold, they have not yet translated to the level of consumption we had expected. We have incorporated this consumption dynamic from our large digital native customers into our second half outlook.

其次，我們的數位原生客戶群的消費仍然不穩定。如前所述，雖然我們在過去幾個月看到的復甦勢頭繼續顯現，但尚未轉化為我們預期的消費水平。我們已將大型數位原生客戶的這種消費動態納入我們的下半年展望中。

Now let's turn to guidance. For the third quarter of 2024, we expect subscription revenue to be in the range of $233 million to $234 million, representing growth of approximately 23% to 24%; non-GAAP operating margin to break-even, representing improvement of approximately 5 percentage points; and non-GAAP net income per diluted share to be $0.05.

現在讓我們轉向指導。2024年第三季度，我們預計訂閱收入將在2.33億美元至2.34億美元之間，成長約23%至24%；非 GAAP 營運利潤率達到損益平衡，提高約 5 個百分點；非 GAAP 攤薄後每股淨利為 0.05 美元。

For the full year 2024, we expect subscription revenue to be approximately $910 million, representing growth of approximately 25%; non-GAAP operating margin to break-even, representing improvement of approximately 7 percentage points; non-GAAP net income per diluted share to be $0.20; and free cash flow margin to break-even, representing improvement of approximately 16 percentage points.

2024 年全年，我們預計訂閱收入約 9.1 億美元，成長約 25%；非 GAAP 營業利潤率達到損益兩平，提高約 7 個百分點；非 GAAP 稀釋每股淨利為 0.20 美元；自由現金流利潤率達到損益兩平，提高了約 16 個百分點。

Looking out longer term, we remain well positioned to address our market opportunity. As Jay pointed out earlier, we're going after a highly strategic and mission-critical data streaming market, which we believe will be as important as databases. Over the last few decades, history in software has repeated itself many times that platform approach wins. Our industry-leading data streaming platform is the only complete platform spanning Stream, Connect, Process and Govern, enabling us to capture the full life cycle of data in motion at a lower TCO and delivering strong ROI to our customers.

展望更長期，我們仍然處於有利地位來抓住我們的市場機會。正如傑伊早些時候指出的，我們正在追求一個高度策略性和關鍵任務的資料流市場，我們相信這個市場將與資料庫一樣重要。在過去的幾十年裡，軟體的歷史多次重演，平台方法獲勝。我們業界領先的資料流平台是唯一涵蓋流、連接、處理和治理的完整平台，使我們能夠以較低的總體擁有成本捕獲動態資料的整個生命週期，並為客戶提供強勁的投資回報率。

In Q2, we saw continued adoption of our data streaming platform. Connect, Process and Govern of our DSP portfolio accounted for a larger portion of cloud revenue and grew substantially faster than our overall Cloud business. Multiproduct customers remained our fastest-growing customer cohort, with NRR substantially higher than 130%.

在第二季度，我們看到我們的資料流平台繼續被採用。我們的 DSP 產品組合的連接、流程和治理佔雲端收入的很大一部分，而且成長速度遠遠快於我們的整體雲端業務。多產品客戶仍然是我們成長最快的客戶群，NRR 遠高於 130%。

We believe DSP will continue to outgrow our core business for the foreseeable future. And as it continues to scale, DSP is expected to be a strong growth tailwind to our business over a long period of time. Additionally, the rise of GenAI makes it clear that a modern organization success is significantly influenced by its data strategy, particularly around data and motion. With a complete cloud native and ubiquitous platform and secular tailwinds for data in motion, we have never been more confident in our ability to sustain durable and efficient growth over the long term.

我們相信，在可預見的未來，DSP 的成長將繼續超過我們的核心業務。隨著 DSP 的不斷擴大，預計在很長一段時間內將成為我們業務的強勁成長動力。此外，GenAI 的崛起清楚地表明，現代組織的成功很大程度上受到其數據策略的影響，尤其是圍繞數據和運動的策略。憑藉完整的雲端原生和無所不在的平台以及動態數據的長期順風，我們對自己長期維持持久和高效成長的能力充滿信心。

In closing, we are pleased with our solid second quarter results. As we continue to execute on our consumption transformation, we remain focused on driving efficient growth and delivering break-even for non-GAAP operating margin and free cash flow margin for 2024. Now Jay and I will take your questions.

最後，我們對第二季的穩健業績感到滿意。隨著我們繼續執行消費轉型，我們仍然專注於推動高效成長，並在 2024 年實現非 GAAP 營運利潤率和自由現金流利潤率的收支平衡。現在傑伊和我將回答你們的問題。

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Matt Hedberg with RBC, Morgan Stanley.

馬特‧赫德伯格 (Matt Hedberg)，來自加拿大皇家銀行 (RBC)、摩根士丹利 (Morgan Stanley)。

I'm in the airport. So hopefully the background noise is okay. Jay, I noticed the strong customer logo adds stood out to me. I think you noted in your prepared remarks, the quality was also higher. I guess does that imply that you could see faster expansion from this cohort as they continue to advance with the platform?

我在機場。所以希望背景噪音沒問題。傑伊，我注意到強烈的客戶標誌對我來說很突出。我想你在準備好的發言中指出，品質也更高。我想這是否意味著隨著平台的不斷進步，您可以看到這群人的擴張速度更快？

Yes, over time. So one of the measures we first of all, I would say, as we undertook this consumption transformation, one of our key goals was to accelerate customer acquisition. So that's played out as we desired. The second thing that we were aiming for was be a little more targeted in which customers we're landing in. And so we built a model to try to predict the opportunity in these customers and tagged a set of accounts we felt were high propensity.

是的，隨著時間的推移。因此，我想說，在我們進行消費轉型時，我們首先採取的措施之一是加速客戶獲取。這樣就按照我們的意願進行了。我們的第二個目標是更有針對性地鎖定我們要登陸的客戶。因此，我們建立了一個模型來嘗試預測這些客戶的機會，並標記了一組我們認為具有高傾向性的帳戶。

So the measure we use internally is what percentage of these new customer lands are in that high propensity segment. And so obviously, it's on us to go drive the growth in the accounts. But one of the things we think is promising is that, that percentage has gone up substantially when we look at the first half of this year versus last year in the customers we're landing in.

因此，我們內部使用的衡量標準是這些新客戶群中屬於高傾向細分市場的百分比。顯然，我們有責任推動帳戶成長。但我們認為有希望的一件事是，當我們觀察今年上半年與去年相比我們登陸的客戶時，這一比例已大幅上升。

Got it. And then maybe one for you, Rohan. You noted some of the NRR pressure and the potential for lumpy Confluent Platform business in the second half. It seems like that's contemplated in your guidance. I guess I'm curious, after you saw it sounds like a little bit of slowness in June. How did things trend in July? I mean have you seen things kind of stabilized a bit? Or just maybe a little bit more on the linearity on the cloud side.

知道了。也許還有一份適合你，羅漢。您注意到下半年的 NRR 壓力和 Confluence 平台業務的潛在潛力。您的指導似乎已經考慮到了這一點。我想我很好奇，在你看到六月聽起來有點緩慢之後。7月的走勢如何？我的意思是你看到事情有點穩定了嗎？或只是在雲端的線性度上多一點。

Yes. Thanks for your question, Matt. Yes. I mean, from an overall guidance perspective, as you rightly pointed out, we've considered 2 factors: our Confluent Platform business tends to be lumpy, primarily because of how the rev rec is and the timing of some of the larger deals. So that's incorporated in the guide. And the second one that you mentioned was around the digital native customers. So for digital native customers, Q1, we saw stabilization.

是的。謝謝你的問題，馬特。是的。我的意思是，從整體指導的角度來看，正如您正確指出的那樣，我們考慮了兩個因素：我們的Confluence 平台業務往往不穩定，主要是因為轉速記錄的情況以及一些較大交易的時機。因此，這已納入指南中。您提到的第二個是圍繞數位原生客戶的。因此，對於數位原生客戶，第一季我們看到了穩定性。

And as we entered Q2, we did see a continuation of that stabilization. However, I would say towards the latter half of the quarter, we did see cost efficiencies and focused on just driving some cost efficiencies from some of these customers, which actually continued into the month of July. So as we think of the back half of the year, we think taking a thoughtful and prudent approach to guidance would be the right thing to do.

當我們進入第二季時，我們確實看到了這種穩定的持續。然而，我想說的是，在本季後半段，我們確實看到了成本效率，並專注於提高其中一些客戶的成本效率，這種情況實際上一直持續到 7 月。因此，當我們考慮今年下半年時，我們認為採取深思熟慮和審慎的指導方法將是正確的做法。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

I want to turn back to the sort of go-to-market transformation. I think there was an approach to utilize similar sales motions like MongoDB, who've done monitoring cloud sales. One of the things that they have been seeing is that as they try and incent for more volume and higher volumes of workloads, the quality 12 months down the road wasn't what they expected. I was wondering, Jay I'm happy to see the new customer logos really accelerate. But if you look at it on a workload basis, how are you guys thinking about ensuring quality of the workloads and not just seeing that increased volume?

我想回到那種進入市場的轉型。我認為有一種方法可以利用類似的銷售動議，例如 MongoDB，他們已經監控了雲端銷售。他們看到的一件事是，當他們嘗試激勵更多的工作量和更高的工作量時，12 個月後的品質並未達到他們的預期。我想知道，傑伊，我很高興看到新的客戶標誌確實在加速發展。但是，如果您從工作負載的角度來看，您如何考慮確保工作負載的質量，而不僅僅是看到數量的增加？

Yes. That's obviously on us to ensure that we're kind of getting the growth and expansion out of this customer set. The first indication is just are we getting into the right customer? So I think that, we've seen. As we think about over the course of this year, we want to see those grow. Part of our objective was definitely to get into customers earlier in the life cycle, earlier in the development life cycle where they're actually setting up the architecture where they can use more of our DSP in the first application they're planning. I think that's been successful, and that's allowed us to take up the volume of customers. But yes, really showing how those play out and spill into the $100,000-plus, $1 million-plus, that will happen over time.

是的。顯然，我們有責任確保我們能夠從這個客戶群中獲得成長和擴張。第一個跡像是我們是否找到了合適的客戶？所以我認為，我們已經看到了。當我們思考今年的過程時，我們希望看到這些成長。我們的部分目標肯定是在生命週期的早期、開發生命週期的早期接觸客戶，他們實際上正在建立架構，以便他們可以在他們規劃的第一個應用程式中使用更多我們的 DSP。我認為這是成功的，這使我們能夠吸引大量客戶。但是，是的，真正展示了這些如何發揮作用並滲透到 10 萬美元以上、100 萬美元以上，這將隨著時間的推移而發生。

Great. And then just as a follow-up. How are you guys thinking about when you look at the pieces of a real time on data infrastructure, I think OpenAI bought what's called like a real-time database. And you guys have sort of talked about the streaming platform, the stream processing platform. Where does the real-time database sort of fit in? And is that something that another service offering that Confluent may get involved with over time?

偉大的。然後作為後續行動。當你們看到即時資料基礎架構的各個部分時，你們有什麼想法，我認為 OpenAI 購買了所謂的即時資料庫。你們談論了串流媒體平台、串流處理平台。即時資料庫適合用在什麼地方？隨著時間的推移，這是 Confluence 可能會涉及的另一項服務嗎？

Yes. We actually partner very closely with a number of providers of similar functionality. So I think Rockset was the company that OpenAI announced having bought. There's probably half a dozen to a dozen companies in that segment where they're taking streams of data and serving different types of queries against those streams.

是的。實際上，我們與許多具有類似功能的提供者密切合作。所以我認為 Rockset 是 OpenAI 宣布收購的公司。該領域可能有六到十幾家公司正在獲取資料流並針對這些流提供不同類型的查詢。

And that's a great set of partners for us. And we work with them around a whole set of applications, including some in the GenAI space, use cases around search, use cases around real-time analytics, use cases around aggregating and storing other key information sets that power workloads. So there's definitely kind of a nice integration there between some of the real-time databases or streaming databases and the rest of the streaming platform.

這對我們來說是一群很棒的合作夥伴。我們與他們圍繞一整套應用程式進行合作，包括 GenAI 領域的一些應用程式、圍繞搜尋的用例、圍繞即時分析的用例、圍繞聚合和儲存支援工作負載的其他關鍵資訊集的用例。因此，某些即時資料庫或串流資料庫與串流平台的其餘部分之間肯定存在良好的整合。

Raimo Lenschow Barclays.

雷莫·倫肖·巴克萊銀行。

Two very quick questions. First, you had a bit of a change in the sales leadership. And I wanted to see if you could give us some additional comments there? And then Jay, on Flink as well, we kind of have it in the market for a few months now, and you kind of mentioned some of that on the call, but like what's your experience and so far in terms of adoption, what people are using for versus what you expected on the usage side?

兩個非常快的問題。首先，銷售領導層發生了一些變化。我想看看您是否可以給我們一些額外的意見？然後Jay，在Flink 上，我們已經在市場上推出了幾個月了，您在電話會議上提到了其中的一些內容，但就像您的經驗以及到目前為止在採用方面的情況一樣，人們都在做什麼？

Yes. Both good questions. So yes, we did have one departure on the sales side. The structure of our team is the larger field effort, the reps, technical folks, BD folks, consulting, who's all under Erica Schultz. So she's kind of at the top of the sales organization and reports to me. She remains in charge of that, and she has been at Confluent for over 4 years.

是的。兩個問題都很好。所以，是的，我們在銷售方面確實有一個離開。我們團隊的結構是更大的現場工作，包括代表、技術人員、業務拓展人員、諮詢人員，他們都在 Erica Schultz 的領導下。所以她在銷售組織中處於高層地位並向我報告。她仍然負責這項工作，她已經在 Confluence 工作了 4 年多。

So there's a fair amount of continuity. Under her, the managers, management structure of the reps just kind of bounced back and forth between something where she manages the individual theater leaders like APAC or EMEA directly or as somebody who manages that set of theater leaders. And so we did make a change in that structure. I won't comment on the departure in detail, but we're not planning on immediately backfilling it. We're comfortable with the arrangement we've had. And that's worked well for us in the past, and we feel good about that in the near term.

所以有相當大的連續性。在她的領導下，經理和代表的管理結構在她直接管理亞太地區或歐洲、中東和非洲等各個戰區領導者或作為管理該組戰區領導者的人之間來回切換。所以我們確實改變了這個結構。我不會對離開進行詳細評論，但我們不打算立即回填。我們對我們的安排感到滿意。這在過去對我們來說效果很好，我們在短期內對此感覺良好。

On Flink, yes, it continues to go well. This is a time of excitement from our customers. I think last quarter, we said on the order of around 600 prospects and customers that tried it out. That's up to over 1,000 now. We're starting to see really nice growth in the revenue from that.

在 Flink 上，是的，它繼續進展順利。這是我們的客戶興奮的時刻。我想上個季度，我們說有大約 600 名潛在客戶和客戶嘗試過。現在已經超過1000了。我們開始看到收入的快速成長。

But of course, it's still early days, small numbers. What we want to see is see that ramp to a larger percentage of the business, see more of the kind of large-scale production use cases come online. That's what we're looking for over the course of this year. And if we're successful in that, that will be a very positive tailwind for the business overall as it gets to a larger portion of the business heading into next year.

但當然，現在還處於早期階段，數量還很少。我們希望看到的是看到業務中所佔的比例更大，看到更多的大規模生產用例上線。這就是我們今年所尋求的。如果我們在這方面取得成功，這對整個業務來說將是一個非常積極的推動力，因為它將在明年佔據更大的業務份額。

Brad Zelnick, Deutsche.

布拉德·澤爾尼克，德國人。

Thanks very much, Shane. And great to see the progress in new logo and the path to profitability. Rohan, you characterized digital native customers as volatile. What's the behavior that you're seeing specifically? Are they down-selling? Or are they churning? And is this more cloud or Confluent platform? How much of a risk is this going forward and the extent to which you're embedding in the guide?

非常感謝，謝恩。很高興看到新標誌的進展和盈利之路。Rohan，您將數位原生客戶描述為不穩定的。您具體看到的行為是什麼？他們在降價銷售嗎？還是他們正在攪動？這是更多雲端平台還是融合平台？這樣做的風險有多大以及您在指南中嵌入的程度如何？

Yes. Thanks for the question, Brad. I mean when you look at the digital native segment and customers and if you zoom out and look at it over a longer period of time, the growth has been linear. And our growth has been upward but not linear. So over a period of time, the segment, we've seen good growth, and the growth rates have been higher than the rate of the company.

是的。謝謝你的提問，布拉德。我的意思是，當你觀察數位原生市場和客戶時，如果你縮小範圍並在更長的時間內觀察它，你會發現成長是線性的。我們的成長是向上的，但不是線性的。因此，在一段時間內，該細分市場我們看到了良好的成長，並且成長率高於公司的成長率。

But when you really look at the last 12-odd months, this segment has been under some kind of cost efficiency pressure. And you do see every now and then customers just focusing on the cost side of it and then adding more workloads. So that is a trend that we've seen. But the big takeaway from my perspective is if you step back and look at it over a longer period of time, this segment has been actually a good grower for us. And that's a long-term outlook.

但當你真正審視過去 12 個多月時，你會發現該細分市場一直面臨某種成本效率壓力。您確實會不時看到客戶只專注於成本方面，然後增加更多工作負載。這就是我們看到的趨勢。但從我的角度來看，最大的收穫是，如果你退後一步，從更長的一段時間來看，這個細分市場實際上對我們來說是一個很好的種植者。這是一個長期的前景。

But as you think about how we saw the month of June, we thought it's just prudent to bake it into our second half outlook as we look ahead.

但當你思考我們如何看待 6 月時，我們認為在展望未來時將其納入我們下半年的展望中是謹慎的做法。

Yes, I think that's a good characterization. I mean when we step back and think about the digital native segment, overall, we remain very optimistic that that's an area that's grown for us very nicely over the last few years, and we think we'll continue that way.

是的，我認為這是一個很好的表徵。我的意思是，當我們退後一步思考數位原生領域時，總體而言，我們仍然非常樂觀，認為這是一個在過去幾年中為我們帶來非常好的成長的領域，並且我們認為我們將繼續這種方式。

But as Rohan said, yes, there is probably more cost pressure there, and that does mean that if we look at Q1 to Q2, we did see different performance in that segment between those 2 quarters where we saw outsized growth in Q1 and a little bit more optimization in Q2. And I think that's kind of the balance of those 2 forces. We expect that to play out in the second half of the year as well.

但正如Rohan 所說，是的，那裡可能存在更大的成本壓力，這確實意味著，如果我們看看第一季度到第二季度，我們確實看到了這兩個季度之間該細分市場的不同表現，第一季成長過大，第二季略有成長。我認為這就是這兩種力量的平衡。我們預計這也將在今年下半年出現。

Thanks, Jay. And maybe just a quick follow-up for you. I see you have a number of open job reqs for AEs in the US federal market. Can you just remind us of where you stand in that market? And if you see upside in this Q3 that could come from federal? Or is this more of a 2025 opportunity?

謝謝，傑伊。也許只是對您的快速跟進。我看到你們在美國聯邦市場上有許多 AE 的職缺需求。您能提醒我們您在該市場的地位嗎？如果您認為第三季的好處可能來自聯邦政府？或者這更像是 2025 年的機會？

Yes. Yes. By and large, open sales hires in the federal space that we're making in this next quarter would impact next year. But indeed, there's a very talented team that covers the public sector in the U.S. and elsewhere. And it's a good contributor to the business. So yes, we're adding to that team, and we do think that's an area where we will see growth.

是的。是的。總的來說，我們在下個季度在聯邦領域進行的公開銷售招聘將影響明年。但事實上，有一個非常有才華的團隊涵蓋美國和其他地方的公共部門。它對業務做出了很好的貢獻。所以，是的，我們正在增加這個團隊，我們確實認為這是一個我們將會看到成長的領域。

Jason Ader William Blair.

傑森·阿德·威廉·布萊爾。

Thanks, Shane. Good afternoon, everyone. I just want to ask about go-to-market. It seems like it's been a bit of an evolution over the last several years, and you guys are still kind of figuring it out. Beyond the change to consumption and the management structure that you alluded to, what else would you call out that you've learned that could help move the needle on your go-to-market motion and where the best bang for the buck investments are going forward?

謝謝，謝恩。大家下午好。我只是想問一下上市的事情。在過去的幾年裡，這似乎已經發生了一些演變，而你們仍然在想辦法。除了您提到的消費和管理結構的變化之外，您還認為您了解到的哪些內容可以幫助推動您的上市計劃以及最划算的投資方向向前？

Yes, it's a good question. If I think about the first half of this year, it was mostly that shift to consumption. It's kind of rebuilding what you had on a new foundation around a different set of metrics, oriented on something new. If I think about the balance of the year and beyond, it's really taking advantage of that structure. I do think that's the right set-up for the type of cloud infrastructure company that we are. If you look at both peer companies and what the cloud providers have done over time to drive growth of workload, it really hinges around that. And so I feel good about the progress we've made and some of the early results from that. But I think it's even more exciting when we think about how we can use that to drive the adoption of these expansion product areas and the expansion of new workloads in the customer base.

是的，這是一個好問題。如果我想想今年上半年，主要是轉向消費的轉變。這是圍繞一組不同的指標在新的基礎上重建現有的東西，面向新的東西。如果我考慮今年及以後的餘額，它確實在利用這種結構。我確實認為這對於我們這種類型的雲端基礎設施公司來說是正確的設定。如果你看看同行公司以及雲端供應商隨著時間的推移為推動工作負載成長所做的事情，你會發現它確實取決於這一點。因此，我對我們所取得的進展以及由此產生的一些早期成果感到滿意。但我認為，當我們考慮如何利用它來推動這些擴展產品領域的採用以及客戶群中新工作負載的擴展時，這會更令人興奮。

And then just a quick follow-up. On the consumption transition you talked about, I think you said smaller lands, Jay, is that right?

然後進行快速跟進。關於你談到的消費轉型，我想你說的是更小的土地，傑伊，是這樣嗎？

Yes. Yes. If I think about what we've shown, we've kind of taken up the volume of lands, but we will be catching these kind of earlier in the build cycle. We think that's largely good, but it does mean in that first quarter, the contribution from a given customer will be smaller than it was in the past, just because we're earlier in that project life cycle.

是的。是的。如果我考慮我們所展示的內容，我們已經佔用了一定數量的土地，但我們將在建造週期的早期階段抓住這些土地。我們認為這在很大程度上是好的，但這確實意味著在第一季度，特定客戶的貢獻將小於過去，只是因為我們處於該專案生命週期的早期。

Derrick Wood TD Cowen.

德里克伍德 TD 考恩。

Great. Jay, in terms of the new motions of cross-selling DSP to the base, can you talk about what parts of that portfolio are seeing the strongest uptake when you look at governance, connectors, processors? Is there anything you'd highlight getting more traction? And when you sell into a core customer, what's often the ASP uplift when you cross-sell one of those components?

偉大的。Jay，就向基礎交叉銷售 DSP 的新動議而言，您能否談談當您考慮治理、連接器和處理器時，該產品組合的哪些部分獲得了最強的採用？您有什麼要強調的可以吸引更多關注的事情嗎？當您向核心客戶銷售產品時，當您交叉銷售其中一個組件時，平均售價通常會提升多少？

Yes. Yes. It's a good question. Yes. I would think of each of those products as being in a kind of S-curve, where it's on some ramp. The earliest of those was our connector ecosystem where we continue to make improvements and drive growth with it. We think there's a lot of opportunity there. The governance portfolio was next, and Flink is the newest addition to that.

是的。是的。這是一個好問題。是的。我認為每種產品都處於某種 S 曲線中，處於某種斜坡上。其中最早的是我們的連接器生態系統，我們不斷改進並推動其成長。我們認為那裡有很多機會。接下來是治理組合，Flink 是其中的最新成員。

And so I think there's interest and traction around all 3, but Connect is the bigger business out of those 3 just because it started earlier. When we think about kind of percentage growth, of course, you see the highest percentage of Flink because it's starting from the small space. And so we want to continue to ramp all 3 of those, but we expect the attach from those components to increase quite substantially in the year ahead as we open that up to more customers.

因此，我認為這三個領域都有興趣和吸引力，但 Connect 是這三個領域中規模更大的業務，因為它起步較早。當然，當我們考慮百分比增長時，您會看到 Flink 的百分比最高，因為它是從小空間開始的。因此，我們希望繼續擴大這三個部分，但我們預計，隨著我們向更多客戶開放，這些組件的附加價值在未來一年將大幅增加。

What drives that is, in part, maturity of the product, a lot of the security, kind of private networking functionality, other things that are important for our largest revenue customers to use those components are either just added or just being added over the course of this year, and that really opens up a lot more of the large-scale production usage to the rest of our customer base. And so that's a critical focus for us when we think about the balance of the year.

推動這一趨勢的部分原因是產品的成熟度、大量的安全性、專用網路功能以及對於我們最大的收入客戶使用這些組件非常重要的其他因素，要么只是添加，要么是在整個過程中添加的今年，這確實為我們的其他客戶群提供了更多的大規模生產用途。因此，當我們考慮今年剩餘時間時，這是我們的關鍵關注點。

We haven't given an exact kind of uplift number. We shared a little bit of kind of sketch of the shape of that business so far. I think, to be honest, I think it's still early days as these components ramp, even a customer that's adopted connectors. There's more of them they can use.

我們還沒有給出確切的提升數字。到目前為止，我們分享了該業務的一些輪廓。老實說，我認為這些組件的成長還為時過早，即使是採用連接器的客戶也是如此。他們可以使用更多。

Even if they have their first few Flink queries, we would like to take over a substantial portion of their applications in the stream processing layer. And so I wouldn't think of that as a dynamic uplift of like, oh, you'll see x percent and it's binary, either on or off. I would see this is kind of unlocking an adoption cycle that drives growth not just in for Kafka, but now in these components as well, which will themselves produce more growth in the underlying Kafka usage.

即使他們有最初的幾個 Flink 查詢，我們也希望在串流處理層接管他們的大部分應用程式。所以我不會認為這是一種動態的提升，例如，哦，你會看到百分之x，它是二進制的，無論是開還是關。我認為這開啟了一個採用週期，不僅推動了 Kafka 的成長，而且現在也推動了這些組件的成長，這些元件本身將帶來 Kafka 底層使用的更多成長。

Yes. That makes a lot of sense. Rohan, for you. Last quarter, I think you highlighted targets of getting to 125% NRR next year. Given that NRR dropped below 120% and you're seeing some different behavior, how does this kind of change your view on where you think you can get to in fiscal '25 on NRR?

是的。這很有意義。羅漢，為了你。上個季度，我認為您強調了明年達到 125% NRR 的目標。鑑於 NRR 降至 120% 以下，並且您看到了一些不同的行為，這會如何改變您對 25 財年 NRR 能達到的目標的看法？

Yes. Derrick, I mean when I really look at the medium term, as Jay highlighted right now, the outlook has not changed at all. I'll basically talk about 3 things. First, data streaming platform. And as Jay just pointed out, the products within our data streaming platform, be it Connect, Stream Processing or Flink or Governance, they are all early stages of adoption. And 2025 is going to be the year where there is going to be monetization and material contribution to revenue.

是的。德里克，我的意思是，當我真正審視中期時，正如傑伊現在強調的那樣，前景根本沒有改變。我基本上會談論三件事。第一，資料流平台。正如 Jay 剛才指出的，我們的資料流平台內的產品，無論是 Connect、串流處理、Flink 或治理，都處於採用的早期階段。2025 年將是貨幣化和對收入做出實質貢獻的一年。

The second is around consumption transformation. By the time we finish the year, we'll have completed a full year of the transformation and a full year of fine-tuning our go-to-market all things consumption. So we expect to get a tailwind from that. And the third category is GenAI. We've been talking to customers and Jay highlighted also in his prepared remarks, real-time data is going to be a key component and key part of this broader ecosystem. So when you really take a step back and look at some of these drivers and vectors of growth, our view around NRR getting back to our medium-term targets has not changed.

二是圍繞消費轉型。到今年結束時，我們將完成一整年的轉型，以及一整年進入市場的所有消費的微調。因此，我們期望從中獲得順風。第三類是GenAI。我們一直在與客戶交談，Jay 在他準備好的演講中也強調，即時數據將成為這個更廣泛的生態系統的關鍵組成部分和關鍵部分。因此，當您真正退後一步並審視其中一些成長驅動因素和載體時，我們對 NRR 回到中期目標的看法並沒有改變。

Rudy Kessinger DA Davidson.

魯迪凱辛格 DA 戴維森。

Okay. Great. I'm curious on international. The growth has actually slowed relative to US growth. And in some of the sales attrition, I've seen it seems like it's been more weighted towards folks in Australia, APAC more so than the US relative to revenue split. So any color you can provide there just on some of the slowdown in international?

好的。偉大的。我對國際很好奇。相對於美國的成長，成長實際上已經放緩。在一些銷售消耗中，我發現相對於收入分配，澳洲、亞太地區的人們比美國的人們更受重視。那麼對於國際經濟放緩的情況，您能提供什麼顏色嗎？

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

是的，你想談談這個嗎，羅漢？

Yes, happy to. Rudy, candidly, not a whole lot to read into it. When you see the relative, I would say, difference in growth rates between international and US, more often than not, the driver is timing of some of these larger Confluent platform deals. And I mean, Q2 was exactly the same. We called out 2 large 8-figure deals. Both of the deals were in North America and hence, the delta, I would say, a relative difference in the growth rates. So not a whole lot to call out.

是的，很高興。魯迪，坦白說，沒有太多值得解讀的內容。我想說，當你看到國際和美國之間成長率的相對差異時，驅動因素往往是一些較大的 Confluence 平台交易的時機。我的意思是，第二季完全一樣。我們發起了兩項 8 位數的大型交易。這兩筆交易都發生在北美，因此我想說，三角洲的成長率有相對差異。所以沒有太多要說的。

On the sales attrition, I'd say, again, no specific trends that we'd like to call out. Just 2 comments I'll make on that front. First is, as we kind of went through the consumption transformation, obviously, as we stand right now reflecting back, we feel really good with the overall sales capacity we have on board. The first half of the year, we've had strong hiring from a sales organization perspective. And that just sets us well as we look ahead for rest of the year, I'd say we have the right capacity in place to deliver on our forecast.

關於銷售流失，我想說，我們沒有要指出的具體趨勢。我僅就這方面發表兩點評論。首先，當我們經歷消費轉型時，顯然，當我們現在回想時，我們對我們擁有的整體銷售能力感到非常滿意。今年上半年，從銷售組織的角度來看，我們進行了強勁的招募。這讓我們在展望今年剩餘時間時表現良好，我想說我們有足夠的能力來實現我們的預測。

Okay. And then secondly, just on the model. I know you guys are guiding to just total subscription revenue. It sounds like platform base is probably tough comparing second half versus first half and maybe down a bit in Q3. Do I have that right? And secondly, on cloud revenue, just any directional color you can give on the sequential expectations in cloud? It sounds like it may be some of the headwinds in June and July, maybe the sequential add in Q3 is a bit lower than Q2?

好的。其次，就模型而言。我知道你們只是指導總訂閱收入。聽起來平台基礎可能很難與上半年相比，並且在第三季度可能會有所下降。我有這個權利嗎？其次，在雲端收入方面，您可以對雲端中的連續預期給出任何方向性的顏色嗎？聽起來可能是6月和7月的一些逆風，也許第三季的環比增幅比第二季要低一些？

I lost you a little bit on the first part of your question, but I'll answer it. If it's not covered, let me know, right? Well, when we look at the second half guidance, I'll say I called out 2 drivers. The first is around Confluent Platform. And in general, when you have these large deals, the timing of these deals matter. And the timing of these deals, not only from a renewal perspective, but also from an expansion perspective. Renewals tend to be a lot more predictable than the expansions. And hence, my comment around the second half with respect to platform.

我對你問題的第一部分有點迷惑，但我會回答它。如果沒有覆蓋，請告訴我，對嗎？好吧，當我們看下半場指導時，我會說我叫了 2 位車手。第一個是圍繞 Confluence 平台。一般來說，當你有這些大筆交易時，這些交易的時機很重要。而這些交易的時機，不僅是從更新的角度來看，也是從擴張的角度來看。更新往往比擴充功能更容易預測。因此，我對下半年的平台發表了評論。

On the Confluent Cloud side, again, what we are essentially modeling out is we're thinking that at the dynamics that we saw in the digital native customer segment will kind of continue into the second half. So yes, starting this quarter, we've obviously stopped guiding total revenue and the focus will be on subscription revenue. But just to help with the transition from an overall modeling point perspective, we expect cloud mix for the full year as a percentage of total subscription revenue to be approximately 53%, in that ZIP code. And that's very consistent with the mix that I shared earlier in the year. So not a whole lot has changed, but I just wanted to provide that color as you think about the second half, Rudy.

在融合雲方面，我們本質上建模的是我們認為我們在數位原生客戶領域看到的動態將持續到下半年。所以，是的，從本季開始，我們顯然已經停止指導總收入，重點將放在訂閱收入上。但為了從整體建模點的角度幫助過渡，我們預計全年雲端混合佔該郵遞區號總訂閱收入的百分比約為 53%。這與我今年早些時候分享的組合非常一致。所以並沒有發生太大的變化，但我只是想在你思考下半場時提供那種顏色，魯迪。

Yes, that's helpful.

是的，這很有幫助。

Alex Zukin Wolfe Research.

亞歷克斯·祖金·沃爾夫研究。

It's great to be on with you. I guess maybe just on the first one, on the digital natives, if you can kind of dig in a little bit there on maybe did you see was the moderation in consumption or some of the, I would say, modulation of the green shoots, was that tied to a particular vertical, a particular geography? We talked we heard Microsoft last night talk about how some consumption trends were less than they expected in Europe. So just curious if you could maybe categorize where some of those modulations came from?

很高興和你在一起。我想也許只是在第一個方面，在數位原住民方面，如果你能深入挖掘一下，也許你看到的是消費的節制，或者我想說的一些綠芽的調節，這與特定的垂直領域、特定的地理位置有關嗎？我們昨晚聽到微軟談論歐洲的一些消費趨勢如何低於他們的預期。所以只是好奇你是否可以對其中一些調製的來源進行分類？

Yes, there may be some geographical effect. I don't think that's the main thing. We actually saw this primarily in the larger set of digital native customers globally, right? So US, EMEA, et cetera. And what is it that they're doing? It's not the case that they're cutting projects. It's not the case that they're switching to competitors or there's any kind of customer loss in that segment. It really was about kind of optimizing their use of the underlying infrastructure. And so in a lot of these customers, they have a built-out team that's FinOps or something like that that's kind of scrutinizing costs and working with infrastructure teams to figure out, hey, can we consolidate clusters across teams?

是的，可能存在一些地理影響。我認為這不是主要的事情。實際上，我們主要在全球範圍更大的數位原生客戶中看到了這一點，對吧？美國、歐洲、中東和非洲等。他們在做什麼？他們並不是在削減項目。他們並沒有轉向競爭對手，也沒有在該細分市場中出現任何形式的客戶流失。這實際上是關於優化他們對底層基礎設施的使用。因此，在許多這樣的客戶中，他們擁有一個內建的 FinOps 或類似團隊，負責審查成本並與基礎設施團隊合作來弄清楚，嘿，我們可以跨團隊整合叢集嗎？

Can we compress data more? What can we do to kind of squeeze a little bit more juice out of each dollar of cloud spend is not unique to Confluent, but we did see a little bit more of that activity. Any quarter in that segment is a balance of that kind of optimization and expansion. We think about last quarter, the balance was definitely on the expansion side. This quarter, a little bit more on the optimization side. That means when we think about the rest of the year, could play out either way, but we're factoring in more risk when we think about what we'll get out of that segment.

我們可以進一步壓縮資料嗎？我們能做些什麼來從每一美元的雲端支出中榨取更多的收益並不是 Confluence 獨有的，但我們確實看到了更多這樣的活動。該細分市場的任何季度都是這種優化和擴張的平衡。我們認為上個季度，平衡肯定是在擴張方面。本季度，在優化方面做了更多的工作。這意味著，當我們考慮今年剩餘時間時，這兩種情況都可能發生，但當我們考慮將從該細分市場中獲得什麼時，我們會考慮更多的風險。

Makes some sense. And then maybe the second one, super helpful, by the way, on the cloud revenue component for the second half. But maybe like given the fact that you're signing more customers that you're landing maybe a little bit smaller initially, you've got these a number of product vectors starting to gain traction with Flink and a few others.

有一定道理。順便說一下，也許第二個對下半年的雲端收入部分非常有幫助。但也許考慮到你正在簽署更多的客戶，而你最初登陸的客戶規模可能會小一些，你已經有了這些產品向量開始受到 Flink 和其他一些產品的青睞。

And then presumably, some of these GenAI use cases ramping, is there the possibility that even though the second half implied guidance for subscription for cloud, there is a bit of deceleration in that guide to account for the conservatism? How do we think about the sequencing of those tailwinds to maybe drive reacceleration? Again, I'll point to Microsoft, who told us second half of their fiscal year, they're going to see Azure reaccelerate.

然後，據推測，其中一些 GenAI 用例正在增加，是否有可能即使下半年暗示了雲端訂閱指南，但由於保守主義，該指南中可能會出現一些減速？我們如何看待這些順風車的順序可能會推動經濟重新加速？我再次提到微軟，他們在財年下半年告訴我們，他們將會看到 Azure 重新加速發展。

Yes, I mean, obviously, we've kind of given the guidance for this year. It would be, I think, early to start describing next year. But just kind of broadly or qualitatively, as we add into that, yes, we feel like there's substantial tailwinds and all the things you just mentioned. I think we'll start to contribute more materially and that's definitely a positive factor for us. And then when we just talk to customers, I think this is an area they continue to really bet on and invest in and that's increasingly for these larger customers becoming a very substantive part of their overall data infrastructure. So I think, yes, that gives us a lot of confidence heading into next year about what the trajectory is.

是的，我的意思是，顯然我們已經給出了今年的指導。我認為現在開始描述明年還為時過早。但從廣義或定性上來說，正如我們補充的那樣，是的，我們覺得存在著巨大的順風和你剛才提到的所有事情。我認為我們將開始做出更多物質貢獻，這對我們來說絕對是一個積極因素。然後，當我們與客戶交談時，我認為這是他們繼續真正押注和投資的一個領域，對於這些較大的客戶來說，這越來越成為他們整個數據基礎設施的一個非常重要的部分。所以我認為，是的，這讓我們對明年的發展軌跡充滿信心。

Kash Rangan Goldman Sachs .

卡什·蘭根 高盛。

So Jay, the motivation behind the transition to consumption was to ultimately get better growth rate acceleration, which was the right thing to do. So as you are halfway through the mark of the year, what are the things that you've uncovered as unlocks, what are the things that are working, things that still need work? Because when you look at the, which I think is definitely the goal of the company and certainly the right thing, we should be starting to see some leading indicators get better.

所以傑伊，向消費轉型背後的動機是最終獲得更好的成長率加速，這是正確的做法。那麼，當今年的標誌已經過半時，您發現了哪些解鎖的事情，哪些事情正在發揮作用，哪些事情仍然需要努力？因為當你看時，我認為這絕對是公司的目標，而且肯定是正確的事情，我們應該開始看到一些領先指標變得更好。

And maybe it's not the right way to look at the subscription revenue growth or the cloud revenue growth, which have been slowing down a bit, right? Maybe due to a whole host of all reasons. While your lands are certainly very impressive. So what needs to happen more for the transition to unlock the real growth potential of the company, which is the acceleration that you have planned for some time in calendar '25? And then I have a follow-up question.

也許這不是看待訂閱收入成長或雲端收入成長的正確方法，它們已經放緩了一點，對嗎？也許是由於各種各樣的原因。雖然你的土地確實令人印象深刻。那麼，為了釋放公司的真正成長潛力（即您在 25 日曆年的一段時間內規劃的加速），還需要採取哪些措施來實現轉型？然後我有一個後續問題。

Yes. Yes. I mean obviously, when we look at the performance any year, there's a number of factors in play, including just the fact that we're changing a lot of things in the go-to-market. The first step is kind of get back to where you were in the new system. And I feel like, hey, we've kind of done that. It doesn't mean that everything is dramatically better, but it means we're now oriented around consumption, tracking each of the individual workloads in each customer, tracking the actual spend by component and the opportunities around that, which is what will drive the DSP growth. So that's a good foundation to build on.

是的。是的。我的意思是，顯然，當我們審視任何一年的表現時，有很多因素在起作用，包括我們在上市過程中改變了很多事情。第一步是回到新系統中的位置。我覺得，嘿，我們已經做到了。這並不意味著一切都顯著改善，但這意味著我們現在以消費為導向，追蹤每個客戶的每個工作負載，追蹤組件的實際支出以及與之相關的機會，這將推動DSP 成長。所以這是一個好的基礎。

So what is it that we need to do? We need to really harness that and lean into it as the driver of growth. And I think that will be a positive tailwind for us as we kind of head into next year as well as all the customers we've landed. The nice thing is, hey, as we think about halfway into this year, we actually have a much broader base to grow out of in terms of new lands and provided we're able to continue that throughout the second half of the year. Heading into next year, that's kind of a cohort to drive growth that will be kind of coming towards the more production maturity, additional use cases, et cetera, and that will be a challenge.

那我們需要做什麼呢？我們需要真正利用這一點並將其作為成長的驅動力。我認為這對我們以及我們已經登陸的所有客戶來說將是一個積極的推動力，因為我們即將進入明年。好的事情是，嘿，當我們想到今年過半時，我們實際上在新土地方面擁有更廣泛的基礎來發展，只要我們能夠在今年下半年繼續這樣做。進入明年，這將是一個推動成長的群體，將走向更成熟的生產、更多的用例等等，這將是一個挑戰。

And one for Rohan. So as you have the net expansion rates. I mean, certainly, they came down a bit. But broadly speaking, they're still okay relative to the overall growth rate of the company. Does it mean that you could get more profitability because generating growth within the base is less costly, less time-consuming than going for growth outside? Or are there other puts and takes that offset that consideration, netting out on where you stand in terms of profitability and driver of better profitability?

還有一張是給羅漢的。所以當你有淨擴張率時。我的意思是，當然，他們有所下降。但總體來說，相對於公司的整體成長率來說，它們還是可以的。這是否意味著你可以獲得更多的利潤，因為在基地內部實現成長比在外部成長成本更低、耗時更少？或者是否有其他看跌期權和看跌期權可以抵消這一考慮，從而抵消您在盈利能力和提高盈利能力方面的地位？

Yes. I mean, Kash, thanks for your question. Higher net expansion rates and net retention rates are obviously a driver of leverage over a long period of time. So there's no question about it. But when I really I'll probably take the question in 2 lenses. First, when you double-click into net retention in addition to the current trends that you see, we spoke about data streaming platform. And for customers that are using multi-products for us, then net retention rates are well above 130%. So as you think about the next wave of growth, next vector of growth, that's going to be a tailwind to net retention rates. So that's one piece of it.

是的。我的意思是，卡什，謝謝你的問題。較高的淨擴張率和淨保留率顯然是長期槓桿的驅動因素。所以這是毫無疑問的。但當我真的這麼做時，我可能會從兩個角度來回答這個問題。首先，當您雙擊淨保留率以及您看到的當前趨勢時，我們談到了資料流平台。對於為我們使用多種產品的客戶，淨保留率遠高於 130%。因此，當您考慮下一波成長、下一個成長向量時，這將成為淨保留率的推動力。這就是其中的一部分。

The second piece of it, around the margin side. I mean when we think about our resource allocation philosophy, it is always making sure you get the right balance between growth and profitability and you're driving efficient growth over a long period of time.

第二塊，在邊緣一側。我的意思是，當我們考慮我們的資源分配理念時，它始終確保您在成長和獲利能力之間取得適當的平衡，並在很長一段時間內推動高效成長。

And that's our goal. Given the opportunities that we have in 2025 and beyond with respect to the new growth vectors, we're being prudent about it. When you look at the second half, we'll be adding the right amount of capacity in engineering, in sales and marketing to make sure we are ready, and we are in the right position from an overall capacity perspective as we embark on next year.

這就是我們的目標。考慮到 2025 年及以後我們在新的成長向量方面所擁有的機會，我們對此持謹慎態度。當你看到下半年時，我們將在工程、銷售和行銷方面增加適量的產能，以確保我們做好準備，並且從整體產能的角度來看，我們在明年開始時處於正確的位置。

I mean, most of the hiring we're going to do between now and end of the year is going to benefit us next year. And I'll finish up by saying our medium-term goals from an operating margin perspective, which is in the ZIP code of 5% to 10%, continues to be the same. And we're going to manage that proactively by balancing both growth and profitability.

我的意思是，我們從現在到今年年底之間要做的大部分招聘將使我們明年受益。最後我要說的是，從營業利潤率的角度來看，我們的中期目標（郵遞區號為 5% 至 10%）仍然保持不變。我們將透過平衡成長和獲利能力來主動管理這一點。

Pinjalim Bora with JPMorgan

Pinjalim Bora 與摩根大通

One question for you, I'll just blurt both of them out. On the Flink market, as you try to kind of execute towards capturing the Flink opportunity, how does the maturity and kind of the understanding of the use cases compare to that of the core market? I'm trying to understand if you're finding customers that have well-defined Flink use cases and there's a pent-up demand versus the use cases are not as defined as that of the core Kafka market, and there's a little bit of evangelization that maybe needs to happen. That's the first question. And second question, how big is the digital native segment for you?

有一個問題想問你，我就脫口而出。在 Flink 市場上，當您嘗試執行以抓住 Flink 機會時，與核心市場相比，用例的成熟度和理解程度如何？我試圖了解您是否正在尋找擁有明確定義的 Flink 用例的客戶，並且存在被壓抑的需求，而這些用例的定義並不像核心 Kafka 市場那樣定義，並且存​​在一些傳播也許需要發生。這是第一個問題。第二個問題，數位原生市場對您來說有多大？

Yes. I would think about Flink as being maybe as an open-source project, call it, maybe 3 years behind Kafka, broadly. And so in terms of maturity, that's probably where it is. Does that mean customers have use cases or don't have use cases? Well, it depends on the customer, right? Typically, the way these technologies progress is from more technologically sophisticated companies to less technologically sophisticated companies.

是的。我認為 Flink 可能是一個開源項目，可以這麼說，大概比 Kafka 落後 3 年。因此，就成熟度而言，這可能是它所在的位置。這是否意味著客戶有用例或沒有用例？嗯，這取決於客戶，對嗎？通常，這些技術的進步方式是從技術較複雜的公司到技術較不複雜的公司。

And so in maybe some of the banks, digital native companies, they would have pretty mature Flink practices, maybe not as large scale as their Kafka usage, but certainly up and running. You get out further into mainstream enterprise, you'd see some of that, but maybe less, right? And so I would think about that as being kind of the vector of diffusion and very similar to Kafka usage. I think it follows a very similar pattern, but several years earlier in that flow.

因此，也許在一些銀行、數位原生公司中，他們會有相當成熟的 Flink 實踐，可能不像 Kafka 使用規模那麼大，但肯定會啟動並運行。當你進一步進入主流企業時，你會看到其中的一些，但可能更少，對吧？所以我認為這是一種擴散向量，與 Kafka 的使用非常相似。我認為它遵循非常相似的模式，但早在幾年前。

For us, I think the project is a lot easier than the initial Kafka land. If you think about what we had to do getting into these new accounts with a cloud offering, especially early on, a lot of these customers did not have a lot of cloud products for infrastructure outside of the cloud provider. So that kind of initial land was definitely the harder lift.

對我們來說，我認為這個計畫比最初的 Kafka 土地要容易得多。如果您考慮我們必須做什麼才能透過雲端產品進入這些新帳戶，尤其是在早期，許多客戶在雲端提供者之外沒有大量用於基礎架構的雲端產品。所以這種最初的土地絕對是更難的提升。

As you think about, okay, great, now they've got these streams of data expansion to things that use the stream of data, I think it's definitely easier than kind of getting Kafka in the first time. And I think that's a positive for us for getting that product to ramp quickly. And so we think that's a positive thing. And remind me of the second question you had?

正如你所想，好吧，太好了，現在他們已經將這些資料流擴展為使用資料流的東西，我認為這肯定比第一次使用 Kafka 更容易。我認為這對於我們讓該產品快速成長是積極的。所以我們認為這是一件正面的事情。讓我想起你的第二個問題？

Just the size of digital natives for...

只是數字原住民的大小.....

Yes. Yes, we haven't broken that out. If we think about the business overall, it's not the largest kind of vertical. It's not even that well-defined kind of broadly in the industry, but we have a definition internally that we tag accounts with. So it's not the largest vertical for us, but it is sizable.

是的。是的，我們還沒有解決這個問題。如果我們從整體上考慮業務，它並不是最大的垂直行業。在行業中，它甚至沒有那麼明確的定義，但我們在內部有一個定義，我們可以用它來標記帳戶。所以它對我們來說不是最大的垂直產業，但它的規模相當大。

Kidron with Oppenheimer

汲淪與奧本海默

Rohan, first question to you. Can you tell me what percent of your platform revenue is associated with cloud customers as well? I'm just trying to think because if there's a significant overlap there, we think that over time, the inherent lumpiness in platform would fade. So we'll love to get color on that.

羅漢，第一個問題給你。您能告訴我您的平台收入中有多少百分比也與雲端客戶相關嗎？我只是想思考一下，因為如果存在顯著的重疊，我們認為隨著時間的推移，平台固有的笨拙性將會消失。所以我們很樂意為此增添色彩。

Yes, that's a great question. Well, we've not broken that out, but what I can tell you is there is increasing set of customers who are using both Platform and Confluent Cloud. And a couple of quarters back, we've been kind of also providing updates that when customers have both Cloud and Platform, they tend to be more sticky and their NRRs are higher than the company average NRRs as well. So that's one piece of it.

是的，這是一個很好的問題。好吧，我們還沒有透露這一點，但我可以告訴您的是，越來越多的客戶同時使用平台和融合雲端。幾個季度前，我們還提供了更新，當客戶同時擁有雲端和平台時，他們往往會更具黏性，而且他們的 NRR 也高於公司平均 NRR。這就是其中的一部分。

But your other point around if you have both Platform and Cloud, the lumpiness will come down. Probably not always because some most of these times, you do have complementary use cases that are working in parallel. So when a time for a platform renewal actually comes, there is an event that happens that drives upfront revenue recognition.

但另一點是，如果你同時擁有平台和雲，那麼塊狀性就會下降。可能並不總是如此，因為大多數時候，您確實有並行工作的互補用例。因此，當平台更新的時刻真正到來時，就會發生一個推動預收收入確認的事件。

That doesn't change. So the lumpiness will still be there. But I think to answer your question, yes, there is a growing number of customers that are using both Platform and Cloud. And actually, that's exactly the direction we want to go because that makes our customers a lot more stickier.

這並沒有改變。所以結塊仍然存在。但我想回答你的問題，是的，越來越多的客戶同時使用平台和雲端。事實上，這正是我們想要走的方向，因為這使我們的客戶更具黏性。

YAnd Jay, second question for you. You've talked about how the quality of the new customer additions is higher. Maybe you can dig into that a little bit more, what does that mean? Is this a Global 2000 customers more weighted? Any color on that would be great.

Y傑伊，你的第二個問題。您談到了新增客戶的品質如何更高。也許你可以再深入一點，這是什麼意思？這是全球2000強客戶的權重更大嗎？任何顏色都會很棒。

Yes. It's not exactly Global 2000. We have a couple of mechanisms that we include in that, but it would be broadly aligned to something like that. We would also include certain types of tech customers that might not be Global 2000 but have high potential. So it's a defined customer list that we've set aside. So it's something like that, where we feel like, hey, there's potential for high IT spend and therefore, kind of bigger growth for us over time.

是的。它不完全是全球 2000 強。我們在其中包含了一些機制，但它與類似的東西大致一致。我們還將包括某些類型的科技客戶，這些客戶可能不是全球 2000 強，但具有很高的潛力。因此，這是我們預留的一份明確的客戶名單。因此，我們覺得，嘿，IT 支出有可能很高，因此，隨著時間的推移，我們的成長會更大。

Gregg Moskowitz with Mizuho followed by Needham.

格雷格·莫斯科維茲（Gregg Moskowitz）與瑞穗（Mizuho），其次是尼達姆（Needham）。

Okay. Rohan, you did a nice job explaining some of the deliberation by the digital native customers and what you're assuming going forward. That said, you beat Q2 subscription revenue by about $7 million, guided in line for Q3, which implies a fairly meaningful Q4 reduction. So I did just want to ask if either of these large deals closed sooner than you had expected? Or if there's anything you're seeing in the pipeline that has caused you to be a little more cautious with respect to the Q4 specifically?

好的。Rohan，您很好地解釋了數位原生客戶的一些考慮因素以及您對未來的假設。也就是說，第二季訂閱收入比第三季成長了約 700 萬美元，這意味著第四季的營收下降相當大。所以我只是想問這些大型交易是否比您預期的要早結束？或者，如果您在醞釀中看到的任何事情導致您對 Q4 更加謹慎？

Yes, Gregg, I'll say that I'll go back to like when we think about the second half guidance, obviously, these 2 drivers that I spoke about on the Confluent Platform side. In general, you have Confluent Platform, large deals that are either renewals and expansions and new deals. For the renewals, it's fairly predictable. You have visibility 12 months down the road when that's going to happen. And more often than not, it ends up kind of in that ZIP code.

是的，Gregg，我會說，當我們考慮下半年指導時，我會回到類似的情況，顯然，我在 Confluence 平台方面談到的這兩個驅動程式。一般來說，您有 Confluence 平台、續約、擴充以及新交易等大型交易。對於續約來說，這是相當可預測的。當這一切發生時，您可以預見 12 個月後的情況。通常情況下，它最終會出現在該郵遞區號中。

For the newer deals and for the expansion deals, that's where you could see deals kind of shift one quarter plus/minus. And that's the dynamic that basically I called out for the second half guidance. And it's also important to note is that our backdrop of what continues to be a fairly volatile macro environment. And we want to be we want to make sure that we are thoughtful and prudent with respect to as we think about the outlook. On the Confluent Cloud side, again, not a whole lot of new things to share but we are basically assuming that the dynamics that we saw towards the end of Q2 will kind of have an impact to the second half of the year.

對於較新的交易和擴張交易，您可以看到交易發生四分之一正/負的變化。這基本上就是我呼籲下半年指導的動態。同樣值得注意的是，我們的宏觀環境仍然相當不穩定。我們希望確保我們在考慮前景時深思熟慮和謹慎。在融合雲方面，同樣，沒有太多新的東西可以分享，但我們基本上假設我們在第二季末看到的動態將對今年下半年產生影響。

And then just for Jay, can you walk through the rationale of switching Confluent Cloud pricing for your basic and standard clusters from based on partitions previously to elastic CKUs? And then also, does this change have any impact on revenue over the remainder of '24?

Jay 能否介紹一下將基本和標準叢集的 Confluence Cloud 定價從先前基於分區的方式切換為基於彈性 CKU 的基本原理？另外，這項變更對 24 年剩餘時間的收入有影響嗎？

Yes. We made a set of pricing changes. Those were some of them. There was also some tune-ups on some of the throughput related pricing, some of the connector pricing. We talked a little bit about that a few earnings back as being kind of aligned with this consumption transformation. So in general, we were looking at things, that cost friction early in the buying process, and we're kind of more aligned to a big upfront purchase than they were to a kind of use case by use case expansion and we wanted to pull some of that out.

是的。我們進行了一系列定價更改。這些就是其中的一些。一些與吞吐量相關的定價和一些連接器定價也進行了一些調整。我們討論了一些收入回報，認為這與這種消費轉型是一致的。因此，總的來說，我們正在考慮在購買過程的早期會產生摩擦的成本，而且我們更傾向於大規模的前期購買，而不是透過用例擴充功能來進行用例，我們希望拉動其中一些。

If you think about what we're trying to do broadly, there's a lot of open-source Kafka usage out there. We've monetized a small percentage of it, mostly sitting out there and open-source, we want to go get it. There's a bunch of things we do to make that happen. But part of what we want to do is really cover the spectrum of kind of TCO needs. There are very high volume, very price-sensitive workloads. There's very premium, high-quality workloads. You actually need some different SKUs to actually segment that market and go after it in the best way.

如果您考慮我們正在嘗試做的廣泛的事情，您會發現有很多開源 Kafka 的使用。我們已經將其中的一小部分貨幣化，大部分都是開源的，我們想要得到它。我們做了很多事情來實現這一目標。但我們想要做的一部分是真正涵蓋各種 TCO 需求。工作負載量非常大，而且對價格非常敏感。有非常優質的工作負載。實際上，您需要一些不同的 SKU 來實際細分該市場並以最佳方式追逐它。

So if you think about the additions to our portfolio, both the new offerings in Kafka for very large scale, some of the tuning at the low end, it really is about trying to properly segment that market and go capture it to kind of soak up more of the world's Kafka, I think has proven successful in part, as evidenced by the higher volume of customer lands, I mean part of that kind of comp and sales practice thing, but part of it is also changes in the product that make it easier to land.

因此，如果你考慮我們的產品組合中的新增內容，無論是 Kafka 中大規模的新產品，還是低端的一些調整，這實際上是要嘗試正確細分該市場並抓住它以吸收它我認為世界上更多的卡夫卡已經在一定程度上被證明是成功的，正如客戶數量增加所證明的那樣，我的意思是這種補償和銷售實踐的一部分，但部分原因也是產品的變化更容易著陸。

Does it have impact on revenue? Yes, it does have some. Whenever any of these things that kind of give customers more options, it does give them more opportunity to shift around. When we look at that, that effectively came out as expected. So we had some model of like, hey, how much shift are we going to see. Typically, what you see when you make one of these changes is initially, some shift that may be a little bit negative.

對收入有影響嗎？是的，它確實有一些。每當這些事情帶給客戶更多選擇時，就會給他們更多的機會來調整。當我們看到這一點時，結果實際上正如預期的那樣。所以我們有一些模型，例如，嘿，我們會看到多少轉變。通常，當您做出其中一項更改時，您最初會看到一些可能有點負面的變化。

And then kind of better expansion as you have more options for customers to plug into. And so when we were checking ourselves against the model we built in terms of the impact of that, it was more or less exactly what we expected. When you take it all together, of course, individual changes might be a little bit more or less. So the change on those SKUs was kind of a part of that larger vision, which is like simplification, friction reduction and just kind of soaking up all the Kafka. Is that helpful?

然後，隨著您為客戶提供更多選擇，您可以進行更好的擴展。因此，當我們對照我們建立的模型檢查其影響時，它或多或少正是我們所期望的。當然，當你把所有因素放在一起時，個人的變化可能會或多或少一些。因此，這些 SKU 的變化是更大願景的一部分，就像簡化、減少摩擦以及吸收所有 Kafka 一樣。有幫助嗎？

And Gregg, I'll just add to what Jay said that is, as we look at the second half of the year, some of these dynamics that we called out is essentially baked into our outlook for the year as well.

格雷格，我只想補充傑伊所說的，那就是，當我們展望今年下半年時，我們指出的一些動態基本上也融入了我們對今年的展望中。

Mike Cikos with Needham.

麥克·西科斯和李約瑟。

Hey, thanks for taking the question guys on. Before I dig into mine, just to make sure we're clear on where we were going with Gregg's last question there. As far as those pricing changes, that was contemplated when you guys provided us the guide for the full year 2 quarters ago? Or no, we're making changes now in real time off the Q2 result?

嘿，謝謝你們提出問題。在我深入探討我的問題之前，只是為了確保我們清楚格雷格最後一個問題的去向。至於這些定價變化，你們在兩個季度前向我們提供全年指南時就考慮過這一點嗎？或者不，我們現在正在對第二季的結果進行即時更改？

Yes. Yes. I think it's it was factored in early on. Like we had a model for what impact that would have, and we haven't seen it deviate from that. So when we think about like, hey, what are the factors impacting guidance in the second half? I think it's exactly what Rohan said, which is Confluent Platform lumpiness and what we've seen in the digital native segment. The price changes, we think it's net positive over time, but it's not a huge factor one way or the other right now..

是的。是的。我想這是很早就考慮到的。就像我們有一個模型來說明這會產生什麼影響一樣，我們還沒有看到它偏離這個模型。因此，當我們思考時，嘿，影響下半年指導的因素有哪些？我認為這正是 Rohan 所說的，即 Confluence 平台的塊狀性以及我們在數位原生領域所看到的情況。價格變化，我們認為隨著時間的推移，它是淨正值，但現在無論從哪一方面來說，這都不是一個重要因素。

Awesome. Awesome. So I wanted to start with I know the digital natives, we've highlighted that a lot. Is there any way to think about how their spend compares to other pieces or other segments within the Confluent customer base? Like are these is it a 2x like what's the significance of the spend on a per customer basis versus the rest of the Confluent customer base?

驚人的。驚人的。所以我想從我了解數位原住民開始，我們已經多次強調了這一點。有沒有辦法考慮他們的支出與 Confluence 客戶群中的其他部分或其他細分市場相比如何？與 Confluence 的其他客戶群相比，每位客戶的支出是否為 2 倍，有何意義？

Yes. Digital native itself spans from very small kind of tech companies to very large tech organizations with thousands of engineers. And so it would be inaccurate to characterize that as a whole. So even internally, we break that into kind of large tech companies and smaller tech companies. What we saw was more concentrated on these large tech companies that are kind of more actively pursuing optimization. For those large customers, yes, they do tend to operate at scale.

是的。數位原生代本身涵蓋了從非常小型的科技公司到擁有數千名工程師的大型科技組織。因此，從整體上描述這一點是不準確的。因此，即使在內部，我們也將其分為大型科技公司和小型科技公司。我們看到的更多的是這些大型科技公司，它們更積極地追求優化。對於那些大客戶來說，是的，他們確實傾向於大規模營運。

They have a lot of engineers. They tend to move quicker in terms of adoption and expansion, but also in terms of optimization, they're just a little bit more agile than a similarly sized company elsewhere in enterprise. That's probably broadly how I would characterize it. Their kind of use cases aren't vastly different from the rest of the world. They just tend to have a bit more data and somewhat more engineers than the average company that size.

他們有很多工程師。他們在採用和擴展方面往往行動得更快，但在最佳化方面，他們只是比企業中其他類似規模的公司更敏捷一點。我大概就是這樣形容它的。他們的用例類型與世界其他地方沒有太大不同。他們只是往往比同等規模的平均公司擁有更多的數據和更多的工程師。

Okay. And just thinking about the quality of the logos that we've highlighted a couple of times here as well. We're early days here, but is there any way to think about how the expansion of these new logos has played out versus what you've seen historically? And I guess the second part here, for those new logos, does it skew more heavily towards digital natives? Or is there any way to think about the composition of these logos?

好的。想想我們在這裡多次強調的徽標的品質。我們還處於早期階段，但是有什麼方法可以思考這些新徽標的擴展與您歷史上看到的情況相比如何？我想這裡的第二部分，對於這些新標誌來說，它是否更傾向於數位原住民？或者有什麼辦法可以思考這些標誌的構成嗎？

What we've shared is it's kind of broadly more concentrated in that high propensity customer list, which you think of as kind of Global 2000 plus high propensity tech. I haven't looked at the tech composition specifically broken out, so I couldn't give you more color on that, but I'm not aware of that being a factor. And then yes, we are catching these use cases earlier. It's just easier in this consumption motion for us to land. We're more flexible on the commitment amount. The product is better optimized for that. The comp is incentivizing it. And so yes, it is easier for us to get in early. But the key thing for us will be to kind of show that ramp of consumption over the course of the year with these new customers. What we've seen so far is promising, both in terms of the numbers and that ramp time. I don't think it will be exactly the same amount per customer, but the customer volume is much higher. And so we think, overall, that's a net positive contributor when we think about what the base of new customers that we're acquiring.

我們所分享的是，它更廣泛地集中在高傾向客戶名單中，您可以將其視為全球 2000 強加上高傾向技術。我還沒有具體研究過技術成分，所以我無法給你更多的信息，但我不知道這是一個因素。是的，我們正在更早地捕捉這些用例。只是在這個消費運動中我們比較容易落地。我們在承諾金額上更加靈活。該產品為此進行了更好的優化。競爭正在激勵它。所以，是的，我們更容易儘早介入。但對我們來說，關鍵是要向這些新客戶展示這一年中消費的成長。到目前為止，我們所看到的無論是在數量還是在斜坡時間方面都是有希望的。我認為每個客戶的金額不會完全相同，但客戶數量要高得多。因此，我們認為，總的來說，當我們考慮我們正在獲取的新客戶基礎時，這是一個淨積極貢獻者。

Michael Turrin Wells Fargo.

邁克爾特林富國銀行。

Shane, thanks for squeezing me on. Jay, between the go-to-market changes and the new product efforts, it seems like you're setting the stage for the next phase of Confluent. When do you think the foundation there is largely set and we go past talking about some of the transition impacts and more directly to some of the benefits from consumption focus and new products? Is that something we can start just to be built towards today? Is that end of year?

謝恩，謝謝你對我的鼓勵。Jay，在進入市場的變化和新產品的努力之間，您似乎正在為 Confluence 的下一階段奠定基礎。您認為什麼時候基礎已經基本確定，我們就不再討論一些轉型影響，而是更直接地討論消費焦點和新產品帶來的一些好處？我們今天就可以開始朝著這個目標努力嗎？那是年底嗎？

I mean, obviously, there's no moment in time where yesterday, it was the old thing. And today, it's the new thing. But yes, it's certainly the case that this year, we've got a lot of moving parts that are part of kind of setting up where we want to get to, right? The consumption changes are part of that. The new product introductions are part of that. As it becomes more of a tailwind for the business, I think it's definitely as we head into next year, that's where we have a more stable system that we're executing the go-to-market and we've had more history with. And then we have products that have kind of gotten to enough scale of revenue where they can move the overall number. Obviously, these newer offerings, you invest a lot of time in them, but the early results you're just building that initial customer base. It's relative to the amount of effort, you're not getting as much dollars out as you would with the core business.

我的意思是，顯然，昨天的事情沒有任何一個時刻是舊事。今天，這是新事物。但是，是的，今年的情況確實如此，我們有很多移動部件，這些部件是我們想要達到的目標的一部分，對吧？消費變化是其中的一部分。新產品的推出就是其中的一部分。隨著它成為業務的順風車，我認為這肯定是在我們進入明年的時候，我們有一個更穩定的系統來執行市場推廣，我們有更多的歷史。然後我們的產品已經達到了足夠的收入規模，可以移動總數。顯然，您在這些新產品上投入了大量時間，但早期的結果只是建立了最初的客戶群。這與付出的努力有關，你獲得的收入不如核心業務那麼多。

However, any of the big things start small. And so kind of getting those things seated and started now, I think, is very important, both in terms of what we want the business to do over the course of the next 3 years, but also in terms of what we want to be in customers like the capabilities we want to provide them, setting ourselves up to really be a strategic platform in these organizations. So yes, obviously, that's a key effort this year. I would think about the contribution as being throughout next year and kind of a tailwind then.

然而，任何大事都是從小事開始的。因此，我認為，現在就開始落實這些事情非常重要，無論是對於我們希望企業在未來 3 年中做什麼，還是對於我們想要實現的目標而言客戶喜歡我們想要為他們提供的功能，使我們真正成為這些組織中的策略平台。所以，是的，顯然，這是今年的關鍵工作。我認為這項貢獻將貫穿整個明年，並且是一種順風。

Thanks, Michael. This concludes our earnings call today. Thanks again for joining us. Bye, everyone.

謝謝，麥可。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。