Confluent Inc (CFLT) 2024 Q3 法說會逐字稿

Welcome to the Confluent third-quarter 2024 earnings conference call. I'm Shane Xie from Investor Relations, and I'm joined by Jay Kreps, whole Founder and CEO; and Rohan Sivaram, CFO.

歡迎參加 Confluence 2024 年第三季財報電話會議。我是投資者關係部的謝恩·謝（Shane Xie），和我一起的還有創始人兼首席執行官傑伊·克雷普斯（Jay Kreps）；和財務長羅漢·西瓦拉姆 (Rohan Sivaram)。

During today's call, management will make forward-looking statements regarding our business, operations, sales strategy, market positioning, financial performance and future prospects, including statements regarding our financial guidance for the fiscal fourth quarter of 2024 and fiscal year 2024.

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 年第四季度和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.

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。

We assume no obligation to update these statements after today's call, except as required by law. 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.

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。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。

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 website at investors.confluent.io. And finally, we will post the Confluent earnings report to our website after our prepared remarks.

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，您可以在我們的網站 Investors.confluence.io 上找到這些資訊。最後，在我們準備好的評論之後，我們將把 Confluence 收益報告發佈到我們的網站上。

And with that, I'll turn it all over to Jay.

有了這個，我會把一切都交給傑伊。

Thanks, Shane. Good afternoon, everyone. Welcome to our third-quarter earnings call. Subscription revenue grew 27% to $240 million. Confluent Cloud revenue grew 42% to $130 million and non-GAAP operating margin expanded approximately 12 percentage points to 6.3%. And I'm proud to report that total revenue grew 25% to $250 million, surpassing a $1 billion revenue run rate in just 10 years since Confluent was founded.

謝謝，謝恩。大家下午好。歡迎參加我們的第三季財報電話會議。訂閱收入成長 27%，達到 2.4 億美元。 Confluence Cloud 營收成長 42%，達到 1.3 億美元，非 GAAP 營運利潤率成長約 12 個百分點，達到 6.3%。我很自豪地向大家報告，自 Confluence 成立以來的短短 10 年裡，總收入成長了 25%，達到 2.5 億美元，超過了 10 億美元的收入運行速度。

In Q3, we hosted Current 2024, the only industry event fully dedicated to all things data streaming. More than 4,200 people from 1,200 companies participated, making it our biggest and best current yet. Data leaders from Mercedes-Benz R&D North America, Viacom 18, and Accenture joined me on the keynote stage to discuss how Confluent sits at the heart of their companies, allowing them to push the boundaries of what's possible for their customers.

在第三季度，我們主辦了 Current 2024，這是唯一完全致力於所有資料流的行業活動。來自 1,200 家公司的 4,200 多人參加了本次活動，這是我們迄今為止最大、最好的活動。來自 Mercedes-Benz R&D North America、Viacom 18 和 Accenture 的數據領導者與我一起登上主題演講舞台，討論 Confluence 如何成為他們公司的核心，從而幫助他們突破客戶的界限。

And some of the most popular sessions focused on how companies leverage data streaming to power transformative AI use cases like creating customer chatbots, building AI and ML pipelines to detect fraud, and delivering hyper-personalized AI customer experiences. We continue to see excitement, interest and use cases around Gen AI growing across our customers and in the ecosystem of AI solutions providers.

一些最受歡迎的會議重點關注公司如何利用資料流來推動變革性的人工智慧用例，例如創建客戶聊天機器人、建立人工智慧和機器學習管道來檢測詐欺以及提供超個人化的人工智慧客戶體驗。我們繼續看到我們的客戶和人工智慧解決方案提供者的生態系統中圍繞 Gen AI 的興奮、興趣和用例不斷增長。

Last week, we hosted our first Confluent AI Day, a one-day event designed to help our customers advance ideas into fully built AI applications. In partnership with AWS and MongoDB, we brought together hundreds of attendees from companies like Google, PNC Bank, Whirlpool, and Rocket Mortgage, who joined expert discussions, interactive sessions and an exciting AI hackathon.

上週，我們舉辦了第一屆 Confluence AI Day，這是一項為期一天的活動，旨在幫助我們的客戶將想法推進到完全構建的 AI 應用程式中。我們與 AWS 和 MongoDB 合作，聚集了來自 Google、PNC Bank、Whirlpool 和 Rocket Mortgage 等公司的數百名與會者，他們參加了專家討論、互動會議和令人興奮的 AI 黑客馬拉松。

At the event, we launched the Confluent for Startups AI Accelerator program. This exciting new program is about empowering early-stage AI companies with the tools and mentorship they need to lead in the world of generative AI. Confluent for Startups AI Accelerator program provides start-ups with early access to Confluent's latest AI tools, expert mentorship and product credits from Confluent, MongoDB, and Anthropic. We're committed to helping these start-ups create new breakthroughs in real-time AI.

在此次活動中，我們啟動了 Confluence for Startups AI Accelerator 計畫。這個令人興奮的新計劃旨在為早期人工智慧公司提供領導生成式人工智慧世界所需的工具和指導。 Confluence for Startups AI Accelerator 計畫讓新創公司能夠儘早使用 Confluence 的最新 AI 工具、專家指導以及來自 Confluence、MongoDB 和 Anthropic 的產品積分。我們致力於幫助這些新創公司在即時人工智慧領域取得新的突破。

We spoke about our relationship with OpenAI during the Q4 2023 earnings call when we discussed how OpenAI's team uses Confluent to deliver real-time data streams. I'm happy to report that OpenAI has expanded their use of our data streaming platform to help scale with the increased usage of their platform. The momentum and growth further validate the strategic role of data streaming in the generative AI landscape.

我們在 2023 年第四季財報電話會議上討論了 OpenAI 團隊如何使用 Confluence 提供即時資料流時，談到了我們與 OpenAI 的關係。我很高興地向大家報告，OpenAI 擴大了對我們資料流平台的使用，以幫助隨著平台使用量的增加而擴展。這種勢頭和成長進一步驗證了資料流在生成人工智慧領域的戰略作用。

Last quarter, we also celebrated our 10th anniversary as a company. When we started Confluent 10 years ago, data streaming was just emerging as a nascent paradigm. What started with a small group of companies like LinkedIn, Uber and Netflix, disrupting the status quo with real-time data streams has turned into a movement. Today, more than 40% of the Fortune 500 rely on Confluent to set their data in motion.

上個季度，我們也慶祝了公司成立 10 週年。當我們 10 年前開始使用 Confluence 時，資料流剛剛作為一種新生範式出現。最初由 LinkedIn、Uber 和 Netflix 等一小部分公司透過即時數據流打破現狀，現已演變成一場運動。如今，超過 40% 的財富 500 強企業依靠 Confluence 來運作資料。

We serve customers broadly across industries, including 10 of the 10 top US banks, 8 of the top 8 global carmakers and 9 of the top 10 US insurance companies. We see significant expansion opportunities across our customer base as we expand from individual use cases to the central nervous system for real-time data.

我們為各行各業的客戶提供廣泛的服務，包括美國 10 家頂級銀行中的 10 家、全球 8 家頂級汽車製造商中的 8 家以及美國 10 家頂級保險公司中的 9 家。隨著我們從個人用例擴展到即時資料的中樞神經系統，我們看到了整個客戶群的重大擴展機會。

Our growth in capturing this opportunity has gone through two distinct waves and is now entering a third. The first of these waves was built directly on the back of the open source traction and was about commercializing that with our software offering, Confluent Platform. That provided the bulk of our business in the first five years of Confluent's growth. However, we knew that for the long-term platform we wanted to build and to capture the bulk of the opportunity around streaming, we needed to make streaming far, far easier to consume.

我們在抓住這一機遇方面的成長經歷了兩次不同的浪潮，現在正在進入第三波。第一波浪潮直接建立在開源吸引力的基礎上，旨在透過我們的軟體產品 Confluence Platform 將其商業化。在 Confluence 發展的前五年裡，這為我們提供了大部分業務。然而，我們知道，對於我們想要建立的長期平台並抓住串流媒體的大部分機會，我們需要讓串流媒體更容易消費。

This spurred the early investment into what fueled our second wave of growth, Confluent Cloud. Indeed, even when we went public three years ago, our cloud business was a small percentage of our revenue, and we were in the early stages of taking our cloud business to scale. That being said, we strongly believe that the secular shift to cloud would present a meaningful long-term driver of growth.

這刺激了對推動我們第二波成長的融合雲的早期投資。事實上，即使我們三年前上市時，我們的雲端業務也只占我們收入的一小部分，而且我們正處於雲端業務規模化的早期階段。話雖如此，我們堅信，向雲端的長期轉變將帶來有意義的長期成長動力。

I'm proud that our team has successfully executed on our cloud vision, and Confluent Cloud is now more than 50% of total revenue and continues to outpace our Confluent Platform business. At the same time, cloud is our most frictionless path to monetizing the thousands of organizations using open source Kafka. But with 150,000 organizations using Kafka, we're just getting started. Already, our cloud product comprises over 90% of our customers, demonstrating its broad appeal as we continue to grow into this space of open source usage.

我很自豪我們的團隊成功地執行了我們的雲端願景，Confluence 雲端現在佔總收入的 50% 以上，並且繼續超過我們的 Confluence 平台業務。同時，雲端是我們使用開源 Kafka 為數千個組織實現貨幣化的最順暢途徑。但隨著 15 萬個組織使用 Kafka，我們才剛開始。我們的雲端產品已經覆蓋了超過 90% 的客戶，隨著我們不斷進軍這個開源使用領域，這證明了其廣泛的吸引力。

These first two waves aren't done. We continue to work to serve the broad base of Kafka users through compelling pricing and packaging optimizations for Confluent Cloud and Confluent Platform. Our differentiated cluster types like enterprise and freight enable us to deliver data streaming offerings for all customers and workloads with low TCO and strong ROI.

前兩波還沒完成。我們繼續致力於透過針對 Confluence Cloud 和 Confluence Platform 的引人注目的定價和打包優化來為廣大 Kafka 用戶提供服務。我們的差異化叢集類型（例如企業叢集和貨運叢集）使我們能夠為所有客戶和工作負載提供資料流產品，並且整體擁有成本低，投資回報率高。

Our recent acquisition of WarpStream adds a third deployment mechanism of BYOC to this portfolio. WarpStream's bring your own cloud model offers a deployment model midway between fully managed and self-managed and opens up opportunities in a set of high-volume, high-tech customers that form a good chunk of our digital native customer base.

我們最近收購了 WarpStream，為產品組合增加了第三種 BYOC 部署機制。 WarpStream 的自帶雲端模式提供了介於完全託管和自我管理之間的部署模型，並為一批大容量、高科技客戶提供了機會，這些客戶構成了我們數位原生客戶群的很大一部分。

WarpStream is BYOC done right, built directly on top of object storage. WarpStream's zero disk architecture enables zero ops auto scaling while making it 5 to 10 times cheaper than other alternative systems. And unlike traditional BYOE offerings, WarpStream prioritizes security by avoiding break glass access to customer networks and systems. Confluent is now the only company with a data streaming offering for everyone, regardless of use case, cloud environment or deployment type.

WarpStream 是正確的 BYOC，直接建構在物件儲存之上。 WarpStream 的零磁碟架構可實現零操作自動擴展，同時比其他替代系統便宜 5 至 10 倍。與傳統的 BYOE 產品不同，WarpStream 透過避免對客戶網路和系統的破壞性存取來優先考慮安全性。 Confluence 現在是唯一一家為所有人提供資料流服務的公司，無論用例、雲端環境或部署類型如何。

Kafka is the foundational layer of our data streaming platform and could sustain our business for many years on its own, but it only represents a portion of the opportunity ahead of us. We believe our third wave of growth comes from being a complete data streaming platform, a one-stop shop for all real-time data needs. To do this, we are bringing together the key capabilities to stream, connect, process, and govern continuously flowing streams of data so organizations can power their next-generation real-time applications.

Kafka 是我們資料流平台的基礎層，它本身就可以維持我們的業務多年，但它只代表了我們面前機會的一部分。我們相信我們的第三波成長來自於成為一個完整的資料流平台，一個滿足所有即時數據需求的一站式商店。為此，我們匯集了串流、連接、處理和管理連續流動的資料流的關鍵功能，以便組織能夠為其下一代即時應用程式提供支援。

Over the course of the past year, we have been on our most aggressive pursuit of our vision since we started the company, and that is starting to yield strong traction. Major new product and pricing innovations like Flink, TableFlow, freight clusters, AI model inference, and new connectors will extend our already significant category lead. And we continue to see strong traction across our customer base. Our DSP portfolio continues to grow substantially faster than overall cloud revenue.

在過去的一年裡，自從公司成立以來，我們一直在以最積極的方式追求我們的願景，這已開始產生強大的吸引力。 Flink、TableFlow、貨運集群、AI 模型推理和新連接器等主要新產品和定價創新將擴大我們本已重要的類別領先地位。我們繼續看到我們的客戶群具有強大的吸引力。我們的 DSP 產品組合的成長速度持續遠遠快於整體雲端收入的成長速度。

One of the areas we're most excited about is the opportunity around stream processing at Apache Flink.Let me share two examples of how customers are using Flink on Confluent Cloud and Confluent Platform.

我們最興奮的領域之一是 Apache Flink 的串流處理機會。

One of the largest private companies in the US, a Midwest grocery chain with over $20 billion in revenue is using Confluent's fully managed Flink offering to accelerate the growth of its e-commerce business, a critical driver of the company's revenue. This retailer had already overhauled its e-commerce solution with Confluent Cloud and wanted to integrate stream processing for all the Kafka topics that had built inside its digital environment, including pricing, promotions and inventory details without any lag in production.

美國最大的私人公司之一、收入超過 200 億美元的中西部雜貨連鎖店正在使用 Confluence 完全託管的 Flink 產品來加速其電子商務業務的成長，這是公司收入的關鍵驅動力。該零售商已經使用 Confluence Cloud 徹底改造了其電子商務解決方案，並希望整合其數位環境中內建的所有 Kafka 主題的串流處理，包括定價、促銷和庫存詳細信息，而不會出現任何生產滯後。

So the retailer implemented Confluent Cloud for Apache Flink to combine and enrich streams of data flowing across hundreds of retail stores, its website and mobile app and third-party fulfillment partners like Instacart. This data spans more than 100,000 product SKUs and tens of millions of orders. With our Flink offering, this retailer's real-time inventory and pricing are accurate and customized to each local market so the company can consistently deliver a trustworthy and personalized shopping experience to its customers.

因此，該零售商為 Apache Flink 實施了 Confluence Cloud，以合併和豐富流經數百家零售商店、其網站和行動應用程式以及 Instacart 等第三方履行合作夥伴的資料流。該數據涵蓋超過10萬個產品SKU和數千萬個訂單。借助我們的 Flink 產品，該零售商的即時庫存和定價是準確的，並且是針對每個本地市場進行客製化的，因此該公司可以始終如一地為其客戶提供值得信賴的個人化購物體驗。

Since working with Confluent, it has grown its e-commerce business by 700% and can stay a step ahead of the national grocery chains it competes with every day. A Fortune 50 telecom company in the US and a Confluent Platform customer is using our offering for real-time analytics. Initially, the telecom provider used an alternative stream processing tool, which struggled to meet the demands of real-time data processing. This affected how the telecom's enterprise customers could serve consumers and led to higher churn.

自從與 Confluence 合作以來，它的電子商務業務成長了 700%，並且能夠在每天與之競爭的全國雜貨連鎖店中保持領先一步。美國財富 50 強電信公司和 Confluence 平台客戶正在使用我們的產品進行即時分析。最初，電信供應商使用了替代的串流處理工具，該工具難以滿足即時資料處理的需求。這影響了電信企業客戶為消費者提供服務的方式，並導致更高的客戶流失率。

So the telecom provider deployed Confluent Platform for Apache Flink, shifting processing to the left and rolling out thousands of Flink instances across its infrastructure to run real-time analytics on data earlier in the data pipeline before it moves downstream. Flink processes and analyzes data such as network performance to help its customers deliver consistent personalized experiences to consumers and network visibility for threat detection. By using Confluent Platform's Flink offering and tapping into our team of Flink experts, the telecom provider has saved tens of millions of dollars and significantly reduced churn, boosting its overall margins.

因此，電信供應商為 Apache Flink 部署了 Confluence Platform，將處理向左轉移，並在其基礎設施中部署了數千個 Flink 實例，以便在資料管道向下游移動之前對資料進行即時分析。 Flink 處理和分析網路效能等數據，以協助其客戶為消費者提供一致的個人化體驗，並為威脅偵測提供網路可見度。透過使用 Confluence Platform 的 Flink 產品並利用我們的 Flink 專家團隊，該電信供應商節省了數千萬美元並顯著減少了客戶流失，從而提高了整體利潤。

In closing, I'm pleased with our strong third quarter results, and I'm incredibly excited about the opportunity ahead of us. I'm even more excited for the next 10 years. We're in a prime position to win the $60 billion data streaming category.

最後，我對我們第三季的強勁業績感到滿意，並且對我們面前的機會感到非常興奮。我對未來10年更加興奮。我們處於贏得 600 億美元資料流類別的有利位置。

With that, I'll turn things over to Rohan to walk through the financials.

這樣，我會把事情交給 Rohan 來了解財務狀況。

Thanks, Jay. Good afternoon, everyone. In Q3, we drove robust top line growth, record gross margin, and another positive quarter for both non-GAAP operating margin and free cash flow margin. These results demonstrate our market leadership in data streaming and our commitment to driving efficient growth over the long term.

謝謝，傑伊。大家下午好。第三季度，我們實現了強勁的營收成長、創紀錄的毛利率，以及非公認會計原則營業利潤率和自由現金流利潤率又一個積極的季度。這些結果證明了我們在數據流方面的市場領先地位以及我們對推動長期高效成長的承諾。

Q3 subscription revenue grew 27% to $239.9 million, exceeding the high end of our guidance and representing 96% of total revenue. Confluent Platform revenue grew 13% to $110.1 million and accounted for 46% of subscription revenue. The strength was driven by healthy demand for Confluent Platform in the financial services industry. We serve 10 of the top 10 US banks with an average ARR of greater than $5 million. The substantial majority of their ARR is attributed to Confluent Platform as these banks are still early in their move to the cloud.

第三季訂閱營收成長 27%，達到 2.399 億美元，超過了我們指引的上限，佔總營收的 96%。 Confluence 平台營收成長 13%，達到 1.101 億美元，佔訂閱收入的 46%。這項優勢是由金融服務業對 Confluence 平台的健康需求所推動的。我們為美國 10 家頂級銀行中的 10 家提供服務，平均 ARR 超過 500 萬美元。由於這些銀行仍處於向雲端遷移的早期階段，因此其 ARR 的絕大部分歸功於 Confluence 平台。

Confluent Cloud revenue grew 42% to $129.8 million and accounted for 54% of subscription revenue compared to 48% a year ago. We saw consumption stabilization in our digital native customer cohort during the quarter. While they remain cost conscious, we were pleased with the consumption growth trajectory of our largest cloud customers, many of whom are shifting their focus to implementing new use cases and adopting our DSP products.

Confluence Cloud 營收成長 42%，達到 1.298 億美元，佔訂閱收入的 54%，而一年前為 48%。本季我們的數位原生客戶群的消費趨於穩定。儘管他們仍然注重成本，但我們對最大的雲端客戶的消費成長軌跡感到滿意，其中許多客戶正在將重點轉向實施新用例和採用我們的 DSP 產品。

Q3 cloud revenue also saw a onetime low seven-figure revenue benefit. Adjusted for this benefit, we still handily exceeded consensus expectations. Revenue from DSP continued to grow substantially faster than our overall cloud revenue.

第三季雲端收入也出現了一度低的七位數收入收益。在此收益進行調整後，我們仍然輕鬆超越了共識預期。 DSP 收入的成長速度持續快於我們整體雲端收入的成長速度。

While monetization remains in its early days, we are pleased with the adoption of new products by our large cloud customers. 19 of our top 20 cloud customers have adopted at least 1 DSP product and 13 have adopted products across all three categories. Additionally, multiproduct customers continue to grow at a faster clip and exhibited a much higher NRR profile.

雖然貨幣化仍處於早期階段，但我們對大型雲端客戶採用新產品感到高興。我們排名前 20 名的雲端客戶中有 19 家採用了至少 1 種 DSP 產品，13 家採用了所有三個類別的產品。此外，多產品客戶繼續以更快的速度成長，並表現出更高的 NRR 概況。

Turning to geographic mix of total revenue. Revenue from the US grew 28% to $152.4 million. Revenue from outside the US grew 21% to $97.8 million.

轉向總收入的地理組合。來自美國的收入成長了 28%，達到 1.524 億美元。來自美國以外的收入成長了 21%，達到 9,780 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 reached a new record of 82.2%, up 210 basis points, while total gross margin also reached a record high of 79%, well above our long-term target. Our gross margin outperformance continued to be driven by strong Confluent Platform margin and the 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。訂閱毛利率創下82.2%的新紀錄，上升210個基點，而總毛利率也創下79%的歷史新高，遠高於我們的長期目標。我們的毛利率表現持續受到強勁的 Confluence 平台利潤率和 Confluence 雲端產品不斷改善的單位經濟效益的推動。轉向獲利能力和現金流。

Operating margin expanded approximately 12 percentage points to a record high of 6.3%, representing our ninth consecutive quarter of 9 points or more in margin improvement. Free cash flow margin of 3.7% was also a record, expanding 10 percentage points. This marks our third positive quarter for both operating and free cash flow margins and reflects our team's track record of driving margin expansions at scale.

營業利潤率擴大約 12 個百分點，達到 6.3% 的歷史新高，這意味著我們的利潤率連續第九個季度提高 9 個百分點或更多。自由現金流利潤率也創歷史新高，達到 3.7%，擴大了 10 個百分點。這標誌著我們的營運利潤率和自由現金流利潤率第三個實現正增長，並反映了我們團隊在大規模推動利潤率擴張方面的記錄。

Net income per share was $0.10 for Q3 using 353.6 million diluted weighted average shares outstanding. Fully diluted share count under the treasury stock method was approximately 366.8 million. And we ended the third quarter with $1.86 billion in cash, cash equivalents and marketable securities.

使用 3.536 億股稀釋加權平均流通股計算，第三季每股淨利為 0.10 美元。庫存股法下的完全稀釋股份數量約為3.668億股。截至第三季末，我們擁有 18.6 億美元的現金、現金等價物和有價證券。

During the quarter, we acquired WarpStream to further differentiate our data streaming platform to include the BYOC native form factor. WarpStream is particularly well suited for digital natives and high-scale workloads with relaxed latency requirements such as logging, observability and feeding data lakes. In fiscal year '24, we do not expect WarpStream acquisition to have a material impact on our financials.

在本季度，我們收購了 WarpStream，以進一步差異化我們的資料流平台，包括 BYOC 原生外形。 WarpStream 特別適合數位原生代和具有寬鬆延遲要求的大規模工作負載，例如日誌記錄、可觀測性和饋送資料湖。在 24 財年，我們預計 WarpStream 收購不會對我們的財務狀況產生重大影響。

Over time, we expect WarpStream to be a growth driver as it expands our reach into more workloads across customer segments.

隨著時間的推移，我們預計 WarpStream 將成為成長動力，因為它將我們的業務範圍擴展到跨客戶群的更多工作負載。

Turning now to other business metrics. During the third quarter, we saw a notable increase in overall win rates for new business, both year over year and sequentially. Our win rates against smaller start-ups were well above 90% as we compete favorably with our cloud-native complete and ubiquitous platform.

現在轉向其他業務指標。在第三季度，我們看到新業務的整體勝率年比和季比均顯著上升。由於我們憑藉完整且無所不在的雲端原生平台進行有利競爭，我們對小型新創公司的勝率遠高於 90%。

This translated to sustained momentum in new logo acquisition and customer expansions. Total customer count growth accelerated to 16% and ended Q3 at approximately 5,680, representing a sequential add of 240 customers, 3 times the sequential add of the year ago quarter. New customers include a top three US airline company, a Fortune 50 carmaker, one of the largest online meal kit providers, a leading lifestyle retailer, one of the world's largest online furniture companies and many more.

這轉化為新徽標獲取和客戶擴張的持續勢頭。客戶總數成長加速至 16%，第三季末客戶數量約為 5,680 名，連續增加了 240 名客戶，是去年同期連續增加的 3 倍。新客戶包括美國三大航空公司、財富 50 強汽車製造商、最大的線上餐包供應商之一、領先的生活方式零售商、全球最大的線上家具公司之一等等。

The network effects of our data streaming platform continues to take hold in our large customer base. We added 40 customers with $100,000-plus in ARR and seven customers in $1 million plus in ARR, bringing the total to 1,346 and 184, respectively. Our $100,000-plus ARR customers continue to represent more than 85% of our revenue. Our new $1 million-plus ARR customers include customers from a variety of industries, including health care, travel and retail, technology, financial services and more.

我們的資料流平台的網路效應持續在我們龐大的客戶群中佔據主導地位。我們增加了 40 名 ARR 超過 10 萬美元的客戶和 7 名 ARR 超過 100 萬美元的客戶，使總數分別達到 1,346 和 184。我們的 ARR 超過 100,000 美元的客戶仍然占我們收入的 85% 以上。我們的 ARR 超過 100 萬美元的新客戶包括來自各行業的客戶，包括醫療保健、旅遊和零售、科技、金融服務等。

Q3 NRR was 117%, while GRR remained above 90%. We saw many of our large digital native customers shifting their focus from cost optimization to new use case implementation and adopting DSP products. This trend has continued into October, which we believe will help stabilize our NRR around current levels in Q4.

第三季NRR為117%，GRR維持在90%以上。我們看到許多大型數位原生客戶將專注於從成本優化轉向新用例實施和採用 DSP 產品。這一趨勢一直持續到 10 月份，我們相信這將有助於將第四季度的淨利率穩定在當前水準附近。

Turning now to guidance. We are increasing our Q4 revenue outlook in addition to raising full year subscription revenue, non-GAAP operating margin, non-GAAP EPS and free cash flow margin. For the fourth quarter of 2024, we expect subscription revenue to be in the range of $245 million to $246 million, representing growth of approximately 21% non-GAAP operating margin to be approximately 2% and non-GAAP net income per diluted share to be $0.05.

現在轉向指導。除了提高全年訂閱收入、非 GAAP 營業利潤率、非 GAAP 每股收益和自由現金流量利潤率外，我們還提高了第四季度的收入預期。對於2024 年第四季度，我們預計訂閱收入將在2.45 億美元至2.46 億美元之間，即成長約21%，非GAAP 營業利潤率將成長約2%，非GAAP 攤薄後每股淨利潤將成長約2%。

For full year 2024, we are raising subscription revenue to be in the range of $916.5 million to $917.5 million, representing growth of approximately 26% non-GAAP operating margin to be approximately 2% non-GAAP net income per diluted share to be $0.25 and free cash flow margin to be between 0% to 1%.

2024 年全年，我們將訂閱收入提高到 9.165 億美元至 9.175 億美元，這意味著非 GAAP 營業利潤率增長約 26%，達到約 2%；非 GAAP 每股攤薄淨利潤達到 0.25 美元，自由現金流保證金在0% 到1% 之間。

Looking back at the last 10 years as a company, we have established data streaming as a major category in the tech stack. As the data streaming pioneer, we have continued to extend our market leadership by delivering world-class innovation and business outcomes for our customers. This has enabled our growth and profitability journey at scale.

回顧過去 10 年，我們已經將資料流確立為技術堆疊中的一個主要類別。作為資料流先驅，我們透過為客戶提供世界一流的創新和業務成果，不斷擴大我們的市場領導地位。這使我們能夠實現大規模成長和獲利。

We exceeded $1 billion revenue run rate in just 10 years since inception, including growing Confluent Cloud revenue run rate from less than $50 million to more than $0.5 billion in just four years. We serve 5,680 great customers, including more than 40% of the Fortune 500 across a variety of industries.

自成立以來的短短 10 年裡，我們的營收運行率就超過了 10 億美元，其中 Confluence Cloud 的營收運行率在短短四年內從不到 5,000 萬美元增長到超過 5 億美元。我們為 5,680 家優秀客戶提供服務，其中包括各行業超過 40% 的財富 500 強客戶。

We sustained positive non-GAAP profitability metrics in Q3 with 79% total gross margin well above our long-term target threshold. 6.3% operating margin, now within the range of our midterm target and free cash flow generation at a record margin of 3.7%.

我們在第三季度保持了積極的非 GAAP 獲利指標，總毛利率為 79%，遠高於我們的長期目標門檻。 6.3% 的營業利潤率，目前處於我們的中期目標範圍內，自由現金流產生率達到創紀錄的 3.7%。

And for the first time in Confluent's history, we expect to exit 2024 with positive non-GAAP operating margin and positive free cash flow margin for the full year. These are fantastic milestones for a 10-year-old company. I'd like to thank our employees and partners for your important contributions and our customers and investors for your continued support.

我們預計 2024 年全年將實現正的非 GAAP 營運利潤率和正的自由現金流利潤率，這在 Confluence 歷史上尚屬首次。對於一家成立 10 年的公司來說，這些都是了不起的里程碑。我要感謝我們的員工和合作夥伴的重要貢獻，感謝我們的客戶和投資者的持續支持。

Looking ahead, the intersection of cloud, data and AI reinforces our vision of companies becoming software and AI. Harnessing the power of data streaming will be more critical than ever for companies to deliver differentiated products and services, ultimately driving their success in the AI era. The secular tailwind puts us in a stronger position to drive durable growth while generating significant free cash flow over a long runway. We are more excited than ever about capturing our market opportunity ahead.

展望未來，雲端、數據和人工智慧的交叉強化了我們公司成為軟體和人工智慧的願景。對於公司來說，利用資料流的力量來提供差異化的產品和服務，最終推動他們在人工智慧時代取得成功，將比以往任何時候都更加重要。長期順風使我們處於更有利的地位，可以推動持久成長，同時在長期內產生大量自由現金流。我們對抓住未來的市場機會比以往任何時候都更加興奮。

Before turning to Q&A, I would like to announce that we will host Investor Day 2025 in San Francisco on Thursday, March 6. Management will provide an update on driving profitable growth for the next few years. Please save the date.

在進行問答之前，我想宣布，我們將於 3 月 6 日星期四在舊金山舉辦 2025 年投資者日。請保存日期。

Now, Jay and I will take your questions.

現在，傑伊和我將回答你們的問題。

(Operator Instructions) Sanjit Singh, Morgan Stanley, followed by RBC.

（操作員指令）Sanjit Singh，摩根士丹利，其次是加拿大皇家銀行。

Congrats on a very solid Q3, particularly the revenue acceleration and the margin expansion that you're seeing year-over-year. So Jay, I guess when we look at the past couple of quarters, there's been sort of fits and starts with the digital native group, and it looks like those stabilized. Are you at a point where you're starting to see more confidence from your digital native customers in terms of bringing on new use cases, getting past optimization? Or is it still kind of touch and go quarter-by-quarter?

恭喜第三季業績非常強勁，特別是您所看到的營收加速和利潤率同比增長。所以傑伊，我想當我們回顧過去的幾個季度時，數位原生群體出現了一些間歇性的變化，而且看起來已經穩定下來。您是否開始看到數位原生客戶對引入新用例、超越優化更有信心？或者說它仍然是按季度進行的？

Yes. Look, I think each quarter is kind of a mixture of optimization activities and new use cases. I do feel like we felt like in conversation with the largest set of customers, they've kind of done the bulk of what they need to do in terms of larger changes in their environment. So we did see better growth this quarter and feel that puts us on a good trajectory going forward. So yes, I do think we feel pretty confident about that segment when we think about the year end.

是的。看，我認為每個季度都是優化活動和新用例的混合體。我確實覺得我們在與最大的客戶群交談時感覺他們已經完成了他們需要做的大部分事情，以改變他們的環境。因此，本季度我們確實看到了更好的成長，並認為這使我們走上了良好的前進軌道。所以，是的，我確實認為，當我們考慮到年底時，我們對該細分市場非常有信心。

And I really appreciate the two customer examples on Flink. As we look at kind of this stage of where Flink is, do these consumers sort of represent the early sort of beta customers that are now exploring these use cases? And where are we in terms of getting like the broader base to start to onboard in use cases in their environments.

我非常欣賞 Flink 上的兩個客戶範例。當我們觀察 Flink 所處的這個階段時，這些消費者是否代表了現在正在探索這些用例的早期測試版客戶？我們在獲得更廣泛的基礎以開始在他們的環境中使用用例方面處於什麼位置。

Yes, I think they're very representative. So we've seen a ton of enthusiasm. We've had a bunch of product unlocks as we've released the private networking support across some of the clouds and getting it out to all of them.

是的，我認為他們很有代表性。所以我們看到了極大的熱情。我們已經解鎖了許多產品，因為我們發布了跨某些雲端的專用網路支援並將其提供給所有雲端。

We've announced the programmatic support so you can write direct on Java and Python programs, and that will be going through EA and GA. And so yes, we're starting to ramp of production use cases.

我們已經宣布了程式設計支持，以便您可以直接在 Java 和 Python 程式上編寫，這將透過 EA 和 GA 進行。是的，我們開始增加生產用例。

And these are some of the early ones. It was nice that we've been able to land not just Confluent Cloud customers, but also Confluent Platform Link customers, even though that product is still in limited availability and just going towards GA. And so yes, we're actually seeing a ton of enthusiasm in the customer base, and we're really excited about where that takes us in the year ahead.

這些是一些早期的。很高興我們不僅能夠吸引 Confluence Cloud 客戶，還能夠吸引 Confluence Platform Link 客戶，儘管產品的可用性仍然有限，並且剛剛進入 GA 階段。所以，是的，我們實際上看到客戶群充滿熱情，我們對未來一年的發展感到非常興奮。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Congrats all of my congrats as well. Maybe as a follow-up to Sanjit's question, it was great to see the acceleration in cloud and the digitally native stabilized. I guess my question is on the go-to-market. You guys made some changes at the start of the year. It really looks like they're paying off in terms of the kind of the record customers that you guys keep adding.

也祝賀我所有的祝賀。也許作為 Sanjit 問題的後續，很高興看到雲端的加速和數位原生的穩定。我想我的問題是關於上市的。你們在年初做出了一些改變。看起來他們確實在你們不斷增加的記錄客戶方面得到了回報。

Can you talk a little bit more about that process? And maybe comment on the level of consumption that you're seeing. I know you're trying to land fast and then accelerate those, that consumption trend. But maybe talk about what those customers are looking like when they land.

您能多談談這個過程嗎？也許還可以評論一下您所看到的消費水平。我知道你正試圖快速著陸，然後加速消費趨勢。但也許可以談談這些顧客落地時的樣子。

Yes, I'm happy to do that. So one of our goals this year, both in what we were doing with the sales team and sales compensation as well as on the product-led side of the building was to really broaden our reach into the large set of open source Kafka users and land more customers more quickly. And I think that's an ongoing journey. We've made a ton of progress this year.

是的，我很高興這樣做。因此，我們今年的目標之一，無論是在銷售團隊和銷售薪酬方面，還是在建築的產品主導方面，都是真正將我們的影響力擴大到大量開源 Kafka 用戶和土地更多客戶更快。我認為這是一個持續的旅程。今年我們取得了很大進展。

We're really pleased with that. I think we'll continue to work on that in the years ahead. We feel like, look, there's 150,000 organizations using Kafka. We want to go get them all. So yes, the sales focus on these lands has been really important.

我們對此感到非常滿意。我認為我們將在未來幾年繼續致力於此。我們感覺，看，有 15 萬個組織在使用 Kafka。我們想去把它們全部拿走。所以，是的，對這些土地的銷售重點非常重要。

It's both about numbers, but also about targeting. I think we're much more intentional about the customers we wanted to land with. We have this idea of the Confluent 2000, which are the highest propensity or potential accounts, and those are the ones that we're targeting on the sales side.

這既與數字有關，也與目標有關。我認為我們更關心我們想要接觸的客戶。我們對 Confluence 2000 有這樣的想法，它們是最高傾向或潛在客戶，也是我們在銷售方面的目標客戶。

On the product-led side, it will fluctuate. We try out different things to try and land more customers, but also track them through and making sure that we're getting to high ROI customers, not just landing university students with their projects, but really getting into the right companies. And so that total customer count will fluctuate quarter-to-quarter as it has.

在產品主導方面，會出現波動。我們嘗試不同的方法來吸引更多客戶，同時追蹤他們並確保我們獲得高投資回報率的客戶，不僅僅是透過他們的專案吸引大學生，而是真正進入合適的公司。因此，客戶總數將按季度波動。

But we do think we're on a better trajectory in terms of landing more customers at a faster pace. And then, of course, we follow these customers all the way through their adoption. Our goal was get into more customers earlier in the journey. We've definitely done that. We've now been able to see a lot of these companies kind of start that ramp towards production usage and expansion out into other use cases.

但我們確實認為，在以更快的速度吸引更多客戶方面，我們正處於更好的軌道上。當然，我們會全程追蹤這些客戶的採用情況。我們的目標是在旅程的早期吸引更多客戶。我們確實做到了。我們現在已經看到許多這樣的公司開始轉向生產使用並擴展到其他用例。

And so we feel pretty good about the overall trajectory of these organizations. So that's definitely a positive factor heading into next year.

因此，我們對這些組織的整體發展軌跡感到非常滿意。所以這絕對是明年的一個正面因素。

That's great. Yes. So I think a lot of momentum on the expansion side, too.

那太棒了。是的。所以我認為擴張方面也有很大的動力。

I guess, Jay, you mentioned in your prepared remarks, sort of seeing early Gen AI demand, I think you mentioned some of those comments that current -- can you talk about like how that's actually showing up in the customer conversations? Is it just translating to more consumption, maybe a little bit more specifics on how you're kind of identifying that within your base?

我想，傑伊，你在準備好的發言中提到，看到了早期人工智慧的需求，我想你提到了當前的一些評論——你能談談這在客戶對話中是如何實際出現的嗎？它是否只是意味著更多的消費，也許是關於你如何在你的基礎中識別這一點的更多細節？

Yes. Yes, absolutely. So I mean there's two impacts. One is kind of growth in the set of AI providers, right, OpenAI being an example of that. The second is a new set of use cases in the wider enterprise customer base.

是的。是的，絕對是。所以我的意思是有兩個影響。一個是人工智慧提供者群體的成長，OpenAI 就是一個例子。第二個是更廣泛的企業客戶群中的一組新用例。

There, it's really about delivering data to these AI applications. And I think there's kind of two things happening. The initial thing is a set of use cases really around that. I think the larger push that this is leading companies towards is more thinking and investment in data infrastructure overall. All of this, I think, takes time.

在那裡，它實際上是向這些人工智慧應用程式提供數據。我認為有兩件事正在發生。最初的事情是一組真正圍繞這一點的用例。我認為這對公司的更大推動力是對整體數據基礎設施的更多思考和投資。我認為這一切都需要時間。

I know when I talked to investors, some people felt this is going to be like an immediate pop in every infrastructure layer. I think we were very upfront that we didn't think that would be the case. When I talk to people now, some people think, oh, these AI things are never going to materialize. I don't think that's the case either. There's something very real happening.

我知道，當我與投資者交談時，有些人認為這將在每個基礎設施層立即流行起來。我認為我們非常坦率地認為情況不會是這樣。當我現在和人們交談時，有些人會想，哦，這些人工智慧的東西永遠不會實現。我也不認為是這樣。有一些非常真實的事情正在發生。

There's definitely a set of use cases and applications in customers. Different customers move at different bases. The tech companies are faster. The more conservative enterprises are a bit slower. But there's definitely the rise of a new set of use cases around this. I think that's a very positive thing for us.

客戶中肯定有一組用例和應用程式。不同的客戶在不同的基地移動。科技公司的速度更快。越保守的企業速度就慢一些。但圍繞此肯定會出現一組新的用例。我認為這對我們來說是一件非常積極的事情。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

On the quarter from me as well. Jay, I wanted to ask you on WarpStream. Talking to your channel, we kind of picked up a large opportunity unlocked by WarpStream, seems like. But I want to ask you in general, is that broadly true? Is WarpStream kind of starting to bring you into conversation, especially as it relates to migration of open source Kafka?

我的季度也是如此。傑伊，我想在 WarpStream 上問你。與您的頻道交談後，我們似乎發現了 WarpStream 釋放的巨大機會。但我想問大家，這普遍是真的嗎？ WarpStream 是否開始讓您參與對話，特別是因為它與開源 Kafka 的遷移有關？

Yes. Yes, absolutely. So the reason we thought that this was appealing was there's a set of large users of open source where the wholesale migration to some fully managed cloud thing is actually a very big jump.

是的。是的，絕對是。因此，我們認為這很有吸引力的原因是，有一群大型開源用戶，大規模遷移到某些完全託管的雲端實際上是一個非常大的飛躍。

And often hard to accomplish in one step, something like this that has a nice cost savings, keeps the team running it kind of in place, but it allows you to get kind of halfway there is really beneficial. And we think that this can help us open up some of these large digital native companies that have been on the open source for a while.

通常很難一步完成，像這樣的事情可以節省大量成本，讓團隊保持正常運行，但它可以讓你做到一半，這確實是有益的。我們認為這可以幫助我們開放一些已經開源了一段時間的大型數位原生公司。

In some cases, since before, Confluent the company even existed and start to bring them into the fold, and we're really excited about that. We've started to see some progress in some of those companies. These are big accounts, so it takes time to land them, but we're pretty confident in where that's going to take us in the year ahead.

在某些情況下，從以前開始，Confluence 公司甚至已經存在並開始將它們納入其中，我們對此感到非常興奮。我們已經開始看到其中一些公司取得了一些進展。這些都是大客戶，因此需要時間來獲得它們，但我們對未來一年的發展充滿信心。

Yes. Understood. And one for Rohan. Rohan, the NRR seems like downticked a little bit, but your cloud kind of accelerated. So I'm trying to reconcile the two, right?

是的。明白了。還有一張是給羅漢的。 Rohan，NRR 似乎有所下降，但您的雲有所加速。所以我正在努力協調兩者，對嗎？

Was there a downtick and expansion from the long cloud portion or where the core organic cloud trends a little bit lagging, if you take out working.

如果你出去工作的話，長雲部分是否會出現下降和擴張，或者核心有機雲趨勢是否有點滯後。

Yes, Pinjalim, thanks for your question. Listen, when you really look at the results for Q3 and you look at the cloud results, we're actually very pleased with our cloud growth. We grew the business 42%, and it's a $0.5 billion run rate business. And when you double-click into the NRR dynamics of it, it is the health of the installed base continues to be very solid. Our GRR for the overall business is greater than 90%.

是的，Pinjalim，謝謝你的提問。聽著，當您真正查看第三季的結果和雲端結果時，我們實際上對雲端成長感到非常滿意。我們的業務成長了 42%，營業額達到 5 億美元。當您雙擊它的 NRR 動態時，您會發現安裝基礎的健康狀況仍然非常穩定。我們整體業務的GRR大於90%。

And there are two drivers of performance that we called out in the -- especially on the cloud side for Q3. That was when you look at our digital native customer base, we saw stabilization in consumption. And second, for some of our larger cloud customers, we did see that these customers are taking up new use cases and adopting the DSP.

我們在第三季指出了兩個效能驅動因素，尤其是在雲端。當你觀察我們的數位原生客戶群時，我們看到了消費的穩定性。其次，對於我們的一些較大的雲端客戶，我們確實看到這些客戶正在採用新的用例並採用 DSP。

Why is that important? That's important because these two trends have kind of moved into Q4. And that's why I made the comment around stabilization of NRR around the current levels.

為什麼這很重要？這很重要，因為這兩個趨勢已經進入第四季。這就是為什麼我對 NRR 穩定在當前水平附近發表評論的原因。

To your specific question, listen, I mean, it's very marginal. So not a whole lot to call out there with respect to the move from 118 to 117. But what I'll call out is the couple of drivers that we are entering Q4 with gives us confidence around the stability of NRR around these current levels.

對於你的具體問題，聽著，我的意思是，這是非常邊緣的。因此，關於從 118 到 117 的轉變，沒有太多值得強調的地方。

Yes. And I'd just add, when you think about the trajectory the kind of longer-term trajectory, I think we feel really excited about the set of product investments. Like I mentioned this in the prepared remarks that this has probably been the most aggressive period of new product development and release over the last, say, 1.5 years in Confluent, history, more or less as expounded. And I think that's now kind of starting to come to fruition, and we're seeing really good signs in how that's being adopted with our customers, a lot of work to do.

是的。我想補充一點，當你考慮這種長期軌跡時，我認為我們對這一系列產品投資感到非常興奮。就像我在準備好的評論中提到的那樣，這可能是過去（例如 Confluence 歷史上 1.5 年）新產品開發和發布最積極的時期，或多或少已闡述過。我認為這現在已經開始取得成果，我們看到了客戶採用這項技術的良好跡象，還有很多工作要做。

But when we think about that longer trajectory, I think that's a really solid driver for us of expansion in the customer base. the obvious use case for all of these is growing from just a pure Kafka usage in those customers to a broader platform that not only has more items you can spend on, but actually allows you to address a set of use cases that would have been inaccessible otherwise or too difficult.

但當我們考慮更長的發展軌跡時，我認為這對我們擴大客戶群來說是一個真正堅實的驅動力。所有這些的明顯用例正在從這些客戶中純粹的 Kafka 使用發展到更廣泛的平台，該平台不僅擁有更多可以花費的項目，而且實際上允許您解決一組無法訪問的用例否則還是太難了。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Congrats from me as well. Two questions. One for Jay. Jay, if you think about work stream, could that be actually a bigger opportunity for you guys? Because I remember when those guys started out, they were like, okay, we want to be even more modern Kafka or like be more on serverless, et cetera.

我也表示祝賀。兩個問題。一件是給傑伊的。傑伊，如果你考慮工作流程，這對你們來說實際上是一個更大的機會嗎？因為我記得當那些人剛開始時，他們說，好吧，我們想要更現代的 Kafka，或者更喜歡無伺服器，等等。

Is that kind of in theory, actually like a broader opportunity for you in terms of like using that more than where you are at the moment? And then the one for Rohan, like you called out the little bit of extra help you got this quarter in cloud. Can you kind of help us there a little bit because cloud in theory is like subscription, like how do you get that as a one-off thing? That would be helpful.

從理論上講，這對你來說實際上是一個比現在更廣泛的機會嗎？然後是 Rohan，就像您呼籲本季在雲端方面獲得的一點額外幫助一樣。您能否為我們提供一些幫助，因為理論上雲端就像訂閱一樣，例如您如何將其作為一次性的東西？那會有幫助的。

Yes. Yes. Let me try and address that. The way I would say it is this, open source Kafka is a very good kind of open source project. You can take it and download it and use it.

是的。是的。讓我嘗試解決這個問題。我想說的是，開源Kafka是一個非常好的開源專案。您可以獲取並下載並使用它。

What we look for is in each of these deployment models that we try and support, do we have the best possible product in that area? So if we think about our self-managed customers, there's a set of things that they need. We've built an offering with Confluent Platform that's really good at that. When we look at a fully managed cloud offering, we put a ton of investment in Cora, which is the back end for that. It's an amazing piece of software.

我們尋找的是在我們嘗試和支援的每個部署模型中，我們是否擁有該領域最好的產品？因此，如果我們考慮一下我們的自我管理客戶，就會發現他們需要一系列的東西。我們已經使用 Confluence Platform 建立了一個非常擅長於此的產品。當我們考慮完全託管的雲端產品時，我們對 Cora 進行了大量投資，它是其後端。這是一個了不起的軟體。

It's extremely sophisticated in making something that runs itself, balances data, expands elastically, all the really hard things in a full cloud service. When we looked at this kind of bring your own cloud opportunity, we thought, well, is there something there?

它非常複雜，能夠自行運作、平衡資料、彈性擴展，所有真正困難的事情都可以在完整的雲端服務中實現。當我們看到這種自帶雲的機會時，我們想，嗯，有什麼東西嗎？

We felt there was a segment of the customers that would be easier to access if we had an offering there. We looked at like, hey, should we take Confluent platform and try and turn it into that? Should we try and take Kora and try and push it into the customer's account in some way. The reality is neither of those would have been very good. Like we could do it, we could check the box, but it wouldn't really be a good product.

我們認為，如果我們在那裡提供產品，就會更容易接觸到一部分客戶。我們想，嘿，我們應該採用 Confluence 平台並嘗試將其變成那樣嗎？我們是否應該嘗試採用 Kora 並嘗試以某種方式將其推入客戶的帳戶？現實情況是，這些都不會很好。就像我們可以做到的那樣，我們可以選中該框，但這並不是真正的好產品。

What made us excited about WarpStream is they've actually done that in the right way. They actually had something that was designed from scratch for that deployment model. And that's kind of a deep enough architectural divide that I think you need to do it that way to have a really good product.

讓我們對 WarpStream 感到興奮的是他們實際上以正確的方式做到了這一點。他們實際上有一些針對該部署模型從頭開始設計的東西。這是一種足夠深的架構分歧，我認為你需要這樣做才能擁有真正好的產品。

And so now we feel really good where we have something that is kind of best-in-class across each of these deployment models. And so across customers, across customer use cases, across different parts of the company, we can now really span everything they want to do in the streaming world, kind of without hesitation or reservation. And I think that's a really powerful position to be in. And that's always been our goal with customers is make this something that's a ubiquitous technology across the business.

因此，現在我們感覺非常好，因為我們在每個部署模型中都擁有同類最佳的東西。因此，跨客戶、跨客戶用例、跨公司的不同部門，我們現在可以真正跨越他們在串流媒體世界中想做的一切，毫不猶豫或保留。我認為這是一個非常強大的地位。

I'll take the second part of Raimo's question. Raimo, as it pertains to the onetime revenue benefit, one of our existing customers had plans to basically expand into a new international market, which did not end up materializing.

我將回答雷莫問題的第二部分。 Raimo，由於涉及一次性收入利益，我們的現有客戶計劃基本上擴展到新的國際市場，但最終沒有實現。

As a result, we took some revenue at the end of the quarter as unused credits. As we speak, this customer is a very strategic partner of ours, and we are working on multiple use cases with them. So if you take a step back, and I know you commented on the Q3 performance, our Q3 performance, which was very solid, the underpinnings of that performance was, I'd say, twofold, primary drivers.

因此，我們在季度末將一些收入作為未使用的積分。正如我們所說，該客戶是我們非常具有戰略意義的合作夥伴，我們正在與他們合作開發多個用例。因此，如果您退一步，我知道您對第三季的表現發表了評論，我們的第三季表現非常穩定，我想說，該表現的基礎是雙重的主要驅動因素。

The first one was the stabilization of the digital native segment. And the second one was some of our larger cloud customers actually adopting DSP and starting to look at net new use cases. So the third benefit, which you called out was onetime. But if you adjust it out, we still handily beat our consensus expectations.

第一個是數位原生市場的穩定。第二個是我們的一些較大的雲端客戶實際上採用了 DSP 並開始研究淨新用例。所以你提到的第三個好處是一次性的。但如果你調整一下，我們仍然輕鬆地超越了我們的共識預期。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

It's great to hear all the excitement coming out of current and the improvements you're seeing in win rates. And I appreciate it takes time for wins to turn into revenue. But is it too early to be characterizing what you're seeing out there as perhaps green shoots? And how does it inform your early thinking about sales capacity as you gear up for next year?

很高興聽到當前的所有令人興奮的事情以及您所看到的勝率的提高。我明白勝利需要時間才能轉化為收入。但現在就將你所看到的東西描述為可能的萌芽是否還為時過早？當您為明年做準備時，它如何影響您對銷售能力的早期思考？

Yes. I can address some of those, and Rohan, you may want to address some as well. So yes, we've definitely seen positive signs in the customer base. We don't typically draw that line too far forward. So we don't try and make some kind of big pronouncement about IT spending next year.

是的。我可以解決其中的一些問題，Rohan，你可能也想解決一些問題。所以，是的，我們確實在客戶群中看到了積極的跡象。我們通常不會把這條線畫得太遠。因此，我們不會嘗試就明年的 I​​T 支出發表某種重大聲明。

But yes, we've seen, I would say, stabilization and maybe some acceleration in investment in the digital native segment, which is, I think, very positive. We've seen continued expansion across the broader base of cloud customers, which is great. So yes, all of that gives us confidence.

但是，是的，我想說，我們已經看到數位原生領域的投資趨於穩定，甚至可能有所加速，我認為這是非常積極的。我們看到雲端客戶群不斷擴大，這非常棒。所以，是的，所有這些都給了我們信心。

When we look at the sales capacity that we have in place, we feel very good about that. So this is a quarter where we saw kind of good ramping of new sales reps, lower than target attrition. Overall, that puts us in a good position as we think about what we're entering next year with in terms of both our sales motion and kind of systems, as well as just ramped sales reps to go execute.

當我們看到我們現有的銷售能力時，我們對此感覺非常好。因此，在這個季度，我們看到新銷售代表的成長勢頭良好，但流失率低於目標。總體而言，這使我們處於有利的位置，因為我們在考慮明年的銷售行動和系統類型以及剛剛增加的銷售代表執行方面的內容時處於有利位置。

Rohan, maybe just a follow-up. As we think about the range of outcomes for next year, I appreciate that you're not giving us guidance just yet. But is there anything you can tell us about perhaps the visibility that you have coming out of this Q3 versus the last couple of years where you did give us an early look.

羅漢，也許只是後續行動。當我們考慮明年的結果時，我很高興您還沒有給我們指導。但是，您是否可以告訴我們，與您在第三季度中獲得的知名度相比，您在過去幾年中確實給了我們早期的關注。

And I mean, it would seem to me that the bias would be towards acceleration, at least from the exit rate that you're guiding here for Q4 for 21% subscription growth. How are you thinking about that? And how should we as we begin to lock down models and project next year, think about that?

我的意思是，在我看來，這種偏見將傾向於加速，至少從您在此處指導的第四季度訂閱增長 21% 的退出率來看是這樣。你覺得怎麼樣？當我們明年開始鎖定模型和專案時，我們該如何思考這個問題？

Yes, Brad. We're not early guiding for fiscal year '25. I'll say, which is very consistent with most other software companies out there. But what I'll tell you is the momentum of the business in Q3 was solid. We entered Q4 with a similar momentum, which shows up in our guidance. And we also spoke about stabilization in our NRR.

是的，布拉德。我們不會為 25 財年提供早期指導。我想說，這與大多數其他軟體公司非常一致。但我要告訴你的是，第三季的業務勢頭很強勁。我們以類似的勢頭進入第四季度，這在我們的指導中有所體現。我們也談到了 NRR 的穩定性。

So as you kind of look at the second half of the year, in general, we feel good with where we are. So to your question around looking ahead, I'll kind of reiterate a couple of points that Jay made. I mean, in general, you've heard us talk about it. DSP has been a big focus for us this year. With respect to the number of product innovations we've had this year has been, I would say, the highest in the history of the company.

因此，當你回顧今年下半年時，總的來說，我們對目前的狀況感覺良好。因此，對於你關於展望未來的問題，我將重申傑伊提出的幾點觀點。我的意思是，總的來說，您已經聽過我們談論過它。 DSP 是我們今年的一大重點。我想說，今年我們的產品創新數量是公司史上最高的。

And we're seeing good adoption with respect to our DSP products. 2025 is where we're expecting monetization. And when you look at the different DSP products, all three of our DSP products, be it Connect, be it governance or be it stream processing, they're in their earlier stages of their S curves.

我們看到我們的 DSP 產品得到了很好的採用。我們預計 2025 年將實現盈利。當您查看不同的 DSP 產品時，我們的所有三種 DSP 產品，無論是 Connect、治理還是流處理，都處於 S 曲線的早期階段。

So that's one area of growth driver as we look ahead. The couple of others that Jay briefly touched on was Gen AI, although timing -- exact timing is still a TBD, but we feel that in general, streaming as a category will benefit from Gen AI. And then we have a couple of other ones like Table Flow and FedRAMP, which are also lower in the list, but again, growth drivers. So overall, a decent amount of growth drivers as we look at next year. But again, we'll be providing a more formal guide for 2025 in our Q4 call.

因此，這是我們展望未來的成長動力之一。 Jay 簡要提到的其他幾個是 Gen AI，雖然時間——確切的時間仍然是待定，但我們認為總的來說，串流媒體作為一個類別將受益於 Gen AI。然後我們還有其他幾個，例如 Table Flow 和 FedRAMP，它們也在列表中排名靠後，但同樣是成長動​​力。總體而言，我們明年將看到相當多的成長動力。但我們將再次在第四季的電話會議中提供更正式的 2025 年指南。

Jason Ader, William Blair.

傑森·阿德，威廉·布萊爾。

My question is on the Q4 guide. It implies a sequential growth rate on the revenue that is well below kind of typical seasonal patterns, if I look over the last few years. I know you're a bigger company now. But is there something specific to call out in Q4 that might cause a lower sequential growth rate than normal. I just wanted to unpack that a little bit.

我的問題是關於第四季度指南的。如果我回顧過去幾年，這意味著收入的連續成長率遠低於典型的季節性模式。我知道你們現在是一家更大的公司了。但第四季是否有一些特定的事情可能導致環比成長率低於正常水平。我只是想稍微解開一下。

Yes, you want to take that, Rohan?

是的，你想接受這個嗎，羅漢？

Yes, happy to. Jason, good to see you as well. Yes. So for our Q3, I'm assuming your question is specifically around the cloud revenue.

是的，很高興。傑森，也很高興見到你。是的。因此，對於我們的第三季度，我假設您的問題特別圍繞在雲端收入。

Total subscription revenue of like a 2.4% sequential versus the year ago and the year before that was 12% in Q3 to Q4.

第三季至第四季的總訂閱收入較上季成長了 2.4%，而前年則為 12%。

All right. Yes. So there are a couple of puts and takes as you look at. I mean, obviously, when you look at our Q3 performance, we feel very solid and Q4 guide is also solid. I called out two drivers in last call.

好的。是的。所以當你看到的時候，有幾個看跌期權和看跌期權。我的意思是，顯然，當你看到我們第三季的表現時，我們感覺非常紮實，第四季的指導也很紮實。我上次打電話叫了兩位司機。

One was, in general, Confluent Platform business tends to be lumpy and purely because about 20% of revenue is recognized upfront and the timing of some of these larger deals can have an impact. So that's something that I called out in our last call.

其一是，總的來說，Confluence 平台業務往往不穩定，純粹是因為約 20% 的收入是預先確認的，而其中一些較大交易的時間表可能會產生影響。這就是我在上次通話中強調的內容。

And the second, I would say, a smaller driver is the onetime benefit that we spoke about in Q3 makes it a little bit of a tough compare for our cloud business. So when you isolate the cloud business and you take out that onetime benefit, it very much falls within historical trends and more normalized patterns. So that's probably the second driver.

我想說，第二個較小的驅動因素是我們在第三季談到的一次性好處，這使得我們的雲端業務有點難以比較。因此，當您隔離雲端業務並獲取一次性收益時，它在很大程度上符合歷史趨勢和更規範的模式。所以這可能是第二個司機。

But in general, if I kind of take a step back, we're seeing this momentum with respect to some of our larger digital native customers adopting new use cases and adopting DSP. We just don't want to get ahead of ourselves, and we want to be prudent with our outlook as we look ahead.

但總的來說，如果我退後一步，我們會看到一些較大的數位原生客戶採用新用例和 DSP 的勢頭。我們只是不想超前，我們希望在展望未來時保持謹慎。

All right. And then one quick follow-up maybe for you, Jay. Just talk about the federal business. We've heard kind of through the grapevine and some other companies have talked about it, but it seems like federal spending was kind of weaker than expected for a lot of companies in Q3. What did you guys see in the federal vertical? I know that's an important area for you guys. Did you see some of that kind of budgetary pressure that others saw?

好的。然後可能是為你做的一個快速跟進，傑伊。只談聯邦事務。我們透過小道消息聽說過，其他一些公司也討論過這個問題，但第三季許多公司的聯邦支出似乎弱於預期。你們在聯邦垂直領域看到了什麼？我知道這對你們來說是一個重要的領域。您是否也看到過其他人看到的那種預算壓力？

Yes. Yes. Federal was reasonable and is a decent sized chunk of the business. It's limited today because it is only Confluent platform. So we're still kind of waiting to open up the Confluent Cloud side of that, at which point, I think we would see a bigger overall impact, both positive and negative, with the kind of trends you're describing. So yes, I would say it was not particularly noteworthy. We saw reasonable performance, but nothing to write home about.

是的。是的。聯邦是合理的，並且在業務中佔有相當大的份額。今天它受到限制，因為它只是 Confluence 平台。因此，我們仍在等待開放融合雲方面，到那時，我認為我們會看到更大的整體影響，無論是積極的還是消極的，以及您所描述的趨勢。所以是的，我想說這並不是特別值得注意。我們看到了合理的表現，但沒有什麼值得大書特書的。

Michael Turrin, Wells Fargo.

麥可特林，富國銀行。

Jay, I appreciate the video at the start commentary throughout the call. is helpful. I was hoping we could go back to AI and specifically use cases you see there for streaming. Where do agentic solutions, which we're getting whole host of announcements around fit within that discussion. It would be great to just get your view on how this AI focus we're getting everywhere impacts competitive positioning for Confluent streaming of the overall DSP landscape.

傑伊，我很欣賞整個通話過程中開頭評論的影片。有幫助。我希望我們可以回到人工智慧，特別是你在那裡看到的串流媒體用例。我們已經發布了大量關於代理商解決方案的公告，該解決方案在哪裡適合該討論。如果您能夠了解我們對人工智慧的關注如何影響整個 DSP 領域 Confluence 串流媒體的競爭定位，那就太好了。

Yes. Yes, that's great. Yes. So there's two primary use cases that we're seeing around AI. One is really gathering all of this context data for the AI.

是的。是的，那太好了。是的。因此，我們看到人工智慧有兩個主要用例。一是真正為人工智慧收集所有這些上下文數據。

So all the enterprise data that wants to be used in decision-making. The second is really a Flink use case, which is actually taking some of the processing that you want to run as a background task and actually operationalizing that, turning it into something that kind of runs continuously. Every time something happens to the business, it reacts or processes that. That's very much the kind of agentic background work that you're talking about. That's earlier in terms of what we've seen.

所以所有想要用於決策的企業資料。第二個實際上是 Flink 用例，它實際上將您想要作為後台任務運行的一些處理進行實際操作，將其轉變為連續運行的東西。每當業務發生問題時，它都會做出反應或處理。這就是你所說的那種代理背景工作。就我們所看到的而言，這是較早的。

If I look at kind of customer adoption patterns, I would say that, that whole category of use case is a little earlier. I think it's very dependent on the quality of the models.

如果我看一下客戶採用模式，我會說，整個用例類別有點早。我認為這很大程度上取決於模型的品質。

We think that's going to be a big thing over time, and we think we're very well positioned to do it. I think ultimately, the goal for AI isn't just to build these chatbots. It's actually to take some of the background work in the company and turn it into something that just happens. And maybe there's some amount of human oversight or maybe there's not, but it's something that's just kind of working in the background. If you think about what does that translate to in terms of the infrastructure or computational model, it's very much stream processing.

我們認為隨著時間的推移，這將是一件大事，而且我們認為我們已經做好了充分的準備來做到這一點。我認為最終，人工智慧的目標不僅僅是建立這些聊天機器人。其實就是把公司裡的一些後台工作，變成了一個恰到好處的事情。也許有一定程度的人為監督，也可能沒有，但它只是在後台運行。如果您考慮一下這在基礎設施或計算模型方面意味著什麼，那就是流處理。

If you think about the kind of more work that humans do, they're sitting there and they're answering e-mails that they're reacting to new customer orders that they're doing whatever it is that kind of background processing. And so I think having something which takes that directly integrates the LLM models with some of the AI model inference work that we announced at current allows you to run that in a way that's parallelizable, that's fault tolerant, that's scalable, that's understood and that integrates this context data that you can gather, I think it's very compelling.

如果你考慮人類所做的更多工作，他們會坐在那裡，回覆電子郵件，他們正在對新客戶訂單做出反應，他們正在做任何後台處理。因此，我認為，擁有將 LLM 模型與我們目前宣布的一些 AI 模型推理工作直接集成的東西，可以讓您以可並行、容錯、可擴展、易於理解和集成的方式運行它。的這些上下文數據非常引人注目。

So I would say that -- I would think of this as a couple of directions of growth around AI. One is selling to the AI companies, that's kind of off and running. The next lump is these enterprise use cases around RAG. I think that's going well and will be durable. The last is this kind of agent use cases, which is the most nascent, but I think actually may be the biggest opportunity. And probably the thing that streaming is the most well suited to where it's kind of the natural model for running that thing.

所以我想說——我認為這是圍繞人工智慧的幾個成長方向。一種是向人工智慧公司出售產品，這種方式已經開始運作了。下一個部分是圍繞 RAG 的企業用例。我認為這進展順利並且會持久。最後是這種代理用例，這是最新生的，但我認為實際上可能是最大的機會。串流媒體可能是最適合運行該事物的自然模型的地方。

I would describe that as unproven, but we're very excited about it.

我認為這一點尚未得到證實，但我們對此感到非常興奮。

That's great. Rohan, just given that '25 shaping up is a fairly significant product cycle for Confluent as you layer on work stream other capabilities. I'm wondering how you think about or how we should think about margin progression as these newer efforts layer on? Can you keep the efficient growth motion going forward, alongside the innovation? Or just how are we thinking about the balance between those two?

那太棒了。 Rohan，剛剛考慮到 25 的形成對於 Confluence 來說是一個相當重要的產品週期，因為您在工作流程其他功能上進行了分層。我想知道您如何看待或我們應該如何考慮隨著這些新努力的不斷推進，利潤率的成長？您能否在創新的同時保持高效率的成長動力？或者我們如何考慮這兩者之間的平衡？

Yes. Michael, when you really look at the last 8 or 10 quarters for us, we've improved our operating margins by more than 40 percentage points. So our philosophy around growth and profitability or efficient growth is really part of the DNA of the company. So every key decision that we make is based on ROI-based thinking. And that will continue not only into '25 but '25 and beyond.

是的。邁克爾，當你仔細觀察我們過去 8 或 10 個季度時，我們的營業利潤率提高了 40 個百分點以上。因此，我們圍繞成長和獲利能力或高效成長的理念確實是公司 DNA 的一部分。因此，我們所做的每一個關鍵決策都是基於基於投資報酬率的思維。這種情況不僅會持續到 25 年，還會持續到 25 年及以後。

So that's not going to change. So as we think about next year, we'll continue to have the same philosophy that is growth and profitability, how can you drive efficient growth, and we're not going to basically take our eye off the ball on that front.

所以這不會改變。因此，當我們考慮明年時，我們將繼續秉承相同的理念，即成長和獲利，如何推動高效成長，並且我們基本上不會將目光從這方面移開。

Yes. I think that's exactly right. And one point I would make that's specific to that. I think what Rohan said that this is kind of a discipline in terms of looking at efficiency throughout the company. I think it's a very important point. But I think you asked specifically around as we're adding these additional product capabilities, how does that impact things.

是的。我認為這是完全正確的。我要特別指出一點。我認為羅漢所說，這是一種審視整個公司效率的紀律。我認為這是非常重要的一點。但我認為當我們添加這些額外的產品功能時，您特別詢問了這對事情有何影響。

I think it's important to understand that the investment around the new products, including the training of salespeople, getting people to be able to sell these things, that's all happening now, right? So you put in all the effort, you build a cloud platform that can operate many different product areas. You make the investment in engineers to build out the capabilities. You put in all the tools to be able to track and drive revenue targets around these different things.

我認為重要的是要了解圍繞新產品的投資，包括銷售人員的培訓，讓人們能夠銷售這些東西，這一切現在都在發生，對吧？所以你付出了所有的努力，你建立了一個可以運作許多不同產品領域的雲端平台。您投資工程師來增強能力。您使用所有工具來追蹤和推動圍繞這些不同事物的收入目標。

You train up the sales force, you spend a lot of time on these things that are still nascent businesses, right? And then as those come to scale, that's obviously a very positive thing. But to some extent, we're kind of bearing that cost now. We feel good about that trajectory. And obviously, as DSP is a larger contributor to the overall revenue numbers, then those investments are less kind of an added weight and more a natural part of the business.

你訓練銷售隊伍，你花了很多時間在這些仍處於萌芽狀態的業務上，對嗎？當這些規模擴大時，這顯然是一件非常積極的事情。但在某種程度上，我們現在正在承擔這個成本。我們對這條軌跡感覺很好。顯然，由於 DSP 對整體收入的貢獻更大，因此這些投資不再是額外的負擔，而是業務的自然組成部分。

So I don't know if that's clear, but that's the way I would think about it. It's not like we're thinking about, oh, we're going to start investing next year to make that true. We have been investing for some time on the R&D side for several years, on the go-to-market side, certainly heavily this year.

所以我不知道這是否清楚，但這就是我的思考方式。我們並不是在想，哦，我們將在明年開始投資來實現這一目標。幾年來，我們一直在研發方面進行投資，在進入市場方面也進行了投資，今年肯定投入了大量資金。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Jay, I'm going to start with you, more of a go-to-market question. There's two parts for it. First of all, do you still see a lot of low-hanging fruit in improving your go-to-market motion? And maybe tied to that, clearly, with DSP becoming a bigger focus for you, how do you think about the changes you need to implement in comp next year to better perhaps fine-tune the effort around this?

傑伊，我將從你開始，更多的是一個進入市場的問題。它有兩個部分。首先，您是否仍認為在改善上市行動方面有許多容易實現的目標？也許與此相關，顯然，隨著 DSP 成為您更加關注的焦點，您如何看待明年需要在比較中實施的更改，以便更好地調整圍繞此的工作？

Yes. Yes. Look, we feel really good about the set of changes we made. So this year was a very aggressive adjustment to orient the cloud business around consumption to drive broader reach to enable us to actually incentivize some of these individual DSP components at a higher rate. I would call that a radical shift, right?

是的。是的。看，我們對我們所做的一系列改變感覺非常好。因此，今年是一次非常積極的調整，旨在圍繞消費來引導雲端業務，以推動更廣泛的覆蓋範圍，使我們能夠以更高的速度真正激勵其中一些單獨的 DSP 組件。我認為這是一個根本性的轉變，對嗎？

Heading into next year, yes, I don't think we need any kind of radical shifts. We do some tuning each year where we look at can we tweak this thing? Can we tweak that thing? Well, there's plenty of that, that we'll do.

進入明年，是的，我認為我們不需要任何徹底的轉變。我們每年都會進行一些調整，看看我們可以調整這個東西嗎？我們可以調整那個東西嗎？嗯，我們要做的還有很多。

But I think it will certainly be a smaller thing. I do think that as some of these DSP components come to maturity and scale, it does open up a new motion around directly landing use cases. If you think about Confluent, maybe the motion has been primarily kind of open source upsell where you take people who are interested in Kafka, there's better Kafka, there's other components around Kafka.

但我認為這肯定是一件較小的事。我確實認為，隨著其中一些 DSP 組件的成熟和規模化，它確實開啟了圍繞直接落地用例的新動向。如果您考慮 Confluence，也許該動議主要是一種開源追加銷售，您可以吸引對 Kafka 感興趣的人，那裡有更好的 Kafka，還有圍繞 Kafka 的其他組件。

I think as we have this full set of capabilities to capture, stream, process, connect, transform and govern real-time data, there's suddenly a whole set of business problems you can go after much more directly. And so I think that opens up another vector for the team to kind of attack and expand within a lot of these customers.

我認為，由於我們擁有捕獲、串流、處理、連接、轉換和管理即時資料的全套功能，因此突然出現了一整套您可以更直接解決的業務問題。因此，我認為這為團隊打開了另一個向量，可以在許多此類客戶中進行攻擊和擴展。

I think we'll still land in areas where there's interest around Kafka, but I think this kind of gives you another way of going to market. And so I think that's something we'll build over time, not comp related, but just gives us another path into use cases.

我認為我們仍然會登陸 Kafka 感興趣的領域，但我認為這為您提供了另一種進入市場的方式。所以我認為這是我們將隨著時間的推移而構建的東西，與補償無關，但只是為我們提供了另一條進入用例的途徑。

Excellent. Second question is on the win rates. I think you mentioned that win rates have actually increased this quarter, if I'm capturing the comment correctly, but you also commented that the win was against small vendors is more than 90%. Is that the specific area they improved? Or are they also improve the general.

出色的。第二個問題是關於勝率。我認為您提到，如果我正確地理解了評論，本季度的勝率實際上有所增加，但您也評論說，針對小型供應商的勝率超過 90%。這是他們改進的具體領域嗎？或者說他們也提高了一般性。

Yes, I think we're seeing both that we saw very strong win rates overall. And then there have been questions on this point. I think we specifically called out, hey, like really strong performance well above 90% against start-up competition.

是的，我認為我們看到了總體上非常高的勝率。然後就出現了關於這一點的疑問。我想我們特別強調，嘿，就像在新創公司競爭中表現非常強勁，遠高於 90%。

Gregg Moskowitz, Mizuho.

格雷格·莫斯科維茨，瑞穗。

The net new Confluent cloud ARR is higher than any other Confluent quarter that we've ever seen, and that includes your seasonally strong Q4 periods. And it's an impressive quarterly performance regardless. But Rohan, can you say whether or not would be a record net new ARR quarter for Confluent if we were to exclude that onetime revenue benefit that you called out?

Confluence 雲端新淨 ARR 高於我們所見過的任何其他 Confluence 季度，其中包括季節性強勁的第四季度。無論如何，這都是令人印象深刻的季度業績。但是 Rohan，您能否說一下，如果我們排除您提到的一次性收入收益，Confluence 季度的淨新 ARR 是否會創歷史新高？

Yes, Gregg, the onetime revenue benefit that we called out, what I said was if you take that out, we still handily beat our expectations. And when you really double-click into the performance, which is the vast majority of the driver of the performance, is stabilization in the digital native segment from a consumption standpoint and the net new use case of DSP adoption for larger cloud customers.

是的，格雷格，我們所說的一次性收入福利，我說的是，如果你把它去掉，我們仍然輕鬆地超出了我們的預期。當你真正雙擊效能時，效能是效能的絕大多數驅動因素，從消費的角度來看，數位原生領域的穩定性以及大型雲端客戶採用 DSP 的淨新用例。

So we've not broken down that onetime exactly. But what I can tell you is if you adjust for that, we still very handily beat our expectations and the primary drivers were the first one that I called out. I hope that helps.

所以我們還沒有一次準確地分解它。但我可以告訴你的是，如果你對此進行調整，我們仍然很輕鬆地超出了我們的預期，而且主要驅動因素是我首先指出的。我希望這有幫助。

Okay. And then you spoke earlier, Jay, about work stream and potential open source conversions. But I'm wondering if you also foresee many content platform customers adopting Work stream potentially over the medium term, whereas perhaps they otherwise wouldn't have moved away from their on-prem deployments anytime soon.

好的。 Jay，您之前談到了工作流程和潛在的開源轉換。但我想知道您是否也預見到許多內容平台客戶可能在中期內採用工作流程，否則他們可能不會很快放棄本地部署。

Yes. Yes, there's certainly an opportunity for conflict platform customers that are kind of self-managing the cloud to have kind of a progression towards a more fully managed cloud type offering. And we see that as a positive thing as well. It's not the initial target set of customers, but yes, over time, that may be appealing.

是的。是的，對於自我管理雲端的衝突平台客戶來說，當然有機會朝向更全面管理的雲端類型產品邁進。我們認為這也是一件正面的事情。這不是最初的目標客戶群，但是，隨著時間的推移，這可能會很有吸引力。

Rudy Kessinger, D.A. Davidson.

魯迪·凱辛格，D.A.戴維森。

Rohan, first with you, very strong gross margins. It looks like if I exclude low figures from that onetime revenue, it's only 20 to 30 bps impact. So is 82% kind of a good run rate going forward? And just what do incremental gross margins look like on the DSP products as revenue from those start to come in more meaningfully next year?

羅漢，首先是毛利率非常高。看起來如果我從一次性收入中排除低數字，它只會產生 20 到 30 個基點的影響。那麼 82% 是不錯的運行率嗎？隨著 DSP 產品的收入明年開始變得更有意義，那麼 DSP 產品的增量毛利率會是什麼樣子呢？

Yes, sure. Happy to take it. Rudy, the gross margin profile for the business, obviously, record gross margins when you look at subscription gross margins. So there are obviously two components, Confluent Platform, software-type gross margins, fairly consistent over a period of time. So the variable is in the cloud side, and we've consistently improved our cloud margins over time.

是的，當然。很高興接受它。魯迪，該業務的毛利率概況，顯然，當您查看訂閱毛利率時，會記錄毛利率。因此，顯然有兩個組成部分：Confluence 平台、軟體類型的毛利率，在一段時間內相當一致。因此，變數在雲端，隨著時間的推移，我們不斷提高雲端利潤率。

And I mean, I put it in maybe three categories, right? One category is, in general, with volume and with more scale, you get efficient. So that's one.

我的意思是，我可能把它分成三類，對嗎？一般來說，一類是隨著數量和規模的增加，你會變得更有效率。這就是其中之一。

The second area is there's been this focus around multi-tenant and as more of our business becomes multi-tenant, which includes the DSP side as well, a lot of the DSP products, right, that's going to be a tailwind to gross margins, right? So those are probably two drivers. And when you kind of take a step back and look at where we are operating, we're actually operating well above our thresholds that we put out there. So feel good about our gross margin profile, and we will obviously keep an eye on it as we look ahead.

第二個領域是圍繞著多租戶的關注，隨著我們越來越多的業務變得多租戶，其中也包括 DSP 方面，很多 DSP 產品，對吧，這將成為毛利率的推動力，正確的？所以這可能是兩個司機。當你退後一步看看我們的營運情況時，你會發現我們的營運實際上遠遠超出了我們設定的閾值。因此，對我們的毛利率狀況感到滿意，我們顯然會在展望未來時密切關注它。

Okay. And then as a follow-up, I appreciate the commentary on win rates. I guess does that comment on win rates, I guess, do you include. Do you factor in renewals where a current customer considers a small startup or going back to open source as well when you calculate those win rates in. And if not, could you just maybe comment on gross churn or gross retention trends over the last few quarter.

好的。然後作為後續行動，我很欣賞關於勝率的評論。我想你是否也包括了關於勝率的評論？當您計算這些獲勝率時，您是否考慮了當前客戶考慮小型新創公司或返回開源的續約因素。

We do include renewals in that. And I do include renewals, but it would be equally high, not including renewals. So it's not like we're patting it with renewals.

我們確實將續約納入其中。我確實包括續約，但它會同樣高，不包括續約。所以我們不是在進行續約。

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

Just to comment really briefly on what Rudy said. To underline a little bit of what Rohan was saying. Yes, we don't anticipate the DSP growth to be a significant headwind on margins. the products are largely multi-tenant, and we see that as a positive factor. We've taken cost into consideration when designing those things.

只是簡單地評論魯迪所說的話。強調一下羅漢所說的話。是的，我們預期 DSP 的成長不會對利潤率造成重大阻力。這些產品主要是多租戶的，我們認為這是一個積極因素。我們在設計這些東西時考慮了成本。

So I know often new cloud products kind of come in upside down and then eventually write themselves. We don't think there'll be a big aspect of that with what we're doing.

所以我知道新的雲端產品通常會顛倒過來，然後最終自行寫。我們認為我們正在做的事情不會有什麼大的影響。

I just wanted to cycle back to the strength that we're calling out this quarter and into October now for those digital native customers. When did you actually start to see that behavior shift just because I know if we cycle back a quarter ago, that increased focus on optimization was bleeding from June into July, right? So when did that start to show up as far as that cohort that you're speaking to the digital natives.

我只是想回顧一下我們在本季和十月為那些數位原生客戶所呼籲的力量。你什麼時候真正開始看到這種行為轉變，只是因為我知道如果我們回到一個季度前，從六月到七月，對優化的更多關注正在流失，對嗎？那麼，對於您正在與數位原住民交談的那群人來說，這種情況是從什麼時候開始出現的呢？

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

是的。是的，你想談談這個嗎，羅漢？

Yes. I mean it was -- typically, Mike, when you look at consumption, it is also a business that's driven by momentum you did not see this like one particular date or where things shifted. But in general, we did see a couple of things. The first is, just Jay called out earlier in the call, some of our larger customers we feel that every customer kind of looks at optimizations for some of our larger ones, that's actually behind us. That's something that we saw and that had that progressively through the quarter.

是的。我的意思是，麥克，通常情況下，當你審視消費時，它也是一項由動力驅動的業務，你沒有看到像某個特定日期或事情發生變化的情況。但總的來說，我們確實看到了一些事情。首先，傑伊在電話會議早些時候指出，我們的一些較大客戶，我們認為每個客戶都會考慮對我們的一些較大客戶進行優化，這實際上已經落後於我們了。這是我們看到的，並且在整個季度中逐漸出現這種情況。

And the second piece is around the net use cases and some of our larger cloud customers adopting DSP. That's been a huge internal go-to-market focus for us. And again, early days, but that's also starting to show up a little by little in the numbers. So that's how I'd call it. And as I said, it's more around momentum.

第二部分是圍繞網路用例和我們一些採用 DSP 的大型雲端客戶。這對我們來說是一個巨大的內部市場焦點。再說一次，雖然還處於早期階段，但這也開始一點一點地在數字中顯現出來。我就是這麼稱呼它的。正如我所說，這更多的是關於動力。

And as we exited Q4, some of these trends actually bled into Q4 as well.

當我們退出第四季度時，其中一些趨勢實際上也滲透到了第四季度。

That's terrific. I guess, for the follow-up there, and it sounds like you're partially answering this already, but trying to get a sense for that recovery in demand for new use cases or DSP adoption coming from digital natives. Is that explained by maybe customers who have been rolling over or pushing out projects that are coming online now, or is it more a function of that go-to-market that you guys have and the transformation you've instilled and maybe that's starting to make more headway into your existing customers?

太棒了。我想，對於後續行動，聽起來您已經部分回答了這個問題，但試圖了解數位原住民對新用例或 DSP 採用的需求的復甦。這是因為客戶已經滾動或推出了現在上線的項目，或者這更多是你們所擁有的進入市場以及你們所灌輸的轉型的功能，也許這已經開始了在現有客戶中取得更多進展？

Yes, it's a combination of both. Customers -- what you would see in any of these digital native customers, even going over a long period of time is kind of a sawtooth up and to the right, right? It's not a pure graph. They tend to make investments and then they tune and they make investments and then they tune.

是的，它是兩者的結合。客戶－你會在這些數位原生客戶中看到什麼，即使經過很長一段時間，也是一種向上和向右的鋸齒，對嗎？這不是一個純粹的圖表。他們傾向於進行投資，然後進行調整，進行投資，然後進行調整。

We did see a little bit more tuning in the recent quarter, but that -- it's not like that pattern hasn't occurred. It just -- we just sought in more customers all at the same time. Even in that time period, we did see an intention in those customers of making further investments, new projects. So I would say, on the whole, that's in keeping with what we've seen.

我們確實在最近一個季度看到了更多的調整，但這種模式並不是沒有發生。只是——我們只是同時尋求更多的客戶。即使在那個時期，我們也確實看到這些客戶有意進行進一步投資、新專案。所以我想說，總的來說，這與我們所看到的情況是一致的。

On the DSP side, there definitely is a comp as well as just intentional focus. Like we are putting a lot of effort into driving these new products. There's very specific sales plays. We're tracking pipeline in a very distinct way. There's targets and goals around that.

在 DSP 方面，肯定有一個補償以及有意的關注。就像我們投入了大量精力來推動這些新產品。有非常具體的銷售策略。我們正在以一種非常獨特的方式追蹤管道。圍繞它有目標和目標。

It's very much a new muscle to build. But the consumption comp makes it possible to do this because in the past, we would have goals that were purely on your committed spend. And really, of course, there's no distinction of what the spend is on.

這是一塊需要鍛鍊的新肌肉。但消費補償使得做到這一點成為可能，因為在過去，我們的目標純粹取決於您的承諾支出。當然，實際上，支出的用途沒有差別。

Now we can have multipliers on specific components of revenue that's Flink or Connect or whatever it is and drive those in a disproportionate way. And so I think that does help a bit in terms of making sure that the smaller products that are kind of newer in the journey still get some focus out of the team.

現在，我們可以對 Flink 或 Connect 等特定收入組成部分進行乘數，並以不成比例的方式推動這些收入。因此，我認為這確實有助於確保在這一過程中較新的小型產品仍然得到團隊的關注。

Derrick Wood, Cowen.

德里克伍德、考恩。

Jay, I'll start with you. You guys called out strength in financial services. We know this is obviously a big vertical for you, but I don't know if you've highlighted it in recent quarters? Anything to call out what drove this? Are you starting to see larger deal activity? Or is there some broader industry trend developing that could be more beneficial in the medium term?

傑伊，我就從你開始吧。你們呼籲金融服務業的力量。我們知道這對您來說顯然是一個很大的垂直領域，但我不知道您最近幾季是否強調過這一點？有什麼可以指出是什麼推動了這一點嗎？您是否開始看到更大規模的交易活動？或者是否存在一些更廣泛的行業趨勢正在發展，從中期來看可能會更有利？

Yes. I wouldn't say it's a sudden shift or even a 1-quarter thing. I mean I think there's been a broad-based build in financial services going back some years. And I think we just thought it was worth highlighting kind of the point that we've got to, where this is now a very substantial data platform and the largest financial services institutions in the world. And there's really exciting stuff happening.

是的。我不會說這是一個突然的轉變，甚至不是一個季度的事情。我的意思是，我認為幾年前金融服務業已經有了廣泛的基礎建設。我認為我們只是認為值得強調我們必須強調的一點，現在這是一個非常重要的數據平台和世界上最大的金融服務機構。確實有令人興奮的事情發生。

And it's not just that it's big in terms of volume. I mean this is powering some of the most critical systems that they have. in many of these organizations, they're actually starting to think about how streaming not just enables them to share data internally, but how it enables them to connect into many of the other institutions that they share data with on a regular basis.

這不僅僅是因為它的體積很大。我的意思是，這正在為他們擁有的一些最關鍵的系統提供動力。在許多這樣的組織中，他們實際上開始考慮串流媒體如何不僅使他們能夠在內部共享數據，而且如何使他們能夠連接到他們定期與之共享數據的許多其他機構。

There's kind of that larger economy within that industry. And we think that's a really positive thing. So yes, it's going very well. We called out the kind of ARR and penetration in the largest customers. We expect that to continue. No sign of slowdown. There's not a particular catalyst this quarter.

該行業內有一個更大的經濟體。我們認為這是一件非常正面的事情。所以是的，一切進展順利。我們指出了最大客戶的 ARR 和滲透率。我們預計這種情況會持續下去。沒有放緩的跡象。本季沒有特別的催化劑。

I would say it's more just continued strength. And it makes sense when you think about the nature of those businesses that there's just a huge amount -- they're the largest spenders on IT and a huge amount of kind of real-time event-driven machinery behind the scenes and as well as a few pushes on the regulatory side towards real-time payments, real-time reporting. There's definitely some nudges as well as pressure on having a modern customer experience, all of which kind of nudges it forward.

我想說這更多的是持續的力量。當您考慮這些企業的性質時，這是有道理的——它們是 IT 上最大的支出者，並且在幕後有大量實時事件驅動的機器，以及監管方面有一些推動實時支付、實時報告的努力。擁有現代客戶體驗肯定會受到一些推動和壓力，所有這些都會推動它向前發展。

Understood. Rohan, maybe one for you. The strength of new customer is obviously very impressive. I think I assume that most of these are open source Copco conversions. But just wondering how you're thinking about the follow-on expansion.

明白了。羅漢，也許適合你。新客戶的實力顯然非常可觀。我想我假設其中大部分都是科普柯開源轉換。但只是想知道您如何考慮後續擴展。

Is this something that could come in a quarter or two because of the consumption model or we think of a land and maybe an expand like 9 to 12 months from now? .

由於消費模式的原因，這是否可能在一兩個季度內實現，或者我們認為從現在起 9 到 12 個月後可能會擴展土地？ 。

Yes. The way I think about the new customer is, of course, the total customers, I think that's top of funnel. And then how successful we are progressing these customers to $100,000-plus ARR, $1 million plus ARR is something that we internally focus quite a bit as well.

是的。當然，我對新客戶的看法是客戶總數，我認為這是漏斗的頂部。然後，我們如何成功地將這些客戶提升到 10 萬美元以上的 ARR、100 萬美元以上的 ARR，這也是我們內部非常關注的事情。

So on the total customer numbers that you mentioned, it's a combination of two things, of course, like as part of our consumption transformation, there's been a big focus around landing new customers, but not just new customers landing very high-quality logos. And I called out some examples there. right? So that, coupled with our product led, the P&G motion, which is driving some of this customer growth on top.

因此，就您提到的客戶總數而言，這是兩件事的結合，當然，就像我們消費轉型的一部分一樣，我們專注於吸引新客戶，而不僅僅是吸引非常高品質的徽標的新客戶。我在那裡舉了一些例子。正確的？因此，加上我們的產品主導，寶潔公司的行動，正在推動部分客戶的成長。

But that can obviously vary quarter-over-quarter. So the best way to look at that is over a 12-month period. And when you look at the first nine months, you're right, I mean, we are very happy of the momentum that we've seen. When you look at 100,000-plus ARR customers and $1 million-dollar plus ARR customers, both those cohorts get see good consistent growth. And as a reminder, $100,000-plus ARR customers account for greater than 85% of our revenue.

但這顯然可能會因季度而異。因此，最好的觀察方式是 12 個月的時間段。當你看看前九個月時，你是對的，我的意思是，我們對所看到的勢頭感到非常高興。當您觀察 100,000 多個 ARR 客戶和 100 萬美元以上 ARR 客戶時，這兩個群體都會看到良好的持續成長。需要提醒的是，ARR 超過 10 萬美元的客戶占我們收入的 85% 以上。

So overall, the focus is across all three, but we are pleased with the progress that we are making.

總的來說，重點是這三個方面，但我們對所取得的進展感到滿意。

This concludes our earnings call. We know it's easy to earnings. We appreciate so many of you joining our call today. Have a nice evening.

我們的財報電話會議到此結束。我們知道賺錢很容易。我們感謝你們今天加入我們的電話會議。祝你今晚愉快。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。