Confluent Inc (CFLT) 2025 Q2 法說會逐字稿

Welcome to the Confluent second quarter 2025 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, market and product positioning, growth strategies, financial performance and future prospects, including statements regarding our financial guidance for the fiscal third quarter of 2025 and fiscal year 2025.

歡迎參加 Confluent 2025 年第二季財報電話會議。我是投資者關係部的 Shane Xie，和我一起的還有共同創辦人兼執行長 Jay Kreps 和財務長 Rohan Sivaram。在今天的電話會議上，管理層將就我們的業務、營運、市場和產品定位、成長策略、財務業績和未來前景做出前瞻性陳述，包括有關 2025 財年第三季和 2025 財年財務指引的陳述。

These following 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.

以下聲明受風險和不確定性的影響，可能導致實際結果與這些聲明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信息，包含在我們向美國證券交易委員會提交的最新 10-Q 表中。

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.

除非法律要求，否則我們不承擔在今天的電話會議後更新這些聲明的義務。除非另有說明，今天電話會議上使用的某些財務指標均以非公認會計準則 (GAAP) 為基礎表示，並且所有比較均按同比計算。

We use these non-GAAP financial measures internally the facility analysis of 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.

我們在內部使用這些非公認會計準則財務指標來分析財務和業務趨勢以及用於內部規劃和預測目的。這些非 GAAP 財務指標具有局限性，不應孤立地考慮或取代根據 GAAP 編制的財務資訊。

A reconciliation between these GAAP and non-GAAP financial measures is included in our earnings press release and supplement financials, which can be found on our IR website at investors.confluent.io. References to profitability on today's call refer to non-GAAP operating margin unless stated otherwise.

這些 GAAP 和非 GAAP 財務指標的對帳表包含在我們的收益新聞稿和補充財務報表中，您可以在我們的投資者關係網站 investors.confluent.io 上找到。除非另有說明，否則今天電話會議上提到的獲利能力均指非 GAAP 營業利潤率。

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

說完這些，我會把電話交給傑伊。

Thanks, Shane. Good afternoon, everyone, and welcome to our second quarter earnings call. Confluent delivered a solid second quarter, highlighted by a 21% growth in subscription revenue, 28% growth in Confluent Cloud revenue and non-GAAP operating margin of 6% -- up approximately 6 percentage points.

謝謝，肖恩。大家下午好，歡迎參加我們的第二季財報電話會議。Confluent 第二季業績穩健，訂閱營收成長 21%，Confluent Cloud 營收成長 28%，非 GAAP 營業利潤率為 6%，成長約 6 個百分點。

Additionally, our DSP monetization continues to gain traction with Flink ARR growing approximately 3x over the past two quarters. This is a testament to our complete data streaming platform strategy and our strong positioning for the future shaped by agentic real-time AI.

此外，我們的 DSP 貨幣化繼續獲得關注，Flink ARR 在過去兩個季度增長了約 3 倍。這證明了我們完整的資料流平台策略以及我們由代理即時人工智慧塑造的未來的強大定位。

Before getting into the broader business update, I'd like to start by sharing some observations on our cloud business. In Q2, our larger customers continue their optimization efforts and adopted new use cases in a more measured pace.

在介紹更廣泛的業務更新之前，我想先分享一些關於我們雲端業務的觀察。在第二季度，我們的大客戶繼續進行優化努力，並以更有節奏的速度採用新的用例。

While we are confident that this elevated level of optimization will eventually subside, our outlook for the second half assumes consumption growth notably below what we've seen in the same period of prior years. Rohan will provide further details in his remarks.

雖然我們相信這種高水準的優化最終會消退，但我們對下半年的展望表明，消費成長將明顯低於去年同期的水準。羅漢將在他的演講中提供更多細節。

Encouragingly, we've seen some customers commit to larger multiyear deals following the optimization efforts they undertook last year. This helped accelerate our RPO growth to 31% in the quarter, reflecting the deepening of our customer relationships as they plan for long-term growth.

令人鼓舞的是，我們看到一些客戶在去年進行優化努力之後承諾簽訂更大的多年期交易。這有助於我們本季的 RPO 成長率加速至 31%，反映出我們在客戶規劃長期成長的過程中不斷深化客戶關係。

To accelerate use case expansions and support the long-term growth trajectory of our cloud business, we're driving operational enhancements across several areas in the business. This includes two key focus areas Ryan Mac Ban has identified following his first 90 days as Chief Revenue Officer.

為了加速用例擴展並支援我們的雲端業務的長期成長軌跡，我們正在推動業務多個領域的營運改善。這包括 Ryan Mac Ban 擔任首席營收長 90 天後確定的兩個重點關注領域。

First, we're improving coverage ratios between AEs, SEs and post sales roles to strengthen execution in the field. This higher-touch integrated approach enhances account ownership and provides tighter customer alignment in driving use cases into production across our enterprise customer base. This has shown early results in the second quarter as we've seen a sequential increase of more than 40% in late-stage pipeline progression.

首先，我們正在提高 AE、SE 和售後角色之間的覆蓋率，以加強現場執行力。這種更高接觸的整合方法增強了帳戶所有權，並在推動整個企業客戶群的用例投入生產過程中提供了更緊密的客戶協調。這已在第二季度顯示出早期成果，因為我們看到後期管道進展連續增長超過 40%。

Second, we're accelerating the build-out of our DSP specialist team to drive multiproduct selling. This team focuses on building repeatable high-impact sales plays that include pricing strategy, go-to-market messaging and streamlined migration offerings that combine tooling and professional services.

其次，我們正在加速建立 DSP 專家團隊，以推動多產品銷售。該團隊專注於建立可重複的高影響力銷售策略，包括定價策略、上市資訊和結合工具和專業服務的簡化遷移產品。

We've also seen early signals of success with this specialization model, with several customers accelerating their production go-live of DSP use cases in the quarter. Together, these changes are designed to enable the field to move faster and unlock greater value from our platform selling strategy.

我們也看到了這種專業化模式成功的早期訊號，一些客戶在本季加速了 DSP 用例的生產上線。總的來說，這些變化旨在推動該領域更快地發展，並從我們的平台銷售策略中釋放更大的價值。

In parallel, we're doubling down on three areas where we're already seeing strong traction. The first is replacing CSP streaming offerings with Confluent. We've had success displacing the CSP offerings with win rates well above 90%.

同時，我們正在加倍努力，重點放在三個已經取得強勁進展的領域。首先是用 Confluent 取代 CSP 串流產品。我們已成功取代 CSP 產品，成功率遠高於 90%。

This is an area where we feel our product capabilities and TCO story have improved enormously over the last year, with differentiated offerings like brake clusters, enterprise clusters and WarpStream. Already in Q2, we saw more than two dozen displacements against a single CSP offering.

我們認為，在這一領域，我們的產品能力和 TCO 故事在過去一年中得到了極大的改善，並推出了煞車集群、企業集群和 WarpStream 等差異化產品。在第二季度，我們已經看到單一 CSP 產品的二十多個替代產品。

We plan to amplify this success by intentionally targeting these offerings and increasing our number of (inaudible) against these competitors. Speaking of WarpStream, we're seeing positive trends there as well. The large majority of our WarpStream business in Q2 is incremental.

我們計劃透過有意瞄準這些產品並增加與這些競爭對手的數量來擴大這一成功。說到 WarpStream，我們也看到了正面的趨勢。我們第二季的 WarpStream 業務絕大部分都是增量的。

Even in existing customers, we're seeing customers increase their spend with Confluent through WarpStream while actually lowering their overall cloud infrastructure costs. For example, two customers, a major retail investing platform and a leading prepaid mobile provider both deployed WarpStream for their high-volume logging and telemetry workloads in Q2.

即使在現有客戶中，我們也看到客戶透過 WarpStream 增加了在 Confluent 上的支出，同時實際上降低了他們的整體雲端基礎設施成本。例如，兩家客戶（一家大型零售投資平台和一家領先的預付費行動供應商）都在第二季部署了 WarpStream 來處理大量日誌和遙測工作負載。

These customers increased their spend with Confluent by 30%, while decreasing overall CSP infrastructure costs roughly 50%. It's a great example of how we're helping customers scale efficiently while delivering meaningful cost savings.

這些客戶在 Confluent 上的支出增加了 30%，同時將整體 CSP 基礎設施成本降低了約 50%。這是我們如何幫助客戶有效擴展規模並實現顯著成本節約的一個很好的例子。

The second area that we're doubling down on is our partner ecosystem. Partners are instrumental in broadening our footprint and driving customer expansion, especially as we scale into a multiproduct platform company. We continue to see incredible traction in this area.

我們加倍投入的第二個領域是我們的合作生態系統。合作夥伴對於擴大我們的業務範圍和推動客戶擴張至關重要，特別是當我們擴展為多產品平台公司時。我們繼續看到該領域令人難以置信的發展勢頭。

In the past year alone, we've launched a new OEM program and partnered with leading AI vendors to launch a new AI accelerator program. At the same time, we've deepened key partnerships with GEO, SCCC, Databricks, EY and most recently, Infosys.

僅在過去的一年裡，我們就啟動了一個新的 OEM 計劃，並與領先的 AI 供應商合作推出了一個新的 AI 加速計劃。同時，我們深化了與 GEO、SCCC、Databricks、EY 以及最近的 Infosys 的關鍵合作夥伴關係。

This expanded collaboration with Infosys, a global leader in next-generation digital services and consulting is the first major partnership under this new investment. As a partner in our OEM program, Infosys has seen firsthand the growing demand for data stream. This is a meaningful step forward in our broader strategy to deepen partnerships with leading system integrators.

這次與下一代數位服務和諮詢領域的全球領導者 Infosys 的擴大合作是這項新投資下的首個重要合作夥伴關係。作為我們 OEM 計劃的合作夥伴，Infosys 親眼目睹了資料流日益增長的需求。這是我們深化與領先系統整合商的合作夥伴關係的更廣泛策略中邁出的重要一步。

To underscore the strategic value of our partner ecosystem, well over 20% of our business over the past year has been partner-sourced. Looking ahead, our partner ecosystem will be an important area of continued investment in co-innovation.

為了強調我們的合作夥伴生態系統的策略價值，過去一年我們超過 20% 的業務來自合作夥伴。展望未來，我們的合作夥伴生態系統將成為我們持續投資共同創新的重要領域。

We believe deepening partner engagement across Confluent platform and Confluent Cloud will fuel our growth and accelerate our global market penetration. The value of our partner ecosystem can best be understood through our customers' lens.

我們相信，深化 Confluent 平台和 Confluent Cloud 上的合作夥伴合作將推動我們的成長並加速我們的全球市場滲透。我們最好從客戶的角度來理解合作夥伴生態系統的價值。

A leading global financial market infrastructure provider that processes trillions of dollars of security transactions daily set out to create a shared Kafka service across its business. The goal was to enable real-time data streaming at scale with the kind of governance needed for a systemically important institution.

一家領先的全球金融市場基礎設施供應商每天處理數兆美元的證券交易，致力於在其業務範圍內創建共享的 Kafka 服務。目標是實現大規模即時資料流，並實現系統重要性機構所需的治理。

However, they face challenges with the specialized staffing required and the complexities of operating Kafka as shared enterprise service. As the organization's long-time transformation partner, EY went beyond pure technical guidance.

然而，他們面臨著需要專業人員以及將 Kafka 作為共享企業服務營運的複雜性的挑戰。作為該組織的長期轉型合作夥伴，安永提供的不僅僅是純粹的技術指導。

They helped define a broader vision, positioning Confluent as the strategic foundation for enterprise-wide data streaming. After the deal closed, EY and Confluent partnered to launch a modern streaming center of excellence that helps the company evolve from siloed messaging to a unified enterprise-wide streaming strategy.

他們幫助定義了更廣闊的願景，將 Confluent 定位為企業範圍資料流的策略基礎。交易完成後，安永和 Confluent 合作推出了一個現代化的串流卓越中心，幫助公司從孤立的訊息傳遞發展到統一的企業範圍串流媒體策略。

With EY's trusted relationships, the focus has shifted to scaling high-impact streaming use cases across the business. Together, EY and Confluent are building a foundation for sustained innovation, enabling this market leader to turn real-time data into a true competitive advantage.

憑藉安永的信任關係，重點已轉移到在整個業務範圍內擴展具有高影響力的串流媒體用例。安永和 Confluent 攜手建立持續創新的基礎，使這個市場領導者能夠將即時數據轉化為真正的競爭優勢。

The third area where we're doubling down is Flink. While Flink is still a small part of our overall business, it has experienced exponential growth with the sequential dollar increase in ARR accelerating for four consecutive quarters.

我們加倍努力的第三個領域是 Flink。雖然 Flink 仍然只占我們整體業務的一小部分，但它已經經歷了指數級增長，ARR 的連續四個季度美元增長都在加速。

Our Flink business is approaching $10 million in ARR and nearly tripled over the first half of the year. This includes strong contributions from both Confluent Cloud and Confluent platform with a fairly even ARR split between the two. We now have three customers with more than $1 million in Flink ARR and a diverse rapidly expanding base of customers well into their first set of use cases.

我們的 Flink 業務的 ARR 接近 1000 萬美元，並且在今年上半年成長了近兩倍。這包括來自 Confluent Cloud 和 Confluent 平台的強大貢獻，兩者之間的 ARR 分配相當均勻。現在，我們擁有三位 Flink ARR 超過 100 萬美元的客戶，並且擁有多元化、快速擴張的客戶群，並且已經進入了他們的第一組用例。

Capturing the processing of real-time data is one of the most strategic elements of our DSP strategy. This allows us to make real-time use cases much easier to build and to capture the spend on these use cases. The rapid growth of our Flink offering is evidence that this strategy is working.

擷取即時資料的處理是我們 DSP 策略中最具戰略意義的要素之一。這使我們能夠更輕鬆地建立即時用例並捕獲這些用例的支出。我們的 Flink 產品的快速成長證明這項策略是有效的。

Wix is a great example of the power of our Flink offering. Wix is the global platform behind more than 100 million websites, serving 1 billion users every year. As they expanded to analytics and AI-driven personalization, it became clear that they needed a more scalable real-time data infrastructure.

Wix 是我們 Flink 產品強大功能的一個很好的例子。Wix 是全球超過 1 億個網站背後的平台，每年為 10 億用戶提供服務。隨著他們擴展到分析和人工智慧驅動的個人化，很明顯他們需要一個更具可擴展性的即時數據基礎設施。

Their batch pipelines and self-managed Kafka setup simply couldn't keep up. To support their next stage of growth, we extern to Confluent Cloud and our fully managed Flink offering. Today, they process over 30 billion events per day in real time across multiple regions and clouds.

他們的批次管道和自我管理的 Kafka 設定根本無法跟上。為了支持他們下一階段的成長，我們轉向 Confluent Cloud 和我們完全託管的 Flink 產品。如今，他們每天跨多個地區和雲端即時處理超過 300 億個事件。

Flink is now central to Wix' data architecture. It filters, enriches and joins data streams in real time, powering hyper-personalized web experiences, live AB testing and Wix analytics, which gives users and developers immediate insight into site activity.

Flink 現在是 Wix 資料架構的核心。它即時過濾、豐富和連接資料流，為超個人化的網路體驗、即時 AB 測試和 Wix 分析提供支持，讓使用者和開發人員能夠立即了解網站活動。

With Flink and Confluent's governance tools, Wix delivers low-latency trustworthy data at global scale. That's helped them increase developer velocity, improve customer experience and cut down on operational overhead. Confluent is now a key part of Wix's long-term data platform strategy.

透過 Flink 和 Confluent 的治理工具，Wix 可以在全球範圍內提供低延遲的可信資料。這有助於他們提高開發速度、改善客戶體驗並降低營運開銷。Confluent 現在是 Wix 長期資料平台策略的重要組成部分。

And finally, we've been excited to see AI workloads beginning to move towards production in rapidly growing volumes. In 2024, much of the enterprise use of AI was early experimentation, with only a few dozen production use cases. This year, we expect production in AI use cases to grow 10x across a few hundred customers.

最後，我們很高興看到人工智慧工作負載開始以快速增長的數量轉向生產。2024 年，企業對人工智慧的使用大多處於早期實驗階段，僅有幾十個生產用例。今年，我們預計數百個客戶的 AI 用例產量將成長 10 倍。

A few of my favorite examples from Q2. A public sector organization in New Zealand is deploying AI agents to automate complex regulatory workflows and cut citizen response time from hours to minutes without operational overhead.

以下是 Q2 中我最喜歡的幾個例子。紐西蘭的一個公共部門組織正在部署人工智慧代理，以自動化複雜的監管工作流程，並將公民的回應時間從幾小時縮短到幾分鐘，而無需營運開銷。

An astronomy institute is deploying AI agents to process telescope alerts in real time to filter noise and catch rare fast-fading cosmic events before they're lost. A major Philippine power company is deploying AI agents to interpret real-time alerts, surface critical failures early and prevent million-dollar outages.

一家天文學研究所正在部署人工智慧代理來即時處理望遠鏡警報，以過濾噪音並在罕見的快速衰減宇宙事件消失之前捕捉到它們。菲律賓一家大型電力公司正在部署人工智慧代理來解讀即時警報，及早發現嚴重故障並防止數百萬美元的停電。

An international sports network is generating real-time commentary that adapts to the flow of the game and player performance. Let me go a little deeper on one such use case. We've talked about Notion before when they turned to Confluent after it became clear their data infrastructure couldn't scale or support their AI vision.

一個國際體育網絡正在產生適應比賽流程和球員表現的即時評論。讓我更深入地討論一下這樣的一個用例。我們之前曾討論過 Notion，當時他們發現他們的資料基礎設施無法擴展或支援他們的 AI 願景，於是他們轉向了 Confluent。

Since then, they've made Confluent a much more strategic part of their business to accelerate the rollout of new AI capabilities. With over 100 million users, Notion needed a scalable real-time data architecture to power AI-driven search, content generation and integrations.

從那時起，他們就將 Confluent 作為其業務中更具策略性的一部分，以加速推出新的 AI 功能。Notion 擁有超過 1 億用戶，需要可擴展的即時資料架構來支援 AI 驅動的搜尋、內容生成和整合。

Their legacy messaging stack couldn't keep up with the volume of product activity, slowing innovation. By adopting Confluent Cloud, Notion built a fully managed event-driven architecture that supports key use cases across their platform.

他們傳統的訊息傳遞堆疊無法跟上產品活動的數量，從而減緩了創新。透過採用 Confluent Cloud，Notion 建構了一個完全託管的事件驅動架構，支援其平台上的關鍵用例。

Using our prebuilt connectors, they stream data into Snowflake and Amazon S3 to enable real-time analytics and AI workloads. Student processing and schema registry ensures that every change in app is reflected instantly in their vector database, keeping Notion AI accurate and responsive.

使用我們預先建立的連接器，他們將資料串流傳輸到 Snowflake 和 Amazon S3，以實現即時分析和 AI 工作負載。學生處理和模式註冊確保應用程式中的每個變更都會立即反映在他們的向量資料庫中，從而保持 Notion AI 的準確性和回應能力。

With Confluent, Notion has tripled platform team productivity, reduced operational overhead and accelerated time to market for AI-powered features. Today, Confluent is the real-time backbone of Notion AI.

透過 Confluent，Notion 將平台團隊的生產力提高了兩倍，降低了營運開銷，並加快了 AI 功能的上市時間。如今，Confluent 已成為 Notion AI 的即時主幹。

In closing, while we're continuing to see some near-term consumption headwinds, I remain highly confident in the strength of our business with our differentiated and complete data streaming platform and strong partner ecosystem, we are well positioned to capture a meaningful share of the $100 billion plus data streaming market.

最後，雖然我們繼續看到一些近期的消費逆風，但我仍然對我們的業務實力充滿信心，憑藉我們差異化和完整的數據流平台和強大的合作夥伴生態系統，我們完全有能力在 1000 億美元以上的數據流市場中佔據重要的份額。

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

說完這些，我就把話題交給羅漢 (Rohan)。

Thanks, Jay. Good afternoon, everyone, and thanks for joining our earnings call. Our second quarter was highlighted by solid top line growth and continued margin expansion. These results underscore the strength and flexibility of our data streaming platform, helping customers unlock the full value of real-time data across cloud, on-premise and BYOC environments.

謝謝，傑伊。大家下午好，感謝您參加我們的財報電話會議。我們第二季的亮點是穩健的營收成長和持續的利潤率擴大。這些結果凸顯了我們資料流平台的實力和靈活性，幫助客戶在雲端、本地和 BYOC 環境中充分發揮即時資料的價值。

Turning to the Q2 results. Q2 subscription revenue grew 21% to $270.8 million and represented 96% of total revenue. Confluent platform revenue grew 12% to $120.3 million, reflecting solid performance in financial services and sustained momentum with our OEM partners.

談到第二季的業績。第二季訂閱營收成長 21%，達到 2.708 億美元，佔總營收的 96%。Confluent 平台營收成長 12%，達到 1.203 億美元，反映了金融服務領域的穩健表現以及與 OEM 合作夥伴的持續發展勢頭。

Cloud revenue grew 28% to $150.5 million, representing 56% of subscription revenue compared to 52% in the year-ago quarter. As Jay mentioned earlier, consumption growth was impacted by continued optimization, with month-over-month trends trailing the same period in prior years.

雲端營收成長 28% 至 1.505 億美元，佔訂閱收入的 56%，去年同期為 52%。正如Jay之前提到的，消費成長受到持續優化的影響，月環比趨勢落後於前幾年的同期。

Additionally, an AI-native customer has been making a broad-based move towards self-management of internal data platforms, reducing their Confluent Cloud usage as a result. We continue to support their data seaming needs and have now closed a Confluent platform deal with them in Q3. This represents a significant reduction in total spending with Confluent starting in Q4 and is expected to dampen our Q4 cloud revenue growth rates by low single digits.

此外，一家 AI 原生客戶正在廣泛地推動內部資料平台的自我管理，從而減少了對 Confluent Cloud 的使用。我們繼續支援他們的數據縫合需求，並已於第三季與他們達成了 Confluent 平台交易。這意味著從第四季開始 Confluent 的總支出將大幅減少，預計將使我們第四季的雲端收入成長率下降個位數。

Turning to the geographical mix of total revenue. Revenue from the US grew 15% to $164.3 million. Revenue from outside the US grew 29% to $117.9 million. Moving on to rest of the income statement. I'll be referring to non-GAAP results unless stated otherwise. While driving top line growth at scale, we continue to show significant operating leverage in our model.

轉向總收入的地理分佈。來自美國的營收成長 15%，達到 1.643 億美元。美國以外地區的營收成長 29%，達到 1.179 億美元。繼續討論損益表的其餘部分。除非另有說明，我將參考非 GAAP 結果。在大規模推動營收成長的同時，我們的模型中繼續顯示出顯著的經營槓桿。

In Q2, subscription gross margin increased 70 basis points to 81.5%, above our long-term target threshold of 80%. Operating margin increased 570 basis points to 6.3%, exceeding our guidance of approximately 5% and reflecting our continued focus on driving efficiencies across the company.

第二季度，訂閱毛利率上升 70 個基點至 81.5%，高於我們 80% 的長期目標門檻。營業利益率增加 570 個基點至 6.3%，超過我們約 5% 的預期，並反映出我們持續致力於提高整個公司的效率。

Adjusted free cash flow margin increased 270 basis points to 3.9%. Net income per share was $0.09, using 367.3 million diluted weighted average shares outstanding. Fully diluted share count under the treasury stock method was approximately $380 million. We ended the second quarter with $1.94 billion in cash, cash equivalents and marketable securities.

調整後的自由現金流利潤率增加 270 個基點至 3.9%。以 3.673 億股稀釋加權平均流通股計算，每股淨收益為 0.09 美元。根據庫存股法，完全稀釋的股份數量約為 3.8 億美元。截至第二季末，我們擁有 19.4 億美元的現金、現金等價物和有價證券。

Turning now to customer metrics. On a year-over-year basis, total customer growth was in line with average growth rate of the previous four quarters. $20,000 plus ARR customer count grew approximately 8% to 2,497 and represented more than 95% of ARR. $100,000 plus ARR customers increased 10% to 1,439 and accounted for greater than 90% of ARR. $1 million plus ARR customers grew approximately 24% to 219.

現在轉向客戶指標。與去年同期相比，總客戶成長與前四個季度的平均成長率一致。 20,000 美元以上的 ARR 客戶數量增長約 8%，達到 2,497 人，佔 ARR 的 95% 以上。 10 萬美元以上的 ARR 客戶數量成長 10%，達到 1,439 人，佔 ARR 的 90% 以上。 100 萬美元以上的 ARR 客戶數量成長約 24%，達到 219 人。

New $1 million plus ARR customers continued to come from a wide area of industries and include a conversational AI and automation company, a global food service distributor, a Fortune 500 insurance provider, a cloud-based video platform and a quality management software company for life sciences.

新的 100 萬美元以上的 ARR 客戶繼續來自各行各業，包括對話式 AI 和自動化公司、全球食品服務分銷商、財富 500 強保險提供商、基於雲端的視訊平台和生命科學品質管理軟體公司。

NRR for the quarter was 114%, reflecting ongoing consumption headwinds in our cloud business while GRR remained close to 90%. Turning now to guidance. Based on current consumption patterns, our outlook for Confluent Cloud assumes month-over-month growth rates for the remainder of the year will remain notably below what we've seen in the same period of prior years.

本季的 NRR 為 114%，反映出我們的雲端業務持續面臨消費逆風，而 GRR 仍接近 90%。現在轉向指導。根據目前的消費模式，我們對 Confluent Cloud 的展望是，今年剩餘時間的月度成長率將明顯低於去年同期的水平。

Given Confluent platform's pipeline visibility in the back half of the year, we are raising our full year growth expectations for Confluent platform. This strength partially helps offset some of the consumption headwinds in our cloud business.

鑑於 Confluent 平台在下半年的管道可見性，我們提高了對 Confluent 平台的全年成長預期。這項優勢在一定程度上有助於抵消我們雲端業務中的一些消費阻力。

For the fiscal third quarter of 2025, we expect subscription revenue to be in the range of $281 million to $282 million, representing growth of approximately 17%. Non-GAAP operating margin to be approximately 7%, and non-GAAP net income per diluted share to be in the range of $0.09 to $0.10.

對於 2025 財年第三季度，我們預計訂閱營收將在 2.81 億美元至 2.82 億美元之間，成長約 17%。非公認會計準則營業利潤率約為 7%，非公認會計準則每股攤薄淨收益在 0.09 美元至 0.10 美元之間。

For fiscal year 2025, we are increasing the low end of our guidance range by $5 million, and we now expect subscription revenue to be in the range of $1.105 billion to $1.11 billion, representing growth of approximately 20%.

對於 2025 財年，我們將指導範圍的低端提高了 500 萬美元，現在我們預計訂閱收入將在 11.05 億美元至 11.1 億美元之間，成長約 20%。

Non-GAAP operating margin to be approximately 6%; non-GAAP net income per diluted share to be approximately $0.36; and an adjusted free cash flow margin to be approximately 6%. For modeling purpose, we expect cloud as a percentage of subscription revenue for Q3 to be approximately 56%, and Q4 to be approximately 55%.

非公認會計準則營業利潤率約為 6%；非公認會計準則每股攤薄淨收益約為 0.36 美元；調整後自由現金流利潤率約為 6%。為了建模目的，我們預計第三季雲端運算佔訂閱收入的百分比約為 56%，第四季約為 55%。

Now I'd like to provide an update on the four strategic pillars of our growth: streaming, DSP, AI and our partner ecosystem. First, we remain well positioned to lead the core streaming market across on-prem, BYOC and cloud.

現在，我想介紹我們成長的四大策略支柱：串流媒體、DSP、AI 和我們的合作夥伴生態系統。首先，我們仍然處於領先地位，引領本地、BYOC 和雲端的核心串流媒體市場。

Confluent platform's continued strength has been driven by solid performance in financial services, early traction with partners and our team's consistent execution. WarpStream consumption exhibited fast growth in Q2, benefiting from customers migrating latency relaxed workloads from open-source Kafka to drive cost savings while maintaining full control over their data.

Confluent 平台的持續強勁表現得益於金融服務領域的穩健表現、合作夥伴的早期吸引力以及我們團隊的一貫執行力。WarpStream 的消費在第二季呈現快速成長，這得益於客戶將延遲寬鬆的工作負載從開源 Kafka 遷移到雲端，從而節省成本，同時保持對資料的完全控制。

While consumption headwinds persist in our cloud business, we believe our two strategic focus areas along with three targeted double-down initiatives will begin delivering meaningful results in a few quarters, helping accelerate our land and expand momentum across customer acquisition, use case expansion and DSP monetization.

儘管我們的雲端業務仍然面臨消費逆風，但我們相信，我們的兩個戰略重點領域以及三個有針對性的雙倍投入計劃將在幾個季度內開始產生有意義的成果，有助於加速我們的土地開發並擴大客戶獲取、用例擴展和 DSP 貨幣化方面的勢頭。

Second, we are encouraged by the growing traction of our DSP portfolio across both cloud and on-prem environments. As Jay discussed earlier, in just two quarters this year, Flink ARR grew approximately 3x, approaching $10 million, with a fairly even split between cloud and on-prem versions of the product. This validates our strategy of building a complete platform for real-time data everywhere and our ability to take advantage of the shift left opportunity for stream processing.

其次，我們的 DSP 產品組合在雲端和本地環境中的吸引力日益增強，這令我們感到鼓舞。正如 Jay 之前所討論的，今年僅兩個季度，Flink ARR 就增長了約 3 倍，接近 1000 萬美元，並且該產品的雲端版本和本地版本之間的分配相當均衡。這驗證了我們建立一個完整的無處不在的即時數據平台的策略，以及我們利用串流處理左移機會的能力。

Third, Confluent's strategic importance in AI is only getting stronger as the world expands from GenAI to agentic AI. Over the past year, we have seen firsthand AI use cases in production growing from chatbot, semantic search and content creation to code generation and iteration, multi-agent orchestration, agent recommendations and much more. As Jay mentioned, this year, we expect the number of production AI use cases to grow 10x across a few hundred customers.

第三，隨著世界從 GenAI 擴展到代理 AI，Confluent 在 AI 領域的戰略重要性只會變得越來越強。在過去的一年裡，我們親眼目睹了人工智慧在生產中的應用案例從聊天機器人、語義搜尋和內容創建發展到程式碼生成和迭代、多代理編排、代理推薦等等。正如傑伊所提到的，今年，我們預計數百個客戶的生產 AI 用例數量將增加 10 倍。

And fourth, we are seeing sustained momentum in our partner ecosystem. In less than a year, we have expanded multiple strategic partnerships, including GEO, SCCC, EY, Databricks and Infosys, while continuing to build strong partnerships with Accenture, Deloitte, TCS and more.

第四，我們看到合作夥伴生態系統持續成長的勢頭。在不到一年的時間裡，我們擴大了多個策略夥伴關係，包括 GEO、SCCC、EY、Databricks 和 Infosys，同時繼續與埃森哲、德勤、TCS 等公司建立牢固的合作夥伴關係。

Partners have sourced well over 20% of our business, and we are capitalizing on this momentum by continuing to invest in our partners to unlock more revenue streams and to further expand our global reach and impact.

合作夥伴已為我們帶來超過 20% 的業務，我們將利用這一勢頭，繼續投資於我們的合作夥伴，以釋放更多的收入來源，並進一步擴大我們的全球影響力。

In closing, we're pleased with our solid top line growth and margin expansion at scale in the second quarter. While there's still work to do in accelerating new use case expansion, we are encouraged by the traction we are seeing across goal streaming, DSP, AI and the partner ecosystem. We believe each of these areas represent a key driver of durable profitable growth as we look ahead.

最後，我們對第二季穩健的營收成長和利潤率的擴大感到滿意。雖然在加速新用例擴展方面仍有工作要做，但我們對目標流、DSP、AI 和合作夥伴生態系統中看到的牽引力感到鼓舞。我們相信，展望未來，上述每個領域都代表著持久獲利成長的關鍵驅動力。

Now Jay and I will take your questions.

現在我和傑伊將回答大家的提問。

Thanks Rohan. (Event Instructions) And today, our first question will come from Matt Hedberg with RBC followed by Deutsche.

謝謝羅漢。（活動說明）今天，我們的第一個問題來自加拿大皇家銀行的 Matt Hedberg，接著是德意志銀行。

Great, thanks, Shane, for the question. Thanks guys for the time today. I guess I wanted to understand a little bit more of the consumption optimization trends you talked about and if that's more macro or company-specific and realizing you noted there was an AI customer that feels like they're changing some of their consumption.

太好了，謝謝 Shane 提出這個問題。感謝大家今天抽出時間。我想進一步了解您談到的消費優化趨勢，以及這是否更宏觀或針對特定公司，並意識到您注意到有一位 AI 客戶感覺他們正在改變一些消費。

But was there anything recurring in some of these conversations? And how prevalent were there? I think last quarter, you mentioned it was a handful of top 20 customers. But just trying to get a sense of how that trended sequentially.

但在這些對話中是否存在一些重複出現的內容？其流行程度如何？我認為上個季度您提到只有少數前 20 名客戶。但只是想了解其連續趨勢如何。

Yeah, I would say it's a similar dynamic. I do think this is broadly of the same sort of what we've seen across other companies where customers are happy that plan to be using more data streaming over time are putting effort into making sure what their -- what they bought, they're getting the most value out of.

是的，我想說這是一種類似的動態。我確實認為這與我們在其他公司看到的情況大致相同，客戶很高興，他們計劃隨著時間的推移使用更多的數據流，並努力確保他們購買的產品能夠獲得最大的價值。

This hit us a little bit later than some of the other consumption companies that has kind of persisted a few quarters longer. And I would put the AI native customer in sort of a different category where it's not really an optimization thing at all there, broadly moving into a different way of kind of operating internally.

相較於其他一些消費公司，此次疫情對我們的衝擊稍晚一些，但這些公司的情況持續了幾個季度。我會把 AI 原生客戶放在一個不同的類別中，這實際上根本不是一個優化問題，而是大體上轉向一種不同的內部運作方式。

And I think this is across a number of different vendors, including us. So we were happy to be able to support them with the Confluent platform deal, they continue to use our cloud product in more limited use cases, but there is a kind of overall reduction in spend and it's definitely a headwind for Q4 for cloud.

我認為這涉及許多不同的供應商，包括我們。因此，我們很高興能夠透過 Confluent 平台交易為他們提供支持，他們繼續在更有限的用例中使用我們的雲端產品，但總體支出有所減少，這對第四季度的雲端運算來說無疑是一個阻力。

That's (multiple speakers) a number of kind of positive forces at work here. So if you look at where these customers are going longer term, I think we called out the 31% growth in RPO. And I think that is, in large part, a bunch of customers upping their overall commitment.

這就是（多位發言者）多種正面力量在發揮作用。因此，如果您觀察這些客戶的長期發展方向，我認為我們會發現 RPO 成長了 31%。我認為，這在很大程度上是因為許多客戶提高了他們的整體承諾。

That tends to be a headwind to short-term consumption, bigger commitment means a little bit higher discount levels, but overall kind of gives an indication of the trajectory of their spend.

這往往會對短期消費產生不利影響，更大的承諾意味著更高的折扣水平，但總體而言，這可以表明他們的支出軌跡。

Well, I guess on the other -- that's helpful, Jay. And I guess the other thing that you pointed out is just the growth in production AI workloads across a couple of hundred customers. I guess I'm wondering it feels to us like the relevancy of streaming and processing is elevated in the AI-first world.

嗯，我想另一方面——這很有幫助，傑伊。我想您指出的另一件事就是幾百個客戶的生產 AI 工作負載的成長。我想知道在我們看來，在人工智慧優先的世界中，串流媒體和處理的相關性是否得到了提升。

How should we think about some of those production workloads eventually positively impacting subscription growth as we think forward over the next year or so?

當我們展望未來一年左右時，我們應該如何看待其中一些生產工作負載最終會對訂閱成長產生正面影響？

Yeah, I think it's very positive for us. Ultimately, this is turning into, I think, a really important ingredient in the architecture for AI applications. And it makes logical sense like if you want to have some kind of agent that's taking action in the business. It has to have an up-to-date set of context data on what's happening across the business.

是的，我認為這對我們來說非常積極。最終，我認為這將成為人工智慧應用架構中非常重要的組成部分。這是合乎邏輯的，就像你想讓某種代理人在業務中採取行動一樣。它必須擁有一套有關整個業務情況的最新背景數據。

And so I think we've certainly found ourselves drawn into a set of use cases around that. I think the Notion story is a great one, but there's a number that I called out across different industries and domains. So I think that's a very positive for us.

因此我認為我們確實發現自己陷入了一系列圍繞該主題的用例中。我認為 Notion 的故事很精彩，但我從不同的行業和領域中也聽到了一些類似的故事。所以我認為這對我們來說非常積極。

And not the only one. I think the Flink growth is a huge deal. It's $10 million in ARR, which is very small, but it grew 3x over the last six months, and that's actually very fast growth for something in the infrastructure space.

並且不是唯一的一個。我認為 Flink 的成長意義重大。它的 ARR 為 1000 萬美元，這個數字很小，但在過去六個月中增長了 3 倍，對於基礎設施領域來說，這實際上是非常快的增長。

And in many ways, Flink is the crux of that DSP expansion for us where we feel like going from an important ingredient in the real-time architecture to a full platform. The hard part of that is capturing the application workloads like the real-time processing we know what that's about.

從很多方面來看，Flink 都是我們 DSP 擴充功能的關鍵，我們感覺它從即時架構中的一個重要組成部分變成了一個完整的平台。其中最困難的部分是捕獲應用程式工作負載，例如我們知道的即時處理。

But the question is, can you build a product that actually does it and that customers can use and benefit from. And I think that's gone quite well where it's now producing across both cloud and CP and very nice growth rate. So not something that determines the overall number at this point, but we're very excited by that early progress, and we want to see it continue.

但問題是，你能否打造出一款真正能做到這一點、並且客戶可以使用並從中受益的產品。我認為進展非常順利，現在它在雲端和 CP 上都實現了非常好的成長率。因此，目前還不能確定總體數字，但我們對早期的進展感到非常興奮，並且希望看到它繼續下去。

Thanks Jay.

謝謝傑伊。

All right, thanks, Matt. We'll take our next question from Brad Zelnick with Deutsche Bank, followed by Morgan Stanley.

好的，謝謝，馬特。下一個問題來自德意志銀行的布拉德·澤爾尼克 (Brad Zelnick)，然後是摩根士丹利。

Thanks so much, Shane. And nice to see you guys. Jay, a lot of exciting things happening, a lot of good data points coming out of this quarter. But at the same time, you still continue to be surprised by this optimization activity that's occurring with your large customers.

非常感謝，肖恩。很高興見到你們。傑伊，本季發生了很多令人興奮的事情，也出現了很多好的數據點。但同時，您仍會對針對大客戶所進行的最佳化活動感到驚訝。

You then talked about Ryan Mac Ban, 90 days in, and the two key focus areas and operational enhancements that he's making. I was just wondering, is that in relationship to what's happening with large customers? Or is that -- and the optimization that you're seeing? Or is that completely separate?

然後您談到了 Ryan Mac Ban 上任 90 天的情況，以及他正在進行的兩個關鍵關注領域和營運改進。我只是想知道，這跟大客戶的情況有關嗎？或者這就是您所看到的優化？或者說，這是完全獨立的？

And can you maybe just slow down and explain a little bit why you're confident that these investments that you're going to make in the coverage ratios across AEs, SEs and post-sale support as well as the build-out of the DSP specialist team is really going to make a difference in over what time line.

您能否放慢速度，稍微解釋一下，為什麼您有信心在 AE、SE 和售後支援的覆蓋率以及 DSP 專家團隊的建設方面進行這些投資，真的會在時間線上產生影響。

Yeah, it's a good question. So yeah, I would think of it this way. There's some amount of optimization customers are doing at any given time, right? I think that's been exaggerated in recent quarters, right? And then when you think about what's the balance, the balance of growth is new use case additions minus optimizations.

是的，這是個好問題。是的，我會這樣想。客戶在任何特定時間都會進行一定程度的優化，對嗎？我認為最近幾個季度的情況被誇大了，對嗎？然後，當您考慮平衡時，成長的平衡就是新用例的增加減去最佳化。

And when we think about what we're in control of, it is these new use case acquisitions. Are we going out and winning the new workloads? Are we making sure we're connecting with those? Are we bringing in the right customers? And so that's obviously where our focus is.

當我們思考我們能控制什麼時，我們得到的就是這些新的用例獲取。我們是否會走出去並贏得新的工作量？我們是否確保與它們建立聯繫？我們是否吸引了合適的客戶？所以這顯然是我們的重點。

The -- I think we've seen very good early results from these changes that Ryan has made on some of these alignment things and the SE ratio, this was one of the changes we made, both to get good market costs in line and through our consumption change.

我認為，我們已經看到了 Ryan 在一些調整事項和 SE 比率方面做出的改變所帶來的非常好的早期結果，這是我們做出的改變之一，既是為了獲得良好的市場成本，也是為了透過我們的消費變化。

I think just didn't quite work the way we wanted. We were able to change to a better coverage model without negative cost impact. And I think that's paid off in some of the progression of streaming projects that we've seen already.

我認為它並沒有按照我們想要的方式發揮作用。我們能夠切換到更好的覆蓋模型，而不會產生負面的成本影響。我認為我們已經看到的一些串流媒體項目的進展已經得到了回報。

So I called this out just like we measure the early stages of this in terms of kind of late-stage pipeline, how is that trending? And this is consumption pipeline, so it's actual customer workloads heading to production, that's up quite substantially, I think he said greater than 40%. Q1 to Q2, and I think that's a good result that came out of some of the operational improvements there.

所以我這樣說，就像我們用後期管道來衡量早期階段一樣，趨勢如何？這是消費管道，因此這是實際進入生產階段的客戶工作量，成長幅度相當大，我認為他說的是超過 40%。從第一季到第二季度，我認為這是一些營運改善帶來的良好結果。

So that's the early indicator. Now obviously, we don't count our chickens till they're hatched, but those are the things we look at when we think about what the kind of forward momentum is.

這是早期指標。顯然，我們不會等到雞孵出來才會打好基礎，但當我們思考前進的動力是什麼時，我們就會考慮這些事情。

Great. Thank you. That's helpful, Jay. And maybe Rohan, for you. Just as we think about your messaging coming out of last quarter, again, surprised coming out of Q2 as well. What can you tell us about the approach to guidance and whether it's in the form of conversion rates or anything else to help us really appreciate what is expected in the back half and how much this may or may not be derisked at this point? Thank you very much.

偉大的。謝謝。這很有幫助，傑伊。對你來說，也許還有羅漢。正如我們思考您上個季度發出的消息一樣，我們對第二季發出的消息也感到驚訝。您能否向我們介紹指導方法，無論是以轉換率的形式還是其他任何形式，以幫助我們真正了解下半年的預期以及目前可能或不可能降低多少風險？非常感謝。

Yeah, Brad, thanks for your question. Historically, as I've said in the prior call as well, we've typically seen a quick consumption rebound after, say, a quarter of optimization. Best example, recent example is Q2 to Q3 of last year.

是的，布拉德，謝謝你的提問。從歷史上看，正如我在之前的電話會議中所說的那樣，經過一個季度的優化後，我們通常會看到消費快速反彈。最好的例子，最近的例子是去年第二季到第三季。

Specifically, what we saw in the quarter was the larger customers optimizing that continued and the adoption of new use cases was more measured. Given the dynamic of Q2 and Q1, what we are doing right now for cloud is we are primarily assuming the cloud outlook for month-over-month growth rates to be notably below what we've seen in the same period of prior years. So that's what we've done for cloud.

具體來說，我們在本季看到的是，大型客戶正在持續優化，新用例的採用也更加謹慎。鑑於第二季和第一季的動態，我們目前對雲端運算所做的主要假設是，雲端運算的月度環比成長率前景將明顯低於去年同期的水平。這就是我們為雲端所做的工作。

So despite this dynamic, I want to take a step back and just talk a little bit about the total guidance. we're actually raising our fiscal year '25 subscription revenue guide at the midpoint. And what's supporting this is the strength in our CP business. We have visibility into second half pipeline.

因此，儘管存在這種動態，我還是想退一步，只談整體指導。我們實際上正在中期提高 25 財年的訂閱收入指引。而支撐這一點的是我們 CP 業務的實力。我們對下半年的銷售情況有了清楚的了解。

And also on the cloud side, as Jay briefly touched on, we are seeing a bunch of green shoots. First of all, the fleet momentum. When you think about Flink, it is approximately tripled in the first six months of the year, closing in on $10 million in ARR. The late-stage pipeline projection is we saw a sequential improvement of greater than 40%.

而且在雲端，正如傑伊簡要提到的，我們看到了許多綠芽。首先，艦隊動力。想想 Flink，它在今年前六個月增長了大約兩倍，ARR 接近 1000 萬美元。後期管道預測顯示，我們看到了超過 40% 的連續改善。

And finally, some of our customers committing to larger multiyear deals following periods of optimization. That shows up in our RPO numbers. So when you kind of take all of this together, the back of guidance is for cloud. We're not assuming month-over-month growth rates. It's actually notably below historical averages for the same periods in prior years.

最後，經過一段時間的優化後，我們的一些客戶承諾達成更大的多年期交易。這體現在我們的 RPO 數字中。因此，當你把所有這些放在一起時，指導的背後就是雲。我們沒有假設月度成長率。事實上，它明顯低於前幾年同期的歷史平均值。

For platform, we have visibility into our pipeline. And for the cloud green shoots, it's like a portfolio approach. There are upside levers in that, that we will realize. Like Jay said, we're not counting our chickens before they hatch.

對於平台，我們可以了解我們的管道。對於雲端運算綠芽來說，這就像是一種投資組合方法。我們將會意識到其中存在著正面的槓桿作用。就像傑伊說的，我們不會打如意算盤。

Thank you, Rohan.

謝謝你，羅漢。

Great. Thanks, Brad. We'll take our next question from Sanjit Singh with Morgan Stanley, followed by Bernstein.

偉大的。謝謝，布拉德。下一個問題來自摩根士丹利的 Sanjit Singh，然後是伯恩斯坦。

Thank you for taking the questions. Jay, I wanted to go back to some of the go-to-market changes that you guys have been rolling out in the past couple of years, particularly the move to compensating sales reps on incremental consumption. Just how has that been going? And to what extent is that still a friction or non-friction point when it comes to driving incremental cloud consumption growth?

感謝您回答這些問題。傑伊，我想回顧一下你們過去幾年推出的一些行銷變革，特別是根據增量消費對銷售代表進行補償的舉措。事情進展得怎麼樣了？在推動增量雲端消費成長方面，這在多大程度上仍然是一個摩擦點或非摩擦點？

Yeah, I think overall, it's gone well. I think it was a critical change for us just to be aligned to what the company is trying to drive and to actually be able to unlock the use cases, be able to have conversation on some of the DSP offerings that might get added on initially, even after your commit.

是的，我認為總體來說，一切進展順利。我認為這對我們來說是一個關鍵的變化，只是為了與公司試圖推動的目標保持一致，並真正能夠解鎖用例，能夠就一些可能最初添加的 DSP 產品進行對話，即使在您承諾之後也是如此。

So there's a whole set of motivators, I think it's actually helping with. There's certainly been adjustments we've made along the way, including the things I called out in the script to try and make sure we're really optimizing for it. So I think that those will help us realize even more results from it.

所以我認為有一整套激勵因素確實有幫助。當然，我們在過程中也做出了一些調整，包括我在腳本中提到的內容，以確保我們確實對其進行了最佳化。所以我認為這些將幫助我們取得更多成果。

Awesome. And then on Flink, on that, we noticed in our customer conversations that Flink was sort of building the momentum as well. I know that Flink started as a part of Confluent Cloud. I think -- was it the second half of last year, middle of last year, you sort of introduced it into Confluent platform. Was that like the unlock?

驚人的。然後關於 Flink，我們在與客戶的對話中註意到 Flink 也正在累積勢頭。我知道 Flink 最初是作為 Confluent Cloud 的一部分。我想——是不是在去年下半年或年中，您將它引入了 Confluent 平台。那就像解鎖一樣嗎？

And can you sort of explain to us like -- we think about the Flink opportunity, why is it such an even balance between cloud and on-prem?

您能否向我們解釋一下——我們考慮 Flink 的機會，為什麼它在雲端和本地之間達到如此均衡的平衡？

Yeah, it's both good questions. So yeah, it's been a buildup on Flink because we had to -- because of German law announced one of the acquisitions we made as we're doing it so we had to tell people we're doing something with Flink well before we had the product out.

是的，這兩個問題都很好。是的，這是對 Flink 的積累，因為我們必須——因為德國法律宣布了我們正在進行的收購，所以我們必須在推出產品之前告訴人們我們正在對 Flink 進行一些事情。

It did get into the market mid last year. Obviously, for us, then we have to ramp it across the different cloud providers, open it up for the kind of private networking types that certain customers have to really get the full unlock. And then we've seen, post that, great monetization results.

它確實於去年年中進入了市場。顯然，對於我們來說，我們必須在不同的雲端供應商之間推廣它，並為某些客戶必須真正獲得完全解鎖的私人網路類型開放它。然後，我們看到了出色的貨幣化結果。

And I think that will increase there's future unlocks coming there. This area of data processing, people know what it is. They know they want it, they need to do it in real time. It's a question of really getting something that's super solid that does everything a modern platform does, but does it continuously in real time. So I think it's been exciting to kind of get to that point with customers.

我認為這會增加未來的解鎖。人們知道數據處理這個領域是什麼。他們知道他們想要它，他們需要即時地去做。問題在於真正獲得一個超級可靠的產品，它可以完成現代平台所做的一切，但可以即時連續完成。所以我認為與客戶達成這一點是令人興奮的。

That ramp has been quite steady. So if you look at cloud, just the growth quarter-over-quarter, but if you were to look into it month-over-month, is just a very steady ramp. The reason for that is it is a serverless offering. So adopting Flink costs you nothing. It's each incremental core or your workload that you're kind of adding, that's building up that consumption. And that is the nature of that business.

那個斜坡一直很穩定。因此，如果你看一下雲端運算，你會發現它只是按季度環比增長，但如果你看一下按月環比增長，你會發現它是一個非常穩定的增長。原因在於它是一種無伺服器產品。因此採用 Flink 對你來說無需花費任何成本。您新增的每個增量核心或工作負載都會增加這種消耗。這就是該業務的本質。

So kind of building that momentum then becomes a very powerful for us even in customers that have adapted, they're continuing to add quarries and grow their consumption. CP Flink is a little different where the tendency is you're kind of pre-deploying, right? So it will come in bigger chunks.

因此，建立這種勢頭對我們來說非常有力，即使對於已經適應的客戶，他們仍在繼續增加採石場並增加消費。CP Flink 有點不同，它傾向於預先部署，對嗎？因此它會以更大的塊出現。

Like CP, it will tend to appeal to some of these larger customers that have data centers, has a little bit more of an opportunity to kind of migrate in place workloads so for that reason, it tends to be the smaller number of customers and capturing a bit more in each chunk.

與 CP 一樣，它往往會吸引一些擁有資料中心的較大客戶，這些客戶有更多的機會遷移到位工作負載，因此，它往往擁有較少的客戶數量，並且在每個區塊中捕獲更多的客戶。

So a little bit different between both, but the kind of net-net is we're contributing -- both are contributing. We're serving customers across both and both are actually growing very nicely between the two.

因此，兩者之間有一點不同，但總體而言，我們都在做出貢獻——兩者都在做出貢獻。我們為這兩家公司的客戶提供服務，而且兩家公司之間的發展其實都非常順利。

Awesome. Thank you.

驚人的。謝謝。

We'll take our next question from Peter Weed with Bernstein, followed by William Blair.

下一個問題由伯恩斯坦的彼得·威德 (Peter Weed) 提出，然後是威廉·布萊爾 (William Blair)。

Thank you and appreciate all the detail you've been giving, particularly around some of the optimization that's been going on. One of the things that struck me is we've been focused on these big customers. But I guess also when I'm taking a look at some of the customer bands that you report, the kind of $20,000 to $100,000 size customers, which I would think would be kind of your fastest-growing kind of future cohort that will hopefully graduate into those $100,000 plus, $1 million plus customers over time, actually has been probably the weakest of any of those cohorts this last quarter.

謝謝您，感謝您提供的所有細節，特別是有關正在進行的一些優化。令我印象深刻的一件事是，我們一直專注於這些大客戶。但我想，當我查看您報告的一些客戶群體時，我認為那些規模在 20,000 美元到 100,000 美元之間的客戶將是您未來增長最快的群體，希望隨著時間的推移，這些客戶將逐漸成為 100,000 美元以上、100 萬美元實際上，在所有客戶中最弱的客戶，但這些客戶可能是所有客戶中最弱的客戶群體。

How should we think about the kind of incremental number of customers being added to that segment as kind of a future signal for growth and perhaps some of the sales initiatives that are going on that are going to be trying to drive a lot more customers into that kind of early phase that turn into the very big customers over time.

我們應該如何看待這個細分市場中不斷增加的客戶數量，將其視為未來成長的訊號，或許正在進行的一些銷售計劃將試圖吸引更多的客戶進入這種早期階段，隨著時間的推移，這些客戶將成為非常大的客戶。

Yeah, so if you look across the customer bands, as you say, kind of strengthen $100,000 plus, strengthen $1 million plus, lighter on the $20,000 plus. And we think that's a key metric. So that is a point of focus for us. Heading into this year, I do think we made some changes that lost some of the focus there.

是的，所以如果你看一下客戶群體，正如你所說，100,000 美元以上的客戶會加強，100 萬美元以上的客戶會加強，20,000 美元以上的客戶會減少。我們認為這是一個關鍵指標。所以這是我們關注的重點。進入今年，我確實認為我們做出了一些改變，失去了一些重點。

And some of what I described, we are trying to make sure that we're nailing that. So in particular, I do think these CSP takeouts that I described are an awesome opportunity for that, that's an area where we're seeing a lot of early success.

對於我所描述的一些內容，我們正在努力確保能夠實現。因此，具體來說，我確實認為我所描述的這些 CSP 外賣是一個絕佳的機會，在這個領域我們看到了許多早期的成功。

There are a lot of customers out there that have adopted one of the offerings from the cloud providers. And the reality is those offerings have never been great. But increasingly, as our product portfolio has kind of filled out, we have something that's not just a better offering, but it's actually a better deal.

有很多客戶已經採用了雲端提供者提供的產品。而事實是，這些產品從來都不是很好。但隨著我們的產品組合日益豐富，我們不僅能提供更好的產品，而且實際上還能提供更好的交易。

And so you kind of have something that's more complete, better performance and kind of better price point with freight and these enterprise clusters WarpStream. And so early results from that are quite good. And we think that, that particular program and a focus on those lands is a great way of kind of getting out to more breadth.

因此，您可以獲得更完整、性能更好、價格更優惠的貨運和企業集群 WarpStream。因此，早期結果相當不錯。我們認為，這個特定的計劃和對這些土地的關注是擴大影響力的好方法。

And is there anything that we should read into that around kind of increased churn levels? I noticed some of the commentary changed around gross revenue retention. I think, historically, you've said, hey, it's above 90%. This quarter, it said it remains about 90%. I didn't know if that was like an increased churn and that was being seen in that customer segment or I'm just reading too much into that commentary?

那麼，對於客戶流失率的增加，我們該如何解讀呢？我注意到有關總收入保留的一些評論發生了變化。我認為，從歷史上看，你會說，嘿，它超過了 90%。該公司表示，本季其成長率仍維持在 90% 左右。我不知道這是否意味著客戶流失率的增加，以及在那個客戶群中是否出現了這種情況，或者我只是對該評論過度解讀了？

Yeah, I wouldn't attribute too much to that segment overall. I think it's mostly about really driving the lands in that segment as the biggest contributor. I don't think you commented about that at all, Rohan.

是的，整體而言，我不會對這部分給予太多的評價。我認為這主要是為了真正推動該領域的土地成為最大的貢獻者。羅漢，我認為你根本沒有對此發表任何評論。

Thank you.

謝謝。

Yeah, I think (inaudible) Jay.

是的，我認為（聽不清楚）傑伊。

We'll take our next question from Jason Ader with William Blair, followed by Mizuho.

下一個問題由 William Blair 的 Jason Ader 提出，然後由瑞穗提出。

Thanks, Shane. Can you hear me okay?

謝謝，肖恩。你聽見我說話嗎？

Yeah. Loud and clear.

是的。聲音響亮、清晰。

That's okay. Jay, I understand the challenges in predicting the customer consumption patterns and definitely appreciate the transparency on what's happening at the ground level. But I think we all expected some improvement in the business following the refinement in the sales comp model last year.

沒關係。傑伊，我理解預測顧客消費模式的挑戰，並且非常欣賞基層發生的事情的透明度。但我認為，隨著去年銷售補償模式的改進，我們都預期業務會有所改善。

The broadening of the products had a pretty significant broadening of the product set over the last 1.5 years or so, and then greater amount of AI adoption, where we're obviously getting closer to the tipping point. Now it feels like we're kind of back to square one a little bit and waiting for things to get better. So why should investors believe that this time is different?

在過去的一年半左右的時間裡，產品範圍有了相當大的擴大，而且人工智慧的採用量也在不斷增加，我們顯然已經接近臨界點。現在感覺我們有點回到原點，等待事情好轉。那麼投資人為什麼應該相信這次會有所不同呢？

Yeah, it's a fair question. I think a lot of the things we said would contribute are starting to do that. I think we shared a little bit of that, right? We've talked about some of the DSP offerings. I think we shared a bit about what's happening with Flink.

是的，這是一個公平的問題。我認為我們所說的很多事情都開始起到這樣的作用。我想我們分享了一點，對吧？我們已經討論了一些 DSP 產品。我想我們已經分享了一些有關 Flink 的最新動態。

I think we've talked a little bit more quantitatively about some of these AI use cases and what we're seeing there. There is a headwind with some of the existing large customers in optimization. I do think that these things that are smaller but growing fast, they eventually do predominant as they grow, but to cancel each other out, they have to get to the scale that matters.

我認為我們已經更定量地討論了其中一些人工智慧用例以及我們所看到的情況。一些現有的大客戶在優化方面遇到了阻力。我確實認為，這些規模較小但成長迅速的事物最終會在成長過程中佔據主導地位，但為了相互抵消，它們必須達到重要的規模。

So in those positive tailwinds, I would include those things I just mentioned, I would include the buildup of RPO and commitments in cloud, which I think is a positive sign in terms of what customers' intentions are over time, as well as that overall progression of pipeline, which I do think is a reflection of kind of the focus on this within our sales organization.

因此，在這些積極的順風中，我會包括我剛才提到的那些事情，我會包括 RPO 的積累和雲中的承諾，我認為這是客戶隨著時間的推移意圖的一個積極信號，以及渠道的整體進展，我確實認為這反映了我們的銷售組織對此的關注。

Got you. I mean it's got to be frustrating for you.

明白了。我的意思是這對你來說一定很令人沮喪。

Yeah, well, there's different forces. I mean if you step back, right, I think Confluent has a fantastic position in the data landscape. If you ask, is there going to be more streaming in three years or less, there's going to be a lot more and kind of our hands on the product side has gotten better.

是的，有不同的力量。我的意思是，如果你退一步來看，我認為 Confluent 在資料領域佔據著極其重要的地位。如果你問，三年或更短時間內是否會有更多的串流媒體，答案是會多得多，而且我們在產品方面的表現也會更好。

So yeah, it's frustrating when you have a dynamic with a subset of customers. But nonetheless, I do think the bigger picture I would say I'm as excited about where we're at as ever. And I think there's a lot of good things coming out of the business.

是的，當你與一部分客戶發生動態時，這是令人沮喪的。但儘管如此，我確實認為從更大的角度來看，我對我們所處的位置感到一如既往的興奮。我認為這項業務會帶來很多好處。

All right. One quick follow-up for Rohan. Rohan, can you help us on the NRR outlook. It dipped to the 124%, I guess that's the consumption driving that. Do you think it will continue to dip just given some of your comments on the back half?

好的。對 Rohan 進行一次快速跟進。Rohan，您能幫我們了解 NRR 的前景嗎？它下降到了 124%，我想這是消費推動的。從您對後半部分的評論來看，您認為它會繼續下滑嗎？

Yeah, Jason, you rightly called it out, just for the broader group of folks here. When you think about our cloud business, NRR and GRR are essentially calculated based on the last three month consumption on an annualized basis.

是的，傑森，你說得對，只是為了這裡更廣泛的人群。當您考慮我們的雲端業務時，NRR 和 GRR 基本上是根據過去三個月的年度消費量計算的。

As a result, just -- it has an outsized impact. The current quarter consumption typically has an outsized impact on both these metrics. So in line with our cloud second half outlook that we shared, we expect to see near-term pressure on both the metrics.

結果，它的影響非常巨大。本季的消費通常對這兩個指標都有巨大影響。因此，根據我們分享的雲端運算下半年展望，我們預期這兩個指標在短期內都會面臨壓力。

Having said that, I'll tell you that all the focus that Ryan is driving on the go-to-market side, be it the double-down initiatives, coupled with the green shoots mentioned earlier, there will be tailwinds. So there are a bunch of puts and takes to the NRR as we look at back half of the year and beyond.

話雖如此，我要告訴你，瑞恩在市場進入方面所關注的所有事項，無論是雙倍投入的舉措，還是前面提到的復甦跡象，都會帶來順風。因此，當我們回顧上半年及以後的情況時，會發現 NRR 有許多不利因素。

Thank you guys. Good luck.

謝謝你們。祝你好運。

Thanks, Jason. We'll take our next question from Gregg Moskowitz with Mizuho, followed by Truist Securities.

謝謝，傑森。下一個問題我們將由瑞穗的 Gregg Moskowitz 提出，然後由 Truist Securities 提出。

Great. Thanks, Shane. So Jay, I'm curious to hear your thoughts on your former company's decision to move away from Kafka due to perceived scalability and operational challenges. Just given your history and your very deep knowledge of Kafka and the broader streaming space, your perspective on that would certainly be helpful.

偉大的。謝謝，肖恩。所以傑伊，我很好奇想聽聽你對你前公司由於可擴展性和營運挑戰而決定放棄 Kafka 的看法。鑑於您的歷史以及您對 Kafka 和更廣泛的串流媒體領域的深入了解，您對此的看法肯定會有所幫助。

Yeah. This is kind of an internal system inside of LinkedIn, where I used to work 10 years ago. Yeah, I think it's kind of a non-issue. I mean, LinkedIn has a very custom internal infrastructure. They actually made this change a long time ago.

是的。這是 LinkedIn 的一個內部系統，我 10 年前曾在那裡工作過。是的，我認為這不是什麼問題。我的意思是，LinkedIn 擁有非常客製化的內部基礎設施。事實上他們很久以前就做出了這個改變。

I think they talked about it recently. Their internal thing is very tied to their infrastructure and not open source. So it doesn't represent any kind of competitive threat to Confluent or anything like that.

我認為他們最近談論過此事。他們的內部事務與他們的基礎設施緊密相關，而不是開源的。因此，它並不會對 Confluent 或類似產品構成任何競爭威脅。

In terms of why they've done that, they've built their own custom database. They built a lot of custom things at this point. They're not even running in the cloud, even though they're owned by Microsoft, so I think they have a bit of an in-house culture, which I think probably is a driver for some of this stuff.

至於他們這樣做的原因，是因為他們建立了自己的自訂資料庫。他們此時建造了很多客製化的東西。儘管它們歸微軟所有，但它們甚至沒有在雲端運行，所以我認為它們有一點內部文化，我認為這可能是其中一些東西的驅動因素。

Super helpful. And then just either for Jay or for Rohan. So when I look at Confluent Cloud, certainly, it was a shining star and has been a shining star of the Confluent growth story for quite some time. Obviously, the growth more recently for this segment is slowing down a fair amount.

超有幫助。然後就只為傑伊或羅漢了。因此，當我看到 Confluent Cloud 時，它無疑是一顆耀眼的明星，並且在相當長的一段時間內一直是 Confluent 成長故事中的耀眼明星。顯然，最近這一領域的成長速度正在大幅放緩。

Any concerns that there may be competitive and, or pricing issues contributing to some of the incremental challenges that Confluent Cloud is experiencing right now? Or are you just not seeing that when it comes to win rates and when it comes to discounting?

您是否擔心競爭和/或定價問題會導致 Confluent Cloud 目前面臨的一些漸進式挑戰？或者您只是在談到獲勝率和折扣時沒有看到這一點？

Yeah, it's a good question. So yeah, we haven't seen a huge change in the competitive dynamic overall. If anything, I think our hand versus some of the cloud provider offerings has strengthened and that's a focus area for us to go after those.

是的，這是個好問題。是的，我們總體上沒有看到競爭態勢發生巨大變化。如果有什麼不同的話，我認為我們相對於一些雲端供應商產品的優勢已經增強，而這正是我們要重點關注的領域。

On the pricing, we have introduced offerings that open up a set of workloads, the freight and enterprise clusters. We're starting to see, I think, very strong early success with this. It always takes time for these new things to really go capture the opportunity. But I do think that's a big opportunity for us to get out into that.

在定價方面，我們推出了開放一系列工作負載、貨運和企業群聚的產品。我認為，我們開始看到這項技術取得了非常顯著的早期成功。這些新事物總是需要時間才能真正抓住機會。但我確實認為這對我們來說是一個巨大的機會。

Great. Thanks, jay.

偉大的。謝謝，傑伊。

Yeah, thanks. Your next question from Miller Jump with Truist Securities, followed by TD Cowen. Miller, can you just unmute? All right. Why don't we come back to you, we'll go to Derrik first.

是的，謝謝。您的下一個問題來自 Truist Securities 的 Miller Jump，然後是 TD Cowen。米勒，你能取消靜音嗎？好的。我們為什麼不回到你身邊，我們先去找德瑞克。

Great, thanks, guys. I guess to start with you, Jay, could you give us a sense as to how much structural change we should be expecting from the field realignment efforts. And really, how long do you think that these realignments will take to implement and when we should be thinking about them driving some meaningful dividends?

太好了，謝謝大家。我想先從你開始，傑伊，你能否讓我們了解一下，我們應該從現場調整工作中期待多大的結構性變化。實際上，您認為這些調整需要多長時間才能實施，我們什麼時候應該考慮它們帶來一些有意義的紅利？

Yeah, I think we're starting to see good forward momentum there already. There have been changes within the team. And I think those are ultimately positive things. Ultimately, when we bring in a new leader, we want them to change the things. It hasn't been a complete reorg of everything. We're broadly organized in the same way. But I do think coming into this year, we saw a few things that weren't quite right and have made adjustments around them.

是的，我認為我們已經開始看到良好的前進勢頭。球隊內部發生了一些變化。我認為這些最終都是正面的事情。最終，當我們引入一位新領導人時，我們希望他們能夠改變現狀。這並不是對所有事物的徹底重組。我們的組織方式大致相同。但我確實認為，進入今年以來，我們發現了一些不太正確的事情，並針對這些事情做出了調整。

And then kind of related, I mean -- and maybe for Rohan. But just looking at your net new customers, the $1 million net new customers have been really strong. The net new on the $100,000 has been pretty weak in the quarter and kind of directionally under pressure for the last year or two.

然後有點相關，我的意思是 - 也許對羅翰來說也是如此。但僅從淨新增客戶數量來看，100 萬美元的淨新增客戶數量確實很強勁。本季 10 萬美元的淨新增額相當疲軟，並且在過去一兩年中一直處於方向壓力之下。

But what should we take away from these numbers? Has there been go-to-market shift more at the large deal front? Or are some of these realignment efforts designed to kind of drive better activity at that $100,000 plus? Just curious how you're thinking about the direction of these numbers.

但是我們能從這些數字中得到什麼啟示呢？在大型交易方面，市場進入方式是否發生了更多轉變？或者這些調整措施是否旨在推動 10 萬美元以上的更好活動？只是好奇您是如何看待這些數字的方向的。

Yeah, can take some of that and Rohan can chime in as well. I do think kind of as I said on the prior answer, I do think this is one of the points we want to address in terms of kind of the alignment between some of the SDRs, SEs, how they're going after what accounts they're targeting.

是的，可以接受其中的一些，Rohan 也可以加入進來。我確實認為，正如我在先前的回答中所說的那樣，我確實認為這是我們想要解決的要點之一，涉及一些 SDR、SE 之間的協調，以及他們如何追蹤他們所針對的帳戶。

I do think we probably had more focus on some of the existing customers, and so to really make sure we're landing the right folks is critical. I think the CSP takeout opportunity is a key initiative there where we think there's a good opportunity of things we haven't paid as much attention to that are quite right.

我確實認為我們可能更專注於一些現有客戶，因此確保我們找到合適的客戶至關重要。我認為 CSP 外送機會是一項關鍵舉措，我們認為這是一個很好的機會，我們可以做一些我們之前沒有太關注的事情。

So we would like to see some results in that over the coming quarters. And Rohan, sorry, I took your (multiple speakers) to jump in there.

因此，我們希望在未來幾季看到一些成果。羅翰，很抱歉，我佔據了你們（多位發言者）的發言時間。

Yeah, I'll probably just add two points, Derek. The first is one of the things that we focus on internally is from top of the funnel to $1 million, how that customer code is progressing. And some of the focused areas that Ryan is driving, that's going to just fine tune that motion even more. So that's one aspect of it.

是的，我可能只想補充兩點，德瑞克。首先，我們內部關注的事情之一是從漏斗頂部到 100 萬美元，客戶程式碼的進度。Ryan 所關注的一些重點領域將會對這一動作進行更精細的調整。這是其中的一個面向。

The second aspect of it on the larger customer front, our DSP penetration is a huge opportunity. And that's something that we're very focused on. What I can tell you is like with respect to our larger customers, we are having conversation and a substantial majority of them with respect to having some form of DSP continued usage. So in addition to what Jay said, those are two focus areas that we expect to drive even better performance, not only on the bottom of the funnel, but also on the top of the funnel.

第二個方面，從更大的客戶角度來看，我們的 DSP 滲透是一個巨大的機會。這是我們非常關注的事情。我可以告訴你的是，就我們的大客戶而言，我們正在進行對話，其中絕大多數客戶都希望繼續使用某種形式的 DSP。因此，除了傑伊所說的之外，我們還希望這兩個重點領域能夠推動更好的表現，不僅在漏斗底部，而且在漏斗頂部。

Understood. Thank you.

明白了。謝謝。

All right, thanks, Derek. We'll go back to Miller and try one more time.

好的，謝謝，德里克。我們會回到米勒並再試一次。

All right. Can you hear me now?

好的。現在你能聽到我說話嗎？

Loud and clear.

聲音響亮、清晰。

All right. Thank you very much for taking the question. Maybe just starting with the large AI customer that you all mentioned in the prepared remarks, moving back to Confluent platform, I guess I'm curious like, is there an architectural advantage to supporting AI with platform? And do you anticipate realizing more of the AI opportunity on platform now after seeing this activity?

好的。非常感謝您回答這個問題。也許只是從你們在準備好的發言中提到的大型 AI 客戶開始，回到 Confluent 平台，我想我很好奇，用平台支援 AI 是否有架構優勢？看到這項活動後，您是否預計現在平台上會出現更多的人工智慧機會？

No, I don't think it's a structural thing. I would say it's unique to the circumstances of this customer. Ultimately, the AI opportunity is kind of across both platform and cloud. The -- I think it's worth separating out, selling into AI companies.

不，我不認為這是一個結構性問題。我想說，這是針對這位顧客的獨特情況。最終，人工智慧的機會跨越平台和雲端。我認為值得將其分離出來，出售給人工智慧公司。

There's obviously a set of startups that are very predominant in the cloud, and then you try to read some of these larger companies are making investments and on-premise data centers and more self-management and so on. So it's more determined by the operations of the company than the industry or use case.

顯然，有一批新創公司在雲端運算領域佔據主導地位，然後你會發現其中一些大公司正在進行投資和內部資料中心以及更多的自我管理等等。因此，它更多地取決於公司的運營，而不是行業或用例。

And then when you think about the larger opportunity with AI, do you think it is the enterprise use cases deploying AI in their business. And that is again -- it depends on where that is happening, the -- much of it in the cloud, but there's also large financial services organizations doing big interesting things in their own data centers. And so we'll see it across both sides.

然後，當您考慮人工智慧的更大機會時，您是否認為這是企業在其業務中部署人工智慧的用例。這又取決於事情發生在哪裡，大部分發生在雲端，但也有大型金融服務機構在自己的資料中心做著有趣的大事。因此我們將從雙方的角度來看這個問題。

Okay. And maybe just -- this is a follow-up on kind of Rohan's commentary on the DSP traction that you're seeing. Obviously, optimization headwinds are clouding this a little bit. But on the one hand, there's really promising DSP uptake that you all are talking about. But at the same time, continue to see cloud decelerate despite that contribution.

好的。也許只是——這是對 Rohan 對您所看到的 DSP 牽引力的評論的後續。顯然，優化阻力有點使這一點變得模糊。但一方面，你們都在談論 DSP 的採用確實很有前景。但同時，儘管雲端運算有所貢獻，但其成長速度仍持續減速。

So I'm wondering if you could unpack that a little bit more. Like are we seeing customers getting cost efficiencies on the streaming side that are then being applied towards the new capabilities? Or is it something where there are actually less streams being created and they're just applying DSP to those?

所以我想知道您是否可以進一步解釋這一點。例如，我們是否看到客戶在串流媒體方面獲得了成本效益，然後將其應用於新功能？或者實際上創建的流較少，而他們只是將 DSP 應用於這些流？

Yeah, I think this is ultimately an efficiency question, right? So we've been through this in the past. I would say it's broadly the same pattern of things, right? There's customers that are making kind of architectural changes to try and condense their workloads and squeeze more out of the infrastructure they're using. That's a natural thing you would do with almost any kind of cloud offering and that's certainly what we're seeing.

是的，我認為這最終是一個效率問題，對嗎？我們過去也經歷過這樣的事。我想說這大體上是相同的模式，對嗎？有些客戶正在進行某種架構變革，試圖壓縮他們的工作負載，並從他們正在使用的基礎設施中獲得更多。對於幾乎任何類型的雲端產品來說，這都是很自然的事情，而這正是我們所看到的。

The DSP growth, I think, is actually separate and super promising. What you need is for that number to get big enough that it outweighs effective these very large Kafka installations, not exclusively, but certainly a number of them in some of these tech companies that are working very hard to cut cloud costs across the board.

我認為 DSP 的成長實際上是獨立的並且非常有前景。你需要的是讓這個數字足夠大，以超過這些非常大的 Kafka 安裝的效果，不完全是，但肯定是一些正在努力全面削減雲端成本的科技公司中的許多公司。

And so you kind of have two forces in the business. I will say the optimization, you only optimized so much, right? So it kind of trickles off whereas the DSP growth, I think is in the early days of a sustained run. So when I talk about just kind of overall a ton of optimism in this space, I think that's one of the reasons why.

因此，在業務中存在著兩種力量。我就說優化，你只優化了這麼多吧？因此，它有點像涓滴效應，而 DSP 成長，我認為正處於持續成長的早期階段。因此，當我談論這個領域總體上充滿樂觀情緒時，我認為這就是原因之一。

Great, thanks, Miller. We'll take our next question from Mike Cikos with Needham, followed by Barclays.

太好了，謝謝，米勒。我們將回答 Needham 的 Mike Cikos 提出的下一個問題，然後是巴克萊銀行的問題。

Great. Thanks for taking the question here, guys. I know that you had spoken about the win rates versus CSPs and that being an area of doubling down for you. I guess one of the things, it seems like it's a bit of a shift in message here given you guys have historically spoken about soaking up that Kafka opportunity.

偉大的。謝謝大家在這裡回答這個問題。我知道您曾談到與 CSP 相比的勝率，而這對您來說是一個加倍努力的領域。我想其中一件事是，鑑於你們過去曾談到要抓住卡夫卡的機會，這似乎是一種訊息上的轉變。

So to be going after the CSP more directly, is that potentially a longer sales cycle because now you're going into an organization that has been ingrained in some capacity with an existing vendor? And can you just kind of walk us through what are the mechanics been thus far that you've been able to evidence as far as those displacements you cited?

因此，為了更直接地追求 CSP，這是否可能需要更長的銷售週期，因為現在您要進入一個已經與現有供應商有某種程度的合作關係的組織？您能否向我們簡單介紹一下，就您所引用的那些位移而言，您目前能夠證明的機制是什麼？

Yeah, it's not -- first of all, it's not exclusive. It's not like we're stepping back from the open source Kafka in any way. I do think we probably pay less attention to these customers that had picked something from the cloud provider. It's actually not a longer sales cycle. In some sense, it's easier because there's less of a team that does the self-management that has to be displaced and accounted for, you're basically swapping in a better product for less money.

是的，它不是——首先，它不是排他性的。這並不意味著我們要放棄開源 Kafka。我確實認為我們可能較少關注那些從雲端供應商選擇產品的客戶。這實際上不是一個更長的銷售週期。從某種意義上說，這更容易，因為進行自我管理的團隊更少，需要被取代和負責，你基本上是用更少的錢換取更好的產品。

And so yeah, when we look at just kind of the overall sales stats against that. One of the things that motivated us here was what we felt we've done in the product portfolio, but part of it was just quantitative where we felt like, hey, these deals are winning at a high rate and progressing quickly, and we know where it is. So it makes it easy to kind of package it up and teach the sales team exactly what to do in that competition.

是的，當我們查看整體銷售統計數據時。激勵我們的因素之一是我們認為我們在產品組合方面所做的事情，但其中一部分只是定量的，我們覺得，嘿，這些交易正在以很高的速度獲勝並且進展迅速，我們知道它在哪裡。因此，它可以輕鬆地將其打包並教導銷售團隊在競爭中應該做什麼。

Understood. And then just a quick follow-up for Rohan. I know, again, we're talking about the changes to the cloud consumption here. If I go back a quarter ago, you guys were already assuming that we would not see a return to what normal behavior would be on that sawtooth pattern.

明白了。然後對 Rohan 進行快速跟進。我知道，我們再次談論雲端消費的變化。如果我回顧一個季度前，你們就已經假設我們不會看到鋸齒狀模式恢復正常行為。

And it sounds like, again, we're adjusting our guide here. So did the consumption trends in Q2 actually deteriorate from where we were just in Q1. Can you provide some more granularity on that front?

聽起來，我們又在調整我們的指南了。那麼第二季的消費趨勢實際上是否比第一季惡化？您能否就此提供更多詳細資訊？

Yes, Mike. From an overall consumption Q1 to Q2, I will put it in the category that the two dynamics we called out were fairly consistent that optimization of larger customers and slower use case adoption. So those two continued.

是的，麥克。從第一季到第二季的整體消費來看，我將其歸類為我們所說的兩個動態相當一致的類別，即更大客戶的優化和更慢的用例採用。於是那兩個人繼續說。

If you look at month-over-month growth rates, they were flattish to slightly down from Q1 to Q2, and that's obviously driving us as we think about the second half to make sure that our assumptions around month-over-month growth rates are notably below what we've seen for the same period of prior years. So that's the dynamic on the cloud.

如果你看一下月度環比成長率，你會發現從第一季到第二季度，成長率持平甚至略有下降，這顯然促使我們在考慮下半年時確保我們對月季成長率的假設明顯低於去年同期的水平。這就是雲端的動態。

However, I just want to remind around the green shoots that we called out in the call in different parts for prepared remarks. First, I mean, Jay spoke about Flink and the momentum in Flink and we 3x this year, we are closing in on the $10 million run rate.

然而，我只是想提醒大家，我們在不同地方呼籲大家準備好發言，以期取得進展。首先，我的意思是，Jay 談到了 Flink 和 Flink 的發展勢頭，今年我們的銷售額增長了 3 倍，接近 1000 萬美元的運行率。

Second, we spoke about WarpStream. That business also showed really good growth in Q2 and the momentum is great. We spoke about the late-stage pipeline progression, and we also spoke about larger customers starting to commit more.

其次，我們討論了 WarpStream。該業務在第二季度也表現出了良好的成長勢頭，而且勢頭強勁。我們談到了後期管道的進展，也談到了大客戶開始做出更多承諾。

So all of these are reissued. So at balance, obviously, the consumption is baked into it into our guidance for the back half but some of the green shoots are something that we're excited to make sure we execute on and go and beat those numbers that we have.

因此所有這些都重新發行了。因此，總的來說，顯然，消費已經融入了我們對下半年的預測中，但一些復甦的跡像是我們很高興確保我們能夠執行並超越我們現有的數字。

Understood. Thank you.

明白了。謝謝。

All right, thanks, Mike. We'll take our next question from Raimo Lenschow with Barclays, followed by D.A. Davidson.

好的，謝謝，麥克。下一個問題由巴克萊銀行的 Raimo Lenschow 提出，然後是 D.A. Davidson。

Okay. Perfect. Thank you. Thanks for squeezing me in. Rohan, if you talk about the two drivers for the situation we have on the cloud side, like how much of that is driven by just one customer, the one that you kind of mentioned for Q4? So is that the majority of what's going on? Or are we talking several accounts here?

好的。完美的。謝謝。謝謝你把我擠進來。Rohan，如果您談論我們在雲端情況的兩個驅動因素，其中有多少是由一個客戶推動的，即您在第四季度提到的那個客戶？那麼這就是正在發生的大部分事情嗎？或者我們在這裡談論的是幾個帳戶？

No. What we said was, Raimo, like the larger customers broad-based like for some of our larger customers, they are just optimizing and a slower use case adoption. If you look at guidance and what we spoke about, the primary -- the driver for guidance is our assumption for month-on-month growth rate. So that's the primary driver.

不。我們所說的是，Raimo，就像我們的一些較大的客戶一樣，他們只是在進行最佳化，並且用例採用速度較慢。如果你看一下指導意見和我們所談論的內容，那麼主要的指導驅動因素是我們對每月成長率的假設。這就是主要驅動因素。

The dynamic that we saw in the first half of the year and in Q2, which is just the larger customers, optimizing for cost and lower use case adoption. That's the driver that we spoke about. With respect to the AI native customer, that's just us providing some color commentary as we look at the back half of the year and how we think about some of the puts and takes for the cloud business.

我們在上半年和第二季度看到的動態是，較大的客戶正在優化成本並降低用例採用率。這就是我們談論的驅動因素。對於 AI 原生客戶，這只是我們在回顧下半年時提供的一些彩色評論，以及我們如何看待雲端業務的一些優點和缺點。

Yeah, Okay. And then Jay -- one for Jay. Jay, if you think about the optimization and what's going on there. Is that people kind of doing more workloads in open source Kafka? Or like -- because like if you think about the overall volume seem to be going higher, so how do you optimize there? Can you just remind us there.

是的，好的。然後是傑伊——一個給傑伊的。傑伊，如果你考慮優化以及那裡發生的事情。人們是否在開源 Kafka 中承擔了更多的工作量？或者像——因為如果你考慮整體音量似乎會更高，那麼你如何在那裡進行優化？你能提醒我們一下嗎？

So yeah, it's not -- we would characterize movements to open source that's effectively churn, right? It's not optimization. Customers are moving off your product. The -- no, what do we mean by optimization, you can try and take a lot of clusters that you have used to cross the company, combine them into bigger clusters and try to get some efficiency there.

是的，事實並非如此——我們會將開源運動描述為有效的流失，對嗎？這不是優化。客戶正在拋棄您的產品。不，我們所說的優化是什麼意思，您可以嘗試將許多用於跨公司的集群組合成更大的集群，並嘗試在那裡獲得一些效率。

You can try and compress the data, you can try and optimize some of the usage patterns, so it's more resource efficient. You can also do something more contractual where you kind of really model out your growth and commit to something bigger and return for a larger discount? Like all of those are the types of activities for customers that are looking to save.

您可以嘗試壓縮數據，您可以嘗試優化一些使用模式，這樣可以更有效率地利用資源。您還可以做一些更具合約性的事情，以便真正模擬您的成長並致力於更大的事情並獲得更大的折扣？所有這些都是針對想要省錢的顧客而進行的活動類型。

It was the case entering this year. Last year had a very heavy focus on consumption. We were probably riding a little bit lower in terms of the forward commitments of customers to their future growth. So one of the things that we have done over this year is kind of take up that commit coverage to more of the forward growth.

進入今年以來，情況就是這樣。去年我們非常重視消費。從客戶對未來成長的前瞻性承諾來看，我們可能處於較低水準。因此，我們今年所做的事情之一就是致力於更多地關注未來成長。

That's basically a good thing, like you see it in the RPO growth, but it does mean somewhat higher discount, that's kind of the normal discount schedule as you commit to more, you get a slightly better deal and so that would contribute to that as well, which is more of a contractual rather than technical optimization.

這基本上是一件好事，就像你在 RPO 成長中看到的那樣，但它確實意味著更高的折扣，這是一種正常的折扣計劃，因為你承諾更多，你會得到更好的交易，所以這也會對此做出貢獻，這更多的是一種合約優化，而不是技術優化。

Yeah, okay. Perfect. Thanks.

嗯，好的。完美的。謝謝。

Hey, thanks, Raimo. We'll take a final question today from Rudy Kessinger with D.A. Davidson.

嘿，謝謝你，Raimo。今天我們將回答 D.A. Davidson 的 Rudy Kessinger 提出的最後一個問題。

Great, thanks guys. Peter sort of asked it earlier, growing close to 90% gross retention rate just to put the skepticism the rest, does that mean above or below 90%?

太好了，謝謝大家。彼得之前問過這個問題，成長接近 90% 的總保留率只是為了消除人們的懷疑，這是否意味著高於還是低於 90%？

It was marginally below 90%, very marginally below 90%.

略低於 90%，非常低於 90%。

Got it. Okay. And then a lot of positive call-outs on the DSP products, in particular, Flink and some others. But with these -- with what you're kind of implying for the second half and kind of high-teens implied to cloud revenue growth, what is core streaming cloud revenue growth growing at?

知道了。好的。然後對 DSP 產品有很多正面的評價，特別是 Flink 和其他一些產品。但是根據這些 - 根據您對下半年雲端收入成長的預測以及高十幾個百分點的預測，核心串流雲端收入成長率是多少？

Because you kind of went back in and make some assumptions around Flink and some other products. And it indicates it's growing a good chunk lower than the overall cloud revenue. So any color you can share on just what is the core streaming cloud revenue growing?

因為您回去後對 Flink 和其他一些產品做了一些假設。這顯示它的增幅遠低於整體雲端收入。那麼，您能否分享一下核心串流雲端收入的成長？

Yeah. We haven't broken it all out, but it is true the DSP portion of the business is outgrowing core streaming. I would look at that streaming growth rate as kind of a combination of additional use cases, growth and optimization.

是的。我們還沒有將其全部分解，但事實是，業務的 DSP 部分已經超越了核心串流媒體。我將串流媒體成長率視為額外用例、成長和優化的結合。

And it is the case that certainly for the last few quarters, we've had more of that type of optimization, especially for some of the larger accounts. You obviously don't see that on the DSP side, where customers are building up new workloads. There's not a big existing consumption base to go optimize.

確實，在過去幾個季度中，我們進行了更多此類優化，特別是針對一些較大的帳戶。顯然，在 DSP 方面你看不到這一點，客戶正在建立新的工作負載。現有的消費基礎不大，可供優化。

All right, thanks, Rudy. This concludes our earnings call. Thanks again for joining us. Have a good evening, everyone.

好的，謝謝，魯迪。我們的收益電話會議到此結束。再次感謝您的加入。祝大家晚上愉快。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。