DigitalOcean Holdings Inc (DOCN) 2024 Q3 法說會逐字稿

Thank you for standing by and welcome to the DigitalOcean third-quarter, 2024 earnings conference call (Operator Instructions)

感謝您的耐心等待並歡迎參加 DigitalOcean 2024 年第三季財報電話會議（操作員說明）

Thank you. I'd now like to turn the call over to Melanie Strate, Head of Investor Relations. You may begin.

謝謝。我現在想將電話轉給投資者關係主管 Melanie Strate。你可以開始了。

Thank you, and good morning. Thank you all for joining us today to review DigitalOcean's third-quarter, 2024 financial results. Joining me on the call today are Paddy Srinivasan, our Chief Executive Officer; and Matt Steinfort, our Chief Financial Officer. After our prepared remarks, we will open the call up to a question-answer-session before we begin. Let me remind you that certain statements made on the call today may be considered forward-looking statements which reflect management's best judgment based on currently available information.

謝謝你，早安。感謝大家今天與我們一起回顧 DigitalOcean 2024 年第三季的財務表現。今天和我一起參加電話會議的是我們的執行長帕迪·斯里尼瓦桑 (Paddy Srinivasan)；和我們的財務長馬特斯坦福特。在我們準備好的發言之後，我們將在開始之前進行問答會議。讓我提醒您，今天的電話會議上所做的某些陳述可能被視為前瞻性陳述，反映了管理層根據當前可用資訊做出的最佳判斷。

I refer specifically to the discussion of our expectations and beliefs regarding our financial outlook for the fourth-quarter and full year 2024 as well as our business goals and outlook. Our actual results may differ materially from those projected in these forward-looking statements. I direct your attention to the risk factors contained in our filings with the securities and exchange commission and those referenced in today's press release that is posted on our website.

我特別指的是我們對第四季和 2024 年全年財務前景的期望和信念以及我們的業務目標和前景的討論。我們的實際結果可能與這些前瞻性陳述中的預測有重大差異。我請您注意我們向證券交易委員會提交的文件中包含的風險因素以及我們網站上發布的今天新聞稿中引用的風險因素。

Digitation, expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made today.

Digitition 明確不承擔任何義務或承諾公開發布對今天所做的任何前瞻性聲明的任何更新或修訂。

Additionally, non-GAAP financial measures will be measured on this conference call and reconciliation to the most directly comparable GAAP. Financial measures are also available in today's press release as well as in our investor presentation that outlines the financial discussion on today's call. A webcast of today's call is also available in the IR section of our website.

此外，非公認會計原則財務指標將在本次電話會議上進行衡量，並與最直接可比較的公認會計原則進行調整。今天的新聞稿以及概述今天電話會議財務討論的投資者演示中也提供了財務指標。我們網站的投資者關係部分也提供了今天電話會議的網路廣播。

And with that, I will turn the call over to Paddy.

這樣，我就會把電話轉給帕迪。

Thank you, Melanie. Good morning everyone and thank you for joining us today as we review our third-quarter, 2024 results, DigitalOcean had a successful third quarter, continuing to deliver progress on our key metrics and executing on the initiatives we laid out earlier in the year. Further establishing ourselves as the simplest scalable cloud.

謝謝你，梅蘭妮。大家早安，感謝您今天與我們一起回顧 2024 年第三季的業績，DigitalOcean 第三季取得了成功，我們的關鍵指標繼續取得進展，並執行了我們今年早些時候制定的計劃。進一步將我們打造為最簡單的可擴展雲端。

In my remarks today, I will briefly highlight our third-quarter results share tangible examples of how our increased pace of innovation is benefiting our customers. Discuss the continued momentum. We are seeing with our AI platform and give an update on our strategic partnerships and engagement with the developer ecosystem.

在今天的演講中，我將簡要地強調我們第三季的業績，並分享具體的例子，說明我們加快的創新步伐如何使我們的客戶受益。討論持續的勢頭。我們正在關注我們的人工智慧平台，並提供我們與開發者生態系統的策略合作夥伴關係和參與的最新資訊。

First, I would like to briefly recap our third-quarter 2024 financial results, revenue growth remained steady in the third quarter at 12% year over year with solid performance in core cloud and continued growth in AI. Despite lapping difficult comps from our managed hosting price increase in April 2023 and from the paper space acquisition in July 2023, we continue to see momentum and demand for our AI/ML products where Q3 ARR again grew close to 200% year over year.

首先，我想簡單回顧一下我們2024年第三季的財務業績，第三季營收年增12%，核心雲表現穩健，人工智慧持續成長。儘管我們在2023 年4 月的託管託管價格上漲和2023 年7 月的紙質空間收購中遇到了困難，但我們仍然看到我們的AI/ML 產品的勢頭和需求，第三季度ARR 再次同比增長接近200%。

In addition, we saw revenue growth contributions from new customers and steady growth from our core business as we continue to enhance our customer success and go to market motions having delivered strong results through the first three quarters, we are increasing the lower end of our full year revenue guide by $5 million and the top end by $2 million.

此外，隨著我們繼續提高客戶成功率並進入市場，我們看到了新客戶的收入成長貢獻和核心業務的穩定成長，在前三個季度取得了強勁的業績，我們正在提高我們的整體業務的低端水平年收入指導值增加 500 萬美元，最高收入增加 200 萬美元。

We continue to focus the majority of our product innovation and go to market investments on our builders and scalars who drive 88% of our total revenue and are growing 15% year-over-year ahead of our overall 12% revenue growth.

我們繼續將大部分產品創新和市場投資重點放在我們的建構者和標量上，他們占我們總收入的 88%，並且同比增長 15%，領先於我們整體收入增長 12%。

We also delivered strong adjusted EBITDA margins at 44% and have maintained our full year free cash flow margin guidance as we continue to manage costs effectively while still investing to accelerate product innovation in cloud and AI, Matt will walk you through more details on our financial results and guidance. later in this call, let me start by giving you an update on our core cloud computing platform.

我們也實現了44% 的強勁調整後EBITDA 利潤率，並維持了全年自由現金流利潤率指導，因為我們繼續有效地管理成本，同時仍在投資加速雲端和人工智慧領域的產品創新，Matt 將向您介紹有關我們財務的更多詳細資訊結果和指導。在本次電話會議的稍後部分，讓我先向您介紹我們核心雲端運算平台的最新情況。

In Q3, we continued our increased product velocity specifically focused on the needs of our largest and fastest growing customer cohort the 17,000 plus scalars that drive 58% of our total revenue and that grew 19% year-over-year in the quarter.

在第三季度，我們繼續提高產品速度，特別關注最大且成長最快的客戶群的需求，該客戶群超過 17,000 個，占我們總收入的 58%，本季度同比增長 19%。

In Q3, we released 42 new product features in total, which is almost double what we delivered in the previous quarter.

第三季度，我們總共發布了 42 個新產品功能，幾乎是上一季的兩倍。

We are accelerating features that will benefit our existing and potential scalars that are on other hyper-scalar clouds today.

我們正在加速開發一些功能，這些功能將有利於當今其他超標量雲端上現有和潛在的標量。

Let me now provide a few highlights from these efforts that are specifically focused on the needs of these larger workloads.

現在讓我提供這些工作中的一些重點內容，這些工作專門針對這些較大工作負載的需求。

We announced the early availability of Virtual Private Cloud peering or VPC peering for short that gives customers the ability to connect two different VPCs on the DigitalOcean platform within a data center or between different data centers, through VPC peering, customers can create strong data isolation and privacy via direct and secure networking between resources that doesn't expose traffic to the public internet.

我們宣布提前推出虛擬私有雲對等互連或簡稱VPC 對等互連，使客戶能夠在資料中心內或不同資料中心之間的DigitalOcean 平台上連接兩個不同的VPC，透過VPC 對等互連，客戶可以創建強大的資料隔離和透過資源之間直接且安全的網路來保護隱私，不會將流量暴露給公共互聯網。

Our Global Load Balancer or GLB is now generally available for all of our customers. GLB offers global traffic distribution based on geographical proximity of the end user, enabling lower latency services, dynamic multiregional traffic failover, enabling more service availability for our customers' applications, data center, prioritization, edge caching and automatic scaling of the load balancers.

我們的全球負載平衡器或 GLB 現在可供所有客戶使用。GLB 根據最終用戶的地理位置提供全球流量分配，從而實現更低的延遲服務、動態多區域流量故障轉移，為客戶的應用程式、資料中心、優先權、邊緣快取和負載平衡器的自動擴展提供更多服務可用性。

We are thrilled to be able to roll it out to all of our customers, particularly to scalar customers with existing multinational deployments that will benefit directly from this new product.

我們很高興能夠將其推廣給所有客戶，特別是現有跨國部署的規模客戶，他們將直接從這項新產品中受益。

During the third quarter, we progressed daily backups from early availability to general availability giving our customers the additional flexibility to manage backups at a daily and weekly cadence.

在第三季度，我們將每日備份從早期可用性推進到全面可用性，為我們的客戶提供了額外的靈活性，可以按每日和每週的節奏管理備份。

This enables increased protection for our customers' workloads. As with daily backups, we automatically retain the seven most recent backup copies.

這可以增強對客戶工作負載的保護。就像每日備份一樣，我們會自動保留七個最新的備份副本。

This was an explicit need given the large volume and growth of data we are seeing on our platform with our spaces object storage footprint growing 50% year-over-year.

鑑於我們在平台上看到的資料量龐大且不斷成長，而且我們的空間物件儲存佔用空間較去年同期成長 50%，這是一個明確的需求。

We are also launching larger droplet configurations including 48 vCPU memory and storage optimized droplets, 60 vCPU optimized in general purpose droplets and larger 7 terabytes and 10 terabytes disk density variance droplets.

我們也推出了更大的 Droplet 配置，包括 48 個 vCPU 記憶體和儲存最佳化的 Droplet、60 個通用 Droplet 最佳化的 vCPU 以及更大的 7 TB 和 10 TB 磁碟密度變異數 Droplet。

These large drop configurations are particularly relevant to our scalar customers who can quickly scale up their workloads that require more CPU memory or storage versus horizontally scaling out with multiple nodes.

這些大型下降配置與我們的標量客戶特別相關，他們可以快速擴展需要更多 CPU 記憶體或儲存的工作負載，而不是使用多個節點進行水平擴展。

In September, we announced Kubernetes log forwarding which also enables Kubernetes customers centralized log management, simplifying the monitoring and troubleshooting of their applications in the DigitalOcean platform.

9 月份，我們發布了 Kubernetes 日誌轉發功能，這也使 Kubernetes 客戶能夠進行集中日誌管理，簡化了 DigitalOcean 平台中應用程式的監控和故障排除。

This was built with simplicity in mind with just a few clicks from the Kubernetes settings panel. Customers can easily forward cluster event logs from Kubernetes directly to the DigitalOcean managed open search. For further analysis, we also enhanced application security for our cloud based managed hosting product by introducing a new malware protection solution and saw 3,650 net activations within the first week to date, we have seen near zero false positives or false negative rates from our malware detection.

它的構建非常簡單，只需在 Kubernetes 設定面板中點擊幾下即可。客戶可以輕鬆地將叢集事件日誌從 Kubernetes 直接轉發到 DigitalOcean 託管的開放搜尋。為了進一步分析，我們還透過引入新的惡意軟體防護解決方案增強了基於雲端的託管產品的應用程式安全性，迄今為止第一周內的淨激活數為3,650，我們發現惡意軟體檢測的誤報率或漏報率幾乎為零。

This malware protection capability is now one of the fastest growing revenue generating product modules we have seen on our managed hosting platform.

這種惡意軟體防護功能現在是我們在託管平台上看到的成長最快的創收產品模組之一。

All these innovations are not only helping us meet the needs of our large customers but also helping us move customers with these larger workloads from purely usage based to committed contracts. For example, an existing cybersecurity customer of ours cyber, a leader in threat intelligence sign the multi-year seven figure commitment in this quarter.

所有這些創新不僅幫助我們滿足大客戶的需求，還幫助我們將工作負載更大的客戶從純粹基於使用轉變為承諾合約。例如，我們的現有網路安全客戶、威脅情報領域的領導者在本季簽署了七位數的多年承諾。

The decision to continue leveraging DigitalOcean and sign a multi-year deal was driven by the release of our new large premium CPU optimized droplets that helps customers run computationally heavy workloads.

繼續利用 DigitalOcean 並簽署多年協議的決定是由於我們發布了新的大型優質 CPU 優化 Droplet，該 Droplet 可以幫助客戶運行計算繁重的工作負載。

Cyber is a petabyte scale company and after several weeks of diligence, they chose DigitalOcean for this new workload due to our scalability coverage and cost efficiency.

Cyber​​ 是一家 PB 級公司，經過幾週的努力，由於我們的可擴展性覆蓋範圍和成本效率，他們選擇了 DigitalOcean 來處理這個新的工作負載。

Another great example is Traject data who signed a multi-year commitment for a broad portfolio of DigitalOcean services including over 500 droplets managed MongoDB, Spaces, Backups and Volumes.

另一個很好的例子是 Traject data，該公司簽署了廣泛的 DigitalOcean 服務組合的多年承諾，其中包括超過 500 個 Droplet 管理的 MongoDB、空間、備份和磁碟區。

Traject data requires robust scalable and reliable infrastructure to power their real time, clean and bulk process data insights serving domains including marketing, retail and analytics.

Traject 資料需要強大的可擴展且可靠的基礎設施來支援其實時、乾淨和大量的流程資料洞察，服務於行銷、零售和分析等領域。

They use the DigitalOcean platform to host their APIs and manage vast amounts of search engine results, page and e-commerce data to deliver critical insights to their customers.

他們使用 DigitalOcean 平台託管 API 並管理大量搜尋引擎結果、頁面和電子商務數據，以便為客戶提供重要的見解。

These product innovations and enhance customer engagement is also helping customers migrate workloads to DigitalOcean from the hyper-scalars.

這些產品創新和增強的客戶參與度也幫助客戶將工作負載從超標量遷移到 DigitalOcean。

One specific example is PiCap, a leading ride sharing and logistics company based in Latin America, operating in Mexico, Brazil, Peru and Colombia. And they moved all of their workloads from various clouds to DigitalOcean. In the third quarter, they migrated to DO due to the simplicity of our products, transparent and simple pricing model and strong support from our customer facing teams.

一個具體的例子是 PiCap，這是一家總部位於拉丁美洲的領先乘車共享和物流公司，在墨西哥、巴西、秘魯和哥倫比亞開展業務。他們將所有工作負載從各種雲端遷移到 DigitalOcean。在第三季度，由於我們產品的簡單性、透明簡單的定價模型以及我們面向客戶的團隊的大力支持，他們遷移到 DO。

Another example is no-bid. A customer specializing in optimizing ad revenue for online publishers through real time bidding technology upon technical validation of the DO platform scale, they moved most of their large scale production applications from a hyper-scalar to the DO platform reinforcing our opportunity to increase our share of wallet with our scalar customers.

另一個例子是無投標。一家專門透過即時競價技術在 DO 平台規模進行技術驗證後優化線上發布商廣告收入的客戶，他們將大部分大規模生產應用程式從超標量轉移到 DO 平台，這增強了我們增加我們的份額的機會與我們的標量客戶的錢包。

Next, let me provide some updates on the AI/ML site. Our AI strategy reflects our belief that the AI market will evolve in a similar fashion to other major technology transformations with initial progress and monetization at the infrastructure layer which will eventually be eclipsed by the opportunities and value creation of the platform and application layers, like others in the market.

接下來，讓我提供有關 AI/ML 網站的一些更新。我們的人工智慧策略反映了我們的信念，即人工智慧市場將以與其他重大技術變革類似的方式發展，在基礎設施層取得初步進展和貨幣化，最終將被平台和應用層的機會和價值創造所掩蓋。

Today, we are actively participating in the infrastructure layer, but we are also innovating rapidly in the platform and application pillars to make it easy for our customers to use GenAI at scale without requiring deep AI/ML expertise.

如今，我們正在積極參與基礎設施層，但我們也在平台和應用支柱方面快速創新，使我們的客戶能夠輕鬆地大規模使用 GenAI，而無需深厚的 AI/ML 專業知識。

This is where we see our differentiation as our customers seek to consume AI through platforms and agents rather than building everything themselves using raw GPU infrastructure.

這就是我們的差異化之處，因為我們的客戶尋求透過平台和代理商使用人工智慧，而不是使用原始 GPU 基礎設施自行建立一切。

At the infrastructure layer, we made GPU droplets accelerated by NVIDIA H100 Tensor Core GPUs generally available to all of our customers.

在基礎設施層，我們使由 NVIDIA H100 Tensor Core GPU 加速的 GPU Droplet 普遍可供所有客戶使用。

Now, all DigitalOcean customers can leverage on demand and fractional access to GPUS, which is a critical step in achieving our overarching mission of democratizing AI for all customers.

現在，所有 DigitalOcean 客戶都可以按需和部分存取 GPU，這是實現我們為所有客戶實現人工智慧民主化這一總體使命的關鍵一步。

In Q3, we also announced the early availability of NVIDIA H100 Tensor Core GPU worker nodes on the DigitalOcean kubernetes platform or docs for short. Providing customers with a managed experience with GPU nodes ready with NVIDIA drivers, NVIDIA link fabric manager and NVIDIA container toolkit.

在第三季度，我們也宣佈在 DigitalOcean kubernetes 平台（簡稱文件）上提前推出 NVIDIA H100 Tensor Core GPU 工作節點。透過配備 NVIDIA 驅動程式、NVIDIA 連結結構管理器和 NVIDIA 容器工具包的 GPU 節點，為客戶提供託管體驗。

Customers can take advantage of the NVIDIA GPU operator and NVIDIA Mellanox network operator to install a comprehensive suite of tools required for production deployment, both GPU droplets and the H100 GPU nodes on docs are examples of how we are innovating even in the infrastructure layer making it simpler for customers.

客戶可以利用 NVIDIA GPU Operator 和 NVIDIA Mellanox Network Operator 安裝生產部署所需的全套工具，文件上的 GPU Droplet 和 H100 GPU 節點都是我們如何在基礎設施層進行創新的範例對客戶來說更簡單。

Let me give you an example. Kalian Exchange is a paytech company that specializes in providing enterprise Blockchain based solution for bank payments and they are leveraging DigitalOcean's H100 infrastructure to accelerate the processing of high volume financial transactions by providing advanced computational power.

讓我舉個例子。Kalian Exchange 是一家支付科技公司，專門為銀行支付提供基於區塊鏈的企業解決方案，他們利用 DigitalOcean 的 H100 基礎設施透過提供先進的運算能力來加速大容量金融交易的處理。

They use machine learning models to detect fraud in real time as such risk and ensure that payments are processed securely and quickly.

他們使用機器學習模型來即時偵測詐欺等風險，並確保安全、快速地處理付款。

The GPU infrastructure allows them to process more transactions while maintaining low latency and improving the overall user experience for both banks and end customers.

GPU 基礎設施使他們能夠處理更多交易，同時保持低延遲並改善銀行和最終客戶的整體用戶體驗。

Next. At the platform layer. In this quarter, we launched the early availability of our new GenAI platform to select customers so that we can iterate with them and shape the product and make it easy for them to build GenAI applications that deliver real business value.

下一個。在平台層。在本季度，我們向精選客戶推出了新的 GenAI 平台，以便我們可以與他們一起迭代並塑造產品，讓他們輕鬆建立可提供真正商業價值的 GenAI 應用程式。

Users of this product will be able to combine their data with the power of foundational models to create personalized AI agents to integrate with their applications in just a few minutes, customers can leverage our platform to create AI applications with foundational models and agent, routing knowledge base and retrieval, augmented generation or rag.

該產品的用戶將能夠將他們的數據與基礎模型的力量相結合，創建個性化的人工智能代理，並在短短幾分鐘內與其應用程序集成，客戶可以利用我們的平台使用基礎模型和代理、路由知識創建人工智慧應用程式基礎和檢索、增強生成或抹布。

This is a key step towards our software centric AI strategy which is aimed at enabling customers to derive business value from AI in a friction free manner.

這是我們邁向以軟體為中心的人工智慧策略的關鍵一步，該策略旨在使客戶能夠以無摩擦的方式從人工智慧中獲取商業價值。

An example of a customer that is already leveraging our GenAI platform is autonoma cloud, a planned digitization company that offers a platform for manufacturing plants and machine manufacturers.

已經在利用我們的 GenAI 平台的客戶的一個例子是 autonoma cloud，這是一家計劃中的數位化公司，為製造工廠和機器製造商提供平台。

Autonoma cloud creates and manages large volumes of documentation and data for each of their customers plans and individual machines. And we're looking to create AI agents that understood their user specific context and retrieve answers and machine specific data to their queries.

Autonoma 雲端為每個客戶規劃和單獨的機器建立和管理大量文件和資料。我們正在尋求創建能夠理解用戶特定上下文並檢索其查詢的答案和機器特定資料的人工智慧代理。

With geo's new GenAI platform, they quickly built an interactive experience with their custom data and that reduces the cognitive overhead for its users.

借助 geo 的新 GenAI 平台，他們利用自訂資料快速建立了互動式體驗，從而降低了使用者的認知開銷。

It is very important to note that these companies are not just doing internal proof of concepts or R&D projects but are now starting to leverage our AI/ML products to build AI into their own products to deliver real business value to their customers without requiring deep expertise in AI machine learning, data science or data engineering.

值得注意的是，這些公司不僅在進行內部概念驗證或研發項目，而且現在開始利用我們的AI/ML 產品將AI 建置到自己的產品中，從而在不需要深厚專業知識的情況下為客戶提供真正的商業價值人工智慧機器學習、資料科學或資料工程領域。

Finally, let me talk about the third pillar of our AI strategy, the application or agentic layer. As I just talked about, our customers are using our GenAI platform to create their own AI driven agents.

最後，讓我談談我們人工智慧策略的第三個支柱，應用程式或代理層。正如我剛才談到的，我們的客戶正在使用我們的 GenAI 平台來創建他們自己的人工智慧驅動代理。

In addition to that, we're also innovating on this front by further simplifying cloud computing using AI and automating workflows that were previously done by humans.

除此之外，我們還在這方面進行創新，使用人工智慧進一步簡化雲端運算，並自動化先前由人類完成的工作流程。

One of the frequent pain points for our customers is debugging their cloud applications when something goes wrong because one, it is a very complex set of technical tasks. And number two, they typically don't have specialized site, reliability engineers or SREs available in their staff to perform these complex tasks.

我們的客戶經常遇到的痛點之一是在出現問題時調試他們的雲端應用程序，因為這是一組非常複雜的技術任務。第二，他們的員工通常沒有專門的站點、可靠性工程師或 SRE 來執行這些複雜的任務。

So we set out to mitigate this pain point for our customers using GenAI by building a new AI agent to perform some of these tasks that are typically done by human SREs.

因此，我們著手建立一個新的 AI 代理來執行通常由人類 SRE 完成的一些任務，從而減輕使用 GenAI 的客戶的這一痛點。

We're using this AI SRE agent both internally on our systems and externally by integrating it with our cloud based product. Let me explain internally, we are using the AI SRE agent to help our human SREs troubleshoot ongoing technical incidents in the DO cloud platform.

我們在我們的系統內部和外部使用這個 AI SRE 代理，將其與我們基於雲端的產品整合。讓我在內部解釋一下，我們正在使用 AI SRE 代理來幫助我們的人類 SRE 解決 DO 雲端平台中持續出現的技術事件。

Based on our internal initial internal data, the AI SRE agent is reducing the time it takes to identify root causes by almost 35% by leveraging AI to quickly process an enormous amount of log data from desperate systems to pinpoint root causes and make next step decisions including recommendations to fix this or underlying problems.

根據我們內部的初始內部數據，AI SRE 代理利用 AI 快速處理來自絕望系統的大量日誌數據，以查明根本原因並做出下一步決策，從而將識別根本原因所需的時間減少了近 35%包括解決此問題或潛在問題的建議。

Externally, we integrated this AI SRE agent into our cloud based product which hosts hundreds of thousands of mission critical websites. Today, when issues happen on customer service and applications, they have to work with support engineers to debug the root cause and then apply a fix. This is true, not just for the digital ocean platform but across all managed hosting platforms.

在外部，我們將此 AI SRE 代理整合到我們基於雲端的產品中，該產品託管著數十萬個關鍵任務網站。如今，當客戶服務和應用程式出現問題時，他們必須與支援工程師合作來調試根本原因，然後應用修復程式。這不僅適用於數位海洋平台，也適用於所有託管託管平台。

This can be a time consuming job during which their business and even websites can be affected. If not offline.

這可能是一項耗時的工作，在此期間他們的業務甚至網站都會受到影響。如果不離線的話。

Our new AI SRE agent jumps into action upon detection of any performance degradation due to common issues like aggressive bot crawlers, denial of service attacks and so forth to investigate and gather insights and provide recommendations real time on how to fix these issues, thereby reducing the time to resolution significantly.

我們的新 AI SRE 代理會在檢測到由於攻擊性機器人爬蟲、拒絕服務攻擊等常見問題而導致性能下降時立即採取行動，進行調查和收集見解，並實時提供有關如何解決這些問題的建議，從而減少解決問題的時間顯著。

Our testing results are very encouraging and we have just started working with a few customers in early availability mode.

我們的測試結果非常令人鼓舞，我們剛開始與一些客戶在早期可用性模式下合作。

Rounding out our AI strategy. We opened up a new front door by launching a strategic partnership with Hugging Face in Q3. Hugging Face is the leading open source and open science platform that helps users build, deploy and train machine learning models.

完善我們的人工智慧策略。我們在第三季與 Hugging Face 建立了策略合作夥伴關係，打開了新的大門。Hugging Face 是領先的開源和開放科學平台，可協助使用者建立、部署和訓練機器學習模式。

As a result of this partnership, DigitalOcean now offers model inferencing through one click deployable models on GPU droplets allowing users to quickly and easily deploy the most popular third party models. With the simplicity of GPU droplets, an optimal performance accelerated by NVIDIA H100 tensor core GPUs.

透過此次合作，DigitalOcean 現在透過 GPU Droplet 上的一鍵部署模型提供模型推理，使用戶能夠快速輕鬆地部署最受歡迎的第三方模型。憑藉 GPU Droplet 的簡單性，NVIDIA H100 張量核心 GPU 加速了最佳效能。

This offering simplifies the deployment complexity of the most popular open source AI/ML models as DigitalOcean is natively integrated and optimized these models for GPU droplets enabling fast deployment and superior performance.

該產品簡化了最受歡迎的開源 AI/ML 模型的部署複雜性，因為 DigitalOcean 針對 GPU Droplet 原生整合和優化了這些模型，從而實現快速部署和卓越效能。

The Hugging Face partnership will make it easier for the more than 1.2 million Hugging Face users to discover and use the DigitalOcean platform.

Hugging Face 合作夥伴關係將使超過 120 萬 Hugging Face 用戶更容易發現和使用 DigitalOcean 平台。

In Q3, we also announced a new partnership with Netlify, a leading web development platform to enable customers seamlessly connect their Netlify applications to digital oceans managed MongoDB offering developers all the right tools to build and scale their applications without the complexities of managing infrastructure.

在第三季度，我們還宣布與領先的Web 開發平台Netlify 建立新的合作夥伴關係，使客戶能夠將其Netlify 應用程式無縫連接到數位海洋管理的MongoDB，為開發人員提供所有正確的工具來構建和擴展其應用程序，而無需管理基礎設施的複雜性。

These announcements, in addition to the various other partnerships we already have in flight, highlight our efforts to augment our durable product led growth motion with additional channels including new front doors through partnerships with leading players in our ecosystem that will also help shape and improve our product offerings.

除了我們已經建立的各種其他合作夥伴關係之外，這些公告還強調了我們努力透過其他管道增強以耐用產品為主導的成長動力，包括透過與我們生態系統中的領先參與者合作建立新的大門，這也將有助於塑造和改善我們的業務。

I'm also excited to highlight the material progress we are making with our renewed engagement with the developer community. In October, we hosted the 11th edition of Oktoberfest, which has now evolved from being an internal hackathon event at DigitalOcean to one of the largest and premier open source community events.

我還很高興強調我們透過與開發者社群重新合作所取得的實質進展。10 月份，我們舉辦了第 11 屆啤酒節，該活動現已從 DigitalOcean 的內部黑客馬拉鬆活動發展成為最大、最重要的開源社群活動之一。

This year, over 65,000 developers from 172 countries participated in more than 115 community run events and contributed to 15,000 open source projects, beyond October fest. We also hosted more than 10 DigitalOcean meet-ups for developers in the AI/ML community and participated in a number of industry conferences. This broad based community engagement effort reinforces DigitalOcean's ongoing community to our developer ecosystem.

今年，除了 10 月的盛會之外，還有來自 172 個國家的 65,000 多名開發者參加了超過 115 場社群活動，並為 15,000 個開源專案做出了貢獻。我們也為 AI/ML 社群的開發人員舉辦了 10 多次 DigitalOcean 聚會，並參加了許多行業會議。這種廣泛基礎的社區參與工作加強了 DigitalOcean 的開發者生態系統的持續社區。

In closing, I am encouraged by the progress on product innovation and customer engagement particularly as it is helping our builder and scalar customers continue to grow on our platform as their businesses expand.

最後，我對產品創新和客戶參與的進展感到鼓舞，特別是因為它正在幫助我們的建築商和標量客戶隨著業務的擴展而在我們的平台上繼續發展。

We're also making great strides towards our software centric AI vision by rapidly shipping products in each of the three layers infrastructure platform and applications.

我們也透過在三層基礎設施平台和應用程式中快速交付產品，朝著以軟體為中心的人工智慧願景邁出了一大步。

We're starting to see the green shoots from these investments in the form of customer wins including cloud migrations from the hyper-scalars multi-year commitment contracts and real world deployment of AI using the DO AI platform.

我們開始看到這些投資以贏得客戶的形式出現的萌芽，包括從超標量多年承諾合約進行雲端遷移以及使用 DO AI 平台進行人工智慧的實際部署。

We will continue to focus on our largest and fastest growing customer cohorts as we seek to accelerate growth in the quarters to come.

我們將持續專注於規模最大、成長最快的客戶群，尋求在未來幾季加速成長。

Before I turn the call over to Matt. I'm very excited to share that. We will be hosting an Investor day in New York City and we are currently targeting late March or early calendar Q2 2025, in which we will share more on our long term strategy, including more detail on our progress and metrics as well as the view of our long term financial outlook.

在我把電話轉給馬特之前。我很高興能分享這一點。我們將在紐約市舉辦投資者日，目前的目標是3 月底或2025 年第二季初，屆時我們將分享更多關於我們的長期策略的信息，包括更多關於我們的進展和指標的細節以及我們的觀點我們的長期財務前景。

I will now hand the call over to Matt Steinfort, our CFO, who will now provide some additional details on our financial results and our outlook for Q4 2024. Thank you.

我現在將把電話轉交給我們的財務長 Matt Steinfort，他現在將提供有關我們的財務業績和 2024 年第四季展望的更多詳細資訊。謝謝。

Thanks Paddy, good morning, everyone and thanks for joining us today. As Paddy covered, we had a very successful Q3 both executing on key initiatives and delivering solid financial performance.

謝謝帕迪，大家早安，謝謝您今天加入我們。正如 Paddy 所言，我們的第三季非常成功，既執行了關鍵舉措，又實現了穩健的財務表現。

In Q3, we continued to see increased momentum from our AI/ML platform and steady growth across our core business while consistently delivering attractive adjusted EBITDA and adjusted free cash flow margins revenue in the third quarter was $198.5 million. Up 12% year over year annual run rate revenue or ARR in the third quarter was $798.3 million. Also up 12% year over year, we added $17 million of ARR in the quarter, most notably builders and scalars which are our largest customers together grew 15% year-over-year.

在第三季度，我們繼續看到人工智慧/機器學習平台的成長動能和核心業務的穩定成長，同時持續提供有吸引力的調整後EBITDA 和調整後自由現金流利潤率，第三季度營收為1.985億美元。第三季的年運行率營收（ARR）年增 12% 為 7.983 億美元。本季我們的 ARR 也年增 12%，增加了 1,700 萬美元，最引人注目的是我們最大的客戶建築商和標量，年增了 15%。

Contributing to our overall growth was healthy incremental revenue from new customers and increased momentum from our AI/ML platform which saw significant growth again, growing close to 200% year over year on an ARR basis.

來自新客戶的健康增量收入以及我們的 AI/ML 平台的強勁勢頭對我們的整體增長做出了貢獻，該平台再次出現顯著增長，按 ARR 計算，同比增長接近 200%。

Overall growth was partially muted by our managed hosting platform as we are lapping difficult comps related to the April 2023, managed hosting price increase and a temporal surge of managed hosting revenue in Asia. In late 2023 our Q3 net dollar retention rate was steady at 97%.

我們的託管託管平台在一定程度上削弱了整體成長，因為我們正在進行與 2023 年 4 月、託管託管價格上漲以及亞洲託管託管收入暫時激增相關的困難比較。2023 年末，我們第三季的淨美元保留率穩定在 97%。

As with prior quarters, we continued to see consistent but below historical net expansion levels. While our churn levels have remained low for well over a year, we will continue efforts to improve growth in NDR including executing on our product road map and working to layer on additional go to market motions to complement our durable product led growth engine.

與前幾季一樣，我們繼續看到淨擴張保持一致，但低於歷史水平。雖然我們的客戶流失率在一年多的時間裡一直保持在較低水平，但我們將繼續努力提高NDR 的增長，包括執行我們的產品路線圖，並努力採取額外的上市行動，以補充我們以耐用產品為主導的成長引擎。

Turning to the P&L gross margin for the quarter was 60% which was 100 basis points lower than the prior quarter. And consistent with the prior year, we are able to maintain healthy growth margins while continuing our investment in AI infrastructure due to the success of our ongoing cost optimization efforts adjusted EBITDA was $87 million. An increase of 14% year per year adjusted even at the margin was 44% in the quarter, approximately 200 basis points higher than the prior quarter.

至於本季的損益毛利率為 60%，比上一季低 100 個基點。與前一年一樣，由於我們持續的成本優化工作取得了成功，我們能夠在繼續投資人工智慧基礎設施的同時保持健康的利潤率成長，調整後的 EBITDA 為 8700 萬美元。即使按邊際調整，該季度的年增長率為 44%，比上一季高出約 200 個基點。

This increase quarter over quarter was primarily driven again by our ongoing operating cost discipline, diluted net income per share was $0.33. A 65% increase year over year and non-GAAP diluted net income per share was $0.52 an 18% increase year over year.

這一環比成長主要是由我們持續的營運成本紀律再次推動的，攤薄後每股淨利潤為 0.33 美元。年增 65%，非 GAAP 攤薄後每股淨利為 0.52 美元，較去年同期成長 18%。

This increase is directly a result of our ability to increase our per share profitability levels by continuing to drive operating leverage while mitigating pollution through share buybacks.

這一成長的直接原因是我們能夠透過持續提高經營槓桿來提高每股獲利水平，同時透過股票回購減少污染。

Finally, Q3 adjusted free cash flow was $26 million or 13% of revenue. This is lower than the prior quarter by approximately 600 basis points due to timing of capital expense payments as we continue to make investments capitalized on the AI opportunity to future growth.

最後，第三季調整後自由現金流為 2,600 萬美元，佔營收的 13%。由於我們繼續利用人工智慧未來成長機會進行投資，因此資本支出支付的時間安排比上一季低約 600 個基點。

As a reminder, quarterly free cash flow margin will vary given the timing of capital spend and other working capital impacts, the lower free cash flow. In Q3 does not change our expected full year free cash flow margin.

提醒一下，考慮到資本支出的時間和其他營運資本影響，季度自由現金流利潤率會有所不同，自由現金流越低。第三季不會改變我們預期的全年自由現金流利潤率。

Turning to our customer metrics, the number of builders and scalars on our platform, those that spend more than $50 per month was approximately $163,000. Representing an increase of 6% year over year. The revenue growth associated with builders and scalars was 15% year over year ahead of our overall revenue growth rate of 12%.

轉向我們的客戶指標，即我們平台上的建造者和標量的數量，每月花費超過 50 美元的建造者和標量數量約為 163,000 美元。較去年同期成長6%。與建構器和標量相關的營收年增 15%，高於我們 12% 的整體營收成長率。

The number of builders and scalars on our platform which together represent 88% of our total revenue increased by $2,260 a quarter-on-quarter.

我們平台上的建構器和標量數量合計占我們總收入的 88%，季度環比增加了 2,260 美元。

The continued growth of our larger spending cohorts is a direct result of our focused product development. Much of which is driven by direct customer feedback and the customer success and go to market investments that are concentrated on these builders and scalars. Our overall revenue mix continued to shift more towards our higher spend and higher growth customers. And we saw a total ARPU increase 11% year over year to $102.51.

我們更大的消費群體的持續成長是我們專注於產品開發的直接結果。其中大部分是由直接客戶回饋和客戶成功以及集中在這些建構器和標量上的市場投資所驅動的。我們的整體收入結構繼續更多地轉向更高支出和更高成長的客戶。我們看到總 ARPU 年增 11% 至 102.51 美元。

Our balance sheet remains very strong as we ended the quarter with $440 million of cash and cash equivalent.

我們的資產負債表仍然非常強勁，本季末我們擁有 4.4 億美元的現金和現金等價物。

We also continue to execute against our share repurchase program with $11 million of repurchases in the quarter, bringing total share repurchases to $29.9 million during the first three quarters of the year with our healthy cash position and ongoing free cash flow generation.

我們也繼續執行我們的股票回購計劃，本季回購了 1,100 萬美元，使今年前三個季度的股票回購總額達到 2,990 萬美元，我們擁有健康的現金狀況和持續的自由現金流生成。

We are well positioned to continue to balance investment in organic growth with share repurchases while moving towards our 2.5 times to 3 times net leverage target and maintaining appropriate flexibility to address our 2026 convert at the appropriate time.

我們處於有利位置，可以繼續平衡有機成長投資與股票回購，同時朝著 2.5 倍至 3 倍淨槓桿目標邁進，並保持適當的靈活性，以在適當的時間解決 2026 年的轉換問題。

Moving on to guidance, based on our performance year-to-date, we are increasing the bottom end of our full year 2024 revenue guide by $5 million and the top end by $2 million projecting revenue to be in the range of $775 million to $777 million. A $3.5 million increase in the midpoint of our guidance rates which will represent year over year growth of approximately 12%.

接下來是指導，根據我們今年迄今的業績，我們將 2024 年全年收入指南的下限增加 500 萬美元，上限增加 200 萬美元，預計收入將在 7.75 億美元至 777 美元之間百萬。我們的指導費率中點增加了 350 萬美元，這意味著同比增長約 12%。

This full year guide implies Q4 revenue to be in the range of $199 million to $201 million representing approximately 11% year over year growth at the midpoint of our guidance range. While we are not yet going to provide 2025 revenue guidance, we expect to enter 2025 with baseline growth in the low to mid 10s.

這項全年指南意味著第四季度營收將在 1.99 億美元至 2.01 億美元之間，相當於我們指導範圍中位數的同比增長約 11%。雖然我們尚未提供 2025 年收入指引，但我們預計進入 2025 年時基線成長將在 10 左右。

As demonstrated throughout 2024 we remain committed to driving continued operating leverage in our core digitation platform.

正如 2024 年全年所證明的那樣，我們仍然致力於推動核心數位化平台的持續營運槓桿。

Given our solid performance throughout the first three quarters of the year, we are raising our adjusted EBITDA margin guidance for the full year to be in the range of 40% to 41%.

鑑於我們今年前三個季度的穩健業績，我們將全年調整後 EBITDA 利潤率指引提高至 40% 至 41% 範圍內。

This full year adjusted EBITA guide implies Q4 adjusted EBITDA margins to be in the range of 34% to 38% for the full year. We expect non-GAAP diluted earnings per share to be a $1.70 to $1.75.

這份全年調整後 EBITA 指南意味著，第四季全年調整後 EBITDA 利潤率將在 34% 至 38% 之間。我們預計非 GAAP 攤薄後每股收益為 1.70 美元至 1.75 美元。

This implies Q4 non-GAAP diluted earnings per share to be $0.27 to $0.32 based on approximately $103 million to $104 million in weighted average fully diluted shares outstanding, turning to adjusted free cash flow we expect adjusted free cash flow margins for the full year to be in the range of 15% to 17% consistent with what we guided in the prior quarter.

這意味著第四季度非公認會計準則稀釋每股收益為0.27 美元至0.32 美元，基於加權平均完全稀釋已發行股票約1.03 億至1.04 億美元，轉向調整後的自由現金流，我們預計全年調整後的自由現金流利潤率為與我們上一季的指導一致，在 15% 至 17% 的範圍內。

While free cash flow margin will continue to vary quarter to quarter. We anticipate remaining in a similar 15%l̥ to 17% range on a rolling average quarterly basis in 2025. As we continue to accelerate the pace of product innovation and make disciplined investment to expand our emerging AI capabilities.

而自由現金流利潤率將繼續按季度變動。我們預計 2025 年季度滾動平均成長率將保持在類似的 15% 至 17% 範圍內。隨著我們不斷加快產品創新步伐並進行嚴格投資以擴展我們的新興人工智慧能力。

That concludes our prepared remarks and we will now open up the call to Q&A.

我們準備好的演講到此結束，現在我們將開始問答環節。

(Operator Instructions)

（操作員說明）

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect. Thank you. Paddy, there was a lot of product innovation that you kind of discussed and can you talk a little bit about how we have to think about those new innovations around product and how that feeds into the installed base in terms of like, you know, what's the uptake there? What's the timing there? And because you know the financial number of match, Matt and I will look at it the nr at 97% but it seems to be a little bit of a disconnect. Could you maybe talk to kind of timing here? And I had one follow up from that?

完美的。謝謝。帕迪，您討論了很多產品創新，您能否談談我們如何思考圍繞產品的這些新創新，以及如何將其融入到安裝基礎中，例如，您知道，什麼是那裡的吸收情況？那裡的時間是幾點？因為你知道比賽的財務數據，馬特和我會查看 97% 的 nr，但這似乎有點脫節。您能談談這裡的時間安排嗎？我對此有一個後續行動嗎？

Great. Thank you, Raimo for the question. Yes, we are seeing a lot of product innovation across the board both in the core cloud. That's why I spent so much time explaining all the things we are pumping out, especially aimed at our scalars and allowing them or enabling them to run larger workloads on DigitalOcean.

偉大的。謝謝雷莫的提問。是的，我們在核心雲端中看到了大量全面的產品創新。這就是為什麼我花了這麼多時間解釋我們正在推出的所有東西，特別是針對我們的標量，並允許它們或使它們能夠在 DigitalOcean 上運行更大的工作負載。

As you know, from a timing and sequence point of view, There's no magical answer that we can provide, which translates a product innovation to adoption and hence impact on our financial performance.

如您所知，從時間和順序的角度來看，我們無法提供神奇的答案，它將產品創新轉化為採用，從而影響我們的財務表現。

But we feel we have to do this to enable our customers move many of their larger workloads that they're currently running in other clouds and make it super compelling for them to run those workloads on the DO platform. And as I did just a few minutes ago, we will get into a habit of explaining some very concrete examples of customers that are starting to do that.

但我們認為，我們必須這樣做，才能使我們的客戶能夠將他們目前在其他雲端中運行的許多較大工作負載轉移到其他雲端中，並使他們在DO 平台上運行這些工作負載變得非常有吸引力。正如我幾分鐘前所做的那樣，我們將養成解釋一些開始這樣做的客戶的非常具體的例子的習慣。

So the examples I gave, we are now starting to sign customers into multi-year contracts with commitments on our platform. We are also starting to see a steady dose of migrations coming from other clouds, especially the hyper scalars. So we are playing we have to ensure that we have patience in terms of building these capabilities, we are starting to see the; green shoots in terms of customer adoption and the translation of that into leading indicators.

因此，按照我給出的例子，我們現在開始與客戶簽訂多年期合同，並在我們的平台上做出承諾。我們也開始看到來自其他雲的穩定劑量的遷移，尤其是超標量。因此，我們必須確保我們在建立這些能力方面有耐心，我們開始看到；在客戶採用率以及將其轉化為領先指標方面出現了新芽。

And I have no question if we keep doing it. For a handful of quarters, we are going to start seeing the translation into other lagging indicators, including some of the ones, that you just mentioned Raimo.

我毫不懷疑我們是否繼續這樣做。在接下來的幾個季度裡，我們將開始看到其他落後指標的轉化，包括您剛才提到的 Raimo 的一些指標。

So in terms of the NDR, I think Matt, alluded to the fact that we have what we're seeing from a core, the NDR of the core business is trending. A little bit ahead of what we, we are reporting on a blended basis. So it gives us enough reasons to believe that what we're doing is starting to be appreciated by our customers. And as you know, this, this takes time for the adoption to happen. I have to keep reminding ourselves that we have 6,38,000 plus customers. So it takes time for the propagation to happen across the board with our customer base.

因此，就 NDR 而言，我認為馬特提到了這樣一個事實，即我們從核心看到的情況，核心業務的 NDR 正在發展。我們的混合報告比我們的報告稍早。因此，這讓我們有足夠的理由相信我們正在做的事情開始受到客戶的讚賞。如您所知，這、這需要時間才能實現。我必須不斷提醒自己，我們有超過 6,38,000 名客戶。因此，我們的客戶群需要時間才能全面傳播。

Okay, perfect. Thank you. And then Matt one for you. Like if you look on the ear, that's kind of the one we're kind of at the moment are performing quite a bit. Can you talk a little bit about that? You know, how do you achieve that? Like how sustainable are the is the progression there, especially if you think about like more services coming on street, you probably want to support them more and then obviously more AI services coming as well. Thank you.

好的，完美。謝謝。然後馬特給你一張。就像如果你觀察耳朵一樣，這就是我們目前正在做的很多事情。你能談談這個嗎？你知道，你如何實現這個目標？就像那裡的進展有多可持續，特別是如果你想到更多的服務即將出現，你可能想要更多地支援它們，然後顯然也會有更多的人工智慧服務出現。謝謝。

Thanks, Raimo. Yeah, I think from a cost standpoint, the Q3 was definitely a good, a good quarter from an even margin perspective as we brought on our new executives, you know, we had talked about, you know, implicit in our guide for the full year. We were making sure that we had enough room to invest, to enable them to really, you know, improve the page of innovation and later on additional go to market motions.

謝謝，雷莫。是的，我認為從成本的角度來看，從均勻利潤的角度來看，第三季度絕對是一個很好的季度，因為我們聘請了新的高管，你知道，我們已經討論過，你知道，隱含在我們的全面指南中年。我們確保我們有足夠的投資空間，使他們能夠真正，你知道，改進創新頁面，以及隨後的額外上市動議。

But at the same time, we were evaluating, okay, what costs do we have now that we just aren't earning a return on and can we clean those out before, you know, the team gets going with the new expenses? So we, I think did a really good job of optimizing for that.

但同時，我們正在評估，好吧，我們現在有哪些成本，我們只是沒有獲得回報，我們可以在團隊開始處理新費用之前清理這些成本嗎？所以我認為我們在優化方面做得非常好。

And we also made some decisions to make sure that we were appropriately pacing, the increases to see if we're getting a return on the investments as we did it. So I'd say it was just disciplined kind of cost management in Q3. And as you saw from the guide in Q4, we are expecting to ramp our expenses heading into next year.

我們也做出了一些決定，以確保我們的成長節奏適當，看看我們是否能像我們所做的那樣獲得投資回報。所以我想說這只是第三季嚴格的成本管理。正如您從第四季度的指南中看到的那樣，我們預計明年的支出將會增加。

I don't think it's going to be a meaningful kind of a change in the overall expense level. We feel pretty good about the kind of the trailing margin profile that we have and being able to continue that into next year.

我認為這不會對整體費用水準產生有意義的變化。我們對我們擁有的追蹤利潤狀況感到非常滿意，並且能夠將其延續到明年。

Okay, perfect. Thank you.

好的，完美。謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

Hey, thanks for taking the question guys. And I think the first would go to Matt just coming off of Raimo's question there. But if I look at the EBITDA guidance that we have today, the 34% to 38% margin guide in Q4 is, the widest range that I think we've had in recent memory and just wanted to get a little bit more granular there as far as I guess, what needs to go wrong or right or what you guys are waiting for, that gets you at the 34% margin versus the 38% margin in December quarter.

嘿，謝謝你們提出問題。我認為第一個應該是剛回答完雷莫問題的馬特。但如果我看一下我們今天的 EBITDA 指導，第四季度 34% 至 38% 的利潤率指導是我認為我們最近記憶中的最寬範圍，只是想更具體一點，因為據我猜測，需要做錯或做對的事情，或你們正在等待的事情，這會讓你們獲得34% 的利潤率，而12 月季度的利潤率為38%。

That's a good question, Mike. I think a part of it is as we've been ramping, particularly the R&D spend, we're evaluating kind of surge resources using contractors to accelerate a handful of things on the product road map and the timing of that, which again, I view that as a relatively lumpy potential investment and the timing of being able to get that spun up and fully staffed and moving, whether that hits in Q1 or it hits in Q4.

這是個好問題，麥克。我認為其中一部分原因是，隨著我們一直在增加，特別是研發支出，我們正在評估使用承包商的激增資源，以加速產品路線圖上的一些事情以及時間安排，這再次，我認為這是一項相對不穩定的潛在投資，以及能夠啟動、配備充足人員和移動的時機，無論是在第一季還是在第四季度。

I think that's really what's causing the range. Again, I think on a go forward basis, we don't anticipate a material change in the overall kind of R&D as a percent of revenue, but we are advancing the expense. So in any one quarter, it may be a little bit lumpier. But again, over a longer period of time, we don't think we grow into that and some of that is surge resource.

我認為這確實是造成範圍的原因。再說一遍，我認為，從長遠來看，我們預計研發佔收入的比例不會發生重大變化，但我們正在提高支出。因此，在任何一個季度，情況可能會有點不穩定。但同樣，在較長一段時間內，我們認為我們不會發展到這一點，其中一些是激增的資源。

Terrific and just another follow up, I know that you guys aren't providing explicit guidance for calendar '25 here. Do appreciate the qualitative commentary. Just wanted to see what gives you the confidence to kind of put that bogey out there for the baseline growth and how should we be thinking about what it takes for DigitalOcean to be in the year with that kind of baseline growth that you had commented on?

太棒了，只是另一個後續行動，我知道你們沒有在這裡為日曆 '25 提供明確的指導。請欣賞定性評論。只是想看看是什麼讓您有信心將這個柏忌放在基線增長上，以及我們應該如何考慮 DigitalOcean 在這一年中需要什麼才能實現您所評論的那種基線增長？

Yeah, I think it's very similar to what we described at the beginning of this year. What can you count on what you can count on the growth from the self-serve funnel and we're a little bit better doing a little bit better than that on that year-to-date than we had outlined at the beginning of the year.

是的，我認為這與我們今年年初所描述的非常相似。您能指望什麼，您可以指望自助服務管道的成長嗎？

You know, we've got the man of toasting business, which is kind of returning to growth after lapping some difficult comps. We've got AI/ML that we had said would contribute around three points of growth. It's a little bit ahead of that for the year. And then NDR while it's frustrating that we've had to print, you know, a bunch of 97 in a row.

你知道，我們有一個敬酒行業的人，在經歷了一些困難的比賽後，他正在恢復成長。我們已經有了人工智慧/機器學習，我們曾說過它將貢獻大約三個百分點的成長。這比今年的情況提早了一點。然後是 NDR，雖然令人沮喪的是我們不得不連續列印一堆 97。

As Paddy said, the core DO is actually ahead of that. You get a little bit of a headwind for manage hosting that, that's going to be in place for the next call, it through the first quarter of next year. And so if you take all those together, we've moved up a couple of points from the baseline growth that we had described coming into the year and you know, none of it is on the back of kind of macro improvements. It's all just steady kind of improvements and continuing to deploy products that our customers need.

正如Paddy所說，核心DO實際上是領先的。您在管理託管方面會遇到一些阻力，這將在下一次電話會議中到位，直到明年第一季。因此，如果你把所有這些放在一起，我們已經比我們描述的今年的基線增長提高了幾個百分點，而且你知道，所有這些都不是在宏觀改善的基礎上實現的。這一切都只是穩定的改進並繼續部署我們的客戶所需的產品。

And so as we look at that trajectory, we feel comfortable, kind of, you know, at the pace of growth that we're at right now and hopefully continuing to improve NDR, you know, every month going into next year and beyond to eventually get it to be above 100. So I'd say we're just, you know, making sure that folks understand that we feel pretty comfortable with the baseline growth that we're delivering.

因此，當我們看到這條軌跡時，我們對目前的成長速度感到很舒服，並且希望繼續改善 NDR，您知道，進入明年及以後的每個月最終達到100以上。所以我想說，我們只是，你知道，確保人們理解我們對我們所提供的基線成長感到非常滿意。

Great answer. Thank you very much guys.

很好的答案。非常感謝你們。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey, guys, You know. Paddy for you, you guys are seeing adoption. Are you seeing adoption of the GPU droplet with more of the builders and scalars or more net new customers. And how should we think about the mix between on demand versus multi-year contracts and what you guys are seeing around supply availability with GPUs?

嘿，夥計們，你們知道的。帕迪對你來說，你們正在看到收養。您是否看到更多的建構者和標量或更多的淨新客戶採用 GPU Droplet？我們應該如何考慮按需合約與多年合約之間的組合，以及你們對 GPU 供應可用性的看法？

Yeah, great. Thank you, Jim for the question. So in terms of the adoption, we're seeing adoption across the board, a lot of new customers which we absolutely love that are taking the tires and also as I explained on the call, building real world applications on our GPU infrastructure, both droplets as well as more hard and barometric type of services.

是的，太棒了。謝謝吉姆提出的問題。因此，就採用而言，我們看到了全面的採用，許多我們絕對喜歡的新客戶正在使用輪胎，而且正如我在電話中解釋的那樣，在我們的GPU 基礎設施上構建現實世界的應用程序，無論是Droplet 還是以及更硬、更氣壓的服務。

I would say from between on demand versus contract, we see more contracts when the customer is deploying live workloads, whether it is training or inferencing and sometimes these contracts are fairly short term, but some are longer term and on demand is typically for experimentation. This is what we had. We would have guessed when we started this journey, but that's where things are.

我想說，在按需與合同之間，當客戶部署實時工作負載時，我們會看到更多的合同，無論是訓練還是推理，有時這些合同是相當短期的，但有些是長期的，按需通常用於實驗。這就是我們所擁有的。我們本可以猜到我們何時開始這段旅程，但事情就是這樣。

And from an on demand point of view, we're also seeing a very nice uptake and interest in our GenAI platform. So companies that don't have the deep bench in terms of AI/ML skill set, have a very easy time just using our GenAI platform standing something up very quickly many times in just a matter of few minutes just to see if they can prove to themselves that there's value in integrating GenAI into their platform. So, so that's what we are seeing broadly from a adoption point of view.

從點播的角度來看，我們也看到人們對我們的 GenAI 平台非常感興趣。因此，那些在 AI/ML 技能方面不具備深厚基礎的公司，只需使用我們的 GenAI 平台即可輕鬆地在短短幾分鐘內多次快速建立起來，看看他們是否可以證明他們認為將GenAI 集成到他們的平台中是有價值的。這就是我們從採用的角度所看到的廣泛情況。

And from a supply chain standpoint. Yeah, on the supply chain, we don't see the same kind of headwinds that we had seen coming into the year. We've got orders out for, you know, the next generations of the technology,

從供應鏈的角度來看。是的，在供應鏈上，我們沒有看到今年遇到的同樣的阻力。我們已經收到了下一代技術的訂單，

We've got H200 is coming, you know, we're keeping an eye on, you know, on black. Well, to see the timing of that and it's, you know, it's certainly not so tight that you can get it, you know, in a week or two from ordering, but it's, I'd say the supply chain is open enough that we've been able to get the equipment in the time frames that we need it. And again, with our buildout and the Atlanta data center coming on kind of at the beginning of next year, we're in good shape from a logistics and a scheduling.

H200 即將推出，我們正在密切關注黑色。好吧，看看這個時間，你知道，它肯定沒有那麼緊，你知道，你可以在訂購後一兩週內得到它，但我想說的是，供應鏈足夠開放，以至於我們能夠在需要的時間內獲得設備。再說一次，隨著我們的擴建和亞特蘭大資料中心將於明年初投入使用，我們的物流和調度狀況良好。

Got it. And then Matt, for you going back in the 97% expansion rate. No, the AI side of things turned organic this quarter by my math, it's probably adding about 1 points to 2 points to NRR and it looks like Net New ARR for AI was, was up around $10 million.

知道了。然後馬特為您回顧 97% 的擴張率。不，根據我的計算，人工智慧方面的事情在本季度變得有機，它可能會為 NRR 添加大約 1 到 2 個點，而且看起來人工智慧的淨新 ARR 增加了大約 1000 萬美元。

So what's going on with that core business specifically? You, you are starting to mention around cloud wave, obviously, the price increase lapping. But why is that business kind of weaker than what you guys are anticipating and how should we think about the mix of cloud was hosting digital ocean versus other cloud platforms?

那麼該核心業務具體情況如何呢？你，你開始提到周圍的雲波，很明顯，價格上漲了。但為什麼這項業務比你們預期的要弱？ 我們應該如何考慮雲端託管數位海洋與其他雲端平台的混合？

That's a great question and good clarification AI products are not in NDR. Let's make sure that everybody understands that the revenue from the AI products are not in dollar retention. And that's, you know, it's clear in the definitions that we have a lot of the AI revenue if you think about it is project based.

這是一個很好的問題，並且很好地澄清了人工智慧產品不在 NDR 中。讓我們確保每個人都明白人工智慧產品的收入不在於美元保留。也就是說，你知道，從定義中可以清楚地看出，如果你認為它是基於專案的，那麼我們擁有大量的人工智慧收入。

So someone's training something, somebody's coming in and experimenting. It's not yet at the point where people are coming in and running large scale inference workloads where you could say, well, that should the, you know, the revenue that you get from that inference workload should be bigger next year than it was this year because they're spending, you know, they have a lot more customers if someone comes in and trains a model for a month or two and then turns it off and then, you know, goes and focuses on inferencing, the revenue is going to be, is going to be lumpy.

所以有人在訓練一些東西，有人進來進行實驗。現在還沒有到人們開始運行大規模推理工作負載的地步，你可以說，好吧，明年你從推理工作負載中獲得的收入應該比今年更大因為他們正在花錢，你知道，如果有人進來訓練一個模型一兩個月，然後將其關閉，然後你知道，繼續專注於推理，他們就會有更多的客戶，收入將會是，將會變得凹凸不平。

And so at this point, and we could re-evaluate this going forward, but at this point AI is not reflected in NDR. So it contributes nothing to the improvement in the, what we have seen is steady improvement in the core cloud business, which we said is tracking above the reported NDR cloud ways, which has historically been literally until we the price increase.

因此，在這一點上，我們可以重新評估這一點，但目前 NDR 中還沒有反映出人工智慧。因此，它對改善沒有任何貢獻，我們看到的是核心雲端業務的穩定改善，我們說核心雲端業務正在追蹤報告的NDR 雲端方式，從歷史上看，在我們價格上漲之前，這一直是字面上的。

It was always a positive contribution to NDR. It's been a headwind to NDR since April. And we continue to be probably until next April because of the varieties of a lagging metric like NDR. But we expect both the clouds that manage hosting business and the core business, We expect to be able to get those back above 100. And we're certainly working aggressively to accomplish that. And we can't tell you exactly when that's going to happen. But we're very encouraged by the green shoot that we're seeing in both businesses on that improvement in NDR.

這始終是對 NDR 的正面貢獻。自四月以來，這一直是 NDR 的不利因素。由於 NDR 等滯後指標的變化，我們可能會持續到明年 4 月。但我們預計管理託管業務和核心業務的雲，我們預計能夠將其恢復到 100 以上。我們當然正在積極努力實現這一目標。我們無法準確告訴您這將在何時發生。但我們看到這兩家公司的 NDR 改善都出現了新芽，這讓我們深受鼓舞。

Very helpful. Thanks, Matt.

非常有幫助。謝謝，馬特。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good morning. Thanks for taking the question. Matt, I wanted to follow up on some of your comments for 2025 and more specifically on how we should think about the seasonality of the business, given some of the moving pieces we've had this year versus last year.

嘿，早安。感謝您提出問題。Matt，我想跟進您對 2025 年的一些評論，更具體地說，考慮到今年與去年相比發生的一些變化，我們應該如何考慮業務的季節性。

So any comments on seasonality? And I'm noticing that the size of the beat this quarter was about 1% versus the 2% last quarter. Any things, any nuances we should be aware of there in terms of why the size of the beat was smaller this quarter. Thank you.

那麼對季節性有什麼評論嗎？我注意到本季的增幅約為 1%，而上季為 2%。關於為什麼本季節拍規模較小的原因，我們應該注意任何事情、任何細微差別。謝謝。

I don't think there's, there's any seasonality in the business that, that would, you know, would reflect that. I think that, you know, again, we've been, we've been very focused on the full year and, and providing guidance that's appropriate and reflective of that and that causes kind of, you know, bigger swings in the quarterly kind of beats. Right. So, we're more focused, I think from a, from an annual standpoint.

我認為業務中不存在任何季節性，這會反映出這一點。我認為，你知道，我們一直非常關注全年，並提供適當的和反映這一點的指導，這會導致季度的更大波動節拍。正確的。因此，我認為從年度的角度來看，我們更加專注。

But I think that, you know, we look at the business going into next year again, going back to my earlier comments, we're very encouraged by the steady growth that we're seeing and improving growth and versus what we thought with the self-serve funnel, confident about that, you know, the managed hosting business is coming back from, again, some difficult comps, the AI business is slightly ahead of where we had expected.

但我認為，你知道，我們再次審視明年的業務，回到我之前的評論，我們對我們所看到的穩定增長和不斷改善的增長感到非常鼓舞，與我們對自助服務漏斗，對此充滿信心，您知道，託管業務正在從一些困難的競爭中恢復過來，人工智慧業務略高於我們的預期。

And the kind of the last thing to move for us, which would give us the confidence to, you know, to increase the, you know, our outlook on the revenues is that NDR just needs to come up and expense steadily, but, you know, stubbornly moving up. And so I don't think there's anything seasonal that would suggest we would be more or less on an individual quarter.

對我們來說，最後要做的一件事就是 NDR 只需要穩定上升和支出，這會讓我們有信心增加我們對收入的前景，但是，你知道，固執地向上走。因此，我認為沒有任何季節性因素表明我們會或多或少地關注單一季度。

Got it. Okay. And then the follow up is for Paddy. So given the paper change that we're seeing in the GPUs as a service market, maybe you could walk us through. What are one or two of the areas where you feel like you've learned the most over the last three months as it relates to your AI services strategy and particularly around your LLM as a service offerings, the platform offerings, how you think you can differentiate versus something like a sage maker or a bedrock of the option. Thank you.

知道了。好的。接下來是帕迪的後續行動。因此，鑑於我們在 GPU 即服務市場中看到的紙張變化，也許您可以引導我們完成。您認為在過去三個月中您學到最多的一兩個領域是什麼，因為它與您的人工智慧服務策略相關，特別是圍繞您的法學碩士即服務產品、平台產品、您認為如何能夠與聖人製造者或選項的基石之類的東西區分開來。謝謝。

Thank you, Gabriela. Great question. So in terms of what we have learned over the last 90 days, we have learned a lot as you can see, we have, we have also shifted a lot. So in in preparation of that, I think we have learned quite a bit on all three layers of our platform.

謝謝你，加布里埃拉。很好的問題。因此，就我們在過去 90 天中學到的東西而言，正如你所看到的，我們學到了很多東西，我們也改變了很多。因此，在準備過程中，我認為我們在平台的所有三個層面上都學到了很多東西。

I would say for me, personally, the biggest learning has been that our customers which are typically companies that don't have a tremendous bench of deep machine learning, data scientists or data engineering skill sets. They look at the AI platform almost in an inverted fashion.

我想說，就我個人而言，最大的學習是我們的客戶通常是不具備大量深度機器學習、資料科學家或資料工程技能的公司。他們幾乎以一種相反的方式看待人工智慧平台。

What I mean by that is everyone us included the market, everyone looks at it from infrastructure first and then platform and then finally applications, our customers actually look at it top down, they look at okay. What applications can I or agents, can I leverage today from GenAI that makes my app more product where my customers save money or deliver some innovation that was not possible so far. So it's almost a realization that we need to innovate more rapidly on the platform.

我的意思是，我們每個人都包括市場，每個人首先從基礎設施、然後是平台、最後是應用程式來看待它，我們的客戶實際上是自上而下地看待它，他們看起來還不錯。我或代理商今天可以利用 GenAI 的哪些應用程序，使我的應用程式成為更多產品，讓我的客戶節省資金或提供一些迄今為止不可能的創新。因此，我們幾乎意識到我們需要在平台上更快地進行創新。

And application layer is why we accelerated some of our GenAI platform capabilities and we already have seen a customer push that into production, which is amazing. And the part two of your question is what makes our GenAI platform stand out against something like a stage maker or bedrock. As you know, we have very deep expertise in both stage maker and bedrock at DigitalOcean today. And the biggest difference is some of the technologies you mentioned are phenomenal, they're very broad and very powerful.

應用層是我們加速 GenAI 平台功能的原因，我們已經看到客戶將其投入生產，這真是太棒了。你問題的第二部分是，是什麼讓我們的 GenAI 平台在舞台製作者或基石等平台上脫穎而出。如您所知，我們今天在 DigitalOcean 的舞台製作和基礎方面擁有非常深厚的專業知識。最大的區別是你提到的一些技術是非凡的，它們非常廣泛且非常強大。

If you have a broad set of skills available to take all of that and build something fantastic for a very complex use case for our customers and the customer that I talked about during the prepared remarks, specifically tested a variety of different GenAI platforms and picked us primarily because of how easy it was for them to get started to inject their own custom data, to build a rack pipeline, to create a knowledge base and finally create a chatbot where they could project exactly how much it would cost them and develop a business model that would be friendly to their customers.

如果您擁有廣泛的技能來掌握所有這些，並為我們的客戶和我在準備好的演講中談到的非常複雜的用例構建一些奇妙的東西，專門測試了各種不同的 GenAI 平台並選擇了我們主要是因為他們很容易開始注入自己的自訂資料、建立機架管道、創建知識庫並最終創建一個聊天機器人，在其中他們可以準確預測需要花費多少成本並開發業務對客戶友好的模型。

So all of these things individually are fairly complex. But when you add these different steps to build a productionized application, it just balloons in its complexity. And we have tried to measure every click it takes to simplify the journey for our customers.

因此，所有這些事情單獨來看都相當複雜。但是，當您添加這些不同的步驟來建立生產化應用程式時，它的複雜性就會急劇增加。我們嘗試衡量每一次點擊，以簡化客戶的旅程。

I think that's how we establish ourselves as a credible cloud provider. And that's what we are doing to establish ourselves and differentiate ourselves in GenAI and also we should also not forget that there is a lot of differentiation we are we are pushing even in the agentic clearer as I explained. We just came out with our first agent. We are working with customers in early availability mode.

我認為這就是我們將自己打造為可靠的雲端供應商的方式。這就是我們正在做的事情，目的是在GenAI 中建立自己的地位並讓自己脫穎而出，而且我們也不應該忘記，正如我所解釋的，即使在更清晰的代理領域，我們也正在推動很多差異化。我們剛剛推出了我們的第一個經紀人。我們正在以早期可用性模式與客戶合作。

So we will learn and innovate on that faster. But the combination of the platform and application gives us the ability to make things that are super scalable. But at the same time, an order of magnitude simpler to use compared to other alternate platforms that are available.

因此，我們將更快地學習和創新。但平台和應用程式的結合使我們能夠製造出超級可擴展的東西。但同時，與其他可用的替代平台相比，使用起來更簡單。

Thank you for the detail.

謝謝你的詳細資料。

Jeff Hickey, UBS.

傑夫希基，瑞銀集團。

Hey, everyone. Thanks for taking the question. The first one I wanted to ask is that it's very helpful. Just detailing that AI is not included in the NDR metric, but maybe with some of the existing AI customers that you've had for a few quarters that maybe do have some workloads already in production.

嘿，大家。感謝您提出問題。我想問的第一個問題是它非常有幫助。只是詳細說明 AI 未包含在 NDR 指標中，但也許您已經擁有了幾個季度的一些現有 AI 客戶，這些客戶可能確實已經在生產中擁有一些工作負載。

Do you have any sense of like how they're expanding their spend over time, maybe even just on a quarterly basis? Or do you typically see those customers kind of launch a workload and then have that spend at sort of a stable level from there?

您是否知道他們如何隨著時間的推移擴大支出，甚至可能只是按季度擴大支出？或者您通常會看到這些客戶啟動工作負載，然後將支出保持在穩定的水平？

We've seen good traction with a number of our early AI customers that have come in and experimented on the platform and they may have started with a kind of a small cluster and then as they test it, they've expanded their use of the platform.

我們已經看到許多早期人工智慧客戶的良好吸引力，他們已經進入並在該平台上進行了實驗，他們可能從一種小型集群開始，然後在測試時，他們擴大了對平台的使用平台。

So if the question is, when we land customers, do we see them grow or do we see a big rotation of customers in and out? We actually see, you know, fairly healthy expansion from the customers when they come in. But it again back to my earlier comments, it's in okay. I'm training a model, I need [eight more] and now I'm going to do something -- I need more, but it's not the same dynamic because they're still evaluating, they're still kind of going through the testing phases. But we've seen very good traction growing customers, the initial customers that we've had on the on the platform.

那麼，如果問題是，當我們吸引客戶時，我們是否會看到他們成長，或者我們是否會看到客戶進出的大幅輪調？事實上，我們看到，當客戶進來時，他們的擴張相當健康。但又回到我之前的評論，沒關係。我正在訓練一個模型，我需要[八個]，現在我要做一些事情——我需要更多，但這不是同樣的動態，因為他們仍在評估，他們仍然在經歷測試階段。但我們已經看到了非常好的吸引力，不斷成長的客戶，也就是我們在平台上擁有的最初客戶。

And Matt, one thing I will add to that is it's interesting to note that our AI customers are also very similar to our core cloud customers in the sense that most of them, if not all of them are ISPs or independent software vendors or digital native application providers.

馬特，我要補充的一件事是，有趣的是，我們的人工智慧客戶也與我們的核心雲端客戶非常相似，因為他們中的大多數（如果不是全部）都是ISP 或獨立軟體供應商或數位原生代應用程式提供者。

So they are taking our -- they're building solutions on our I platforms, whether it is infrastructure or GenAI to create software solutions for their customers. So as they grow and expand, they will they are expanding their footprint to match point on our platform. So that's a very interesting thing for us to notice where the customer that is coming to build a solution just for their internal use.

因此，他們正在我們的 I 平台上建立解決方案，無論是基礎設施還是 GenAI，為他們的客戶創建軟體解決方案。因此，隨著他們的成長和擴張，他們將擴大自己的足跡，以匹配我們平台上的點。因此，對於我們來說，注意到客戶在哪裡建立僅供內部使用的解決方案是一件非常有趣的事情。

Got it. That's really helpful. And then one just quick follow up, you mentioned earlier about just supply and that's gotten better relative to the beginning of the year for AI investments. Just curious with the October 1, launch of each 100 instances broadly available. Are you supply constrained at all right now as we're kind of in the fourth quarter or are you able to meet all the demand you currently have as well? Thanks.

知道了。這真的很有幫助。然後是快速跟進，您之前提到了供應，相對於今年年初的人工智慧投資來說，情況有所改善。只是好奇 10 月 1 日將推出廣泛可用的每 100 個實例。由於第四季的情況，你們現在的供應是否受到限制，或者你們是否也能夠滿足目前的所有需求？謝謝。

We've ordered enough and we talked about this in the last call that because we have the ability to see the demand and plan out the capacity that we've been able to get enough capacity to, to meet the demand as we've gone, which is a very good sign because we don't have those supply constraints.

我們已經訂購了足夠的訂單，我們在上次電話會議中討論了這一點，因為我們有能力了解需求並規劃出我們已經能夠獲得足夠產能的產能，以滿足我們的需求，這是一個非常好的跡象，因為我們沒有這些供應限制。

So again, because we're not spending hundreds of millions of dollars on GPU, we can get the quantum that we need to meet our requirements.

再說一次，因為我們沒有在 GPU 上花費數億美元，所以我們可以獲得滿足我們要求所需的量子量。

And you know, when you have something like the GPU droplet, which is more on demand and it's less committed contract. You have to see kind of what the utilization is and then plan your purchases based on that capacity utilization and we've been able to manage that effectively. So it hasn't been a drag or a constraint on us.

你知道，當你擁有像 GPU Droplet 這樣的東西時，它的需求更多，而且承諾的合約更少。您必須了解利用率是多少，然後根據該容量利用率來規劃您的採購，我們已經能夠有效地對其進行管理。所以這並沒有成為我們的拖累或限制。

Got it. Very helpful.

知道了。非常有幫助。

Josh Baer, Morgan Stanley.

喬許貝爾，摩根士丹利。

Great. Thanks for the question, one for Paddy, I guess just thinking about the 42 new product features more than prior period. And I think calling out some of them features that hyperscale customers are generally looking for moving contracts to committed contracts, even migrating workloads from hyper-scalars to do.

偉大的。感謝 Paddy 提出的問題，我想我只是比上一期更多地考慮了 42 個新產品功能。我認為超大規模客戶通常希望將其中的一些功能轉移到承諾合同，甚至將工作負載從超標量遷移來執行。

It's like in the past, the story was more about DigitalOcean's simplicity of the platform and better support lower pricing and maybe a little bit less about sort of getting into the competitive dynamic with hyperscale. I was just wondering, is the right takeaway that there is a little bit of a shift in focus either upmarket or a little bit of expansion outside the simplest startups in SMBs just to be a little bit more competitive in the market. Is there a strategy shift there?

就像過去一樣，這個故事更多是關於 DigitalOcean 平台的簡單性和更好地支援更低的價格，也許更少關於進入超大規模的競爭動態。我只是想知道，是否應該將重點轉移到高端市場，或者在中小企業最簡單的新創公司之外進行一點擴張，以便在市場上更具競爭力。那裡有策略轉變嗎？

Yeah, thank you, Josh, and great question as always. The shift is essentially following our customers lead honestly. So as I made a point during the prepared statements to make sure that we are not abandoning or taking our eye off the importance of DigitalOcean in the developer community.

是的，謝謝你，喬什，一如既往的好問題。這種轉變本質上是誠實地跟隨我們客戶的領導。因此，正如我在準備好的聲明中指出的那樣，確保我們不會放棄或忽視 DigitalOcean 在開發者社群中的重要性。

We continue to nurture that. In fact, we are doing a lot more with the developer ecosystem this year compared to the recent past. But at the same time, we do recognize that we have 17,000 plus scalars who on an average spend more than $25,000 with us. That's a big and that's 58% of our revenue. And if you add scalars, that's almost 88% of our revenues, which are growing much faster than our blended average growth rate. So we have a unique opportunity to follow their lead and make sure that we are delivering capabilities that will enable them to run or expand their footprint on DigitalOcean.

我們將繼續培育這一點。事實上，與最近相比，今年我們在開發者生態系統方面做了更多的事情。但同時，我們確實認識到我們有 17,000 多名標量，他們平均在我們這裡花費超過 25,000 美元。這是一個很大的數字，占我們收入的 58%。如果加上標量，這幾乎占我們收入的 88%，其成長速度遠遠快於我們的混合平均成長率。因此，我們有一個獨特的機會來追隨他們的領導，並確保我們提供的功能將使他們能夠在 DigitalOcean 上運行或擴展他們的足跡。

We are increasingly in a multi-cloud world even for smaller customers like the ones we target. And there is an opportunity for us to keep expanding our share of wallet with these companies. And the examples that I shared are just the starting point for what we believe are fair share slice of this enormous market. And if we keep doing what we're doing now, which is add compelling feature sets that enable our scalar customers to expand their footprint on us. I think there's a lot of value to be created for our customers on our platform.

我們越來越處於多雲世界，即使對於像我們的目標客戶這樣的小型客戶也是如此。我們有機會繼續擴大與這些公司的錢包份額。我分享的例子只是我們認為在這個龐大市場中公平分享份額的起點。如果我們繼續做我們現在正在做的事情，那就是添加引人注目的功能集，使我們的標量客戶能夠擴大他們在我們身上的足跡。我認為我們的平台可以為我們的客戶創造很多價值。

Very clear, if I could follow up with one for Matt, just on the, some of the factors called out the managed hosting, tough comp pricing increases the Asia influx of revenue. Even some of the M&A like get how that could be impacting some of the like the net dollar retention rate or the year over year growth. If I'm just looking at quarter-over-quarter, net new ARR out of $32 million last quarter and [$17 million] this quarter, anything to call out as far as that difference, just on a quarter-over-quarter basis.

非常清楚，如果我可以為馬特跟進一件事，只是關於託管託管的一些因素，嚴格的定價會增加亞洲收入的流入。甚至一些併購活動也了解這可能會如何影響淨美元保留率或同比增長等。如果我只看季度環比，上季度淨新 ARR 為 3200 萬美元，本季為 [1700 萬美元]，只要按季度環比計算，就可以看出這一差異。

Yeah, that's a good point, Josh, the big difference was that the availability like the we brought on a ton of AI capacity in Q2 which, you know, we had pent up demand for. So we got a bump, a material bump in in ARR last quarter. If you look at, we were, we were on [$17 million or $18 million], the quarter before and then we jump to the [$30 million back on $17 million].

是的，這是一個很好的觀點，喬什，最大的區別是，像我們在第二季度帶來了大量人工智慧能力的可用性，你知道，我們已經壓抑了對它的需求。因此，上個季度我們的 ARR 出現了大幅成長。如果你看一下，我們上一季的收入是 [1700 萬美元或 1800 萬美元]，然後我們跳到[1700 萬美元返還 3000 萬美元]。

I'd say last quarter was more of an anomaly than this quarter. Clearly, we're looking to add more incremental ARR going forward, but most of that change was the result of a surge in AI capacity last quarter.

我想說上個季度比這個季度更反常。顯然，我們希望未來增加更多的增量 ARR，但大部分變化是上季人工智慧容量激增的結果。

Got it. Thank you.

知道了。謝謝。

Pinjalim Bora, JP Morgan.

Pinjalim Bora，摩根大通。

Great. Thanks guys. Just one question for me. The baseline growth outlook that you kind of share and entering 2025 seems pretty positive. It calls for an acceleration from the exit growth rate in this year. So we want to understand that a little bit more. Are you seeing some signals that prospect will accelerate next year around the core business based on some of the customer conversations? Does that assume 100% NDR as you as you going to be one? And how should we think about it?

偉大的。謝謝你們。只是問我一個問題。您所分享的進入 2025 年的基準成長前景似乎相當樂觀。要求今年加快出口增速。所以我們想多了解一點。根據一些客戶對話，您是否看到一些訊號表明潛在客戶明年將圍繞核心業務加速發展？這是否假設您將成為 100% NDR？而我們該如何思考呢？

I didn't hear the last part of that question and then I heard the first part but let me answer and then you can maybe come back with the question. Now we're seeing a lot of green shoots around, kind of like as you said, that the all the product traction that we're getting and some of our larger customers, you know, even being willing to commit to longer term to long term contracts and commitment contracts, which isn't something that the company has done extensively in the past. But then, you know, the core NDR is improving steadily.

我沒有聽到該問題的最後部分，然後我聽到了第一部分，但讓我回答，然後您也許可以帶著問題回來。現在我們看到了很多新芽，就像你說的那樣，我們獲得的所有產品吸引力以及我們的一些大客戶，你知道，甚至願意致力於長期的長期合作定期合同和承諾合同，這並不是該公司過去廣泛做的事情。但你知道，核心 NDR 正在穩步改善。

We're not assuming that it gets to 100 by Q1 that's not implicit in the, in the, in that kind of comments that we made regarding next year. I mean, we're going to work aggressively to get it to be 100 but we can deliver the growth rates that we talked about because we're effectively delivering that now at a 12% growth with an NDR, that's only 97%. And we expect both the manage hosting NDR and the core cloud NDR to improve as we head into next year and we'll continue to get growth. You know, very positive growth contributions from our AI capabilities.

我們並沒有假設到第一季它會達到 100，這在我們對明年所做的評論中沒有隱含。我的意思是，我們將積極努力使其達到 100，但我們可以實現我們談到的成長率，因為我們現在有效地實現了 12% 的成長率，而 NDR 僅為 97%。我們預計，隨著明年的到來，管理託管 NDR 和核心雲端 NDR 都會得到改善，並且我們將繼續成長。你知道，我們的人工智慧能力對成長做出了非常積極的貢獻。

You know, we, we said earlier this year that we thought we'd get 3% of overall growth from AI and we'll end a little bit ahead of that this year. So that's also positive and encouraging as we think about what the baseline growth is heading into next year.

你知道，我們今年早些時候說過，我們認為人工智慧將帶來 3% 的整體成長，今年我們會提前一點。因此，當我們思考明年的基線成長情況時，這也是積極和令人鼓舞的。

Understood one quick follow up. The multi-year commitments is definitely interesting. Are you leaning in on any way to drive those commitments? Is that largely coming from customers or are you putting in processes to kind of enable those discussions? Thank you so much.

了解了一項快速跟進。多年的承諾絕對很有趣。您是否正在尋求任何方式來推動這些承諾？這主要來自客戶，還是您正在製定流程來促進這些討論？太感謝了。

Yeah, I can take that. So we are at this point and we're just letting it happen organically. So we, we don't have any pronounced established go to market motion. We're not pushing it on our customers. We're just letting it organically happen. The most important thing for us is to learn the patterns, learn what kind of technologies we need to build, learn the migration process itself and things like that and going into next year.

是的，我可以接受。所以我們現在已經到了這個階段，我們只是讓它自然地發生。因此，我們沒有任何明確的既定上市動議。我們不會把它強加給我們的客戶。我們只是讓它自然地發生。對我們來說最重要的是學習模式，了解我們需要建立什麼樣的技術，了解遷移過程本身以及類似的事情，並進入明年。

We, of course, we look into packaging it a little bit productizing it and also expand our third party ecosystem that can help orchestrate some of these things. So there's a lot of work to be done to scale it. But right now, we are focused on mailing it and understanding exactly what it takes to be successful.

當然，我們會考慮將其包裝起來，使其產品化，並擴展我們的第三方生態系統，以幫助協調其中一些事情。因此，要擴大規模，還有很多工作要做。但現在，我們專注於郵寄它並準確了解成功所需的條件。

Thank you.

謝謝。

And that is all the time we have for questions. This concludes today's conference call. Thank you for your participation. You may now disconnect.

這就是我們提問的全部時間。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。