DigitalOcean Holdings Inc (DOCN) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to DigitalOcean's Fourth Quarter 2024 Earnings Conference Call. (Operator instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔 (Krista)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DigitalOcean 2024 年第四季財報電話會議。（操作員指示）

I would now like to turn the conference over to Melanie Strait, Head of Investor Relations.

現在，我想將會議交給投資者關係主管梅蘭妮·斯特雷特 (Melanie Strait)。

Good Morning and thank you all for joining us today to review DigitalOcean's fourth quarter and full year 2024 financial results. Joining me on the call today are Paddy Srinivasan, our Chief Executive Officer, and Matt Steinfort, our Chief Financial Officer.

早安，感謝大家今天加入我們，回顧 DigitalOcean 2024 年第四季和全年財務表現。今天與我一起參加電話會議的還有我們的執行長帕迪·斯里尼瓦桑 (Paddy Srinivasan) 和首席財務官馬特·斯坦福特 (Matt Steinfort)。

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. Our actual results may differ materially from those projected in these forward-looking statements, including our financial outlook.

在我們開始之前，請允許我提醒您，今天電話會議上發表的某些聲明可能被視為前瞻性聲明，反映了管理層根據當前可用資訊做出的最佳判斷。我們的實際結果可能與這些前瞻性聲明中的預測有重大差異，包括我們的財務前景。

I direct your attention to the risk factors contained in our filings at the SEC, including our most recent annual report on Form 10-k filed today, as well as those referenced in today's press release that is posted on our website. DigitalOcean expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made today.

我請您注意我們向美國證券交易委員會提交的文件中包含的風險因素，包括我們今天提交的最新 10-k 表年度報告，以及今天在我們網站上發布的新聞稿中提到的風險因素。DigitalOcean 明確表示不承擔任何義務或承諾公開發布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 discussed on this conference call, and reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings 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, and with that, I will turn the call over to Paddy.

此外，本次電話會議將討論非公認會計準則 (non-GAAP) 財務指標，與最直接可比較的公認會計準則 (GAAP) 財務指標的對帳可以在今天的收益新聞稿以及概述今天電話會議財務討論的投資者介紹中找到。我們網站的 IR 部分也提供今天電話會議的網路直播，屆時我將把電話轉給 Paddy。

Thank you, Melanie. Good morning, everyone, and thank you for joining us today as we review our fourth quarter and full year 2024 results. We concluded the year with strong momentum and continue to successfully execute on the initiatives we laid out at the beginning of the year. Our senior leadership teams, significantly improving the pace of product innovation, augmenting our product led sales motion with new strategic go to market enhancements.

謝謝你，梅蘭妮。大家早安，感謝您今天加入我們，一起回顧我們 2024 年第四季和全年的業績。我們以強勁的勢頭結束了這一年，並繼續成功執行我們在年初制定的計劃。我們的高階領導團隊顯著提高了產品創新的步伐，透過新的策略性市場增強措施增強了我們的產品主導的銷售動力。

And continuing to accelerate the early success of our AIML platform, all of which together positioned us with momentum heading into 2025. In my comments today, I will briefly recap our fourth quarter and full year results, reiterate our strategy and priorities, share several product innovation and customer use cases across both core cloud and AIML that demonstrate the progress we're making against our priorities.

並繼續加速我們的 AIML 平台的早期成功，所有這些都為我們邁向 2025 年奠定了基礎。在今天的評論中，我將簡要回顧我們第四季度和全年的業績，重申我們的策略和優先事項，分享核心雲端和 AIML 的幾個產品創新和客戶用例，以展示我們在實現優先事項方面取得的進展。

First, I will briefly summarize the fourth quarter and full year 2024 financial results. Revenue growth accelerated in the fourth quarter to 13% year-over-year to $205 million with one of our biggest growth levers, net dollar retention improving to 99% from 96% in Q4 of the prior year.

首先，我將簡要總結2024年第四季和全年的財務表現。第四季營收成長加速，年增 13%，達到 2.05 億美元，我們最大的成長槓桿之一是淨美元保留率從去年第四季的 96% 提高到 99%。

Our efforts to improve growth and NDR in 2024 are evident in our Q4 results; As NDR, with our traditional cloud services reached 100% in Q4 for the first time since June of 2023 on the back of a rapid product roadmap execution in our investments in several strategic go to market motions. From these efforts, we saw increased expansion from our higher spend customers as we continue to focus both our product to market efforts on these top customers.

我們為在 2024 年提高成長和 NDR 所做的努力在我們的第四季度業績中得到了體現；作為 NDR，我們的傳統雲端服務在第四季度達到了 100%，這是自 2023 年 6 月以來首次，這得益於我們在幾項戰略性上市舉措中的投資以及產品路線圖的快速執行。透過這些努力，我們看到來自高消費客戶的擴張不斷增加，因為我們繼續將產品推向市場的努力重點放在這些頂級客戶身上。

Our higher spend customers, which has traditionally included our builder and scaler cohorts, now represent 88% of total revenue and grew 16% year-over-year in Q4. We have now further disaggregated our scalers and are disclosing our highest spend customer cohort Scalers Plus, which are customers who were at 1000+ annual run rate during the quarter.

我們的高支出客戶（傳統上包括我們的建設者和擴展者群體）現在佔總收入的 88%，並且在第四季度同比增長了 16%。現在，我們進一步細分了我們的擴展器，並揭露了我們支出最高的客戶群 Scalers Plus，這些客戶在本季度的年運行率超過 1000。

These Scaler Plus customers who are critical to our growth trajectory, increased in count by 17% year-over-year and were 22% of the total company revenue in Q4. We reached over 500 of these customers for the first time in the company's history, and more importantly, we saw a 37% year-over-year increase in revenue from scalers plus customers, which is clear evidence of both the water share opportunity we have with these customers and our demonstrated ability to scale with them.

這些對我們的成長軌跡至關重要的 Scaler Plus 客戶數量年增了 17%，佔第四季公司總營收的 22%。在公司歷史上，我們首次接觸到超過 500 名這樣的客戶，更重要的是，我們看到來自擴展客戶的收入同比增長了 37%，這清楚地證明了我們與這些客戶共享水資源的機會以及我們與他們一起擴展的能力。

We also made material progress on our other major growth lever, our AIML platform, and closed the year with continued momentum, exceeding the 3 points of overall growth contribution from our AIML platform that we had guided for 2024. With Q4 just north of 160% ARR growth while staying true to our AI strategy and pursuing durable AI revenue.

我們的另一個主要成長槓桿——AIML 平台也取得了實質進展，並以持續的勢頭結束了這一年，超過了我們為 2024 年預測的 AIML 平台 3 個百分點的整體成長貢獻。第四季的 ARR 成長率略高於 160%，同時我們堅持 AI 策略並追求持久的 AI 收入。

We are very encouraged with the rapid growth and customer adoption of our newly launched AI products, and I'll talk about them later in my comments. On top of the encouraging growth signals, profitability remains strong as we delivered healthy 42% adjusted EBITDA margins, both Q4 and for the full year, maintaining our cost discipline while we continue to invest to fuel future growth.

我們新推出的人工智慧產品的快速成長和客戶採用讓我們感到非常鼓舞，我將在稍後的評論中談論它們。除了令人鼓舞的成長訊號之外，獲利能力依然強勁，因為我們在第四季度和全年都實現了 42% 的調整後 EBITDA 利潤率，在保持成本紀律的同時，我們繼續投資以推動未來的成長。

Looking forward, our 2025 guidance reflects this ongoing momentum with full year revenue growth at low to mid-teens and high 10s free cash flow margins above our preliminary 15% to 17% indication. We continue to prioritize and rebalance our investments, driving improved operational efficiencies while shifting resources towards our top growth initiatives.

展望未來，我們的 2025 年指引反映了這一持續勢頭，全年營收成長率將達到十幾到十幾個百分點，自由現金流利潤率將達到十幾個百分點以上，高於我們初步預測的 15% 至 17%。我們將繼續優先考慮和重新平衡我們的投資，提高營運效率，同時將資源轉向我們的首要成長計畫。

Our upcoming Atlanta data center is a good example of both these priorities, as the upfront investment in that facility, which will come online in Q1, not only provides us with incremental capacity for both AI and our core cloud offerings, but also gives us a lower cost facility and it's part of our longer term data center optimization strategy.

我們即將建成的亞特蘭大資料中心就是這兩個優先事項的一個很好的例子，因為該設施的前期投資將於第一季上線，不僅為我們提供人工智慧和核心雲端產品的增量容量，而且還為我們提供了更低成本的設施，這是我們長期資料中心優化策略的一部分。

Matt will walk you through more detail on our financial results and guidance later in the call. In my first year at DigitalOcean. We had several very clear priorities as we sought to accelerate growth. We needed to double down on product innovation to address key gaps in our core cloud platform, better address the needs of our larger customers, return net dollar retention to a tailwind rather than a headwind, and build the foundation for our longer term AI growth strategy.

馬特將在稍後的電話會議中向您詳細介紹我們的財務表現和指導。這是我在 DigitalOcean 的第一年。在尋求加速成長的過程中，我們有幾個非常明確的優先事項。我們需要加倍投入產品創新，以解決核心雲端平台的關鍵差距，更好地滿足大客戶的需求，使淨美元留存率回歸順風而不是逆風，並為我們的長期人工智慧成長策略奠定基礎。

We made material progress on each of these objectives and continue to deliver on our promise of making complex cloud and AI technologies simple. We also made substantial progress on making our platform even more scalable, enhancing our ability to meet the needs of larger customers, and finally, we doubled down on our heritage of being the most approachable public cloud provider by continuing to invest in support of open source AI models and even hosting our developer conference deploy in January.

我們在每個目標上都取得了實質進展，並繼續履行讓複雜的雲端和人工智慧技術變得簡單的承諾。我們還在使我們的平台更具可擴展性、增強我們滿足更大客戶需求的能力方面取得了實質性進展，最後，我們通過繼續投資支持開源 AI 模型，甚至在一月份舉辦了開發者大會，加倍鞏固了我們作為最平易近人的公共雲提供商的傳統。

Let me now give you some updates on the core cloud computing platform. In Q4, we continued to accelerate the pace of innovation as we released 49 new products and features throughout the quarter, which is more than 4 times what we released in Q4 of the previous year.

現在我向大家介紹核心雲端運算平台的最新狀況。第四季度，我們持續加快創新步伐，整個季度發布了49款新產品和新功能，是去年同期的4倍多。

Most of these products and feature enhancements directly address the needs of our largest spend customers as we continue to remove blockers and implement the capabilities that they need to further scale on our platform. I will highlight several of these product releases that we have made to help our customers grow their businesses using DigitalOcean.

隨著我們不斷消除障礙並實現他們在我們的平台上進一步擴展所需的功能，這些產品和功能增強中的大多數都直接滿足了我們最大消費客戶的需求。我將重點介紹我們發布的幾款產品，以幫助我們的客戶使用 DigitalOcean 發展業務。

Given that our larger customers run significant global workloads, they need the ability to securely connect different parts of their network so that their systems and applications in separate environments in various data centers in different countries can securely communicate without using the public internet to improve speed and efficiency while keeping their data secure. To address this need, in Q4, we announced virtual private cloud peering or VPC Peering for short, which is now generally available for all our customers.

鑑於我們的大客戶運行著大量的全球工作負載，他們需要能夠安全地連接其網路的不同部分，以便位於不同國家/地區的各個數據中心的不同環境中的系統和應用程序可以在不使用公共互聯網的情況下進行安全通信，從而提高速度和效率，同時確保數據安全。為了滿足這項需求，我們在第四季度宣布了虛擬私有雲對等連接（簡稱 VPC Peering），目前已向所有客戶開放。

VPC peering enables customers to connect their separate private clouds and establish seamless communication between resources hosted in these clouds using private IP addresses, keeping their information safe by traversing through the DigitalOcean backbone rather than through the public internet. Our larger customers also need the ability to distribute traffic across resources.

VPC 對等連接使客戶能夠連接各自的私有雲，並使用私有 IP 位址在這些雲中託管的資源之間建立無縫通信，透過穿越 DigitalOcean 主幹網而不是公共互聯網來保證其資訊的安全。我們的大客戶也需要跨資源分配流量的能力。

While still keeping it within a secure private network, to support this, we introduced a new feature called internal load balancer which enhances security by ensuring that internal workloads remain isolated from public internet, making it ideal for applications that require highly scalable private communications.

為了支援這一點，我們仍然將其保存在安全的私有網路內，同時引入了一項稱為內部負載平衡器的新功能，該功能透過確保內部工作負載與公共互聯網隔離來增強安全性，使其成為需要高度可擴展的私有通訊的應用程式的理想選擇。

We also have several large customers with volatile traffic patterns that need mechanisms to handle these massive spikes in volume very smoothly while still optimizing costs and scaling them down when the demand is lower. To address this, we announced the general availability of droplet auto scale pools to ensure that the right resources are available to handle application workloads during these surges in traffic.

我們還有幾家大客戶，他們的流量模式不穩定，需要有機制來非常平穩地處理這些龐大的流量高峰，同時還能優化成本，並在需求較低時縮減規模。為了解決這個問題，我們宣布全面推出 Droplet 自動縮放池，以確保在流量激增期間有合適的資源來處理應用程式工作負載。

Scaling up automatically to meet demand while also helping minimize costs by scaling them back down when the traffic surge is over. We also introduce flexible management capabilities to our app platform, which is our platform as a service offering for more granular life cycle management, including archive and restore functionality and maintenance mode during the application's full life cycle.

自動擴大規模以滿足需求，同時在流量激增結束後縮小規模以幫助最大限度地降低成本。我們還為我們的應用平台引入了靈活的管理功能，這是我們的平台即服務，提供更細粒度的生命週期管理，包括應用程式整個生命週期內的存檔和復原功能以及維護模式。

Next, customers of spaces, which is our fast growing S3 compatible object storage service, have long asked for the ability to grant granular permissions to different users or teams without exposing full account account wide credentials. In response, we launched per bucket access keys for spaces.

接下來，Spaces（我們快速成長的S3相容物件儲存服務）的客戶長期以來一直要求能夠向不同的使用者或團隊授予細粒度的權限，而無需暴露完整的帳戶範圍憑證。作為回應，我們為空間推出了每個儲存桶的存取密鑰。

This highly sought after feature provides customers with identity-based bucket level control over access permissions, helping enhance their data security and ultimately simplifying management overhead. Complementing this accelerated pace of product delivery of sophisticated capabilities was one of our new go to market motions where we bolstered our engagement with our TOP1,500 customers.

這項備受追捧的功能為客戶提供了基於身分的儲存桶層級的存取權限控制，有助於增強他們的資料安全性並最終簡化管理開銷。除了加快交付先進功能產品的速度之外，我們還採取了新的市場舉措，加強了與 TOP1,500 名客戶的互動。

By helping take these new innovations to our customers and tightly orchestrating a closed loop between the various DigitalOcean teams and our top customers, this motion increased awareness and adoption of our new product capabilities facilitating migration of cloud workloads from other clouds to DO and serving as a catalyst for both our improved NDR and faster growth rate of scalar plus customers.

透過協助將這些新創新帶給我們的客戶，並在各個 DigitalOcean 團隊和我們的頂級客戶之間緊密協調閉環，這項舉措提高了對我們新產品功能的認識和採用，促進了雲端工作負載從其他雲端遷移到 DO，並成為我們改進的 NDR 和更快的標量加客戶成長率的催化劑。

Our higher spend customers have quickly started adopting many of these features that I just talked about that we released over the back half of 2024. Over 50% of our TOP100 customers have adopted at least one of the features that we released in Q3, and we anticipate similar adoption levels for our Q4 features over time.

我們的高消費客戶已經迅速開始採用我剛才提到的許多我們在 2024 年下半年發布的功能。我們 TOP100 客戶中超過 50% 已經採用了我們在第三季發布的至少一項功能，並且我們預計第四季度的功能採用率也將達到類似的水平。

Together, the breadth of these new features and the pace at which we are executing our product roadmap is enabling our higher spend customers to grow on DigitalOceans and is enabling us to win more of their workloads that today reside on other hyperscalar clouds.

總而言之，這些新功能的廣度以及我們執行產品路線圖的速度使我們的高支出客戶能夠在 DigitalOceans 上實現成長，並使我們能夠贏得更多目前駐留在其他超標量雲端上的工作負載。

As we discussed last quarter, we've been focused on helping our customers seamlessly migrate more workloads to us and scale efficiently on DO. One example of this is a customer called Digital Platform, a strategic software solutions development company that was experiencing high cost and latency issues with the cloud they were they were leveraging, which was impacting their application performance.

正如我們上個季度所討論的那樣，我們一直致力於幫助客戶無縫地將更多工作負載遷移給我們，並在 DO 上有效擴展。其中一個例子是名為 Digital Platform 的客戶，這是一家策略性軟體解決方案開發公司，他們在使用雲端時遇到了高成本和延遲問題，這影響了他們的應用程式效能。

Through our customer facing teams, we were able to fully migrate their workloads to DigitalOcean, leveraging our optimized database infrastructure to improve their performance while providing them with substantial cost savings.

透過我們面向客戶的團隊，我們能夠將他們的工作負載完全遷移到 DigitalOcean，利用我們優化的資料庫基礎架構來提高他們的效能，同時為他們節省大量成本。

Another example is Hoodoo, a provider of enhanced IT documentation with features and tools made for assisting managed service providers and IT departments. Hoodoo has been a DO customer since 2019, and they continue to scale and grow on our platform.

另一個例子是 Hoodoo，一家增強型 IT 文件供應商，其功能和工具旨在協助託管服務提供者和 IT 部門。Hoodoo 自 2019 年起就是 DO 的客戶，並且他們在我們的平台上不斷擴大規模和發展。

Hoodoo was an early adopter of our Kubernetes, managed databases, snap shooter, and premium support products. As a result of the ease of use of our platform, they've been able to focus on their own scalability and have grown as a business over 870% since 2021.

Hoodoo 是我們 Kubernetes、託管資料庫、快照程式和進階支援產品的早期採用者。由於我們平台的易用性，他們能夠專注於自身的可擴展性，自 2021 年以來業務增長了 870% 以上。

Another example of our customers' ability to scale with this lotion is Moments, a fitness and wellness platform that manages bookings, communications, and memberships. Moments needed a larger instance to house their database to meet the requirements of their rapidly growing customer base and continue leveraging our platform.

我們的客戶利用這款乳液進行擴展的能力的另一個例子是 Moments，這是一個管理預訂、通訊和會員資格的健身和健康平台。Moments 需要更大的實例來容納他們的資料庫，以滿足其快速增長的客戶群的需求並繼續利用我們的平台。

The installation team was able to provide architectural guidance by crafting a solution with existing DO products while delivering a new product they requested a 48 vCPU storage optimized droplet with scalable storage. Let me now switch gears and give you a quick update on our AI initiatives. We remain committed to and are executing well against our AI strategy that we articulated last year.

安裝團隊能夠透過使用現有 DO 產品製定解決方案來提供架構指導，同時交付新產品，他們要求具有可擴展儲存的 48 vCPU 儲存優化 droplet。現在讓我換個話題，向大家簡單介紹一下我們的人工智慧計畫。我們仍然致力於並正在很好地執行我們去年闡明的人工智慧策略。

In that context, I'm very encouraged by the emerging innovations in this space like DeepSea that drive down the cost of AI adoption and improve the quality of open source models which will ultimately enable more customers to use AI. We see innovations such as DeepSea and even reports of some Hyperscalers potentially moderating their data center commitments as reinforcing our conviction that while a lot of action to date has been at the infrastructure layer.

在這種背景下，我對 DeepSea 等該領域的新興創新感到非常鼓舞，這些創新降低了人工智慧採用的成本並提高了開源模型的質量，最終將使更多客戶能夠使用人工智慧。我們看到諸如 DeepSea 之類的創新，甚至有報導稱一些超大規模企業可能會調整其資料中心承諾，這強化了我們的信念，即儘管迄今為止的許多行動都發生在基礎設施層面。

That innovation and value creation will occur at the platform and application layers, where we are highly differentiated and well positioned to grow as we democratize AI for our customers. Our prudent approach to AI investment also allows us to ramp investment where we see customer demand, and as a case in point, we are increasing our allocation of our GPU capacity for our GPU droplets where we quickly ran out of capacity after launching at the beginning of Q4.

創新和價值創造將發生在平台和應用層面，在這些層面上，我們具有高度的差異化，並且在為客戶實現人工智慧民主化的過程中具有良好的發展條件。我們對人工智慧投資的審慎態度也使我們能夠在看到客戶需求的地方增加投資，例如，我們正在增加 GPU droplet 的 GPU 容量分配，在第四季度初推出後，我們的容量很快就耗盡了。

Each of these three layers infrastructure, platform, and AI applications have their purpose and very distinct customer targets. And although most of the action is still in the infrastructure layer, we are now starting to see more narratives in the market around the higher layers of the stack in platforms and agentic applications, which is a good validation of our AI strategy that we laid out last year.

基礎設施、平台和人工智慧應用這三層各有其用途和非常獨特的客戶目標。儘管大部分行動仍然在基礎設施層，但我們現在開始看到市場上更多關於平台和代理應用程式堆疊更高層的敘述，這很好地驗證了我們去年制定的人工智慧策略。

We've been making excellent progress enhancing our AI infrastructure offerings as well as innovating at the GenAI platform and agent tech application layers as we build towards a goal of a democratizing AI by enabling our customers to quickly experiment and build AI into their real world applications.

我們在增強 AI 基礎設施產品以及在 GenAI 平台和代理技術應用層進行創新方面取得了巨大進展，透過讓客戶快速試驗並將 AI 構建到他們的現實世界應用中，我們朝著民主化 AI 的目標邁進。

On the infrastructure side, we are seeing strong adoption of GPU droplets which we made generally available to all our customers in October. As a reminder, GPU droplets allow digital lotion customers to leverage on-demand and fractional access to GPUs in a self-service way in just a few minutes, vastly simplifying a very complex series of steps.

在基礎設施方面，我們看到 GPU Droplet 的採用率很高，我們在 10 月向所有客戶全面開放了這項技術。提醒一下，GPU droplet 讓數位乳液客戶在短短幾分鐘內以自助服務的方式利用按需和部分存取 GPU，從而大大簡化了一系列非常複雜的步驟。

Let me now give you a couple of real world examples. Prodia, a company specializing in integrating generative AI into their own applications leverages digital lotions, GPU infrastructure globally to efficiently manage their own products. Prodia accelerates generation speeds, offering an easy to use API for AI powered image generation.

現在讓我給你舉幾個現實世界的例子。Prodia 是一家專門將生成式人工智慧整合到自身應用程式中的公司，它利用全球數位乳液和 GPU 基礎設施來高效管理自己的產品。Prodia 加快了生成速度，為 AI 驅動的圖像生成提供了易於使用的 API。

Another example of an AI, ML infrastructure company is Commodity Weather Group, a company that provides advanced weather model forecasts to their clients and runs AI-based weather models to enhance decision making with additional insights. They also leveraged DigitalOcean AI infrastructure for its scalability and ease of use.

另一個 AI、ML 基礎設施公司的例子是 Commodity Weather Group，該公司為客戶提供先進的天氣模型預報，並運行基於 AI 的天氣模型，以透過額外的見解來增強決策能力。他們還利用 DigitalOcean AI 基礎設施的可擴展性和易用性。

These are just a few examples of how our customers are leveraging our infrastructure to develop and sustain data intensive software to be able to meet the needs of their own customers, all while leveraging the simplicity of DigitalOcean's AIML infrastructure. Moving up the stack, I'm very excited about our GenAI platform which is now in public data. The DigitalOcean GenAI platform is one of the simplest platforms to create, deploy, and integrate AI agents into real world applications.

這些只是我們的客戶如何利用我們的基礎設施來開發和維持資料密集型軟體以滿足自身客戶需求的幾個例子，同時利用 DigitalOcean 的 AIML 基礎設施的簡單性。進一步說，我對我們 GenAI 平台感到非常興奮，該平台現在已成為公共數據。DigitalOcean GenAI 平台是創建、部署和整合 AI 代理到現實世界應用程式中的最簡單的平台之一。

Stepping back for a second, AI agents are software applications designed to autonomously perform multi-step tasks that involve reasoning and decision making, leveraging AI and ML. Our new GenAI platform gives customers everything they need to build AI into their own applications without the need for advanced expertise in AI or machine learning.

退一步來說，人工智慧代理是旨在利用人工智慧和機器學習自主執行涉及推理和決策的多步驟任務的軟體應用程式。我們的新 GenAI 平台為客戶提供了將 AI 建置到自己的應用程式中所需的一切，而無需 AI 或機器學習方面的高級專業知識。

Customers can easily and quickly build AI agents leveraging DO's infrastructure by adding their data to their pre-trained third party GenAI models and can seamlessly integrate those agents into their own application via secure endpoints or chatbot plugins.

客戶可以利用 DO 的基礎設施輕鬆快速地建立 AI 代理，方法是將其資料添加到預先訓練的第三方 GenAI 模型中，並可以透過​​安全端點或聊天機器人插件將這些代理無縫整合到自己的應用程式中。

In the four weeks since we made the GenAI platform beta public, we have seen well over 1,000 agents created on the platform, with the most encouraging fact being that roughly 90% of these agents were created by existing DO customers, which is further validation of our belief that our typical DO customer wants to leverage AI into their software stack and are willing to do it if we make it very simple and integrated with the rest of our cloud platform.

自 GenAI 平台測試版公開以來的四周內，我們已經看到平台上創建了超過 1,000 個代理，最令人鼓舞的事實是，這些代理中大約 90% 是由現有的 DO 客戶創建的，這進一步證實了我們的信念，即典型的 DO 客戶希望將 AI 融入他們的軟體堆棧中，如果我們使其變得非常簡單平台中，並且如果我們使其變得非常簡單。

In our latest version of the DigitalOcean current, a customer trends report that we published earlier this month, we found that almost 80% of our target customers are interested in leveraging AI, but over 70% of them said that costs and lack of expertise are the two major impediments to AI adoption.

在我們本月稍早發布的最新版 DigitalOcean current 客戶趨勢報告中，我們發現近 80% 的目標客戶有興趣利用人工智慧，但超過 70% 的客戶表示成本和缺乏專業知識是採用人工智慧的兩大障礙。

Our GenAI platform makes it very simple by abstracting out most of this complexity associated with creating AI agents by having templatized agents, click through wizards, and so on, and by providing easy access to a variety of open source models including lama, Deepeek, and withdrawal.

我們的 GenAI 平台透過模板化代理、點擊嚮導等抽像出與創建 AI 代理相關的大部分複雜性，並透過提供對各種開源模型（包括 lama、Deepeek 和 withdrawal）的輕鬆訪問，使創建過程變得非常簡單。

At the application layer, we introduced Cloudways Copilot in public beta, which is a suite of AI solutions designed to bring intelligent managed hosting to small and medium businesses, starting with AI powered diagnostics to give customers recommendations and alerts to fix issues before they become problems.

在應用程式層，我們推出了 Cloudways Copilot 公開測試版，這是一套人工智慧解決方案，旨在為中小型企業帶來智慧託管服務，首先採用人工智慧診斷，為客戶提供建議和警報，以便在問題出現之前解決問題。

This helps our customers automate tasks, monitor performance, and provide them with insights to keep their websites up and running smoothly. One such example is click it a web design and development agency which is already leveraging the newly announced Cloudways Copilot and AI. Click it is finding a 4x reduction in the time spent manually handling issues and taking care of web servers.

這有助於我們的客戶自動執行任務、監控效能並為他們提供見解，以保持他們的網站順利運作。其中一個例子是點擊它，一個網頁設計和開發機構已經在利用新發布的 Cloudways Copilot 和 AI。點擊後，可以發現手動處理問題和維護 Web 伺服器所花費的時間減少了 4 倍。

We also started using GenAI agents for our own internal DigitalOcean cloud operations for a variety of operational incidents. GenAI agents are invoked which analyze our service logs to determine the root causes. This has resulted in a 39% improvement in our time to resolution and is one of the most sophisticated uses of GenAI agents in the industry today.

我們也開始在我們自己的內部 DigitalOcean 雲端操作中使用 GenAI 代理程式來應對各種操作事件。呼叫 GenAI 代理程式來分析我們的服務日誌以確定根本原因。這使得我們的解決問題的時間提高了 39%，並且是當今業界 GenAI 代理最複雜的用途之一。

We're building these agents and using them not just to improve our own operations but also to deeply understand the pain points and complexities of building AI agents so that we can incorporate these learnings into our GenAI platform and making it even more simpler for our customers to use. Beyond our product and customer progress, another recent highlight was the deploy conference we hosted in January in Austin, Texas.

我們正在建立這些代理商並使用它們，不僅是為了改進我們自己的運營，也是為了深入了解建立人工智慧代理的痛點和複雜性，以便我們可以將這些學習成果融入我們的 GenAI 平台，使我們的客戶能夠更輕鬆地使用它們。除了我們的產品和客戶進展之外，最近的另一個亮點是我們一月份在德克薩斯州奧斯汀舉辦的部署會議。

This event brought together customers, partners, and some DigitalOcean employees, amplifying our presence in the developer and AIML space and building out on a strong position at the most approachable public cloud. At Deploy, we introduced a slew of new product capabilities, launched an AI variant of our popular startup incubator program called Hatch, and hosted many of our technology and channel partners.

這項活動匯集了客戶、合作夥伴和一些 DigitalOcean 員工，擴大了我們在開發人員和 AIML 領域的影響力，並在最平易近人的公有雲中鞏固了強勢地位。在 Deploy 大會上，我們推出了一系列新的產品功能，推出了我們流行的新創企業孵化器計劃 Hatch 的 AI 變體，並接待了我們的許多技術和通路合作夥伴。

At Deploy, we also launched a new migrations program designed to seamlessly transition cloud workloads from the hyper scales to DigitalOcean. This program will eliminate migration-related complexity, deliver lower operational costs, and provide seamless technology assistance through our partner ecosystem and a newly formed DigitalOcean team of solution architects skilled at migrating cloud workloads.

在 Deploy 中，我們還推出了一個新的遷移程序，旨在將雲端工作負載從超大規模無縫過渡到 DigitalOcean。該計劃將消除與遷移相關的複雜性，降低營運成本，並透過我們的合作夥伴生態系統和新成立的擅長遷移雲端工作負載的解決方案架構師 DigitalOcean 團隊提供無縫技術援助。

To recap, as I close my prepared remarks, we entered 2025 with increasing momentum. In Q4 alone, we released more than 4 times as many products and features. We did in the previous year, increased net dollar retention to 99%, grew revenue 13% year-over-year, and delivered 18% at just a free cash flow margin. Our focused efforts on our higher-end customers and our continued traction in AI drove quarterly revenue for our Top 500 plus customers, representing 22% of our total revenue to grow at 37% year-over-year.

在我結束我的準備發言時，總而言之，我們正以越來越強勁的勢頭進入 2025 年。光是在第四季度，我們發布的產品和功能就增加了 4 倍以上。我們去年確實做到了這一點，將淨美元留存率提高到了 99%，收入同比增長了 13%，並且在自由現金流利潤率上實現了 18% 的增長率。我們專注於高端客戶，並在人工智慧領域持續發力，推動了我們前 500 多家客戶的季度收入，占我們總收入的 22%，較去年同期成長 37%。

This shows clear progress on our strategy and builds on our leading position as the simple, scalable, and approachable cloud. Before I turn the call over to Matt, I'm very excited for our upcoming Investor Day, which we will be hosting at the New York Stock Exchange on April fourth starting at 9 AM Eastern time.

這表明我們的策略取得了明顯進展，並鞏固了我們作為簡單、可擴展和平易近人的雲端的領先地位。在我將電話轉給馬特之前，我對即將到來的投資者日感到非常興奮，我們將於 4 月 4 日東部時間上午 9 點在紐約證券交易所舉行。

During this investor day, we will share more on our longer term strategy, including more details on our progress and key metrics, and we'll share a view of our long term financial outlook. I will now hand it over to Matt, who will provide some additional details on our recent financial results and our outlook for Q1 and full year 2025.

在本次投資者日期間，我們將分享更多有關我們的長期策略的信息，包括有關我們的進展和關鍵指標的更多細節，並分享我們對長期財務前景的看法。現在我將把時間交給馬特，他將提供有關我們最近的財務業績以及我們對 2025 年第一季和全年的展望的更多詳細資訊。

Thanks, Paddy. Good morning, everyone, and thanks for joining us today. As Paddy discussed, we delivered a solid Q4 in full year 2024 on all financial metrics and made meaningful progress on the key initiatives and goals we set in place at the beginning of the year. In my comments, I will review our Q4 results in detail and cover the full year 2024 financial highlights before sharing updated first quarter and full year 2025 financial outlook.

謝謝，帕迪。大家早安，感謝大家今天加入我們。正如帕迪所討論的，我們在 2024 年全年第四季度的所有財務指標上都取得了穩健的業績，並在年初制定的關鍵舉措和目標上取得了有意義的進展。在我的評論中，我將詳細回顧我們的第四季度業績，並介紹 2024 年全年財務亮點，然後分享更新的第一季和 2025 年全年財務展望。

Revenue in the fourth quarter was $205 million up 13% year-over-year. Annual run rate revenue, or ARR in the fourth quarter was $820 million as we added $26 million of incremental ARR in the quarter, up from $24 million in new ARR in Q3. Of note, we made a methodology change to how we report ARR, where we now calculate ARR by multiplying the quarterly revenue times 4 rather than the final month of the quarter 12.

第四季營收為2.05億美元，年增13%。第四季的年度運行率收入或 ARR 為 8.2 億美元，因為我們在本季度增加了 2,600 萬美元的增量 ARR，高於第三季的 2,400 萬美元新 ARR。值得注意的是，我們對報告 ARR 的方法進行了更改，現在我們透過將季度收入乘以 4 來計算 ARR，而不是第 12 季的最後一個月。

We decided to use aggregate quarterly revenue to calculate ARR to reduce potential volatility in this metric given the project-based nature of some of the training workloads customers are running on our AIML platform. More details on this, as well as a reconciliation between the old and new methodologies can be found in our Form 10-k.

考慮到客戶在我們的 AIML 平台上運行的一些培訓工作負載具有基於專案的性質，我們決定使用季度總收入來計算 ARR，以減少該指標的潛在波動。有關這方面的更多詳細資訊以及新舊方法之間的協調可以在我們的 10-k 表格中找到。

Revenue from our builders and scalers, which are our highest spending customer cohorts and represent 88% of total revenue, grew 16% year-over-year. And customer count increased 6% year-over-year. This quarter we also began to disclose further disaggregation within our scalers cohort and are now separately disclosing our largest spending customer cohort or Scalers Plus or customers that monthly spend is more than $8,333 per month during the quarter, which is more than $100,000 on an annualized run rate or ARR basis.

來自我們的建設者和擴展者的收入年增了 16%，他們是我們支出最高的客戶群，佔總收入的 88%。顧客數量較去年同期增加6%。本季度，我們也開始在擴展者群體中進一步細分，現在分別揭露我們最大的支出客戶群或 Scalers Plus，或本季度每月支出超過 8,333 美元的客戶，按年化運行率或 ARR 計算超過 100,000 美元。

In Q4, revenue from Scalers Plus, who represent 22% of overall revenue, grew 37% year-over-year, driven by a 17% year-over-year increase in Scalar customer count coupled with their expanded usage of our core cloud services and continued growth of our AI related solutions. The net expansion increase we saw from our top customers drove our Q4 net dollar retention rate up to 99%, up from 97% for the first three quarters of 2024.

第四季度，來自 Scalers Plus 的營收年增 37%，佔總營收的 22%，這得益於 Scalar 客戶數量年增 17%，以及他們擴大了我們的核心雲端服務的使用範圍，以及我們 AI 相關解決方案的持續成長。我們看到頂級客戶的淨擴張成長推動我們第四季的淨美元留存率從 2024 年前三個季度的 97% 上升至 99%。

The increases we are seeing in our net expansion levels coupled with churn that has remained stable for the last two years is moving us closer to reaching and exceeding 100% NDR and shifting NDR from a growth headwind to a tailwind. Within this overall improvement in DR, we saw the NDR rate of our traditional cloud services reach 100% in the first quarter for the first time since June of 2023.

我們看到淨擴張水準的增加，加上過去兩年保持穩定的客戶流失率，使我們更接近達到並超過 100% NDR，並將 NDR 從成長逆風轉變為順風。在災難復原的整體改善下，我們傳統雲端服務的 NDR 比率自 2023 年 6 月以來首次在第一季達到 100%。

All of this progress is despite the fact that we are still lapping a few headwinds from our managed hosting products that we've spoken about previously, and this progress gives us confidence in our baseline growth rate heading into 2025. Turning to the P&L, gross margin for the quarter was 62%, which was 300 basis points higher than the prior quarter and 500 basis points higher than the prior year.

儘管我們仍然面臨著之前談到的託管產品帶來的一些阻力，但我們仍然取得了所有這些進展，這些進展讓我們對 2025 年的基準成長率充滿信心。談到損益表，本季毛利率為 62%，比上一季高 300 個基點，比去年高出 500 個基點。

The increase in gross margin quarter over quarter and year-over-year is primarily driven by the increase in revenue as well as the change in the useful life for our servers from five to six years as we've been able to extend the utilization of our equipment.

毛利率環比和同比增長主要得益於收入的增長，以及我們伺服器的使用壽命從五年增加到六年，因為我們能夠延長設備的使用時間。

More details on this change in useful life can be found in our Form 10-K. Adjusted EBITDA was $86 million, an increase of 17% year-over-year. Adjusted EBITDA margin was 42% in the fourth quarter, approximately 200 basis points less than the prior quarter, but 100 basis points higher than the prior year. We feel confident in our ongoing ability to appropriately balance our growth investments with our efforts to improve operating efficiency, as is evidenced by our continued delivery of healthy adjusted margins.

有關使用壽命變化的更多詳細信息，請參閱我們的 10-K 表格。調整後EBITDA為8,600萬美元，較去年成長17%。第四季調整後 EBITDA 利潤率為 42%，比上一季下降約 200 個基點，但比上年同期高 100 個基點。我們相信，我們能夠持續適當平衡成長投資與提高營運效率的努力，我們持續提供健康的調整後利潤率就證明了這一點。

Q4 adjusted free cash flow with $37 million or 18% of revenue. This is higher than Q3 by approximately 500 basis points due to timing of capital investment payments, which will continue to create quarter core variations and adjusted free cash flow margins.

第四季調整後自由現金流為 3,700 萬美元，佔營收的 18%。由於資本投資支付的時間安排，這比第三季高出約 500 個基點，這將繼續產生季度核心變化和調整後的自由現金流利潤率。

Finally, non-GAAP diluted net income per share was $0.49, 11% increase year-over-year. This increase is a direct result of our ability to increase our per share profitability levels by continuing to drive operating leverage while mitigating dilution through share buybacks. For 2024, total revenue increased 13% year-over-year to $781 million.

最後，非公認會計準則每股攤薄淨收益為 0.49 美元，較去年同期成長 11%。這一成長直接源自於我們能夠透過持續提高經營槓桿來提高每股獲利水平，同時透過股票回購來減輕稀釋。2024 年總營收年增 13% 至 7.81 億美元。

This growth came primarily from continued strength in our durable customer acquisition engine, which in 2024 was augmented by new customer revenue on our AI platform and from growth in our highest spend customer cohorts. Given our 98% NDR in 2024, the vast majority of our revenue growth in 2024 came from customer acquisition and new customers, including those that consumed our newly launched AI services, which delivered north of 160% ARR growth in Q4.

這項成長主要得益於我們持久的客戶獲取引擎的持續強勁，2024 年，我們的 AI 平台上的新客戶收入以及最高消費客戶群的成長進一步增強了這一成長。鑑於我們 2024 年的 NDR 為 98%，我們 2024 年營收成長的絕大部分來自客戶獲取和新客戶，包括那些使用我們新推出的 AI 服務的客戶，這些服務在第四季度實現了超過 160% 的 ARR 成長。

Despite the NDR headwind in 2024, our scalar and Scalar Plus customer cohorts collectively contributed approximately $445 million and 57% of total revenue in 2024 and grew revenue 18% year-over-year. Turning to the P&L, our gross margin for the year was 60%, which was 3,300 basis points higher than the prior year, which I noted earlier in my comments is primarily driven by revenue growth that is faster than our growth in COGS as we delivered further operating leverage.

儘管 2024 年面臨 NDR 逆風，但我們的 scalar 和 Scalar Plus 客戶群在 2024 年共貢獻了約 4.45 億美元，佔總收入的 57%，且營收年增 18%。談到損益表，我們今年的毛利率為 60%，比前一年高出 3,300 個基點，我之前在評論中指出，這主要是由於我們進一步提高了經營槓桿，收入增長速度快於銷貨成本的增長速度。

On the profitability front, we delivered healthy adjusted EBITDA margins in 2024 at 42%, up 200 basis points from 2023. We generated 17% adjusted pre-cash flow margin in 2024, down as we had planned going into the year 500 basis points from 2023 margins as we ramped our investment in our compelling AI growth opportunity.

在獲利能力方面，我們 2024 年的調整後 EBITDA 利潤率達到 42%，比 2023 年成長 200 個基點。由於我們加大了對極具吸引力的人工智慧成長機會的投資，我們在 2024 年實現了 17% 的調整後現金流前利潤率，按照我們計劃，比 2023 年的利潤率下降了 500 個基點。

On our customer metrics, as I mentioned previously, this quarter, we are now disclosing further desegregation of our scalar customer cohort into scalers and scalar plus, as these higher spend customers are the focus of our investments and their performance is key to our growth strategy.

關於我們的客戶指標，正如我之前提到的，本季度，我們將進一步把我們的標量客戶群細分為標量客戶和標量加客戶，因為這些消費更高的客戶是我們投資的重點，他們的表現是我們成長策略的關鍵。

In Q4, the number of scalers Plus grew 17% year-over-year, and the revenue growth from Scalers Plus grew 37% year to year. We are also seeing an increase in average spend within Scalers Plus, where average revenue per user, or ARPU grew 18% year-over-year.

第四季度，Scalers Plus 數量年增 17%，Scalers Plus 帶來的營收年增 37%。我們也看到 Scalers Plus 的平均支出增加，其中每位用戶平均收入或 ARPU 年比成長 18%。

The traction we are seeing with our highest spending customers is the result of our continued efforts across product development, targeted customer success and account management motions, and new go to market investments that are all focused on these customers, and this is an encouraging sign of our ability to drive future growth.

我們在最高消費客戶中所看到的吸引力是我們在產品開發、有針對性的客戶成功和帳戶管理動議以及新的上市投資方面不斷努力的結果，這些投資都集中在這些客戶身上，這是我們推動未來增長能力的一個令人鼓舞的跡象。

Our balance sheet remains very strong as we entered the quarter with $428 million of cash in cash equivalents. We continued to execute against our share repurchase program in the quarter with $28 million of repurchases in Q4, bringing total share repurchases to $57 million in fiscal year 2024 and bringing our cumulative share repurchases since IPO to $1.5 billion and $32.6 million shares through December 31, 2024.

我們的資產負債表依然非常強勁，本季我們擁有 4.28 億美元的現金等價物。我們在本季繼續執行股票回購計劃，第四季回購了 2,800 萬美元，使 2024 財年的總回購額達到 5,700 萬美元，並使自 IPO 以來的累計股票回購額達到 15 億美元，截至 2024 年 12 月 31 日共回購 3,260 萬美元，截至 2024 年 12 月 31 日共回購 3260 萬美元。

With our healthy cash position and ongoing free cash flow generation, we are well positioned to continue investment in both organic growth and share repurchase while maintaining appropriate flexibility to address our 2026 convertible note at the appropriate time, which is likely before it goes current at the end of this year.

憑藉健康的現金狀況和持續的自由現金流生成，我們完全有能力繼續投資於有機增長和股票回購，同時保持適當的靈活性，以便在適當的時候（很可能在今年年底之前）處理我們的 2026 年可轉換票據。

Moving on to guidance, I will now share our financial outlook for the first quarter of 2025 and for the full year. For the first quarter of 2025, we expect revenue to be in the range of $207 million to $209 million, representing approximately 13% year-over-year growth at the midpoint of our guidance range. For the full year 2025, we expect revenue to be in the range of $870 million to $890 million also representing approximately 13% at the midpoint of our range.

談到指導，我現在將分享我們對 2025 年第一季和全年的財務展望。對於 2025 年第一季度，我們預計營收將在 2.07 億美元至 2.09 億美元之間，在我們指導範圍的中點，年增約 13%。對於 2025 年全年，我們預計營收將在 8.7 億美元至 8.9 億美元之間，約占我們預期範圍中位數的 13%。

As is the case with our 2024 guidance, our 2025 guidance is underpinned by our baseline growth foundation as we entered the new year. Our primary 2025 growth levers are bolstering customer acquisition and continuing to drive customer expansion. Customer acquisition includes revenue from any new customer, including new AIML customers who are within their first 12 months on our platform.

與我們的 2024 年指引一樣，我們的 2025 年指引也以我們進入新年時的基線成長基礎為基礎。我們 2025 年的主要成長槓桿是加強客戶獲取並持續推動客戶擴張。客戶獲取包括來自任何新客戶的收入，包括在我們的平台上使用前 12 個月內的 AIML 新客戶。

We anticipate customer acquisition and revenue from new customers to again contribute the majority of our growth in 2025, but by continuing to improve NDR in 2025 and by expanding usage by our existing AI customers that will soon have been on our platform for more than a year, we expect customer expansion to improve and to have a neutral to slightly positive impact in 2025, where it was a headwind in 2024.

我們預計，到 2025 年，客戶獲取和新客戶收入將再次為我們的成長做出貢獻，但透過在 2025 年繼續改進 NDR 並擴大即將在我們平台上使用一年以上的現有 AI 客戶的使用率，我們預計客戶擴展將得到改善，並在 2025 年產生中性至略微積極的影響，而在 2024 年則是一個阻力。

For the first quarter of 2025, we expect our adjusted EBITDA margins to be in the range of 38% to 40%. For the full year, we expect adjusted even the margins to be in the range of 37% to 40%. For the first quarter of 2025, we expect non-GAAP diluted earnings per share to be $0.41 to $0.46 based on approximately $103 million to $104 million and weighted average fully diluted shares outstanding.

對於 2025 年第一季度，我們預計調整後的 EBITDA 利潤率將在 38% 至 40% 之間。我們預計全年調整後的利潤率將在 37% 至 40% 之間。對於 2025 年第一季度，我們預計非 GAAP 稀釋每股收益為 0.41 美元至 0.46 美元，基於約 1.03 億美元至 1.04 億美元的加權平均完全稀釋流通股。

For the full year 2025, we expect non-GAAP diluted earnings per share to be $1.85 to $1.95 dollars based on approximately $104 million to $105 million in weighted average fully diluted shares outstanding. On adjusted free cash flow, we expect adjusted free cash flow margins for the full year to be in the range of 16% to 18%, slightly ahead of the preliminary indication for 2025 that we provided last quarter.

對於 2025 年全年，我們預計非 GAAP 稀釋每股收益為 1.85 美元至 1.95 美元，基於約 1.04 億至 1.05 億美元的加權平均完全稀釋流通股。對於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將在 16% 至 18% 之間，略高於我們上個季度提供的 2025 年初步預測。

Consistent with our historical guidance practice, we are not providing adjusted free cash flow guidance on a quarter by quarter basis, given it's heavily influenced by working capital time. However, we would like to highlight that our 2025 expenditures will be front end loaded, which is driven by additional AI-related capital expense as we scale those services, one time startup costs to get our Atlanta data center online, and the usual Q1 cash expense events including bonus payments and higher payroll taxes.

與我們的歷史指導實踐一致，我們不會按季度提供調整後的自由現金流指導，因為它受到營運資本時間的嚴重影響。然而，我們想強調的是，我們 2025 年的支出將是前期投入，這是由我們擴展這些服務時額外的人工智慧相關資本支出、使我們的亞特蘭大數據中心上線的一次性啟動成本以及通常的第一季度現金支出事件（包括獎金支付和更高的工資稅）所驅動的。

Given this front end loaded investment and expense, Q1 adjusted pre cash flow margin will decline from Q4 levels, but we will quickly return to higher adjusted cash flow margins in Q2 and across the balance of the year, and we remain very confident in our ability to deliver the 16% to 18% full year adjusted pre-cash flow margin in our guide.

考慮到這種前端投資和費用，第一季調整後的現金流前利潤率將從第四季度的水平下降，但我們將在第二季度和全年迅速恢復到更高的調整後現金流前利潤率，並且我們仍然非常有信心能夠實現我們指南中 16% 至 18% 的全年調整後現金流前利潤率。

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

我們的準備好的演講到此結束，現在我們將開始問答環節。

(Operator instructions)

（操作員指示）

Your first question comes from Josh Baer, Morgan Stanley.

您的第一個問題來自摩根士丹利的 Josh Baer。

At your recent deploy conference, you talked about several customers that were disappointed with their experience at the Hyperscalers and ended up migrating to DigitalOcean's platform. I was hoping you could expand on that and touch on what types of customers you're targeting, what types of of workloads, and then I have a follow up.

在您最近的部署會議上，您談到了幾位客戶，他們對 Hyperscalers 的體驗感到失望，最終遷移到了 DigitalOcean 的平台。我希望您能進一步闡述這一點，並談談您所針對的客戶類型、工作量類型，然後我會進行跟進。

Yeah, thank you, Josh, for the question. So what we highlighted during the conference was a handful of customers that are looking at alternatives primarily for two reasons. One is the simplicity of running a fairly sophisticated workload on a Hyperscalar. It's not an easy undertaking. You need specialists for many of the nuances like storage and networking and compute and so forth and also the total cost of ownership, especially.

是的，謝謝你，喬希，提出這個問題。因此，我們在會議期間強調的是，少數客戶正在尋找替代方案，主要有兩個原因。一是在超標量上運行相當複雜的工作負載的簡單性。這不是一件容易的事。您需要專家來處理許多細微的細節，例如儲存、網路、運算等等，尤其是整體擁有成本。

If you have spiky workloads and you're unwilling or unable to commit to really long term contracts at a substantial amount of minimum commitment. Then it becomes a really onerous thing to keep running your workloads on some of these hyperscalar clouds. So what we are offering as part of the migration program that I was just talking about is a couple of things. One is the ability to to get our partner ecosystem involved to facilitate smooth transition of the workloads.

如果您的工作量很大，並且您不願意或無法簽訂具有大量最低承諾的長期合約。那麼在這些超標量雲上繼續運行工作負載就變成了一件非常繁重的事情。因此，作為我剛才談到的遷移計劃的一部分，我們提供了一些服務。一是能夠讓我們的合作夥伴生態系統參與進來，以促進工作負載的平穩過渡。

But more importantly, provide a super compelling scalable platform which is far easier for most of the mainstream workloads to run and operate on the lotion platform. So we're seeing all kinds of customers, Josh, and we are staying true to our. Target customer segments, which is tech native, digital native cloud application software companies that are running globally distributed workloads that are typically network and bandwidth intensive.

但更重要的是，提供一個超級引人注目的可擴展平台，使大多數主流工作負載更容易在乳液平台上運作和操作。所以，喬希，我們看到了各種各樣的顧客，我們始終忠於自己的原則。目標客戶群是技術原生、數位原生雲端應用軟體公司，這些公司運作通常需要大量網路和頻寬的全球分散式工作負載。

Some of them require very bursty spikes in their traffic patterns, so that need to be supported in a very elastic manner. And what attracts them to us is our our core value proposition of being simple yet scalable, but most importantly a very approachable cloud that really cares about them.

其中一些需要在其流量模式中出現非常突發的峰值，因此需要以非常有彈性的方式提供支援。吸引他們的是我們的核心價值主張：簡單而可擴展，但最重要的是，我們是一個真正關心他們的平易近人的雲端。

Thanks buddy. And just wondering on the EIA guidance, I mean initial EIA guidance for this year was 36% to 38%. You ended at 42. I was hoping you could kind of provide a just a high level of the main drivers of that degree of outperformance and then how we should think about that level of conservatism in the initial 25 guys for.

謝謝哥們。我只是對 EIA 指導感到好奇，我的意思是今年的初步 EIA 指導是 36% 至 38%。你最終以 42 歲結束。我希望您能夠大致說明這種優異表現的主要驅動因素，然後我們應該如何看待最初 25 個人的保守程度。

Thanks. That's a great question, Josh. So I think we said this publicly last quarter that with all the new executives that came on and with the acknowledgment that we needed to accelerate the product roadmap. We built in some cushion in Q4 for the R&D team in particular to surge resources that they wanted to bring in contractors, etc.

謝謝。喬希，這個問題問得真好。所以我認為我們在上個季度公開表示這一點，所有新上任的主管都承認我們需要加快產品路線圖。我們在第四季為研發團隊建立了一些緩衝，以增加他們想要引入承包商等的資源。

And what we were able to do was, we took a real hard look at the spend that we have and we were able to. Resources and Breton and team did a phenomenal job of prioritizing on the the top initiatives and getting the key products out and so we didn't didn't need that surge. You'll note that from a full year and even for the first quarter, the guide's still pretty wide.

我們能夠做的是，認真審視我們的支出，並且我們能夠做到這一點。資源和布列塔尼團隊在優先考慮最重要的計劃和推出關鍵產品方面做得非常出色，所以我們不需要這種激增。您會注意到，從全年甚至第一季來看，該指南仍然相當廣泛。

And so what we're signalling is a little bit of well don't get super fixated on what is one quarter versus the next because we may be, pulling expenses ahead or you know maybe we find deficiencies and we don't need to, but what I would focus on is our commitment. We raised the free cash flow guide from our preliminary indication to, from 15 to 17 to 16 to 18, and that's what we're managing.

因此，我們要表明的是，不要過度關註一個季度與下一個季度的比較，因為我們可能會提前支出，或者我們發現一些缺陷，但我們不需要這樣做，但我要關注的是我們的承諾。我們將自由現金流指南從初步預測的 15 到 17，再到 16，再到 18 提高到了這個水平。

Aggressively towards and I view it'll be a little bit more it'll move a little bit more, but we're very committed to driving improvements in gross margin. We're very committed to driving operating efficiencies and improving the leverage we have in the business. But at the same time, if we see an opportunity to accelerate a product capability that drives revenue, we'll do that and that might have a near term impact on. Margins, which is why we provided a wide guide in the fourth quarter and why we provided a wide guide for 2025.

我們會積極地朝著這個目標努力，我認為會取得更大的進步，但我們非常致力於提高毛利率。我們致力於提高營運效率並增強我們在業務中的槓桿作用。但同時，如果我們看到有機會加速推動收入的產品能力，我們就會這樣做，這可能會產生短期影響。利潤率，這就是我們在第四季度提供廣泛指導的原因，也是為什麼我們在 2025 年提供廣泛指導的原因。

Your next question comes from the line of Gabriela Borges, Goldman Sachs.

您的下一個問題來自高盛的 Gabriela Borges。

Hey, good morning. Great to see the NDR numbers. Thanks for taking my question. Paddy and Matt. I wanted to follow up on the math you've given us in a by a quarter on how much ARR you're able to capture per dollar of GPU related CapEx. Maybe just refresh us as you move up the stack from IOS to PAS. Are you able to generate more revenue per dollar? Topics and that maybe you can comment on the gross margin profile of the AI services business as you move into more differentiated services.

嘿，早安。很高興看到 NDR 的數字。感謝您回答我的問題。帕迪和馬特。我想根據您提供的計算結果，按季度計算每美元 GPU 相關資本支出能夠獲得多少 ARR。當您將堆疊從 IOS 移至 PAS 時，也許只需刷新我們。您能否以每美元創造更多收入？主題，也許您可以評論一下人工智慧服務業務的毛利率狀況，因為您轉向了更差異化的服務。

Both great questions, Gabriela, and yes, so the the what we found is in particular if you think of the GenAI product and this has been, a great learning for us and also very supportive of our strategy. Somebody comes in and they want to build a chatbot and they build. They come in with their knowledge base and they come in and they want to hook up with another model.

加布里埃拉，這兩個問題都問得很好，是的，所以我們發現，特別是如果你想想 GenAI 產品，這對我們來說是一個很好的學習，也非常支持我們的策略。有人進來並想要建立一個聊天機器人，然後他們就建造了它。他們帶著自己的知識庫來到這裡，並希望與另一個模型連結。

They can certainly take advantage of our GenAI capabilities and the GenAI capabilities have way higher margins on their own than do our, the bare metal or more the infrastructure layer. But the thing that is probably most compelling to us is how much other revenue that will drive through cloud services because for every chatbot you have, you need somewhere to store your knowledge base, so you need storage.

他們當然可以利用我們的 GenAI 功能，而且 GenAI 功能本身的利潤率比我們的裸機或更多基礎設施層要高得多。但對我們來說最有吸引力的事情可能是透過雲端服務可以帶來多少其他收入，因為對於每個聊天機器人，你都需要一個地方來儲存你的知識庫，所以你需要儲存空間。

You need bandwidth to get that to communicate with the models and you need a lot of our other database infrastructure. So we think that the amount of pull through revenue that we're going to get from the GenAI services is orders of magnitude more than the actual GenAI revenue. And so that's very compelling.

您需要頻寬來實現與模型的通信，並且需要我們的許多其他資料庫基礎設施。因此，我們認為，從 GenAI 服務中獲得的收入將比實際 GenAI 收入高出幾個數量級。所以這非常引人注目。

The margins again on the infrastructure layer, as we've said and is very clear in the market, the margins aren't spectacular, gross margins on just core GPO as a service and it's very price transparent in the industry. There's a lot of competition to get kind of initial workloads and. And the costs, even though there are new entrants, A&D is out with new capabilities and a lot of others are working on capabilities in addition to Nvidia.

正如我們所說，基礎設施層的利潤率在市場上非常明顯，利潤率並不高，僅核心 GPO 作為一項服務的毛利率在行業中非常透明。在獲得初始工作量方面存在著許多競爭。就成本而言，儘管有新進入者，但 A&D 已經推出了新功能，而且除了 Nvidia 之外，還有很多其他公司也在開發新功能。

It's still a fairly one vendor dominated industry and the costs are super high. So we expect that to come down over time and we expect to be able to leverage more of that infrastructure for inferncing over time which will drive more consistent and higher margin revenue, but you know I think that. The path that we're on is towards more of our revenue coming from the higher platform, higher layer services, and those higher layer services not only on their own have better margins, but they pull through higher margin cloud revenue as well.

這仍然是一個由單一供應商主導的行業，而且成本極高。因此，我們預計這一數字會隨著時間的推移而下降，並且我們預計能夠利用更多的基礎設施進行推理，從而帶來更穩定、更高的利潤收入，但你知道我是這樣認為的。我們走的路是讓更多的收入來自更高的平台、更高層次的服務，而這些更高層次的服務不僅本身有更好的利潤率，而且還能帶來更高利潤的雲端收入。

Your next question comes from the line of Mike Cikos, Needham & Company.

您的下一個問題來自 Needham & Company 的 Mike Cikos。

Great, thanks for taking the questions guys. Great to see the improvement in the NDR that you're talking to as well. I guess the first question I had for you was related to the AIML. Great to see the growth there still remaining triple digits north of 160%.

太好了，謝謝大家回答問題。很高興看到您所談論的 NDR 也得到了改進。我想我要問您的第一個問題與 AIML 有關。很高興看到那裡的成長率仍然保持在 160% 以上的三位數。

Is there any way to give us a little bit more as far as the size of that AIML, AR base today, what it represents is a percentage of the total AR, and then the second piece on that point would be. How do we think about the AOR composition today? Is the vast majority of that coming from that scalar plus cohort? I know we have these new disclosures and you guys are seeking broad-based adoption but just interested where the revenue dollars specifically are coming from for that piece.

有沒有辦法給我們更多關於 AIML、AR 基礎的規模的信息，它代表了總 AR 的百分比，然後關於這一點的第二部分是什麼。我們今天如何看待 AOR 組成？其中絕大多數是否來自於該標量加群體？我知道我們有這些新的揭露，你們正在尋求廣泛的採用，但我感興趣的是這部分收入的具體來源。

Yeah, on the first question, Mike, and thanks for the questions, we're not disclosing the specific ARR for AI for very clear reason on our side. The revenue is kind of intermingled with like speaking to Gabriela, when we get a little bit of GenAI revenue, we're getting a lot of pull through revenue in other parts of the business. And we also don't manage the business as a like there's AI product group and there's there's other product groups. It's kind of commingled in terms of whether it's compute or some of the other capabilities.

是的，關於第一個問題，麥克，感謝您的提問，我們不會透露 AI 的具體 ARR，我們的理由非常明確。收入是混合的，就像和 Gabriela 談話時說的，當我們獲得一點 GenAI 收入時，我們會從業務的其他部分獲得大量的收入。我們也不會將業務分為人工智慧產品組和其他產品組來管理。就計算能力或其他一些功能而言，它是混合的。

So we believe that you know like we have infrastructure as a service and we have platform as a service and hosting AI is just another one of our products and so we're not going to disaggregate at the. At the product level in terms of the amount of AI that's with the scalers, recall that when we acquired PaperSpace several years ago, it came with a lot of customers. It was like 15,000 customers or something like that.

因此，我們相信，您知道，我們擁有基礎設施即服務，擁有平台即服務，而託管 AI 只是我們的另一種產品，因此我們不會將其分解。在產品層面，就縮放器的 AI 數量而言，回想一下，幾年前我們收購 PaperSpace 時，它帶來了許多客戶。大概有 15,000 名顧客左右。

And they had a run rate that was largely small customers that looked a whole lot like the DigitalOcean customer base. So we have a pretty deep set of customers that are smaller. They are on the AI platform, a lot of them leveraging the legacy paper space kind of notebooks capability, and a lot of the new customers that are coming on.

他們的運作率主要是小客戶，看起來很像 DigitalOcean 的客戶群。因此，我們擁有一批規模較小的、相當深厚的客戶群。他們在人工智慧平台上，很多都利用了傳統紙質空間筆記本的功能，並且有許多新客戶正在加入。

Paddy talked about 90% of the customers that adopted the GenAI product out of the gate are existing customers, and their mix looks a lot like our existing customers. So I'd say there's a healthy chunk of the AI that's in the scalers Plus, but it's not all of it, and it's not, the vast majority of it is not in that yet, but there is a healthy chunk.

Paddy 表示，採用 GenAI 產品的客戶中有 90% 都是現有客戶，他們的組成與我們現有的客戶非常相似。所以我想說，在 Scalers Plus 中，AI 有很大一部分是健康的，但不是全部，也不是，絕大多數還沒有包含在內，但有一個健康的部分。

Thank you for that. Can I just tack on maybe one more on the gross margin? I know that we have the Atlanta data center coming online in Q1, which we're all looking forward to, but can you help us think about how gross margins are likely to move through the course of the year with that Atlanta data center and then we obviously have the news that the useful server lives are being extended a year.

謝謝你。我可以再補充一點毛利率嗎？我知道亞特蘭大資料中心將在第一季上線，這是我們所有人都期待的，但是您能否幫助我們思考一下亞特蘭大資料中心的毛利率在今年全年可能會如何變化，然後我們顯然有消息稱伺服器的有效壽命將延長一年。

How do we put those two pieces together when we think about how Calendar 25 looks?

當我們思考 Calendar 25 的外觀時，我們如何將這兩部分放在一起？

It's actually not going to move a ton. It'll be a little bit of a dip in gross margin in the beginning of the year and it'll pick back up, which is very consistent to what happened before with the when we did Sydney, you get it's some upfront expenses. We haven't fully ramped it clearly with revenue yet, so you'll see a little bit of a gross margin dip, but we don't see a fundamental shift in kind of the range of gross margin that we're in right now. And in fact, B and the teams are working aggressively to drive gross margin improvement over the multi-year period.

它實際上不會移動一噸。年初毛利率會略有下降，但隨後會回升，這與我們之前在雪梨的情況非常一致，你會發現有一些前期費用。我們的收入還沒有完全明顯地增加，所以你會看到毛利率略有下降，但我們沒有看到我們目前的毛利率範圍發生根本性的變化。事實上，B 和團隊正在積極努力推動多年期間的毛利率提高。

As we continue our data center optimization strategy and we just look for ways to better utilize the infrastructure that we have, so I think gross margin, you'll see a little bit of a drop in the beginning of the year. It'll come back and I'll keep pointing back to, but again we're very confident in our 16% to 18% pre cash flow margins for the year, so it'll all kind of wash out to better margins as we get gross margins better pre-cash flow margins as we get through the year.

隨著我們繼續實施資料中心優化策略，並尋找更好地利用現有基礎設施的方法，因此我認為毛利率在年初會出現小幅下降。它會回來的，我會繼續指出，但我們對今年 16% 至 18% 的現金流前利潤率非常有信心，所以隨著我們在今年獲得更好的毛利率和更好的現金流前利潤率，這一切都會沖刷成更好的利潤率。

Your next question comes from the line of Pat Walravens, JMP Securities.

您的下一個問題來自 JMP Securities 的 Pat Walravens。

So Paddy, you've been here a year, right? What has gone better than you thought it would and what has proved a little more difficult?

帕迪，你來這裡已經一年了，對吧？哪些事情比您想像的還要好，哪些事情又稍微困難？

Hello, Patrick. Good morning and thank you for the question.

你好，派崔克。早安，感謝您的提問。

Yes, super early for you. Appreciate you dialing in. What has gone better than I expected, I think our product innovation, and our ability to really understand what our customers need at a deep level has been going better than I expected in the sense that when we look at the adoption, the reception from our customers and our hypothesis that our customers really want to stay with us, and we were saying that now we have green shoots to prove that it is the case. If we take care of them, they're going to expand with us.

是的，對你來說太早了。感謝您撥入。比我預期更好的是，我認為我們的產品創新以及我們真正理解客戶深層需求的能力比我預期的要好，當我們看採用率、客戶的接受度以及我們的假設時，我們的客戶確實想留在我們這裡，我們說現在我們有了綠芽來證明情況確實如此。如果我們照顧好它們，它們就會和我們一起成長。

So I think that has been really awesome. The thing I wouldn't, so the whole AI landscape, the way it is unfolding, it has been really interesting. And I'm super encouraged by the fact that we are staying very disciplined to our AI strategy, not getting caught up with deploying too much capacity and and running after the GPU forms business model and things like that. It has been a really good learning experience for us and slowly but surely some of our hypotheses in the AI space have also started bearing out in the sense that the cost of adopt.

所以我認為這真的很棒。我不會這麼做，所以整個人工智慧領域，它的發展方式，真的很有趣。我感到非常鼓舞的是，我們對我們的人工智慧策略保持著非常嚴謹的態度，沒有陷入部署過多容量的困境，也沒有追逐 GPU 形式的商業模式等等。這對我們來說是一次非常好的學習經歷，而且我們在人工智慧領域的一些假設也開始慢慢得到證實，從採用成本的角度來看。

So the two biggest impediments as I talked about. In my remarks, where one, it is too complex, and two, it is too expensive for our customers, right? So we can really help with the complexity by making it super simple, especially with open source models. It gives us a lot of degrees of freedom to make it even more easier for our customers.

正如我所說，最大的障礙有兩個。我認為，一是它太複雜了，二是它對我們的客戶來說太昂貴了，對嗎？因此，我們可以透過使其變得非常簡單來真正幫助解決複雜性，特別是使用開源模型。它給了我們很大的自由度，讓我們能夠更輕鬆地為客戶提供服務。

And then number two is make it super affordable, and that's exactly what we have started doing with the on-demand fractional access to GPUs and also our token-based serverless end points with the GenAI platform, especially with the open source model. So that has also started growing really well for us. So I would say those were the two key learnings for me over the last year.

第二點是讓它變得超級實惠，這正是我們開始做的事情，透過按需部分存取 GPU 以及使用 GenAI 平台的基於令牌的無伺服器端點，特別是使用開源模型。因此，這對我們來說也開始真正發展得很好。所以我想說這是我過去一年來獲得的兩個關鍵教訓。

Your next question comes from the line of Wamsi Mohan, Bank of America.

您的下一個問題來自美國銀行的 Wamsi Mohan。

Hi, thanks for taking my questions. I have first one for Patty, you launched a lot of products in 2024. Paddy, can you talk about the areas of investment in 2025 and thanks for disaggregating the Scalers Plus at 22% of revenue. How do you see that percent, that cohort growing in 2025? And to do that, are you happy with the go to market investments you've made, or do you need to hire more sales salespeople? And I have a follow up for Matt.

你好，謝謝你回答我的問題。我首先要問帕蒂，你在 2024 年推出了很多產品。帕迪，您能談談 2025 年的投資領域嗎？感謝您將 Scalers Plus 分解為 22% 的收入。您認為 2025 年該百分比、該群體的成長如何？為了實現這一目標，您對已經做出的市場投資滿意嗎，或者您需要雇用更多的銷售人員？我還想跟進一下馬特的情況。

Okay, thanks, great question. So I'll try to go very fast. So what are our product priorities for this year? So I'll break it down into core cloud and AI. On core cloud, we will continue our journey in terms of meeting our larger customers where they are in terms of their more sophisticated needs in terms of whether it is more management capabilities or security capabilities or networking, richer variety of droplets that are very specific single purpose droplets and things like that.

好的，謝謝，這個問題問得好。所以我會盡量走得快。那我們今年的產品重點是什麼呢？因此我將把它分解為核心雲和人工智慧。在核心雲方面，我們將繼續努力滿足更大客戶更複雜的需求，無論是更多的管理功能、安全功能還是網絡，更豐富的液滴種類、非常具體的單一用途液滴等等。

So we still have some amount of work to do to meet or meet the needs of our larger customers and and pave the way for larger workloads to move to this solution from other clouds. From an AI perspective, we'll continue to fortify our infrastructure layer which is honestly quite robust and very scalable and highly appreciated by our customers now.

因此，我們仍有許多工作要做，以滿足更大客戶的需求，並為將更大的工作負載從其他雲端遷移到該解決方案鋪平道路。從人工智慧的角度來看，我們將繼續加強我們的基礎設施層，說實話，它非常強大，可擴展性很強，現在受到客戶的高度讚賞。

GenAI platform is where we are going to have a lot of innovation to make it super simple for everyday software application company to consume and build agents into their applications. And finally on the agentic layer, we have announced or we have launched in in the last couple of months the the site reliability engineering co-pilot through cloud base first and then we'll make it available more generally and it is our intention to keep pumping out more AI agents that solve real business problems rather than just doing things for R&D's sake, we want to solve real world customer problems for our customers.

GenAI 平台是我們將進行大量創新的地方，使日常軟體應用公司能夠非常輕鬆地使用代理並將其建置到他們的應用程式中。最後，在代理層，我們已經宣布或在過去幾個月中推出了站點可靠性工程副駕駛，首先通過雲端基礎，然後我們將更廣泛地提供它，我們的目的是繼續推出更多解決實際業務問題的人工智能代理，而不僅僅是為了研發而做事，我們希望為客戶解決現實世界的客戶問題。

And in terms of go to market, as I mentioned in my prepared remarks, we have already bolstered our the way we do customer engagement with our customers and as we go through the the remainder of the year, I'll give you more updates in terms of additional go to market motions that we are standing up. The good news for us is we have 10s of thousands if not hundreds of thousands of customers that we can go and merchandise our expanding product platform capabilities and get a bigger chunk of the share of wallet.

至於市場進入，正如我在準備好的發言中提到的那樣，我們已經加強了與客戶互動的方式，隨著今年剩餘時間的到來，我將為您提供有關我們正在採取的其他市場進入動議的更多更新信息。對我們來說，好消息是，我們擁有數萬甚至數十萬的客戶，我們可以向他們推銷我們不斷擴展的產品平台功能，並獲得更大的市場份額。

So as much as it is important to keep hunting for new logos for which we have a very efficient self-service product like Growth Funnel. A lot of our go to market efforts are intended or aimed at expanding the share of all with our existing customers, which is a very different, more significantly more efficient go to market motion than trying to find a bunch of new logos. So we'll do a combination of both, and and I'll keep reporting our progress throughout the rest of the year.

因此，繼續尋找新標誌非常重要，我們擁有像 Growth Funnel 這樣非常有效率的自助服務產品。我們許多的市場推廣努力都是為了擴大現有客戶的份額，這是一個非常不同、比試圖尋找一堆新標誌更有效的市場推廣行動。因此，我們將兩者結合起來，並且我將在今年剩餘時間內繼續報告我們的進展。

Thanks for all the details there, Paddy, Matt, just a quick follow up on payables looks like sequentially it was up meaningfully. Is that because of the Atlanta data center investments, or do you get a new contract that is driving that up? And what would ARR be under the old method in fiscal 4Q?

感謝帕迪、馬特提供的所有詳細信息，只需快速跟進一下應付款項，看起來按順序來看它是有意義的。這是因為亞特蘭大資料中心的投資，還是因為你們獲得了一份新合約而推動了這項成長？那麼按照舊方法計算，第四財季的 ARR 是多少？

So from a payable standpoint, it's definitely a function of us getting ready for for Q1 for the Atlanta data center. Bretton and team did a phenomenal job of being able to accelerate some of the readiness of some of the. The services and so we bought a bit more equipment earlier than what we had expected and so we were able to still able to do that within the within the confines of our free cash flow that we delivered.

因此，從應付角度來看，這絕對是我們為亞特蘭大資料中心第一季做好準備的功能。布雷頓和他的團隊做了出色的工作，加速了一些工作的準備。因此，我們比預期更早購買了更多設備，並且我們仍然能夠在我們提供的自由現金流範圍內做到這一點。

So it was all about getting Atlanta ready to go and off to a good start and from an ARR standpoint, I don't have the numbers specifically in front of me it's in the reconciliations. In the 10 it would have been higher in the fourth quarter had we reported December 12 if we had not changed the approach. What we think is again we've got to remember we're a consumption-based business. In a lot of cases even our AI is consumption based. It's not like committed contracts.

所以這一切都是為了讓亞特蘭大做好準備並有一個良好的開端，從 ARR 的角度來看，我面前沒有具體的數字，而是在對帳中。如果我們沒有改變方法，那麼如果我們在 12 月 12 日報告，那麼第四季度的業績將會更高。我們再次認為我們必須記住我們是一個以消費為基礎的企業。在很多情況下，甚至我們的人工智慧也是基於消費的。這不像是承諾的合約。

And so if you measure the consumption at any given time and you multiply it by a number, you're going to get oscillations and variations based on whatever. Going on at that period in time, so it's a more I'd say steady metric if you just average it over the quarter.

因此，如果您在任何給定時間測量消耗量並將其乘以一個數字，您將獲得基於任何因素的振盪和變化。在那個時期繼續下去，所以如果你只是按季度平均的話，我認為這是一個更穩定的指標。

And so despite the fact that it made us look like we had lower AR, that's I think the right thing to do for the market to give you a metric that's, I think more steady and less volatile.

因此，儘管這讓我們的應收帳款看起來較低，但我認為這對市場來說是正確的做法，可以給你一個我認為更穩定、波動更小的指標。

(Operator instructions) Your next question comes from the line of Mark Zhang, Citigroup.

（操作員指示）您的下一個問題來自花旗集團的 Mark Zhang。

Good morning team. Thanks for taking our questions. Maybe just, thanks for the additional disclosure on the scales, but how should we think of the behaviors of the scalar plus versus the non plus in terms of the pace of upsell, cross-se going forward? And why aren't we really seeing a more accelerated pace of growth in the non plus scalar cohort, just given the, product and global market. At first you guys have already implemented and what can drive it, at least like, past the or outpace the growth of builders.

大家早安。感謝您回答我們的問題。也許只是，感謝您對規模的額外披露，但就未來追加銷售和交叉銷售的速度而言，我們應該如何看待標量加法與非加法的行為？鑑於產品和全球市場，為什麼我們實際上沒有看到非加量群體更快的成長速度？首先，你們已經實施了，什麼可以推動它，至少像，超越或超過建築商的成長。

Thanks Mark for the question. The reason that we broke out the Scalers Plus and the 100K plus customers is that the single biggest question we got from, whether it was analysts or direct conversations with investors is, do we have a graduation problem? Like do our largest customers, leave us and those are your most valuable customers and you've got a leaky bucket and it's leaking from the most valuable part of the customer base.

感謝馬克提出的問題。我們之所以列出 Scalers Plus 和 10 多萬名客戶，是因為我們收到的最大問題（無論是分析師還是與投資者的直接對話）是，我們是否有畢業問題？就像我們最大的客戶離開了我們，而他們卻是您最有價值的客戶，而您的水桶卻漏水了，水從客戶群中最有價值的部分漏出來。

And I'd say there was an element of truth to that we certainly were struggling with those customers over the past several years, not meeting their needs as well as we could have or should have, and that was causing a lot of the depression and NDR driving us below 100. With Paddy's arrival, with [Rutton's] arrival, with the pace of product innovation that we have, it's very squarely focused on those large customers for us again, a large customer for us is probably not a named account for the hyper scalers, but it's material for us. And what we've done is we said we're we're going to focus on that cohort.

我想說，有一點是事實，過去幾年來我們確實在為這些客戶苦苦掙扎，沒有盡力滿足他們的需求，這導致我們陷入困境，NDR 也導致我們的客戶數量跌破 100。隨著帕迪的到來，隨著拉頓的到來，隨著我們產品創新的步伐，我們再次將重點放在大客戶上，對我們來說，大客戶可能不是超大規模企業的指定帳戶，但對我們來說卻很重要。我們所做的就是，我們說我們將專注於這一群體。

We're going to make sure we're listening to them. We're going to rapidly give them the capabilities they need to scale on our platform, and we've done that. And the response has been very positive. Where now we're talking about migrations for those customers bringing workloads either back to us for the first time from the hyper scalers. And so it's been a dramatic turnaround and we'll talk more about this in investor day in April, but if you look at the NDR improvement.

我們會確保傾聽他們的意見。我們將迅速為他們提供在我們的平台上擴展所需的功能，我們已經做到了。並且反應非常正面。現在我們正在討論那些首次將工作負載從超大規模伺服器帶回給我們的客戶的遷移。因此，這是一個巨大的轉變，我們將在 4 月的投資者日上詳細討論這個問題，但如果你看看 NDR 的改善。

If you look at the year year-over-year revenue growth improvement, it's been dramatic within those top customers and as Paddy said we think we have a tremendous wallet share opportunity with our customers and clearly as you pointed out, the scalers, the customers below that 100k plus aren't growing as fast. Okay, well we haven't gotten there yet. Some of those we're trying to, with their new go to market motions, how do we pick and find the ones in that the customers in that cohort that have the highest propensity to spend where we've got the lowest wallet share and how do we go after those in a scalable way.

如果你看一下同比收入成長的改善，你會發現那些頂級客戶的收入成長非常顯著，正如帕迪所說，我們認為我們與客戶有巨大的錢包份額機會，而且正如你所指出的，規模化客戶，即 10 萬以下的客戶的增長速度並沒有那麼快。好的，我們還沒有到達那裡。我們正在嘗試針對其中一些客戶的新市場動向，如何挑選和找到那些在我們的錢包份額最低、消費傾向最高的客戶，以及如何以可擴展的方式追逐這些客戶。

Say what you're seeing right now is not low hanging fruit because it's very difficult and it's requiring a lot of effort and these are important customers, but we're going after the biggest rocks first. The biggest rock was the top spending customers and we're getting to the other layers as as we progress through the year.

假設您現在看到的不是唾手可得的果實，因為它非常困難，需要付出很多努力，而且這些都是重要的客戶，但我們首先要解決的是最大的問題。最大的障礙是最高消費客戶，隨著一年來的進展，我們正在逐步解決其他層面的問題。

And the only thing I'll add is the scalers and scalers plus, they all look the same. These are the very similar looking customers, so that's the best. Because now we can go and and get and start working on the scalers as Matt just talked about and get as many of them graduated into scalers Plus and keep expanding their share of wallet. And as we've been maintaining, Mark, there's a tremendous wallet share opportunity because they're all running substantial workloads, just not on us, so that's a great opportunity for us to go earn the trust of these customers and get more of their workloads.

我唯一要補充的是縮放器和縮放器加器，它們看起來都一樣。這些顧客看起來非常相似，所以這是最好的。因為現在我們可以開始研究擴展器，就像 Matt 剛才提到的那樣，讓盡可能多的擴展器升級為擴展器 Plus，並不斷擴大他們的錢包份額。正如我們一直堅持的那樣，馬克，這是一個巨大的錢包份額機會，因為他們都在運行大量的工作負載，只是不依靠我們，所以這對我們來說是一個很好的機會，可以贏得這些客戶的信任並獲得更多工作負載。

Your next question comes from the line of Raimo Lenschow, Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Hey, thanks for squeezing me in one simple one at the end. What do you see out in the market in terms of the end demand etc. And how is that helping you for this year?

嘿，謝謝你最後給我擠出一個簡單的時間。就最終需求等方面而言，您如何看待市場？這對您今年有何幫助？

I was just asking for what did you see in terms of demand, like if I look at the small business index, etc. That all starts looking better. Does that help you? Do you see the help coming there from that one, or is that all neutral for you?

我只是想知道您在需求方面看到了什麼，例如我查看小型企業指數等。一切都開始變得更好了。這對你有幫助嗎？您是否看到了來自那裡的幫助，或者這對您來說都是中性的？

So Raymo, thanks and nice to hear from you. From an end user demand perspective, we have not modeled any any major variation in our guidance or our plans, so we are expecting it to be stable and just like how it has been over the last few quarters and from our NDR improvement perspective.

所以 Raymo，謝謝你，很高興收到你的來信。從最終用戶需求的角度來看，我們還沒有在我們的指導或計劃中模擬任何重大變化，因此我們預計它會保持穩定，就像過去幾個季度的情況以及從我們的 NDR 改進角度來看一樣。

I mean, obviously there's a lot that we have done to control our own destiny and earn the right to keep our customers and keep them expanding on our platform, but hopefully the macro and the end user demand stays neutral to even positive, but we have not baked any of that into our projections.

我的意思是，顯然我們已經做了很多來掌控自己的命運並贏得留住客戶並讓他們繼續在我們的平台上擴展的權利，但希望宏觀和最終用戶的需求保持中性甚至是積極的，但我們還沒有將其中任何一個納入我們的預測中。

And ladies and gentlemen that does conclude our question and answer session and with that that does conclude today's conference call.

女士們、先生們，我們的問答環節到此結束，今天的電話會議也到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。