DigitalOcean Holdings Inc (DOCN) 2025 Q2 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 second quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫克里斯塔，今天我將擔任您的會議主持人。現在，我歡迎大家參加 DigitalOcean 2025 年第二季財報電話會議。（操作員指示）

And I would now like to turn the conference over to Melanie Strate, Head of Investor Relations. Melanie, you may begin.

現在我想將會議交給投資者關係主管梅蘭妮·斯特拉特 (Melanie Strate)。梅勒妮，你可以開始了。

Thank you, and good morning. Thank you all for joining us today to review DigitalOcean's second quarter 2025 financial results. Joining me on the call today are Paddy Srinivasan, our Chief Executive Officer; and Matt Steinfort, our Chief Financial Officer.

謝謝，早安。感謝大家今天加入我們，共同回顧 DigitalOcean 2025 年第二季的財務表現。今天與我一起參加電話會議的還有我們的執行長 Paddy Srinivasan 和我們的財務長 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 with the SEC 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以及我們網站上發布的今天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.

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。

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

說完這些，我將把電話轉給帕迪。

Thank you, Melanie. Good morning, everyone, and thank you for joining us today as we review our second quarter 2025 results.

謝謝你，梅蘭妮。大家早安，感謝您今天加入我們，一起回顧 2025 年第二季的業績。

We continue to make meaningful progress on the strategy we laid out at our Investor Day back in April. This is evidenced by our strong second quarter results and supported by the fact that we are raising our full year guidance on both revenue and profitability metrics. My comments today will include a recap of our Q2 financial results and an update on both our progress in product innovation and our enhanced go-to-market strategy across both core cloud and AI, which are enabling over 174,000 digital native enterprise customers to scale on our platform.

我們在四月投資者日制定的策略上繼續取得有意義的進展。我們強勁的第二季業績證明了這一點，我們提高了全年營收和獲利指標的預期，這也支持了這一點。我今天的評論將包括我們第二季度財務業績的回顧以及我們在產品創新方面取得的進展以及我們在核心雲和人工智慧方面增強的市場進入策略的最新情況，這些策略使超過 174,000 個數位原生企業客戶能夠在我們的平台上擴展規模。

Let me start with the second quarter financial results highlighted on Slide 10 of our earnings deck. The growth momentum from Q1 continued into the second quarter with revenue of $219 million, growing 14% year-over-year. We saw excellent strength in our AI/ML business with revenue growing north of 100% year-over-year.

首先，我要介紹我們財報第 10 張投影片中重點介紹的第二季財務表現。第一季的成長動能延續到了第二季度，營收達到 2.19 億美元，年增 14%。我們的 AI/ML 業務表現出色，營收年增超過 100%。

Revenue from our scalers customers or customers who were at $100,000 plus annual run rate during the quarter continued to see strong growth during the quarter at 35% year-over-year and increased to 24% of total revenue. Finally, we achieved incremental ARR in the second quarter of $32 million, our highest incremental ARR since Q4 of 2022 and in the highest organic incremental ARR in over three years.

本季來自我們的擴展器客戶或年運行率超過 100,000 美元的客戶的收入繼續保持強勁增長，同比增長 35%，佔總收入的 24%。最後，我們在第二季度實現了 3,200 萬美元的增量 ARR，這是自 2022 年第四季以來的最高增量 ARR，也是三年多來最高的有機增量 ARR。

Given our strong top line performance in the first half of the year and our confidence in the second half outlook, we are raising our full year revenue guidance range to $888 million to $892 million. We are also excited about the traction we are getting with larger customers and increase in committed contracts. I spoke last quarter about a multiyear $20 million plus committed deal, and this was a contributor to the material growth in our remaining performance obligation balance as we continue to seek and secure large multiyear deals with our higher spend customers and key strategic partners.

鑑於我們上半年強勁的營收表現以及對下半年前景的信心，我們將全年營收預期範圍上調至 8.88 億美元至 8.92 億美元。我們也對我們與更大客戶的合作以及承諾合約的增加感到興奮。我上個季度談到了一項價值 2000 萬美元以上的多年期承諾交易，隨著我們繼續尋求並與支出更高的客戶和關鍵戰略合作夥伴達成大型多年期交易，這促進了我們剩餘履約義務餘額的實質性增長。

Not only did our momentum carry over to the second quarter, but also the growth to come with the growth continues to come with healthy profitability, including adjusted free cash flow of $57 million, which is 26% of revenue. As a result of this performance, we are raising our full year free cash flow guide to 17% to 19% of revenue, demonstrating our ability to accelerate revenue while maintaining attractive free cash flow margins.

我們的成長動能不僅延續到了第二季度，而且隨之而來的成長也帶來了健康的獲利能力，包括 5,700 萬美元的調整後自由現金流，佔營收的 26%。由於這項業績，我們將全年自由現金流預期提高至收入的 17% 至 19%，這表明我們有能力加速收入成長，同時保持有吸引力的自由現金流利潤率。

Turning to the balance sheet. We continue to make progress on our capital allocation priorities and remain on track to address the outstanding 2026 convertible debt prior to the end of this calendar year. Matt will go into further details on this front in his prepared remarks.

轉向資產負債表。我們繼續在資本配置優先事項上取得進展，並預計在今年年底之前解決未償還的 2026 年可轉換債務。馬特將在他準備好的發言中進一步詳細闡述這一方面。

Now let me give you some updates on the product innovation that we continue to deliver for our digital native enterprise customers which you can see highlighted on Slides 11 and 12 in the earnings presentation. During the quarter, we released more than 60 new products and features addressing the needs of our higher spend customers which includes builders, scalers and Scalers plus customers who now drive 89% of our revenue, notably, 64 of our top 100 customers have adopted a product or a feature released within the last year and 26 of the top 100 customers have adopted a new capability released within the last quarter. Both clear proof points of the impact product innovation is having on our digital native enterprise customers.

現在，讓我向您介紹一些我們繼續為數位原生企業客戶提供的產品創新的最新情況，您可以在收益簡報的第 11 和 12 張投影片中看到這些最新情況。在本季度，我們發布了 60 多種新產品和功能，以滿足我們高支出客戶的需求，其中包括建設者、擴展者和擴展者 plus 客戶，他們現在為我們帶來了 89% 的收入，值得注意的是，我們的前 100 名客戶中有 64 名採用了去年發布的產品或功能，前 100 名客戶中有了 202 名客戶中發布的新季度。這兩個證據都清楚地顯示了產品創新對我們的數位原生企業客戶的影響。

Let me now provide a few product highlights from the quarter starting with Core Cloud. This past quarter, we officially announced our Atlanta data center, and its resources are now available to all the customers. As a reminder, this is our newest and largest data center when it is purpose-built to deliver high-density GPU infrastructure optimized for AI inferencing, which requires a lot more than just GPUs.

現在，讓我從 Core Cloud 開始介紹本季的一些產品亮點。上個季度，我們正式宣布了亞特蘭大資料中心的成立，其資源現已向所有客戶開放。提醒一下，這是我們最新、最大的資料中心，專門用於提供針對 AI 推理最佳化的高密度 GPU 基礎設施，而 AI 推理需要的不僅僅是 GPU。

This data center has our Core Cloud stack, including compute, storage and other cloud features that are critical to enabling AI native customers to run full stack applications powered by AI and not just the training or inference part of their software. This agentic cloud data center infrastructure is a key differentiating factor for us over other NEO clouds as it provides a complete stack for running sophisticated AI applications that have comprehensive needs beyond GPUs.

這個資料中心擁有我們的核心雲端堆疊，包括運算、儲存和其他雲端功能，這些功能對於使 AI 原生客戶能夠運行由 AI 驅動的全端應用程式（而不僅僅是其軟體的訓練或推理部分）至關重要。這種代理雲端資料中心基礎設施是我們區別於其他 NEO 雲端的關鍵因素，因為它提供了完整的堆疊來運行除了 GPU 之外還有全面需求的複雜 AI 應用程式。

More on that a little later during the quarter, we continued to build capabilities for larger digital native enterprises. These customers typically require high-quality storage, especially for AI workloads. To support that requirement, we enabled NFS or network file systems for GPUs so that customers can run the most demanding GPU applications with access to higher performance object storage to meet the demands of enterprise workloads such as video streaming and data lakes.

在本季稍後的時間裡，我們將繼續為更大的數位原生企業建立能力。這些客戶通常需要高品質的存儲，尤其是對於 AI 工作負載。為了滿足該要求，我們為 GPU 啟用了 NFS 或網路檔案系統，以便客戶可以運行要求最苛刻的 GPU 應用程式並存取更高效能的物件存儲，以滿足視訊串流和資料湖等企業工作負載的需求。

We also introduced two advanced networking features in public preview, Bring Your Own IP address or BYOIP, and Network Address Translation gateways or NAT gateways. These are critical capabilities that will enable more and larger digital native enterprise workloads to migrate to this solution. BYOIP allows customers to use their existing publicly routable IP addresses on DO rather than having to acquire new distillation specific IP addresses.

我們還在公開預覽中引入了兩項進階網路功能，自備 IP 位址或 BYOIP，以及網路位址轉換閘道或 NAT 閘道。這些關鍵功能將使更多、更大的數位原生企業工作負載能夠遷移到該解決方案。BYOIP 允許客戶在 DO 上使用他們現有的可公共路由 IP 位址，而不必取得新的蒸餾特定 IP 位址。

This makes it easy for customers to lift and shift their workloads to our platform without requiring extensive changes to their applications, while NAT gateway allows the customers' resources to securely access the Internet from within their virtual private cloud on the DO platform.

這使得客戶可以輕鬆地將其工作負載轉移到我們的平台，而無需對其應用程式進行大量更改，而 NAT 網關允許客戶的資源從 DO 平台上的虛擬私有雲內安全地存取互聯網。

These innovations on the core cloud platform are enabling us to scale and win more workloads from our digital native enterprise customer base. To leverage that traction, we are complementing our industry-leading product-led growth motion with a small dedicated migrations team to support customers moving existing workloads from hyperscalers and other clouds to DigitalOcean's platform and we facilitated 76 of these migrations during the quarter.

核心雲端平台上的這些創新使我們能夠擴展並從數位原生企業客戶群中贏得更多工作負載。為了利用這種吸引力，我們正在透過一個小型專門的遷移團隊來補充我們行業領先的產品主導的成長動力，以支援客戶將現有工作負載從超大規模伺服器和其他雲端遷移到 DigitalOcean 的平台，並且我們在本季度促成了 76 次此類遷移。

One example of this is a company called Xcitium, a next-generation cybersecurity provider delivering innovative, no-cost incident response as part of its fully managed security operations center or SOC offering. Designed for businesses and managed service providers, or MSPs, Xcitium's managed SOC, so provides real-time threat detection, threat hunting and incident response, all without the high cost typically associated with legacy solutions.

其中一個例子是一家名為 Xcitium 的公司，它是一家下一代網路安全供應商，作為其完全託管的安全營運中心或 SOC 產品的一部分，提供創新、免費的事件回應。Xcitium 的託管 SOC 專為企業和託管服務提供者 (MSP) 設計，可提供即時威脅偵測、威脅搜尋和事件回應，而且無需承擔傳統解決方案通常產生的高昂成本。

Xcitium signed an 18-month contract with DigitalOcean selecting the platform to migrate from other cloud providers due to our compelling total cost of ownership performance and ease of use, enabling Xcitium to deliver its cutting-edge cybersecurity solutions more efficiently and at scale.

Xcitium 與 DigitalOcean 簽署了一份為期 18 個月的合同，選擇該平台從其他雲端供應商遷移，是因為我們具有極具吸引力的總體擁有成本性能和易用性，使 Xcitium 能夠更高效、更大規模地提供其尖端的網路安全解決方案。

Servd.host, a Scalers+ customer that offers managed hosting specifically tailored for the craft content management system has already adopted our newly released network adverse translation gateway, enabling their customers to securely access the Internet within their DigitalOcean virtual private cloud.

Servd.host 是 Scalers+ 的客戶，提供專為 craft 內容管理系統定制的託管服務，現已採用我們新發布的網絡反向翻譯網關，使其客戶能夠在 DigitalOcean 虛擬私有雲內安全地訪問互聯網。

We're also very excited about the progress we are making on our AI/ML platform, which we now call the DigitalOcean Gradient AI agentic cloud which complements our full stack general-purpose cloud. Slide 8 in the earnings presentation shows the power of having these two platforms side-by-side, enabling our customers to take full advantage of the integrated stack that is required to build and run AI-powered applications in the future.

我們也對我們在 AI/ML 平台上的進展感到非常興奮，我們現在稱之為 DigitalOcean Gradient AI 代理雲，它是我們全端通用雲的補充。收益簡報中的第 8 張幻燈片展示了這兩個平台並排運行的威力，使我們的客戶能夠充分利用未來構建和運行 AI 驅動應用程式所需的整合堆疊。

The Gradient AI agentic cloud has three components: Gradient AI infrastructure, Gradient the AI platform and Gradient AI agents. Let me start with the Gradient AI infrastructure, where we expanded our GPU drops line up significantly to now include eight major types, including the H, L and RTX Series GPUs from NVIDIA and the latest Instinct series GPUs from AMD.

Gradient AI 代理雲有三個元件：Gradient AI 基礎架構、Gradient AI 平台和 Gradient AI 代理程式。首先從 Gradient AI 基礎設施開始，我們大幅擴展了 GPU 產品線，現在包括八種主要類型，包括 NVIDIA 的 H、L 和 RTX 系列 GPU 以及 AMD 的最新 Instinct 系列 GPU。

Another major update that makes Gradient AI infrastructure great for inferencing is a new inference optimized GPU Droplet, which simplifies the setup and deployment of LLM by leveraging docker and this new GPU Droplet comes preconfigured with V LLM and includes built-in optimizations like multi-GPU parallelism, smart batching, faster and higher token generation built in support for hugging phase model downloads, speculative decoding, prompt cashing and multi-model concurrency so that customers can go from deployment to serving tokens in minutes on any GPU Droplet without having to do all these steps manually.

使 Gradient AI 基礎設施非常適合推理的另一個主要更新是新的推理優化 GPU Droplet，它透過利用 docker 簡化了 LLM 的設定和部署，並且這個新的 GPU Droplet 預先配置了 V LLM，並包括內建最佳化，如多 GPU 並行性、智能批次、更快和更高的令牌生成，內建支援擁抱模型時並在下載和發送代碼上在幾分鐘內從部署到提供令牌，而無需手動完成所有這些步驟。

We recently announced a collaboration with AMD that provides to customers with access to AMD Instinct MI325X GPU droplet in addition to MI300X droplet. These GPUs deliver high-level performance at lower TCO and are ideal for large-scale AI inferencing workloads.

我們最近宣布與 AMD 合作，除了 MI300X droplet 之外，還為客戶提供 AMD Instinct MI325X GPU droplet 的存取權限。這些 GPU 以較低的 TCO 提供高水準的效能，非常適合大規模 AI 推理工作負載。

Another example of this growing collaboration between the two companies is the Gradient AI infrastructure powering the recently announced AMD Developer Cloud, which enables developers and open source contributors to test drive AMD instinct GPUs instantly in a fully managed environment managed by our grade into AI infrastructure.

兩家公司之間日益加強的合作的另一個例子是 Gradient AI 基礎設施，它為最近發布的 AMD 開發者雲提供支持，使開發人員和開源貢獻者能夠在由我們級 AI 基礎設施管理的完全託管環境中立即試用 AMD Instinct GPU。

This enables developers to start AI development with 0 hardware investment and accelerate the time to value in tasks like benchmarking and inference scaling. This further advances our mission of democratizing access to AI while maintaining the quality, performance and flexibility our customers have come to expect from DO.

這使得開發人員能夠以 0 硬體投資開始 AI 開發，並加快基準測試和推理擴展等任務的價值實現時間。這進一步推進了我們實現人工智慧民主化的使命，同時保持了客戶對 DO 所期望的品質、性能和靈活性。

Let's look at how customers are taking advantage of our Gradient AI infrastructure. Featherless.AI is a serverless AI inference platform, offering API access to an expansive and growing catalog of open base models primarily hugging phrase models like Llama, Mistral, Quen, DeepSeek, RWKV and more. Featherless.AI leverages distillation for its simplicity and price performance and they were an early adopter of our AMD MI300X GPU droplets, which offer industry-leading price performance and ease of use or inference workloads.

讓我們看看客戶如何利用我們的 Gradient AI 基礎架構。Featherless.AI 是一個無伺服器的 AI 推理平台，提供對不斷擴展的開放基礎模型目錄的 API 訪問，主要包括 Llama、Mistral、Quen、DeepSeek、RWKV 等短語模型。Featherless.AI 利用蒸餾的簡單性和性價比，他們是我們的 AMD MI300X GPU droplet 的早期採用者，它提供了業界領先的性價比和易用性或推理工作負載。

Another GPU droplet customer is ScribeAI, a native digital native enterprise specializing in AI-generated documentation, which is used by 94% of the Fortune 500 companies. ScribeAI migrated their AI/ML training workloads to digital ocean from competitive cloud providers and is now leveraging DO's GPU Droplets to build and train their process documentation and knowledge sharing platform.

GPU Droplet 的另一位客戶是 ScribeAI，這是一家專注於 AI 生成文件的本地數位原生企業，94% 的財富 500 強企業都在使用它。ScribeAI 將其 AI/ML 培訓工作負載從競爭性雲端供應商遷移到數位海洋，現在正在利用 DO 的 GPU Droplets 來建立和培訓其流程文件和知識共享平台。

Moving on to the next layer of our Gradient AI agentic Cloud. We recently announced the general availability of DigitalOcean's Gradient AI platform which provides the industry's easiest and most cost-effective platform for developing production-grade AI agents with automated safety and security guarding.

繼續進入我們的 Gradient AI 代理雲的下一層。我們最近宣布了 DigitalOcean 的 Gradient AI 平台的全面上市，該平台為開發具有自動安全和保全功能的生產級 AI 代理提供了業界最簡單、最具成本效益的平台。

The Gradient AI platform, as shown on the right side of Slide 8 of the earnings deck is a one-of-a-kind platform that caters to the end-to-end agent development life cycle or ADLC for short, enabling AI native, SaaS and any software application customer to build, test, deploy, monitor and operate agentic AI software. Customers can use a rich set of proprietary and open source foundation models, including open AI, anthropic, Mistral, DeepSeek and LlAMA as high-performance serverless end points.

Gradient AI 平台，如收益簡報第 8 張投影片右側所示，是一個獨一無二的平台，可滿足端到端代理開發生命週期（簡稱 ADLC）的需求，使 AI 原生、SaaS 和任何軟體應用程式用戶能夠建置、測試、部署、監控和操作代理 AI 軟體。客戶可以使用豐富的專有和開源基礎模型，包括開放AI、anthropic、Mistral、DeepSeek和LlAMA作為高效能無伺服器端點。

These serverless end points automatically scale to meet real-time application demand, thus freeing customers from having to manage compute resources on their own. The gradient AI platform provides built-in guard rate that verify AI behavior and new best-in-class agent evaluation framework to drive high accuracy and relevance of AI results and a robust experimentation capability to deliver optimal AI performance.

這些無伺服器端點會自動擴展以滿足即時應用需求，使客戶無需自行管理運算資源。梯度AI平台提供內建的保護率來驗證AI行為，以及全新一流的代理評估框架，以提高AI結果的準確性和相關性，並提供強大的實驗能力來提供最佳的AI性能。

Over 14,000 agents have been created since announcing this platform, which is almost double the number of agents last quarter. More than 6,000 customers have leveraged this platform since January with 30% of these customers being new to DigitalOcean.

自從該平台發布以來，已創建了超過 14,000 個代理商，幾乎是上個季度代理商數量的兩倍。自一月以來，已有超過 6,000 名客戶利用了該平台，其中 30% 是 DigitalOcean 的新客戶。

One of the customers leveraging our new Gradient AI platform is Quickest with a Q, a leading AI-powered collaborative workspace product that helps product marketing and sales teams generate strategy documents, campaigns and playbooks using shared AI personas. Quickest leverages the Gradient AI platform to create persona generating agents enabling model comparisons and orchestrating tasks on the Gradient AI platform to fetch and summarize the markdown content.

利用我們新 Gradient AI 平台的客戶之一是 Quickest with a Q，這是一款領先的 AI 驅動的協作工作區產品，可協助產品行銷和銷售團隊使用共享 AI 角色產生策略文件、活動和劇本。Quickest 利用 Gradient AI 平台創建角色生成代理，實現模型比較並在 Gradient AI 平台上協調任務以獲取和總結 markdown 內容。

Quickest chose digitation because they needed a flexible and scalable infrastructure to support complex AI workflows, and they value the simplicity of deploying agents and integrating them to the Quickest product line with very little coding involved.

Quickest 選擇數位化，因為他們需要靈活且可擴展的基礎設施來支援複雜的 AI 工作流程，並且他們專注於部署代理並將其整合到 Quickest 產品線的簡單性，而只需很少的編碼。

Moving on to the Gradient AI agents layer, our first commercial AI agent is the Cloudways Copilot, which continuously monitors critical server components. Like the web stack, this space, I note and host health to detect issues in real-time, diagnose root causes and deliver actionable recommendations faster than traditional alerting systems.

繼續討論 Gradient AI 代理層，我們的第一個商業 AI 代理是 Cloudways Copilot，它持續監控關鍵伺服器元件。與 Web 堆疊一樣，我在這個空間中記錄並託管健康狀況，以即時檢測問題、診斷根本原因並比傳統警報系統更快地提供可行的建議。

An example of a customer leveraging this product is Mint Media, a full-service media and marketing company specializing in video production and digital marketing. Mint media uses our cloud-based Copilot Gen AI agents to automatically detect and remediate web posting issues. Mint Media manages over 180 websites and saw significant time savings by leveraging cloud-based school pilot and the associated AI power insights and automated issue resolution.

利用該產品的客戶的一個例子是 Mint Media，一家提供全方位服務的媒體和行銷公司，專門從事視訊製作和數位行銷。Mint media 使用我們基於雲端的 Copilot Gen AI 代理程式來自動偵測和修復網路發布問題。Mint Media 管理 180 多個網站，透過利用基於雲端的學校試點以及相關的 AI 強大洞察力和自動化問題解決方案，節省了大量時間。

What previously required hours of manual debugging is now handled in minutes through the agent's detailed actionable recommendations.

以前需要數小時手動調試的工作現在通過代理的詳細可操作建議只需幾分鐘即可完成。

In addition to the product innovations we delivered, we also made material progress on the go-to-market front during this quarter. From a new customer acquisition perspective, we saw meaningful progress in the top of the funnel from our product-led growth enhancements with revenue from Core Cloud customers in their first 12 months significantly outpacing growth of prior years, which is a great leading indicator of future growth potential.

除了我們實現的產品創新之外，本季我們在市場推廣方面也取得了實質進展。從新客戶獲取的角度來看，我們看到，透過產品主導的成長增強，漏斗頂部取得了有意義的進展，核心雲端客戶在前 12 個月的收入大大超過了前幾年的成長，這是未來成長潛力的一個很好的領先指標。

Our direct sales motion and the strong ecosystem partnerships are driving more AI native customers with large-scale inferencing requirements than we have ever seen in the past. Our growing success with these marquee customers is evident in the increased RPO that I mentioned earlier in my comments, and we anticipate this trend to continue as we scale out our AI capabilities.

我們的直接銷售活動和強大的生態系統合作夥伴關係正在吸引更多具有大規模推理需求的 AI 原生客戶，這些客戶的數量比以往任何時候都多。我們與這些大客戶取得的不斷成功體現在我之前評論中提到的 RPO 的增加，我們預計隨著我們擴大 AI 能力，這種趨勢將會持續下去。

In closing, I'm pleased both by the results of the second quarter and by the progress we are making on the strategy that we articulated at our Investor Day back in April. We maintained our top line growth momentum from Q1 to Q2, while maintaining healthy profitability metrics, enabling us to raise our guidance across both revenue and profitability metrics for the fiscal year 2025.

最後，我對第二季的業績以及我們在四月投資者日所闡明的策略所取得的進展感到滿意。我們從第一季到第二季保持了營收成長勢頭，同時保持了健康的獲利指標，這使我們能夠提高 2025 財年的營收和獲利指標預期。

We delivered continued product innovation and both drove improved performance in our industry-leading product-led growth engine and continue to get traction with our direct sales go-to-market motion, especially for AI.

我們持續進行產品創新，既推動了我們行業領先的產品主導型成長引擎的績效提升，又繼續透過我們的直接銷售進入市場的方式獲得牽引力，尤其是在人工智慧領域。

We recently launched the Gradient AI platform into full general availability, a significant step in our offering to our customers a twin stack of cloud capabilities as outlined on Slide 8 of the earnings slide deck.

我們最近全面推出了 Gradient AI 平台，這是我們向客戶提供雙重雲端功能的重要一步，如收益幻燈片第 8 頁所述。

In a single unified stack, we provide a mature, complete general-purpose cloud. And on the other stack, a modern agentic AI cloud. These integrated stacks enable AI native customers to run inferencing at scale while taking advantage of the core cloud modules and digital native customers to build AI directly into their software applications without having to do the heavy lifting of dealing with AI infrastructure.

在單一統一的堆疊中，我們提供成熟、完整的通用雲。在另一個堆疊上，是一個現代代理 AI 雲。這些整合堆疊使 AI 原生客戶能夠大規模運行推理，同時利用核心雲端模組和數位原生客戶將 AI 直接建置到他們的軟體應用程式中，而無需承擔處理 AI 基礎設施的繁重工作。

With this unique twin Cloud and AI stacks, we are getting increasing momentum with AI native companies with larger scale inferencing workloads and our we are expanding our partnerships with key ecosystem players in the AI domain. We are also making good progress on our balance sheet and refinancing priorities, positioning us for a strong 2026.

憑藉這種獨特的雙雲和 AI 堆疊，我們與擁有更大規模推理工作負載的 AI 原生公司的合作勢頭日益強勁，並且我們正在擴大與 AI 領域關鍵生態系統參與者的合作夥伴關係。我們的資產負債表和再融資優先事項也取得了良好進展，為 2026 年的強勁發展奠定了基礎。

Thank you, and I'll now turn it over to Matt.

謝謝，現在我將把發言權交給馬特。

Thanks, Paddy. Good morning, everyone, and thanks for joining us today. As Paddy discussed, we are very pleased with our Q2 2025 performance, and we are confident in our ability to sustain and build on this momentum in the latter half of the year.

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，我們對 2025 年第二季度的表現非常滿意，並且我們有信心在下半年保持並鞏固這一勢頭。

In my comments, I'll walk through our Q2 results in detail, provide an update on our balance sheet and capital allocation strategy and share our third quarter and full year 2025 financial outlook.

在我的評論中，我將詳細介紹我們的第二季度業績，提供我們的資產負債表和資本配置策略的最新信息，並分享我們第三季度和 2025 年全年的財務展望。

Starting with the top line. Revenue in the first quarter was $219 million, up 14% year-over-year. Our annual run rate revenue, or ARR, was $875 million, which was $32 million above Q1. This incremental ARR of $32 million was the highest incremental ARR since Q4 of 2022 and the highest organic incremental ARR achieved in over three years. We continue to build and strengthen our relationships with our higher spend customers and key strategic partners.

從第一行開始。第一季營收為2.19億美元，年增14%。我們的年度運行收入（ARR）為 8.75 億美元，比第一季高出 3,200 萬美元。這 3,200 萬美元的增量 ARR 是自 2022 年第四季以來的最高增量 ARR，也是三年多來實現的最高有機增量 ARR。我們將繼續建立和加強與高消費客戶和關鍵策略合作夥伴的關係。

This is evidenced by the material increase in our remaining performance obligation balance.

我們剩餘履約義務餘額的大幅增加證明了這一點。

As we continue to secure large multiyear deals, with our digital native enterprise customers, which is an early but promising new go-to-market motion for the company. Our product innovation and go-to-market enhancements are resonating with this target customer base.

隨著我們繼續與數位原生企業客戶達成大型多年期交易，這對該公司來說是一個早期但有前景的新的上市舉措。我們的產品創新和市場推廣措施與此目標客戶群產生了共鳴。

In Q2, revenue from our Scalers+ customers or customers whose annualized run rate revenue in the quarter was greater than $100,000 and who represent 24% of overall revenue, grew 35% year-over-year with a 23% increase in customer count. This is clear evidence of the increasing traction that we are getting with our largest customers as they expand their use of our core cloud products and adopt our new AI offering.

在第二季度，來自我們的 Scalers+ 客戶（本季年化運行率收入超過 100,000 美元且佔總收入 24% 的客戶）的收入同比增長 35%，客戶數量增長 23%。這清楚地表明，隨著我們最大的客戶擴大對我們核心雲端產品的使用並採用我們的新人工智慧產品，我們對他們的吸引力正在不斷增強。

Q2 revenue growth was primarily driven by improvements in customer acquisition across both core cloud and AI as well as strong customer adoption of our AI/ML products. As Paddy mentioned, Revenue from core cloud customers in their first 12 months significantly outpaced growth in prior years, which is a great leading indicator of future growth as these stronger recent cohorts not only drive up revenue from customer acquisition, but also they should positively contribute to net dollar retention when they reached their 13th month and become part of our NDR cohort.

第二季營收成長主要得益於核心雲端和人工智慧領域的客戶獲取率的提高以及客戶對我們的人工智慧/機器學習產品的強勁採用。正如帕迪所提到的，核心雲端客戶在前 12 個月的收入顯著超過了前幾年的成長速度，這是未來成長的一個很好的領先指標，因為這些近期實力較強的客戶群體不僅推動了客戶獲取收入的增長，而且當他們進入第 13 個月並成為我們的 NDR 群體的一部分時，他們還應該對淨美元留存貢獻。

Our Q2 net dollar retention was 99%, up from 97% in the same quarter last year. and within the expected range that we communicated on the prior quarter's call. We also delivered strong AI/ML revenue growth in Q2 as we continue to see a robust demand environment. particularly for inference workloads, with AI revenue growing north of 100% year-over-year.

我們第二季的淨美元留任率為 99%，高於去年同期的 97%，並且在我們在上一季電話會議上傳達的預期範圍內。由於我們繼續看到強勁的需求環境，我們在第二季度也實現了強勁的 AI/ML 收入成長，特別是對於推理工作負載，AI 收入同比增長超過 100%。

Turning to the P&L. We delivered strong performance on all of our key profitability metrics. Gross margin for the second quarter was 60% and which is 100 basis points higher than the prior year. Adjusted EBITDA was $89 million, an increase of 10% year-over-year. Adjusted EBITDA margin was 41% in the second quarter, approximately 100 basis points lower than the prior year.

轉向損益表。我們在所有關鍵獲利指標上都表現強勁。第二季毛利率為60%，較上年高出100個基點。調整後EBITDA為8,900萬美元，較去年成長10%。第二季調整後的 EBITDA 利潤率為 41%，比上年下降約 100 個基點。

Non-GAAP diluted net income per share was $0.69, a 23% increase year-over-year. This increase is a direct result of expanding per share profitability by driving durable revenue growth while exercising ongoing plasticity.

非公認會計準則每股攤薄淨收益為 0.69 美元，較去年同期成長 23%。這一成長是透過推動持久​​的收入成長並發揮持續的可塑性來擴大每股獲利能力的直接結果。

GAAP diluted net income per share was $0.39, a 95% increase year-over-year as we continue to grow revenue, drive operating leverage and prudently manage stock-based compensation. Q2 adjusted free cash flow was $57 million or 26% of revenue, up significantly from our front-loaded Q1, which included a large portion of the upfront investment required to bring the Atlanta data center online.

由於我們持續增加收入、提高營運槓桿並審慎管理股票薪酬，每股 GAAP 稀釋淨收益為 0.39 美元，較去年同期成長 95%。第二季調整後的自由現金流為 5,700 萬美元，佔營收的 26%，較我們前期投入的第一季大幅成長，其中包括使亞特蘭大資料中心上線所需的大部分前期投資。

As I'll detail later in my comments, we remain confident in our ability to deliver attractive adjusted free cash flow margin for the full year. Although the timing of capital investment payments will continue to create quarter-to-quarter variations in adjusted free cash flow margins. are highlighting in the trailing 12-month adjusted free cash flow margin on Slide 15.

正如我稍後將在評論中詳細說明的那樣，我們仍然有信心在全年實現有吸引力的調整後自由現金流利潤率。儘管資本投資支付的時間將繼續導致調整後的自由現金流利潤率出現季度變化，但在幻燈片 15 中突出顯示了過去 12 個月的調整後自由現金流利潤率。

Our balance sheet continues to be strong as we continue to maintain material cash and cash equivalents and ended the quarter with $388 million in cash. We also continued to execute our share repurchase program in the quarter with $20 million of repurchases in Q2, buying back approximately 691,000 shares. This brings our cumulative share repurchases since IPO and to $1.6 billion and 34.8 million shares through June 30, 2025. At the end of Q2, we had $3.4 million remaining on our current share repurchase authorization.

我們的資產負債表繼續保持強勁，因為我們繼續保持大量現金和現金等價物，本季末的現金為 3.88 億美元。我們也在本季繼續執行股票回購計劃，第二季回購了 2,000 萬美元，回購了約 691,000 股。截至 2025 年 6 月 30 日，我們自 IPO 以來的累計股票回購額達到 16 億美元，累計股票回購量達到 3,480 萬股。截至第二季末，我們目前的股票回購授權還剩餘 340 萬美元。

On the debt front, we continue to actively evaluate the market and our financing alternatives and remain committed to fully addressing the 2026 convert over the balance of this calendar year. We have multiple attractive financing options available to us, including convertible debt, bank debt and bonds. And we plan to tap into these markets as needed to optimize our long-term cost of capital. Before we move on to guidance, I'll highlight one noncash item related to both the balance sheet and the P&L.

在債務方面，我們繼續積極評估市場和我們的融資替代方案，並繼續致力於在今年剩餘時間內全面解決 2026 年的轉換問題。我們有多種有吸引力的融資選擇，包括可轉換債務、銀行債務和債券。我們計劃根據需要進入這些市場，以優化我們的長期資本成本。在我們開始提供指導之前，我將重點介紹與資產負債表和損益表相關的一項非現金項目。

We continue to evaluate the necessity of our valuation allowance on certain existing tax deferred tax assets each quarter in accordance with U.S. GAAP. While the valuation allowance is still necessary for Q2, in the latter half of fiscal 2025, we may release all or a portion of our valuation allowance of $109 million, which was discussed in our most recent 10-K as well as in our most recent 10-Q.

我們將繼續依照美國每季評估對某些現有遞延稅項資產提列估值準備的必要性。公認會計準則。雖然第二季仍需要估值準備金，但在 2025 財年下半年，我們可能會釋放全部或部分 1.09 億美元的估值準備金，這在我們最近的 10-K 和最近的 10-Q 中都有討論。

When released, we estimate this would have the financial impact of decreasing our noncash tax expense by the amount of the release, resulting in a corresponding increase in net income. When this occurs, it will be a positive noncash event and will have no impact on non-GAAP financial metrics.

一旦發布，我們估計這將產生財務影響，即減少我們的非現金稅費，減少的金額相當於發布的金額，從而導致淨收入相應增加。當這種情況發生時，它將是一個積極的非現金事件，並且不會對非 GAAP 財務指標產生影響。

Moving on to guidance. For the third quarter of 2025, we expect revenue to be in the range of $226 million to $227 million, representing approximately 14.1% year-over-year growth at the midpoint. For the full year 2025, we are raising our annual revenue guidance to the range of $888 million to $892 million, representing approximately 14% year-over-year growth at the midpoint.

繼續指導。對於 2025 年第三季度，我們預計營收將在 2.26 億美元至 2.27 億美元之間，中間值年增約 14.1%。對於 2025 年全年，我們將年度營收預期上調至 8.88 億美元至 8.92 億美元之間，中間值年增約 14%。

Given our strong Q2 performance, visibility into our customers' usage strength and the strength of the AI/ML demand environment, we are able to raise our full year guide with confident.

鑑於我們第二季度的強勁表現、對客戶使用強度的了解以及 AI/ML 需求環境的強勁，我們可以滿懷信心地提高全年指引。

For the third quarter of 2025, we expect our adjusted EBITDA margins to be in the range of 39% to 40%. For the full year, we raised our adjusted EBITDA margin guide to the range of 39% to 40%. For the third quarter of 2025, we expect non-GAAP diluted earnings per share to be $0.45 to $0.50 based on approximately 102 million to 103 million in weighted average fully diluted shares outstanding.

對於 2025 年第三季度，我們預計調整後的 EBITDA 利潤率將在 39% 至 40% 之間。我們將全年調整後的 EBITDA 利潤率指引上調至 39% 至 40% 的範圍。對於 2025 年第三季度，我們預計非 GAAP 稀釋每股收益為 0.45 美元至 0.50 美元，基於約 1.02 億至 1.03 億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 $2.05 to $2.10 and based on approximately 103 million to 104 million in weighted average fully diluted shares outstanding.

對於 2025 年全年，我們預計非 GAAP 稀釋每股收益為 2.05 美元至 2.10 美元，基於約 1.03 億至 1.04 億股加權平均完全稀釋流通股。

Turning to adjusted free cash flow. We raised our guided adjusted free cash flow margins for the full year to 17% to 19%. The Increasing our projected cash flow margins, at the same time, we are accelerating our revenue growth outlook, which speaks to the confidence we have in our ability to maintain attractive free cash flow margins while we accelerate our top line growth.

轉向調整後的自由現金流。我們將全年調整後自由現金流利潤率預期上調至 17% 至 19%。在提高預期現金流利潤率的同時，我們也在加快收入成長前景，這表明我們有信心在加快營收成長的同時保持有吸引力的自由現金流利潤率。

Consistent with our historical guidance practice, we are not providing adjusted free cash flow guidance on a quarter-by-quarter basis, given it is heavily influenced by working capital timing as you saw on our year-to-date results.

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，因為正如您在我們年初至今的業績中看到的那樣，它受到營運資本時機的嚴重影響。

That concludes our prepared remarks. I will now open the call to Q&A.

我們的準備好的演講到此結束。我現在開始問答環節。

(Operator Instructions)

（操作員指示）

Patrick Walravens with Citizens, please go ahead.

請市民 Patrick Walravens 發言。

Oh, great, thank you very much and congratulations. Paddy, could you talk a little bit more about the AI/ML revenue and the over 100% increase there? And maybe walk us through a little bit the history of this offering and why the current version is really starting to kick in?

哦，太好了，非常感謝，恭喜你。帕迪，您能否再多談談 AI/ML 收入以及超過 100% 的成長情況？您能否向我們簡單介紹一下該產品的歷史以及當前版本真正開始發揮作用的原因？

Yeah, thank you Patrick. Good morning good way to get started. So the AI/ML revenue, as I mentioned in the call, grew more than 100% year-over-year. So if you remember, last Q2 is when we brought a lot of H100 media gear online. So more than doubling that this quarter was a significant step for us. And what is different is, as I explained, we have a three layer AI stack.

是的，謝謝你派崔克。早上好，開始的好方法。正如我在電話會議中提到的那樣，AI/ML 收入同比增長了 100% 以上。所以如果你還記得的話，去年第二季我們上線了許多 H100 媒體設備。因此，本季的銷售量翻了一番以上，這對我們來說是一個重要的進步。不同之處在於，正如我所解釋的，我們有一個三層的 AI 堆疊。

On the foundational level is our Gradient AI infrastructure stack, which is a network of GPUs, both from AMD as well as NVIDIA. And then in the middle layer is our Gradient AI platform that we just took from private and public preview all the way to general availability. And then on the topmost layer is agents. So the type of customers that use these three layers are slightly different at this point.

基礎層面是我們的 Gradient AI 基礎架構堆疊，它是一個 GPU 網絡，既來自 AMD，也來自 NVIDIA。中間層是我們的 Gradient AI 平台，我們剛剛將其從私人和公開預覽版一直推向普遍可用。然後最上層是代理。因此，使用這三層的客戶類型目前略有不同。

So AI infrastructure is consumed typically by AI native companies that have their own model or have taken an open source model and are doing some tweaks to it and hosting those models and scaling them, especially in the inferencing mode are typically consuming the AI infrastructure. And a majority of our revenue comes from the Gradient AI infrastructure stack. And that's not very dissimilar from the rest of the industry.

因此，人工智慧基礎設施通常由擁有自己的模型或採用開源模型並對其進行一些調整、託管這些模型並對其進行擴展的人工智慧原生公司使用，尤其是在推理模式下，通常會使用人工智慧基礎設施。我們的大部分收入來自 Gradient AI 基礎設施堆疊。這與行業其他部分的情況並無太大區別。

The Gradient AI platform that we recently pushed out to GA is where any software application like a SaaS provider, for example, can start consuming AI into their own applications without having to do the heavy lifting of building and managing their own GPU infrastructure. So we have serverless endpoints for these LLM, for example. And we have a bunch of other tools and modules that are critical building blocks for consuming AI into your own application.

我們最近推出的 Gradient AI 平台已正式發布，任何軟體應用程式（例如 SaaS 提供者）都可以開始將 AI 融入到自己的應用程式中，而無需承擔建置和管理自己的 GPU 基礎設施的繁重工作。例如，我們為這些 LLM 提供無伺服器端點。我們還有許多其他工具和模組，它們是將 AI 融入您自己的應用程式的關鍵構建塊。

So it becomes very, very easy to build AI into your existing applications. And that's what is powering the growth of our AI revenue is predominantly on the infrastructure side, but we are driving a lot of adoption and mind share with developers with the AI platform.

因此，將 AI 建置到現有應用程式中變得非常非常容易。這就是推動我們人工智慧收入成長的動力，主要來自基礎設施方面，但我們正在透過人工智慧平台推動大量開發人員的採用和思想共享。

And on the Agent layer, the first commercial application of that is the Cloudways CoPilot that's typically adopted by end customers as a way to automate some of the manual tasks that we are seeing in managing and operating cloud-based applications.

在代理層，第一個商業應用是 Cloudways CoPilot，它通常被最終客戶採用，作為我們在管理和操作基於雲端的應用程式中看到的一些手動任務的自動化方式。

That's very helpful.

這非常有幫助。

Michael Cikos from Needham & Company Inc.

Needham & Company Inc. 的 Michael Cikos

Hey guys, thanks for taking the questions here just to further the conversation on the AI/ML, good to see the north of 100% revenue growth, reflecting some of the more recent trends you guys have seen on the ARR front, I just wanted to see I know historically, you guys have given us more color on the underlying components for that net new ARR. I think last quarter, you guys had cited north of 160% year-on-year. maybe I missed the data point, but just wanted to see how that net new is growing on the AI/ML front in the June quarter.

嘿夥計們，感謝你們在這裡回答問題，只是為了進一步討論 AI/ML，很高興看到 100% 的收入增長，反映了你們在 ARR 方面看到的一些最新趨勢，我只是想看看，從歷史上看，你們已經為我們提供了更多關於淨新 ARR 的底層組成部分的詳細信息。我認為上個季度，你們提到的年成長率超過了 160%。也許我錯過了數據點，但我只是想看看 6 月季度 AI/ML 的淨成長。

Mike, it's Matt. I think what we said is that our ARR was growing. AI ARR was growing north of 160% in prior quarters that wasn't referring to the incremental ARR or at least the actual ARR. And the north reflect still very strong growth. In fact, if you look at the incremental ARR for this quarter at 32%, it was a good balance across both AI and Core Cloud but it was our highest incremental ARR in the company's history.

麥克，我是馬特。我認為我們所說的是我們的 ARR 正在成長。前幾季，AI ARR 的成長幅度超過 160%，這並不是指增量 ARR，或至少不是實際 ARR。北方地區仍然表現出非常強勁的成長勢頭。事實上，如果你看一下本季 32% 的增量 ARR，你會發現它在 AI 和核心雲之間取得了良好的平衡，但這是我們公司歷史上最高的增量 ARR。

And the reason that it dropped, if this is where you were going with the question around from 160 to north of 100 is just, as Paddy had said, we lapped the Q2 when we launched all of our AI capabilities, and we had a bunch of pent-up demand. So the Q2 growth in the AI business, in particular from last year was high. So it's just a difficult comp. But if you look at the incremental ARR that we're adding for the in that business on a go-forward basis, we're accelerating, it's an accelerating business.

如果你要問這個問題，那麼它之所以會從 160 跌到 100 以上，是因為正如帕迪所說，當我們推出所有 AI 功能時，我們在第二季度就取得了成功，而且我們有大量被壓抑的需求。因此，人工智慧業務第二季度的成長，尤其是去年的成長，很高。所以這只是一場艱難的比賽。但如果你看一下我們在未來為該業務增加的增量 ARR，我們正在加速，這是一項加速業務。

Got it. And for the NDR, I know that the 99% here is in keeping with that commentary you guys have provided last quarter. Can you just explain what would actually acted against that? Because I would have thought there would have been at least some benefit from you guys lapping that cloud was price increase in April.

知道了。對於 NDR，我知道這裡的 99% 與你們上個季度提供的評論一致。你能解釋一下實際上採取什麼措施來對抗這種情況嗎？因為我原本以為，如果你們在四月提高雲端運算價格，至少會為你們帶來一些好處。

Yeah, I think that when we look at the NDR, and this is the reason that we signaled it will likely bounce around the kind of current range into this quarter and probably going for the next couple of quarters is with the in the market, we haven't seen a degradation market. We haven't really seen any change in the market since the April time frame. But as we look at our some of our larger customers in the long tail, there's a, I'd say, there's a mix impact on customers. It's very individual. So some customers, we see that are maybe on edge and they're optimizing or they're a little bit hesitant to expand their business.

是的，我認為，當我們查看 NDR 時，這就是我們發出信號的原因，它可能會在本季度在當前範圍內反彈，並且可能在接下來的幾個季度中繼續保持這種勢頭，因為在市場上，我們還沒有看到市場惡化。自四月以來，我們並沒有真正看到市場發生任何變化。但當我們觀察長尾中的一些較大客戶時，我想說，這對客戶產生了混合影響。這是非常個性化的。因此，我們發現一些客戶可能處於緊張狀態，他們正在進行優化，或者對擴展業務有點猶豫。

But in the same industry or in the same size of customer, we also see a number of customers that are accelerating the business. They're doing really well and they're extending their business with us and they're growing their workloads. And you see that in the growth of the customers, the Scalers+ so we're seeing really strong growth in parts of our customers, but we're also seeing others that are being cautious and aren't scaling as fast. And so we think that we're likely to stay kind of in this level.

但在同一個產業或同一規模的客戶中，我們也看到不少客戶在加速業務的發展。他們的經營狀況非常好，他們正在擴大與我們的業務往來，並且正在增加他們的工作量。您可以看到，在客戶規模不斷成長的過程中，Scalers+ 的部分客戶實現了非常強勁的成長，但我們也看到其他客戶持謹慎態度，擴張速度並不快。因此我們認為我們可能會保持在這個水平。

I'd say what the good news is, despite the fact that NDR, which is a hair lower at 99%. We were able to raise our guidance. We're delivering the best incremental ARR that we've delivered in a very long time. And so we're very encouraged by the trends. I think that NDR is still it's such a laggy metric.

我想說的是好消息，儘管 NDR 略低，為 99%。我們能夠提高我們的指導。我們正在提供長期以來最好的增量 ARR。因此我們對這些趨勢感到非常鼓舞。我認為 NDR 仍然是一個非常落後的指標。

It's going to be a little stubborn to improve, but that's not going to slow us down from a revenue growth standpoint. We're doing enough with the new product acquisition in the Core Cloud, which is doing really, really well, getting really good cohorts and they are coming in. We've got the migration motion, which is a relatively new motion that doesn't always impact NDR, and then we've got the growth and acceleration in the AI business. So we're very bullish on the growth prospects, and that was what enabled us to raise the guidance for the year.

雖然改進起來會有些困難，但從收入成長的角度來看，這不會減慢我們的速度。我們在核心雲端的新產品收購方面已經做得足夠多了，它做得非常非常好，獲得了非常好的群體，他們正在加入。我們有遷移動議，這是一個相對較新的動議，並不總是影響 NDR，然後我們得到了 AI 業務的成長和加速。因此，我們對成長前景非常樂觀，這也是我們提高今年業績預期的原因。

Great thank you guys.

非常感謝你們。

Gabriela Borges with Goldman Sachs.

高盛的 Gabriela Borges。

Hey, good morning thank you. I wanted to touch on the unit economics of the AI business. Now I know in the past, you've talked about the three year payback period, but we'll have both been very I'm saying, as you move from fair metal GPUs to more differentiated services exactly as you've illustrated in the graphic in the slide, you should be able to come on more gross margin essentially. So maybe give us an update on how those efforts are tracking. How do you feel about the gross margin and the LTV attack of the AI business relative to the core business?

嘿，早上好，謝謝。我想談談人工智慧業務的單位經濟學。現在我知道，您過去曾談到過三年的投資回收期，但我們都非常清楚，當您從公平的金屬 GPU 轉向更具差異化的服務時，正如您在幻燈片中的圖表中所示，您應該能夠獲得更高的毛利率。因此請您向我們介紹這些努力的進展。您如何看待AI業務相對於核心業務的毛利率和LTV衝擊？

Yeah, we're very we are very encouraged and comfortable with the margins that we're getting in the AI business, as you said, give a of that. the higher layers of the stack, the three layer stack that Paddy describes had better margins than pure infrastructure.

是的，正如您所說，我們對在人工智慧業務中獲得的利潤感到非常鼓舞和滿意。堆疊的較高層，Paddy 描述的三層堆疊比純基礎設施具有更好的利潤率。

But even at the pure infrastructure level, we're very comfortable with the returns, particularly given the long-term value that we believe you talked about the LTV, the long-term value that we believe we will generate from those customers. As Paddy has talked about multiple times, inferencing customers, which is what we're seeing more and more even at the infrastructure layer as we're kind of going through this.

但即使在純基礎設施層面，我們對回報也非常滿意，特別是考慮到我們相信您談到的 LTV 的長期價值，以及我們相信我們將從這些客戶身上創造的長期價值。正如帕迪多次談到的那樣，推斷客戶，這是我們在經歷這一過程時在基礎設施層面越來越多地看到的。

They will pull other cloud services through it. They need databases, they need storage, they need bandwidth, they need standard compute CPU.

他們將透過它來拉動其他雲端服務。他們需要資料庫，需要存儲，需要頻寬，需要標準計算 CPU。

And so this is a bit of we're still investing ahead in terms of if there's a bunch of infrastructure, the margins on that are lower than the margins at the higher stacks, but you need that baseline infrastructure capability to get into higher layer services.

因此，我們仍在進行提前投資，因為如果有大量基礎設施，其利潤率會低於更高堆疊的利潤率，但您需要基線基礎設施能力才能進入更高層的服務。

And so we think it's a very good investment. It's a very good use of our capital. And we're very encouraged by the returns that we're getting and the promise of higher returns as that business matures and we get more pull-through revenue and we get more of the revenue shifting to the higher layers of the AI stack.

因此我們認為這是一項非常好的投資。這是對我們資本的非常好的運用。我們對所獲得的回報感到非常鼓舞，隨著業務的成熟，我們將獲得更多的拉動收入，並將更多的收入轉移到人工智慧堆疊的更高層，從而獲得更高的回報。

And just to add to it, Gabriela, this is Paddy. Just to add to what Matt just said. That's why we are also forward investing in making our grading agented cloud, very, very optimized for inferencing. So I talked about our inference optimized Droplet. If you look at that right side of the Slide 8, you will also see that we are investing in model optimization.

再補充一點，加布里埃拉，這是帕迪。我只是想補充一下馬特剛才說的話。這就是為什麼我們也在前瞻性地投資使我們的評級代理雲針對推理進行高度最佳化。所以我談到了我們的推理優化 Droplet。如果您查看投影片 8 的右側，您也會看到我們正在投資模型最佳化。

We are investing in infrastructure optimization at the infrastructure level. Everything is aimed to scale inferencing workloads on our platform, which tend to have very long tail. And as Matt mentioned, they also dragged through some of the other cloud perimeters.

我們正在基礎設施層面投資基礎設施優化。一切都是為了擴展我們平台上的推理工作負載，而這些工作負載往往具有非常長的尾部。正如馬特所提到的，他們也穿過了其他一些雲層邊界。

So they drag the left side along with them as the inferencing workload scale globally. So we feel very good about where we are in some of the early success we are seeing with very marquee customers that are starting to scale up their inferencing footprint on us.

因此，隨著推理工作量在全球擴大，他們也拖累了左側。因此，我們對我們所取得的一些早期成功感到非常滿意，我們看到一些非常知名的客戶開始擴大他們對我們的推理影響力。

Yeah, that makes sense and Paddy follow-up I have here. Just on these comments on highest incremental ARR, highest organic ARR in over three years in terms of the net new that you're adding. Can we think of this as the new high watermark and looking at what's being implied in guidance?

是的，這很有道理，我在這裡跟進帕迪的情況。僅就您新增的淨新增量而言，關於最高增量 ARR、三年多來最高有機 ARR 的這些評論。我們是否可以將其視為新的高水位線並查看指導中隱含的內容？

Talk to us about your ability to consistently deliver growth of that metric and whether there's any unevenness whether because of seasonality or company-specific factors like timing of new AI capacity coming online that we should be aware of as we think about the forward model.

請與我們談談您持續實現該指標成長的能力，以及是否存在不均勻性，無論是由於季節性還是公司特定因素（例如新 AI 容量上線的時間），我們在考慮未來模型時都應該注意這些因素。

Yeah, I can just talk to Matt, and you can fill in. So we did not have anything unnatural this last quarter. Like we didn't bring a bunch of capacity online or there was no seasonality associated with it. I think we are just, as we mentioned in our prepared remarks, we are honing our product-led growth motion for our core cloud customers, and that is starting to really produce results on one hand. Our migration motion is bringing in a new type of customers that are typically digital native enterprise customers, and we are starting to grow them.

是的，我可以和馬特談談，然後你可以填寫。所以上個季度我們沒有發生任何異常情況。就像我們沒有將大量產能投入使用，或沒有與之相關的季節性。我認為，正如我們在準備好的發言中提到的那樣，我們正在為我們的核心雲端客戶磨練以產品為主導的成長動力，一方面，這開始真正產生成果。我們的遷移措施正在引入一種新型客戶，他們通常是數位原生企業客戶，我們正在開始發展他們。

And on the AI side, we're just starting to see some scaled up inferencing customers. So it's a combination of all of those. It's just not one big contract or one spike in capacity of GPUs or anything like that. It's a very secular and durable type of momentum that we are seeing on the new customer acquisition side. Matt?

在人工智慧方面，我們剛開始看到一些擴大規模的推理客戶。所以它是所有這些的組合。這不僅僅是一份大合同，也不是 GPU 容量的一次激增，或諸如此類的事情。我們在新客戶獲取方面看到的是一種非常長期且持久的勢頭。馬特？

I agree with all that, Paddy. I think that, again, the reminder on ARR is it's not based on a booking. It's not based on the sale. It's based on actual customer revenue and customer utilization. And so it's I think we hope that, that's a steady predictor and going forward of the exit trajectory that we're on and a good indicator.

我同意這一切，帕迪。我認為，ARR 上的提醒不是基於預訂。這不是基於銷售。它基於實際客戶收入和客戶利用率。所以我認為我們希望這是一個穩定的預測指標，可以預測我們所處的退出軌跡，並且是一個好的指標。

So it's certainly a critical metric for us. And as Paddy said, we're encouraged by our ability to increase that. Certainly, it will like any metric will vary quarter-to-quarter. I know that it will always be up and to the right, but we have enough motions going that we're very confident in our ability to improve that metric.

所以這對我們來說無疑是一個關鍵指標。正如帕迪所說，我們對自己提高這一水平的能力感到鼓舞。當然，它會像任何指標一樣，每個季度都會改變。我知道它將永遠處於向上和向右的位置，但是我們已經有足夠的動作，我們對改善該指標的能力非常有信心。

Really nice.

真棒。

Raimo Lenschow with Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Staying on that AI notion and inferencing, like what is if you think about like Paddy you talked about like your how you try to differentiate here, et cetera. Where is the industry at the moment in terms of also capacity constraints? Like is that still a factor for you that it's helping? Or is it really now about all differentiation?

完美的。繼續堅持人工智慧的概念和推理，例如，如果你想想帕迪所說的，你如何嘗試在這裡進行區分，等等。目前該產業的產能限制情況如何？這對你來說仍然是一個有幫助的因素嗎？或者現在真的都是關於差異化的嗎？

And then I have one follow-up for that thank you. And then have one follow up.

然後我還有一個後續問題要說，謝謝。然後進行一次跟進。

Thank you, Raimo. Capacity constraints are a way of life in AI as we are scaling like everyone else. So we are trying to stay ahead of it a little bit, but it's there are just so many factors there in terms of the real estate footprint and the power and the cooling and the actual gear. So there's just a lot of variable factors here. But I think for us, it all boils down to why some of these marquee AI-native customers are starting to choose us over the other alternatives that they have.

謝謝你，雷莫。當我們像其他人一樣擴展時，容量限制是人工智慧的一種生存方式。因此，我們試圖保持領先地位，但就房地產佔地面積、電力、冷卻和實際設備而言，存在太多因素。所以這裡有很多可變因素。但我認為，對我們來說，這一切都歸結於為什麼一些知名的人工智慧原生客戶開始選擇我們，而不是其他選擇。

And it is really the twin stack cloud that we have laid out in Slide 8. So I don't think there are too many cloud providers that can claim to have both sides of that equation. And we certainly feel like we are driving home that point in terms of not only offering a world-class AI infrastructure, but increasingly, those same customers are also starting to leverage some of the guardrails and the agent valuation framework and the agent observability and things like that, going up stack on the right side of the agentic cloud, but also, as Matt mentioned, they also have very sophisticated storage, data processing and CPU compute requirements as well because at the end of the day, these are very sophisticated applications that require the might of a full-stack general-purpose cloud.

它實際上就是我們在第 8 張投影片中所展示的雙堆疊雲。因此，我認為沒有太多的雲端提供者可以聲稱擁有這個等式的兩邊。我們確實覺得我們正在強調這一點，不僅在於提供世界一流的人工智慧基礎設施，而且越來越多的客戶也開始利用一些護欄、代理評估框架、代理可觀察性等類似的東西，在代理雲的右側向上堆疊，而且，正如 Matt 提到的，他們也有非常複雜的存儲、數據處理和 CPU 計算要求，因為歸根結底，這些都是非常通用的應用程序，需要全功能強大的功能

So I think that is the differentiator that we are leaning on and we feel really confident. I've been talking about this for about four quarters. And finally, we have the twin stacks that we have described on Slide 8 of the earnings deck. And we feel really good. We're just getting started and some of the RPO and the large contracts that we have been talking about, they have not even started hitting their full stride as we are scaling those customers.

所以我認為這就是我們所依賴的差異化因素，我們對此充滿信心。我已經談論這個問題大約四個季度了。最後，我們在收益簡報的第 8 張投影片中描述了雙重堆疊。我們感覺非常好。我們才剛起步，我們一直在談論的一些 RPO 和大型合約甚至還沒有開始充分發揮作用，因為我們正在擴大這些客戶。

So we feel really good about the forward momentum that we are building.

因此，我們對正在建造的前進勢頭感到非常高興。

And that kind of leads into my next question for Matt. Like if I think about second half, I got a good few questions already of people saying, well, actually, you kind of raising probably raising a little the full year by more than you actually beat in Q1, Q2. So there's kind of obviously a lot of kind of confidence in the second half. Should we think about like more RPO gives you more visibility, which kind of drives kind of some of that guidance because we know you as a conservative person normally thank you.

這引出了我要問馬特的下一個問題。例如，如果我考慮下半年，我已經收到了不少問題，人們說，嗯，實際上，你全年的增幅可能比第一季和第二季實際增幅要大。因此，顯然人們對下半年有很大的信心。我們是否應該考慮更多的 RPO 會為你帶來更多的可見性，這會推動一些指導，因為我們知道你作為一個保守的人通常會感謝你。

But I wish that it was all the RPO that was giving us full confidence. If you look at the RPO, while we're really encouraged by the increase, it's still a very, very small portion of our business. So that's certainly encouraging. But I'd say, when we look at the performance that we had in the first half, we look at the visibility that we have into the customer usage patterns. We look at the migrations that we're seeing and that motion kind of coming.

但我希望所有 RPO 都能給我們充分的信心。如果你看一下RPO，雖然我們對成長感到非常鼓舞，但它仍然只占我們業務的一小部分。這確實令人鼓舞。但我想說，當我們回顧上半年的表現時，我們會專注於對客戶使用模式的了解。我們觀察所見到的遷移和即將到來的運動。

We look at the traction we're getting with AI and with some of the through some of the direct sales and partnerships. And some of the conversations that we articulated we're having with large AI native companies. We just we have enough irons in the fire that we're confident of increasing the revenue guide.

我們關注人工智慧以及透過一些直接銷售和合作所取得的進展。我們表達的一些對話是與大型 AI 原生公司進行的。我們有足夠的準備，我們有信心提高收入指南。

And what to me is most encouraging. I think as you do know I am a relatively conservative guy, is that we're able to increase our free cash flow margin at the same time. And so to me, that we can demonstrate that we can grow revenue, we can accelerate revenue maintaining attractive free cash flow margins. And to me, that's incredibly encouraging as we think about the what's in front of us in the second half and how that sets us up for 2026.

對我來說最令人鼓舞的是。我想正如你所知，我是一個相對保守的人，我們能夠同時增加我們的自由現金流利潤率。因此對我來說，我們可以證明我們可以增加收入，我們可以加速收入，並保持有吸引力的自由現金流利潤率。對我來說，當我們思考下半年將面臨什麼以及我們如何為 2026 年做好準備時，這是非常令人鼓舞的。

Jason Ader with William Blair.

傑森·阿德 (Jason Ader) 和威廉·布萊爾 (William Blair)。

Yeah, thank you. Good morning, guys. I just wanted to see if you could give us a little bit of a breakdown of the business right now when we think about the kind of AI side versus the non-AI side? I know you've given the growth rates, can you tell us just sort of ballpark? Is this like I'm kind of I'm in the neighborhood of like 5% to 10% of revenue now from AI I don't know if there's any specificity you can give on that, but that would be really helpful.

是的，謝謝。大家早安。我只是想看看，當我們考慮人工智慧方面和非人工智慧方面時，您是否可以給我們稍微細分一下目前的業務？我知道您已經給了成長率，您能告訴我們一個大概的數字嗎？這是否就像我現在大約 5% 到 10% 的收入來自人工智慧？我不知道您是否可以提供具體信息，但這真的很有幫助。

Jason, we're not we don't break this out, and part of it is because of the we believe that a lot of the AI capabilities are going to be pulling through other capabilities. And so that the impact is the growth is beyond what's represented just kind of broke down the SKUs that we consider AI. But you're in the ballpark. I'd say it's increasingly becoming a material chunk of the business.

傑森，我們不會打破這個僵局，部分原因是我們相信許多人工智慧能力將透過其他能力發揮作用。因此，其影響是成長超出了我們所認為的 AI 的 SKU 的範圍。但你的判斷是正確的。我想說它正日益成為業務的重要組成部分。

It's still small because it's business that we just launched a year ago and we're accelerating. But that's a reasonable ballpark for percentage of revenue. And we expect that to increase and it will become an increasingly meaningful portion of our business in 2026, but it will still be a small portion that Core Cloud is still a very healthy and growing portion of our business, and the AI business is a great complement to that. And is accelerating our growth and also opening up different kind of entire channels and new customers to bring the end that will drive the core cloud growth up as well.

由於我們一年前才剛啟動這項業務，所以規模還很小，而且我們正在加速發展。但這就是收入百分比的合理大概數字。我們預計這一比例將會增加，到 2026 年，它將成為我們業務中越來越有意義的一部分，但它仍然只是一小部分，核心雲仍然是我們業務中非常健康且不斷增長的一部分，而人工智慧業務是對此的一個很好的補充。並正在加速我們的成長，同時開放不同類型的整個管道和新客戶，最終推動核心雲端的成長。

Okay. Great. And then just as a quick follow-up. Is it fair to assume that the Core Cloud business was grew at a similar rate in Q2 versus Q1 and that kind of low double digits. Is that accurate?

好的。偉大的。然後只是進行快速跟進。是否可以公平地假設核心雲端業務在第二季的成長率與第一季相似，並且都是低兩位數。這樣準確嗎？

Yeah, we still see momentum in the Core Cloud business. And while the NDR was a little bit lower in Q2 than it was in Q1, the revenue that we're getting from new customers is ahead of our plan and our expectations. We're doing a really good job there. And again, you got to remember, NDR is a little wonky laggy metric because what happened like the change in revenue from a year ago has as much impact as the change in revenue this year.

是的，我們仍然看到核心雲端業務的發展動能。雖然第二季的 NDR 比第一季略低，但我們從新客戶獲得的收入超出了我們的計劃和預期。我們在那裡做得很好。再次強調，你必須記住，NDR 是一個有點不穩定的落後指標，因為一年前的收入變化與今年的收入變化的影響一樣大。

So the core cloud business continues to accelerate. It's in that low double-digit growth rate and is improving.

因此核心雲端業務持續加速發展。它目前處於低兩位數成長率，並且正在改善。

Most of the upside then was from new customers? It sounds like.

那麼，大部分收益都來自新客戶嗎？聽起來像。

Yeah, correct. Yes. Because I mean with NDR coming down a little bit, the new customer acquisition plus the growth in AI offset the slight headwind from the NDR. But again, if you look at the incremental ARR, if you look at it on an exit run rate standpoint, there was a very good balance between the core business and AI. And so you both saw AI and the ties point, but there was still very good Core Cloud growth on an incremental ARR as well.

是的，正確。是的。因為我的意思是，隨著 NDR 略有下降，新客戶的獲取加上 AI 的成長抵消了 NDR 帶來的輕微阻力。但是，如果你再看一下增量 ARR，如果你從退出運行率的角度來看，核心業務和 AI 之間存在非常好的平衡。因此，你們都看到了 AI 和關係點，但核心雲在增量 ARR 上仍然有非常好的成長。

Josh Baer with Morgan Stanley.

摩根士丹利的 Josh Baer。

Great, thanks for the question. I just wanted to confirm that in the net dollar retention rate, AI and ML revenue is not in that metric. Is that right?

太好了，謝謝你的提問。我只是想確認，在淨美元留存率中，AI 和 ML 收入不在該指標中。是嗎？

Yes, right, Josh. That is still the case and will likely be the case for a while. As we've talked about it internally and we talked about Investor Day, we said it will eventually contribute to the NDR. And we still believe it will. It will likely be for more inferencing workloads where they're steady production workloads, they're not projects where someone comes in test something for a month and then kind of scale it back.

是的，喬希。情況現在依然如此，可能還會持續一段時間。正如我們在內部討論過的那樣，我們也討論過投資者日，我們說它最終會對 NDR 做出貢獻。我們仍然相信它會的。它很可能適用於更多的推理工作負載，即穩定的生產工作負載，而不是有人來測試一個月然後縮減規模的項目。

And so if you think about the time lag of someone being an NDR. They don't customer doesn't count even in our core cloud until they're 13th month. And so if you're turning up inferencing workloads now with marquee customers, it will be a year before they would even hit NDR. So it will be we'll incorporate the at least the interesting portion of AI at some point. But it's certainly not going to be in the next couple of quarters.

因此，如果您考慮某人成為 NDR 的時間延遲。在我們的核心雲中，直到第 13 個月，他們才被視為客戶。因此，如果您現在與大客戶一起推出推理工作負載，那麼他們可能還需要一年的時間才能達到 NDR。因此，我們將在某個時候融入人工智慧至少有趣的部分。但在接下來的幾個季度裡肯定不會出現這種情況。

So it continues to not improve. NDR continues to not include AI.

因此，情況仍然沒有改善。NDR 仍然不包括 AI。

Okay. Got it. Yes, I would think like especially now as it's scaling, but also you have more than 12 months, you talked about 100% growth off of the Q2 last year where there was AI revenue and it's all organic kind of missing piece to that NDR percentage just around that expansion from existing customers.

好的。知道了。是的，我認為尤其是現在，因為它正在擴大規模，但您還有超過 12 個月的時間，您談到了去年第二季度 100% 的增長，其中有 AI 收入，而且都是有機的，NDR 百分比中缺失的部分，僅圍繞現有客戶的擴張。

I did want to ask you about the large deals, like how we should be expecting the potential for large deals in the future? And then also for you, Matt, how you're thinking about it from a guidance perspective, assuming that would be a little bit lumpier or have longer sales cycles?

我確實想問您有關大型交易的問題，例如我們應該如何預期未來大型交易的潛力？然後對你來說，馬特，從指導的角度來看，你是如何考慮這個問題的，假設這會有點不穩定或銷售週期會更長？

Or it's just a new motion for you guys? How do you incorporate the potential for large deals in guidance?

或者這對你們來說只是一種新動作？您如何在指導中體現大額交易的潛力？

Do you want to start and just talk about the large deals, and I can talk can answer Josh's question about the guidance.

您是否想先談談大型交易，然後我可以回答喬希關於指導的問題。

Yeah, So the nature of large deals is a very new muscle for us, both from a sales, business development, forecasting all of the above. I think what we are driven by is, can we make these customers successful. And do we have enough of a technology edge that can attract and retain and get these customers to scale. And that's the number 1 thing that I'm focused on that brought in and Larry are focused on is making sure that we have the ability to articulate our technology differentiation in a durable fashion.

是的，大額交易的本質對我們來說是一個非常新的能力，無論是從銷售、業務發展或預測等方面來說。我認為我們關注的是我們能否讓這些客戶獲得成功。我們是否擁有足夠的技術優勢來吸引、留住這些客戶並擴大其規模？這是我和拉里關注的首要問題，就是確保我們有能力以持久的方式表達我們的技術差異化。

And have the right engineering expertise on the ground to make these customers successful. So I feel fairly encouraged by a couple of early successes that we have had and hopefully, we can and we see enough in the pipeline to be quite encouraged with these kinds of deals.

並擁有正確的工程專業知識來幫助這些客戶取得成功。因此，我們早期取得的一些成功讓我感到非常鼓舞，希望我們能夠並且看到足夠的此類交易讓我們對這類交易感到鼓舞。

Now with inferencing, it just takes time to go from winning a customer deal to actually scaling that up with real-world traffic. So we are in the process of doing that with some of our customers. and extrapolating that into the future, we'll see how we can do a more predictable job in terms of forecasting how these things fall, but I expect this to be lumpy and spiky in the beginning before it starts normalizing because our customers are also new to this. and they get sudden spikes based on some new updates to their models or new updates to their software. Some of them are in the consumer AI space.

現在有了推理，從贏得客戶交易到實際擴大到現實世界的流量只是需要時間。因此，我們正在與一些客戶一起這樣做。並將其推廣到未來，我們將看到如何在預測這些事情如何發生方面做得更可預測，但我預計在開始正常化之前，這種情況會是不穩定的和尖銳的，因為我們的客戶對此也很陌生。並且他們會根據模型的一些新更新或軟體的新更新而突然出現峰值。其中一些屬於消費者人工智慧領域。

Some of them are in the B2B AI space. So we are learning along with them and they're learning with us in terms of their business model and how it is scaling out. So I'll let Matt answer how we will start reflecting these things in our financials.

其中一些屬於 B2B AI 領域。因此，我們和他們一起學習，他們也和我們一起學習他們的商業模式以及如何擴展。因此，我將讓馬特回答我們將如何開始在財務中反映這些事情。

With that context, Josh, you would expect based on our track record in our history, we'll be conservative in forecasting those? I mean the good news is, as Paddy said, we book revenue when we get that revenue, it's not like we're signing massive deals that just turn on right away. So we have visibility into the ramps and how those customers are going.

在這種情況下，喬希，根據我們的歷史記錄，你會認為我們會對這些做出保守的預測嗎？我的意思是，好消息是，正如帕迪所說，我們在獲得收入時就會記錄收入，這並不像我們簽署立即生效的大規模交易。這樣，我們就能清楚了解坡道狀況以及顧客的行進情況。

But given it's such a new motion and given some of those kind of the newness of it for both us and the customer as Paddy described. We'll be conservative in terms of including any projected revenue from large deals until we're very comfortable that the things are on the right track, and we're growing and we had good visibility and tech growth.

但考慮到這是一個全新的動議，並且正如帕迪所描述的，它對我們和客戶來說都具有一些新穎性。我們將對包括任何來自大宗交易的預期收入持保守態度，直到我們非常確信事情正在走上正軌，並且我們正在成長，並且我們擁有良好的知名度和技術增長。

So I would expect that you would continue to see us be conservative as it reflects that relates to any large deals reflected in our forecast.

因此，我希望您繼續看到我們保持保守，因為這反映出這與我們預測中反映的任何大型交易有關。

James Fish with Piper Sandler.

詹姆斯·菲什和派珀·桑德勒。

You keep using the word conservative here. But on the guide side, we haven't seen this level of second half step-up in some time, really going back to the pandemic. And you guys deserve credit here doing $32 million of net ARR organic. But can you just walk us through the linearity you are seeing what you're expecting from some of the newer solutions in the second half to raise guide by this much?

您在這裡一直使用保守這個詞。但從指導角度來看，我們已經有一段時間沒有看到下半年出現這種程度的成長了，這實際上可以追溯到疫情期間。你們實現了 3200 萬美元的有機淨 ARR，這是你們應得的讚譽。但是，您能否簡單地向我們介紹一下您所看到的線性情況，您對下半年的一些較新的解決方案有何期望，以便將指導提高這麼多？

And any of the other moving parts that helps you bridge this kind of larger-than-normal step-up here, because if I look at this and say you book similar kind of just slightly better than we are in the sort of $30 million to $35 million range over the next few quarters, it really doesn't leave much wiggle room based on and how you guys are defining ARR versus revenue now?

還有任何其他活動部件可以幫助您彌合這種比正常情況更大的增長，因為如果我看一下這個並且說您在接下來的幾個季度中預訂的金額與我們在 3000 萬美元到 3500 萬美元範圍內的金額相比略好一些，那麼根據你們現在如何定義 ARR 與收入，它確實沒有留下太多的迴旋餘地？

I think it's a good question. Recall in the last quarter, we didn't raise guidance, but we beat Q1 we didn't raise the guide for Q2, and we did that intentionally because the market has changed pretty dramatically and we just didn't know what was going to happen from a macro standpoint. We've now got a full quarter under our belt on that front. We feel good about the visibility we have with the core customers. We've got a bit of the beat from the first quarter and then the beat in the second quarter to pass through.

我認為這是個好問題。回想一下上個季度，我們沒有提高預期，但我們超過了第一季度，我們沒有提高第二季度的預期，我們故意這樣做是因為市場發生了相當大的變化，我們只是不知道從宏觀角度會發生什麼。現在我們在這方面已經取得了整整一個季​​度的成果。我們對與核心客戶的密切聯繫感到滿意。我們已經從第一季中獲得了一些收益，然後還要經歷第二季的收益。

But as I said, we have enough levers at the moment that we're confident in. We've got the revenue from new customers, the month 1 to month 12, that's doing very well. And that's relatively stable and predictable. Like it's we're seeing increased volume. We're seeing increased conversion.

但正如我所說，我們目前有足夠的槓桿，對此我們充滿信心。從第 1 個月到第 12 個月，我們從新客戶獲得的收入表現非常好。這是相對穩定和可預測的。就像我們看到音量增加一樣。我們看到轉換率正在提高。

We're seeing better customers in that cohort. And that's a fairly durable kind of improvements that we've made. And so we're really confident in that.

我們發現該群體中的客戶品質更好。這是我們所做的相當持久的改進。因此我們對此非常有信心。

We've got that migration motion that we've turned up that Paddy talked about 70-something migrations during the quarter. That's a very new motion for us. So we've got clearly a pipeline of those because those aren't things that you just like somebody comes in one day and you turn on a migration. You have to you're talking to the customer for a period of time. So we're managing a pipeline around that.

我們收到了移民動議，帕迪談到了本季 70 多次移民的情況。這對我們來說是一個非常新的動議。因此，我們清楚地擁有這些管道，因為這些不是某天某人進來然後你開啟遷移之類的事情。您必須與客戶交談一段時間。因此我們正在圍繞這一點管理管道。

We also have very good visibility into our AI pipeline and are getting increasing traction there. So we've got enough things that are going that give us confidence to be able to deliver on that.

我們對我們的人工智慧管道也有很好的了解，並且正在獲得越來越大的關注。因此，我們已經有足夠的事情要做，這讓我們有信心實現這一目標。

And as I said in the prior question or answer, we haven't fully reflected a large deal potential in the guide that we have, and that certainly gives us the upside potential beyond what we've even we're talking about. So we feel good that we're confident in the base, confident enough to raise the guide and that there's still other things we can be doing and progress we could be making over the balance of this year to give us further room.

正如我在先前的問題或答案中所說的那樣，我們還沒有在現有的指南中充分反映出巨大的交易潛力，而這無疑給了我們超出我們所談論的範圍的上行潛力。因此，我們很高興，我們對基礎充滿信心，有足夠的信心提高指南，而且我們還可以做其他事情，並且可以在今年剩餘時間裡取得進展，從而為我們提供進一步的空間。

Got it. And then, Paddy, maybe for you, can you talk about what you're seeing on sort of the GPU pricing dynamic? Does it seem like across the space, pricing came down a little bit. And how you're thinking about the ability to repurpose any GPUs that kind of migrate from customer to customer or what you're seeing in terms of utilization at this point across the GPU side.

知道了。然後，帕迪，也許您可以談談您對 GPU 定價動態的看法？看起來整個領域的價格是不是都下降了一點？以及您如何看待重新利用在各個客戶之間遷移的 GPU 的能力，或者您目前在 GPU 方面的利用率情況。

Okay. Thank you, Jim. The utilization is very robust. We are running very lean on our GPU fleets regardless of the generation of GPUs we were talking about. As we become more and more heavy on the inferencing side, it gives us a lot of degrees of freedom in terms of how we allocate the machines.

好的。謝謝你，吉姆。利用率非常高。無論我們談論的是哪一代 GPU，我們的 GPU 資源都非常稀缺。隨著我們在推理方面投入越來越大，它在如何分配機器方面給了我們很大的自由。

And typically, what we are seeing with our inferencing customers is, yes, they do care about the generation of GPUs, but they care more about the price performance rather than just the raw throughput of any given generation of technology.

通常，我們從推理客戶身上看到的情況是，他們確實關心 GPU 的生成，但他們更關心價格性能，而不僅僅是任何特定一代技術的原始吞吐量。

So let's say, you have 100 units of GPU on the current generation. And if we can deliver the same price performance with 90 units of GPU in the next generation, the customer really doesn't care as long as it's in the same family of GPUs and they don't have to reengineer or do anything.

假設當前這一代有 100 個 GPU。如果我們可以在下一代以 90 個 GPU 提供相同的性價比，那麼客戶實際上並不關心，只要它屬於同一系列的 GPU，他們就不必重新設計或做任何事情。

So the so we are getting to a point where it's more about the price performance rather than the price alone or the performance alone. So that gives us a lot of degrees of freedom in terms of how we allocate which family of GPUs across our inference workload customers.

因此，我們現在更加關注的是性價比，而不僅僅是價格或性能。因此，這為我們在為推理工作負載客戶分配 GPU 系列方面提供了很大的自由度。

And I think this is going to get even more important as we start scaling up many of our customers across geographies and start doing this in multiple data centers. So A lot of new things to be figured out there, but the pricing dynamics in training workloads are quite a bit different from the ones that we are experiencing in stack that is predominantly driving inferencing.

我認為，隨著我們開始擴大跨地區的許多客戶的規模並開始在多個資料中心開展這項工作，這一點將變得更加重要。因此，有很多新的事情需要解決，但訓練工作負載的定價動態與我們在主要推動推理的堆疊中經歷的定價動態有很大不同。

Brad Reback with Stifel.

布拉德雷巴克 (Brad Reback) 與 Stifel 合作。

Great, thanks very much, Matt, as we think about gross margin for the back half of the year as the revenue mix maybe shifts a little bit and you continue to invest in the CapEx. How should we think about the trajectory? And then heading into next year as you lap the change in useful life, what type of impact should we expect that.

太好了，非常感謝，馬特，我們考慮下半年的毛利率，因為收入結構可能會發生一些變化，而你會繼續投資於資本支出。我們該如何思考這個軌跡？然後進入明年，當你度過使用壽命的變化時，我們應該預期會產生什麼樣的影響。

The gross margins are we expect to be relatively consistent at current levels over the balance of this year. But again, as you said, the AI business is it's growing fast, but it's still a small part of the business. So it's not going to have a material impact on gross margins. If you roll that out to next year, clearly, we're not at the point ready to give guidance, but we would expect it to have kind of a modest headwind to gross margins, but it's still going to be and the vast majority of our business is going to be at the same in margins that we have.

我們預計今年餘下的毛利率將與目前水準保持相對穩定。但正如您所說，人工智慧業務雖然成長迅速，但它仍然只佔業務的一小部分。因此它不會對毛利率產生重大影響。如果將其推廣到明年，顯然我們還沒有準備好給予指導，但我們預計這會對毛利率產生一定程度的阻力，但阻力仍將存在，而且我們絕大多數業務的利潤率仍將與現有業務相同。

And we continue to drive efficiencies in the core business, bandwidth optimization, the longer-term data center optimization strategy that we have. And so we're confident that we can maintain kind of healthy gross margins in the realm that we have right now. And if AI becomes a much, much bigger portion of our business, you'll clearly have visibility into that as we do. And at that point, you would see a little bit of margin pressure. But at this point, the gross margin we expect to stay right around where it is to the balance of the year.

我們將繼續提高核心業務的效率、頻寬優化以及我們的長期資料中心優化策略。因此，我們有信心在目前的範圍內保持健康的毛利率。如果人工智慧成為我們業務中更重要的一部分，您就會像我們一樣清楚地看到這一點。到那時，你會看到一點利潤壓力。但目前，我們預計毛利率將維持在今年餘下的水平。

Mark Zhang from Citi.

花旗銀行的 Mark Zhang。

Hey, great, good morning guys, for squeezing me in. Maybe just want to dig a little bit more into the RPO performance, very nice to see. But can you give us a sense of maybe that your characteristic here, what are the average deal prices, contract duration? I just wanted to confirm that AI was the leading contributor here? Or you saw good contribution from Core Cloud as well?

嘿，大家早上好，很高興能抽出時間給我。也許只是想更深入地了解 RPO 性能，很高興看到這一點。但是您能否讓我們了解您的特點，平均交易價格和合約期限是多少？我只是想確認一下 AI 是否是這裡的主要貢獻者？或者您也看到了 Core Cloud 的良好貢獻？

I was saying from the starting of the reverse. So it was the increase in NPL was from both Core Cloud and AI. So it wasn't just AI. Clearly, there's some AI deals that are in there. The and you can see that I think the average duration that I might be quoting in Q1, so I apologize if it's slightly off, but it's like 19 months.

我是從相反的角度開始說的。因此，不良貸款的增加既來自核心雲，也來自人工智慧。所以這不僅僅是人工智慧。顯然，其中涉及一些人工智慧交易。您可以看到，我認為我可能在第一季引用的平均持續時間是 19 個月，所以如果它稍微偏離，我深表歉意。

So you can get the average kind of length of the deal the say, call it, two years on the audit and sometimes one year, somewhere between one and two years. is the typical for us because this is a relatively new motion for us. And it's great that we're getting customers that are used to and value the ability to do straight consumption with us to make the commitments to for a minimum level of revenue over some period of time.

因此，你可以得到交易的平均期限，比如說，審計時間為兩年，有時為一年，大約為一到兩年。這對我們來說很典型，因為這對我們來說是一個相對較新的動議。我們很高興能吸引一些習慣並重視與我們直接消費的客戶，他們承諾在一定時期內獲得最低水準的收入。

So that's something that's very encouraging and speaks to the product innovation and the improvements we've made in the core cloud and customers' confidence in our ability to continue to meet their needs. Paddy, if you want to add something to that?

這是非常令人鼓舞的事情，反映了我們在核心雲端領域的產品創新和改進，以及客戶對我們繼續滿足其需求的能力的信心。帕迪，你想補充一點嗎？

No, I think you nailed it, Matt. It is definitely a combination of both our core cloud as well as AI. So there's not. This is not just reflective of just one giant, huge deal or anything like that.

不，我認為你說對了，馬特。這絕對是我們的核心雲和人工智慧的結合。所以沒有。這不僅反映了一項巨大的交易或類似的事情。

Got it. And then just maybe a quick follow-up. Just on capital allocation. It seems some you guys have been stepping up on share repurchases and, I guess, end of last year, but now working out the authorization of $2 million down to about $3 million. What's sort of the profits around just capital allocation going forward?

知道了。然後可能只是快速的跟進。僅涉及資本配置。看來你們中的一些人一直在加大股票回購力度，我猜是從去年年底開始的，但現在授權金額已經從 200 萬美元降至 300 萬美元左右。未來資本配置的利潤是多少？

Yeah, our capital allocation, we actually reduced the amount of repurchases that we've been doing over the last two years. We did almost $500 million in 2023 and then across 2024 and into 2025, it was only $140 million. Our primary objective at the moment and we articulated this in Investor Day is it's all about it's all about organic growth and investing to drive organic growth. But then secondly, and as important is we're committed to making sure that we've taken care of the balance sheet, and we've addressed the outstanding convert.

是的，我們的資本配置實際上減少了​​過去兩年來一直在進行的回購量。我們在 2023 年的營收接近 5 億美元，但到 2024 年和 2025 年，營收只有 1.4 億美元。我們目前的主要目標，也是我們在投資者日所闡明的，就是一切都與有機成長有關，並透過投資來推動有機成長。其次，同樣重要的是，我們致力於確保我們已經處理好資產負債表，並且我們已經解決了未償付的轉換問題。

And we've said that we're going to do that by the end of this year, and we started that process with our $800 million bank facility, $500 million of that is a term loan. And so we're dialing back the share repurchases, just so that we can make sure that we take care of those first two objectives. And as soon as we take care of those two objectives, the first one will be ongoing, but the second being taken care of the outstanding convert, then we'll go back to a, let's say, a reasonable level of share repurchases that are targeted at offsetting dilution.

我們說過要在今年年底前實現這一目標，並且我們已經以 8 億美元的銀行貸款開始了這一進程，其中 5 億美元是定期貸款。因此，我們正在減少股票回購，以確保我們能夠實現前兩個目標。一旦我們解決了這兩個目標，第一個目標就會持續下去，但第二個目標將會處理未償還的轉換，然後我們將回到合理的股票回購水平，旨在抵消稀釋。

So it's, I think, Priority one is organic growth. Priority two is take care of the convert. And priority three is use the repurchases to offset dilution. And right now, priorities one and two are the bigger focus for the next quarter or so.

因此，我認為首要任務是有機成長。第二要務是照顧皈依者。第三個優先事項是利用回購來抵消稀釋。目前，第一和第二個優先事項是下一季左右的重點。

Thomas Blakey from Cantor.

來自 Cantor 的 Thomas Blakey。

Hey guys, congratulations on the results, and thanks for squeezing me in here. I have a point of clarification first to, I think it was Jason Ader's question earlier. Matt, did you say that the core cloud accelerated in 2Q?

嘿夥計們，祝賀你們取得的成績，感謝你們抽出時間邀請我來這裡。我首先要澄清一點，我認為這是 Jason Ader 之前提出的問題。馬特，您說核心雲端在第二季加速了嗎？

And then from a question perspective. I know the core AI is organic now growing over 100%. What kind of derivative impact did it have to NDR, if any, Paddy or Matt, just you would think there'd be some kind of like flow through of these customers buying more services on the platform. And I would just be curious to see what kind of impact that had on that metric.

然後從問題的角度。我知道核心人工智慧是有機的，現在成長超過 100%。它對 NDR、Paddy 或 Matt 產生了什麼樣的衍生影響（如果有的話），您會認為這些客戶會在平台上購買更多服務嗎？我只是好奇想看看這對該指標有什麼樣的影響。

So on the second part of your question, the a lot of the AI customers that are coming to us are new customers, right? So they're in particularly in the infrastructure side of AI. But they're not yet buying a tremendous amount of products on the core cloud side. And even if they get, they haven't been in the cohort long enough to count towards NDR. So they're not there's basically not much impact from that.

那麼關於你問題的第二部分，很多來找我們的人工智慧客戶都是新客戶，對嗎？因此他們尤其關注人工智慧的基礎設施方面。但他們尚未購買大量核心雲端產品。即使他們被錄取，他們加入該隊伍的時間也不夠長，不足以計入 NDR。因此，這基本上不會造成太大的影響。

That's the future benefit, which I think you're appropriately pointing out. And I'm sorry, can you repeat the first part of your question?

這就是未來的利益，我認為你指出的很恰當。抱歉，您能重複問題的第一部分嗎？

Yeah, I think you said earlier on the call to a question that core cloud kind of excluding AI/ML accelerated. I just wanted to make sure I heard that correctly.

是的，我想您之前在電話採訪中說過，核心雲不包括 AI/ML，正在加速發展。我只是想確認我聽得正確。

Yes. The year-over-year growth rates for the in the core cloud continue to improve. But again, when you look at a metric like NDR, it's again a function of what happened, the change in revenue last year compared to the change in revenue this year. So it's got a lot of kind of laggy components to it.

是的。核心雲的年成長率持續提高。但是，當您查看 NDR 之類的指標時，它又是發生的情況的函數，即去年收入的變化與今年收入的變化相比。因此它有很多滯後的組件。

on the core cloud in terms of the incremental ARR, the and kind of the overall ARR growth of the core business that continues to accelerate.

就核心雲端的增量 ARR 而言，核心業務的整體 ARR 成長持續加速。

Wamsi Mohan with Bank of America.

美國銀行的 Wamsi Mohan。

Yes, thanks for taking my question here yes I guess, firstly, on your AI customers, are you seeing higher volatility or churn in that customer base? And just to clarify, is the penetration of these customers? How would you categorize that between maybe learners, builders, scalers in your traditional way of of thinking about the customers? Where are these in their journey?

是的，感謝您在這裡回答我的問題，是的，我想，首先，對於您的 AI 客戶，您是否看到該客戶群的波動性或流失率更高？需要澄清的是，這些客戶的滲透率是多少？依照您傳統的客戶思維方式，您會如何將客戶分為學習者、建構者和擴展者？他們的旅程在哪裡？

And any thoughts around graduation rates on these customers?

您對這類顧客的畢業率有何看法？

Yeah, Great question, Wamsi. It's good to hear from you. The it's a completely different customer acquisition motion. So we don't think of them as testers, learners, builders, scalers because they typically don't go through that journey on our platform.

是的，問得好，Wamsi。很高興收到你的來信。這是一個完全不同的客戶獲取動作。因此，我們不認為他們是測試人員、學習者、建造者、擴展者，因為他們通常不會在我們的平台上經歷這樣的旅程。

A lot of these customers are in the initial stages, there were a lot of very early-stage startups. But as we are seeing a lot of traction on the inferencing side, these customers in their own evolution or in their own progression have crossed some of the [CASM] in terms of both funding as well as finding product market fit and customer traction.

許多客戶都處於初始階段，其中有許多是處於早期階段的新創公司。但正如我們在推理方面看到的巨大進步一樣，這些客戶在他們自身的發展或進步中，已經在資金以及尋找產品市場契合度和客戶吸引力方面跨越了一些 [CASM]。

But they're coming to us with inferencing needs that are scaling, which by definition means that they have found product market fit and now they have a captive audience that is willing to pay for their inferencing needs.

但他們向我們提出了不斷擴大的推理需求，這意味著他們已經找到了適合的產品市場，並且現在他們擁有願意為他們的推理需求付費的忠實受眾。

So we are starting to see there was a lot of the test and leave kind of phenomenon in the fine-tuning on the training side last year. But now as we have started flipping more and more towards the inferencing side, these customers come, they stay, they expand and they start leveraging different parts of our stack described in my diagram. So it's a very different life cycle that we're seeing on this side.

因此，我們開始看到，去年在訓練方面的微調中出現了許多測試和離開的現象。但是現在，隨著我們開始越來越多地轉向推理方面，這些客戶來了，他們留下來，他們擴展，並開始利用我的圖表中描述的堆疊的不同部分。所以我們在這裡看到的是一個非常不同的生命週期。

Okay. Great. And if I could follow up quickly with Matt. On the growth CapEx side, any incremental thoughts over here? I know you said organic investments and driving organic growth is sort of highest priority.

好的。偉大的。我是否可以快速跟進 Matt 的情況。在成長資本支出方面，有什麼增量想法嗎？我知道您說過有機投資和推動有機成長是最高優先事項。

So relative to your comments that you made last quarter, how should we be thinking about the growth CapEx profile over the next few quarters or into next year?

那麼，相對於您上個季度所作的評論，我們應該如何看待未來幾季或明年的資本支出成長？

Thanks, Wamsi. Yes, I think a couple of things. One, I would point to, again, we've increased free cash flow margin guidance, and we feel good about that, relative to the growth rates that we're articulating. And what we said in the last quarter and say again is if we see the opportunity to accelerate growth beyond what we communicated at the Investor Day of 18% to 20% by 2027. We certainly do that, and we have a lot of tools in our toolkit to be able to do that in a capital-efficient and cash flow efficient way.

謝謝，Wamsi。是的，我想到了一些事情。首先，我想再次指出，我們提高了自由現金流利潤率指引，相對於我們所闡述的成長率，我們對此感到滿意。我們在上個季度說過並且再次強調的是，如果我們看到加速成長的機會，那麼到 2027 年，我們的成長速度將超過投資者日所傳達的 18% 至 20%。我們當然會這樣做，而且我們的工具箱裡有很多工具，能夠以資本高效和現金流高效的方式做到這一點。

So we're very confident remain very confident that we can grow revenue while maintaining attractive free cash flow margins.

因此，我們非常有信心，我們能夠增加收入，同時保持有吸引力的自由現金流利潤率。

And ladies and gentlemen, that does conclude our question and answer session and it does conclude today's conference call. Thank you for your participation and you may now disconnect.

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。感謝您的參與，您現在可以斷開連接。