DigitalOcean Holdings Inc (DOCN) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the DigitalOcean Third Quarter 2025 Earnings Conference Call. (Operator Instructions)

感謝您的耐心等待。我叫麗貝卡，今天我將擔任你們的會議接線生。在此，我謹代表 DigitalOcean 歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

I would like to turn the call over to Melanie Strate, Head of Investor Relations. Please go ahead.

我謹將電話轉交給投資人關係主管梅蘭妮‧史特拉特。請繼續。

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

謝謝你，麗貝卡，早安。感謝各位今天與我們一起回顧 DigitalOcean 2025 年第三季財務表現。今天與我一起參加電話會議的有我們的執行長 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. 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.

在開始之前，請允許我提醒各位，今天電話會議上所作的某些陳述可能被視為前瞻性陳述，這些陳述反映了管理層根據當前可獲得的信息所作出的最佳判斷。我們的實際結果可能與這些前瞻性聲明中預測的結果有重大差異，包括我們的財務展望。請您注意我們在提交給美國證券交易委員會的文件中列出的風險因素，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明確聲明，不承擔任何義務或責任公開更新或修訂今天發表的任何前瞻性聲明。

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，本次電話會議還將討論非GAAP財務指標，與最直接可比較的GAAP財務指標的調節表可在今天的盈利新聞稿以及我們概述今天電話會議財務討論的投資者演示文稿中找到。您也可以在我們網站的投資者關係版塊觀看今天電話會議的網路直播。

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

接下來，我將把電話交給帕迪。

Thank you, Melanie. Good morning, everyone, and thank you for joining us today as we review our third quarter results. I'm very excited to share our results for the quarter and to give you an update on the progress that we are making against the goals that we articulated earlier this year during our April Investor Day.

謝謝你，梅蘭妮。各位早安，感謝大家今天與我們一起回顧第三季業績。我非常高興與大家分享本季的業績，並向大家匯報我們在今年四月投資者日上提出的目標的進展情況。

Our performance this quarter was very strong. We exceeded our Q3 guidance on both revenue and profitability metrics, delivering 16% revenue growth and the highest incremental organic ARR in the company's history, while generating 21% trailing 12-month adjusted free cash flow margins. We continued innovation in our comprehensive agentic cloud to support the needs of scaling AI and digital native enterprise customers, making sure there is no reason our highest spending customers ever need to leave our platform.

本季我們的業績非常出色。我們在第三季的營收和獲利能力指標方面均超出預期，實現了 16% 的營收成長和公司史上最高的增量有機 ARR，同時產生了 21% 的過去 12 個月調整後自由現金流利潤率。我們不斷創新，完善我們的綜合代理雲端平台，以滿足不斷擴展的 AI 和數位原生企業客戶的需求，確保我們消費最高的客戶沒有任何理由離開我們的平台。

We augmented our industry-leading product-led growth engine with a focused direct sales motion, driving customers to migrate workloads from the hyperscalers to our platform and building traction with direct AI native customers. This progress is evident in the rapid growth of our largest customers and their increasing willingness to sign committed contracts with us, with customers having more than $1 million in annualized run rate reaching $110 million in ARR, growing 72% year-over-year and with multiple customers signing eight-figure committed contracts after the quarter closed.

我們透過有針對性的直接銷售策略，增強了我們領先業界的產品驅動型成長引擎，推動客戶將工作負載從超大規模資料中心遷移到我們的平台，並贏得了人工智慧原生客戶的直接青睞。這一進展在我們最大客戶的快速增長以及他們越來越願意與我們簽訂長期合約中得到了充分體現，年化運行率超過 100 萬美元的客戶 ARR 達到 1.1 億美元，同比增長 72%，並且在本季度結束後，多家客戶簽訂了金額達八位數的長期合約。

The demand for our agentic cloud has exceeded our supply. Our performance and the visibility we have into demand gives us the confidence both to increase our 2025 and 2026 revenue and adjusted free cash flow outlook and to also increase our investments in data centers and GPU capacity to further accelerate growth while maintaining attractive margins.

市場對我們代理雲端的需求已經超過了我們的供應。我們的業績和對需求的可見性使我們有信心提高 2025 年和 2026 年的收入和調整後自由現金流預期，並增加對資料中心和 GPU 容量的投資，以進一步加速成長，同時保持有吸引力的利潤率。

I will now dive deeper into all of this, starting with our third-quarter financial results as highlighted on slide 10 of our earnings deck. Q3 revenue hit $230 million, up 16% year-over-year, marking the highest growth since Q3 2023. We delivered our highest organic incremental ARR in company's history at $44 million. This growth was driven by a balanced performance across our comprehensive agentic cloud platform as Direct AI revenue more than doubled year-over-year for the fifth consecutive quarter, and our general-purpose cloud products saw the highest incremental organic ARR since Q2 of 2022.

接下來，我將深入探討所有這些內容，首先從我們收益報告第 10 頁重點介紹的第三季財務表現開始。第三季營收達到 2.3 億美元，年增 16%，創下自 2023 年第三季以來的最高增幅。我們實現了公司歷史上最高的有機增量年度經常性收入 (ARR)，達到 4,400 萬美元。這一增長得益於我們綜合代理雲端平台的均衡表現，其中 Direct AI 收入連續第五個季度同比增長超過一倍，而我們的通用雲端產品實現了自 2022 年第二季度以來最高的增量有機 ARR。

We delivered this accelerating revenue growth in Q3 while exceeding our profitability guidance and materially strengthening our balance sheet. Adjusted EBITDA and non-GAAP earnings per share were both well above guidance on the back of strong execution, and we delivered a strong 21% trailing 12-month adjusted free cash flow margin as we introduced equipment leasing into our financial toolkit in Q3 to better align the timing of our investments with our revenue. To give us further flexibility to invest in growth, we also repurchased the majority of our 2026 convert in the quarter, strengthening our balance sheet.

我們在第三季度實現了加速的收入成長，同時超出了獲利預期，並顯著增強了資產負債表。由於強勁的執行力，調整後的 EBITDA 和非 GAAP 每股收益均遠超預期，並且由於我們在第三季度將設備租賃引入我們的財務工具箱，以更好地使我們的投資時間與收入保持一致，我們實現了過去 12 個月調整後自由現金流利潤率高達 21%。為了讓我們有更大的靈活性來投資成長，我們也在本季回購了大部分 2026 年到期的股票，從而增強了我們的資產負債表。

The primary drivers behind our accelerating top-line growth are threefold: number one, the increasing momentum we are seeing with AI-native customers; next, the material traction we continue to generate with our highest spend digital native enterprise customers; and finally, the continued strength we are seeing in revenue from new customers.

我們營收加速成長的主要驅動因素有三方面：第一，我們在人工智慧原生客戶方面看到的成長勢頭日益強勁；第二，我們在支出最高的數位化原生企業客戶方面持續取得實質進展；最後，我們在新客戶帶來的收入方面看到的持續強勁成長。

Our unified Gradient AI agentic cloud, which is outlined on slide 7 of our investor presentation, is getting increasing traction with larger, well-funded AI native companies that are in inference mode. These scaling companies increasingly leverage our unified agentic cloud with many of our top customers already leveraging both AI and general-purpose cloud capabilities and with many more having at least starting to test and experiment with AI on our platform. Evidence of this traction is in the growth rates of our highest spending customers.

我們在投資者簡報第 7 頁中概述的統一 Gradient AI 代理雲，正受到越來越多處於推理模式的大型、資金雄厚的 AI 原生公司的青睞。這些規模不斷擴大的公司越來越多地利用我們統一的代理雲，我們許多頂級客戶已經同時利用了人工智慧和通用雲端功能，還有更多客戶至少已經開始在我們的平台上測試和試驗人工智慧。這種成長勢頭可以從我們消費最高的客戶的成長率中體現。

Revenue from these customers who are at $100,000-plus annual run rate grew 41% year-over-year, increasing to 26% of total revenue. Growth is even higher for our largest digital native enterprise customers as the more -- our customers are spending the faster they're growing on DO.

來自年消費額超過 10 萬美元的客戶的收入年增 41%，佔總收入的 26%。對於我們最大的數位原生企業客戶而言，成長速度甚至更高，因為客戶在數位行銷上的投入越多，他們在數位行銷方面的成長速度就越快。

The charts on slide 11 show that our customers with greater than $500,000 and greater than $1 million in annualized run rate grew revenue 55% and 72%, respectively, providing clear evidence that our increasing ability to not just attract but also retain and grow our largest customers, demonstrating that customers can keep scaling on our platform and never have a reason to leave.

第 11 張投影片上的圖表顯示，年化運行率超過 50 萬美元和 100 萬美元的客戶的收入分別增長了 55% 和 72%，這清楚地表明，我們不僅越來越有能力吸引，而且還能留住並發展我們最大的客戶，這表明客戶可以在我們的平台上不斷擴展，並且永遠沒有理由離開。

Let me now dive deeper into this traction using slide 12 as the backdrop to illustrate just how much progress we have made since the last earnings call. I will start with our AI infrastructure on the bottom right, which is a full-stack inference platform targeting AI native customers that have their own models that they want to tune, optimize and run in inference mode. These customers select our platform for our full set of capabilities, where we combine a powerful lineup of GPUs that are available in both bare metal and droplet configurations, including inference optimized droplets with advanced inference performance optimization like page retention, flash attention, FP8 quantization, speculative decoding, model operations management, reduced time for first token and compelling TCO economics.

現在，讓我以第 12 張投影片為背景，更深入地探討這一進展，以說明自上次財報電話會議以來我們取得了多大的進步。我將首先介紹右下角的 AI 基礎設施，這是一個全端推理平台，針對擁有自己模型的 AI 原生客戶，他們希望調整、優化這些模型並在推理模式下運作。這些客戶選擇我們的平台是因為我們擁有全套功能，我們結合了強大的 GPU 陣容，這些 GPU 既可用於裸機配置，也可用於 Droplet 配置，包括推理優化 Droplet，以及高級推理性能優化，例如頁面保留、閃存注意力、FP8 量化、推測性解碼、模型操作管理、縮短首次代幣生成時間以及極具吸引力的 TCO 經濟效益。

Our AI infrastructure provides comprehensive hardware plus software infrastructure for AI-native companies that are scaling up real-world inference workloads globally on DO. FAL.ai or Fal, a generative media model platform that provides text-to-image and text-to-video models for major customers such as Canva, Shopify, Perplexity and more is a great example of a customer that is taking advantage of our unified agentic cloud. They leverage a range of our AI infrastructure solutions, including GPU droplets, both to host their media models in production, serving their end customers and to do research and fine-tuning.

我們的 AI 基礎架構為在全球擴展 DO 上真實世界推理工作負載的 AI 原生公司提供全面的硬體和軟體基礎架構。FAL.ai 或 Fal 是一個生成式媒體模型平台，為 Canva、Shopify、Perplexity 等主要客戶提供文字到圖像和文字到視訊模型，它是一個很好的例子，說明客戶正在利用我們統一的代理雲。他們利用我們的一系列 AI 基礎設施解決方案，包括 GPU droplets，既用於在生產環境中託管其媒體模型，為最終客戶提供服務，也用於進行研究和微調。

Fal is more than just an important customer as we have come together in a strategic partnership to accelerate generative AI content creation by making image and audio generation more accessible to start-ups and enterprises. Through this partnership, Fal will host and run hundreds of its models on DigitalOcean's infrastructure, powering applications across creative and enterprise use cases. This means customers can create agents that understand and generate not only text but also images, data and other forms of input, significantly expanding the range of real-world problems our customers can solve.

Fal 不僅是一位重要的客戶，我們還建立了策略合作夥伴關係，透過讓新創公司和大型企業更容易獲得影像和音訊生成功能，來加速生成式 AI 內容的創作。透過此次合作，Fal 將在 DigitalOcean 的基礎設施上託管和運行數百個模型，為創意和企業應用場景提供技術支援。這意味著客戶可以創建能夠理解和生成文字以及圖像、數據和其他形式的輸入的代理，從而顯著擴展客戶可以解決的現實世界問題的範圍。

NewsBreak is another example of an AI native customer leveraging our unified agentic cloud. Driving the next generation of digital media, NewsBreak delivers timely and relevant local news and information to 40 million monthly active users. Newsbreak's AI-powered infrastructure makes sophisticated personalization accessible to mainstream users nationwide. They utilize our AI infrastructure to train and deploy complex recommender systems and natural language processing models that are foundational to their products.

NewsBreak 是另一個利用我們統一代理雲端的 AI 原生客戶的例子。NewsBreak引領新一代數位媒體，為4,000萬月活躍用戶提供及時、相關的在地新聞和資訊。Newsbreak 的人工智慧基礎設施使全國各地的主流用戶都能享受複雜的個人化服務。他們利用我們的人工智慧基礎設施來訓練和部署複雜的推薦系統和自然語言處理模型，這些都是他們產品的基礎。

Our AI infrastructure, high throughput and memory capacity are critical for running inference at scale, which allows them to perform real-time content ranking and ad placement for millions of concurrent users. Gradient AI agentic cloud unifies our integrated AI capabilities with our full-stack general-purpose cloud, which we've been optimizing for over a decade, enabling NewsBreak to preprocess their work on our CPU droplets and run their vector search service in advance of running their AI workloads, optimizing both cost and performance.

我們的 AI 基礎架構、高吞吐量和記憶體容量對於大規模運行推理至關重要，這使得他們能夠為數百萬並髮用戶執行即時內容排名和廣告投放。Gradient AI 代理雲將我們整合的 AI 功能與我們十多年來一直在優化的全端通用雲端統一起來，使 NewsBreak 能夠在運行其 AI 工作負載之前，在我們的 CPU droplets 上預處理其工作並運行其向量搜尋服務，從而優化成本和效能。

Network file storage, or NFS, which delivers high throughput performance for both GPU and non-GPU droplets, is an example of a unified agentic cloud capability. Customers can now attach and provision storage in just minutes, accelerating time to value by eliminating idle time. With seamless integration into our Kubernetes engine, NFS makes it easier than ever to scale applications and workloads while maintaining speed, reliability and efficiency across environments.

網路檔案儲存 (NFS) 為 GPU 和非 GPU 執行個體提供高吞吐量效能，是統一代理雲端能力的一個例子。現在客戶只需幾分鐘即可連接和配置存儲，消除空閒時間，從而加快實現價值的速度。透過與我們的 Kubernetes 引擎無縫集成，NFS 可以比以往任何時候都更輕鬆地擴展應用程式和工作負載，同時在各種環境中保持速度、可靠性和效率。

Moving up the stack outlined in slide 7. The AI platform layer on the middle right is typically leveraged by companies that are users or consumers of AI that are looking to build agentic applications without having to directly manage the infrastructure. As we know, the future of AI is an agent and agentic workflows, which is a natural evolutionary step for all SaaS and other applications.

請依照投影片 7 中概述的步驟向上移動。中間右側的 AI 平台層通常被那些希望建立智慧體應用程式但又不想直接管理基礎架構的 AI 用戶或消費者公司所利用。眾所周知，人工智慧的未來在於智慧體和智慧體工作流程，這對於所有 SaaS 和其他應用程式來說都是一個自然的演進步驟。

We continue to evolve our AI platform as the foundation for building and deploying these intelligent agents and powering complex enterprise agentic workflows. It now supports serverless inferencing across the most popular models, including OpenAI, Anthropic, Mistral, Llama, DeepSeek and others, including new generative media models from Fal.

我們不斷改進我們的人工智慧平台，使其成為建構和部署這些智慧代理以及為複雜的企業代理工作流程提供支援的基礎。現在它支援對最受歡迎的模型進行無伺服器推理，包括 OpenAI、Anthropic、Mistral、Llama、DeepSeek 等，以及來自 Fal 的新型生成媒體模型。

We have added a powerful knowledge-based service that lets customers bring their own data and improve accuracy, along with built-in Guardrails for safety, visual agent orchestration and enterprise-grade features like observability, git integration and auto-scaling. Together, these capabilities make our Gradient AI agentic cloud platform one of the most intuitive and complete platforms for taking AI agents from prototype to production.

我們新增了一項強大的基於知識的服務，允許客戶匯入自己的資料並提高準確性，同時還內建了安全防護措施、視覺化代理編排以及企業級功能，例如可觀測性、git 整合和自動擴展。這些功能結合起來，使我們的 Gradient AI 代理雲端平台成為將 AI 代理從原型推向生產的最直觀、最完整的平台之一。

These key capabilities help companies develop and operate AI agent fleets and manage their full life cycle of these agents seamlessly from a single platform while leveraging the best-of-breed AI models from various providers. We are particularly excited about a major customer we signed for our AI platform after the Q3 quarter closed.

這些關鍵功能可協助企業開發和營運 AI 代理集群，並透過單一平台無縫管理這些代理商的整個生命週期，同時利用來自各種供應商的一流 AI 模型。第三季結束後，我們與一位重要的客戶簽署了人工智慧平台的使用協議，我們對此感到格外興奮。

This customer is a global digital systems integrator who signed an eight-figure per year multiyear contract to leverage our agentic cloud to drive AI transformation for its digital native enterprise customer base with a specific focus on identifying the full software engineering life cycle, including planning, backlog and road map management, release planning, release execution and customer support.

該客戶是一家全球數位系統整合商，簽署了一份價值數千萬美元的多年期合同，利用我們的代理雲為其數位原生企業客戶群推動人工智慧轉型，重點關注識別完整的軟體工程生命週期，包括規劃、待辦事項和路線圖管理、發布規劃、發布執行和客戶支援。

We'll provide more information on this exciting customer after we formally announce the partnership in the upcoming days. The AI platform layer continues to also gain broader momentum with over 19,000 agents created so far of which more than 7,000 are already in production.

我們將在未來幾天正式宣布與這位令人興奮的客戶的合作關係後，提供更多資訊。AI 平台層也持續獲得更廣泛的發展勢頭，迄今已創建超過 19,000 個代理，其中超過 7,000 個已投入生產。

One specific customer, Shakazamba, an Italian leader in GDPR compliant, ethical and secure AI solutions across Europe, chose to leverage the Gradient AI agentic cloud over the hyperscalers. By using our platform, they're now able to create and roll out agents to automate customer support, knowledge management and content creation while reducing development time and costs associated with the agent life cycle.

其中一位客戶 Shakazamba 是義大利領先的符合 GDPR 標準、符合道德規範且安全的 AI 解決方案供應商，業務遍及歐洲。該公司選擇利用 Gradient AI 代理雲端而不是超大規模雲端服務商。透過使用我們的平台，他們現在能夠創建和部署代理，以實現客戶支援、知識管理和內容創建的自動化，同時減少與代理生命週期相關的開發時間和成本。

This quarter, we also expanded our AI ecosystem with the launch of the DigitalOcean AI Partner program with several of our partners outlined on slide 13. This is a major step in empowering AI and digital native enterprises that are building and scaling their businesses leveraging AI. These companies don't have time for a fragmented infrastructure. They instead want a unified cloud and an AI platform that lets them seamlessly build and scale intelligent applications using agents.

本季度，我們也透過推出 DigitalOcean AI 合作夥伴計畫擴展了我們的 AI 生態系統，其中幾個合作夥伴已在第 13 頁中列出。這是賦能人工智慧和數位原生企業的重要一步，這些企業正在利用人工智慧來建構和擴展其業務。這些公司沒有時間去維護支離破碎的基礎建設。他們想要的是一個統一的雲端平台和一個人工智慧平台，讓他們能夠使用代理無縫建置和擴展智慧應用程式。

This new partner program brings together AI-native companies, integrators and the venture ecosystem to help these builders reach more customers, accelerate innovation and amplify their global reach. Combined with our AI platform and infrastructure, this ecosystem makes DigitalOcean the go-to destination for these AI-native businesses who want simplicity, scalability and reach without the hyperscale complexity.

這項新的合作夥伴計畫將人工智慧原生公司、整合商和創投生態系統聚集在一起，以幫助這些開發者接觸更多客戶、加速創新並擴大其全球影響力。結合我們的 AI 平台和基礎設施，這個生態系統使 DigitalOcean 成為那些希望獲得簡單性、可擴展性和覆蓋範圍，但又不想面對超大規模複雜性的 AI 原生企業的首選目的地。

In Q3, we continued to deliver product innovation in our core cloud stack to support our highest spending customers by meeting their needs as they scale their business on DO. One such example of a digital native enterprise customer scaling rapidly on DO is Bright Data a leading provider of web data sets to global frontier LLM labs for training AI models. Bright Data leverages various components of our agentic cloud to scale high-volume global workloads on our platform.

第三季度，我們繼續在核心雲端堆疊中推行產品創新，以滿足我們消費最高的客戶在 DO 上擴展業務時的需求。Bright Data 就是這樣一個數位原生企業客戶在 DO 上快速擴展的例子，該公司是全球領先的網路資料集提供商，為全球前沿 LLM 實驗室提供訓練 AI 模型所需的資料集。Bright Data 利用我們代理雲端的各種元件，在我們的平台上擴展高容量的全球工作負載。

VPN Super, who develops trusted VPN and security solutions is the most downloaded VPN app in the world is another digital native enterprise growing on our platform. VPN Super empowers millions of users across the globe to browse securely and privately regardless of their location. They signed a seven-figure deal to migrate multiple workloads to DigitalOcean, and they selected DO for our ability to handle large traffic spikes, platform reliability and our global scale.

VPN Super 是一家開發值得信賴的 VPN 和安全解決方案的公司，其 VPN 應用程式是全球下載量最高的 VPN 應用，也是我們平台上另一家蓬勃發展的數位原生企業。VPN Super 讓全球數百萬用戶無論身處何地都能安全且私密地瀏覽網頁。他們簽署了一份價值七位數的合同，將多個工作負載遷移到 DigitalOcean，他們選擇 DO 是因為我們能夠處理巨大的流量高峰、平台可靠性和全球規模。

These growing customers require general-purpose cloud capabilities that grow with their business, and we delivered a number of these new features during the quarter, as you can see highlighted on slide 12 of our earnings presentation. For example, we recently introduced Spaces Cold Storage, an enterprise-grade object storage solution designed for customers managing data at massive scale. With support for hundreds of petabytes and billions of objects per bucket, it offers free retrieval, predictable low cost and immediate access to data, eliminating the trade-off between affordability and performance. This cold storage is secure, reliable and resilient, providing our customers with the confidence to store and access mission-critical data sets seamlessly as their needs grow.

這些不斷成長的客戶需要能夠隨著業務成長而擴展的通用雲端功能，我們在本季度交付了許多此類新功能，您可以在我們的收益簡報第 12 頁中看到這些功能。例如，我們最近推出了 Spaces Cold Storage，這是一款企業級物件儲存解決方案，專為管理大量資料的客戶而設計。它支援數百PB的數據和每個儲存桶數十億個對象，提供免費檢索、可預測的低成本和即時數據訪問，消除了價格和性能之間的權衡。這種冷儲存安全可靠且具有彈性，讓我們的客戶能夠隨著需求的增長，自信地儲存和存取關鍵任務資料集。

During the quarter, we also enhanced our managed databases offering with automated storage auto scaling, enabling customers to scale seamlessly as their data needs grow. When capacity thresholds are reached, storage automatically scales in 10-gigabyte increments or higher with zero downtime and no disruption to workloads. This feature is available across all major database engines, including MongoDB, PostgreSQL, MySQL and is fully customizable, allowing customers to set thresholds starting at 20% utilization.

本季度，我們還透過自動儲存自動擴充功能增強了託管資料庫產品，使客戶能夠隨著資料需求的增長而無縫擴展。當達到容量閾值時，儲存會自動以 10 GB 或更高的增量進行擴展，實現零停機時間，且不會中斷工作負載。此功能適用於所有主流資料庫引擎，包括 MongoDB、PostgreSQL 和 MySQL，並且完全可自訂，允許客戶設定從 20% 利用率開始的閾值。

With a simple pay-as-you-go model, auto scaling eliminates the burden of manual intervention, ensuring that applications scale reliably and cost-effectively. The steady stream of new features is resonating with our AI and digital native enterprise customers. Over 35% of our customers with more than $100,000 in ARR have adopted at least one of our new features released over the past year, and those customers having adopted at least one of these new products have seen a several hundred basis points increase in their growth rate after adopting the new product.

透過簡單的按需付費模式，自動擴展消除了人工幹預的負擔，確保應用程式能夠可靠且經濟高效地擴展。不斷推出的新功能引起了我們的人工智慧和數位原生企業客戶的共鳴。在過去一年中，我們年經常性收入超過 10 萬美元的客戶中，超過 35% 的客戶至少採用了我們發布的一項新功能；而這些採用至少一項新產品的客戶，在採用新產品後，其增長率提高了數百個基點。

Our strong performance, our growing momentum through the first three quarters and the visibility that we now have into demand gives us the confidence to raise our near-and medium-term growth outlook. We are raising our full-year 2025 guidance on both revenue and margin and we now expect to achieve our 18% to 20% 2027 revenue growth target in 2026, a full year earlier than we had projected.

我們強勁的業績表現、前三個季度不斷增長的勢頭以及我們現在對需求的清晰認識，使我們有信心提高近期和中期增長預期。我們將提高 2025 年全年營收和利潤率預期，並預計在 2026 年實現 2027 年 18% 至 20% 的營收成長目標，比我們之前的預期提前整整一年。

It has also given us the confidence to accelerate our investments to drive growth in 2026 and beyond. When we outlined our 2027 growth objectives this past April, we indicated that we would increase our investment as we saw opportunities to accelerate our growth. We are now seeing more demand than we can support with our existing capacity, which is evident by us having signed multiple eight-figure committed contracts after the quarter ended that will materially increase our RPO in Q4.

這也讓我們更有信心加快投資步伐，以推動 2026 年及以後的成長。今年四月，我們在製定 2027 年成長目標時曾表示，一旦發現加速成長的機會，我們將增加投資。我們現在看到的需求超過了我們現有產能所能滿足的需求，這一點從我們在本季度結束後簽署的多份價值數千萬美元的承諾合約中可見一斑，這些合約將大幅提高我們第四季度的 RPO。

With this increased conviction, we began to put the foundational elements in place in Q3 to even further accelerate our growth. We started ordering more GPU capacity to meet the growing inference demands we are seeing from our AI native customers. We also secured around 30 megawatts of incremental data center capacity to support growth in 2026 and beyond.

隨著這種信心的增強，我們在第三季開始落實基礎要素，以進一步加速我們的成長。為了滿足人工智慧原生客戶日益增長的推理需求，我們開始訂購更多的 GPU 容量。我們也獲得了約 30 兆瓦的新增資料中心容量，以支援 2026 年及以後的成長。

We added equipment financing to better align our investments with revenue. We ramped engineering resources to accelerate our unified agentic cloud road map and continued our targeted investment in new sales and marketing initiatives to complement our industry-leading product-led growth engine. These investments will build on the success we have seen to date and will set us up for a strong 2026 and 2027.

我們增加了設備融資，以便更好地使我們的投資與收入保持一致。我們增加了工程資源投入，以加速統一代理雲端路線圖的實施，並繼續有針對性地投資於新的銷售和行銷舉措，以補充我們行業領先的產品驅動型成長引擎。這些投資將鞏固我們迄今為止的成功，並為我們在 2026 年和 2027 年取得強勁發展奠定基礎。

Our Q4 and 2025 full-year guidance implies a 16% exit 2025 growth rate. And while we won't provide 2026 guidance until our February earnings call, we expect to comfortably deliver 18% to 20% growth in 2026, achieving our 2027 growth target a full year earlier than previously projected.

我們的第四季和 2025 年全年業績預期意味著到 2025 年底的成長率將達到 16%。雖然我們要等到二月份的財報電話會議才會公佈 2026 年的業績指引，但我們預計 2026 年將輕鬆實現 18% 至 20% 的增長，比之前預測的 2027 年增長目標提前整整一年實現。

We will deliver this growth while maintaining strong adjusted free cash flow margins in the mid- to high teens. Matt will provide further color on these investments and the projected impact on our growth and profitability in his remarks. As I said in my opening, we delivered a strong performance in Q3, beating our guidance on both revenue and profitability. We are seeing momentum with our unified agentic cloud.

我們將實現這一成長目標，同時維持十幾到十幾的強勁調整後自由現金流利潤率。馬特將在演講中進一步闡述這些投資及其對我們成長和獲利能力的預期影響。正如我在開場白中所說，我們在第三季度取得了強勁的業績，收入和盈利能力都超過了我們的預期。我們的統一代理雲正在取得發展動能。

And this momentum is evident in the rapid growth of our highest spending customers and demand is exceeding our current capacity. All of this gives us the conviction both to raise our 2025 and 2026 revenue and adjusted free cash flow outlook and to increase our investments to take advantage of the opportunity in front of us. We look forward to sharing more on our progress and our outlook for 2026 over the upcoming months.

這種成長勢頭在我們消費最高的客戶群中表現得尤為明顯，需求已經超過了我們目前的產能。所有這些都讓我們有信心提高 2025 年和 2026 年的收入和調整後自由現金流預期，並增加投資以抓住眼前的機會。我們期待在接下來的幾個月與大家分享更多我們的進展以及我們對 2026 年的展望。

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

謝謝，現在我把麥克風交給馬特。

Thanks, Paddy. Good morning, everyone, and thanks for joining us today. As Paddy discussed, we are excited about our strong Q3 2025 performance. We are gaining traction with our unified agentic cloud, which is resulting in strong revenue growth from our highest spending customers, and we are seeing more demand and satisfied with our current capacity.

謝謝你，帕迪。各位早安，感謝大家今天收看我們的節目。正如 Paddy 所說，我們對 2025 年第三季的強勁業績感到興奮。我們的統一代理雲端正在取得進展，這為我們消費最高的客戶帶來了強勁的收入成長，我們看到了更大的需求，並對我們目前的容量感到滿意。

This momentum and visibility give us conviction both to increase our 2025 and 2026 revenue and adjusted free cash flow outlook and to put in place the foundations to further accelerate growth in 2026 and beyond. In my comments, I'll walk through our Q3 results in detail, share our fourth quarter and updated full year financial outlook and also provide an update on our 2026 expectations.

這種勢頭和前景讓我們有信心提高 2025 年和 2026 年的收入和調整後自由現金流預期，並為 2026 年及以後的進一步加速成長奠定基礎。在我的評論中，我將詳細介紹我們的第三季業績，分享我們第四季和更新的全年財務展望，並更新我們對 2026 年的預期。

Starting with the top line. Revenue in the third quarter was $230 million, up 16% year-over-year, the highest revenue growth since Q3 of 2023. This growth was balanced across our unified agentic cloud and was primarily driven by increasing traction with our higher spending AI and digital native enterprise customers with steady contributions from our product-led growth engine.

從第一行開始。第三季營收為 2.3 億美元，年增 16%，是自 2023 年第三季以來最高的營收成長。這一成長在我們統一的代理雲中保持平衡，主要得益於我們高支出的 AI 和數位原生企業客戶日益增長的吸引力，以及我們以產品為主導的成長引擎的穩定貢獻。

We continue to see strong AI/ML revenue growth in Q3 with AI revenue more than doubling year-over-year, which it has done every quarter since we launched our AI platform. We also delivered the highest incremental organic ARR in company history at $44 million, bringing ARR to $919 million. With rapid product innovation across our unified agentic cloud platform and with the strategic go-to-market investments we made earlier this year proving to be effective, we are having increasing success attracting and growing larger, well-funded AI and digital native enterprise customers.

第三季度，人工智慧/機器學習收入持續保持強勁成長，人工智慧營收年增超過一倍，自我們推出人工智慧平台以來，每個季度都實現了這一成長。我們還實現了公司歷史上最高的增量有機 ARR，達到 4,400 萬美元，使 ARR 達到 9.19 億美元。憑藉我們統一的代理雲端平台的快速產品創新，以及今年稍早我們進行的策略性市場推廣投資的有效性，我們在吸引和發展資金雄厚的大型人工智慧和數位原生企業客戶方面取得了越來越大的成功。

This is evident in the revenue from our customers whose annualized run rate revenue in the quarter was greater than $100,000, which now represents 26% of overall revenue, growing 41% year-over-year, 200 basis points higher than the growth we saw from that cohort in the prior year. Adding to this growth, revenue from general-purpose cloud customers in their first 12 months on our platform continues to be strong, and we have stabilized NDR as net dollar retention remained at 99% in the quarter, up 200 basis points from 97% in the third quarter of 2024.

從我們客戶的收入中可以明顯看出這一點，這些客戶在本季度的年化運行率收入超過 10 萬美元，目前佔總收入的 26%，同比增長 41%，比上一年該群體的增長高出 200 個基點。此外，通用雲端客戶在我們平台上的前 12 個月的收入持續強勁增長，並且我們的淨收入率 (NDR) 也趨於穩定，本季度淨美元留存率保持在 99%，比 2024 年第三季度的 97% 提高了 200 個基點。

Turning to the P&L. While we accelerated revenue, we also delivered strong performance on all of our key profitability metrics. Gross profit was $137 million, up 17% year-over-year, with a 60% gross margin for the third quarter, 100 basis points higher than the prior year.

接下來來看損益表。在加速實現營收成長的同時，我們所有關鍵獲利指標也都取得了強勁的成績。毛利為 1.37 億美元，年增 17%，第三季毛利率為 60%，較上年同期高出 100 個基點。

Adjusted EBITDA was $100 million, a 15% increase year-over-year and an adjusted EBITDA margin of 43%. Non-GAAP diluted net income per share was $0.54, a 4% increase year-over-year. This result was impacted by the $625 million convertible note we issued in August, the repurchase of $1.19 billion of our 2026 notes and the interest expense from the $380 million drawn on the Term Loan A component of our existing credit facility.

調整後 EBITDA 為 1 億美元，年成長 15%，調整後 EBITDA 利潤率為 43%。非GAAP稀釋後每股淨收益為0.54美元，較去年同期成長4%。這項結果受到以下因素的影響：我們在 8 月發行了 6.25 億美元的可轉換票據；回購了 11.9 億美元的 2026 年到期票據；以及從我們現有信貸安排的 A 類定期貸款中提取了 3.8 億美元的利息支出。

The net impact on non-GAAP net income per share of these balance sheet activities was a reduction of $0.05 in Q3. And excluding these charges, non-GAAP diluted net income per share would have been $0.59. GAAP diluted net income per share was $1.51, a 358% increase year-over-year. This increase is primarily driven by the onetime reversal of our tax valuation allowance and gain on debt extinguishment, which is slightly offset by the impact of our new debt structure.

這些資產負債表活動對第三季非GAAP每股淨收入的淨影響為減少了0.05美元。剔除這些費用後，非GAAP稀釋後每股淨收益為0.59美元。 GAAP稀釋後每股淨收益為1.51美元，較去年同期成長358%。這一增長主要是由於一次性稅收估值準備金的衝回和債務清償收益，但新債務結構的影響略微抵消了這一增長。

Q3 adjusted free cash flow was $85 million or 37% of revenue, which is up significantly from the prior year's $19 million or 10% of revenue and on a trailing 12-month basis was 21% of revenue. This increase was driven in part by the equipment financing in Q3. During the quarter, we entered into an equipment financing arrangement with a third-party financial institution for $28 million to better align our investments with the future revenue that they will generate. Absent the leasing of this equipment, our adjusted free cash flow would have been 25% of revenue in Q3.

第三季調整後自由現金流為 8,500 萬美元，佔營收的 37%，較上年同期的 1,900 萬美元（佔營收的 10%）大幅成長，過去 12 個月的自由現金流佔營收的 21%。這一成長部分原因是第三季的設備融資。本季度，我們與第三方金融機構達成了一項價值 2,800 萬美元的設備融資協議，以便更好地使我們的投資與它們將產生的未來收入保持一致。如果沒有租賃這批設備，我們第三季的調整後自由現金流將佔營收的 25%。

Turning to the balance sheet. We strengthened our balance sheet by repurchasing approximately 80% of our 2026 convertible notes through a combination of the issuance of a new $625 million 2030 convertible note offering, a $380 million drawdown on the Term Loan A component of our existing credit facility and approximately $230 million of cash. Following these actions, our cash and cash equivalents balance remained healthy at $237 million and the combination of cash on hand, remaining Term Loan A capacity and projected cash flow generation is collectively more than the remaining balance of our outstanding 2026 convertible notes.

接下來看一下資產負債表。我們透過發行新的 6.25 億美元 2030 年可轉換票據、提取現有信貸安排中的 A 類定期貸款 3.8 億美元以及動用約 2.3 億美元現金，回購了約 80% 的 2026 年可轉換票據，從而加強了資產負債表。採取這些措施後，我們的現金及現金等價物餘額保持在 2.37 億美元的健康水平，手頭現金、剩餘 A 類定期貸款額度和預計現金流總額超過了我們未償還的 2026 年可轉換票據的剩餘餘額。

We repurchased $2.9 million of shares in Q3, buying back approximately 101,000 shares, bringing our cumulative share repurchase since IPO to $1.6 billion and 34.9 million shares through September 30, 2025. These Q3 repurchases completed our 2024 buyback program, and we will operate our repurchase program through July 31, 2027, under the new $100 million authorization we announced during the quarter.

我們在第三季回購了價值 290 萬美元的股票，約 10.1 萬股，使自 IPO 以來累計回購的股票總額達到 16 億美元，截至 2025 年 9 月 30 日，累計回購股票總數達到 3,490 萬股。第三季的這些回購完成了我們的 2024 年回購計劃，我們將根據本季宣布的新的 1 億美元授權，繼續執行回購計劃至 2027 年 7 月 31 日。

During the quarter, we repurchased a portion of our 0% coupon 2026 convertible notes in part with an interest-bearing Term Loan A that is initially at SOFR plus 175 basis points or roughly 6.1%. As a result, we now project to have moderate interest expense in the near to medium term, where interest expense was previously immaterial. Given this, we have added a new disclosure metric for unlevered adjusted free cash flow, which we will provide in addition to the current adjusted free cash flow metric, which is a levered adjusted free cash flow.

本季度，我們回購了一部分 0% 票息 2026 年到期的可轉換票據，部分資金來自初始利率為 SOFR 加 175 個基點（約合 6.1%）的計息定期貸款 A。因此，我們預期在中短期內將有適度的利息支出，而先前利息支出並不重要。有鑑於此，我們新增了一項揭露指標－未槓桿調整自由現金流，我們將在現有調整自由現金流指標（即槓桿調整自由現金流）之外提供此指標。

We believe that unlevered adjusted free cash flow is an important metric as it provides a clear view of our cash generation before the impact of financing decisions, and many investors and analysts use this unlevered adjusted free cash flow as the basis for their enterprise value calculation. Our Q3 unlevered adjusted free cash flow was $85 million or 37% of revenue.

我們認為，未槓桿調整後的自由現金流是一個重要的指標，因為它能清楚地反映我們在融資決策影響之前的現金產生情況，許多投資者和分析師都使用未槓桿調整後的自由現金流作為企業價值計算的基礎。我們第三季未槓桿調整後的自由現金流為 8,500 萬美元，佔營收的 37%。

The strong demand we've seen across our unified agentic cloud and the traction we are seeing with our higher spending AI and digital native enterprises, coupled with the increased visibility we have from having signed multiple eight-figure committed contracts after Q3 close, gives us the confidence to raise our outlook on both revenue and adjusted free cash flow margin for both 2025 and 2026.

我們看到，統一代理雲的需求強勁，高支出的 AI 和數字原生企業也對我們表現出濃厚的興趣，再加上我們在第三季度結束後簽署了多份價值數千萬美元的承諾合同，這讓我們更有信心提高對 2025 年和 2026 年收入和調整後自由現金流利潤率的預期。

For the fourth quarter of 2025, we expect revenue to be in the range of $237 million to $238 million, which is approximately 16% year-over-year growth. For the full year 2025, we project revenue of $896 million to $897 million, representing approximately 15% year-over-year growth, an incremental 100 basis points higher than our prior guidance.

我們預計 2025 年第四季的營收將在 2.37 億美元至 2.38 億美元之間，年增約 16%。我們預計 2025 年全年營收將達到 8.96 億美元至 8.97 億美元，年成長約 15%，比我們先前的預期高出 100 個基點。

For the fourth quarter of 2025, we expect our adjusted EBITDA margins to be in the range of 38.5% to 39.5% with an adjusted EBITDA margin of approximately 41% for the full year. For the fourth quarter of 2025, we expect non-GAAP diluted earnings per share to be $0.35 to $0.40 based on approximately 111 million to 112 million in weighted average fully diluted shares outstanding.

我們預計 2025 年第四季的調整後 EBITDA 利潤率將在 38.5% 至 39.5% 之間，全年的調整後 EBITDA 利潤率約為 41%。我們預計，2025 年第四季非 GAAP 稀釋後每股收益為 0.35 美元至 0.40 美元，基於約 1.11 億至 1.12 億股加權平均完全稀釋後流通股。

For the full year 2025, we expect non-GAAP diluted earnings per share to be $2 to $2.05 based on approximately 106 million to 107 million in weighted average fully diluted shares outstanding. The Q4 and full year non-GAAP diluted earnings per share guidance includes the projected impact of a range of about $0.05 to $0.10 reduction in Q4 and about $0.15 to $0.20 reduction for the full year from the net impact of our Q3 refinancing actions.

我們預計 2025 年全年非 GAAP 稀釋後每股收益為 2 美元至 2.05 美元，基於約 1.06 億至 1.07 億股加權平均完全稀釋後流通股。第四季和全年非GAAP稀釋後每股盈餘預期包括預計第四季減少約0.05至0.10美元，全年減少約0.15至0.20美元，這是由於我們第三季再融資行動的淨影響所致。

We project a full-year adjusted free cash flow margin of 18% to 19%. Looking further ahead, I would also like to provide a brief update on our 2026 outlook. While we will provide more fulsome details on 2026 expectations during our earnings call in February, we have already begun to put the foundations in place to further accelerate growth.

我們預計全年調整後自由現金流利潤率為 18% 至 19%。展望未來，我也想簡單介紹一下我們對 2026 年的展望。雖然我們將在 2 月的財報電話會議上提供關於 2026 年預期更詳細的信息，但我們已經開始奠定基礎，以進一步加速成長。

Given our momentum and the increased visibility into demand on the back of several recent customer wins, we have committed investment in additional data centers and GPU capacity that will come online over the course of 2026 that will accelerate growth ahead of our previously communicated timeline. We have signed leases for approximately 30 megawatts of incremental data center capacity across several new data centers that will commence over the course of 2026.

鑑於我們目前的良好勢頭，以及近期贏得多個客戶後市場需求的日益明朗，我們已承諾投資建設更多數據中心和 GPU 容量，這些設施將於 2026 年陸續上線，這將加速增長，比我們之前公佈的時間表提前實現。我們已簽署租賃協議，將在幾個新的資料中心新增約 30 兆瓦的資料中心容量，這些資料中心將於 2026 年陸續投入使用。

These new data centers and our corresponding investments in incremental GPU capacity will enable us to comfortably deliver 18% to 20% growth in 2026, achieving our 2027 revenue growth targets a full year earlier than we had projected. And while our COGS and operating expenses will increase in early 2026 as we ramp into our new data center capacity, we anticipate delivering high 30s to 40% adjusted EBITDA margins while maintaining mid- to high-teens adjusted free cash flow margin.

這些新的資料中心以及我們對新增 GPU 容量的相應投資，將使我們能夠在 2026 年輕鬆實現 18% 至 20% 的成長，比我們預期的提前整整一年實現 2027 年的營收成長目標。雖然隨著我們逐步啟用新的資料中心容量，我們的銷售成本和營運費用將在 2026 年初增加，但我們預計調整後的 EBITDA 利潤率將達到 30% 至 40%，同時保持 15% 至 10% 的調整後自由現金流利潤率。

We also remain committed to maintaining a healthy balance sheet, and we anticipate that our net leverage will end 2026 in the mid-3s range, including the impact on net debt from any incremental lease-up. We look forward to sharing more on the traction we are getting with our unified agentic cloud, the growth we are seeing from our highest spending customers, the investments we are making to further accelerate growth and our outlook for 2026 and beyond when we get together again in February.

我們也將繼續致力於維持健康的資產負債表，預計到 2026 年底，我們的淨槓桿率將達到 3 倍中段，其中包括任何新增租賃對淨債務的影響。我們期待在二月再次相聚時，與大家分享我們在統一代理雲方面取得的進展、我們從消費最高的客戶那裡看到的增長、我們為進一步加速增長而進行的投資，以及我們對 2026 年及以後的展望。

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

我們的演講到此結束，現在我們將開放問答環節。

(Operator Instructions) Gabriela Borges, Goldman Sachs.

（操作說明）Gabriela Borges，高盛。

Congratulations on a -- really exciting 2026 preliminary forecast. Paddy and Matt, I want to ask you about the multiple eight-figure committed contracts that you're talking about. Tell us a little bit about this cohort of customers. To what extent does it overlap with some of the AI revenue that you're talking about? I know you've been working with the private equity community as well.

恭喜你們發布了令人振奮的2026年初步預測。Paddy 和 Matt，我想問你們提到的那些金額高達八位數的承諾合約。請您簡單介紹一下這部分客戶群。它與您提到的某些人工智慧收入在多大程度上重疊？我知道你也一直在和私募股權界合作。

You've talked about migration. So maybe just a little bit about the type of customer that's signing the eight-figure contract and the extent to which I know in the past, the AI cohort has been much more flaky in its ability to ramp up and down. And so I'm trying to understand the intersection between those two cohorts.

您談到了移民問題。所以，也許可以稍微談談簽訂八位數合約的客戶類型，以及據我所知，人工智慧領域在過去的發展和放緩能力方面一直不太穩定。因此，我正在努力了解這兩個群體之間的交集。

Yes. Thank you, Gabriela. Great questions. So the eight-figure commitment contracts that we just talked about come in different forms. Primarily, these are AI native companies that are looking to take advantage of our infrastructure as well as the other customer that I was just talking about for our AI platform, looking to build a series of agentic experiences for software engineering, taking advantage of our Gradient AI platform layer.

是的。謝謝你，加布里埃拉。問得好。所以，我們剛才談到的八位數承諾合約有不同的形式。主要來說，這些是希望利用我們基礎設施的 AI 原生公司，以及我剛才提到的另一位希望利用我們的 AI 平台構建一系列用於軟體工程的智能體體驗的客戶，他們希望利用我們的 Gradient AI 平台層。

So it's a combination of all of these. And as I was explaining in my prepared remarks, it is increasingly getting difficult to just separate out where AI starts and stops and where core cloud begins because most of the customers that are starting their experience with DigitalOcean from the AI side are increasingly using our various storage artifacts like network file system or the VPC capabilities or a number of the networking capabilities and things like that.

所以這是所有這些因素的綜合作用。正如我在準備好的演講稿中所解釋的那樣，越來越難以將人工智慧的起點和終點與核心雲端的起點區分開來，因為大多數從人工智慧方面開始體驗 DigitalOcean 的客戶越來越多地使用我們的各種儲存產品，例如網路檔案系統、VPC 功能或許多網路功能等等。

So the crossover is becoming more and more between the AI side of our platform and cloud. So that's why we are now starting to see a more unified cloud platform from us, which we are calling as the agentic cloud. So a lot of these commitments and contracts that we are starting to take on now typically start with AI, but also spill over to our AI cloud side as well.

因此，我們平台的 AI 部分與雲端之間的交叉融合越來越明顯。所以，這就是為什麼我們現在開始看到我們推出一個更統一的雲端平台，我們稱之為代理雲端。因此，我們現在開始承擔的許多承諾和合約通常都始於人工智慧，但也延伸到了我們的人工智慧雲端領域。

So what is exciting for us is that some of these customers start their journey with DO using a fairly small proof-of-concept type of footprint, and now they're starting to scale. And this is also one of the many reasons why we are expanding our data center footprint so that we can keep scaling with these customers. And the other attribute I want to call out here is that these AI workloads are predominantly inferencing, if not all, on the inferencing side.

令我們感到興奮的是，其中一些客戶最初使用 DO 進行概念驗證，規模相當小，而現在他們開始擴大規模。這也是我們擴大資料中心規模的眾多原因之一，以便我們能夠隨著這些客戶的需求不斷擴展。我想在這裡指出的另一個特點是，這些人工智慧工作負載主要都是推理，即使不是全部，也都是推理方面的。

So it is durable, it is predictable. And we also have a great opportunity to keep scaling with these customers as they find real-world traction and scale globally. So that's why it is really important for us to start looking at our capacity as we place bets on some of these real marquee AI native companies that are finding traction with real end customers, both on the consumer side as well as on the enterprise side.

所以它經久耐用，性能穩定。而且，隨著這些客戶獲得實際的成功並實現全球規模化發展，我們也擁有一個絕佳的機會與他們共同擴大規模。所以，正因如此，我們才有必要開始審視自己的能力，因為我們投資了一些真正的人工智慧原生公司，這些公司正在獲得真正的終端客戶（包括消費者和企業客戶）的認可。

Radi Sultan, UBS.

Radi Sultan，瑞銀集團。

Good to see the platform traction coming in ahead of schedule. I guess for me, just AWS and Azure both had some pretty high-profile outages recently. I'm just curious, like is that having any near-term impact or catalyzing more migrations from the hyperscalers that driving more traction for Partner Network Connect or some of your other multi-cloud offerings? And then just curious how many of those eight-figure deals are migrations from the hyperscalers?

很高興看到該平台的用戶成長速度比預期更快。對我來說，最近AWS和Azure都發生了一些相當引人注目的故障。我只是好奇，這是否會對近期產生任何影響，或者是否會促使更多超大規模資料中心的用戶遷移，從而為 Partner Network Connect 或你們的其他一些多雲產品帶來更多成長？我很好奇，這些八位數的交易中有多少是從超大規模資料中心遷移過來的？

Yes. Thank you, Radi, for the question. So we've been seeing a steady increase in migration workloads since we made it into an explicit go-to-market motion. And as you know, migrations of sophisticated workloads is always a combination of factors, right? It tell them, oh, we see a disruption from a cloud provider, and they're just going to move a fairly sophisticated global workload -- but it is a combination of factors. Some are driven by dissatisfaction with an incumbent. But mostly, it is driven by something they find attractive in a new cloud provider like DigitalOcean.

是的。謝謝你的提問，Radi。自從我們明確地將遷移作為市場推廣策略以來，我們看到遷移工作負載一直在穩定成長。如您所知，複雜工作負載的遷移總是多種因素共同作用的結果，對吧？它告訴他們，哦，我們看到雲端供應商帶來了乾擾，他們即將遷移相當複雜的全球工作負載——但這是多種因素共同作用的結果。有些人是因為對現任官員不滿而走上這條道路。但主要原因還是因為他們覺得像 DigitalOcean 這樣的新型雲端服務供應商具有吸引力。

So as we have started building out our cloud capabilities, especially the ones that I described in slide 12 of our deck, like more advanced networking, various flavors of our droplet configurations, our storage, like cold storage is a really, really important capability that many of our large customers with sophisticated workloads have been asking us for.

因此，隨著我們開始建立雲端功能，特別是我在簡報第 12 頁中描述的那些功能，例如更高級的網路、各種類型的 droplet 配置、儲存（例如冷儲存）等，冷儲存是一項非常非常重要的功能，許多擁有複雜工作負載的大客戶都要求我們提供這項功能。

The auto-scaling of our DBaaS. I mean these are all very fundamentally building block type of capabilities for attracting more migration workloads, not to mention some of the stuff we did in the last couple of quarters like virtual private cloud and Direct Connect and things like that. So even though a single incident doesn't necessarily precipitate major shifts in workloads, these are all paper cuts and us having these other digital native enterprise-ready capabilities just makes us all the more attractive to incoming migration.

我們的資料庫即服務 (DBaaS) 具備自動擴充功能。我的意思是，這些都是吸引更多遷移工作負載的基本建置模組，更不用說我們在過去幾個季度所做的一些事情，例如虛擬私有雲和直接連接等等。因此，即使單一事件不一定會引發工作負載的重大變化，但這些都只是小問題，而我們擁有的這些其他數位化原生企業就緒能力只會讓我們對即將到來的遷移更具吸引力。

And the AI native workloads typically are new workloads that are starting on our platform, but many of the workloads that we are seeing that I talked about during my prepared remarks on the cloud are migrations coming from various other hyperscaler clouds.

AI 原生工作負載通常是在我們平台上啟動的新工作負載，但我在關於雲端的準備發言中提到的許多工作負載都是從各種其他超大規模雲端遷移過來的。

Josh Breyer, Morgan Stanley.

喬許布雷耶，摩根士丹利。

Congrats on the acceleration. I wanted to follow up on the eight-figure contracts signed after quarter close. I guess I'm wondering, do you have capacity to serve some of those in the coming weeks? Or is that all really what the 30 megawatts of new data center capacity is geared toward?

恭喜加速成功。我想跟進一下季度末之後簽署的那些價值數千萬美元的合約。我想問的是，你們未來幾週是否有能力滿足其中一部分需求？或者說，這30兆瓦的新資料中心容量真的只是為了滿足這些需求嗎？

And then hoping to get a little sense of like the ramp in that capacity. Basically, any context for the go-live times for these big contracts and like how to think about the shape of 2026?

然後希望能對坡道在這方面有所了解。基本上，這些大型合約的上線時間有什麼背景資訊嗎？以及應該如何展望 2026 年的發展前景？

Yes. So I'll get started, Matt, and then you can chime in. So from the ramp-up perspective, some of these customers are already doing business with us. And as we think about the capacity, there's some capacity we are bringing online in our existing data centers. And then, of course, a lot of the visibility that we now have with these customers and their inference scale-up is the reason why we have taken up expanded data center capacity.

是的。那我先開始吧，馬特，然後你再插話。從業務拓展的角度來看，其中一些客戶已經與我們開展業務了。當我們考慮容量問題時，我們正在現有資料中心中啟用一些容量。當然，我們現在對這些客戶及其推理規模的擴大有了更清晰的了解，這也是我們擴大資料中心容量的原因。

And these data centers will come online progressively through 2026, right? So we do have a build schedule from these providers, and we work very, very closely with them to make sure that we get the warm shell and then we move in and we start racking our servers, and there's a lot of moving parts in terms of bringing this capacity online, but we don't have to wait for this new capacity to start lighting up these workloads.

這些資料中心將在 2026 年前陸續上線，對嗎？所以我們確實從這些供應商那裡得到了一個建設計劃，我們與他們非常密切地合作，以確保我們獲得預熱環境，然後我們搬進去，開始架設我們的伺服器。在將這種容量上線方面有很多環節需要協調，但我們不必等待這種新容量上線就可以開始啟動這些工作負載。

As I said, we do have some capacity in our existing data centers. So it is a combination of these things. And you're absolutely right that this visibility into the inference adoption of our AI native customers is the reason why we are expanding our data center footprint.

正如我所說，我們現有的資料中心還有一定的容量。所以這是這些因素的綜合作用。您說得完全正確，正是因為能夠了解我們 AI 原生客戶對推理技術的採用情況，我們才擴大了資料中心的規模。

Yes. And I'll just add that most of the capacity is going to come online in, call it, the first half of next year. In fact, you'll see in our fourth quarter financials, and this is included in the guidance for the adjusted free cash flow we have for 2025 that we're going to be paying some of the NRCs for some of these build-outs in the fourth quarter.

是的。我還要補充一點，大部分產能將在明年上半年投入使用。事實上，您將在我們的第四季度財務報告中看到，並且這已包含在我們對 2025 年調整後自由現金流的預期中，我們將在第四季度向一些核管理委員會支付部分建設費用。

And so we expect that the capacity will become online in the months and quarters following that. So it will be an early ramp of the data center capacity, but then clearly, you have incremental time to deploy the GPUs and for the customers to ramp. So we expect the revenue ramp to be relatively smooth over the course of the year, but we'll be bringing on a fair bit of capacity in the first half.

因此，我們預計該產能將在接下來的幾個月或幾季內投入使用。因此，資料中心容量將提前提升，但顯然，您還有時間逐步部署 GPU，並讓客戶逐步增加需求。因此，我們預計今年的營收成長將相對平穩，但我們將在上半年增加相當多的產能。

Kingsley Crane, Canaccord Genuity.

金斯利·克萊恩，Canaccord Genuity。

I want to echo my congrats. I'm sure it's gratifying for the team. Look, a larger peer, Neocloud peer has acquired a handful of PaaS capabilities over the past six months, including more recently a Python notebook, I think reinforcement learning for agents. What's your take on that? Does it just give credence to your strategy? And how do you see competition evolving as you continue to cater towards customers upmarket?

我謹再次向你表示祝賀。我相信這對團隊來說是一種莫大的安慰。你看，規模較大的同儕 Neocloud 在過去六個月裡獲得了一些 PaaS 功能，包括最近推出的 Python notebook，我認為是用於智能體的強化學習。你對此有何看法？這是否只是為你的策略增添了可信度？隨著您不斷拓展高端客戶群，您認為競爭格局將如何演變？

Yes, Kingsley, thank you for the question. So we -- our approach when we laid out our strategy in April, we start our strategy with a deep understanding of who our customers are and what it would take for us to serve them well.

是的，金斯利，謝謝你的提問。因此，當我們在四月制定策略時，首先深入了解我們的客戶是誰，以及我們需要做些什麼才能更好地為他們服務。

And of course, that understanding has deepened over the last six months as we have started working very, very closely with these customers. In terms of the Python notebook, this has been a capability that we have had for a couple of years now. And some of the storage enhancements that we are seeing in the market is also something that has been long as part of our very rich and deep software stack.

當然，在過去的六個月裡，隨著我們與這些客戶開始非常密切地合作，這種理解也得到了加深。就 Python notebook 而言，我們已經具備這項功能好幾年了。我們在市場上看到的一些儲存增強功能，其實早已是我們非常豐富且深入的軟體堆疊的一部分。

So if you take a step back and think about our strategy, our strategy is now from an AI perspective, targeting AI-native companies that are building real businesses and running models in an inferencing mode. And these are real-world applications that require not just GPU and inferencing capabilities, but they need agentic workflow capabilities. They need storage, databases, authentication, authorization. They need orchestration from a Kubernetes perspective. So essentially, they need a unified agentic cloud stack, which is what we provide. So we have been executing on our strategy.

所以，如果你退後一步，思考我們的策略，我們現在的策略是從人工智慧的角度出發，目標是那些正在建立真正的業務並以推理模式運行模型的人工智慧原生公司。這些都是現實世界的應用，不僅需要 GPU 和推理能力，還需要代理工作流程能力。他們需要儲存、資料庫、身份驗證和授權。他們需要從 Kubernetes 的角度進行編排。所以本質上，他們需要一個統一的代理雲端堆疊，而這正是我們所提供的。所以，我們一直在執行我們的策略。

And if you look at slide 7, you'll see the richness of the stack that we have built all the way from infrastructure on both cloud and AI to middleware with Platform as a Service or the agentic development life cycle.

如果你看第 7 張投影片，你會看到我們建構的堆疊的豐富性，從雲端和 AI 的基礎設施到平台即服務的中間件或代理開發生命週期。

And slide 12 shows how much we have enhanced that since just the last earnings call. So we have been super busy and every orange box you see on slide 12 has been a result of feedback that we are getting from customers real time.

第 12 張投影片顯示了自上次財報電話會議以來，我們在這方面取得了多大的進步。因此我們一直非常忙碌，你在第 12 張幻燈片上看到的每一個橙色方框都是我們即時從客戶那裡獲得的回饋的結果。

Some of these features have been lit up in just a matter of days. And that is the power of really co-inventing some of these pieces working hand-in-hand with our customers. And I feel building on our strength, which is software differentiation and leveraging the strength of our 12-year-old full-stack general-purpose cloud really puts us in a very favorable position when it comes to being attractive to these scaling AI native companies.

其中一些功能在短短幾天內就已啟用。這就是與客戶攜手合作，共同創造這些產品的力量所在。我覺得，發揮我們的優勢，即軟體差異化，並利用我們擁有 12 年歷史的全端通用雲端的優勢，確實使我們在吸引這些正在擴張的 AI 原生公司方面處於非常有利的地位。

Is hardware a part of it? Absolutely. But we think as companies become more and more sophisticated and they start serving real-world enterprise needs, the center of gravity is going to shift from hardware and networking and move more and more towards the software stack as we have seen in every wave that we have encountered over the last two or three decades. So we feel really good about where we are, and we'll be aggressive in adding new functionality into our platform as we start seeing opportunities for those from our customers and in the market.

硬體是其中的一部分嗎？絕對地。但我們認為，隨著公司變得越來越成熟，開始滿足現實世界的企業需求，重心將從硬體和網路轉移到軟體堆疊，正如我們在過去二三十年遇到的每一波浪潮中所看到的那樣。因此，我們對目前的狀況感到非常滿意，一旦看到客戶和市場對新功能的需求，我們將積極主動地為我們的平台添加新功能。

Patrick Walravens, Citizens.

派崔克‧沃爾拉文斯，市民。

Congrats on the quarter. This is Nick on for Pat. Paddy, one for you. You kind of answered this already, but -- are there any other factors that you guys take into account when deciding what to build next? Like you mentioned that it's primarily customer-driven, but are there like competitive positioning? Or how do you balance the idea of what a customer wants with competitive positioning and long-term revenue opportunity, especially in something that could be seen as more experimental?

恭喜你本季取得佳績。這裡是尼克，替帕特報道。帕迪，給你一杯。您其實已經回答過這個問題了，但是－在決定下一步要開發什麼專案時，你們還會考慮其他哪些因素嗎？正如您所說，這主要受客戶驅動，但是否存在競爭定位之類的因素？或者，你如何平衡客戶需求、競爭定位和長期收入機會，尤其是在一些可能被視為更具實驗性的領域？

Yes. Nick, thank you for the question. So just for the avoidance of doubt, we are competitor aware but customer obsessed. So we -- and that strategy has really worked for us, especially in the fast-evolving AI landscape, where we have been very, very disciplined in not chasing the bright shiny training workloads and trying to be somebody that we are not.

是的。尼克，謝謝你的提問。為了避免任何誤解，我們強調，我們專注於競爭對手，但更以客戶為中心。所以——而且這種策略對我們來說確實奏效了，尤其是在快速發展的人工智慧領域，我們一直非常自律，不去追逐那些光鮮亮麗的訓練工作量，也不去試圖成為我們不是的人。

But we've been patient, and now we see an opportunity to decisively move to take a full position in the world of inferencing and offer a software platform that combines the raw power of having the best-of-breed flexible AI infrastructure and combine it with where the puck is going, which is there's a whole generation like 20 years of app developed applications that have been developed over the last 20 years will need to be replaced and modernized with agents and agentic workflows.

但我們一直很有耐心，現在我們看到了一個機會，可以果斷地進軍推理領域，提供一個軟體平台，該平台結合了擁有最佳靈活人工智慧基礎設施的強大功能，並將其與未來的發展方向相結合，那就是過去 20 年開發的整整一代應用程式都需要被代理和代理工作流程所取代和現代化。

So managing that whole life cycle is starting to already create a tremendous amount of problems for companies to build, operate and manage. So we think there's a phenomenal opportunity for us to be one of the first movers into the world of agent development life cycle, and that is exactly what we are focused on.

因此，管理整個生命週期已經開始為企業在建設、營運和管理方面帶來巨大的問題。因此，我們認為這是一個絕佳的機會，讓我們成為代理商開發生命週期領域的先行者之一，而這正是我們所關注的。

So while it is important to be aware of what our competition is doing, especially the Neoclouds, I feel very confident that we have unmatched software expertise and depth of our platform, as you can see from slide 7 and 12. So if we keep doing what we are doing, our strategy is resonating with the AI natives, and these are customers that are doubling and tripling their footprint on a month-by-month basis. So if we can keep pace with them and keep shipping at their speed, I think everything else is going to take care of itself.

因此，雖然了解競爭對手（尤其是 Neoclouds）的動向很重要，但我非常有信心，我們擁有無與倫比的軟體專業知識和平台深度，正如您從第 7 頁和第 12 頁幻燈片中看到的那樣。所以如果我們繼續這樣做，我們的策略就會引起人工智慧原住民的共鳴，這些客戶的業務規模正在逐月翻倍甚至三倍成長。所以如果我們能跟上他們的步伐，保持和他們一樣的發貨速度，我認為其他一切都會迎刃而解。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Nice quarter. Just on the 2026 starting point, kudos on bringing that forward, understanding what's driving the confidence and visibility at this point. But how should we think about the parts underneath between core managed service and AI? And do we still expect that AI business to continue to double given you've done it for five straight quarters now?

不錯的街區。僅就 2026 年這個起點而言，值得稱讚的是，你們提前實現了這個目標，並且了解目前推動信心和關注度的因素。但是，我們應該如何看待核心託管服務和人工智慧之間的底層組成部分呢？鑑於你們已經連續五個季度實現了人工智慧業務翻番，我們是否仍預期該業務會繼續翻番？

Thanks, Fish. We think that if you look at the success that we're having, it's coming from a combination of things. It's coming from our success with our largest customers, regardless of whether they're AI or core cloud, growing very, very rapidly with the $1 million-plus customers growing 72%. We think that continues. And a lot of the migration workloads that we've been working on and some of these longer-term committed contracts are also on the core cloud side. So growth of our biggest customers is kind of the lever number 1.

謝謝你，菲什。我們認為，我們所取得的成功是多種因素共同作用的結果。這源自於我們與最大客戶的成功合作，無論他們是人工智慧客戶還是核心雲端客戶，這些客戶的成長速度都非常非常快，其中年收入超過 100 萬美元的客戶成長了 72%。我們認為這種情況還會持續下去。我們正在處理的許多遷移工作負載以及一些長期承諾的合約也都屬於核心雲端領域。因此，我們最大客戶的成長可以說是第一個槓桿。

Lever number two, as you said, is AI growth. It has been doubling every quarter since we launched it, and we're expecting that to continue. So we're going to get a big chunk of growth from AI. That will become a more material part of our business. It will get into the mid-teens, maybe even high teens as a percent of revenue.

如你所說，第二個槓桿是人工智慧的發展。自推出以來，其規模每季都翻了一番，我們預計這種情況還會持續下去。所以我們將從人工智慧中獲得很大一部分成長。這將成為我們業務中更重要的組成部分。佔收入的百分比將達到十幾個百分點，甚至可能接近十個百分點。

And then we're still generating very good incremental revenue from our product-led growth engine our customers in M1 to M12 are still at very high levels relative to historical. And it's really those three levers that give us confidence. And as you said, we have better visibility now than we've ever had.

而且，我們仍然透過產品驅動的成長引擎產生非常好的增量收入，M1 至 M12 的客戶數量相對於歷史水準仍然非常高。正是這三個關鍵因素給了我們信心。正如你所說，我們現在的能見度比以往任何時候都好。

If you said how many eight-figure committed contracts have we ever had in the company, it's -- I don't know how many, it's not that many. It's maybe one or two. And now we've got multiple that we've signed just in the last month or so. So we're very confident in the 18% to 20% revenue for 2026 and are excited to be able to pull that in a whole year.

如果你問我們公司曾經有過多少份八位數的承諾合同，我不知道有多少份，反正不多。可能就一兩個吧。而現在，我們在過去一個月左右的時間裡已經簽下了多份合約。因此，我們對 2026 年 18% 至 20% 的營收成長非常有信心，並且很高興能夠在一年內實現這一目標。

Mike Cikos, Needham & Company.

Mike Cikos，Needham & Company。

This is Matt Calitri on for Mike Cikos over at Needham. Great to see the strength of large deals. I know AI is not included in net dollar retention. But are you thinking about starting to include it as it becomes a larger part of the business and more predictable? And what other puts and takes are you considering as you look to drive NDR back over 100%?

這裡是 Matt Calitri，替 Mike Cikos 在 Needham 為您報道。很高興看到大額交易的強勁勢頭。我知道人工智慧並未計入淨客戶留存金額。但隨著它在業務中所佔比例越來越大，可預測性越來越高，您是否考慮開始將其納入業務範圍？為了將 NDR 拉回 100% 以上，您還在考慮哪些其他的買入和賣出策略？

Yes, it's a great question. We are looking very hard at how to incorporate the resilient growth of inferencing into our metrics. NDR is one metric, and it captures -- it's used a lot in a SaaS environment. It captures the ongoing growth of a customer. To date, we haven't included it in NDR because a lot of the early traction that we were getting and I think a lot of folks were getting in the industry was more project-based and more experimental.

是的，這是一個很好的問題。我們正在認真研究如何將推理的穩健成長納入我們的指標體系中。NDR 是其中一項指標，它能夠反映－在 SaaS 環境中被廣泛使用。它記錄了客戶的持續成長。到目前為止，我們還沒有將其納入 NDR，因為我們早期獲得的許多進展，我認為也是業內很多人獲得的進展，都是基於專案的，而且更具實驗性。

As we're seeing customers like some of the ones that Paddy mentioned like Fal and others, they're bringing scaled workloads to us where they have more predictability in their demand and growth. We believe it's appropriate to start to figure out how to include that. We'll likely revisit this once we get into the beginning of next year, and we have a better sense for the '26 outlook. I mean we're providing more specific guidance.

我們看到一些客戶，例如 Paddy 提到的 Fal 等，他們為我們帶來了規模化的工作負載，他們的需求和成長更有可預測性。我們認為現在是時候開始考慮如何將其納入其中了。我們可能會在明年年初，對 2026 年的前景有更清晰的認識之後，再重新審視這個問題。我的意思是，我們正在提供更具體的指導。

But what I'd say the key takeaway is the AI revenue that we're seeing now, that we're getting committed contracts for is behaving more like the traditional cloud where customers come in with scaled production workloads and then they have more visibility into the growth of that workload over time, hence, a metric like NDR becomes more relevant. And we're confident that in doing that, that would be additive to our communications of the resilience of the growth that we're seeing.

但我認為最關鍵的一點是，我們現在看到的 AI 收入，也就是我們獲得的已承諾合同，其表現更像傳統的雲服務，客戶帶著規模化的生產工作負載加入，然後他們可以更清楚地了解該工作負載隨時間的增長情況，因此，像 NDR 這樣的指標變得更加相關。我們相信，這樣做將有助於我們更好地傳達我們所看到的成長韌性。

Mark Zhang, Citigroup.

張馬克，花旗集團。

Maybe just on NDRs, obviously still at the 99%, but we're seeing good expansion momentum and portfolio momentum. So can you maybe just walk through some of the key puts and takes there? And traditionally, I think expansion activity has been in that metric. So can you maybe speak to some of the behaviors there? And any discernible changes in customer behavior versus last quarter or 12 months ago, whether it's on pace of expansion or how they're expanding?

或許只是就非債務收入比而言，顯然仍維持在 99%，但我們看到了良好的擴張動能和投資組合成長動能。那麼，您能否簡單介紹其中的一些關鍵買賣點呢？傳統上，我認為擴張活動一直都是以這個指標來衡量。那麼，您能否談談那裡的一些行為呢？與上個季度或 12 個月前相比，客戶行為是否有任何明顯變化，無論是擴張速度還是擴張方式？

Thanks, Mark. It's a great question. The expansion is definitely the driver of the growth. If you look at the big customers, the customers that spend $100,000 or more in ARR and as we showed, it gets better even as you get bigger spenders. They're driving a lot of our growth. And as you would expect, the NDR is better.

謝謝你，馬克。這是一個很好的問題。擴張無疑是成長的驅動力。如果你觀察那些大客戶，也就是那些 ARR 消費達到 10 萬美元或以上的客戶，你會發現，正如我們所展示的，隨著消費額的增加，情況反而會變得更好。他們推動了我們的大部分成長。不出所料，NDR 效果更好。

The thing that people lose sight of, I think, when they think about the DigitalOcean business is they forget that we have 640,000 plus customers and 450 or so or more 1,000 of those are effectively a paid premium. They're small customers, they spend $10, $15 a month, and many of them stay on for long periods of time. The average age of that cohort is something like 4.5 years.

我認為，人們在思考 DigitalOcean 的業務時，往往會忽略一點，那就是我們擁有超過 64 萬客戶，其中大約有 450 甚至 1000 多個客戶是付費高級用戶。他們是小客戶，每月消費 10 美元、15 美元，而且很多客戶會長期續約。該群體的平均年齡約為 4.5 歲。

But you also have a lot of customers come and go. They experiment. I mean so the NDR of that paid premium segment of our customers is below 100. And so that weighs down the overall NDR of the company and it masks the fact that with our largest customers, we're actually seeing very, very strong growth driven by increased expansion.

但你的顧客也常來來去去。他們進行實驗。我的意思是，我們付費高級客戶群的 NDR 低於 100。因此，這拖累了公司的整體 NDR，也掩蓋了這樣一個事實：我們最大的客戶實際上正在經歷非常強勁的成長，這主要得益於業務擴張的增加。

And that's another follow-up to the question prior to this, that's another metric that we're thinking about is because we're blending this -- where the real growth engine is for the company, we're blending that NDR with the NDR of a giant cohort, which is fantastic for us because it gives us access to a lot of developers. But it's just by its nature, it's going to have like slightly below 100 NDR. We think that's masking a lot of the underlying performance that we're seeing.

這是對先前問題的另一個後續，也是我們正在考慮的另一個指標，因為我們正在將公司真正的成長引擎——新用戶轉換率 (NDR) 與龐大用戶群的新用戶轉換率 (NDR) 相結合，這對我們來說非常棒，因為它使我們能夠接觸到許多開發者。但由於其性質所限，它的 NDR 值會略低於 100。我們認為這掩蓋了我們所看到的許多潛在表現。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Nice results here. Just given the strong growth trajectory and the confidence, can you just talk about where you think the net of both sort of explicit CapEx plus your equipment leasing, what the sum total of that could be as you look over the next couple of years in dollar terms? And how large could you see that delta growing between adjusted free cash flow and your adjusted unlevered free cash flow margins over the next few years?

結果不錯。鑑於強勁的成長動能和信心，您能否談談您認為在未來幾年內，包括明確的資本支出和設備租賃在內的淨額，以美元計，總額會是多少？未來幾年，您認為調整後的自由現金流與調整後的無槓桿自由現金流利潤率之間的差額會成長到多大？

Wamsi, it's a great question. I think, as we said, we're trying to give preliminary guidance for '26 to give the directional kind of growth rates. And we feel very confident that we can deliver that 18% to 20% revenue growth while still delivering the kind of the mid-to-high teens in adjusted free cash flow. And when I say that number, that's the levered number that I'm referring to. And I think at this point, the market is evolving so fast that it's hard to say what the CapEx would be or what the impact on adjusted free cash flow margin would be even in the second half of next year, much less '27 or beyond.

Wamsi，這是一個很好的問題。我認為，正如我們所說，我們正在嘗試對 2026 年做出初步預測，給予大致的成長率方向。我們非常有信心達到 18% 至 20% 的營收成長，同時也能維持 15% 至 20% 的調整後自由現金流成長。我說的數字，指的是槓桿後的數字。我認為，目前市場發展如此迅速，即使在明年下半年，也很難預測資本支出會是多少，或者對調整後的自由現金流利潤率會產生什麼影響，更不用說 2027 年或更遠了。

What I can tell you is we -- and you've seen us in terms of our behavior, we didn't chase the training opportunity. We didn't pursue what we viewed as revenue that we weren't sure how durable that was going to be for us, and we didn't know if we had a competitive differentiation there.

我可以告訴你的是——你也從我們的行為中看到了這一點——我們並沒有主動爭取培訓機會。我們沒有追求那些我們認為無法持續帶來收入的領域，也不知道自己是否具備競爭優勢。

But what we said is where we see opportunities to deliver durable revenue growth with a differentiated product that has good returns, that we'll make investments to pursue that. And you've seen that with our willingness to take down additional data center capacity and secure new GPUs. So I'd say what you can expect is continued disciplined behavior where we're trying to drive durable revenue growth while maintaining an attractive free cash flow margin.

但我們說過，如果我們認為有機會透過差異化產品實現可持續的收入成長，並獲得良好的回報，我們就會進行投資去追求這些機會。你們也看到了，我們願意削減額外的資料中心容量並購買新的GPU。因此，我認為大家可以期待的是我們將繼續保持嚴謹的作風，努力實現可持續的收入成長，同時保持具有吸引力的自由現金流利潤率。

Robert Galvin, Stifel.

Robert Galvin，Stifel。

I wanted to ask about the transition to leveraging leasing and how the gross margins of data centers and equipment you own and operate compare to gross margins from leased capacity.

我想詢問一下關於向租賃模式過渡的情況，以及您擁有和經營的資料中心和設備的毛利率與租賃容量的毛利率相比如何。

Great. So just to clarify there, we don't -- we lease all of our data centers. We're a colocation tenant in each of our data centers. We don't own any. So the taking down of additional data center capacity that we've just referred to will behave the same way that it did when we took down the Atlanta data center earlier this year and when we took down the Sydney data center several years ago. And what that does is our costs, if you think about our cost of goods, are variable with revenue over the long term. But in the very short term, they're somewhat lumpy.

偉大的。所以澄清一下，我們所有的資料中心都是租來的，而不是自己租的。我們在我們每個資料中心都是託管租戶。我們沒有。因此，我們剛才提到的關閉額外資料中心容量的行為，將與我們今年稍早關閉亞特蘭大資料中心以及幾年前關閉雪梨資料中心的行為相同。這樣一來，從長遠來看，我們的成本（如果你考慮我們的商品成本）就會隨收入而改變。但就短期而言，它們有點不均勻。

You take down an incremental data center, you have -- not only do you have incremental upfront costs and NRC that happens before you're generating revenue. But the day you turn on the data center, you start paying for the space and some of the power, then you build it out and kit it out with gear and you fill it up, and it takes some period of time to generate the fully utilized revenue in that facility.

如果你關閉一個增量資料中心，你不僅要承擔增量前期成本和淨營運成本，而且這些成本和成本都會在你產生收入之前發生。但是，資料中心啟用之日，你首先要支付場地和部分電力費用，然後進行建設和設備配置，最終將其填滿，而要充分利用該設施並產生收益，還需要一段時間。

So there's always a lump of higher expenses in the beginning when you turn on data center capacity and you grow into it. And you grow into it over a series of even just a couple of quarters and your gross margin gets back to what's more of a steady-state gross margin. So we expect that to happen in the beginning of next year of 2026. But we've factored that in and incorporated that into our guidance for the year in terms of the free cash flow margins that we expect to generate. So it's just normal course for us. It's nothing different than what we had done previously with respect to the data.

因此，在啟用資料中心容量的初期總會有一筆較高的費用，然後隨著業務的成長而逐步增加。即使只是幾個季度，你的毛利率也會逐漸恢復到較穩定的水平。因此，我們預計這將在2026年初發生。但我們已經將此因素考慮在內，並將其納入了我們對今年自由現金流利潤率的預期中。所以這對我們來說是正常流程。這和我們之前處理數據的方式並沒有什麼不同。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。