Cloudflare Inc (NET) 2024 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Cloudflare First Quarter 2024 Earnings Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加 Cloudflare 2024 年第一季財報電話會議。 （操作員指令）

I would now like to turn the call over to your host, Phil Winslow, Vice President of Strategic Finance, Treasury and Investor Relations. You may begin.

現在，我想將電話轉給主持人、策略財務、財務和投資者關係副總裁 Phil Winslow。你可以開始了。

Thank you for joining us today to discuss Cloudflare's financial results for the first quarter of 2024. With me on the call, we have Matthew Prince, Co-Founder and CEO; Michelle Zatlyn, Co-Founder, President and COO; Thomas Seifert, CFO; and Mark Anderson, President of Revenue.

感謝您今天加入我們，討論 Cloudflare 2024 年第一季的財務表現。米歇爾‧札特林 (Michelle Zatlyn)，共同創辦人、總裁兼營運長；西弗特（Thomas Seifert），財務長；以及稅務部總裁馬克安德森（Mark Anderson）。

By now, everyone should have access to our earnings announcement. This announcement as well as our supplemental financial information may be found on our Investor Relations website. As a reminder, we will be making forward-looking statements during today's discussion, including, but not limited to, our customers, vendors and partners operations and future financial performance, our anticipated product launches and the timing and market potential of those products and our anticipated future financial and operating performance and our expectations regarding future macroeconomic conditions.

現在，每個人都應該可以看到我們的收益公告了。本公告以及我們的補充財務資訊可在我們投資者關係網站上找到。提醒一下，我們將在今天的討論中做出前瞻性陳述，包括但不限於我們的客戶、供應商和合作夥伴的營運和未來財務業績、我們預期的產品發布以及這些產品的時間和市場潛力、我們預期的未來財務和營運業績以及我們對未來宏觀經濟狀況的預期。

These results and other comments are not guarantees of future performance and are subject to risks and uncertainties, much of which is beyond our control. Our actual results may differ significantly from those projected or suggested in any of our forward-looking statements.

這些結果和其他評論並不能保證未來的表現，並且受到風險和不確定性的影響，其中許多是我們無法控制的。我們的實際結果可能與我們的任何前瞻性陳述中預測或建議的結果有很大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties that could impact our future operating results and financial condition, please see our filings with the SEC as well as in today's earnings press release. Unless otherwise noted, all numbers we talk about today other than revenue will be on an adjusted non-GAAP basis. You will find a reconciliation of GAAP to non-GAAP financial measures that are included in our earnings release on our Investor Relations website. For historical periods, a GAAP to non-GAAP reconciliation can be found in the supplemental financial information referenced a few moments ago.

這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔本次電話會議後更新這些聲明的義務。有關可能影響我們未來經營業績和財務狀況的風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益新聞稿。除非另有說明，我們今天討論的除收入以外的所有數字都將基於調整後的非 GAAP 基礎。您可以在我們投資者關係網站上的收益報告中找到 GAAP 與非 GAAP 財務指標的對帳表。對於歷史時期，可以在剛才引用的補充財務資訊中找到 GAAP 與非 GAAP 的對帳。

Before wrapping up, please save the date for our Investor Day on Thursday, May 30, which is being held in conjunction with our user conference, Cloudflare Connect, in New York City. A live webcast will also be accessible from our Investor Relations website.

在結束之前，請記住我們的投資者日日期，即 5 月 30 日星期四，該活動將與我們在紐約市的用戶大會 Cloudflare Connect 同期舉辦。您也可以從我們的投資者關係網站觀看現場網路直播。

Now I'd like to turn the call over to Matthew.

現在我想把電話轉給馬修。

Thank you, Phil. We had a very strong quarter. We achieved revenue of $378.6 million, up 30% year-over-year. We added 122 new large customers, those that pay us more than $100,000 per year and now have 2,878 large customers, up 33% year-over-year. Revenue contribution from our large customers during the quarter increased to 67%, up from 62% in the first quarter last year. Digging into our largest customers, we added a record number of net new customers year-over-year spending more than $100,000, $500,000 and $1 million on an annualized basis. We are successfully moving upmarket and becoming a larger and more strategic vendor to more and more of our customers. Our dollar-based net retention held steady quarter-over-quarter at 115%. Our gross margin was 79.5%, again, above our long-term target range of 75% to 77% and up from 78.9% last quarter. We delivered operating profit of $42.4 million, representing an operating margin of 11.2%. Our gross margin and operating margin performance underscore Cloudflare's efficiency and increasing operational excellence. We again meaningfully outperformed on free cash flow, generating $35.6 million during the quarter. We have our hands firmly on the levers of our business. I'm proud of the fact that our team has been able to continue to build our network, service larger and larger customers and launch entirely new categories of products including in the AI space, while remaining disciplined with our CapEx, gross margin, operating margin and cash flow.

謝謝你，菲爾。我們本季的表現非常強勁。我們實現營收3.786億美元，年增30%。我們增加了 122 個新的大客戶，這些客戶每年向我們支付的費用超過 100,000 美元，現在我們擁有 2,878 個大客戶，同比增長 33％。本季來自大客戶的營收貢獻從去年第一季的62%上升至67%。深入研究我們最大的客戶，我們發現，與去年相比，我們新增了創紀錄數量的淨客戶，這些客戶的年支出分別超過 10 萬美元、50 萬美元和 100 萬美元。我們正成功進入高端市場，並成為越來越多客戶的更大、更具策略性的供應商。我們以美元計算的淨留存率與上一季相比保持穩定，為 115%。我們的毛利率為 79.5%，再次高於我們 75% 至 77% 的長期目標範圍，且高於上季的 78.9%。我們實現了 4,240 萬美元的營業利潤，營業利潤率為 11.2%。我們的毛利率和營業利潤率表現凸顯了 Cloudflare 的效率和不斷提高的卓越營運。我們的自由現金流再次顯著超出預期，本季創造了 3,560 萬美元的現金流。我們已牢牢掌握了業務的主動權。我為我們的團隊能夠繼續建立我們的網路、服務越來越大的客戶、推出包括人工智慧領域的全新產品類別而感到自豪，同時保持對我們的資本支出、毛利率、營業利潤率和現金流的嚴格控制。

We have an elegant business that works because how all the pieces fit together and leverage our hyper-efficient network infrastructure in a way that we believe no competitors can match. If I reflect back on the history of Cloudflare, it divides fairly neatly into 7-year eras. The first 7 years, 2010 to through 2017, were all about engineering and little else, figuring out if it was even possible to build the revolutionary network we have today. The next 7 were all about product, taking that incredible engineering and packaging it up. As we got greater product, we didn't stop being incredible at engineering. We continue to build on and improve that foundation. Looking forward to the next 7 years, we will continue to be the best in the world in engineering and product, but we'll add to that world-class sales and marketing.

我們的業務之所以能運作良好，是因為我們的各個部分都相互契合，並充分利用了我們超高效的網路基礎設施，我們認為沒有競爭對手能夠比擬。如果我回顧 Cloudflare 的歷史，它可以相當整齊地劃分為 7 個時期。從 2010 年到 2017 年的最初 7 年，我們主要致力於工程研究，很少做其他事情，試圖弄清楚是否有可能建立我們今天所擁有的革命性網路。接下來的 7 個都是關於產品的，採用令人難以置信的工程技術並將其包裝起來。隨著我們生產出更出色的產品，我們在工程設計方面依然表現出色。我們將繼續鞏固和完善這項基礎。展望未來 7 年，我們將繼續在工程和產品領域做到世界一流，同時我們也將在此基礎上增添世界一流的銷售和行銷能力。

To that end, just 90 days ago, we announced that Mark Anderson will be joining Cloudflare as our new President of Revenue to accelerate our next phase of growth at scale. He hit the ground running and has been enthusiastically embraced by our team. I thought it made sense for Mark to say a few words on what he's seeing in his first 90 days. Mark?

為此，就在 90 天前，我們宣布馬克安德森 (Mark Anderson) 將加入 Cloudflare，擔任我們的新任營收總裁，以加速我們下一階段的規模成長。他立即投入工作並受到了我們團隊的熱烈歡迎。我認為馬克有必要就他上任 90 天以來所見所聞說幾句話。標記？

Thanks, Matthew. I know Cloudflare and the team as a Board member for the last 4.5 years. But the thing that surprised me the most getting in the trenches is just how incredible the product is. I know this space, and we are leaps and bounds better than any of our competitors. What also surprised me is how much room for improvement there is for Cloudflare's go-to-market organization. The last year has been about clearing away for a world-class enterprise sales organization to emerge. We've got some great people, great experiences. And gosh, I could see the early results. I'm now planning to step on the gas, building and enabling this team that can take Cloudflare's best-of-breed products to every single enterprise everywhere in the world. I don't see anything stopping us from becoming one of the most strategic key vendors to every Fortune 500 company out there. I couldn't be more excited.

謝謝，馬修。過去 4.5 年來，我一直擔任董事會成員，了解 Cloudflare 及其團隊。但最讓我驚訝的是這個產品有多令人難以置信。我了解這個領域，而且我們比任何競爭對手都更優秀。同樣令我感到驚訝的是，Cloudflare 的行銷組織還有很大進步空間。過去的一年，我們為世界級的企業銷售組織的誕生做好了準備。我們擁有一些優秀的人才和豐富的經驗。天哪，我看到了早期的結果。我現在計劃加大力度，建立和支持這個團隊，將 Cloudflare 的最佳產品推廣到世界各地的每一家企業。我認為沒有什麼可以阻止我們成為每家財富 500 強公司最具戰略意義的關鍵供應商之一。我非常興奮。

Thanks, Mark. Some of the benefits of a world-class leader are hard to measure in the short term, but I'll give you one that can be clearly measured and that stood out to me. The number of applicants for strategic account and enterprise sales positions increased 56% in March versus February following Mark Anderson's appointment. We're definitely hiring. Across all positions, we had over 350,000 applicants in Q1, up 47% over the same quarter last year. We added several senior go-to-market leaders with proven track records in their areas of expertise, including a new Chief Partner Officer, a new Head of Global Sales and renewals and multiple regional strategic account sales leaders. If you're a sales professional who wants to win with great products and world-class leadership, the word is out, Cloudflare is the place to bet the next stage of your career. Beyond incredible hiring, our sales productivity from existing team members improved year-over-year. Sales cycles were similar to last quarter and new pipeline attainment exceeded our expectations. I don't think Mark can take credit for any of that yet, which is actually very encouraging. We have room for improvement, as he said. But now we have the right leadership and foundation to take our go-to-market efforts to the next level. I feel extremely confident and clear in the long-term opportunity that Cloudflare has in front of us.

謝謝，馬克。世界級領導者帶來的一些好處在短期內很難衡量，但我會給你一個可以清楚衡量、並且對我來說很突出的好處。馬克安德森 (Mark Anderson) 上任後，3 月份戰略客戶和企業銷售職位的申請人數較 2 月份增加了 56%。我們一定會招人。我們第一季所有職位的申請者超過 35 萬名，比去年同期成長了 47%。我們增加了幾位在其專業領域擁有良好業績記錄的高級市場領導者，包括一位新的首席合作夥伴官、一位新的全球銷售和續約主管以及多位區域戰略客戶銷售領導者。如果您是銷售專業人士，希望憑藉優質的產品和世界一流的領導力獲得成功，那麼，Cloudflare 就是您職業生涯下一階段的最佳選擇。除了令人難以置信的招募之外，我們現有團隊成員的銷售效率也逐年提升。銷售週期與上一季相似，新通路的實現超出了我們的預期。我認為馬克還不能為此承擔任何責任，這實際上非常令人鼓舞。正如他所說，我們還有進步的空間。但現在我們擁有正確的領導力和基礎，可以將我們的行銷努力提升到新的水平。我對 Cloudflare 面臨的長期機會非常有信心，而且非常清楚。

In the short term, however, my crystal ball is less clear. We see a lot of signals based on our privileged position running a good chunk of the Internet. Even without that visibility, if you've been watching the news at all, it's clear that the near-term outlook for the world is uncertain, increasing tensions in the Middle East, no end in sight on the Russia-Ukraine war and potential signs of instability in Asia. It's not at all certain on anything we see that things will get worse. But we do know from even recent history that macro factors can impact short-term sales trends.

然而，從短期來看，我的預測並不太清晰。我們看到了很多基於我們在網路上佔據很大一部分特權地位的訊號。即使沒有這樣的能見度，如果你一直在關注新聞，你會發現短期內世界前景並不確定，中東緊張局勢加劇，俄烏戰爭看不到盡頭，亞洲也存在不穩定的潛在跡象。我們看到的任何情況都不能確定情況會變得更糟。但我們從近期歷史中知道，宏觀因素能夠影響短期銷售趨勢。

We're fortunate that we're in the cybersecurity space, perhaps one of the few sectors that can actually benefit from increased global tensions. We're already seeing that, especially in our government business, but we also want to acknowledge the risky world we live in; and b, as we always have been, prudent and careful with our investments and our forecast as we look into what is a short-term cloudy crystal ball. That served us well in the past, and I think will prove to be the disciplined approach once again going forward. The short term is uncertain, the long term is bright, and so in the medium term, we're going to keep our hands firmly on the levers of our business and thoughtfully invest in our go-to-market efforts in great engineering and in disruptive new products that deliver incredible value to our customers. That's the winning strategy, especially in uncertain times.

我們很幸運，我們處於網路安全領域，這也許是少數幾個能夠從全球緊張局勢加劇中真正受益的行業之一。我們已經看到了這一點，特別是在政府業務中，但我們也要承認我們所處的世界充滿風險； b、正如我們一貫的做法一樣，我們在研究短期雲霧繚繞的水晶球時，對我們的投資和預測保持審慎和謹慎。這在過去對我們很有幫助，而且我認為，事實證明，在未來，這種做法將再次成為一種嚴謹的做法。短期是不確定的，但長期是光明的，因此從中期來看，我們將牢牢掌握業務槓桿，並精心投資於我們的行銷工作，包括偉大的工程設計和顛覆性的新產品，為我們的客戶帶來難以置信的價值。這是製勝策略，尤其是在不確定的時期。

Speaking of customers, let me share some great wins for the quarter. The National Cyber Security Centre, the U.K.'s technical authority for cyber threats, signed a 3-year contract with Cloudflare to deliver its protective domain name service. PDNS protects over 1,400 U.K. organizations in central government, local government, health care and emergency services from malware and cyber threats. This was a very competitive process with several vendors and a rigorous technical evaluation. We tightly collaborate with Accenture, a partner we're looking forward to working with even more closely on this landmark U.K. public sector win. A leading technology company expanded their relationship with Cloudflare, signing a 3-year, $40 million pool of funds contract, $8.5 million of which are expansion.

說到客戶，讓我分享本季的一些重大勝利。英國網路威脅技術機構國家網路安全中心與 Cloudflare 簽署了為期 3 年的合同，以提供其保護域名服務。 PDNS 保護英國中央政府、地方政府、醫療保健和緊急服務領域的 1,400 多個組織免受惡意軟體和網路威脅。這是一個競爭非常激烈的過程，涉及多家供應商，並且需要進行嚴格的技術評估。我們與埃森哲密切合作，我們期待與埃森哲在這場具有里程碑意義的英國公共部門勝利中展開更緊密的合作。一家領先的科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期 3 年、價值 4000 萬美元的資金池合同，其中 850 萬美元用於擴張。

This deal is an example of a strategic platform deal that we're increasingly seeing customers opt for with a rate card for more than 40 Cloudflare products and services. These include Cloudflare One, Magic Transit, R2 as well as Workers AI, which the customer was quick to dive in and start trialing. As a textbook land-and-expand story, this customer first came to us in 2017 for our application security services and has continued to expand over the years with this deal encompassing the vast majority of Cloudflare's platform.

這筆交易就是一個策略性平台交易的例子，我們越來越常看到客戶選擇該交易，其價格表涵蓋了 40 多種 Cloudflare 產品和服務。其中包括 Cloudflare One、Magic Transit、R2 以及 Workers AI，客戶很快就開始嘗試。作為教科書式的登陸和擴張故事，該客戶於 2017 年首次找到我們，尋求應用程式安全服務，並且多年來不斷擴展，這筆交易涵蓋了 Cloudflare 平台的絕大部分。

A Fortune 100 financial services company signed a similar 4-year, $10 million pool of funds deal. This customer represents our largest new logo win with a major financial institution. We successfully completed 6 different proof of concepts and the main business drivers for going with Cloudflare were resilience, the operational efficiency from a single unified platform and our ability to meet data sovereignty requirements with complete flexibility at the country level, a requirement that no other vendor was able to accommodate. We anticipate this deal will serve as a beachhead for us to win more financial service customers looking for the same benefits.

一家財富 100 強金融服務公司簽署了類似的為期 4 年、價值 1000 萬美元的資金池協議。這位客戶代表了我們與一家大型金融機構合作贏得的最大新標誌。我們成功完成了 6 個不同的概念驗證，採用 Cloudflare 的主要業務驅動因素是彈性、單一統一平台的營運效率以及我們在國家層面以完全靈活性滿足資料主權要求的能力，這是其他任何供應商都無法滿足的要求。我們預計這筆交易將成為我們贏得更多尋求相同利益的金融服務客戶的立足點。

A large international energy company signed a 5-year, $4.5 million contract. This new customer is going all in with Cloudflare's SASE platform, with 6,000 Zero Trust seats along with CASB, DLP, Browser Isolation, MAGIC WAN and Magic Firewall. Competing against a first-generation Zero Trust vendor, our focus on scalability and efficiency as well as the ability to consolidate several vendors due to the significant value in our overall portfolio were key factors delivering this win.

一家大型國際能源公司簽署了一份為期5年、價值450萬美元的合約。這位新客戶全力採用 Cloudflare 的 SASE 平台，該平台擁有 6,000 個零信任席位以及 CASB、DLP、瀏覽器隔離、MAGIC WAN 和 Magic Firewall。與第一代零信任供應商競爭時，我們專注於可擴展性和效率，並憑藉整體產品組合的巨大價值整合多家供應商的能力，這些都是我們取得勝利的關鍵因素。

A large financial institution in Latin America signed a 2-year, $1.3 million contract for Zero Trust seats for their employees and contractors, along with our application security services. This is a very competitive process with 11 participants. Cloudflare's pace of innovation, speed of deployment, superior performance and integrated platform with DDoS and WAF for agentless access set us apart from the rest.

拉丁美洲的一家大型金融機構簽署了一份為期兩年、價值 130 萬美元的合同，為其員工和承包商提供零信任席位以及我們的應用程式安全服務。這是一個競爭非常激烈的過程，共有 11 位參與者。 Cloudflare 的創新步伐、部署速度、卓越性能以及與 DDoS 和 WAF 整合的無代理存取平台使我們從其他公司中脫穎而出。

A leading digital marketplace signed a 3-year, $880,000 contract for Zero Trust, MAGIC WAN and application security. The company was looking to simplify, optimize and reduce latency in their security architecture and WAN platform. With their incumbent solution, this company found it difficult to roll out consistent security posture where they can manage security and network together. With Cloudflare, this customer is able to consolidate 7 incumbent products onto Cloudflare modernized network, merging network and security solutions on our unified platform with a single control plane.

一家領先的數位市場簽署了一份為期 3 年、價值 88 萬美元的零信任、MAGIC WAN 和應用程式安全合約。該公司正在尋求簡化、優化和減少其安全架構和 WAN 平台的延遲。該公司發現，透過現有的解決方案很難推出能夠同時管理安全和網路的一致的安全態勢。借助 Cloudflare，該客戶能夠將 7 種現有產品整合到 Cloudflare 現代化網路中，並透過單一控制平面將網路和安全解決方案合併到我們統一的平台上。

A Fortune 100 government-sponsored financial services company signed a 3-year, $3 million contract for DDoS protection with our Magic Transit, Magic Firewall and DNS firewall products. This customer was looking for a solution that was more resilient, performant and better architected than their incumbent solution. With Cloudflare's unified platform, this customer is able to improve attack mitigation outcomes on a single pane of glass and eliminate the need for dedicated teams to run and manage multiple products. Another deal with this customer is already underway.

一家財富 100 強政府支持的金融服務公司簽署了一份為期 3 年、價值 300 萬美元的合同，使用我們的 Magic Transit、Magic Firewall 和 DNS 防火牆產品提供 DDoS 防護。該客戶正在尋找比現有解決方案更具彈性、效能更高、架構更好的解決方案。借助 Cloudflare 的統一平台，該客戶能夠在單一窗口上改善攻擊緩解結果，並且無需專門的團隊來運行和管理多個產品。與該客戶的另一筆交易已在進行中。

A leading construction company signed a 3-year, $720,000 contract for Zero Trust, Magic WAN and Magic Firewall. This customer is looking to shift from a legacy hub-and-spoke architecture, eliminating costly hardware appliances at job sites to a modern, cloud-native SASE model. Cloudflare won against the first-generation Zero Trust vendor due to our superior network, pace of innovation, ease of use and speed of deployment.

一家領先的建築公司簽署了一份為期 3 年、價值 72 萬美元的零信任、Magic WAN 和 Magic Firewall 合約。該客戶希望從傳統的中心輻射型架構轉變，消除工作現場昂貴的硬體設備，轉而採用現代的雲端原生 SASE 模型。 Cloudflare 憑藉卓越的網路、創新步伐、易用性和部署速度擊敗了第一代零信任供應商。

A U.S. government agency signed a 1-year, $800,000 contract for Zero Trust, Magic WAN and R2 object storage. The agency was looking to modernize infrastructure and eliminate a complex network of multiple legacy point solution vendors. Cloudflare displaced a first-generation Zero Trust provider due to our ease of use, speed of deployment and integrated platform with a single control plane. These are all great wins. And again, I think what we're seeing is more and more customers are turning to the complete Cloudflare platform.

美國一家政府機構簽署了一份為期 1 年、價值 80 萬美元的零信任、Magic WAN 和 R2 物件儲存合約。該機構正在尋求基礎設施現代化，並消除由多個傳統點解決方案供應商組成的複雜網路。由於我們易於使用、部署速度快且具有單一控制平面的整合平台，Cloudflare 取代了第一代零信任提供者。這些都是偉大的勝利。而且我認為，我們看到越來越多的客戶開始轉向完整的 Cloudflare 平台。

Before I hand it over to Thomas, I wanted to spend a couple of minutes talking about Cloudflare Workers, our developer platform. The last few months were incredible for the entire Workers' ecosystem. First, we crossed over 2 million active developers building applications on Cloudflare Workers. Second, in April, we GA-ed a number of key products like D1, our serverless SQL database; Hyperdrive, which makes any traditional database perform like it's globally distributed; and Workers AI, which allows developers to run and tune AI models across our global network.

在將其交給托馬斯之前，我想花幾分鐘談談我們的開發平台 Cloudflare Workers。過去的幾個月對於整個工人生態系統來說都是不可思議的。首先，我們在 Cloudflare Workers 上建立應用程式的活躍開發人員超過 200 萬。其次，4 月份，我們發布了多款關鍵產品，例如無伺服器 SQL 資料庫 D1； Hyperdrive，使得任何傳統資料庫的效能就像是全球分佈的一樣；以及 Workers AI，它允許開發人員在我們的全球網路上運行和調整 AI 模型。

We're ahead of schedule rolling out GPUs across our network and now have them running in more than 150 cities globally, making us what we believe is the most widely distributed AI cloud by a huge margin. Our next generation of servers that begin to roll out in Q2 have GPUs built in by default and will support faster inference and even larger, more complicated models. Developers are building incredible new applications using Workers AI, and we're making it increasingly easy for them.

我們提前計劃在整個網路中推出 GPU，現在它們已在全球 150 多個城市運行，這使我們成為我們認為分佈最廣泛的 AI 雲端。我們將在第二季推出的下一代伺服器預設內建 GPU，並將支援更快的推理甚至更大、更複雜的模型。開發人員正在使用 Workers AI 建立令人難以置信的新應用程序，並且我們正在讓他們變得越來越容易。

We added support for Python, the second most popular programming language generally and the most common language for AI applications. We rolled out our partnership with Hugging Face, making it one-click simple to deploy most of their catalog of models to Cloudflare's network. And we added other bleeding edge models, including releasing Meta's Llama-3 production simultaneously the day it was announced.

我們增加了對 Python 的支持，Python 是第二大最受歡迎的程式語言，也是 AI 應用程式最常用的語言。我們與 Hugging Face 建立了合作夥伴關係，只需單擊即可將其大多數模型目錄部署到 Cloudflare 的網路。我們還添加了其他前沿模型，包括在發布當天同時發布 Meta 的 Llama-3 生產版。

One of my favorite aspects of my job is I feel like I get to see into the future when I talk to developers who are building on Cloudflare Workers. I'm proud that we're delivering the tools they need to build applications that are intelligent, scalable and lightning-fast around the world. Internally and externally, our innovation engine continues to fire on all cylinders. And as I said, I've never been more excited about the future for Cloudflare, the Internet and us users who will get to enjoy the benefits of all of this innovation in so many aspects of our lives.

我最喜歡的工作之一是，當我與基於 Cloudflare Workers 進行建置的開發人員交談時，我感覺自己能夠看到未來。我很自豪我們正在為他們提供所需的工具，幫助他們在世界各地建立智慧、可擴展、速度極快的應用程式。無論是內部還是外部，我們的創新引擎持續全速運轉。正如我所說，我從未對 Cloudflare、網路和我們用戶的未來感到如此興奮，我們將在生活的方方面面享受這些創新的好處。

With that, I'll turn it over to Thomas. Thomas, take it away.

說完這些，我將把麥克風交給湯瑪斯。湯瑪斯，把它拿走。

Thank you, Matthew, and thank you to everyone for joining us. We are pleased with our execution during the first quarter. Sales productivity improved year-over-year again this quarter. Sales cycles were similar to last quarter, and our new pipeline attainment exceeded our expectations. The quarter was highlighted by sustained momentum with large customers including our largest new logo win with a major financial institution and continued progress in the public sector, including our largest contract with a new foreign government customers.

謝謝你，馬修，也謝謝大家的參與。我們對第一季的執行感到滿意。本季銷售生產力再次年增。銷售週期與上一季相似，我們的新通路業績超出了我們的預期。本季度的亮點是大型客戶的持續發展勢頭，包括我們與一家大型金融機構簽訂的最大規模的新標識，以及公共部門的持續進展，包括我們與新的外國政府客戶簽訂的最大規模合約。

We're also seeing security remain a high priority for our customers given continued geopolitical uncertainty and high-profile cyberattacks, driving demand for our application and network security businesses as well as Cloudflare One. We also maintained our strong commitment to being fiscally responsible and act as good stewards of investors' capital. During the first quarter, operating profit more than doubled year-over-year, and we generated strong free cash flow of $35.6 million, driven by a notable uptick in collections on our accounts receivable.

我們還看到，鑑於持續的地緣政治不確定性和引人注目的網路攻擊，安全仍然是客戶的首要任務，從而推動了對我們的應用程式和網路安全業務以及 Cloudflare One 的需求。我們也堅定地致力於履行財務責任並做好投資者資本的管理者。第一季度，我們的營業利潤年增了一倍多，由於應收帳款回款顯著增加，我們產生了 3,560 萬美元的強勁自由現金流。

Turning to revenue. Total revenue for the first quarter increased 30% year-over-year to $378.6 million. From a geographic perspective, the U.S. represented 52% of revenue and increased 28% year-over-year. EMEA represented 28% of revenue and increased 35% year-over-year. APAC represented 12% of revenue and increased 22% year-over-year.

談到收入。第一季總營收年增30%至3.786億美元。從地理來看，美國佔營收的52%，年增28%。歐洲、中東和非洲地區佔總營收的28%，年增35%。亞太地區佔總營收的 12%，年增 22%。

Turning to our customer metrics. In the first quarter, we had about 197,000 paying customers, representing an increase of 17% year-over-year. We ended the quarter with about 2,900 large customers, representing an increase of 33% year-over-year and an addition of 122 large customers in the quarter. As Matthew mentioned, we were pleased to see revenue contribution from large customers during the quarter increased again to 67% of revenue, up from 62% in the first quarter last year. We also added a record number of net new customers year-over-year across all 3 large customer cohorts, that is those spending more than $100,000, $500,000 and $1 million on an annualized basis with Cloudflare.

轉向我們的客戶指標。第一季度，我們擁有約19.7萬名付費客戶，較去年同期成長17%。截至本季末，我們擁有約 2,900 名大客戶，年增 33%，本季新增 122 名大客戶。正如Matthew所提到的，我們很高興看到本季來自大客戶的營收貢獻再次增加到67％，高於去年第一季的62％。我們還在所有 3 個大型客戶群中增加了創紀錄數量的淨新客戶，這 3 個客戶群指的是每年在 Cloudflare 上花費超過 10 萬美元、50 萬美元和 100 萬美元的客戶。

Our dollar-based net retention rate was 115% during the first quarter and consistent sequentially. As we mentioned last quarter, there can be some variability in this metric quarter-to-quarter, but we continue to believe the prior decelerating trend in DNR is stabilizing near these levels.

我們第一季的美元淨留存率為 115%，與上一季持平。正如我們上個季度所提到的，這個指標每季可能會有一些變化，但我們仍然相信，DNR 之前的減速趨勢正在這些水平附近穩定下來。

Moving to gross margin. First quarter gross margin was 79.5%, representing an increase of 60 basis points sequentially and an increase of 170 basis points year-over-year. Network CapEx represented 8% of revenue in the first quarter as we continue to benefit from our focus on driving great efficiency from our infrastructure and the uniqueness of our platform to onboard new workloads. We expect network CapEx to be 10% to 12% of revenue in fiscal 2024.

轉向毛利率。第一季毛利率為79.5%，較上一季增加60個基點，較去年同期增加170個基點。網路資本支出佔第一季收入的 8%，這得益於我們繼續專注於提高基礎設施效率以及利用我們的平台獨特性來承載新的工作負載。我們預計網路資本支出將佔 2024 財年收入的 10% 至 12%。

Turning to operating expenses. First quarter operating expenses as a percentage of revenue decreased by 3% year-over-year to 68% as we remain committed to driving higher productivity and greater efficiency across our operations. Our total number of employees increased 9% year-over-year, bringing our total head count to 3,704 at the end of the quarter. Sales and marketing expenses were $156.8 million for the quarter. Sales and marketing as a percentage of revenue decreased to 41% from 42% in the same quarter last year. Over the last 5 quarters, we focused on refining our go-to-market strategies and operations. We are encouraged by the double-digit year-over-year improvement in sales productivity that we again delivered during the first quarter, which continues the upward trend from the trough of early last year from the productivity levels we consistently achieved in 2021 and early 2022.

談到營運費用。由於我們始終致力於提高整個營運的生產力和效率，第一季的營運費用佔收入的百分比年減 3% 至 68%。我們的員工總數年增 9%，截至本季末，員工總數達到 3,704 人。本季銷售和行銷費用為 1.568 億美元。銷售及行銷佔收入的比例從去年同期的 42% 下降至 41%。在過去的五個季度中，我們專注於完善我們的市場進入策略和營運。我們受到鼓舞，因為我們在第一季度再次實現了銷售生產力同比增長兩位數，這延續了自去年年初低谷以來的上升趨勢，並且在 2021 年和 2022 年初我們一直保持著生產力水平。

We expect this positive trajectory to continue based on the analysis of our pipeline and with the onboarding of Mark Anderson and the other senior go-to-market leaders Matthew referenced earlier. As you've heard us say many times, we are committed to the underlying unit economics of our business and make data-driven decisions to pace hiring. The improvement in sales productivity and other leading indicators of our business give us confidence to invest in additional go-to-market improvements and further expand sales capacity.

根據我們產品線的分析以及馬克安德森和馬修之前提到的其他高級市場領導者的加入，我們預計這種積極的軌跡將會持續下去。正如您多次聽到我們說的那樣，我們致力於業務的基礎單位經濟學，並做出數據驅動的決策來加快招聘步伐。銷售生產力和其他業務領先指標的提高使我們有信心投資於額外的市場改進並進一步擴大銷售能力。

As a result, we intend to accelerate head count additions in the coming quarters as compared to the first quarter. Research and development expenses were $58.7 million in the quarter. R&D as a percentage of revenue decreased to 16% from 18% in the same quarter last year. General and administrative expenses were $43.2 million for the quarter. G&A as a percentage of revenue decreased to 11% from 12% in the second quarter last year. Operating income was $42.4 million compared to $19.4 million in the same period last year. First quarter operating margin was 11.2%, an increase of 450 basis points year-over-year. These results highlight our continued focus on becoming more efficient and more productive given that operational excellence is a long-term competitive advantage.

因此，與第一季相比，我們打算在未來幾季加快員工人數的增加。本季研發費用為 5,870 萬美元。研發費用佔營收的比例從去年同期的18%下降至16%。本季一般及行政開支為 4,320 萬美元。一般及行政費用佔收入的比例從去年第二季的 12% 下降至 11%。營業收入為 4,240 萬美元，去年同期為 1,940 萬美元。第一季營業利益率為11.2%，較去年同期成長450個基點。這些結果凸顯了我們持續致力於提高效率和生產力，因為卓越的營運是一種長期競爭優勢。

Turning to net income on the balance sheet. Our net income in the quarter was $58.2 million or a diluted net income of $0.16 per share. We ended the first quarter with $1.7 billion in cash, cash equivalents and available-for-sale securities. Free cash flow was $35.6 million in the first quarter or 9% of revenue compared to $13.9 million or 5% of revenue in the same period last year. Remaining performance obligations, or RPO, came in at $1.343 billion, representing an increase of 8% sequentially and 40% year-over-year. Current RPO was 70% of total RPO.

轉向資產負債表上的淨收入。本季我們的淨收入為 5,820 萬美元，即每股攤薄淨收入 0.16 美元。第一季結束時，我們的現金、現金等價物和可供出售證券為 17 億美元。第一季自由現金流為 3,560 萬美元，佔營收的 9%，去年同期為 1,390 萬美元，佔營收的 5%。剩餘履約義務（RPO）為 13.43 億美元，季增 8%，年增 40%。目前 RPO 佔總 RPO 的 70%。

Moving to guidance for the second quarter and full year 2024. We are pleased with our execution during the first quarter. However, ongoing mixed macroeconomic data points and heightened geopolitical uncertainty (inaudible) remind us that we continue to operate in a business environment that remains challenging to predict. As a result, we remain prudent in our outlook for 2024.

轉向 2024 年第二季和全年的指導。然而，持續的宏觀經濟數據好壞參半以及地緣政治不確定性加劇（聽不清楚）提醒我們，我們將繼續在一個難以預測的商業環境中運作。因此，我們對 2024 年的展望依然保持謹慎。

For the second quarter, we expect revenue in the range of $393.5 million to $394.5 million, representing an increase of 28% year-over-year. We expect operating income in the range of $35 million to $36 million, and we expect an effective tax rate of 10%. We expect diluted net income per share of $0.14, assuming approximately 360 million shares outstanding.

我們預計第二季營收將在 3.935 億美元至 3.945 億美元之間，年增 28%。我們預計營業收入在 3,500 萬美元至 3,600 萬美元之間，預計有效稅率為 10%。我們預計每股攤薄淨利潤為 0.14 美元，假設流通股數約為 3.6 億股。

For the full year 2024, we expect revenue in the range of $1.648 billion to $1.652 billion, representing an increase of 27% year-over-year. We expect operating income for the full year in the range of $160 million to $164 million. We expect an effective tax rate of 10% for 2024 and we expect diluted net income per share over that period to be $0.60 to $0.61, assuming approximately 361 million shares outstanding. We expect free cash flow to be relatively consistent with operating profit for the full year 2024, with the first half lower and the second half higher compared with operating profit.

我們預計 2024 年全年營收將在 16.48 億美元至 16.52 億美元之間，年增 27%。我們預計全年營業收入在 1.6 億美元至 1.64 億美元之間。我們預計 2024 年的有效稅率為 10%，並且我們預計該期間每股攤薄淨利潤為 0.60 至 0.61 美元，假設流通股約為 3.61 億股。我們預計2024年全年自由現金流將與營業利潤相對一致，上半年將低於營業利潤，下半年將高於營業利潤。

In closing, our team remains committed to driving operational excellence, ensuring long-term growth and delivering significant shareholder value. I'd like to thank our employees for their dedication to our mission as well as our customers for trusting us to help them solve some of the hardest problems that they face when modernizing, transforming and securing their businesses. And with that, I'd like to open it up for questions. Operator, please poll for questions.

最後，我們的團隊將繼續致力於推動卓越運營，確保長期成長並為股東帶來重大價值。我要感謝我們的員工對我們使命的奉獻，也感謝我們的客戶信任我們，相信我們能幫助他們解決在實現業務現代化、轉型和保護過程中面臨的一些最棘手的問題。現在，我想開始回答大家的提問。接線員，請投票詢問問題。

(Operator Instructions) Your first question comes from the line of Matt Hedberg from RBC Capital Markets.

（操作員指示）您的第一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Maybe one for Matthew first and then one for Thomas. Matthew, our checks continue to show you're becoming more relevant in SASE. Can you talk a bit more about the progress in that market and why you appear to be taking share on what it feels like a more competitive market today?

也許先給馬修一個，然後再給湯瑪斯一個。馬修，我們的檢查繼續表明您在 SASE 中變得越來越重要。您能否進一步談談該市場的進展情況，以及為什麼您似乎對當今似乎更具競爭力的市場感興趣？

Yes. I think we're really proud of our team for our ability to execute there. SASE, for those people who aren't as familiar with, is the forward proxy products that we sell. It helps make sure that employees who are using the Internet online are protected from malware, protected from malicious sites that the networks that you use as part of your business are as secure as possible. We were able to build our SASE platform on top of Cloudflare's existing network. And the advantage of that is that it means that you get a true platform. Not only do you get those forward proxy products, but a lot of times, we're bundling in our reverse proxy products. And that total solution is extremely compelling in the marketplace, and it's something that no other SASE vendor can match. And so I think we are a newer entrant into this space, but we've caught up very quickly. You can see we have improved more in the Gartner rankings, in the Forrester rankings than any other vendor in this space, and companies are taking notice.

是的。我認為我們為我們團隊在那裡執行的能力感到非常自豪。對於不太熟悉的人來說，SASE 是我們銷售的正向代理商產品。它有助於確保在線上使用網路的員工免受惡意軟體和惡意網站的侵害，確保您作為業務一部分使用的網路盡可能安全。我們能夠在 Cloudflare 現有網路上建立我們的 SASE 平台。這樣做的好處是，這意味著你獲得了一個真正的平台。您不僅可以獲得這些正向代理產品，而且很多時候，我們還會捆綁我們的反向代理產品。此整體解決方案在市場上極具吸引力，是其他 SASE 供應商無法比擬的。所以我認為我們是這個領域的新進入者，但我們已經很快就趕上來了。您可以看到，我們在 Gartner 排名和 Forrester 排名中的進步比該領域的任何其他供應商都要大，企業也注意到了這一點。

The other thing that I think everybody really loves is most security companies think that performance is sort of a nice to have, not a must have. We never accepted that. And so our SASE platform is significantly better and faster than anyone else. And so anyone who's listening to this if you're frustrated with the VPN that you have to log into, if you're frustrated with whatever service it's providing that, even if it's a new cloud service, if it's slowing you down and making it harder for you to do work, give us a call at Cloudflare because we can actually improve that and make it significantly better. And that's what we're seeing from customer after customer after customer is that our next-generation SASE platform is winning in this space.

我認為每個人真正喜歡的另一件事是，大多數安全公司認為性能是一種可有可無的東西，而不是必須具備的。我們從不接受這一點。因此，我們的 SASE 平台比其他任何平台都更好、更快。因此，如果您對必須登入的 VPN 感到沮喪，如果您對它提供的任何服務感到沮喪，即使它是一項新的雲端服務，如果它減慢了您的速度並使您更難完成工作，請致電 Cloudflare，因為我們實際上可以改進它並使其變得更好。我們從眾多客戶那裡看到的是，我們的下一代 SASE 平台正在這一領域取得勝利。

Excellent. And then maybe just a quick one for Thomas. I know calculated billings isn't a great metric for you guys based on your model, but I'm wondering how we should think about billings in the context of your expanded usage-based pricing model.

出色的。然後也許對托馬斯來說只是一個快速的問題。我知道根據你們的模型，計算帳單並不是一個很好的指標，但我想知道我們應該如何在你們擴展的基於使用情況的定價模型中考慮帳單。

Yes. Especially if we compare fourth quarter to this quarter, fourth quarter was a very strong quarter, both in terms of new business as well as in terms of renewal. But what made this quarter even more special from a comparability perspective, as you heard Matthew talked about some very large significant deals, both in the federal as well as in the commercial space. Some of these very large deals are pool of fund deals, and they have a very different shape to them from current RPO and billings perspective. And one indication is RPO, it's up 40% year-over-year, where you see this momentum more neutralized and some of the noise taken away. But without any doubt this business is becoming more complex. And this is then also reflected in some more noise in -- from a quarter-to-quarter perspective. But overall, we are really happy with the performance in the quarter.

是的。特別是如果我們將第四季度與本季度進行比較，第四季度是一個非常強勁的季度，無論是在新業務方面還是在續約方面。但從可比性的角度來看，本季變得更加特殊，正如您所聽到的馬修談到的一些非常重大的交易，無論是在聯邦領域還是在商業領域。其中一些非常大的交易是資金池交易，從目前的 RPO 和帳單角度來看，它們的形態非常不同。其中一個跡像是 RPO，它比去年同期成長了 40%，你會看到這種勢頭更加中和，一些噪音也消失了。但毫無疑問，這個行業正變得越來越複雜。從季度角度來看，這也反映出了一些噪音。但總體而言，我們對本季的表現非常滿意。

Your next question comes from the line of Andrew Nowinski from Wells Fargo.

您的下一個問題來自富國銀行的安德魯諾溫斯基。

Great. Congrats on a nice quarter. I wanted to start with a question on Workers AI because I think it's one of the most exciting products that you have in your portfolio. You mentioned Workers AI and developers are using your platform to build some new AI applications. Can you just give us some examples of maybe what those apps are and why they chose Workers AI to build on among the many other alternatives out there?

偉大的。恭喜您度過了一個愉快的季度。我想先問一個關於 Workers AI 的問題，因為我認為它是你們產品組合中最令人興奮的產品之一。您提到了 Workers AI，開發人員正在使用您的平台建立一些新的 AI 應用程式。您能否給我們舉幾個例子，說明這些應用程式是什麼，以及為什麼他們在眾多替代方案中選擇了 Workers AI 來建立？

Yes, Andrew, I -- as I said, one of the most fun parts of my job is getting to see what developers are building. So let me give you a handful of examples off the top of my head and see if any of these are interesting. You can stop me if they get boring. I think one of the largest e-commerce platforms out there is starting to use Workers AI to do image classification and generate keywords for their shops. A start-up in the drone space is taking imagery and turning it into 3D models and using Workers AI to do that. They service around the globe, and so that's interesting. A handful of the public platform companies are using Workers AI for video description, transcribing, translation, all those things as AI. A multinational online food ordering company, every once in a while, a restaurant does submit a picture for one of the dishes. And so they're actually experimenting with Workers AI to generate pictures of the food that you're serving. Hopefully, they disclosed that it's not an actual picture.

是的，安德魯，正如我所說，我工作中最有趣的部分之一就是了解開發人員正在建立什麼。因此，讓我舉幾個我能想到的例子，看看其中是否有有趣的例子。如果他們覺得無聊的話你可以阻止我。我認為最大的電子商務平台之一已開始使用 Workers AI 進行圖像分類並為他們的商店生成關鍵字。無人機領域的一家新創公司正在拍攝影像並將其轉換為 3D 模型，並使用 Workers AI 來實現這一點。他們在全球範圍內提供服務，所以這很有趣。少數公共平台公司正在使用Workers AI進行視訊描述，轉錄，翻譯等人工智慧工作。一家跨國線上訂餐公司，偶爾會有餐廳提交其中一道菜的​​圖片。因此，他們實際上正在嘗試使用 Workers AI 來產生你所提供食物的圖片。希望他們能透露這不是一張真實的照片。

A handful of photo and video editing platforms are using Workers AI or evaluating it in order to do image enhancement and make that better. There's a start-up that's generating songs in whatever language you speak and local languages and they're using Workers AI in order to power their song generation platform. We're thinking about a large consulting companies, public companies, the big gaming company, all of which are actually worried about Shadow AI, and so they're actually using Workers AI gateway in order to understand how their own teams are using Workers. A start-up is using a series of enterprise summarization tools where they can look at a bunch of e-mails and very quickly summarize them into executive reports. There's another start-up that's creating an AI search engine. There's a public company in the financial services space that's doing real-time fraud detection. There are people who are finding ways to -- in the renovation space, how can you imagine, before you hire a contractor, what the space is going to look like in another sense. I mean I'll just go on and on and on with example after example after example. And our team just hands these to us every day, and it's so exciting to see what people are doing in this space and the different ways that they're using it.

少數照片和影片編輯平台正在使用 Workers AI 或對其進行評估，以便進行影像增強並使其變得更好。有一家新創公司正在用你所說的任何語言和當地語言創作歌曲，他們正在使用 Workers AI 來為他們的歌曲生成平台提供支援。我們正在考慮大型顧問公司、上市公司、大型遊戲公司，他們實際上都在擔心 Shadow AI，因此他們實際上正在使用 Workers AI 閘道來了解自己的團隊如何使用 Workers。一家新創公司正在使用一系列企業匯總工具，他們可以查看大量電子郵件並快速將其匯總為執行報告。另一家新創公司正在創建人工智慧搜尋引擎。有一家金融服務領域的上市公司正在進行即時詐欺偵測。有些人正在尋找方法——在裝修領域，在你僱用承包商之前，你怎麼能想像這個空間在另一個意義上會是什麼樣子。我的意思是我會不斷地舉出一個又一個的例子。我們的團隊每天都會把這些交給我們，看到人們在這個領域所做的事情以及他們使用它的不同方式真是令人興奮。

In terms of why, what is it about Cloudflare that's unique? I think there are sort of 3 things that stand out to me about it. The first is just the performance of Cloudflare Workers AI because we are distributed around the world and today, over 150 locations globally, as we serve customers that serve a global audience, we can just give them a much better experience in having to ship all of your code back to some central location.

說到原因，Cloudflare 有何獨特之處？我認為有三件事令我印象深刻。首先是 Cloudflare Workers AI 的效能，因為我們分佈在世界各地，目前在全球有超過 150 個地點，當我們為服務全球受眾的客戶提供服務時，我們可以為他們提供更好的體驗，而不必將所有程式碼發送回某個中心位置。

The second is that we can actually be significantly more cost effective. If you're using one of the big hyperscale clouds in order to do any sort of AI task, it's up to you to manage efficiency. You have to make sure that you're getting the most out of the GPU that you're renting whereas what we do is much more of a serverless AI model where you only pay for the task that you actually run. So especially in a lot of the start-ups, they're finding that they can just get significant better efficiency, significant better cost if they use our platform in order to deliver that AI experience. And then the third thing is that because we got it distributed globally and because of the fact that we have such a rich ecosystem that we've built, where you can get a soup-to-nuts AI experience, that's allowing people to actually fine-tune their models.

第二，我們實際上可以顯著提高成本效益。如果您使用大型超大規模雲端之一來執行任何類型的 AI 任務，那麼效率管理就取決於您。你必須確保充分利用你租用的 GPU，而我們所做的更像是一種無伺服器 AI 模型，你只需要為實際運行的任務付費。因此，尤其是在許多新創公司中，他們發現，如果他們使用我們的平台來提供人工智慧體驗，他們就可以獲得顯著更高的效率和更低的成本。第三件事是，由於我們將其分佈在全球，並且由於我們已經建立瞭如此豐富的生態系統，您可以在其中獲得全面的 AI 體驗，這使得人們能夠真正微調他們的模型。

And so my silly example of this is that if you have an AI that's responding back to a British user and describing what something looks like versus a U.S. user, in the U.K., you want color to be spelled C-O-L-O-U-R. In the U.S., you wanted to be sell C-O-L-O-R, because we can regionally tune that. We can actually correspond all of the local and regional differences all around the world. That's something that you don't get anywhere else. And that, I think, is going to be really important for these inference tasks. They're going to want to be run locally for both the normative and experienced reasons, but also for the regulatory reasons that are out there. So I'm super excited about what we're seeing in the AI space. I'm really proud of our team for being ahead of our rollout. We had to actually physically get gear to over 150 cities worldwide. And we're still on track to, by the end of this year, we think, be able to do AI inference from nearly every location that makes up Cloudflare network.

因此，我舉的這個愚蠢的例子是，如果你有一個人工智慧，它可以回應英國用戶並描述某種東西的樣子，而對於美國用戶來說，在英國，你希望將顏色拼寫為 C-O-L-O-U-R。在美國，你想銷售 C-O-L-O-R，因為我們可以根據區域進行調整。我們實際上可以對應世界各地所有的地方和地區的差異。這是你在別處無法得到的東西。我認為這對於這些推理任務來說非常重要。他們希望在本地運營，這不僅出於規範和經驗的原因，也出於現有的監管原因。所以我對我們在人工智慧領域看到的一切感到非常興奮。我為我們的團隊在推廣方面取得領先感到無比自豪。我們必須真正把裝備運送到全球 150 多個城市。我們認為，到今年年底，我們仍有望從組成 Cloudflare 網路的幾乎每個位置進行 AI 推理。

Well, that was an incredibly comprehensive answer. Maybe just a quick one for Thomas. You guys have made some great new hires beefing up your go-to-market on the channel side with Tom Evans and of course, Mark Anderson. I know you talked about the uncertain macro in the short term, but I was wondering if you're factoring in any sort of conservatism into your annual outlook for the go-to-market changes that you guys are -- might make as a reason for perhaps not raising your guidance despite the strong Q1.

嗯，這是一個非常全面的答案。對湯瑪斯來說這也許只是一個快速的動作。你們聘用了一些優秀的新員工，包括湯姆·埃文斯 (Tom Evans) 和馬克·安德森 (Mark Anderson)，以加強你們在通路方面的市場開拓能力。我知道您談到了短期內宏觀經濟的不確定性，但我想知道您是否在年度展望中考慮了任何形式的保守主義，以應對您的市場變化——這可能是儘管第一季業績強勁但仍未上調預期的原因。

As you know, conservative is not a word that we use. When we talk about giving guidance, we tend to be thoughtful and prudent about it. And of course, it's a balance of the tailwinds we see, but also the uncertainty that is out there and every major go-to-market transformation. In our case, it's actually more an evolution. There is risk, and it's reflected in our guidance, too.

如你所知，「保守」不是我們使用的一個詞。當我們談論給予指導時，我們往往會深思熟慮並謹慎行事。當然，這是我們看到的順風與存在的不確定性以及每次重大的市場轉型之間的平衡。對我們來說，這其實更像是一種進化。存在風險，這也反映在我們的指導中。

Your next question comes from the line of Brent Thill from Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Matthew, on federal, the last couple of quarters, you had a theme of some pretty big wins. And I'm just curious if you could give us a sense of where you think penetration is. And is it fair to say the flywheel is spinning faster here, at least from what you guys are giving us in terms of the breadcrumbs around the federal business?

馬修，關於聯邦，過去幾個季度，你取得了一些相當大的勝利。我只是好奇您是否能告訴我們您認為滲透率處於什麼水平。是否可以說這裡的飛輪旋轉得更快，至少從你們提供的有關聯邦業務的線索來看是這樣？

Yes. I think federal is exciting for us. Last year, we achieved FedRAMP certification. That's opened a lot of FedRAMP -- excuse me, of federal deals to us. I think we've always had a great relationship with a lot of the members of the federal government. I think the thing, which is hard to appreciate that, as I talked to our federal customers, is how much they appreciate that when they ask us to help with something, we step up and help. So this year in the United States, obviously, is an election year, we've been running the Athenian Project since 2016, which provides our services at no cost to anyone who is helping administer an election anywhere in the United States.

是的。我認為聯邦對我們來說是令人興奮的。去年，我們獲得了 FedRAMP 認證。這為我們打開了許多 FedRAMP——對不起，是聯邦交易的大門。我認為我們與聯邦政府的許多成員一直保持著良好的關係。我認為，當我與我們的聯邦客戶交談時，很難體會到，當他們要求我們提供幫助時，我們挺身而出提供幫助，他們對此表示讚賞。因此，今年在美國顯然是選舉年，我們從 2016 年開始運行雅典人項目，該項目免費為任何幫助管理美國任何地方選舉的人提供服務。

We've done similar things around the rest of the world. We've worked with the White House on a number of initiatives, including Project Safe Schools (sic) [Project Cybersafe Schools] in order to protect the most vulnerable schools and communities across the country. And that is all the foundation which I think has built an incredible amount of trust and an incredible amount of goodwill in the federal space. And so today, as the world is getting scarier and scarier and we're seeing more and more cyberattacks, the federal -- our federal business, I think, is being driven by the fact that we have great products, the fact that we have the certifications that are required to serve the federal government and the fact that we've built an incredible relationship as being not just a trusted vendor, but a true partner where we have helped make sure that when there's any public institution that is in true need anywhere across the country, we step up and help. And I think that's now turning into more and more business that is also generating significant revenue for us.

我們在世界其他地方也做過類似的事。我們與白宮合作進行了多項舉措，包括「安全學校計畫」（原文如此）[網路安全學校計畫]，旨在保護全國最脆弱的學校和社區。我認為這就是在聯邦領域建立起令人難以置信的信任和善意的基礎。因此，今天，隨著世界變得越來越可怕，我們看到越來越多的網路攻擊，我認為，我們的聯邦業務受到以下事實的推動：我們擁有優秀的產品，我們擁有為聯邦政府服務所需的認證，並且我們已經建立了令人難以置信的關係，我們不僅是值得信賴的供應商，而且是真正的合作夥伴，我們幫助確保當全國任何地方的任何公共機構真正需要幫助時，我們都會挺身而出提供幫助。我認為這現在正在轉化為越來越多的業務，並為我們創造可觀的收入。

And then just quickly for you and Thomas, this AI CapEx war debate, you saw all the big hyperscalers take CapEx way up. How do you do this efficiently? You mentioned bringing gear to 150 cities. You're ahead in GPU rollout. Explain how you're -- is this only which way -- only one way to do with costs? Or is there a way you can do this in a more efficient way than maybe others?

然後對您和托馬斯來說，在這場人工智慧資本支出戰爭辯論中，您看到所有大型超大規模企業都大幅提高了資本支出。如何有效地做到這一點？您提到將裝備運送到 150 個城市。您在 GPU 推出方面處於領先地位。請解釋一下這是唯一與成本有關的方法嗎？或者有沒有一種比其他人更有效的方式來做到這一點？

I'll start and then Thomas may have more to add. I think the thing, which is really magical about Cloudflare's business, which is really elegant, is that it all fits together so well. So for instance, as we sell more of our Zero Trust and SASE products, those are extremely high-margin products, and they don't require a significant additional amount of CapEx. That then frees up our ability to invest that CapEx in other areas, including in the AI space. I think we made some very smart decisions, specifically reserving space and the equipment that we deployed knowing that AI would be part of our story at some point in the future. And so we really wanted to make sure that's the case. That means that as we deploy CapEx, it's literally not shipping an entire server to support AI, but shipping just the GPU cards that go into existing servers that are in the field. That reduces the amount of CapEx that has to be deployed. And again, it works because it is all running on one unified network. The fact that every server across Cloudflare's entire platform is capable of performing any function that we need, that has allowed us an enormous amount of flexibility in how we can deploy things and has helped us.

我先開始，然後湯瑪斯可能還會有更多補充。我認為 Cloudflare 業務的真正神奇之處、真正優雅之處就在於一切都完美地融合在一起。例如，隨著我們銷售更多的零信任和 SASE 產品，這些都是利潤極高的產品，而且它們不需要大量額外的資本支出。這樣我們就可以將資本支出投資於其他領域，包括人工智慧領域。我認為我們做出了一些非常明智的決定，特別是預留了空間和部署的設備，因為我們知道人工智慧在未來的某個時候會成為我們故事的一部分。因此我們確實想確保情況確實如此。這意味著，當我們部署資本支出時，實際上並不是運送整台伺服器來支援人工智慧，而是只運送現場現有伺服器中的 GPU 卡。這減少了必須部署的資本支出數量。並且，它之所以能夠成功是因為它全部運作在一個統一的網路之上。事實上，Cloudflare 整個平台上的每台伺服器都能夠執行我們需要的任何功能，這為我們部署事物提供了極大的靈活性，並為我們提供了幫助。

The other part is that a lot of the hyperscale players, what they're really doing is they're renting out a full GPU or a full machine, whereas our business is a little bit different. We're selling the actual work that those machines do. What that means is that we can then be much more efficient at figuring out how to allow multi-tenant use of the equipment that we have provided, and we can make sure that the utilization is extremely high. So if -- and again, these are -- I don't know the exact numbers for each of the hyperscalers and they all have different -- slightly different characteristics. But in the average hyperscaler, if they're getting maybe 20% utilization out of a CPU or GPU resources that they've deployed, we can often be many times that in terms of the utilization where in CPUs we're seeing almost 80% utilization. So that efficiency allows us to get more out of every CapEx dollar.

另一部分是，許多超大規模參與者實際上在做的是出租完整的 GPU 或完整的機器，而我們的業務略有不同。我們銷售的是這些機器實際完成的工作。這意味著我們可以更有效地研究如何允許多租戶使用我們提供的設備，並確保利用率極高。所以如果——再說一次，這些是——我不知道每個超大規模器的確切數字，而且它們都有不同的——略有不同的特徵。但在一般的超大規模運算中，如果他們部署的 CPU 或 GPU 資源的使用率可能只有 20%，那麼我們的 CPU 使用率通常會是這個數字的許多倍，我們可以看到 CPU 的利用率接近 80%。這種效率使得我們從每一美元資本支出中獲得更多收益。

Finally, I would say that inference is different than training. And so you need different resources for that. You don't need necessarily the most cutting-edge GPUs in order to do inference tasks. And so that has meant that we haven't had to chase down what is a -- GPUs that have limited quantity. It's also meant that we can be much smarter about picking and choosing between different GPU vendors and matching workloads to whoever it is that can provide the best service. And I think over time, that gives us a significant advantage over people who are just trying to rent one particular type of GPU or rent that and let their customers figure out how to be as efficient as possible.

最後，我想說推理不同於訓練。因此你需要不同的資源來實現這一點。您不一定需要最先進的 GPU 來完成推理任務。所以這意味著我們不必追逐數量有限的 GPU。這也意味著我們可以更明智地在不同的 GPU 供應商之間進行選擇，並將工作負載與可以提供最佳服務的供應商進行配對。我認為，隨著時間的推移，這將為我們帶來顯著的優勢，相比那些只是試圖租用某種特定類型的 GPU 或租用這種 GPU 然後讓客戶自己想辦法盡可能提高效率的人。

There's not much to add to this. We were at 8% to 9% of revenue with network CapEx in the first quarter. We said the year will be close in the range of 10 to 12, and this includes the rollout of GPU capacity pretty much to every server and every location we have. I think the -- just to underline what Matthew just said, the huge variety of use cases we see and that Matthew talked about when he talked about Workers AI deployment with developers gives us huge insight in how we optimize this capacity, and there's not one card that is good for every inference task. And this ability to optimize our investment mix in GPU capacity to that need based on the huge variety of use cases we see is, I think, an additional big factor that allows us to be so efficient with our CapEx spend.

對此沒有什麼可補充的。第一季度，網路資本支出占我們收入的 8% 至 9%。我們說過，今年的計劃將接近 10 到 12 個月，其中包括將 GPU 容量推廣到幾乎每個伺服器和每個位置。我認為——只是為了強調馬修剛才所說的，我們看到的各種各樣的用例，以及馬修在與開發人員談論 Workers AI 部署時談到的，為我們提供瞭如何優化這種容量的巨大洞察力，並且沒有一張卡適合每一個推理任務。我認為，根據我們看到的各種用例，我們能夠根據需求優化 GPU 容量的投資組合，這是讓我們如此有效率地使用資本支出的另一個重要因素。

Your next question comes from the line of Joel Fishbein from Truist Securities.

您的下一個問題來自 Truist Securities 的 Joel Fishbein。

Great execution in the quarter, 30% top line growth. Matthew, one for you and a follow-up for Thomas. Matthew, you talked a lot about hiring of go-to-market talent. And just inflecting on that, how is -- there seems to be a war on talent for AI engineers. You've seen a few companies do acqui-hires where they're just draining talent. Curious where Cloudflare is with hiring and retaining talent and if it's fitting into your normal compensation things, capacity.

本季執行情況出色，營收成長 30%。馬修，一個給你，一個後續問題給湯瑪斯。馬修，你談了很多關於聘用行銷人才的問題。就此而言，似乎存在著一場人工智慧工程師的人才爭奪戰。你已經看到一些公司進行收購招聘，但結果卻只是在消耗人才。好奇 Cloudflare 在招募和留住人才方面做得如何，以及它是否符合您的正常薪資水平和能力。

Yes. I mean I think we are very fortunate that across the board, we are seen as a place where if you want to be innovative, if you want to invent the future, or if you want to sell really incredible products or help market them or frankly, work on some of the hardest public policy issues or get to work with Thomas on the world's coolest finance team, that you -- that Cloudflare is a place where you can go. And so when you see someone like Mark Anderson, when you see someone like Stephanie Cohen, you see the engineers who are coming to Cloudflare every day. We had 350,000 people apply to work at Cloudflare in Q1 for, I don't know, 250 jobs roughly. That's extraordinary. And that is -- and that's up over what was an extraordinary Q1 of last year, up almost 50% year-over-year. So I'm -- I think that the talent war is real, but we are in a fortunate position where we are winning that war. We have not seen an uptick in any regrettable attrition. It's been -- it's -- I think we're very fortunate to be working on some of the world's hardest problems. And some of the smartest people in the world want to come and help us on this.

是的。我的意思是，我認為我們非常幸運，在各方面，我們都被視為這樣一個地方：如果你想要創新，如果你想要創造未來，或者如果你想要銷售真正令人難以置信的產品或幫助推銷它們，或者坦率地說，處理一些最棘手的公共政策問題，或者與世界上最酷的金融團隊的托馬斯一起工作，那麼 Cloudflare 就是你可以去的地方最酷。因此，當您看到像馬克安德森 (Mark Anderson) 這樣的人時，當您看到像斯蒂芬妮科恩 (Stephanie Cohen) 這樣的人時，您就看到了每天都會來到 Cloudflare 的工程師。第一季度，有 35 萬人申請 Cloudflare 的工作，具體數量我記不太清楚，大概是 250 個。這太不尋常了。這是 — — 這是比去年第一季非凡的表現更高的數字，比去年同期成長了近 50%。所以我認為人才爭奪戰是真實存在的，但我們很幸運，我們正在贏得這場戰爭。我們並未看到任何令人遺憾的人員減員現像出現。我認為，我們非常幸運，能夠致力於解決世界上一些最棘手的問題。世界上一些最聰明的人都想來幫助我們解決這個問題。

That's great. And Thomas, for you, just in terms of sales productivity, really strong improvement again. Do you expect that to change with the acceleration of new hires, sales hires? Or are you hiring more experienced people so their time to productivity is shorter?

那太棒了。湯瑪斯，對您來說，僅就銷售效率而言，確實再次實現了強勁提升。您是否預計，隨著新員工和銷售人員招募的加速，這種情況會改變？或者您正在僱用更有經驗的人員，以便他們投入生產的時間更短？

This is, of course, what the goal is. But even if you hire experienced people, there's a ramp-up curve that comes along with it. We are moving up market. We are getting to larger and larger customers and more strategic accounts. They're more complex. There's more overlay. So this balances itself out. We hire trade talent. We see great productivity improvement. But as I said earlier, every transformation or evolution in the go-to-market side comes with potential risk, and we try to be thoughtful when we give guidance that there might be downside implied.

當然，這就是我們的目標。但即使你僱用了經驗豐富的人員，也會出現晉升曲線。我們正在向高端市場邁進。我們正在獲得越來越大的客戶和更具策略性的客戶。它們更加複雜。還有更多覆蓋。因此這就平衡了。我們聘請貿易人才。我們看到了生產力的巨大提高。但正如我之前所說，市場進入方面的每一次轉型或發展都伴隨著潛在的風險，我們在給出指導時會盡量考慮其中可能隱含的負面因素。

Your next question comes from the line of Jonathan Ho from William Blair.

您的下一個問題來自威廉布萊爾 (William Blair) 的 Jonathan Ho。

I just wanted to follow up on that last question and just try to better understand from a sales productivity standpoint, what inning are we in? And where do you think Mark can add the most value?

我只是想跟進最後一個問題，並嘗試從銷售效率的角度更好地理解，我們處於什麼階段？您認為馬克最能在哪些方面帶來價值？

I'll start and then Thomas can maybe add some more if he has it. I think that -- I think we are still early in the journey of being really great at Enterprise. I think in Mark's comments, he said that our product is great, but our ability to really sell to large enterprises to understand their needs and drive more of a strategic relationship is something that we are continuing to work on. That is -- I think the last 18 months were all about us sort of cleaning up the sales organization. And now with Mark on board, it's all about now how do we get the real professionals on board, where we can become that strategic vendor for literally every large company in the world. There is no large company that doesn't have a need for what it is that we sell.

我先開始，然後托馬斯也許可以再添加一些，如果他有的話。我認為——我認為我們在企業領域成為真正偉大企業的旅程才剛起步。我認為馬克在評論中說我們的產品很棒，但我們真正向大型企業銷售產品以了解他們的需求並推動更多戰略關係的能力是我們正在繼續努力的事情。也就是說——我認為過去 18 個月我們一直在清理銷售組織。現在馬克加入了我們，關鍵在於我們如何吸引真正的專業人士，以便我們能夠成為世界上每家大公司的策略供應商。沒有一家大公司不需要我們所銷售的產品。

What I think is really encouraging is where we have done that, where we have really nailed that. We are becoming one1 of the largest IT vendors for those companies. And some of those are very large companies. I think the fact that we won a very large financial services organization and became a strategic vendor for them, that -- and that, as I said, is a beachhead for us to go in and take much more share. Almost all the financial -- major financial services institutions in the United States use us for something. But I want to say that we're a strategic vendor for many of them yet. We're going to be. And we can do so many things in the networking and security space that they absolutely need. And as we, I think, mature that process, it's great. I can't imagine someone who is better for this role than Mark Anderson. And again, it was not the plan when we added him to our Board 4 years ago, but he's gotten to know us over that period of time. And it's just incredible to see the high caliber of talent who is excited to lean forward and work with him going forward.

我認為真正令人鼓舞的是我們已經做到了這一點，並且真正取得了成功。我們正在成為這些公司最大的 IT 供應商之一。其中一些是非常大的公司。我認為，我們贏得了一個非常大的金融服務機構並成為他們的戰略供應商，正如我所說的，這是我們進入並奪取更多份額的灘頭陣地。幾乎所有的金融——美國主要的金融服務機構都利用我們來做一些事情。但我想說的是，對於其中許多公司來說，我們仍然是策略供應商。我們會的。我們可以在網路和安全領域做很多他們絕對需要的事情。我認為，隨著我們逐漸完善這個流程，這將會是一件很棒的事。我想不出還有誰比馬克安德森更適合這個角色。再說一次，這並非我們四年前將他納入董事會時的計劃，但那段時間以來他已經了解我們了。看到如此優秀的人才熱衷於與他合作，真是令人難以置信。

Excellent. And just a quick follow-up. Is there something specific in the macro that's maybe causing you a little bit of pause? Anything that you can sort of point to in terms of that additional concern on the outlook.

出色的。接下來是快速的跟進。巨集中是否存在某些特定內容可能導致您稍稍停頓？關於前景的額外擔憂，您能指出什麼嗎？

I think that we get a lot of signal based on where we sit on the Internet. And what I would say right now is that it's not any one thing pointing in any one clear direction. But there's a lot of noise pointing in a number of different directions that give us, I think, reason to be cautious. And I think that, that is in our very nature, is always taking as much signal being data-driven and making sure that we're making investments in a responsible way. And so I think the obvious thing is the geopolitical uncertainty around the world. That absolutely causes changes in buying behavior.

我認為，我們可以接收到很多訊號，這取決於我們在網路上的位置。我現在要說的是，沒有任何一件事指向任何明確的方向。但目前有許多聲音指向不同的方向，我認為，這給了我們一個謹慎的理由。我認為，這是我們的本質，始終關注數據驅動的訊號，並確保我們以負責任的方式進行投資。所以我認為顯而易見的是世界各地的地緣政治不確定性。這絕對會導致購買行為的改變。

On the other hand, some of that changes -- those changes in buying behavior have been positive for us as we're seeing, especially in our government business, pick up because of that uncertainty. So there are puts and takes that are out there. What we want to do is just make sure that we are being prudent and responsible and thoughtful as we make investments and as we think through how to handle the responsibility that we have with investors capital and that they've trusted us with.

另一方面，正如我們所看到的，購買行為的一些變化對我們來說是積極的，特別是我們的政府業務，由於這種不確定性而有所回暖。因此，存在著利弊。我們要做的只是確保我們在投資時保持謹慎、負責和深思熟慮，並仔細考慮如何處理我們對投資者資本的責任以及他們對我們的信任。

Your next question comes from the line of Tom Blakey from KeyBanc Capital Markets.

您的下一個問題來自 KeyBanc Capital Markets 的 Tom Blakey。

Matt, I was wondering about the recent Nefeli acquisition around multi-cloud networking and a possible acceleration to Act 2, this prior question on Zero Trust SASE services. I guess specifically, maybe because of the impetus of the deal, maybe there was some pent-up demand that maybe this addition of multi-cloud networking technology could maybe expand Cloudflare's reach from a Zero Trust perspective, I'd love to hear your comments there. And I have a follow-up.

馬特，我對最近 Nefeli 在多雲網路方面的收購以及第二幕的可能加速感到疑惑，這是關於零信任 SASE 服務的先前問題。我想具體來說，也許是因為這筆交易的推動力，也許存在一些被壓抑的需求，也許這種多雲網路技術的增加可以從零信任的角度擴大 Cloudflare 的覆蓋範圍，我很想聽聽你的意見。我還有一個後續問題。

Yes. We're incredibly excited to have the Nefeli team on board. We want to make it -- we think the space that Cloudflare competes in is in the networking and in the security space. And so making it very easy to get traffic on to our network to connect to any other cloud is just a critical aspect and it seemed like something that we were either going to have to build or buy. And we came across the Nefeli team in part because they came in through our own launch pad program, which is a program having customers that -- and start-ups that use Cloudflare's resources and especially our workers' platform in order to build.

是的。我們非常高興 Nefeli 團隊能夠加入我們。我們想要做到這一點——我們認為 Cloudflare 的競爭領域是網路和安全領域。因此，讓流量輕鬆進入我們的網路並連接到任何其他雲端是一個關鍵方面，它似乎是我們必須建造或購買的東西。我們遇到 Nefeli 團隊的部分原因是他們透過我們自己的啟動板計畫加入我們，該計畫擁有客戶——以及使用 Cloudflare 資源（尤其是我們的員工平台）進行建立的新創公司。

What is powerful about that is we use that same platform to build ourselves. And so when we find great teams working in a space that we think is exciting, building on the same platform, the same platform that our own team uses, that just decreases the risk of any kind of technical integration, any kind of sort of Frankenstein-ing of your platform that's out there. And so the Nefeli team was really great, and we were excited to announce it. We think that, again, our hurdle rate for acquisitions and M&A remains very, very high. But these -- some of these small acquisitions, where we found great teams working in interesting spaces, has worked incredibly well for us.

其強大之處在於我們使用同一個平台來建立自己。因此，當我們發現優秀的團隊在我們認為令人興奮的領域工作，並在同一個平台上構建，即我們自己的團隊使用的同一個平台時，這就會降低任何類型的技術集成的風險，以及任何類型的對現有平台進行弗蘭肯斯坦化的風險。所以 Nefeli 團隊真的很棒，我們很高興宣布這個消息。我們認為，我們的收購和併購的最低收益率仍然非常非常高。但這些——在這些小型收購中，我們發現了在有趣的領域工作的優秀團隊，這些收購對我們來說非常有效。

A couple of other examples that are very similar. Baselime that we acquired is, again, giving server observability to our platform. It's one of the #1 things that developers on our platform were looking for. And again, another time where we found someone that is using our own platform in order to build out a great observability platform there. PartyKit, which is a real-time integration service, again, it's just a natural extension of what it is that we're doing. So again, none of these are very large acquisitions, but I think they're extremely strategic. I think they accelerate our ability to get into more markets.

其他一些例子也非常相似。我們收購的 Baselime 再次為我們的平台提供了伺服器可觀察性。這是我們平台上的開發人員最期待的事情之一。還有一次，我們發現有人正在使用我們自己的平台來建立一個出色的可觀察性平台。 PartyKit 是一種即時整合服務，它只是我們正在做的事情的自然延伸。所以，雖然這些都不是規模很大的收購，但我認為它們具有極強的戰略意義。我認為它們加速了我們進入更多市場的能力。

And what I love is that they oftentimes are using our own existing developer platform, which means that they are just incredibly easy for us to integrate with the rest of Cloudflare and decrease the technical risk as we go with M&A. In all 3 of those cases, also, the founders and the team, they're just sort of Cloudflare-like people and they're people that we're so excited and proud to have on the team. And I think you'll hear more about the wins that we have from all those areas over the quarters to come.

我喜歡的是，他們經常使用我們自己現有的開發平台，這意味著我們可以非常輕鬆地將它們與 Cloudflare 的其他部分集成，並在進行併購時降低技術風險。在這三種情況下，創辦人和團隊都是類似 Cloudflare 的人，我們很高興也很自豪能有他們加入團隊。我想，在接下來的幾個季度裡，您會聽到更多關於我們在這些領域取得的勝利的消息。

Well, that would be great to get more high-margin SASE revenue here. And I'd like to go as a segue there, back to Brent's question on GPU, and I think he gave a great question about the unique architecture of the platform and this kind of multi-tenancy. But just seeing the explosive growth with other DSPs and the approach that folks are taking there, is it fair to characterize this way that CapEx would have to go up relatively significantly if, say, a handful of these applications is being built on your platform will explode to the like of something like a copilot?

那麼，獲得更多高利潤的 SASE 收入就太好了。我想順便回到布倫特關於 GPU 的問題，我認為他提出了一個很好的問題，關於平台的獨特架構和這種多租戶。但是，僅僅看到其他 DSP 的爆炸式增長以及人們在那裡採取的方法，是否可以公平地這樣描述：如果在您的平台上構建了一些這樣的應用程序，那麼資本支出就必須相對大幅增加，從而像副駕駛一樣爆炸式增長？

Well, I think that what I would look at is CapEx as a percentage of revenue. And I think one of the things that's always been magical about Cloudflare has been that we've been able to invest behind the demand, not ahead of the demand. And so we're really good at rolling out more capacity wherever we need it. And so that would be an amazing problem to have. If we have to -- we -- so it may be that we, on a just pure dollars basis, end up spending more on GPUs. But as a percentage of revenue, we feel very comfortable that we can service these applications very well at the percentage of revenues that it is in our forecast going forward.

嗯，我認為我會將資本支出視為收入的百分比。我認為 Cloudflare 的神奇之處在於我們能夠在需求之後進行投資，而不是在需求之前進行投資。因此，我們非常擅長在任何需要的地方推出更多容量。所以這將會是一個令人驚奇的問題。如果我們必須這樣做——我們——那麼可能我們最終會在 GPU 上花費更多，僅從純粹的美元角度來看。但作為收入的百分比，我們感到非常舒服，我們可以按照我們預測的未來收入百分比很好地為這些應用程式提供服務。

What I would want to add here is we -- the efficiency of the architecture is really driving this. We talked about the revenue mix that allows us to invest into GPUs by more and more revenue driven by Zero Trust products. The efficiency that is driven in the hardware architecture is an additional factor that goes into this. We are in the rollout of what we call Generation 12 now of our service architecture. It's a little bit more than 25% total cost of ownership reduction in this new generation. So that is 25% more of CapEx we can deploy towards GPUs. So the levers are just not in one place, they are in many places, and the combination of this is really driving this incredible efficiency.

我想在這裡補充的是，架構的效率才是真正推動這一點的因素。我們討論了收入組合，該組合使我們能夠透過零信任產品帶來的更多收入來投資 GPU。硬體架構所推動的效率是影響這個問題的另一個因素。我們目前正在推出所謂的第 12 代服務架構。新一代產品的整體擁有成本降低了 25% 多一點。因此，我們可以將更多的資本支出用於 GPU。所以，槓桿並​​不集中在一個地方，而是分佈在許多地方，這些槓桿的結合才真正推動了這種令人難以置信的效率。

That's great. Well, maybe we'll look for you breaking out AI or gen AI revenue one of these days, Thomas.

那太棒了。好吧，也許有一天我們會期待你突破人工智慧或通用人工智慧的收入，托馬斯。

As soon as it is the right thing to do. At the moment, I think we shouldn't get tired that the benefit in driving adoption is significantly more important than driving more revenue in the short term. This is why the efficiency is high is we see so many use cases from 2 million developers being on the platform. This far-sided approach has served us well, and we'll continue with it.

只要這是正確的事，就該這麼做。目前，我認為我們不應該厭倦推動採用的利益比短期內增加收入更為重要。這就是為什麼我們看到平台上有 200 萬開發人員的如此多用例，其效率如此之高。這種長遠的做法對我們很有幫助，我們會繼續堅持下去。

Our next question comes from the line of Alex Henderson from Needham.

我們的下一個問題來自尼德姆的亞歷克斯·亨德森。

Great. I wanted to ask a question about your comments about the macro conditions. About 2 years ago, I think, it was you guys gave an early warning that the economy had some risks to it and that you were seeing signs of slowdown. And that actually occurred 6, 9, 12 months later. And so with this commentary on this call, are you suggesting that you're seeing similar kind of characteristics to the conditions? Or is this just a little bit more noise to it, and therefore, you're being prudent, but you just don't have any visibility to whether that's going to happen yet? Can you contrast this event to several years ago when you gave that caution?

偉大的。我想問一個問題，關於您對宏觀條件的評論。我想，大約兩年前，你們就提前發出警告，表示經濟存在一些風險，而且看到了放緩的跡象。而這其實發生在 6、9、12 個月後。那麼，透過對此通話的評論，您是否認為您看到了與情況類似的特徵？或者這只是一些噪音而已，因此，你很謹慎，但你只是還不清楚這是否會發生？您能將此事件與您幾年前發出的警告進行比較嗎？

Yes, Alex. So I -- 2 years ago, I felt like we had a pretty clear signal that the economy was slowing down. I would say that we don't have as clear of signal today that that's the case. We -- it's -- we see things that worry us, but we also see things that give us some level of optimism. And so I think describing the crystal ball as cloudy is the right thing. What I like though is that we have a crystal ball. We can make investments and we can think through what that future looks like, in part because we just get much more signal than I think the average enterprise SaaS company gets. And I think that, that has served us well. And I think we try not to be surprising in any way. And so as we see -- I would say that there is certainly an uptick in uncertainty and sort of potential downside this quarter over last quarter. But I would not characterize it as the same concerns that I had in Q1 of '20 -- what was that, '22 where we saw what we thought was much, much clearer. So we continue to watch this. Again, I feel like I am proud of how well Thomas and the rest of the team have the ability to take that and keep their hands on the levers of our business and continue to execute. But I'm not -- I think my level of concern is not at the same level that it was in Q1 of 2022, but it is definitely heightened over a lot of what we've seen in more recent quarters.

是的，亞歷克斯。所以——兩年前，我覺得我們有一個非常明顯的訊號，就是經濟正在放緩。我想說，我們今天還沒有得到明確的信號表明情況確實如此。我們 — — 我們看到令我們擔憂的事情，但我們也看到一些讓我們感到樂觀的事情。因此我認為將水晶球描述為渾濁的是正確的。但我喜歡的是，我們有一個水晶球。我們可以進行投資，可以思考未來會是什麼樣子，部分原因是我們獲得的訊號比我認為一般的企業 SaaS 公司獲得的要多得多。我認為這對我們很有幫助。我認為我們盡力避免讓任何人感到驚訝。正如我們所看到的——我想說，與上一季相比，本季的不確定性和潛在的下行風險肯定有所上升。但我不會將其描述為與 20 年第一季相同的擔憂——那是在 2022 年，我們看到了我們認為更加清晰的東西。所以我們將繼續關注此事。再次，我為托馬斯和團隊其他成員能夠很好地接受這一點、掌控我們的業務並繼續執行的能力感到自豪。但我認為我的擔憂程度並不像 2022 年第一季那樣，但與最近幾季我們看到的許多情況相比，我的擔憂程度肯定有所加劇。

So if nothing is really spooking you here, I'm still struggling with the guidance and the outlook for the back half of the year. You've given guidance that -- or commentary that you're seeing significant strengthening of your pipeline. You're saying your duration is stable. You're seeing solid closure rates. You're adding more sales capacity. You're winning large customer deals at an accelerating rate. You're spending more on hiring people and productivity. And your sales force is significantly improving. Yet your guidance implies with the first quarter beat and the second quarter are above the Street, the back half is much more conservative. So I guess the question is, is that a function of specific weakness in a particular geography or due to political issues? Or is it just trying to feather in more opportunity for the sales organization to be realigned as Mark comes on and drives things because ultimately, it sounds like the mechanics imply an acceleration not a deceleration.

因此，如果這裡沒有什麼真正讓您感到害怕的話，我仍然在為今年下半年的指導和前景而苦苦掙扎。您已經給出了指導意見或評論，表示您看到自己的管道正在顯著加強。你說你的持續時間是穩定的。您看到的是穩定的關閉率。您正在增加更多的銷售能力。您正以越來越快的速度贏得大客戶交易。您在僱用人員和提高生產力方面花費了更多。你們的銷售團隊也顯著進步了。然而，您的指引意味著第一季和第二季的業績均高於華爾街預期，而後半年的業績則要保守得多。所以我想問題是，這是由於特定地理區域的特定弱點造成的，還是由於政治問題造成的？或者只是試圖在馬克到來並推動事情發展時為銷售組織重新調整提供更多機會，因為最終聽起來機制意味著加速而不是減速。

Yes. Alex, I'll start and then Thomas can give a little bit more color. I would push back on your initial statement, which was that nothing spooks me. A lot spooks me right now. So just because just -- and I want to make it clear, we are in a much more uncertain environment and the signal that we're seeing is that uncertainty is up. In addition to that, I think you're correct that whenever you have a sales leadership change, there is risk that comes with it. And so there's a bit of that. But the primary factor here is that as we look at the signals in the overall macro economy, it is -- it feels like a much more -- it feels like there's much more reason to worry in Q1 than there was in Q4. But that doesn't mean that it was the same, just sound the alarm bells that we were seeing back in Q1 of 2022.

是的。亞歷克斯，我先開始，然後托馬斯可以提供更多細節。我想反駁你最初的說法，即沒有什麼能讓我害怕。現在有很多事讓我感到害怕。所以只是因為——我想明確表示，我們處於一個更不確定的環境中，我們看到的訊號是這種不確定性正在增加。除此之外，我認為您說得對，每當銷售領導層發生變動時，都會伴隨風險。所以有一點這樣的情況。但這裡的主要因素是，當我們觀察整體宏觀經濟的訊號時，感覺第一季比第四季有更多的擔憂理由。但這並不意味著情況一成不變，只是敲響了我們在 2022 年第一季看到的警鐘。

Great. So just essentially derisked it. I appreciate it.

偉大的。所以本質上就降低了風險。我很感激。

Your last question comes from the line of Tim Horan from Oppenheimer.

您的最後一個問題來自奧本海默公司的 Tim Horan。

We saw the hyperscale cloud revenues really accelerate this quarter, the accelerated guidance. And they're actually talking about being kind of capacity constrained. And you're kind of the on-ramp on to those cloud guys. I guess why the disconnect between what they're seeing in guidance versus what you're seeing out there right now. Particularly, you're also in like the fastest-growing segments of serverless and low latency. But I guess what's changed other than your concerns on the macro or anything on the onramp thesis?

我們看到超大規模雲端運算收入本季確實加速成長，這是加速的指引。他們實際上談論的是某種容量限制。你就像是那些雲端運算人員的入口點。我想，為什麼他們在指導中看到的和你現在看到的會有差距呢？特別是，您還處於無伺服器和低延遲領域成長最快的領域。但是我想，除了您對宏觀或入口點論點的擔憂之外，還有什麼變化嗎？

Yes. I think that the big thing, Tim, that I'd point to is that they tend to be purely usage-based models. And the good of usage-based models is that they react very quickly, both up and down. And so I think whereas we tend to be much more of a subscription-based model, and the good of that is that it has a lot more stability. But -- and that stability helps you when things are slowing down. So we had significantly faster growth than the hyperscalers in the last few quarters, and we're now around where they are this quarter. And so I think we are a little bit more moderated than some of the more usage-based models. And I think that explains some of it.

是的。提姆，我想指出的最重要的一點是，它們往往是純粹基於使用情況的模型。基於使用情況的模型的優點在於，它們對上升和下降的反應都非常迅速。因此我認為我們更傾向於採用基於訂閱的模式，這種模式的好處是它具有更高的穩定性。但是——當事情進展緩慢時，這種穩定性會對你有幫助。因此，在過去幾季中，我們的成長速度明顯快於超大規模企業，而本季我們的成長速度與超大規模企業大致相同。因此我認為我們比一些基於使用情況的模型更加溫和一些。我認為這解釋了部分原因。

I think the second thing that I'd add is that for some of the products, especially around the AI products, as Thomas said, we're really optimizing around adoption. And while we published pricing and that pricing was extremely well received, in addition to being very, very attractive for us from a margin perspective in the last months, that's something that is still not a place where we are heavily monetizing yet. But again, I think as I listed some of the examples, we see plenty of opportunity there. And we think that when we decide the time is right to turn on some of those monetization, it will help contribute to our top line growth.

我想補充的第二件事是，對於某些產品，特別是人工智慧產品，正如托馬斯所說，我們確實在圍繞採用進行最佳化。雖然我們公佈了定價，而且這個定價受到了極大的歡迎，而且從過去幾個月的利潤角度來看，它對我們來說非常有吸引力，但我們還沒有從中大量獲利。但我再次認為，正如我列出的一些例子一樣，我們看到了許多機會。我們認為，當我們決定開啟部分貨幣化措施的正確時機時，它將有助於促進我們的營收成長。

And just 2 quick follow-ups. Are you seeing any other competitors coming into what you offer on a global serverless, low-latency basis? And I guess you're implying, at some point, revenue growth should really accelerate here. I mean in a more stable macro environment or more visibility, I mean, everything we've been talking about on this call seems like, [partners] have said, incredibly positive. Do you -- and your guide for the second half, down to 26%, just seems like very, very low versus what it potentially could be. I guess do you think these steps will enable you to accelerate in the next couple of years?

僅需 2 個快速後續行動。您是否看到其他競爭對手在全球無伺服器、低延遲領域提供產品？我想你的意思是，在某個時候，收入成長應該會真正加速。我的意思是，在更穩定的宏觀環境或更高的可見性下，合作夥伴們都表示，我們在這次電話會議上討論的一切似乎都非常積極。您對下半年的預期是下降至 26%，與潛在水平相比，這個數字似乎非常非常低。我猜你認為這些措施能讓你在未來幾年加速發展嗎？

So on the competition front, we really don't. We think that we are in a very unique position. We don't see anybody else that is yet rolling out the type of connectivity cloud with true serverless architecture. There are people who are buying some legacy businesses. There are people who sort of talk a good game, but it turns out, when you pull the covers back, don't have very much business in this space at all. And so we are, I think, unique in the position that we're offering.

因此在競爭方面，我們確實沒有。我們認為我們處於非常獨特的地位。我們還沒有看到任何其他人推出具有真正的無伺服器架構的連接雲類型。有些人正在收購一些傳統企業。有些人說話似乎很有道理，但當你揭開面紗時，你會發現，在這個領域根本沒什麼生意可做。所以我認為，我們所提供的職位是獨一無二的。

I don't think that will stay true forever. Other people will provide services here, but we have a clear lead. We have the richest ecosystem. And I think that what's great about Cloudflare's business is that we have existing, very stable businesses that continue to perform. We have newer businesses for us like our Zero Trust and SASE businesses, which are just accelerating up the S-curve. And then we have a lot of bleeding edge opportunity with things like our Workers' platform. And so Cloudflare is all about stacking S-curves, one behind another, behind another. And so where I think a lot of companies run out of TAM, run out of market, we are able to continue to add and innovate into new areas in a way that I think we'll achieve what we want, which is we think we're going to be one of the truly iconic technology companies and we're investing for that long term, including at times making the choice of optimizing for adoption rather than trying to figure out how we make money from every single customer with every single transaction. And we think that, that's the right formula for building what is an iconic technology company over the long term.

我認為這不會永遠成立。其他人會在這裡提供服務，但我們領先優勢明顯。我們擁有最豐富的生態系統。我認為 Cloudflare 業務的優點在於我們現有的業務非常穩定並且能夠持續發揮作用。我們有較新的業務，例如零信任和 SASE 業務，它們正在加速上升至 S 曲線。我們在諸如工人平台之類的領域擁有大量前沿機會。所以 Cloudflare 就是將 S 曲線一個接一個堆疊起來。因此，我認為許多公司都耗盡了 TAM，失去了市場，而我們能夠繼續增加和創新新領域，我認為我們將實現我們的目標，我們認為我們將成為真正標誌性的技術公司之一，並且我們將為此進行長期投資，包括有時選擇優化採用，而不是試圖弄清楚如何從每位客戶的每筆交易中賺錢。我們認為，這是長期打造標誌性科技公司的正確方案。

That concludes our question-and-answer session. I will now turn the call back over to Matthew Prince for some closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給馬修·普林斯，請他發表一些結束語。

I just want to thank our entire team for executing. I know that in the world right now, there's a lot of scary things going on. There's a lot of tension, and what we do every day of making sure that the Internet continues to function, that it continues to be a force that drives the economy around the world going forward. I can't imagine anything more important to be working on. So thank you for the entire team for delivering yet another terrific quarter. We're getting back to work now, and we'll see you all again next quarter. Thank you.

我只想感謝我們整個團隊的執行。我知道現在世界上正在發生很多可怕的事情。存在著許多緊張局勢，我們每天所做的就是確保網路繼續運轉，確保它繼續成為推動全球經濟向前發展的力量。我實在想不出還有什麼比這更重要的事要做。感謝整個團隊又一個出色的季度。我們現在就要恢復工作了，下季再見。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。