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。 （操作員指示）

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，我想把電話轉給主持人菲爾溫斯洛，他是策略財務、資金和投資者關係副總裁。您可以開始發言了。

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。與我一起參加電話會議的還有共同創辦人兼執行長 Matthew Prince；共同創辦人、總裁兼營運長 Michelle Zatlyn；財務長 Thomas Seifert；以及營收總裁 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，每個人都應該可以查看我們的收益公告了。此公告以及我們的補充財務資訊均可在我們的投資者關係網站上找到。需要提醒的是，在今天的討論中，我們將做出前瞻性陳述，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及其時機和市場潛力；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.

這些績效及其他評論並非對未來績效的保證，且受風險和不確定性因素影響，其中許多因素我們無法控制。我們的實際結果可能與任何前瞻性陳述中的預測或建議有顯著差異。

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日起生效，您不應將其視為代表我們未來的觀點。我們不承擔在本次電話會議後更新這些陳述的義務。如需更全面地了解可能影響我們未來營運績效和財務狀況的風險和不確定性，請參閱我們提交給美國證券交易委員會 (SEC) 的文件以及今天的收益新聞稿。除非另有說明，我們今天討論的所有數據（收入除外）均基於調整後的非公認會計準則 (Non-GAAP)。您可以在我們投資者關係網站的收益報告中找到 GAAP 與非 GAAP 財務指標的對帳表。對於歷史時期，您可以在剛才引用的補充財務資訊中找到 GAAP 與非 GAAP 的對帳表。

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，請記得參加我們5月30日星期四的投資者日活動，該活動將與我們在紐約市舉行的用戶大會Cloudflare Connect同期舉辦。屆時您也可以透過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.

謝謝菲爾。本季我們表現非常強勁。我們實現了3.786億美元的營收，年增30%。我們新增了122個大客戶，這些客戶每年向我們支付的費用超過10萬美元，目前大客戶總數為2878個，年增33%。本季度，來自大客戶的營收貢獻率從去年第一季的62%上升至67%。就我們最大的客戶而言，我們新增的淨客戶數量創下了歷史新高，這些客戶的年化支出分別超過10萬美元、50萬美元和100萬美元。我們正成功進軍高端市場，並成為越來越多客戶規模更大、更具戰略意義的供應商。我們以美元為基礎的淨留存率較上季穩定在115%。我們的毛利率為79.5%，再次高於我們75%至77%的長期目標區間，也高於上一季的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的高效營運和不斷提升的卓越營運。我們的自由現金流再次顯著超出預期，本季創造了3560萬美元。我們牢牢掌控著業務發展。我為我們的團隊能夠繼續建立網路、服務越來越大的客戶並推出包括人工智慧領域在內的全新產品類別而感到自豪，同時保持對資本支出、毛利率、營業利潤率和現金流的嚴格把控。

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.

我們擁有優雅的業務，其運作方式源自於所有元件如何協同工作，並充分利用我們高效的網路基礎設施，我們相信這種方式是任何競爭對手都無法比擬的。回顧 Cloudflare 的歷史，可以將其劃分為 7 個時期。前 7 年，從 2010 年到 2017 年，我們專注於工程設計，幾乎不做其他事情，我們一直在探索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 年則專注於產品，將我們令人難以置信的工程設計打包成產品。隨著我們推出更出色的產品，我們並沒有停止在工程設計方面的卓越表現。我們將繼續在此基礎上不斷發展和改進。展望未來 7 年，我們將繼續在工程設計和產品方面保持全球領先，但在此基礎上，我們將增添世界級的銷售和行銷能力。

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Mark Anderson將加入Cloudflare，擔任我們新的營收總裁，以加速我們下一階段的規模成長。他一上任就積極投入工作，並受到了我們團隊的熱烈歡迎。我覺得Mark有必要談談他上任90天以來的見聞。 Mark？

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，Matthew。過去四年半，我一直擔任董事會成員，對 Cloudflare 及其團隊非常了解。但真正讓我深入實踐的，是這款產品如此令人驚嘆。我了解這個領域，而且我們比任何競爭對手都領先一步。同樣讓我感到驚訝的是，Cloudflare 的市場推廣部門還有很大的進步空間。過去的一年，我們一直在為打造一個世界級的企業銷售團隊而努力。我們擁有優秀的人才和豐富的經驗。而且，我已經看到初步成果了。現在，我正計劃全力以赴，打造並支持這支團隊，將 Cloudflare 的頂級產品推廣到世界各地的每一家企業。我認為沒有什麼能夠阻止我們成為所有財富 500 強企業最具戰略意義的關鍵供應商之一。我對此感到無比興奮。

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難以衡量，但我可以給你一個可以清晰衡量且令我印象深刻的優勢。在馬克安德森上任後，3月份策略客戶和企業銷售職位的申請人數較2月份增加了56%。我們一定會招募。第一季度，我們所有職位的申請人數超過35萬，比去年同期成長了47%。我們新增了幾位在其專業領域擁有卓越業績的資深市場推廣領導者，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。如果你是一位銷售專業人士，希望憑藉優秀的產品和世界一流的領導力贏得勝利，那麼，Cloudflare 是你職涯下一階段的理想之選。除了優秀的招募之外，我們現有團隊成員的銷售效率也較去年同期有所提升。銷售週期與上一季相似，新銷售管道的達成率也超出了我們的預期。我認為馬克目前還不能居功，這實際上非常令人鼓舞。正如他所說，我們還有改進的空間。但現在我們擁有了合適的領導力和基礎，可以將我們的市場推廣工作提升到一個新的水平。我對Cloudflare面臨的長期機會充滿信心，而且非常清晰。

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，短期來看，我的預測就沒那麼清晰了。基於我們掌控著網路很大一部分的特權地位，我們看到了許多訊號。即使沒有這些先見之明，如果你一直關注新聞，就能清楚地看到，世界近期前景充滿不確定性，中東緊張局勢加劇，俄烏戰爭看不到盡頭，亞洲也出現了潛在的不穩定跡象。就我們所見的任何情況而言，情況都不會惡化。但即使是近期的歷史，我們也知道宏觀因素也會影響短期銷售趨勢。

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，身處網路安全領域，這或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，尤其是在政府業務領域，但我們也承認我們所處的世界充滿風險；二是，一如既往，我們謹慎投資，謹慎預測短期前景，因為這只是個模糊的水晶球。過去，這種做法讓我們受益匪淺，我認為未來也將再次證明，這是一種嚴謹的策略。短期不確定，長期前景光明，因此，從中期來看，我們將牢牢掌控業務，並深思熟慮地投資於市場推廣，開發卓越的工程技術和顛覆性的新產品，為客戶帶來非凡的價值。這才是製勝策略，尤其是在充滿不確定性的時期。

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，讓我分享本季取得的一些重大成果。英國網路威脅技術權威機構國家網路安全中心與 Cloudflare 簽署了一份為期三年的合同，以提供其保護性網域服務。 PDNS 為英國中央政府、地方政府、醫療保健和緊急服務部門的 1400 多個組織提供保護，使其免受惡意軟體和網路威脅的侵害。這是一個競爭非常激烈的過程，涉及多家供應商，並經過了嚴格的技術評估。我們與埃森哲緊密合作，我們期待與埃森哲在這項具有里程碑意義的英國公共部門合作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，簽署了一份為期三年、總額為 4000 萬美元的資金池合同，其中 850 萬美元用於擴展。

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.

這筆交易是策略平台交易的典範，我們越來越常看到客戶選擇這種交易，其價格表涵蓋了 40 多種 Cloudflare 產品和服務。這些產品和服務包括 Cloudflare One、Magic Transit、R2 以及 Workers AI，客戶很快就開始試用這些產品。這是一個典型的「落地並擴張」案例，該客戶於 2017 年首次與我們合作，尋求我們的應用安全服務，多年來不斷擴展，這筆交易涵蓋了 Cloudflare 平台的絕大多數產品。

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一份類似的為期4年、價值1000萬美元的資金池協議。這位客戶是我們與大型金融機構簽署的最大一筆新標誌合作協議。我們成功完成了6個不同的概念驗證，選擇Cloudflare的主要業務驅動因素是其強大的韌性、單一統一平台帶來的營運效率，以及我們能夠在國家層面以完全的靈活性滿足資料主權要求的能力，而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同樣利益的金融服務客戶的先機。

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五年、價值 450 萬美元的合約。這家新客戶將全面採用 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 等功能。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，能夠整合多家供應商，這些是贏得此合作的關鍵因素。

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競爭，共有 11 家公司參與。 Cloudflare 的創新速度、部署速度、卓越的效能以及整合 DDoS 和 WAF 的無代理存取平台，使我們從眾多競爭對手中脫穎而出。

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三年、價值 88 萬美元的合同，涵蓋零信任、MAGIC WAN 和應用程式安全。該公司希望簡化、優化其安全架構和 WAN 平台，並降低其延遲。使用現有解決方案，該公司發現難以建立一致的安全態勢，因此無法同時管理安全和網路。借助 Cloudflare，該客戶能夠將 7 種現有產品整合到 Cloudflare 現代化的網路中，並透過單一控制平面將網路和安全解決方案整合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 強政府資助的金融服務公司簽署了一份為期 3 年、價值 300 萬美元的 DDoS 防護合同，其中採用我們的 Magic Transit、Magic Firewall 和 DNS 防火牆產品。該客戶正在尋找比其現有解決方案更具彈性、效能更高、架構更完善的解決方案。借助 Cloudflare 的統一平台，該客戶能夠在單一管理平台上提升攻擊緩解效果，無需專門的團隊運作和管理多個產品。我們目前正在與該客戶進行另一筆交易。

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三年、價值 72 萬美元的合同，涵蓋零信任、Magic WAN 和 Magic Firewall。該客戶希望從傳統的中心輻射型架構轉型，淘汰施工現場昂貴的硬體設備，轉而採用現代化的雲端原生 SASE 模型。 Cloudflare 憑藉著卓越的網路、創新速度、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.

一家美國政府機構簽署了一份為期一年、價值 80 萬美元的合同，涵蓋零信任、Magic WAN 和 R2 物件儲存。該機構希望實現基礎設施現代化，並擺脫由多家傳統單點解決方案供應商組成的複雜網路。 Cloudflare 憑藉其易用性、快速部署以及單一控制平面的整合平台，成功取代了第一代零信任供應商。這些都是巨大的成功。而且，我認為我們看到越來越多的客戶正在轉向完整的 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.

在將時間交給托馬斯之前，我想花幾分鐘談談我們的開發者平台 Cloudflare Workers。過去幾個月對整個 Workers 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者數量超過 200 萬。其次，在 4 月份，我們發布了一系列關鍵產品的正式版本，例如我們的無伺服器 SQL 資料庫 D1；Hyperdrive，它使任何傳統資料庫的效能都像全球分散式資料庫一樣；以及 Workers AI，它允許開發者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.

我們提前完成了 GPU 在整個網路中的部署，目前它們已在全球 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，並且遙遙領先。我們將於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速度以及更大、更複雜的模型。開發者正在使用 Workers AI 建立令人驚嘆的全新應用程序，我們正在讓他們的開發過程越來越方便。

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 是第二大流行的程式語言，也是人工智慧應用最常用的語言。我們與 Hugging Face 建立了合作夥伴關係，使其大部分模型目錄只需一鍵即可輕鬆部署到 Cloudflare 的網路。我們還添加了其他前沿模型，包括在 Meta 的 Llama-3 產品發布當天同步發布。

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.

我最喜歡工作的一點是，當我與使用 Cloudflare Workers 進行開發的開發者交談時，我感覺自己能夠預見未來。我很自豪，我們正在為他們提供建立智慧、可擴展且閃電般快速的應用程式所需的工具。無論是內部還是外部，我們的創新引擎都持續全速運轉。正如我所說，我從未像現在這樣對 Cloudflare、互聯網以及我們這些將在生活的方方面面享受這些創新帶來的好處的用戶的未來感到如此興奮。

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

說完這些，我就把它交給湯瑪斯。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.

謝謝馬修，也謝謝各位的參與。我們對第一季的業績表現感到滿意。本季銷售效率再次年增。銷售週期與上一季相似，新增銷售管道數量超出預期。本季的亮點在於大客戶業務的持續成長，包括我們與一家大型金融機構簽訂的最大規模新標誌合約；公共部門業務也持續取得進展，包括我們與一家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.

鑑於持續的地緣政治不確定性和備受矚目的網路攻擊，安全性仍然是客戶的首要任務，這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，營業利潤年增一倍以上，並產生了3,560萬美元的強勁自由現金流，這得益於應收帳款回款的顯著增長。

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%，達3.786億美元。從地理來看，美國市場佔總營收的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%，較去年同期成長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.

談到我們的客戶指標。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%，本季新增了122位大客戶。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上升至67%，高於去年第一季的62%。此外，我們在Cloudflare三大客戶群（即年化消費超過10萬美元、50萬美元和100萬美元的客戶）的淨新增客戶數量均較去年同期成長創下紀錄。

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%，較上季持平。正如我們上個季度提到的，該指標可能存在季度間波動，但我們仍然認為，DNR先前的下降趨勢正在穩定在該水平附近。

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.

談到毛利率。第一季毛利率為79.5%，季增60個基點，較去年同期成長170個基點。網路資本支出佔第一季營收的8%，這得益於我們持續專注於提高基礎設施效率，以及我們平台在承載新工作負載方面的獨特優勢。我們預計，到2024財年，網路資本支出將佔收入的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。第一季營運費用佔營收的百分比年減3%，至68%，這得益於我們始終致力於提高整個營運部門的生產力和效率。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。銷售和行銷佔收入的百分比從去年同期的42%下降至41%。在過去的五個季度中，我們專注於完善行銷策略和營運。我們在第一季再次實現了銷售效率的同比兩位數成長，這令我們感到鼓舞，這延續了自去年年初低谷以來的上升趨勢，並延續了我們在2021年和2022年初持續保持的生產力水平。

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.

基於對現有人才儲備的分析，以及馬克安德森和馬修之前提到的其他高級市場拓展負責人的加入，我們預計這一積極勢頭將持續下去。正如您多次聽到我們所說，我們致力於提升業務的單位經濟效益，並根據數據做出決策來調整招募節奏。銷售效率和其他業務領先指標的提升，讓我們有信心投資進一步的市場拓展改進，並進一步提升銷售能力。

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，我們計劃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。研發費用佔收入的比例從去年同期的 18% 下降到 16%。本季一般及行政費用為 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% 下降到 11%。營業收入為 4,240 萬美元，而去年同期為 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。鑑於卓越營運是一項長期競爭優勢，這些結果凸顯了我們持續致力於提高效率和生產力。

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.

談及資產負債表上的淨利。本季我們的淨利潤為5820萬美元，攤薄後每股淨利潤為0.16美元。截至第一季度，我們持有17億美元的現金、現金等價物和可供出售證券。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年第二季及全年業績指引。我們對第一季的業績表現感到滿意。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，我們仍在一個難以預測的商業環境中運作。因此，我們對2024年的展望保持審慎。

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%。我們預計營業利潤將在3,500萬美元至3,600萬美元之間，預計有效稅率為10%。我們預期每股攤薄淨利潤為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%。我們預計全年營業利潤將在1.6億美元至1.64億美元之間。我們預計2024年有效稅率為10%，假設流通股數約為3.61億股，我們預計該期間每股攤薄淨利潤將為0.60美元至0.61美元。我們預計2024年全年自由現金流將與營業利潤基本持平，上半年自由現金流低於營業利潤，下半年自由現金流高於營業利潤。

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，我們的團隊始終致力於推動卓越運營，確保長期成長，並為股東創造巨大的價值。我要感謝員工對我們使命的奉獻，也感謝客戶對我們信任，相信我們能夠幫助他們解決在業務現代化、轉型和保障安全過程中遇到的一些最棘手的問題。現在，我想開始提問環節。接線員，請投票提問。

(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，我們的調查顯示，您在SASE領域的地位越來越高。您能否再談談該市場的進展，以及為什麼您在如今競爭更激烈的市場中似乎佔據了一定份額？

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。我們為團隊的執行力感到非常自豪。對於不太熟悉的人來說，SASE 是我們銷售的正向代理商產品。它有助於確保使用網路的員工免受惡意軟體和惡意網站的侵害，從而確保您在業務中使用的網路盡可能安全。我們能夠在 Cloudflare 現有網路之上建立我們的 SASE 平台。這樣做的好處是，這意味著您將獲得一個真正的平台。您不僅可以獲得這些正向代理產品，而且很多時候，我們還捆綁了我們的反向代理產品。這種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。因此，我認為我們是這個領域的新進入者，但我們已經迎頭趕上。您可以看到，我們在 Gartner 和 Forrester 排名中的進步比該領域的任何其他供應商都要大，而且企業也開始關注我們。

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.

我認為大家真正喜歡的另一件事是，大多數安全公司認為性能只是錦上添花，而不是必需品。我們從未接受過這種說法。因此，我們的 SASE 平台比其他任何平台都更優秀、更快。所以，如果您對必須登入的 VPN 感到不滿，如果您對它提供的任何服務感到不滿，即使是新的雲端服務，如果它拖慢了您的速度，讓您難以工作，請致電 Cloudflare，因為我們可以切實改進，使其更加出色。我們從眾多客戶那裡看到，我們的下一代 SASE 平台正在這個領域取得勝利。

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.

太好了。接下來我想問湯瑪斯。我知道根據你們的模型，計算帳單對你們來說不是一個好指標，但我想知道在你們擴展的基於使用量的定價模型中，我們應該如何看待帳單。

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。尤其是如果我們將第四季與本季進行比較，會發現第四季無論是在新業務方面還是在續約方面都非常強勁。但從可比性的角度來看，本季更加特別之處在於，正如您所聽到的，Matthew 談到了一些非常重大的交易，這些交易涉及聯邦和商業領域。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，它們的形態截然不同。其中一個指標是 RPO，它同比增長了 40%，您可以看到這種勢頭被抵消了，一些噪音也消失了。但毫無疑問，這項業務正在變得更加複雜。這也反映在季度環比增長的一些噪音上。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 (Andrew Nowinski)。

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?

太好了！恭喜您本季取得佳績。首先我想問一個關於 Workers AI 的問題，因為我認為它是您產品組合中最令人興奮的產品之一。您提到了 Workers AI，開發者們正在使用你們的平台來建立一些新的 AI 應用程式。您能否舉例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 作為基礎？

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觀察開發人員正在建立什麼。所以，讓我隨便舉幾個例子，看看這些例子有沒有讓你感興趣。如果你覺得無聊，你可以打斷我。我認為最大的電商平台之一已經開始使用Workers AI進行影像分類，並為他們的商店產生關鍵字。一家無人機領域的新創公司正在使用Workers AI進行影像拍攝並將其轉換為3D模型。他們的服務遍布全球，這很有趣。一些公共平台公司正在使用Workers AI進行視訊描述、轉錄、翻譯，所有這些都是人工智慧技術。跨國線上訂餐公司，偶爾會有餐廳提交菜餚的圖片。所以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.

一些照片和影片編輯平台正在使用或評估 Workers AI，以增強影像品質並使其更加出色。有一家新創公司正在用各種語言和當地語言生成歌曲，他們使用 Workers AI 來支援他們的歌曲生成平台。我們想到了大型顧問公司、上市公司和大型遊戲公司，所有這些公司都對 Shadow AI 感到擔憂，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摘要工具，他們可以查看大量電子郵件，並快速將其匯總成執行報告。還有一家新創公司正在開發人工智慧搜尋引擎。金融服務領域的一家上市公司正在進行即時詐欺檢測。有些人正在尋找方法——在裝修領域，在僱用承包商之前，你怎麼能想像這個領域在另一種意義上會是什麼樣子呢？我會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 的獨特之處是什麼？我認為它有三點讓我印象深刻。首先是 Cloudflare Workers AI 的效能，因為我們分佈在世界各地，目前在全球超過 150 個地點提供服務。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，而無需將所有程式碼都發回某個中心位置。

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。如果你使用大型超大規模雲端平台來執行任何類型的人工智慧任務，那麼效率管理就取決於你。你必須確保充分利用你租用的GPU，而我們的做法更像是一種無伺服器人工智慧模型，你只需為實際運行的任務付費。因此，尤其是在許多新創公司，他們發現，如果使用我們的平台來提供人工智慧體驗，就能顯著提高效率，並降低成本。第三，由於我們在全球範圍內分銷，並且我們建立了一個如此豐富的生態系統，你可以從中獲得全面的人工智慧體驗，這使得人們能夠真正地調整他們的模型。

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.

舉個簡單的例子：如果你有一個人工智慧系統，它負責回覆英國用戶，描述某個東西的樣子，而不是美國用戶。在英國，你希望顏色拼成C-O-L-O-U-R。在美國，你希望拼寫成C-O-L-O-R，因為我們可以根據地區進行調整。我們實際上可以對應世界各地所有的地方和區域差異。這是你在其他任何地方都無法實現的。我認為這對這些推理任務來說非常重要。它們希望在本地運行，既出於規範和經驗的考慮，也出於監管方面的原因。所以我對人工智慧領域的發展感到非常興奮。我為我們的團隊在產品推出方面領先感到非常自豪。我們必須將設備實際送到全球150多個城市。我們認為，到今年年底，我們仍有望從構成 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，你的回答非常全面。或許我只想快速地問一下托馬斯。你們招募了一些很棒的新員工，包括湯姆·埃文斯和馬克·安德森，他們加強了你們在通路方面的市場開拓能力。我知道你提到了短期內宏觀經濟的不確定性，但我想知道，你們在年度展望中是否考慮到了你們在市場開拓方面做出的調整，這些調整可能是你們不上調業績指引的原因，儘管第一季度業績表現強勁。

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.

如您所知，我們不會使用“保守”這個詞。當我們談論提供業績指引時，我們傾向於深思熟慮、謹慎行事。當然，這需要平衡我們所看到的有利因素，同時也要考慮外部的不確定性以及每一次重大的市場轉型。對我們來說，這實際上更像是一種演變。風險是存在的，這也反映在我們的績效指引中。

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，關於聯邦業務，在過去幾個季度，您取得了一些相當大的進展。我很好奇，您能否告訴我們您認為的滲透率是多少？是否可以說，飛輪在這裡轉得更快了，至少從您提供的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。我認為聯邦政府對我們來說很令人興奮。去年，我們獲得了 FedRAMP 認證。這為我們打開了許多 FedRAMP——不好意思，是聯邦交易——的大門。我認為我們一直與聯邦政府的許多成員保持著良好的關係。我認為，當我與我們的聯邦客戶交談時，很難體會到，當他們請求我們提供幫助時，我們總是挺身而出提供幫助，他們對此非常感激。所以，今年顯然是美國的選舉年，我們從 2016 年開始運營雅典人項目，該項目免費為在美國任何地方協助管理選舉的任何人提供服務。

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了類似的事情。我們與白宮合作進行了一系列項目，包括「安全學校計畫」（Project Safe Schools），旨在保護全國最脆弱的學校和社區。我認為，這一切都奠定了我們在聯邦領域建立起巨大信任和善意的基礎。如今，隨著世界變得越來越可怕，網路攻擊也越來越多，我認為，我們聯邦業務的驅動力在於：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，以及我們與客戶建立了良好的關係。我們不僅是值得信賴的供應商，更是真正的合作夥伴。我們確保，當全國任何公共機構真正需要幫助時，我們都能挺身而出提供協助。我認為，這正在轉化為越來越多的業務，並為我們帶來可觀的收入。

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，您和湯瑪斯快速談談，在這場人工智慧資本支出之爭中，你們看到所有大型超大規模企業都在大幅提高資本支出。你們是如何有效率地做到這一點的？你們提到要將設備覆蓋150個城市。你們在GPU部署方面處於領先地位。請解釋一下你們是如何——這是唯一一種降低成本的方法嗎？或者你們有沒有比其他公司更有效的方法？

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Thomas可能會有更多補充。我認為Cloudflare業務真正神奇之處，也最優雅之處，在於所有環節都能夠完美地協調一致。例如，隨著我們零信任和SASE產品的銷售成長，這些產品利潤率極高，而且不需要大量的額外資本支出。這讓我們能夠將這些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設備，因為我們知道人工智慧在未來某個時候會成為我們業務的一部分。所以我們非常希望確保這一點。這意味著，當我們部署資本支出時，實際上不是運送整台伺服器來支援人工智慧，而是只運送安裝在現有伺服器上的GPU卡。這減少了需要部署的資本支出。而且，它之所以有效，是因為所有功能都在一個統一的網路上運作。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.

另一方面，許多超大規模資料中心營運商實際上正在出租整台 GPU 或整台機器，而我們的業務略有不同。我們出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率地研究如何讓多租戶使用我們提供的設備，並確保極高的使用率。所以，我再次強調，這些是……我不知道每個超大規模資料中心營運商的具體數字，它們的特點各不相同。但對於普通的超大規模資料中心營運商來說，如果他們部署的 CPU 或 GPU 資源的利用率可能只有 20%，那麼我們的 CPU 資源利用率通常會高出許多倍，幾乎可以達到 80%。這種效率使我們能夠從每一美元的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。你不一定需要最先進的 GPU 才能完成推理任務。這意味著我們不必費力尋找數量有限的 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，並將工作負載與能夠提供最佳服務的供應商進行配對。我認為，隨著時間的推移，這將使我們比那些只想租用特定類型的 GPU，或者租用後讓客戶自行決定如何提高效率的人擁有顯著的優勢。

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.

除此之外，沒什麼好補充的。第一季度，我們的網路資本支出佔收入的 8% 到 9%。我們預計全年的資本支出將在 10% 到 12% 之間，這包括將 GPU 容量部署到我們幾乎所有的伺服器和每個地點。我想強調一下 Matthew 剛才提到的，我們看到的用例種類繁多，Matthew 在與開發人員討論 Workers AI 部署時也提到了這一點，這讓我們對如何優化這種容量有了深刻的了解，沒有哪一張卡適合所有推理任務。我認為，這種根據我們看到的用例種類繁多的需求來優化 GPU 容量投資組合的能力，是讓我們能夠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.

本季執行力出色，營收成長了30%。 Matthew，我想問您一個問題，Thomas也想跟進一下。 Matthew，您之前多次談到招募行銷人才。順便問一下，現在似乎正在上演一場AI工程師的人才爭奪戰。您看到一些公司進行人才收購，結果卻在流失人才。我很好奇Cloudflare在人才招募和留任方面做得如何，以及這是否符合你們正常的薪資和產能標準。

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，因為大家都認為，如果你想創新，如果你想創造未來，如果你想銷售真正優秀的產品，或者幫助推廣這些產品，或者坦白地說，如果你想參與一些最棘手的公共政策問題，或者想與托馬斯一起在世界上最酷的財務團隊工作，那麼Cloudflare就是你可以選擇的地方。所以，當你看到像馬克安德森這樣的人，當你看到像史蒂芬妮科恩這樣的人，你會看到每天都有工程師來到Cloudflare。第一季度，Cloudflare的職缺大概有250個，收到了35萬人的申請。這真是太棒了。而且，這比去年同期非凡的第一季成長了近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。我們沒有看到任何令人遺憾的人員流失。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。而一些世界上最聰明的人也願意來幫助我們。

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?

太棒了。湯瑪斯，就銷售效率而言，您覺得這方面又有了非常強勁的提升。您預計這種情況會隨著新員工和銷售人員的加速招募而改變嗎？還是說你們會招募更多經驗豐富的員工，進而縮短他們上手的時間？

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.

這當然是我們的目標。但即使你僱用了經驗豐富的人才，也需要經歷一個上升曲線。我們正在向高端市場邁進，接觸到越來越大的客戶和更具戰略意義的客戶。他們的情況更加複雜，業務覆蓋率也更加廣泛。所以，這一切都在平衡之中。我們僱用了專業的人才，生產力也得到了顯著提升。但正如我之前所說，市場推廣的每一次轉型或演變都伴隨著潛在的風險，我們在提供指導時會盡量考慮其中可能隱含的負面影響。

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的喬納森·何 (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?

我只是想繼續最後一個問題，從銷售效率的角度更好地理解我們目前處於什麼階段？您認為馬克在哪些方面能帶來最大的價值？

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.

我先說到這裡，如果Thomas有的話，他可以補充一些。我認為——我認為我們在Enterprise走向卓越之路上才剛起步。我記得Mark說過，我們的產品很棒，但我們真正向大型企業銷售產品、了解他們的需求並建立更具策略性關係的能力，是我們持續努力的方向。也就是說——我認為過去18個月我們一直在清理銷售部門。現在Mark加入了，關鍵在於我們如何招募真正的專業人士，讓我們成為全球幾乎所有大型公司的策略供應商。沒有一家大型公司不需要我們銷售的產品。

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，並且真正做到了這一點。我們正在成為這些公司最大的IT供應商之一。其中一些公司規模非常大。我認為，我們贏得了一家大型金融服務機構的青睞，並成為他們的戰略供應商，這——正如我所說，這為我們進入並搶佔更多市場份額提供了一個灘頭陣地。幾乎所有美國主要的金融服務機構都在使用我們的產品。但我想說，我們目前是其中許多機構的策略供應商，而且我們還會繼續這樣做。在網路和安全領域，我們可以提供許多他們絕對需要的服務。我認為，隨著我們不斷完善這個流程，情況會更好。我想不出還有誰比馬克安德森更適合這個職位。再說一次，四年前我們把他加入董事會時並沒有計劃這樣做，但他在那段時間裡已經了解我們了。看到這麼多高素質的人才都渴望與他共事，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.

非常好。我再簡單問一下。宏觀經濟中有什麼具體因素讓您有點猶豫嗎？關於對前景的額外擔憂，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，我們根據自己在網路上的位置接收到了很多訊號。我現在想說的是，這不是任何單一因素指向某個明確方向的。但有很多噪音指向不同的方向，我認為這給了我們一個謹慎的理由。我認為這符合我們的本質，我們總是盡可能地接收數據驅動的訊號，並確保我們以負責任的方式進行投資。因此，我認為顯而易見的是全球地緣政治的不確定性。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，我們看到一些購買行為的變化對我們有利，尤其是在政府業務方面，由於這種不確定性而有所回升。所以，存在一些利弊。我們要做的是確保在投資時謹慎、負責、深思熟慮，並認真思考如何承擔投資者資本以及他們對我們的信任所帶來的責任。

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.

Matt，我想了解最近關於多雲網路的 Nefeli 收購，以及它是否可能加速第二階段的推進，也就是先前關於零信任 SASE 服務的問題。我想具體來說，也許是因為這筆交易的推動力，也許是因為一些被壓抑的需求，認為這項多雲網路技術的加入或許可以從零信任的角度擴展 Cloudflare 的覆蓋範圍。我很想聽聽您對此的看法。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 團隊能加入我們。我們想做到這一點——我們認為 Cloudflare 的競爭領域是網路和安全領域。因此，讓流量輕鬆連接到我們的網路並連接到任何其他雲端平台至關重要，這似乎需要我們自行開發或收購。我們之所以遇到 Nefeli 團隊，部分原因是他們透過我們自己的 Launch Pad 專案加入我們，該專案的客戶和新創公司都使用 Cloudflare 的資源，尤其是我們的 Workers 平台來建立。

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構自身。因此，當我們找到在我們認為令人興奮的領域工作的優秀團隊，並在同一個平台上構建時，也就是我們團隊使用的平台上，這就能降低任何技術集成的風險，以及任何對現有平台進行“弗蘭肯斯坦式改造”的風險。 Nefeli 團隊非常出色，我們很高興宣布這一點。我們認為，我們的收購和併購門檻仍然非常高。但是，在這些小型收購中，我們找到了在有趣領域工作的優秀團隊，這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.

還有幾個非常類似的例子。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者最需要的功能之一。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很棒的可觀察性平台。 PartyKit是一項即時整合服務，它只是我們業務的自然延伸。所以，這些收購都不是規模很大的，但我認為它們極具戰略意義。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，他們經常使用我們現有的開發者平台，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，從而降低併購過程中的技術風險。在這三個案例中，創辦人和團隊成員都有點像 Cloudflare 的人，我們非常高興並為他們加入團隊而感到自豪。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成果的資訊。

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?

嗯，如果能在這裡獲得更多高利潤的 SASE 收入那就太好了。我想順便回到 Brent 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模式。但是，看到其他 DSP 的爆炸式增長以及人們在那裡採取的方法，是否可以這樣描述：如果在你的平台上構建一些這樣的應用程序，其規模會像副駕駛一樣激增，那麼資本支出就必須相對大幅增加？

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，我認為我會關注的是資本支出佔收入的百分比。 Cloudflare 一直以來的神奇之處在於，我們能夠根據需求進行投資，而不是超前投資。因此，我們非常擅長在需要的地方部署更多容量。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，僅從純美元角度來看，我們最終可能會在 GPU 上花費更多。但就佔收入的百分比而言，我們非常有信心，我們能夠以我們預測的未來收入百分比，很好地服務這些應用程式。

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.

我想補充的是，架構的效率才是真正推動這項進程的因素。我們之前談到了收入結構，這使得我們能夠透過零信任產品帶來的收入，將更多資金投入GPU上。硬體架構帶來的效率是另一個因素。我們正在推出我們稱為第12代的服務架構。新世代架構的總擁有成本降低了25%多一點。這意味著我們可以將25%以上的資本支出用於GPU。所以，槓桿的作用不僅在於一個地方，而在於許多地方，所有這些因素的結合，才是真正推動這驚人效率的關鍵。

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

太好了。好吧，托馬斯，也許過幾天我們會看到你公佈人工智慧或通用人工智慧的收入。

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.

只要選擇正確，就立即行動。目前，我認為我們不應該感到厭倦，因為推動採用的好處遠比短期內增加收入更重要。這就是為什麼我們能夠有效運作，因為我們看到平台上有來自200萬開發者的眾多用例。這種面向未來的策略效果顯著，我們將繼續堅持下去。

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?

太好了。我想問一個關於您對宏觀經濟狀況的評論的問題。我想大概兩年前，你們就曾發出預警，表示經濟存在一些風險，並且看到了經濟放緩的跡象。而這其實在6個月、9個月甚至12個月後就發生了。所以，您在這次電話會議上的評論，是說您現在看到的是與宏觀經濟狀況類似的特徵嗎？還是說，這只是一些噪音，因此您比較謹慎，但目前還無法預見這種情況是否會發生？您能否將這次事件與您幾年前發出警告時的情況進行對比？

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。兩年前，我感覺經濟放緩的訊號相當清晰。但今天，我卻沒有那麼清晰的訊號顯示這一點。我們看到了一些讓我們擔憂的事情，但也看到了一些讓我們感到樂觀的事情。所以，我認為用「雲霧繚繞」來形容水晶球是正確的。我喜歡的是，我們擁有一個水晶球。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普通的企業SaaS公司多得多。我認為這對我們很有幫助。而且，我們盡量避免在任何方面讓人感到意外。因此，正如我們所看到的，本季的不確定性和潛在的下行風險肯定比上一季上升。但我不會將其描述為與2020年第一季相同的擔憂——那是在2022年，當時我們看到了我們認為更加清晰的情況。所以我們會繼續關注此事。我再次為托馬斯和其他團隊成員能夠很好地應對這種情況、掌控業務並繼續執行的能力感到自豪。但我並不擔心——我認為我的擔憂程度不如2022年第一季度，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.

所以，如果這裡沒有什麼真正讓您感到害怕的，我仍然對下半年的業績指引和前景感到困惑。您給予的指引或評論表明，您的產品線正在顯著增強。您說您的產品持續時間穩定。您看到了穩健的成交率。您正在提升銷售能力。您正在加速贏得大客戶交易。您在招募和提高生產力方面投入了更多資金。您的銷售團隊正在大幅提升。然而，您的指引暗示，鑑於第一季和第二季的業績均高於華爾街預期，下半年的業績將更加保守。所以我想問題是，這是由於特定地區的特定弱點還是由於政治因素？或者，您只是想在馬克上任並推動公司發展的同時，為銷售部門的重組提供更多機會，因為最終，聽起來這些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，然後湯瑪斯可以再稍微解釋一下。我想反駁一下你最初的說法，你之前說沒有什麼能讓我感到害怕。現在有很多事情讓我感到害怕。所以，只是因為——我想明確一點，我們正處於一個更不確定的環境，我們看到的訊號是不確定性正在上升。除此之外，我認為你說得對，每當銷售領導層變動時，都會伴隨風險。所以確實有一點風險。但主要的因素是，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值得擔憂的理由。但這並不意味著情況和去年一樣，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.

太好了。所以基本上就降低了風險。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蒂姆·霍蘭。

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?

我們看到本季超大規模雲端營收大幅成長，業績指引也大幅提升。他們實際上正在談論容量受限的問題。而您可以說是這些雲端服務商的入口。我想，為什麼他們在指引中看到的與您目前看到的實際情況之間存在差距呢？特別是，您也涉足了成長最快的無伺服器和低延遲領域。但我想，除了您對宏觀經濟或「入口」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。 Tim，我認為最重要的一點是，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，它們對價格上漲和下跌的反應都非常迅速。而我們則更傾向於基於訂閱的模型，這種模型的優點在於穩定性更高。而且，當業務放緩時，這種穩定性會有所幫助。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也與他們差不多。所以，我認為我們比一些基於使用情況的模型更加穩健。我認為這可以解釋部分原因。

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.

我想補充的第二點是，正如托馬斯所說，對於某些產品，尤其是人工智慧產品，我們正在圍繞其應用進行最佳化。雖然我們公佈了定價，而且這些定價非常受歡迎，而且在過去幾個月裡，從利潤率的角度來看，這些定價對我們來說非常有吸引力，但我們目前還沒有在這個領域實現大規模的盈利。不過，正如我所列舉的一些例子，我們在那裡看到了大量的機會。我們認為，當我們決定時機成熟時，開啟這些獲利模式，這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?

還有兩個快速的後續問題。您是否看到其他競爭對手在全球無伺服器、低延遲領域競爭？我想您的意思是，在某個時候，收入成長應該會真正加速。我的意思是，在一個更穩定的宏觀環境或更透明的環境中，我們在這次電話會議上討論的所有事情，合作夥伴們都表示非常積極。您——以及您對下半年的預期，下降到26%，與潛在的增長相比，似乎非常非常低。我想，您認為這些舉措能讓您在未來幾年加速成長嗎？

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.

所以在競爭方面，我們真的沒有。我們認為我們處於非常獨特的地位。我們還沒有看到其他公司推出真正無伺服器架構的連接雲。有些人正在收購一些傳統企業。有些人似乎在說好話，但事實證明，如果你揭開面紗，你會發現在這個領域幾乎沒有什麼業務。所以，我認為我們所提供的地位是獨一無二的。

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.

我不認為這種情況會永遠持續下去。其他人會在這裡提供服務，但我們擁有明顯的領先優勢。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，並且持續表現良好。我們還有一些新興業務，例如零信任和SASE業務，它們正在沿著S曲線加速上升。此外，我們還擁有許多前沿機遇，例如我們的Workers平台。所以，Cloudflare就是要層層疊加S曲線，一個接著一個。因此，我認為許多公司已經耗盡了TAM（潛在市場），失去了市場，而我們能夠繼續在新領域拓展和創新，我認為我們能夠實現我們的目標，那就是成為真正標誌性的科技公司之一，並且我們正在為此進行長期投資，包括有時選擇優化採用率，而不是試圖弄清楚如何從每一位客戶的每一筆交易中賺錢。我們認為，這是長期打造標誌性科技公司的正確方法。

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，請他作總結發言。

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力。我知道現在世界上有很多令人擔憂的事情正在發生。緊張的氣氛瀰漫，而我們每天的工作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。我想不出還有什麼比這更重要的事值得我們去做。感謝整個團隊又一個出色的季度。我們現在要恢復工作了，下個季度再見。謝謝大家。

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。您可以掛斷電話了。