Cloudflare Inc (NET) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Kathleen, and I will be your conference operator today.

我叫凱瑟琳，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Cloudfare Second Quarter 2024 Earnings Conference Call.

現在，我歡迎大家參加 Cloudfare 2024 年第二季財報電話會議。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Mr. Phil Winslow.

我現在想把電話轉給菲爾·溫斯洛先生。

Please go ahead.

請繼續。

Thank you for joining us today to discuss Cloudflare's financial results for the second quarter of 2024.

感謝您今天加入我們討論 Cloudflare 2024 年第二季的財務表現。

With me on the call, we have Matthew Prince, Co-Founder and CEO; Michelle Zatlyn, Co-Founder, President and COO; and Thomas Seifert, CFO.

和我一起參加電話會議的還有共同創辦人兼執行長馬修‧普林斯 (Matthew Prince)；米歇爾‧札特林 (Michelle Zatlyn)，共同創辦人、總裁兼營運長；和首席財務官托馬斯·塞弗特。

By now, everyone should have access to our earnings announcement.

到現在為止，每個人都應該可以看到我們的收益公告。

This announcement, as well as our supplemental financial information may be found on our Investor Relations website.

本公告以及我們的補充財務資訊可以在我們的投資者關係網站上找到。

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.

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、營運和未來的財務表現、我們預期的產品發布以及這些產品的時機和市場潛力。

Our anticipated future financial and operating performance and our expectations regarding future macroeconomic conditions.

我們預期的未來財務和經營業績以及我們對未來宏觀經濟狀況的預期。

These statements and other comments are not guarantees of future performance and are subject to risks and uncertainties, much of which is beyond our control.

這些陳述和其他評論並不是對未來績效的保證，並且存在風險和不確定性，其中大部分是我們無法控制的。

Our actual results may differ significantly from those projected or suggested in any of our forward-looking statements.

我們的實際結果可能與我們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.

這些前瞻性陳述從今天起適用，您不應依賴它們來代表我們未來的觀點。

We undertake no obligation to update these statements after this call.

我們不承擔在本次電話會議後更新這些聲明的義務。

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.

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 SEC 提交的文件以及今天的收益新聞稿。

Unless otherwise noted, all numbers we talk about today, other than revenue, will be on an adjusted non-GAAP basis.

除非另有說明，我們今天討論的所有數字（除收入外）都將基於調整後的非公認會計原則（non-GAAP）基礎上。

You may find a reconciliation of GAAP to non-GAAP financial measures that are included in our earnings release on our Investor Relations website.

您可以在我們的投資者關係網站上的收益發布中找到 GAAP 與非 GAAP 財務指標的調整表。

For historical periods, a GAAP to non-GAAP reconciliation can be found in the supplemental financial information referenced a few moments ago.

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 調整表。

We would also like to inform you that we will be participating in the Stifel Tech Executive Summit on August 26th and the Goldman Sachs Communacopia and Technology Conference on September 10th.

我們也想通知您，我們將參加 8 月 26 日舉行的 Stifel Tech Executive Summit 和 9 月 10 日舉行的高盛 Communacopia 和技術會議。

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.

謝謝你，菲爾。

We had a terrific quarter even with the continued macroeconomic uncertainty.

儘管宏觀經濟持續存在不確定性，但我們還是度過了一個出色的季度。

We crossed $1.6 billion in annualized revenue, achieving $401 million in the second quarter, up 30% year-over-year.

第二季我們的年化營收突破 16 億美元，達到 4.01 億美元，年增 30%。

During the quarter, we added 168 new large customers, those that pay us more than $100,000 per year and now have 3,046 large customers, also up 30% year-over-year.

本季度，我們新增了 168 個大客戶，這些客戶每年向我們支付的費用超過 10 萬美元，現在有 3,046 個大客戶，也較去年同期成長 30%。

Revenue contribution from these large customers during the quarter remained consistent at 67%, up from 64% in the second quarter last year

本季來自這些大客戶的營收貢獻維持在 67%，高於去年第二季的 64%

Our dollar based net retention was 112% down 3% points quarter-over-quarter.

我們以美元計算的淨留存率為 112%，季減 3 個百分點。

Our gross margin was 79%, again above our long-term target range of 75% to 77%.

我們的毛利率為 79%，再次高於我們 75% 至 77% 的長期目標範圍。

We delivered an operating profit of $57 million, representing an operating margin of 14.2%, underscoring our commitment to operational efficiency and productivity.

我們實現了 5,700 萬美元的營業利潤，營業利潤率為 14.2%，突顯了我們對營運效率和生產力的承諾。

We generated strong free cash flow of $38.3 million during the quarter, ahead of our expectations.

本季我們產生了 3,830 萬美元的強勁自由現金流，超出了我們的預期。

This wasn't an easy quarter, but we continue to execute and deliver strong results.

這不是一個輕鬆的季度，但我們繼續執行並交付強勁的業績。

While I think we benefit from being a must-have, not a nice to have, we still had to fight for every deal as the IT-buying environment continues to be challenging.

雖然我認為我們受益於成為必備品，而不是錦上添花，但由於 IT 購買環境仍然充滿挑戰，我們仍然必須爭取每筆交易。

But our investments in go-to market improvements are showing dividends.

但我們在進入市場改善方面的投資正在顯現紅利。

Turns out when you have the right players on the field, you can still play and win even in the rain.

事實證明，當場上有合適的球員時，即使在雨中，您仍然可以比賽並獲勝。

In the second quarter, we again delivered another double-digit year-over-year improvement in sales productivity.

第二季度，我們的銷售生產力再次達到兩位數的年成長。

In addition, close rates and sales cycles both also improved quarter-to-quarter and year-over-year.

此外，成交率和銷售週期也較上季和年比都有所改善。

I'm proud of our team's execution.

我為我們團隊的執行力感到自豪。

I also couldn't be more pleased about the early returns from Mark Anderson and the other go-to market leaders with proven track records who have joined the team.

我對馬克安德森 (Mark Anderson) 和其他加入該團隊、擁有良好業績記錄的市場領導者的早期回報感到非常高興。

In Q2, Mark hired a new VP of Sales in the Americas, a new VP of Revenue and Operations and a Global Head of Customer Success.

在第二季度，馬克聘請了一位新的美洲銷售副總裁、一位新的收入和營運副總裁以及一位全球客戶成功主管。

These are world class go-to market executives who recognize that we have the product, engineering and go-to market leadership for them to bet their careers.

這些都是世界級的行銷主管，他們意識到我們擁有產品、工程和行銷領導力，可以讓他們賭上自己的職業生涯。

As Mark continues to focus on operationalizing productivity at scale and building a world class go-to market engine, a key focus in the second quarter involved making changes to the composition of our organization and bringing on more stage-appropriate talent.

由於馬克繼續專注於大規模營運生產力並建立世界一流的進入市場引擎，第二季的一個重點是改變我們組織的組成並引進更多適合舞台的人才。

This really shows in the numbers.

這確實體現在數字上。

The sales manager and AE hiring in Q2 was up 150% quarter-over-quarter and 163% year-over-year.

第二季銷售經理和 AE 招募人數較上季成長 150%，較去年同期成長 163%。

Again, the key to the quarter was excellent execution.

同樣，本季的關鍵是出色的執行力。

We expect these additions to our go-to market team to further add to our already building momentum with large enterprise customers, partners, and the public sector that we again delivered during the second quarter.

我們預計，我們的行銷團隊的這些新增成員將進一步增強我們在第二季度再次與大型企業客戶、合作夥伴和公共部門建立的勢頭。

That's a great segue to discuss some of our wins in the quarter.

這是討論我們本季取得的一些勝利的一個很好的話題。

A leading Australian technology company expanded their relationship with Cloudflare, signing a two-year $17.5 million contract, $7.2 million of which is expansion.

一家領先的澳洲科技公司擴大了與 Cloudflare 的關係，簽署了一份為期兩年、價值 1750 萬美元的合同，其中 720 萬美元用於擴張。

They started with Cloudflare back in 2016 as a free customer and today use nearly all our products spanning use cases as diverse as remote application access, worker server less development and bot management.

他們於 2016 年開始作為免費客戶使用 Cloudflare，如今幾乎使用我們所有的產品，涵蓋遠端應用程式存取、無工作伺服器開發和機器人管理等多種用例。

Over the next two years, this customer expects to transmit over 180 petabytes and 3.9 trillion requests per month and they see Cloudflare as essential to handling that level of connectivity while maintaining security.

在接下來的兩年中，該客戶預計每月傳輸超過 180 PB 的資料和 3.9 兆個請求，他們認為 Cloudflare 對於處理這種等級的連線並同時保持安全性至關重要。

This is a great example of a land and expand customer who started with our free tier, sees the value and expands over time.

這是一個很好的例子，說明客戶從我們的免費套餐開始，看到了價值並隨著時間的推移而擴展。

Sticking down under, another leading Australian technology company expanded their relationship with Cloudflare, signing a three-year $2.6 million contract for 18,000 seats of gateway, access, browser isolation, CASB, DLP and also our workers' development platform.

另一家領先的澳洲科技公司繼續擴大與 Cloudflare 的關係，簽署了一份為期三年、價值 260 萬美元的合同，涉及 18,000 個網關、訪問、瀏覽器隔離、CASB、DLP 以及我們的員工開發平台。

This customer evaluated Cloudflare against three leading vendors in the market and selected us due to our superior technical solution, network performance and future roadmap.

該客戶對 Cloudflare 與市場上三個領先的供應商進行了評估，並由於我們卓越的技術解決方案、網路性能和未來路線圖而選擇了我們。

The customer called us after the deal closed and said, you were the best solution today, but also for the future and the most strategic.

交易結束後客戶打電話給我們說，你們是今天最好的解決方案，也是面向未來的、最具戰略意義的。

We're very excited for this.

我們對此感到非常興奮。

One of the largest universities in the United States signed a five-year $5.7 million contract.

美國最大的大學之一簽署了一份為期五年、價值 570 萬美元的合約。

This customer is going all in on Cloudflare's SASE platform with 20,000 seats of Zero Trust, CASB, DLP, email security, Magic WAN, and Magic Firewall.

該客戶將全力投入 Cloudflare 的 SASE 平台，該平台擁有 20,000 個零信任、CASB、DLP、電子郵件安全、Magic WAN 和 Magic Firewall 席位。

This university approached us looking to modernize and scale their global network as their incumbent on-premise solutions created bandwidth challenges and poor performance.

這所大學聯繫我們，希望對其全球網路進行現代化和擴展，因為他們現有的本地解決方案帶來了頻寬挑戰和效能不佳。

With Cloudflare, they're able to replace multiple legacy vendors with a unified platform and cloud-first architecture.

借助 Cloudflare，他們能夠用統一平台和雲端優先架構取代多個傳統供應商。

A large global research and development organization expanded their relationship with Cloudflare, signing a two-year $846,000 contract for Cloudflare's SASE portfolio with 3,500 seats of access, gateway, CASB, DLP, browser isolation, and Magic WAN along with our advanced application security bundle.

一家大型全球研發組織擴大了與Cloudflare 的關係，為Cloudflare 的SASE 產品組合簽署了一份為期兩年、價值846,000 美元的合同，其中包括3,500 個訪問席位、網關、CASB、DLP、瀏覽器隔離和Magic WAN 以及我們的進階應用程式安全性捆綁包。

This was a very competitive process to displace legacy

這是一個競爭非常激烈的取代傳統的過程

VPN providers and Cloudflare was selected over 3 SASE competitors due to our superior network performance, ease of use, and configuration as well as our unified platform.

VPN 供應商和 Cloudflare 因其卓越的網路效能、易用性和配置以及我們的統一平台而被 3 個 SASE 競爭對手選中。

A Fortune 500 financial services company expanded their relationship with Cloudflare, signing a one year $895,000 contract for Magic Transit and Magic Firewalls.

一家財富 500 強金融服務公司擴大了與 Cloudflare 的關係，簽署了為期 895,000 美元的 Magic Transit 和 Magic Firewalls 合約。

Gaps in their incumbent products with two on-premise tenders left this customer vulnerable to attacks, creating significant urgency for our placement solution.

其現有產品與兩次本地招標之間的差距使該客戶容易受到攻擊，這為我們的安置解決方案帶來了極大的緊迫性。

A number of channel partners mentioned Cloudflare as a leader in DDoS to this customer, and we were quick to come in and get this customer fully deployed, operational, and protected in just 10 days.

許多通路合作夥伴向該客戶提到 Cloudflare 是 DDoS 領域的領導者，我們很快就介入並在短短 10 天內讓該客戶得到全面部署、營運和保護。

A Fortune 500 gaming company signed a two-year $3 million contract for advanced application security and performance along with R2 storage.

一家財富 500 強遊戲公司簽署了一份為期兩年、價值 300 萬美元的合同，涉及高級應用程式安全性和性能以及 R2 儲存。

This customer was looking to improve availability for its technical infrastructure to support its large global distribution of games.

該客戶希望提高其技術基礎設施的可用性，以支援其大規模的全球遊戲發行。

They are migrating all services from two incumbent vendors to Cloudflare through the completeness of our solution, our superior network performance and scale, and unified platform giving them a single control plane.

他們正在透過我們解決方案的完整性、卓越的網路效能和規模以及為他們提供單一控制平面的統一平台，將所有服務從兩個現有供應商遷移到 Cloudflare。

A leading AI company signed a one-year $500,000 contract with Cloudflare to be their platform for AI for inference, storage, image optimization, and application security.

一家領先的人工智慧公司與 Cloudflare 簽署了一份為期一年、價值 50 萬美元的合同，作為其用於推理、儲存、圖像優化和應用程式安全的人工智慧平台。

This company with an existing R2 customer, allowing them to unlock the best prices and performance across multiple cloud providers.

該公司擁有現有的 R2 客戶，使他們能夠跨多個雲端供應商獲得最佳價格和效能。

However, doing both training and inference with a centralized hyperscale cloud created poor performance for their end users.

然而，使用集中式超大規模雲端進行訓練和推理會為最終用戶帶來較差的效能。

With Cloudflare, this customer now has access to GPUs deployed across our network, close to their end users.

借助 Cloudflare，該客戶現在可以存取我們網路中部署的、靠近最終用戶的 GPU。

Not only will inference task be more performant, but this customer is also realizing a 40% cost improvement with Workers AI.

借助 Workers AI，該客戶不僅可以提高推理任務的效能，而且還實現了 40% 的成本改進。

A leading technology company expanded their relationship with Cloudflare, signing a two-year $4.8 million contract.

一家領先的科技公司擴大了與 Cloudflare 的關係，簽署了一份為期兩年、價值 480 萬美元的合約。

This customer is focused on growing their enterprise and FedRAMP product lines and uses Cloudflare for Government along with Cloudflare Workers to dynamically route traffic in order to optimize reliability.

該客戶專注於發展其企業和 FedRAMP 產品線，並使用 Cloudflare for Government 和 Cloudflare Workers 來動態路由流量以優化可靠性。

This customer has significantly increased their usage as they unlock new use cases and lean further into standardizing on Cloudflare wherever possible across all their business units.

該客戶解鎖了新的用例，並在所有業務部門盡可能地進一步傾向於在 Cloudflare 上實現標準化，從而顯著提高了其使用率。

After signing this deal, their team reached out to express interest in our AI products.

簽署協議後，他們的團隊主動聯繫我們，表達了對我們的人工智慧產品的興趣。

So there should be more to come from this customer.

所以這個客戶應該會帶來更多的東西。

I think there are two trends that stand out across all those customer stories.

我認為在所有這些客戶故事中，有兩個趨勢很突出。

First, customers are adopting Cloudflare's broader platform and signing a pool of fun deals.

首先，客戶正在採用 Cloudflare 更廣泛的平台並簽署一系列有趣的交易。

That can have some revenue recognition and DNR impacts, but we believe it is actually an extremely healthy sign as when customers buy into our broad platform that we know of no competitors that can match our feature set.

這可能會對收入確認和 DNR 產生一些影響，但我們相信這實際上是一個非常健康的信號，因為當客戶購買我們廣泛的平台時，我們知道沒有競爭對手可以與我們的功能集相匹配。

Second, you'll notice that more and more of these large deals include Cloudflare Workers, our developer platform.

其次，您會注意到越來越多的大型交易包括我們的開發者平台 Cloudflare Workers。

Last quarter, I announced that we crossed 2 million active developers on the platform.

上個季度，我宣布平台上的活躍開發者數量已突破 200 萬。

I checked in just the other day and we're already up to more than 2.4 million active developers and over 20% increase in just the last four months.

前幾天我查看了一下，我們的活躍開發者數量已經超過 240 萬，並且在過去四個月內增長了 20% 以上。

This accelerated adoption following the announcements during our developer week in early April reinforces how developers are increasingly seeing Cloudflare as offering a complete solution for them to build and ship full-stack applications.

在 4 月初的開發者週期間發佈公告後，這種加速採用的情況進一步表明，開發者越來越多地認為 Cloudflare 為他們提供了構建和發布全棧應用程式的完整解決方案。

Workers AI is growing even faster with developer accounts taking advantage of our AI functions increasing 67% quarter-over-quarter.

Workers AI 的成長速度甚至更快，利用我們 AI 功能的開發者帳戶環比成長 67%。

Today, we have inference-tuned GPUs live in 167 cities worldwide, making us we believe the most global cloud inference solution and inference requests powered by Cloudflare AI increased more than 700% quarter-over-quarter.

如今，我們在全球 167 個城市擁有經過推理調整的 GPU，這讓我們相信，由 Cloudflare AI 支持的最全球化的雲端推理解決方案和推理請求季度環比增長了 700% 以上。

Developers are turning to Cloudflare for their AI tasks that need to be fast, global, and compliant with an increasing patchwork of AI regulations.

開發人員正在轉向 Cloudflare 來完成他們的 AI 任務，這些任務需要快速、全域且符合日益拼湊的 AI 法規。

There's external validation as well.

還有外部驗證。

Stacked overflow recently surveyed a broad base of developers on what platforms they're using today.

Stacked Overflow 最近對廣大開發者進行了調查，以了解他們目前使用的平台。

Cloudflare came in fourth, just off the podium ahead of 22 other developer platforms and buying only the three traditional hyperscale public clouds.

Cloudflare 排名第四，領先其他 22 個開發者平台，僅購買了三個傳統的超大規模公有雲。

What's even more exciting, however, is what the survey tells us about the future.

然而，更令人興奮的是調查告訴我們的未來。

When developers were asked what platform, they were the most excited to work on in the coming year, Cloudflare came in second ahead of AWS, Google, and Microsoft Azure.

當開發人員被問到來年最興奮的工作平台是什麼時，Cloudflare 排名第二，領先 AWS、Google 和 Microsoft Azure。

Cloudflare didn't even make the survey in 2022, so we're coming out fast.

Cloudflare 甚至沒有參與 2022 年的調​​查，因此我們很快就會公佈。

If we continue to increase developer interest at the same rate, it won't be long before we meddle.

如果我們繼續以同樣的速度提高開發商的興趣，用不了多久我們就會介入。

And rest assured, our team won't be satisfied with anything short of gold.

請放心，我們的團隊不會對任何缺少黃金的東西感到滿意。

With that, I'll hand it off to Thomas, who looks after our gold to walk through our financial results.

接下來，我將把它交給托馬斯，他負責管理我們的黃金並檢查我們的財務表現。

Thomas, take it away.

湯瑪斯，把它拿走。

Thank you, Matthew, and thank you to everyone for joining us.

謝謝你，馬修，也謝謝大家加入我們。

We are pleased with our execution during the second quarter as we make continuous progress on our go-to market transformation.

我們對第二季的執行情況感到滿意，因為我們在市場轉型方面不斷取得進展。

We again delivered another double-digit year-over-year increase in sales productivity during the second quarter, and we also saw an uptick in close rates and an improvement in sales cycles.

第二季度，我們的銷售生產力再次實現了兩位數的年成長，成交率也有所上升，銷售週期也有所改善。

The quarter was highlighted by sustained momentum with large new customers, ongoing significant progress in the public sector, and continued high prioritization of security by our customers.

本季度的亮點是大型新客戶的持續成長動能、公共部門持續取得的重大進展以及客戶對安全的持續高度重視。

Continuing our strong commitment to being fiscally responsible and acting as good stewards of investors' capital, operating profit again more than doubled year-over-year and we generated free cash flow of $38.3 million during the second quarter.

我們繼續堅定地致力於承擔財務責任並充當投資者資本的良好管理者，營業利潤再次同比增長一倍多，第二季度我們產生了 3830 萬美元的自由現金流。

Turning to revenue.

轉向收入。

Total revenue for the second quarter increased 30% year-over-year to $401 million.

第二季總營收年增 30%，達到 4.01 億美元。

From a geographic perspective, the U.S. represented 51% of revenue and increased 28% year-over-year.

從地域角度來看，美國佔營收的 51%，年增 28%。

EMEA represented 28% of revenue and increased 32% year-over-year.

歐洲、中東和非洲地區佔營收的 28%，年增 32%。

APAC represented 13% of revenue and increased 29% year-over-year.

亞太地區佔營收的 13%，年增 29%。

We were pleased to see a notable uptick in both sequential and year-over-year growth in APAC as a number of go-to market initiatives in the region begin to deliver early returns.

我們很高興看到亞太地區的連續成長和年成長均顯著上升，因為該地區的許多進入市場計劃開始帶來早期回報。

Turning to our customer metrics.

轉向我們的客戶指標。

In the second quarter, we had about 210,200 paying customers, an increase of 21% year-over-year.

第二季度，我們的付費客戶約為210,200名，較去年同期成長21%。

We ended the quarter with about 3,050 large customers, representing an increase of 30% year-over-year and an addition of 168 large customers in the quarter.

截至本季末，我們擁有約 3,050 家大客戶，年增 30%，本季新增 168 家大客戶。

Our dollar-based net retention rate was 112% during the second quarter, representing a decrease of 3% points sequentially.

第二季度，我們以美元計算的淨保留率為 112%，比上一季下降了 3 個百分點。

The decline in DNR was driven by slower net expansion in our larger customer cohorts, increased platform deals in the form of pool of funds contracts, which reduce friction to adoption across our product portfolio, that can impact the shape of revenue recognition as well as deferred revenue and current RPO, especially for existing customers that transition into this structure and anniversary in the price increase to our Pro and business PayGo plans last year.

DNR 下降的原因是我們較大客戶群的淨擴張速度較慢，以資金池合約形式增加的平台交易增加，這減少了我們產品組合採用的摩擦，這可能會影響收入確認的形式以及遞延收入收入和當前RPO，特別是對於過渡到這種結構的現有客戶以及去年Pro 和商業PayGo 計劃提價的周年紀念日。

For the next several quarters, we expect new customers to contribute a higher percentage of our overall year-over-year revenue growth, similar to the second quarter.

在接下來的幾個季度中，我們預計新客戶將在我們整體同比營收成長中貢獻更高的比例，與第二季類似。

Moving to gross margin.

轉向毛利率。

Second quarter gross margin was 79%, representing a decrease of 50 basis points sequentially and an increase of 130 basis points year-over-year.

第二季毛利率為79%，季減50個基點，較去年同期成長130個基點。

Network CapEx represented 6% of revenue in the second quarter.

第二季網路資本支出佔收入的 6%。

Based on the timing of certain investments, we expect network CapEx to increase in the second-half to reach 10% to 12% of revenue for full year 2024.

根據某些投資的時間安排，我們預計下半年網路資本支出將增加，達到 2024 年全年收入的 10% 至 12%。

Turning to operating expenses.

轉向營運費用。

Second quarter operating expenses as a percentage of revenue decreased by 6% year-over-year to 65% as we remain committed to driving higher productivity and greater efficiency across our operations.

第二季營運費用佔收入的百分比年減 6% 至 65%，因為我們仍然致力於提高整個營運的生產力和效率。

Our total number of employees increased 15% year-over-year, bringing our total headcount to 3,902 at the end of the quarter.

我們的員工總數年增 15%，季末總人數達到 3,902 人。

Sales and marketing expenses were $149.5 million for the quarter.

該季度的銷售和行銷費用為 1.495 億美元。

Sales and marketing as a percentage of revenue decreased 37% from 41% in the same quarter last year.

銷售和行銷佔收入的百分比從去年同期的 41% 下降了 37%。

This decline was primarily due to the transition of our go-to market organization to focus on more stage-appropriate talent.

這一下降主要是由於我們的市場組織轉變為關注更適合舞台的人才。

We are encouraged by the acceleration in account executive hiring exiting the second quarter, which Matthew mentioned earlier, and we expect this trend to continue in the second-half of 2024.

馬修先前提到的第二季客戶經理招募加速令我們感到鼓舞，我們預計這一趨勢將在 2024 年下半年持續下去。

Research and development expenses were $65.4 million in the quarter.

該季度的研發費用為 6540 萬美元。

R&D as a percentage of revenue decreased to 16% from 17% in the same quarter last year.

研發佔營收的比例從去年同期的 17% 下降至 16%。

General and administrative expenses were $44.7 million for the quarter.

該季度的一般和管理費用為 4470 萬美元。

G&A as a percentage of revenue decreased to 11% from 13% in the same quarter last year.

G&A 佔營收的百分比從去年同期的 13% 下降至 11%。

Operating income was $57 million compared to $20.3 million in the same period last year.

營業收入為 5,700 萬美元，去年同期為 2,030 萬美元。

Second quarter operating margin was 14.2%, an increase of 760 basis points year-over-year.

第二季營業利益率為14.2%，較去年同期成長760個基點。

These results highlight our continued focus on becoming more efficient and more productive, given that operational excellence is a long-term competitive advantage.

鑑於卓越營運是一項長期競爭優勢，這些結果凸顯了我們對提高效率和生產力的持續關注。

Turning to net income and the balance sheet.

轉向淨利潤和資產負債表。

Our net income in the quarter was $69.5 million or dilutive net income per share of $0.20. We ended the second quarter with $1.8 billion in cash, cash equivalents, and available-for-sale securities.

我們本季的淨利潤為 6,950 萬美元，或每股攤薄淨利潤為 0.20 美元。截至第二季末，我們擁有 18 億美元的現金、現金等價物和可供出售證券。

Free cash flow was $38.3 million in the second quarter or 10% of revenue compared to $20 million or 6% of revenue in the same period last year.

第二季自由現金流為 3,830 萬美元，佔營收的 10%，而去年同期為 2,000 萬美元，佔營收的 6%。

Remaining performance obligations or RPO came in at $1,421 million, representing an increase of 6% sequentially or 37% year-over-year.

剩餘履約義務或 RPO 為 14.21 億美元，季增 6%，年增 37%。

Current RPO was 69% of total RPO.

目前 RPO 佔總 RPO 的 69%。

Moving to guidance for the third quarter and full year 2024.

轉向 2024 年第三季和全年指引。

We are pleased with our execution during the second quarter, and we remain prudent in our outlook for 2024.

我們對第二季的執行感到滿意，並對 2024 年的前景保持審慎態度。

For the third quarter, we expect revenue in the range of $423 million to $424 million, representing an increase of 26% year-over-year.

我們預計第三季營收在 4.23 億美元至 4.24 億美元之間，年增 26%。

We expect operating income in the range of $50 million to $51 million and we expect an effective tax rate of 11%.

我們預計營業收入在 5,000 萬美元至 5,100 萬美元之間，有效稅率為 11%。

We expect diluted net income per share of $0.18, assuming approximately 359 million shares outstanding.

假設流通股數量約為 3.59 億股，我們預計稀釋後每股淨利為 0.18 美元。

For the full year 2024, we expect revenue in the range of $1,657 million to $1,659 million, representing an increase of 28% year-over-year.

2024 年全年，我們預計營收在 16.57 億美元至 16.59 億美元之間，年增 28%。

We expect operating income for the full year in the range of $196 million to $198 million.

我們預計全年營業收入在 1.96 億美元至 1.98 億美元之間。

We expect an effective tax rate of 11% for 2024.

我們預計 2024 年的有效稅率為 11%。

We expect diluted net income per share over that period to be $0.70 to $0.71, assuming approximately 358 million shares outstanding.

假設流通股數量約為 3.58 億股，我們預計該期間每股攤薄淨利潤為 0.70 至 0.71 美元。

We are currently analyzing our ability to implement certain tax planning strategies in order to manage current and future cash tax liabilities.

我們目前正在分析我們實施某些稅務規劃策略的能力，以管理當前和未來的現金稅負債。

We will provide an update once this tax planning review is completed if the outcome were to impact our expectations for Cloudflare's non-GAAP effective tax rate in the second-half of 2024.

如果此稅務規劃審核結果影響我們對 Cloudflare 2024 年下半年非 GAAP 有效稅率的預期，我們將在完成此稅務規劃審核後提供最新資訊。

We expect free cash flow to be consistent with our implied prior guidance of approximately $160 million to $164 million for the full-year 2024.

我們預計 2024 年全年自由現金流將與我們先前暗示的約 1.6 億至 1.64 億美元的指引一致。

In closing, our team remains committed to driving operational excellence, ensuring long-term growth, and delivering significant shareholder value.

最後，我們的團隊仍然致力於推動卓越營運、確保長期成長並提供顯著的股東價值。

I'd like to thank our employees for their dedication to our mission as well as our customers for trusting us to help them modernize, transform, and secure their businesses.

我要感謝我們的員工對我們使命的奉獻，以及我們的客戶信任我們幫助他們實現業務現代化、轉型和安全。

And with that, I'd like to open it up for questions.

說到這裡，我想開放提問。

Operator, please poll for questions.

接線員，請投票詢問問題。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions).

（操作員說明）。

Your first question comes from the line of Matt Hedberg of RBC Capital Markets.

你的第一個問題來自加拿大皇家銀行資本市場公司的 Matt Hedberg。

Your line is now open.

您的線路現已開通。

Great.

偉大的。

Thank you very much, guys.

非常感謝你們。

Congrats on the quarter.

恭喜本季。

Obviously, this is a challenging environment and to see the consistency, it's really, really great.

顯然，這是一個充滿挑戰的環境，看到一致性，真的非常棒。

Matthew, maybe to start with you.

馬修，也許從你開始。

It was great to see another quarter of double-digit sales productivity improvements.

很高興看到銷售生產力又實現了四分之一的兩位數提高。

I guess, what are some of the most important changes Mark Anderson and I guess the broader team is implementing to drive that result?

我想，馬克安德森和更廣泛的團隊正在實施哪些最重要的改變來推動這項結果？

And given that you said macros remain challenging, is increased productivity also help the cause of really accelerated sales cycles and improved close rates?

鑑於您所說的宏觀仍然具有挑戰性，生產力的提高是否也有助於真正加速銷售週期和提高成交率？

Yes.

是的。

Thanks, Matt.

謝謝，馬特。

I think we've tried to be very transparent about what we were seeing.

我認為我們已經盡力對我們所看到的情況保持非常透明。

I think the real nadir for us in sales productivity was in Q3 of 2023.

我認為我們銷售生產力的真正最低點是在 2023 年第三季。

And then this quarter, we're back to the same sales productivity that we saw back in mid-2022.

然後在本季度，我們的銷售生產力恢復到 2022 年中期的水平。

So it is rebounding well.

所以反彈得很好。

I think Mark Anderson gets a lot of credit for that over the last bit, but the real changes started even before Mark joined us.

我認為馬克安德森在最後一點上得到了很多讚譽，但真正的變化甚至在馬克加入我們之前就開始了。

And I think we're already seeing the benefits of the changes of just really putting in place much better operational metrics, putting in place much better training, really upleveling our team, having the discipline to do performance management and then have that flow through.

我認為我們已經看到了變革的好處，即真正實施更好的營運指標，實施更好的培訓，真正提升我們的團​​隊水平，制定績效管理的紀律，然後讓其貫穿始終。

And I think that's a lot of what you're seeing today.

我想這就是你們今天看到的很多內容。

What Mark is doing is accelerating that even more.

馬克正在做的事情正在進一步加速這一進程。

And that starts with hiring really excellent lieutenants and really excellent leaders.

首先要雇用非常優秀的副手和非常優秀的領導者。

It's a dramatic upgrade across our entire sales organization.

這是我們整個銷售組織的巨大升級。

And then what's been just amazing to watch is great people want to follow great people.

令人驚訝的是，偉大的人想要追隨偉大的人。

And so Mark has a huge number of amazing people who want to follow him.

因此，馬克有大量優秀的人想要追隨他。

Those people who follow him now are bringing in and up leveling our team.

現在追隨他的人正在引進並提升我們團隊的水平。

And what we're seeing is not only are they more productive, but then they're helping our existing team who are really amazing people get more productive as well.

我們看到的是，他們不僅提高了工作效率，而且還幫助我們現有的團隊（這些非常出色的人）也提高了工作效率。

So I think discipline, execution, that started before Mark Anderson.

所以我認為紀律和執行力是在馬克安德森之前就開始的。

I think it's accelerating with Mark Anderson.

我認為馬克安德森（Mark Anderson）正在加速這一進程。

And we have never had a product problem.

我們從未遇到過產品問題。

We've never had a demand problem that's here.

我們從來沒有遇過這樣的需求問題。

And what every sales leader who comes in says is, I just can't wait to roll up my sleeves, put in place the real discipline, and get out to selling what is an incredible product.

每位進來的銷售領導都會說，我迫不及待地想捲起袖子，制定真正的紀律，開始銷售令人難以置信的產品。

That's great.

那太棒了。

It sounds like a real flywheel effect.

聽起來像是真正的飛輪效果。

And maybe just a quick one for Thomas.

對托馬斯來說，也許只是一個快速的過程。

In your prepared remarks, you noted that DNR ticked down three points sequentially.

在您準備好的發言中，您注意到 DNR 連續勾選了三個點。

And obviously, this is a trailing 12-month metric, and you called out a number of factors that negatively impacted that metric.

顯然，這是一個過去 12 個月的指標，您指出了許多對該指標產生負面影響的因素。

I guess the fact that you raised full-year revenue guidance more than the Q2 beat, does that imply DNR has bottomed, or could it see some further pressure given that you noted a larger percentage of revenue growth will come from new customers in the future?

我猜您將全年收入指引上調的幅度超過了第二季度的預期，這是否意味著DNR 已經觸底，或者考慮到您指出未來更大比例的收入增長將來自新客戶，它是否會面臨進一步的壓力？

Yes.

是的。

So as we said in my prepared remarks, the decrease was driven by solar net expansion, but it was also impacted by what Matthew described, a large pool of funds deals.

正如我們在我準備好的演講中所說，下降是由太陽能淨擴張推動的，但它也受到馬修描述的大量資金交易的影響。

So as we enter this fiscal year, we've entered into several of these pool of fund deals.

因此，當我們進入本財年時，我們已經達成了其中幾項基金池交易。

They're all very large in nature, the biggest ones, anywhere between $40 million to $60 million of total contract value.

它們本質上都非常大，其中最大的合約總價值在 4000 萬美元到 6000 萬美元之間。

As a matter of fact, four of our top 10 customers are now pool of funds customers.

事實上，我們的十大客戶中有四家現在是資金池客戶。

And these pools of fund deals are generally built monthly as compared to an upfront annual billing and they tend to have longer duration.

與預付年度帳單相比，這些基金交易通常每月建立一次，而且期限往往更長。

So most of these contracts are north of three years.

因此，大多數合約的期限都在三年以上。

And as a result, the financial impact of these pool of fund deals is very different.

因此，這些基金池交易的財務影響非常不同。

It's very different on revenue and it's different on current RPO and it's very different on deferred revenue.

收入方面有很大不同，目前 RPO 方面也有很大不同，遞延收入方面也有很大不同。

And if it's an existing customer that transitions, it also impacts DNR.

如果是現有客戶進行轉換，也會影響 DNR。

And so as it relates to revenue, the revenue is now recognized as the customer consumes the service.

因此，由於它與收入相關，收入現在是在客戶消費服務時確認的。

And as a result, the record revenue recognition might be non-linear and might ramp over time with respect to deferred revenue because those deals have monthly billing terms, we do not report upfront deferred revenue, and this can result then in lower deferred revenue growth.

因此，創紀錄的收入確認可能是非線性的，並且可能會隨著時間的推移而增加遞延收入，因為這些交易有每月計費條款，我們不報告預付遞延收入，這可能會導致遞延收入增長較低。

And then current RPO is also impacted because the contract duration is longer.

由於合約期限較長，目前的 RPO 也會受到影響。

So you recognize upfront less in current RPO.

因此，您對目前 RPO 的前期認識較少。

So while the deals are very beneficial and healthy to the business, and they generate some noise in this transition in our DNR and in the other metrics.

因此，雖然這些交易對業務非常有利且健康，但它們在我們的 DNR 和其他指標的轉變中產生了一些噪音。

So very healthy trends, will make the business a little bit more lumpy.

所以非常健康的趨勢，會讓業務變得更加坎坷。

And as of last year, I still think those KPIs are the right KPIs, but I think you have to look at them more from a rolling and average perspective but very healthy development, very large deals, but with some noise and lumpiness in the transition.

截至去年，我仍然認為這些KPI 是正確的KPI，但我認為你必須更多地從滾動和平均的角度來看待它們，但它們的發展非常健康，交易規模很大，但在轉型過程中存在一些噪音和混亂。

Super helpful.

超有幫助。

Thank you.

謝謝。

Your next question comes from the line of Shaul Eyal from TD Cowen.

您的下一個問題來自 TD Cowen 的 Shaul Eyal。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon and congrats on results in what appears to be a swift action by Mark and the entire team.

下午好，恭喜馬克和整個團隊迅速採取的行動所取得的成果。

Matthew, given the recent CrowdStrike ID outage, which was on-premise predominantly.

Matthew，考慮到最近發生的 CrowdStrike ID 中斷（主要發生在本地）。

My question is whether Cloudflare was called by some customers to assist given your cloud connectivity capabilities and focus and whether you could be seeing some longer-term benefit given this focus?

我的問題是，考慮到您的雲端連線能力和重點，某些客戶是否要求 Cloudflare 提供協助，並考慮到這種重點，您是否可以看到一些長期利益？

And I have a follow-up.

我有一個後續行動。

Yes, Shaul.

是的，肖爾。

I think we get called to help customers all the time, but we don't have a product that directly competes or replaces CrowdStrike.

我認為我們一直被要求幫助客戶，但我們沒有直接競爭或取代 CrowdStrike 的產品。

I think the first thing I'd say is that our whole team, we offered to help CrowdStrike directly in any way that we could, helping them get patches out or leases out, helping review any communications that they had.

我想我要說的第一件事是，我們整個團隊願意以任何可能的方式直接幫助 CrowdStrike，幫助他們打補丁或出租，幫助審查他們所進行的任何溝通。

And they have been a great partner.

他們一直是很好的合作夥伴。

We are a customer of theirs and we continue to have faith in their product and George and the rest of his leadership team.

我們是他們的客戶，我們繼續對他們的產品以及喬治和他的領導團隊的其他成員充滿信心。

I think more generally though, the word of the day is going to be resilience, which is that customers are going to want to make sure that they are not sole-sourced on any one vendor and that includes with vendors like the ones that are providing network security like we do at Cloudflare.

不過，我認為更普遍的是，當今的關鍵字將是彈性，即客戶將希望確保他們不是唯一從任何一家供應商處採購的供應商，其中包括像提供服務的供應商這樣的供應商網路安全就像我們在Cloudflare 所做的那樣。

And so when we're talking to large financial institutions, what they're saying to us is, we want to use you and someone else.

因此，當我們與大型金融機構交談時，他們對我們說的是，我們想使用您和其他人。

That I think is going to put pressure on some of the older, more legacy providers.

我認為這會給一些較老的、更傳統的提供者帶來壓力。

I think for us, it actually is potentially tailwind for us because in places where before we had to convince someone to rip and replace, now instead, we just have to say you need to have a second provider in place.

我認為對我們來說，這實際上對我們來說是潛在的順風車，因為在以前我們必須說服某人拆除和更換的地方，現在我們只需要說你需要有第二個供應商。

And since we have been the disruptor in the market moving from the low-end up and increasingly going into larger enterprises.

由於我們一直是市場的顛覆者，從低階市場轉向大型企業。

I think it actually opens up more and more opportunity for us over time.

我認為隨著時間的推移，它實際上為我們提供了越來越多的機會。

So what I'm hearing from customers is that resilience is key that people are increasingly not wanting to be entirely reliant on any one vendor.

因此，我從客戶那裡聽到的是，彈性是關鍵，人們越來越不想完全依賴任何一家供應商。

And I think that especially in the larger accounts that we're going after, that is actually going to open up an opportunity for us to get in because it means we can sit side-by-side with someone else.

我認為，特別是在我們追求的較大客戶中，這實際上將為我們提供進入的機會，因為這意味著我們可以與其他人並肩坐在一起。

What's great though is our performance is better, our security is better and we know time and time and time again if you put us next to anyone else in the CASB space, anybody else in the SASE space, anyone else that these vendors are looking at, we may start out as the number two vendor, but very quickly, they realize that we should be number one.

不過，最棒的是我們的性能更好，我們的安全性更好，如果你把我們放在CASB 領域的其他任何人、SASE 領域的任何其他人、這些供應商正在關注的任何其他人旁邊，我們一次又一次地知道，我們可能一開始是第二大供應商，但很快，他們意識到我們應該成為第一名。

Understood.

明白了。

And I was listening carefully to your prepared remarks as it relates to the product, seems as if you're hitting on all cylinders Magic Translate, Virtual Firewall, SASE workers, RTU, you name it.

我正在仔細聆聽您準備好的與產品相關的評論，似乎您正在全力以赴，Magic Translate、虛擬防火牆、SASE 工作人員、RTU，凡是您能想到的。

But the question is whether there was any specific one or two product services that stood out specifically this quarter?

但問題是，本季是否有具體的一兩個產品服務特別突出？

I think the first thing I'd say is that it really echoes what Thomas was just talking about, when we say that people are signing up for pool of funds deals, what they are really signing up for is to use the entire Cloudflare platform.

我認為我要說的第一件事是，它確實呼應了 Thomas 剛才所說的，當我們說人們正在簽署資金池交易時，他們真正簽署的是使用整個 Cloudflare 平台。

And so more and more, we're seeing that people are saying, I'm not picking you for one feature or another.

因此，我們越來越常看到人們說，我不會因為某項功能而選擇你。

I'm picking it because the entire platform gives me a solution to all of my network performance, security, and reliability needs.

我選擇它是因為整個平台為我提供了滿足所有網路效能、安全性和可靠性需求的解決方案。

And so I think that that's what's driving a lot of our larger deals with our larger customers.

所以我認為這就是推動我們與大客戶達成許多大額交易的原因。

And I think that's an incredibly encouraging result.

我認為這是一個令人難以置信的令人鼓舞的結果。

If you force me to pick one area that's really standing out, it's got to be the developer platform.

如果你強迫我選擇一個真正脫穎而出的領域，那一定是開發者平台。

I was blown away that just quarter-over-quarter, we've seen a 20% increase in active developer accounts.

令我震驚的是，僅比上一季度，我們的活躍開發者帳戶增加了 20%。

That is especially showing up in the Workers AI platform, we've been able to partner with folks like Meta to be able to get the latest versions of Lama out on our platform and developers are just flocking to it.

這尤其體現在 Workers AI 平台上，我們已經能夠與 Meta 等人合作，以便能夠在我們的平台上獲取最新版本的 Lama，而開發人員正蜂擁而至。

And so I think that if you look around in our developer channels, our discord channel, if you look around on Twitter, you'll see that more and more developers are betting the future of whatever their application is on the Workers platform and they found that they can use us and us alone to build future applications, which again, every day I get a new report from our team just saying you won't believe what somebody built on Cloudflare Workers.

所以我認為，如果你看看我們的開發者頻道，我們的不和諧頻道，如果你看看Twitter，你會發現越來越多的開發者正在押注Workers 平台上他們的應用程式的未來，他們發現他們可以使用我們，並且單獨使用我們來構建未來的應用程序，同樣，我每天都會從我們的團隊收到一份新報告，只是說你不會相信有人在 Cloudflare Workers 上構建了什麼。

So, if you force me to pick one thing, I'm going to say Workers was the real standout of the quarter, but generally, it's been the platform.

因此，如果你強迫我選擇一件事，我會說 Workers 是本季真正的佼佼者，但總的來說，它是平台。

Thank you.

謝謝。

Well done.

做得好。

Your next question comes from the line of Jim Fish of Piper Sandler.

你的下一個問題來自 Piper Sandler 的 Jim Fish。

Please go ahead.

請繼續。

Hey, guys.

大家好。

Thanks for the questions here.

感謝您在這裡提出的問題。

Look, I know it's not a metric you guys completely focused in on, but it was the largest net customer additions I think you guys have had as a public company in aggregate.

聽著，我知道這不是你們完全關注的一個指標，但我認為這是你們作為一家上市公司所擁有的最大的淨客戶增量。

And so Matthew, you've had a phenomenal track-record of really calling out IT spending trends and you did say some tightness still.

因此，Matthew，您在真正指出 IT 支出趨勢方面有著驚人的記錄，並且您確實表示仍然存在一些緊縮情況。

And so my question really is, how are customers balancing this tightness with sort of that potential total cost of ownership savings by moving on to a Cloudflare versus kind of new projects?

所以我的問題實際上是，客戶如何透過轉向 Cloudflare 與新專案來平衡這種緊張性與潛在的整體擁有成本節省？

And how are you kind of thinking this could change in terms of IT spending, if at all in the second-half as budgets begin to be set later this year for next year actually?

您如何看待 IT 支出方面的變化（如果下半年會發生這種情況，因為今年稍後開始為明年制定預算）？

Yes.

是的。

Maybe I'll start and then Thomas might have something else to add.

也許我會開始，然後托馬斯可能還有其他要補充的。

So I do think that it continues to be a challenging IT-buying environment, and this was by no means an easy quarter.

因此，我確實認為 IT 購買環境仍然充滿挑戰，而且這絕不是一個輕鬆的季度。

I'm proud of our team and execution was really, really the name of the game here.

我為我們的團隊感到自豪，執行力真的非常非常重要。

And I think that, that increased execution will pay dividends even as the IT environment inevitably does rebound over time.

我認為，即使 IT 環境不可避免地會隨著時間的推移而反彈，執行力的增強也會帶來回報。

But our crystal ball still shows that it's challenging sledding for the overall IT environment over the quarters ahead.

但我們的水晶球仍然表明，未來幾季的整體 IT 環境將面臨挑戰。

I do think that we benefit by being something that companies must have.

我確實認為我們透過成為公司必須具備的東西而受益。

While IT budgets might be getting cut in marketing tech, in productivity tech and in other spaces.

而行銷技術、生產力技術和其他領域的 IT 預算可能會被削減。

I think security is one of the areas and we've had so many high-profile security incidents over the first-half of this year.

我認為安全是其中之一，今年上半年我們發生了許多引人注目的安全事件。

The security is an area where people are continuing to invest.

安全是人們持續投資的領域。

But what I think is really powerful about Cloudflare is we don't just solve one security need.

但我認為 Cloudflare 真正強大的地方在於我們不僅僅是解決一種安全需求。

We solve the totality of a customer's security needs.

我們解決客戶的全部安全需求。

And so oftentimes, when a customer is signing one of these pool of fund deals, they're replacing two, three, four different vendors and consolidating behind Cloudflare.

通常，當客戶簽署這些資金池交易之一時，他們會更換兩個、三個、四個不同的供應商，並整合到 Cloudflare 背後。

And so I think that what we see over time is that the network security space is the area that we want to own soup to nuts and that we can completely have that as a solution for customers.

因此，我認為隨著時間的推移，我們看到網路安全領域是我們想要徹底擁有的領域，我們完全可以將其作為客戶的解決方案。

And in times where IT budgets are tough, that is a place where people want to consolidate.

在 IT 預算緊張的時期，這是人們想要整合的地方。

They want to consolidate on a single vendor, and we are a beneficiary of that.

他們希望整合單一供應商，而我們是其中的受益者。

Can you guys be little quick?

你們能不能快點？

Go ahead, Thomas.

繼續吧，托馬斯。

Yes.

是的。

I just wanted to add to your introduction, but it was a very strong net customer at quarter and mainly driven by three effects.

我只是想補充您的介紹，但它在本季度是一個非常強大的淨客戶，主要由三個效應驅動。

So we had a one-time benefit because we migrated billing platforms and there was a catch up.

因此，我們獲得了一次性的好處，因為我們遷移了計費平台並且迎頭趕上。

But beyond that one-time benefit, it was a very strong net customer at quarter driven by our two-customer increase, up 32% at quarter-over-quarter in the second quarter, as well as the increase in developers on their Workers platform that Matthew talked about.

但除了一次性收益之外，由於我們的兩個客戶成長（第二季度環比增長 32%）以及 Workers 平台上開發人員的增加，該季度它還是一個非常強勁的淨客戶馬修談到的。

So those three factors were driving the comp.

所以這三個因素推動了競爭。

So very strong quarter.

所以季度非常強勁。

Makes sense.

說得通。

And you guys obviously pool of funds is another theme of this quarter.

顯然，資金池是本季的另一個主題。

And Thomas, you had just said a few moments ago, I believe that it was 4 of the top 10 customers are now on this type of contract.

湯瑪斯，您剛才說過，我相信前 10 位客戶中有 4 位現在簽訂了這類合約。

So, is there a way to understand how much of RPO is now on this sort of pool of funds path as even just those four at that kind of 50-ish million average rate would imply about 15% of RPO today?

那麼，有沒有辦法了解現在有多少 RPO 處於這種資金池路徑上，因為即使只有這 4 個平均 50 多萬美元也意味著今天 RPO 的 15% 左右？

And additionally, what could that look like kind of a few years down the road?

此外，幾年後會是什麼樣子？

Well, I will not give you that kind of information.

好吧，我不會給你那種資訊。

But what you just said, I think is a good indication.

但我認為你剛才所說的是一個很好的暗示。

We've always been asked how we drive customer revenue up and how you can get to $3 digit million ACVs and TCVs.

我們總是被問到如何提高客戶收入以及如何獲得 3 位數的 ACV 和 TCV。

Pool of funds will be that path and then Matthew outlined the reasons for that.

資金池將是這條道路，然後馬修概述了這樣做的原因。

In addition to the pool of fund deals and in the second quarter, we also entered into a handful of very large subscription arrangements, all well north of $5 million.

除了基金池交易之外，在第二季度，我們還達成了一些非常大的認購安排，全部都超過 500 萬美元。

And those are more predictable from a revenue recognition and forecasting perspective, but they have very similar impacts on RPO and deferred revenue.

從收入確認和預測的角度來看，這些更容易預測，但它們對 RPO 和遞延收入的影響非常相似。

So in addition to the pool of fund structure impacting us generating this lumpiness in the quarter, and we were also successful signing very large subscription arrangements in the second quarter too.

因此，除了基金池結構影響我們在本季度產生這種波動之外，我們還在第二季度成功簽署了非常大的認購安排。

Great.

偉大的。

Thanks, guys.

多謝你們。

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

你的下一個問題來自富國銀行的安德魯諾溫斯基。

Please go ahead.

請繼續。

Okay, good afternoon.

好的，下午好。

Congrats on another amazing quarter.

恭喜又一個令人驚嘆的季度。

So I wanted to ask a bit of a techy question to start here as it relates to your Edge AI and your OHTTP offering.

因此，我想從這裡開始問一些技術問題，因為它與您的 Edge AI 和 OHTTP 產品相關。

Now, I know you're one of the co-founders of OHTTP, but I was wondering if you could comment on how your customers might be using it as a way to preserve data privacy and maybe give us an idea on the revenue opportunity there?

現在，我知道您是 OHTTP 的聯合創始人之一，但我想知道您是否可以評論一下您的客戶可能如何使用它作為保護資料隱私的一種方式，並可能讓我們了解那裡的收入機會？

Sure.

當然。

And I'm not sure how to do this and not make it a little bit geeky.

我不知道如何做到這一點而不讓它變得有點令人討厭。

But OHTTP, the original sin of the Cloud or the original sin of the Internet is that your IP forget cookies, forget anything else, your IP address alone reveals a ton about who you are, where you are, and a bunch -- and a bunch of other things.

但是 OHTTP，雲的原罪或互聯網的原罪是你的 IP 忘記了 cookie，忘記了其他任何東西，你的 IP 位址本身就揭示了很多關於你是誰、你在哪里以及一堆——還有一堆其他的東西。

Your IP address in your home, for instance, doesn't change all that often.

例如，您家中的 IP 位址不會經常變更。

And so even without cookies, even without anything else, people can build profiles of you.

因此，即使沒有 cookie，即使沒有其他任何東西，人們也可以建立您的個人資料。

As privacy has become more and more important and then recognized as being more and more important online.

隨著隱私變得越來越重要，並且在網路上也被認為越來越重要。

I think one of the things that our team with a number of other industry partners and leaders has really focused on is how can we eliminate that original sin, how can we disassociate your IP address from your identity.

我認為我們的團隊與許多其他行業合作夥伴和領導者真正關注的事情之一是我們如何消除這種原罪，如何將您的 IP 位址與您的身分分開。

And so OHTTP is a technology that does it.

因此，OHTTP 是一種可以實現這一點的技術。

The best way to think about it's essentially two hops in the system.

最好的思考方式本質上是系統中的兩跳。

So if your device connects to the first proxy that is out there, that proxy knows what device connected to it.

因此，如果您的裝置連接到第一個代理，該代理就知道連接到它的裝置。

But then it can use encryption to wrap that identity piece up almost like putting it in an envelope and handing it off to a second proxy and that second proxy is the only thing that knows where that traffic is going.

但隨後它可以使用加密來包裝該身分片段，就像將其放入信封中並將其交給第二個代理程式一樣，而第二個代理程式是唯一知道流量流向的東西。

So one party can know who is behind something and the other party can know where they're going, but neither party knows both where any one individual is going.

因此，一方可以知道誰是某件事的幕後黑手，另一方也可以知道他們要去哪裡，但雙方都不知道任何一個人要去哪裡。

So you can imagine in the case of like a handset manufacturer, they may operate that first proxy because they operate the handsets themselves, but then hand that off to a third-party like Cloudflare in order to never have the information about where their customers go online.

因此，您可以想像，在手機製造商的情況下，他們可能會運營第一個代理，因為他們自己運營手機，然後將其交給 Cloudflare 等第三方，以便永遠不會獲得有關客戶去向的信息在線的。

I think that what's interesting about this is that the very nature of the protocol requires an independent third-party.

我認為有趣的是該協議的本質需要獨立的第三方。

So at no point can the handset manufacturers say we're going to complete the soup to nuts.

因此，手機製造商絕不能說我們將完成所有工作。

They have to have an independent third-party.

他們必須有一個獨立的第三方。

And the third-party of choice in this, I think in large part because privacy has been so core to who Cloudflare is and what we do.

我認為在這方面選擇第三方在很大程度上是因為隱私對於 Cloudflare 是誰以及我們的工作至關重要。

It's one of our five core values in terms of when we think about products.

這是我們考慮產品時的五個核心價值之一。

And because of just our breadth and technical expertise, as more and more companies are thinking about this and recognizing that both for philosophical reasons, then also for regulatory reasons that they need to be as private as possible, Cloudflare is that preferred place to be that second hop in an OHTTP solution.

由於我們的廣度和技術專長，隨著越來越多的公司正在考慮這一點並認識到，出於哲學原因，也出於監管原因，他們需要盡可能私有，Cloudflare 是首選的地方OHTTP 解決方案中的第二跳。

So I think we built this for some very specific and I would have thought relatively limited use cases.

所以我認為我們是為了一些非常具體的、我認為相對有限的用例而建構的。

I am surprised how many different use cases this is now getting introduced into.

我很驚訝現在有這麼多不同的用例引入了這種方法。

And I think that as AI continues to develop, it's an area where a lot of people are rethinking the privacy of the Internet and thinking about how can they incorporate more modern standards.

我認為，隨著人工智慧的不斷發展，很多人都在重新思考網路的隱私，並思考如何融入更現代的標準。

And to that extent, I think you will see that if there is continued growth in this space, it actually may be a lot of the AI companies that are leading in that direction.

就這個程度而言，我認為你會看到，如果這個領域持續成長，實際上可能有很多人工智慧公司在這個方向上處於領先地位。

Great.

偉大的。

Thank you.

謝謝。

That was really helpful.

這真的很有幫助。

Maybe a question for Thomas as well, just really impressive operating leverage in the model and a strong guide for the year.

也許對托馬斯來說也是一個問題，模型中的營運槓桿確實令人印象深刻，並且是今年的強大指南。

I know you're not giving fiscal '25 guidance yet, but given the substantial raise to your operating margin for this year, I was wondering if you could at least tell us how you're thinking about operating leverage next year and whether you'd expect operating margin expansion above the new guidance you gave for this year?

我知道你們還沒有給出 25 財年的指導，但考慮到今年你們的營業利潤率大幅提高，我想知道你們是否至少可以告訴我們你們對明年的營業槓桿有何看法，以及你們是否「你們預計營業利益率的擴張會高於您今年給予的新指引嗎？

Thanks.

謝謝。

Yes, nice try, but I'm not going to give guidance for next year.

是的，很好的嘗試，但我不會為明年提供指導。

But I think over the years, we have been good stewards of investors' capital, and this will continue.

但我認為多年來，我們一直是投資者資本的良好管理者，這種情況將會持續下去。

And we, Matthew and Michelle described how we run the business really well in this long as we see a market that is this large in terms of TAM that we can disrupt and deliver strong growth rates, investment into Cloudflare is the best return for the money that we earn.

我們Matthew 和Michelle 描述了我們如何在這麼長的時間內很好地經營業務，因為我們看到一個就TAM 而言如此龐大的市場，我們可以顛覆並實現強勁的增長率，對Cloudflare 的投資是最好的回報我們賺到的。

And keeping this balance in terms of how we think about the business of growth rate and operating leverage, I think served us well and we'll continue, will not deviate from this philosophy in next year, but I will shy away from giving you guidance.

在我們如何看待業務成長率和營運槓桿方面保持這種平衡，我認為對我們很有幫助，我們將繼續下去，明年不會偏離這個理念，但我會迴避給你指導。

Okay, thanks.

好的謝謝。

Keep up the good work, guys.

繼續努力，夥計們。

Your next question comes from the line of Adam Borg of Stifel.

您的下一個問題來自 Stifel 的 Adam Borg。

Please go ahead.

請繼續。

Awesome, and thanks for taking the question.

太棒了，感謝您提出問題。

Maybe just building off the last question a little bit and even tying it back to some of the wins you talked earlier on AI.

也許只是稍微完善最後一個問題，甚至將其與您之前談到的人工智慧的一些勝利聯繫起來。

How do you think about the inference opportunity overall when you think about hyperscale clouds, obviously, the Edge network that you've built as well as the Edge device themselves, how do you think about how that relationship looks like today and how that evolves over time?

當您考慮超大規模雲端時，您如何看待整體推理機會，顯然，您建立的邊緣網路以及邊緣設備本身，您如何看待這種關係今天的樣子以及它如何演變時間？

Yes, Adam, my take is that inference is primarily going to happen in two places.

是的，亞當，我的看法是，推理主要發生在兩個地方。

The first is on devices themselves.

第一個是設備本身。

And that you can already see what a number of handset manufacturers and others are doing to bring more powerful GPUs and TPUs directly to devices.

您已經可以看到許多手機製造商和其他製造商正在採取哪些措施將更強大的 GPU 和 TPU 直接引入設備。

And my rough hand wavy, I have no idea if it will be right, but just as a mental model is that maybe 50% of inference tasks get handled on your device.

我粗糙的手呈波浪狀，我不知道這是否正確，但正如心理模型一樣，也許 50% 的推理任務是在你的設備上處理的。

But there will always be either devices which are older and maybe don't have the latest chips on them or models that are bigger and require more compute power than your handheld or device is able to deliver.

但總有一些設備比較舊，可能沒有配備最新的晶片，或者型號更大，需要的運算能力超出了您的手持設備或設備所能提供的能力。

And in those cases, you're going to hand that inference task off to something else.

在這些情況下，您將把推理任務交給其他事情。

One model of that is to send that back to Ashburn, Virginia, or some centralized sort of traditional public cloud.

其中一種模型是將其發送回維吉尼亞州阿什本或某種集中式傳統公有雲。

I think that, especially because of the concerns around privacy, because of the regulatory concerns where AI is getting just rapidly regulated that you're going to want to keep that as close as possible.

我認為，特別是因為對隱私的擔憂，因為監管方面的擔憂，人工智慧正在迅速受到監管，所以你會希望盡可能地保持這種監管。

That also has the benefit of making it as performant as possible.

這還有一個好處是可以使其性能盡可能高。

And it also means that you can have the AI that's responding, have regional differences more easily so that if you're responding in the UK and the NAI can spell color with a U, whereas if it's in the U.S., it can spell it with no U.

這也意味著你可以讓 AI 做出回應，更容易區分區域差異，這樣如果你在英國回應，NAI 可以用 U 拼寫顏色，而如果在美國，它可以用 U 拼寫顏色。

I think all of those things then drive a lot of the other 50% of inference tasks to be running at a network like Cloudflare.

我認為所有這些因素都會推動其他 50% 的推理任務在 Cloudflare 這樣的網路上運作。

And so we are trying to build that network out ahead, make sure that we can answer any inference task that can't get determined on your own device as close as possible to that device, and then make it very easy to get that inference task from us or from the device to us in a standards based API-driven way so that is seamless to that end user.

因此，我們正在嘗試提前構建該網絡，確保我們可以回答在您自己的設備上無法確定的任何推理任務，並儘可能靠近該設備，然後使您可以輕鬆地獲得該推理任務以基於標準的API 驅動方式從我們或從設備到我們，以便對最終用戶來說是無縫的。

There will still be some tasks that maybe will be even too big to run at us, although that is becoming a smaller and smaller list of tasks and maybe there's some small percent that makes its way back to a traditional hyperscale public cloud.

仍然會有一些任務可能太大而無法在我們身上運行，儘管任務清單正在變得越來越小，並且可能有一小部分任務會回到傳統的超大規模公有雲。

But I really think that inference is going to be between the end devices themselves and a network that is like Cloudflare that spans the globe and is incredibly close in every jurisdiction where end users might be.

但我確實認為，推理將在終端設備本身和像 Cloudflare 這樣遍布全球的網路之間進行，並且在最終用戶可能所在的每個司法管轄區都非常接近。

Awesome.

驚人的。

Thanks so much.

非常感謝。

Your next question comes from the line of Fatima Boolani of Citi.

您的下一個問題來自花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。

Please go ahead.

請繼續。

Good afternoon.

午安.

Thank you for taking my questions.

感謝您回答我的問題。

Matthew and Thomas, this is for you both.

馬修和湯瑪斯，這是給你們兩個的。

I had a bigger picture question around the pricing strategy across the portfolio.

我對整個投資組合的定價策略有一個更大的問題。

So at a tactical level, you had some meaningful price increases that your first ones ever.

因此，在戰術層面上，您首次實現了一些有意義的價格上漲。

Thomas, wondering if you could just opine on how far deep those have pervaded the installed base and if you can kind of talk to where we are in terms of the innings, in terms of how that unfurled in the base?

托馬斯，想知道您是否可以就這些問題在安裝基地中的滲透程度發表意見，以及您是否可以談談我們在局數方面的情況，以及在基地中如何展開的情況？

And then, Matthew , the bigger picture question for you is if I piece together a lot of what you shared in the prepared remarks as it relates to pool of fund deals, more pay-as-you-go, more consumption payment modalities, especially as the Workers portfolio scales, how should we generally think about the business impact and sort of revenue elasticity, if you will?

然後，馬修，對你來說更大的問題是，我是否將你在準備好的發言中分享的很多內容拼湊起來，因為它涉及資金池交易、更多現收現付、更多消費支付方式，特別是隨著工人投資組合的規模擴大，如果您願意的話，我們通常應該如何考慮業務影響和收入彈性？

Thank you.

謝謝。

I'll start and then Thomas can add.

我先開始，然後托馬斯可以補充。

And I think we might both have something to say on both pieces.

我想我們對這兩件作品都有話要說。

So we're about a year after a price increase across our pay-as-you-go business.

因此，我們的現收現付業務價格上漲約一年後。

That it's an important part of our business, but it is a relatively small part of our business.

這是我們業務的重要組成部分，但它是我們業務的相對較小的部分。

I think, for a long-time we're very reluctant to raise prices on that part of the business, but we had added so much value that we just thought that it was the right thing to do.

我認為，長期以來我們非常不願意提高這部分業務的價格，但我們已經增加瞭如此多的價值，以至於我們認為這是正確的做法。

And we were really incredibly pleasantly surprised how many of the customers, the pay-as-you-go customers not only didn't turn rates were tiny, due to that price increase but actually wrote to us and said about time because there's so much more value that you've added.

我們真的非常驚喜，有多少客戶，即用即付的客戶，不僅沒有因為價格上漲而導致利率很小，而且實際上寫信給我們並說時間，因為有太多您添加的更多價值。

And that it was good.

這很好。

Price increases didn't apply across the rest of the platform.

價格上漲並不適用於平台的其他部分。

So enterprise customers, all the customers we talked about on these calls, there wasn't any dramatic price increase there.

因此，企業客戶，我們在這些電話中談到的所有客戶，價格沒有大幅上漲。

I think we are always trying to find ways to have the highest ROI for our large customers.

我認為我們一直在努力尋找為我們的大客戶帶來最高投資報酬率的方法。

And typically, we can be a substantial saving over whatever the existing vendors are in the market.

通常，與市場上現有的供應商相比，我們可以節省大量成本。

And because we have the efficiency in our business, we can do that while still maintaining 78%, 79% gross margins.

因為我們的業務效率很高，所以我們可以做到這一點，同時仍維持 78%、79% 的毛利率。

Our long-term target gross margins are 75% to 77% and we've been coming in ahead of that.

我們的長期目標毛利率是 75% 到 77%，而且我們一直領先這個目標。

And again, very healthy software-like gross margins even for our business with the operational complexity and intensity that we have.

再說一次，即使對於我們的業務來說，像軟體一樣的毛利率也非常健康，因為我們擁有營運的複雜性和強度。

And I think that's what allowed us to deliver the returns that we can.

我認為這就是我們能夠提供盡可能回報的原因。

Generally, I think philosophically, what we want to do is be the network for all of our customers and we want to solve all of the problems that a customer has around their network.

一般來說，我認為從哲學上講，我們想要做的是成為所有客戶的網絡，我們希望解決客戶在其網絡中遇到的所有問題。

And so we think of it as being their connectivity cloud and that connectivity cloud works great with whatever devices and things they have on-premise, works great with whatever they're running in a traditional hyperscale public cloud, but we're that connectivity layer that sits between those things.

因此，我們將其視為他們的連接雲，該連接雲可以與他們本地擁有的任何設備和事物完美配合，也可以與他們在傳統超大規模公共雲中運行的任何設備完美配合，但我們就是那個連接層位於這些事物之間。

And that's a very, very, very substantial opportunity.

這是一個非常非常非常重要的機會。

And one that I think we have only just started to really really penetrate.

我認為我們才剛開始真正深入了解這一點。

I appreciate that.

我很感激。

There's not much to add to what Matthew just said.

馬修剛才所說的沒什麼好補充的。

Some of the impacts of this transition you have seen, we talked about how pool of funds deal impacts the lumpiness or make our numbers a little bit more lumpy and we will also have an increasingly higher share of variable revenue in our numbers, while this number is still small today, it will grow meaningful over time.

您已經看到了這種轉變的一些影響，我們討論了資金池交易如何影響波動性或使我們的數字更加波動性，我們的數據中可變收入的份額也將越來越高，而這個數字今天還很小，但隨著時間的推移，它會變得有意義。

But this is less driven by price increases as Matthew said, but it's more driven by the structural changes that this transition implies and with all the overall benefits of more stickiness, longer duration deals, platform deals with better expansion capability and significantly higher total contract values.

但這並不是像馬修所說的那樣受到價格上漲的推動，而是更多地受到這種轉變所意味著的結構性變化的推動，並且具有更高的粘性、更長的交易期限、具有更好的擴展能力和顯著更高的合約總價值的平台交易的整體好處。

Thank you for the color.

謝謝你的顏色。

Your next question comes from the line of Hamza Fodderwala of Morgan Stanley.

你的下一個問題來自摩根士丹利的 Hamza Fodderwala。

Please go ahead.

請繼續。

All right.

好的。

Good evening.

晚安.

Thank you for taking my questions.

感謝您回答我的問題。

Matthew, I just had one question on public sector for you.

馬修，我只是想問你一個關於公部門的問題。

We saw a lot of strong momentum in the public sector space and the federal space over the last year.

去年，我們在公共部門領域和聯邦領域看到了強勁的勢頭。

I'm curious, as we head into the federal fiscal year close, in September, what that momentum has been like, especially ahead of what's going to be an election in November?

我很好奇，隨著 9 月聯邦財政年度即將結束，這種勢頭是什麼樣的，尤其是在 11 月的選舉之前？

What are you hearing from the agency customers that you work with?

您從與您合作的代理客戶那裡聽到了什麼？

Thank you.

謝謝。

Yes.

是的。

So federal has been a real point of strength for us ever since we started investing in it.

因此，自從我們開始投資以來，聯邦一直是我們真正的優勢。

And ever since we achieved FedRAMP certification, which really unlocked a lot of U.S. federal business, but we've seen also strong government business around the world.

自從我們獲得 FedRAMP 認證以來，這確實解鎖了許多美國聯邦業務，但我們也看到了世界各地強大的政府業務。

I would say first of all, the election is incredibly important.

我想說，首先，選舉非常重要。

We couldn't have built Cloudflare without a stable functioning democracy and you can't have stable functioning democracies unless you have elections that people can trust.

如果沒有穩定運作的民主制度，我們就不可能建立 Cloudflare；除非有人們可以信任的選舉，否則就不可能有穩定運作的民主制度。

And so since 2016, actually directly in response to lot of mistrust and tampering in the 2016 election, we launched what we call the Athenian project where we provide our services at no cost to anyone who is helping administer an election around the world and excuse me, around the United States, although we've increasingly started doing it in select countries around the world as well.

因此，自2016 年以來，實際上是為了直接回應2016 年選舉中的大量不信任和篡改，我們啟動了所謂的雅典項目，在該項目中，我們向世界各地幫助管理選舉的任何人免費提供服務，請原諒，儘管我們也越來越多地開始在世界各地的某些國家/地區這樣做。

And I'm incredibly proud of the work that we do on this to help support what are largely unsung heroes, I don't care if it's a red state or a blue state or a purple state, like if you're helping administer an election in some county around the United States, you're a real patriot and a real hero and you need all the help and protection that we can give.

我對我們在這方面所做的工作感到非常自豪，以幫助支持那些很大程度上是無名英雄的人，我不在乎它是紅色州、藍色州還是紫色州，就像你正在幫助管理一個州一樣。

And I'm proud of the fact that our team on a pro bono basis provides the full suite of our services to the people who are administering elections because I think it's fundamental for the success of our country and our country is fundamental to the success of the company.

我感到自豪的是，我們的團隊無償地為管理選舉的人們提供全套服務，因為我認為這對我們國家的成功至關重要，而我們的國家對於選舉的成功至關重要。

So I'm not sure that the election itself drives significant upticks in spending.

因此，我不確定選舉本身是否會推動支出大幅增加。

And I feel kind of a little gross if it did because I think it's our duty to provide our services in these cases.

如果確實如此，我覺得有點噁心，因為我認為在這些情況下提供服務是我們的責任。

What I will say is that I think most of the people who are listening in on this call would say that it's not always the most rational thing to go work for government, certainly doesn't pay the best that's out there.

我要說的是，我認為大多數正在收聽這次電話會議的人都會說，為政府工作並不總是最理性的事情，當然也不會得到最好的報酬。

But I think with government officials that I've talked to, the public servants that I've talked to, again, across the political spectrum, what they all are is very mission-driven and they believe in the mission in the United States of this country and the importance of that.

但我認為，與我交談過的政府官員、公務員，無論是各個政治派別，他們都是非常有使命驅動的，他們相信美國的使命這個國家及其重要性。

And I think that they very much respect when they see companies like Cloudflare step up and say, it's not just all about how we collect the most revenue, but it's how we do the right thing to protect the underlying function of democracy.

我認為，當他們看到像 Cloudflare 這樣的公司站出來表示，這不僅僅是我們如何獲得最多收入的問題，而是我們如何做正確的事情來保護民主的基本功能時，他們會非常尊重。

And so when you hear about us winning big deals that are big numbers and large revenue producing deals, I think a lot of that comes from the fact that we are thought of extremely well by those incredibly patriotic, very mission-driven people who are public servants.

因此，當你聽說我們贏得了大宗交易，這些交易數量大、創收大，我認為這很大程度上來自於這樣一個事實：那些非常愛國、非常有使命感的公眾人物對我們的評價非常好。

And when they're thinking about when they have a hard problem that they are going to pick a vendor for, who they turn to, the work that we do on things like the Athenian project and protecting elections is part of why we've had the momentum and the success that we've had with the federal business.

當他們考慮何時遇到難題時，他們將選擇一家供應商，向誰求助時，我們在雅典項目和保護選舉等方面所做的工作就是我們的部分原因我們在聯邦業務方面所取得的勢頭和成功。

And I think that will continue and only accelerate over the quarters and years to come.

我認為這種情況將持續下去，並且只會在未來幾個季度和幾年內加速。

Thank you.

謝謝。

Your next question comes from the line of Trevor Walsh of JMP.

您的下一個問題來自 JMP 的 Trevor Walsh。

Please go ahead.

請繼續。

Great.

偉大的。

Hi, team.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

Maybe just one question for me, but I need a couple of parts.

也許對我來說只是一個問題，但我需要幾個部分。

Matthew, you had a good win story that you had in your prepared remarks, I think it was with the Australian tech company SASE deal where they had also purchased Workers.

馬修，你在準備好的演講中講了一個很好的勝利故事，我認為這是與澳洲科技公司 SASE 的交易，他們也買了 Workers。

Curious how much you're leaning into those SASE deals where an Act 3 product such as Workers is kind of coming into the fold and how kind of important of a differentiator you see that within that particular market?

想知道您對 SASE 交易的傾向程度嗎？

And then as a follow-up, you had your descaler campaign last year to kind of handle or campaign against one particular competitor in that space.

然後，作為後續行動，您去年開展了除垢活動，以應對該領域的某個特定競爭對手。

Just curious if you're seeing that overall competitive landscape shift at all kind of in the last 12 months and if we might see a similar campaign against another competitor there?

只是好奇您是否看到過去 12 個月內整體競爭格局發生了各種變化，以及我們是否可能會看到針對另一個競爭對手的類似活動？

Just maybe just get your overall thoughts about who you're seeing in the deals and if there's other players kind of coming up from different parts of the market that are not the standard ones that you've come up in the past?

也許您只是對您在交易中看到的人有一個整體的想法，以及是否有其他來自市場不同部分的玩家不是您過去遇到的標準玩家？

Thanks.

謝謝。

Yes.

是的。

I think that the thing that we can do that's very difficult for any point solution vendor to compete with is to provide a comprehensive solution.

我認為我們能做的事情是提供全面的解決方案，這是任何單點解決方案供應商都很難與之競爭的。

And again, if the theme is pool of funds, platform deals, broad deals, Workers is a part of that.

再說一次，如果主題是資金池、平台交易、廣泛的交易，那麼工人就是其中的一部分。

It is quite not as big of a part as our traditional application security.

它並不像我們傳統的應用程式安全那麼重要。

If it doesn't make any sense if you're going to do a SASE deal to not have the same vendor also providing your DDoS mitigation and we're really the only vendor in the space that can do both the traffic coming into your network and the traffic going out from your network.

如果您打算達成 SASE 協議，但不讓同一家供應商也提供 DDoS 緩解措施，這沒有任何意義，而且我們確實是該領域唯一一家能夠同時處理進入您網路的流量的供應商以及從您的網路流出的流量。

But it's just a network, like the network should be smart, and that you should provide one kind of holistic solution.

但它只是一個網絡，就像網路應該是智慧的，你應該提供一個整體的解決方案。

I don't know yet of any real vendors where people have said, oh, I'm or any real customers where people have said, I'm going to choose your SASE solution because of Workers.

我還不知道有哪個真正的供應商會說“哦，我是”，也沒有哪個真正的客戶會說“我會因為 Workers 而選擇你們的 SASE 解決方案”。

There are places where people are using Workers and then they use our SASE solution, and those things go together.

在某些地方，人們使用 Workers，然後使用我們的 SASE 解決方案，這些事情是結合在一起的。

But I think you'll start to see more of that going forward.

但我想你會開始看到更多這樣的事情發生。

The really powerful thing comes back to sort of the origin story of Workers itself.

真正強大的東西可以追溯到工人本身的起源故事。

We didn't build Workers to sell it as a developer platform.

我們建立 Workers 並不是為了將其作為開發者平台出售。

We built it because we saw all of these opportunities and we needed to develop a platform for our internal team, customer zero to be able to build different solutions.

我們建立它是因為我們看到了所有這些機會，我們需要為我們的內部團隊（零客戶）開發一個平台，以便能夠建立不同的解決方案。

What's powerful about that is that -- that then means that same platform can be used to adapt, configure, or customize any of the solutions that are built on Workers, more so than you can with any other vendor that's out there because you're using that same developer platform.

其強大之處在於——這意味著可以使用相同的平台來調整、配置或自訂基於 Workers 構建的任何解決方案，這比任何其他供應商都可以做到的更多，因為您使用相同的開發者平台。

I don't think we're there yet in terms of customers.

我認為就客戶而言我們還沒有達到這個目標。

I think we're still in the kind of just get it up and running stage.

我認為我們仍處於啟動和運行階段。

And not just us, I think across the entire space, SASE is a new enough category.

不只是我們，我認為在整個領域，SASE 都是一個足夠新的類別。

But over time, I think when people go from saying, first of all, I want to secure network.

但隨著時間的推移，我認為當人們不再說，首先，我想要保護網路。

Secondly, I want to make sure it's reliable.

其次，我想確保它是可靠的。

Third, I want to make sure that it is fast, it's performant.

第三，我想確保它快速且高效能。

I think the next thing that people come to is, I want to make sure it's programmable.

我認為人們接下來要做的就是，我想確保它是可編程的。

I think we are still kind of in the secure and reliable stage.

我認為我們仍然處於安全可靠的階段。

I think customers are coming to us away from some of the first-generation Zero-Trust and SASE vendors because we are secure, reliable, and fast.

我認為客戶不再選擇一些第一代零信任和 SASE 供應商，因為我們安全、可靠且快速。

But over time, secure, reliable, fast, and programmable is a pretty killer combination that I don't think there's any other vendor out there that's going to be able to match.

但隨著時間的推移，安全、可靠、快速和可編程是一個非常殺手級的組合，我認為沒有其他供應商能夠與之匹敵。

Great.

偉大的。

I appreciate the perspective.

我很欣賞這個觀點。

Thanks.

謝謝。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Mr. Matthew Prince for closing remarks

我現在將會議轉回馬修‧普林斯先生致閉幕詞

Just wanted to say thank you to the entire Cloudflare team.

只是想對整個 Cloudflare 團隊表示感謝。

This quarter really the theme was execution and you guys executed incredibly well.

本季的主題其實是執行力，你們執行得非常好。

Thank you to the team.

感謝團隊。

Thank you to all of our customers.

感謝我們所有的客戶。

It continues to be a complicated world out there, but Cloudflare is helping better secure networks everywhere around the world.

外面的世界仍然很複雜，但 Cloudflare 正在幫助更好地保護世界各地的網路。

Thank you all.

謝謝你們。

See you back here next quarter.

下季再見。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。