Cloudflare 報告了 2024 年第三季的強勁財務業績,收入超出預期,並達到了其上市組織的關鍵拐點。他們營收 4.301 億美元,新增大客戶數量創歷史新高,大客戶數量較去年同期成長 28%。儘管以美元計算的淨留存率略有下降,但其毛利率仍維持在 78.8% 的強勁水平,營業利潤為 6,350 萬美元。
Cloudflare 對營運效率和生產力的關注導致了銷售生產力和能力的提高。該公司還強調了重要的客戶勝利及其在選舉期間保護政治人物免受網路攻擊方面的作用。 Cloudflare 的 AI 平台正在快速發展,一家領先的 AI 公司簽署了價值 700 萬美元的合約。
公司領導層對外部商業環境持樂觀態度,並繼續專注於卓越營運和創造股東價值。他們看到所有地理區域都在增長,並預計收入將繼續增長。 Cloudflare 的策略是快速將產品推向市場、收集回饋並根據需求進行迭代,並專注於創新和客戶價值。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good afternoon, ladies and gentlemen, and welcome to Cloudflare Q3 '24 earnings call. (Operator Instructions) Thank you. So I would now like to turn the call over to our first speaker, Philip Winslow. Please go ahead.
女士們、先生們,下午好,歡迎參加 Cloudflare 24 年第 3 季財報電話會議。 (操作員說明)謝謝。現在我想將電話轉給第一位發言人菲利普溫斯洛 (Philip Winslow)。請繼續。
Philip Winslow - Vice President, Strategic Finance and Investor Relations
Philip Winslow - Vice President, Strategic Finance and Investor Relations
Thanks for joining us today to discuss Cloudflare's financial results for the third quarter of 2024. With me on the call, we have Matthew Prince, Co-Founder and CEO; Michelle Zatlyn, Co-Founder, President and COO; and Thomas Seifert, CFO. 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.
感謝您今天加入我們討論 Cloudflare 2024 年第三季的財務表現。米歇爾‧札特林 (Michelle Zatlyn),共同創辦人、總裁兼營運長;和首席財務官托馬斯·塞弗特。到現在為止,每個人都應該可以看到我們的收益公告。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'll 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, our anticipated future financial and operating performance, and our expectations regarding future macroeconomic conditions. These statements and other comments are not guarantees of future performance and are subject to risks and uncertainty, much of which is beyond our control.
提醒一下,我們將在今天的討論中做出前瞻性陳述,包括但不限於我們的客戶、供應商和合作夥伴的營運以及未來的財務業績,我們預期的產品發布以及這些產品的時間和市場潛力,我們的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。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. 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.
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。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。我們不承擔在本次電話會議後更新這些聲明的義務。有關可能影響我們未來經營業績和財務狀況的風險和不確定性的更完整討論,請參閱我們向 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. You may 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.
除非另有說明,我們今天討論的除收入之外的所有數字都將基於調整後的非公認會計原則。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。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 RBC Capital Markets Global TIMT Conference on November 20 and the Wells Fargo 8th Annual TMT Summit on December 4.
我們也想通知您,我們將參加 11 月 20 日舉行的加拿大皇家銀行資本市場全球 TIMT 會議和 12 月 4 日舉行的富國銀行第八屆年度 TMT 高峰會。
Now I'd like to turn the call over to Matt.
現在我想把電話轉給馬特。
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Thank you, Phil. We are pleased with our results for the third quarter, exceeding expectations for revenue, operating margin and free cash flow while also reaching what I believe is a critical inflection point in our rebuild of our go-to-market organization. During the third quarter, we achieved revenue of $430.1 million, up 28% year over year We added a record 219 new large customers, those that pay us more than $100,000 per year and now have 3,265 large customers, up 28% year over year.
謝謝你,菲爾。我們對第三季的業績感到滿意,超越了營收、營業利潤率和自由現金流的預期,同時也達到了我認為重建上市組織的關鍵轉折點。第三季度,我們實現營收4.301 億美元,年增28%。 28%。
We also achieved a new milestone accounting 35% of the Fortune 500 is paying Cloudflare customers. Revenue contribution from large customers during the quarter remained consistent at 67% and up from 65% in the third quarter last year.
我們也實現了一個新的里程碑,財富 500 強中有 35% 的客戶是 Cloudflare 付費客戶。本季來自大客戶的營收貢獻維持在 67%,高於去年第三季的 65%。
Our dollar-based net retention was 110%, down 2 percentage points quarter over quarter. While customer churn remains consistently low, our shift to more pool of funds deals with our largest customers, which represented nearly 10% of new ACV booked in the quarter, up from 1% a year ago has put downward pressure on dollar-based net retention and change the shape of revenue recognition in the short term.
我們以美元計算的淨留存率為 110%,季減 2 個百分點。雖然客戶流失率始終保持在較低水平,但我們轉向與最大客戶進行更多資金池交易,這些客戶佔本季度新預訂ACV 的近10%,高於一年前的1%,這給以美元為基礎的淨保留率帶來了下行壓力並在短期內改變收入確認的形式。
Over the long term, however, we believe pool of fund deals are very positive for the business as they represent our largest customers making a broad commitment to Cloudflare's overall platform.
然而,從長遠來看,我們相信基金池交易對業務非常積極,因為它們代表了我們最大的客戶對 Cloudflare 整體平台的廣泛承諾。
Our gross margin was 78.8%, remaining above our long-term target range of 75% to 77% and up a tad from 78.7% in the same quarter last year. We delivered an operating profit of $63.5 million, representing an operating margin of 14.8%. Our continued strength in operating margin underscores our commitment to operational efficiency and productivity.
我們的毛利率為 78.8%,仍高於我們 75% 至 77% 的長期目標範圍,比去年同期的 78.7% 略有上升。我們實現營業利潤 6,350 萬美元,營業利益率為 14.8%。我們的營業利潤率持續強勁,凸顯了我們對營運效率和生產力的承諾。
Free cash flow came in at $45.3 million, ahead of expectations even as we are investing in our network and enhanced capabilities like faster, more capable GPUs around the world.
儘管我們正在投資我們的網路和增強功能,例如世界各地更快、更強大的 GPU,但自由現金流仍達到 4530 萬美元,超出了預期。
In Q3, the IT spending environment remained consistent with prior quarters with customers closely scrutinizing every deal, emphasizing cost efficiency and seeking meaningful ROI. This cautious approach isn't new, it's something we understand and they must have, not a nice to have benefit from relative to some of our peers.
第三季度,IT 支出環境與前幾季保持一致,客戶仔細審查每筆交易,強調成本效率並尋求有意義的投資報酬率。這種謹慎的做法並不新鮮,這是我們所理解的,也是他們必須擁有的,相對於我們的一些同行來說,這並不是一件好事。
Moreover, our broad platform has allowed us to sell multiple problems for customers from a single vendor, giving us an advantage over many of our point solution competitors. However, some larger deals slipped out of the quarter in the US in particular, during what was a transitional period under new sales leadership in that region. These deals are still active in our pipeline with many having already closed this quarter.
此外,我們廣泛的平台使我們能夠從單一供應商向客戶銷售多個問題,這使我們比許多單點解決方案競爭對手更具優勢。然而,一些較大的交易在本季退出,尤其是在美國,當時正值該地區新的銷售領導地位的過渡時期。這些交易仍在我們的籌備中,其中許多交易已在本季完成。
All the changes in our sales force may have impacted the short-term cadence of some larger deal cycles. What stood out to me is that the third quarter felt like we hit the inflection point in the rebuild of our go-to-market team.
我們銷售隊伍的所有變化可能會影響一些較大交易週期的短期節奏。對我來說最突出的是,第三季感覺我們到達了市場團隊重建的轉折點。
Mark Anderson has lived up to being a world-class sales leader he hired stage appropriate talent across our go-to-market organization than fair but relentless of performance management and brought disciplined focus to our team. That's showing in the numbers. Our sales productivity has continued to improve and is now back around the best levels we saw in 2022. Mark believes there's still significant headroom above where we are as we focus not on batting average, but on slugging percentage, shifting more of our account executives to enterprise sales with higher quotas and the ability to sell bigger deals.
馬克安德森(Mark Anderson)不愧是世界級的銷售領導者,他在我們的市場進入組織中聘用了適合舞台的人才,並進行了公平但無情的績效管理,並為我們的團隊帶來了紀律嚴明的關注。這在數字中得到了體現。我們的銷售生產力持續提高,現在已回到2022 年的最佳水平附近。客戶主管轉移到企業銷售配額較高,有能力銷售更大的交易。
As we've worked through performance management and up-leveling the team, our ramp rep capacity has been essentially flat for the last four quarters. When I said we've hit an inflection point, this is the biggest thing that I'm watching. Starting in 2025, we expect the number of ramped reps will begin to increase meaningfully again, but with a shift towards more real sluggers who can bring in more enterprise deals. To make it tangible, nearly 70% of new sales hires this year are in the Enterprise segment compared with 40% on average over the prior two years.
隨著我們透過績效管理和團隊升級,我們的斜坡代表能力在過去四個季度基本上持平。當我說我們已經達到轉折點時,這是我看到的最重要的事情。從 2025 年開始,我們預計代表數量將開始再次顯著增加,但會轉向更多真正的強手,他們可以帶來更多企業交易。更具體地說,今年新招募的銷售人員中有近 70% 來自企業部門,而前兩年的平均比例為 40%。
As you may recall from Mark's presentation at Investor Day earlier this year, momentum in ACV growth is a product of sales capacity times productivity. We've made all of improvements in productivity. Now we're about to start to see the capacity of our sales force reaccelerate. I'm excited to be coming out the other side of our go-to-market transformation, and we expect these initiatives will deliver improving ACV momentum in the coming quarters.
您可能還記得 Mark 在今年稍早的投資者日上的演講,ACV 的成長勢頭是銷售能力乘以生產力的結果。我們已經在生產力方面做出了所有改進。現在我們即將開始看到我們的銷售團隊的能力重新加速。我很高興能夠走出我們進入市場轉型的另一邊,我們預計這些舉措將在未來幾季帶來 ACV 勢頭的改善。
As I've shared with some of you, if I think about the last 15 years at Cloudflare, there's always something that I'm worried about, something that's broken or as Michelle would say, an opportunity to improve. It's always tended to be one of three things; sales, stability or shipping. I picture it serves like a hockey puck sliding around points in a triangle etched in the ice.
正如我與你們中的一些人分享的那樣,如果我回想過去15 年在Cloudflare 的經歷,總會有一些讓我擔心的事情,一些有問題的事情,或者像Michelle 所說的那樣,有改進的機會。它總是傾向於以下三件事之一:銷售、穩定性或運輸。我想像它就像一個冰球,圍繞著刻在冰上的三角形中的點滑動。
You get good at selling a product to more demanding customers buy it. that causes whatever level of service that was acceptable before to no longer be acceptable to you focus on improving stability. And as you have demanding customers and have put in place better systems and processes to ensure stability, it starts to hamstring your ability to ship new products. At some level, my job is to live (inaudible) so I started to worry about go-to-market a few years ago.
您擅長將產品銷售給要求更高的客戶。這會導致以前可以接受的任何服務等級不再適合您專注於提高穩定性。當您擁有要求嚴格的客戶並建立了更好的系統和流程來確保穩定性時,它就會開始削弱您發布新產品的能力。在某種程度上,我的工作就是生活(聽不清楚),所以幾年前我開始擔心進入市場的問題。
About a year ago, it became clear that we were going to be able to bring on Mark Anderson and meaningfully up-level vaccine. Right on queue, as I stopped worrying about go-to-market, we suffered the stability in sense of last year. We focus on things and we fix them. And today, our stability, even with our broad products and more demanding customers is world-class.
大約一年前,很明顯我們將能夠引進馬克安德森和有意義的升級疫苗。就在隊列中,當我不再擔心進入市場時,我們遭受了去年意義上的穩定性。我們專注於事情並解決它們。如今,即使我們的產品種類繁多、客戶要求更高,我們的穩定性也是世界一流的。
So I was gearing up to start worrying about shipping when ahead of schedule, I got introduced to [CJ Desai], one of the most proven product and engineering leaders who is now our Chief Product and Engineering Officer. The team knows how to shift.
因此,我正準備開始擔心運輸問題,這時我被介紹給了 [CJ Desai],他是最成熟的產品和工程領導者之一,現在是我們的首席產品和工程官。團隊知道如何轉變。
So now I find myself in the strange position of having to look for new things to worry about in the medium term. Undoubtedly, given our ambition, we'll find new challenges, but I imparted that incredible leaders like Mark Anderson, CJ Desai, Stephanie Cohen, all of whom had incredible offers to be CEOs and other organizations believe in Cloudflare's mission and the opportunity we have to build the next iconic technology company to turn down those other offers and join our team over the last year.
所以現在我發現自己處於一個奇怪的境地,必須在中期尋找新的事情來擔心。毫無疑問,鑑於我們的雄心壯志,我們會遇到新的挑戰,但我告訴過Mark Anderson、CJ Desai、Stephanie Cohen 等令人難以置信的領導者,他們都提出了擔任首席執行官的令人難以置信的邀請,其他組織也相信Cloudflare 的使命和我們擁有的機會打造下一個標誌性科技公司,拒絕其他邀請並在去年加入我們的團隊。
With that, let me turn to some customer wins in the quarter. A rapidly growing AI company expanded their relationship with Cloudflare, signing a one-year $7 million pool of funds contracts for Workers AI. This company signed a $500,000 contract in Q2 for Cloudflare to be their platform for AI for inference, storage, image optimization and application security. They quickly recognize the value of our platform and are now moving all of their workloads over to make Cloudflare their single inference cloud platform.
接下來,讓我談談本季的一些客戶勝利。一家快速發展的 AI 公司擴大了與 Cloudflare 的關係,為 Workers AI 簽署了為期一年的 700 萬美元資金池合約。該公司在第二季度與 Cloudflare 簽署了一份價值 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 AI 平台。他們很快就認識到我們平台的價值,現在正在將所有工作負載轉移到 Cloudflare,使其成為他們的單一推理雲端平台。
With Workers AI, this customer is able to improve cost efficiency with our paper inference model and also eliminate the need for a dedicated team to run and manage their infrastructure. Realizing a nearly 2x performance improvement over traditional public clouds with Workers AI was just the cherry on top. This win is just the beginning for Workers AI.
借助 Workers AI,該客戶能夠利用我們的紙本推理模型來提高成本效率,並且無需專門的團隊來運行和管理其基礎設施。透過 Workers AI,實現比傳統公有雲近 2 倍的效能提升,這只是錦上添花。這場勝利只是 Workers AI 的開端。
A rapidly growing technology company signed a 3.5-year $2.4 million contract for R2, Workers and Application Security. Key concerns for this customer were high egress fees, unpredictable cost spikes and vendor lock-in with a hyperscale public cloud provider, and they viewed R2 as a strategic tool to allow them to unlock paths to realize the full benefits of the cloud with cloud. With Cloudflare's Workers, R2 and Application Services all on one platform, this customer was able to increase their global application performance by 3.5x and drive down their TCO. This customer is also working closely with our product team on some exciting new developments around Workers AI.
一家快速發展的科技公司簽署了一份為期 3.5 年、價值 240 萬美元的 R2、工人和應用程式安全合約。該客戶的主要擔憂是高額出口費用、不可預測的成本峰值以及供應商與超大規模公共雲提供商的鎖定,他們將R2 視為一種戰略工具,使他們能夠解鎖路徑,透過雲端實現雲端的全部優勢。借助 Cloudflare 的 Workers、R2 和應用程式服務全部位於一個平台上,該客戶能夠將其全球應用程式效能提高 3.5 倍,並降低其 TCO。該客戶還與我們的產品團隊密切合作,圍繞 Workers AI 進行一些令人興奮的新開發。
A rapidly growing operator of a large satellite Internet constellation signed a 3-year $4 million pool of funds contract for our full suite of FedRAMP products. Given the importance of security, performance and data sovereignty in this industry, this customer quickly looked to Cloudflare to become a strategic partner that can help them build and operationalize their design and network long term.
一家快速發展的大型衛星網路星座營運商為我們的全套 FedRAMP 產品簽署了一份為期 3 年、價值 400 萬美元的資金池合約。鑑於安全性、效能和資料主權在該行業的重要性,該客戶很快就希望 Cloudflare 成為策略合作夥伴,幫助他們長期建立和營運其設計和網路。
A Fortune 100 technology company signed a 2-year $4.2 million contract. This customer sought resiliency on their most critical dynamic traffic, which was previously only routed through a centralized hyperscaler. With CloudFlare, they were not only able to gain greater resiliency, but also realize better performance and more robust security capabilities. We continue to see resiliency emerged as a key theme, enabling Cloudflare to establish a beachhead inside large enterprise accounts alongside incumbent providers.
一家財富 100 強科技公司簽署了一份為期 2 年、價值 420 萬美元的合約。該客戶尋求最關鍵的動態流量的彈性,這些流量以前僅透過集中式超大規模伺服器進行路由。借助 CloudFlare,他們不僅能夠獲得更大的彈性,而且還實現了更好的效能和更強大的安全功能。我們繼續看到彈性成為關鍵主題,使 Cloudflare 能夠與現有提供者一起在大型企業帳戶中建立灘頭陣地。
A Global 2000 manufacturing company expanded their relationship with Cloudflare signing a 3-year $2.4 million contract for 45,000 Zero trustees, along with Magic WAN and Magic Firewall to provide secure access to more than 600 offices. Their multi-vendor incumbent architecture with a first-generation Zero Trust competitor and other on-premise vendors led to gaps in security and a lack of visibility.
一家全球2000 強製造公司擴大了與Cloudflare 的關係,簽署了一份為期3 年、價值240 萬美元的合同,涉及45,000 名零受託人,以及Magic WAN 和Magic Firewall,以提供對600 多個辦公室的安全存取。他們的多供應商現有架構與第一代零信任競爭對手和其他本地供應商導致了安全性差距和缺乏可見性。
After evaluating several vendors, Cloudflare demonstrated a superior technical solution to their 200 use cases in addition to increasing their security posture and consolidating multiple point solutions onto a unified SaaS platform. In the words of the customer, Cloudflare's a Swiss Army knife, we can do so many things.
在對多家供應商進行評估後,Cloudflare 展示了針對其 200 個用例的卓越技術解決方案,此外還提高了安全狀況並將多點解決方案整合到統一的 SaaS 平台上。用客戶的話來說,Cloudflare 是一把瑞士軍刀,我們可以做很多事。
A large technology company in Europe, expanded their relationship with Cloudflare, signing a 1-year $5.3 million contract for more than 40,000 seats of access gateway data loss prevention, along with remote grower isolation, workers and application security. With the company looking to not only enhance its security posture but also consolidate onto one platform, our innovative Zero Trust road map was a key differentiator. In the words of the customer, we are an engineering-driven company. We build most of our tech so we want something modern, effective and secure.
歐洲的一家大型科技公司擴大了與Cloudflare 的關係,簽署了一份為期1 年、價值530 萬美元的合同,為超過40,000 個接入網關提供數據丟失防護,以及遠程種植者隔離、工人和應用程序安全。由於該公司不僅希望增強其安全狀況,還希望整合到一個平台上,因此我們創新的零信任路線圖是關鍵的差異化因素。用客戶的話來說,我們是一家工程驅動的公司。我們建立了大部分技術,所以我們想要一些現代、有效和安全的東西。
Finally, I wanted to congratulate President Trump on his election victory and I'll also recognize Vice President, Harris for a hard-fought campaign. Both candidates were Cloudflare customers. Both were targeted by cyber attacks and I'm proud that we were able to defend them both without incident.
最後,我要祝賀川普總統贏得選舉,我還要感謝副總統哈里斯的艱苦競選。兩位候選人都是 Cloudflare 客戶。兩者都成為網路攻擊的目標,我很自豪我們能夠安全地保護它們。
I'm even more proud of something else. More than half of US states and most of the so-called battleground states rely on Cloudflare's Athenian project where we provide free service to any official administering elections, whether they're in red, blue or purple states. We couldn't have built Cloudflare without a stable functioning political system. And key to that is making sure that you can trust the democratic process.
我還有更自豪的事情。超過一半的美國州和大多數所謂的戰場州都依賴 Cloudflare 的 Athenian 項目,在該項目中,我們為任何管理選舉的官員提供免費服務,無論他們是紅色州、藍色州還是紫色州。如果沒有穩定運作的政治體系,我們就不可能建立 Cloudflare。關鍵是確保你可以信任民主程序。
I wanted to thank our team who've been on call for the last several months and especially over the last few weeks to come to the aid of election officials and campaigns whenever they've had a need. There will be lots of stories from the 2024 presidential election that cyberattacks won't be a meaningful part of any of them, and I'm proud that Cloudflare is part of the reason why.
我要感謝我們的團隊,他們在過去幾個月,特別是在過去幾週,隨時待命,在選舉官員和競選活動有需要時為他們提供幫助。 2024 年總統選舉中將會有許多故事表明網路攻擊不會成為其中任何一個有意義的部分,而我很自豪 Cloudflare 是其中的一部分。
With that, I'll turn it over to Thomas. Thomas, take it away.
有了這個,我會把它交給托馬斯。湯瑪斯,把它拿走。
Thomas Seifert - Chief Financial Officer
Thomas Seifert - Chief Financial Officer
Thank you, Matthew, and thank you to everyone for joining us. We are pleased with our execution during the third quarter as we made further progress on our go-to-market transformation delivering another double-digit year-over-year improvement in sales productivity. However, sales cycles leased during the quarter and some larger deals slipped out of the quarter in the US, in particular, Importantly, these are still active deals.
謝謝你,馬修,也謝謝大家加入我們。我們對第三季的執行感到滿意,因為我們在進入市場轉型方面取得了進一步進展,銷售生產力再次實現了兩位數的同比提高。然而,本季租賃的銷售週期和一些較大的交易在美國退出了本季度,特別是,重要的是,這些仍然是活躍的交易。
As Matthew mentioned earlier, the third quarter marked a key inflection point in our go-to-market transformation with net sales capacity having bottomed. Similar to last quarter, we continued to increase hiring in our sales organization with a particular focus on onboarding enterprise account executives with proven track records. We expect the number of brands enterprise account executives to accelerate exiting 2024 and throughout 2025, and this is particularly the case in the US
正如馬修之前提到的,第三季標誌著我們進入市場轉型的關鍵轉折點,淨銷售能力已經觸底。與上季類似,我們繼續增加銷售組織的招聘,特別關注具有良好業績記錄的企業客戶經理的入職。我們預計 2024 年和整個 2025 年,品牌企業客戶經理的退出數量將加速成長,在美國尤其如此
Turning to revenue. Total revenue for the third quarter increased 28% year over year to $430.1 million. The third quarter was highlighted by ongoing strength in pool or fund contract momentum with Wake and continued high prioritization of security by our customers. From a geographic perspective, the US represented 50% of revenue and increased 22% year over year.
轉向收入。第三季總營收年增 28% 至 4.301 億美元。第三季的亮點是與 Wake 的資金池或基金合約勢頭持續強勁,以及我們的客戶持續高度重視安全性。從地域角度來看,美國佔營收的 50%,年增 22%。
EMEA represented 28% of revenue and increased 31% year over year. APAC represented 14% of revenue, an increase of 38% year over year. We were again pleased to see a notable uptick in both sequential and year-over-year growth in APAC.
歐洲、中東和非洲地區佔營收的 28%,年增 31%。亞太地區佔營收的 14%,年增 38%。我們再次很高興地看到亞太地區的連續成長和年成長均顯著上升。
Turning to our customer metrics. In the third quarter, we had about 221,500 paying customers, an increase of 22% year over year. We ended the quarter with 3,265 large customers representing an increase of 28% year over year and a record addition of 219 large customers in the quarter.
轉向我們的客戶指標。第三季度,我們擁有約221,500名付費客戶,較去年同期成長22%。截至本季末,我們擁有 3,265 家大客戶,年增 28%,本季新增 219 家大客戶,創歷史新高。
Our dollar-based net retention was 110% during the third quarter, representing a decrease of 2 percentage points sequentially. The decline in D&R was driven by slower net expansion in our larger customer cohort increased platform deals in the form of cooler funds contracts, which, as a reminder, reduce friction to adoption across our product portfolio that can impact the shape of review recognition as well as deferred revenue, TRPO and cash flow and anniversarying the price increase to our Pro and business [Pago] plans last year. As we mentioned last quarter, we expect new customers to contribute a higher percentage of our overall year-over-year revenue growth for the next several quarters.
第三季度,我們以美元計算的淨留存率為 110%,比上一季下降了 2 個百分點。 D&R 的下降是由於我們較大的客戶群的淨擴張速度放緩,增加了以更酷的基金合約形式進行的平台交易,提醒一下,這減少了我們產品組合採用的摩擦,這也會影響評論認可的形式包括遞延收入、TRPO 和現金流,以及去年我們的 Pro 和 Business [Pago] 計劃的價格上漲。正如我們上季度所提到的,我們預計新客戶將在未來幾季為我們的整體年收入成長貢獻更高的比例。
Moving to gross margin. Third quarter gross margin was 78.8% and representing a decrease of 20 basis points sequentially and an increase of 10 basis points year over year. Network CapEx represented 10% of revenue in the third quarter. During the quarter, we saw a notable shift in customer conversations and buying behavior from AI trading to AI inference, including our first multimillion dollar workers AI contract.
轉向毛利率。第三季毛利率為78.8%,季減20個基點,較去年同期成長10個基點。第三季網路資本支出佔收入的 10%。在本季度,我們看到客戶對話和購買行為從人工智慧交易到人工智慧推理發生了顯著轉變,包括我們的第一份價值數百萬美元的工人人工智慧合約。
This gives us confidence to continue to increase our investment in higher-end GPUs as well as the breadth of our GPU rollout as we provision greater capacity to support demand in 2025. As. A result, we continue to expect network CapEx to increase again in the fourth quarter to reach 10% to 12% of revenue for the full year 2024.
這讓我們有信心繼續增加對高階 GPU 的投資以及 GPU 部署的廣度,因為我們將提供更大的容量來支援 2025 年的需求。因此,我們繼續預期第四季度網路資本支出將再次增加,達到 2024 年全年收入的 10% 至 12%。
Turning to operating expenses. Third quarter operating expenses as a percentage of revenue decreased by 2% year over year to 64% as we remain committed to driving higher productivity and greater efficiency across our operations. Our total number of employees increased 18% year over year, bringing our total headcount to about 4,200 at the end of the quarter.
轉向營運費用。第三季營運費用佔收入的百分比年減 2% 至 64%,因為我們仍然致力於提高整個營運的生產力和效率。我們的員工總數年增 18%,季末總人數達到約 4,200 人。
Sales and marketing expenses were $160.2 million for the quarter. Sales and marketing as a percentage of revenue decreased to 37% from 38% in the same quarter last year. Research and development expenses were $70.5 million in the quarter. R&D as a percentage of revenue remained consistent at 16% compared to the same quarter last year.
該季度的銷售和行銷費用為 1.602 億美元。銷售和行銷佔收入的百分比從去年同期的 38% 下降至 37%。該季度的研發費用為 7,050 萬美元。與去年同期相比,研發佔營收的百分比維持在 16%。
General and administrative expenses were $45 million for the quarter. G&A as a percentage of revenue decreased to 10% from 11% in the same quarter last year. Operating income was $63.5 million, an increase of nearly 50% year over year compared to $42.5 million in the same period last year.
該季度的一般和管理費用為 4500 萬美元。 G&A 佔營收的百分比從去年同期的 11% 下降至 10%。營業收入為 6,350 萬美元,較去年同期的 4,250 萬美元年增近 50%。
Third quarter operating margin was 14.8%, an increase of 210 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.
第三季營業利益率為14.8%,較去年同期成長210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對提高效率和生產力的持續關注。
Turning to net income and the balance sheet. Our net income in the quarter was $72.6 million or diluted net income per share of $0.20. Maintaining our strong commitment to being fiscally responsible and acting as good stewards of investors' capital we ended the third quarter with $1.8 billion in cash, cash equivalents and available-for-sale securities.
轉向淨利潤和資產負債表。我們本季的淨利潤為 7,260 萬美元,攤薄後每股淨利潤為 0.20 美元。我們恪守對財政負責並做好投資者資本管家的堅定承諾,截至第三季末,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 $45.3 million in the quarter or 11% of revenue compared to $34.9 million or 10% of revenue in the same period last year. Remaining performance obligations, or RPO, came in at $1.53 billion. representing an increase of 6% sequentially and 39% year over year. Current RPO was 70% of total RPO.
本季自由現金流為 4,530 萬美元,佔營收的 11%,而去年同期為 3,490 萬美元,佔營收的 10%。剩餘履約義務 (RPO) 為 15.3 億美元。季增 6%,年增 39%。目前 RPO 是總 RPO 的 70%。
Moving to guidance for the fourth quarter and full year 2024. We are pleased with our execution during the third quarter, and we remain prudent in our outlook for 2024 and as we reach a key inflection point in our go-to-market transformation.
轉向 2024 年第四季和全年的指導。
For the fourth quarter, we expect revenue in the range of $451 million to $452 million. representing an increase of 25% year over year at the midpoint. We expect operating income in the range of $57 million to $58 million, and we expect an effective tax rate of 16%. We expect diluted net income per share of $0.18, assuming approximately 360 million shares outstanding.
我們預計第四季的營收將在 4.51 億美元至 4.52 億美元之間。中位數年增 25%。我們預計營業收入在 5,700 萬美元至 5,800 萬美元之間,有效稅率為 16%。假設流通股數量約為 3.6 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 EUR 1.661 billion to $1.662 billion, representing an increase of 28% year over year. We expect operating income for the full year in the range of $220 million to $221 million, and we expect an effective tax rate of 13% for 2024. We expect diluted net income per share over that period to be $0.74, assuming approximately 357 million shares outstanding.
2024 年全年,我們預計營收在 16.61 億歐元至 16.62 億美元之間,年增 28%。我們預計全年營業收入在 2.2 億至 2.21 億美元之間,預計 2024 年的有效稅率為 13%。 我們預計該期間每股攤薄淨利潤為 0.74 美元,假設股數約為 3.57 億股傑出的。
As mentioned last quarter, we continue to analyze our ability to implement certain tax planning strategies in order to manage current and future cash tax liabilities. 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 for the fourth quarter.
正如上季度所提到的,我們繼續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。如果此稅務規劃審核結果影響我們對 Cloudflare 第四季非 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。
Regardless of the outcome, we expect a non-GAAP effective tax rate of 19% to 22% beginning in 2025. However, I would remind everyone that we still have significant net operating loss carryforwards and tax credit attributes are available to offset cash taxes in the future. We expect free cash flow to be consistent with our prior guidance of approximately $160 million to $164 million for the full year 2024.
無論結果如何,我們預計從 2025 年開始,非 GAAP 有效稅率為 19% 至 22%。未來。我們預計 2024 年全年自由現金流將與我們先前約 1.6 億至 1.64 億美元的指引一致。
In closing, our teams remain 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 modernize, transform and secure their businesses.
最後,我們的團隊仍然致力於推動卓越運營,確保長期成長並提供顯著的股東價值。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. Operator, please poll for questions.
說到這裡,我想開放提問。接線員,請投票詢問問題。
Operator
Operator
(Operator Instructions) Matthew Hedberg, RBC Capital Markets.
(操作員說明)Matthew Hedberg,RBC 資本市場。
Matthew Hedberg - Analyst
Matthew Hedberg - Analyst
Congrats on the results. Matthew, maybe I'll start with you. In the past, you've talked about the crystal ball nature of Cloudflare. And I guess I'm wondering, when you look into that crystal ball now, what is it telling you about the external business environment? And then perhaps could you give a bit more color on maybe even the quantity of the US-based [slip] deals?
祝賀結果。馬修,也許我會從你開始。過去,您談到了 Cloudflare 的水晶球性質。我想我想知道,當您現在查看那個水晶球時,它告訴您有關外部商業環境的什麼?然後,也許您可以對美國[單據]交易的數量提供更多資訊嗎?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. Matt, first of all, thank you for the question. I am not shy about talking about what we see or talking about macro concerns that are out there. I don't think that we see anything that is worse than in fact, I think we see an environment that maybe is ever have slightly improved. We saw real strength actually in Europe.
是的。馬特,首先謝謝你的提問。我並不羞於談論我們所看到的或存在的宏觀擔憂。我認為我們沒有看到任何比實際情況更糟糕的事情,我認為我們看到的環境可能略有改善。我們實際上在歐洲看到了真正的實力。
I know a number of other companies haven't seen the same, but we executed well there and continue to see strength there. Asia has performed very well. And actually, from everything we've seen in the crystal ball, North America is -- has leveled off to slightly improved.
我知道許多其他公司還沒有看到同樣的情況,但我們在那裡執行得很好,並且繼續看到那裡的實力。亞洲表現非常出色。事實上,從我們在水晶球中看到的一切來看,北美已經趨於平穩,並且略有改善。
I think we're where we have room to improve ourselves and where I'm optimistic looking forward is around our own internal execution. It has nothing to do with the macro. And the good news is that with our team in Europe, which has seen the most consistent sales productivity over the last eight quarters, I've had sales productivity increased by 22% year over year in Q3. They are running the playbook that we're running now in North America. There's a smaller team, so it's faster for us to be able to make those changes, but that's work.
我認為我們還有改進的空間,而且我對我們內部執行力的前景持樂觀態度。和宏沒有關係。好消息是,我們在歐洲的團隊在過去八個季度的銷售生產力最為穩定,第三季的銷售生產力年增了 22%。他們正在運行我們現在在北美運行的劇本。團隊規模較小,因此我們能夠更快地進行這些更改,但這就是工作。
Same thing in Asia where they saw actually a sales productivity bump of 40% over the past three quarters. and they had the highest productivity of any region this year.
亞洲的情況也是如此,他們發現過去三個季度的銷售生產力實際上提高了 40%。今年他們的生產力是所有地區中最高的。
So I think the macro -- I don't think there's anything about the macro that gives us more pause today than before. If anything, I think it's improving. And what I'm very optimistic about is that the places where we've already gotten through our improvement of our go-to-market team, we're seeing the benefits of that. And now we're rolling that out to our largest market, and we see that in Q1, you see a dramatic increase starting in the number of ramped reps and that gives me a lot of confidence and the consistency of the macro also allows us to invest with confidence.
所以我認為宏觀——我認為宏觀沒有任何東西讓我們今天比以前有更多的停頓。如果有的話,我認為它正在改善。我非常樂觀的是,在我們已經通過改進我們的上市團隊的地方,我們正在看到它的好處。現在我們正在將其推廣到我們最大的市場,我們看到在第一季度,您會看到斜坡代表數量開始急劇增加,這給了我很大的信心,宏觀的一致性也使我們充滿信心地投資。
Matthew Hedberg - Analyst
Matthew Hedberg - Analyst
Got it. Maybe just a quick one, a follow-up for Thomas. The pool of fund deals seems like it's pressuring NRR, maybe even CRPO in revenue. Is there a way or I guess, how would you have us think through the impact of that, especially as we think towards 2025? I know it's a short-term thing, and it certainly benefits the long-term model, but any guidepost that you can give us on the relative impact?
知道了。也許只是一個快速的,托馬斯的後續行動。基金交易池似乎給 NRR 甚至 CRPO 的收入帶來壓力。有沒有辦法,或者我猜,你會讓我們如何思考其影響,特別是在我們考慮 2025 年的時候?我知道這是一個短期的事情,它肯定有利於長期模型,但是您能給我們有關相對影響的指導嗎?
Thomas Seifert - Chief Financial Officer
Thomas Seifert - Chief Financial Officer
Yes. We gave a couple of that on the call. So the share of cooler funds deals in the quarter now creep up to 10%, which is a good result. It will pressure as you rightfully said, in the short term, but I think it takes friction out of the process for our customers consuming our products and services moving forward. So we think that this is going to be with us for the next two to three quarters, but provides all the upside from an expansion of the decrease of freedom we have and our customers have to expand moving forward.
是的。我們在電話中給了一些內容。因此,本季較冷的基金交易份額現已攀升至 10%,這是一個不錯的結果。正如您所說,短期內這會帶來壓力,但我認為這會消除我們的客戶在消費我們的產品和服務的過程中出現的摩擦。因此,我們認為這種情況將在未來兩到三個季度持續存在,但隨著我們所擁有的自由度的減少而擴大,我們的客戶必須繼續擴大業務,從而提供了所有的好處。
Operator
Operator
Andrew Nowinski, Wells Fargo.
安德魯諾溫斯基,富國銀行。
Andrew Nowinski - Analyst
Andrew Nowinski - Analyst
Congrats on the nice quarter. I want to start with a question on your AI. So you mentioned that a number of conversations with customers began to shift this quarter from AI training to AI inference, and I think you signed a large workers AI deal. Just give any more color on the AI landscape and some of the feedback you're hearing on Workers AI?
恭喜這個美好的季度。我想先問一個關於你的人工智慧的問題。所以你提到,本季與客戶的一些對話開始從人工智慧培訓轉向人工智慧推理,我認為你簽署了一項大型工人人工智慧協議。只是對人工智慧的前景以及您在 Workers AI 上聽到的一些回饋進行更多的描述嗎?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes, Andy. Thanks for the question. I'm really amazed at how quickly the AI platform that we launched is taking off and how many people are getting real value from it. And so as we mentioned, one of the leading AI companies signed a $7 million 1-year contract with us to move their inference to our platform. What they saw was that they were able to get significantly better performance while also being able to run at a much higher ROI on the investment that they made over what they were seeing, trying to manage it themselves through hyperscale public cloud.
是的,安迪。謝謝你的提問。我真的很驚訝我們推出的人工智慧平台的發展速度如此之快,以及有多少人從中獲得了真正的價值。正如我們所提到的,一家領先的人工智慧公司與我們簽署了一份價值 700 萬美元的為期一年的合同,將他們的推理轉移到我們的平台上。他們看到的是,他們能夠獲得顯著更好的性能,同時也能夠以比他們所看到的更高的投資回報率運行,並嘗試透過超大規模公有雲自行管理。
That's a story that is playing out over and over again. I think it's a story that is accelerating. And in order to support that, we have made the investments to increase not only just the number, but also the power of the GPUs that we're deploying around the world. What I think is unique about Cloudflare is two things. One, we are actually able to deliver inference incredibly close to where anyone is on earth because we've deployed the inference capabilities across at this point, nearly all of our network.
這是一個不斷上演的故事。我認為這是一個正在加速發展的故事。為了支持這一點,我們進行了投資,不僅增加了我們在世界各地部署的 GPU 的數量,還增加了其效能。我認為 Cloudflare 的獨特之處有兩點。第一,我們實際上能夠在距離地球上任何人都非常近的地方提供推理,因為我們此時已經在幾乎所有網路上部署了推理功能。
But in addition to that, we've actually done the work to get higher utilization out of those same GPU resources where what we see when we survey customers that are trying to manage this themselves, through hyperscale public cloud is that they're getting utilization rates that are in the 5% to 10% range of the resources that they're buying. We're able to deliver much higher utilization.
但除此之外,我們實際上已經完成了從這些相同的GPU 資源中獲得更高利用率的工作,當我們調查試圖透過超大規模公有雲自行管理這些資源的客戶時,我們發現他們正在獲得利用率他們購買的資源的價格在 5% 到 10% 範圍內。我們能夠提供更高的利用率。
And in the process of that, that means that we can actually pass on the effective savings to our customers. So they not only save in not having to maintain their own team to manage these virtual machines and containers, but they also save because we can just do more with the same GPU resources that are being deployed.
在這個過程中,這意味著我們實際上可以將有效的節省轉嫁給我們的客戶。因此,他們不僅不需要維護自己的團隊來管理這些虛擬機器和容器,而且還因為我們可以利用正在部署的相同 GPU 資源做更多事情,從而節省成本。
So I'm incredibly excited that this is something which I think we have started -- we're starting to shift to people who have built their models and how they actually want to deploy them in customer-facing ways. And when they do that, I think Workers AI is the most powerful platform to be able to deliver inference tasks at a global level.
因此,我非常興奮,我認為我們已經開始了這一點——我們開始轉向那些已經建立了模型的人以及他們實際上希望如何以面向客戶的方式部署模型。當他們這樣做時,我認為 Workers AI 是能夠在全球範圍內交付推理任務的最強大的平台。
Andrew Nowinski - Analyst
Andrew Nowinski - Analyst
That was really helpful. And then I guess as my follow-up, I wanted to ask about just the team you've built. I think you've done a really nice job building out one of the best management teams in the industry and including the recent hire of CJ. So and you seem to find a new way to use your network with a new product every quarter, but I'm wondering if you can give us any color in terms of the direction that CJ wants to take Cloudflare's product development?
這真的很有幫助。然後我想作為我的後續行動,我想問你們建立的團隊。我認為你們在打造業內最好的管理團隊之一以及最近聘用 CJ 方面做得非常出色。因此,您似乎每個季度都會找到一種透過新產品使用網路的新方法,但我想知道您能否就 CJ 希望採取的 Cloudflare 產品開發方向向我們提供任何資訊?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. I'm just really honored by the caliber of people who have chosen to take the next stage of their career and bet on Michelle and my vision for the future of what Cloudflare is. And so Mark Anderson, CJ Desai, Stephanie Collin, and it goes down the list of top both managers but then also top individual contributors the caliber of talent that we get is remarkable. We're on pace to probably have over 1.5 million applicants that apply to work at Cloudflare in 2024. And we're just getting the cream of the crop of people.
是的。我對那些選擇進入職業生涯下一階段並押注於 Michelle 的人才以及我對 Cloudflare 未來的願景感到非常榮幸。因此,馬克安德森 (Mark Anderson)、CJ 德賽 (CJ Desai)、斯蒂芬妮科林 (Stephanie Collin) 以及頂級經理人和頂級個人貢獻者的名單都名列前茅,我們獲得的人才素質非常出色。到 2024 年,我們預計將有超過 150 萬申請者申請在 Cloudflare 工作。
Those are obviously names that you all recognize. But across our entire team, I did an orientation session today, and it was just remarkable to see all of the people who are betting on Cloudflare's vision. And that gives me an enormous amount of hope that we will continue to be able to drive incredible innovation over the long term.
這些顯然是你們都認識的名字。但今天我在整個團隊中舉行了一次入職培訓會,看到所有的人都押注於 Cloudflare 的願景,真是太了不起了。這給了我很大的希望,從長遠來看,我們將繼續推動令人難以置信的創新。
I think CJ really brings a number of different things. One of them that I really love is his understanding and focus on the enterprise. And so as we are building out a go-to-market team that is now able to sell very large deals to very important customers. What I referenced in my prepared remarks, was that, that would then put pressure on our product and engineering team to make sure that they could deliver those enterprise-class features to satisfy what our sales team delivered.
我認為 CJ 確實帶來了很多不同的東西。我真正喜歡的其中之一是他對企業的理解和專注。因此,我們正在建立一支進入市場的團隊,現在能夠向非常重要的客戶銷售非常大的交易。我在準備好的演講中提到的是,這會給我們的產品和工程團隊帶來壓力,以確保他們能夠提供這些企業級功能來滿足我們銷售團隊所提供的功能。
And see, there's no one in the world who is better at that than CJ. And so we're honored to have him on board. The team is incredibly excited to be working with him. And I think just watch this space because there's going to be a lot of exciting development to come.
你看,世界上沒有人比 CJ 更擅長這一點。因此,我們很榮幸他能加入。團隊非常高興能與他合作。我認為只要關注這個領域,因為將會有很多令人興奮的發展。
Operator
Operator
Mark Murphy, JPMorgan.
馬克墨菲,摩根大通。
Mark Murphy - Analyst
Mark Murphy - Analyst
I'll add my congrats, and I agree with Andy that I think CJ is just an incredible hire. Matthew, it seems like you're capable of adding about 100,000 new developers per month, I believe, onto the platform. I think you crossed 2 million or 3 million developers. And now you have vectorized, you have hyperdrive. There's so many new products.
我要表示祝賀,我同意安迪的觀點,我認為 CJ 是一個令人難以置信的員工。 Matthew,我相信您每月有能力為該平台添加約 100,000 名新開發人員。我認為你的開發者數量已經突破了 200 萬或 300 萬。現在你已經向量化了,你有了超光速引擎。有很多新產品。
The stats out there, there are 30 million to 100 million developers depending on how you define it. How many of those do you think are viable candidates for Cloudflare? And what do you think is attainable over time? And then I have a quick follow-up.
統計數據顯示,開發人員數量為 3,000 萬到 1 億,具體取決於您如何定義。您認為其中有多少是 Cloudflare 的可行候選者?您認為隨著時間的推移可以實現什麼?然後我會進行快速跟進。
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. I mean, I think all of them are viable candidates for Cloudflare. And we want to make the platform support any of their needs. That doesn't mean that every application is going to make sense to run on Cloudflare. If you have a legacy application, if you're trying to run SAP HANA, we're not the right place to do that.
是的。我的意思是,我認為它們都是 Cloudflare 的可行候選者。我們希望該平台能夠支援他們的任何需求。這並不意味著每個應用程式都適合在 Cloudflare 上運行。如果您有舊版應用程序,如果您嘗試執行 SAP HANA,我們不是執行此操作的合適地點。
But if you're the company that's building the thing that's going to disrupt SAP HANA, then we're absolutely the place to do that.
但如果您是一家正在建立顛覆 SAP HANA 的產品的公司,那麼我們絕對是您的最佳選擇。
And so if you look across the AI ecosystem, if you look across the blockchain and cryptocurrency ecosystem. If you look across anywhere where someone is able to start with a blank slate, we're seeing adoption rates in the top start-ups, top companies in those spaces that are well north of 50%, and in some cases, well north of 25% of the industry. So what we think the excitement around the platform is palpable, and it has again taken off much faster.
因此,如果你縱觀人工智慧生態系統,如果你縱觀區塊鏈和加密貨幣生態系統。如果你看看任何可以從零開始的地方,我們會發現這些領域的頂級新創公司、頂級公司的採用率遠遠超過 50%,在某些情況下甚至遠遠超過 50%。因此,我們認為圍繞該平台的興奮是顯而易見的,並且它再次以更快的速度起飛。
I think our secret is that customer 0 for everything that we do at Cloudflare is Cloudflare ourselves. And that's been a great formula. If we build things that our own developers want it turns out a lot of other developers want to develop the same way that Close does. And that's driving, I think, a lot of excitement and a lot of interest in the platform.
我認為我們的秘密是,我們在 Cloudflare 所做的一切的客戶 0 就是 Cloudflare 自己。這是一個很棒的公式。如果我們建立自己的開發人員想要的東西,那麼結果是許多其他開發人員也想以與 Close 相同的方式進行開發。我認為,這激發了人們對這個平台的極大興奮和興趣。
Mark Murphy - Analyst
Mark Murphy - Analyst
I appreciate that. As a follow-up, there have been a couple of comments now that the AI models are advancing so fast as they're actually doubling every six months. which is hard to believe they're advancing so fast and now I think we're looking at the reasoning and the long-duration inference. We're starting to hear the inferencing is going to have to be multinodal and using InfiniBand. It's a pretty big step up.
我很欣賞這一點。作為後續行動,現在有一些評論指出人工智慧模型發展如此之快,實際上每六個月就會翻倍。很難相信他們進步得如此之快,現在我認為我們正在研究推理和長期推論。我們開始聽說推理必須是多節點的並使用 InfiniBand。這是一個相當大的進步。
And so I'm just curious maybe how you see that developing? And how might that play into your architecture as these models just become so much more demanding?
所以我只是好奇你如何看待這種發展?隨著這些模型的要求變得越來越高,這會如何影響您的架構?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
I think that we're really good at figuring out how to make very complicated, hard cash distributed across our network. And so far, what we're seeing is that even in cases where there are models that maybe need more than one machine to run we've been able to very efficiently do the hard engineering work to split that apart in ways that often might be different than how some others are approaching it, but get a much higher level of utilization.
我認為我們非常擅長弄清楚如何在我們的網路上分配非常複雜的現金。到目前為止,我們看到的是,即使在某些模型可能需要不止一台機器才能運行的情況下,我們也能夠非常有效地進行艱苦的工程工作,以通常可能的方式將其分開與其他一些方法不同,但利用率較高。
At the core of Cloudflare, the first thing that we really did was we've built a network where we could move data faster, more reliably, more efficiently, meaning cheaper and more securely than anyone else. And that then means that we can oftentimes take an inference task, maybe the big inference task is going to take some time. It might be that we don't answer it as close to the user as possible. It might be that we spread that out across multiple different machines and then pull the answer back. And those might be on the other side of the earth in some cases.
在 Cloudflare 的核心,我們真正做的第一件事是建立了一個網絡,可以更快、更可靠、更有效率地移動數據,這意味著比其他任何人都更便宜、更安全。這意味著我們經常可以執行推理任務,也許大型推理任務需要一些時間。可能是我們沒有盡可能貼近用戶來回答這個問題。我們可能會將其分散到多台不同的機器上,然後將答案拉回來。在某些情況下,這些可能位於地球的另一邊。
And so that network and that ability for us to utilize the entire network we have and effectively squeeze as much efficiency out and squeeze as much utilization out as possible. that's been key to what we've done across the board with CPUs, with memory, with storage, with networking and now we're running the same play with GPUs. And so, so far, there haven't been -- we have not hit limits that our engineering team hasn't found ways around. And I think that we're -- we feel pretty optimistic that even as AI continues to (inaudible), the place that you're going to want to do inference is on Cloudflare's network.
因此,我們擁有這樣的網絡和能力,可以利用我們擁有的整個網絡,並有效地擠出盡可能多的效率和利用率。這是我們在 CPU、記憶體、儲存、網路方面所做的全面工作的關鍵,現在我們正在使用 GPU 進行同樣的工作。因此,到目前為止,我們的工程團隊尚未找到解決方法,但還沒有達到極限。我認為我們非常樂觀,即使人工智慧繼續(聽不清楚),您想要進行推理的地方還是在 Cloudflare 的網路上。
Operator
Operator
Brent Thill, Jefferies.
布倫特·希爾,杰弗里斯。
Brent Thill - Analyst
Brent Thill - Analyst
Matthew, just on the go-to-market changes. There have been questions just in terms of when you talk about the pushouts, we always see this and you've seen this in past quarters. Was this quarter more pronounced on the pushouts? Or is this just something you're commenting, hey, made some sales changes this is the natural side effect. I think was just curious about the magnitude of that push.
馬修,關於上市方面的變化。當你談論退出時,就會出現一些問題,我們總是看到這一點,你在過去的幾個季度也看到了這一點。本季的淘汰情況是否更為明顯?或者這只是您評論的內容,嘿,做了一些銷售更改,這是自然的副作用。我想我只是對這種推動力的大小感到好奇。
Was that greater or equal to what you've seen historically in past quarters?
這是否大於或等於您在過去幾季所看到的歷史情況?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
I think that it was -- I think that what we saw this quarter that was a little bit different as we started to see the capacity held it back at some level. And and that we had had to, especially in North America cut deeper than I think we initially expected. And Mark, I think, did a great job with performance management coming in and continue to do the hard work, finding the really great people on our team and make sure that they were taken care of, but also finding people that weren't going to be up to snuff and move them off the team.
我認為,我認為本季我們看到的情況有點不同,因為我們開始看到產能在某種程度上阻礙了它。而且我們不得不這樣做,特別是在北美,削減的深度比我認為我們最初預期的要深。我認為,馬克在績效管理方面做得很好,並繼續努力工作,找到我們團隊中真正優秀的人並確保他們得到照顧,但也找到了那些不會去的人達到要求並將他們從團隊中剔除。
What I think is the big change, though, is I think we see the inflection point for that, and we've crossed it, we're really starting in Q1 the capacity. And we know that that's going to tick up because those are people who are already on the team. They're just ramping, right? And we know what the ramp rates are. We know how that builds.
不過,我認為最大的變化是,我們看到了轉折點,並且我們已經跨越了它,我們真正從第一季開始提高產能。我們知道這種情況將會加劇,因為這些人已經在團隊中了。他們只是在加速,對嗎?我們知道斜坡率是多少。我們知道這是如何建構的。
The capacity starts to really tick up in Q1. And assuming we're continuing to be able to hire the plan, which we expect we'll be able to given the caliber and quality of the candidates that we get, that continues to tick up over the course of 2025.
第一季產能開始真正增加。假設我們繼續能夠聘用該計劃,考慮到我們獲得的候選人的能力和質量,我們預計我們將能夠聘用該計劃,這一情況在 2025 年將繼續上升。
So I don't think there was something that was dramatically different. I do think that we have made the productivity gains we've seen the success in other regions, and now we're bringing that to what is our largest market, which is North America. And we see again that inflection point in the not-too-distant future.
所以我認為沒有什麼顯著不同的地方。我確實認為我們已經取得了在其他地區取得的成功的生產力提升,現在我們正在將其帶到我們最大的市場,即北美。在不久的將來,我們將再次看到這個拐點。
Brent Thill - Analyst
Brent Thill - Analyst
Okay. And you called out Workers and you've been talking about this for a while but I guess how important is this now in the overall platform shift in adoption? How are you seeing this as customers are coming to you for multiple things. Are you seeing this as a big add-on big driver? How would you characterize where we're at in the adoption of Workers?
好的。您召集了“工人”,並且您已經談論這個問題有一段時間了,但我想這對於現在採用的整體平台轉變有多重要?當客戶向您尋求多種服務時,您對此有何看法?您是否認為這是一個重要的附加驅動程式?您如何描述我們在採用 Workers 方面的進展?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. I think that I have -- we -- at Cloudflare, we always think that we're stacking different S curves one behind another. So we have older products that are in more mature markets. that are at the tail end of their S curve. And those are great products, and we win a lot of deals from those.
是的。我認為我——我們——在 Cloudflare,我們總是認為我們將不同的 S 曲線一個接一個地堆疊起來。所以我們有更成熟市場的舊產品。位於 S 曲線的尾端。這些都是很棒的產品,我們從中贏得了許多交易。
And those customers because we're best of breed in that often then adopt other parts of that. I think our -- where we're right in the hockey stick growth, and we're seeing a lot of success is with our zero trust products, which are taking off.
而那些客戶,因為我們在這方面是最好的,然後通常會採用其中的其他部分。我認為我們在曲棍球棒增長方面處於正確的位置,我們看到了很多成功,這些成功來自我們的零信任產品,這些產品正在起飛。
With Workers, I think that we are -- I keep thinking we're in the beginning of that the S curve of growth. But before the S curve even in the beginning is steeper than I imagined and there's a lot that's there. But we are not, I would say, optimizing this as much for how do we extract the most revenue. I think we're still optimizing very much for adoption. And what I like is that oftentimes Workers becomes the conversation around how we actually adopt the entire platform because people want -- they want to sign a pool of funds deal because their developers are excited about what Workers delivers they don't know exactly how much of it they're going to use.
對於工人來說,我認為我們正處於 S 型成長曲線的開端。但在 S 曲線開始之前,它就比我想像的要陡峭,而且還有很多東西。但我想說的是,我們並沒有為如何獲得最多的收入而優化。我認為我們仍在為採用進行大量優化。我喜歡的是,Workers 通常會成為圍繞我們如何實際採用整個平台的討論,因為人們想要- 他們想要簽署一份資金池協議,因為他們的開發人員對Workers 提供的內容感到興奮,但他們不知道到底有多少他們將使用其中的一部分。
They know that they're going to use the overall platform. But Workers has been oftentimes a place where people say, listen, I want to put this in place. I want to make sure Workers is part of that. And then oftentimes, we're finding that customers will use up their entire pool of funds well before the contract duration and oftentimes, what's driving that and just the excitement of their teams around building new tools on Workers.
他們知道他們將使用整個平台。但工人經常是一個人們說,聽著,我想把它落實到位的地方。我想確保工人是其中的一部分。然後,我們經常發現客戶會在合約期限之前就用完他們的全部資金池,而且往往是什麼推動了這一點,以及他們的團隊圍繞在 Workers 上構建新工具的興奮。
Philip Winslow - Vice President, Strategic Finance and Investor Relations
Philip Winslow - Vice President, Strategic Finance and Investor Relations
Just one moment even connections with the operator. The operator is reconnecting. They'll just be a few moments.
只需片刻即可與接線員聯繫。操作員正在重新連線。他們只需要幾分鐘。
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
I do think we have the technical ability to call on people. Otherwise, we would.
我確實認為我們有技術能力來呼籲人們。否則,我們會的。
(technical difficulty)
(技術難度)
Operator
Operator
Sorry, everyone, for the confusion and delay.
抱歉,給大家造成混亂和延誤。
Shaul Eyal, TD Cowen.
紹爾‧埃亞爾 (Shaul Eyal),TD‧考恩 (TD Cowen)。
Shaul Eyal - Analyst
Shaul Eyal - Analyst
Thank you. Good afternoon, everybody. Congrats on a very solid performance. For Thomas or Matthew, there's no question, the number of 7-digit and probably 8-digit transactions are on the rise. We've seen some companies, some security-related companies, assisting larger customers with financing-related activities.
謝謝。大家下午好。恭喜您的出色表現。對於托馬斯或馬修來說,毫無疑問,7 位數甚至 8 位數的交易數量正在增加。我們看到一些公司,一些與安全相關的公司,協助大客戶進行融資相關活動。
What's the current thinking along these lines? Is it something that your customers are beginning to talk to you about what would be the approach here?
目前的想法是什麼?您的客戶是否開始與您討論這裡的方法?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
I guess I can take a stab at it, and then Thomas might have more. And Shaul, you're saying like financing so that they could spread payments out over a longer period of time? Or can you say more about what you -- what exactly are you thinking about -- saying about?
我想我可以嘗試一下,然後托馬斯可能會有更多。 Shaul,你是說融資這樣他們就可以在更長的時間內分期付款?或者你能多談談你——你到底在想什麼——所說的嗎?
Shaul Eyal - Analyst
Shaul Eyal - Analyst
Actually, as they grow with you and want to consume more of your services at times, and as get addicted to some of your services, they would add -- they would probably ask for flexibility assistance in terms of payments or maybe asking you to utilize some of your balance sheet in their favor.
事實上,隨著他們與你一起成長,有時想要使用更多你的服務,並且對你的某些服務上癮,他們會補充說——他們可能會要求在付款方面提供靈活性幫助,或者可能會要求你使用你的一些資產負債表對他們有利。
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. We don't -- I mean, Thomas can add more, but we don't do any customer financing today. I think we have generally been the highest ROI provider. And because we're a SaaS service, you pay for it as you consume. I think that's often been different with hardware companies that might have a different model, but that isn't something that I'm aware of that there's a lot of demand for on our side.
是的。我們沒有——我的意思是,托馬斯可以添加更多,但我們今天不提供任何客戶融資。我認為我們通常是投資回報率最高的提供者。因為我們是 SaaS 服務,所以您在使用時付費。我認為這對於可能有不同模型的硬體公司來說通常是不同的,但我不知道我們這邊有很多需求。
And Thomas, I don't know if there's anything you'd add?
湯瑪斯,我不知道你還有什麼要補充的嗎?
Thomas Seifert - Chief Financial Officer
Thomas Seifert - Chief Financial Officer
To finance customers doing business with us, this has not been a topic so far.
到目前為止,為與我們開展業務的客戶提供融資還不是一個話題。
Operator
Operator
Tim Horan, Oppenheimer.
提姆霍蘭,奧本海默。
Tim Horan - Analyst
Tim Horan - Analyst
There's a lot of moving parts, obviously, with the sales productivity and limited capacity there in the pooling. Can you maybe talk about the timing of when revenue growth can accelerate again. Do you think the fourth quarter around 25% guide, is that the bottom? Or do you think it's still a few more quarters out? And related to this, can you update us on what you think the timing of for the $5 billion revenue target that you have? And I had a quick product follow-up.
顯然,由於銷售生產力和池中的容量有限,有許多移動部件。您能否談談收入成長何時能再次加速的時機?您認為第四季指導值 25% 左右是底部嗎?或者您認為還需要幾季?與此相關,您能否向我們介紹一下您認為 50 億美元收入目標的具體時間安排?我進行了快速的產品跟進。
Thomas Seifert - Chief Financial Officer
Thomas Seifert - Chief Financial Officer
Yes. Thank you for the question. As we said before, for us, in our subscription business model, revenue is very much a lagging metric. Sales capacities is a product of the amount of headcount we have and the productivity progress they are making, this translates into pipeline and sales prospects, turns into ACV and then ACV is recognized ratably over the lifetime of the contract as revenue. So it's very much a lagging indicator. And as we said before, models like this, there are slow on their way down, but they're also slowing their way up.
是的。謝謝你的提問。正如我們之前所說,對於我們來說,在我們的訂閱業務模式中,收入在很大程度上是一個落後指標。銷售能力是我們擁有的員工數量和他們所取得的生產力進步的產物,這轉化為管道和銷售前景,轉化為ACV,然後ACV在合約有效期內按比例確認為收入。所以它在很大程度上是一個滯後指標。正如我們之前所說,像這樣的模型,它們的下降速度很慢,但它們的上升速度也很慢。
But the important part is, as you heard in Matthew's prepared remarks that we think we have reached this key inflection point with net sales capacity now, which is the leading growth indicator have been patent. So from there on, we expect sales activity translating the ACV moving forward and going up.
但重要的是,正如您在馬修準備好的演講中聽到的那樣,我們認為我們現在已經達到了淨銷售能力的關鍵拐點,這是領先的成長指標已經獲得專利。因此,從那時起,我們預計銷售活動將推動 ACV 向前發展並上升。
And you see this already in those parts of the world where this conversion and transition has happened successfully. Revenue was up 38% already in APAC, and it was up 1% in Europe, which is our highest productivity region has been over the last several quarters. So we think we have bottomed out from a net sales capacity perspective, and move forward from there.
你已經在世界上那些成功發生這種轉變和轉變的地方看到了這一點。亞太地區的營收已經成長了 38%,歐洲的營收成長了 1%,歐洲是過去幾季我們生產力最高的地區。因此,我們認為從淨銷售能力的角度來看,我們已經觸底,並在此基礎上繼續前進。
Tim Horan - Analyst
Tim Horan - Analyst
And the $5 billion target may be what year? And then just on the product side, have you improved the process on going general availability with products? I know in the past, it took a little longer than expected. And I guess related to this, when do you think containers can hit GA?
50億美元的目標可能是哪一年?然後就產品方面而言,您是否改進了產品普遍可用性的流程?我知道過去,花的時間比預期長。我想與此相關的是,您認為容器什麼時候可以正式發布?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. I would say I don't think that we wouldn't say things have taken longer than expected. I think that our strategy has always been to get products into the market as quickly as possible. let people play with them and test them and use them, understand that they will be early products.
是的。我想說,我不認為我們不會說事情花費的時間比預期的要長。我認為我們的策略一直是盡快將產品推向市場。讓人們玩它們、測試它們並使用它們,了解它們將是早期產品。
And that's part of the power of having the millions of customers, tens of millions of customers that we do is that we can do that and get immediate product feedback and then iterate quickly and then use the GA process as a time to signal when it's the right time for products to be put in production used by our largest customers and have the confidence around.
這就是我們擁有數百萬客戶、數千萬客戶的力量的一部分,我們可以做到這一點並獲得即時的產品反饋,然後快速迭代,然後使用 GA 流程作為時機來發出信號。的產品投入生產的時機恰到好處,充滿信心。
I think that has slowed down or accelerate. I think it's always been the process that we've gone through.
我認為這已經放緩或加速。我認為這一直是我們經歷的過程。
Some products take longer, some products take less time. Containers are already in market. We have a number of large customers that use them to do interesting things. How broadly we make that available is something that we are very much testing what I think doesn't make sense is to just release a product that doesn't have any differentiation doesn't have any advantage over existing container solutions. And so that's, I think, what we are talking to customers about.
有些產品需要更長的時間,有些產品需要更少的時間。貨櫃已經投放市場。我們有許多大客戶使用它們來做有趣的事情。我們正在對其提供的廣泛程度進行大量測試,我認為沒有意義的是僅僅發布一個沒有任何差異化的產品,與現有的容器解決方案相比沒有任何優勢。我認為這就是我們與客戶談論的內容。
I think we're using our usual process. But, technically, there's nothing that keeps us from launching that tomorrow. I think what we want to do is make sure that when we do that it has such a compelling value proposition that it just becomes a no-brainer for people to use.
我認為我們正在使用通常的流程。但是,從技術上講,沒有什麼可以阻止我們明天推出該產品。我認為我們想要做的是確保當我們這樣做時,它具有如此引人注目的價值主張,以至於人們可以輕鬆使用它。
Operator
Operator
Joel Fishbein, Truist Securities.
喬爾‧菲什拜因 (Joel Fishbein),Truist 證券公司。
Joel Fishbein - Analyst
Joel Fishbein - Analyst
Matthew, love to get an update from you on the public sector. Obviously, you've got (inaudible) certification. You've seen some very good customers there. I just love to hear what's happening there. And then also as it relates to that, where they are, do you think they are in their adoption of inference? That would be really helpful.
馬修,很高興收到您關於公共部門的最新消息。顯然,您已經獲得了(聽不清楚)認證。您在那裡看到了一些非常好的客戶。我只是想聽聽那裡發生了什麼事。然後,與此相關的是,他們在哪裡,你認為他們是否採取了推理?這真的很有幫助。
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. I think that public sector has been -- was really an area of strength for us in 2023. We have not -- it has not -- it continues to perform, but it hasn't I would say, been in one of our standout star. I think that, that is because we've been nurturing relationships, and I think that you'll see it reemerge as a real driver of growth for us going forward. But I think it has not been much of a standout as it was last year.
是的。我認為公共部門確實是我們在 2023 年的一個優勢領域。 我們沒有——它沒有——它繼續表現出色,但我想說的是,它並沒有成為我們的傑出表現之一星星。我認為,這是因為我們一直在培養關係,而且我認為您會看到它重新成為我們前進的真正成長動力。但我認為它並沒有去年那麼引人注目。
I also -- what is -- I'm constantly reminded of is how the people who work in governments are almost by definition, mission-driven and they really appreciate the work that we do. And so the number of notes that I've gotten from very senior people across the US government, thanking us for what we did around the election, making sure that any time there was a problem they knew that they could call on our team that we had people available 24 hours a day to help with any county official in any state, anywhere in the country that we're seeing some type of an attack.
我也常想起,在政府工作的人們幾乎都是以使命為導向的,他們非常欣賞我們所做的工作。因此,我從美國政府的非常資深人士那裡收到了很多留言,感謝我們在選舉期間所做的一切,確保任何時候出現問題時,他們都知道可以打電話給我們的團隊,以便我們解決問題。 24 小時都有人為我們看到某種類型的襲擊的任何州、任何地方的任何縣官員提供幫助。
And I'm proud of what we've done with that. That is the most effective marketing that we can do for our public sector business. And what we find time and time again is that as we do those good works, it turns into significant deals for us going forward. And so I think that it will be a very big -- it will continue to be a big and growing part of our business. And we have the pieces in place now that there are really no roadblocks from us winning more federal business.
我對我們所做的一切感到自豪。這是我們能為公共部門業務做的最有效的行銷。我們一次又一次地發現,當我們做好這些好事時,它就會變成對我們未來來說意義重大的交易。因此,我認為這將是一個非常大的業務,並將繼續成為我們業務的一個重要且不斷成長的部分。現在我們已經做好了準備,贏得更多聯邦業務確實沒有任何障礙。
Joel Fishbein - Analyst
Joel Fishbein - Analyst
And do you feel like you have a sales capacity necessary there to hit that market?
您認為您是否具備打入該市場所需的銷售能力?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
I think we're building that sales capacity out. I think we've got some really amazing leaders there. And I think that what Mark Anderson, the person who's now leading North America for us. (inaudible), who's got an enormous pedigree of selling into federal markets. And we have reps that we've hired to cover that space and they're ramping.
我認為我們正在增強銷售能力。我認為我們有一些非常出色的領導者。我認為馬克·安德森(Mark Anderson)就是這樣的人,他現在是我們北美的領導者。 (聽不清楚),他在聯邦市場銷售方面擁有豐富的經驗。我們聘請了代表來負責該領域,他們的工作量正在增加。
And I think that you'll see them be able to again deliver very large field. I don't think that we are right now capacity constrained in the federal space.
我認為你會看到他們能夠再次提供非常大的領域。我不認為我們現在聯邦空間的能力受到限制。
Operator
Operator
Jonathan Ho, William Blair.
喬納森·何,威廉·布萊爾。
Jonathan Ho - Analyst
Jonathan Ho - Analyst
Just wanted to get a little bit more color from some of the product side of things and particularly those around the data orientation. Can you maybe give us a sense of how R2 and D1 are faring within your customer base? And whether these products are helping drive some of the growth around AI and the inference modeling as well?
只是想從產品方面的一些方面獲得更多的色彩,特別是圍繞數據方向的方面。您能否讓我們了解 R2 和 D1 在您的客戶群中的表現如何?這些產品是否也有助於推動人工智慧和推理建模的一些成長?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Yes. I think that R2 definitely is or to the magic continues to be that if you have a large data set and you need to move it to wherever there is excess GPU capacity that R2 is an ability to do that. And so I think that, especially in training workloads, we're seeing be something that is often the gateway into using the rest of Cloudflare. And then that is helping us win more and more of the AI workloads, especially on the inference side.
是的。我認為 R2 絕對是,或者說它的魔力仍然是,如果你有一個大數據集,並且需要將其移動到任何有多餘 GPU 容量的地方,R2 就有能力做到這一點。因此,我認為,特別是在培訓工作負載中,我們看到的往往是使用 Cloudflare 其餘部分的門戶。這有助於我們贏得越來越多的人工智慧工作負載,特別是在推理方面。
I think D1, there is less that's driving in the AI space directly. It is more of a traditional SQL database. But I think these components together -- have come together where now people are building full applications on top of platform workers. So you need a database, you need an object store, you need all of these primitives and these primitives together are allowing us to win much more complicated applications, much more complicated workloads, and that's important.
我認為 D1,直接驅動人工智慧領域的東西較少。它更像是一個傳統的 SQL 資料庫。但我認為這些元件已經結合在一起,現在人們正在平台工作人員之上建立完整的應用程式。所以你需要一個資料庫,你需要一個物件存儲,你需要所有這些原語,這些原語一起使我們能夠贏得更複雜的應用程序,更複雜的工作負載,這很重要。
And we continue to innovate in that space. I think what we did with HyperDrive some of the announcements we had around Birthday Week, with Durable Objects and Durable Databases are really very unique primitives that you can only get on Cloudflare. And I think you're going to start to see applications that just would have been prohibitively difficult to build in the past, especially around synchronization worldwide.
我們繼續在該領域進行創新。我認為我們在生日週期間發布的一些關於 HyperDrive 的公告、持久性物件和持久性資料庫確實是非常獨特的原語,您只能在 Cloudflare 上獲得。我認為您將開始看到過去構建起來極其困難的應用程序,尤其是在全球同步方面。
A lot of game companies are starting to use some of these primitives to be able to think their player states and things that were in the past, extremely difficult to build. That is something that I think you're going to see more and more applications that just couldn't be built anywhere other than Cloudflare.
許多遊戲公司開始使用其中一些原語來思考他們的玩家狀態以及過去極其難以建構的事物。我認為您將會看到越來越多的應用程式無法在 Cloudflare 之外的任何地方建置。
And that's -- I think that's incredibly exciting for the space.
我認為這對這個領域來說是非常令人興奮的。
Operator
Operator
There's no further question at this time. I will now turn the call back over to Matthew Prince for closing remarks. Matthew?
目前沒有其他問題了。現在,我會把電話轉回給馬修‧普林斯(Matthew Prince),讓其致閉幕詞。馬修?
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Matthew Prince - Chairman of the Board, Chief Executive Officer, Co-Founder
Thank you. We had a number of technical difficulties. I'm not going to try and take it personally that the after hours stock went up the most when we were mute for a period of time. But I do appreciate all of the work that goes into not just these calls but really pulling together these quarters. We've got an incredible team that just continues to execute.
謝謝。我們遇到了許多技術困難。我不會認為當我們沉默一段時間時盤後股票漲幅最大。但我確實感謝所有所做的工作,不僅是這些電話會議,而且是這些季度真正團結起來的工作。我們擁有一支令人難以置信的團隊,他們將繼續執行下去。
That team is building and ramping now. And I just want to say thank you to everyone for all of the hard work over the course of the last quarter, especially over the course of this week, where we've been all hands on deck to make sure that the US election went off without cyber attacks being a big part of it. Thank you so much and we'll see you back here again next quarter.
該團隊現在正在建設和壯大。我只想對大家在上個季度的辛勤工作表示感謝,尤其是在本週,我們全力以赴確保美國大選順利進行網路攻擊並不是其中的重要組成部分。非常感謝您,我們下季再見。
Operator
Operator
That concludes today's call. Thank you all for joining. You may now disconnect.
今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。