Cloudflare Inc (NET) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Cloudflare Q4 2024 Earnings Call.

大家好，歡迎參加 Cloudflare 2024 年第四季財報電話會議。

This conference is being recorded.

本次會議正在錄製中。

At this time, I would like to hand the call over to Mr. Phil Winslow.

現在，我想將電話交給菲爾溫斯洛先生。

Please go ahead, sir.

先生，請繼續。

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

感謝您今天加入我們討論 Cloudflare 2024 年第四季的財務表現。

With me on the call, we have Matthew Prince, Co-Founder and CEO; Michelle Zatlyn, Co-Founder President; and 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 Matthew Prince；米歇爾‧札特林 (Michelle Zatlyn)，共同創辦人兼總裁；以及財務長 Thomas Seifert。

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

現在，每個人都應該可以看到我們的收益公告了。

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在我們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; 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、供應商和合作夥伴的營運和未來財務表現；預期的產品發布以及這些產品的時間和市場潛力。

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 uncertainty, much of which is beyond our control.

這些聲明和其他評論並不能保證未來的表現，並且受到風險和不確定性的影響，其中許多是我們無法控制的。

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的任何前瞻性陳述中預測或建議的結果有很大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future.

這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。

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

我們不承擔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，請參閱我們向美國證券交易委員會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，我們今天討論的除收入以外的所有數字都將基於調整後的非 GAAP 基礎。

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報告中找到 GAAP 與非 GAAP 財務指標的對帳表。

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

對於歷史時期，可以在幾個月前引用的補充財務資訊中找到 GAAP 與非 GAAP 的對帳。

We would also like to inform you that we will be participating in the Morgan Stanley Technology, Media and Telecom Conference on Monday, March 3.

我們也想通知您，我們將於 3 月 3 日星期一參加摩根士丹利科技、媒體和電信會議。

And we're hosting our Annual Investor Day on Wednesday, March 12.

我們將於 3 月 12 日星期三舉辦年度投資者日。

Now with that said, I'd like to turn the call over to Matthew.

現在說了這麼多，我想把電話轉給馬修。

Thank you, Phil.

謝謝你，菲爾。

We had a very strong end of 2024.

我們的 2024 年有一個非常強勁的結尾。

We achieved revenue of $459.9 million, up 27% year-over-year.

我們營收4.599億美元，年增27%。

During the quarter, we added a record number of new large customers those that pay us more than $100,000 per year, and now have 3,497 large customers, also up 27% year-over-year.

本季度，我們增加了創紀錄數量的新大客戶（每年向我們支付超過 10 萬美元的客戶），現在我們擁有 3,497 個大客戶，年成長 27％。

Revenue contribution from large customers grew to 69% of revenue,, up from 66% in the fourth quarter last year.

大客戶收入貢獻從去年第四季的66%成長至69%。

Our dollar-based net retention ticked up 1-percentage-point quarter-over-quarter to 111%.

我們基於美元的淨留存率比上一季上升了 1 個百分點，達到 111%。

Our gross margin was 77.6%, remaining above our long-term target range of 75% to 77%.

我們的毛利率為77.6%，高於我們75%至77%的長期目標範圍。

We delivered an operating profit of $67.2 million, representing an operating margin of 14.6%.

我們實現了 6,720 萬美元的營業利潤，營業利潤率為 14.6%。

We continue to generate strong free cash flow, achieving $47.8 million during the quarter and $166.9 million for the full year.

我們繼續產生強勁的自由現金流，本季實現 4,780 萬美元，全年實現 1.669 億美元。

As we've talked about multiple times, since the beginning of 2024, customers have been disciplined with their budgets, scrutinizing deals carefully and ensuring every dollar spent delivered clear and immediate value.

正如我們多次談到的那樣，自 2024 年初以來，客戶一直嚴格控制預算，仔細審查交易，確保花費的每一美元都能帶來明確和即時的價值。

That trend continued through Q4.

這一趨勢持續到第四季。

However, as the quarter progressed, we saw encouraging signs that confidence is beginning to return, particularly in the US Security, AI, modernization, and efficiency form the word cloud we hear most often in these conversations.

然而，隨著本季的發展，我們看到了令人鼓舞的跡象，表明信心開始恢復，特別是在美國安全、人工智慧、現代化和效率方面，這些是我們在這些對話中最常聽到的詞雲。

These themes play directly to Cloudflare's strength.

這些主題直接發揮了 Cloudflare 的優勢。

Beyond the qualitative, we saw measurable improvements in Q4.

除了品質之外，我們還看到第四季度取得了可衡量的進步。

We saw a notable uptick in close rates.

我們發現收盤價明顯上漲。

We saw an improvement in sales cycles.

我們看到銷售週期有所改善。

The majority of large customers I mentioned last quarter, those deals had slipped from Q3, reengaged and signed significant contracts in Q4.

我上個季度提到的大多數大客戶，這些交易從第三季開始下滑，在第四季重新參與並簽署了重要合約。

We crossed 3 million active developers on our platform, including Cloudflare Workers and Workers AI.

我們的平台上活躍開發人員已超過 300 萬，其中包括 Cloudflare Workers 和 Workers AI。

And we saw record growth in our largest customers, those that spent over $1 million with Cloudflare per year.

我們最大的客戶數量創下了成長記錄，這些客戶每年在 Cloudflare 上的支出超過 100 萬美元。

We ended the year with 173 such customers, 55 of which we added in 2024 and more than half of the new adds were in the fourth quarter alone.

到年底，我們擁有 173 個這樣的客戶，其中 55 個是我們在 2024 年新增的，光是第四季就有一半以上的新增客戶。

I'm proud of how our team remains disciplined and focused on delivering real ROI for customers, which drove these record results in the fourth quarter, while also ensuring we're well positioned to capture the demand we see lined up in 2025.

我為我們的團隊保持紀律並專注於為客戶提供真正的投資回報而感到自豪，這推動了第四季度創下創紀錄的業績，同時也確保我們能夠很好地滿足 2025 年的需求。

More than anything, behind this success is our improved go-to-market execution.

最重要的是，這成功的背後是我們改進的市場執行力。

I wanted to give you an update on our progress on that front.

我想向您介紹我們在這方面取得的進展。

Mark Anderson continues to prove he's one of the best go-to-market leaders in the industry.

馬克安德森繼續證明他是業內最優秀的市場領導者之一。

In the fourth quarter, he led the team to a fifth consecutive quarter of double-digit year-over-year increases in sales productivity.

第四季度，他帶領團隊連續第五個季度實現銷售效率年增兩位數。

For the full year, not only with the average productivity higher each quarter compared with 2023, but we also achieved meaningful improvements in shifting account executives to the right of their attainment graph.

就全年而言，不僅每個季度的平均生產力與 2023 年相比有所提高，而且我們在將客戶經理轉移到其成就圖的右側方面也取得了有意義的進步。

We delivered a 10-percentage-point increase in ramped AEs, achieving over 80% of quota compared with 2023, with most gains coming in the 125% or higher attainment cohorts.

我們的 AE 數量增加了 10 個百分點，與 2023 年相比實現了超過 80% 的配額，其中大部分增長來自 125% 或更高的成就群體。

We continue to aggressively hire in our sales organization with a focus on more stage-appropriate talent and onboarding enterprise account executives with proven track records.

我們將繼續在銷售部門積極招募人才，重點關注更適合該階段的人才以及擁有豐富業績記錄的企業客戶經理。

In Q4, nearly 80% of our new sales hires were in the enterprise segment and the absolute number of new enterprise AEs hired increased 84% year-over-year.

第四季度，我們新聘用的銷售人員中有近 80% 來自企業部門，新聘用的企業 AE 絕對數量年增了 84%。

You've heard me say in the past, we're not limited by our total addressable market by our competitors or by our pipeline.

您過去曾聽我說過，我們的整體目標市場並不受競爭對手或通路的限制。

Each day, I see evidence this is truer than ever before.

每天，我都看到比以往任何時候都更真實的證據。

Our constraint has been and at least for another quarter, will continue to be the capacity of our sales force.

我們面臨的限制一直是銷售團隊的能力，並且至少在未來一個季度內仍將如此。

Now we've seen the increase in our sales force's performance under Mark's leadership.

現在，在馬克的領導下，我們的銷售團隊的表現有所提升。

Net sales capacity turned the corner exiting 2024.

淨銷售容量將在 2024 年後出現轉折。

In Q2 of 2025, we'll start to see capacity and ramp reps begin to meaningfully accelerate.

到 2025 年第二季度，我們將開始看到產能和產量成長開始顯著加速。

To give you a sense, 80% of our full year plan for 2025 is assigned to account execs who are already in their seats at Cloudflare at the start of the year.

為了讓您了解，我們 2025 年全年計畫的 80% 已分配給年初已經在 Cloudflare 任職的客戶主管。

And now that we've got the formula dialed in, we're keeping our foot on the gas.

現在我們已經掌握了訣竅，我們會繼續努力。

This is what gives me confidence in our ability to reaccelerate throughout this year.

這讓我對今年我們重新加速的能力充滿信心。

We are world-class in product innovation.

我們在產品創新方面處於世界級水準。

We are world-class in network stability and reliability.

我們的網路穩定性和可靠性是世界一流的。

And 2025 is the year we will prove we can be world class in go-to-market as well.

2025 年，我們將證明我們也能達到世界一流的市場水準。

That seems like a great segue to discuss some of our customer wins in the quarter.

這似乎是一個很好的過渡，可以來討論我們本季取得的一些客戶勝利。

A Fortune 100 technology company signed a five-year $20 million pool of funds contract which includes all Cloudflare products for frictionless adoption across our entire platform, marking the largest new customer win in Cloudflare's history.

一家財富 100 強科技公司簽署了一份為期五年、價值 2000 萬美元的資金池合同，其中包括所有 Cloudflare 產品，可在我們整個平台上順暢採用，這是 Cloudflare 歷史上最大的新客戶勝利。

Expected initial use cases include application security and performance as well as our Workers developer platform.

預期的初始用例包括應用程式安全性和效能以及我們的 Workers 開發平台。

They view Cloudflare as a strategic partner with a shared vision for multi-cloud security, AI and data sovereignty.

他們將 Cloudflare 視為在多雲安全、人工智慧和資料主權方面擁有共同願景的策略合作夥伴。

This is just the beginning with this customer.

這對這位顧客來說才剛開始。

A leading AI company expanded their relationship with Cloudflare, signing a one-year $13.5 million pool of funds contract.

一家領先的人工智慧公司擴大了與 Cloudflare 的合作關係，簽署了一份為期一年、價值 1350 萬美元的資金池合約。

Deploying this strategic pool of fund structure will provide seamless access to the entire Cloudflare platform, maximizing scale and enabling accelerated innovation with transparent pricing and a streamlined partnership.

部署此戰略基金池結構將提供對整個 Cloudflare 平台的無縫訪問，最大限度地擴大規模，並透過透明的定價和簡化的合作夥伴關係實現加速創新。

In the words of the customer, Cloudflare is a model partner.

用客戶的話來說，Cloudflare 是模範合作夥伴。

We wish to emulate this relationship with all our vendors.

我們希望與所有供應商建立這種關係。

A leading global retailer signed a three-year $10.8 million contract for application services, Workers, R2, Magic Firewall and Magic Transit.

一家全球領先的零售商簽署了一份為期三年、價值 1080 萬美元的應用服務合同，包括 Workers、R2、Magic Firewall 和 Magic Transit。

This customer was looking for a strategic partner who could help further develop and scale its online experience, which has been experiencing significant growth.

該客戶正在尋找一個策略合作夥伴，以幫助進一步開發和擴展其一直經歷顯著增長的線上體驗。

Displacing a 20-year incumbent, Cloudflare's unified offering and vast global presence, combined with our innovative developer platform, including Workers AI, proved to be key differentiators from the incumbent and other competitors.

Cloudflare 取代了已有 20 年歷史的在位者，其統一的產品和廣泛的全球影響力，加上我們創新的開發平台（包括 Workers AI），成為與在位者和其他競爭對手的關鍵區別因素。

A major US investment firm expanded their relationship with Cloudflare, signing a three-year $4 million SASE contract for Zero Trust and data loss prevention, along with Magic WAN and Magic Firewall.

一家美國大型投資公司擴大了與 Cloudflare 的合作關係，簽署了一份為期三年、價值 400 萬美元的 SASE 合同，用於零信任和數據丟失預防，以及 Magic WAN 和 Magic Firewall。

This customer approached Cloudflare unhappy with their incumbent solution from a first-generation Zero Trust provider.

該客戶對第一代零信任提供者提供的現有解決方案感到不滿，因此向 Cloudflare 尋求協助。

Cloudflare won against multiple competitors due to our superior network performance and ability to deliver a transformational single-vendor SASE solution on an easy-to-use unified platform.

Cloudflare 憑藉卓越的網路效能以及在易於使用的統一平台上提供變革性的單一供應商 SASE 解決方案的能力擊敗了多個競爭對手。

A Global 2000 aviation group signed a five-year $9.4 million contract for our full suite of application security and performance products.

全球 2000 強航空集團簽署了一份為期五年、價值 940 萬美元的合同，購買我們的全套應用安全和性能產品。

This customer is focused on adopting a cloud-first operating model to increase agility, while also improving cost efficiency.

該客戶專注於採用雲端優先營運模式來提高靈活性，同時提高成本效率。

The company conducted a robust RFI against more than a dozen vendors in consideration.

該公司對十幾家考慮的供應商進行了嚴格的資訊徵詢 (RFI)。

And Cloudflare was selected to displace a long-time incumbent due to our ability to drive greater modernization, the ease of use and flexibility of our products and our ability to deliver meaningful ROI.

由於我們能夠推動更高程度的現代化、我們的產品易於使用和靈活，並且能夠提供有意義的投資回報率，Cloudflare 被選中取代長期在位者。

A Global 2000 financial institution signed a four-year $13.6 million contract for application services along with Magic Transit and Threat Intelligence.

一家全球 2000 大金融機構與 Magic Transit 和 Threat Intelligence 簽署了一份為期四年、價值 1360 萬美元的應用服務合約。

This customer is looking to accelerate digital transformation as well as gain more control and transparency over its security posture.

該客戶希望加速數位轉型並對其安全態勢獲得更多控制權和透明度。

With their nine-year incumbent provider, it would take 14 weeks to provision a new website.

對於已經使用九年之久的供應商來說，提供一個新網站需要 14 週的時間。

With Cloudflare, a new website can be provisioned in just 10 minutes.

使用 Cloudflare，只需 10 分鐘即可配置一個新網站。

In the words of this customer, Cloudflare stands out in this space, offering a robust, scalable and developer-friendly Edge Security platform that not just offers best-in-class security for our digital channels but also helps us increase velocity of digital changes to speed up the bank.

用這位客戶的話來說，Cloudflare 在這個領域脫穎而出，提供了強大、可擴展且對開發人員友好的邊緣安全平台，不僅為我們的數位管道提供一流的安全性，而且還幫助我們提高數位變革的速度，從而加快銀行的發展速度。

A rapidly growing technology company expanded their relationship with Cloudflare, signing a two-year $1 million contract for Cloudflare Calls.

一家快速發展的科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期兩年、價值 100 萬美元的 Cloudflare Calls 合約。

Cloudflare Calls is a newer product in our developer platform, allowing developers to build real-time audio and video applications on Cloudflare's serverless Edge.

Cloudflare Calls 是我們開發者平台中較新的產品，可讓開發者在 Cloudflare 的無伺服器邊緣上建立即時音訊和視訊應用程式。

This customer was looking for a more cost-effective and performance solution.

這位客戶正在尋找更具成本效益和性能的解決方案。

With Cloudflare, this customer was able to build new custom use cases that can scale significantly while also achieving better performance at a lower price point.

借助 Cloudflare，該客戶能夠建立新的自訂用例，這些用例可以顯著擴展，同時以更低的價格實現更好的效能。

Finally, a major international financial institution expanded their relationship with Cloudflare, signing a 3-year $6.1 million contract for application services.

最後，一家大型國際金融機構擴大了與 Cloudflare 的合作關係，簽署了一份為期 3 年、價值 610 萬美元的應用程式服務合約。

This customer is migrating from a hyperscaler to Cloudflare in order to enable a multi-cloud architecture as they scale their growth in a regulated industry around the world.

該客戶正在從超大規模遷移到 Cloudflare，以便在其在全球受監管行業中擴大成長的同時實現多雲架構。

Cloudflare's best-of-breed security products, higher uptime and ease of use to scale and automate operations made us the clear winner.

Cloudflare 一流的安全產品、更高的正常運行時間以及易於擴展和自動化操作的特性使我們成為明顯的贏家。

I wanted to end by talking a little bit about what we're seeing in AI.

最後我想簡單談談我們在人工智慧領域看到的情況。

We believe Cloudflare has 4 distinct opportunities in AI.

我們認為 Cloudflare 在人工智慧領域有四個獨特的機會。

The first is the same as every other company.

第一個和其他公司是一樣的。

We're getting more efficient in our business processes using AI systems.

使用人工智慧系統，我們的業務流程變得更有效率。

That's not particularly interesting these days.

如今，這並不是特別有趣。

Though I'm proud, more often than not, we're finding we can build these functions on our own infrastructure rather than contracting with others.

儘管我感到很自豪，但更多的時候我們發現我們可以在自己的基礎設施上建立這些功能，而不需要與其他人簽訂合約。

The second is AI makes our performance and security products smarter for customers.

第二，人工智慧讓我們的效能和安全產品對客戶更加智慧。

At some level, although we never really had the hubris to describe it this way, Cloudflare has always been an AI company.

從某種程度上來說，儘管我們從未如此傲慢地描述它，但 Cloudflare 一直是一家人工智慧公司。

The thesis was that if we could get enough Internet traffic flowing through us, we can spot security threats that no one else could see.

論點是，如果我們能夠獲得足夠的網路流量，我們就能發現別人看不到的安全威脅。

And today, our machine learning-based security systems regularly discover new security threats that no human had identified before.

今天，我們基於機器學習的安全系統經常發現以前人類從未發現過的新的安全威脅。

That, again, feels like table stakes for us.

這對我們來說再次像是賭註一樣。

The third opportunity is where I think things start to get interesting.

我認為第三個機會會讓事情變得有趣。

The killer application for Cloudflare Workers is turning out to be AI.

Cloudflare Workers 的殺手級應用原來是 AI。

The model of programming is uniquely suited for building tools like AI agents, and our serverless architecture, which allows you to pay only for what you use based on CPU or GPU type, positions Workers to become the go-to platform for developers who want the best price performance for AI inference and [agentic] workflows.

這種程式設計模型特別適合建立 AI 代理程式等工具，而我們的無伺服器架構可讓您僅根據 CPU 或 GPU 類型為您使用的內容付費，這使得 Workers 成為希望在 AI 推理和[代理]工作流程中獲得最佳性價比的開發人員的首選平台。

I talked last quarter about a large AI customer that was building their interface on top of our inference platform.

我上個季度談到了一位大型人工智慧客戶，他們正在我們的推理平台上建立他們的介面。

From their perspective, the partnership has gone extremely well.

從他們的角度來看，合作進展非常順利。

But behind the scenes, our team has been able to do the hard engineering work to drive the efficient use of our GPU infrastructure.

但在幕後，我們的團隊已經能夠完成艱苦的工程工作，以推動我們 GPU 基礎設施的有效利用。

Inference tasks are generally highly variable, and there's a 2 times difference between these customer's peaks and valleys, which means they would have to pay approximately 250% more to stay provisioned on a hyperscaler to run the same number of inference tasks compared with Workers AI's efficient pay-per inference serverless model.

推理任務通常變化很大，這些客戶的峰值和谷值之間存在 2 倍的差異，這意味著與 Workers AI 高效的按推理付費無伺服器模型相比，他們必須支付大約 250% 的費用才能在超大規模伺服器上運行相同數量的推理任務。

Additionally, more and more developers are discovering AI Gateway, with some realizing more than 10x price performance improvement for their AI agents by serving requests directly from Cloudflare's cache instead of the original model provider.

此外，越來越多的開發人員正在發現 AI Gateway，一些開發人員透過直接從 Cloudflare 的快取而不是原始模型提供者提供請求，實現了 AI 代理 10 倍以上的性價比提升。

And just last month, the world was amazed that the efficiencies of the team of clever engineers in China were able to deliver in the field of AI training with the DeepSeek model.

就在上個月，中國聰明的工程師團隊利用DeepSeek模型在人工智慧訓練領域所展現的效率令全世界驚嘆。

We are seeing that there are equivalent optimizations that can be made with AI inference on Cloudflare's platform, resulting in faster performance and lower prices for customers and higher margin and less CapEx for us.

我們看到，在 Cloudflare 平台上可以透過 AI 推理進行等效的最佳化，從而為客戶帶來更快的效能和更低的價格，為我們帶來更高的利潤和更少的資本支出。

We believe inference is a bigger opportunity than training and our team continues to find step-function breakthroughs that put us well ahead of any alternative.

我們相信推理比訓練有更大的機會，我們的團隊繼續尋找階梯式功能的突破，使我們遠遠領先於任何其他替代方案。

But all that may pale in comparison to the fourth opportunity.

但與第四次機會相比，所有這些都顯得微不足道。

Cloudflare counts many of the most important AI companies as customers.

Cloudflare 的客戶包括許多最重要的人工智慧公司。

We also count a huge portion of the world's content creators as our users.

我們也將世界上很大一部分內容創作者視為我們的用戶。

Being between those two puts us in an important role to help figure out the business model of the post-search web.

介於這兩者之間，我們扮演著重要的角色，幫助弄清楚後搜尋網路的商業模式。

Cloudflare sits in a unique position to help figure out how content creators are compensated, what agents are allowed where and on what terms, and how the AI-driven web of the future will fit together.

Cloudflare 擁有獨特的優勢，可以幫助人們弄清楚如何向內容創作者提供報酬、哪些代理商可以在何處、在何種條件下運作，以及未來由人工智慧驅動的網路將如何整合在一起。

It's early days, but the conversations we're having with all the relevant parties feel foundational for the future.

雖然還為時過早，但我們與所有相關方進行的對話對未來至關重要。

Watch this space, definitely exciting times.

關注這個空間，絕對是令人興奮的時刻。

But before I get too far ahead of myself, to bring it back to the present, let me hand it off to Thomas to talk through the fourth quarter's financials and our outlook for 2025.

但在我說得太遠之前，讓我們回到現在，讓我把話題交給湯瑪斯談談第四季的財務狀況以及我們對 2025 年的展望。

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，也謝謝大家的參與。

We are pleased with our strong operational and financial performance for the fourth quarter, building further momentum from our go-to-market transformation efforts that Matthew discussed.

我們對第四季度強勁的營運和財務表現感到滿意，這為馬修所討論的市場轉型努力提供了進一步的動力。

Strengths in our business this quarter was driven by significant growth with large $1 million customers, ongoing traction with pool of funds contracts, sustained momentum with our Workers developer platform and high prioritization of security by our customers.

本季我們業務的優勢在於：100 萬美元大客戶的顯著成長、資金池合約的持續吸引力、Workers 開發者平台的持續發展勢頭以及客戶對安全性的高度重視。

We saw a notable uptick in close rates and an improvement in sales cycles.

我們看到成交率明顯上升且銷售週期得到改善。

We also delivered another double-digit year-over-year improvement in sales productivity with record productivity in both EMEA and APAC.

我們的銷售生產力也再次實現了兩位數的年成長，在歐洲、中東和非洲地區以及亞太地區均創下了歷史新高。

As discussed last quarter, we were encouraged to see the number of ramped account executives increase exiting the fourth quarter and we expect year-over-year growth in ramped AEs to continue to accelerate each quarter throughout 2025, further laying the foundation for Cloudflare's next phase of growth at scale.

正如上個季度所討論的那樣，我們很高興地看到，第四季度結束時，客戶經理的數量有所增加，我們預計，2025 年每個季度客戶經理的同比增長將繼續加速，為 Cloudflare 下一階段的規模增長奠定基礎。

Turning to revenue.

談到收入。

Total revenue for the fourth quarter increased 27% year-over-year to $459.9 million.

第四季總營收年增27%至4.599億美元。

From a geographic perspective, the US represented 50% of revenue and increased 23% year-over-year.

從地域來看，美國佔營收的50％，年增23％。

EMEA represented 28% of revenue and increased 27% year-over-year.

歐洲、中東和非洲地區佔總營收的28%，年增27%。

APAC represented 14% of revenue and increased 39% year-over-year.

亞太地區佔總營收的 14%，年增 39%。

Turning to our customer metrics.

轉向我們的客戶指標。

In the fourth quarter, we had approximately 237,700 paying customers, representing a record addition of nearly 48,000 paying customers in 2024 and an increase of 25% year-over-year.

第四季度，我們擁有約 237,700 名付費客戶，較 2024 年創紀錄增加近 48,000 名付費客戶，較去年同期成長 25%。

We ended the quarter with about 3,500 large customers, representing a record addition of more than 740 large customers in 2024, an increase of 27% year-over-year as well as a record addition of 232 large customers in the fourth quarter alone.

截至本季末，我們擁有約 3,500 名大客戶，這意味著 2024 年新增大客戶超過 740 名，年增 27%，僅第四季就新增了 232 名大客戶，創下歷史新高。

We were pleased to see revenue contribution from large customers during the quarter increased again to 69% of revenue, up from 66% in the fourth quarter last year.

我們很高興看到本季來自大客戶的營收貢獻再次增加至69％，高於去年第四季的66％。

For full year 2024, revenue from large customers represented 67% of total revenue compared to 64% in 2023 and 61% in 2022.

2024 年全年，來自大客戶的收入佔總收入的 67%，而 2023 年為 64%，2022 年為 61%。

And we ended the year with 173 customers that spent over $1 million with us, adding a record 55 $1 million customers in 2024 and representing a 47% increase year-over-year.

截至年底，我們共有 173 位客戶在我們這裡消費超過 100 萬美元，2024 年新增創紀錄的 55 位 100 萬美元客戶，年增 47%。

Our dollar-based net retention was 111% during the fourth quarter, representing an increase of 1-percentage-point sequentially.

我們第四季的美元淨留存率為 111%，比上一季增加了 1 個百分點。

As a reminder, there can be some variability in this metric quarter-to-quarter, but we believe the recent decelerating trend in DNR is stabilizing despite continued near-term headwinds from increased traction with pool of fund contracts, which can impact the shape of revenue recognition, especially for existing customers transitioning to these platform deals.

提醒一下，該指標每季可能會有一些變化，但我們認為，儘管短期內基金池合約的增加帶來的阻力持續存在，但近期 DNR 的減速趨勢正在趨於穩定，這可能會影響收入確認的形態，尤其是對於過渡到這些平台交易的現有客戶而言。

Moving to gross margin.

轉向毛利率。

Fourth quarter gross margin was 77.6%, representing a decrease of 120 basis points sequentially and a decrease of 130 basis points year-over-year.

第四季毛利率為77.6%，較上季下降120個基點，較去年同期下降130個基點。

During the fourth quarter, the percentage paid versus free customer traffic increased as compared to its prior quarters, resulting in a higher allocation of expenses to cost of goods sold from sales and marketing.

第四季度，付費客戶流量與免費客戶流量的百分比與前幾季相比有所增加，導致銷售和行銷費用分配給銷售成本的費用增加。

The underlying economics of our network driven by its inherent scalability and efficiency remained unchanged.

我們的網路由其固有的可擴展性和效率驅動的基本經濟效益保持不變。

Network CapEx represented 50% of revenue in the fourth quarter and 10% of revenue for the full year.

網路資本支出佔第四季營收的50%，佔全年收入的10%。

As we mentioned last quarter, the accelerating shift from AI training to AI inference has given us confidence to continue to increase our investment in our GPU rollout as we provision greater capacity to support demand in 2025.

正如我們在上個季度提到的那樣，從 AI 訓練到 AI 推理的加速轉變使我們有信心繼續增加對 GPU 推出的投資，因為我們將提供更大的容量來支援 2025 年的需求。

As a result, we expect network CapEx to be 12% to 13% of revenue for full year 2025.

因此，我們預期網路資本支出將佔 2025 年全年收入的 12% 至 13%。

Turning to operating expenses.

談到營運費用。

Fourth quarter operating expenses as a percentage of revenue decreased by 5% year-over-year to 63%, as we remain committed to driving higher productivity and greater efficiency across our operations.

第四季營運費用佔收入的百分比年減 5% 至 63%，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 16% year-over-year, bringing our total headcount to about 4,300 at the end of the quarter.

我們的員工總數年增了 16%，截至本季末，員工總數達到約 4,300 人。

Sales and marketing expenses were $166.9 million for the quarter.

本季銷售和行銷費用為 1.669 億美元。

Sales and marketing as a percentage of revenue decreased to 36% from 40% in the same quarter last year.

銷售及行銷佔收入的比例從去年同期的 40% 下降至 36%。

Research and development expenses were $74.8 million in the quarter.

本季研發費用為 7,480 萬美元。

R&D as a percentage of revenue remained consistent at 16% compared to the same quarter last year.

研發費用佔收入的比例與去年同期相比保持不變，為 16%。

General and administrative expenses were $47.8 million for the quarter.

本季一般及行政開支為 4,780 萬美元。

G&A as a percentage of revenue decreased to 10% from 11% in the same quarter last year.

一般及行政開支佔收入的百分比從去年同期的 11% 下降至 10%。

Operating income was $67.2 million, an increase of 69% year-over-year compared to $39.8 million in the same period last year.

營業收入為 6,720 萬美元，較去年同期的 3,980 萬美元年增 69%。

Fourth quarter operating margin was 14.6%, an increase of 360 basis points year-over-year.

第四季營業利益率為14.6%，較去年成長360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.

這些結果凸顯了我們持續致力於提高效率和生產力，因為卓越的營運是一種長期競爭優勢。

Turning to net income in the balance sheet.

轉向資產負債表中的淨收入。

Our net income in the quarter was $68.8 million or a diluted net income per share of $0.19. Our non-GAAP effective tax rate in Q4 was 25% compared to guidance of 16% to account for the full year impact of certain tax elections made during the fourth quarter, which did not increase our cash liabilities in 2024, but expected to mitigate cash liabilities in future years.

本季我們的淨收入為 6,880 萬美元，每股攤薄淨收入為 0.19 美元。我們第四季的非 GAAP 有效稅率為 25%，而預期稅率為 16%，這考慮到第四季度做出的某些稅收選擇對全年的影響，這不會增加我們 2024 年的現金負債，但預計會減輕未來幾年的現金負債。

Excluding the impact of these tax election, our reported diluted net income per share would have been $0.22 for the quarter.

除去這些稅收選舉的影響，我們報告的本季每股攤薄淨利潤為 0.22 美元。

Maintaining our strong commitment to being fiscally responsible and acting as good stewards of investors' capital, we ended the fourth quarter with $1.86 billion in cash, cash equivalents, and available-for-sale securities.

我們始終堅定地履行財務責任，並做好投資者資本的管理者，在第四季度結束時，我們持有 18.6 億美元的現金、現金等價物和可供出售證券。

Free cash flow was $47.8 million in the quarter or 10% of revenue compared to $50.7 million or 14% of revenue in the same period last year.

本季自由現金流為 4,780 萬美元，佔營收的 10%，而去年同期為 5,070 萬美元，佔營收的 14%。

Remaining performance obligations, or RPO, came in at $1.687 billion, representing an increase of 12% sequentially and 36% year-over-year.

剩餘履約義務（RPO）為 16.87 億美元，季增 12%，年增 36%。

Current RPO was 70% of total RPO, growing 30% year-over-year in the fourth quarter versus 29% in the third quarter and 26% in the second quarter, respectively.

目前 RPO 佔總 RPO 的 70%，第四季年增 30%，第三季成長 29%，第二季成長 26%。

Moving to guidance for the first quarter and full year 2025.

轉向 2025 年第一季和全年指引。

As a management team, we remain deeply committed to the unit economics of our business and focused on the two fundamental drivers of long-term value creation, growth and profitability.

作為管理團隊，我們始終堅定致力於業務的單位經濟效益，並專注於長期價值創造、成長和盈利的兩個基本驅動力。

We've always taken a disciplined data-driven approach to scaling Cloudflare, balancing investments for future expansions with financial and operational efficiencies to ensure that every dollar we deploy drive significant returns in the form of durable long-term growth and profitability.

我們始終採用嚴謹的數據驅動方法來擴展 Cloudflare，平衡未來擴展的投資與財務和營運效率，以確保我們部署的每一美元都能以持久的長期成長和獲利形式帶來可觀的回報。

Over the past two years, we've demonstrated our ability to drive operating leverage while transforming our go-to-market operations as we pursue the massive opportunity still ahead of us.

在過去的兩年裡，我們展示了我們推動經營槓桿的能力，同時轉變了我們的行銷運作方式，以追求我們面前的巨大機會。

Our disciplined approach gives us the flexibility to lean in when we see the right opportunities.

我們嚴謹的方法使我們能夠在看到合適的機會時靈活地採取行動。

And as we enter 2025, the data we have gives us confidence that now is the time to continue to invest to reaccelerate growth.

當我們進入 2025 年時，我們掌握的數據讓我們有信心，現在是繼續投資以重新加速成長的時候了。

Importantly, this is based on tangible data, we have real visibility into the factors that drive reaccelerating growth.

重要的是，這是基於有形數據，我們可以真正了解推動重新加速成長的因素。

Improving sales productivity and attainment levels, ramping capacity of account executives already in seats, building momentum with large $1 million-plus customers, growing pipeline, higher win rates and increasing traction in key areas, including Workers AI and SASE.

提高銷售效率和成就水平，提升現有客戶經理的容量，透過價值 100 萬美元以上的大客戶建立發展勢頭，擴大管道，提高成功率，並增加包括 Workers AI 和 SASE 在內的關鍵領域的吸引力。

For the first quarter, we expect revenue in the range of $468 million to $469 million, representing an increase of 24% year-over-year.

我們預計第一季營收在 4.68 億美元至 4.69 億美元之間，年增 24%。

Variable revenue is still a new [incurring] part of our business model.

可變收入仍然是我們商業模式中一個新的部分。

While we saw strong signals during the fourth quarter reflecting increased usage, we are maintaining a prudent outlook for the first quarter, given more limited historical data on consumption patterns and seasonality.

雖然我們在第四季度看到了反映使用量增加的強烈訊號，但鑑於消費模式和季節性的歷史數據有限，我們對第一季仍保持審慎的展望。

We expect operating income in the range of $54 million to $55 million.

我們預計營業收入在 5,400 萬美元至 5,500 萬美元之間。

We expect an effective tax rate of 21%.

我們預計有效稅率為21%。

We expect diluted net income per share of $0.16, assuming approximately 362 million shares outstanding.

我們預計每股攤薄淨利潤為 0.16 美元，假設流通股數約為 3.62 億股。

For the full year 2025, we expect revenue in the range of $2.090 billion to $2.094 billion, representing an increase of 25% year-over-year.

我們預計 2025 年全年營收將在 20.90 億美元至 20.94 億美元之間，年增 25%。

We anticipate the weighing of revenue in the second half versus the first half of 2025 to be approximately 40 to 50 basis points higher as compared with the relative mix in 2024.

我們預計，2025 年下半年的收入與上半年的收入權重將與 2024 年的相對組合相比高出約 40 至 50 個基點。

We expect operating income for the full year in the range of $272 million to $276 million, and we expect an effective tax rate of 21% for 2025.

我們預計全年營業收入在 2.72 億美元至 2.76 億美元之間，預計 2025 年有效稅率為 21%。

We expect diluted net income per share over that period to be in the range of $0.79 to $0.80, assuming approximately 366 million shares outstanding.

我們預計該期間每股攤薄淨利潤將在 0.79 美元至 0.80 美元之間，假設流通股約為 3.66 億股。

In closing, we're excited about the road ahead and confident that our strategy will drive continued innovation and accelerating growth.

最後，我們對未來的道路感到興奮，並相信我們的策略將推動持續創新和加速成長。

As always, we will stay focused on creating significant shareholder value with our commitment to disciplined execution, durable growth and operational efficiency.

一如既往，我們將繼續致力於透過嚴謹的執行、持久的成長和高效的運營，創造巨大的股東價值。

We look forward to updating you on our progress in the coming quarters as we accelerate Cloudflare's next stage of growth at scale.

我們期待在未來幾季向您通報我們的進展，因為我們正在加速 Cloudflare 下一階段的規模成長。

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

現在，我想開始回答大家的提問。

Operator, please poll for questions.

接線員，請投票詢問問題。

Hamza Fodderwala, Morgan Stanley.

摩根士丹利的 Hamza Fodderwala。

Great.

偉大的。

Congrats on the strong finish to the year.

恭喜您今年取得了圓滿的成績。

Matthew, obviously, DeepSeek was a big story so far this year.

馬修，顯然，DeepSeek 是今年迄今為止的重頭戲。

I'm curious, as we see the rate of improvement and the efficiency of these models, whether you think more and more of these inference workloads start moving to the edge?

我很好奇，當我們看到這些模型的改進速度和效率時，您是否認為越來越多的推理工作負載開始轉移到邊緣？

Yes, Hamza.

是的，哈姆札。

First of all, let me apologize, I have a bit of a cough, so I'll try my best not to cough into the phone too much during this.

首先，我要道歉，我有點咳嗽，所以我會盡量不要在電話裡咳嗽太多。

But DeepSeek was -- first of all, I think there's been a lot of noise around DeepSeek because it came out of a -- from a Chinese company, I think there's a lot of concern around national security issues and other things.

但 DeepSeek — — 首先，我認為 DeepSeek 引起了很多關注，因為它來自一家中國公司，我認為人們非常擔心國家安全問題和其他問題。

I think we boiled it down and looked at the underlying research behind it.

我認為我們對其進行了歸納和研究。

And the reality from what we've seen is that the researchers at DeepSeek came up with two very, very clever optimizations that significantly reduced the cost of training.

而從我們看到的現實情況來看，DeepSeek 的研究人員提出了兩項非常巧妙的最佳化方法，顯著降低了訓練成本。

And I think that's really interesting if you sort of separate it away from a lot of the noise.

我認為，如果你把它與大量噪音區分開來，那就非常有趣了。

My view is that models over time will commodify and will be largely open rather than proprietary.

我的觀點是，隨著時間的推移，模​​型將會商品化，並且基本上是開放的而不是專有的。

And that's something that DeepSeek, I think, is the sort of camel's nose under the tent.

我認為，DeepSeek 就像帳篷下的駱駝鼻子。

I think what Meta is doing with Llama is another effort in that area.

我認為 Meta 對 Llama 所做的努力是該領域的另一項努力。

And that's good for us.

這對我們有好處。

That's good for Cloudflare because we can have a broad set of models that are running on Cloudflare's network and available to our customers.

這對 Cloudflare 來說是個好消息，因為我們可以在 Cloudflare 網路上運行一系列模型並供我們的客戶使用。

I think the second thing that was important was that DeepSeek really demonstrates that there is room for efficiency.

我認為第二件重要的事情是 DeepSeek 確實證明了其效率空間。

For a while there, I felt like we were the only one saying, hey, you can make AI a lot more efficient.

有一段時間，我感覺我們是唯一一個說「嘿，你可以讓人工智慧變得更有效率」的人。

I think some of the folks in Cupertino at Apple were seeing the same thing, although are much more secretive about what they're seeing.

我認為蘋果庫比蒂諾的一些人也看到了同樣的事情，儘管他們對於所看到的事情諱莫如深。

But this idea that the only way to win in AI was to spend hundreds of billions or even trillions of dollars, I think DeepSeek shook that foundation.

但這種認為在人工智慧領域獲勝的唯一方法是投入數千億甚至數萬億美元的想法，我認為 DeepSeek 動搖了這一基礎。

And I think that plays very much to Cloudflare's strength.

我認為這非常能發揮 Cloudflare 的優勢。

We are extremely good at wringing out as much efficiency as possible.

我們非常擅長盡可能地提高效率。

And we're seeing the same opportunities with inference that DeepSeek saw with training, and I think that, that gives us a lot of confidence that models that are running on Cloudflare, that are running using our serverless platform, we're going to be able to deliver the best price points for our customers while still having those be relatively low CapEx investments and relatively high margin for us.

我們在推理中看到了與 DeepSeek 在訓練中看到的相同機會，我認為這給了我們很大的信心，在 Cloudflare 上運行的模型，使用我們的無伺服器平台運行的模型，我們將能夠為客戶提供最優惠的價格點，同時仍然具有相對較低的資本支出投資和相對較高的利潤率。

And again, that's kind of Cloudflare's bread and butter over the last 15 years.

這也是 Cloudflare 過去 15 年的主要收入來源。

And finally, I think that inference and agents are the really big opportunities in AI.

最後，我認為推理和代理是人工智慧領域真正巨大的機會。

And while a lot of the money that's been spent -- has been spent on training for the last little bit, I think as we go forward, a lot more of that money is going to be spent on inference and agents.

雖然最近很多資金都花在了培訓上，但我認為，隨著我們向前邁進，更多的資金將花在推理和代理上。

And again, Cloudflare Workers is -- the killer application for Cloudflare Workers is inference.

再說一次，Cloudflare Workers 的殺手級應用是推理。

It is agents.

是代理人。

And we're seeing more and more companies that are running with exactly that.

我們看到越來越多的公司正在這樣做。

So I think DeepSeek is across the board a positive sign for Cloudflare.

因此我認為 DeepSeek 對 Cloudflare 來說是一個正面的訊號。

And I think our team is excited not to be the only ones out there shouting that there's a lot of efficiency that we can wring out of these models.

我認為我們的團隊很高興，因為我們不是唯一一個高呼我們可以從這些模型中榨取巨大效率的團隊。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great.

偉大的。

My congrats as well.

我也表示祝賀。

A lot of good stuff, good content today.

今天有很多好東西、好內容。

I wanted to focus on the product side.

我想專注於產品方面。

CJ is well into his role.

CJ 已經很好地融入他的角色。

The product team is built out.

產品團隊已經組建完畢。

Matthew, you just spent on talking about a ton of innovation around killer AI apps and inferencing.

馬修，你剛剛談論了大量有關殺手級人工智慧應用和推理的創新。

And there seems like there's a lot of really, really exciting developments there.

那裡似乎有很多非常非常令人興奮的發展。

If you could just step back and sort of reflect on what you're most excited about from a product innovation perspective this year?

您能否回顧一下，從產品創新的角度來思考今年您最興奮的是什麼？

Are there things that we should be watching for inflection points this year?

今年有哪些事情值得我們關注以尋找轉捩點？

I think I was just -- I was actually at our regional sales kickoff in London with CJ and Mark this morning.

我想我只是——實際上我今天早上和 CJ 和 Mark 一起參加了我們在倫敦的區域銷售啟動儀式。

And I think the first thing I'll say is that Cloudflare has always been great at engineering.

我想說的第一件事是 Cloudflare 在工程方面一直很出色。

For, I think, at least the last seven years, we've been a great product.

我認為，至少在過去七年裡，我們的產品一直都很棒。

What I think I'm most excited about is that 2025 is the year where we're going to prove that we can be world class and go-to-market.

我認為最讓我興奮的是，2025 年我們將證明我們可以達到世界一流水平並進入市場。

And what I think is unique about a product and engineering leader like CJ is he is so customer-focused.

我認為像 CJ 這樣的產品和工程領導者的獨特之處在於他非常注重客戶。

He's so centered around making sure that our sales team has the tools, have the support that they need in order to win.

他非常注重確保我們的銷售團隊擁有成功所需的工具和支援。

And you could just feel that coming through with the team in EMEA over the last two days that I was there with them.

過去兩天，我和 EMEA 團隊在一起時，你們就能感受到這一點。

And I think that's the thing that I'm most excited about.

我想這就是我最興奮的事。

I think beyond that, I think that AI over the last year has felt like it went from kind of an interesting science project.

除此之外，我認為過去一年來的人工智慧已經從一個有趣的科學計畫變成了一個有趣的科學計畫。

It's something that's turning into real use cases.

它正在變成真實的用例。

And I think that, that's going to be the turning point here.

我認為，這將會成為轉捩點。

And so I talked a second ago about how inference and agents we really think are the big opportunities.

我剛才談到了我們真正認為推理和代理是巨大機會。

Some of the applications that we're seeing getting built are just really fascinating.

我們看到的一些正在建立的應用程式確實令人著迷。

In finance, there's a financial service company that's built an agent to perform -- on Cloudflare Workers to perform diligence on M&A targets.

在金融領域，有一家金融服務公司在 Cloudflare Workers 上建立了一個代理人來對併購目標進行盡職調查。

In medicine, we saw a start-up that's building an AI agent to review clinical trial results.

在醫學領域，我們看到一家新創公司正在建立人工智慧代理來審查臨床試驗結果。

There's an upstart customer support company that built an agent to pull a comprehensive view of customers and then make sure that, that's in front of the human agent that's actually supporting a customer in a really efficient way.

有一家新興的客戶支援公司，它建立了一個代理商來全面了解客戶，然後確保在人工代理商面前以真正有效的方式為客戶提供支援。

Again, all built on Workers.

再次強調，一切都建立在工人的基礎上。

In CRM, a customer built an agent to provide an in-depth information about prospects, their businesses, the org structure in order just to make salespeople significantly more efficient.

在 CRM 中，客戶建立代理來提供有關潛在客戶、其業務、組織結構的深入信息，以便顯著提高銷售人員的效率。

And again, all on top of Workers.

再次強調，這一切都由工人負責。

In media, an existing customer built an agent to answer questions about legal documents.

在媒體中，現有客戶建立了一個代理人來回答有關法律文件的問題。

In marketing, a customer built an agent about researching the latest topics and creating SEO design pages to promote their products.

在行銷方面，客戶建立了一個代理，研究最新主題並創建 SEO 設計頁面來推廣他們的產品。

Great examples, Matthew.

很好的例子，馬修。

And then maybe just a quick one for Thomas.

然後也許對托馬斯來說只是一個快速的問題。

You mentioned pool of funds in your prepared remarks.

您在準備好的發言中提到了資金池。

Is there any way that you could help us think about what the impact or quantify the impact of pool of fund deals in Q4?

您能否幫助我們思考一下第四季基金池交易的影響或量化其影響？

And when you think about its impact in 2025, how should we kind of think about guardrails for what seems like an increasing component of revenue?

當您考慮它在 2025 年的影響時，我們應該如何看待看似不斷增加的收入組成部分的護欄？

Yeah.

是的。

The activity around pool of funds in the fourth quarter was comparable to what we saw in the prior quarter, around 9-percentage-points.

第四季資金池活動與上一季的情況相當，約為 9 個百分點。

We're excited by this.

我們對此感到興奮。

There -- in a subscription model like ours, revenue is a lagging indicator.

在像我們這樣的訂閱模式中，收入是一個落後指標。

And the fourth quarter felt like one of these inflection points where things are lining up where sales headcount translates into activity, translates into a pipeline, translates into ACV that will be ratably recognized as revenue over the course of the year.

第四季就像是一個轉捩點，一切都在有序進行，銷售人員數量轉化為銷售活動，轉化為銷售管道，轉化為 ACV，並將在全年按比例確認為收入。

And we saw a lot of these early pointers, all pointing in the right direction, sales capacity, sales productivity, large deals with customers north of $1 million and pool of funds deals.

我們看到了許多早期的跡象，都指向正確的方向，銷售能力、銷售效率、與 100 萬美元以上的客戶的大額交易以及資金池交易。

The guardrails we put in place are a mix of how we compensate and how we incentivize because the art in turning these pool of funds deals into accesses is you have to get customers to consume product.

我們設定的護欄結合了補償和激勵手段，因為將這些資金池交易轉化為通路的技巧在於讓客戶消費產品。

And I think we learned a lot over the last 12 years -- 12 months in dealing with these constructs and are quite confident in our outlook, how these contracts will be recognized ratably in terms of revenue over the course of the year, especially in the second half of this year.

我認為，在過去的 12 年裡，我們在處理這些問題的 12 個月裡學到了很多東西，我們對我們的前景非常有信心，這些合約將如何在今年，特別是今年下半年，在收入方面得到相應的確認。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

Awesome.

驚人的。

I just wanted to touch on the announcement this week on FedRAMP High.

我只是想談談本周有關 FedRAMP High 的公告。

I was just really curious what this may mean from a network architecture perspective.

我只是真的很好奇從網路架構的角度來看這代表什麼。

And speaking with investors, does this mean anything around fragmenting your unique and homogeneous network?

與投資者交談時，這是否意味著會分裂您獨特且同質的網絡？

So long way of saying is, does FedRAMP High changed that?

長話短說，FedRAMP High 改變了這一點嗎？

And then maybe if you could give an update on your government business more broadly, just both within the US and internationally.

然後，您是否可以更廣泛地介紹您的政府業務，包括美國國內和國際業務。

Sure, Adam.

當然，亞當。

I'll take a stab at the first bit and a little of the second bit and Thomas may have some more to add.

我將嘗試第一部分和第二部分，托馬斯可能還會添加一些內容。

I think first of all, the federal business is important to us, and we want to make sure that federal customers who need protection can get that.

我認為首先，聯邦業務對我們很重要，我們希望確保需要保護的聯邦客戶能夠受到保護。

And that means making sure that we can comply with what the requirements are.

這意味著要確保我們能夠遵守要求。

But one of the things that was important to our product and engineering team was that we did that in a way which was still inherently Cloudflare.

但對於我們的產品和工程團隊來說，重要的一件事是，我們以本質上仍然是 Cloudflare 的方式來做到這一點。

So we didn't rush to do something that would maybe result in some quick near-term revenue but would cause us years of pain in terms of our network and our architecture over the long term.

因此，我們並不急於做一些可能在短期內帶來一些收入，但從長遠來看會為我們的網路和架構帶來多年的痛苦的事情。

We also didn't want to make it a piecemeal, where some Cloudflare products were available under FedRAMP High, but other Cloudflare products weren't.

我們也不想把它弄得支離破碎，有些 Cloudflare 產品可以在 FedRAMP High 下使用，但其他 Cloudflare 產品卻不能。

We wanted the entire platform to be doing that.

我們希望整個平台都能做到這一點。

And so as a result, I think we've moved maybe a little bit more slowly and more cautiously, but it's exactly in respect to your question, which is we don't want to fragment the network.

因此，我認為我們的行動可能會更慢、更謹慎一些，但這正是關於你的問題，我們不想分裂網絡。

And so we have designed a compliance strategy that allows us to use our existing network and be able to meet the FedRAMP High requirements.

因此，我們設計了合規策略，允許我們使用現有網路並能夠滿足 FedRAMP High 要求。

That has been an effort in both directions.

這是雙方共同的努力。

I remember very clearly some conversations with federal government officials where there were requirements like all machines had to be in the US.

我清楚記得與聯邦政府官員的一些對話，其中有要求，例如所有機器都必須在美國生產。

And I said, do you really want us to import the denial-of-service attack into the US before we stop it as opposed to stopping it out at the edge of the network.

我說，你真的希望我們在阻止拒絕服務攻擊之前將其引入美國嗎，而不是在網路邊緣阻止它？

And they said, obviously not, that doesn't make any sense.

他們說，顯然不是，這沒有任何意義。

And I think they've been willing to work with us and figure out what the right process is.

我認為他們願意與我們合作並找出正確的流程。

But I think we've built a very, very, very good plan that allows us to run the same network largely across the board without having to fragment it the way that some of the other hyperscalers have or build a specific gov cloud.

但我認為我們已經制定了一個非常非常好的計劃，使我們能夠全面運行同一個網絡，而不必像其他一些超大規模企業那樣將其分割開來或構建特定的政府雲。

And that is, I think, what will allow us to continue to have success in the federal space while maintaining the elegance of Cloudflare's network architecture where literally any server anywhere on our network is capable of performing any of the functions that we need.

我認為，這將使我們能夠在聯邦領域繼續取得成功，同時保持 Cloudflare 網路架構的優雅，在該架構中，我們網路上任何地方的任何伺服器都能夠執行我們需要的任何功能。

So I think that, that's powerful.

所以我認為這很強大。

In terms of the federal business, I -- the list of federal agencies that we work with continues to grow.

就聯邦業務而言，我們合作的聯邦機構名單不斷增加。

We continue to do more and more with them in the United States.

我們將繼續在美國與他們進行更多合作。

Outside the United States, that continues to be really powerful as well.

在美國以外，這種勢頭仍然十分強勁。

I mentioned that I was just in London, I was meeting, as part of our sales kickoff, also with the CTO of NATO, who is a Cloudflare customer and really excited for what we can do for them.

我提到我剛剛在倫敦，作為我們銷售啟動儀式的一部分，我還會見了北約的首席技術官，他是 Cloudflare 的客戶，他對我們能為他們做些什麼感到非常興奮。

And again, our team is very proud of the fact that we're helping protect so many of these critical infrastructures around the world.

再次強調，我們的團隊對能夠幫助保護世界各地如此多的關鍵基礎設施感到非常自豪。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

How do we think about the security performance this quarter?

我們如何看待本季的安全表現？

And were there any standout product categories that you're seeing?

您是否看到了什麼出色的產品類別？

Congrats again on the strong quarter results.

再次恭喜您本季的強勁業績。

I think the theme for the last couple of quarters has really been that more and more of our large customers are buying into the overall Cloudflare platform.

我認為過去幾季的主題實際上是越來越多的大客戶正在購買整個 Cloudflare 平台。

And so it's less about buying one particular feature and more and more buying the broad suite of everything that Cloudflare does.

因此，您不再僅僅購買某一項特定功能，而是購買 Cloudflare 提供的所有功能的綜合套件。

When we say pool of funds, that's what we're really saying.

當我們說資金池時，我們真正想說的就是這個。

It's that a customer isn't coming and saying, I just want a WAF or I just want a modern VPN replacement or I just want that.

客戶不會過來說，我只是想要一個 WAF，或者我只是想要一個現代的 VPN 替代品，或者我只是想要那個。

They're saying, we have bought into Cloudflare's vision for what a network architecture should look like.

他們說，我們已經認同 Cloudflare 對網路架構的願景。

We don't know exactly what's going to make sense in terms of us deploying that.

我們並不確切知道部署這一點是否有意義。

But over time, we see a significant portion of our network relying on the Cloudflare products.

但隨著時間的推移，我們發現我們網路中的很大一部分依賴 Cloudflare 產品。

And so we're willing to commit a pool of funds and then draw that down as it makes sense in terms of our own deployment in order to deliver that.

因此，我們願意投入一筆資金，然後根據我們自身的部署情況，提取這筆資金來實現這一目標。

And so I think that, that broad platform and a real true platform, all built on one unified architecture is what is giving us the ability to do these large pool of funds deals.

因此我認為，這個廣泛的平台和真正的平台都建立在一個統一的架構上，這使我們能夠進行這些大型資金池交易。

And I think the theme has been largely that it's a platform that has been the killer feature that people are adopting.

我認為主要主題是它是一個平台，是人們正在採用的殺手級功能。

If you push me more -- and again, I don't -- still not yet from the revenue perspective, but I continue to see so many amazing things happen in the developer space.

如果你再逼我一下——我再說一次，我不會——從收入角度來看還沒有，但我繼續看到開發者領域發生了許多令人驚奇的事情。

The fact that we crossed 3 million developers using the Cloudflare platform is terrific.

使用 Cloudflare 平台的開發人員已超過 300 萬，這真是太棒了。

The pace of that growth is just accelerating.

這種成長速度正在不斷加快。

And so I think that's the area where there continues to be sort of the most excitement.

所以我認為這是持續存在最令人興奮的領域。

And again, it feeds into the overall platform as well.

而且，它也為整個平台提供了資訊。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Matthew, I wanted to go back to your commentary and your very emboldened stance about the go-to-market organization just in terms of higher aggregate sales capacity and accelerating productivity momentum into this year.

馬修，我想回到你的評論和你關於進入市場的組織的非常大膽的立場，就今年更高的總銷售能力和加速生產力勢頭而言。

So the question for you is, this being year two with Mark at the helm of the whole organization and kind of doubling back to some of your comments in the prepared remarks, what changes might you be considering from a compensation or incentive perspective to maybe balance some of that really robust pool of funds momentum but also engender more of that mass market appeal for your growth [your racked], so namely the developer services and some of the Zero Trust services areas that could be a real tailwind for you?

所以您的問題是，這是馬克執掌整個組織的第二年，回到您在準備好的評論中的一些評論，從薪酬或激勵的角度來看，您可能會考慮做出哪些改變，以平衡一些非常強勁的資金池勢頭，同時也為您的增長帶來更多的大眾市場吸引力，也就是開發者服務和一些零信任服務領域，這些領域可能會成為您的真正順風？

I'll start, and then I think Thomas will have more of the nitty-gritty details that he can share.

我先開始，然後我想托馬斯會分享更多具體細節。

I think that -- so we're just starting.

我認為──我們才剛開始。

I don't think we've quite come up on Mark's one-year anniversary, but it's coming up pretty soon.

我認為我們還沒有迎來馬克的一周年紀念日，但很快就要到了。

And I think the amount that he's accomplished in the year has been really amazing to watch.

我認為他今年所取得的成就確實令人驚嘆。

Building up his leadership team, really just increasing the caliber and quality of the overall AEs, the SEs that are on the team.

建立他的領導團隊，實際上只是提高了團隊中整體 AE 和 SE 的水平和品質。

And then I think, incredibly importantly, identifying some of the real stars that were already on our team and making sure that they get the recognition and rewards that they deserve.

然後我認為，極其重要的是，找出我們團隊中的一些真正的明星，並確保他們得到應有的認可和獎勵。

Part of that is definitely around thinking about things like territories, being much more disciplined about how territories are assigned.

其中一部分肯定是圍繞著思考領土之類的事情，對如何分配領土更加嚴格。

Again, I was just hanging out with our EMEA sales team and all sales people always grumble about territory assignments at some level.

再說一次，我剛剛和我們的 EMEA 銷售團隊一起閒逛，所有銷售人員總是在某種程度上抱怨區域分配。

But all of them said, you know what, honestly, this is the right way to do it, and it's the fair thing to do.

但他們都說，你知道嗎，老實說，這是正確的做法，也是公平的做法。

I think one of the things that was sometimes a challenge, the blessing and the curse to Cloudflare is everybody needs Cloudflare, which is obviously wonderful.

我認為有時對 Cloudflare 來說既是挑戰又是禍害的事情之一是每個人都需要 Cloudflare，這顯然很棒。

But if you don't do territories right, the challenges you can have, a salesperson actually do quite well by selling one product to a bunch of different customers as opposed to going very deep and very specific and targeted on customers.

但如果你沒有正確地劃分區域，那麼你可能會面臨這樣的挑戰：銷售人員實際上可以透過將一種產品銷售給一群不同的客戶而做得很好，而不是非常深入、非常具體和有針對性的針對客戶。

I think Mark has done the things in order to deliver that.

我認為馬克已經盡一切努力來實現這一目標。

And then as we're shifting to more pool of funds deals, we're shifting away from being paid by what you sell, what your ACV is.

然後，隨著我們轉向更多的資金池交易，我們不再按照您的銷售額、您的 ACV 來獲得報酬。

And we're having AEs that are being paid based on the actual revenue that's recognized as products are consumed.

我們的 AE 是根據產品消費時確認的實際收入來支付的。

And again, I think that, that's important, as Thomas alluded to already, about making sure that our team is staying with customers, building deep relationships with them, making sure that they're getting the most out of every product that they buy from us.

而且，正如托馬斯已經提到的那樣，我認為這很重要，要確保我們的團隊與客戶保持聯繫，與他們建立深厚的關係，確保他們從我們購買的每件產品中獲得最大收益。

And again, these are not -- nothing here -- we're not reinventing the wheel in any way.

再說一次，這些都不是——這裡什麼都沒有——我們不會以任何方式重新發明輪子。

I think we're in a place where we've got great engineering.

我認為我們處在一個擁有偉大工程技術的地方。

We've got great product.

我們有很棒的產品。

And now we're doing the table stakes thing to become really world-class in go-to-market as well.

現在，我們正在做著最艱難的決定，以成為真正世界一流的市場進入者。

Yeah.

是的。

There's not much to add to Matthew's answer.

馬修的回答沒有什麼好補充的。

I think one of the reasons why this transformation has been so successful so far is that we avoided major disruptive moves.

我認為這次轉型迄今為止如此成功的原因之一是我們避免了重大的破壞性舉措。

And what is in front of us for the remainder of the year are tweaking at the edges.

而今年剩餘時間我們所面臨的只是邊緣方面的調整。

I think Mark and his team have done an extraordinarily good job getting everything ready as we start the year, new territories rolled out, productive AEs in place, quotas assigned, a good handle around the account structure and avoiding really major disruptions as we move through the year.

我認為馬克和他的團隊在年初已經做得非常出色，他們做好了一切準備，新領域已經推出，高效的 AE 已經到位，配額已經分配，帳戶結構得到很好的處理，並且避免了全年出現真正重大的中斷。

There will be slight adjustments here and there, but all the major things are in place already.

這裡和那裡會有一些細微的調整，但是所有主要的事情都已經到位了。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

Matthew, I wanted to ask you the go-to-market question in a slightly different way.

馬修，我想用稍微不同的方式問你關於進入市場的問題。

I think about how consistently your market share for several of your products is higher at AI-native companies versus the rest, how do you navigate that conversation at the enterprise level where perhaps parts of the organization maybe pushing leading edge, but the rest of the organization may not be?

我在想，與其他公司相比，你們幾種產品的市場份額在人工智慧原生公司中一直較高，在企業層面，你們如何引導這種對話，也許組織的某些部分可能在推動前沿技術，但組織的其他部分可能沒有？

And to what extent do you still get pushback on the depth of ecosystem on the Workers platform?

您在多大程度上仍然會遇到 Workers 平台生態系統深度的阻力？

And how do you address that?

您如何解決這個問題？

Yeah, I mean, the whole AI space is so new that in almost any company that you encounter, even the digital natives, there will be AI evangelists and AI skeptics and they are mixed together.

是的，我的意思是，整個人工智慧領域都非常新，幾乎在你遇到的任何一家公司，即使是數位原生代，也會有人工智慧的宣傳者和人工智慧懷疑論者，他們混雜在一起。

I think to start out, it starts with Cloudflare having a very self-serve, easy to use, easy for a small team to provision and experiment with low capital investment, like you can literally sign up with a credit card and start doing inference tasks and build a demo as a small team.

我認為首先，Cloudflare 具有高度自助、易於使用的特點，小團隊可以輕鬆配置並以較低的資本投資進行實驗，例如，您可以直接使用信用卡註冊並開始執行推理任務並作為小團隊建立演示。

And then we have let that bottoms-up approach work incredibly well for getting the adoption that we have in those use cases.

然後，我們讓這種自下而上的方法發揮非常好的作用，以獲得我們在這些用例中的採用。

I think what changes in 2025 is that we're going to be much more targeted with going after specific targeted accounts where we think there is the right fit where someone is already a Cloudflare customer, they're using us in ways that are interesting.

我認為 2025 年的變化是，我們將更有針對性地追蹤特定的目標帳戶，我們認為這些帳戶是合適的，這些人已經是 Cloudflare 的客戶，他們正在以有趣的方式使用我們。

They know us.

他們認識我們。

They trust us.

他們信任我們。

And so some of you have been to like our last Investor Day, Aly Cabral, who's on the PM team, overseeing a lot of Workers, actually switched over to the go-to-market team, and she's running what we're calling a speedboat, which is targeting a handful of customers to specifically go after them and build that kind of library of case studies that are there, making sure that regardless of what size of company, regardless of what industry they're in, that we've got those case studies that we can then use to expand over time.

你們中的一些人可能已經參加了我們上一次的投資者日，Aly Cabral 是 PM 團隊的成員，負責管理很多員工，實際上她已經轉到了市場營銷團隊，她負責管理我們所謂的快艇，這艘快艇的目標是少數客戶，專門針對他們，並建立案例研究庫，確保無論公司規模如何，無論他們身處哪個行業，我們都有隨著案例研究，可以用時間擴展。

So I think the very nature of how Cloudflare is provisioned makes it very easy for us to go bottoms up in a way that doesn't always require a big go-to-market effort, but then I think we're being very strategic with our go-to-market team for the first time really in saying, let's pick out the few hundred customers that we want to win and prove those as use cases.

因此，我認為 Cloudflare 的配置方式的本質使我們能夠非常輕鬆地自下而上地進行操作，而不需要進行大規模的市場推廣工作，但我認為，我們第一次與市場推廣團隊非常有戰略性，真正地說，讓我們挑選出幾百個我們想要贏得的客戶，並將它們作為用例來證明。

And I'm incredibly excited for Aly and her team and what they're going to be able to deliver because it's -- she's the right person, knows the platform extremely well and is excited to go show people what they can build using Workers AI.

我為 Aly 和她的團隊以及他們將要交付成果感到無比興奮，因為她是合適的人選，非常了解該平台，並且很高興向人們展示他們可以使用 Workers AI 構建什麼。

Trevor Walsh, Citizens JMP.

特雷弗沃爾什 (Trevor Walsh)，公民 JMP。

Matthew, you've talked a lot about agents within the context of AI today, both in your remarks and kind of some of your responses to questions.

馬修，今天您在講話和回答問題時都談了很多關於人工智慧背景下的代理的問題。

Could you just expand maybe just giving a couple kind of what in your mind are the two differentiated pieces or product aspects of Workers that makes it well positioned for agents or why it's, I guess, easy to build those there on that part of the platform?

您能否進一步說明一下，在您看來，Workers 的兩個差異化部分或產品方面是什麼，使得它適合代理商，或者為什麼在平台的這一部分上構建它們很容易？

And then you spoke additionally about great examples of more startup-type companies building agents to presumably go sell.

然後您也談到了更多新創公司建立代理商並準備出售的很好的例子。

But what about your larger customers kind of building agents internally, maybe for their own use?

但是，您的較大客戶內部會建立代理嗎，也​​許供他們自己使用？

And is that something you're doing on Workers?

這就是你在 Workers 上做的事情嗎？

Do you have any examples of that type of activity happening?

您有發生過這類活動的例子嗎？

Yeah, I mean, some of the examples I gave you are actually pretty large companies.

是的，我的意思是，我給的一些例子其實都是相當大的公司。

I think the difference between startups and large companies often is how much they let us talk about what they're doing.

我認為新創公司和大公司之間的差異往往在於他們讓我們談論他們所做的事情的程度。

But we're seeing across the board really exciting things regardless of the size of the company.

但無論公司規模大小，我們都看到了令人興奮的事情。

Startups are sort of often just a little bit more willing to let us toot their horns.

新創公司通常更願意讓我們吹噓他們的實力。

In terms of -- I think the platform question is really important.

就——我認為平台問題非常重要。

And it's important to think about like how to contrast Cloudflare Workers and Cloudflare Workers AI with what the hyperscalers are doing.

重要的是思考如何將 Cloudflare Workers 和 Cloudflare Workers AI 與超大規模企業正在做的事情進行比較。

So let me first walk through.

因此，讓我先介紹一下。

Let's say that you wanted to build an agent on a hyperscaler.

假設您想在超大規模電腦上建立代理程式。

So the first thing is, you've got to contact them and say, listen, I need to use a machine and a machine has to have some GPU resources.

因此，第一件事是，你必須聯繫他們並說，聽著，我需要使用一台機器，並且機器必須有一些 GPU 資源。

And for various reasons that are pretty technical, you have to have a full VM basically to do that.

由於各種相當技術性的原因，您必須擁有完整的虛擬機器才能執行此操作。

So you've essentially got to have a significant portion of the machine and in some cases, rent the entire machine.

因此，您基本上必須擁有大部分機器，在某些情況下，甚至租用整台機器。

And in order to get the best pricing for that, kind of the competitive pricing, you have to commit to typically about a year of renting that machine.

為了獲得最優惠的價格，即有競爭力的價格，您通常必須承諾租用機器約一年。

So you got a machine, it's got an NVIDIA processor or more that are in it, you're renting it for that entire year.

所以，你有一台機器，它有一個 NVIDIA 處理器或更多，你租用它一整年。

It is then up to you to figure out how to maximize that utilization.

然後您需要想辦法最大程度地提高利用率。

And it was actually interesting, talking to CJ in some of the previous roles that he's been in, and he told us what he think is common across most companies, which is that most of the time when you're building anything with AI and inference, the level of utilization that you're getting, it maxes out at about 10%.

事實上，與 CJ 談論他擔任過的一些職務非常有趣，他告訴我們他認為大多數公司都有一個共同點，那就是大多數時候，當你使用人工智慧和推理來建立任何東西時，你所獲得的利用率最高只有 10% 左右。

And what we hear from most people is that the average utilization is in the mid-single digits in terms of that utilization.

我們從大多數人那裡聽到的是，平均利用率處於中等個位數。

And it kind of makes sense because when these agents get invoked, you don't know when people are going to submit queries or not, time of day makes a difference, all kinds of things make a difference in terms of when that availability is.

這是有道理的，因為當這些代理被調用時，你不知道人們什麼時候會提交查詢，一天中的時間會產生影響，各種各樣的事情都會對何時可用產生影響。

And it's up to you.

這取決於你。

The hyperscalers, their job, their business is renting you the machine, but after you have the machine, it's up to you to get the most out of it.

超大規模企業的工作和業務就是向您出租機器，但是在您擁有機器之後，如何最大限度地利用它就取決於您了。

And so that means that it can be very, very, very expensive to have the peak capacity that you need, but then waste all of that capacity when there's downtime that's out there.

因此，這意味著獲得所需的尖峰容量可能會非常非常昂貴，但是當出現停機時，所有容量都會被浪費。

And so at Cloudflare, we've just always thought of it differently.

所以在 Cloudflare，我們一直以不同的方式思考這個問題。

We have thought that you should only pay for when you're actually getting real work done.

我們認為您只應在實際完成工作時才付費。

And so we just -- our business is not renting you a machine.

所以我們只是——我們的業務不是租給你機器。

Our business is selling you the actual inference task, When the agent is actually invoked and it's doing work, you pay for that.

我們的業務是向您出售實際的推理任務，當代理實際被調用並且正在工作時，您需要為此付費。

If it's not, you don't pay for it at all.

如果不是，您根本就不需要付費。

And so that allows you to actually have much easier startup costs because you don't have to go and negotiate a year-long deal with Microsoft or Google or Amazon or Oracle.

這樣實際上可以讓你降低啟動成本，因為你不必與微軟、谷歌、亞馬遜或甲骨文談判為期一年的協議。

Instead, you can just come to us, put your credit card in and only pay for what you use.

相反，您可以直接來找我們，使用您的信用卡，只為您使用的部分付費。

We tend to have pricing which is still attractive.

我們的定價往往仍然具有吸引力。

And the question is then how because, again, we don't get a significant discount on the underlying GPUs.

那麼問題是如何做到，因為我們沒有在底層 GPU 上獲得大幅折扣。

But what we are able to do is drive up that utilization.

但我們能夠做的是提高利用率。

And so where a typical customer is seeing sub-10% utilization across their GPUs, our peak utilization of GPUs is now around 70%.

因此，典型客戶的 GPU 利用率低於 10%，而我們的 GPU 峰值利用率現在約為 70%。

The troughs are still much lower than that.

低谷仍比那低得多。

We're much better still at CPU utilization, at getting an average up in the 70% range.

我們的 CPU 使用率仍然很高，平均達到 70% 左右。

But we see a path for us to be able to do that with GPUs as well.

但是我們看到了利用 GPU 也能達成這個目標的途徑。

And what that effectively means is, again, roughly speaking, we can get effectively 7x today the amount of work out of $1 of CapEx spent in this area than you can with the various hyperscalers.

而這實際上意味著，粗略地說，今天我們可以用在這個領域花費的 1 美元資本支出有效地獲得比使用各種超大規模器時多 7 倍的工作量。

And again, that either means that we can capture that as margin or we can pass that on to our customers.

再說一次，這意味著我們可以將其作為利潤，也可以將其轉嫁給我們的客戶。

And so at some level, what Cloudflare has always been is a giant scheduler.

因此從某種程度上來說，Cloudflare 一直是個巨大的調度程式。

We are really good at moving data at very, very, very low cost, in most cases, even free around the world to wherever they are, the resources to be able to process that data.

我們非常擅長以非常非常低的成本傳輸數據，在大多數情況下，甚至是免費的，無論他們將數據傳輸到世界各地，都有資源能夠處理這些數據。

And that then in the agent space, in the inference space, in all of Workers, that is allowing us to have this incredibly high utilization and deliver just a much easier to get started with, easier to consume.

然後在代理空間、推理空間、所有的 Workers 中，這使我們能夠擁有如此高的利用率，並且更容易上手，更容易使用。

You don't have to have a whole SRE team to run your machines because we handle that all for you.

您不需要擁有整個 SRE 團隊來運行您的機器，因為我們會為您處理所有事情。

So it's easier to use.

因此使用起來更加方便。

It's more cost effective.

它更具成本效益。

It's fairer in terms of the pricing.

從定價方面來說更公平。

It scales all the way down to zero when there's nothing using it.

當沒有任何事物使用它時，它會一直縮小到零。

Scales up as much as you need on the other end.

在另一端按您需要的程度進行擴充。

And we think it's just a better model.

我們認為這只是一個更好的模型。

What's also interesting is because we're inventing a lot of this IP and a lot of this tech ourselves, how you take a GPU, which was never intended to be a multi-tenant thing and make it multi-tenant, we think that at least in the short to medium term, that's going to give us a moat because there's a lot of hard engineering work in order to deliver that.

同樣有趣的是，因為我們自己發明了很多這樣的 IP 和技術，如何將 GPU（它從來沒有打算成為多租戶的東西）變成多租戶的，我們認為至少在短期到中期內，這會給我們一個護城河，因為為了實現這一點，需要大量艱苦的工程工作。

And we just don't see any other companies that are focused on the same things that we are today.

我們還沒有看到其他公司像我們一樣專注於同樣的事情。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Congrats on very strong execution again.

再次恭喜您取得如此出色的執行力。

So I just want to maybe switch topics to your SASE solutions.

所以我只是想將主題轉到您的 SASE 解決方案。

I mean, there's no doubt that the network security market is transitioning to Zero Trust, but there are a number of vendors in the space.

我的意思是，毫無疑問網路安全市場正在向零信任轉型，但該領域有許多供應商。

I'd imagine a lot of the bake-offs that you're in are very competitive.

我可以想像你們參加的許多烘焙比賽的競爭都非常激烈。

So I'm just trying to parse out maybe how much of your SASE wins are coming from the overall market inflecting higher with greenfield opportunities versus competitive displacements?

所以我只是試著分析一下，您的 SASE 勝利有多少是來自於整體市場因綠地機會而非競爭取代而上漲的？

And maybe if you can give some color on why you're winning there?

您能解釋一下為什麼您會獲勝嗎？

Yeah.

是的。

I think when we first got into the space, we thought that the right strategy was to go after greenfield opportunities.

我認為，當我們第一次進入這個領域時，我們認為正確的策略是尋求綠地機會。

But what we realized pretty quickly was a lot of customers that were out there were really dissatisfied with their -- the sort of first-generation Zero Trust vendors.

但我們很快就意識到，許多客戶對第一代零信任供應商非常不滿意。

They didn't like their performance.

他們不喜歡他們的表現。

They tended to be -- have low reliability.

它們往往可靠性較低。

There was a lot of arrogance in the market from certain vendors.

市場上某些供應商的傲慢態度十分明顯。

And there was, I think, a feeling that there wasn't actually kind of continuous innovation in the space.

我認為，人們感覺這個領域實際上並沒有持續的創新。

And so somewhat to our surprise, we actually pivoted to going directly after a lot of people who are having problems with their first Zero Trust vendors that were out there.

因此，令我們有些驚訝的是，我們實際上轉向直接聯繫那些在使用第一批零信任供應商時遇到問題的人。

And I think where our pitch and where we end up winning time and time and time again is by saying we have the fastest network everywhere in the world, first.

我認為我們之所以能一次又一次地獲勝，是因為我們首先宣稱我們擁有世界上最快的網路。

Second, we have a comprehensive solution for your entire network, not just the Zero Trust piece, but for both the sort of forward proxy and reverse proxy parts and so we can bundle that all together.

其次，我們為您的整個網路提供全面的解決方案，不僅是零信任部分，還包括正向代理和反向代理部分，因此我們可以將它們捆綁在一起。

And then as a result, that bundle has a just much higher ROI than anyone else is able to deliver.

因此，該捆綁包的投資回報率比其他任何人都能提供的要高得多。

And so that's been a very compelling prospect.

這是一個非常引人注目的前景。

A lot of the big Zero Trust wins that we're winning are displacement of other Zero Trust vendors.

我們贏得的許多重大零信任勝利取代了其他零信任供應商。

We also are winning some of the new greenfield opportunities as well.

我們也贏得了一些新的綠地機會。

And we continue to invest in the space.

我們將繼續在該領域進行投資。

But the key here is because we have the broad platform, we're able to just solve a much -- a more diverse set of problems for a customer than just Zero Trust.

但這裡的關鍵是，由於我們擁有廣泛的平台，我們能夠為客戶解決比零信任更加多樣化的問題。

And I think that over time, Zero Trust is a feature.

我認為隨著時間的推移，零信任會成為一種特性。

What people really want is a completely secure network, and Cloudflare is by far the leader in providing that soup to nuts.

人們真正想要的是一個完全安全的網絡，而 Cloudflare 是提供這項全套服務的領導者。

At this time, there are no further questions.

目前，沒有其他問題。

I'd like to hand the conference back over to Mr. Matthew Prince for any additional or closing remarks.

我想將會議交還給馬修‧普林斯先生，讓他發表任何補充意見或結論。

Thank you so much.

太感謝了。

I appreciate everybody tuning in.

感謝各位的收看。

I wanted to take a second to thank our entire team for what was an incredible 2024.

我想花點時間感謝我們整個團隊，感謝他們為我們帶來的精彩的 2024 年。

I think as Thomas alluded to, we see the first half of 2025 being a real turning point, and I am excited for what is ahead.

我認為正如托馬斯所提到的，我們認為 2025 年上半年是一個真正的轉捩點，我對未來充滿期待。

Thanks to the entire team.

感謝整個團隊。

I'm excited to see a bunch of you over the weeks ahead as I travel to various sales kickoffs around the world and appreciate it and go Cloudflare.

我很高興在接下來的幾週內見到你們，因為我將前往世界各地參加各種銷售啟動會，並對 Cloudflare 表示讚賞和歡迎。

And once again, everyone, that does conclude today's conference.

各位，今天的會議到此結束。

We would like to thank you all for your participation today.

我們感謝大家今天的參與。

You may now disconnect.

您現在可以斷開連線。