Cloudflare Inc (NET) 2025 Q1 法說會逐字稿

Good afternoon. My name is Aaron, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Cloudflare Q1 2025 earnings call. (Operator Instructions)

午安.我叫 Aaron，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Cloudflare 2025 年第一季財報電話會議。（操作員指示）

With that, I'm pleased to turn the call over to Philip Winslow, VP of Strategic Finance, Treasury and Investor Relations. Phil, please begin.

我很高興將電話轉給策略財務、財務和投資者關係副總裁 Philip Winslow。菲爾，請開始。

Thank you for joining us today to discuss Cloudflare's financial results for the first quarter of 2025. With me on the call, we have Matthew, Co-Founder and CEO; and Thomas Seifert, CFO. Michelle Zatlyn, Co-Founder and President, is traveling internationally and will not be available on today's call.

感謝您今天加入我們討論 Cloudflare 2025 年第一季的財務表現。與我一起參加電話會議的還有聯合創始人兼首席執行官馬修 (Matthew) 和首席財務官托馬斯·塞弗特 (Thomas Seifert)。聯合創始人兼總裁米歇爾·扎特林 (Michelle Zatlyn) 正在國際旅行，無法參加今天的電話會議。

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

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

These statements and other comments are not guarantees of future performance and are subject to risks and uncertainty, much of which is beyond our control. Our actual results may differ significantly from those projected or suggested in any of our forward-looking statements. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future.

這些聲明和其他評論並不能保證未來的表現，並且存在風險和不確定性，其中許多是我們無法控制的。我們的實際結果可能與我們在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. 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.

我們不承擔本次電話會議後更新這些聲明的義務。有關可能影響我們未來經營業績和財務狀況的風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益新聞稿。

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以外的所有數字都將基於調整後的非 GAAP 基礎。您可以在我們的投資者關係網站上找到我們的收益報告中包含的 GAAP 與非 GAAP 財務指標的對帳表。對於歷史時期，可以在剛才引用的補充財務資訊中找到 GAAP 與非 GAAP 的對帳。

We would also like to inform you that we will be participating in JPMorgan's 53rd Annual Global Technology, Media and Communications Conference on Tuesday, May 13.

我們也想通知您，我們將於 5 月 13 日星期二參加摩根大通第 53 屆年度全球技術、媒體和通訊會議。

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

現在，我想把電話轉給馬修。

Thank you, Phil. We had a strong start to 2025. We achieved revenue of $479.1 million, up 20% year-over-year. We closed the quarter with 3,527 customers paying us more than $100,000, a 23% increase year-over-year. Revenue contribution from these large customers grew 32% year-over-year, and they now contribute 69% of revenue, up from 67% of revenue in the first quarter of last year.

謝謝你，菲爾。我們為 2025 年開了個好頭。我們實現了4.791億美元的收入，年增20%。本季結束時，共有 3,527 名客戶向我們支付了超過 10 萬美元的款項，年增 23%。這些大客戶的營收貢獻年增32%，目前佔營收的69%，高於去年第一季的67%。

We saw a particular strength with our largest customers, those that spend over $1 million and $5 million with Cloudflare per year. Within both of these cohorts, we added a record number of customers, increasing 48% and 54% year-over-year, respectively, which shows the strong return on investment from our go-to-market improvements and large enterprise sales.

我們看到我們最大的客戶具有特殊的優勢，那些每年在 Cloudflare 上花費超過 100 萬美元和 500 萬美元的客戶。在這兩個群體中，我們的客戶數量均創下了歷史新高，分別比去年同期增長了 48% 和 54%，這表明我們的市場改進和大型企業銷售帶來了強勁的投資回報。

Our dollar-based net retention was 111%, which is flat quarter-to-quarter. Our churn rates improved in the quarter. We are seeing stabilization in our customers' businesses and reduced pricing pressure from competition. Our gross margin was 77.1%, again, above our long-term target of 75% to 77%. We delivered operating profit of $56 million, representing an operating margin of 11.7%, and we generated strong free cash flow of $52.9 million during the quarter.

我們的美元淨留存率為 111%，與上一季持平。本季我們的客戶流失率有所改善。我們看到客戶業務趨於穩定，競爭帶來的定價壓力也減輕了。我們的毛利率為 77.1%，再次高於我們 75% 至 77% 的長期目標。我們實現了 5,600 萬美元的營業利潤，營業利潤率為 11.7%，並且本季度產生了 5,290 萬美元的強勁自由現金流。

As we've talked about before, we have a unique view of the global economy based on the volume and diversity of data that flows through Cloudflare's network. In the past, that's given us an ability to make calls on the macro environment that turned out to be prescient. Given the nature of the uncertainty this time, we have less of a unique view into what lies ahead. But even without our privileged view, it's clear to everyone the world is a more volatile place today than it was even a quarter ago. I'm incredibly proud of how our team has navigated this volatility. That starts on the cost side.

正如我們之前所討論的，根據流經 Cloudflare 網路的資料量和多樣性，我們對全球經濟有著獨特的看法。過去，這使我們能夠對宏觀環境做出預測，而事實證明，這種預測是有先見之明的。鑑於這次不確定性的本質，我們對未來的看法不再那麼獨特。但即使不考慮我們的特權觀點，每個人都清楚，當今世界比一個季度前更加動盪。我為我們的團隊如何應對這種波動感到無比自豪。這首先要從成本方面說起。

We've been able to manage the continued expansion of our network without a significant change to our CapEx plan. We continue to invest behind actual demand to not get too far over our skis and have robust and diversified supply chains to mitigate tariff and trade risks. This is unique compared with some of our on-prem hardware competition, where we're seeing the last potential customer holdouts begin to migrate away from them because of the uncertainty tariffs will pose if your solution is a Box that has to be shipped.

我們能夠在不對資本支出計劃進行重大改變的情況下管理網路的持續擴展。我們將繼續根據實際需求進行投資，以免超出我們的承受範圍，並擁有強大而多樣化的供應鏈，以減輕關稅和貿易風險。與我們的一些內部硬體競爭對手相比，這是獨一無二的，在這些競爭對手中，我們看到最後的潛在客戶開始遠離他們，因為如果您的解決方案是一個必須運送的盒子，關稅將帶來不確定性。

On the revenue side, our investment in our go-to-market team remains early, but it's already paying off. This quarter, we achieved a number of milestones. We landed the largest contract in Cloudflare's history, a milestone deal of more than $100 million, driven by our workers' developer platform. We closed the longest duration contract in Cloudflare's history for Zero Trust.

在收入方面，我們對行銷團隊的投資還處於早期階段，但已經獲得了回報。本季度，我們實現了多項里程碑。我們獲得了 Cloudflare 歷史上最大的合同，這是一項價值超過 1 億美元的里程碑式交易，這得益於我們員工的開發者平台。我們簽訂了 Cloudflare 史上期限最長的零信任合約。

We delivered another double-digit year-over-year improvement in sales productivity. We saw quarter-over-quarter improvement in our sales cycle even as we close larger deals with more sophisticated buyers. And our new pipeline attainment was ahead of our forecast.

我們的銷售效率再次實現了兩位數的年成長。即使我們與更成熟的買家達成了更大的交易，我們的銷售週期也出現了逐季改善。我們的新管道業績超出了我們的預期。

What you see in these results is evidence of what we've been building towards, a company committed to disciplined execution regardless of external factors, a company becoming more mission-critical to our customers each day, and a company with growing strategic importance at the center of the Internet. The short term may continue to be volatile in terms of external influences but the long term remains as full of opportunities for Cloudflare as ever.

從這些結果中，您看到的就是我們一直努力的方向的證據：一家無論外部因素如何都致力於嚴格執行的公司，一家每天都對客戶的任務越來越重要的公司，一家在互聯網中心具有日益增長的戰略重要性的公司。短期內，外部影響可能會持續波動，但長期來看，Cloudflare 仍充滿機會。

So we're going to keep a firm grip on the levers of our business, stay prudent with how we forecast, and invest in what we know works, an incredible go-to-market team, world-class engineering and innovative products that we define what's possible for our customers and reinvent the future of the Internet. That's the playbook for winning that has worked for us before, and we're confident it is the winning strategy regardless of the external environment. And that seems like a good segue to discuss some of our wins in the quarter.

因此，我們將牢牢掌握業務槓桿，謹慎預測，投資於我們知道有效的領域、一支出色的市場推廣團隊、世界一流的工程技術和創新產品，為客戶定義可能性，重塑互聯網的未來。這是我們以前採用過的勝利策略，我們相信，無論外在環境如何，這都是致勝策略。這似乎是一個很好的過渡，可以討論我們在本季取得的一些勝利。

A leading technology company signed a five-year $130 million pool of funds contracts, primarily for our workers' developer platform. This marks the largest deal in Cloudflare's history. This existing customer significantly expanded their relationship with Cloudflare. They chose workers, durable objects, containers and our real-time products. The customer was well down the line with a traditional hyperscaler, but made the decision to switch to Cloudflare when they saw our better performance, lower development costs, and more modern platforms.

一家領先的科技公司簽署了一份為期五年、價值1.3億美元的資金池合同，主要用於我們的工作者開發者平台。這是 Cloudflare 史上最大的一筆交易。該現有客戶大大擴展了與 Cloudflare 的關係。他們選擇了工人、耐用物品、容器和我們的即時產品。這位客戶之前一直使用傳統的超大規模產品，但當他們看到我們更好的效能、更低的開發成本和更現代化的平台時，決定轉向 Cloudflare。

In the words of this customer, "scale and performance of Cloudflare's network and its proximity to our user base was the most powerful driver to doing more with Cloudflare, being close to users improves every element of their experience on our platform". That's something the legacy model of the hyperscalers just can't match. And with the confidence of deals like this, our team is actively humming several more hundred million-dollar-plus deals.

用這位客戶的話來說，「Cloudflare 網路的規模和效能以及它與我們用戶群的接近程度是使用 Cloudflare 做更多事情的最強大驅動力，靠近用戶可以改善他們在我們平台上的體驗的每個元素」。這是超大規模企業的傳統模式所無法比擬的。憑藉對此類交易的信心，我們的團隊正在積極推進更多數億美元以上的交易。

A large technology company expanded their relationship with Cloudflare, signing a two-year $9.4 million contract, which includes a $2 million workers upsell along with Zero Trust and application services. Cloudflare Zero Trust products were significantly more performant than our first-generation competitor due to our network's expansive global presence, including our distributed international FedRAMP point of presence. Cloudflare is displacing three vendors with this contract, showcasing the strong value proposition of our platform and significant ROI we provide our customers.

一家大型科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期兩年、價值 940 萬美元的合同，其中包括 200 萬美元的員工追加銷售以及零信任和應用服務。由於我們的網路遍佈全球，包括我們的分散式國際 FedRAMP 接入點，Cloudflare Zero Trust 產品的效能明顯優於我們的第一代競爭對手。Cloudflare 透過這份合約取代了三家供應商，展示了我們平台的強大價值主張以及我們為客戶提供的可觀的投資報酬率。

An international critical infrastructure provider signed a seven-year, $12.7 million contract, marking our longest duration contract in Cloudflare's history. This customer is going all in on Cloudflare's SASE portfolio with access Gateway, LP, Magic WAN, and Magic Firewall, along with application services. The strength and breadth of Cloudflare holistic platform for both application services and SASE security controls allowed for seamless product integration and was a differentiator for first-generation Zero Trust competitors. In the words of this customer, Cloudflare has by far the broadest and most programmable cloud security and connectivity platform on the market.

一家國際關鍵基礎設施提供商簽署了一份為期七年、價值 1270 萬美元的合同，這是 Cloudflare 歷史上期限最長的合約。這位客戶將全力投入 Cloudflare 的 SASE 產品組合，包括存取網關、LP、Magic WAN 和 Magic Firewall 以及應用服務。Cloudflare 整體平台在應用服務和 SASE 安全控制方面的實力和廣度可實現無縫的產品集成，並且是第一代零信任競爭對手的差異化因素。用這位客戶的話來說，Cloudflare 擁有迄今為止市場上最廣泛、可程式化最強的雲端安全和連接平台。

A Global 2000 international business services company expanded their relationship with Cloudflare signing a 5.5-year, $6.4 million contract for our full Zero Trust portfolio. With Cloudflare's unified platform, this customer will displace three vendors as they look to simplify operations, reduce latency, and improve the security gap they have with their incumbent multi-vendor architecture.

一家全球 2000 強國際商業服務公司擴大了與 Cloudflare 的合作關係，簽署了一份為期 5.5 年、價值 640 萬美元的合同，涵蓋我們的全部零信任產品組合。借助 Cloudflare 的統一平台，該客戶將取代三家供應商，因為他們希望簡化營運、減少延遲並改善其現有多供應商架構的安全漏洞。

A large US government entity signed a 2-year, $6.2 million contract for Zero Trust. This customer evaluated several vendors to comply with new federal Zero Trust requirements and Cloudflare ultimately stood out as the vendor of choice due to our world-class security products and the breadth of our network. This is a partner-led deal and a great example of the progress we continue to make with our partner, First Motion.

一家大型美國政府實體簽署了一份為期兩年、價值 620 萬美元的零信任合約。該客戶評估了多家供應商以符合新的聯邦零信任要求，最終，Cloudflare 憑藉其世界一流的安全產品和廣泛的網路成為首選供應商。這是一項由合作夥伴主導的交易，也是我們與合作夥伴 First Motion 持續取得進展的一個很好的例子。

A government agency in Asia Pacific signed a three-year, $4.8 million contract for Magic Transit and application services. This government entity was looking to modernize its security posture with a cloud-first best-in-class solution for both Layer 3 DDoS protection and Layer 7 application securities. They view Cloudflare as a key enabler to their digital transformation and have been blown away by the visibility and intelligence to have at the network layer with Cloudflare.

亞太地區某政府機構簽署了一份為期三年、價值 480 萬美元的 Magic Transit 及應用服務合約。該政府實體希望透過雲端優先的一流解決方案來實現其安全態勢的現代化，以實現第 3 層 DDoS 保護和第 7 層應用程式安全。他們將 Cloudflare 視為數位轉型的關鍵推動因素，並對 Cloudflare 在網路層的可見度和智慧性感到震驚。

A Fortune 500 technology company expanded their relationship with Cloudflare, signing a three-year, $9.3 million contract for application services. This customer is migrating traffic from a hyperscaler to cloud player due to our ability to offer more robust security solutions and greater automation. With this customer also seeing the benefits of our platform, we are currently in discussions on a number of additional opportunities.

一家財富 500 強科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期三年、價值 930 萬美元的應用程式服務合約。由於我們能夠提供更強大的安全解決方案和更高的自動化程度，該客戶正在將流量從超大規模遷移到雲端播放器。由於該客戶也看到了我們平台的優勢，我們目前正在討論一些額外的機會。

These Q1 wins not only serve as a great springboard for the rest of 2025, but are also reminders that while the world may be uncertain, what's absolutely certain is that innovation wins and no company out innovates Cloudflare. We invest early and are able to develop quickly with nimble teams because of the power and flexibility of our platform.

這些第一季的勝利不僅為 2025 年剩餘時間的發展奠定了良好的跳板，而且還提醒我們，儘管世界充滿不確定性，但絕對可以肯定的是，創新終將勝利，而且沒有哪家公司的創新能力能超越 Cloudflare。由於我們平台的強大和靈活性，我們很早就進行了投資，並且能夠與靈活的團隊一起快速發展。

Two products are just over a year old and have seen remarkable growth, the number of Cloudflare Workers AI inference request powered by our network are up nearly 4,000% year-over-year. The number of requests running through our AI gateway are up more than 1,200% year-over-year. We continue to invest in the future, building the first, fastest, and most powerful model context protocol or MCP server.

兩款產品推出僅一年多時間就取得了顯著的增長，由我們的網路支援的 Cloudflare Workers AI 推理請求數量同比增長了近 4,000%。透過我們的 AI 網關運行的請求數量年增了 1,200% 以上。我們繼續投資未來，建立第一個、最快、最強大的模型上下文協定或 MCP 伺服器。

This technology is key to enabling AI agents. I'm proud that great companies like Asana, Atlassian, Block, PayPal, Sentry, Stripe and many more are building the interface for AI agents to work with their own platforms on top of Cloudflare workers. These companies are choosing Cloudflare because we have a rich developer platform, but also because we combine it with an understanding of Internet performance and security.

這項技術是實現人工智慧代理的關鍵。我很自豪，Asana、Atlassian、Block、PayPal、Sentry、Stripe 等許多很棒的公司正在建立介面，讓 AI 代理能夠在 Cloudflare 工作者之上與他們自己的平台協同工作。這些公司選擇 Cloudflare 不僅是因為我們擁有豐富的開發者平台，還因為我們將其與對網路效能和安全性的理解相結合。

The security challenges of agentic internet are not trivial plus the best companies know that Cloudflare will be a thoughtful partner in addressing them as we build the future together. A great enduring story is made up of more than one app. We're not voting AI security through half-hazard acquisitions, but instead building the unified platform that supports the future. That shows in the size of the deals we're closing, the length of those deals and the caliber of the logos of customers that are betting on Cloudflare.

代理網路的安全挑戰並非微不足道，而且最好的公司知道，在我們共同建立未來的過程中，Cloudflare 將成為解決這些挑戰的周到合作夥伴。一個偉大的、經久不衰的故事是由多個應用程式組成的。我們不是透過半風險收購來投票支持人工智慧安全，而是建構支持未來的統一平台。這體現在我們達成的交易規模、交易期限以及信賴 Cloudflare 的客戶品牌的品質。

The opportunity ahead of us is as massive ever. We have the scale, the technology and the team to capture it. The volatility in the world doesn't appear to be going away anytime soon, but we will continue to focus on our customers and execute on our strategy, just as we did this quarter.

我們面前的機會比以往任何時候都更加巨大。我們擁有規模、技術和團隊來抓住這一機會。世界的動盪似乎不會很快消失，但我們將繼續關注我們的客戶並執行我們的策略，就像我們本季所做的那樣。

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

說完這些，我就把麥克風交給湯瑪斯。湯瑪斯，把它拿走。

Thank you, Matthew, and thank you to everyone for joining us. We are pleased with our operational and financial performance during the first quarter as we effectively executed against a highly volatile external business and geopolitical backdrop to deliver Cloudflare's highest year-over-year growth in net new ACV in three years.

謝謝你，馬修，也謝謝大家的參與。我們對第一季度的營運和財務業績感到滿意，因為我們在高度動蕩的外部業務和地緣政治背景下有效地執行，實現了 Cloudflare 三年來最高的淨新 ACV 同比增長。

As Matthew mentioned, strength in our business this quarter was driven by large $1 million-plus customers, including our first contract of more than $100 million, longer-term commitments from our customers, including the longest duration deal in Cloudflare's history, ongoing momentum with our workers' developer platform, and continued high prioritization of security by our customers. We also delivered another double-digit year-over-year increase in sales productivity, saw an improvement in sales cycles, and exceeded our expectations for new pipeline attainment.

正如馬修所提到的，本季度我們業務的強勁增長得益於價值超過 100 萬美元的大客戶，包括我們的第一份價值超過 1 億美元的合約、客戶的長期承諾（包括 Cloudflare 歷史上期限最長的交易）、我們員工開發者平台的持續發展勢頭，以及客戶對安全性的持續高度重視。我們的銷售效率也再次實現了兩位數的年成長，銷售週期得到改善，並且超出了我們對新銷售管道達成情況的預期。

Turning to revenue. Total revenue for the first quarter increased 27% year-over-year to $479.1 million. From a geographic perspective, the US represented 49% of revenue and increased 20% year-over-year. EMEA represented 28% of revenue and increased 27% year-over-year. APAC represented 15% of revenue and increased 54% year-over-year. We were pleased to see continued robust growth in APAC as key market initiatives in the region continue to produce strong results.

談到收入。第一季總營收年增27%至4.791億美元。從地域角度來看，美國佔營收的49%，年增20%。歐洲、中東和非洲地區佔總營收的 28%，年增 27%。亞太地區佔總營收的 15%，年增 54%。我們很高興看到亞太地區繼續保持強勁成長，因為該地區的主要市場舉措繼續產生強勁成果。

Turning to our customer metrics. In the first quarter, we had approximately 251,000 paying customers representing an addition of over 13,000 paying customers sequentially and an increase of 27% year-over-year. We ended the quarter with 3,527 large customers, representing an increase of 23% year-over-year, and revenue contribution from large customers increased to 69% of revenue during the quarter, up from 67% in the first quarter of the year.

轉向我們的客戶指標。第一季度，我們擁有約 251,000 名付費客戶，比上一季增加了 13,000 多名付費客戶，比去年同期成長了 27%。截至本季末，我們擁有 3,527 名大客戶，年增 23%，大客戶收入貢獻從今年第一季的 67% 上升至本季的 69%。

We again saw particular strength in our largest customer cohorts, adding a record number of customers year-over-year spending both over $1 million and over $5 million with Cloudflare, continuing our momentum in the enterprise segment. Our dollar-based net retention was 111% during the first quarter and consistent sequentially. These results reinforce our belief that DNR is stabilizing at these levels despite continued near-term headwinds from increased traction with pool of fund contracts, which can impact the shape of revenue recognition.

我們再次看到了我們最大的客戶群的特別優勢，與去年相比，在 Cloudflare 上花費超過 100 萬美元和超過 500 萬美元的客戶數量創下了歷史新高，延續了我們在企業領域的發展勢頭。我們第一季基於美元的淨留存率為 111%，與上一季持平。這些結果強化了我們的信念，即儘管短期內基金合約的吸引力不斷增加，DNR 仍將穩定在這些水平，這可能會影響收入確認的形式。

Moving to gross margin. First quarter gross margin was 77.1%, representing a decrease of 50 basis sequentially and a decrease of 240 basis points year-over-year. Recall that the first quarter of 2025 marks the first anniversary of the extension of the estimated useful life of our network equipment from four to five years which reduced depreciation for assets in service as of December 31, 2023, by $6.2 million or 1.6% of revenue for the first quarter of 2024.

轉向毛利率。第一季毛利率為77.1%，較上一季下降50個基點，比去年同期下降240個基點。回想一下，2025 年第一季是我們網路設備的預期使用壽命從四年延長至五年的一周年，這使得截至 2023 年 12 月 31 日在用資產的折舊減少了 620 萬美元，即 2024 年第一季收入的 1.6%。

During the quarter, paid versus free customer traffic increased significantly as compared with the year ago quarter, resulting in a higher allocation of expenses to cost of goods sold from sales and marketing similar to the fourth quarter of 2024. The underlying economics of our network, driven by its inherent scalability and efficiency remain unchanged. Network CapEx represented 17% of revenue in the first quarter. As a reminder, there can be some variability in this metric quarter-to-quarter, and we continue to expect network CapEx to be 12% to 13% of revenue for full year 2025.

本季度，付費客戶流量與免費客戶流量與去年同期相比大幅增加，導致銷售和行銷費用分配到銷售成本的比例與 2024 年第四季類似。我們的網路的底層經濟效益，由其固有的可擴展性和效率驅動，保持不變。網路資本支出佔第一季營收的17%。提醒一下，該指標每季可能會有一些變化，我們仍然預期網路資本支出將佔 2025 年全年收入的 12% 至 13%。

Turning to operating expenses. First quarter operating exists as a percentage of revenue decreased by 3% year-over-year to 65%. Our total number of employees increased 19% year-over-year, bringing our total head count to 4,400 at the end of the quarter. Sales and marketing expenses were $183.4 million for the quarter. Sales and marketing as a percentage of revenue decreased to 38% from 41% in the same quarter last year.

談到營運費用。第一季營業利潤佔營收的百分比年減3%至65%。我們的員工總數年增 19%，本季末的員工總數達到 4,400 人。本季銷售和行銷費用為 1.834 億美元。銷售和行銷佔收入的比例從去年同期的 41% 下降到 38%。

Research and development expenses were $76.8 million in the quarter. R&D as a percentage of revenue remained consistent at 16% compared to the same quarter last year. General and administrative expenses were $53 million for the quarter. G&A as a percentage of revenue remained consistent at 11% compared to the same quarter last year.

本季研發費用為 7,680 萬美元。研發費用佔營收的比例與去年同期相比維持在 16% 左右。本季一般及行政開支為 5,300 萬美元。與去年同期相比，一般及行政費用佔收入的百分比維持在 11%。

Operating income was $56 million, an increase of 32% year-over-year compared to $42.4 million in the same period last year. First quarter operating margin was 11.7%, an increase of 50 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.

營業收入為 5,600 萬美元，較去年同期的 4,240 萬美元年增 32%。第一季營業利益率為11.7%，較去年同期成長50個基點。這些結果凸顯了我們持續致力於提高效率和生產力，因為卓越的營運是一種長期的競爭優勢。

Turning to net income and the balance sheet. Our net income in the quarter was $58.4 million or diluted net income per share of $0.16. Variability in foreign exchange rates during the quarter resulted in unrealized list of $2.7 million generated from the remeasurement of certain monetary assets and liabilities denominated in foreign currencies. These unrealized losses primarily related to the remeasurement of our international operating lease liabilities are recognized in other income and expense and had a negative impact of $0.01 to diluted net income per share in the first quarter. We ended the first quarter with $1.9 billion in cash, cash equivalents, and available-for-sale securities.

轉向淨收入和資產負債表。本季我們的淨利潤為5840萬美元，每股攤薄淨利潤為0.16美元。本季外匯匯率波動導致因重新計量某些以外幣計價的貨幣性資產和負債而產生了270萬美元的未實現帳面價值。這些未實現損失主要與我們的國際經營租賃負債的重新計量有關，併計入其他收入和支出，對第一季每股攤薄淨收益產生了 0.01 美元的負面影響。第一季結束時，我們擁有 19 億美元現金、現金等價物和可供出售證券。

Maintaining our strong commitment to being fiscally responsible and acting as good stewards of investors' capital, we elected a cash settlement of the capped calls associated with our retired 2025 convertible note. Upon this election during the first quarter, these capped calls no longer met the criteria of equity classification and were reclassified from additional paid in capital to a derivative asset which is included in prepaid expenses and other current assets on the balance sheet. The derivative asset is recognized at its fair value of $308.3 million which is expected to settle in cash on May 14.

我們始終堅定地致力於履行財務責任並做好投資者資本的管理者，我們選擇以現金結算與已退休的 2025 年可轉換債券相關的封頂看漲期權。在第一季做出此選擇後，這些封頂買權不再符合股權分類的標準，並從額外實收資本重新分類為衍生資產，該衍生資產包含在資產負債表的預付費用和其他流動資產中。該衍生資產的公允價值為 3.083 億美元，預計將於 5 月 14 日以現金結算。

Free cash flow was $52.9 million in the quarter or 11% of revenue, compared to $35.6 million or 9% of revenue in the same period last year. We are comfortable with consensus free cash flow estimates for the full year 2025 but would expect the weighing of full year free cash flow generation to be two-third in the second half of the year due to the timing of working capital flows and capital spending.

本季自由現金流為 5,290 萬美元，佔營收的 11%，而去年同期為 3,560 萬美元，佔營收的 9%。我們對 2025 年全年一致的自由現金流估計感到滿意，但由於營運資本流動和資本支出的時間安排，預計下半年全年自由現金流產生的權重將達到三分之二。

Remaining performance obligations, or RPO, came in at $1.864 billion, representing an increase of 11% sequentially and 39% year-over-year. Current RPO was 66% of total RPO, increasing 29% year-over-year.

剩餘履約義務（RPO）為 18.64 億美元，季增 11%，年增 39%。目前RPO佔總RPO的66%，年增29%。

Moving to guidance for the second quarter and full year 2025. As a management team, we've always taken a disciplined data-driven approach to scaling Cloudflare. As we enter 2025, the data gave us confidence to continue to invest to reaccelerate growth. Our first quarter results underscore that this formula is working despite the high volatile external business environment.

轉向 2025 年第二季和全年的指導。作為管理團隊，我們始終採用嚴謹的資料驅動方法來擴展 Cloudflare。當我們進入2025年時，這些數據給了我們繼續投資以重新加速成長的信心。我們的第一季業績表明，儘管外部商業環境波動很大，但這種模式仍然有效。

We're encouraged by all momentum to start the year and remain confident that our strategy will drive continued innovation and accelerating growth. However, we are cognizant of the broader global business environment in which we are operating and therefore, have taken a prudent approach to our outlook for the remainder of the year.

我們對新年伊始的所有勢頭感到鼓舞，並堅信我們的策略將推動持續創新和加速成長。然而，我們意識到我們經營所在的更廣泛的全球商業環境，因此，我們對今年剩餘時間的前景採取了審慎的態度。

For second quarter, we expect revenue in the range of $500 million to $501 million representing an increase of 25% year-over-year. We expect operating income in the range of $62.5 million to $63.5 million. We expect an effective tax rate of 20%. We expect diluted net income per share of $0.18, assuming approximately 364 million shares outstanding.

對於第二季度，我們預計營收將在 5 億美元至 5.01 億美元之間，年增 25%。我們預計營業收入在 6,250 萬美元至 6,350 萬美元之間。我們預計有效稅率為20%。我們預期每股攤薄淨收益為 0.18 美元，假設流通股數約為 3.64 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. 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 20%. We expect diluted net income per share over that period to be in the range of $0.79 to $0.80, assuming approximately 364 million shares outstanding.

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%。我們預計全年營業收入將在 2.72 億美元至 2.76 億美元之間。我們預計有效稅率為 20%。我們預計該期間每股攤薄淨收益將在 0.79 美元至 0.80 美元之間，假設流通股約為 3.64 億股。

In closing, we continue to focus on creating significant shareholder value with our ongoing commitment to disciplined execution, durable growth, and operational efficiency. I'd like to thank our employees for their dedication to our mission as well as our customers for trusting us to help modernize, accelerate, and secure their businesses during these volatile times.

最後，我們將繼續致力於透過嚴格執行、持久成長和營運效率來創造巨大的股東價值。我要感謝我們的員工對我們使命的奉獻，也感謝我們的客戶信任我們，讓我們能夠在這些動盪的時期幫助他們實現業務現代化、加速和保障安全。

With that, I'd like to open it for questions. Operator, please poll for questions.

現在，我想開始回答問題。接線員，請投票詢問問題。

(Operator Instruction).

（操作員指令）。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Great, thanks for taking my questions guys. Congrats on the quarter, obviously, uneven macro environment. Maybe to start with you, Matthew. You guys sit in front of really 20% of the Internet exits, it's a credible global visibility. And you've talked about your crystal ball. Could you comment on trends you're seeing through early May? Has there been any changes in traffic with all the tariff rhetoric?

太好了，謝謝大家回答我的問題。恭喜本季度，顯然，宏觀環境不平衡。也許從你開始，馬修。你們佔據了網路出口的 20% 份額，具有可信的全球知名度。您已經談到了您的水晶球。您能評論一下五月初所觀察到的趨勢嗎？所有這些關稅言論是否對交通產生了任何影響？

Yeah. We haven't seen anything. And I know some other people have commented that they have. But if we look back one, three, six months, there hasn't been a change to what we see in terms of HCP requests, in terms of overall volume. And that's true both in the US and around the world, Internet traffic has held pretty stay.

是的。我們什麼也沒看到。我知道其他人也評論說他們有。但如果我們回顧一、三、六個月，我們發現 HCP 請求數量和總量並沒有改變。無論在美國還是在世界各地，網路流量都保持相當穩定。

I think part of that might be that less of our business is sort of a pure media bit delivery business. The majority of the requests that are going through us are to APIs and other things, it's not as much video streaming and raw bits. So it may be that we're just -- we don't see that as directly as some other people. We think those bits are obviously way more valuable than sort of the raw streaming video bits. And so we focus on that.

我認為部分原因可能是我們的業務中不太包括純粹的媒體比特傳輸業務。我們收到的大多數請求都是針對 API 和其他內容的，而不是視訊串流和原始位元。所以可能我們只是——我們沒有像其他人一樣直接地看到這一點。我們認為這些比特顯然比原始的串流影音比特更有價值。因此我們重點關注這一點。

I would say that there is one area which we're watching pretty carefully that involves AI and media companies, actually. And that is that the -- if you look over time, the Internet itself is shifting from what has been a very much a search-driven Internet to what is increasingly an AI-driven Internet. So if you look at just traffic from Google, 10 years ago, for every two pages, Google crawled, they send you one visitor. Six months ago, that was up to 6:1.

我想說的是，我們正在密切關註一個領域，它實際上涉及人工智慧和媒體公司。那就是——如果你回顧一下時間，你會發現互聯網本身正在從主要由搜尋驅動的互聯網轉變為日益由人工智慧驅動的互聯網。因此，如果你只看 10 年前 Google 的流量，Google 每抓取兩個頁面，就會為你帶來一名訪客。六個月前，這一比例高達 6:1。

The call rate hadn't changed. But what's changed is now 75% of queries to Google, Google Answers on Google without sending you back to the original source. But even in the last six months, the rate has increased even further where now it's up to 15:1, 15 crawls for every one visitor.

通話費率沒有變化。但現在發生的變化是，75% 的 Google 查詢都會在 Google 上提供答案，而不會將您送回原始來源。但即使在過去的六個月裡，這一比例甚至進一步上升，目前已達到 15:1，即每位訪客抓取 15 次。

And if you look at OpenAI, which is [250:1] anthropic, which is 6,000:1. It's putting a lot of pressure on the media companies that are there that are making money through either subscriptions or ads on their pages. And I think while we have not historically had media as a big segment, a lot of them are coming to us because they see us as actually being able to help better control how AI companies are taking their information.

如果你看看 OpenAI，它是 [250:1] 人擇原理，也就是 6,000:1。這給那些透過訂閱或網頁廣告賺錢的媒體公司帶來了極大的壓力。我認為，雖然我們歷史上並沒有將媒體作為一個重要的細分市場，但許多媒體都來找我們，因為他們認為我們實際上能夠幫助更好地控制人工智慧公司獲取資訊的方式。

And I think that's something that's an interesting trend to watch and an area that our team is really focused on. But the general trends across the Internet are traffic has remained the same. And we haven't seen anything that has caused us to believe that tariffs or anything else or changing Internet traffic patterns.

我認為這是一個值得關注的有趣趨勢，也是我們團隊真正關注的領域。但整個網路的流量整體趨勢保持不變。我們還沒有看到任何讓我們相信關稅或其他任何東西或改變網路流量模式的事情。

It's really good to hear. And then maybe just a quick one, Thomas. The revenue beat was great to see. Margins were more or less in line with expectations. How do you -- you talked about CapEx spending sort of within the range that you talked about, are you -- how are you thinking about margins this year? Are you pre-spending for some demand that you're seeing? Just any color on that? We're getting a bit of inbound on sort of the margin performance this quarter.

聽到這個消息真是太好了。然後也許只是一個快速的問題，湯瑪斯。看到收入超出預期真是令人欣喜。利潤率基本上符合預期。您如何看待資本支出在您所說的範圍內，您如何看待今年的利潤率？您是否針對所看到的某些需求預先支出了資金？上面有什麼顏色嗎？我們對本季的利潤表現有了一些了解。

Yeah. As we've reiterated now multiple times, our North Star over a rolling average of quarters is the 40% rule. And if you look at revenue upside and margin upside and opportunity, there is still more margin opportunity than there is a revenue opportunity. So we will continue to reinvest in the business if we didn't think there's opportunity to invest in the data points us that way. We've done that in the first quarter especially investing in our go-to-market activities, and we are seeing good returns. So the data makes us confident to continue that. But the guidance will be moving forward as it has always been, the 40% rule. So there's some more opportunity to invest, but we will make sure that we keep the balance in mind.

是的。正如我們多次重申的那樣，我們的北極星在季度滾動平均值上是 40% 規則。如果你看一下收入成長、利潤成長和機會，你會發現利潤機會仍然比收入機會多。因此，如果我們認為沒有機會投資數據點，我們將繼續對該業務進行再投資。我們在第一季就做到了這一點，特別是對我們的市場進入活動進行了投資，並且看到了良好的回報。因此，數據讓我們有信心繼續這樣做。但指導意見仍將一如既往地繼續執行 40% 規則。因此，還有更多的投資機會，但我們會確保保持平衡。

Got it. Thanks a lot, guys.

知道了。非常感謝大家。

Jewel Fishbe, Truest Securities.

Jewel Fishbe，Truest Securities。

Thanks for taking the question and congrats on the excellent execution. I know you commented a little bit on this in the prepared remarks, but I'd love to get a little broad how sales productivity and sales capacity is tracking, especially as it relates to the enterprise segment? And do you still expect the capacity of ramp reps to accelerate in 2Q and again in the second half?

感謝您提出這個問題，並祝賀您的出色表現。我知道您在準備好的評論中對此做了一些評論，但我想大致了解一下銷售生產力和銷售能力的跟踪情況，特別是與企業部門相關的情況？您是否仍預期第二季和下半年坡道銷售代表的產能將再次加速？

Yeah, thanks. We have been happy with improvements in sales productivity across the team. I think Mark Anderson is doing just an excellent job really building us into -- I think we've always been a world-class engineering work. I think we've for a long time been a world-class product org -- we are building a world-class go-to-market organization, and we're seeing that show up in continued quarter-over-quarter improvement in sales productivity.

是的，謝謝。我們對整個團隊銷售效率的提升感到高興。我認為馬克安德森做得非常出色，真正把我們打造成了——我認為我們一直是世界一流的工程。我認為我們長期以來一直是世界一流的產品組織——我們正在打造世界級的行銷組織，我們看到銷售效率逐季持續提高。

In terms of capacity, that we know that that's going to increase because you hire someone and they ramp over time. So we do see that, that is going to continue to increase over time. We're hiring dramatically across that or getting incredible candidates to join us. And I think the word is out that if you want to be at the next world-class sales organization, Cloudflare is the place to go. And that's showing up in the results and that's showing up in just the caliber and quality of the people that we're getting on board. And I think that will very much turn into sales going forward.

就產能而言，我們知道產能會增加，因為你僱用了某人，而他們的產能會隨著時間的推移而增加。所以我們確實看到，隨著時間的推移，這個數字還會繼續增加。我們正在大力招募這方面的人才，或是尋找優秀的候選人加入我們。我認為，如果你想加入下一個世界級的銷售組織，Cloudflare 就是你的最佳選擇。這體現在結果上，也體現在我們所招募人員的素質和品質。我認為這將會極大地轉化為未來的銷售額。

Thank you.

謝謝。

Mark Murphy, JP Morgan

摩根大通的馬克墨菲

Thank you a lot, my congrats. Matthew, could you comment on this extreme volume of DDoS attacks, the decider in Q1. We were looking at your stats, it looked like they were up more than 300% year-over-year. And the complexity looked like it went off the charts as well with the hyper volumetric attacks. So I think our understanding is you do not actually charge based on the size of the attack. But I am wondering if you could see a tailwind from that kind of environment and how you feel about defending against that kind of an attack relative to your competitors?

非常感謝，恭喜。馬修，您能否評論一下第一季的決定性因素——這種極端數量的 DDoS 攻擊？我們查看了您的統計數據，看起來它們比去年同期增長了 300% 以上。而且，隨著超大容量攻擊的出現，複雜性似乎也超出了預期。所以我認為我們的理解是，你實際上不會根據攻擊的規模來收費。但我想知道您是否能從這種環境中看到順風，以及相對於您的競爭對手，您對防禦這種攻擊有何看法？

Hey Mark, I think, first of all, the attacks are -- I mean, just getting to a -- what a few years ago would have been an inconceivable size where there are very, very few networks that can't absorb the size and scale of the attacks that are there. What I think is striking is that at Cloudflare it's not an all hands-on deck situation. It's kind of like our system just automatically absorbs these and does it without anyone having to respond.

嘿，馬克，我認為，首先，這些攻擊——我的意思是，剛剛達到——幾年前這是難以想像的規模，很少有網路無法吸收那裡發生的攻擊的規模和範圍。我認為引人注目的是，Cloudflare 並不是一個全員參與的情況。這有點像我們的系統自動吸收這些並執行，無需任何人回應。

And that goes back to something that we have talked about a lot over the years, and I think that it isn't always appreciated how important and powerful it is. Most of our competitors run separate scrubbing networks that are completely distinct from the rest of their network. And that inherently means that they have some limited capacity that is there.

這又回到了我們多年來經常談論的一個話題，我認為人們並不總是意識到它的重要性和強大力量。我們的大多數競爭對手都運行與其網路其他部分完全不同的單獨清洗網路。這本質上意味著他們擁有有限的能力。

Cloudflare has always done it differently and took more engineering work, but it's showing in our ability to defend against attacks that others just can't. And that is that we made it so that every single server that makes up our network is capable of running every single one of the different functions that we have, including DDoS attacks. And this is getting in the weeds a little bit, but when you buy wholesale bandwidth, you pay for the greater of inverses out. So you're sending traffic out and you're spending 10 times as much traffic out, you pay for the out rather than the in. And we are casting proxy. So we are out is always significantly higher than our in.

Cloudflare 一直以不同的方式做事，並投入更多的工程工作，但它表明我們有能力抵禦其他人無法抵禦的攻擊。那就是，我們使得組成我們網路的每一個伺服器都能夠運行我們擁有的每一種不同功能，包括 DDoS 攻擊。這有點複雜，但是當您購買批發頻寬時，您需要支付較大的逆值。因此，您要向外發送流量，並且要花費 10 倍的流量費用，您要為輸出流量付費，而不是為輸入流量付費。我們正在選角代理人。因此我們的支出總是明顯高於收入。

And what that means is that when DDoS attack comes, it pushes the in up. But even at these hyperscale attacks, the in is not ever getting higher than the out. What that means is that from just a cost perspective, because, again, we've designed just a much better and more efficient system, it means that we can defend against these attacks without having to pass any costs on to our customers because we don't suffer any additional cost to be able to defend these attacks. And that architectural difference is radically different than what anyone else in the industry does and it's part of why we're able to defend against.

這意味著當 DDoS 攻擊來臨時，它會將 in 推高。但即使是這些超大規模的攻擊，輸入量也永遠不會高於輸出量。這意味著，從成本角度來看，因為我們再次設計了一個更好、更有效率的系統，這意味著我們可以防禦這些攻擊，而不必將任何成本轉嫁給我們的客戶，因為我們不需要承擔任何額外的成本來防禦這些攻擊。這種架構差異與業內其他任何人的做法截然不同，這也是我們能夠防禦的部分原因。

So I don't think that directly, the size of the attack is going up is something that is going to be a tailwind for us. But I do think that we're already seeing that a lot of the hyperscalers, some of our competitors are actually referring customers to us when they get to the point that their systems aren't able to stay in front of these attacks because they know that the architecture and design of our system is allowing us to mitigate what others can't.

因此，我不認為直接攻擊規模的增加會為我們帶來順風。但我確實認為，我們已經看到很多超大規模企業和我們的一些競爭對手在他們的系統無法抵禦這些攻擊時，實際上會將客戶推薦給我們，因為他們知道我們系統的架構和設計使我們能夠減輕其他人無法承受的攻擊。

So I think what we're seeing is, especially in places like financial services and others, they're recognizing that their existing vendors can't necessarily take on some of these hyperscale attacks and they're adding [platform] to the mix in order to make sure that when that attack comes, that they have a way of doing it. And again, that goes back to just what is a much better architectural design than anyone else in the space.

所以我認為我們看到的是，特別是在金融服務和其他領域，他們意識到他們現有的供應商不一定能承擔這些超大規模攻擊，他們正在將[平台]添加到組合中，以確保當攻擊來臨時，他們有辦法做到。再次強調，這又回到了比該領域其他任何人都更好的建築設計。

Thank you so much.

太感謝了。

Andrew Nowinsky, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Congrats on another remarkable quarter. Matthew, you highlighted the longest duration contract in Zero Trust to date as well as some other notable wins. Just wondering if you could double-click on the trends that you're seeing in the SASE and why Cloudflare is kind of winning more of these larger deals than we've heard in the past?

恭喜您又度過了一個非凡的季度。馬修，您強調了迄今為止零信任中期限最長的合約以及其他一些值得注意的勝利。只是想知道您是否可以雙擊您在 SASE 中看到的趨勢，以及為什麼 Cloudflare 贏得的這些大型交易比我們過去聽說的要多？

And I appreciate it, and I'm really proud of our team for this. This is a market that we didn't start out in, but we realized our network could provide just a better experience. And so we invested in it. And for a while, we didn't have all the features that people who had been doing this for longer than we did had. I think two things have stood out, first of all, I think we've caught on all the critical features that are there.

我對此表示感謝，我為我們的團隊感到自豪。這是一個我們最初並未涉足的市場，但我們意識到我們的網路可以提供更好的體驗。因此我們對其進行了投資。有一段時間，我們並不具備那些從事這一行業時間比我們長的人所擁有的全部功能。我認為有兩件事很突出，首先，我認為我們已經掌握了所有關鍵特徵。

And then I think that when people actually go to test our solution versus others, our performance is just significantly better. And again, that goes back to the fact that every server across our network can do everything. So if you're in Rwanda or if you're in Pakistan or you're anywhere in the world, we can actually deliver a SASE solution local to you that has just significantly better, better performance than anyone else.

然後我認為，當人們真正去測試我們的解決方案與其他解決方案時，我們的表現明顯更好。再次，這又回到了這樣一個事實：我們網路上的每台伺服器都可以做所有事情。因此，無論您在盧安達、巴基斯坦還是世界任何地方，我們實際上都可以為您提供當地的 SASE 解決方案，其性能比其他任何人都要好得多。

I think the last thing is that there's -- I think we've had a lot of success bundling together our various solutions. People -- our customer say, they don't want to have to think about who's the reverse proxy versus their forward proxy, who's doing all of these things. They really want one solution that gives them a platform to solve all of the various problems that they may have with the network. And Cloudflare is unique in being able to deliver, both things like we were just talking about the DDoS mitigation, but then also SASE. And it all comes as one contiguous bundle.

我認為最後一件事是——我認為我們在將各種解決方案捆綁在一起方面取得了很大成功。人們——我們的客戶說，他們不想考慮誰是反向代理，誰是正向代理，誰在做所有這些事情。他們真正想要的是一個解決方案，為他們提供一個平台來解決他們在網路上可能遇到的各種問題。Cloudflare 的獨特之處在於它能夠提供我們剛剛討論的 DDoS 緩解和 SASE 兩種服務。所有這些都以一個連續的捆綁包的形式提供。

And so I think that's something that really has stood out and caused us to win more and more of these deals. And again, I'm proud of the fact that people are confident that our innovation isn't going to slow down, and that gives them the confidence to sign these longer duration deals. But they also then say, head-to-head versus first-generation SASE providers, Cloudflare is just a better solution. And that's causing us to win in these head-to-head situations.

所以我認為這確實是一個突出的因素，並促使我們贏得越來越多的交易。再次，我為人們相信我們的創新不會放緩而感到自豪，這讓他們有信心簽署這些長期協議。但他們也表示，與第一代 SASE 供應商相比，Cloudflare 是更好的解決方案。這使得我們在正面交鋒中取得勝利。

Thank you. That's great. And as a follow-up, Matthew, I think you said you won a number of SASE deals with government agencies as well in both the US and APAC. And I'm wondering if you could just expand on the traction you're seeing in the broader government sector.

謝謝。那太棒了。接下來，馬修，我想您說過，您已經與美國和亞太地區的政府機構贏得了多項 SASE 交易。我想知道您是否可以詳細說明您在更廣泛的政府領域所看到的進展。

And even the deal in Europe, the long duration deal in your tangential government quality government agency as well. So I think in these cases, the governments are -- around the world are seeing that on-premise hardware just doesn't work for what they're doing. So there are mandates to adopt a Zero Trust approach. And when they do, they see again that Cloudflare can provide this broad set of solutions across the entire platform. And again, proud of the fact that for what are these critical services governments around the world are choosing Cloudflare.

甚至包括歐洲的交易、與政府品質機構相關的長期交易。所以我認為在這些情況下，世界各國政府都發現內部硬體根本無法滿足他們的工作需求。因此必須採用零信任法。當他們這樣做時，他們再次看到 Cloudflare 可以在整個平台上提供這套廣泛的解決方案。再次，我們為世界各國政府選擇 Cloudflare 提供這些關鍵服務而感到自豪。

Thank you.

謝謝。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Thank you guys for taking the question and congratulations on a strong start to the year. In particular, I wanted to dig into that $100 million Workers-led deal not too many platforms out there that can accrue that much value from one deal. So just congratulations on sort of building that out. Can you give us any detail in terms of like the use case or what they're using the platform for, give us any more color on like what is the $100 million workers deal look like in reality on the ground of what they're going to be doing with the platform?

感謝你們回答這個問題，並祝賀你們今年有一個好的開始。特別是，我想深入研究一下由工人主導的 1 億美元交易，因為沒有太多平台能夠從一筆交易中獲得如此大的價值。所以，恭喜您完成了這個目標。您能否向我們提供一些細節，例如使用案例或他們使用該平台的用途，以及他們打算如何使用該平台，這筆 1 億美元的工人交易實際上是什麼樣子？

Yeah, Keith. I think that -- what we're seeing is that Cloudflare Workers has become a complete solution. We have all of the components, compute, storage, database, GPU capacity. And so as people are looking to decide whether they're going to go with a traditional hyperscaler, we're increasingly in the decision mix. And we're seeing places where people are realizing that they can develop significantly faster. They don't have to think about scaling issues. They don't have to think about a number of things that even if you're using a hyperscaler, you still have to worry about. And they can just get much better performance at a lower cost.

是的，基斯。我認為——我們看到的是 Cloudflare Workers 已經成為一個完整的解決方案。我們擁有所有元件、運算、儲存、資料庫、GPU 容量。因此，當人們正在決定是否要採用傳統的超大規模運算時，我們就越來越成為決策者。我們看到，人們逐漸意識到他們可以發展得更快。他們不必考慮擴展問題。他們不必考慮許多事情，即使您使用超大規模器，您仍然需要擔心。而且他們可以以更低的成本獲得更好的性能。

And so in this case, this was a customer that was well down the line with one of the traditional hyperscalers, had -- and I was confident that we're going to win the business. And we met with them, demonstrated what it was that we were able to deliver, help them build a proof-of-concept. And they just saw a significantly better performance, and they saw how much easier and faster it was for their developer team to be able to deploy across Cloudflare Workers.

因此，在這種情況下，這是一個與傳統超大規模企業有良好合作關係的客戶——我相信我們會贏得這筆業務。我們與他們會面，展示了我們能夠提供什麼，並幫助他們建立概念驗證。他們看到了明顯更好的效能，並且看到他們的開發團隊能夠更輕鬆、更快地在 Cloudflare Workers 上部署。

And so the -- we've always said, and it's still true that you can't just oftentimes lift and shift the traditional legacy workloads to Cloudflare Workers. But in these cases where someone is building a new feature or extending that, that feature, we're finding more and more that we're able to win those deals. And I think that I've tried to caution that it was going to take probably a little bit longer for Workers to be delivering real revenue. I think this shows that this is way ahead of what I would have thought that timing [wasn't]. And again, I think that, that comes back to the fact that the team has just built such a robust platform at this point that the people are saying, we're going to move off the true hyperscalers and move to Cloudflare because the ROI is just so much better. The performance is so much better and the development velocity is so much better.

所以——我們一直說，現在仍然如此，你不能只是經常將傳統的遺留工作負載轉移到 Cloudflare Workers。但在有人建立新功能或擴展該功能的情況下，我們越來越發現我們能夠贏得這些交易。我認為我已經試圖提醒過，工人可能還需要更長的時間才能帶來真正的收入。我認為這表明這遠遠超出了我所認為的時間[不是]。我再次認為，這又回到了這樣一個事實：團隊剛剛建立了一個如此強大的平台，人們說，我們將放棄真正的超大規模平台，轉向 Cloudflare，因為投資回報率要好得多。效能好很多，開發速度也快很多。

Yeah, definitely seeing that in the developer affinity for the platform. As a follow-up, this is more of a go-to-market question. in the quarter, you guys saw a really strong growth in overall customer adds. I think that 13,000 was up almost 80%. But the net adds on the [$100,000] side was a lot skinnier like only 30% up on a quarter-on-quarter basis. any changes in like go-to-market strategy that caused that? Or is that just kind of timing of kind of when those are coming in?

是的，確實從開發人員對該平台的親和力中看到了這一點。作為後續問題，這更像是一個進入市場的問題。在本季度，你們看到整體客戶增加量實現了非常強勁的成長。我認為 13,000 上漲了近 80%。但 [100,000 美元] 方面的淨增額則少了很多，環比僅增長了 30%。這是由於市場進入策略方面發生了什麼變化導致的嗎？或者這只是它們到來的時間點？

I think it's time. I don't think there's anything that really -- I'll start and then Thomas might say some more. My sense is mostly timing. And then also, we actually a really strong quarter last quarter with the [$100,000] adds. So there -- it moves around at some extent. I'm very excited that record $0.5 million, record quarter for $5 million add. And so I would largely say that, Thomas, I don't know if there's anything else you got?

我認為是時候了。我認為沒有什麼真正重要的事情——我先開始，然後托馬斯可能會再說一些。我的感覺主要是時間。而且，上個季度我們的業績確實非常強勁，新增了 [10 萬美元]。所以——它會在某種程度上移動。我很高興創下了 50 萬美元的紀錄，創下了季度增幅 500 萬美元的紀錄。因此我想說的是，托馬斯，我不知道你還有什麼其他資訊嗎？

Yeah. A couple of small things came together. So first and more importantly, what we didn't see was we didn't see increased churn or contracts actually just the opposite. DNR for that cohort even improved by a percentage point. I think instead, we just saw a few customers who spend less than [$100,000] graduating in the larger customer cohort. And then the quarter had also two days less, which means you recognized less ratable revenue in that quarter and that hurt a customer group that was just at that threshold of moving in there. So even the two days missing played a role players. So a lot of small things coming together and impacting the count. But nothing that disturbs the long trend trajectory we see here.

是的。一些小事湊到了一起。因此，首先也是更重要的是，我們沒有看到客戶流失率或合約增加，實際上恰恰相反。該群體的 DNR 甚至提高了一個百分點。我認為，相反，我們只是看到在更大的客戶群中，有少數消費不足 [100,000 美元] 的客戶畢業了。而且該季度還少了兩天，這意味著你在該季度確認的應稅收入減少了，這對剛進入該季度的客戶群造成了傷害。因此，即使缺少兩天的球員也發揮了作用。所以很多小事聚集在一起就會影響數數。但沒有任何東西可以擾亂我們在這裡看到的長期趨勢軌跡。

But on the reverse side, anything that propelled those 13,000 net customer adds overall, any change on that side of the equation?

但另一方面，有什麼因素推動了整體增加 13,000 名淨客戶，這方面有什麼改變嗎？

I wouldn't think so other than what we said at the beginning. We just see the pay -- the investment in the go-to-market transition and transformation is just paying off, and that is in those results, you see across all customer cohort sizes in various ways. So we are quite happy with the trend, and there's some noise quarter-to-quarter.

除了我們一開始所說的話以外，我不會這麼認為。我們只看到了回報——對市場轉型和變革的投資正在獲得回報，而從這些結果中，您可以以各種方式看到所有客戶群規模。因此，我們對這一趨勢非常滿意，並且每個季度都存在一些噪音。

Got it. Super impressive, guys. Thanks so much.

知道了。太令人印象深刻了，夥計們。非常感謝。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you so much and congrats on solid performance and guidance. Matthew, you mentioned tariffs as potentially being the final straw for some of the final holdouts, we're still using Boxes. Could you elaborate on those conversations and discussions? And how are you managing your network supply chain?

非常感謝您，並祝賀您出色的表現和指導。馬修，你提到關稅可能是壓垮一些最後抵抗者的最後一根稻草，我們仍在使用盒子。能詳細說明一下這些對話和討論嗎？您如何管理您的網路供應鏈？

Yeah. So I think one of the -- on some heroes that we don't talk about always at Cloudflare is our infrastructure team and just their ability to just deliver incredible, just constant better pricing and getting equipment delivered to a far-flung corner of the universe managing that.

是的。因此，我認為 Cloudflare 中我們不常談論的一些英雄之一就是我們的基礎設施團隊，他們能夠提供令人難以置信的、持續更優惠的價格，並將設備運送到宇宙的遙遠角落。

And I think that it was really during COVID, where we went from good to I think, world-class of being able to manage that. And that gives us the ability to have multiple distinct ways to deliver the service and networking equipment that we need. We're not dependent on any network vendor we can buy from any of the big network vendors or we have our own white boxes that we can deliver. And that has allowed us to have a lot of flexibility.

我認為正是在新冠疫情期間，我們從優秀走向了世界級的管理水平。這使我們能夠以多種不同的方式來提供我們所需的服務和網路設備。我們不依賴任何網路供應商，我們可以從任何大型網路供應商購買，或者我們有自己的白盒可以交付。這讓我們擁有很大的靈活性。

And then the existing treaties like NAFTA and otherwise allow us to do assembly of equipment in place in Mexico and bring it into the US when we have to do that in a way which is very efficient or deploy to US if we need to and then route traffic to be able to handle that. Even using used equipment and moving that around is again, a very sophisticated way of us just making sure we can continue to invest in our network and build it out around the world.

然後，現有的條約，如北美自由貿易協定等，允許我們在墨西哥組裝設備，並在需要時以非常有效的方式將其運送到美國，或者在需要時將其部署到美國，然後路由流量以便能夠處理該問題。即使使用二手設備並將其四處移動，也是一種非常複雜的方式，可以確保我們能夠繼續投資我們的網路並將其擴展到世界各地。

So I feel very good about our ability to do that. We are hearing from -- especially in the financial services and health care space that there is concern from -- if they're trying to use on-premise hardware from existing vendors and that, that is slowing down the demand for what was sort of the expected firewall sort of reset that was being -- there was a number of other vendors in the space where we're seeing.

所以我對我們做到這一點的能力感到非常滿意。我們聽說——特別是在金融服務和醫療保健領域，人們擔心——如果他們試圖使用現有供應商的內部硬件，那麼這將減緩對預期防火牆重置的需求——我們看到該領域有許多其他供應商。

I think that's going to put more emphasis on using service like SASE services. And I think Cloudflare will be a beneficiary of that, along with others that can actually disclose this as a service rather than as a physical piece of hardware.

我認為這將更加重視使用像 SASE 服務這樣的服務。我認為 Cloudflare 將從中受益，其他公司也可以將其作為服務而非實體硬體進行揭露。

Thank you.

謝謝。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Great, thanks for taking the questions, guys. Just wanted to start I think going back to the prepared remarks, Matthew, you had cited sequential improvement in sales cycles, which is something that we would not have expected just given this environment and kudos to you guys. Can you just spend some time hashing out those dynamics? I'm just curious what's the sustainability of those improvements that you guys are driving it?

太好了，謝謝大家回答這些問題。我只是想開始，我想回到準備好的發言，馬修，你提到了銷售週期的連續改善，這是我們在這種環境下沒有想到的，向你們致敬。您能花點時間詳細討論一下這些動態嗎？我只是好奇，你們推動的那些改進的可持續性如何？

Yeah. I think that I was surprised by that as well, not only because of the environment generally. But I also think because we're selling to larger customers, bigger deals, and you would naturally expect that, that would slow down sales cycles. And again, that's -- I think that that's -- that's expected, and that's something that we can manage out. That is not what we saw this quarter.

是的。我認為我也對此感到驚訝，不僅僅是因為整體環境。但我還認為，因為我們銷售的是更大的客戶，更大的交易，你自然會預料到，這會減慢銷售週期。再說一次，我認為這是預料之中的事，也是我們可以解決的事。但這與我們本季看到的情況不同。

I think that we've always been very good at managing sales cycles. I think we've always been good at deliver and I think it really is the operational excellence that Mark and his team are driving across the entire sales team. And also as part of the fact that we have so many existing customers that we can sell more to and expand with.

我認為我們一直非常擅長管理銷售週期。我認為我們一直擅長交付，我認為這確實是馬克和他的團隊在整個銷售團隊中推動的卓越營運。而且由於我們擁有眾多現有客戶，我們可以向他們銷售更多產品並擴大業務。

I think that those obviously are much faster deals when they come in. But I don't know that I would expect -- in fact, I would not expect that sales cycles will continue to trend down for a long time. But I do think that we have been better than most at being able to deliver very efficient sales cycles. And I'm surprised that as deals have gotten bigger and customers have gotten more sophisticated that sales cycles have not picked up dramatically.

我認為這些交易在達成時顯然會更快一些。但我不知道我是否會預期——事實上，我不會預期銷售週期會在很長一段時間內持續呈下降趨勢。但我確實認為，我們在提供非常高效的銷售週期方面比大多數人做得更好。令我驚訝的是，隨著交易規模越來越大、客戶越來越成熟，銷售週期卻沒有大幅提升。

But again, I don't think -- I wouldn't forecast that, that's going to be the case forever. I think that it's -- I think we will always outperform our peers. But I would expect the sales cycles will tick up slightly over time.

但同樣，我不認為——我不會預測這種情況會永遠持續下去。我認為——我認為我們的表現將永遠優於我們的同行。但我預期銷售週期會隨著時間的推移而略有上升。

And just for a quick follow-up to Thomas. I know we're talking about less certain environment. You guys obviously had a larger magnitude thinking about the 1Q top line beat. Can you just help us think a little bit more as far as the guidance construction here with the reiterated calendar '25 guide. How much of that is essentially incremental conservatism or prudence however you want to phrase it versus visibility moving one way or the other over the last 90 days as it relates to pool of funds deals?

只是為了快速跟進托馬斯的問題。我知道我們正在談論不太確定的環境。你們顯然對第一季營收超出預期有著更宏觀的考量。您能否幫助我們就此處重申的 25 年月曆指南的指導建構進行更多的思考？無論您想如何表述，這其中有多少本質上是漸進式的保守主義或審慎，與過去 90 天與資金池交易相關的可見性變化相比，有多少是這樣的？

Well, you used the word that we -- that I used for giving guidance. It's prudent in light of the uncertainty we see. We started the year believing in the data that we looked at, that investing into reaccelerated growth was the right thing to do. The first quarter results proved that, that was the right decision to be made. You heard from Matthew that our confidence in the long-term outlook, if anything, increased based on -- by some of the changes we have seen. But we have to be cognizant that the world around is a volatile phase and the guidance reflects that.

嗯，你用了「我們」這個字——我用這個字來給指引。鑑於我們所看到的不確定性，這是謹慎的做法。今年年初，我們根據所看到的數據相信，投資於重新加速的成長是正確的做法。第一季的業績證明，這是正確的決定。您從馬修那裡聽說，我們對長期前景的信心如果有的話，是基於我們所看到的一些變化而增強的。但我們必須認識到，周遭的世界正處於動盪階段，指導意見也反映了這一點。

Adam Borg, Stifel, Nicolaus.

亞當博格、史蒂費爾、尼可拉斯。

Awesome. Maybe just for Matthew, one of the things when we go back to investor back in March that Mark Anderson talked about was just around the developer speed boat launching this year. And obviously, with the $100 million plus workers deal, I would love to get a sense of if that team was involved? And just maybe more broadly, get an update on the developer go-to-market motion more broadly.

驚人的。也許只是對馬修來說，當我們三月回到投資者那裡時，馬克安德森談到的事情之一就是今年開發商快艇的下水。顯然，對於價值超過 1 億美元的工人交易，我很想知道該團隊是否參與其中？或許更廣泛地說，可以更廣泛地了解開發商進入市場的動議的最新情況。

Yeah. I mean, that team is definitely involved. I don't think that team not been involved that we would sort of close that deal or closed this quickly. What I love is that Aly Cabral is running that team. He really came from the side of the developer platform and said -- I now feel like we've got the product nailed, let's go sell it. And she and the team there are being very deliberate and disciplined. They are going out and talking to customers that we think could really benefit from the increased agility, performance ROI that our developer platform has.

是的。我的意思是，那個團隊肯定參與其中了。我認為，如果沒有該團隊的參與，我們不可能完成這筆交易，或這麼快就完成交易。我很高興看到 Aly Cabral 領導這個團隊。他確實是從開發者平台的角度出發，說——我現在覺得我們已經把產品做好了，讓我們去銷售它。她和那裡的團隊非常謹慎且嚴謹。他們正在與客戶交談，我們認為這些客戶可以真正受益於我們開發者平台所提高的靈活性和效能投資報酬率。

And it's amazing to see that as they go into these conversations and even help customers build out kind of proof-of-concept for what's there, that is turning into very large deals that are coming across the transom. And I think it's it probably wouldn't have been the right time to do that a year ago. But today, when the developer platform is as robust as it is, that speed boat and those efforts around it are yielding really significant results.

令人驚訝的是，當他們參與這些對話，甚至幫助客戶建立概念驗證時，這些概念驗證正在轉化為即將達成的大筆交易。我認為一年前做這件事可能並不是合適的時機。但今天，當開發者平台如此強大時，那艘快艇和圍繞它的努力正在產生真正顯著的結果。

And again, I still always want to caution people not to get too far ahead of themselves. I'm very excited with what we're seeing from the developer community. And we are much more active at pursuing large deals that can deliver real value for. And that speed boat team has been critical to doing that.

再次強調，我始終要告誡人們不要想得太遠。我對開發者社群所取得的進展感到非常興奮。我們更積極地尋求能夠帶來真正價值的大型交易。而快艇隊對於實現這一目標至關重要。

Excellent, thanks so much.

非常好，非常感謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Let me echo my congratulations as well. Matthew, could you provide us with an update on the model context protocol that you're and the work that you're doing there? And maybe what this implies for Cloudflare's ability to power AI agents as data sources that AI models are accessing? Thank you.

我也向你表示祝賀。馬修，您能否向我們提供有關模型上下文協議以及您在那裡所做的工作的最新資訊？這可能意味著 Cloudflare 有能力為 AI 代理提供 AI 模型正在存取的資料來源？謝謝。

Yeah. So just a little bit of background for people who aren't following this as closely. Anthropic put together a specification called model context protocol, MCP which is essentially an API to give a standard way for an AI system to be able to connect to a third-party service and interact with it in various ways. If you're your bank has an MCP system than an agent can log in and analyze what your spending patterns or if you've got an MCP server at a media organization, they could log in and summarize the news that was out there.

是的。對於那些不太關注此事的人來說，這只是一點背景介紹。Anthropic 制定了一項稱為模型上下文協定 (MCP) 的規範，它本質上是一種 API，為 AI 系統提供一種標準方式，使其能夠連接到第三方服務並以各種方式與其互動。如果您的銀行有 MCP 系統，那麼代理商可以登入並分析您的消費模式，或者如果您在媒體組織有 MCP 伺服器，他們可以登入並總結那裡的新聞。

Initially, these servers when Anthropic first released the protocol were run locally on your own machine, which meant that the barrier to entry, really fell on developers. We worked with Anthropic to be able to take this standard and running instead of locally on your machine, run it in the cloud, running it across Cloudflare's network. And it's been amazing to see how great companies like Stripe, Atlassian, Block, many others are adopting our approach to these platforms and using Cloudflare to give agents -- AI agents a way to interact with their underlying platform. There are massive security issues here.

最初，當 Anthropic 首次發布該協定時，這些伺服器是在您自己的機器上本地運行的，這意味著進入的門檻實際上落在了開發人員身上。我們與 Anthropic 合作，能夠採用此標準，而不是在您的機器上本地運行，而是在雲端中運行，透過 Cloudflare 的網路運行。令人驚訝的是，Stripe、Atlassian、Block 等許多優秀公司正在採用我們的平台方法，並使用 Cloudflare 為代理商（AI 代理）提供與其底層平台互動的方式。這裡存在嚴重的安全問題。

And again, I think one of the reasons that people trust us in this space is that they know that we understand how important security is and that will help invent what the protocols are for secure, I believe, for agents to interact with the overall Internet. There will also be competing platforms. So Google has released an extension of MCP, which is slightly different. Our strategy is just to support everything. to be the universal translator that can make it so that you can connect to any service, which is online.

而且，我認為人們信任我們的原因之一是他們知道我們了解安全的重要性，我相信這將有助於發明安全的協議，以確保代理與整個互聯網進行互動。還會有競爭平台。因此Google發布了MCP的擴展，它稍有不同。我們的策略是支援一切，成為通用的翻譯器，讓您可以連接到任何線上服務。

And if there are multiple protocols, will help rationalize that. Again, I think it's something that is important. So I think it's amazing to see how quickly companies are able to use our platform in order to stand up these agents and the interaction between these agents. I think it may well turn out that the killer app for Cloudflare Workers is going to be around the eye and the interconnection. And the fact that so many of the AI companies today, our estimates are that about 80% of the major AI companies are Cloudflare customers. And so much of the Internet uses Cloudflare.

如果有多個協議，將有助於合理化這一點。再次強調，我認為這是一件重要的事情。因此，我認為看到公司能夠如此快速地利用我們的平台來支援這些代理商以及這些代理商之間的互動是令人驚訝的。我認為 Cloudflare Workers 的殺手級應用很可能圍繞著眼睛和互連。事實上，如今有這麼多的人工智慧公司，我們估計大約 80% 的主要人工智慧公司都是 Cloudflare 的客戶。網路上有很多地方使用 Cloudflare。

It puts us in the center of all of those conversations, and it's just incredibly exciting to see people building the future on Cloudflare and don't totally know where it's all going to turn out, but I'm pretty confident that no matter what you're going to need networks, you're going to need secure networks and Cloudflare is the best at being able to provide that for whatever the future holds.

它使我們成為所有這些對話的中心，看到人們在 Cloudflare 上建立未來並且並不完全知道最終結果如何，真是令人興奮不已，但我非常有信心，無論您需要什麼樣的網絡，您都需要安全的網絡，而 Cloudflare 最擅長為未來提供這種網絡。

Excellent thank you.

非常感謝。

Thank you for your question. And ladies and gentlemen, that will conclude our Q&A session for today. I would like to turn the call back over to Matthew Prince for any closing comments.

感謝您的提問。女士們、先生們，今天的問答環節就到此結束。我想將電話轉回給馬修‧普林斯 (Matthew Prince)，請他發表最後評論。

I just want to say thank you for all Cloudflare customers, all of our team members, or just what was a really difficult quarter in terms of the macro environment, but one that we executed in a way that I'm incredibly proud of. So can't wait to see what the future holds. I know that it's going to be built on Cloudflare in our network and look forward to seeing you again this time next quarter.

我只想對所有 Cloudflare 客戶、所有團隊成員表示感謝，或者只是對宏觀環境而言確實非常困難的一個季度表示感謝，但我們以一種令我感到無比自豪的方式執行了這一季度。我迫不及待地想看看未來會發生什麼。我知道它將在我們的網路中基於 Cloudflare 構建，並期待下個季度的這個時候再次見到您。