Cloudflare Inc (NET) 2025 Q2 法說會逐字稿

Hello, and welcome to the Cloudflare second-quarter 2025 earnings call. (Operator Instructions) I would now like to turn the convert over to Phil Winslow. You may begin.

您好，歡迎參加 Cloudflare 2025 年第二季財報電話會議。（操作員指示）現在我想將轉換權交給 Phil Winslow。你可以開始了。

Thank you for joining us today to discuss Cloudflare's financial results for the second quarter of 2025. With me on the call, we have Matthew Prince, Co-founder and CEO; Michelle Zatlyn, Co-founder and President; and Thomas Seifert, CFO. By now, everyone should have access to our earnings announcement. This announcement, as well as our supplemental financial information, may be found on our Investor Relations website.

感謝您今天加入我們討論 Cloudflare 2025 年第二季的財務表現。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·普林斯 (Matthew Prince)、聯合創始人兼總裁米歇爾·扎特林 (Michelle Zatlyn) 和首席財務官托馬斯·塞弗特 (Thomas Seifert)。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的投資者關係網站上找到。

As a reminder, we'll be making forward-looking statements during today's discussion, including but not limited to our customers, vendors, and partners, operations and future financial performance, our anticipated product launches, and the timing and market potential of those products, our anticipated future financial and offering performance, and our expectations regarding future macroeconomic conditions.

提醒一下，我們將在今天的討論中做出前瞻性陳述，包括但不限於我們的客戶、供應商和合作夥伴、營運和未來財務業績、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產品表現，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，並且受到風險和不確定性的影響，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 offering results and financial conditions, 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發行結果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 talked 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.

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。

For historical periods, a GAAP to non-GAAP reconciliation can be found in the supplemental financial information referenced a few moments ago. We would also like to inform you that we will be participating in KeyBanc's Technology Leadership Forum on August 12, Stifel's Tech Executive Summit on August 26, and Goldman Sachs Communacopia and Technology Conference on September 9. Now I'd like to turn the call over to Matthew.

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。我們也想通知您，我們將參加 8 月 12 日的 KeyBanc 技術領導論壇、8 月 26 日的 Stifel 技術高管高峰會以及 9 月 9 日的高盛 Communacopia 和技術會議。現在我想把電話轉給馬修。

Thank you, Phil. We had an excellent quarter. We crossed $2 billion in annual run rate revenue, achieving $512.3 million of revenue in the quarter. We started the year detailing our strategy to drive reaccelerating growth. Our Q2 results highlight that this formula is working and mark a key inflection point for the company, with revenue growing 28% year-over-year, up from 26.5% in the first quarter.

謝謝你，菲爾。我們度過了一個出色的季度。我們的年度運行收入突破 20 億美元，本季實現營收 5.123 億美元。今年伊始，我們詳細制定了推動經濟重新加速成長的策略。我們第二季的業績凸顯了這一模式的有效性，並標誌著公司的關鍵轉折點，公司營收年增 28%，高於第一季的 26.5%。

We now have 3,712 customers paying us more than $100,000 per year, a 22% increase year-over-year. Revenue contribution from these large customers grew at 35% year-over-year, contributing to 71% of revenue during the quarter, up from 67% in the second quarter last year.

我們現在有 3,712 名客戶每年向我們支付超過 10 萬美元，比去年同期成長 22%。這些大客戶的營收貢獻年增35%，佔本季營收的71%，高於去年第二季的67%。

Our dollar-based net retention was 114%, up 3% quarter-over-quarter. Our gross margin was 76.3%, in line with our long-term target range of 75% to 77%. We delivered an operating profit of $72.3 million, representing an operating margin of 14.1%, and we generated strong free cash flow of $33.3 million during the quarter, again exceeding expectations. Cloudflare keeps innovating faster than ever, and customers are voting with their wallets.

我們的美元淨留存率為 114%，季增 3%。我們的毛利率為 76.3%，符合我們 75% 至 77% 的長期目標範圍。我們實現了 7,230 萬美元的營業利潤，營業利潤率為 14.1%，並且本季度產生了 3,330 萬美元的強勁自由現金流，再次超出預期。Cloudflare 不斷以比以往更快的速度進行創新，客戶也用錢包投票。

You can see that in the momentum from our Q2 results. It's not just interest, it's real investments that drove record ACV bookings in the quarter. Beyond innovation, under the leadership of Mark Anderson, our President of Revenue, we also delivered significant operational and strategic progress along multiple go-to-market areas in the second quarter. This sets a strong foundation for the rest of the year and beyond.

您可以從我們第二季的業績中看到這一勢頭。推動本季 ACV 預訂量創紀錄的不僅是興趣，而是真正的投資。除了創新之外，在我們的營收總裁馬克安德森的領導下，我們還在第二季度在多個市場領域取得了重大的營運和策略進展。這為今年剩餘時間及以後奠定了堅實的基礎。

Some highlights of this. First, the number of ramped account executives increased year-over-year at the fastest pace in the last two years. We expect growth in our net sales capacity to continue to accelerate in the second half. Second, we delivered another year-over-year and quarter-over-quarter improvement in sales productivity. Third, we again saw particular strength with our largest customers, those that spend over $1 million and $5 million with Cloudflare annually, with both cohorts growing year-over-year at their highest levels since 2022.

其中的一些亮點。一是客戶經理數量較去年同期成長速度為近兩年來最快。我們預計下半年淨銷售能力的成長將持續加速。其次，我們的銷售效率較去年同期均有所提升。第三，我們再次看到了最大客戶的特殊優勢，即每年在 Cloudflare 上花費超過 100 萬美元和 500 萬美元的客戶，這兩個群體的同比增長都達到了 2022 年以來的最高水平。

And finally, new pipeline attainment exceeded our expectation and grew at the fastest rate in more than two years. I once again feel like the company is firing on all cylinders. The momentum you see in these results shows that we have the right technology, the right strategy and importantly, the right team to accelerate Cloudflare's next phase of growth.

最後，新管道的實現超出了我們的預期，並以兩年多來最快的速度成長。我再次感覺到公司正在全力運作。您從這些結果中看到的勢頭表明，我們擁有正確的技術、正確的策略，更重要的是，擁有正確的團隊來加速 Cloudflare 的下一階段成長。

That's a good segue to discuss some of our wins in the quarter. A rapidly growing AI company expanded their relationship with Cloudflare, signing a one-year $15 million pool of funds contract for Workers AI. This is the third contract signed with this customer in the last year as they moved all of their inference workloads from a hyperscaler over to make Cloudflare their single inference cloud platform.

這是一個很好的過渡，可以討論我們在本季取得的一些勝利。一家快速發展的人工智慧公司擴大了與 Cloudflare 的合作關係，為 Workers AI 簽署了一份為期一年、價值 1500 萬美元的資金池合約。這是去年與該客戶簽署的第三份合同，他們將所有推理工作負載從超大規模遷移到 Cloudflare，使其成為其單一推理雲端平台。

The continued expansion with this customer demonstrates not only the tremendous value they realized from the Cloudflare platform, but also the truly unmatched scalability, efficiency and speed of Workers AI. Cloudflare is increasingly the platform the most innovative companies are choosing to power the future of AI.

與該客戶的持續擴展不僅證明了他們從 Cloudflare 平台實現的巨大價值，也證明了 Workers AI 真正無與倫比的可擴展性、效率和速度。Cloudflare 正日益成為最具創新精神的公司選擇為未來人工智慧提供動力的平台。

A Fortune 500 financial services company expanded their relationship with Cloudflare, signing two three-year contracts totaling $11.4 million for Application Services and Magic Transit. This customer initially approached us looking to bolster their network resiliency with a dual vendor strategy, and we were happy to come in as the number two behind their incumbent provider. Impressed with our superior reliability, best-in-class performance and innovative products in just one month, this customer signed a second contract, making Cloudflare their primary vendor.

一家財富 500 強金融服務公司擴大了與 Cloudflare 的合作關係，簽署了兩份為期三年、總額達 1,140 萬美元的應用服務和 Magic Transit 合約。這位客戶最初與我們聯繫，希望透過雙供應商策略來增強其網路彈性，我們很高興成為其現有供應商之後的第二大供應商。短短一個月內，該客戶就對我們卓越的可靠性、一流的性能和創新產品印象深刻，因此簽署了第二份合同，並將 Cloudflare 作為其主要供應商。

A Fortune 500 multinational financial services company expanded their relationship with Cloudflare, signing a three-year $7.1 million contract for application services, Magic Transit and Workers. This customer turned to Cloudflare to establish greater network resiliency by eliminating any single point of failure, migrating half of their traffic from a long-time incumbent to us.

一家財富 500 強跨國金融服務公司擴大了與 Cloudflare 的合作關係，簽署了一份為期三年、價值 710 萬美元的應用服務合同，包括 Magic Transit 和 Workers。該客戶轉向 Cloudflare，透過消除任何單點故障來建立更高的網路彈性，將其一半的流量從長期現有網路遷移到我們這裡。

A Fortune 100 global financial services company expanded their relationship with Cloudflare, signing a one-year $5 million pool of funds contract with initial use cases for Magic Transit, e-mail security, Threat intelligence and application services. In addition to addressing pressing reliability and redundancy requirements in order to improve their network resiliency, this customer was also able to enhance their security posture and gain unparalleled threat intelligence collected from our vast global network.

一家財富 100 強全球金融服務公司擴大了與 Cloudflare 的合作關係，簽署了一份為期一年、價值 500 萬美元的資金池合同，初始用例包括 Magic Transit、電子郵件安全、威脅情報和應用服務。除了滿足緊迫的可靠性和冗餘要求以提高其網路彈性之外，該客戶還能夠增強其安全態勢並從我們龐大的全球網路收集到無與倫比的威脅情報。

A large state government entity in the United States expanded their relationship with Cloudflare, signing a five-year $5.1 million contract for our SASE products, including Secure Web Gateway, Magic WAN, DLP and CASB. This customer's previous architecture was a mess of multiple vendors, including a first-generation Zero Trust vendor that was only 30% deployed after three years. Consolidating on to Cloudflare's unified platform will improve the customer's overall security posture and simplify their architecture while also realizing a roughly 60% cost savings.

美國一家大型州政府實體擴大了與 Cloudflare 的關係，簽署了一份為期五年、價值 510 萬美元的合同，購買我們的 SASE 產品，包括安全 Web 網關、Magic WAN、DLP 和 CASB。該客戶先前的架構混亂，由多家供應商組成，其中第一代零信任供應商在三年後才部署了 30%。整合到 Cloudflare 的統一平台將改善客戶的整體安全態勢並簡化其架構，同時還可實現約 60% 的成本節約。

A Fortune 500 technology company expanded their relationship with Cloudflare, signing a three-year $2.4 million Zero Trust contract. What's neat about this deal is we initially lost this RFP 1.5 years ago to a first-generation Zero Trust vendor who was ultimately unable to meet the company's requirements, leading the customer to come back to Cloudflare.

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 240 萬美元的零信任合約。這筆交易的巧妙之處在於，我們在 1.5 年前最初將這份 RFP 輸給了第一代零信任供應商，該供應商最終無法滿足公司的要求，導致客戶又回到了 Cloudflare。

They were blown away by how quickly our Zero Trust products had matured in just 18 months. This pace of innovation, combined with our ease of deployment and superior performance were key differentiators to securing this win this time around. A rapidly growing AI company signed a five-year $4.6 million contract for AI Gateway, Magic Firewall, Magic Transit and application services.

他們對我們的零信任產品在短短 18 個月內迅速成熟感到震驚。這種創新速度，加上我們易於部署和卓越的效能，是我們這次取得勝利的關鍵因素。一家快速發展的人工智慧公司簽署了一份為期五年、價值 460 萬美元的合同，用於提供人工智慧網關、Magic Firewall、Magic Transit 和應用服務。

As a highly technical company, this customer turned to Cloudflare as a strategic partner to enable accelerated innovation, provide enhanced security, improve performance and offer unmatched scale with our globally distributed connectivity cloud. This contract is just the beginning with this customer. They're already kicking the tires on our firewall for AI product.

作為一家技術含量高的公司，該客戶選擇 Cloudflare 作為策略合作夥伴，以加速創新、提供增強的安全性、提高效能並透過我們全球分佈的連接雲提供無與倫比的規模。這份合約僅僅是與該客戶簽訂的開始。他們已經開始對我們的 AI 產品防火牆進行測試。

A leading digital travel company expanded their relationship with Cloudflare, signing a four-year $3.8 million contract primarily for our Workers developer platform. This customer is transitioning workloads from an incumbent hyperscaler to Cloudflare Workers to drive faster innovation and better empower developers while also decreasing latency and improving their global end user experience.

一家領先的數位旅遊公司擴大了與 Cloudflare 的合作關係，簽署了一份為期四年、價值 380 萬美元的合同，主要用於我們的 Workers 開發者平台。該客戶正在將工作負載從現有的超大規模伺服器轉移到 Cloudflare Workers，以推動更快的創新並更好地支援開發人員，同時減少延遲並改善其全球最終用戶體驗。

In the words of this customer, the performance improvement we saw with Cloudflare was crazy. This customer is a great example of our land-and-expand model across our products. They started with DNS in 2023, added application security and performance in 2024 and now are building on top our Workers development platform. What's next? They're currently testing our Zero Trust solution.

用這位客戶的話來說，我們看到的 Cloudflare 效能提升是瘋狂的。這位客戶是我們產品落地擴張模式的一個很好的例子。他們於 2023 年開始使用 DNS，於 2024 年增加了應用程式安全性和效能，現在正在我們的 Workers 開發平台上進行建置。下一步是什麼？他們目前正在測試我們的零信任解決方案。

Some of our most strategic customer wins in the quarter, however, weren't big ACV deals. Let me explain. Cloudflare has historically had relatively low penetration in media companies. They didn't spend a lot or have significant security concerns, so they weren't our top priority. However, over the last year, we've gotten to know their senior leaders at many of the leading publishers to understand new threats to their business.

然而，我們本季贏得的一些最具戰略意義的客戶並不是大型 ACV 交易。讓我解釋一下。從歷史上看，Cloudflare 在媒體公司的滲透率相對較低。他們沒有花費太多，也沒有重大的安全問題，所以他們不是我們的首要任務。然而，在過去的一年裡，我們認識了許多領先出版商的高層領導，了解了他們業務面臨的新威脅。

Historically, publishers online have made money primarily in two ways: subscriptions or ads. In either case, the key was generating traffic. In the past, one of the most effective ways to do that was through search. Over the last 25 years, publishers allowed Google and other search engines to copy their content in exchange for sending them traffic. But recently, that traffic has been falling dramatically.

從歷史上看，線上出版商主要透過兩種方式賺錢：訂閱或廣告。無論哪種情況，關鍵都是產生流量。過去，最有效的方法之一是透過搜尋。在過去的 25 年裡，出版商允許Google和其他搜尋引擎複製他們的內容，以換取流量。但最近，流量急劇下降。

Based on the data that Cloudflare has observed, it's nearly 10 times harder to get traffic from Google than it was just 10 years ago. What's changed? The interface of the web is switching from search to AI. Even at Google, which has represented the dominant interface for discovering the web, most searches now include an AI overview, which Pew Research has found significantly decreases the likelihood of someone clicking on a link and reading original content. Pew's data aligns exactly with what we've observed based on our customers traffic. It's even worse with pure AI companies.

根據Cloudflare觀察到的數據，從Google獲取流量比10年前困難了近10倍。有什麼變化？網路介面正在從搜尋轉向人工智慧。即使是在代表網路發現主導介面的谷歌，現在大多數搜尋也都包含人工智慧概覽，皮尤研究中心發現，這大大降低了人們點擊連結閱讀原創內容的可能性。皮尤的數據與我們根據客戶流量觀察到的數據完全一致。純人工智慧公司的情況更糟。

Every AI company we've tracked is worse than the Google of old with some being as much as 30,000 times harder to get traffic from. As the interface of the web switches from search to AI, it's clear more people will read derivatives of content rather than the original content itself. That means the new AI-driven web will kill the old Webs business model.

我們追蹤的每一家人工智慧公司都比老牌谷歌更糟糕，有些公司獲取流量的難度甚至高達 3 萬倍。隨著網路介面從搜尋轉向人工智慧，顯然會有更多的人閱讀內容的衍生品而不是原始內容本身。這意味著新的人工智慧驅動的網路將取代舊的網路商業模式。

Cloudflare is in a unique position to help. More than 20% of the web sits behind us today. But maybe as importantly, around 80% of the leading AI companies know and use us. So in Q2, we partnered with the who's who of the publishing world from the Associated Press to Ziff Davis and nearly everyone else in between to help invent the new business model for content creators on an AI-driven web.

Cloudflare 具有獨特的優勢可以提供協助。如今，超過 20% 的網路已經過時了。但也許同樣重要的是，大約 80% 的領先人工智慧公司了解並使用我們。因此，在第二季度，我們與出版界的知名人士合作，從美聯社到齊夫戴維斯，以及幾乎所有其他機構，幫助在人工智慧驅動的網路上為內容創作者發明新的商業模式。

The deals we are signing with these companies aren't high dollars, but they are highly strategic. The response has been incredibly positive from publishers for sure, but also from the majority of AI companies who understand that original content is the fuel that powers their engines. When seismic shifts happen in ecosystems as important as the web, new business models inherently emerge.

我們與這些公司簽署的協議金額不高，但具有很強的策略意義。出版商的反應肯定非常積極，但大多數人工智慧公司也明白原創內容是推動其引擎的燃料。當網路等重要的生態系統發生巨大變化時，新的商業模式自然就會出現。

We believe we are uniquely positioned to power the business model of content creation in the coming AI-driven web, but the opportunity may actually be much larger than that. The same rails that we are building to power payments from AI companies to publishers, we believe will be used to facilitate transactions between AI agents, whatever they happen to be doing for you online.

我們相信，我們在即將到來的人工智慧驅動的網路中擁有獨特的優勢來推動內容創作的商業模式，但實際上機會可能遠不止於此。我們正在建立的用於支援人工智慧公司向出版商支付的相同軌道，我們相信也將用於促進人工智慧代理之間的交易，無論它們在網路上為您做什麼。

The fact that we sit in front of so much of the web and that more than half of our dynamic traffic is already between APIs means that we are strategically positioned to deliver the agentic web of the future. For those of you who have been following us for a while, you know that we talk about our product areas in terms of acts. Act 1 are our reverse proxy products, WAF, DDoS Mitigation, et cetera. Act 2 are our forward proxy products, Zero Trust, VPN, Network Firewall. Act 3 are our Workers developer tools.

事實上，我們處於如此多的網路前端，而我們一半以上的動態流量已經在 API 之間，這意味著我們在策略上處於提供未來代理網路的地位。對於那些已經關注我們一段時間的人來說，你們知道我們是根據行為來談論我們的產品領域的。第一幕是我們的反向代理產品、WAF、DDoS 緩解等等。第二幕是我們的正向代理產品、零信任、VPN、網路防火牆。第三幕是我們的 Workers 開發工具。

What we are doing to help publishers empower agentic transactions is a big enough deal to us that we've begun to refer to it internally as Act 4. Now you may not know this, but I was an English Literature major in college with a Computer Science miner. I read a lot of Shakespeare, and all of his plays had five acts. So don't think we're done here. We've still got a lot more up our sleeves.

我們為幫助出版商增強代理交易所做的努力對我們來說意義重大，我們已開始在內部稱之為「第四幕」。現在你可能不知道，但我在大學時主修英國文學，輔修電腦科學。我讀過很多莎士比亞的作品，他的所有戲劇都有五幕。所以不要以為我們已經完成了。我們還有很多事情要做。

With that, I'll turn it over to Thomas, our CFO, who thankfully study Economics, not English Literature. Thomas, take it away.

說完這些，我將把麥克風交給我們的財務長托馬斯，幸運的是，他學的是經濟學，而不是英國文學。湯瑪斯，把它拿走。

Thank you, Matthew, and thank you to everyone for joining us. At the beginning of the year and again during our Investor Day, we detailed the factors that gave us confidence to drive reaccelerating growth over the course of 2025. We are pleased to have delivered on that goal during the second quarter with revenue increasing 28% year-over-year.

謝謝你，馬修，也謝謝大家的參與。在年初以及投資者日期間，我們詳細闡述了讓我們有信心在 2025 年推動重新加速成長的因素。我們很高興在第二季實現了這一目標，營收年增了 28%。

As Matthew mentioned, strength in our business this quarter was driven by large $1 million and $5 million-plus customers continuing our momentum in the enterprise segment. Green shoots across the financial services, public sector, retail and media verticals, continued momentum with our Workers Developer platform, including Workers AI and ongoing prioritization of security and resiliency by our customers.

正如馬修所提到的，本季我們業務的強勁成長得益於價值 100 萬美元和 500 萬美元以上的大客戶，延續了我們在企業領域的發展勢頭。金融服務、公共部門、零售和媒體等垂直產業蓬勃發展，我們的 Workers Developer 平台（包括 Workers AI）持續保持強勁發展勢頭，客戶也持續優先考慮安全性和彈性。

In addition to accelerating the net capacity of our sales force, we also delivered another year-over-year increase in sales productivity, improved deal close rates and exceeded our expectations for new pipeline attainment. Turning to revenue. Total revenue for the second quarter increased 28% year-over-year to $512.3 million. From a geographic perspective, the US represented 49% of revenue and increased 22% year-over-year.

除了加速銷售團隊的淨產能之外，我們還實現了銷售生產力的年成長，提高了交易成交率，並超越了我們對新通路實現的預期。談到收入。第二季總營收年增28%至5.123億美元。從地域角度來看，美國佔營收的49%，年增22%。

EMEA represented 28% of revenue and increased 29% year-over-year. APAC represented 15% of revenue and increased 44% year-over-year. Turning to our customer metrics. In the second quarter, we had approximately 266,000 paying customers, representing an addition of over 15,000 paying customers sequentially and an increase of 27% year-over-year.

歐洲、中東和非洲地區佔總營收的 28%，年增 29%。亞太地區佔總營收的 15%，年增 44%。轉向我們的客戶指標。第二季度，我們擁有約 266,000 名付費客戶，比上一季增加 15,000 多名付費客戶，比去年同期成長 27%。

We ended the quarter with more than 3,700 large customers, representing an increase of 22% year-over-year. Revenue contribution from large customers increased to 71% of revenue during the quarter, up from 67% in the second quarter last year. 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, which served as a tailwind to our expansion business.

截至本季末，我們擁有超過 3,700 名大客戶，年增 22%。本季來自大客戶的營收貢獻從去年第二季的67%上升至71%。我們再次看到了我們最大的客戶群的特殊優勢，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，這對我們的業務擴張起到了順風作用。

As a result, our dollar-based net retention rate accelerated to 114% during the quarter, up 3% sequentially and 2% year-over-year. Moving to gross margin. Second quarter gross margin was 76.3%, representing a decrease of 80 basis points sequentially and a decrease of 270 basis points year-over-year. Recall that the extension of the estimated useful life of our network equipment from four to five years at the beginning of fiscal 2024, reduced depreciation for assets in service as of December 31, 2023, by about $5.6 million or 1.4% of revenue for the second quarter of 2024.

因此，我們基於美元的淨留存率在本季加速至 114%，比上一季成長 3%，比去年同期成長 2%。轉向毛利率。第二季毛利率為76.3%，較上一季下降80個基點，較去年同期下降270個基點。回想一下，在 2024 財年伊始，我們將網路設備的預期使用壽命從 4 年延長至 5 年，這使得截至 2023 年 12 月 31 日的使用中資產折舊減少了約 560 萬美元，佔 2024 年第二季收入的 1.4%。

During the second quarter of 2025, paid versus free customer traffic again increased as compared with both the year ago quarter and the first quarter, resulting in a higher allocation of expenses to cost of goods sold from sales and marketing.

2025 年第二季度，付費客戶流量與免費客戶流量與去年同期和第一季相比再次增加，導致銷售和行銷費用分配到銷售成本。

At Cloudflare, we've always been clear our significant cost advantage is a strategic weapon. The accelerating adoption of our Workers development platform is a clear validation of this philosophy, demonstrating how the inherent scalability and efficiency of our network fuels our powerful engine of disruption. Even as we pass on substantial savings to Workers customers compared with hyperscale competitors, we expect gross margin to comfortably remain with our long-term target range of 75% to 77%.

在 Cloudflare，我們始終清楚，我們顯著的成本優勢是一種戰略武器。我們的 Workers 開發平台的加速採用清楚地驗證了這一理念，展示了我們網路固有的可擴展性和效率如何為我們強大的顛覆引擎提供動力。即使與超大規模競爭對手相比，我們為 Workers 客戶節省了大量成本，我們預計毛利率仍將輕鬆保持在 75% 至 77% 的長期目標範圍內。

Network CapEx represented 11% of revenue in the second quarter. We continue to expect network CapEx to be 12% to 13% of revenue for full year 2025. Turning to operating expenses. Second quarter operating expenses as a percentage of revenue decreased by 3% year-over-year to 62%. Our total number of employees increased 18% year-over-year, bringing our total headcount to more than 4,600 at the end of the quarter.

網路資本支出佔第二季營收的 11%。我們繼續預期網路資本支出將佔 2025 年全年收入的 12% 至 13%。談到營運費用。第二季營運費用佔營收的百分比年減 3% 至 62%。我們的員工總數年增 18%，截至本季末，員工總數已超過 4,600 人。

Sales and marketing expenses were $182.1 million for the quarter. Sales and marketing as a percentage of revenue decreased to 36% from 37% in the same quarter last year. Research and development expenses were $83.6 million in the quarter. R&D as a percentage of revenue remained consistent at 16% compared to the same quarter last year.

本季銷售和行銷費用為 1.821 億美元。銷售和行銷佔收入的比例從去年同期的 37% 下降到 36%。本季研發費用為 8,360 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。

General and administrative expenses were $52.6 million for the quarter. G&A as a percentage of revenue decreased to 10% from 11% in the same quarter last year. Operating income was $72.3 million, an increase of 27% year-over-year compared to $57 million in the same period last year.

本季一般及行政開支為 5,260 萬美元。一般及行政費用佔收入的百分比從去年同期的 11% 下降至 10%。營業收入為 7,230 萬美元，較去年同期的 5,700 萬美元年增 27%。

Second quarter operating margin was 14.1%, a decrease of 10 basis points year-over-year. Operational excellence is a long-term competitive advantage, and these results highlight our continued focus on becoming more efficient and more productive. Turning to net income and the balance sheet. Our net income in the quarter was $75.1 million or diluted net income per share of $0.21. Free cash flow was $33.3 million in the quarter or 6% of revenue compared to $38.3 million or 10% of revenue in the same period last year.

第二季營業利益率為14.1%，較去年同期下降10個基點。卓越的營運是一種長期的競爭優勢，這些結果凸顯了我們持續致力於提高效率和生產力。轉向淨收入和資產負債表。本季我們的淨利為7,510萬美元，每股攤薄淨利為0.21美元。本季自由現金流為3,330萬美元，佔營收的6%，去年同期為3,830萬美元，佔營收的10%。

We are comfortable with consensus free cash flow estimates for the second half of fiscal 2025. During the second quarter, we issued $2 billion of [0%] convertible senior notes due June 2030. In connection with the offering, we also entered into a capped call option transaction with a cap price of 175% over the last reported sale price on June 12, 2025, which protects against dilution to a price of $469.73 per share.

我們對 2025 財年下半年的一致自由現金流估計感到滿意。第二季度，我們發行了 20 億美元 [0%] 可轉換優先票據，到期日為 2030 年 6 月。與此發行相關，我們還達成了一項封頂看漲期權交易，其封頂價格為 2025 年 6 月 12 日上次報告的銷售價格的 175%，這可防止其被稀釋至每股 469.73 美元。

We ended the second quarter with $4 billion in cash, cash equivalents and available-for-sale securities. Remaining performance obligations, or RPO, came in at $1.977 billion, representing an increase of 6% sequentially and 39% year-over-year. Current RPO was 66% of total RPO, increasing 33% year-over-year versus 29% in the first quarter and 30% for the fourth quarter.

截至第二季末，我們擁有 40 億美元現金、現金等價物和可供出售證券。剩餘履約義務（RPO）為 19.77 億美元，季增 6%，年增 39%。目前 RPO 佔總 RPO 的 66%，年成長 33%，而第一季為 29%，第四季為 30%。

Moving to guidance for the third quarter and full year 2025. Entering 2025, data gave us confidence to invest to reaccelerate growth. Second quarter results underscore that our strategy to deliver continued innovation and accelerating growth while also remaining committed to the strong unit economics of our business is working, and we are confident in our ability to continue to execute against this winning formula as we transition to the second half of the year and beyond.

轉向 2025 年第三季和全年的指導。進入2025年，數據讓我們有信心進行投資以重新加速成長。第二季的業績強調了我們持續創新和加速成長的策略，同時仍致力於我們業務的強勁單位經濟效益，我們有信心在過渡到下半年及以後繼續執行這一成功模式。

For the third quarter, we expect revenue in the range of $543.5 million to $544.5 million, representing an increase of 26% to 27% year-over-year. We expect operating income in the range of $75 million to $76 million. We expect an effective tax rate of 20%. We expect diluted net income per share of $0.23, assuming approximately 376.5 million shares outstanding.

我們預計第三季營收將在 5.435 億美元至 5.445 億美元之間，年增 26% 至 27%。我們預計營業收入在 7,500 萬美元至 7,600 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 0.23 美元，假設流通股數約為 3.765 億股。

For the full year 2025, we expect revenue in the range of $2.113.5 billion to $2.115.5 billion, representing an increase of 27% year-over-year. We expect operating income for the full year in the range of $284 million to $286 million. We expect an effective tax rate of 20%. We expect diluted net income per share over that period to be in the range of $0.85 to $0.86, assuming approximately 370 million shares outstanding.

我們預計 2025 年全年營收將在 21,135 億美元至 21,155 億美元之間，年增 27%。我們預計全年營業收入將在 2.84 億美元至 2.86 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 0.85 美元至 0.86 美元之間，假設流通股約為 3.7 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.

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，幫助我們實現業務現代化、加速和保障安全。

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

現在，我想開始回答大家的提問。接線員，請投票詢問問題。

(Operator Instructions)

（操作員指示）

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent. Thank you guys for taking the question and congratulations on a really solid quarter. It definitely looks like the engine is back to running full speed here. I wanted to dig into like the business model for the Agentic Web. And maybe, Matthew, you could give us a little bit more color and visibility on what that means in reality. What are the business models that you're looking to enable for your customers? And how do you monetize that for Cloudflare?

出色的。感謝你們回答這個問題，並祝賀你們取得了一個非常穩健的季度業績。看起來引擎確實已經恢復全速運轉了。我想深入了解 Agentic Web 的商業模式。馬修，也許您可以給我們更詳細地解釋這在現實中意味著什麼。您希望為客戶提供哪些商業模式？您如何透過此舉為 Cloudflare 創造利潤？

Sure. Thanks, Keith. I don't think we know exactly the answer to that. And my hunch is that there will be a number of different models that emerge and over time, consolidate. The analogy I've been thinking about is risk of hubris.

當然。謝謝，基斯。我認為我們並不知道這個問題的確切答案。我的直覺是，將會出現許多不同的模型，隨著時間的推移，這些模型會逐漸鞏固。我一直在思考的類比是傲慢的風險。

When Apple rolled out [$0.99] a song, that was a key turning point in the music industry, but it wasn't the ultimate model that we ended up with. We came closer to something that was $10 a month with Spotify. And so I think that this is going to go through a number of different stages and iterations. And you could imagine something that is a fraction of $0.01 per transaction. You could imagine different sites charging different things. You could imagine sites that charge agents more or sites that actually discount for agents that are there.

當蘋果推出每首歌曲 0.99 美元的價格時，這是音樂產業的關鍵轉折點，但這並不是我們最終採用的最終模式。我們透過 Spotify 實現了每月 10 美元的收費目標。所以我認為這將經歷多個不同的階段和迭代。你可以想像一下每筆交易的費用只有 0.01 美元。你可以想像不同的網站收取不同的費用。您可以想像向代理商收取更多費用的網站或實際上為代理商提供折扣的網站。

I think what we feel confident, though, is that because of the fact that so much of the Internet sits behind us and inherently, those agents are going to be passing through us that we have an opportunity to help define what those rails are that the agents will ride on and take some fee from that -- those transactions as we've helped facilitate them and make them faster, more reliable, more secure, give people the access to those rails.

但我認為，我們感到自信的是，由於互聯網的很大一部分在我們背後，而且本質上這些代理將通過我們，我們有機會幫助定義代理將乘坐的軌道，並從中收取一些費用——這些交易是我們幫助促進的，使它們更快、更可靠、更安全，讓人們能夠訪問這些軌道。

So I think it's too early for us to model exactly what that looks like in terms of revenue, way too early. Right now, what we are playing for is very much around how do we just get as much adoption as possible? How do we make sure that we are the universal translator regardless of what protocol someone uses, whether it's MCP or the protocol coming out of Google or what's coming out of Microsoft. We want to make sure that no matter what it is that we work with it.

因此我認為現在就收入而言，我們無法準確模擬出這種情況，太早了。現在，我們主要關注的是如何獲得盡可能多的採用？我們如何確保我們是通用的翻譯器，無論人們使用什麼協議，無論是 MCP 還是谷歌的協議，還是微軟的協議。我們希望確保無論發生什麼，我們都能與之合作。

And again, I think that we're in a unique strategic position because of how much of the Internet does sit behind us.

而且，我認為我們處於一個獨特的戰略地位，因為我們背後有大量的網路資源。

Got it. It's great to see the fast pace of innovation. And so we'll stay tuned on how these models evolve.

知道了。很高興看到創新步伐如此之快。因此，我們將繼續關注這些模型的發展。

Thank you.

謝謝。

Andy Nowinski, Wells Fargo.

富國銀行的安迪諾溫斯基。

Okay, good afternoon, thank you for taking the questions and I extend my congrats as well on a great quarter. So we saw in the news how Cloudflare blocked a number of record-breaking DDoS attacks this quarter. And while your WAF, your DNS and your DDoS solutions are your Act 1 products, they seem to be seeing an inflection just like your newer Act 2 and Act 3 and Act 4 solutions.

好的，下午好，感謝您回答問題，我也對您本季的優異成績表示祝賀。因此，我們在新聞中看到 Cloudflare 本季阻止了多起破紀錄的 DDoS 攻擊。雖然您的 WAF、DNS 和 DDoS 解決方案是您的第一幕產品，但它們似乎正在經歷一個轉折點，就像您較新的第二幕、第三幕和第四幕解決方案一樣。

So Matthew, I also saw on X, that chart you posted about one of those massive attacks that consumed only a few percentage points of your network capacity while it consumed about half your -- the capacity of your competitors. So I'm just wondering if you could maybe talk about the Act 1 segment of your portfolio and what's happening there?

馬修，我在 X 上也看到了你發布的關於一次大規模攻擊的圖表，這次攻擊只消耗了你網路容量的幾個百分點，而卻消耗了你競爭對手容量的大約一半。所以我只是想知道您是否可以談談您的投資組合的第一幕部分以及那裡發生的事情？

Yeah, we love the Act 1 products. And they, I think, are probably the easiest way to see the fundamental architectural advantage that Cloudflare has over really everybody else in the space. The way that most of our competitors try and deal with these problems is they set up specific scrubbing centers that have a certain amount of capacity. Those scrubbing centers are not always optimized for the best performance.

是的，我們喜歡 Act 1 產品。我認為，它們可能是最容易看出 Cloudflare 相對於該領域其他所有人所具有的根本架構優勢的方式。我們的大多數競爭對手嘗試解決這些問題的方法是建立具有一定容量的特定洗滌中心。這些清理中心並不總是針對最佳效能進行最佳化。

So traffic is not routed through them all the time. Only when an attack takes place, does it switch over. That means that, one, it inherently has a cost to route that traffic through. Two, there's an inherent latency when you switch the traffic over because something has to change. And then three, those scrubbing centers just from a pure capacity planning basis, they have to be a limited size, and they have to keep up with whatever the sort of latest new attacks are.

因此，流量不會一直透過它們進行路由。只有當發生攻擊時，它才會切換。這意味著，首先，路由該流量本身是有成本的。第二，切換流量時存在固有的延遲，因為必須進行某些變更。第三，從純粹的容量規劃角度來看，這些清洗中心的規模必須是有限的，而且它們必須能夠應對最新的攻擊。

We took a very different approach from the beginning. And the way we've always talked about this is every single server that makes up Cloudflare's network is capable of running every single service. And that's a really big deal that I think sometimes people don't appreciate because it's a fundamentally different architecture than anyone else in the market has in place. It took a lot more work, a lot more engineering to make that work. What that then means is that across all of Cloudflare's network, there are no scrubbing centers.

我們從一開始就採取了截然不同的方法。我們一直在談論的是，組成 Cloudflare 網路的每台伺服器都能夠運行每項服務。我認為這是一個非常重要的事情，但有時人們並不理解，因為它與市場上任何其他現有的架構都有根本的不同。為了實現這個目標，我們需要做更多的工作、更多的工程。這意味著在 Cloudflare 的整個網路中，沒有清理中心。

Every machine is capable of dealing with WAF requests is capable of dealing with DDoS requests. And what that means is that under normal circumstances, when we're not under a massive attack, there's a lot more traffic that's flowing out of our network because we're a cashing proxy than it's flowing in. And the way you pay for bandwidth is on the greater of in versus out.

每台能夠處理 WAF 請求的機器都能夠處理 DDoS 請求。這意味著在正常情況下，當我們沒有受到大規模攻擊時，由於我們是兌現代理，因此從我們的網路流出的流量比流入的流量要多得多。而支付頻寬費用的方式則是選擇入頻寬還是出頻寬。

And so unlike anyone else, when we receive these attacks, not only do you have the capacity to deal with them, but they don't actually change the underlying cost structure of our business because even with these major attacks, it doesn't actually drive up our bandwidth usage. And so that fundamental architectural change where we have built the hard systems, the hard technology systems to be able to deal with any of our services being launched anywhere.

因此，與其他人不同的是，當我們受到這些攻擊時，我們不僅有能力應對它們，而且它們實際上並不會改變我們業務的底層成本結構，因為即使受到這些重大攻擊，它實際上也不會增加我們的頻寬使用量。因此，我們建構了硬系統、硬技術系統，從而能夠處理在任何地方推出的任何服務，這是根本性的架構變革。

I think that shows up in terms of our ability to win customers in those Act 1 products. But that same architecture, that same work that we did to be able to stop those big attacks is also what allows when somebody is signing up for our Zero Trust services to make sure that they don't just have good service in major metropolitan areas. But if their CEO is on vacation in Rwanda, we've got facilities in Kigali, and we can deliver the Zero Trust services from there.

我認為這體現了我們在第一幕產品中贏得客戶的能力。但是，同樣的架構，我們為阻止這些大規模攻擊所做的同樣的工作，也使得當有人註冊我們的零信任服務時，能夠確保他們不僅僅在大都市地區獲得良好的服務。但如果他們的執行長在盧安達度假，我們在基加利有設施，我們可以從那裡提供零信任服務。

If you deploy something with Cloudflare Workers, it will scale up because your code as a customer of ours also has the ability to run on literally every server across all of Cloudflare's network, and that lets us scale up and then also scale down incredibly quickly.

如果您使用 Cloudflare Workers 部署某些東西，它將會擴大規模，因為作為我們的客戶，您的程式碼也能夠在 Cloudflare 整個網路的每台伺服器上運行，這讓我們能夠以極快的速度擴大規模，然後也可以以極快的速度縮小規模。

And so that architectural change is what has allowed us to win in that Act 1 product -- set of products. But it is that same architectural change that also is allowing us to win in Act 2 and Act 3 as well.

因此，架構上的改變使得我們在第一幕產品（產品系列）中獲勝。但正是同樣的架構變化也使我們能夠在第二幕和第三幕中獲勝。

That makes sense. That's very helpful. Thank you, Matthew. Maybe a quick follow-up for Thomas. I think you said you surpassed $2 billion in ARR this quarter, which looks like you're still on track to reach that $5 billion target in FY28. I'm just wondering if you could talk about the path you're on relative to your expectations. Thank you.

這很有道理。這非常有幫助。謝謝你，馬修。也許是托馬斯的快速後續行動。我想您說過本季的 ARR 超過了 20 億美元，看起來您仍有望在 28 財年實現 50 億美元的目標。我只是想知道您是否可以談談您所走的道路與您的期望之間的關係。謝謝。

I would say we are tracking well to our expectations. We were optimistic entering the year when we gave guidance for the year and reiterated during our Investor Day that the signs we are seeing in terms of the progress we are making with its success with large customers, pool of funds deals, variable revenue and especially the progress the go-to-market team is making in terms of increasing sales productivity and increasing sales capacity overall makes us confident that we would reaccelerate and now the second quarter is a good proof point to it.

我想說我們正在順利實現我們的預期。在進入新的一年時，我們抱持樂觀的態度，給出了年度指引，並在投資者日上重申，我們看到的進展跡象包括與大客戶、資金池交易、可變收入的成功，特別是市場推廣團隊在提高銷售效率和增加整體銷售能力方面所取得的進展，這些跡象讓我們有信心再次加速發展，而第二季度就是一個很好的證明。

A large part of the performance in the second quarter was coming from pool of funds deals and variable revenue. We are tracking well to our expectations there. So I would just say that we're tracking well to our plans and are quite confident that the momentum we have generated so far is going to play well into the second half of this year.

第二季的業績很大一部分來自資金池交易和可變收入。我們正順利地實現我們的預期。因此，我只想說，我們正在順利執行我們的計劃，並且非常有信心，我們迄今為止所創造的勢頭將在今年下半年發揮良好作用。

Great. Thanks guys.

偉大的。謝謝大家。

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, and I'll offer my congrats as well. Matthew, in your prepared remarks, it was a really good update on some of the go-to-market improvements. It feels like that and it is some of the technology improvements are driving this reacceleration. I guess maybe digging in a little bit more specifically there. How do you think some of these changes are impacting your ability to land larger deals?

太好了，感謝您回答我的問題，我也向您表示祝賀。馬修，在你準備好的發言中，你對一些上市改進做了非常好的更新。感覺就是這樣，而且一些技術改進正在推動這種再加速。我想也許可以更具體地深入一點。您認為這些變化對您達成更大交易的能力有何影響？

You gave a number of examples this quarter, and obviously, there was a large deal last quarter. And then maybe as a quick follow-up, could you give us an update on some of the partner momentum? And perhaps is that helping with some of these large deals as well?

您在本季舉了許多例子，顯然，上個季度有一筆大交易。然後也許作為快速的跟進，您能否向我們介紹一些合作夥伴的發展勢頭？或許這對一些大型交易也有幫助？

Yeah, thanks Matt. I think that we, for a long time, we're very much a product-led growth company, where we let the products sort of stand for themselves, and that was the primary thing that we did. And I think as a product-led growth company, you can get to big-ish deals, million-dollar deals, but it's really hard if you're signing [$5 million, $10 million, $20 million] last quarter, we had our first $100 million deal.

是的，謝謝馬特。我認為，長期以來，我們都是一家以產品為主導的成長型公司，我們讓產品代表自己，這是我們所做的主要事情。我認為，作為一家產品主導的成長型公司，你可以達成大筆交易，數百萬美元的交易，但如果你上個季度簽署 [500 萬美元、1000 萬美元、2000 萬美元] 的交易，那就真的很難了，我們上個季度簽署了第一筆 1 億美元的交易。

It's hard to do that just with pure product-led growth. And so what I think I have been just really, really impressed by the work that Michelle, that Mark, that our entire go-to-market team has done to really build the relationships with buyers where they understand the total capability of the platform.

僅靠純粹的產品驅動成長很難做到這一點。所以我認為，米歇爾、馬克以及我們整個行銷團隊所做的工作給我留下了非常深刻的印象，他們真正與買家建立了關係，讓他們了解了平台的全部功能。

And so every time you hear that somebody is signing up for a pool of funds deal, what they're really betting on is they're betting on Cloudflare, they're bidding on the broad product suite that we have, and they're betting on the ability for us as a team to continue to execute. And that, I think, is coming through quarter after quarter after quarter.

因此，每次你聽到有人簽署了一項資金池交易，他們真正押注的是 Cloudflare，他們競標我們擁有的廣泛產品套件，他們押注我們作為一個團隊繼續執行的能力。我認為，這一點正在一個季度又一個季度地實現。

And it's been -- I think it's been just really astonishing to see how we upgrading our team now have the real go-to-market athletes to be able to go out, explain the value that Cloudflare has, explain how the ROI for our products are. And then they're leading that and then the great products are what follow behind. In terms of partners, Mark and the sales team have really sort of reoriented Cloudflare to be a partner-first sales strategy.

而且 - 我認為看到我們如何升級團隊現在擁有真正的市場精英，能夠走出去，解釋 Cloudflare 的價值，解釋我們產品的投資回報率，這真是令人驚訝。然後他們引領潮流，隨後推出優秀的產品。在合作夥伴方面，馬克和銷售團隊確實將 Cloudflare 重新定位為合作夥伴優先的銷售策略。

And you can see that our partner -- growth from the partner sales channel is growing faster than the rest of the business. I don't think that we'll ever get to 90%-plus that you see from the likes of Cisco or even a Zscaler.

您可以看到，我們的合作夥伴－合作夥伴銷售管道的成長速度比其他業務的成長速度更快。我認為我們永遠無法達到思科或 Zscaler 等公司所達到的 90% 以上的水平。

But I do think that we were under what is the right level for us and that, that will continue to outpace the rest of innovation. And I'm spending a lot more of my time interfacing with partners understanding what their priorities are, making sure that we are a good partner to them.

但我確實認為，我們處於適合我們的水平，並將繼續領先於其他創新。我花了更多時間與合作夥伴溝通，了解他們的優先事項，確保我們成為他們的良好合作夥伴。

And that is -- just has to be key as we continue to go upmarket and sign those larger and larger deals. The partners are behind many of the large deals that we have. They'll continue -- we will continue to prioritize them and the leadership that Michelle and Mark have brought in to run our partners organization is truly, truly, truly world-class.

而這必須是關鍵，因為我們將繼續進入高端市場並簽署越來越大的交易。我們許多大型交易的背後都有合作夥伴的功勞。他們將繼續——我們將繼續優先考慮他們，而米歇爾和馬克為管理我們的合作夥伴組織而帶來的領導確實、真正、真正是世界一流的。

Thanks, Matthew.

謝謝，馬修。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good afternoon. Thank you. Matthew, I wanted to revisit your comment on pay per crawl, and specifically catalyzing adoption. So talk to us a little bit about what the friction points can be in some of these conversations, particularly conversations with the AI crawlers and the frontier models. And is the decision-maker for an Act 4 type product, the same decision-maker as an Act 1, Act 2 product? How do you build sponsorship across different parts of the organization to catalyze Act 4? Thank you.

嘿，下午好。謝謝。馬修，我想重新審視你關於按爬行付費的評論，特別是催化採用的評論。那麼，請與我們稍微談談這些對話中可能存在的摩擦點，特別是與人工智慧爬蟲和前沿模型的對話。第 4 幕產品的決策者與第 1 幕、第 2 幕產品的決策者是同一個嗎？您如何在組織的不同部分之間建立贊助來催化第四幕？謝謝。

Yeah, so I wasn't surprised that publishers were excited about what we were doing. And we literally haven't encountered a publisher that wasn't 100% all in on what we were proposing. And it's been amazing to build those relationships. I was surprised by the reaction from the AI companies. I thought that they would kick and scream quite a bit more than they did.

是的，所以我並不驚訝出版商對我們所做的事情感到興奮。我們確實還沒有遇到不 100% 支持我們提議的出版商。建立這些關係真是太棒了。我對人工智慧公司的反應感到驚訝。我以為他們會比實際的更加大聲叫喊。

And quite the opposite. I think they all understand fundamentally that content, original content, valuable content is the fuel that runs their engines. A way of thinking of this is there are really three legs of the stool that you need to have in order to be an AI company. You've got to have GPUs or TPUs or whatever that is. And someone like OpenAI reportedly spends -- it's like over $10 billion a year on that GPU access.

事實恰恰相反。我認為他們都從根本上理解內容、原創內容、有價值的內容是驅動他們引擎的燃料。可以這樣想：要成為一家人工智慧公司，實際上需要有三條腿。你必須擁有 GPU 或 TPU 或諸如此類的東西。據報道，像 OpenAI 這樣的公司每年在 GPU 存取上的花費超過 100 億美元。

You've got to have great talent that is -- understand this new area from a research and scientific perspective. And we've all seen the headlines about how between Facebook and OpenAI and Apple and others that there's this real war for that talent and the AI companies are spending billions of dollars on salaries for that.

你必須擁有非凡的天賦——從研究和科學的角度了解這個新領域。我們都看到了這樣的新聞頭條：Facebook、OpenAI、蘋果和其他公司之間展開了一場人才爭奪戰，而人工智慧公司為此花費了數十億美元的薪水。

But the third thing that you need is you need great content. You need great original content. And forever or not for quite some time, there's just been an assumption that, that will be free. And in the world of search engines, maybe that was okay. But we aren't building search engines anymore. We're building answer engines.

但你需要的第三件事是優質內容。您需要優秀的原創內容。無論是否永遠，在相當長的時間內，人們一直認為這將是免費的。在搜尋引擎的世界裡，也許這是可以的。但我們不再建立搜尋引擎了。我們正在建立答案引擎。

And the difference between a search engine and an answer engine is a search engine directs you to that content where you can go and the content creator can monetize it. An answer engine answers without you having to leave. And so there has to be some value creation back to content creators that isn't just based on traffic.

搜尋引擎和答案引擎之間的區別在於，搜尋引擎會將您引導至您可以存取的內容，而內容創作者可以將其貨幣化。您無需離開，答案引擎就會給出答案。因此，必須為內容創作者創造一些不僅僅基於流量的價值。

And again, with a notably few set of exceptions, the AI companies understand that. And I think that you can see that reflected in some of the comments that have come out of the major tech companies as they said, we have to make sure that we support the ecosystem. The key point, though, and I think this is what is the most important work that we have to do. The key point is that there needs to be a level playing field.

再說一次，除了極少數例外，人工智慧公司都明白這一點。我認為您可以從一些大型科技公司發表的評論中看到這一點，他們說，我們必須確保支持生態系統。但關鍵的是，我認為這是我們必須做的最重要的工作。關鍵在於需要有一個公平的競爭環境。

It can't be that one company has a unique advantage in getting content where others don't. And so what we are now really working on is making sure that as we figure out what the market looks like going forward for this, that it is a level playing field, that new start-ups have an opportunity to exist that just because you're a legacy provider doesn't give you some unique access to content that others don't have, that there's a way to make sure that if you're small, you pay less and if you're big, you pay more.

一家公司不可能擁有其他公司無法獲得的內容的獨特優勢。因此，我們現在真正致力於確保，當我們弄清楚未來市場是什麼樣子時，它是一個公平的競爭環境，新創業公司有機會生存，僅僅因為你是一個傳統提供商，並不會給你一些其他人沒有的獨特內容訪問權，有一種方法可以確保如果你規模小，你支付的費用就更少，如果你規模大，你支付的費用就更多。

And in an ideal case, there are lots of sellers into this market, the content creators, and there are lots of buyers into this market. And if Cloudflare can help facilitate that, I think it's interesting. In terms of the other half of your question in terms of who the buyer here is, I think at first for pay per crawl, the answer is that the buyer is going to be either a relatively limited relatively limited set of the AI companies that are out there today or more likely, it's going to be actually sort of what is going on in terms of a transaction as a piece of content is accessed.

理想情況下，這個市場會有很多賣家、內容創作者，也會有很多買家。如果 Cloudflare 可以幫助實現這一點，我認為這很有趣。至於你問題的另一半，即買家是誰，我認為首先對於按抓取付費而言，答案是買家要么是目前相對有限的人工智能公司，要么更有可能是訪問內容時發生的交易。

And that's true whether it's access for training or whether it's access is part of delivering an answer as part of an answer engine that you see from some of the companies that are out there. And so I think actually, it is a different sort of transaction, but it is one where we feel like we have relationships with the right people. We're having the right conversations.

事實確實如此，無論是用於培訓的存取權限，還是作為某些公司提供的答案引擎的一部分提供答案的存取權限。所以我認為實際上這是一種不同類型的交易，但我們感覺我們與合適的人建立了關係。我們正在進行正確的對話。

And again, my biggest surprise of the last several weeks has been that the AI companies actually are saying, yes, we need to figure out a way to support the ecosystem, but we need to make sure that there's a level and fair playing field. And again, I think that's a place where Cloudflare can help play a really pivotal role.

再說一次，過去幾週我最大的驚喜是，人工智慧公司居然說，是的，我們需要找到一種方法來支援生態系統，但我們需要確保有一個公平的競爭環境。我再次認為，這就是 Cloudflare 可以發揮真正關鍵作用的地方。

Yeah, it makes sense. Thank you. The follow-up here is on media within the broader construct of publishing. And your comments that this has been underpenetrated in the past. Talk to us a little bit more about how media goes from being a less attractive vertical for you to a more attractive vertical, particularly given some of your peers have had challenges with renewals in the CDN space and pricing and negotiations and things like that.

是的，這很有道理。謝謝。這裡的後續內容涉及出版業更廣泛結構中的媒體。您評論說過去這一問題尚未得到充分重視。請與我們進一步談談媒體如何從一個對您來說吸引力較小的垂直行業轉變為一個更具吸引力的垂直行業，特別是考慮到您的一些同行在 CDN 領域的續約、定價和談判等方面遇到了挑戰。

I think it may be that this is so strategic that, that we really just won't optimize on how do we extract as much from media companies. I think we've looked -- if you look at Cloudflare's business writ large, not just media companies, one of the things that I think investors have often had questions about is why do we have a free service? Like why would we give service away for free?

我認為這可能是因為策略意義太大，我們實際上不會優化如何從媒體公司獲得盡可能多的利益。我認為我們已經看過了——如果你看一下 Cloudflare 的業務範圍，而不僅僅是媒體公司，我認為投資者經常問的一個問題是，我們為什麼提供免費服務？例如，我們為什麼要免費提供服務？

And there's a huge number of benefits that we get from that. But it very well may turn out to be the case that the collection of free users using Cloudflare end up being more valuable than the collection of enterprise users using Cloudflare because that content, which is there is something which has unique access, that long tail of content with gems that are part of it is something that as AI companies need to build powerful systems that really represent the sum total of human knowledge, they need to have access to those gems.

我們從中獲得了巨大的利益。但最終很可能會出現這樣的情況：使用 Cloudflare 的免費用戶集合比使用 Cloudflare 的企業用戶集合更有價值，因為這些內容具有獨特的訪問權限，這些內容是包含精華的長尾內容，而當人工智能公司需要構建真正代表人類知識總和的強大系統時，他們需要訪問這些精華。

And if we can do something where you sign up for Cloudflare and it's less about you paying us and more about us actually helping you get paid, that's actually, I think, something which is incredibly powerful regardless of what revenue we're able to capture for our Act 1, Act 2 or Act 3 services.

如果我們可以在您註冊 Cloudflare 時做一些事情，而這不僅僅關乎您向我們付費，而更多是我們實際上幫助您獲得報酬，那麼我認為這實際上是一件非常強大的事情，無論我們能夠從第一幕、第二幕或第三幕服務中獲得多少收入。

Thanks for the detail.

謝謝你的詳細說明。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Alright, thank you for taking my question. This one is for Matthew. We had a very large foundation model vendor publicly call out Cloudflare as a third-party sub-processor. I thought was really interesting given the undoubtedly explosive growth that we're seeing in that category in 2025. So I guess not to go into specifics of that relationship, but can you talk about how Cloudflare can deepen its relationships with foundation model vendors? And then which products can Cloudflare sell into these foundation model vendors? Thank you.

好的，感謝您回答我的問題。這是給馬修的。我們有一個非常大的基礎模型供應商公開稱 Cloudflare 為第三方子處理器。我認為這真的很有趣，因為我們將在 2025 年看到該類別的毫無疑問爆炸式增長。所以我想不要深入討論這種關係的具體細節，但您能談談 Cloudflare 如何深化與基礎模式供應商的關係嗎？那麼Cloudflare可以向這些基礎模型供應商銷售哪些產品呢？謝謝。

Yeah, thanks, Patrick, for -- I think what's an interesting question. As we've said before, our best estimate is that about 80% of the major AI companies are Cloudflare customers today. And they use us across a couple of different services, and I'll highlight two. So the first is security.

是的，謝謝帕特里克——我認為這是一個有趣的問題。正如我們之前所說，我們最好的估計是，目前大約 80% 的主要 AI 公司都是 Cloudflare 的客戶。他們在幾種不同的服務中使用我們的產品，我將重點放在其中兩種。所以首先是安全。

The challenge if you put up a foundational model is every time that somebody runs a request against that model, it has real cost to you and it's measured in not fractions of pennies, but often in pennies. And so if somebody who can find a way to run requests against your model at a very high volume or in a way that you can't control or in a way that is automated and not actually what your subscriber is doing or if they can find a way to do things like longer credit cards, the credits and the tokens on these AI models now act almost as a currency that allow people to take stolen credit cards and turn it into effectively cash.

如果你建立一個基礎模型，那麼挑戰就在於每次有人針對該模型提出請求時，它都會為你帶來實際成本，而且它不是以幾分錢來衡量，而是通常以幾分錢來衡量。因此，如果有人能找到一種方法，以非常高的容量或以你無法控制的方式或以自動化的方式（實際上不是你的訂閱者正在做的事情）對你的模型運行請求，或者如果他們能找到一種方法來做諸如延長信用卡期限之類的事情，那麼這些人工智能模型上的積分和代幣現在幾乎可以作為貨幣，允許人們被竊取的信用卡並將其有效地轉換成一個貨幣並將其有效地轉換成貨幣。

All of those are unique security threats that make Cloudflare just a great partner for those AI companies that we can sit in front of. That, I think, is where most of them start with us. What we are finding, though, is that increasingly, because of the fact that we have deployed GPUs across our entire network and made it so that we can do inference as close as possible to their users as we are all going from seeing these ChatGPT-like systems as miracles and starting to take them for granted, there's a real need for them to get the best performance as possible.

所有這些都是獨特的安全威脅，使得 Cloudflare 成為我們可以面對的 AI 公司的絕佳合作夥伴。我認為，大多數人都是從這裡開始與我們合作的。然而，我們發現，由於我們在整個網路中部署了 GPU，並使得我們能夠盡可能靠近用戶進行推理，我們都不再將這些類似 ChatGPT 的系統視為奇蹟，而是開始認為它們是理所當然的，因此，它們確實需要盡可能獲得最佳的效能。

And one of the most effective ways of doing that is moving the inference closer to where the user is. At the same time, increasingly, as we see regulations spring up around the world, targeting AI companies, they need to keep the inference tasks as close to users as possible to meet those regulatory needs. And so Cloudflare Workers AI gives them the ability to run inference tasks as close as possible to users.

最有效的方法之一就是將推理移近到使用者所在的位置。同時，我們看到世界各地針對人工智慧公司的法規不斷湧現，他們需要讓推理任務盡可能貼近用戶，以滿足這些監管需求。因此，Cloudflare Workers AI 讓他們盡可能靠近使用者執行推理任務。

We would not be today the right place for one of the really massive LLMs to run because those, in many cases, will require multiple different machines working in coordination. It is a more complicated task. But for smaller models, we're finding that Cloudflare is the best place for anyone who's building that to run that. And over time, we are investing in making our systems able to support larger and larger and larger models. And so I think that we are unique in being able to do inference on a global scale almost anywhere in the world.

今天，我們可能不再是運行真正大型法學碩士課程的合適場所，因為在許多情況下，這些課程需要多台不同的機器協調工作。這是一項更為複雜的任務。但對於較小的模型，我們發現 Cloudflare 是建立和運行該模型的最佳地點。隨著時間的推移，我們正在投資使我們的系統能夠支援越來越大的模型。因此我認為我們是獨一無二的，我們幾乎可以在世界任何地方進行全球範圍的推理。

And that is a place where if the AI companies start coming to us for security, they quickly then learn that they can get benefits from some of our workers products as well. Does that make sense?

如果人工智慧公司開始向我們尋求安全保障，他們很快就會發現，他們也可以從我們的一些工人產品中獲益。這樣有道理嗎？

It's crystal clear. And congrats on that partnership. It's undoubtedly really exciting. I guess as my follow-up, can I just ask about one of the big news items of the week? I mean clearly, earnings is a big news item, but the Palo buying CyberArk was the other one. Our thinking is that the strategic rationale is for power to have a play in Agentic AI security. I guess, can you remind us how Cloudflare thinks about Agentic AI security and whether that can turn the kind of, I guess, the financial meter at some point this year or is it more of a kind of 2026 thing?

非常清晰。並祝賀這項合作。這無疑非常令人興奮。我想作為我的後續問題，我可以問一下本週的一則重大消息嗎？我的意思是，顯然，收益是一個重大新聞，但 Palo 收購 CyberArk 是另一個重大新聞。我們的想法是，戰略原理是讓權力在代理人工智慧安全中發揮作用。我想，您能否提醒我們一下 Cloudflare 對 Agentic AI 安全性的看法，以及這是否會在今年某個時候改變財務狀況，或者更像是 2026 年的事情？

Yeah, I think, first of all, you can't dispute that Palo Alto Networks is just an iconic company and doing a great job. Mark Anderson built a lot of their go-to-market engine for us, and they're a company that we have long looked up to. They have a very different strategy for R&D than we do, where a lot more of their R&D is through acquisitions. And what we hear from customers is that when you try to stitch together a bunch of things, you end up not really with a platform, but with a Frankenstein.

是的，我認為，首先，你不能否認 Palo Alto Networks 是一家標誌性的公司，而且做得非常好。馬克安德森為我們打造了許多上市引擎，他們是我們長期以來仰慕的公司。他們的研發策略與我們截然不同，他們的研發大部分都是透過收購進行的。我們從客戶那裡聽到的是，當你嘗試將一堆東西拼湊在一起時，你最終得到的並不是一個平台，而是一個科學怪人。

And that creates actually scams and gaps in security. It also just makes -- it makes for a very sort of complicated and expensive set of systems to try and stitch together. For us, we really -- we'll never say never that we won't do a big acquisition.

這實際上會造成詐騙和安全漏洞。這也使得——它使得一套系統嘗試和拼接在一起變得非常複雜和昂貴。對我們來說，我們真的——我們永遠不會說我們不會進行大規模收購。

But I think that we really have an incredibly high hurdle rate for anything that we do in terms of acquisitions. And we really believe in internal innovation and internal R&D first and foremost. And so everything -- when we talk about how we can power the Agentic web, security is inherently going to be a big piece of it.

但我認為，就收購而言，我們所做的任何事都有極高的報酬率。我們確實相信內部創新和內部研發是最重要的。因此，當我們談論如何為 Agentic 網路提供支援時，安全性本質上是其中很重要的一部分。

And those agents because so much of the Internet already sits behind Cloudflare, those agents are going to flow through us. And so providing the guardrails, providing the rule enforcement, those are all products that we already have in market that are there and waiting for as these systems develop.

由於網路的大部分內容已經位於 Cloudflare 後面，因此這些代理商將透過我們進行傳輸。因此，提供護欄、提供規則執行，這些都是我們已經在市場上擁有的產品，它們已經存在並等待這些系統的發展。

And again, I think that the problem isn't the products. The problem is just -- we're all living a little bit in the future of what this is going to be. But we have the technology, we have the products, and we have got that through our own internal and seamless development as opposed to through a series of R&D acquisitions.

我再次認為問題不在於產品。問題只是──我們都活在未來，不知道未來會是什麼樣子。但是我們擁有技術，擁有產品，而且我們是透過內部無縫開發而不是透過一系列研發收購來獲得這些的。

Excellent. Thank you, Matthew, and keep up the good work.

出色的。謝謝你，馬修，繼續努力。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome, and thanks so much for taking the question. Maybe just for Matthew on Act 2 with SASE. So it was great to see you moving into the Visionary Quadrant, Gartner single vendor SASE Magic Quadrant this year, and you talked earlier about a win-back deal that you lost 18 months ago. So maybe just big picture, talk a little bit more about Cloudflare One competitively, what you're hearing from customers and are seeing in the market. Thanks so much.

太棒了，非常感謝您提出這個問題。也許只是為了讓馬修在第二幕中與 SASE 一起表演。因此，很高興看到您今年進入了遠見象限、Gartner 單一供應商 SASE 魔力像限，並且您之前談到了 18 個月前失去的贏回交易。所以也許只是從總體上講，多談談 Cloudflare One 的競爭力，以及您從客戶那裡聽到的和在市場上看到的。非常感謝。

Yeah, I think that when we think about Gartner and Forrester, our strategy, like I tell the team regularly, if the very first time we appear on one of those charts were on the top right that we waited too long to launch the product. We like to get products in the market as quickly as possible, get user feedback from our broad set of users and innovate faster than anyone else.

是的，我認為當我們考慮 Gartner 和 Forrester 時，我們的策略就像我經常告訴團隊的那樣，如果我們第一次出現在其中一個圖表的右上角，那麼我們等待推出產品的時間就太長了。我們希望盡快將產品推向市場，從廣大用戶那裡獲得用戶回饋，並比任何人都更快地進行創新。

And so if you measure effectively the hypothesis of any of the change for us in any of these charts, you see that we have -- that's sort of the fastest way to measure Cloudflare's innovation. And I'm proud of the team at how rapidly they're innovating in this space. We love the fact that when customers give us a chance in the space that we have a great ability to win those customers because we're faster, because we're easier to deploy, because we can deliver a much higher ROI to customers.

因此，如果您有效地衡量這些圖表中任何變化的假設，您會發現我們已經——這是衡量 Cloudflare 創新的最快方法。我為這個團隊在這個領域的快速創新感到自豪。我們喜歡這樣的事實：當客戶給我們一個機會時，我們有能力贏得這些客戶，因為我們速度更快，因為我們更容易部署，因為我們可以為客戶提供更高的投資報酬率。

When we're in the mix, we like the fact that we win. And oftentimes, we're winning back deals that we earlier had lost or we're taking deals actually away from those first-generation SASE or Zero Trust vendors that are in the market.

當我們參與其中時，我們很高興能夠獲勝。很多時候，我們會贏回之前失去的交易，或是從市場上的第一代 SASE 或零信任供應商手中奪走交易。

And so I think what has held us back has been really awareness and both the partner-first motion, which Mark and the go-to-market team are putting in place as well as things like showing up in Gartner and Forrester, where today, we're now neck and neck with Zscaler in the space. I think that's the indication of how we're going to perform.

因此，我認為真正阻礙我們前進的是意識和合作夥伴優先的行動，這是馬克和行銷團隊正在實施的，也是出現在 Gartner 和 Forrester 中的事情，今天，我們在這個領域與 Zscaler 不相上下。我認為這表明了我們的表現。

And it reminds me a lot of with our Act 1 products, when we first launched, people would say, oh, you'll never be able to catch Imperva. They invented WAF, you'll never be able to do that or you'll never be able to catch Arbor or whoever was in that space. We're just really good at innovating. And I think over time, that plus an underlying cost advantage is the recipe for winning in a category.

這讓我想起了我們的第一幕產品，當我們第一次推出時，人們會說，哦，你永遠無法趕上 Imperva。他們發明了 WAF，你永遠無法做到這一點，或者你永遠無法抓住 Arbor 或那個空間裡的任何人。我們確實擅長創新。我認為，隨著時間的推移，這一點加上潛在的成本優勢就是在某個類別中獲勝的秘訣。

That's great. Maybe just as a super quick follow up, obviously, given the 20% of the Internet you cover, you've talked in the past about crystal ball that you see. Any commentary on the map that you're seeing. Thanks so much.

那太棒了。也許只是作為一個超級快速的後續問題，顯然，考慮到您所覆蓋的 20% 的互聯網，您過去曾談到過您看到的水晶球。對您所看到的地圖的任何評論。非常感謝。

I think that I think that it's, that there is somewhat of a -- just a disjointedness out there where we're seeing, places where there's really strength and performance and we're seeing others that are struggling. And I'm -- I feel very fortunate that even as we have kind of a very uncertain world, people are continuing to see the value that Cloudflare can bring, see how we can accelerate their businesses, deliver real security. And I think that we continue to be able to perform regardless of what the crystal ball shows.

我認為，我們看到的是，存在著某種脫節，有些地方確實實力雄厚、業績斐然，而有些地方卻在苦苦掙扎。我感到非常幸運，即使我們身處一個非常不確定的世界，人們仍然繼續看到 Cloudflare 可以帶來的價值，看到我們如何加速他們的業務，提供真正的安全。我認為無論水晶球顯示什麼，我們都能繼續表現。

Excellent. Thanks again.

出色的。再次感謝。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Hey guys, nice quarter. Thanks for the questions here. But I know we talk about AI all the time, but maybe just shifting off of AI a little bit. Is there a way to think about more of the broader Workers platform directly in terms of how you guys are thinking about capturing workloads that had previously been on a hyperscaler or on-premise versus kind of brand-new workloads? What are you seeing on that Workers core side of things?

嘿，大家好，這是一個美好的季度。感謝您的提問。但我知道我們一直在談論人工智慧，但也許只是稍微轉移一下話題。有沒有辦法直接考慮更廣泛的 Workers 平台，也就是你們如何考慮捕捉先前在超大規模或本地的工作負載，而不是全新的工作負載？您對工人核心方面有何看法？

Yeah, Jim, it's there are a certain set of workloads that just work really well on us. And what we found is oftentimes the best way to get our foot in the door is not to say, hey, move your whole application, but to say, take one function that's a part of your application that is particularly mission-critical or particularly latency sensitive and move that one function over.

是的，吉姆，有些特定的工作量對我們來說確實很有效。我們發現，很多時候，進入這個領域的最好方法不是說，嘿，移動你的整個應用程序，而是說，將應用程式中某個對任務特別關鍵或對延遲特別敏感的功能移過來。

And so that then tends to get people familiar with the Workers platform. And once they see how they can save significant amounts of money, they can get much better performance, they can have inherent security from it, even if it's just moving one function over out of a larger application, that lets us have a toe in the door that lets us build that relationship over time.

這樣人們就會熟悉 Workers 平台。一旦他們了解如何節省大量資金，他們就能獲得更好的效能，他們就能從中獲得固有的安全性，即使只是將一項功能從更大的應用程式中移出，這也讓我們有機會隨著時間的推移建立這種關係。

And I think that what we've learned is that as we do that, it then becomes easier for us to say, okay, let's look at some of the really big spend that's out there and how we can transition that away from the hyperscalers. And so we think that with our sort of Act 1 products, you can get seven-figure deals with our Act 2 products, eight-figure deals.

我認為，我們學到的是，當我們這樣做時，我們可以更輕鬆地說，好吧，讓我們看看那裡的一些真正大筆的開支，以及我們如何將這些開支從超大規模企業中轉移出去。因此，我們認為，透過我們的第一幕產品，您可以獲得七位數的交易，而透過我們的第二幕產品，您可以獲得八位數的交易。

With our Act 3 products, we really think that there are a lot of nine-figure deals that are out there as we are able to take from hyperscalers or as Thomas likes to say, the best way to win a $100 million deal is to have it save the customer $100 million off what they were spending with one of the hyperscalers. And that, I think, is going to be a big driver of us winning more of those workloads.

憑藉我們的 Act 3 產品，我們確實認為有很多九位數的交易，我們可以從超大規模企業那裡獲得這些交易，或者正如托馬斯所說，贏得 1 億美元交易的最佳方式是讓客戶節省 1 億美元，而這些錢是他們與某個超大規模企業花費的。我認為，這將成為我們贏得更多工作量的一大動力。

As we talked about at Investor Day also, we've -- Mark has formed a speedboat with Aly Cabral, who previously ran Workers on the product side. She said that she really wanted to go and dive in and run this from the go-to-market side. And she and the team that she's assembled are just extraordinary at targeting specific customers, helping them see how they can get benefits moving away from one of the hyperscalers to Cloudflare and winning more and more of those customers.

正如我們在投資者日上談到的那樣，馬克已經與之前負責 Workers 產品方面的 Aly Cabral 組建了一艘快艇。她說她確實想深入研究並從行銷的角度來經營這個事業。她和她組建的團隊非常擅長針對特定客戶，幫助他們了解如何從超大規模客戶轉向 Cloudflare 並贏得越來越多的客戶。

And so I think that's something that's really been working extremely well over the last few quarters.

所以我認為在過去的幾個季度裡，這項措施確實發揮了非常好的作用。

Got it. And just as a follow-up, I know you guys talked about the state win, but we're all starting to think about the end of the federal cycle here and the impact of those. So I guess what are you guys seeing on this FedRAMP aspect that you guys have had for a few years now? What are you guys seeing in terms of trends and what that could look like heading into year-end? Thanks, guys.

知道了。作為後續問題，我知道你們談到了州的勝利，但我們都開始思考聯邦週期的結束及其影響。那我想大家對 FedRAMP 這一方面有什麼看法呢？你們看到了什麼樣的趨勢？到年底會是什麼樣子？謝謝大家。

Yeah, So FedRAMP is a priority for us. We're on track to get to the point that we've met all the requirements before the end of this year. And once we do that, we can -- we are unrestricted in terms of the business that we can go after in the federal government.

是的，所以 FedRAMP 對我們來說是優先事項。我們預計在今年年底前滿足所有要求。一旦我們做到這一點，我們就可以——在聯邦政府中開展業務方面將不受限制。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Awesome. TI wanted to come back to pool of funds. And I'm just wondering if you could provide a little more color around the trends you're seeing both from a bookings perspective, but also consumption perspective. And -- just trying to level set where we are in terms of the offsetting headwinds and tailwinds. It feels like it's becoming more of a net tailwind here, but would love to get your perspective.

驚人的。TI 希望重返資金池。我只是想知道您是否可以從預訂角度和消費角度更詳細地介紹您所看到的趨勢。並且——只是試圖根據抵消的逆風和順風來平衡我們所處的位置。感覺這裡正變得越來越順風，但我很想聽聽你的看法。

And I guess the second part of it is the standout metric to me was a 3-point improvement to dollar net retention in the quarter. To what degree should we attribute the success there to some of the ramping consumption against pool funds? Thanks.

我想，第二部分對我來說最突出的指標是本季美元淨保留率提高了 3 個百分點。我們應該在多大程度上將這項成功歸功於對共同基金消費的增加？謝謝。

Yeah, let me get started. So pool of funds deals with our largest customers represented low double digit in the second quarter, up from less than 3% a year ago. So significant progress. As we get more mature, we get better visibility in how we track. I would say across all pool of funds deals, we are tracking on, if not slightly ahead of target.

是的，讓我開始吧。因此，我們與最大客戶的資金池交易在第二季度佔比達到兩位數，而一年前還不到 3%。進步如此顯著。隨著我們變得更加成熟，我們對追蹤方式的了解也更加清楚。我想說，在所有資金池交易中，我們都在追蹤目標，甚至略微領先目標。

And one of the results you see because of that is that variable revenue coming from consumption of existing customers was a good contributor to the outperformance in the second quarter. And with that, the tailwind we saw in D&R. We've been talking about bottoming out. We have seen that, that would happen. And now with the superior execution on pool of funds and us getting more comfortable with this go-to-market instrument, we are seeing the -- we are harvesting the tailwinds of that business.

由此可見，現有客戶消費的可變收入是第二季業績優異的一大因素。就這樣，我們在 D&R 中看到了順風。我們一直在談論觸底反彈。我們已經看到，那會發生。現在，隨著資金池的卓越執行以及我們對這種上市工具越來越熟悉，我們看到了——我們正在收穫該業務的順風。

Right. And Roger, I don't have anything to add other than I appreciate you asking a question that Thomas could answer, so I wasn't alone studding and fading up here on the stage.

正確的。羅傑，我沒有什麼要補充的，只是感謝你提出一個托馬斯能夠回答的問題，這樣我就不是唯一一個在舞台上苦苦掙扎和迷失的人了。

Thanks, Thomas.

謝謝，托馬斯。

You're most welcome.

不用客氣。

This concludes the question-and-answer session. I'll turn the call to Matthew Prince for closing remarks.

問答環節到此結束。我將邀請馬修‧普林斯 (Matthew Prince) 致閉幕詞。

I'm incredibly proud of the entire Cloudflare team and how we've been executing over this just really interesting time. Lots of things are changing in how the Internet works, lots of things are changing in terms of AI and the fact that we can be at the center of all of these amazing trends and help shape what that future looks like is something that just makes me more excited about Cloudflare's future than I've ever been.

我為整個 Cloudflare 團隊以及我們在這段非常有趣的時期的表現感到無比自豪。網路的運作方式正在發生很多變化，人工智慧方面也發生了很多變化，而我們能夠處於所有這些驚人趨勢的中心並幫助塑造未來的樣子，這讓我對 Cloudflare 的未來比以往任何時候都更加興奮。

So thank you to the entire team. Thank you to our customers. We'll see you all back here next quarter.

感謝整個團隊。感謝我們的客戶。我們將於下個季度在這裡與大家見面。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。