Cloudflare Inc (NET) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Cloudflare Q3 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫格雷格，今天我將擔任你們的會議接線生。在此，我謹代表 Cloudflare 歡迎各位參加今天的 2025 年第三季財報電話會議。（操作說明）

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

現在我想把電話交給菲爾溫斯洛。菲爾？

Thank you for joining us today to discuss Cloudflare's financial results for the third 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.

感謝您今天與我們一起討論 Cloudflare 2025 年第三季的財務表現。與我一起參加電話會議的有：共同創辦人兼執行長 Matthew Prince；共同創辦人兼總裁 Michelle Zatlyn；以及財務長 Thomas Seifert。

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，所有人都應該都能看到我們的獲利公告了。本公告及補充財務資訊可在我們的投資者關係網站上查閱。再次提醒，我們將在今天的討論中發表前瞻性聲明，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上市時間和市場潛力、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 uncertainties, 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. 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.

這些聲明和其他評論並不保證未來的業績，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聲明中預測或暗示的結果有重大差異。這些前瞻性陳述僅代表截至今日的觀點，您不應將其視為我們未來觀點的依據。我們不承擔在本次通話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全面討論，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盈利新聞稿。

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. We would also like to inform you that we will be participating in RBC's Global Technology, Internet, Media and Telecommunications Conference on November 18 and Needham's 6th Annual Tech Week on November 24. Now with that, I'd like to turn the call over to Matthew.

除非另有說明，我們今天討論的所有數字（收入除外）都將以調整後的非GAAP為基礎。您可以在我們的投資人關係網站上找到我們獲利報告中所包含的 GAAP 與非 GAAP 財務指標的調整表。對於歷史時期，GAAP 與非 GAAP 的調整表可以在剛才提到的補充財務資訊中找到。我們也要通知您，我們將參加 11 月 18 日舉行的 RBC 全球科技、互聯網、媒體和電信大會，以及 11 月 24 日舉行的 Needham 第六屆年度科技週。現在，我想把電話交給馬修。

Thank you, Phil. We had an extremely strong Q3. We achieved revenue of $562 million, up 30.7% year over year. Great companies innovate and execute, and I think we owe our reacceleration of revenue growth to doing both of these things very well.

謝謝你，菲爾。我們第三季業績非常強勁。我們實現了 5.62 億美元的營收，年增 30.7%。偉大的公司善於創新和執行，我認為我們營收成長重新加速要歸功於我們在這兩方面都做得非常出色。

We now have 4,009 large customers, those that pay us more than $100,000 per year, a 23% increase year over year. Revenue contribution from large customers grew 42% year over year, contributing in total 73% of our revenue during the quarter, up from 67% in the third quarter last year.

我們現在有 4,009 個大客戶，這些客戶每年向我們支付超過 10 萬美元，比前一年增長了 23%。大客戶的營收貢獻年增 42%，佔本季總營收的 73%，高於去年第三季的 67%。

Our dollar-based net retention was 119%, up 5 percentage points quarter over quarter. Our gross margin was 75.3%, within our long-term target range of 75% to 77%. We delivered an operating profit of $85.9 million, representing an operating margin of 15.3%, and we generated strong free cash flow of $75 million during the quarter, again exceeding expectations.

我們以美元計的淨留存率為 119%，比上一季成長了 5 個百分點。我們的毛利率為 75.3%，在我們 75% 至 77% 的長期目標範圍內。本季我們實現了 8,590 萬美元的營業利潤，營業利潤率為 15.3%，並產生了 7,500 萬美元的強勁自由現金流，再次超越預期。

Our go-to-market transformation, evolving from purely product-led growth to true enterprise sales continue to track along. Growth in net capacity of our sales force grew at its fastest pace year over year in more than two years.

我們的市場轉型，從純粹的產品驅動成長發展到真正的企業銷售，正在穩步推進。我們的銷售團隊淨產能年增率達到了兩年多來的最快水準。

Sales productivity increased year over year for the seventh consecutive quarter. Close rates ticked up notably both year over year and quarter to quarter. Bookings from partner-initiated opportunities doubled year over year. Gross retention levels increased year over year and quarter to quarter.

銷售效率連續第七個季度年增。成交率年比和季後均顯著上升。透過合作夥伴發起的預訂機會，預訂量比去年同期增加了一倍。總留存率年比和季比均有所提高。

And new pipeline attainment again exceeded our expectations. Across the company, the team is firing on all cylinders. One bit of disappointing news is that CJ Desai is going to be leaving Cloudflare. CJ called me some time ago to talk about an opportunity he's been approached to be the CEO of an exceptional public technology company. He was torn because he loved his team, the work, and the mission at Cloudflare.

新管道的建設進度再次超出了我們的預期。公司上下，各團隊火力全開。其中一個令人失望的消息是，CJ Desai即將離開Cloudflare。CJ 前段時間給我打了個電話，跟我談了他有機會擔任一家傑出的上市科技公司的執行長的事。他內心十分糾結，因為他熱愛他的團隊、工作以及 Cloudflare 的使命。

But since his first job in technology over 25 years ago, he dreamed one day of being the CEO of a great public company. We talked through the opportunity, his career goals, and what's great and not so great about being a public company CEO.

但自從25多年前他在科技業的第一份工作以來，他就夢想著有一天能成為一家偉大上市公司的執行長。我們討論了這個機會、他的職業目標，以及擔任上市公司執行長的優勢和劣勢。

In the end, while I'm sad to see him go, I'm excited for him to get to helm his own ship. I want to give CJ an opportunity to say something on this call, in some ways, as practice for his many earnings calls to come. CJ?

最後，雖然我很捨不得他離開，但我很高興他能掌舵自己的事業。我想給 CJ 一個機會，讓他在這次電話會議上說點什麼，從某種意義上說，這是為他未來要參加的眾多財報電話會議做準備。CJ？

Thank you, Matthew. This was an extremely hard decision for me as I love the team and mission of Cloudflare, and I see incredible opportunities ahead. I really appreciate the support as I figured out what was right for me. This job at Cloudflare is the coolest Product & Engineering job in tech today. And I will help ensure whoever feels the seat next will be world-class.

謝謝你，馬修。對我來說，這是一個極其艱難的決定，因為我熱愛 Cloudflare 的團隊和使命，我看到了未來巨大的發展機會。我非常感謝大家在我摸索適合自己的道路時給予的支持。在 Cloudflare 的這份工作是當今科技業最酷的產品與工程職位。我將盡力確保下一任候選人將是世界一流的人才。

I'm incredibly bullish, as you know, on Cloudflare's future. I'll miss you all, but will always be among your biggest fans.

如你所知，我對 Cloudflare 的未來非常看好。我會想念你們所有人，但我永遠都是你們最忠實的粉絲。

Thanks, CJ. I appreciate how you brought a customer-first focus to Cloudflare's already powerful innovation engine. That's made us a better company able to win bigger deals. It's now part of our DNA that you deserve credit for having helped shape. And while I'm bummed you're leaving, I'm proud that Cloudflare is a place that has trained the leaders of other great technology companies.

謝謝，CJ。我非常欣賞您將以客戶為中心的理念融入 Cloudflare 本已強大的創新引擎中。這讓我們成為一家更優秀的公司，能夠贏得更大的交易。現在它已經成為我們DNA的一部分，而你也應該為此獲得讚譽，因為你幫助塑造了它。雖然我很遺憾你要離開，但我為 Cloudflare 能培養出其他優秀科技公司的領導者而感到自豪。

You're our second product leader in a row to be recruited away to be CEO somewhere awesome. We can't say yet where you're going, but they're lucky to have you, and I have no doubt you'll bring some of Cloudflare's relentless culture of innovation to them.

你是連續第二位被挖走其他優秀公司擔任CEO的產品負責人。我們現在還不能透露你的去向，但他們很幸運能擁有你，我毫不懷疑你會把 Cloudflare 不懈的創新文化帶到他們那裡。

With that out of the way, let's talk about some of our wins in the quarter. A Global 2000 digital media platform expanded its relationship with Cloudflare, signing a three-year $22.8 million pool of funds contract for application services and workers. This contract marks the culmination of a powerful comeback story.

既然如此，我們就來談談本季取得的一些成績吧。一個全球 2000 強數位媒體平台擴大了與 Cloudflare 的合作關係，簽署了一份為期三年、價值 2280 萬美元的資金池合同，用於應用程式服務和工作人員。這份合約標誌著他強勢回歸故事的圓滿落幕。

We actually lost this customer to a competitor in 2016, but the Internet and Cloudflare evolved. We earned their trust back in 2023, starting with our Zero Trust portfolio. During eight months of testing before signing this deal, our world-class security, unmatched product breadth, and powerful Workers platform ran circles around the incumbent. But that's not the whole story. The decisive factor of the win was AI.

實際上，我們在 2016 年就失去了這位客戶，他被競爭對手搶走了，但網路和 Cloudflare 都發生了變化。2023年，我們憑藉零信任投資組合重新贏得了他們的信任。在簽署這項協議之前的八個月測試中，我們世界一流的安全性、無與倫比的產品廣度和強大的員工平台讓現有競爭對手相形見絀。但這並非故事的全部。人工智慧是這場勝利的決定性因素。

This customer looked at the landscape and correctly identified Cloudflare is the only company building the essential platform to protect and manage content for the emerging AI-driven web. This strategic win established us as the customer's clear forward-looking partner and creates a direct on-ramp for Pay Per Crawl, which could transform Cloudflare from a vendor they pay for services into a powerful revenue generator for their business.

這位客戶審視了市場格局，並正確地認定 Cloudflare 是唯一一家建立必要平台以保護和管理新興 AI 驅動網路內容的公司。這次策略性勝利確立了我們作為客戶明確的、具有前瞻性的合作夥伴的地位，並為按抓取付費模式開闢了直接途徑，這可能會將 Cloudflare 從他們付費的服務供應商轉變為他們業務的強大收入來源。

We and they believe that this is what the future looks like. A leading European technology company expanded its relationship with Cloudflare, signing a five-year $34.3 million contract, representing an upsell of $6.8 million for Workers platform and application services. This customer is fully redesigning their architecture to move their front end on to Workers and Durable Objects.

我們和他們都認為，這就是未來的樣子。歐洲領先的科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期五年、價值 3430 萬美元的合同，其中包括 Workers 平台和應用程式服務的 680 萬美元追加銷售額。該客戶正在全面重新設計其架構，以將其前端遷移到 Workers 和 Durable Objects 上。

The decision to commit to a five-year term underscores the customer's view of Cloudflare as a critical long-term strategic partner. A rapidly growing media platform expanded its relationship with Cloudflare, signing a three-year $15 million contract for Workers and Application Performance. This customer was experiencing significant egress fees, high latency for its global customer base, and vendor lock-in with a hyperscale public cloud provider.

決定簽訂五年合約，凸顯了客戶將 Cloudflare 視為重要的長期策略合作夥伴。一個快速發展的媒體平台擴大了與 Cloudflare 的合作關係，簽署了一份為期三年、價值 1500 萬美元的 Workers 和 Application Performance 合約。該客戶面臨高額的出口費用、全球客戶群的高延遲以及與超大規模公有雲供應商的供應商鎖定問題。

Moving to Cloudflare will enable data to be processed and served closer to their end users, delivering superior performance and eliminating egress fees. With our unified platform, this customer will be able to drive down their total cost of ownership by more than 30%.

遷移到 Cloudflare 將使資料能夠在更靠近最終用戶的地方進行處理和提供，從而提供更卓越的效能並消除出口費用。透過我們的統一平台，該客戶的總擁有成本將降低 30% 以上。

A Fortune 500 financial technology company expanded its relationship with Cloudflare, signing a two-year $16.1 million pool of funds contract with an upsell of $4.6 million for application services and workers. As a textbook land-and-expand journey across three apps, this customer started with Cloudflare's application services in 2022, expanded with our Zero Trust platform in 2023 and has been adding a number of products from our Workers platform over the last two years. Another Workers deal is already underway for AI use cases.

一家財富 500 強金融科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期兩年、價值 1610 萬美元的資金池合同，並追加銷售了價值 460 萬美元的應用程式服務和工作人員。作為教科書式的「落地-擴展」之旅，該客戶在三個應用程式中從 Cloudflare 的應用程式服務開始，於 2022 年擴展了我們的零信任平台，並在過去兩年中不斷添加我們 Workers 平台的多個產品。另一項針對人工智慧應用案例的工人協議也已在進行中。

A Global 2000 European pharmaceutical company expanded its relationship with Cloudflare, signing a three-year $12.4 million contract with an upsell of $4.5 million. This is a great example of platform adoption as the customer is utilizing products from our first three apps: application services, SASE, and Developer.

一家位列全球 2000 強的歐洲製藥公司擴大了與 Cloudflare 的合作關係，簽署了一份為期三年、價值 1240 萬美元的合同，並追加銷售了 450 萬美元。這是平台採用的一個很好的例子，因為客戶正在使用我們前三個應用程式的產品：應用程式服務、SASE 和開發者。

This customer views Cloudflare as a critical strategic partner choosing to displace services from two hyperscale public clouds and multiple-point solution providers because according to them, it's so much easier to build on Cloudflare.

該客戶將 Cloudflare 視為重要的策略合作夥伴，選擇將服務從兩個超大規模公有雲和多個點解決方案供應商轉移出去，因為他們認為在 Cloudflare 上建置要容易得多。

A US cabinet-level agency expanded its relationship with Cloudflare, signing a two-year contract exceeding $20 million for our complete FedRAMP portfolio. The agency is standardizing its network and security platform on Cloudflare, displacing over a dozen legacy point solutions and generating more than $10 million in annual cost savings. We are seeing more traction than ever before across US government as it looks to modernize its digital infrastructure.

美國某內閣級機構擴大了與 Cloudflare 的合作關係，簽署了一份為期兩年、價值超過 2000 萬美元的合同，用於購買我們完整的 FedRAMP 產品組合。該機構正在將其網路和安全平台標準化為 Cloudflare，取代十幾個傳統的獨立解決方案，每年節省超過 1000 萬美元的成本。我們看到，美國政府在推動數位基礎設施現代化方面比以往任何時候都更加積極。

A Fortune 100 financial services company signed a three-year $4 million contract for Magic Transit and Advanced Magic Firewall. Recent outages, capacity limitations, and a lack of automation features with two legacy incumbents left this customer with DDoS vulnerabilities at their network layer in a time when we're seeing new record-breaking DDoS attacks every few weeks, like the nearly 30-terabit per second attack we mitigated earlier this month.

一家財富 100 強金融服務公司與 Magic Transit 和 Advanced Magic Firewall 簽訂了為期三年、價值 400 萬美元的合約。最近的故障、容量限制以及兩家傳統營運商缺乏自動化功能，導致該客戶的網路層存在 DDoS 漏洞。而與此同時，我們每隔幾週就會看到新的破紀錄 DDoS 攻擊，例如我們本月早些時候緩解的近 30 太比特每秒的攻擊。

Cloudflare won because our fundamental architecture advantage gives us literally four times the capacity of all our scrubbing center-based competition combined. As the Internet gets scary and scarier, customers are realizing Cloudflare is the only network engineered to survive.

Cloudflare之所以能勝出，是因為我們的基本架構優勢使我們的容量比所有基於清洗中心的競爭對手的總和還要大四倍。隨著網路變得越來越可怕，客戶逐漸意識到 Cloudflare 是唯一經過精心設計能夠生存下來的網路。

A global industrial company signed a three-year $2.2 million contract for a complete SASE portfolio, including Access, Gateway, Browser Isolation, CASB, DLP, Magic WAN, and Magic Firewall to consolidate and modernize their security stack.

一家全球工業公司簽署了一份為期三年、價值 220 萬美元的合同，購買完整的 SASE 產品組合，包括 Access、Gateway、Browser Isolation、CASB、DLP、Magic WAN 和 Magic Firewall，以整合和現代化其安全堆疊。

We're displacing a first-generation Zero Trust vendor as well as a legacy on-premise VPN provider, which were expensive and difficult to maintain across their global operations. This customer chose Cloudflare for the operational simplicity of our unified platform that delivers both superior performance and significant cost reduction.

我們正在取代一家第一代零信任供應商以及一家傳統的本地 VPN 供應商，這兩家供應商在全球營運中維護成本高且難度很高。該客戶選擇 Cloudflare 是因為我們統一平台的操作簡便，既能提供卓越的效能，又能大幅降低成本。

A global web infrastructure platform expanded its relationship with Cloudflare, signing a 14-month $1.2 million contract for AI Crawl Control and Bot Management. This customer is experiencing a massive surge in AI scrapers and malicious bots hitting their origin servers, inflating costs without revenue conversion and obscuring visibility into legitimate traffic.

一個全球網路基礎設施平台擴大了與 Cloudflare 的合作關係，簽署了一份為期 14 個月、價值 120 萬美元的 AI 爬蟲控制和機器人管理合約。該客戶正面臨大量 AI 爬蟲和惡意機器人攻擊其來源伺服器的情況，導致成本上升而收入卻沒有轉化，並且模糊了合法流量的可見性。

They selected Cloudflare for our innovative best-of-class bot blocking capabilities in addition to seamless expedited deployment by our deep platform integration. We're already exploring a much larger opportunity with this customer for Pay Per Crawl.

他們選擇 Cloudflare，是因為我們擁有創新的一流機器人攔截功能，以及透過深度平台整合實現的無縫快速部署。我們已經在與這位客戶探討按次付費爬蟲的更大合作機會。

We talked last quarter about how the rise of AI would impact media companies. Cloudflare has emerged as a strategic partner to these firms as they work through what the new business model of the Internet will be.

上個季度我們討論了人工智慧的興起將如何影響媒體公司。Cloudflare 已成為這些公司探索網路新商業模式的策略合作夥伴。

But it goes beyond just media. Businesses of all shapes will be transformed by the rise of AI. I don't think people yet appreciate how AI is another massive information consumption platform shift, just as we move from consuming information via a browser on a desktop to social media and then to apps on mobile devices, AI is another information consumption platform shift. It changes where and how we will consume and interact with information.

但這不僅僅是關於媒體。人工智慧的興起將改變各種類型的企業。我認為人們還沒有意識到人工智慧將帶來另一個巨大的資訊消費平台變革，就像我們從在桌上型電腦上透過瀏覽器獲取資訊轉變為透過社群媒體，再轉變為透過行動裝置上的應用程式獲取資訊一樣，人工智慧也將帶來另一個資訊消費平台變革。它改變了我們獲取資訊和與資訊互動的方式和地點。

With the last three platform shifts, the business model of the Internet remains the same: create content, generate traffic and then sell things, subscriptions or ads. With AI, for the first time in a long time, the fundamental business model is going to change. Human eyeball traffic is unlikely to be the currency of the Internet's future.

儘管經歷了最近三次平台更迭，網路的商業模式仍然不變：創造內容，產生流量，然後銷售產品、訂閱或廣告。人工智慧的出現，將使商業模式的根本性質改變，這在很長一段時間以來都是第一次。人類眼球流量不太可能成為網路未來發展的通行貨幣。

We already can see glimpses of that future. It's represented in SciFi. When George Jetson asks his helpful robot Rosie for a recipe for cookies, the response isn't 10 blue links to hunt through. It's a recipe for cookies. Most of us are increasingly living in some version of that future now with tools like ChatGPT, and it seems inevitable that more and more commerce will be facilitated by AI-powered agents working on our behalf.

我們已經能看到未來的一些跡象。科幻作品中就有體現。當喬治傑森向他樂於助人的機器人羅西索要餅乾食譜時，得到的答案不是10個藍色連結讓他去查找。這是餅乾的配方。如今，隨著 ChatGPT 等工具的普及，我們大多數人越來越生活在某種形式的未來之中，越來越多的商業活動將由人工智慧代理代表我們進行，這似乎已成定局。

As that happens, new questions will arise. What happens to small businesses? What happens to brands? Brands, of course, are just shortcuts for humans to be able to assess quality and value. What do they mean in the world of agentic commerce?

隨著這種情況的發生，新的問題也會出現。小企業會面臨什麼？品牌會面臨怎樣的命運？當然，品牌只是人類用來評估品質和價值的一種捷徑。在代理商業領域，它們意味著什麼？

I don't know what the future business model of the Internet will look like, who the winners and losers will be, but I do believe Cloudflare will help shape it. We estimate 80% of the leading AI companies already rely on us.

我不知道網路未來的商業模式會是什麼樣子，誰會是贏家誰是輸家，但我相信 Cloudflare 將會對未來產生影響。我們估計，目前已有 80% 的領先人工智慧公司依賴我們。

A huge percentage of the Internet sits behind us. The agents of the future will inherently have to pass through our network and abide by its rules. And as they do, we will help set the protocols, guardrails, and business rules for the Agentic Internet of the future.

網路的很大一部分都位於我們後面。未來的代理人必然要通過我們的網絡並遵守其規則。隨著他們的努力，我們將幫助制定未來智慧互聯網的協定、護欄和業務規則。

And we'll make sure the tools to participate in that future are available to all businesses, large and small. It's what we've always done. Again, we don't know exactly what the future will look like, but I believe Cloudflare will be one of the key players helping shape it.

我們將確保所有企業，無論大小，都能獲得參與未來發展所需的工具。我們一直都是這麼做的。我們當然無法確切知道未來會是什麼樣子，但我相信 Cloudflare 將是塑造未來的關鍵參與者之一。

What we are playing for is a world with as many AI companies, media companies, and businesses, large and small, competing fairly to best serve customers anywhere and everywhere they and their agents transact. I'm really excited for that future, and I'm optimistic about it.

我們努力的目標是創造一個擁有眾多人工智慧公司、媒體公司以及各種規模企業的公平競爭的世界，以便更好地服務客戶及其代理商在任何地方進行交易的客戶。我對未來充滿期待，也很樂觀。

But to bring it back to the present, let me hand it off to Thomas to walk through this quarter's financials. Thomas, take it away.

但回到現在，讓我把麥克風交給湯瑪斯，讓他來介紹本季的財務狀況。湯瑪斯，把它帶走。

Thank you, Matthew, and thank you to everyone for joining us. We are pleased with our strong third quarter results that underscore how our strategy for delivering continued innovation and accelerating growth while also maintaining a relentless focus on operational excellence is working. Revenue growth accelerated for the second consecutive quarter to 31% year over year, providing clear evidence of the momentum building in our business.

謝謝你，馬修，也謝謝各位的參與。我們對第三季強勁的業績感到滿意，這凸顯了我們持續創新、加速成長，同時堅持不懈地追求卓越營運的策略正在奏效。營收連續第二季加速成長，年增 31%，這清楚地表明了我們業務的成長勢頭。

We complemented this robust growth with a highly balanced operating plan, investing significantly in our innovation pipeline and expanding our go-to-market capacity while simultaneously remaining committed to the strong unit economics of our business to drive operating leverage and deliver compounding shareholder value.

我們透過高度平衡的營運計劃來配合這一強勁的成長，大力投資於我們的創新產品線，並擴大我們的市場推廣能力，同時繼續致力於我們業務的強勁單位經濟效益，以推動營運槓桿並實現股東價值的複合成長。

Turning to revenue. Total revenue for the third quarter increased 31% year over year to $562 million. From a geographic perspective, the US represented 50% of revenue and increased 31% year over year, which is up nearly 10 percentage points sequentially. Growth in the US region was primarily driven by strength with partners, our workers developer platform and large customers, including pool of funds.

轉向營收。第三季總營收年增 31%，達到 5.62 億美元。從地理角度來看，美國佔總營收的 50%，年增 31%，季增近 10 個百分點。美國地區的成長主要得益於與合作夥伴、我們的員工開發者平台和大客戶（包括資金池）的良好關係。

EMEA represented 27% of revenue and increased 26% year over year. APAC represented 15% of revenue and increased 43% year over year. Turning to our customer metrics. In the third quarter, we had approximately 296,000 paying customers, representing a record net addition of nearly 30,000 paying customers sequentially and an increase of 33% year over year, driven by an uptick in customers, including those graduating from the free tier to small paid accounts for developer platform products around our AI Week and birthday week. We ended the quarter with more than 4,000 large customers, representing an increase of 23% year over year.

歐洲、中東和非洲地區佔總營收的 27%，年增 26%。亞太地區佔總營收的 15%，年增 43%。接下來，我們來看看客戶指標。第三季度，我們擁有約 296,000 名付費客戶，環比淨增近 30,000 名付費客戶，同比增長 33%，這主要得益於客戶數量的增長，其中包括在我們人工智能周和週年慶期間，從免費套餐升級到開發者平台產品小型付費賬戶的客戶。本季末，我們的大客戶數量超過 4000 家，年增 23%。

Revenue contribution from large customers increased to 73% of revenue during the quarter, up from 67% in the third quarter last year. We again saw particular strength in our largest customer cohorts. For the fourth consecutive quarter, we added a record number of our largest customers year over year, those that spend over $1 million and $5 million with Cloudflare annually.

本季大客戶的營收貢獻佔總營收的 73%，高於去年第三季的 67%。我們再次看到，我們最大的客戶群表現特別強勁。連續第四個季度，我們新增的最大客戶數量創下歷史新高，這些客戶每年在 Cloudflare 上的消費額超過 100 萬美元和 500 萬美元。

Accelerating sequential and year over year revenue growth from both of these cohorts served as a significant tailwind to our expansion business. As a result, our dollar-based net retention rate accelerated to 119% during the third quarter, up 5% sequentially and 9% year over year.

這兩個群體的連續成長和同比增長為我們的擴張業務提供了強大的助力。因此，我們以美元計價的淨留存率在第三季加速至 119%，季增 5%，年增 9%。

Moving to gross margin. Third quarter gross margin was 75.3%, remaining within our long-term target range of 75% to 77% and representing a decrease of 100 basis points sequentially and a decrease of 350 basis points year over year.

接下來討論毛利率。第三季毛利率為 75.3%，仍處於我們 75% 至 77% 的長期目標範圍內，季減 100 個基點，較去年同期下降 350 個基點。

During the third quarter, paid versus free customer traffic again increased both year over year and quarter to quarter, resulting in a higher allocation of expenses to cost of goods sold from sales and marketing. Our Workers developer platform continues to deliver outsized growth with the world's most innovative companies increasingly adopting Workers for running AI inference tasks as well as building AI agents and full stack applications. While the relative revenue contribution across our four Acts can impact near-term gross margin, the unit economic margin of our business remains very consistent.

第三季度，付費用戶流量與免費用戶流量相比，年比和季比均有所成長，導致銷售和行銷費用中分配給銷售成本的份額增加。我們的 Workers 開發者平台持續實現超乎尋常的成長，全球最具創新精神的公司越來越多地採用 Workers 來運行 AI 推理任務，以及建立 AI 代理和全端應用程式。雖然我們四大業務部門的相對收入貢獻可能會影響近期的毛利率，但我們業務的單位經濟利潤率仍然非常穩定。

Network CapEx represented 14% of revenue in the third quarter. We expect network CapEx to be approximately 13% of revenue for full year 2025. Turning to operating expenses. Third quarter operating expenses as a percentage of revenue decreased by 4% year over year to 16%. Our total number of employees increased 16% year-over-year, bringing our total headcount to roughly 4,800 at the end of the quarter.

第三季網路資本支出佔收入的 14%。我們預計到 2025 年全年，網路資本支出將約佔收入的 13%。接下來談談營運費用。第三季營運費用佔營收的百分比年減 4% 至 16%。本季末，我們的員工總數年增 16%，達到約 4800 人。

Sales and marketing expenses were $201.2 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 $82.5 million in the quarter. R&D as a percentage of revenue decreased to 15% from 16% in the same quarter last year.

本季銷售和行銷費用為 2.012 億美元。銷售和行銷費用佔收入的比例從去年同期的 37% 下降至 36%。本季研發費用為 8,250 萬美元。研發支出佔收入的比例從去年同期的 16% 下降至 15%。

General and administrative expenses were $53.5 million for the quarter. G&A as a percentage of revenue remained consistent at 10% compared to the same quarter last year. Operating income was $85.9 million, an increase of 35% year over year compared to $63.5 million in the same period last year. Third quarter operating margin was 15.3%, an increase of 50 basis points year over year.

本季一般及行政費用為5350萬美元。一般及行政費用佔收入的比例與去年同期相比保持不變，為 10%。營業收入為 8,590 萬美元，比去年同期的 6,350 萬美元成長了 35%。第三季營業利益率為 15.3%，較去年同期成長 50 個基點。

Turning to net income and the balance sheet. Our net income in the quarter was $102.6 million or diluted net income per share of $0.27. Free cash flow was $75 million in the quarter or 13% of revenue compared to $45.3 million or 11% of revenue in the same period last year.

接下來來看淨利和資產負債表。本季淨利為 1.026 億美元，稀釋後每股淨利為 0.27 美元。本季自由現金流為 7,500 萬美元，佔營收的 13%，而去年同期為 4,530 萬美元，佔營收的 11%。

We are comfortable with consensus free cash flow estimates for the fourth quarter of fiscal 2025. We ended the third quarter with $4 billion in cash, cash equivalents, and available-for-sale securities. Remaining performance obligations, or RPO, came in at $2.143 billion, representing an increase of 8% sequentially and 43% year over year. Current RPO was 64% of total RPO.

我們對2025財年第四季的自由現金流預期表示滿意。第三季末，我們擁有 40 億美元的現金、現金等價物和可供出售證券。剩餘履約義務（RPO）為 21.43 億美元，季增 8%，年增 43%。目前 RPO 佔總 RPO 的 64%。

Moving to guidance for the fourth quarter and full year 2025. For the fourth quarter, we expect revenue in the range of $588.5 million to $589.5 million, representing an increase of 28% year over year. We expect operating income in the range of $83 million to $84 million, and we expect an effective tax rate of 20%.

接下來發布2025年第四季和全年業績指引。我們預計第四季營收將在 5.885 億美元至 5.895 億美元之間，年增 28%。我們預計營業收入在 8,300 萬美元至 8,400 萬美元之間，實際稅率預計為 20%。

We expect diluted net income per share of $0.27, assuming approximately 377 million shares outstanding. For the full year 2025, we expect revenue in the range of $2.142 billion to $2.143 billion, representing an increase of 28% year over year.

假設流通股約為 3.77 億股，我們預期稀釋後每股淨收益為 0.27 美元。預計 2025 年全年營收將在 21.42 億美元至 21.43 億美元之間，年增 28%。

We expect operating income for the full year in the range of $297 million to $298 million, and we expect an effective tax rate of 20%. We expect diluted net income per share over that period to be $0.91, assuming approximately 370 million shares outstanding.

我們預計全年營業收入在 2.97 億美元至 2.98 億美元之間，預計實際稅率為 20%。我們預計在此期間稀釋後每股淨收益為 0.91 美元，假設流通股約為 3.7 億股。

In closing, the strength of our third quarter results confirms that our strategy to deliver continued innovation with accelerating growth and strong unit economics is driving significant and measurable value. At the beginning of the year, we committed to reaccelerating revenue growth over the course of 2025 on the way to our goal of achieving $5 billion in annualized revenue by the fourth quarter of 2028. Our performance over the last two quarters demonstrates that we are effectively executing against both of these objectives.

總而言之，我們第三季的強勁業績證實，我們透過持續創新、加速成長和強勁的單位經濟效益來實現目標的策略正在創造顯著且可衡量的價值。今年年初，我們承諾在 2025 年重新加速營收成長，以實現 2028 年第四季年化營收達到 50 億美元的目標。過去兩個季度的業績表明，我們在實現這兩個目標方面都取得了顯著成效。

In fact, we expect to reach a $3 billion annualized revenue run rate in the fourth quarter of 2026 on our journey to $5 billion and beyond. This trajectory reinforces our conviction in our strategy and our ability to deliver exceptional long-term value for our shareholders and customers.

事實上，我們預計在2026年第四季實現30億美元的年化收入，並朝著50億美元及以上的目標邁進。這項發展軌跡增強了我們對自身策略的信心，以及我們為股東和客戶創造卓越長期價值的能力。

Before opening it up for questions, I would also like to extend my personal thanks and congratulations to CJ. The processes, discipline, and leadership bench she established at Cloudflare will enable our innovation engine to continue to scale well beyond his tenure. All of us at Cloudflare with CJ continued success in his next chapter.

在開放提問環節之前，我也想向 CJ 表示我個人的感謝和祝賀。她在 Cloudflare 建立的流程、紀律和領導團隊，將使我們的創新引擎在他卸任後繼續保持規模發展。Cloudflare 的全體員工祝福 CJ 在人生的新篇章中繼續取得成功。

And with that, operator, please poll for questions.

操作員，接下來請大家提問。

(Operator Instructions) Matt Hedberg, RBC Capital Markets.

（操作員說明）馬特·赫德伯格，加拿大皇家銀行資本市場。

Congrats on the results. And CJ, we look forward to hearing about your future role. Matthew, there were a lot of strong metrics this quarter, but 43% RPO growth that accelerated. I think that was the highest RPO growth that you guys have reported since 2022, certainly stood out. I'm wondering if you could provide a bit deeper dive into what drove that acceleration this quarter.

恭喜取得好成績。CJ，我們期待聽到你未來職位的消息。馬修，本季有很多強勁的指標，但 RPO 成長 43% 並加速成長。我認為這是你們自 2022 年以來報告的最高 RPO 成長率，確實非常突出。我想請您更深入分析一下本季推動成長的因素。

Yes. I'll start, and I think Thomas can probably add to it as well. I think we try to be a place that says what we do and do what we say. And so I think the real thing that's happening is we are transforming from being a product-led growth company to being a true enterprise sales company.

是的。我先來，我覺得托馬斯應該也能補充一些內容。我認為我們努力做到言行一致。所以我認為，真正發生的是，我們正在從產品驅動型成長公司轉型為真正的企業銷售公司。

So you're seeing the average tickets tick up. You're seeing the large deals tick up. And that's driving just success in taking what have always been exceptional products and getting them in the hands of customers. And so I think our sales team deserves a lot of credit for really just driving great execution.

所以你會看到平均票價有上漲。你可以看到大額交易量正在上升。而這正是推動公司成功的關鍵，就把一直以來都非常優秀的產品送到顧客手中。所以我認為我們的銷售團隊功不可沒，他們真的出色地完成了任務。

What I would add is we are -- I think the RPO growth points to primarily two drivers, the customer quality and the platform expansion. We are seeing exceptional strength with our large customer cohorts, specifically those that spend more than $1 million or $5 million with us, both delivered record growth this quarter.

我想補充的是，我認為 RPO 的成長主要體現在兩個方面：客戶品質和平台擴展。我們看到，我們的大客戶群表現異常強勁，特別是那些在我們這裡消費超過 100 萬美元或 500 萬美元的客戶，這兩個群體在本季度都實現了創紀錄的增長。

And in addition to that strength is increased consumption of our large pool of fund customers, demonstrating I think, the increasing strategic importance of our platform for those large enterprises globally.

除了上述優勢之外，我們龐大的基金客戶群的消費量也在不斷增長，我認為這表明我們的平台對全球大型企業具有日益重要的戰略意義。

And in addition to that, our Workers platform, the developed platform, including Workers AI is just providing to be a significant new vector for long-term commitment and with that growth.

此外，我們開發的 Workers 平台，包括 Workers AI，正為長期投入和發展提供重要的全新途徑。

That's great. Actually, could I double-click just Thomas, you mentioned the pool of funds, and I know you mentioned in your prepared remarks. But specifically, like how is that showing up in the results? You introduced that several, I think, years ago at this point now. But how is that driving some of this as well?

那太棒了。實際上，我可以直接雙擊托馬斯嗎？你提到了資金池，我知道你在準備好的演講稿中也提到了。但具體來說，這在結果中是如何體現的呢？我想，你幾年前就提出了這個觀點。但這又是如何推動其中一些現象發生的呢？

The share of pool of funds deal this quarter was again up. It's now low double digits of total ACV. And we are seeing now across our pool of funds contracts an extremely balanced consumption of these contracts. On average, we're slightly ahead and that delivered to the strong performance in the quarter.

本季資金池交易份額再次上升。現在總ACV只有兩位數的低點。目前我們看到，在我們所有資金池合約中，這些合約的消耗情況非常平衡。平均而言，我們略微領先，促成了本季強勁的業績。

So if you have a platform like ours with more than 55 revenue-contributing products now, you need a vehicle that allows frictionless adoption and consumption of these products. And I think the sales team and the organization at Cloudflare has become quite good at deploying these contracts and driving consumptions with customers.

因此，如果您擁有像我們這樣的平台，目前有超過 55 款獲利產品，那麼您就需要一種能讓這些產品無縫採用和消費的載體。我認為 Cloudflare 的銷售團隊和組織在部署這些合約和推動客戶消費方面已經做得相當出色了。

The other thing that I'd add is I think where we saw downward pressure on things like dollar-based net retention as we rolled out pool of funds. As those pools are now getting consumed, you can see our dollar-based net retention is ticking back up.

我還要補充一點，我認為隨著我們推出資金池，我們看到以美元計價的淨留存率等指標面臨下行壓力。隨著這些資金池逐漸被消耗，您可以看到我們以美元計價的淨留存率正在回升。

And so I think pool funds will show up in RPO, pool of funds as it initially puts downward pressure on things like dollar-based net retention, but you can see that, that's now ticking up again. And so just to reiterate what Thomas said, these are an indication of customers trusting us as a strategic vendor, making larger, bigger bets on us, and it is an undoubtedly positive sign for us as a strategic vendor to more and more large customers.

因此，我認為資金池會在 RPO（招募流程外包）中有所體現，因為資金池最初會對以美元為基礎的淨留存率等指標造成下行壓力，但你可以看到，現在淨留存率又開始上升了。因此，正如托馬斯所說，這些都表明客戶信任我們作為戰略供應商，對我們投入了更多更大的資金，這無疑對我們作為戰略供應商而言是一個積極的信號，越來越多的大客戶都對我們感興趣。

Adam Borg, Stifel.

Adam Borg，Stifel。

Maybe for Matthew, on the sales productivity gains, it's been great to see that continue. Are we at a point now where these gains are beginning to flatten out? Or is there still room for this to continue to trend higher in the coming quarters?

對馬修來說，銷售效率的提升能夠持續下去，或許是一件非常令人欣慰的事。現在這些成長動能是否開始趨於平緩了？或者說，未來幾季這種趨勢是否還有持續上漲的空間？

I think that we think that these will continue -- that the productivity will continue to tick up in coming quarters. I think that the caliber of the team that we're bringing on, their ability to sell much larger deals, all of which contribute to having a much higher productivity from the sales team. And so we think that there is still headroom there.

我認為這種情況將會持續下去——未來幾季生產力將繼續穩定提升。我認為，我們引進的這支團隊的素質，他們能夠促成更大額的交易，所有這些都有助於提高銷售團隊的生產力。因此，我們認為這方面還有提升空間。

And then I think importantly, in addition to that headroom, we've turned the corner starting last quarter on having the ramped rep capacity also ticking up again. So I think we've gotten through what was a period of time where we really needed to revamp the sales team, and we're -- and now we're seeing the benefits of that coming out the other side.

而且我認為更重要的是，除了這個空間之外，從上個季度開始，我們的產能也開始逐步提升，這標誌著我們迎來了轉機。所以我覺得我們已經度過了需要徹底重組銷售團隊的時期，現在我們正在看到重組帶來的好處。

That's great to hear. And maybe just as my follow-up, it was really interesting to see a few weeks back the integration with Oracle OCI that was announced. Maybe talk a little bit about what advantages does it provide to those OCI customers?

聽到這個消息真是太好了。另外，我想補充一點，幾週前宣布的與 Oracle OCI 的整合真的很有趣。或許可以談談它能為 OCI 客戶帶來哪些優勢？

Yes. So we're really excited to work with Oracle. They've been a terrific partner for us over the years. They evaluated Cloudflare's products and realized that we were really the best of breed for what they could offer to their customers.

是的。我們非常高興能與Oracle合作。多年來，他們一直是我們的優秀合作夥伴。他們評估了 Cloudflare 的產品，並意識到就他們能夠為客戶提供的產品而言，我們才是真正的最佳選擇。

And so Cloudflare will be natively available within Oracle's OCI platform, including across hybrid, multi-cloud and OCI hosted workloads, which gives us access to a large pool of customers and gives Oracle's customers access to Cloudflare's world-class tools.

因此，Cloudflare 將原生支援 Oracle 的 OCI 平台，包括混合雲、多雲和 OCI 託管的工作負載，這使我們能夠接觸到大量的客戶，也讓 Oracle 的客戶能夠使用 Cloudflare 的世界級工具。

I think one of the things that we're particularly aligned on is that we and Oracle both see the future as a multi-cloud future, where customers are going to have many different cloud providers. And what they need is one consistent interface where they can apply security rules, have consistent network performance.

我認為我們雙方特別認同的一點是，我們和 Oracle 都認為未來是多雲的未來，客戶將擁有許多不同的雲端供應商。他們需要的是一個統一的介面，可以在其中應用安全規則，並獲得穩定的網路效能。

And Cloudflare is the best in the world at doing that. And so I think the fact that we have been able to work with Oracle, integrate our products directly into Oracle and Oracle's customers are going to be able to enjoy the benefits of that. That's great for us, but it's also great for Oracle, and we're excited to have them as an even more deeply integrated partner.

而 Cloudflare 在這方面是世界上最好的。因此，我認為我們能夠與 Oracle 合作，將我們的產品直接整合到 Oracle 中，Oracle 的客戶將能夠享受由此帶來的好處。這對我們來說是好事，對 Oracle 來說也是好事，我們很高興能與他們建立更深入的合作關係。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Congrats on the quarter. Matthew and Thomas, I wanted to revisit your comment from earlier in the year about doubling your network capacity this year. So my question is, do you think that you're capacity constrained in Workers? To what extent are the capacity decisions that you're making this year essentially dictating a range of outcomes on what Workers revenue could be next year? And I know you have some really interesting thoughts on fungibility of workloads between CPUs, older gen GPUs, and newer gen GPUs.

恭喜你本季取得佳績。馬修和湯瑪斯，我想再次談談你們今年早些時候提出的將網路容量翻倍的建議。所以我的問題是，您認為貴公司在員工方面是否有產能限制？今年您做出的產能決策在多大程度上決定了明年員工收入可能達到的水平？我知道你對 CPU、舊一代 GPU 和新一代 GPU 之間的工作負載可互換性有一些非常有趣的想法。

So I would love to hear your comments there as well.

所以，我也想聽聽你們的看法。

Sure. I don't think we're capacity constrained because of somewhat the nature of how we've architected Cloudflare and the philosophy of how we make CapEx and network investments. We always have tried to invest behind demand, not ahead of demand.

當然。我不認為我們有容量限制，這在某種程度上與我們建立 Cloudflare 的方式以及我們進行資本支出和網路投資的概念有關。我們一直努力做到落後於需求進行投資，而不是超前於需求。

And the thing that allows us to do that is that what we are selling is not a particular box in a particular place or a fraction of a particular box in a particular place. What we're selling is the ability to get work done across our network.

我們之所以能夠做到這一點，是因為我們銷售的不是某個特定地點的某個特定盒子，也不是某個特定地點的某個特定盒子的一部分。我們銷售的是在我們的人脈內完成工作的能力。

And so Cloudflare itself is effectively a giant scheduler where we can move workloads to wherever we have capacity anywhere in the world. And the nature of the network is that it's always somewhere it's the middle of the night, and there's always excess capacity there.

因此，Cloudflare 本身實際上是一個巨大的調度器，我們可以將工作負載遷移到世界各地任何有容量的地方。網路的特性就是，即使在深夜，也總會有某個地方有過剩的容量。

Now that's not ideal, but the good news is that for some of our smaller customers or low-end customers or free customers, we can move them to places across the network that has that free capacity, still gives them a great performance. But then reserve the capacity that we have as close as possible to our largest customers.

雖然這並不理想，但好消息是，對於我們的一些小型客戶、低端客戶或免費客戶，我們可以將他們轉移到網路中擁有空閒容量的地方，仍然可以為他們提供良好的效能。但我們會盡可能將現有產能保留給最大的客戶。

As we see that growth, that then means that we can invest behind it and be able to just make sure that we're getting the most utilization possible. The other thing that I think is unique about us is that certainly versus the hyperscalers, the primary business of the hyperscaler is to essentially rent you a server or a fraction of a server, and they try to effectively get whatever they pay for the server back 5 times over the life of the server. That's their business.

看到這種成長，就意味著我們可以加大投入，確保實現最大限度的利用率。我認為我們公司另一個獨特之處在於，與超大規模資料中心營運商相比，超大規模資料中心營運商的主要業務本質上是出租一台伺服器或伺服器的一部分，他們試圖在伺服器的生命週期內有效地收回他們為伺服器支付的費用 5 倍。那是他們的事。

Whereas we're about, again, getting work done for our customers. We're selling something different, which is a sort of level of abstraction up from that. What that means is that we believe it's our job, not our customers' job to make the utilization rates as high as possible, make our systems as efficient as possible.

而我們，再次強調，是為了給客戶完成工作。我們銷售的是不同的產品，它比那款產品抽象得多。這意味著我們認為，盡可能提高利用率、盡可能提高系統效率是我們的責任，而不是客戶的責任。

And so it's been remarkable to see over the last 15 years, how our team has been able to squeeze as much as possible out of the CPU capacity that we have, where we can run that CPU capacity at 70% to 80% utilization and get more out of every CapEx dollar we spend.

因此，在過去的 15 年裡，我們團隊能夠最大限度地利用現有的 CPU 容量，使 CPU 容量的利用率達到 70% 到 80%，從而讓我們的每一美元資本支出都物有所值，這令人矚目。

But what's fascinating is we're sort of speed running the last 15 years now with GPUs, where we're figuring out how to make GPUs multi-tenant, how to make them load and unload models more quickly and driving the utilization of GPUs up substantially. And so that is still well below what we have with CPUs, but we see no reason that we can't get GPUs also up to that 70%, 80% utilization.

但令人著迷的是，我們現在正以某種速度重現過去 15 年 GPU 的發展歷程，我們正在探索如何使 GPU 實現多租戶，如何讓它們更快地加載和卸載模型，並大幅提高 GPU 的利用率。因此，這仍然遠低於 CPU 的使用率，但我們認為沒有理由不能讓 GPU 的使用率也達到 70%、80%。

And that, again, just means that every CapEx dollar that we spend, both can be behind the demand that we see. And then secondly, that we'll get more out of it, more effective value out of it for the services that we're delivering our customers versus some of the legacy hyperscaler models.

這再次表明，我們花費的每一美元資本支出，都可能低於我們所看到的需求。其次，與一些傳統的超大規模資料中心模式相比，我們將從中獲得更多、更有效的價值，從而更好地為客戶提供服務。

The additional point I would make is in addition to what Matthew said is that the supply chain within Cloudflare is so optimized to a large degree because we use off-the-shelf equipment and parts that we can deploy hardware, especially in Tier 1 cities and generate revenue even before we start to pay for the equipment. So not only do we have the flexibility that Matthew described really well at length, our reaction time to deploy hardware where we need it is really, really fast.

我還要補充一點，除了 Matthew 所說的之外，Cloudflare 的供應鏈之所以如此優化，很大程度上是因為我們使用現成的設備和零件，這樣我們就可以部署硬件，尤其是在一線城市，甚至在我們開始支付設備費用之前就能產生收入。因此，我們不僅擁有馬修詳細描述的靈活性，而且我們在需要的地方部署硬體的反應時間也非常非常快。

That makes sense. The follow-up is on competition for Cloudflare in the enterprise for securing those inference workloads and winning those inference workloads in particular. Matthew, I would love to hear you comment how do you think competition is evolving in the enterprise as you build out some of the breadth and depth of your functionality? And on the flip side, are you seeing anything new from newer platforms, newer cloud platforms that are AI native or inference focused?

這很有道理。後續報導將探討 Cloudflare 在企業中如何應對競爭，尤其是在保護推理工作負載和贏得這些推理工作負載方面。馬修，我很想聽聽你的看法，隨著你不斷拓展、深化你的功能，你認為企業中的競爭格局將如何演變？另一方面，您是否看到一些新的平台，例如原生支援人工智慧或專注於推理的新型雲端平台？

I think that the primary competition for inference workloads continues to be the hyperscalers. And it continues to be the model of do you want to do this work yourself and have to optimize yourself or do you want to hand it off to Cloudflare.

我認為推理工作負載的主要競爭對手仍然是超大規模資料中心營運商。而這仍然是這樣的模式：你是想自己完成這項工作並進行最佳化，還是想把它交給 Cloudflare？

And I think in the cases where we're in the conversation, we're able to show that there's just a much better TCO, total cost of ownership, a much lower cost, much better performance when we manage that for you. And so there's kind of a standard way people do things, which is the hyperscaler way. We're having to teach them that there is a different way that's out there.

我認為，在我們參與討論的案例中，我們能夠證明，如果我們為您管理，總擁有成本 (TCO) 會更低，效能也會更好。因此，人們做事的方式大致遵循某種標準，這就是超大規模資料中心的方式。我們必須讓他們明白，還有另一種生活方式。

But the primary competition still comes from the hyperscalers. And I think that we are finding, though, that once somebody learns that there's a better way that Cloudflare is very, very sticky, and we keep those customers over the long term.

但主要的競爭仍來自超大規模資料中心。不過，我認為我們發現，一旦有人了解到 Cloudflare 有更好的方法，他們就會非常非常忠誠，我們可以長期留住這些客戶。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Congrats on the quarterly results. So many new product announcements in recent weeks during Cloudflare Connect and Birthday Week. Specifically, Matthew, I wanted to ask about NET Dollar. We have received many questions about this product. It could become a meaningful long-term growth driver.

恭喜貴公司取得季度業績。最近幾週，在 Cloudflare Connect 和周年慶週期間，發布了許多新產品。具體來說，馬修，我想問關於淨美元的問題。我們收到了很多關於這款產品的諮詢。它有可能成為重要的長期成長動力。

How should we think about the regulatory framework around it? And what has been maybe the early reception kind of out there?

我們該如何看待圍繞它的監管框架？那麼，目前外界的早期反應如何呢？

And maybe along these lines, my follow-up will be maybe a word about AI gatekeeper. I know you started discussing it more vocally last quarter. Lots has changed over the past few months. You've indicated some initial activity, some contract wins around the guardrails from publishers and AI companies. So can you talk to us about what has changed in recent months?

或許，沿著這個思路，我的後續文章會談談人工智慧守門人。我知道你上個季度開始更公開地討論這個問題。過去幾個月發生了很多變化。你們已經展現出一些初步的行動，在出版商和人工智慧公司等相關領域贏得了一些合約。那麼，您能跟我們談談最近幾個月發生了哪些變化嗎？

And is there anyone else out there emerging with a similar offering?

有其他人推出類似產品嗎？

So let's start with NET Dollar. So as we have really interacted with AI companies, but also the merchants and media companies and the real long tail of the Internet, much of which sits behind us. What we realized was that as we move into a world of agentic commerce, we're going to need a currency to pay for the commerce that is done between agents that is really designed specifically for that task. And that's the spirit with which we started the NET Dollar project.

那麼，我們先從淨美元開始。因此，我們不僅與人工智慧公司進行了互動，還與商家、媒體公司以及網路的真正長尾（其中許多都位於我們身後）進行了互動。我們意識到，隨著我們邁入代理商業的世界，我們需要一種專門為代理商之間進行的商業交易而設計的貨幣來支付這些交易。正是秉持著這種精神，我們啟動了 NET Dollar 計畫。

Now we're not -- we're unlikely to do it entirely ourselves for some of the regulatory reasons that you're familiar with, but there are lots of opportunities. And if you think about someone like Stephanie Cohen on our team, who is very familiar with the challenges of working in the financial services space, I think we're approaching it in a thoughtful way and are confident that we can execute in a way that is both going to help facilitate agent-to-agent commerce and be something that it fits well within any of the regulatory regimes that we have both in the US and around the rest of the world.

現在我們不太可能完全自己去做——因為一些你也知道的監管原因——但有很多機會。想想我們團隊中的 Stephanie Cohen，她非常熟悉金融服務領域的挑戰，我認為我們正在以深思熟慮的方式處理這個問題，並且有信心我們能夠以一種既有助於促進代理商之間的商業活動，又能很好地適應我們在美國和世界其他地區任何監管制度的方式來執行。

At the same time, that is only one of our bets in this area. And I think a little bit the way that we're thinking about this is that we want to be the Babel fish of AI, sort of the universal translator, whether you're using MCP, the Anthropic protocol or Google's version of it or Microsoft's version of it, Cloudflare supports all of those.

同時，這只是我們在該領域的眾多投資之一。我認為我們思考這個問題的方式有點像是，我們想成為人工智慧領域的巴別魚，某種通用翻譯器，無論你使用的是 MCP、Anthropic 協議、谷歌的版本還是微軟的版本，Cloudflare 都支援所有這些協議。

And so I think in addition to the excitement that we've seen around NET Dollar, I am equally excited about the partnerships that we're doing with Coinbase around X402, with Visa, Mastercard, American Express, around how you can create agent-to-agent payments.

因此，除了我們看到的 NET Dollar 帶來的興奮之外，我也同樣對我們與 Coinbase 就 X402、Visa、Mastercard、American Express 等開展的合作感到興奮，這些合作旨在實現代理之間的支付。

And I think that Cloudflare is a network, and what you want networks to be able to do is facilitate the ability for connection to happen and do it regardless of what makes sense. So we think there are potentially some advantages to what we're building with NET Dollar, but we're not all in on any one of these things.

我認為 Cloudflare 是一個網絡，而你希望網絡能夠做到的是促進連接，並且無論連接是否合理都要連接。所以我們認為，我們利用 NET Dollar 建立的東西可能有一些優勢，但我們並沒有完全投入其中任何一項。

We want to make sure that we support everything, and we can meet both customers and merchants and media companies, small, large, everything in between, wherever it is that they exist. And I think that's something that is unique about our approach. It's actually very similar to the answer to the previous question. We really do believe in multi-cloud and that we can be the facilitator of that.

我們希望確保我們能夠支援所有方面，無論客戶、商家、媒體公司規模大小，無論他們身處何地，我們都能滿足他們的需求。我認為這是我們方法的獨特之處。實際上，這與上一個問題的答案非常相似。我們真心相信多雲，並且相信我們能夠成為多雲的推動者。

We also believe that there are going to be multiple different ways to pay. There are going to be multiple different agentic protocols, and they are going to be hopefully many, many, many AI companies interacting with many media and businesses to create a more frictionless and AI-powered future of commerce. And I think that we see ourselves in the center of that.

我們也相信會有多種不同的支付方式。未來將會出現多種不同的代理協議，而且預計會有許多許多人工智慧公司與眾多媒體和企業互動，創造一個更順暢、由人工智慧驅動的未來商業環境。我認為我們正處於這一切的中心。

In terms of sort of gatekeeper, so we have a product that's called AI Gateway. I don't think that's what you're asking about. I think you're asking about the product around us thinking about how do we help media companies figure out a new business model for the future.

就守門人而言，我們有一款名為 AI Gateway 的產品。我覺得你問的應該不是這個。我認為你是在問我們周圍的產品，思考我們如何幫助媒體公司找到面向未來的新商業模式。

I think that, yes, I think that's going just extremely well. Like the number of media companies that are signed up and engaged is powerful. We're hearing from them about how the deals that they are able to do with AI companies have gotten markedly better, and we are getting a lot of praise for that. There will be others that compete with us in this space.

是的，我認為進展非常順利。例如，註冊並參與的媒體公司數量就很有影響力。我們從他們那裡了解到，他們與人工智慧公司達成的交易明顯變得更好了，我們也因此獲得了許多讚譽。在這個領域，還會有其他公司與我們競爭。

But I think one of the things that has really set us apart is -- and this is thanks to our over time, just significant investment in public policy and the side of the house that maybe doesn't always get as much attention. But I think we have been thought leaders in thinking about what does the future business model of the Internet look like. And that is getting us into a number of different conversations.

但我認為真正讓我們脫穎而出的一點是——這要歸功於我們長期以來對公共政策和議會中可能不太受關注的領域的大量投資。但我認為，我們在思考網路的未來商業模式方面一直處於思想領袖的地位。這就引出了許多不同的主題。

And as we have done that, it's been clear that it's not just traditional media companies. But frankly, at banks, the research departments they're a little nervous because they're seeing ticks down in the amount of research that people are paying for because the AI companies are slowing that up.

隨著我們深入研究，很明顯，這不僅僅是傳統媒體公司的問題。但坦白說，銀行的研究部門有點緊張，因為他們發現人們付費進行的研究數量正在減少，因為人工智慧公司正在減緩這一趨勢。

So that's open conversations with financial services companies. We're seeing challenges with brands that are worried about what does a brand mean in the future of agentic commerce. We're seeing challenges from small businesses.

所以，這就是與金融服務公司進行公開對話的方式。我們看到，有些品牌正面臨挑戰，它們擔心在未來的代理商業中，品牌意味著什麼。我們看到小企業面臨挑戰。

And I think one of the things that I am passionate about is how do we make sure that as this new paradigm, as this new platform emerges, how do we make sure that everybody has a fair shot to be able to participate in it. And so we will continue to do what we always have done, which is make our tools available to everyone, large and small.

我認為我熱衷的事情之一是，隨著這種新範式、新平台的出現，我們如何確保每個人都有公平的機會參與其中。因此，我們將繼續做我們一直以來所做的事，那就是讓所有人，無論大小，都能使用我們的工具。

Fatima Boolani.

法蒂瑪·布拉尼。

Matthew, I wanted to ask you about the AI native ecosystem. It is embryonic, but on an absolute tear, there's so much capital flowing into the space, and you have taken a very active interest in bringing these AI natives on to the Workers and Workers AI platform.

馬修，我想問你關於人工智慧原生生態系統的問題。雖然還處於萌芽階段，但發展勢頭迅猛，大量資金湧入該領域，而您也對這些人工智慧原生人才加入 Workers 和 Workers AI 平台表現出了非常積極的興趣。

So what I wanted to ask you specifically was, can you help us think about the AI native exposure that you have today in the business? Anything that we should worry about from a concentration standpoint at this present time?

所以我想具體問您的是，您能否幫我們思考一下您目前在業務中接觸到的 AI 原生應用情況？目前從注意力集中的角度來看，我們該擔心什麼？

And then maybe at a higher level, some of the engagement that you are seeing from a pool of funds perspective, how much of that is drawing in more AI-native eyeballs specifically because of the differentiation that you provide from an architectural standpoint at the edge for AI inferencing?

然後，或許從更高的層面來看，從資金池的角度來看，您看到的一些參與度中，有多少是因為您在人工智慧推理的邊緣架構方面提供的差異化而吸引了更多人工智慧原生用戶？

Yes. So I think that even though we're excited about AI and AI inference, it is still a relatively de minimis portion of our overall revenue, growing fast, but not -- I don't see any current concentration risk that's there. And what we're seeing is actually sometimes it's not the inference products that initially get interest from the AI native companies. It's actually the security products.

是的。所以我認為，儘管我們對人工智慧和人工智慧推理感到興奮，但它在我們整體收入中所佔的比例仍然相對較小，雖然成長迅速，但——我看不出目前有任何集中風險。我們看到的情況是，有時人工智慧原生公司最初感興趣的並不是推理產品。實際上是安防產品。

And the reason why is the cost of AI, every query can be so high that making sure that you don't have fraudulent queries running through your system is critical in order to make sure that you can continue to operate cost effectively.

原因在於人工智慧的成本，每次查詢的成本都可能非常高，因此確保系統中沒有欺詐性查詢至關重要，這樣才能保證能夠繼續以經濟高效的方式運作。

And so many of the AI companies, we estimate that about 80% of AI companies use us in one way or another. But a lot of the times, that's using us for actually securing some of our -- really our Act 1 products. And then we are working on getting more and more of them to use the inference products as well.

因此，我們估計大約 80% 的人工智慧公司以某種方式使用我們的技術。但很多時候，他們利用我們來確保我們的一些產品——實際上是我們的 Act 1 產品。然後，我們正在努力讓越來越多的人也使用推理產品。

In terms of what we can do that others can't do, I think you're absolutely right that being able to be close to users is important for a latency perspective. And that's -- and when you have human computer interaction, especially with something that is seems almost alive when you're interacting with it.

就我們能做到而別人做不到的事情而言，我認為你說的完全正確，能夠靠近用戶對於降低延遲非常重要。而且——尤其是在人機互動時，特別是當與某個在你互動時幾乎像活物一樣的東西互動時。

Every millisecond counts because it breaks that illusion if things slow down, especially as you get to things like voice communication and other things that need to have kind of a natural rhythm to them. And so I think we're well positioned for that.

每一毫秒都很重要，因為如果速度減慢，就會打破那種錯覺，尤其是在語音交流和其他需要自然節奏的事情上。所以我認為我們在這方面已經做好了充分的準備。

But in addition to that, because of the fact that we are taking the responsibility for driving utilization, and we're better at that than most customers are on their own, we can often, in addition to giving better performance, also give a lower cost of functioning. And again, I think that, that keeps us in a pretty healthy space. And so I have no doubt that there's going to be kind of ups and downs in AI over the coming months and years.

但除此之外，由於我們承擔了提高利用率的責任，而且我們在這方面比大多數客戶自己做得更好，因此我們通常除了提供更好的效能外，還可以降低營運成本。而且我認為，這讓我們保持著相當健康的心態。因此，我毫不懷疑，未來幾個月甚至幾年內，人工智慧領域將會出現起伏。

But it's clear to me that there is something very, very real here that it is going to be transformative that a lot of inference will run on your handset or your driverless car directly there, but that if it can't run there, it needs to run somewhere else, the next best place for it to run is in the network. And Cloudflare is the only network that gives you that capability on a global basis today. And I think that, that's going to continue to allow us to win workloads regardless of what happens to AI generally.

但對我來說，很明顯，這裡存在著一些非常非常現實的事情，那就是很多推理將直接在你的手機或無人駕駛汽車上運行，這將具有變革性意義。但如果它不能在那裡運行，就需要在其他地方運行，那麼下一個最佳運行地點就是網路。而 Cloudflare 是目前唯一一家能夠提供全球範圍內這種能力的網路。我認為，無論人工智慧整體上發生什麼變化，這都將繼續使我們能夠贏得工作負載。

One comment I want to make, just to make sure we have no misunderstanding. When we say de minimis, we mean that no customer is bigger than 2% of revenue.

我還要補充一點，以確保我們之間沒有誤會。我們所說的“微不足道”，是指任何客戶的銷售額都不超過公司收入的 2%。

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

So Matthew, we noticed that Cloudflare is upgrading its security to be quantum safe so that data stays protected even when quantum computers eventually arrive, whenever that's going to be. I'm wondering if you can just describe the work you're doing?

馬修，我們注意到 Cloudflare 正在升級其安全性，使其能夠應對量子安全問題，這樣即使量子電腦最終到來（無論何時到來），資料也能保持安全。我想請您簡單描述一下您正在做的工作？

And do you think this is more of a long-term science project that won't matter for, say, 5 to 10 years? Or do you think it's something that could have some implications in the medium term? And then I have a quick follow-up.

你認為這更像是一個長期的科學項目，在比方說 5 到 10 年內不會產生影響嗎？或者你認為這可能會在中期內產生一些影響嗎？然後我還有一個簡短的後續問題。

Yes. I have sort of mixed feelings on quantum, where I think there's a sort of a lot of fear, uncertainty and doubt in the marketplace where people are going to say on quantum changes everything and it's going to be apocalyptic.

是的。我對量子科技的感覺很複雜，我認為市場上有許多恐懼、不確定性和懷疑，人們會說量子科技會改變一切，會帶來世界末日。

That is not my opinion. I think quantum changes some interesting things. I think it's likely that you'll have more efficient package delivery that you'll be less likely to be delayed on your flight. And it does -- it will cause problems for some of the older generations of cryptography. But that's a very solvable problem.

那不是我的觀點。我認為量子力學改變了一些有趣的事。我認為，更有效率的包裹遞送服務可能會降低您航班延誤的可能性。確實如此——這將為一些老一代的密碼學技術帶來問題。但這其實是一個很容易解決的問題。

And I think the thing that is unique about Cloudflare is that we have the scale on the content side to help figure out what the right solution is. And so we have partnered in the past and are continuing to partner with Google, who has scale on the eyeball side with Chrome browsers to be able to figure out what is a future-proof version of cryptography that will stand up even as we eventually have powerful quantum computers.

我認為 Cloudflare 的獨特之處在於，我們在內容方面擁有規模優勢，可以協助找到合適的解決方案。因此，我們過去曾與Google合作，現在也將繼續與Google合作，Google憑藉 Chrome 瀏覽器在用戶數量方面擁有龐大的規模，能夠找到一種面向未來的加密技術，即使我們最終擁有強大的量子計算機，這種技術也能經受住考驗。

And so we've worked together. We helped submit the data that went back to the Internet Engineering Task Force, the IETF and to NIST to standardize some of the new protocols that have been released. We have rolled that out across our entire network for every customer, whether they pay us or not, because we believe that everybody should have the foundational levels of the best of security at no cost.

於是我們就一起工作了。我們協助將數據提交給互聯網工程任務組 (IETF) 和美國國家標準與技術研究院 (NIST)，以便對一些新發布的協議進行標準化。我們已在整個網路中為所有客戶（無論他們是否付費）推出了這項服務，因為我們相信每個人都應該免費享受到最高級別的安全保障。

And as you all upgrade your browsers on your phones and your laptops, all of them now are supporting post-quantum cryptography. The reason it's important to do now, even if we don't think that there are going to be quantum computers that can factor giant numbers, which is what you need to do in order for it to affect cryptography is the risk of storing the data. So if you just hoovered up a bunch of Internet data and then held on to it, you could, in the future, replay that and decrypt it.

隨著大家升級手機和筆記型電腦上的瀏覽器，它們現在都支援後量子密碼學。現在做這件事很重要，即使我們認為不會出現能夠分解巨型數位的量子電腦（而這正是它影響密碼學所必需的），因為存在儲存資料的風險。所以，如果你收集了大量網路資料並保存下來，將來你就可以重播這些資料並將其解密。

And so for most of our customers, like it's no big deal. Like if your credit card number today gets compromised 10 years from now, it doesn't really matter because your credit card number has probably changed several times in that period of time.

所以對我們大多數的客戶來說，這就不算什麼大事。例如，如果你的信用卡號在10年後被盜用，其實也沒什麼大不了的，因為你的信用卡號在那段時間可能已經換過好幾次了。

But for some of our customers, including the US government cabinet level agency that we did a renewal with, this is incredibly important. And the reason it's important to do it broadly is you need to make sure that you're doing it in a way which is still fast, isn't burning a ton of battery life on phones. And what we can do in partnership with organizations like Google is actually roll out real-world tests and prove that it's possible and cost effective to do it.

但對於我們的一些客戶，包括與我們續約的美國政府內閣級機構而言，這一點極為重要。之所以要廣泛地進行這項操作，是因為你需要確保你的操作方式仍然快速，不會消耗手機大量的電池電量。我們可以與Google等機構合作，進行實際的測試，證明這樣做是可行且經濟有效的。

So I think -- I don't think science project is the right thing. I do think forward leaning is the right thing. And I think it is an example of how Cloudflare is always trying to live up to our mission of helping build a better Internet.

所以我覺得——我覺得做科學專案不太適合。我認為向前傾斜是正確的做法。我認為這體現了 Cloudflare 如何始終努力實踐我們幫助建立更美好網路的使命。

Yes, that is pretty fascinating. Just as a very quick follow-up. You mentioned egress fees I think last call and again, this call, I should say, the elimination of egress fees. It feels like you're winning some real business that's partly tied to that. Can you just touch on the economics that, that would unlock for the customer by removing those fees?

是的，這真是太有趣了。簡單補充一下。我想你上次通話提到了出境費，這次通話我又提到了取消出境費。感覺你正在贏得一些真正的生意，而這其中一部分與此有關。您能否簡要談談取消這些費用將為客戶帶來哪些經濟效益？

Yes. I mean, so egress fees are the cost that -- when we talk about them, the cost that hyperscalers charge you every time your data leaves their system. And hyperscalers have been notorious at keeping egress fees high.

是的。我的意思是，出口費用就是我們所說的費用，也就是超大規模資料中心每次你的資料離開其係統時向你收取的費用。而超大規模資料中心營運商一直以來都以收取高額的出口流量費用而臭名昭著。

And it's actually one of the places where there's the most leverage because at scale, bandwidth becomes extremely inexpensive and really gets close to being free. And that's a longer conversation than we probably have time for but that's just the fact. And yet, even as the hyperscalers bandwidth costs have dropped and dropped and dropped, they've not passed those savings on to customers.

實際上，這是最有優勢的地方之一，因為規模化之後，頻寬會變得極其便宜，幾乎可以忽略不計。這需要比我們能抽出的時間更長的時間來討論，但事實就是如此。然而，儘管超大規模資料中心營運商的頻寬成本不斷下降，但他們並沒有將這些節省下來的成本讓利給客戶。

The reason they don't pass those savings on to customers is because they don't want the data to leave. They like to hoard all of a customer's data. And so what we believe is that it's the right thing to let customers take their data wherever.

他們之所以不把這些省下來的成本讓利給客戶，是因為他們不想讓資料流失。他們喜歡囤積客戶的所有數據。因此，我們認為讓客戶隨時隨地攜帶他們的資料是正確的做法。

We believe that a multi-cloud universe is the right universe. And so products like R2, which is our object store, allow customers to take their data, their heavy object data that they usually have to pay a lot for if they have to move it around and move it onto our network where they can move it anywhere they need and be able to access it.

我們認為多雲宇宙才是正確的宇宙。因此，像 R2（我們的物件儲存）這樣的產品，可以讓客戶將他們的資料（通常是他們需要支付很多費用才能移動的大量物件資料）移動到我們的網路上，這樣他們就可以將資料移動到任何需要的地方並能夠存取它。

And so I think that what we're trying to do is say customers should be able to use whatever combination of clouds makes sense for them and that Cloudflare is the network that connects them all together and gives them the controls they need in order to do so safely, securely, efficiently, reliably, and quickly.

所以我認為我們努力的目標是讓客戶能夠使用任何對他們來說合理的雲端組合，而 Cloudflare 就是將它們全部連接起來的網絡，並賦予他們安全、可靠、高效、穩定、快速地完成這些操作所需的控制權。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

The first one, Matthew, certainly losing CJ is a real loss, even if it is a great opportunity. And I'm just curious, whether you feel comfortable with the bench that he leaves behind and how you kind of ensure maybe that he either is or will be replaceable?

首先，馬修，失去 CJ 當然是一個很大的損失，即使這是一個絕佳的機會。我只是好奇，你是否對他留下的替補陣容感到滿意，以及你如何確保他現在或將來是可以被取代的？

Yes. So first of all, I mean, CJ is terrific. And we can't talk about where he's going, obviously, but they are lucky to have him. And while we are bummed that he's leaving, I'm also really proud and excited for him. And this has definitely been a career goal of his for a long time. And so I'm glad that he's found his way to what I think is an outstanding technology company that he'll be leaving.

是的。首先，我的意思是，CJ 非常棒。我們當然不能透露他要去哪裡，但他們能擁有他真是太幸運了。雖然我們對他的離開感到難過，但我同時也為他感到非常自豪和興奮。這無疑是他長期以來的職業目標之一。所以我很高興他找到了新的去處，加入了一家我認為非常優秀的科技公司，但他即將離開這家公司。

What's the good news for us is that when CJ came in, he actually didn't make many changes or even hire all that many people to Cloudflare. He looked around our engineering team and said, these are exceptional engineers. These are exceptional product leaders.

對我們來說的好消息是，CJ 接手 Cloudflare 後，實際上並沒有做出太多改變，也沒有招募太多人。他環顧我們的工程團隊，說：“這些都是非常優秀的工程師。”這些都是傑出的產品領導者。

What they need is someone who can come in and really focus them on being customer obsessed. And CJ has done a great job of implicating that customer obsession into our product and engineering team.

他們需要的是一個能夠真正幫助他們專注於以客戶為中心的人。CJ 在將這種以客戶為中心的理念融入我們的產品和工程團隊方面做得非常出色。

And that's something that we're not going to forget. But there isn't -- I don't think that there's a significant flight risk of people fleeing because they came for CJ and now CJ has gone. They came for Cloudflare. CJ was great as a member of Cloudflare. And I think that, that bench continues to be strong.

這是我們不會忘記的事。但我認為這並沒有——我不認為有人會因為追捕 CJ 而逃離，因為他們現在 CJ 已經離開了。他們是為了Cloudflare而來。CJ在Cloudflare工作期間表現出色。我認為，這個陣容依然強大。

And then both CJ as well as our team, now that we've got the news out of the way, I think that this is the most exciting job if you're a product or engineering leader anywhere in the world working in tech, you get to help build the future. You get to help invent what the business model of the future of the Internet is going to be. There is nothing that is more exciting than that.

現在消息已經公佈，無論是 CJ 還是我們的團隊，我認為如果你是世界各地科技行業的產品或工程領導者，這都是最令人興奮的工作，因為你可以幫助建立未來。你可以參與創造未來網路的商業模式。沒有什麼比這更令人興奮的了。

And so I think we'll have -- CJ is one of a kind, but we will have no trouble finding someone else who is world-class. And I think the thing that will be the real legacy of CJ is that you will have taught us how important in product and engineering being customer-obsessed is and whoever comes next, I bet that's going to be something that you'll say, wow, that person has that quality as well.

所以我覺得我們會有──CJ是獨一無二的，但我們找到其他世界級人才應該不成問題。我認為CJ真正留下的遺產是，你教會了我們以客戶為中心在產品和工程領域的重要性，無論誰接任，我敢打賭，你都會說，哇，這個人也具備這種品質。

Okay. That makes sense. And then a real quick follow-up. Matthew, you mentioned earlier the move from a product-led growth company to more of an enterprise company. The other side of that coin is now seasonality matters, right?

好的。這很有道理。然後還有一個非常簡短的後續問題。馬修，你之前提到公司從產品驅動型成長公司轉變為企業型公司的轉變。但另一方面，季節性因素現在也很重要，對吧？

We're heading into a fourth quarter. If you're selling more enterprises, that makes December all that much more important than prior December. So I'm curious about how the pipeline has built through the year and what you're kind of expecting as you're going into a more enterprise-ready fourth quarter than is typical for Cloudflare.

我們即將進入第四季。如果你正在銷售更多企業，那麼12月就比往年的12月重要得多。所以我很好奇，今年以來，你們的業務發展如何，以及隨著第四季比以往更加面向企業用戶，你們對此有何預期。

Let me get started, and Matthew can jump in. We gave the guidance we gave for the fourth quarter in light of what we are seeing. So we are very encouraged by the pipeline buildup for the fourth quarter, but guidance and foreshadowing what is going to come is more than just pipeline. We look at sales productivity. We look at the net sales capacity we add.

我先開始，馬修可以接著說。鑑於我們目前所看到的情況，我們對第四季度給出了相應的業績指引。因此，我們對第四季度的儲備項目感到非常鼓舞，但對未來的展望和預測不僅僅是儲備項目。我們專注於銷售效率。我們專注於新增的淨銷售能力。

We look at the motion and velocity in the developer business and all the indicators that we are currently seeing are reflected in how we guide for the quarter. So pipeline is encouraging, but there are more factors contributing to the picture we have of what is in front of us. And you heard from both of us that we are quite optimistic in how we look at the future.

我們專注於開發商業務的發展趨勢和速度，目前我們看到的所有指標都反映在我們對本季的預測中。因此，管道建設令人鼓舞，但還有更多因素影響我們對未來情勢的判斷。正如我們兩人所說，我們對未來持相當樂觀的態度。

Yes. And we've had -- we have lived with some level of seasonality for quite some time. You can see that historically, Q4 performs more than earlier quarters. But having gotten pipeline review meetings, I think we feel very good about where the coverage is for what we have in Q4. And again, it's just part of the journey of being more and more of a true enterprise sales company.

是的。而且，我們已經——我們已經與某種程度的季節性變化共存了相當長一段時間了。從歷史數據可以看出，第四季業績通常優於先前的季度。但是，在進行了產品線審查會議之後，我認為我們對第四季度產品的覆蓋範圍感到非常滿意。再說一遍，這只是我們不斷成長為真正的企業銷售公司過程的一部分。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Matthew, first for you. I just wanted to see, can you please provide an update on the trends you're seeing in the SASE market specifically? Would just love to get an update on traction you're seeing out there as well as how the competitive landscape is changing, if at all, from where we were a couple of months ago.

馬修，首先是你的。我想了解一下，您能否具體介紹一下您觀察到的SASE市場趨勢？我很想了解你們目前在市場上的發展情況，以及與幾個月前相比，競爭格局是否有所改變。

Yes. I mean I think our SASE product when we're in consideration is performing extremely well. We don't see significant changes in the competitive landscape. We think we are very competitive. I think the biggest change for us has been just a kind of the proverbial forehead slapping moment of just looking at Netskope's S1 seeing that 95% of their sales are through channel, seeing the same thing for a while, we thought that, that was sort of an aberration for Zscaler and realizing the way that you sell these products is through partners.

是的。我的意思是，我認為我們正在考慮的SASE產品表現非常出色。我們認為競爭格局不會有重大變化。我們認為我們很有競爭力。我認為對我們來說最大的變化就像是恍然大悟，看到 Netskope 的 S1 95% 的銷售額都來自通路，我們之前也看到過同樣的情況，我們當時覺得這對 Zscaler 來說有點反常，後來才意識到銷售這些產品的方式是透過合作夥伴。

And so we are doubling down on that. You see that we're seeing a significant uptick in the partner-led opportunities. We have always, I think, had good kind of willingness to partner, but we haven't always made it as easy as possible to partner with us. I think we're cleaning that up and doing a good job getting that in shape. And that, I think, will be the big unlock for those products to be able to be sold. And those are critically important products for us because their gross margins are so high.

因此，我們將加倍投入。您可以看到，合作夥伴主導的機會顯著增加。我認為，我們一直都抱持著良好的合作意願，但我們並沒有讓合作變得盡可能容易。我認為我們正在清理那部分，並且做得很好，讓它步入正軌。我認為，這將是這些產品得以銷售的關鍵。這些產品對我們來說至關重要，因為它們的毛利率非常高。

And so as we're seeing strength in parts of our business like Workers, the best way to balance that out is also sell SASE as well because, again, it's something that has just extraordinarily high gross margins to it. Whereas products like Workers, the gross margins are good and will get better and better over time.

因此，當我們看到部分業務（例如工人保險）表現強勁時，平衡這種強勁勢頭的最佳方法也是銷售 SASE，因為 SASE 的毛利率非常高。而像 Workers 這樣的產品，毛利率很好，而且隨著時間的推移會越來越好。

But because they are newer products, they're not as optimized in that space. So I think this is a really opportune time, and I'm excited about sort of the partner-first strategy, especially with our SASE products.

但由於它們是較新的產品，因此在這一領域還沒有充分優化。所以我認為這是一個非常好的機會，我對這種以合作夥伴為先的策略感到興奮，尤其是在我們的 SASE 產品方面。

And with that, I will now turn the call back over to CEO and Co-Founder, Matthew Prince, for closing comments. Matthew?

接下來，我將把電話轉回給執行長兼共同創辦人馬修‧普林斯，請他作總結發言。馬修？

I just want to thank our entire team for an incredible quarter. It takes a ton of effort of people executing, of people innovating, and us being able to deliver results like this. Thank you so much and we'll see you back here again next quarter.

我只想感謝我們整個團隊，感謝他們為我們帶來了一個精彩的季度。這需要人們付出巨大的努力去執行，去創新，也需要我們能夠達到這樣的成果。非常感謝，我們下個季度再見。

Thanks, Matthew. And that concludes today's conference call. You may now disconnect. Have a great day, everyone.

謝謝你，馬修。今天的電話會議到此結束。您現在可以斷開連線了。祝大家今天過得愉快。