Cloudflare Inc (NET) 2025 Q4 法說會逐字稿

Hello, and welcome to the Cloudflare fourth quarter 2025 earnings call. (Operator Instructions)

大家好，歡迎參加 Cloudflare 2025 年第四季財報電話會議。（操作說明）

I would now like to turn the conference over to Phil Winslow. You may begin.

現在我將把會議交給菲爾·溫斯洛。你可以開始了。

Thank you for joining us today to discuss Cloudflare's financial results for the fourth 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 年第四季的財務表現。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.

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。

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.

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

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。

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.Unless otherwise noted, all financial numbers we talk about today other than revenue will be on an adjusted non-GAAP basis.

如需更全面地了解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，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。除非另有說明，除收入外，我們今天討論的所有財務數據均採用調整後的非GAAP準則。

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 our supplemental financial information referenced a few moments ago. We would also like to inform you that we will be participating in Baird's Silicon Slopes Conference on February 26 and Morgan Stanley's Technology, Media & Telecom Conference on March 3.

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 的調整表可以在我們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 2 月 26 日貝爾德舉辦的矽谷山坡會議和 3 月 3 日摩根士丹利舉辦的科技、媒體和電信會議。

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

現在我想把電話交給馬修。

Thank you, Phil. We had a terrific quarter. We achieved $614.5 million in revenue, up 34% year over year. We now have 4,298 customers paying us more than $100,000 per year, up 23% year over year. Revenue from these large customers grew 42% year over year, contributing 73% of our revenue in the quarter, up from 69% in the fourth quarter last year.

謝謝你，菲爾。我們這個季度業績非常出色。我們實現了 6.145 億美元的收入，年增 34%。我們現在有 4,298 位客戶每年支付給我們超過 10 萬美元，年增 23%。來自這些大客戶的營收年增 42%，佔本季營收的 73%，高於去年第四季的 69%。

Our dollar-based net retention was 120%, up 1% quarter over quarter and 9% year over year. Our gross margin was 74.9%, just below our long-term target range of 75% to 77%. We delivered operating profit of $89.6 million, representing an operating margin of 14.6% and we generated strong free cash flow of $99.4 million during the quarter, again exceeding expectations.

我們以美元計的淨留存率為 120%，季增 1%，年增 9%。我們的毛利率為 74.9%，略低於我們 75% 至 77% 的長期目標範圍。本季我們實現了 8,960 萬美元的營業利潤，營業利潤率為 14.6%，並產生了 9,940 萬美元的強勁自由現金流，再次超越預期。

We blew away our previous record for new ACV in the quarter, with strong year over year and quarter over quarter acceleration. In Q4, new ACV book grew nearly 50% year over year, making it not only a record quarter in absolute ACV dollars but also the fastest growth rate we've delivered since 2021.

本季我們打破了先前的新車年度車輛價值記錄，年成長和環比成長都非常強勁。第四季度，新合約年度銷售額年增近 50%，不僅創下了合約年度銷售額的絕對紀錄，而且也是自 2021 年以來增長最快的季度。

We've talked for the last two years about our journey from product-led growth to true enterprise sales. I'm proud to report our go-to-market engine is firing on all cylinders. Some highlights. Global sales productivity increased year over year for the eighth consecutive quarter, surpassing our all-time high productivity set back in Q4 of 2021, and we believe there's still significant headroom. Year over year growth in net sales capacity increased at the fastest pace since 2022.

過去兩年，我們一直在討論我們從產品驅動成長到真正企業銷售的轉型歷程。我很自豪地報告，我們的市場推廣計劃進展順利。一些亮點。全球銷售效率連續第八個季度同比增長，超過了我們在 2021 年第四季度創下的歷史最高效率紀錄，我們認為仍有很大的提升空間。淨銷售能力年成長速度為 2022 年以來最快。

Our sales team achieved the highest quota attainment we've seen in the last four years. For the fifth consecutive quarter, we added a record number of customers that spend over $1 million per year. And after starting the year, signing our largest total contract value deal in Cloudflare's history of $130 million over five years, this quarter, we closed the largest annual contract value deal in our history, $42.5 million per year. This momentum today is the cumulative result of two years of effort to retool our go-to-market team to match our already world-class engineering and product teams. We've long been a place where the best engineers came to earn their stripes.

我們的銷售團隊取得了近四年來最高的銷售目標完成率。我們連續第五個季度新增了創紀錄數量的年消費額超過 100 萬美元的客戶。今年年初，我們簽署了 Cloudflare 史上總價值最高的五年合約，總額達 1.3 億美元。本季度，我們又簽署了公司歷史上年度合約金額最高的合同，每年 4250 萬美元。今天取得的這種勢頭，是我們兩年來不斷努力重組市場推廣團隊，使其與我們世界一流的工程和產品團隊相匹配的累積成果。長期以來，我們一直是頂尖工程師前來歷練、嶄露頭角的地方。

The team, Mark Anderson has built deserves credit for making Cloudflare a destination where the best salespeople now know they can come and win. Speaking of winning, let me highlight some of our customer wins in the quarter. A leading AI company expanded their relationship with Cloudflare, signing a two year $85 million pool of funds contract for our full platform, selecting Cloudflare as their single long-term infrastructure provider with 100% traffic allocation.

Mark Anderson 組成的團隊功不可沒，正是他們將 Cloudflare 打造成了一個讓最優秀的銷售人員知道可以來這裡取得成功的理想之地。說到成功，讓我重點介紹本季我們為客戶取得的一些成功案例。一家領先的人工智慧公司擴大了與 Cloudflare 的合作關係，簽署了一份為期兩年、價值 8500 萬美元的資金池合同，用於我們的完整平台，並選擇 Cloudflare 作為其唯一的長期基礎設施提供商，享有 100% 的流量分配。

Following a rigorous RFP, they selected Cloudflare over major hyperscalers not just for our unified stack and rapid innovation, but also for our strategic neutrality. This win underscores a growing trend, the most sophisticated AI companies are choosing Cloudflare as their mission-critical, independent platform to connect, protect and build the future of the AI-driven Internet. Another leading AI company expanded their relationship with Cloudflare, signing a one year $5.4 million contract for our Workers developer platform and application services.

經過嚴格的招標流程，他們最終選擇 Cloudflare 而不是主要的超大規模資料中心營運商，不僅是因為我們統一的技術棧和快速的創新能力，還因為我們的策略中立性。這場勝利凸顯了一個日益增長的趨勢，即最先進的人工智慧公司正在選擇 Cloudflare 作為其關鍵任務型獨立平台，以連接、保護和建立人工智慧驅動的互聯網的未來。另一家領先的人工智慧公司擴大了與 Cloudflare 的合作關係，簽署了一份為期一年、價值 540 萬美元的合同，用於我們的 Workers 開發者平台和應用程式服務。

What's most compelling about this win is that it was a classic build versus buy scenario against the hyperscalers. In an industry where being first matters, our ready-to-deploy developer platform provided the agility and speed to market they couldn't find elsewhere. With Cloudflare, this customer is now able to manage heavy global traffic with 99.999% availability. This deal is a testament to our shift from being just a vendor to instead being a strategic co-innovation partner for the world's most sophisticated AI companies.

這場勝利最引人注目之處在於，這是一場經典的自建對抗超大規模資料中心的收購戰。在競爭激烈的行業中，我們的即用型開發者平台提供了他們在其他地方無法獲得的敏捷性和上市速度。借助 Cloudflare，該客戶現在能夠以 99.999% 的可用性管理龐大的全球流量。這項交易證明了我們已經從單純的供應商轉變為全球最先進的人工智慧公司的策略合作創新夥伴。

A Fortune 100 technology company expanded their relationship with Cloudflare, signing a three year $5.8 million contract, representing a notable upsell from their initial engagement with us in mid-2025. As a leader in AI, this customer operates under a strict mandate for global resiliency requiring a multi-vendor architecture to ensure zero downtime for their application performance. We beat out the competition not on price but rather on performance and engineering innovation.

一家財富 100 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 580 萬美元的合同，這比他們在 2025 年年中與我們首次合作時的金額有了顯著的增長。作為人工智慧領域的領導者，該客戶嚴格遵守全球彈性要求，需要採用多供應商架構來確保其應用程式效能零停機時間。我們擊敗競爭對手靠的不是價格，而是性能和工程創新。

A Fortune 500 technology company expanded their relationship with Cloudflare, signing a two year $45 million pool of funds contract. While this customer leverages hyperscalers for their primary infrastructure, they found those providers unable to manage the complexity of global third-party applications at scale. They chose Cloudflare to displace a longtime incumbent, not only for the extensibility of our Workers developer platform and our superior application services but for our ability to fill critical gaps in the hyperscaler model, underscoring Cloudflare's role as a necessary fabric for secure, performant multi-cloud operations.

一家財富 500 強科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期兩年、價值 4500 萬美元的資金池合約。雖然該客戶利用超大規模資料中心作為其主要基礎設施，但他們發現這些提供者無法大規模管理全球第三方應用程式的複雜性。他們選擇 Cloudflare 來取代長期佔據主導地位的供應商，不僅是因為我們 Workers 開發者平台的可擴展性和我們卓越的應用程式服務，還因為我們能夠填補超大規模雲端模式中的關鍵空白，這凸顯了 Cloudflare 作為安全、高效能多雲營運的必要基礎架構的作用。

A major international consumer goods company expanded their relationship with Cloudflare, signing a 3.5-year $6.6 million contract for application services and our Workers developer platform. For years, this company relied on a fragmented architecture of multiple legacy vendors, which created significant operational complexity and gaps in their security.

一家大型國際消費品公司擴大了與 Cloudflare 的合作關係，簽署了一份為期 3.5 年、價值 660 萬美元的合同，用於應用程式服務和我們的 Workers 開發者平台。多年來，這家公司依賴多個傳統供應商的分散架構，這造成了嚴重的營運複雜性和安全漏洞。

Despite an incumbent offering significant discounts to keep the business, this customer chose Cloudflare because of our next-generation architecture and Workers developer platform, which allowed them to customize their edge traffic. We didn't just replace 3 incumbents, we replaced a legacy mindset, proving once again that when you give developers the best tools, the entire enterprise follows. A European Global 2000 technology company expanded their relationship with Cloudflare, signing a three year $5.8 million pool of funds contract to provide seamless access to our entire platform.

儘管現有供應商提供了大幅折扣以留住客戶，但該客戶最終選擇了 Cloudflare，因為我們的下一代架構和 Workers 開發者平台使他們能夠自訂邊緣流量。我們不僅更換了 3 位原有員工，還更換了傳統的思維方式，再次證明，當你為開發人員提供最好的工具時，整個企業都會隨之改進。一家歐洲全球 2000 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 580 萬美元的資金池合同，旨在為 Cloudflare 提供對我們整個平台的無縫訪問。

We signed our first deal with this customer back in February. After quickly realizing the power of Cloudflare's platform, they came back to us looking to move from a small variable commitment to a deep strategic partnership. Unlike their legacy incumbents, our combination of best-of-breed security and our Workers developer platform enables sophisticated automation to manage their global infrastructure and greater flexibility to innovate at scale. It's early days with this customer, and we're already in discussions regarding AI Crawl Control.

我們早在二月就和這位客戶簽訂了第一份合約。在快速意識到 Cloudflare 平台的強大功能後，他們再次找到我們，希望從小規模的靈活合作轉變為深入的策略夥伴關係。與傳統廠商不同，我們結合了一流的安全技術和 Workers 開發平台，能夠實現複雜的自動化，從而管理其全球基礎設施，並具有更大的靈活性，可以大規模地進行創新。與這位客戶的合作還處於初期階段，我們已經在討論人工智慧爬行控制的相關事宜了。

A large United States government entity expanded their relationship with Cloudflare, signing a 2.5-year $2.2 million contract for our Zero Trust portfolio, including Access, Gateway, DLP, CASB and E-mail Security. We solved complex compliance requirements that the first-generation zero trust incumbent we displaced could only handle manually and demonstrated our ability to address their most sophisticated use cases that neither a hyperscaler nor the incumbent could solve. After seeing Cloudflare in action, their security team told us they were shook by the simplicity, automation capabilities and power of our platform. A US media company signed a three year $3.1 million contract for AI Crawl Control, along with application services and Workers.

美國一家大型政府機構擴大了與 Cloudflare 的合作關係，簽署了一份為期 2.5 年、價值 220 萬美元的合同，用於我們的零信任產品組合，包括訪問控制、網關、數據防洩漏、雲訪問安全代理和電子郵件安全。我們解決了第一代零信任現有企業只能手動處理的複雜合規要求，並證明了我們有能力解決他們最複雜的用例，而這些用例無論是超大規模資料中心還是現有企業都無法解決。在親眼目睹 Cloudflare 的實際應用後，他們的安全團隊告訴我們，他們被我們平台的簡潔性、自動化功能和強大效能所震撼。美國一家媒體公司簽署了一份為期三年、價值 310 萬美元的合同，採購 AI Crawl Control 以及應用程式服務和工作人員。

This customer was facing a massive increase in AI scraping, which was crushing their network and driving up infrastructure costs. They chose Cloudflare to gain visibility into which AI models are consuming their data, allowing them to protect and eventually monetize their unique content. By leveraging Cloudflare Workers to replace years of complex technical debt from an incumbent, they were able to migrate massive Internet properties into production in just two weeks. This deal proves that as AI accelerates, Cloudflare is the partner of choice for companies looking to protect their IP while improving performance, reducing operational costs and enhancing their security postures.

這位客戶面臨著人工智慧資料抓取量大幅成長的問題，這導致他們的網路不堪重負，基礎設施成本也隨之上升。他們選擇 Cloudflare 來了解哪些 AI 模型正在使用他們的數據，從而保護他們的獨特內容並最終實現其貨幣化。透過利用 Cloudflare Workers 取代現有供應商多年來累積的複雜技術債務，他們僅用了兩週時間就將龐大的網路資產遷移到生產環境中。這項交易證明，隨著人工智慧的加速發展，Cloudflare 已成為那些希望在保護智慧財產權的同時提高效能、降低營運成本並增強安全態勢的公司首選的合作夥伴。

So what's the trend across all these wins? I think first, vendors are once again being sorted between nice-to-haves and must-haves. The quantitative metrics and qualitative wins this quarter again demonstrates that Cloudflare is squarely in the must-have bucket as a non-negotiable linchpin of the modern technology stack.

那麼，這些勝利的共同趨勢是什麼？我認為首先，供應商們又一次被分為錦上添花和必不可少兩類。本季的量化指標和定性成果再次證明，Cloudflare 已成為現代技術堆疊中不可或缺的關鍵組成部分，穩居必備之列。

Second, we are seeing the shift to AI and agents drive more demand for Cloudflare services. What we're witnessing is a fundamental replatforming of the Internet. AI is driving a paradigm shift in how software is both created and consumed, and that is turning out to be the biggest tailwind for Cloudflare's network and Workers developer platform. If you look at the last 30-plus years of the Internet and software ecosystem, they were built for human consumption, people in seats and clicks. Now the agentic Internet is emerging, and we can already see its trends.

其次，我們看到人工智慧和智慧代理的興起推動了對 Cloudflare 服務的需求增加。我們正在目睹的是網路平台的根本重構。人工智慧正在推動軟體的創建和使用方式發生範式轉變，而這正成為 Cloudflare 網路和 Workers 開發者平台的最大助力。回顧過去 30 多年的網路和軟體生態系統，它們都是為人類消費而設計的，供人們坐在電腦前點擊滑鼠使用。如今，智慧互聯網正在興起，我們已經可以看到它的發展趨勢。

If humans looked at five sites when they were making a decision, agents might look at 5,000. If humans had to fall back on generalized software and interfaces, agents allow for infinite customizability of every software application for every need. If humans follow a common circadian rhythm to work, agents never need to sleep. Agents in other words, are the ultimate infrastructure multiplier. In turn, they are reshaping the very economics of software.

如果人類在做決定時會查看五個網站，那麼智能體可能會查看 5000 個網站。如果人類必須依賴通用軟體和介面，那麼智能體則允許對每個軟體應用程式進行無限的定制，以滿足各種需求。如果人類遵循共同的晝夜節律工作，那麼特工就永遠不需要睡覺。換句話說，代理商是基礎設施的終極倍增器。反過來，它們正在重塑軟體產業的經濟格局。

The industry is transitioning from a business model defined by seat licenses to one where the winners are those providing the compute, connectivity and rails and guardrails for these new digital workers at scale. Cloudflare was built for this moment. We are uniquely architected to capture value on both sides of the agentic interactions. That means we win when AI applications are built on Cloudflare Workers, but we also win just from the increased usage of all of our products and agentic Internet drives. Let me explain.

該行業正在從以席位許可為特徵的商業模式，向以大規模提供計算、連接以及為這些新型數位員工提供保障和支持的企業為主導的商業模式轉變。Cloudflare 就是為這一刻而生的。我們的架構獨具匠心，能夠從代理人互動的雙方獲取價值。這意味著，當 AI 應用程式建置在 Cloudflare Workers 上時，我們會受益；但僅僅因為我們所有產品和代理互聯網驅動器的使用量增加，我們也會受益。讓我解釋一下。

When the cost of generating code drops to near zero, the volume of new applications explode. It's not a coincidence that most so-called vibe coding platforms are either built on Cloudflare Workers or have us as their preferred deployment target. We exited 2025 with more than 4.5 million human developers active on our platform. It's a lot more if we count their agents.

當程式碼產生成本降至接近零時，新應用程式的數量就會呈現爆炸性成長。大多數所謂的 Vibe 編碼平台要么是基於 Cloudflare Workers 構建的，要么將我們作為其首選部署目標，這絕非巧合。到 2025 年底，我們平台上活躍的人類開發者超過 450 萬人。如果算上他們的經紀人，那就更多了。

Developers are using workers to run autonomous logic across our global network, containers for sandboxes and AI gateway to manage inference with caching, rate limiting and observability. AI usage is even driving adoption of our Zero Trust platform to ensure that data is compartmentalized and access granted in limited and controlled ways. And it's not just established developers, I'm proud that we're ranked the number one cloud platform in the latest Stack Overflow Survey for developers learning to code. But the opportunity extends beyond just the developers building on workers. We're seeing agentic workloads generate an order of magnitude more outbound request to the web than traditional user-driven applications.

開發人員正在使用 worker 在我們的全球網路中運行自主邏輯，使用容器進行沙箱操作，並使用 AI 閘道來管理推理，實現快取、速率限制和可觀測性。人工智慧的應用甚至推動了我們零信任平台的普及，以確保資料被隔離，並以有限和受控的方式授予存取權限。而且不只是資深開發者，我也很自豪地說，在最新的 Stack Overflow 開發者學習程式設計調查中，我們被評為排名第一的雲端平台。但這種機會不僅限於依靠工人進行建設的開發商。我們發現，代理工作負載產生的出站網路請求數量比傳統的用戶驅動型應用程式要多一個數量級。

Over the month of January alone, the number of weekly requests generated by AI agents more than doubled across the Cloudflare network. This is driving increased demand for our whole platform. This is where Cloudflare's scale becomes our moat. With more than 20% of the web already sitting behind Cloudflare's network, we are effectively the global control plane for the agentic Internet. That's creating a number of new growth opportunities, both with our traditional business as well as what we've begun calling Act 4, helping invent the future business model of the Internet.

光是 1 月份，Cloudflare 網路中 AI 代理程式每週產生的請求數量就增加了一倍以上。這帶動了對我們整個平台需求的成長。這就是 Cloudflare 的規模優勢成為我們護城河的地方。由於超過 20% 的網路內容已經託管在 Cloudflare 的網路之後，我們實際上成為了代理互聯網的全球控制平面。這為我們的傳統業務以及我們開始稱之為「第四幕」的領域創造了許多新的成長機會，即幫助創造互聯網的未來商業模式。

If AI agents are the new users of the Internet, Cloudflare is the platform they run on and the network they pass through. This creates a virtuous flywheel, more agents drive more code execution on our Workers development platform, which in turn drives more demand for Cloudflare's performance, security and networking services. At scale, this compounds powerfully. Given the opportunity we have ahead and how effectively and efficiently our team is executing on it, I wouldn't trade places with any CEO of any other company, public or private. But just to keep things grounded.

如果說人工智慧代理是互聯網的新用戶，那麼 Cloudflare 就是它們運作的平台和它們所經過的網路。這便形成了一個良性循環，更多的代理商會在我們的 Workers 開發平台上執行更多的程式碼，進而推動對 Cloudflare 的效能、安全性和網路服務的需求增加。規模擴大後，這種效應會迅速累積。鑑於我們面前的機遇以及我們團隊高效且有效地執行這一機遇，我不會與任何其他公司（無論是上市公司還是私營公司）的任何首席執行官交換位置。但只是為了保持腳踏實地。

Let me turn it over to Thomas to walk through our financials. Thomas, take it away.

讓我把時間交給湯瑪斯，讓他來梳理我們的財務狀況。湯瑪斯，把它帶走。

Thank you, Matthew, and thank you to everyone for joining us. Entering the year, we outlined the specific factors that gave us confidence to invest in reaccelerating growth over the course of 2025.

謝謝你，馬修，也謝謝各位的參與。進入新的一年，我們概述了讓我們有信心在 2025 年重新加速成長的具體因素。

We are proud to report robust fourth quarter and full year 2025 results that validate the strategy and demonstrate our ability to execute our commitments, driving accelerating growth innovating rapidly and delivering financial and operational excellence. We achieved total revenue for the fourth quarter of $614.5 million, accelerating for the third consecutive quarter to 34% year over year, providing clear evidence of the continued momentum in our business.

我們很自豪地宣布，2025 年第四季和全年業績強勁，驗證了我們的策略，並證明了我們履行承諾的能力，推動加速成長，快速創新，並實現卓越的財務和營運。我們第四季的總營收達到 6.145 億美元，連續第三個季度同比增長 34%，這清楚地表明了我們業務的持續成長勢頭。

From a geographic perspective, the US represented 49% of revenue and increased 31% year over year. EMEA represented 27% of revenue and increased 31% year over year. APAC represented 16% of revenue and increased 50% year over year. Turning to our customer metrics.

從地理角度來看，美國佔總營收的 49%，年增 31%。歐洲、中東和非洲地區佔總營收的 27%，年增 31%。亞太地區佔總營收的 16%，年增 50%。接下來，我們來看看客戶指標。

In the fourth quarter, we had approximately 332,000 paying customers, representing a record addition of nearly 37,000 paying customers sequentially and an increase of 40% year over year, driven again by an uptick in customers, including those graduating from the free tier to small paid accounts, particularly for our developer platform products.

第四季度，我們擁有約 332,000 名付費客戶，較上一季度新增近 37,000 名付費客戶，創歷史新高，同比增長 40%，這再次得益於客戶數量的增長，包括從免費套餐升級到小型付費帳戶的客戶，特別是我們開發者平台產品的客戶。

We ended the quarter with roughly 4,300 large customers, representing an increase of 23% year over year. Revenue contribution from large customers was 73% of revenue during the quarter, up from 69% in the fourth quarter last year. For full year 2025, revenue from large customers represented 69% of total revenue compared with 67% in 2024 and 64% in 2023. We, again, saw particular strength in our largest customer cohort. We ended the year with 269 customers that spend over $1 million with us representing a 55% increase year over year and a record addition of 96 $1 million-plus customers in 2025.

本季末，我們擁有約 4,300 家大客戶，較去年同期成長 23%。本季大客戶的營收貢獻佔總營收的 73%，高於去年第四季的 69%。2025 年全年，來自大客戶的收入佔總收入的 69%，而 2024 年為 67%，2023 年為 64%。我們再次看到，我們最大的客戶群表現特別強勁。今年底，我們共有 269 位客戶消費超過 100 萬美元，較去年同期成長 55%，且 2025 年將新增 96 位消費超過 100 萬美元的客戶，創歷史新高。

For some perspective, we only had 96 $1 million-plus customers in total, just 2.5 years ago. Now that is what Cloudflare is adding in a single year and is still just getting started moving upmarket into the enterprise. This continued significant expansion with our largest customers drove an acceleration in our dollar-based net retention rate to 120% in Q4, up 1% sequentially and 9% year over year.

為了讓大家有個概念，就在兩年半前，我們總共只有 96 位年收入超過 100 萬美元的客戶。這是 Cloudflare 在一年內新增的功能，而它向企業級市場進軍的步伐才剛開始。由於與最大客戶的持續顯著增長，我們的美元淨留存率在第四季度加速增長至 120%，環比增長 1%，同比增長 9%。

Moving to gross margin. Fourth quarter gross margin was 74.9%, representing a decrease of 40 basis points sequentially and a decrease of 270 basis points year over year. During the fourth quarter, paid versus free customer traffic again increased significantly both year over year and quarter to quarter, resulting in the highest allocation of network expenses to cost of goods sold versus sales and marketing ever. The underlying economics of our network, driven by its inherent scalability and efficiency remained unchanged.

接下來討論毛利率。第四季毛利率為 74.9%，季減 40 個基點，較去年同期下降 270 個基點。第四季度，付費用戶流量與免費用戶流量相比，同比和環比均大幅增長，導致網路費用中用於銷售成本的分配比例達到有史以來最高，而用於銷售和行銷的費用則超過了分配比例。我們網路的底層經濟效益，得益於其固有的可擴展性和效率，保持不變。

Our Workers developer platform also delivered another quarter of outsized growth. While the relative revenue contribution across our four apps can impact near-term gross margin, the unit economic margin of our business remains very consistent. Network CapEx represented 13% of revenue in the fourth quarter. We expect network CapEx to be 12% to 15% of revenue for full year 2026. Turning to operating expenses.

我們的 Workers 開發者平台也連續第二季實現了超高速成長。雖然我們四款應用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。第四季網路資本支出佔收入的 13%。我們預計 2026 年全年網路資本支出將佔收入的 12% 至 15%。接下來談談營運費用。

Fourth quarter operating expenses as a percentage of revenue decreased by 3% year over year to 60%. Our total number of employees increased 21% year over year, bringing our total headcount to approximately 5,200 at the end of the quarter.

第四季營運費用佔收入的百分比年減 3% 至 60%。本季末，我們的員工總數年增 21%，達到約 5,200 人。

Sales and marketing expenses were $214.4 million for the quarter. Sales and marketing as a percentage of revenue decreased to 35% from 36% in the same quarter last year. Research and development expenses were $94.9 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 2.144 億美元。銷售和行銷費用佔收入的比例從去年同期的 36% 下降到 35%。本季研發費用為9,490萬美元。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 $61.2 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 $89.6 million, an increase of 33% year over year compared to $67.2 million in the same period last year. Fourth quarter operating margin was 14.6%, consistent year over year. These results highlight our continued commitment to operational excellence.

本季一般及行政費用為6120萬美元。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 8,960 萬美元，比去年同期的 6,720 萬美元成長了 33%。第四季營業利益率為14.6%，與去年同期持平。這些成果凸顯了我們對卓越營運的持續承諾。

Turning to net income and the balance sheet. Our net income in the quarter was $106.8 million or a diluted net income per share of $0.28. Free cash flow was $99.4 million in the quarter or 16% of revenue compared to $47.8 million or 10% of revenue in the same period last year. We are comfortable with consensus free cash flow estimates for 2026.

接下來看一下淨利和資產負債表。本季淨利為 1.068 億美元，稀釋後每股淨利為 0.28 美元。本季自由現金流為 9,940 萬美元，佔營收的 16%，去年同期為 4,780 萬美元，佔營收的 10%。我們對2026年的自由現金流預期感到滿意。

We ended the fourth quarter with $4.1 billion in cash, cash equivalents and available-for-sale securities. Remaining performance obligations, or RPO, came in at $2.496 billion, representing an increase of 16% sequentially and 48% year over year. Current RPO was 63% of total RPO and grew 34% year over year. Moving to guidance for the first quarter and full year 2026.

第四季末，我們持有現金、現金等價物及可供出售證券共41億美元。剩餘履約義務（RPO）為 24.96 億美元，季增 16%，年增 48%。目前 RPO 佔總 RPO 的 63%，年成長 34%。轉而發布 2026 年第一季及全年業績指引。

As a management team, we've always taken a disciplined data-driven approach to scaling Cloudflare and remain committed to creating significant long-term shareholder value with our focus on delivering durable revenue growth while maintaining the strong unit economics of our business.

作為管理團隊，我們始終堅持以嚴謹的數據驅動方式來擴展 Cloudflare，並致力於透過專注於實現可持續的收入成長，同時保持業務強勁的單位經濟效益，來創造顯著的長期股東價值。

As we transition into 2026, it is visibility into multiple independent growth vectors that give us confidence in our ability to continue to execute against this winning formula. For the first quarter, we expect revenue in the range of $620 million to $621 million, representing an increase of 29% to 30% year over year. We expect operating income in the range of $70 million to $71 million, and we expect an effective tax rate of 20%. We expect diluted net income per share of $0.23, assuming approximately 377 million shares outstanding.

展望 2026 年，多個獨立成長方向的清晰可見性，讓我們有信心繼續執行這項成功的策略。我們預計第一季營收將在 6.2 億美元至 6.21 億美元之間，年增 29% 至 30%。我們預計營業收入在 7,000 萬美元至 7,100 萬美元之間，實際稅率預計為 20%。假設流通股約為 3.77 億股，我們預期稀釋後每股淨收益為 0.23 美元。

For the full year 2026, we expect revenue in the range of $2.785 billion to $2.795 billion, representing an increase of 28% to 29% year over year. We anticipate revenue to be weighed at 46% in the first half of the fiscal year. We expect operating income for the full year in the range of $378 million to $382 million. We expect an effective tax rate of 20%. We expect diluted net income per share over the period to be in the range of $1.11 to $1.12.

我們預計 2026 年全年營收將在 27.85 億美元至 27.95 億美元之間，年增 28% 至 29%。我們預計本財年上半年的營收佔比將達到 46%。我們預計全年營業收入將在 3.78 億美元至 3.82 億美元之間。我們預計實際稅率為20%。我們預計該期間稀釋後每股淨收益將在 1.11 美元至 1.12 美元之間。

We expect approximately 377 million shares outstanding based on the assumption of a cash settlement of our 2026 convertible notes. In closing, the strength in our fourth quarter and full year results reinforces our conviction in our strategy and our ability to deliver exceptional long-term value for our shareholders and customers as we continue to pursue the massive opportunity ahead of us.

我們預計，根據 2026 年可轉換債券以現金結算的假設，流通股數量約為 3.77 億股。總之，我們第四季和全年業績的強勁表現，增強了我們對自身策略的信心，也增強了我們為股東和客戶創造卓越長期價值的能力，我們將繼續抓住擺在我們面前的巨大機會。

And with that, operator, please poll for questions.

操作員，接下來請大家提問。

(Operator Instructions)

（操作說明）

Matt Hedberg, RBC.

Matt Hedberg，RBC。

Congrats really on a stellar year. It's been quite a year of acceleration. I wanted to kind of wrap two questions in one, if I could. It's obviously been a volatile start to 2026 from a tech perspective. Obviously, the hyperscalers are spending more on CapEx and being punished for that.

恭喜你度過了輝煌的一年。過去的一年發展速度驚人。如果可以的話，我想把兩個問題合併成一個問題。從科技角度來看，2026 年的開局顯然動盪不安。顯然，超大規模資料中心營運商在資本支出上投入更多，並因此受到懲罰。

And at the same time, SaaS vendors are being punished for AI disruption. And I think part of that is we all hear the news around AI agents like OpenClaw and things like Claude Cowork. So I guess, Matthew, my question is, in the short term, how do these agents impact Cloudflare? But then also, is there a longer-term perspective on that? And maybe as a related question, how are you guys providing the picks and shovels for this agentic infrastructure without absorbing all the GPU costs that some of the hyperscalers are?

同時，SaaS供應商卻因人工智慧帶來的顛覆性影響而受到懲罰。我認為部分原因是我們都聽到了關於人工智慧代理（如 OpenClaw 和 Claude Cowork）的新聞。所以，Matthew，我想問的是，短期內，這些代理商會對 Cloudflare 產生什麼影響？但從長遠來看，這個問題是否存在呢？或許可以問一個相關的問題，你們是如何在不承擔某些超大規模資料中心運營商全部 GPU 成本的情況下，為這種智能體基礎設施提供必要的工具和設備呢？

Yeah. Thanks, Matt. I -- as I said on the call, there's not another CEO that I would trade places with. I think that we're perfectly positioned for this moment, and the team is extremely excited for it. Obviously, there's there -- I think there's kind of oftentimes the market, strong reactions in both directions.

是的。謝謝你，馬特。正如我在電話會議上所說，我找不到比我更合適的CEO來交換位置。我認為我們已經為這一刻做好了充分的準備，團隊也對此感到無比興奮。顯然，我認為市場經常會出現雙向的強烈反應。

And I don't think every SaaS company is dead. But I do see just the rate at which entrepreneurs and developers are able to build new disruptive ways of taking on what have been legacy incumbents in a way that I've never seen before. And what I'm proud of is a lot of them are building that on top of Cloudflare.

我不認為所有SaaS公司都已消亡。但我確實看到了企業家和開發者們以前所未有的速度，創造出顛覆性的新方式來挑戰傳統的產業巨頭。令我感到自豪的是，他們中的許多人都是在 Cloudflare 的基礎上構建的。

I think that on the other side of the equation, you've got a bunch of the agents of the world that are interacting with the Internet, and they're interacting with it at a volume that we've just never seen before. And that's just driving more need for what are classically Cloudflare's services. So the fact that more than 20% of the Internet sits behind us means that the agents have to interact with us, which means we have a seat at the table in defining exactly what the rules and the rails and the guardrails of the future of agentic commerce is going to look like and be, and we are sitting in the middle of that.

我認為，從另一個角度來看，世界上有很多主體都在與網路互動，而且他們互動的規模是我們以前從未見過的。而這只會進一步推高對 Cloudflare 傳統服務的需求。因此，超過 20% 的網路使用者都位於我們身後，這意味著這些使用者必須與我們互動，這意味著我們在定義未來智慧商務的規則、框架和保障措施方面擁有一席之地，而我們正處於其中的核心位置。

And so it's been amazing across our business. We've seen, obviously, an enormous amount of strength from our Cloudflare Workers platform, but our Zero Trust platform is getting more and more adoption because it's built from a sense of agentic AI from the beginning. Our standard application services platforms are getting more adoption because people need to be able to keep up with all this new traffic that's coming to the Internet. And as we're thinking about really, what's the future business model of the Internet going to be, I think Cloudflare sits in a position to help define that. And so that's been great.

因此，它對我們整個業務產生了巨大的影響。顯然，我們已經看到了 Cloudflare Workers 平台的巨大優勢，但我們的零信任平台也越來越受歡迎，因為它從一開始就基於智慧 AI 的理念建構。我們的標準應用服務平台正得到更廣泛的採用，因為人們需要能夠跟上網路上不斷湧現的新流量。當我們認真思考網路未來的商業模式會是什麼樣的時，我認為 Cloudflare 處於能夠幫助定義這個模式的位置。所以這真是太好了。

In terms of the CapEx spend, I think we're in a different business in the hyperscalers. The hyperscalers are in the business of buying machines and then renting them back so that they basically get 5x what they paid for them over the course of their useful life. And again, it's a great business for them, but it's not the business that Cloudflare is in. Cloudflare is in the business of getting work done. And so what we are constantly doing is having research teams inside of Cloudflare figure out how you can run AI workloads significantly more efficiently.

就資本支出而言，我認為超大規模資料中心營運商的業務與其他業者有所不同。超大規模資料中心營運商的業務模式是購買機器，然後再出租，這樣一來，在機器的使用壽命內，他們基本上可以獲得購買價格的 5 倍收益。再說一遍，這對他們來說是一筆很棒的生意，但這不是 Cloudflare 的業務。Cloudflare 的業務宗旨是幫助企業完成工作。因此，我們一直在做的，就是讓 Cloudflare 內部的研究團隊研究如何更有效率地運行 AI 工作負載。

The hyperscalers is actually have no incentive to do that. They don't want AI workloads to be more efficient because that just means you have to lease fewer machines from them. Whereas we -- because we only charge you for the actual work that's getting done, that means that we're just getting oftentimes as much as 10x the amount of work off of the same GPU that you might get with a hyperscaler.

超大規模資料中心營運商實際上沒有動力這樣做。他們不希望人工智慧工作負載更有效率，因為那意味著你需要從他們那裡租用更少的機器。而我們——因為我們只向您收取實際完成的工作量，這意味著我們通常可以從同一個 GPU 上獲得比您使用超大規模資料中心多 10 倍的工作量。

That advantage is part of how we're able to just bring much more out of the CapEx that we spend than others are. Our CapEx has ticked up a little bit, and I think that that's in response to the fact that we've seen an increase in terms of workers, but it's nowhere close to what we're seeing from the hyperscalers. And we continue to think that we will be able to invest behind the demand.

正是這種優勢，讓我們能夠比其他公司從同樣的資本支出中獲得更大的收益。我們的資本支出略有增加，我認為這是因為我們看到員工人數增加，但這與超大規模資料中心營運商的情況相比，簡直是小巫見大巫。我們仍然認為我們能夠進行滿足市場需求的投資。

And so I hope you'll -- I'm sitting in the Alps right now at the Olympics with Michelle actually. And so I hope you'll forgive it. But I do feel at times like we're kind of goldilocks where we have a business model, which is -- which I think is going to sustain whatever AI brings. AI agents aren't going to replace the massive global network that we have. But we've also done it in a way which is much more capital efficient than some of the hyperscalers. And again, I feel very fortunate to be running this company right now and incredibly proud of our team.

所以我希望你們──我現在其實正和米歇爾一起坐在阿爾卑斯山觀看奧運。所以，我希望你能原諒我。但我有時確實覺得我們有點像金髮姑娘，我們擁有一個商業模式，我認為這將足以應對人工智慧帶來的任何挑戰。人工智慧代理不會取代我們現有的龐大全球網路。但我們採用的方式也比一些超大規模資料中心營運商更具資本效率。再次重申，我非常幸運能夠經營這家公司，並為我們的團隊感到無比自豪。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Congratulations on an amazing quarter and a really amazing year that you guys put together. I think maybe to continue on the discussion you're just having, Matthew, a lot of what's happening with how agents are using the Internet, how Internet traffic is evolving, it's interesting because it involves the application services that you guys have had on board for a while, but also makes use of a lot of the newer capabilities coming on with Workers and what you're doing there.

恭喜你們度過了一個精彩的季度，也恭喜你們共同創造了一個非常精彩的年度。馬修，我想繼續你們剛才的討論，關於代理商如何使用互聯網、互聯網流量如何演變等等，這很有意思，因為它涉及到你們已經部署了一段時間的應用程序服務，同時也利用了 Workers 帶來的許多新功能以及你們正在做的事情。

Can you talk to us a little bit more about that how the -- you're seeing the evolution in that Internet traffic and where does it go next? And where do some of those like newer acquisitions like Human Native and Astro, where do they fit into that vision?

您能否再詳細談談您如何看待網路流量的演變，以及它未來的發展方向？那麼，像 Human Native 和 Astro 這樣的新收購公司，它們在這個願景中扮演著怎樣的角色呢？

Yeah. So we're always on the lookout for really smart teams that have done great things to help bring them on board and incorporate them into Cloudflare. And I think both with Human Native and Astro, they perfectly fit that model. In Human Native case, they're really helping us think through what is the next business model of the Internet going to look like. It's going to move, I think, away from advertisement.

是的。因此，我們一直在尋找那些做出出色貢獻的優秀團隊，以幫助我們將其納入 Cloudflare 並整合到 Cloudflare 中。我認為Human Native和Astro都完美契合這個模式。以 Human Native 為例，他們確實在幫助我們思考網路的下一個商業模式會是什麼樣子。我認為，它會逐漸擺脫廣告。

It's going to move away from subscriptions. It's going to move to something else. And Human Native who came out of Google and we are just extraordinary in thinking about what that future business model looks like. I think that you're going to see extraordinary things from them and they fit right in a Cloudflare and we're excited to have them.

它將逐漸放棄訂閱模式。它將轉移到其他方面。還有來自Google的 Human Native，我們在思考未來的商業模式方面非常出色。我認為你們將會看到他們帶來非凡的成果，他們非常適合 Cloudflare，我們很高興能擁有他們。

In terms of Astro, Astro is one of these incredible developer platforms and frameworks, which underlies a lot of what is building kind of the next generation of the web. And it is powering a lot of the vibe coding systems and targets that people are developing new applications for.

就 Astro 而言，Astro 是一個非常棒的開發者平台和框架，它為建立下一代網路奠定了基礎。它為許多 Vibe 編碼系統和目標提供支持，人們正在為這些系統和目標開發新的應用程式。

And again, it just made a ton of sense for them to sit in. What I think is maybe -- what I think our role is at some level is both to help invent what the future looks like, but then also to take the Internet that we've had, the Internet that we've built over the last 40 years and bring it along with that. And so what we're always trying to do is both work with great companies like Anthropic on their MCP protocols, work with everyone that's in the space, trying to define what that future looks like.

再說一遍，讓他們參與其中是非常合理的。我認為，在某種程度上，我們的角色既是幫助創造未來的樣子，也是將我們過去 40 年建立起來的網路與未來結合起來。因此，我們一直在努力做的，既要與像 Anthropic 這樣的優秀公司合作，制定他們的 MCP 協議，又要與該領域的每個人合作，努力定義這個未來會是什麼樣子。

But then because our application services sit in front of people and one of the things that people don't understand is, there's a lot different than what people think of sort of just traditional CDNs or other things like that, is that we're actually able to rewrite the content that flows through us as it flows through. So if it turns out that agents are better at speaking, I don't know, Latin than they are speaking English, we can literally rewrite the content that's behind Cloudflare in Latin rather than being in English. Now that's not going to be what agents are good at, but they are going to be better probably at speaking code than they are going to be maybe speaking on other things that we might invent.

但是，由於我們的應用程式服務面向用戶，而用戶不理解的一點是，它與人們通常認為的傳統 CDN 或其他類似服務有很大不同，那就是我們實際上能夠重寫流經我們服務的內容。所以，如果結果證明代理商更擅長說拉丁語而不是英語，我們就可以把 Cloudflare 背後的內容用拉丁語而不是英語重寫。雖然這並非智能體擅長的領域，但他們可能更擅長用程式碼交流，而不是談論我們可能發明的其他事物。

So I think that what we're able to do and part of the reason we think that our legacy business is going to be incredibly durable is that it's going to be able to automatically bring along all of the rest of the Internet that already sits behind us into whatever comes next. And I think we're going to figure that out.

所以我認為，我們能夠做到的事情，以及我們認為我們的傳統業務將非常持久的部分原因，是它能夠自動將我們身後已有的所有其他互聯網資源帶入未來的任何事物中。我想我們一定能找到解決方法。

So one of the things I'm thinking a lot about is what happens to small businesses in a agentic commerce world. There's a lot of ways where agents could be very consolidating and actually put a lot of pressure on small businesses. And so I think us in combination with great companies that we're working with, like a Shopify or a Visa or PayPal or Mastercard, we've got to figure out how do we make sure that we bring all of these small business along, give them the right tools. And that's exactly the sort of thing that we're thinking about as we think about Act 4 and it's not going to require you to have to go in and rebuild things.

所以我一直在思考的一個問題是，在代理型商業世界中，小型企業會發生什麼變化。經紀人有很多方式會過度整合，實際上給小型企業帶來很大壓力。所以我認為，我們需要與像 Shopify、Visa、PayPal 或 Mastercard 這樣的優秀公司合作，共同探討如何確保我們能夠幫助所有這些小型企業發展壯大，並為他們提供合適的工具。而這正是我們在構思第四幕時所考慮的那種情況，它不需要你進去重建任何東西。

We want to make it one click simple where as soon as we figure out this is what really works, you push a button in that just whatever you had as your old shopping marketplace, that just comes along with it and gets to support whatever agents are going to be providing in the future. I don't know exactly what all those things are going to look like, but we've got an incredible team. We're making smart acquisitions to augment that team and great partnerships with terrific companies to try to think about what that future is. But one way or another, we're at the center of that future.

我們希望實現一鍵式操作，一旦我們確定了真正有效的方法，您只需按下一個按鈕，您之前使用的購物市場就會隨之轉移，並支援代理商未來提供的任何服務。我還不清楚所有這些事情最終會是什麼樣子，但我們擁有一支非常棒的團隊。我們正在進行明智的收購來壯大團隊，並與優秀的公司建立良好的合作關係，共同思考未來發展方向。但無論如何，我們都處於未來的中心。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

And hope you are enjoying the Olympics. It seems like most of the vibe coding platforms are either built Cloudflare Workers or have Cloudflare as their preferred deployment target. Can you give us maybe some examples of how companies are using Cloudflare Workers for their AI projects? And why are these companies maybe picking Cloudflare versus alternative platforms on hyperscalers?

希望您享受奧運。似乎大多數 Vibe 編碼平台要么是構建在 Cloudflare Workers 之上的，要么將 Cloudflare 作為其首選部署目標。您能否舉例說明企業是如何使用 Cloudflare Workers 來進行人工智慧專案的？為什麼這些公司在超大規模資料中心上會選擇 Cloudflare 而不是其他平台？

Yeah. I mean -- one of my favorite things is to sit down with Aly Cabral who used to run platform at Cloudflare that I want to get closer to customers and say she's actually running our go-to-market effort around our developer tools. And she just had story after story of amazing examples.

是的。我的意思是——我最喜歡的事情之一就是和 Aly Cabral 坐下來聊聊，她以前在 Cloudflare 負責一個我想更貼近客戶的平台，而她實際上負責我們圍繞開發者工具的市場推廣工作。她講了一個又一個令人驚嘆的例子。

And so some of the ones she shared with me recently, there's a Fortune 500 pharmaceutical company that literally built a vibe coding platform on Cloudflare where their internal developers are using Workers AI and Durable Objects to build AI-assisted tools, which again, I think, directly proves that some of the largest enterprise customers are trying to figure out how do we stay on top of that? How do we give our teams the tools that we need, and they're turning to Cloudflare because it's so easy to incorporate everything that we have and go from idea to application faster than you can anywhere else and in a way that allows rapid prototyping that doesn't blow the budget, which is something that every company is trying to figure out.

她最近跟我分享的一些例子，例如財富 500 強制藥公司在 Cloudflare 上建立了一個 Vibe 編碼平台，他們的內部開發人員正在使用 Workers AI 和 Durable Objects 來建立 AI 輔助工具。我認為這再次直接證明，一些最大的企業客戶正在努力弄清楚我們如何保持領先地位？我們如何為團隊提供所需的工具？他們正在轉向 Cloudflare，因為它能輕鬆整合我們擁有的一切，並以比其他任何地方都快的速度將想法轉化為應用程序，而且它還能實現快速原型設計，而不會超出預算，這是每家公司都在努力解決的問題。

Another publicly traded technology company is migrating their plug-in sandbox infrastructure to Cloudflare Containers for secure isolated execution of code at scale, which let their customers then prompt deployments directly to their system, but do it in a way which is secure because one of the things that's really scary sometimes about deploying AI tools, especially to customer-facing applications is there can be a lot of damage that they do if one of these agents goes rogue or something goes wrong, the way that we've architected sandboxes allows them to -- and containers allows them to do this secure isolated code deployment. And again, it all comes as part of the toolkit of Cloudflare Workers, which is allowing them to go really quickly.

另一家上市科技公司正在將其插件沙箱基礎架構遷移到 Cloudflare Containers，以便大規模地安全隔離地執行程式碼。這使得他們的客戶可以直接將程式碼部署到自己的系統中，而且部署方式是安全的。因為部署 AI 工具，尤其是面向客戶的應用程式時，最令人擔憂的事情之一是，如果其中一個代理程式失控或出現其他問題，可能會造成很大的傷害。我們設計的沙箱架構允許他們——容器允許他們進行這種安全隔離的程式碼部署。而且，這一切都是 Cloudflare Workers 工具包的一部分，這使得它們能夠運行得非常快。

And another example, a leading financial services company has partnered with us to launch an official MCP server designed to allow AI agents like Claude, Cursor or OpenAI to interact directly with the company's payment services. The whole thing is built on Cloudflare Workers. And this allows merchants to manage commerce tasks, such as creating invoices, checking transactions, processing and payments using natural language command and using things that are running on Cloudflare. So again, it's so fun to get the download from Aly where she's just listing a big company after a big company after a big company in addition to all of the startups and everyone else is building on the platform. And I think what they like about us is, first, you get a complete toolkit.

另一個例子是，一家領先的金融服務公司與我們合作推出了官方 MCP 伺服器，旨在讓 Claude、Cursor 或 OpenAI 等 AI 代理直接與該公司的支付服務進行互動。整個系統都是基於 Cloudflare Workers 建構的。這樣一來，商家就可以使用自然語言命令和在 Cloudflare 上運行的服務來管理商業任務，例如建立發票、檢查交易、處理和付款。所以，再次看到 Aly 的下載內容真的很有趣，她列舉了一家又一家的大公司，以及所有在平台上進行開發的新創公司和其他所有人。我認為他們喜歡我們的一點是，首先，我們提供的是一套完整的工具包。

Second, that toolkit has been architected in a modern way to build exactly what you need for agents and AI applications. And then third, you get it in a way that can scale up infinitely if it becomes wildly popular and can scale down instantly to zero. So you don't blow the budget if somebody is not actually using the system. That's very different than the hyperscalers, which in order to be able to get access to a GPU at a hyperscaler, anything close to a competitive price, you also have to commit leasing that server for an entire year, which, again, if the project that you're leasing it for doesn't go well, that's out of your budget. And so I think the fact that we've built, again, a complete toolbox which is a modern architecture, how developers want to build applications and then deliver it in an incredibly cost-effective way. That's what is driving so much success from our Workers developer platform.

其次，該工具包採用現代化架構，可精確建立代理和 AI 應用程式所需的一切。第三，它的實現方式使其能夠在變得非常流行時無限擴展，並能立即縮減至零。這樣，即使沒有人實際使用該系統，也不會浪費預算。這與超大規模資料中心截然不同。在超大規模資料中心，要以接近競爭性的價格獲得 GPU，你還必須承諾租用該伺服器一整年。同樣，如果你租用伺服器的專案進展不順利，那就超出了你的預算。因此，我認為我們再次建立了一個完整的工具箱，這是一個現代架構，開發者可以按照自己想要的方式建立應用程序，然後以極具成本效益的方式交付它。這就是我們的 Workers 開發者平台如此巨大成功的原因。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Matthew and Thomas, I wanted to ask you a little bit more about the large deal that you closed this quarter and it reminds me a little bit of the $100 million-plus deal from last year. Give us a sense on how the pipeline is trending for these types of deals? What sort of engagement across the acts that you're able to convert when you have these larger deals? And what are you learning from the two sort of large deals that you've closed so far, how do you apply those to get the conversion rate up for whatever is in the pipeline?

馬修和湯瑪斯，我想再問你們關於本季完成的那筆大交易的情況，這讓我想起了去年那筆超過 1 億美元的交易。請介紹一下這類交易的進度趨勢？當你達成這些大額交易時，你能將哪些類型的互動轉化為實際的客戶？從你目前完成的兩筆大筆交易中，你學到了什麼？你如何運用這些經驗來提高未來專案的轉換率？

Yeah, I'll start, Gabriela, and then Thomas might have a little bit more to add. What I'd say is we see incredibly strong pipeline. And I think where that pipeline comes from is typically customers that are already using us, us getting to know them, often embedding developers directly with their teams to understand what their use cases and needs are and then figuring out where there are opportunities for us to be able to do something for them that maybe they had budgeted it with a hyperscaler or may be budgeted somewhere else, and they're all of a sudden able to realize that if they do it with Cloudflare, they can do it faster. They can do it in a way which is much more scalable and they can do it in a way which is much, much, more cost effective.

好的，我先開始，加布里埃拉，然後托馬斯可能還會補充一些內容。我想說的是，我們看到了非常強勁的人才儲備。我認為這條客戶管道通常來自我們已經在使用我們的客戶，我們了解他們，經常將開發人員直接派入他們的團隊，以了解他們的使用場景和需求，然後找出我們可以為他們做些什麼的機會。這些事情他們可能已經預算在超大規模資料中心或其他方面，但他們突然意識到，如果使用 Cloudflare，他們可以更快完成。他們可以採用更具可擴展性的方式，也可以採用更具成本效益的方式。

And so I think that the work that we're doing to really embed with customers is driving success there. And again, we're still not to a point where we're going to be doing a $100 million deal a quarter, but we will get to that point. And I think we've seen an enormous total addressable market for the Cloudflare Workers platform.

所以我認為，我們為真正融入客戶所做的工作正在推動我們取得成功。再次強調，我們目前還沒有達到每季完成 1 億美元交易的程度，但我們會達到那個階段的。我認為我們已經看到了 Cloudflare Workers 平台巨大的潛在市場。

And I think that will shift more and more spend away from what people are using the hyperscalers for. So I feel very confident. And again, I think with the success has really been how do we take all these amazing tools that we have, but how do we build those deep relationships with customers in a sophisticated go-to-market organization. And I think you'll just see more and more success from that.

我認為這將導致越來越多的支出偏離人們使用超大規模資料中心的目的。所以我覺得我非常有信心。再次強調，我認為成功的關鍵在於我們如何利用所有這些強大的工具，以及我們如何在成熟的市場推廣組織中與客戶建立深厚的關係。我認為你會看到由此取得越來越多的成功。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Matthew and Thomas, this is for both of you, I'd love to hear you both opine on this. The pool of funds contracting and engagement vehicle have seen a tremendous amount of success. You've only compounded the credibility and trust with that sales motion. So I was hoping you could give us a sense of what the next phase and leg of pool of funds traction is for the business?

馬修和湯瑪斯，這是問你們兩個的，我很想聽聽你們的意見。資金池承包和參與機制取得了巨大的成功。你的銷售舉動只會進一步提升客戶的信任度和信譽。所以，我希望您能為我們介紹一下公司下一階段的融資計畫和資金來源方向？

And Thomas, any sense of how we should think about higher variability, more usage-oriented revenue creating more volatility in the model or revenue forecasting rather? And how we should think about that and internalize that as we think about the model over the next year or two?

Thomas，對於更高的波動性、更注重使用量的收入模式所帶來的更大波動性，或者說收入預測方面的波動性，您有什麼看法？那麼，在接下來的一兩年裡，當我們思考這個模型時，我們該如何看待並內化這一點呢？

Yeah. Fatima, I'll start and then Thomas can answer the second question. So I think what pool of funds really represents is customer trust and their commitment to knowing that they may not know exactly what features they're going to use. They may not know exactly how much they're going to use. But they know that they believe that Cloudflare is going to provide a series of tools and features that are going to be critical to their business, and they know that they want to have access to any of those tools regardless of what needs come up.

是的。法蒂瑪，我先來，然後湯瑪斯可以回答第二個問題。所以我認為，資金池真正代表的是客戶的信任，以及他們願意接受自己可能不確切知道自己會使用哪些功能的承諾。他們可能不清楚自己究竟會使用多少。但他們相信 Cloudflare 將提供一系列對他們的業務至關重要的工具和功能，他們也希望無論出現什麼需求，都能使用這些工具。

And so I think that the -- your question was sort of what's the next -- what's our next trick. I think we've got a long way to go with this trick. It still represents a relatively low percentage of revenue, although growing quickly. And so I think that that's going to be something as we build deeper relationships with customers, as we make sure that they understand everything that we have to offer that we'll be able to deliver across that broader set of speakers. And Thomas, I'll turn it over to you to talk about variability.

所以我覺得──你的問題其實是接下來要做什麼──我們的下一個絕招是什麼。我認為我們在這個技巧上還有很長的路要走。雖然成長迅速，但其在收入中所佔比例仍然相對較低。所以我認為，隨著我們與客戶建立更深的關係，確保他們了解我們能夠透過更廣泛的揚聲器系列提供的所有產品和服務，這將是一件重要的事情。湯瑪斯，接下來就交給你來談變異性了。

Yeah. Maybe some more color on pool of funds in the fourth quarter. It was about 20% of ACV in the fourth quarter booked. Around mid-teens for all 2025. With a higher share of pool of funds, we have a higher share of variable revenue in the overall number.

是的。或許第四季會提供更多關於資金池的資訊。第四季已預訂的房產約佔年度合約價值的20%。2025 年全年約為十幾歲。資金池份額越高，可變收入在總收入中所佔的份額也越高。

So there is some volatility that you might expect for that, and we are trying to compensate for that as we guide. I think it's fair to say as revenue from pool of funds still has grown and continues to grow, we can expect that sequentially bigger Q4s and sequentially smaller Q1s, I think, as compared to just linear revenue recognition deals.

因此，您可能會預期會出現一些波動，而我們正在努力透過引導來彌補這些波動。我認為可以公平地說，由於資金池的收入仍在增長並持續增長，我們可以預期第四季度會逐週增長，而第一季會逐週下降，這與單純的線性收入確認交易相比，我認為是這樣的。

Gray Powell, BTIG.

Gray Powell，BTIG。

Congratulations on the really strong results. So yes, look, I know there's a lot of excitement around the newer products, particularly developer services. We've also been picking up good data points just around an increased need for things within core application services. And I know you hit on this in the prepared remarks, but could you talk about -- can you just talk more about what you're seeing there, particularly as customers look to deploy AI. How do you see the material pickup in Act 1 relative to prior quarters? Just how should we think about the growth profile there?

祝賀你們取得了非常優異的成績。是的，我知道大家對新產品，特別是開發者服務，都非常興奮。我們也收集了一些有價值的數據，顯示核心應用服務的需求正在增加。我知道您在準備好的演講稿中提到了這一點，但您能否再談談——您能否更詳細地談談您在那裡看到的情況，尤其是在客戶尋求部署人工智慧方面。您如何看待第一季物料回收量與前幾季相比的變化？我們該如何看待那裡的成長前景？

Yeah. I think that -- so Gray, first of all, thank you for asking about some of the other products, the teams that work hard on them every day are proud of building the best products that they have in the world. And even though they aren't the ones that always get the most attention, they still form a lot of the foundation of what we do at Cloudflare and they're still incredibly important to us.

是的。我覺得──格雷，首先感謝你詢問其他產品的狀況，每天努力研發這些產品的團隊都為能打造出世界上最好的產品而感到自豪。儘管它們並非總是最受關注的，但它們仍然構成了我們在 Cloudflare 所做工作的許多基礎，而且它們對我們來說仍然非常重要。

I think in this particular case, the first place that we saw just demand was actually from a lot of the AI companies, where the AI companies would say to us, we can't continue to operate our systems unless we can have the security and ability to deal with the load, which Cloudflare provides by default. Every time you run a query against an AI company, it's pretty expensive to deal with those queries.

我認為在這個特殊案例中，我們首先看到需求的地方實際上是許多人工智慧公司，這些人工智慧公司告訴我們，除非我們能夠獲得安全性和處理負載的能力，否則我們將無法繼續運行我們的系統，而 Cloudflare 預設提供了這些能力。每次向人工智慧公司執行查詢時，處理這些查詢的成本都相當高昂。

And so being able to sort out who's a human and who's not a human, which is something we're the best in the world at, is really important for the AI companies, and that's driven actually just a lot of those initial relationships that are there. What really took off in Q4, though, was where we saw other companies, media companies, e-commerce companies, companies that were just doing more traditional things online, seeing such an enormous uptick in how agents were interacting with their systems. I mean if any of you have used a tool like a ChatGPT or a Grok or a Claude, and you just watch how many different things it is looking at for every query that you send out, that's just an order of magnitude increase in the volume of queries that are coming to the Internet.

因此，能夠分辨出誰是人類誰不是人類（這是我們在世界上最擅長的），對於人工智慧公司來說非常重要，而這實際上也推動了許多最初的合作關係。不過，真正引爆第四季的是，我們看到其他公司、媒體公司、電子商務公司以及那些在網路上從事更傳統業務的公司，其代理商與系統的互動方式都出現了巨大的成長。我的意思是，如果你們當中有人使用過 ChatGPT、Grok 或 Claude 之類的工具，並且你們觀察過它針對你們發送的每個查詢要檢查多少不同的東西，就會發現互聯網上的查詢量增加了一個數量級。

And so the people who are providing what is that Internet that they're querying against, they need ways to do that in a way which is efficient and able to continue to scale. And Cloudflare is -- and again, those application services functions that we have, the kind of Act 1 products that we have, are really critical of being able to deliver that. But it goes beyond that.

因此，那些提供網路服務的人，需要以高效且能夠持續擴展的方式來實現這一點。而 Cloudflare 也是如此——而且，我們擁有的那些應用程式服務功能，也就是我們擁有的 Act 1 產品，對於實現這一點至關重要。但這還遠不止於此。

If you look at something like the new agents that people are running on their own machines often, the amazing thing is that people are waking up very quickly. We're sort of speedrunning all of the security challenges that are out there, where all of a sudden you say, I've just given my agent access to everything in my life, what could go wrong?

如果你看看人們經常在自己的機器上運行的新代理程序，你會發現令人驚訝的是，人們很快就能適應。我們正在快速應對所有安全挑戰，突然間你會想，我剛剛給了我的代理人訪問我生活中一切的權限，這會出什麼問題呢？

People are very quickly figuring out a lot could go wrong and so you got to put controls in place. And that's exactly where our Act 2 or Zero Trust products come into play, where we've actually seen a real uptick even in a self-service business of the Zero Trust products.

人們很快就意識到很多事情都可能出錯，所以必須採取控制措施。而這正是我們的 Act 2 或零信任產品發揮作用的地方，我們甚至在零信任產品的自助服務業務中也看到了真正的成長。

Now that's not going to deliver huge revenue from people that are just self-service home customers. But as we see those reps, as we become more familiar in the market for those products that we're able to provide, that's just going to help us sell even to a large enterprise business.

這樣一來，僅僅依靠自助式家庭用戶是無法帶來巨額收入的。但是，隨著我們接觸到這些銷售代表，隨著我們對市場上能夠提供的產品越來越熟悉，這將有助於我們甚至向大型企業銷售產品。

So again, across the AI spectrum, I know that AI is putting pressure on some companies that are out there. It's not putting pressure on Cloudflare. We are seeing it as nothing but a tailwind for us, both for our developer tools and kind of the Act 4 stuff that we're working on, but actually for even our legacy products like application services and Zero Trust as well.

所以，總的來說，我知道人工智慧正在給一些公司帶來壓力。這並沒有給 Cloudflare 帶來壓力。我們認為這對我們來說絕對是順風，不僅對我們的開發者工具和我們正在開發的 Act 4 相關內容如此，實際上對我們的傳統產品，如應用程式服務和零信任也是如此。

Shrenik Kothari, Robert Baird.

施萊尼克·科塔里，羅伯特·貝爾德。

Congrats on the great execution and really excited what the opportunity is ahead. So Matthew, just double-clicking into Act 4, particularly in light of the wins, like the media company signing that $3.1 million contract for AI Crawl Control. So as you're engaging with publishers, can you share early feedback around adoption towards this opt out controls to block scraping, but also the evolution of a structured marketplace model here. And I had a quick follow-up.

恭喜你們出色地完成了任務，並對未來的機會感到非常興奮。所以馬修，只需雙擊進入第四幕，尤其是在取得勝利之後，例如媒體公司簽署了價值 310 萬美元的 AI Crawl Control 合約。因此，當您與出版商互動時，您能否分享一下關於採用這種選擇退出控制來阻止抓取的早期回饋，以及結構化市場模式的演變？我隨後又快速地跟進了一件事。

Yeah. So I think this is an exciting area. It's an area that I think we've been leaders in. And we're sort of in this -- we're in this interesting position because we're not an AI company. We're not building a foundational model. We're also not a media and content company but 80% of the AI companies use us. So we know them. We have deep relationships with them and then a huge percentage of the Internet users as well and increasingly more and more of the world's publishers use us.

是的。所以我認為這是一個令人興奮的領域。我認為我們在這個領域一直處於領先地位。我們現在處於一個很有趣的境地，因為我們不是一家人工智慧公司。我們並非在建構基礎模型。雖然我們不是一家媒體和內容公司，但80%的人工智慧公司都在使用我們的產品。所以我們都認識他們。我們與他們建立了深厚的聯繫，同時也與很大一部分網路使用者建立了聯繫，而且越來越多的世界出版商都在使用我們的服務。

And so I think we've been sort of that neutral honest broker between the two sides that can come together and say, okay, like in order for this to all work, the Internet needs to have a business model, like people who create content deserve to get paid. And one of the things that actually surprised me to some extent, which might be relevant to a lot of you listening in, is we've actually been getting called not just from like the Associated Press and BBC and New York Times, but we've been getting calls increasingly from banks where their research teams are saying, we're actually seeing fewer people subscribe to and read our research because the AI companies, the people are just turning the AI companies, they're slurping all the data down and taking that intellectual property.

所以我覺得我們一直扮演著中立誠實的中間人的角色，在雙方之間斡旋，共同提出：好吧，為了讓這一切順利進行，互聯網需要一個商業模式，內容創作者應該得到報酬。讓我感到有些驚訝的一件事，可能對許多正在收聽的聽眾來說也很重要，那就是我們不僅接到了美聯社、BBC 和《紐約時報》等媒體的電話，而且越來越多地接到了銀行的電話，他們的研究團隊表示，訂閱和閱讀我們研究報告的人越來越少，因為人工智能公司正在壟斷所有數據並竊取知識產權，人們正在拒絕人工智慧公司。

Again, I think journalists get deserved to get paid, but so do research analysts. And so you all deserve to be able to monetize the work that you're creating, and we're going to have to create some new business to support that because AI bots don't click on ads, and it's going to be something which is different going forward.

我再次強調，我認為記者理應獲得報酬，研究分析師也是。所以，你們都應該能夠透過自己創作的作品獲得收益，而我們將不得不創造一些新的商業模式來支持這一點，因為人工智慧機器人不會點擊廣告，未來將會與以往有所不同。

The reaction from the content creator side has been just overwhelmingly positive. And we come back to something pretty simple, which is just if you create content, it should be up to you who gets access to it and who doesn't, and we can provide the tools to do that. On the AI company side, they also -- again, nobody wants to pay for something that they were getting for free. But I think that they understand that we're a fair broker. And when we walk them through what happens if we don't create some healthy ecosystem here, they say, we get it.

內容創作者方面的反應幾乎全是正面的。最終我們還是回到一個非常簡單的問題上，那就是如果你創作了內容，那麼誰能存取這些內容、誰不能存取這些內容就應該由你來決定，而我們可以提供實現這一目標的工具。對於人工智慧公司而言，他們也同樣如此——沒有人願意為自己免費獲得的東西付費。但我認為他們明白我們是公平的中間人。當我們向他們解釋如果我們不在這裡創造一些健康的生態系統會發生什麼時，他們說，我們明白了。

We just want to make sure that everyone is treated fairly. And so I think that's a big piece of it. We've seen a lot of other companies start to try and kind of follow in this trend. Microsoft and Amazon have announced content marketplaces. And they may be successful, but what we're hearing from both the AI companies and from the content creators is that because Cloudflare is that trusted neutral third-party that we can be that honest broker between them that they would rather us be the one that figure out what that future business model looks like as opposed to one of the hyperscalers, which is out there creating their own foundational model themselves and might have a very different incentives.

我們只是想確保每個人都受到公平對待。所以我認為這是其中很重要的一部分。我們看到很多其他公司也開始嘗試效法這種趨勢。微軟和亞馬遜都宣布推出內容市場。他們或許會成功，但我們從人工智慧公司和內容創作者那裡聽到的是，由於 Cloudflare 是一個值得信賴的中立第三方，我們可以成為他們之間的誠實中間人，所以他們寧願由我們來決定未來的商業模式，而不是由那些正在創建自己基礎模式、可能有著截然不同的激勵機制的超大規模數據中心運營商來決定。

So I think 2026 will be the time that we start really talking about what this future business model looks like and how that is going to impact us financially. But we are mostly focused on something which is really simple, which is believe the Internet is important. We believe AI is incredible. But in order for AI to be even more incredible, the Internet needs to be even more robust and full of great original content. And in order for that to happen, there has to be a way for those content creators to get paid by AI companies.

所以我認為 2026 年我們將真正開始討論未來的商業模式會是什麼樣子，以及它將如何影響我們的財務狀況。但我們主要關注的是一件非常簡單的事情，那就是相信網路很重要。我們相信人工智慧非常了不起。但為了讓人工智慧變得更強大，網路需要更加完善，並擁有更多優質的原創內容。而要實現這一點，就必須有一種方法讓這些內容創作者能夠從人工智慧公司獲得報酬。

And that's what we're trying to figure out.

這就是我們正在努力弄清楚的問題。

Adam Borg, Stifel.

Adam Borg，Stifel。

It's great to see the continued go-to-market maturation. And Matthew, so when maybe thinking about the channel mix, I think that ticks up to over 28.5%. So it's a good ongoing momentum there. If you think about the new fiscal year, maybe to provide a quick update on the channel priorities for '26, especially in the context of driving Act 2 and Act 3.

很高興看到市場推廣策略不斷成熟。Matthew，所以當我們考慮頻道混合時，我認為這個數字會超過 28.5%。所以這方面目前勢頭良好。考慮到新的財政年度，或許應該快速更新 2026 年的通路優先事項，尤其是在推動第二幕和第三幕的背景下。

Yeah. So I'll start and then Thomas may have a little more to add. I think one of the things that was really important to Mark Anderson was that in order to really be able to scale and get leverage in a true enterprise sales team, you need the channel-first. And so I think that's something that we really embarked on two years ago. I think we had the willingness to do it.

是的。那我先開始，湯瑪斯可能還會補充一些內容。我認為對馬克安德森來說，真正重要的一點是，為了真正能夠在真正的企業銷售團隊中擴大規模並獲得優勢，你需要通路優先。所以我覺得這是我們兩年前真正開始著手做的事情。我認為我們有這樣做的意願。

I think we had the margin structure to be able to support it. I think that we were thought of well and we're a good partner generally to channel partners and have been. What I think was missing for a long time for us was, first, we -- our products for a long time were too simple. It was like you -- tagline on our site used to be, give us 5 minutes and we'll supercharge your website.

我認為我們有足夠的利潤空間來支撐這項業務。我認為我們一直受到好評，而且我們通常是通路合作夥伴的好夥伴，一直以來都是如此。我認為我們長期以來所缺少的是，首先，我們的產品長期以來都過於簡單。就像你一樣——我們網站的標語曾經是：給我們 5 分鐘，我們就能讓你的網站煥然一新。

Like there's not a lot of value the value-added reseller can add if they're doing that. Today, when you look at the large value-added resellers, when you look at the giant systems integrators, they're seeing that there's an enormous amount of complexity. There are places where there's integration with other products. There's also, because of Workers with the developer platform an ability for them to actually create their own intellectual property and then sell that over and over again in specific verticals or specific industries, and that's really taken off. I think we started to figure that out really two years ago.

如果加值經銷商這樣做，他們就無法創造太多價值了。如今，當你審視那些大型加值經銷商，當你審視那些巨型系統整合商時，你會發現其中存在著巨大的複雜性。有些地方會與其他產品整合。此外，由於開發者平台的存在，開發者們能夠真正創造自己的智慧財產權，然後在特定的垂直領域或產業中反覆出售，這種模式已經發展得非常成功。我認為我們大概兩年前就開始意識到這一點了。

I think what we've really focused on over the course of the last -- of 2025 was how do we now make it easier for channel partners. How do we actually publish a price list where they can quote deals without having to check with our team and doing all of that work for us. And that was complicated work but we did that in the second half of 2025. And I think you're going to see the fruit of that through 2026.

我認為在過去的2025年裡，我們真正關注的是如何讓通路夥伴的工作變得更輕鬆。我們如何才能發布一份價格表，讓他們無需與我們的團隊核對，也無需我們完成所有這些工作，就可以直接報價？那是一項複雜的工作，但我們在 2025 年下半年完成了。我認為到 2026 年，你會看到這些努力的成果。

So we just had our sales kickoff a couple of weeks ago in Las Vegas. And it was just extraordinary to talk to and listen to partners who, again, I think for a long time, were like, hey, we want to work with you, but you don't quite understand us. Well, now they're saying, you've got the team that understands us, you've made our jobs simpler, and we're going to go out there and just sell the hell out of Cloudflare's products. And I think that is how you become again, a true enterprise sales company, and I think Mark Anderson and the rest of his team deserve an enormous amount of credit in teaching me and the rest of the organization how to do that. And a big part of that is about channel and partners.

就在幾週前，我們在拉斯維加斯舉行了銷售啟動儀式。和合作夥伴們交談、傾聽他們的想法真是太棒了，我覺得很長一段時間以來，他們都像是在說：“嘿，我們想和你們合作，但你們不太了解我們。”現在他們說，你們的團隊了解我們，你們讓我們的工作變得更簡單，我們將全力以赴地銷售 Cloudflare 的產品。我認為這就是你如何再次成為一家真正的企業銷售公司的方式，我認為馬克安德森和他的團隊應該得到極大的讚揚，因為他們教會了我以及公司其他成員如何做到這一點。其中很大一部分與通路和合作夥伴有關。

Jackson Ader, KeyBanc Capital Markets.

Jackson Ader，KeyBanc Capital Markets。

Matthew, thank you for recognizing the plight of research analysts. I'll make sure I pass that along.

馬修，感謝你關注研究分析師的困境。我一定會把這件事轉達上去。

You definitely deserve to eat. Like, definitely, it's important. AI should not take your job, Jackson.

你絕對應該好好吃飯。當然，這很重要。傑克遜，人工智慧不應該搶走你的工作。

It's coming. Yes, we'll see. My question though is actually just following up on the channel discussion that you just went through. And I'm curious, one of the only downsides to think about a channel presence is that it does make you a little less nimble, right? Like you could -- if you wanted to add sales heads, you could do that a little faster than maybe trying to supercharge the channel.

它要來了。是的，我們拭目以待。不過，我的問題其實只是想跟進一下你剛才討論的頻道內容。我很好奇，考慮頻道存在的唯一缺點就是它會讓你變得不那麼靈活，對嗎？例如，如果你想增加銷售主管，你可以比嘗試大力發展管道更快做到這一點。

And so I'm curious how you guys are thinking about hiring direct salespeople if you see further demand signals. Like if we're going to continue to accelerate, how nimble can you be like really lean in on the go-to-market motion?

所以我很想知道，如果你們看到進一步的需求訊號，你們打算如何考慮招募直銷人員。如果我們要持續加速發展，那麼在市場推廣方面，你能有多靈活、多積極主動？

Yeah, I'll start and Thomas will say something smarter than I did. But I think that the channel makes you more nimble, not less nimble. We are going to continue to hire great people internally. I think we are hiring and ramping at a rate, which is very, very healthy. But then the channel gives you leverage to be able to do that and execute as well.

是啊，我先開始，湯瑪斯一定會說些比我更聰明的話。但我認為，這條通道會讓你變得更靈活，而不是更遲鈍。我們將繼續從內部招募優秀人才。我認為我們目前的招募和擴招速度非常健康。但通路可以讓你利用這種優勢來實現並執行目標。

And so I don't think that that's -- I don't see it as a constraint on our nimbleness. I actually see it as a way of offering leverage to our already very successful inside sales and field sales teams that then use the channel to be able to support themselves. And again, I think it's been -- we've seen -- I think it's still early days, but we've seen through the growth, just real success there. And I don't think we'll ever get to 90% plus of business going through the channel, like the old hardware companies of old, some of the software companies of old, even companies like Zscaler and Netskope that have gone there. I think we will be less than that.

所以我不認為這會限制我們的靈活性。我實際上認為這是一種為我們本已非常成功的內部銷售和現場銷售團隊提供助力的方式，然後他們可以利用該管道來維持自身發展。而且，我認為——我們已經看到——我認為現在還處於早期階段，但我們已經看到了成長，並看到了真正的成功。我不認為我們會像以前的硬體公司、一些以前的軟體公司一樣，甚至像 Zscaler 和 Netskope 這樣已經實現 90% 以上的業務都透過管道完成。我認為我們會比那少。

But I do think that we can do a lot more with the channel. And I think we've got a lot of what had been the things that have held that back cleared out of the way. And I think that will actually make us faster and more nimble rather than slow us down.

但我認為我們還可以利用這個頻道做更多的事情。我認為我們已經清除了很多阻礙這一進程的因素。我認為這實際上會讓我們更快、更靈活，而不是減慢我們的速度。

The only thing I would add is, for us, this is not an either or from a capital allocation perspective, but how we stack both vectors on top of each other, so you can accelerate growth vectors independently, and we've been really successful at this. With the productivity metrics that we shared, we are full speed ahead on adding sales capacity, and we do this early in the year just to get a head start.

我唯一要補充的是，對我們來說，從資本配置的角度來看，這不是二選一的問題，而是我們如何將這兩個向量疊在一起，這樣就可以獨立地加速成長向量，而我們在這方面真的非常成功。根據我們分享的生產力指標，我們正在全力以赴地增加銷售能力，而且我們年初就這樣做，只是為了搶佔先機。

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。接下來請馬修‧普林斯作總結發言。

I just wanted to thank everyone in the Cloudflare team for an incredible 2025. There is a ton of work that goes into having a quarter like the one that we just did, and I'm proud of everyone who helped achieve it. We got 2026 ahead of us. And again, as I said, I couldn't be more excited to be the CEO of Cloudflare and wouldn't trade places with anyone. Thank you all.

我只想感謝 Cloudflare 團隊的每一位成員，感謝他們創造了令人難以置信的 2025 年。要做出像我們剛完成的這個季度那樣出色的成績，需要付出大量的努力，我為所有為此付出努力的人感到驕傲。我們還有2026年。正如我之前所說，我非常興奮能夠成為 Cloudflare 的 CEO，而我不會和任何人交換這個職位。謝謝大家。

See you back here next quarter.

下個季度再見。

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。感謝您的參與。您現在可以斷開連線了。