Cloudflare, Inc. (NET) 2026 Q1 法說會逐字稿

My name is Jay, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cloudflare first quarter 2026 earnings call. (Operator Instructions)

我叫 Jay，今天將擔任各位的會議接線員。此刻，我想歡迎各位參加 Cloudflare 2026 年第一季財報電話會議。（接線員指示）

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

現在我想把會議交給 Phil Winslow。您可以開始了。

Thank you for joining us today to discuss Cloudflare's financial results for the first quarter of 2026. With me on the call, we have Matthew Prince, Co-Founder and CEO; Michelle Zatlyn, Co-Founder and President; and Thomas Piper, CFO. By now, everyone should have access to our earnings announcement. This announcement as well as our supplemental financial information may be found on our Investor Relations website. You may 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 marketential of those products.

感謝各位今天加入我們，一同討論 Cloudflare 2026 年第一季的財務結果。與我一同參與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 Piper。到目前為止，各位應該都已取得我們的財報公告。該公告以及我們的補充財務資訊可在投資人關係網站上查閱。在今天的討論中，您可能會作出前瞻性陳述，包括但不限於：我們的客戶、供應商與合作夥伴、營運與未來財務表現、我們預期的產品發表以及這些產品的時程與市場潛力。

Our anticipated future financial and operating performance, and our expectations regarding future macroeconomic conditions. 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.

我們預期的未來財務與營運表現，以及我們對未來總體經濟情勢的預期。這些陳述及其他評論並非對未來表現的保證，且受風險與不確定性影響，其中多數超出我們的控制範圍。我們的實際結果可能與任何前瞻性陳述中所預測或暗示者有重大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We take 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. Unless otherwise noted, all financial numbers we talk about today other than revenue will be on an adjusted non-GAAP basis.

這些前瞻性陳述僅適用於今日，您不應將其視為我們未來的觀點。我們不承擔在本次電話會議後更新這些陳述的任何義務。如需更完整了解可能影響我們未來營運結果與財務狀況的風險與不確定性，請參閱我們向 SEC 提交的文件以及今日的財報新聞稿。除非另有說明，今天我們討論的所有財務數字（營收除外）皆以調整後的非 GAAP 基礎呈現。

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'll be hosting our Annual Investor Day on Tuesday, June 9.

您可在投資人關係網站上的財報新聞稿中，找到 GAAP 與非 GAAP 財務衡量指標的調節表。就歷史期間而言，GAAP 與非 GAAP 的調節表可在稍早提及的補充財務資訊中找到。我們也想通知各位，我們將於 6 月 9 日（週二）舉辦年度投資人日。

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

現在我想把電話會議交給 Matthew。

Thank you, Phil. We had a very strong start to 2026. We achieved revenue of $639.8 million, up 34% year-over-year. We now have 4,416 customers paying us more than $100,000 per year, a 25% increase year-over-year. Revenue contribution from these large customers grew 38% year-over-year, contributing to 72% of revenue during the quarter, up from 69% in the first quarter last year.

謝謝你，Phil。我們在 2026 年有一個非常強勁的開局。我們達成 6.398 億美元的營收，年增 34%。目前每年付費超過 10 萬美元的客戶數達到 4,416 家，年增 25%。這些大型客戶的營收貢獻年增 38%，本季貢獻營收的 72%，高於去年第一季的 69%。

Our dollar-based net retention was 118%, down 2% quarter-over-quarter and up 7% year-over-year. Our gross profit margin was 72.8%, and we delivered an operating profit of $73.1 million, representing an operating margin of 11.4%, and we generated strong free cash flow of $84.1 million during the quarter, again exceeding expectations. The strong momentum we've seen in our business continued to build through the first quarter.

我們以美元計的淨留存率為 118%，較前一季下降 2%，較去年同期上升 7%。我們的毛利率為 72.8%，並實現 7,310 萬美元的營業利益，代表營業利益率 11.4%；本季也產生強勁的自由現金流 8,410 萬美元，再次超出預期。我們在業務上看到的強勁動能在第一季持續累積。

Some highlights. Sales productivity increased year-over-year for the ninth consecutive quarter. Growth in hiring sales force capacity also accelerated in the first quarter, increasing at the fastest pace since 2023. Deals over $1 million were up 73% year-over-year, the fastest growth rate since 2024. We added a record number of our largest customers in the quarter, those spending more than $5 million with us annually.

一些重點。銷售生產力已連續第九個季度年增。第一季銷售團隊產能的招募成長也加速，增速為自 2023 年以來最快。超過 100 萬美元的交易年增 73%，為自 2024 年以來最快的成長率。本季我們新增了創紀錄數量的最大型客戶，也就是每年在我們這裡支出超過 500 萬美元的客戶。

In fact, we added as many $5 million-plus customers in Q1 as we did in all of last year. Bookings from new customers increased at the highest rate since 2023. New pipeline generation grew sequentially at the fastest pace in 5 years, and we exceed our planned target by more than any other first quarter since 2021. Our quarterly gross retention reached its highest level in 4 years, reinforcing that customers understand cloud lowers a must-have rather than a nice to have.

事實上，我們在第一季新增的 500 萬美元以上客戶數，與去年全年新增的數量一樣多。新客戶的訂單（Bookings）以自 2023 年以來最高的增速成長。新管線（pipeline）產生的成長在序列上達到 5 年來最快的速度，且我們超越既定目標的幅度，為自 2021 年以來任何第一季中最大。我們的季度毛留存率達到 4 年來最高水準，進一步印證客戶理解雲端已是「必需品」，而非「可有可無」。

We are a significant beneficiary of many of the most powerful trends across the economy. To give you some sense, we had 1 million new developers in just the last quarter. Our products were made for this moment, and we are helping our customers build the future on our platform. That's a good segue to talk about some of our customer wins in the quarter.

我們是整體經濟中多項最強勁趨勢的重要受益者。讓各位有個概念，僅在上一季我們就新增了 100 萬名開發者。我們的產品正是為此刻而生，我們正在協助客戶在我們的平台上打造未來。這也很適合銜接到本季的一些客戶贏單。

A leading technology platform, expanded their relationship with Cloudflare, signing a two-year $10 million pool of funds contract with initial use cases for application services at our workers' developer platform. With our full portfolio now unlocked under a single rate card, we won workloads from both a hyperscaler as well as point solution competitors. Looking ahead, we are also in discussions on AI paid for Crawl to control and help monetize AI bot traffic.

一家領先的科技平台擴大了與 Cloudflare 的合作，簽署了一份為期兩年、1,000 萬美元的資金池（pool of funds）合約，初始使用案例涵蓋應用服務以及我們 Workers 開發者平台。在單一費率表（rate card）下解鎖我們完整產品組合後，我們從一家超大規模雲服務商（hyperscaler）以及點狀解決方案競爭對手手中贏得了工作負載。展望未來，我們也正在就 AI 付費 Crawl 進行討論，以控管並協助將 AI 機器人流量變現。

A rapidly growing technology company in APAC expanded their relationship with Cloudflare signing a two-year $8.7 million contract for application services and our workers developer platform, driven by the boom in AI-powered by coating, this company has seen explosive growth, and Cloudflare has become core to their infrastructure, intelligently routing billions of daily requests across the globe.

一家在亞太地區快速成長的科技公司擴大了與 Cloudflare 的合作，簽署一份為期兩年、870 萬美元的合約，涵蓋應用服務與我們的 Workers 開發者平台；在 AI 驅動的「coating」熱潮帶動下，該公司出現爆發式成長，而 Cloudflare 已成為其基礎設施的核心，能智慧地在全球路由每日數十億次請求。

This customer chose Cloudflare over a competitive bid from a hyperscaler due to the strength of our unified platform and our seamless low-latency security.

該客戶在與一家超大規模雲服務商競標後選擇 Cloudflare，原因在於我們統一平台的優勢，以及無縫、低延遲的安全能力。

A Fortune 100 technology company expanded their relationship with Cloudflare signing a two-year $8 million contract for our privacy proxy solution, the fifth privacy engagement with this customer, solidifying Cloudflare as their go-to privacy partner. They approached us with an urgent need to handle massive scale with precise geolocation accuracy for user-initiated agentic traffic. We delivered a fully operational solution within one week, demonstrating the speed, trust and engineering depth that continues to set us apart.

一家《財富》100 大科技公司擴大了與 Cloudflare 的合作，簽署一份為期兩年、800 萬美元的合約，採用我們的隱私代理（privacy proxy）解決方案；這是該客戶與我們的第五次隱私相關合作，鞏固 Cloudflare 作為其首選隱私合作夥伴的地位。他們帶著一項緊急需求找上我們：需在龐大規模下，對使用者發起的代理式（agentic）流量提供精準的地理定位準確度。我們在一週內交付了可全面運作的解決方案，展現出速度、信任與工程深度，這些特質持續讓我們脫穎而出。

A leading insurance company in EMEA expanded their relationship with Cloudflare, signing a five-year $5.1 million contract for application services and our full SASE portfolio. Driven by years of acquisitions, this customer's IT environment and bloated to over 600 vendors with some employees literally juggling up to four laptops to access essential applications. By standardizing on Cloudflare, they displace six legacy vendors at signing with 10 more displacements already underway, targeting over $1.3 million in annual savings.

一家位於歐洲、中東與非洲（EMEA）的領先保險公司擴大了與 Cloudflare 的合作，簽署一份為期五年、510 萬美元的合約，採用應用服務以及我們完整的 SASE 產品組合。在多年併購驅動下，該客戶的 IT 環境膨脹至超過 600 家供應商，有些員工甚至得同時使用多達四台筆電才能存取關鍵應用。透過標準化採用 Cloudflare，他們在簽約時即取代 6 家既有供應商，另有 10 項替換已在進行中，目標為每年節省超過 130 萬美元。

Their CTO put it simply. He wanted a high-performance Formula 1 level architecture with Cloudflare as the engine. The Fortune 500 aerospace and defense company expanded their relationship with Cloudflare signing a three-year $5 million contract for our Zero Trust products, including browser isolation, access and gateway. After a major security breach force this customer to move from on-premise hardware to the cloud, they discovered that their first-generation Zero Trust vendors browser isolation solution could not meet critical government compliance requirements.

他們的 CTO 說得很簡單。他想要一個高效能、達到一級方程式（Formula 1）水準的架構，並以 Cloudflare 作為引擎。一家《財富》500 大航太與國防公司擴大了與 Cloudflare 的合作，簽署一份為期三年、500 萬美元的合約，採用我們的 Zero Trust 產品，包括瀏覽器隔離、存取與閘道。在一次重大資安事件迫使該客戶從地端硬體遷移至雲端後，他們發現其第一代 Zero Trust 供應商的瀏覽器隔離解決方案無法滿足關鍵的政府合規要求。

Putting $5.5 billion in government revenue at risk. Cloudflare delivered a fully compliant solution in a matter of weeks where the incumbent could not. A leading AI company expanded their relationship with Cloudflare, signing year 1 million contract for application services. As 1 of the most visible targets for cyber attacks globally. This customer needed a security layer to protect their massive infrastructure build-out, despite a strong build over by mentality, they chose Cloudflare trust a battle-tested network that has proven its resilience against the largest attacks.

使 55 億美元的政府收入面臨風險。Cloudflare 在短短數週內交付了完全合規的解決方案，而原先的既有供應商卻無法做到。一家領先的 AI 公司擴大了與 Cloudflare 的合作關係，簽署了第一年 100 萬美元的應用服務合約。作為全球最顯眼的網路攻擊目標之一。儘管該客戶具備強烈的自建心態，仍需要一層安全防護來保護其龐大的基礎設施擴建；最終他們選擇信任 Cloudflare——一個經過實戰驗證、在最大規模攻擊下證明具備韌性的網路。

This is a customer that moves fast and pushes boundaries and they're already testing our AI gateway for their AI workloads. Another leading AI company expanded their relationship with Cloudflare signing a 10-month $2 million contract for Argo Smart Routing coming just one quarter after signing a workers' developer platform deal. This customer wants to be the fastest and most reliable AI provider in the market, and Cloudflare is delivering.

這是一位行動迅速、勇於突破界限的客戶，他們已在針對其 AI 工作負載測試我們的 AI Gateway。另一家領先的 AI 公司也擴大了與 Cloudflare 的合作，簽署了一份為期 10 個月、金額 200 萬美元的 Argo Smart Routing 合約，距離他們簽下 Workers 開發者平台交易僅過了一個季度。這位客戶希望成為市場上最快、最可靠的 AI 供應商，而 Cloudflare 正在實現這一點。

After deploying Argo, they immediately reduced their average global latency by 30%. And -- in the AI space, that kind of speed is a real advantage that our hyperscaler competitors simply can't match. In nearly every customer conversation, it's clear. the emergence of generative and agentic AI is not just redefining the economics of the Internet and software companies, they are redefining the business models of all companies fundamentally reshaping how organizations are structured, operate and create value.

部署 Argo 後，他們立刻將全球平均延遲降低了 30%。而且——在 AI 領域，這樣的速度是真正的優勢，是我們的超大規模雲端競爭對手根本無法匹敵的。幾乎在每一次與客戶的對話中都很清楚：生成式與代理式（agentic）AI 的興起，不僅正在重新定義網際網路與軟體公司的經濟模式，也正在重新定義所有公司的商業模式，從根本上重塑組織如何架構、如何運作以及如何創造價值。

At Cloudflare, we don't just build and sell AI tools and platforms. We are our own most demanding customer. AI and agents are no longer pilot projects at Cloudflare. They are now core parts of our workforce. It's been an interesting journey.

在 Cloudflare，我們不只是打造並銷售 AI 工具與平台。我們也是對自己要求最嚴苛的客戶。AI 與代理不再是 Cloudflare 的試點專案。它們如今已成為我們勞動力的核心組成部分。這是一段很有意思的旅程。

We've been selling pick and shovels in the AI gold rush for the last four years, but we ourselves were cautious users wanting to ensure there was real ROI before making significant investment.

過去四年，我們一直在 AI 淘金熱中販售「鏟子與十字鎬」，但我們自己作為使用者一直相當謹慎，希望在進行重大投資前，先確保能看到真正的投資報酬率（ROI）。

We afforded a lot of the performance of AI some companies engaged in Internally, the tipping point was last November. At that point across our teams, we began to see massive productivity gains. -- team members that were 2, 10, even 100 times more productive than they had been before. It was like going from a manual to an electric screw driver. Cloudflare usage of AI has increased by more than 600% in the last three months alone.

我們也曾內部承受一些公司在導入 AI 時所出現的效能問題；轉捩點出現在去年 11 月。從那時起，在各個團隊中，我們開始看到巨大的生產力提升——有些成員的產出是過去的 2 倍、10 倍，甚至 100 倍。就像從手動螺絲起子升級到電動螺絲起子一樣。僅在過去三個月，Cloudflare 對 AI 的使用量就增加了超過 600%。

For team members in R&D, 97% use AI coding tools powered by the same workers' developer platform we ship to our customers and 100% of their contributions to our production code bases are now reviewed by autonomous AI agents. I think across the industry, you're about to see a massive uptick in reliability every code or configuration range can now have a tireless and uncorrelated set of eyes trading on every incident from the last 10 years, checking to avoid problems.

在研發（R&D）團隊中，97% 的成員使用由我們同樣提供給客戶的 Workers 開發者平台所驅動的 AI 程式碼工具，而他們對生產環境程式碼庫的貢獻如今有 100% 會由自主 AI 代理進行審查。我認為在整個產業，你即將看到可靠性大幅提升：每一段程式碼或設定變更，現在都能有一組不知疲倦且彼此不相關的「眼睛」來檢視，並利用過去 10 年每一次事件的經驗進行比對檢查，以避免問題發生。

At the same time, the impact on developer velocity is clear. We've never seen a quarter-to-quarter increase in new co-generated bug squashed and technical backlog burn down like we did last quarter. It's been wild. Beyond the product and engineering, employees cross-cloudflare from HR to marketing run thousands of AI each day to get their work time.

同時，對開發速度的影響也很明顯。我們從未見過像上個季度那樣，季度對季度在新共同生成（co-generated）的修復 bug 數量與技術待辦清理（backlog burn down）上出現如此大的提升。這真的很瘋狂。不只是在產品與工程部門，Cloudflare 內部從人資到行銷的員工每天都會執行數千次 AI 來節省工作時間。

Those agentic workflows rely on dozens of MCP servers to reach data and systems of record and use hundreds of centrally managed skill files as well as many more that have been created and shared within individual teams. The hardness that we've built, which we call Cloudflare OS allows teams across the company to quickly get up and running. We've asked our team to think what the fundamental job to be done is and then reimagine how we can make the work to achieve it more efficient, reliable and joyous. . At Cloudflare, the way work is done has fundamentally changed.

這些代理式工作流程仰賴數十個 MCP 伺服器來存取資料與系統主檔（systems of record），並使用數百個集中管理的技能檔案，以及更多在各個團隊內部建立並分享的技能檔案。我們打造的這套基礎架構（我們稱之為 Cloudflare OS）讓全公司各團隊都能快速上手並開始運作。我們要求團隊思考「要完成的根本工作（job to be done）」是什麼，然後重新想像如何讓達成該目標的工作更有效率、更可靠、也更令人愉悅。.在 Cloudflare，工作的方式已經從根本上改變了。

That means being intentional in how we architect our company for the agentic AI era in order to supercharge the value we deliver to our customers and honor our mission to help build a better Internet for everyone, everywhere. As a result, we announced significant actions this afternoon to further accelerate our evolution to an genic AI-first operating model. That unfortunately means saying goodbye to teammates who have contributed to building Cloudflare where we are today, resulting in a reduction of the size of our team by more than 1,100 people.

這意味著，我們必須有意識地在代理式 AI 時代重新架構公司，以超強化我們為客戶交付的價值，並履行我們的使命：為所有人、在任何地方打造更好的網際網路。因此，我們在今天下午宣布了重大措施，以進一步加速我們演進為以代理式 AI 優先的營運模式。遺憾的是，這也意味著要向一些曾為打造今日 Cloudflare 做出貢獻的夥伴道別，導致我們的團隊規模將縮減超過 1,100 人。

This decision is not a reflection of the individual work or talent of those leaving us. They were critical in getting us to where we are today. Instead, we are reimagining every internal process from engineering to finance to sales to run on an agentic AI backbone on our workers' platform. This isn't a cost-cutting exercise or an assessment of the individual's performance. It's about defining how a world-class, high-growth company operates and creates value in the agentic era.

這項決定並非對離開同仁個人工作表現或才能的否定。他們對於讓我們走到今天至關重要。相反地，我們正在重新想像每一個內部流程——從工程、財務到銷售——讓其在我們的 Workers 平台上以代理式 AI 的骨幹來運行。這不是一項削減成本的行動，也不是對個人績效的評估。這是在定義一家世界級、高成長公司在代理式時代如何運作並創造價值。

Deciding to part ways with teammates is the hardest part of this decision and is the responsibility of the entire senior leadership team at Cloudflare takes personally. We believe that acting with empathy isn't about avoiding hard decisions, but rather about how you treat people when those decisions are made. If we are asking our team to be world class, we have a reciprocal obligation to be world-class in how we treat them.

決定與同事分道揚鑣是這項決策中最艱難的部分，也是 Cloudflare 整個高階領導團隊共同承擔、並且非常個人化看待的責任。我們相信，以同理心行事並不是避免艱難的決定，而是在做出這些決定時，你如何對待他人。如果我們要求團隊做到世界級，我們也有對等的義務，以世界級的方式對待他們。

By taking decisive action now, we provide immediate clarity to those departing and protect the stability of the team that remains. We are also pairing the directness of these measures with severance packages that lead the industry because we want to ensure that those who have invested their time and talents and Cloudflare's mission are taken care of as we move into the next phase.

透過現在果斷採取行動，我們能立即為即將離開的同仁提供清晰的訊息，也能保護留下團隊的穩定性。同時，我們也將這些措施的直接性與業界領先的資遣方案相結合，因為我們希望確保那些投入時間與才能、支持 Cloudflare 使命的人，在我們邁入下一階段時能得到妥善照顧。

It's the right thing to do. It's the honest thing to do, and it reflects the values of the company we are continuing to build. On a personal note, this has been a hard day. A number of friends will no longer be colleagues, but I'm confident they will land at other great places and bring with them a set of skills they learn, building Cloudflare to where we are today.

這是正確的事。這是誠實的作法，也反映了我們持續打造的公司價值觀。就個人而言，今天是艱難的一天。一些朋友將不再是同事，但我相信他們會在其他很棒的地方落腳，並帶著他們在打造 Cloudflare、讓我們走到今天的過程中所學到的一整套技能。

The group leaving us will build many future great companies, and I'm confident that our reshaped organization will be even more nimble and innovative as we continue to build the future, not an easy day but the right decision.

離開我們的這群人將會打造許多未來的偉大公司，而我也相信，我們重塑後的組織將更敏捷、更具創新力，持續打造未來——這不是容易的一天，但這是正確的決定。

With that, I'll turn it over to Thomas to walk through the numbers. Thomas, take it away. .

接下來，我把時間交給 Thomas，請他帶大家看一下數字。Thomas，交給你了。.

Thank you, Matthew, and thank you to everyone for joining us. Before I begin my customary remarks and our results for the first quarter, I would like to provide additional details on the actions we announced this afternoon to accelerate Cloudflare evolution to an agentic AI-first operating model. . Cloudflare's history proves our business model innovation is as important as our technical innovation. These 2 forces don't sit side-by-side a Cloudflare rather, they compound on each other in ways that provide us with meaningful competitive advantages and create significant value for both our customers and Cloudflare.

謝謝你，Matthew，也謝謝各位今天加入我們。在我開始我一貫的評論並說明第一季業績之前，我想先就我們今天下午宣布、用以加速 Cloudflare 演進為以代理式 AI 優先營運模式的行動，提供更多細節。.Cloudflare 的歷史證明，我們在商業模式上的創新與技術創新同等重要。這兩股力量在 Cloudflare 並非並列存在；相反地，它們以相互加乘的方式運作，為我們帶來實質的競爭優勢，並為客戶與 Cloudflare 創造顯著價值。

AI is driving a fundamental replatforming of the Internet as well as a paradigm shift in how software is created and consumed.

AI 正在推動網際網路的根本性重新平台化（replatforming），並帶來軟體如何被創建與消費的典範轉移。

And is shaping up to be the biggest tailwind for both our network and our workers developed a platform that we've ever seen in Cloudflare's history. From this position of strength, we are again applying the same winning formula of compounding technology innovation with business model innovation by fully embracing an agentic AI-first organizational structure and operating model, as through Cloudflare revenue scales, our efficiency and productivity will scale even faster.

並且正逐步成為我們的網路以及我們的 Workers 開發者平台在 Cloudflare 歷史上所見過的最大順風。在這個強勢基礎上，我們再次套用同樣的致勝公式：將技術創新與商業模式創新相互疊加，透過全面擁抱以代理式 AI（agentic AI）為先的組織架構與營運模式；隨著 Cloudflare 營收規模擴大，我們的效率與生產力將以更快速度提升。

Unfortunately, this decision means studying ways with colleagues who have helped build a strong foundation Cloudflare stands on today. resulting in a reduction of the size of our team by approximately 20%. These reductions are across all functions and geographies and reflect how broadly AI is accelerating our operational velocity.

遺憾的是，這項決策意味著我們必須與一些曾協助打造 Cloudflare 今日所依託之堅實基礎的同事分道揚鑣，導致團隊規模約縮減 20%。這些縮減涵蓋所有職能與地理區域，反映出 AI 正在多大程度上加速我們的營運速度。

Importantly, however, we continue to expect growth in the net capacity of our quota carrying sales force to accelerate in 2026 with today's actions compounding productivity to fuel our growth. These actions will result in severance and other restructuring charges of $140 million to $150 million for full year 2026.

然而重要的是，我們仍預期在 2026 年，具配額（quota-carrying）的銷售團隊淨產能成長將加速；今日的行動將透過生產力的疊加來推動成長。這些行動將在 2026 全年產生 1.40 億至 1.50 億美元的資遣費及其他重組費用。

Approximately $40 million of which is noncash. With the majority concentrated in the second quarter. Our expectations for free cash flow for 2026, however, remain unchanged with approximately 25% to 30% of full year cash generation in the second and third quarters. By decoupling our ability to scale from the traditional dependency of the past, Cloudflare will be structurally faster, more innovative, more productive and more efficient.

其中約 4,000 萬美元為非現金項目。且大部分將集中在第二季。不過，我們對 2026 年自由現金流的預期維持不變，全年現金產生量約有 25% 至 30% 將落在第二與第三季。透過將我們的擴張能力與過去傳統依賴關係脫鉤，Cloudflare 將在結構上更快、更具創新力、更高生產力且更有效率。

Now turning to our results. The first quarter was a strong start to 2026. With momentum building across multiple areas of our business. We continue to see rapid growth from AI and the agentic workloads across our network strength in our largest customer cohorts continuing returns from our go-to-market transformation and rebid adoption of our workers developer platform.

接著談我們的業績。第一季為 2026 年帶來強勁開局。我們業務的多個領域動能正在增強。我們持續看到 AI 與代理式（agentic）工作負載在我們網路上快速成長；最大客戶群的網路強度持續展現回報；我們的 go-to-market 轉型持續帶來成效；以及 Workers 開發者平台的再投標（rebid）採用率提升。

Total revenue for the first quarter increased 34% year-over-year to $639.8 million. From a geographic perspective, the US represented 49% of revenue and increased 34% year-over-year. EMEA represented 28% of revenue and increased 31% year-over-year. APAC represented 15% of revenue and increased 34% year-over-year.

第一季總營收年增 34%，達 6.398 億美元。從地區來看，美國占營收 49%，年增 34%。EMEA 占營收 28%，年增 31%。APAC 占營收 15%，年增 34%。

Turning to our customer metrics. We ended the quarter with roughly 4,400 large customers, representing an increase of 25% year-over-year. Revenue contribution from our largest customers was 72% of revenue during the quarter, up from 69% in the first quarter last year.

接著看客戶指標。本季末我們約有 4,400 家大型客戶，年增 25%。本季最大客戶的營收貢獻占比為 72%，高於去年第一季的 69%。

We again saw significant strength in our largest customer cohorts, including those that spend over $5 million with Cloudflare annually, which grew 50% year-over-year and added a record number of additions both quarter-over-quarter and year-over-year.

我們再次在最大客戶群中看到顯著強勁表現，包括每年在 Cloudflare 支出超過 500 萬美元的客戶，其年增 50%，且無論季增或年增，新增數量皆創下紀錄。

Our dollar-based net retention was 118% during the first quarter, down 2% sequentially and up 7% year-over-year. As we've noted previously, there can be some variability in this metric quarter-to-quarter, with growth this quarter driven by a meaningful acceleration in business from new customers which grew at the highest rate since 2023.

第一季以美元計的淨留存率為 118%，較前一季下降 2%，較去年同期上升 7%。如同我們先前所提，該指標在各季之間可能存在一定波動；本季成長主要由新客戶業務的顯著加速所帶動，新客戶成長率為 2023 年以來最高。

Moving to gross margin. First quarter gross margin was 72.8%, representing a decrease of 210 basis points sequentially and a decrease of 130 basis points year-over-year. Paid versus free traffic on our network continued to grow both year-over-year and quarter-to-quarter, again, driving additional allocation of network costs from sales and marketing into cost of revenue.

接著看毛利率。第一季毛利率為 72.8%，較前一季下降 210 個基點，較去年同期下降 130 個基點。我們網路上的付費流量相對於免費流量持續在年比與季比上成長，再次推動將更多網路成本從銷售與行銷重新分攤至營收成本。

Our workers developer platform products, which currently carry a lower gross margin than our corporate average, delivered another quarter of significant growth. In fact, developers on our platform increased to more than 5.5 million at the end of the first quarter, an increase of 1 million developers in a single quarter as compared to an increase of $1.5 million in all of 2025.

我們的 Workers 開發者平台產品（目前毛利率低於公司平均）再度交出一季的顯著成長。事實上，第一季末平台上的開發者數增至超過 550 萬人，單季增加 100 萬名開發者；相較之下，2025 全年僅增加 150 萬名。

While our developer products are not yet as optimized on gross margin, they also have a lower cost to book. And we will continue to focus on driving further efficiency improvements as our developer product scales. While gross margin may continue to trend down in the midterm from these dynamics, the scalability and efficiency of our network remains intact, and we expect our unit economic margin will continue to increase.

雖然我們的開發者產品在毛利率方面尚未完全最佳化，但其獲客／簽約成本（cost to book）也較低。隨著開發者產品規模擴大，我們將持續專注於推動進一步的效率改善。儘管在中期內毛利率可能因這些因素而持續下行，但我們網路的可擴展性與效率仍然完好無損，且我們預期單位經濟利潤率將持續提升。

Network CapEx represented 9% of revenue in the first quarter. As a reminder, there can be some variability in this metric quarter-to-quarter, and we expect network CapEx to be 14% to 15% of revenue for full year 2020. Turning to operating expenses. First quarter operating expenses as a percentage of revenue decreased 3% year-over-year to 62%. Our total headcount ended the quarter at approximately 5,500.

第一季網路資本支出（CapEx）占營收 9%。提醒一下，該指標在各季之間可能存在一定波動；我們預期 2020 全年網路 CapEx 將占營收 14% 至 15%。接著看營業費用。第一季營業費用占營收比重年減 3 個百分點至 62%。本季末總員工數約為 5,500 人。

The majority of new hires during the first quarter were in sales, with a particular focus on continuing to add quota-carrying account executives. Sales and marketing expenses were $227.5 million for the quarter. Sales and marketing as a percentage of revenue decreased to 36% from 38% in the same quarter last year. Research and development expenses were $101.5 million in the quarter. R&D as a percentage of revenue remained consistent at 16% compared to the same quarter last year.

第一季新增聘僱多數在銷售部門，特別著重於持續增加具配額的客戶經理（account executives）。本季銷售與行銷費用為 2.275 億美元。銷售與行銷費用占營收比重由去年同期的 38% 降至 36%。本季研發費用為 1.015 億美元。研發費用占營收比重維持在 16%，與去年同期一致。

General and administrative expenses were $63.6 million for the quarter. G&A as a percentage of revenue decreased to 10% from 11% in the same quarter last year. Operating income was $73.1 million, an increase of 31% year-over-year compared to $56 million in the same period last year. First quarter operating margin was 11.4%, a decrease of 30 basis points year-over-year.

本季一般與行政費用為 6,360 萬美元。一般與行政費用占營收比重由去年同期的 11% 降至 10%。營業利益為 7,310 萬美元，較去年同期的 5,600 萬美元年增 31%。第一季營業利益率為 11.4%，較去年同期下降 30 個基點。

Turning to net income in the balance sheet. Our net income in the quarter was $94 million, or diluted net income per share of $0.25. Free cash flow was $84.1 million in the quarter or 13% of revenue compared to $52.9 million or 11% of revenue in the same period last year. We ended the first quarter with $4.2 billion in cash, cash equivalents and available for sale securities.

接著看損益與資產負債表相關的淨利。本季淨利為 9,400 萬美元，稀釋後每股淨利為 0.25 美元。自由現金流為 8,410 萬美元，占營收 13%；相較去年同期為 5,290 萬美元，占營收 11%。第一季末我們持有 42 億美元的現金、約當現金及可供出售證券。

Remaining performance obligations, or RPO, came in at $2.543 billion, representing an increase of 2% sequentially and 36% year-over-year. Current RPO was 64% of total RPO includes 34% year-over-year.

剩餘履約義務（RPO）為 25.43 億美元，較前一季增加 2%，較去年同期增加 36%。當期 RPO 占總 RPO 的 64%，其中包含 34% 的年增。

Moving to guidance for the second quarter and full year 2026. For the second quarter, we expect revenue in the range of $664 million to $665 million, representing an increase of 30% year-over-year. We expect operating income in the range of $90 million to $91 million. We expect an effective tax rate of 21.5%. We expect diluted net income per share of $0.27 assuming approximately 377 million shares outstanding.

接著提供 2026 年第二季與全年展望。第二季我們預期營收介於 6.64 億至 6.65 億美元，年增 30%。我們預期營業利益介於 9,000 萬至 9,100 萬美元。我們預期有效稅率為 21.5%。假設流通在外股數約 3.77 億股，我們預期稀釋後每股淨利為 0.27 美元。

For the full year 2026, we expect revenue in the range of $2.805 billion to $2.813 billion, representing an increase of 30% year-over-year at the midpoint. We expect operating income for the full year in the range of $418 million to $421 million. We expect an effective tax rate of 20.5% and -- we expect diluted net income per share over the period to be in the range of $1.19 to $1.20.

就 2026 全年而言，我們預期營收將落在 28.05 億美元至 28.13 億美元之間，以中位數計算，年增 30%。我們預期全年營業利益將落在 4.18 億美元至 4.21 億美元之間。我們預期有效稅率為 20.5%，並且——我們預期該期間稀釋後每股淨利將落在 1.19 美元至 1.20 美元之間。

We expect approximately 375 million shares outstanding. In closing, the first quarter has set a strong tone for the year. Our strategic position heading into this paradigm shift of the agentic Internet has never been stronger, and the opportunity ahead of us is larger and more defined than at any point in our history.

我們預期流通在外股數約為 3.75 億股。最後，第一季為今年奠定了強勁的基調。在我們邁入代理式網際網路（agentic Internet）這場典範轉移之際，我們的策略定位從未如此強大，而我們面前的機會也比公司歷史上任何時刻都更大且更明確。

We remain committed to capturing it with disciplined execution, durable growth and long-term focus. Before opening the floor for questions, I want to again acknowledge our colleagues who will be departing Cloudflare as we move into our next chapter. They will always be part of the Cloudflare story, and we are sincerely grateful for their service to our customers and their commitment to our mission.

我們仍致力於以嚴謹的執行、可持續的成長與長期聚焦來把握這個機會。在開放提問之前，我想再次向即將離開 Cloudflare、與我們一同邁向下一篇章的同仁致意。他們永遠都是 Cloudflare 故事的一部分，我們由衷感謝他們為客戶所做的服務，以及對我們使命的投入。

With that, operator, please poll for questions.

那麼，接線員，請開始徵詢提問。

(Operator Instructions)

（接線員指示）

Matthew Hedberg, RBC Capital Markets.

RBC Capital Markets 的 Matthew Hedberg。

Great. Matthew, first, on your strong Q1 results, I find it interesting that some of your Act one competitors don't seem to be benefiting from monetizing agentic traffic the same way you are. I guess First of all, why are you seeing some strong tailwinds there?

很好。Matthew，首先，針對你們強勁的第一季表現，我覺得有趣的是，你們某些 Act one 的競爭對手似乎並沒有像你們一樣，從代理式流量（agentic traffic）的變現中受益。我想先問，為什麼你們在這方面會看到一些強勁的順風？

And then as a follow-up regarding the announced restructuring, really in light of the strong results, it seems to really be coming from a position of strength I guess the question is why now? How is it going to make cost for stronger? And Thomas, have you embedded any conserves in the guide for this action?

接著追問關於已宣布的重整措施，尤其在強勁業績的背景下，這看起來確實是從優勢地位出發；我的問題是為什麼是現在？這將如何讓成本結構更強健？另外 Thomas，你是否已在指引中納入任何因這項行動而來的保守假設？

Yeah, Matt. Maybe I'll start with the second because again, I think it's I think sort of the honorable thing to do. This wasn't an easy decision but it's the right decision. We've just seen that there are roles at Cloudflare that just aren't the roles that we need for the future. I think just because you're fit doesn't mean you can't get fitter.

是的，Matt。也許我先回答第二個問題，因為我認為這樣做——我覺得某種程度上是比較體面的做法。這不是一個容易的決定，但這是正確的決定。我們已經看到，Cloudflare 內有些職務已不再是我們未來所需要的職務。我想，僅僅因為你很健壯，並不代表你不能變得更健壯。

And so I think that what we've seen over -- especially of course in the last 6 months, is just the productivity that we've been able to gain from the people who are directly talking to customers and people who are directly creating code that has been just such an incredible efficiency gain and a lot of a lot of the support people that have provided support behind them, that's -- those roles aren't going to be the roles that drive companies going forward.

因此我認為我們所看到的——尤其當然是在過去 6 個月——是那些直接與客戶對話的人，以及直接撰寫程式碼的人所帶來的生產力提升，這帶來了極其驚人的效率增益；而在他們背後提供支援的許多支援人員——那些職務將不會是未來推動公司前進的職務。

I think we've always looked a little bit in the future. And I think that you're going to see companies around every industry starting to realize the gains that they can get from these tools. And in the process, I think that that's going to change companies pretty dramatically. We are, I think, early beneficiaries of that. I think that we will continue to -- we believe in people.

我想我們一直都會把眼光放得稍微更前面一些。我認為你將會看到各行各業的公司開始意識到，這些工具能帶來的效益。在這個過程中，我認為這將相當劇烈地改變公司。我認為我們是較早的受益者。我想我們會持續——我們相信人。

I think that we will continue to hire people and we'll continue to invest in them because the people that are embracing these tools are just so much more productive than we've ever seen before.

我想我們會持續招募人才，也會持續投資在他們身上，因為那些擁抱這些工具的人，其生產力之高是我們以前從未見過的。

And I would guess that in 2027, while more employees than we did at point -- but the roles are changing dramatically, and you've got to do something dramatic in order to make that shift, and that's why this was the right time. In other words, we're the fittest we've ever been but we're going to get even fitter to win the next chapter.

我猜到 2027 年，我們的員工數會比——某個時間點——還要多，但職務內容正在劇烈改變；而你必須做一些劇烈的事情才能完成這個轉變，這也是為什麼現在是正確的時機。換句話說，我們現在已是史上最健壯的狀態，但我們還要變得更健壯，才能贏得下一個篇章。

To your first question about traffic, I think the key here is something that we've always understood, but I'm not sure the market has understood as well, which is not all traffic is created equal. A lot of the times, if you were sort of a traditional CDN customer company. What you're trying to chase was things that drove lots of bandwidth, so video streaming of live events and things anything like that. And again, that was an okay business. I think you had a lot of pressure.

至於你第一個關於流量的問題，我認為關鍵在於一件我們一直都理解、但我不確定市場是否同樣理解的事：並非所有流量都一樣有價值。很多時候，如果你是一家傳統 CDN 客戶型公司，你追逐的是能帶來大量頻寬的東西，例如大型活動的影音直播之類的任何內容。再說一次，那是一門還可以的生意。但我認為你會面臨很大的壓力。

It was largely a commodity, but that was kind of the game of being a CDN.

它在很大程度上是商品化的，但那就是做 CDN 的玩法。

We never saw ourselves that way. We thought what we wanted to get in front of was the most essential traffic that's out there, not bandwidth and video streaming, but APIs and applications and seeing that. And I think that in this new world of agentic commerce agentic transactions, -- our approach is showing kind of the wisdom and durability of that.

我們從未以那種方式看待自己。我們認為我們想要站在最關鍵、最核心的流量之前——不是頻寬與影音串流，而是 API 與應用程式，並且看見那些流量。我認為在這個代理式商務、代理式交易的新世界裡——我們的方法正在展現其智慧與持久性。

So today, literally, we're seeing hundreds of billions of agentic requests per month and that number is growing exponentially. They are interacting with us, and we are setting with the rails and the guardrails are for that and that's driving our Act one business. And then on the other side, in our Workers platform, we have built a platform that allows you to build agents that are just significantly more efficient than anyone had before.

因此今天，確實地，我們每月看到數千億次的代理式請求，而這個數字正以指數級成長。它們與我們互動，而我們正在為此建立軌道與護欄，這正在推動我們的 Act one 業務。另一方面，在我們的 Workers 平台上，我們打造了一個平台，讓你能建置比以往任何人都顯著更高效率的代理（agents）。

And so across all of the parts of our business because even in the Zero Trust and SASE space, it turns out that having more fine grain control about data is exactly what you need if you have of these somewhat new agents running around doing things, you want to make sure that they only have access to the things they should. It's -- I wish I could say that we saw all this years ago and built Cloudflare for it. But I think that the reality is that we happen to have built exactly the right set of tools for this moment. And I think that's what's separating us from some of the people that we sometimes get compared to.

因此在我們業務的各個部分——甚至在 Zero Trust 與 SASE 領域——事實證明，若你有這些相對新型的代理在四處運作並執行任務，你真正需要的正是對資料更細緻的控管；你會想確保它們只能存取它們應該存取的內容。我希望我可以說我們多年前就看到了這一切，並為此打造了 Cloudflare。但我認為現實是，我們剛好打造出一套在此刻完全正確的工具組合。我認為這正是讓我們與一些常被拿來比較的公司拉開差距的原因。

Thanks, Maddie. Yeah, let me take your second part regarding guidance and how this action is reflected. First of all, I would say we've been rather thoughtful. And you heard in my prepared remarks that while this action pretty much affects all teams at Cloudflare. The only exception really is our AE and quota-carrying capacity that is sitting in front of the customers. We hardly touched that -- and I think we've been careful trying to reflect whatever residual risk remains in the guidance that we provided.

謝謝，Maddie。是的，我來回答你第二部分，關於指引以及這項行動如何反映在其中。首先我會說，我們一直相當審慎周全。你也在我事先準備的談話中聽到，雖然這項行動幾乎影響 Cloudflare 的所有團隊，但唯一的例外其實是我們面向客戶的 AE 與承擔配額（quota-carrying）的產能。我們幾乎沒有動到那一塊——而且我認為我們也很謹慎地試圖在所提供的指引中反映任何仍然存在的剩餘風險。

-- for the remainder of the year. So though I think we -- as usual, we try to be thoughtful and prudent in how we think about what is in front of us.

——針對今年剩餘期間。因此我認為我們——一如往常——在思考眼前情勢時，會盡量做到周全且審慎。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome. Maybe, Matthew, for you, one of the things that we keep on hearing about is just how AI costs internally are really expensive, especially around R&D coding agents internally. And so -- how do you think about balancing R&D adjusted coating, adoption with the cost? What AI efficiencies are you looking to see across the organization? And of course, how much of this risk is to offset some of what I have mentioned.

太棒了。Matthew，或許這題給你：我們一直聽到的一點是，內部的 AI 成本非常昂貴，特別是在內部用於研發的程式碼代理（coding agents）方面。因此——你如何在研發（R&D）經調整後的成本、採用與成本之間取得平衡？你希望在整個組織看到哪些 AI 效率提升？當然，這其中有多少風險會抵消我剛才提到的一些因素？

Yes. So first of all, we have seen as used has gone up 600% in the last quarter. We have seen costs go up. And I don't think it's got nearly as much as some others. And that's driven by a number of things.

是的。首先，我們看到使用量在上一季成長了 600%。我們也看到成本上升。而我不認為它上升得像其他一些公司那麼多。這是由多個因素所驅動的。

I think the least important is in terms that most of the big AI labs are Cloudflare customers. And so we have very good relationships with them. We work with them.

我認為最不重要的一點是：多數大型 AI 實驗室都是 Cloudflare 的客戶。因此我們與他們的關係非常好。我們會與他們合作。

We have ways of making sure that we can get the best pricing in the best models from them. I think more importantly, though, is a lot of times, we're able to run those models instead of on their infrastructure on our own infrastructure. And so -- we have a fleet of GPUs, and we have all of the tools with cloud floor workers and workers AI to be able to build and use those tools themselves. And so most of the use of various AI coding tools, isn't even leaving our network.

我們有方法確保能從他們那裡取得最佳定價與最佳模型。但我認為更重要的是，很多時候我們能在自家基礎設施上執行那些模型，而不是在他們的基礎設施上。因此——我們有一支 GPU 機隊，而且透過 Cloudflare Workers 與 Workers AI 的所有工具，我們能夠自行建置並使用這些工具。所以，各種 AI 程式碼工具的大部分使用，甚至都沒有離開我們的網路。

It's running on our infrastructure because we're very good at routing to wherever there is capacity we're able to get a lot out of that. And so I think that's one of the reasons why we see a significantly higher utilization across our GPU resources than some of -- than any of the hyperscalers and then any even of the AI labs are able to drive.

它是在我們的基礎設施上運行，因為我們非常擅長把流量路由到任何有容量的地方，從而能榨取很高的效益。因此我認為這也是我們看到 GPU 資源使用率顯著高於一些——高於任何超大規模雲服務商（hyperscalers），甚至高於 AI 實驗室所能達到的原因之一。

And then when we built what we call Cloudflare OS, we've paired that with our AI Gateway product. An AI Gateway product allows you to route different requests based on what's the right model for the right task. And so -- that means that if we have a task which we can evaluate as being relatively simple, then we can wrap that to a model that might be running on our own infrastructure and be able to be delivered at essentially no marginal cost to us.

接著，當我們建置我們所稱的 Cloudflare OS 時，我們把它與 AI Gateway 產品配對。AI Gateway 產品讓你能依據「哪個任務該用哪個模型」來路由不同請求。因此——這表示如果我們評估某個任務相對簡單，那我們就可以把它導向可能在我們自家基礎設施上運行的模型，並且基本上以對我們幾乎沒有邊際成本的方式交付。

Whereas if we have to think it is more important, we might send that off to one of the frontier models. -- and pay more for that. I think that, that model -- again, I feel like we're living a little bit in the future. I think that's what you're going to see a number of companies, Danas we demo Cloudflare OS to other companies what we're seeing overran by CIO after CIO after CIO is, well, we want that, too.

而如果我們認為它更重要，我們可能會把它送到某個前沿模型（frontier models）——並為此支付更高成本。我覺得那種模式——再次強調，我感覺我們有點像活在未來。我認為你會看到很多公司；當我們向其他公司展示 Cloudflare OS 時，我們從一位又一位 CIO 那裡聽到的是：嗯，我們也想要那個。

And so we already have kind of the strip down version of that with Cloudflare as AI gateway. But I think you might see us increasingly take some of the tools that we've built internally and actually make those available to other companies. And that's actually very normal for cluster. Almost every product we've had that's been successful, start is something that we needed ourselves and then it turns out that what we built for ourselves is valuable to others as well.

因此我們其實已經有某種精簡版，也就是 Cloudflare 的 AI Gateway。但我認為你可能會看到我們愈來愈多地把一些內部打造的工具，實際提供給其他公司使用。而這對 Cloudflare 來說其實非常常見。幾乎我們每一個成功的產品，起初都是我們自己需要的東西，然後結果證明我們為自己打造的東西，對其他人也同樣有價值。

That's really helpful. And maybe as my follow-up, Fortinet last night talked a lot about this opportunity that they're seeing in soft and SASE -- and when I think about cloud player and just your global network and reach and data residence requirements globally, how do you think about the data localization opportunity, sovereign opportunity, not just in AI, but across the Acts? Thanks so much.

這非常有幫助。那作為追問，Fortinet 昨晚談了很多他們在 SSE 和 SASE 方面看到的機會——當我想到 Cloudflare 以及你們的全球網路、覆蓋範圍，以及全球各地的資料駐留（data residence）要求時，你如何看待資料在地化（data localization）與主權（sovereign）機會，不僅是在 AI 上，而是在整個產品組合（Acts）上？非常感謝。

Yeah, I mean I think that we're uniquely positioned for a world where they're increasing regulatory or even just practical requirements around keeping data in particular jurisdictions. We were present in more than 120 countries worldwide, more than 350 cities. And we're designing all of Cloudflare systems in order to really think of data as being able to just stay wherever your permissions are.

是的，我的意思是，我認為我們在一個監管要求日益增加、甚至只是實務上要求必須把資料留在特定司法管轄區的世界裡，具備獨特的定位。我們在全球超過 120 個國家、超過 350 個城市設點。我們在設計 Cloudflare 的所有系統時，都是以「資料能夠依照你的權限，留在任何地方」為核心思維。

So if you're a customer that really cares about I need to make sure that all my data stays in Germany because I'm a German, I don't know, a health care provider, then we can actually set that up now where your data can actually stay resident in Berlin, Frankfurt, Munich, the various data starts that we have inside of Germany. And we can do that with a level of granularity that no hyperscaler can match.

所以如果你是一個非常在意「我需要確保所有資料都留在德國，因為我是德國的——我不知道——醫療保健提供者」的客戶，那我們現在其實就能設定，讓你的資料可以駐留在柏林、法蘭克福、慕尼黑，以及我們在德國境內的各個資料中心。而且我們能做到的細緻程度，是任何超大規模雲服務商都無法匹敵的。

And so I think that we've -- that will increasingly become an advantage of Cloudflare's network because of what we're doing. And then if you layer on top of that, the Zero Trust and SASE tooling, that's going to allow us to make sure that agents can only get access to the things that they have permission to get access to. And I think that that's actually going to be a bigger tailwind to that space. And again, we won't be the only winners there. But I think across the board, you're going to see a lot of these principles that sort of the most forward-leaning companies had adopted previously.

因此我認為——隨著我們所做的事情推進，這將愈來愈成為 Cloudflare 網路的優勢。然後如果你再疊加零信任（Zero Trust）與 SASE 工具，這將讓我們能確保代理（agents）只能存取他們被授權存取的內容。我認為這其實會成為該領域更大的順風（tailwind）。而且再次強調，我們不會是那裡唯一的贏家。但我認為整體而言，你會看到許多這些原則——也就是最前瞻的公司過去就已採用的原則——

That those will become much more standard with what people are doing with things like open cloud. I mean it's amazing how many -- how the fact that we have a self-service version of our Zero Trust products as people are experimenting with things like Open Cloud, they need to have that find grain data control, and we're basically the only game in town to deliver it.

會隨著人們在 Open Cloud 之類的事情上所做的努力，而變得更加標準化。我的意思是，令人驚訝的是——我們有零信任產品的自助式版本；當人們在嘗試 Open Cloud 這類方案時，他們需要那種細粒度（fine-grain）的資料控制，而我們基本上是城裡唯一能交付它的選擇。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Okay, great. Hey, guys, thanks for taking my questions here And nice start to the year. Thomas, maybe for you. I know the growth in different acts of course, has different impacts on gross margin. And of course, we spoke about sort of the proactive optimization here in the business as well. As we get through those changes here, I think you said by the end of Q3, how do you think about sort of the net impact -- how should we sort of think about gross margins as those other acts continue to grow?

好的，很棒。各位好，謝謝讓我在這裡提問，也祝你們今年開局順利。Thomas，或許這題給你。我知道不同產品組合（acts）的成長，當然會對毛利率帶來不同影響。而且我們也談到業務中某種主動式的最佳化。當我們走過這些變化——我想你說到第三季末——你如何看待整體的淨影響？隨著其他產品組合持續成長，我們應該如何看待毛利率？

Yeah, it's a topic we've been talking about for a while that the margin structure is different across margin structure is different across the various acts with the developer products being the gross margin weakest. But we also said that despite the fact all products are pretty much equal when we look beyond gross margin and look at performance from a unit economic value.

是的，這是我們談了一段時間的主題：不同產品組合的毛利結構不同，其中開發者產品的毛利率最弱。但我們也說過，儘管如此，當我們不只看毛利、而是看單位經濟價值（unit economic value）的表現時，所有產品基本上是相當的。

And I think this will be a transition that we will get you ready for on Investor Day that our operating margin becomes a better measure for competitiveness of products than gross margin. Just keep in mind that the biggest move in gross margin this -- the last quarter was free traffic moving to pay traffic and cost moving into cost of revenue.

我認為這將是一個轉變：我們會在投資人日（Investor Day）讓大家為此做好準備——也就是營業利益率（operating margin）會成為衡量產品競爭力比毛利率更好的指標。請記住，這一季——上一季——毛利率最大的變動，是免費流量轉為付費流量，以及成本被移入營收成本（cost of revenue）。

While that is decreasing the gross margin, it's literally a wash from an overall P&L perspective. And I think you'll see more movements like that. It will be up to us to give you the right insight. But what is clear to us across all products with the opportunity in front of us that the unique economic margin and value is going to increase over time. we -- with the guidance that is in place already today, we are getting north of 46% from a rule of 40 perspective, -- and we think we have visibility to reaching north of 50% next year.

雖然那會拉低毛利率，但從整體損益表（P&L）的角度來看，基本上就是相互抵銷、沒有淨影響。而我認為你們會看到更多類似的變動。我們的責任是提供你們正確的洞見。但對我們而言很清楚的是，跨所有產品、在我們面前的機會之下，獨特的經濟利潤率與價值會隨時間提升。我們——以目前已經給出的指引來看，從「40 法則」的角度，我們已經超過 46%——而且我們認為我們有能見度在明年達到超過 50%。

So that all shows you how much potential is, and we just need to give better insight in how the various parts are coming together and provide force in that direction.

所以這些都顯示出潛力有多大，而我們只是需要更好地說明各個部分如何匯聚在一起，並在那個方向上提供推力。

Yes, The one thing I would add to what -- sorry, I was just going to say I want to add to what Tom said. -- is just to put a finer point on what I think is the most important there, which is for -- since our founding, Cloudflare always had a free version of our service. And that provided a lot of different benefits. One of the largest ones that gave us data to provide security models and do everything we did.

是的，我想補充一下——抱歉，我剛才只是想說我想補充 Tom 所說的——就是把我認為最重要的點講得更精準一些：也就是，自我們創立以來，Cloudflare 一直都有提供免費版本的服務。而那帶來了許多不同的好處。其中最大的一項，是它讓我們取得資料，用來建立安全模型並完成我們所做的一切。

And we haven't actually worked not hard to convert free customers into paying customers.

而且我們其實並沒有非常努力地把免費客戶轉換成付費客戶。

What -- and so the traffic that was associated with this frees customers went into -- as a marketing cost. What's been fascinating though is that, that giant pool of free customers turned out, a lot of them are developers. And so as we've now built incredibly compelling developer tools, most of our developer tools aren't free. They require at least some payment. And so you're seeing a lot of that free traffic turning into paid traffic.

所以，與這些免費客戶相關的流量，被歸入——作為行銷成本。但有趣的是，那一大池免費客戶之中，有很多其實是開發者。因此，當我們現在打造出極具吸引力的開發者工具後，我們的大多數開發者工具並不是免費的。它們至少需要某種程度的付費。所以你會看到很多原本的免費流量正在轉變為付費流量。

And so it actually might be that the cost of customer acquisition that we have for those those really high-growth products like our developer platform are really fueled by what we've built over the end of the beginning of Cloudflare and some of those Act one products. And so well, that shows up somewhat finally in gross margin, -- it actually is a sign that more and more people are adopting the paid products, including the developer platform as, which is the part of our business, which I think I am certainly among the most excited about.

因此，對於像我們開發者平台這類真正高成長的產品而言，我們的客戶取得成本（CAC）可能很大程度上是由 Cloudflare 早期建立的基礎、以及那些第一幕（Act one）產品所驅動的。所以，雖然這在毛利率上會有一些反映——但它其實是一個訊號，代表越來越多人正在採用付費產品，包括開發者平台；而那正是我們業務中我個人最興奮的部分之一。

It's a great reminder and certainly a geography shift to your point, Matthew, maybe for you for my follow-up. I'd love to hit on Act 4 a little bit and Cloudflare's ability to sort of manage that relationship between AI tools, scraping type of tools and content owners. Maybe the question is, what are some of the milestones that you need to see in order to see that business inflect. Is it big lighthouse accounts? Do you need industry consortiums?

這是個很好的提醒，而且也確實如你所說有地理結構的轉移，Matthew——也許我接著追問你一下。我想稍微談談第四幕（Act 4），以及 Cloudflare 在某種程度上管理 AI 工具、抓取（scraping）類工具與內容擁有者之間關係的能力。問題可能是：你需要看到哪些里程碑，才會看到那塊業務出現拐點、開始加速？是大型燈塔客戶（lighthouse accounts）嗎？你需要產業聯盟（industry consortiums）嗎？

It's just an uncharted territory. I'm curious how you think about it.

這完全是未知領域。我很好奇你是怎麼思考這件事的。

Yeah, I think the way that we think about Act four is that the business model of the Internet, which has historically been advertising and subscriptions is about to change dramatically over the next five years. And exactly what it changes to I think it's still an open question. And I think it might not be one thing. I think it might be several things.

是的，我認為我們看待第四幕（Act 4）的方式是：網際網路的商業模式——歷史上主要是廣告與訂閱——在未來五年將會劇烈改變。而它究竟會變成什麼，我認為仍是個開放問題。而且我覺得它可能不會只有一種形式。我認為它可能會是好幾種形式並存。

Because of how much of the Internet sits behind Cloudflare we have a seat at the table of defining that. And so I think there are a number of different things that I'm watching. So one of them is -- I think that some part of this is going to be some kind of micro transactions for any request that agents are making. It might be fractions of fractions of the pennies. But if you think about the -- I don't know, that $500 billion robust pass-through Cloudflare in any given second that -- some percentage of those -- we think that there's going to be some ability to have some micro payment that is made for that because something has to the infrastructure.

由於網際網路有很大一部分是在 Cloudflare 後面運行，我們在定義這件事上有一席之地。因此我在觀察幾個不同的面向。其中之一是——我認為這裡面有一部分會是針對代理（agents）所發出的每一次請求，進行某種形式的微交易（micro transactions）。可能是連一分錢的幾分之一、再幾分之一。但如果你想想——我不知道——Cloudflare 在任何一秒鐘所承載、所穿透的那約 5,000 億美元規模的強勁「通過量」（pass-through），其中某個百分比——我們認為會有能力為此收取某種微額付款，因為基礎設施總得有人買單。

And if you look at the growth in agenetic traffic. If you look at the growth in sort of nonhuman traffic on the Internet, somewhere in 2027, we think it's going to surpass in traffic, and it's not going to slow down.

而如果你看代理型（agentic）流量的成長，如果你看網際網路上各種非人類流量的成長，我們認為在 2027 年左右，它在流量上將會超過人類流量，而且不會放緩。

And so we've got to figure out something else to build it. So I think one of the milestones we'll look for is how do we figure out what that sort of micro payment infrastructure looks like. And the challenge is like nobody can handle the volumes right now. And so we're looking around to partner with people, we're looking around for everything. But right now, the sort of transaction volumes that are -- that people are excited about, like 1 million transactions per second.

所以我們必須想出其他方式來支撐它。因此我認為我們會尋找的其中一個里程碑是：我們要如何釐清那種微支付基礎設施應該長什麼樣子。而挑戰在於，目前沒有人能處理那樣的量級。所以我們正在尋找合作夥伴、到處尋找各種可能。但就目前而言，人們感到興奮的那種交易量級，例如每秒 100 萬筆交易。

We need something that's significantly larger than that. So that's -- I think that's one thing. I think on the other side, first of all, it's really important to be clear that the answer isn't that everyone wants to be blocked from AI or everyone wants them to pay. For example, Cloudflare has a whole bunch of developer documents. We want those developer documents to be in every single LLM that's out there.

我們需要的是遠遠大於那個規模的東西。所以——我想那是一個面向。另外一方面，首先非常重要的是要說清楚：答案並不是每個人都想封鎖 AI，或每個人都想讓 AI 付費。例如，Cloudflare 有一大堆開發者文件。我們希望那些開發者文件出現在市面上每一個 LLM 裡。

So we make it as easy as possible for LLMs to crawl our developer documents. On the other hand, if you're an ad-supported business, then your being crawled is actually a threat. So I think we're trying to provide tools on both sides of that.

所以我們讓 LLM 盡可能容易地去爬取我們的開發者文件。但另一方面，如果你是靠廣告支撐的商業模式，那麼被爬取其實是一種威脅。因此我認為我們正嘗試在這兩端都提供工具。

The side that you focus on the folks that want to block it, the ad-supported folks that are out there. And I would say that the first milestone we've seen is that we went from being relatively low in terms of our penetration in the media space. to today dominating that space. And so I think that's the first sign. And what I hear from media company execs is they are signing better deals with AI companies because we've given them the tools be able to control who has their content.

也就是你所關注的那一端：那些想要封鎖它的人、以及市場上靠廣告支撐的業者。我會說，我們看到的第一個里程碑是：我們在媒體領域的滲透率，從原本相對偏低，到今天已經主導了那個領域。所以我認為那是第一個訊號。而我從媒體公司高層那裡聽到的是：因為我們提供了工具，讓他們能夠控制誰可以取得他們的內容，所以他們正在與 AI 公司簽到更好的合約。

That's the early Lighthouse signal. I think the question is, how can we then take that down to the long tail. So sure, the (inaudible) of the world can negotiate their own deals. How do we make that available for everyone that's on the Internet. And I think that's going to be really some lighthouse sort of deals with some of the foundational model companies.

那就是早期的燈塔（Lighthouse）訊號。我認為問題是：我們接下來要如何把這件事推向長尾（long tail）。當然，世界上的（聽不清）可以自己談自己的交易。我們要如何讓網際網路上的每一個人都能用到這些能力。而我認為那將會需要與一些基礎模型公司達成某些燈塔式的交易。

And I don't know exactly when that will come. But I do -- I will say that when we listed what our top 6 priorities, were for 2026. One of the six was making sure that we can make real progress and see the first revenue that we can then pass back to that long tail of the Internet in order to help make sure that we continue to create a healthy ecosystem for content creators. And I'm pretty confident we'll make that goal.

我不確定那會在什麼時候發生。但我會說——當我們列出 2026 年的六大優先事項時，其中之一就是確保我們能取得實質進展，並看到第一筆營收，然後我們可以把它回饋給網際網路的長尾，以協助確保我們能持續為內容創作者建立一個健康的生態系。而我相當有信心我們會達成那個目標。

James Fish, Piper Sandler.

James Fish，Piper Sandler。

Thomas, you just mentioned Rule of 50 there potentially -- but given what you're seeing with the demand behind inferencing, I guess what's the team's willingness to go after more of this opportunity and really drive more megawatts behind the network to host more of the inferencing use case like what you're seeing out of some of your edge peers.

Thomas，你剛才提到可能有「50法則」——但考量你們看到推論（inferencing）背後的需求，我想問團隊願意在多大程度上去把握這個機會，並真正推動更多兆瓦（megawatts）的網路容量來承載更多推論使用情境，就像你從一些邊緣端同業看到的那樣？

I think it started, but Matthew for sure, has an opinion on this. I think you see us leading in this opportunity already with all the fourth that we have. This is the reason why you saw developer town go up by EUR1 million in the first quarter alone. We are continuing to up nice margin for these products but we are not at all restricting growth, just the opposite, I would say. So this is not a -- there's no restriction on leaning into this opportunity.

我想這已經開始了，不過 Matthew 肯定對此有看法。我想你已經看到我們憑藉現有的一切在這個機會上領先。這也是為什麼你會看到僅第一季開發者相關（developer）收入就增加了100萬歐元。我們持續為這些產品提升不錯的利潤率，但我們完全沒有在限制成長；我會說恰恰相反。所以這不是——我們沒有任何限制去加碼這個機會。

I think that, Jim, at risk of kind of saying as being critical. I think that people don't understand the difference in our business model versus the hyperscalers. The hyperscalers business is to buy a server -- and then to lease that server back, ideally for 5 times or more of what they paid for it. And so if they don't have servers to lease then they can't grow their revenue.

我認為，Jim，冒著聽起來有點批判的風險。我覺得大家不了解我們的商業模式和超大規模雲服務商（hyperscalers）之間的差異。超大規模雲服務商的生意是買一台伺服器——然後把那台伺服器再租出去，理想情況下租金要達到他們成本的5倍或更多。所以如果他們沒有伺服器可以出租，他們就無法成長營收。

And so their CapEx has to invest ahead of whatever that demand is that's out there. We focus on very different things. So the thing to watch for us is when you see us publish a blog post, how we figured out how to get more utilization across our fleet of GPUs or how to get the more models loaded quickly across GPUs. That's real IP that we're inventing internally -- and the metaphor to think about is let's put a time when I was in college, I remember, is a new thing called the web was starting and so we needed to have a web server.

因此他們的資本支出（CapEx）必須在市場需求出現之前就先行投入。我們關注的是非常不同的事情。所以對我們而言要看的重點是：當你看到我們發一篇部落格文章，說明我們如何在整個 GPU 機群上提高利用率，或如何讓更多模型能更快地在 GPU 上載入。那是我們在內部自行發明的真正智慧財產（IP）——可以用一個比喻來理解：回到我大學時期，我記得當時一個叫做 Web 的新事物開始出現，所以我們需要一台 Web 伺服器。

And so we literally from gateway, I remember ordering a box that came with like calprints on the outside of it. We bought a gateway server and we plugged it in because there was no idea of virtualization. And then VMware came along. And after that, you had doctor and containers, and that was sort of the journey that everyone went on. We're still at the stage with GPUs of buying the physical server and needing to use that for most of the industry.

所以我們真的從 Gateway（品牌）那邊，我記得訂了一個箱子，外面印著像牛斑紋（cowprints）一樣的圖案。我們買了一台 Gateway 伺服器，插上電就用，因為當時根本沒有虛擬化的概念。後來 VMware 出現了。再之後有了 Docker 和容器，這就是大家一路走過來的歷程。而在 GPU 上，我們仍然處在「買實體伺服器，且整個產業大多仍需要用這種方式」的階段。

And so across most hyperscalers, you're seeing utilization rates of their GPUs that are in the single digits, whereas we're slowly getting our GPU utilization to approach what our CPU utilization is, which is up in the 70% to 80% range.

因此在大多數超大規模雲服務商那裡，你會看到他們 GPU 的利用率只有個位數百分比；而我們正逐步讓 GPU 利用率接近 CPU 的利用率，CPU 利用率大約在70%到80%的區間。

And so as we do that, we can actually continue to -- with the fleet we have get service the requests that come in and invest behind demand as opposed to investing ahead of demand. And so because our business model is different, that's allowing us to continue to keep up with the inference demand and also do a lot of experiments and trials and things to capture developer mind share that is very different than, again, what your business is, is essentially leasing a physical server that you bought and trying to get at least five turns out of that lease.

所以當我們做到這一點時，實際上我們可以——用現有的機群就能滿足進來的需求，並且在需求之後再投資，而不是在需求之前就先投資。因此，由於我們的商業模式不同，這讓我們能持續跟上推論需求，同時也能做大量實驗、試點等，以取得開發者心佔率（mind share）；這與你們的業務——本質上是把買來的實體伺服器出租出去，並試圖從那份租約中至少轉出五倍回報——再次強調，是非常不同的。

Yes. Makes sense, Matthew and Thomas. Maybe just following up on the security side. Look, you guys have been aggressive about displacing the legacy hardware guys across security, firewalls, VPN and so forth. Are you seeing any compression in enterprise sales cycles for large-scale Zero Trust deployments or macro or macro approval is still kind of elongated.

是的。有道理，Matthew 和 Thomas。我想再追問一下資安面向。你們一直很積極在資安、防火牆、VPN 等領域取代傳統硬體廠商。你們是否看到大型零信任（Zero Trust）部署的企業銷售週期有任何縮短？還是說宏觀環境或宏觀核准流程仍然偏長？

And really, the crux of it is the supply chain issues, the component issues causing more customers on the enterprise side to start to evaluate more of the cloud opportunities out there for protecting your environments?

而且真正的關鍵在於：供應鏈問題、零組件問題，是否正促使更多企業端客戶開始評估更多雲端方案，用來保護他們的環境？

I mean the hardware companies seem to have 9 lives, and I don't know how many more they have to use. But it's -- I think that as you see that there are vulnerabilities in hardware, which some of the Palo Alto had issues with, as you see, again, supply chain shortages, especially around memory right now, I do think all of those things are pushing more and more people to evaluate that they need at least some part of the cloud as part of their infrastructure.

我的意思是，硬體公司似乎有九條命，我也不知道他們還剩多少條可以用。但我認為，當你看到硬體存在漏洞（Palo Alto 的一些產品也曾出過問題），再加上你看到供應鏈短缺——尤其是目前記憶體方面——我確實認為這些因素正推動越來越多人評估：他們的基礎架構中至少需要有一部分雲端。

But again, I have been impressed by how long the hardware players have continued to operate and hold out. So I'm not willing to call that this is the time that it's going to be a complete change. But I do think that there's -- I do think that the cloud continues to show its resilience and that all of these things are tailwinds behind our business and other cloud-native businesses that are out there.

但同樣地，我對硬體業者能持續營運並撐這麼久感到印象深刻。所以我不願意斷言這次就是會發生全面轉變的時點。但我確實認為——我確實認為雲端持續展現其韌性，而這些因素都是推動我們業務以及其他雲原生（cloud-native）業務的順風（tailwinds）。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Hey, good afternoon. Thank you. Matthew and Thomas, I wanted to get your observation on how this fleet mix may be changing between GPUs and CPUs. And spatially Matthew, you're just talking about how GPU utilization is approaching CPU utilization. Are you also finding that there are some AI inference that you can now route to CP? And Thomas, I imagine that has an implication on the unit economics of how you're serving up the AI sense market.

嗨，午安。謝謝。Matthew 和 Thomas，我想請教你們對於機群組合在 GPU 與 CPU 之間可能如何變化的觀察。特別是 Matthew，你剛提到 GPU 利用率正在接近 CPU 利用率。你們是否也發現，有些 AI 推論現在可以改由 CPU 來路由處理？Thomas，我想這也會影響你們在提供 AI 推論市場服務時的單位經濟（unit economics）。

Yeah, I mean so we want to make sure that for customers we're just abstracting what the most optimum silicon behind the scenes. And so for some models, has worked right. For others, we want to make sure that GPUs are available. As we deploy server, those services today have -- they sort of come with all of the various parts, and we -- and so it's not -- you deploy a GPU server, you play a CPU server, -- when we deploy a server now, it's got a CPU.

是的，我的意思是，我們希望對客戶而言，我們只是把背後最最佳的晶片（silicon）抽象化起來。所以對某些模型來說，這樣運作得很好。對其他模型，我們則要確保 GPU 可用。當我們部署伺服器時，這些服務今天——它們某種程度上會包含各種不同的組件，而我們——所以這不是——你部署一台 GPU 伺服器，你部署一台 CPU 伺服器——當我們現在部署一台伺服器時，它就會有 CPU。

It's got a GPU. It's got a certain amount of memory. It's got a certain amount of storage, it's got a certain amount of capacity in the network. And those are all resources that we're constantly trying to both balance and then create opportunities around. And so I think what we're -- what's different about us is we're not renting each 100, but we'll have each 100s across our network. And then we're trying to match the workload that makes the most sense with the silicon that's behind that.

它有 GPU。它有一定量的記憶體。它有一定量的儲存。它在網路上也有一定的容量。而這些都是我們持續在嘗試同時去平衡、並圍繞其創造機會的資源。所以我認為我們不同之處在於：我們不是把每一台 H100（each H100）單獨出租，但我們會在整個網路中配置 H100。

And with what a customer is paying for. So if you're paying us more, then we're going to give you a faster and better experience than if you're paying us less. And so I think that, that has always -- like some of as always been just a giant scheduler -- and so what we're effectively doing is dispatching those jobs across it and then being able to drive your question earlier about, is our cost going up because our developers are using more AI tools.

以及與客戶支付給我們的價格相匹配。所以如果你付給我們更多，我們就會給你比付得少的人更快、更好的體驗。因此我認為，這一直——某種程度上我們一直就是一個巨大的排程器（scheduler）——所以我們實際上是在其上分派這些工作，並且能夠回到你先前的問題：我們的成本是否因為開發者使用更多 AI 工具而上升。

The answer is, yes, at the margins, but much less than we see from our peers, because we can use that giant schedule or to essentially run those tasks to anywhere we have excess capacity across our network and we can prioritize those based on what is more important or less important the data point intra quota on Entropic announcing managed agents.

答案是：是的，在邊際上會有，但遠低於我們從同業那裡看到的程度，因為我們可以利用那個龐大的排程，基本上把那些任務調度到我們網路中任何有多餘容量的地方，並且可以依照什麼更重要或較不重要來設定優先順序——就像 Entropic 宣布受管代理（managed agents）時提到的那個「配額內」資料點一樣。

I just love to pick your brain on where you think that type of infrastructure intersecting with the LLM creates opportunity and/or risk for their Cloudflare business model?

我很想請教你，你認為這類基礎設施與 LLM 的交會，會為 Cloudflare 的商業模式帶來哪些機會和／或風險？

I mean, like I think that we're -- so without talking about specific customers, I would say that what we're seeing from the major AI labs is, first of all, that we're partnered with all of them and get access to all of their lives. And that they see our infrastructure is critical to being able to deliver this. And so they are actually looking for partners to be able to have that infrastructure run on.

我的意思是，我認為我們——先不談特定客戶——我會說，我們從主要 AI 實驗室看到的是：首先，我們與他們全部都有合作夥伴關係，並能接觸到他們所有的即時服務。而且他們認為我們的基礎設施對於能夠交付這些能力至關重要。因此，他們其實正在尋找合作夥伴，讓那套基礎設施能夠在其上運行。

And so like there are the examples of in the case of -- we launch something called Dynamic Workers, which allows you to very quickly stand up something, which is significantly more efficient than a container. Containers are too slow and too heavy that to actually be able to respond to these incredibly fast agentic workloads. And so what AICs are doing is they're looking at this and they're seeing the opportunity. And so to give you a sense of -- I'm naming them, one of the large AI studios in just the last 15 days went from essentially 0 dynamic workers to over 1 million dynamic orders running across the platform.

所以例如——我們推出了一個叫 Dynamic Workers 的東西，讓你可以非常快速地把某個服務架起來，而且效率顯著高於容器。容器太慢、太重，無法回應這些極其快速的代理式（agentic）工作負載。因此 AI 公司在看這件事時，看到了機會。給你一個概念——我就直接點名了，其中一家大型 AI 工作室在過去 15 天內，從幾乎 0 個 dynamic workers，成長到在平台上運行超過 100 萬個 dynamic orders。

And we're seeing almost everyone excited about the the underlying tools and technologies that we build. So I see what anthropic is doing as being very positive to the infrastructure that we see, we see that as an opportunity to deliver incredible value across that. And we see ourselves as very differentiated in the space and able to provide significantly better performance and at a significantly lower cost than anyone else who's playing in the space today.

我們也看到幾乎所有人都對我們打造的底層工具與技術感到興奮。所以我認為 Anthropic 正在做的事情，對我們所看到的基礎設施是非常正面的；我們把那視為一個能在其上交付巨大價值的機會。而且我們認為自己在這個領域具備高度差異化，能以顯著更低的成本提供顯著更好的效能，勝過目前在這個領域裡的任何其他參與者。

Fatima Boolani, Citi.

花蒂瑪・布拉尼（Fatima Boolani），花旗（Citi）。

Good afternoon. Thank you so much for taking my questions. Matthew, along those lines with respect to the agentic edge and agenetic AI systems moving into production. I want to harken back to you on the announcements that you made at Egypt leak. It's very clear that there is a feel rewiring that you're working on to natively power agents to basically do their best work to put it simplistically, -- and a lot of the stuff seems like it is a frontier monetization opportunity for you.

午安。非常感謝你們回答我的問題。Matthew，延續剛才的脈絡，關於代理式邊緣（agentic edge）以及代理式 AI 系統進入量產（production）。我想回到你在 Egypt leak 上所做的那些發布。很明顯你們正在進行某種「重新佈線」，以原生方式為代理提供動力，簡單說就是讓代理能把工作做到最好——而且很多內容看起來像是你們在前沿的變現機會。

But I'm wondering if you can speak to what sort of halo the rise of production agentic systems could have on the more flagship established parts of your business, i.e., the revenue and monetization halo to Act one, Act two and certainly Act three products? And then I have a follow-up for Thomas, if I may.

但我想請你談談：量產代理式系統的崛起，可能會對你們更旗艦、已建立的業務部分帶來什麼樣的「光環效應」（halo），也就是對 Act one、Act two，當然還有 Act three 產品的營收與變現光環？然後如果可以的話，我還有一個問題想追問 Thomas。

Yeah, I think for the Act three products, the developer platform products, I think it's the most obvious, which is that we're just seeing more code being created. It needs an efficient place to run it needs to have a set of primitives that can act as fast and as a femoral as agents need to act. So if you imagine that you're a company that's building something that's going to plan a vacation for someone.

是的，我認為對 Act three 產品、也就是開發者平台產品來說，最明顯的是：我們看到更多程式碼被產生。它需要一個高效率的地方來運行，也需要一組基元（primitives），能像代理所需那樣快速、且同樣短暫（ephemeral）地運作。所以如果你想像你是一家正在打造「幫某人規劃假期」這類產品的公司。

What you really need is the ability to essentially spin up an extremely lightweight sandbox that writes code that assembles kind of all of the different parts of what that vacation may entail, puts it together, pull it back and then below the sandbox up very, very quickly. To do that with any other platform is extremely expensive and then slow.

你真正需要的是：能夠基本上快速啟動一個極度輕量的沙箱（sandbox），在其中寫程式碼，把假期可能包含的各個不同部分組裝起來，整合後再拉回來，然後非常、非常快地把沙箱關掉。用任何其他平台來做這件事都非常昂貴，而且速度也慢。

And we've made it with some of the things that we've announced during Agents week and otherwise, we've made that just drop dead simple. And so that's driving a ton of use. And again, I think that the way to see that is the fact that we added 1 million developers to our platform last -- just the last quarter, almost a May as we did in all of go last year is extraordinary. And if you look at growth across the Workers platform, more than three-fourth of that is from new customers and the growth rates are pretty extraordinary across that.

而透過我們在 Agents week 以及其他時候所宣布的一些東西，我們把這件事做得極其簡單。因此帶動了大量使用。再者，我認為看待這件事的方式是：我們在上一季——就僅僅上一季——新增了 100 萬名開發者到我們的平台上，幾乎等同於去年一整年的新增量，這非常驚人。而如果你看 Workers 平台的成長，超過四分之三來自新客戶，整體成長率也相當驚人。

That's also, again, to some extent, putting pressure on gross margin because those are less optimized for gross margin products, but we are confident that we can continue to drive GP utilization and all those things that we'll be able to get more out of that.

這同時也在某種程度上對毛利率造成壓力，因為那些產品在毛利率最佳化上相對沒那麼成熟，但我們有信心能持續推動 GP 利用率以及所有相關措施，從而在那上面取得更多效益。

I think to the other part of your question, just as more -- every time an agent does something, if you think about it, you just -- if you type something into that GPT or any other things, like to search the number of sites that gets searched the amount of traffic that gets generated, if I'm looking for a digital camera as a human, I might visit five websites, if I really care about it. My agent is going to visit 5,000.

我認為你問題的另一部分是：每當一個代理做某件事，如果你想想看——你在 GPT 或任何其他工具裡輸入一段指令，會被搜尋的網站數量、產生的流量都會增加。若我作為人類在找一台數位相機，真的很在意的話，我可能會逛 5 個網站。但我的代理會逛 5,000 個。

And so that's going to just drive significantly more usage which is the biggest driver of kind of our Act one revenue. And again, I think unlike some of the pure-play CDNs that are out there, that the agents aren't going to go watch real runs at the Super Bowl. They're going to drive things that actually drive real traffic to real e-commerce sites. And that's where Cloudflare and the huge pop the Internet that sits in behind us, is really valuable.

因此這會帶來顯著更多的使用量，而使用量正是我們 Act one 營收的最大驅動因素。而且我認為，與一些純 CDN 業者不同的是，代理不會去看超級盃的實況轉播。它們會推動真正導向真實電商網站的流量。而這正是 Cloudflare 以及我們背後那個龐大的網際網路骨幹所具備的價值所在。

And then for Act two, again, as we talked about already, I think being able to very narrowly define what data an agent has access to and what they don't. We're just seeing more and more of that usage, especially in the self-service category, which there really isn't another sort of SASE Zero Trust self-serve competitor out there with any sort of scale. . And so that's with things like Open Claw driving a lot of usage there. And what we found time and time again is, as hobbyists or individuals adopt technology, they inevitably start to bring that technology more and more to work.

至於 Act two，如同我們先前談到的，我認為能夠非常精準地定義代理可以存取哪些資料、以及不能存取哪些資料。我們看到這類使用量愈來愈多，尤其是在自助式（self-service）類別中；在這個領域，幾乎沒有其他具備任何規模的 SASE／Zero Trust 自助式競爭者。.因此像 Open Claw 這類產品正在帶動那裡的大量使用。而我們一次又一次發現：當業餘愛好者或個人採用某項技術後，他們不可避免地會把那項技術愈來愈多地帶到工作場景中。

And that's what we're seeing as we win more of the enterprise accounts across Act two.

而這正是我們在 Act two 上贏得更多企業客戶時所看到的情況。

Thank you, Thomas, just on the pool of fund. You're sort of in year three in earnest of having this motion with your customers nature. I was wondering if you have any comments or observations on pending renewal cycle from maybe your earliest vintage of pool of fund adopters? And maybe what trends you are seeing from a renewal and expansion and expansion of usage vectors as you reengage with some of these customers that are coming back to the well, so to speak.

謝謝你，Thomas，關於資金池（pool of fund）。你們認真推動這種面向客戶的運作模式大概進入第 3 年。我想請問你是否能就即將到來的續約週期，特別是你們最早一批資金池採用者（earliest vintage）的續約，分享一些評論或觀察？以及當你們重新與這些「回到井邊」的客戶互動時，從續約、擴張，以及使用向量的擴展方面，你們看到了哪些趨勢？

Well, as we are now in our I would say, six quarter of pool of funds, it becomes a much more standard tool in our go-to-market motion. Folks are familiar in how to deploy the tool when to deploy it when it makes sense. So I think we get efficiency in the process. From a renewal perspective, you heard this in Matthew's prepared remarks, we had our highest ever renewal rate in the last quarter, and that includes all the pool of funds deals that were up for renewal.

嗯，隨著我們現在進入我會說第 6 個季度的資金池（pool of funds），它已成為我們 go-to-market 推進方式中更標準化的工具。大家已熟悉如何部署這個工具、何時部署、以及在什麼情況下部署才合理。所以我認為我們在流程上獲得了效率。從續約角度來看，你在 Matthew 的事先準備發言中也聽到了：我們在上一季達到史上最高的續約率，而其中也包含所有到期需要續約的資金池交易。

So I would say, the hypothesis that this would be a tool that not only allows us to work expansion really well, but also becomes a very sticky tool from a customer engagement perspective has turned out to be true.

所以我會說，這項假設——它不僅能讓我們把擴張做得非常好，同時從客戶互動的角度來看也會成為一個黏著度很高的工具——已被證明是正確的。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Thank you. Good afternoon. Thank you for squeezing me in. Thomas, you mentioned quota-carrying sales capacity continues to accelerate. Could you provide some more color on your expectations to continue to grow capacity relative to productivity? And I have another follow-up for Matthew.

謝謝。下午好。謝謝你把我安排進來。Thomas，你提到承擔配額的銷售產能持續加速。你能否再多補充一些你對於在生產力相對之下持續擴增產能的預期？另外我還有一個要追問 Matthew 的問題。

So when I said we are not touching carrying a sales capacity what goes along with that is where we see significant productivity in the support ratios for these AEs. So the ratio is going to change significantly. -- which means we are freeing up dollars and within the same spend envelope now of dollars, you can deploy more quota carrying capacity towards our market opportunity. And this, of course, then will allow us to continue to drive productivity from a go-to-market perspective.

所以當我說我們不會去動承擔配額的銷售產能時，與此相伴的是：我們看到這些 AE 的支援比率（support ratios）有顯著的生產力提升。因此這個比率將會大幅改變——這代表我們正在釋放資金；在相同的支出框架（spend envelope）之下，你就能把更多承擔配額的產能部署到我們的市場機會上。而這當然也會讓我們能從 go-to-market 的角度持續推動生產力提升。

Got it. Matthew or Thomas, partners increased to 30% of revenue this quarter. What's driving this continue to increase? And how much more channel mix would you expect going forward?

了解。Matthew 或 Thomas，本季合作夥伴貢獻提高到營收的 30%。是什麼在推動這個比例持續上升？以及往後你們預期通路組合（channel mix）還會提高多少？

Yeah, . I'll start and Thomas might have more to add. I think that -- this really started with Mark Anderson laying out certain two years ago that we were going to have a motion that really included partners and made sure that they were able to deliver on that. I think that it has been an incredibly successful way for us to sell, especially our Act two products, which require a lot more of a consultative sale and a lot more of work making sure that the integration is done extremely, extremely well.

是的，。我先說，Thomas 可能會再補充。我認為——這其實始於 Mark Anderson 在兩年前提出的規劃：我們將採用一種真正納入合作夥伴的銷售動作（motion），並確保他們能夠交付成果。我認為這對我們而言是一種極其成功的銷售方式，特別是我們的 Act two 產品，因為它們需要更多顧問式銷售，也需要投入更多工作來確保整合做得非常、非常到位。

That, I think, will continue going forward. I think the big question is going to be what partners are really able to leverage this new world of Agentic AI in order to just get additional value and scale and velocity. And I think that's what we're evaluating across the partnership world. I think there's going to be a lot of change in that space. But I think that partners will continue to be an extremely important part of our strategy.

我認為這在未來也會持續。我覺得最大的問題會是：合作夥伴究竟能在多大程度上運用這個 Agentic AI 的新世界，來取得額外的價值、規模與速度。而這正是我們在整個合作夥伴生態中評估的重點。我認為那個領域會有很多變化。但我也認為，合作夥伴仍將是我們策略中極其重要的一部分。

And just like, again, I think a lot of our businesses is changing. A lot of our partners' businesses are changing, and we're seeing that the ones that are delivering the most value to customers and are the best at getting success at selling our tools are the ones that are embracing new ways of selling and servicing and making sure that the customers are successful with our tools.

而且同樣地，我認為我們很多業務正在改變。我們許多合作夥伴的業務也在改變；我們看到，那些能為客戶交付最多價值、也最擅長成功銷售我們工具的合作夥伴，正是那些擁抱新的銷售與服務方式，並確保客戶能用好我們工具、取得成功的夥伴。

That concludes your Q&A session. I will now turn the conference back over to Matthew Prince for closing remarks.

問答環節到此結束。我現在把會議交回給 Matthew Prince 作結語。

So again, I just wanted to emphasize, this has been a hard day. We've never done something like this in Cloudflare's history, and we take it extremely seriously, and we know how much it has affected people who have been friends and colleagues. I am confident those people who are leaving us today are going to go on to take what they learn at Cloudflare and help build many more great companies.

所以再次強調，今天是很艱難的一天。在 Cloudflare 的歷史上，我們從未做過這樣的事；我們非常嚴肅地看待這件事，也知道它對那些一直是朋友與同事的人造成了多大的影響。我有信心，今天離開我們的這些人，會把他們在 Cloudflare 所學到的帶到下一站，並協助打造更多優秀的公司。

In fact, it's amazing to see how many people are already writing in saying anyone who got traded at Cloudflare, we would be happy to interview. We're going to make sure that we take care of those people, but we also want to make sure that we are hiring for the right role. This isn't about us downsizing. This isn't about us saving costs. This is not making sure we have the right people in the right roles to build the future.

事實上，看到已經有這麼多人寫信來說：任何在 Cloudflare 被「交易」出去的人，我們都很樂意面試，這令人驚訝。我們會確保照顧好這些人，但我們也要確保我們是在為正確的職位招募。這不是關於我們縮編。這不是關於我們節省成本。這是關於確保我們有對的人在對的角色上，去打造未來。

Our mission is to help build a better Internet. That's an important mission. It's never been more important as the Internet goes through all of the transitions with AI and agents and Cloudflare is going to lead the way. I'm proud of everything that we're doing. I'm sorry that we had the -- to take the action that we did today, but I believe it's going to make Cloudflare better for the future.

我們的使命是協助打造更好的網際網路。那是一項重要的使命。當網際網路正經歷 AI 與代理（agents）帶來的各種轉變之際，這項使命從未如此重要，而 Cloudflare 將引領前進。我為我們正在做的一切感到自豪。我很遺憾我們今天不得不——採取我們所採取的行動，但我相信這會讓 Cloudflare 在未來變得更好。

Thank you. We'll see you back here next quarter.

謝謝。我們下個季度再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。