(NET) 2021 Q4 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Cloudflare Q4 2021 Earnings Call. (Operator Instructions) Thank you.

下午好。我的名字是艾瑪，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Cloudflare 2021 年第四季度財報電話會議。 （操作員說明）謝謝。

Jayson Noland, you may begin your conference.

Jayson Noland，你可以開始你的會議了。

Thank you for joining us to discuss Cloudflare's financial results for the fourth quarter 2021. With me on the call, we have Matthew Prince, Co-Founder and CEO; Michelle Zatlyn, Co-Founder, President and COO; and Thomas Seifert, CFO. By now, everyone should have access to our earnings announcement. This announcement, as well as our supplemental financial information, may be found on our Investor Relations website.

感謝您與我們一起討論 Cloudflare 2021 年第四季度的財務業績。與我通話的還有聯合創始人兼首席執行官 Matthew Prince； Michelle Zatlyn，聯合創始人、總裁兼首席運營官；和首席財務官 Thomas Seifert。到目前為止，每個人都應該可以訪問我們的收益公告。本公告以及我們的補充財務信息可在我們的投資者關係網站上找到。

As a reminder, we'll be making forward-looking statements during today's discussion including, but not limited to, our customers, vendors and partners' operations and future financial performance; anticipated product launches and the timing and market potential of those products; the company's anticipated future revenue, financial performance, operating performance, non-GAAP gross margin, non-GAAP net income, non-GAAP net income per share, shares outstanding, non-GAAP operating expenses, free cash flow, non-GAAP tax expense dollar-based net retention rate, paying customers and large customers. These statements and other comments are not guarantees of future performance, but rather are subject to risks and uncertainties, some of which are beyond our control including, but not limited to, the extent and duration of the impact of the COVID-19 pandemic and adverse conditions in the general domestic and global economic markets. Our actual results may differ significantly from those projected or suggested in any forward-looking statements.

提醒一下，我們將在今天的討論中做出前瞻性陳述，包括但不限於我們的客戶、供應商和合作夥伴的運營以及未來的財務業績；預期的產品發布以及這些產品的時間和市場潛力；公司的預期未來收入、財務業績、經營業績、非 GAAP 毛利率、非 GAAP 淨收入、非 GAAP 每股淨收入、流通股、非 GAAP 運營費用、自由現金流、非 GAAP 稅費基於美元的淨保留率、付費客戶和大客戶。這些陳述和其他評論不是對未來業績的保證，而是受到風險和不確定性的影響，其中一些是我們無法控制的，包括但不限於 COVID-19 大流行和不利影響的程度和持續時間總體國內和全球經濟市場的狀況。我們的實際結果可能與任何前瞻性陳述中預測或建議的結果大不相同。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties that could impact our future operating results and financial condition, please see our filings with the Securities and Exchange Commission, as well as in today's earnings press release.

這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。有關可能影響我們未來經營業績和財務狀況的風險和不確定性的更完整討論，請參閱我們提交給證券交易委員會的文件以及今天的收益新聞稿。

Unless otherwise noted, all numbers we talk about today other than revenue will be on an adjusted non-GAAP basis. All current and prior period financials discussed are reflected under ASC 606. You may find a reconciliation of GAAP to non-GAAP financial measures in our earnings release on our Investor Relations website. For historical periods, a GAAP to non-GAAP reconciliation can be found in the supplemental financial information referenced a few moments ago.

除非另有說明，我們今天談論的除收入外的所有數字都將基於調整後的非公認會計原則。討論的所有當前和前期財務狀況都反映在 ASC 606 中。您可以在我們的投資者關係網站上的收益發布中找到 GAAP 與非 GAAP 財務指標的對賬。對於歷史時期，可以在剛才引用的補充財務信息中找到 GAAP 與非 GAAP 對賬。

We would also like to inform you that we will be participating in the JMP Securities Technology Conference on March 7, the KeyBanc Emerging Technology Summit on March 8 and the Morgan Stanley Technology, Media and Telecom Conference on March 9.

我們還想通知您，我們將參加 3 月 7 日的 JMP 證券技術會議、3 月 8 日的 KeyBanc 新興技術峰會和 3 月 9 日的摩根士丹利技術、媒體和電信會議。

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

現在我想把電話轉給馬修。

Thank you, Jayson. In the immortal words of Bill and Ted, we had a most excellent quarter. In Q4, we achieved revenue of $194 million, up 54% year-over-year. We added 156 new large customers, those that spend more than $100,000 a year with us, ending the year with 1,416 large customers, up 71% year-over-year. Our dollar-based net retention ticked up to a record 125%, improving 6 percentage points from a year ago.

謝謝你，傑森。用比爾和泰德不朽的話來說，我們有一個最出色的季度。第四季度，我們實現了 1.94 億美元的收入，同比增長 54%。我們增加了 156 家新的大客戶，這些客戶每年在我們這裡的花費超過 100,000 美元，到年底有 1,416 家大客戶，同比增長 71%。我們以美元為基礎的淨留存率達到創紀錄的 125%，比一年前提高了 6 個百分點。

For the full year, we earned $656 million, up 52% year-over-year. 2021 becomes our fifth straight year with 50% or greater compounded growth. I'm proud of 2 things. First, over those 5 years, our growth has actually accelerated, but second and probably more important, our growth has been relentlessly consistent. We've dialed in our business. We understand and we're in control of its levers. You can see that in metrics like our gross margin.

全年，我們的收入為 6.56 億美元，同比增長 52%。 2021 年成為我們連續第五年實現 50% 或更高的複合增長。我為兩件事感到自豪。首先，在這 5 年裡，我們的增長實際上加速了，但第二，可能更重要的是，我們的增長一直保持一致。我們已經撥通了我們的業務。我們理解並且我們可以控制它的槓桿。您可以在我們的毛利率等指標中看到這一點。

While talk across the industry is about increasing cost and pricing pressure, we achieved a gross margin of 79%. That remains above our long-term target gross margin range of 75% to 77% and create some opportunities. We expect to use this exceptional gross margin as a weapon to take business from competitors more vulnerable than we are to pricing and cost pressures. It also allows us to bundle together products into an overall platform no competitor can match.

雖然整個行業都在談論成本和定價壓力的增加，但我們實現了 79% 的毛利率。這仍然高於我們 75% 至 77% 的長期目標毛利率範圍，並創造了一些機會。我們希望利用這種卓越的毛利率作為武器，從比我們更容易受到定價和成本壓力的競爭對手那裡搶奪業務。它還允許我們將產品捆綁到一個競爭對手無法匹敵的整體平台中。

In Q3, we had our first quarter as a public company with positive operating margins. This is our second. It won't be our last. That said, as I talked about last quarter, we are not in a rush to be significantly profitable.

在第三季度，我們作為上市公司的第一季度營業利潤率為正。這是我們的第二次。這不會是我們的最後一次。也就是說，正如我上個季度所說，我們並不急於大幅盈利。

Over the years, our team is asking about profitability. The story I told them was to imagine every year, you saw your neighbor shoveling money into a machine. A year later, a lot more money came out. Year after year, the money kept piling up and getting shoveled back in. If, one year, you look at your window and didn't see your neighbor shoveling all the money back into the machine, you'd worry, what's wrong with the machine?

多年來，我們的團隊一直在詢問盈利能力。我告訴他們的故事是想像每年，你看到你的鄰居把錢鏟進機器裡。一年後，更多的錢出來了。年復一年，錢不斷堆積，又被剷回。如果有一年，你看著窗戶，沒有看到鄰居把所有的錢都鏟回機器裡，你會擔心，這有什麼問題機器？

To be clear, there is nothing wrong with our machine. We will continue to shovel money back in to drive innovation and reach new customers as long as we can achieve exceptional growth. We think of managing our operating margin a bit like that game Flappy Bird, not too high, not too low. For as long as we can, we want our operating margin to hold just above breakeven and right where it's been in the last 2 quarters. In other words, we've done something wrong if we beat significantly on EPS.

需要明確的是，我們的機器沒有任何問題。只要我們能夠實現非凡的增長，我們將繼續投入資金以推動創新並吸引新客戶。我們認為管理我們的營業利潤率有點像 Flappy Bird 遊戲，不太高也不太低。只要我們可以，我們希望我們的營業利潤率保持在盈虧平衡之上，並保持在過去兩個季度的水平。換句話說，如果我們在每股收益上大幅超越，我們就做錯了。

Cash flow, on the other hand, nobody is going to complain if there's more cash in your bank account at the end of the quarter than there was at the beginning. We're proud that this is Cloudflare's first quarter since we've been public to be free cash flow positive. It also won't be our last. We know this is a business that can generate significant cash flows when we want.

另一方面，現金流量如果在季度末您的銀行賬戶中的現金比開始時多，沒有人會抱怨。我們很自豪這是 Cloudflare 的第一季度，因為我們已經公開了自由現金流為正數。這也不會是我們的最後一次。我們知道這是一項可以在我們需要時產生大量現金流的業務。

In the short term, we expect we'll see negative cash flows for the next 2 quarters as we invest in our network and redesign our physical offices for a post-COVID world. But by the second half of the year, we forecast we'll be free cash flow positive. We admire and seek to emulate other companies that came before us and had significant cash flows while holding operating margins at breakeven. And we feel very dialed in and confident in our business as we come out of the uncertainty over the last 2 years.

在短期內，我們預計未來兩個季度我們將看到負現金流，因為我們投資於我們的網絡並為後 COVID 世界重新設計我們的實體辦公室。但到今年下半年，我們預測我們將實現正的自由現金流。我們欽佩並尋求效仿我們之前的其他公司，這些公司擁有大量現金流，同時將營業利潤率保持在盈虧平衡點。當我們擺脫過去 2 年的不確定性時，我們對自己的業務感到非常熟悉和充滿信心。

So what's our secret? It's not one thing, it's many. It starts with innovation. When we talk to customers, what they appreciate about Cloudflare is our relentless innovation. It expands our market and ensures that customers can use us to be the complete future of their corporate network. But beyond new products, we leverage economies of scale and network effects to drive our business and innovate more efficiencies. Yes, the supply chain has gotten harder, but we've leveraged our relationships, hyper-efficient procurement team and fully software-defined network to keep driving our costs down.

那麼我們的秘密是什麼？這不是一件事，而是很多。它始於創新。當我們與客戶交談時，他們對 Cloudflare 的欣賞是我們不懈的創新。它擴大了我們的市場，並確保客戶可以使用我們成為他們公司網絡的完整未來。但除了新產品之外，我們還利用規模經濟和網絡效應來推動我們的業務並提高創新效率。是的，供應鏈變得更加困難，但我們利用我們的關係、超高效的採購團隊和完全軟件定義的網絡來不斷降低我們的成本。

Network effects are spawned by networks, and we run one of the largest networks in the world. As customers join our network, our network gets better and more efficient. If you want to understand how we've been able to continue to drive our business at this rate, this virtual cycle is where to look. And because it's a flywheel, this efficiency allows us to continue to invest in products. Our team love launching new products, and we're planning at least 7 innovation weeks full of new products in 2022, further extending our network, introducing new capabilities and growing our TAM.

網絡效應是由網絡產生的，我們運營著世界上最大的網絡之一。隨著客戶加入我們的網絡，我們的網絡會變得更好、更高效。如果您想了解我們如何能夠以這種速度繼續推動我們的業務，那麼這個虛擬週期就是值得關注的地方。而且因為它是一個飛輪，這種效率使我們能夠繼續投資於產品。我們的團隊喜歡推出新產品，我們計劃在 2022 年至少有 7 個充滿新產品的創新周，進一步擴展我們的網絡，引入新功能並發展我們的 TAM。

The products we announced in 2021 are already thriving. For example, we had over 200,000 domains sign up for our e-mail routing service and seemingly overnight to become a major e-mail security provider. R2, our zero egress object store has had more than 9,000 sign-ups for its closed beta, including some incredible logos. They represent hundreds of petabytes of storage and demonstrates the palpable excitement around our Workers developer platform. We're on track for R2 to progress to open beta in Q2 and then be generally available in the second half of 2022.

我們在 2021 年宣布的產品已經蓬勃發展。例如，我們有超過 200,000 個域註冊了我們的電子郵件路由服務，並且似乎在一夜之間成為了主要的電子郵件安全提供商。 R2 是我們的零出口對象商店，其封閉測試版的註冊人數已超過 9,000 人，其中包括一些令人難以置信的徽標。它們代表數百 PB 的存儲空間，展示了圍繞我們的 Workers 開發人員平台的明顯興奮。我們有望讓 R2 在第二季度進入公開測試版，然後在 2022 年下半年全面上市。

While our bias is toward internal product development, we will make strategic acquisitions when we find teams and products that can complement what we've built. I'm excited to announce today that we've acquired Vectrix, a start-up that has built the easiest to use, most powerful CASB we've seen. CASBs, Cloud Access Security Brokers, are a category of services that give visibility and control over data stored in SaaS applications. They can be powerful tools, but their Achilles' heel has always been their complex setup.

雖然我們偏向於內部產品開發，但當我們找到可以補充我們所構建產品的團隊和產品時，我們將進行戰略收購。今天我很高興地宣布，我們已經收購了 Vectrix，這是一家創建了我們所見過的最容易使用、最強大的 CASB 的初創公司。 CASB（雲訪問安全代理）是一類服務，可提供對存儲在 SaaS 應用程序中的數據的可見性和控制。它們可以是強大的工具，但它們的致命弱點一直是它們的複雜設置。

The Vectrix team impressed us with how quickly they could onboard any new customer regardless of size, and instantly give them visibility into all the service providers where the customer's data was stored. As such, their product is a national add-on to every current Cloudflare customer. They remind me of Cloudflare and our philosophy since our earliest days. The Vectrix team and technology further rounds out our zero trust platform, giving visibility not only for data flowing across the network, but now also data at rest in service providers. We believe it makes Cloudflare zero trust a no-brainer, comprehensive security solution for any company, and we're thrilled to have the Vectrix team on board.

Vectrix 團隊讓我們印象深刻的是，他們能夠以多快的速度加入任何規模的新客戶，並立即讓他們了解存儲客戶數據的所有服務提供商。因此，他們的產品是每個當前 Cloudflare 客戶的全國性附加產品。它們讓我想起了 Cloudflare 和我們最早的理念。 Vectrix 團隊和技術進一步完善了我們的零信任平台，不僅可以查看流經網絡的數據，還可以查看服務提供商中的靜態數據。我們相信它使 Cloudflare 零信任成為適用於任何公司的簡單、全面的安全解決方案，我們很高興有 Vectrix 團隊加入。

Let me highlight some great wins we had at zero trust and other products over the quarter. A global Fortune 500 telecommunications company signed a $1 million annual contract for over 100,000 zero trust seats. This customer initially started on a self-service plan with fewer than 500 seats 2 years ago. This win shows how the ease of use of our service and ability to land customers with individual teams within organizations can efficiently turn them into major customers over time.

讓我強調一下我們在本季度在零信任和其他產品方面取得的一些重大勝利。一家全球財富 500 強電信公司簽署了一份價值 100 萬美元的年度合同，用於購買超過 100,000 個零信任席位。該客戶最初在 2 年前開始使用少於 500 個座位的自助服務計劃。此次勝利表明，我們服務的易用性以及通過組織內的各個團隊吸引客戶的能力如何隨著時間的推移有效地將他們轉變為主要客戶。

A Fortune 500 media company signed a $250,000 annual contract for more than 10,000 zero trust seats. It was a competitive deal, but ultimately, they selected us for being the most flexible and innovative solution on the market. What's great about wins like these is that there's an opportunity for us to expand the customers across our entire platform. You earn your place as a platform one feature at a time. Customers often work with us to solve a problem. And then, over time, give us a chance to compete for more of their business. And we saw exactly that with other customers this quarter.

一家財富 500 強媒體公司簽署了一份價值 25 萬美元的年度合同，用於購買 10,000 多個零信任席位。這是一項具有競爭力的交易，但最終，他們選擇了我們，因為我們是市場上最靈活、最具創新性的解決方案。像這樣的勝利的好處在於，我們有機會在整個平台上擴展客戶。作為一個平台，您一次獲得一個功能。客戶經常與我們合作解決問題。然後，隨著時間的推移，讓我們有機會爭奪他們的更多業務。我們在本季度的其他客戶中也看到了這一點。

For instance, a Fortune 500 financial services company expanded their use of our platform by signing a $900,000 3-year expansion deal, bringing their annual contract value to over $1.5 million. They described us as "future proof". It's an example of us bundling our platform to give them access to a broad set of our features while minimizing procurement friction.

例如，一家財富 500 強金融服務公司通過簽署 900,000 美元的 3 年擴展協議擴大了對我們平台的使用，使其年度合同價值超過 150 萬美元。他們形容我們是“未來的證明”。這是我們捆綁我們的平台以使他們能夠訪問我們廣泛的功能同時最大程度地減少採購摩擦的一個例子。

A Fortune 1000 shipping and logistics company signed a similar platform bundled deal, which more than doubles their 3-year contract value to $3 million. They specifically appreciated how Cloudflare was a single vendor they could turn to, to deliver the future of their corporate network.

一家財富 1000 強航運和物流公司簽署了一項類似的平台捆綁交易，將其 3 年合同價值翻了一番以上，達到 300 萬美元。他們特別讚賞 Cloudflare 如何成為他們可以求助的單一供應商，以交付其企業網絡的未來。

A Fortune 500 pharmaceutical company signed a $750,000 3-year deal for network securities. It continues to be true that as companies migrate their on-premise hardware solutions, they continue to turn to Cloudflare to build the future of their networks. And as we come out the other side of COVID, we're seeing more and more companies rethink their network design and moving to the cloud and away from on-premise boxes.

一家財富 500 強製藥公司簽署了價值 750,000 美元的 3 年網絡證券交易。確實，隨著公司遷移其本地硬件解決方案，他們繼續求助於 Cloudflare 來構建其網絡的未來。隨著我們走出 COVID 的另一面，我們看到越來越多的公司重新考慮他們的網絡設計，並遷移到雲端，遠離內部部署的盒子。

A Fortune 500 retailer moved away from 2 competitors in order to take advantage of Cloudflare Workers. While the competitors have promised similar functionality, they found it simply didn't work as promised. They signed a 3-year $1.2 million contract. Our Workers platform, which has been in production now for 4.5 years, continues to extend its lead with developers. And you didn't have to be a Fortune 500 company to sign a big deal with us this quarter. One of the most innovative payment start-ups signed a 3-year $1.5 million contract for our network security products. They appreciate Cloudflare Workers and the flexibility it provided them to service a broad set of merchants worldwide.

一家財富 500 強零售商離開了 2 個競爭對手，以利用 Cloudflare Workers。雖然競爭對手承諾了類似的功能，但他們發現它根本沒有按承諾工作。他們簽訂了一份為期 3 年 120 萬美元的合同。我們的 Workers 平台現已投入生產 4.5 年，繼續擴大其在開發人員中的領先地位。您不必成為財富 500 強公司就可以在本季度與我們簽訂大筆交易。最具創新性的支付初創公司之一為我們的網絡安全產品簽署了一份為期 3 年、價值 150 萬美元的合同。他們讚賞 Cloudflare Workers 以及它為他們提供的為全球範圍內的廣泛商家提供服務的靈活性。

Finally, in our business, we need to stay on top of cybersecurity issues globally. We are, therefore, watching the situation in Ukraine closely. Modern warfare increasingly includes the cyber battlefield. While they don't generate meaningful revenue, we have onboarded a number of Ukrainian businesses, news outlets and government organizations in anticipation of potential attacks. While we hope the current tensions will resolve peacefully, we have experienced mitigating nation-state cyberattacks, and we are prepared to defend our customers and network whatever may come.

最後，在我們的業務中，我們需要時刻關注全球網絡安全問題。因此，我們正在密切關注烏克蘭局勢。現代戰爭越來越多地包括網絡戰場。雖然它們沒有產生可觀的收入，但我們已經加入了許多烏克蘭企業、新聞媒體和政府組織，以應對潛在的攻擊。雖然我們希望目前的緊張局勢能夠和平解決，但我們已經經歷了減輕民族國家網絡攻擊的情況，我們準備好保護我們的客戶和網絡，無論可能發生什麼。

Before I turn it over to Thomas, I wanted to thank the entire Cloudflare team for all your hard work and dedication. It was a most outstanding quarter and a most outstanding year. I'm excited for what we're going to achieve together in 2022.

在將其交給 Thomas 之前，我要感謝整個 Cloudflare 團隊的辛勤工作和奉獻精神。這是最出色的一個季度，也是最出色的一年。我對我們將在 2022 年共同實現的目標感到興奮。

And with that, Thomas, take it away.

有了這個，托馬斯，把它拿走。

Thank you, Matthew, and thank you to everyone for joining us. We delivered another excellent quarter and wrapped up an incredible year. In 2021, we achieved multiple records and milestones, and ended the year with accelerated revenue growth. Large customer additions continue to outpace top line revenue growth, and we achieved a record 125% dollar-based net retention rate in the fourth quarter.

謝謝你，馬修，也感謝大家加入我們。我們又交付了一個出色的季度，並結束了令人難以置信的一年。 2021 年，我們實現了多項記錄和里程碑，並以加速收入增長結束了這一年。大客戶的增加繼續超過收入增長，我們在第四季度實現了創紀錄的 125% 的基於美元的淨保留率。

We continue to deliver over 50% compound annual growth rate on revenue since 2016 and remained profitable since the third quarter. These achievements reinforce our track record of delivering strong revenue growth at scale with increasingly strong unit economics, benefiting from the inherent strength of our business.

自 2016 年以來，我們繼續實現超過 50% 的年復合增長率，並且自第三季度以來一直保持盈利。這些成就鞏固了我們在規模上實現強勁收入增長和日益強勁的單位經濟的往績記錄，這得益於我們業務的內在實力。

Turning to revenue. Total revenue for the fourth quarter increased 54% year-over-year to $193.6 million. The growth in revenue was driven by another quarter of strong customer demand both in terms of new logo acquisitions as well as expansion within our existing customer base. We ended the fiscal year with a revenue of $656.4 million, representing an increase of 52% year-over-year. As I just mentioned, this makes it our fifth year of delivering at least 50% compound annual growth rate on revenue since 2016, a testament to the consistency and durability of our business model.

轉向收入。第四季度總收入同比增長 54% 至 1.936 億美元。收入的增長是由另一個季度的強勁客戶需求推動的，無論是在新標識的收購方面，還是在我們現有客戶群的擴張方面。我們在本財年結束時的收入為 6.564 億美元，同比增長 52%。正如我剛才提到的，這是我們自 2016 年以來實現收入複合年增長率至少 50% 的第五年，這證明了我們商業模式的一致性和持久性。

From a geographic perspective in Q4, we saw continued strength in both the U.S. and internationally. The U.S. represented 52% of revenue and increased 52% year-over-year. EMEA represented 27% of revenue and increased 60% year-over-year. APAC represented 14% of revenue and increased 29% year-over-year. We are pleased to see growth accelerate in APAC and see EMEA repeat as our highest growth geography. EMEA continues to benefit from a number of data localization suite wins, driven by the increasing focus on GDPR and data privacy regulations.

從第四季度的地理角度來看，我們看到美國和國際的持續增長。美國占收入的 52%，同比增長 52%。 EMEA 佔收入的 27%，同比增長 60%。亞太地區佔收入的 14%，同比增長 29%。我們很高興看到亞太地區的增長加速，並看到 EMEA 再次成為我們增長最快的地區。在對 GDPR 和數據隱私法規的日益關注的推動下，EMEA 繼續受益於一系列數據本地化套件的勝利。

Turning to our customer metrics. We exited the quarter with 140,096 paying customers, representing an increase of 26% year-over-year. We ended the year with 1,416 large customers, representing an increase of 71% year-over-year. We added 156 large customers in the quarter and 588 large customers in the fiscal year. We're also providing an annual update on a few key large customer metrics, including large customer revenue contributions.

轉向我們的客戶指標。我們在本季度結束時擁有 140,096 名付費客戶，同比增長 26%。到年底，我們擁有 1,416 家大客戶，同比增長 71%。我們在本季度增加了 156 家大客戶，在本財年增加了 588 家大客戶。我們還提供一些關鍵大客戶指標的年度更新，包括大客戶收入貢獻。

Our large customers have not only grown in numbers, but also the average spend with us, causing their revenue contribution to continue to climb through the year. For fiscal 2021, large customers represented 54% of total revenue compared to 46% of total revenue in 2020. For the full year, we're also breaking out our large customers into cohorts of those who spend greater than $500,000 and $1 million. We ended the year with 121 customers that spend over $500,000 with us, a 70% increase year-over-year. We ended the year with 56 customers that spend over $1 million with us, a 75% increase year-over-year.

我們的大客戶不僅數量增加，而且與我們的平均支出也在增加，導致他們的收入貢獻在全年繼續攀升。對於 2021 財年，大客戶佔總收入的 54%，而 2020 年佔總收入的 46%。全年，我們還將大客戶分為消費超過 50 萬美元和 100 萬美元的群體。到年底，我們有 121 位客戶在我們這裡的消費超過 500,000 美元，同比增長 70%。到年底，我們有 56 位客戶在我們這裡的消費超過 100 萬美元，同比增長 75%。

The significant expansion from our large customers contributed to a record dollar-based net retention rate of 125%, representing an increase of 100 basis points sequentially. We continue to see broad-based strength across our customer base and robust traction and growth in our large customer cohorts, which continues to outpace top line revenue growth.

我們的大客戶的顯著擴張促成了創紀錄的 125% 的美元淨保留率，比上一季度增加了 100 個基點。我們繼續在我們的客戶群中看到廣泛的實力，在我們的大型客戶群中看到強勁的牽引力和增長，這繼續超過收入增長。

Gross retention remains over 90% and customer expansion continues to be fueled by compelling unit economics and increasingly favorable customer acquisition cost. We will keep investing heavily in building our enterprise portfolio and developing a world-class go-to-market strategy to position us for the massive opportunity ahead.

總保留率保持在 90% 以上，引人注目的單位經濟效益和越來越有利的客戶獲取成本繼續推動客戶擴張。我們將繼續大力投資建立我們的企業組合，並製定世界級的市場進入戰略，為未來的巨大機遇做好準備。

Moving to gross margin. Fourth quarter gross margin was 79.2%, consistent with last quarter. Network CapEx represented 10% of revenue in the fourth quarter. In 2021, we added roughly 29,000 paying customers, representing an increase of 26% year-over-year. Traffic volumes have also increased significantly.

轉向毛利率。第四季度毛利率為 79.2%，與上季度一致。網絡資本支出佔第四季度收入的 10%。 2021 年，我們增加了大約 29,000 名付費客戶，同比增長 26%。交通量也顯著增加。

In the fourth quarter, traffic volumes grew by 88% compared to the same quarter last year. Despite these significant increases, we were able to maintain network CapEx as a percentage of revenue at 11%, and a high gross margin of 78.6% for fiscal 2021. This underscores the resiliency of our network and our ability to use gross margin as a strategic weapon to gain market share. Going forward, we plan to accelerate investments in our global network and expect network CapEx to be 12% to 14% of revenue for fiscal 2022.

第四季度，交通量與去年同期相比增長了 88%。儘管有這些顯著增長，我們仍能夠將網絡資本支出佔收入的百分比保持在 11%，並在 2021 財年保持 78.6% 的高毛利率。這突顯了我們網絡的彈性以及我們將毛利率用作戰略的能力獲得市場份額的利器。展望未來，我們計劃加快對我們全球網絡的投資，並預計網絡資本支出將佔 2022 財年收入的 12% 至 14%。

Turning to operating expenses. Fourth quarter operating expenses as a percentage of revenue was flat sequentially and decreased 4% year-over-year to 78%. We had another strong hiring quarter where we saw our total number of employees increased 36% year-over-year, bringing our total number of employees to approximately 2,440 at the end of the quarter. Sales and marketing expenses were $86 million for the quarter. Sales and marketing as a percentage of revenue decreased 1% sequentially and decreased to 44% from 46% in the same quarter last year. Research and development expenses were $37 million in the quarter. R&D as a percentage of revenue stayed flat sequentially and decreased to 19% from 20% in the same quarter last year. General and administrative expenses were $28 million for the quarter. G&A as a percentage of revenue stayed flat sequentially and decreased to 14% from 16% in the same quarter last year.

轉向運營費用。第四季度運營費用佔收入的百分比環比持平，同比下降 4% 至 78%。我們有另一個強勁的招聘季度，我們的員工總數同比增長 36%，使我們的員工總數在本季度末達到約 2,440 人。本季度的銷售和營銷費用為 8600 萬美元。銷售和營銷佔收入的百分比環比下降 1%，從去年同期的 46% 下降至 44%。本季度的研發費用為 3700 萬美元。研發佔收入的百分比環比持平，從去年同期的 20% 降至 19%。本季度的一般和行政費用為 2800 萬美元。 G&A 佔收入的百分比環比持平，從去年同期的 16% 降至 14%。

We saw continued operating leverage in the fourth quarter with operating margins improving 550 basis points year-over-year. Operating income was $2.2 million compared to an operating loss of $5.5 million in the same period last year. Q4 was our second consecutive quarter of achieving operating profit. And as a reminder, we intend to grow our operating expenses in line with revenue, stay near or at breakeven and reinvest excess profitability back into the business to address the enormous opportunity in front of us.

我們在第四季度看到了持續的經營槓桿，營業利潤率同比提高了 550 個基點。營業收入為 220 萬美元，而去年同期的營業虧損為 550 萬美元。第四季度是我們連續第二個季度實現營業利潤。提醒一下，我們打算根據收入增加運營費用，保持接近或保持盈虧平衡，並將多餘的盈利能力再投資回業務，以應對擺在我們面前的巨大機會。

Turning to net income and the balance sheet. Our net income in the quarter was $131,000 or net income per share of 0 cents. Tax expenses for the fourth quarter was $1.9 million. We ended the fourth quarter with $1.8 billion in cash, cash equivalents and available for sale securities. Free cash flow was $8.6 million or 4% of revenue compared to negative $23.5 million or 19% of revenue in the same period last year. Operating cash flow was $40.6 million in the fourth quarter or 21% of revenue. This represented an increase of $47.5 million sequentially and an increase of $49.4 million year-over-year, helped by strong cash collection and growth of new and existing business.

轉向淨收入和資產負債表。我們本季度的淨收入為 131,000 美元或每股淨收入 0 美分。第四季度的稅收支出為 190 萬美元。我們在第四季度結束時擁有 18 億美元的現金、現金等價物和可供出售的證券。自由現金流為 860 萬美元，佔收入的 4%，而去年同期為負 2350 萬美元，佔收入的 19%。第四季度的經營現金流為 4060 萬美元，佔收入的 21%。得益於強勁的現金回收以及新業務和現有業務的增長，這意味著環比增長 4750 萬美元，同比增長 4940 萬美元。

We're very pleased to have achieved our first free cash flow positive quarter as a public company. Going forward, we expect to see some variability in the first half of 2022 as we continue to invest in building refurbishments and network capacity, but we do expect to return to positive free cash flow in the second half of 2022.

作為一家上市公司，我們很高興實現了第一個自由現金流為正的季度。展望未來，隨著我們繼續投資建設翻新和網絡容量，我們預計 2022 年上半年會出現一些變化，但我們確實預計 2022 年下半年將恢復正的自由現金流。

Remaining performance obligations, or RPO, came in at $624 million, representing an increase of 14% sequentially and 63% year-over-year. Current RPO was 77% of total RPO. The strength we saw in the fourth quarter across top line, bottom line and RPO in combination with our rate of innovation that allows us to continuously expand TAM gives us confidence and visibility heading into the new year.

剩餘履約義務 (RPO) 為 6.24 億美元，環比增長 14%，同比增長 63%。當前的 RPO 是總 RPO 的 77%。我們在第四季度看到的頂線、底線和 RPO 的實力，加上我們的創新速度使我們能夠不斷擴大 TAM，這使我們在新的一年裡充滿信心和知名度。

For the first quarter, we expect revenue in the range of $205 million to $206 million, representing an increase of 48% to 49% year-over-year. We expect operating income to be in the range of $500,000 to $1.5 million, and we expect a net income per share of 0 to $0.01, assuming approximately 348 million common shares outstanding. We expect tax expense of $1.7 million.

對於第一季度，我們預計收入在 2.05 億美元至 2.06 億美元之間，同比增長 48% 至 49%。我們預計營業收入將在 500,000 美元至 150 萬美元之間，我們預計每股淨收入為 0 至 0.01 美元，假設大約有 3.48 億股已發行普通股。我們預計稅費為 170 萬美元。

For the full year 2022, we expect revenue in the range of $927 million to $931 million, representing an increase of 41% to 42% year-over-year. We expect operating income for the full year in the range of $10 million to $14 million, and we expect net income per share over that period in the range of $0.03 to $0.04, assuming approximately 352 million common shares outstanding. We expect a tax expense of $8 million.

對於 2022 年全年，我們預計收入在 9.27 億美元至 9.31 億美元之間，同比增長 41% 至 42%。我們預計全年的營業收入在 1000 萬美元至 1400 萬美元之間，我們預計在此期間的每股淨收入在 0.03 美元至 0.04 美元之間，假設大約有 3.52 億股流通在外的普通股。我們預計稅收支出為 800 萬美元。

In closing, it has been a remarkable year for Cloudflare as we finish our second full year as a publicly traded company. I would like to thank our customers, partners and the community for their endless trust and support in us. And I want to thank all Cloudflare employees for their continued dedication to innovate and deliver in serving our customers and global community.

最後，對於 Cloudflare 來說，這是非凡的一年，因為我們完成了作為上市公司的第二個完整年。我要感謝我們的客戶、合作夥伴和社區對我們的無盡信任和支持。我要感謝所有 Cloudflare 員工，感謝他們持續致力於創新並為我們的客戶和全球社區提供服務。

We've built a culture of relentless innovation, powerful platform and the successful go-to-market strategy grounded by an exceptionally efficient and durable business model. This positions Cloudflare at the forefront of a tremendous opportunity as the corporate network transitions to the cloud and develop a lineup to build on our edge.

我們建立了一種堅持不懈的創新文化、強大的平台和以極其高效和持久的商業模式為基礎的成功上市戰略。這使 Cloudflare 處於巨大機遇的最前沿，因為企業網絡過渡到雲並開發了一個在我們的邊緣構建的陣容。

In 2022, we'll continue to invest in innovative new products and expand our total addressable market by turning point solutions into features of our global network. I'm extremely proud of what we have accomplished, and I'm excited for this year.

2022 年，我們將繼續投資於創新的新產品，並通過將點解決方案轉變為我們全球網絡的功能來擴大我們的總目標市場。我為我們所取得的成就感到非常自豪，我為今年感到興奮。

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

有了這個，我想打開它來提問。接線員，請投票提問。

(Operator Instructions) Your first question today comes from the line of Phil Winslow with Credit Suisse.

（操作員說明）您今天的第一個問題來自瑞士信貸的 Phil Winslow。

Congrats on a great end to a great year. I wanted to focus on 2 initiatives that were announced in the fall. First was the global backbone. Wondering if you could give us a sense for just the strategic thought behind building that out sort of overlay, so to speak, on top of the virtual background that you have in place that we know Cloudflare for?

祝賀偉大的一年結束。我想專注於秋季宣布的兩項舉措。首先是全球骨幹。想知道您是否可以讓我們了解構建這種覆蓋背後的戰略思想，可以這麼說，在我們知道 Cloudflare 的虛擬背景之上？

And then also just Cloudflare for Offices, how does that complement what you're doing on the global backbone side in terms of, call it, being the most global but also the most local?

然後還有 Cloudflare for Offices，它如何補充您在全球骨幹網方面所做的工作，稱之為最全球化但也是最本地化的？

Yes, Phil, thanks for the question. We are always looking at our network and asking ourselves how can we make it faster? How do we make it more reliable? And help to make it more efficient. And I think the backbone is one of the things that checks all 3 of those boxes. We have enough traffic across our network, that it is now more efficient for us, meaning it is less expensive for us to run over our own private connections than it is over the public Internet in many cases.

是的，菲爾，謝謝你的提問。我們一直在審視我們的網絡，並問自己如何才能讓它更快？我們如何使它更可靠？並幫助提高效率。我認為骨幹是檢查所有這三個盒子的東西之一。我們的網絡有足夠的流量，現在它對我們來說效率更高，這意味著在許多情況下，通過我們自己的私有連接運行比通過公共 Internet 運行更便宜。

On top of that, every time you add another provider, and especially when you add a provider you have complete control over, that allows you to optimize for the performance and reliability. And with our own backbone, because we sit at both sides of that, we can actually do things that you can't do over the public Internet.

最重要的是，每次您添加另一個提供程序時，尤其是當您添加一個您可以完全控制的提供程序時，您都可以優化性能和可靠性。有了我們自己的骨幹網，因為我們坐在兩邊，我們實際上可以做一些你在公共互聯網上做不到的事情。

We can support larger packet sizes. We can actually support protocols that aren't supported across the standard Internet. And that allows us to really live up to our mission of helping build what is literally a better Internet and give our customers an experience they can't find anywhere else.

我們可以支持更大的數據包大小。我們實際上可以支持標準 Internet 不支持的協議。這使我們能夠真正履行我們的使命，幫助建立真正更好的互聯網，並為我們的客戶提供他們在其他任何地方都找不到的體驗。

In terms of Cloudflare for Offices, what we have heard from our customers is that as they want to take advantage of all of our different services, they want to be able to plug in to us as easily as possible. And so we are trying to offer on-ramps to them to be able to get on to our network and take advantage of our zero trust offering, make sure that their offices are protected from attack and make that as easy as just plugging in a patch cable.

就 Cloudflare for Offices 而言，我們從客戶那裡聽到的是，由於他們希望利用我們所有不同的服務，他們希望能夠盡可能輕鬆地接入我們。因此，我們正努力為他們提供入口，以便他們能夠進入我們的網絡並利用我們的零信任產品，確保他們的辦公室免受攻擊，並使之像插入補丁一樣簡單電纜。

One of the things that we saw in the second half of 2021 was a real increase in cyber attacks directed directly at the network offices. It used to be once upon a time that DDoS attacks only went after, for example, your corporate marketing website. Now that more and more people are relying on virtual desktops or relying on zero trust network initiatives, attackers are smart to that and know that they can cause more harm and therefore, extract larger ransoms by going after the networks themselves. If we can make it so that you as one of our customers, really never touches the public Internet. You go straight from your office and router there to ours, that isolates you from attackers.

我們在 2021 年下半年看到的一件事是直接針對網絡辦公室的網絡攻擊實際增加。曾幾何時，DDoS 攻擊只針對您的企業營銷網站等。現在越來越多的人依賴虛擬桌面或零信任網絡計劃，攻擊者對此很聰明，並且知道他們會造成更大的傷害，因此通過追踪網絡本身來提取更大的贖金。如果我們能讓您成為我們的客戶之一，就真的永遠不會接觸公共互聯網。您直接從您的辦公室和那裡的路由器連接到我們的辦公室，從而將您與攻擊者隔離開來。

And so we think that, that's something that is extremely attractive, again, at checking all those boxes. Being more cost effective for us to run, being more reliable, being more performant, and in addition to that, really being more secure. So I think those things all line up. And again, I think we've seen, especially with Cloudflare for Offices, early success in terms of adoption, and it's somewhere that we continue to invest, and we're very excited about.

所以我們認為，在檢查所有這些框時，這又是非常有吸引力的。對我們來說更具成本效益，更可靠，性能更高，除此之外，真的更安全。所以我認為這些事情都是一致的。再說一次，我認為我們已經看到，尤其是 Cloudflare for Offices，在採用方面取得了早期的成功，這是我們繼續投資的地方，我們對此感到非常興奮。

Great. And then a quick follow-up for Thomas. Obviously, you continue to have success in larger deals with enterprises. When you look at just the go-to-market motion, how are you feeling in terms of productivity and ramp time of the new hires? And how do you think about that coming into this new year?

偉大的。然後是托馬斯的快速跟進。顯然，您在與企業的大型交易中繼續取得成功。當您只看上市動議時，您對新員工的生產力和爬坡時間感覺如何？你如何看待進入這個新的一年？

Very optimistic. So we've seen that despite the growth we have seen over the last couple of years, and despite the fact that we successfully moved up the enterprise stack to larger and larger customers with larger and larger ATBs that we've been able not only to keep the productivity of the quota-carrying employees, but also the ramp curve getting them to put productivity has not changed. And our average sales cycle still continues to be under 90 days. So that's -- when we talk about the durability and the consistency of the business model, that's one of the impressive vectors that we've been able to keep those productivity levers despite the fact that the go-to-market motion has successfully migrated to larger and larger accounts.

非常樂觀。所以我們已經看到，儘管我們在過去幾年中看到了增長，儘管事實上我們成功地將企業堆棧提升到擁有越來越大的 ATB 的越來越大的客戶，我們不僅能夠保持配額持有員工的生產力，但讓他們投入生產力的斜坡曲線也沒有改變。我們的平均銷售週期仍然在 90 天以下。所以這就是——當我們談論商業模式的持久性和一致性時，這是我們能夠保持這些生產力槓桿的令人印象深刻的載體之一，儘管事實上進入市場的運動已經成功遷移到越來越大的帳戶。

Your next question comes from the line of Matt Hedberg with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

My congrats as well on a really strong year. Matthew, you called out a lot of really exciting Workers deals this quarter, which is really good to see. I think it's one of the things that we all sort of are excited about longer term. I'm wondering at this point, now that it's been out for a number of years, is there some way that you can help us understand maybe usage trends? Or penetration of Workers in your base?

我也祝賀這一年非常強勁。馬修，你在本季度召集了很多非常令人興奮的工人交易，這真的很高興。我認為這是我們所有人都對長期感到興奮的事情之一。我現在想知道，現在它已經推出了很多年，有什麼方法可以幫助我們了解使用趨勢嗎？還是在你的基地滲透工人？

Matt, we're extremely excited about how Workers is being adopted across our customer base. We still see that north of 20% of new enterprise deals include Workers at some level. But I think what's even more exciting is that as we go down market and look at individual developers because the people who actually have their hands on keyboards are who are the most important, we see an enormous amount of excitement there.

馬特，我們對工人如何在我們的客戶群中被採用感到非常興奮。我們仍然看到，超過 20% 的新企業交易包括一定程度的工人。但我認為更令人興奮的是，當我們進入市場並觀察個人開發人員時，因為真正掌握鍵盤的人是最重要的人，我們在那裡看到了巨大的興奮。

So a couple of different things. I think that this is the year that we will have through a critical milestone of developers, which is how do you get to 1 million developers that are using the Workers platform. We see a clear path to that over the course of 2022. And I think that, that's going to be a really exciting milestone for us.

所以有幾件不同的事情。我認為今年我們將迎來開發人員的一個關鍵里程碑，即如何讓 100 萬開發人員使用 Workers 平台。在 2022 年，我們看到了一條清晰的道路。我認為，這對我們來說將是一個非常令人興奮的里程碑。

I think the other piece is that we are starting to see companies that are being built entirely on Workers. And so there was actually a start-up company called Zaraz, which was built entirely using workers to optimize the marketing stack and build a much more secure, much more performant and much more privacy-friendly sort of marketing, whether that's pixels or tags that are on pages still that in a way that was much more friendly, we met that team. They worked with us closely. They were incredibly helpful in giving us feedback.

我認為另一部分是我們開始看到完全建立在工人之上的公司。所以實際上有一家名為 Zaraz 的初創公司，它完全使用工人來優化營銷堆棧，並構建一種更安全、更高性能和更隱私友好的營銷方式，無論是像素還是標籤在頁面上仍然以一種更友好的方式，我們遇到了那個團隊。他們與我們密切合作。他們在向我們提供反饋方面非常有幫助。

And it was actually a company that we acquired 2 quarters ago, again, small team, not a meaningful bit, but what I think is important there is that the developers of the future are betting their whole companies on Workers. Zaraz is not the only example of this. We see more and more companies that are starting with Workers as their development platform, and the nature of development platforms is that they do create a flywheel where as developers build tools as they build out an ecosystem that makes it so more and more developers get involved.

它實際上是我們在 2 個季度前收購的一家公司，同樣，小團隊，沒有一點意義，但我認為重要的是，未來的開發人員將他們的整個公司都押在了 Workers 身上。扎拉茲並不是唯一的例子。我們看到越來越多的公司開始將 Workers 作為他們的開發平台，而開發平台的本質是它們確實創造了一個飛輪，開發人員在構建工具的同時構建了一個生態系統，使得越來越多的開發人員參與其中.

And so we're excited about what's going on with Workers. We are continuing to invest in that. And I think that whole team is just really thrilled with the adoption that we're seeing so far. And it's -- I think it's still early days, but very exciting for both big customers and small.

因此，我們對 Workers 正在發生的事情感到興奮。我們將繼續對此進行投資。而且我認為整個團隊對我們迄今為止看到的採用感到非常興奮。而且它 - 我認為這還處於早期階段，但對於大客戶和小客戶來說都非常令人興奮。

That's really good to hear. That's -- I think we're all excited about what that can do longer term. And then, I guess, as a follow-up, you guys had a great response to the Log4j security incident, I guess. Can you talk about sort of -- could this be a positive demand driver for you all when we look to 2022 and beyond as people sort of understand the importance of your global network?

這真是太好了。那是 - 我認為我們都對它可以做的長期感到興奮。然後，我想，作為後續行動，你們對 Log4j 安全事件有很好的反應，我猜。你能談談 - 當我們展望 2022 年及以後，隨著人們了解你的全球網絡的重要性，這對你們所有人來說是否是一個積極的需求驅動因素？

There are a couple of things about that, that were really interesting. The first is, I think it's sometimes underappreciated the scale of Cloudflare, what effectively is our censor network. And so we were able to, after the Log4j vulnerability was reported, look back across our network, which is comprised of millions and millions of sites with a huge diversity in terms of geography, in terms of size and scale. And we were able to see some of the very first exploits of that. What's interesting about that is it turned out, in fact, we had the data that was 2 days before anyone else that was out there. And it turned out that we actually caught the researchers themselves testing the vulnerability. And we're able to see exactly how that was the case.

關於那件事有幾件事，這真的很有趣。首先是，我認為 Cloudflare 的規模有時被低估了，我們的審查網絡實際上是什麼。因此，在報告了 Log4j 漏洞之後，我們能夠回顧我們的網絡，該網絡由數以百萬計的站點組成，在地理、規模和規模方面具有巨大的差異。我們能夠看到其中的一些最初的利用。有趣的是，事實證明，我們的數據比其他任何人都早 2 天。事實證明，我們實際上發現了研究人員自己測試漏洞。我們能夠確切地看到情況如何。

So I think our ability to see what is going on live on the Internet is really the diversity of the traffic gives us visibility into things that just comes earlier and allows us to react faster.

所以我認為我們看到互聯網上正在發生的事情的能力實際上是流量的多樣性，讓我們能夠看到更早出現的事情，讓我們能夠更快地做出反應。

And I think the second bit is that because of the way that we have worked with the research community, we're a very trusted partner in that space. And so we got early warning of the attack and we were able to very quickly react to be able to protect our customers. And I think that, that ability to react quickly is not only a factor of having the information, but then having a programmable platform, which again, Workers is at the heart of that allows us to very quickly adapt and roll out a response.

我認為第二點是，由於我們與研究界合作的方式，我們是該領域非常值得信賴的合作夥伴。因此，我們得到了攻擊的早期預警，我們能夠非常迅速地做出反應以保護我們的客戶。而且我認為，這種快速反應的能力不僅是獲得信息的一個因素，而且是擁有一個可編程平台的一個因素，再次，Workers 是它的核心，使我們能夠非常快速地適應並推出響應。

And we recognize that this was probably the worst vulnerability to come out in at least the last 5 years. And so we made the call to provide a level of protection even to our free customers because, again, we think that building that goodwill amongst the larger community is the right thing to do. And that was very much recognized by our customers going forward.

我們認識到這可能是至少在過去 5 年中出現的最嚴重的漏洞。因此，我們呼籲甚至為我們的免費客戶提供一定程度的保護，因為我們再次認為，在更大的社區中建立這種善意是正確的做法。我們的客戶非常認可這一點。

I think, over the longer term, this is the sort of vulnerability that really is the best evidence of why you need a zero trust platform. And the fact that we've got a platform that sees more than anyone else, that is more responsive than anyone else, that is more trusted in the security and research community than anyone else, is able to react quickly and have as much goodwill in the community than anyone else, I think, speaks extremely highly of our team, what we've built and our ability to continue to execute in the zero trust space. And so, again, I think that these are the sorts of things that add up to winning in this space over time. People know that we're not just a fly-by-night security company that's a flash in the pan. They know that we're a good part and a good steward of the overall Internet ecosystem. And what we hear from customers is they want to invest behind companies like that. And I think that, that's going to be a real tailwind for our zero trust business.

我認為，從長遠來看，這種漏洞確實是您需要零信任平台的最佳證據。事實上，我們擁有一個比其他任何人都看得更多、反應更快、在安全和研究社區中比其他任何人都更信任的平台，能夠快速做出反應並在我認為，社區比其他任何人都高度評價我們的團隊、我們所建立的東西以及我們在零信任空間中繼續執行的能力。因此，我再次認為，隨著時間的推移，這些都是在這個領域贏得勝利的因素。人們知道，我們不只是曇花一現的夜以繼日的安全公司。他們知道我們是整個互聯網生態系統的重要組成部分和優秀管理者。我們從客戶那裡聽到的是，他們想投資這樣的公司。我認為，這對我們的零信任業務來說將是一個真正的順風。

Your next question comes from the line of James Fish with Piper Sandler.

您的下一個問題來自 James Fish 和 Piper Sandler 的台詞。

I wanted to go back to Phil's question actually on Cloudflare for Offices. It was a solution that I think Matthew even highlighted could be a sleeper for '22 versus kind of what else got announced during Speed and Birthday weeks. And really just wanted to ask directly how the adoption and deployment of Cloudflare for Offices has been going and how that tails into kind of overall Cloudflare One adoption and getting to that magic core plus solutions you guys like to see per customer?

我想回到 Phil 關於 Cloudflare for Offices 的問題。這是一個我認為馬修甚至強調的解決方案可能是 22 年的臥舖，而不是在速度和生日周宣布的其他解決方案。真的只是想直接問一下 Cloudflare for Offices 的採用和部署情況如何，以及這將如何影響 Cloudflare One 的整體採用並獲得你們希望每個客戶看到的神奇核心和解決方案？

Yes. I think that the nature of the Offices product is that you have to install equipment in buildings around the world. And so right now, we are really focusing on those customers that are for the early examples of people who can use that. Those customers tend to be big Cloudflare adopters already. So a large Fortune 500 technology, consumer technology company using us for a number of other things, wanted us to effectively become their corporate network. We prioritized them in terms of cloud-prefer offices. We're learning quickly from what their adoption rate is, and then we'll roll out based on that.

是的。我認為 Offices 產品的本質是你必須在世界各地的建築物中安裝設備。所以現在，我們真正專注於那些可以使用它的早期示例的客戶。這些客戶往往已經是 Cloudflare 的大客戶。因此，一家大型財富 500 強技術、消費技術公司將我們用於許多其他事情，希望我們有效地成為他們的企業網絡。我們在雲首選辦公室方面對它們進行了優先排序。我們正在快速了解他們的採用率，然後我們將在此基礎上推出。

A large international Fortune 500 mining company. Again, large customer of Cloudflare already, was already running in a lot of their traffic to us with a natural addition for Cloudflare for Offices. So I think what we will do is prioritize and what we have been doing is prioritize those customers where we have existing deployments and use. What's often the case though is that those customers are sharing some physical space in some of their offices with other customers.

一家大型國際財富 500 強礦業公司。同樣，Cloudflare 的大客戶已經為我們帶來了大量流量，而 Cloudflare for Offices 的自然添加。所以我認為我們要做的是優先考慮，我們一直在做的是優先考慮我們現有部署和使用的那些客戶。但通常情況是，這些客戶在他們的一些辦公室與其他客戶共享一些物理空間。

And that starts to then create what is the target list or who are the next adopters of Cloudflare for Offices. And so I think that it will roll out based more on demand and us building toward where customers are asking for it rather than us just deploying equipment and hoping for the best.

然後開始創建目標列表或 Cloudflare for Offices 的下一個採用者。因此，我認為它將更多地根據需求推出，我們將朝著客戶要求的方向發展，而不是僅僅部署設備並希望獲得最好的結果。

And I can give that a more sensible way of us doing it. What we have done, though, is secure all the technical infrastructure, both you're right to be in the building that we think are the most important building and the connectivity to those buildings in order to be able to light up buildings as customers demand it. So I think it's still a big piece of what's going on. I think it ties in a lot with our Magic Transit, Magic WAN offering, and then is a great on-ramp for customers that are using our zero trust offering.

我可以給我們一個更明智的方式來做這件事。但是，我們所做的是確保所有技術基礎設施的安全，您可以進入我們認為最重要的建築物以及與這些建築物的連接，以便能夠根據客戶的需求點亮建築物它。所以我認為這仍然是正在發生的事情的重要組成部分。我認為它與我們的 Magic Transit、Magic WAN 產品有很大的聯繫，然後對於使用我們的零信任產品的客戶來說是一個很好的入口。

And I still think it's going to be kind of one of the underfocused on but really -- maybe under-heralded but really important aspects of what we're building and will deliver in 2022.

而且我仍然認為這將是我們正在建設並將在 2022 年交付的內容的重點關注點之一，但實際上 - 可能沒有被重視但非常重要的方面。

Makes sense. I appreciate that color. And you guys highlighted a lot of large wins this quarter, and it looks like the spending for these large net wins kind of ticked up quite a bit on top of moving into what it sounded like some more Tier 1 kind of verticals like health care, telco and financial services that implies really your customer quality actually improved even within the large enterprise base that you guys talked about. And so I'm not sure if this is Thomas or you, Matthew, but how are you guys feeling about this pipeline and extra reach into really the cream of the crop here of Fortune 500 customers in your '22 guide?

說得通。我很欣賞那種顏色。你們強調了本季度的許多大贏家，看起來這些大贏家的支出在進入聽起來像醫療保健等更多一級垂直行業的基礎上增加了很多，即使在你們談論的大型企業基礎中，真正意味著您的客戶質量的電信和金融服務實際上也得到了改善。所以我不確定這是托馬斯還是你，馬修，但是你們對這條管道和在你的 22 年指南中真正接觸到財富 500 強客戶的真正精英的感覺如何？

It'd be interesting to look back over the last 4 quarters, but I think that, that's actually been a trend that's been going on for quite some time in financial services, health care, insurance, government, we've seen just increased penetration and a real understanding of what Cloudflare is doing. I think that the awareness in the market has ticked up immeasurably and we're able to use that.

回顧過去 4 個季度會很有趣，但我認為，這實際上是金融服務、醫療保健、保險、政府等領域已經持續了相當長一段時間的趨勢，我們已經看到滲透率的提高並真正了解 Cloudflare 正在做什麼。我認為市場的意識已經不可估量地提高了，我們能夠利用它。

And then the second piece is that as we land with a customer, then we're able to expand very quickly over time. Based on the broad set of products that we have, I think that our -- we feel really good that a significant percentage of the Fortune 500 will use Cloudflare for something over the course of the next 5 years.

然後第二個部分是，當我們與客戶合作時，我們能夠隨著時間的推移快速擴張。基於我們擁有的廣泛產品集，我認為我們感到非常高興，財富 500 強中有很大一部分將在未來 5 年內使用 Cloudflare。

What our real important challenge is to make sure that we get those customers to use us for a broad set of our products and platform as possible. And I think that's actually the bit that really stood out for me this quarter was that we were seeing more and more of our large customers saying, "I want a site liaison to be able -- I'll commit to spending a certain amount with you and we'll true it up every year. But we want to be able to really invest behind what that overall platform is.

我們真正重要的挑戰是確保我們讓這些客戶盡可能使用我們的廣泛產品和平台。我認為這實際上是本季度對我來說真正突出的一點是，我們看到越來越多的大客戶說，“我希望網站聯絡能夠——我會承諾在你和我們每年都會驗證它。但我們希望能夠真正投資於整個平台的背後。

And I don't want to get tied up in procurement every time you launch a new feature, and I want to add it on." I think that's really exciting. There are very few companies that have the breadth of products to be able to get that from their customers. I think that the fact that our customers are pulling us in that direction and asking us for those types of licenses speaks really well for the future of our business.

而且我不想每次推出新功能時都忙於採購，我想添加它。”我認為這真的很令人興奮。很少有公司能夠擁有如此廣泛的產品從他們的客戶那裡得到。我認為我們的客戶正在把我們拉向那個方向並要求我們提供這些類型的許可證這一事實對我們業務的未來非常有利。

And Jim, what I would add is that we have always been really well diversified. So even if you go back to our S-1 at the IPO, you could see that the representation across all critical verticals was really, really strong. And even in the quarter, like the fourth quarter, there was no one customer larger than 5% of revenue.

吉姆，我要補充的是，我們一直非常多元化。因此，即使您回到我們在 IPO 時的 S-1，您也可以看到所有關鍵垂直領域的代表性非常非常強大。甚至在本季度，就像第四季度一樣，沒有一個客戶的收入超過收入的 5%。

What you see is that we are more successful landing new big logos because all the product and feature strength that Matthew mentioned, but that we are able to accelerate revenue with the existing customers in those verticals and that is reflected in our D&R.

您看到的是，我們更成功地登陸了新的大徽標，因為 Matthew 提到的所有產品和功能優勢，但我們能夠與這些垂直領域的現有客戶一起加速收入，這反映在我們的 D&R 中。

Your next question comes from the line of Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

Congratulations on a great quarter and a great year. I wanted to dig in a little bit to kind of I think what Matthew Hedberg was asking. Any way you could give us sort of more of a sense or sort of a more tangible sense of what the major revenue contributors were to this quarter and sort of to that strength?

祝賀一個偉大的季度和偉大的一年。我想深入挖掘一下我認為 Matthew Hedberg 的問題。你有什麼辦法可以讓我們對本季度的主要收入貢獻者以及這種優勢有更多的感覺或更切實的感覺？

And to what degree -- I mean, ideally like a percentage of revenue, what degree is stuff like Cloudflare One and the Workers product, significant contributors to that revenue outperformance today versus being kind of the forward avenue of growth? Because it sounds like they're really starting to contribute on loss. And then I have a follow-up question for Thomas.

在多大程度上——我的意思是，理想情況下，就像收入的百分比一樣，像 Cloudflare One 和 Workers 產品這樣的東西在多大程度上是當今收入表現出色的重要貢獻者，而不是某種向前的增長途徑？因為聽起來他們真的開始為損失做出貢獻。然後我有一個關於 Thomas 的後續問題。

Sure, Keith. So first of all, I think when we talk about Cloudflare One, Cloudflare One is really a collection of a number of our different products. It is saying how can you use not just WAF, not just DDoS, not just CDN, not just our access or gateway products. But how can you use those all together in order to build what is sort of the ideal future corporate network. And so what we see is customers are buying into that vision, and when they ask for using the broader set of our platform. And so I think that what we're excited about is that more and more customers are using the broader set of our platform. That's great.

當然，基思。所以首先，我認為當我們談論 Cloudflare One 時，Cloudflare One 實際上是我們許多不同產品的集合。它是說你怎麼能不只是使用 WAF，不僅僅是 DDoS，不僅僅是 CDN，不僅僅是我們的訪問或網關產品。但是，您如何將所有這些結合在一起，以構建理想的未來企業網絡。所以我們看到的是客戶正在購買這個願景，當他們要求使用我們更廣泛的平台時。所以我認為我們感到興奮的是，越來越多的客戶正在使用我們更廣泛的平台。那太棒了。

What we're also equally excited by, there are very few that have fully bought into the entire vision. And that's something they don't buy the vision. They actually are super excited about that vision. But it's just that we keep announcing new products and releasing new things, and that gives us the opportunity to sell more to those existing customers. And I think that that's why you've seen over the course of the last year, our dollar-based net retention continue to tick up is that we have just done a great job at selling more to those -- that existing customer base.

我們同樣感到興奮的是，很少有人完全融入整個願景。這是他們不購買願景的東西。他們實際上對這一願景感到非常興奮。但這只是我們不斷發布新產品和發布新事物，這讓我們有機會向現有客戶銷售更多產品。我認為這就是為什麼你在過去一年中看到的原因，我們以美元為基礎的淨留存率繼續上升，因為我們剛剛在向現有客戶群銷售更多產品方面做得很好。

I think something like Workers, again, I think it's hard for us to break out how much of a sale it's responsible for because it does end up in a bunch of different deals as a way to give us the flexibility and programmability to win those deals. What we are seeing independently is that we're starting to see a real uptick in people who are using sort of just Workers and that they are starting to generate meaningful build just from using the Workers platform itself. But it is still, I think, something that we think of as sort of Act 1 was the CDN, WAF, DDoS, DNS, those types of products. Act 2 is our zero trust product which I think we're square in the middle of and where a lot of our growth is coming from. I think Act 3 is Workers, and that's still, I don't think, has hit really the hockey stick sort of point in the growth curve.

我認為像工人這樣的東西，我認為我們很難確定它負責多少銷售，因為它最終會產生一堆不同的交易，以此為我們提供贏得這些交易的靈活性和可編程性.我們獨立看到的是，我們開始看到使用工人的人真正增加，並且他們開始僅通過使用工人平臺本身來生成有意義的構建。但我認為，CDN、WAF、DDoS、DNS 等類型的產品仍然是我們認為的第一幕。第二幕是我們的零信任產品，我認為我們處於中間位置，我們的大部分增長都來自於此。我認為第 3 幕是工人，我認為這仍然沒有真正觸及增長曲線中的曲棍球棒。

Got it. That's super helpful, Matthew. I really appreciate that. And then, Thomas, you talked about network CapEx expanding as a percentage of revenues, which is on top of a base revenues are obviously growing very fast next year. Can you help us understand how much of that is into like the core kind of network capacity, if you will? And is there a pickup that's associated with some of the newer initiatives, if you will, like is Offices having an impact there? Or R2 going GA, is that having an impact on the level of CapEx?

知道了。這非常有幫助，馬修。我真的很感激。然後，Thomas，您談到網絡資本支出佔收入的百分比正在擴大，這是在基礎收入基礎之上，明年顯然增長非常快。如果您願意，您能否幫助我們了解其中有多少是核心網絡容量？如果你願意的話，是否有與一些較新的舉措相關的皮卡，比如辦公室在那裡有影響嗎？還是 R2 走向 GA，這對資本支出水平有影響嗎？

So I think the first answer is that if you go back over the last 5 years, we have rather consistently spent about 11% to 12% of revenue for network traffic. So the new guidance is 12% to 14%, it's a slight uptick. There is only a modest amount of R2 investment in this number. And you've heard it already from Matthew the ability of the -- our business model that we can invest behind the demand [portion]. I've been talking about this for a while on the go-to-market side, is also true for products like Cloudflare for Offices. We don't invest free in idle capacity and hope that we fill it over time. So we follow demand expansion with existing customers. As you've heard from Matthew, it's the first priority.

所以我認為第一個答案是，如果你回顧過去 5 年，我們相當一致地將大約 11% 到 12% 的收入用於網絡流量。所以新的指導是 12% 到 14%，這是一個小幅上升。這個數字中只有少量的 R2 投資。你已經從 Matthew 那裡聽說了我們可以在需求 [部分] 背後投資的商業模式的能力。我在上市方面一直在談論這個問題，對於像 Cloudflare for Offices 這樣的產品也是如此。我們不會對閒置產能進行免費投資，並希望隨著時間的推移將其填滿。所以我們跟隨現有客戶的需求擴展。正如你從 Matthew 那裡聽到的，這是第一要務。

So there's little investment in this guidance that is ahead of demand that we hope we generate. There's very little at this point in -- for R2 and Offices because we can follow demand. So it's more about getting the core capacity to where it needs to be, making sure that we move the network further out, closer to the eyeballs we want to connect. And also be thoughtful about some larger strategic customers that are moving business our way that we are prepared for that.

因此，在我們希望產生的需求之前，對該指南的投資很少。在這一點上，R2 和 Offices 的內容很少，因為我們可以追隨需求。因此，更重要的是讓核心容量達到它需要的位置，確保我們將網絡移到更遠的地方，更靠近我們想要連接的眼球。還要考慮一些更大的戰略客戶，這些客戶正在按照我們準備好的方式轉移業務。

Your next question comes from the line of Shaul Eyal with Cowen and Company.

您的下一個問題來自 Cowen and Company 的 Shaul Eyal。

Congrats on the ongoing strong performance. Also thanks for the transparency on large customers' metrics. I was about to ask about Matt Hedberg and Keith question goes from a different direction, but I get the point, Matthew.

祝賀持續強勁的表現。還要感謝大客戶指標的透明度。我正要問關於馬特·赫德伯格的問題，而基思的問題來自不同的方向，但我明白了，馬修。

Maybe from a different perspective, you called out some Workers wins and the displacements this quarter. Can you, Matthew, provide us maybe with some more color, who is it that you have been that you are displacing in recent months with that product?

也許從不同的角度來看，您提到了本季度的一些工人勝利和流離失所。 Matthew，您能否為我們提供更多色彩，最近幾個月您用該產品取代了誰？

Yes. I think that the -- there are sort of 2 different directions that, that product displaces. So the first is for some users, what they use Workers for is to make it -- our product is the most configurable version in the world. So if you want the most configurable firewall or the most configurable DDoS mitigation service or the most configurable DNS service, Workers is a way to extend those services to make them highly programmable and highly configurable.

是的。我認為 - 有兩個不同的方向，該產品取代。所以第一個是對於一些用戶來說，他們使用 Workers 的目的是為了製造它——我們的產品是世界上最可配置的版本。因此，如果您想要最可配置的防火牆或最可配置的 DDoS 緩解服務或最可配置的 DNS 服務，Workers 是一種擴展這些服務以使其高度可編程和高度可配置的方法。

And so I think there are a number of what we would think of as point cloud solution. People who are in the DNS or DDoS or CDN or WAF or firewall space that Workers allows us to help make our platform do exactly what they always dreamed and wish that their platforms could do. And that, I think, is, especially for larger and larger customers, something that is really just catnip and makes them extremely excited for using us.

所以我認為有很多我們認為是點雲解決方案的方法。在 DNS、DDoS、CDN、WAF 或防火牆空間中的人們，Workers 允許我們幫助我們的平台完全實現他們一直夢想並希望他們的平台能夠做到的事情。而且，我認為，尤其是對於越來越大的客戶而言，這實際上只是貓薄荷，讓他們對使用我們感到非常興奮。

I think the other place where we see a lot of displacement, which is sort of a different type of use case and probably the one that is more exciting over the long term, is people who are moving away from other traditional public cloud vendors. What we see is that, first of all, the public cloud is moving from a world where you were effectively renting VM on a box somewhere, and you had to manage the operating system and the software and everything else to what is a much more managed, what is known in the industry as a serverless platform.

我認為我們看到大量替代的另一個地方，這是一種不同類型的用例，可能從長遠來看更令人興奮的是，人們正在遠離其他傳統的公共雲供應商。我們看到的是，首先，公共雲正在從一個你在某個地方有效地租用一個機器上的虛擬機，你必須管理操作系統和軟件以及其他所有東西的世界轉移到一個更加管理的世界。 ，在業界被稱為無服務器平台。

And I think when you look out, you talk to developers, Workers is one of the serverless platforms that they are the most excited about. And so we see regular wins head-to-head with competing with sort of an AWS lambda or a Google or a Microsoft cloud function, those types of services we compete really well on. And we try and compete on all of the different factors that matter: performance, obviously, but actually that's the least important of that, consistency and reliability, which we do a great job because our cold start, we have literally 0 millisecond cold start time, the ability for us to be extremely cost effective. And if you do a head-to-head comparison with Workers running the same workload versus the public cloud, we are -- even with the margins that we have, we're extremely cost competitive because it's just a better architecture of how we've designed it.

而且我認為，當您注意並與開發人員交談時，Workers 是他們最興奮的無服務器平台之一。因此，我們經常看到與 AWS lambda、谷歌或微軟雲功能的競爭，我們在這些類型的服務上競爭非常好。我們嘗試在所有重要的不同因素上進行競爭：性能，顯然，但實際上這是最不重要的，一致性和可靠性，我們做得很好，因為我們的冷啟動，我們實際上有 0 毫秒的冷啟動時間，我們的能力是極具成本效益的。如果您將運行相同工作負載的工作人員與運行公共雲的工人進行正面比較，我們 - 即使有我們擁有的利潤，我們也極具成本競爭力，因為它只是我們如何更好的架構我設計了它。

Ease of use, making it really easy. And I think that there has been, over Q4, some really incredible developments and you're going to see more over the coming quarter in us really just making Workers the easiest to use serverless platform that's out there.

使用方便，真的很簡單。而且我認為，在第四季度，已經有了一些非常令人難以置信的發展，你會在下一個季度看到更多，我們真的只是讓 Workers 成為最容易使用的無服務器平台。

And then as Thomas referenced, I think we're increasingly seeing more and more, especially large sophisticated customers because of government and regulatory requirements around data localization and data sovereignty that they need to store and process data locally. And the fact that we can say in more than 100 countries around the world, we can keep your users' data in their home country not only to be stored there, but actually process there, that's something that no other cloud provider can compete with.

然後正如 Thomas 所提到的，我認為我們看到越來越多的客戶，尤其是大型複雜客戶，因為政府和監管要求圍繞數據本地化和數據主權，他們需要在本地存儲和處理數據。事實上，我們可以說在全球 100 多個國家/地區，我們可以將您用戶的數據保存在他們的祖國，不僅可以在那裡存儲，而且可以在那裡進行實際處理，這是其他雲提供商無法與之競爭的。

And so if that's something that from a regulatory perspective is important to you, those are deals that we are winning more and more. So we're excited about the adoption of Workers. Again, I think it's sort of a two-trick pony. It is both really, really good at being able to help us make all of our existing products as configurable as possible, but then it is also extremely good as a true cloud computing platform that developers are building entire businesses on.

因此，如果從監管的角度來看，這對您來說很重要，那麼我們正在贏得越來越多的交易。所以我們對工人的採用感到興奮。再說一次，我認為這是一匹兩把戲的小馬。它非常非常擅長幫助我們使所有現有產品盡可能可配置，但作為開發人員構建整個業務的真正云計算平台，它也非常出色。

Understood. And maybe can you talk about your plans to set up new points of presence in '22 as without a debt that we're seeing. The network keeps expanding fairly quickly, so maybe you can quantify how many PoPs you think about establishing this year?

明白了。也許你能談談你在 22 年建立新的存在點的計劃，就像我們看到的沒有債務一樣。網絡保持相當快速的擴張，所以也許你可以量化一下你今年打算建立多少個 PoP？

Sean, I have to confess, I hate the term PoP because I think it's -- no normal people know what it means. And it's not even how we really think about the word. What we are trying to do is directly interconnect with as many networks around the world as possible. And so you can turn up a whole bunch of pops. But if they're not connected to network, they don't give you any real benefit. So we have traditionally talked about the cities that we are in, and we continue to expand that. What we have not done because, again, it doesn't really matter to our customers is break down within those cities, how many individual facilities we're in. What we are in most major cities now is in multiple different facilities.

肖恩，我必須承認，我討厭 PoP 這個詞，因為我認為它是——沒有普通人知道它的含義。這甚至不是我們真正思考這個詞的方式。我們正在嘗試做的是與世界上盡可能多的網絡直接互連。所以你可以打開一大堆流行音樂。但是如果他們沒有連接到網絡，他們不會給你任何真正的好處。因此，我們傳統上一直在談論我們所在的城市，並且我們將繼續擴大它。我們沒有做的事情是，再一次，對我們的客戶來說，在這些城市中發生故障並不重要，我們在多少個單獨的設施中。我們現在在大多數主要城市的情況是在多個不同的設施中。

In certain cities now, we'll have multiple individual availability zones in order to make sure that we have high degree of availability. But we are continuing to go into more and more networks around the world. And I think that we're on track to be in every U.S. state before the end of the year. I think that we continue to be in the vast majority of major cities with over 2 million people in them, and we continue to invest in getting connected to all of the networks in the world.

現在，在某些城市，我們將擁有多個單獨的可用區，以確保我們具有高度的可用性。但我們正在繼續進入世界各地越來越多的網絡。我認為我們有望在今年年底前進入美國的每個州。我認為我們將繼續在絕大多數人口超過 200 萬的主要城市開展業務，並且我們將繼續投資以連接到世界上所有的網絡。

What's unique about us is that we continue to have it so that every day, our phone rings with network providers around the world who are inviting us to be directly in their networks. And that's unique, and it's unique because of the broad set of services we provide, the broad set of customers that we have. And I think that, that is part of what explains how we've been able to achieve and maintain and actually improve on our gross margins even as our traffic rates have continued to increase. And that's really differentiated from anyone else in the space.

我們的獨特之處在於我們繼續擁有它，因此每天，我們的電話都會與世界各地的網絡提供商聯繫，他們邀請我們直接進入他們的網絡。這是獨一無二的，它之所以獨一無二，是因為我們提供了廣泛的服務，我們擁有廣泛的客戶群。我認為，這部分解釋了我們如何能夠實現、維持並實際提高我們的毛利率，即使我們的流量持續增加。這確實與該領域的其他任何人不同。

Your next question comes from the line of Sterling Auty with JPMorgan.

您的下一個問題來自摩根大通的 Sterling Auty。

I'm just going to ask one question. Matthew, you gave the example of the Fortune 500 pharmaceutical company network security win worth about $750,000. When I think about a Fortune 500 company, I usually think about them spending tens of millions of dollars on firewalls, for example. So what I'm wondering is, is the opportunity when you go in and replace those physical appliance, is that a fraction of the spend that those customers need to make? Or are you just so early that this is just a very tiny beginning in terms of that opportunity with a customer like that?

我只想問一個問題。馬修，你舉了財富 500 強製藥公司網絡安全贏取價值約 750,000 美元的例子。例如，當我想到一家財富 500 強公司時，我通常會想到他們在防火牆上花費數千萬美元。所以我想知道的是，當您進入並更換這些物理設備時，這是不是這些客戶需要花費的一小部分？或者你只是太早了，就與這樣的客戶的機會而言，這只是一個很小的開始？

I think we're super early. I think that is -- that we are going to continue to be able -- what we have seen with customers is that we typically win with deals and then are able to expand them over time as they adopt more and more of our platform. We don't ask people -- one of Thomas's favorite points to remind me to bring up is that we're not a rip-and-replace solution.

我想我們超早了。我認為這是 - 我們將繼續能夠 - 我們從客戶那裡看到的是，我們通常會通過交易獲勝，然後隨著他們越來越多地採用我們的平台，隨著時間的推移能夠擴展它們。我們不問別人——Thomas 最喜歡提醒我的一點是，我們不是一個淘汰和替換的解決方案。

We are happy to go in and put ourselves in the mix with other firewall vendors and be very complementary to them over time or load balancers or WAN optimizer, whatever it is. And what often will happen is a customer will say to us, "Listen, our existing network is working okay for us, but we've got this far-flung office that we need to take care of or we're worried about contractors and we want to keep them separate from the rest of our network. Maybe you can help us with that?" What then tends to happen is they have such a good experience with that, that they see that as replacement time is coming up on their hardware equipment that they say, "Well, maybe we can just replace that with Cloudflare?" And over time, we win that war of attrition.

我們很高興與其他防火牆供應商合作，並隨著時間的推移與他們或負載平衡器或 WAN 優化器非常互補，無論是什麼。經常會發生的情況是，客戶會對我們說：“聽著，我們現有的網絡對我們來說運行良好，但我們有一個需要照顧的偏遠辦公室，或者我們擔心承包商和“我們希望將它們與我們網絡的其他部分分開。也許你可以幫助我們？”然後往往會發生的是，他們對此有很好的體驗，他們看到隨著硬件設備的更換時間即將到來，他們說：“好吧，也許我們可以用 Cloudflare 來代替它？”隨著時間的推移，我們贏得了這場消耗戰。

I think there were really 2 kind of head fakes for the hardware business over the last 4 years. One was the tax cut that really incentivized moving forward CapEx spend and probably kind of artificially buoyed some of the hardware manufacturers that are out there. And the second was really COVID, where people weren't -- they may have planned on moving to a zero trust architecture, moving to a cloud architecture, but when COVID hit, they were like all bets are off. I'm going to buy just more of whatever I have right now. And I think that, that was a little bit of a head fake for some of the hardware space.

我認為在過去的 4 年裡，硬件行業確實有兩種假貨。一個是減稅，它真正激勵了資本支出的向前發展，並且可能人為地提振了一些硬件製造商。第二個是真正的 COVID，人們沒有——他們可能已經計劃遷移到零信任架構，遷移到雲架構，但是當 COVID 來襲時，他們就像所有的賭注都失敗了。我將購買更多我現在擁有的任何東西。而且我認為，對於某些硬件空間來說，這有點假。

What we are seeing though is that as people are coming out, as IT organizations are seeing sort of a light at the end of the COVID tunnel, they're saying, now it's time for us to go back and actually invest in what we think of as the long-term architecture. And increasingly, what we hear from the largest customers in the world and industry analysts is that what it is that we're building is that future of the corporate network. And I think more and more customers are going to continue to expand over time and including that pharmaceutical company.

但我們看到的是，隨著人們的出現，隨著 IT 組織在 COVID 隧道盡頭看到某種曙光，他們說，現在是時候讓我們回去並實際投資於我們的想法作為長期架構。越來越多地，我們從世界上最大的客戶和行業分析師那裡聽到的是，我們正在建設的是企業網絡的未來。而且我認為隨著時間的推移，越來越多的客戶將繼續擴大，包括那家製藥公司。

Emma, can we take one more analyst, please?

艾瑪，我們可以再選一位分析師嗎？

Excellent. Your last question comes from the line of Amit Daryanani.

優秀的。您的最後一個問題來自 Amit Daryanani。

Perfect. I guess also one question as well. Last quarter, there was a fair bit of talk around the R2 offering, which it sounds like you're going to get ready for GST. Can you just talk about what has the customer feedback been for R2 in the last 90 days?

完美的。我想也是一個問題。上個季度，圍繞 R2 產品進行了相當多的討論，聽起來您要為 GST 做好準備。您能否談談過去 90 天內 R2 的客戶反饋是什麼？

And I think since you started talking about it, AWS did lower their previous fees a fair amount. It confuses that change that is in your perspective as well.

而且我認為自從你開始談論它以來，AWS 確實降低了他們之前的費用相當多。它也混淆了你觀點中的變化。

Yes. Well, actually, I didn't -- or their egress speaks all that much, but I am flattered that they're paying attention. And I think they have a long way to go in order to catch up with the rest of the industry. I think the leaders in this space actually have been folks like Oracle and Google, who have said that they will have much more dramatic egress lowering. And I think it's only a matter of time before AWS will follow that as well. And if we can be a part of catalyzing that for the industry, I think that that's a huge win.

是的。好吧，實際上，我沒有——或者他們的出口說了那麼多，但我很高興他們正在關注。我認為他們還有很長的路要走才能趕上行業的其他部分。我認為這個領域的領導者實際上是甲骨文和谷歌這樣的人，他們說他們將大幅降低出口。而且我認為 AWS 也會跟進這只是時間問題。如果我們能夠成為推動行業發展的一部分，我認為這是一個巨大的勝利。

What we've heard though from the feedback on R2 has been terrific. So we've been running it in a private beta. We've had customers on board. They've given great feedback on the places that it's working extremely well. What we're optimizing right now is just making sure that we have exactly the same performance characteristics that we would expect and that customers expect from S3. And we think that architecturally we'll be able to meet or beat that over time. We're excited by our ability to deliver this. I'm looking forward to the day that I can share the logos of who, talking about bringing data over, but we have hundreds of petabytes of data that we are confident will, as R2 goes GA, be able to move over to our platform.

我們從關於 R2 的反饋中聽到的內容非常棒。所以我們一直在私人測試版中運行它。我們已經有客戶加入了。他們對它運行得非常好的地方給出了很好的反饋。我們現在正在優化的只是確保我們具有與我們所期望的以及客戶對 S3 的期望完全相同的性能特徵。我們認為，隨著時間的推移，我們將能夠在架構上滿足或擊敗它。我們對我們實現這一目標的能力感到興奮。我期待著有一天我可以分享誰的徽標，談論將數據帶過來，但我們有數百 PB 的數據，我們有信心，隨著 R2 進入 GA，能夠轉移到我們的平台.

And I think that again, it's exciting for the revenue that, that will generate. But what I think is really exciting for is 2 other things that it really will help catalyze our overall Cloudflare Workers growth and it becomes a fundamental component of that computing platform. But that -- then secondly, that it's going to help unlock the cloud because I think that other cloud providers will have to respond to this. And it is a win for the entire industry if we're able to drive what our (inaudible) egregious egress fees down. And what we want to make sure is that customers can choose products based on whoever is the best out there, and we are confident that we've got a platform that can win on the performance, security, reliability and cost side. And that's -- I think I am excited for how we are positioned to be delivering on our value proposition going forward, and our entire team. I'm proud of for what they've built and that we got a AWS to blink a little is something that I think is good for the entire industry.

我再次認為，這對於將產生的收入來說是令人興奮的。但我認為真正令人興奮的是另外兩件事，它確實有助於促進我們的整體 Cloudflare Workers 增長，並成為該計算平台的基本組成部分。但是，其次，它將有助於解鎖雲，因為我認為其他雲提供商將不得不對此做出回應。如果我們能夠降低我們（聽不清）令人震驚的出口費用，這對整個行業來說都是一場胜利。我們要確保的是，客戶可以根據市場上最好的人來選擇產品，我們相信我們擁有一個可以在性能、安全性、可靠性和成本方面取勝的平台。那就是 - 我認為我對我們如何定位以實現我們的價值主張以及我們的整個團隊感到興奮。我為他們所構建的東西感到自豪，並且我們讓 AWS 稍微眨眼，我認為這對整個行業都有好處。

This concludes today's Q&A session. I now turn the call back over to the company for closing remarks.

今天的問答環節到此結束。我現在將電話轉回公司以進行結束髮言。

Thank you so much to everyone for tuning in to the earnings call. As I said at the beginning, it has been a most excellent quarter for us. There's a ton of hard work that goes in behind the scenes to not just get ready for these earnings calls, but more importantly, service our customers, build great products and deliver on the value of our mission, which is to help build a better Internet.

非常感謝大家收聽財報電話會議。正如我一開始所說，這對我們來說是一個最出色的季度。在幕後付出了大量的努力，不僅要為這些財報電話會議做好準備，更重要的是，為我們的客戶提供服務，打造出色的產品並實現我們使命的價值，即幫助建立更好的互聯網.

And so I just wanted to thank everyone of our customers, every one of our investors, and most importantly, every one of our employees for what was an incredible Q4 and an incredible year. We're already hard at work in 2022, and we look forward to tuning in to give you the updates on what we did in Q1. Thank you so much.

因此，我只想感謝我們的每一位客戶、每一位投資者，最重要的是，感謝我們每一位員工，感謝他們度過了令人難以置信的第四季度和令人難以置信的一年。我們已經在 2022 年努力工作，我們期待著為您提供我們在第一季度所做工作的更新。太感謝了。

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

今天的電話會議到此結束。感謝您的出席。您現在可以斷開連接。