Cloudflare Inc (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.

午安.我叫艾瑪，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Cloudflare 2021 年第四季財報電話會議。 （操作員指示）謝謝。

Jayson Noland, you may begin your conference.

傑森諾蘭，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.

感謝您加入我們討論 Cloudflare 2021 年第四季的財務表現。與我一起參加電話會議的還有共同創辦人兼執行長 Matthew Prince； Michelle Zatlyn，共同創辦人、總裁兼營運長；以及財務長 Thomas Seifert。現在，每個人都應該可以看到我們的收益公告了。此公告以及我們的補充財務資訊可在我們的投資者關係網站上找到。

As a reminder, we'll be making forward-looking statements during today's discussion including, but not limited to, our customers, vendors and partners' operations and future financial performance; 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營運和未來財務業績；預期的產品發布以及這些產品的時間和市場潛力；公司預期的未來收入、財務業績、經營業績、非公認會計準則毛利率、非公認會計準則淨收入、非公認會計準則每股淨收入、客戶淨額、非公認會計準則毛利率、非公認會計準則淨收入率這些聲明和其他評論並非對未來業績的保證，而是受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 疫情影響的程度和持續時間以及國內和全球總體經濟市場的不利條件。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有很大差異。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We 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，請參閱我們向美國證券交易委員會提交的文件以及今天的收益新聞稿。

Unless otherwise noted, all numbers we 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，我們今天討論的除收入以外的所有數字都將基於調整後的非 GAAP 基礎。所有討論的當前和前期財務數據均反映在 ASC 606 中。您可以在我們的投資者關係網站上的收益報告中找到 GAAP 與非 GAAP 財務指標的對帳表。對於歷史時期，可以在剛才引用的補充財務資訊中找到 GAAP 與非 GAAP 的對帳。

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.

我們也想通知您，我們將參加 3 月 7 日的 JMP 證券技術會議、3 月 8 日的 KeyBanc 新興技術高峰會以及 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。用比爾和泰德的不朽名言來說，我們度過了一個最美好的季度。第四季度，我們實現營收1.94億美元，年增54%。我們增加了 156 個新的大客戶，這些客戶每年在我們這裡消費超過 10 萬美元，到年底，我們的大客戶總數達到 1,416 個，比去年同期成長 71%。我們的美元淨留存率上升至創紀錄的 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.

全年我們的獲利為 6.56 億美元，年增 52%。 2021 年是我們連續第五年達到 50% 或更高的複合成長率。我對兩件事感到自豪。首先，在過去的五年裡，我們的成長實際上已經加速，但其次，也許更重要的是，我們的成長一直保持著持續的穩定。我們已經撥通了我們的電話。我們了解這一點，並且能夠控制其槓桿。您可以從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.

當整個產業都在談論成本和定價壓力增加時，我們卻實現了 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。我們希望利用這項卓越的毛利率作為武器，從那些比我們更容易受到定價和成本壓力影響的競爭對手手中搶奪業務。它還使我們能夠將產品捆綁到競爭對手無法比擬的整體平台中。

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.

第三季度，我們作為上市公司首次實現了正營業利潤率。這是我們第二次。這不會是我們的最後一次。話雖如此，正如我上個季度所說的那樣，我們並不急於實現大幅盈利。

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獲利能力。我告訴他們的故事是，想像一下每年你都會看到你的鄰居把錢鏟進一台機器裡。一年後，又有更多錢流出來。年復一年，錢不斷堆積起來，又被鏟回去。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，你就會擔心，這台機器出了什麼問題？

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。只要我們能夠實現卓越的成長，我們就會繼續投入資金來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遊戲 Flappy Bird，不能太高，也不能太低。我們希望我們的營業利潤率能盡可能地保持在盈虧平衡點以上，並且與過去兩個季度的水平持平。換句話說，如果我們的每股盈餘大幅超出預期，那我們就做錯了。

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，如果季度末你的銀行帳戶中的現金比季度初多，沒有人會抱怨。我們很自豪，這是 Cloudflare 自上市以來第一個自由現金流為正的季度。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.

短期內，我們預計未來兩季的現金流將為負，因為我們將投資網路並重新設計實體辦公室以適應後疫情時代。但到今年下半年，我們預計自由現金流將為正值。我們欽佩並試圖效仿那些在我們之前擁有大量現金流同時保持盈虧平衡的營業利潤率的其他公司。在過去的兩年裡，我們走出了不確定的時期，對自己的業務感到非常有信心。

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.

那我們的秘密是什麼呢？這不是一件事，而是很多。一切始於創新。當我們與客戶交談時，他們欣賞 Cloudflare 的是我們不懈的創新。它擴大了我們的市場並確保客戶可以利用我們來成為其企業網路的完整未來。但除了新產品之外，我們還利用規模經濟和網路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、高效的採購團隊和完全軟體定義的網路來不斷降低成本。

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.

網路效應是由網路產生的，我們經營著世界上最大的網路之一。隨著客戶加入我們的網絡，我們的網路變得更好、更有效率。如果您想了解我們如何能夠繼續以這種速度推動我們的業務，那麼這個虛擬週期就是您要看的。而且由於它是一個飛輪，這種效率使我們能夠繼續投資於產品。我們的團隊熱衷於推出新產品，我們計劃在 2022 年推出至少 7 週充滿新產品的創新週，進一步擴展我們的網路、引入新功能並擴大我們的 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 年發布的產品已經取得了蓬勃發展。例如，我們有超過 200,000 個網域註冊了我們的電子郵件路由服務，並且似乎一夜之間就成為了主要的電子郵件安全提供者。 R2，我們的零出口物件儲存的封閉測試版已經有超過 9,000 個註冊用戶，其中包括一些令人難以置信的標誌。它們代表了數百 PB 的儲存空間，並展示了我們對 Workers 開發者平台的明顯興奮。我們計劃在第二季對 R2 進行公開測試，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.

雖然我們傾向於內部產品開發，但當我們找到可以補充我們已建立產品的團隊和產品時，我們也會進行策略性收購。今天我很高興地宣布，我們收購了 Vectrix，這是一家打造了我們見過的最易於使用、功能最強大的 CASB 的新創公司。 CASB（雲端存取安全代理）是一類提供對 SaaS 應用程式中儲存的資料的可見性和控制的服務。它們可以成為強大的工具，但它們的致命弱點始終是其複雜的設定。

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 團隊給我們留下了深刻的印象，他們能夠快速地接納任何新客戶，無論其規模大小，並立即讓客戶了解儲存客戶資料的所有服務提供者。因此，他們的產品是每個現有 Cloudflare 客戶的全國性附加產品。它們讓我想起了 Cloudflare 以及我們成立開始的理念。 Vectrix 團隊和技術進一步完善了我們的零信任平台，不僅可以看到網路中流動的數據，還可以查看服務提供者中靜態的數據。我們相信，這使得 Cloudflare Zero Trust 成為任何公司無需考慮的全面安全解決方案，我們很高興 Vectrix 團隊能夠加入我們。

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.

讓我重點介紹一下本季我們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，購買超過 100,000 個零信任席位。這位客戶兩年前開始採用自助服務計劃，席位數不到 500 個。這次勝利表明，我們的服務易於使用，並且能夠讓客戶在組織內透過獨立團隊獲得支持，並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，購買超過 10,000 個零信任席位。這是一筆競爭激烈的交易，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。這樣的勝利的偉大之處在於，我們有機會擴大整個平台的客戶群。您可以透過每次一個功能贏得平台地位。客戶經常與我們合作解決問題。然後，隨著時間的推移，我們就有機會爭取更多的業務。本季我們在其他客戶身上也看到了同樣的情況。

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 強金融服務公司簽署了一份價值 90 萬美元的 3 年擴展協議，擴大了我們平台的使用範圍，使其年度合約價值超過 150 萬美元。他們稱我們為「面向未來」。這是我們捆綁平台的一個例子，使他們能夠使用我們的廣泛功能，同時最大限度地減少採購摩擦。

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類似的平台捆綁協議，其 3 年合約價值增加了一倍多，達到 300 萬美元。他們特別欣賞 Cloudflare 是他們可以信賴的唯一供應商，可以實現其企業網路的未來。

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 強制藥公司簽署了一份為期 3 年、價值 75 萬美元的網路證券協議。事實是，隨著公司遷移其內部部署硬體解決方案，他們繼續轉向 Cloudflare 來建立其網路的未來。隨著我們走出新冠疫情，我們看到越來越多的公司重新考慮他們的網路設計，轉向雲端，遠離本地網路。

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.

財富 500 強零售商為了利用 Cloudflare Workers 而放棄了 2 個競爭對手。儘管競爭對手承諾提供類似的功能，但他們發現它根本無法像承諾的那樣發揮作用。他們簽署了一份為期3年、價值120萬美元的合約。我們的 Workers 平台已投入生產 4.5 年，並​​繼續在開發人員中保持領先地位。而且您不必是財富 500 強公司即可在本季與我們簽署大協議。一家最具創新性的支付新創公司與我們的網路安全產品簽署了一份為期 3 年、價值 150 萬美元的合約。他們很欣賞 Cloudflare Workers 及其為他們服務全球廣大商家所提供的靈活性。

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，我們需要密切關注全球網路安全問題。因此，我們密切關注烏克蘭局勢。現代戰爭日益包括網路戰場。雖然它們沒有產生可觀的收入，但為了應對潛在的攻擊，我們還是與許多烏克蘭企業、新聞機構和政府組織合作。雖然我們希望當前的緊張局勢能夠和平解決，但我們已經經歷了國家網路攻擊的緩解，並且我們準備好無論發生什麼都保護我們的客戶和網路。

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.

在將時間交給托馬斯之前，我想感謝整個 Cloudflare 團隊的辛勤工作和奉獻精神。這是一個最出色的季度，也是最出色的一年。我對我們即將在 2022 年共同取得的成就感到興奮。

And with that, Thomas, take it away.

說完，湯瑪斯，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，也謝謝大家的參與。我們又完成了一個出色的季度並結束了令人難以置信的一年。 2021年，我們創下了多項紀錄和里程碑，並以收入加速成長結束了這一年。大客戶的成長速度持續超過營業收入的成長，我們在第四季度實現了創紀錄的 125% 的美元淨留存率。

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，我們的收入持續保持超過50%的複合年增長率，並且自第三季以來一直保持盈利。這些成就鞏固了我們實現大規模強勁收入成長和日益強勁的單位經濟效益的記錄，這得益於我們業務的內在優勢。

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.

談到收入。第四季總營收年增54%至1.936億美元。收入的成長得益於另一個季度強勁的客戶需求，包括新標誌的收購以及現有客戶群的擴張。本財年結束時，我們的營收為 6.564 億美元，年增 52%。正如我剛才提到的，自 2016 年以來，這已經是我們第五年實現至少 50% 的複合年增長率，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.

從第四季的地理角度來看，我們看到美國和國際市場持續保持強勁成長。美國市場佔總營收的52%，年增52%。歐洲、中東和非洲地區佔總營收的 27%，年增 60%。亞太地區佔總營收的 14%，年增 29%。我們很高興看到亞太地區的成長加速，歐洲、中東和非洲地區再次成為我們成長最快的地區。受對 GDPR 和資料隱私法規日益關注的推動，EMEA 地區繼續受益於大量資料本地化套件的成功。

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。本季末，我們擁有 14 萬名付費客戶，較去年同期成長 26%。截至去年底，我們擁有 1,416 個大客戶，年增 71%。我們在本季增加了 156 個大客戶，在本財年增加了 588 個​​大客戶。我們也會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成長，而且平均消費額也在成長，這使得他們的收入貢獻在全年持續攀升。 2021 財年，大客戶佔總營收的 54%，而 2020 年這一比例為 46%。對於全年，我們也將大客戶細分為消費超過 50 萬美元和 100 萬美元的客戶群。截至年底，我們擁有 121 名在我們這裡消費超過 50 萬美元的客戶，年增 70%。截至今年底，我們共有 56 位客戶在我們這裡消費超過 100 萬美元，年增 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.

我們大客戶的大幅擴張推動了美元淨留存率達到創紀錄的 125%，比上一季增加了 100 個基點。我們繼續看到整個客戶群的廣泛實力以及大型客戶群的強勁牽引力和成長，其速度繼續超過營業收入的成長。

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.

總留存率仍維持在 90% 以上，客戶擴張繼續受到引人注目的單位經濟效益和日益優惠的客戶獲取成本的推動。我們將繼續大力投資建立我們的企業組合併制定世界一流的市場進入策略，以應對未來的巨大機會。

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。第四季毛利率為79.2%，與上季持平。網路資本支出佔第四季營收的 10%。 2021年，我們新增了約29,000名付費客戶，較去年同期成長26％。交通量也大幅增加。

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成長了88%。儘管出現了這些大幅成長，我們仍能夠將網路資本支出佔收入的百分比維持在 11%，並在 2021 財年維持 78.6% 的高毛利率。這突顯了我們網路的彈性以及我們利用毛利率作為戰略武器來獲取市場份額的能力。展望未來，我們計劃加快對全球網路的投資，預計網路資本支出將達到 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.

談到營運費用。第四季營運費用佔營收的百分比與上一季持平，年減 4% 至 78%。我們又經歷了一個強勁的招募季度，我們的員工總數年增 36%，到本季末，我們的員工總數達到約 2,440 人。本季銷售和行銷費用為 8,600 萬美元。銷售和行銷佔收入的百分比環比下降 1%，從去年同期的 46% 降至 44%。本季研發費用為 3,700 萬美元。研發費用佔營收的比例與上一季持平，從去年同期的 20% 下降至 19%。本季一般及行政開支為 2,800 萬美元。一般及行政費用佔收入的百分比與上一季持平，從去年同期的 16% 下降至 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.

第四季度，我們的經營槓桿持續維持，經營利潤率年增 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。第四季是我們連續第二季實現營業利潤。提醒一下，我們打算根據收入增加營運費用，保持接近或達到收支平衡，並將多餘的盈利重新投資到業務中，以應對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。本季我們的淨收入為 131,000 美元，即每股淨收入 0 美分。第四季的稅費為190萬美元。在第四季結束時，我們擁有 18 億美元現金、現金等價物和可供出售證券。自由現金流為 860 萬美元，佔營收的 4%，去年同期為負 2,350 萬美元，佔營收的 19%。第四季經營現金流為 4,060 萬美元，佔營收的 21%。這比上一季增加了 4,750 萬美元，比去年同期增加了 4,940 萬美元，這得益於強勁的現金回籠以及新業務和現有業務的成長。

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.

我們非常高興作為上市公司首次實現了自由現金流為正的季度。展望未來，我們預計 2022 年上半年會出現一些變化，因為我們將繼續投資於建築翻新和網路容量，但我們預計 2022 年下半年將恢復正自由現金流。

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，季增 14%，年增 63%。目前 RPO 佔總 RPO 的 77%。我們在第四季度看到的頂線、底線和 RPO 方面的強勁表現，加上我們的創新速度使我們能夠不斷擴大 TAM，這讓我們對新的一年充滿信心和預見性。

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.

我們預計第一季營收將在 2.05 億美元至 2.06 億美元之間，年增 48% 至 49%。我們預計營業收入將在 50 萬美元至 150 萬美元之間，我們預計每股淨收入將在 0 至 0.01 美元之間，假設流通普通股約為 3.48 億股。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.

我們預計 2022 年全年營收將在 9.27 億美元至 9.31 億美元之間，年增 41% 至 42%。我們預計全年營業收入將在 1,000 萬美元至 1,400 萬美元之間，假設流通普通股約為 3.52 億股，我們預計該期間每股淨收入將在 0.03 美元至 0.04 美元之間。我們預計稅費為 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，我們已經作為上市公司度過了第二個完整的年頭。感謝客戶、合作夥伴和社會各界對我們的無限信任和支持。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.

我們建立了一種不斷創新的文化、強大的平台和成功的市場進入策略，並以極其高效和持久的商業模式為基礎。隨著企業網路向雲端過渡並開發產品線以建立我們的優勢，這使得 Cloudflare 處於巨大機會的前沿。

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，我們將繼續投資創新新產品，並透過將點解決方案轉變為我們全球網路的特色來擴大我們的整體目標市場。我為我們所取得的成就感到無比自豪，並對今年充滿期待。

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

現在，我想開始回答問題。接線員，請投票詢問問題。

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

（操作員指示）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?

祝賀這美好的一年有一個圓滿的結束。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建構這種覆蓋層背後的策略思想，可以這麼說，在我們所知的 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?

那麼，對於辦公室來說，Cloudflare 如何與您在全球骨幹網路所做的工作相輔相成，既要做到最全球化，又要做到最在地化？

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。我們總是關注我們的網路並問自己如何讓它更快？我們如何讓它更可靠？並有助於提高其效率。我認為骨幹是檢查這三個框框的事物之一。我們的網路流量足夠大，現在對我們來說效率更高了，這意味著在許多情況下，透過我們自己的私人連線運作比透過公共網路運作更便宜。

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，每次您新增另一個提供者時，尤其是當您新增一個您可以完全控制的提供者時，您就可以優化效能和可靠性。有了我們自己的骨幹網，因為我們位於骨幹網的兩側，所以我們實際上可以做一些在公共互聯網上無法做到的事情。

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.

我們可以支援更大的資料包大小。我們實際上可以支援標準互聯網所不支援的協定。這使我們能夠真正履行我們的使命，幫助建立更好的互聯網，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，我們從客戶那裡聽說，他們希望利用我們所有的不同服務，因此他們希望能夠盡可能輕鬆地連接我們的服務。因此，我們試圖為他們提供入口，使他們能夠進入我們的網路並利用我們的零信任服務，確保他們的辦公室免受攻擊，並使這變得像插入跳線一樣簡單。

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 年下半年看到的現象之一是，直接針對網路辦公室的網路攻擊確實增加。過去，DDoS 攻擊僅針對您的企業行銷網站等。現在，越來越多的人依賴虛擬桌面或零信任網路計劃，攻擊者對此很聰明，他們知道他們可以造成更大的傷害，因此，透過攻擊網路本身來提取更大的贖金。如果我們能夠做到這一點，那麼作為我們的客戶之一，您就真的永遠不會接觸公共網路。您可以直接從您的辦公室透過路由器連接到我們的路由器，這樣可以將您與攻擊者隔離。

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.

因此，我們認為，這是一件非常有吸引力的事情，再次檢查所有這些框。對我們來說，運行起來更具成本效益，更加可靠，性能更高，而且更加安全。所以我認為這些事情都是一致的。而且，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，我們會繼續在該領域進行投資，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。然後快速跟進托馬斯的情況。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上崗時間有何感受？您對於新的一年有什麼看法？

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。因此，我們看到，儘管過去幾年我們看到了成長，儘管我們成功地將企業堆疊提升到越來越大的客戶和越來越大的 ATB，但我們不僅能夠保持配額員工的生產力，而且讓他們提高生產力的爬坡曲線也沒有改變。我們的平均銷售週期仍然在 90 天以下。所以，當我們談論商業模式的持久性和一致性時，這是一個令人印象深刻的載體，儘管上市計劃已經成功轉移到越來越大的帳戶，但我們仍然能夠保持這些生產力槓桿。

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?

我也祝賀你們度過了非常出色的一年。馬修，你在本季提到了很多非常令人興奮的工人交易，這真的很令人高興。我認為這是我們所有人都對長期前景感到興奮的事情之一。我想知道，既然它已經推出好幾年了，有什麼方法可以幫助我們了解使用趨勢嗎？或是工人滲透到你的基地？

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 Workers 在我們的客戶群中的應用感到非常興奮。我們仍然看到超過 20% 的新企業交易在某種程度上涉及工人。但我認為更令人興奮的是，當我們深入市場並關注個人開發者時，因為真正在鍵盤上打字的人是最重要的，我們看到了巨大的興奮。

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者的關鍵里程碑，那就是如何讓使用 Workers 平台的開發者數量達到 100 萬。我們看到 2022 年實現這一目標的清晰道路。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.

我認為另一點是，我們開始看到完全依靠工人建立的公司。因此實際上有一家名為 Zaraz 的新創公司，它完全由工人建立，以優化行銷堆疊並建立一種更安全、更有效率、更隱私友好的行銷方式，無論是頁面上的像素還是標籤，都仍然以更友好的方式，我們遇到了這個團隊。他們與我們密切合作。他們給予我們極為有幫助的回饋。

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.

這實際上是我們在兩個季度前收購的一家公司，同樣，團隊規模很小，意義不大，但我認為重要的是，未來的開發商將把整個公司押注在 Workers 上。札拉茲並不是唯一的例子。我們看到越來越多的公司開始使用 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，開發人員在建立生態系統的同時建立工具，從而讓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 的進展感到非常興奮。我們將繼續對此進行投資。我認為整個團隊對於我們目前所看到的採用感到非常興奮。我認為現在還處於早期階段，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?

聽到這個消息真是太好了。那是——我想我們都對它的長期作用感到興奮。然後，我想，作為後續行動，你們對 Log4j 安全事件做出了很好的反應。您能否談談——當我們展望 2022 年及以後，當人們了解到您的全球網絡的重要性時，這是否會成為您所有人的積極需求驅動力？

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.

關於這一點，有幾件事確實很有趣。首先，我認為有時人們低估了 Cloudflare 的規模，它實際上是我們的審查網絡。因此，在 Log4j 漏洞被報告之後，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，這些站點在地理位置、大小和規模方面具有巨大的多樣性。我們能夠看到其中的一些最初的成果。有趣的是，事實上，我們獲得的數據比其他任何人都早兩天。事實證明，我們確實發現研究人員自己正在測試該漏洞。我們能夠清楚地看到情況是怎樣的。

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，我們能夠即時了解網路上發生的事情，流量的多樣性讓我們能夠更早地了解發生的事情，並讓我們做出更快的反應。

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，由於我們與研究界的合作方式，我們是該領域非常值得信賴的合作夥伴。因此，我們提前收到了攻擊預警，並能夠迅速做出反應以保護我們的客戶。我認為，快速反應的能力不僅取決於擁有的訊息，還取決於擁有一個可編程的平台，而 Workers 正是這個平台的核心，它使我們能夠非常快速地適應並做出回應。

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過去五年來出現的最嚴重的漏洞。因此，我們決定為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。我們的客戶也非常認可這一點。

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清楚、反應更快、在安全和研究社區中比任何人都更受信任的平台，能夠快速做出反應，並且在社區中比任何人都享有更多的善意，我認為這極大地說明了我們的團隊、我們所建立的一切以及我們在零信任領域繼續執行的能力。所以，我再次認為，隨著時間的推移，這些都是我們在這個領域取得成功的因素。人們知道我們並不是曇花一現的曇花一現的安保公司。他們知道我們是整個網路生態系統的重要組成部分，也是優秀的管理者。我們從客戶那裡聽說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 Piper Sandler 的 James Fish。

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。我認為馬修甚至強調這個解決方案可能會成為 22 年的潛在解決方案，而不是在速度週和生日週期間宣布的其他解決方案。我實際上只是想直接問一下 Cloudflare for Offices 的採用和部署進展如何，以及它與 Cloudflare One 的整體採用情況以及您希望為每個客戶看到的神奇核心和解決方案有何關聯？

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。因此，現在我們真正關注的是那些可以使用它的早期客戶。這些客戶往往已經是 Cloudflare 的忠實用戶。因此，一家大型財富 500 強科技、消費科技公司將我們用於許多其他用途，希望我們有效地成為他們的企業網絡。我們根據雲端優先辦公室的原則對它們進行了優先排序。我們正在快速了解他們的採用率，然後據此推出產品。

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500強礦業公司。再次，我們已經是 Cloudflare 的大客戶，他們已經將大量流量傳輸給我們，而 Cloudflare for Offices 則是我們的自然補充。所以我認為我們要做的是確定優先順序，而且我們一直在做的是優先考慮那些我們已經部署和使用的客戶。但通常的情況是，這些客戶會與其他客戶分享其辦公室中的某些實體空間。

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.

然後開始建立目標清單或 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，我們將根據客戶的要求進行建設，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.

我可以給出一個更合理的方法。然而，我們所做的是確保所有技術基礎設施的安全，我們認為最重要的建築物以及與這些建築物的連接是正確的，以便能夠根據客戶的需求照亮建築物。所以我認為這仍然是正在發生的事情的一個重要部分。我認為它與我們的 Magic Transit、Magic WAN 產品密切相關，並且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.

我仍然認為這將是我們正在建設並將在 2022 年交付的一個未被充分關注但實際上——也許未被充分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?

有道理。我很欣賞那個顏色。你們在本季度強調了許多重大勝利，看起來這些巨大的淨勝利的支出在進入一些聽起來像是一級垂直領域（如醫療保健、電信和金融服務）的基礎上有所增加，這意味著即使在你們談到的大型企業群中，你們的客戶質量實際上也得到了提高。因此，我不確定這是托馬斯還是你，馬修，但你們對這個管道以及在你們的 22 年指南中真正接觸財富 500 強客戶中的精英有何感想？

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、政府領域持續了相當長一段時間的趨勢，我們看到滲透率不斷提高，並且真正了解 Cloudflare 所做的事情。我認為市場意識已經大大提高，我們能夠利用這一點。

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.

第二點是，當我們找到客戶後，我們就能隨著時間的推移迅速擴張。基於我們擁有的廣泛產品，我認為——我們非常高興地看到，未來 5 年內，財富 500 強企業中的很大一部分將使用 Cloudflare 來做某事。

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.

我們真正面臨的重要挑戰是確保客戶盡可能廣泛地使用我們的產品和平台。我認為本季度真正讓我印象深刻的是，我們看到越來越多的大客戶說，“我想要一個現場聯絡員——我承諾向你花費一定數額，我們每年都會進行核對。但我們希望能夠真正投資於整個平台。”

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.

我不想每次推出新功能時都陷入採購的泥潭，我只想把它加進去。 「我認為這真的令人興奮。很少有公司擁有如此廣泛的產品，能夠從客戶那裡獲得這樣的產品。我認為，客戶把我們拉向這個方向，並要求我們提供這類許可證，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，我想補充的是，我們的業務一直都非常多元化。因此，即使您回顧我們 IPO 時的 S-1 文件，您也會發現，所有關鍵垂直領域的表現都非常非常強勁。甚至在第四季這樣的季度中，也沒有哪個客戶的收入超過 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.

您所看到的是，我們更成功地獲得了新的大品牌，因為馬修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?

恭喜您度過了一個出色的季度和出色的一年。我想深入挖掘一下馬修·赫德伯格 (Matthew Hedberg) 所問的問題。您能否向我們更詳細地介紹本季的主要營收貢獻者以及其優勢？

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.

以及在多大程度上——我的意思是，理想情況下，例如收入的百分比，像 Cloudflare One 和 Workers 產品這樣的產品在多大程度上對今天的收入表現做出了重大貢獻，而不是作為未來的成長途徑？因為這聽起來他們確實開始造成損失。然後我有一個後續問題要問托馬斯。

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，基斯。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。它所說的是，你怎麼能不只使用 WAF、不僅僅使用 DDoS、不僅僅使用 CDN、不僅僅使用我們的接入或網關產品。但是，如何才能將這些結合起來，建構出理想的未來企業網絡呢？因此，我們看到的是客戶正在接受這個願景，並且他們要求使用我們平台的更廣泛的功能。因此，我認為讓我們興奮的是，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.

同樣讓我們興奮的是，很少人完全接受整個願景。而他們並不認同這個觀點。他們確實對這個願景感到非常興奮。但我們只是不斷發布新產品和新事物，這使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們在過去一年中看到我們的美元淨留存率持續上升的原因，因為我們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 Workers 這樣的東西，我們很難弄清楚它對銷售額的貢獻有多大，因為它最終會形成一系列不同的交易，從而為我們提供靈活性和可編程性來贏得這些交易。我們獨立觀察到的是，我們開始看到使用 Workers 的人數真正增加，並且他們開始透過使用 Workers 平臺本身來產生有意義的建置。但我認為，我們認為的第一幕是 CDN、WAF、DDoS、DNS 等類型的產品。第二幕是我們的零信任產品，我認為我們正處於這個階段，我們的許多成長都來自於此。我認為第三幕是《工人》，但我認為，它還沒有真正達到成長曲線上的曲棍球棒點。

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，托馬斯，您談到了網路資本支出佔收入的百分比在擴大，這是在基礎收入的基礎上，明年收入顯然會增長得非常快。您能否幫助我們了解其中有多少屬於核心網路容量？如果您願意的話，一些較新的舉措是否會帶來一些影響，例如辦公室是否在那裡產生影響？或者 R2 進入 GA 階段，這會對資本支出水準產生影響嗎？

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，如果回顧過去 5 年，我們一直將大約 11% 到 12% 的收入用於網路流量。因此新的指導值為 12% 至 14%，這是一個小幅上漲。這個數字中只有少量的 R2 投資。您可能已經從馬修那裡聽說了我們的商業模式的能力——我們可以投資於滿足部分需求。我已經在行銷方面談論這個問題有一段時間了，對於 Cloudflare for Offices 等產品來說也是如此。我們不會免費投資閒置產能並希望隨著時間的推移能夠填補它。因此，我們會跟隨現有客戶的需求擴大。正如你從馬修那裡聽到的，這是首要任務。

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，對於這超出我們希望產生的需求的指導，幾乎沒有什麼投資。目前，R2 和 Office 的數量非常少，因為我們可以根據需求進行調整。因此，更重要的是將核心容量放到需要的地方，確保我們將網路移得更遠，更靠近我們想要連接的眼球。我們也要考慮到一些正在向我們轉移業務的大型策略客戶，我們已為此做好了準備。

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.

恭喜您持續的出色表現。也感謝大客戶指標的透明度。我正要問有關 Matt Hedberg 和 Keith 的問題，但問題的方向不同，我明白你的意思了，Matthew。

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，您指出了本季一些工人的勝利和流失。馬修，您能否向我們提供更多詳細信息，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。我認為該產品取代了兩種不同的方向。首先，對於某些使用者來說，他們使用 Workers 是為了讓我們的產品成為世界上最可設定的版本。因此，如果您想要最可設定的防火牆、最可設定的 DDoS 緩解服務或最可設定的 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可以想到的點雲解決方案。 Workers 讓我們可以幫助 DNS 或 DDoS 或 CDN 或 WAF 或防火牆領域的人們讓我們的平台能夠實現他們一直夢想並希望他們的平台能夠實現的功能。我認為，特別是對於越來越大的客戶來說，這真的是一種興奮劑，讓他們非常興奮地使用我們的產品。

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.

我認為我們看到的另一個大量流失的地方是人們正在遠離其他傳統的公有雲供應商，這是一種不同類型的用例，並且可能是從長遠來看更令人興奮的用例。首先，我們看到，公有雲正在從以前在某個地方租用虛擬機，管理作業系統、軟體和其他一切的世界，轉變為一個管理更加完善的世界，即業內所稱的無伺服器平台。

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.

我認為，當你與開發人員交談時，你會發現 Workers 是他們最興奮的無伺服器平台之一。因此，我們看到我們在與 AWS lambda 或 Google 或 Microsoft 雲端功能的競爭中經常獲勝，我們在這些類型的服務上競爭非常激烈。我們嘗試在所有重要的不同因素上競爭：顯然是性能，但實際上這是其中最不重要的，然後是一致性和可靠性，我們在這方面做得很好，因為我們的冷啟動時間實際上是 0 毫秒，這讓我們能夠實現極高的成本效益。如果你對運行相同工作負載的 Workers 與公有雲進行正面比較，你會發現，即使考慮到我們的利潤率，我們的成本也極具競爭力，因為這只是我們設計的更好的架構。

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，非常簡單。我認為，在第四季度我們已經取得了一些非常令人難以置信的進展，在接下來的一個季度中，您將看到更多，我們實際上只是將 Workers 打造成最易於使用的無伺服器平台。

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.

正如托馬斯所提到的，我認為我們越來越多地看到，特別是大型複雜客戶，因為政府和監管機構對資料本地化和資料主權的要求，他們需要在本地儲存和處理資料。事實上，我們可以在全球 100 多個國家/地區提供這樣的服務：我們可以將用戶的資料保留在其本國，不僅可以儲存在那裡，而且可以在那裡進行處理，這是其他雲端提供者無法比擬的。

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，如果從監管角度來看這對您來說很重要，那麼我們就會贏得越來越多的交易。因此，我們對 Workers 的採用感到非常興奮。再說一次，我認為這就像一匹會兩招的小馬。它不僅能夠幫助我們盡可能地配置所有現有產品，而且它還是一個非常好的真正的雲端運算平台，開發人員可以在其上建立整個業務。

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。也許您可以談談您在 2022 年建立新接入點的計劃，因為這樣就不會產生我們所看到的債務。網路正在快速擴張，所以您能否量化一下今年考慮建立多少個 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——沒有正常人知道它的意思。這甚至不是我們對這個詞的真實看法。我們正在嘗試做的是與世界各地盡可能多的網路直接互連。這樣你就可以調出一大堆流行音樂。但如果它們沒有連接到網絡，它們就不會為你帶來任何實際好處。因此，我們傳統上談論的是我們所在的城市，並且我們將繼續擴大這一範圍。我們沒有這樣做，因為，對於我們的客戶來說，在這些城市內細分我們有多少個單獨的設施並不重要。我們現在在大多數大城市都有多個不同的設施。

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域，以確保我們具有高度的可用性。但我們正繼續進入世界各地越來越多的網路。我認為我們預計在今年年底之前覆蓋美國每個州。我認為我們將繼續覆蓋絕大多數人口超過 200 萬的大城市，並且我們將繼續投資以實現與世界上所有網路的連接。

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，我們每天都會接到來自世界各地網路供應商的電話，他們邀請我們直接加入他們的網路。這是獨一無二的，它的獨特之處在於我們提供廣泛的服務，擁有廣泛的客戶。我認為這在一定程度上解釋了為什麼我們的客流量不斷增加，但我們仍能實現、維持甚至提高我們的毛利率。這確實與該領域的其他任何人都不同。

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，您舉了財富 500 強制藥公司網路安全勝利的例子，價值約 75 萬美元。當我想到財富 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，當你進去更換那些實體設備時，這是否只是那些客戶需要花費的一小部分？或者說，您還處於早期階段，對於這樣的客戶來說，這只是一個非常小的開始？

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.

我認為我們來得太早了。我認為，我們將繼續能夠——我們從客戶身上看到的是，我們通常透過交易贏得勝利，然後隨著他們越來越多地採用我們的平台，我們能夠隨著時間的推移擴大交易。我們不會要求人們——托馬斯最喜歡提醒我的觀點之一是，我們不是一個推倒重來的解決方案。

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.

我們很高興能夠與其他防火牆供應商合作，並隨著時間的推移對它們進行補充，無論是負載平衡器還是 WAN 優化器，無論它是什麼。經常發生的情況是，客戶會對我們說：「聽著，我們現有的網路運作良好，但我們的辦公室很偏遠，需要處理一些事務，或者我們擔心承包商，想把他們與我們網路的其他部分分開。你們能不能幫我們解決一下？」通常情況下，他們對此有很好的體驗，當他們看到硬體設備即將消耗時，他們會說：「我們可以用這場時間來替換了它？

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.

我認為過去四年來硬體產業確實出現了兩種失誤。一是減稅確實激勵了資本支出的增加，並可能在某種程度上人為地提振了一些硬體製造商。第二個是 COVID，人們可能已經計劃轉向零信任架構、轉向雲端架構，但當 COVID 來襲時，他們感覺一切都改變了。我要繼續購買我現在擁有的一切。我認為，對於某些硬體領域來說，這有點虛假。

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.

然而，我們看到的是，隨著人們走出來，隨著 IT 組織看到 COVID 隧道盡頭的曙光，他們說，現在是我們回去真正投資我們所認為的長期架構的時候了。我們從世界上最大的客戶和產業分析師那裡聽到的越來越多的信息是，我們正在建立的正是企業網路的未來。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，我們可以再請一位分析師嗎？

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

出色的。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。我想也有一個問題。上個季度，圍繞 R2 產品的討論相當多，聽起來你們要為 GST 做準備了。您能談談過去 90 天客戶對 R2 的回饋如何嗎？

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.

我認為自從你開始談論這個問題以來，AWS 確實大幅降低了之前的費用。這也會使你對視角中的變化感到困惑。

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。嗯，實際上，我沒有——或者他們的外出說明了一切，但我很榮幸他們關注了這一點。我認為他們要趕上業內其他公司還有很長的路要走。我認為這個領域的領導者實際上是像甲骨文和谷歌這樣的公司，他們表示將採取更激進的出口降低措施。我認為 AWS 效仿這一做法只是時間問題。如果我們能夠為推動這一行業發展貢獻一份力量，我認為這將是一個巨大的勝利。

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.

然而，我們從 R2 的回饋中聽到的卻是非常棒的。因此我們一直在私人測試版中運行它。我們已經有客戶加入。他們對於其運作效果極佳的地方給出了很好的回饋。我們目前正在優化的只是確保我們擁有與我們期望的以及客戶對 S3 所期望的完全相同的性能特徵。我們認為，從架構上來說，隨著時間的推移，我們將能夠滿足或超越這一目標。我們很高興能夠實現這一目標。我期待有一天能夠分享誰的標誌，談論將數據轉移到我們這裡，但我們有數百 PB 的數據，我們相信，隨著 R2 進入 GA，這些數據將能夠轉移到我們的平台上。

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，這將產生的收入令人興奮。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整體的 Cloudflare Workers 成長，並成為這個運算平台的基本組成部分。但其次，它將有助於解鎖雲端運算，因為我認為其他雲端供應商必須對此做出回應。如果我們能夠降低（聽不清楚）過高的出口費用，那麼這對整個產業來說都是一種勝利。我們希望確保客戶能夠根據市場上最好的產品來選擇產品，並且我們相信我們擁有一個能夠在性能、安全性、可靠性和成本方面獲勝的平台。這就是——我認為我很高興看到我們以及我們整個團隊能夠在未來實現我們的價值主張。我為他們所建立的一切感到自豪，而且我們擁有 AWS，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。現在我將電話轉回給公司，請他們做最後發言。

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.

非常感謝大家收聽收益電話會議。正如我在一開始所說的，這對我們來說是一個非常出色的季度。我們在幕後付出了大量的艱苦努力，不僅是為了準備這些收益電話會議，更重要的是，為我們的客戶提供服務，打造優秀的產品，實現我們的使命，即幫助建立一個更好的互聯網。

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，感謝我們的每一位員工，感謝他們為我們帶來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，我們期待向您介紹我們在第一季所做的工作的最新進展。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。謝謝您的出席。您現在可以斷開連線。