Cloudflare, Inc. (NET) 2021 Q2 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Cloudflare Q2 '21 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your speaker today, Jayson Noland. Please go ahead.

各位好，感謝您稍候，歡迎參加 Cloudflare 2021 年第二季（Q2 '21）財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）現在我想將會議交給今天的發言人 Jayson Noland。請開始。

Thank you for joining us to discuss Cloudflare's financial results for the second 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. 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 loss from operations, non-GAAP net loss per share, shares outstanding, non-GAAP operating expenses, free cash flow, non-GAAP effective tax rate, dollar-based net retention rate, total customers, paying customers and large customers.

感謝各位加入我們，一同討論 Cloudflare 2021 年第二季的財務結果。與我一同參與本次電話會議的有共同創辦人兼執行長 Matthew Prince、共同創辦人兼總裁暨營運長 Michelle Zatlyn，以及財務長 Thomas Seifert。到目前為止，大家應已取得我們的財報公告；本公告以及我們的補充財務資訊可於投資人關係網站查閱。提醒各位，我們在今天的討論中將作出前瞻性陳述，包括但不限於：我們客戶、供應商與合作夥伴的營運及未來財務表現；預期產品發表以及該等產品的時程與市場潛力；公司預期未來營收、財務表現、營運表現、非 GAAP 毛利率、非 GAAP 營運淨損、非 GAAP 每股淨損、流通在外股數、非 GAAP 營運費用、自由現金流、非 GAAP 有效稅率、以美元計價的淨留存率（dollar-based net retention rate）、總客戶數、付費客戶數及大型客戶數。

These statements and other comments are not guarantees of future performance, but rather are subject to risks and uncertainty, 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. 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.

這些陳述及其他評論並非對未來表現的保證，而是受到風險與不確定性影響，其中部分超出我們的控制範圍，包括但不限於 COVID-19 疫情影響的程度與持續時間，以及國內與全球整體經濟市場的不利狀況。我們的實際結果可能與任何前瞻性陳述中所預測或暗示者有重大差異。這些前瞻性陳述僅適用於今日，您不應將其視為我們未來的觀點。我們不承擔在本次電話會議後更新這些陳述的任何義務。關於可能影響我們未來營運結果與財務狀況之風險與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（SEC）提交的文件，以及今日的財報新聞稿。

Unless otherwise noted, all numbers we talk about today are that in 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. We would also like to inform you that we will be virtually participating in the Oppenheimer Technology, Internet and Communications Conference on August 10, the KeyBanc Technology Conference on August 11 and at Deutsche Bank Technology Conference on September 9, the Citi Technology Conference on September 13, the Piper Sandler Global Technology Conference on September 14 and the Jefferies Software Conference on September 15.

除非另有說明，我們今天談到的所有數字（包括營收）皆以調整後的非 GAAP 基礎呈現。所討論之本期及前期財務數據皆依 ASC 606 反映。您可在投資人關係網站上的財報新聞稿中找到 GAAP 與非 GAAP 財務衡量指標的調節表。就歷史期間而言，GAAP 與非 GAAP 的調節可在稍早提及的補充財務資訊中找到。我們也想通知各位，我們將以線上方式參與以下會議：8 月 10 日 Oppenheimer 科技、網際網路與通訊會議；8 月 11 日 KeyBanc 科技會議；9 月 9 日德意志銀行科技會議；9 月 13 日花旗科技會議；9 月 14 日 Piper Sandler 全球科技會議；以及 9 月 15 日 Jefferies 軟體會議。

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

現在，我想把電話會議交給 Matthew。

Thank you, Jason. we had our strongest quarter as a public company. In Q2, we achieved revenue of $152 million, up 53% year-over-year. Our revenue growth continued to accelerate as we saw strength across all customer segments. In particular, we added a record 143 large customers, those that pay us more than $100,000 per year and ended the quarter with 1,088 large customers. 19% of the Fortune 1000 as now paying customers and we continue to see particular strength across our enterprise business.

謝謝你，Jason。我們創下成為上市公司以來最強勁的一季。第二季我們達成 1.52 億美元營收，年增 53%。隨著我們在所有客戶區隔都看到強勁表現，營收成長持續加速。特別是，我們新增了創紀錄的 143 家大型客戶（每年付費超過 10 萬美元的客戶），並在季末達到 1,088 家大型客戶。目前《財富》1000 大企業中有 19% 已成為付費客戶，我們也持續在企業業務方面看到特別強勁的動能。

Our expansion rates also improved over Q1 with dollar-based net retention reaching 124% in Q2. Even with this strong revenue and customer growth, our gross margins improved to 78%, up 120 basis points year-over-year. If there were a theme for the quarter, it was Cloudflare winning the business as the largest and most sophisticated companies and organizations in the world.

我們的擴張率也較第一季改善，以美元計價的淨留存率在第二季達到 124%。即便在營收與客戶成長如此強勁的情況下，我們的毛利率仍提升至 78%，年增 120 個基點。若要說本季的主題，那就是 Cloudflare 正在贏得全球最大、最成熟的企業與組織的業務。

To that end, I wanted to jump right in and highlight some customer wins, starting with the world's largest IT buyer. The United States Federal Government chose Cloudflare's Zero Trust solutions in order to help secure federal agencies against the rising threat of cyber attacks. We partnered with Accenture Federal Services and won a contract with the Department of Homeland Security to offer our protection to all civilian executive branch agencies. This is a very competitive process where we are up against nearly every other vendor in the space. Our win highlights how our Zero Trust solutions are now recognized as world-class. This is also a good example of how we're increasingly working with leading GSIs like Accenture as we service larger and larger organizations, and there aren't many organizations larger than the United States government.

基於此，我想直接切入並分享一些客戶得標案例，先從全球最大的 IT 採購方談起。美國聯邦政府選擇了 Cloudflare 的 Zero Trust（零信任）解決方案，以協助保護聯邦機構免受日益升高的網路攻擊威脅。我們與 Accenture Federal Services 合作，並贏得國土安全部（Department of Homeland Security）的合約，向所有文職行政部門機構提供我們的防護。這是一個競爭非常激烈的流程，我們幾乎要與該領域的所有其他供應商同場競爭。我們的勝出凸顯了我們的零信任解決方案如今已被認可為世界級。這也是一個很好的例子，說明隨著我們服務的組織規模愈來愈大，我們也愈來愈常與像 Accenture 這樣領先的全球系統整合商（GSI）合作；而能比美國政府更大的組織並不多。

While we are proud of this deal and the credibility it gives us as a leader in the Zero Trust space, and we believe it will ultimately be a significant contributor to revenue, we don't believe that the contribution will be meaningful in 2021. As a result, this deal, along with some other strategic deals we won in the quarter, do not show up in RPO, and we have not included the impact of them in our guidance through the end of the year. However, servicing a large customer like the United States government as well as other strategic deals we won in Q2 does require us to increase investments in our network. Anticipating these deals, we began making increased investments in Q1. These investments continued in Q2, and we anticipate will continue through the second half of the year. We are investing for the long term, and we believe winning strategic customers proves how this strategy continues to pay off. Even with the initial investment, we still anticipate we will reach breakeven in Q1 of 2022.

我們為這筆交易以及它讓我們在零信任領域作為領導者所獲得的公信力感到自豪，並且相信它最終將對營收作出重大貢獻，但我們不認為其貢獻會在 2021 年具有顯著影響。因此，這筆交易以及我們在本季贏得的其他一些策略性交易，並未反映在 RPO（剩餘履約義務）中，我們也未將其影響納入我們截至年底的財測指引。然而，服務像美國政府這樣的大型客戶，以及我們在第二季贏得的其他策略性交易，確實需要我們增加對網路的投資。為了因應這些交易，我們在第一季就開始加大投資。這些投資在第二季持續進行，並預期將在下半年持續。我們著眼於長期，並相信贏得策略性客戶證明這項策略持續帶來回報。即使有初期投資，我們仍預期將在 2022 年第一季達到損益兩平。

While we're on the topic of profitability, I wanted to preview a conversation I anticipate having with some of you this time next year. As part of our long-term model, we have an operating margin target of 20%. When we say long term, we really mean it. We remain confident in our ability to reach that long-term target, but we are not in a rush to get there. From the point at which we reach breakeven, we intend to aggressively reinvest excess gross profit back into growth. We are nowhere close to being out of ideas for new products to build for customers to buy [them]. Cloudflare is optimized for innovation, and we plan to continue to launch new products, add more customers, relentlessly execute and reinvest in growth for the foreseeable future.

既然談到獲利能力，我想先預告一段我預期在明年此時會與部分各位進行的對話。作為我們長期模型的一部分，我們的營業利益率目標為 20%。當我們說「長期」，我們是認真的。我們仍對達成該長期目標的能力充滿信心，但我們不急著立刻達到。一旦達到損益兩平，我們打算將多餘的毛利積極再投資回成長。我們距離「沒有新產品點子可為客戶打造、讓他們購買」還差得遠。Cloudflare 以創新為核心進行最佳化，我們計畫在可預見的未來持續推出新產品、增加更多客戶、持續強力執行並再投資於成長。

Security continued to be in the news and was a theme driving customer wins. A major oil and gas pipeline provider signed a $210,000 annual contract for a portion of our Cloudflare One solution. They were looking to help protect their infrastructure against the sophisticated cyber attacks they were facing. They were referred to us by a major system integrator and together, we help better protect their critical infrastructure. I think this is evident that when companies and their advisers face cybersecurity challenges, Cloudflare is increasingly one of their first phone calls. A Fortune 500 transportation provider signed a 3-year, $340,000 contract for a portion of our Cloudflare One solution. This is another deal that came to us through a channel partner. We believe there's an opportunity to more than double the size of our relationship with this customer over the coming year.

資安持續成為新聞焦點，也是推動客戶得標的主題。一家大型油氣管線供應商就我們 Cloudflare One 解決方案的一部分簽下每年 21 萬美元的合約。他們希望協助保護其基礎設施，以對抗其所面臨的高階網路攻擊。他們是由一家大型系統整合商轉介給我們，而我們也共同協助更好地保護其關鍵基礎設施。我認為這顯示出，當企業及其顧問面臨資安挑戰時，Cloudflare 正日益成為他們第一時間會聯繫的對象之一。一家《財富》500 大運輸業者就我們 Cloudflare One 解決方案的一部分簽下 3 年期、34 萬美元的合約。這也是一筆透過通路合作夥伴而來的交易。我們相信，在未來一年內，將我們與該客戶的合作關係規模擴大到兩倍以上是有機會的。

A Fortune 500 industrial services provider signed a 2-year, $895,000 deal for a number of Cloudflare One components. This customer was targeted by the so-called Fancy Lazarus hacker group. We were able to enable our solution with spins 4 hours of our first conversation and mitigate the threat. A Fortune 500 auto parts manufacturing company faced a similar threat and turned to us to solve it. They signed a $300,000 annual deal. The CISO said, "The Cloudflare team was fantastic. They took this threat very seriously. Cloudflare is there for us."

一家《財富》500 大的工業服務供應商簽署了一份為期 2 年、金額 895,000 美元的合約，採購多項 Cloudflare One 元件。該客戶曾遭到所謂的 Fancy Lazarus 駭客組織鎖定。我們在首次對話後 4 小時內就完成解決方案啟用並緩解威脅。另一家《財富》500 大汽車零件製造公司也面臨類似威脅，並轉向我們尋求解決方案；他們簽署了一份每年 300,000 美元的合約。該公司的 CISO 表示：「Cloudflare 團隊非常出色。他們非常嚴肅地看待這個威脅。Cloudflare 一直都在支持我們。」

You can't make a car with only 99% of the parts. So one malicious attack in the supply chain impacts everyone. In that spirit, he referred us to another Fortune 500 manufacturing company who signed a 2-year, $320,000 contract. The CISO of that second firm referred us to a third Fortune 500 manufacturing firm, who signed a 2-year, $570,000 contract. That's over $1 million new contracts because our solutions worked and solved some of the problems that are top of mind for every technology leader right now. It increasingly feels like Cloudflare's becoming the de facto choice for enterprises and they are thinking about the future of their network security.

你不可能只用 99% 的零件就造出一輛車。因此，供應鏈中的一次惡意攻擊會影響所有人。基於這樣的理念，他把我們介紹給另一家《財富》500 大製造公司，該公司簽署了一份為期 2 年、金額 320,000 美元的合約。第二家公司的 CISO 又把我們介紹給第三家《財富》500 大製造企業，該企業簽署了一份為期 2 年、金額 570,000 美元的合約。這些新合約合計超過 100 萬美元，因為我們的解決方案確實有效，並解決了當下每位技術領導者最關切的一些問題。越來越讓人感覺 Cloudflare 正成為企業的事實上首選（de facto choice），而他們也在思考其網路安全的未來。

A Fortune 500 born on the web e-commerce provider expanded their use of Cloudflare. They were already using our WAF and content delivery products. Their team turned to us when they were looking for a developer-friendly Zero Trust security solution. In a competitive process with other Zero Trust vendors, we won this technically sophisticated customers business. In the process, they also went all in on that, making up their exclusive provider of network services. This win shows how we can expand customers from using one of our products to being their complete, secure, programmable network provider. This customer's spend with us is now over $4 million annually, and we expect we will grow with them.

一家《財富》500 大、原生於網路的電商供應商擴大了對 Cloudflare 的使用。他們原本就使用我們的 WAF 與內容傳遞產品。當他們尋找一套對開發者友善的 Zero Trust（零信任）安全解決方案時，團隊轉向我們。在與其他零信任供應商的競爭流程中，我們贏得了這位技術成熟客戶的業務。在此過程中，他們也全面採用我們的服務，使我們成為其獨家網路服務供應商。這次勝利展現了我們如何將客戶從使用單一產品，擴展為其完整、安全、可程式化的網路供應商。該客戶目前每年在我們這裡的支出已超過 400 萬美元，我們預期將與他們一同成長。

A very large cryptocurrency exchange expanded the use of our network. As an exchange, they are assessed with the fastest possible performance. They leaned heavily on our Argo Smart Routing technology as well as our global presence in more than 200 cities worldwide. They expanded their contract with us in the quarter and now spend over $4 million annually. It's also of note that 3 of the 4 largest cryptocurrency exchanges use Cloudflare's network to be fast and secure. We see more and more customers building applications around Cloudflare Workers, our compute platform. A high-profile new economy delivery company signed a $1.3 million, 3-year deal. We use a number of our products but increasingly are building our application using Workers in order to get fast, scalable performance. They appreciate the flexibility it provides as they literally deliver for their geographically distributed customer base. The financial services software provider signed a 3-year, $3.3 million deal for a number of our products. They're using Workers as a hyper programmable middleware to stitch together multiple vendor solutions. They love how easy it is for developers on their team to get up and running on the platform because of the broad programming language support and rich developer tools that have been honed and battle-tested in production since workers launched nearly 4 years ago.

一家規模非常大的加密貨幣交易所擴大了對我們網路的使用。作為交易所，他們以盡可能最快的效能為評估重點。他們高度倚賴我們的 Argo Smart Routing 技術，以及我們在全球 200 多個城市的佈局。他們在本季度擴大了與我們的合約，目前每年支出超過 400 萬美元。值得注意的是，四大加密貨幣交易所中有三家使用 Cloudflare 的網路以兼顧速度與安全。我們看到越來越多客戶圍繞 Cloudflare Workers（我們的運算平台）來建置應用程式。一家知名的新經濟配送公司簽署了一份 3 年、金額 130 萬美元的合約。我們使用了多項產品，但也日益以 Workers 來建置我們的應用程式，以獲得快速、可擴展的效能。他們欣賞其所提供的彈性，因為他們確實是在為地理分布廣泛的客戶群提供配送服務。一家金融服務軟體供應商簽署了一份 3 年、金額 330 萬美元的合約，採購多項我們的產品。他們將 Workers 作為高度可程式化的中介層（middleware），用以串接多家供應商的解決方案。他們很喜歡平台讓其團隊開發者能輕鬆上手，原因在於廣泛的程式語言支援與豐富的開發者工具；自 Workers 近 4 年前推出以來，這些工具已在生產環境中不斷打磨並經過實戰驗證。

An Asian fintech provider expanded their use of Cloudflare by $0.5 million, making their annual spend now $1.3 million. They are using Workers to accelerate their development cycle and replace spend with some of the traditional hyperscale compute providers. They cited Workers' ease of use and global performance as key drivers of their decision to double down on Cloudflare. From old-school manufacturing and cryptocurrency, from the United States government to some of the largest companies in the world, I was particularly struck this quarter how Cloudflare's resonating across industry segments and geographies as the answer whenever someone is looking for the future of a secure programmable network.

一家亞洲金融科技供應商將其對 Cloudflare 的使用擴大了 50 萬美元，使其年度支出達到 130 萬美元。他們使用 Workers 來加速開發週期，並取代部分對傳統超大規模（hyperscale）運算供應商的支出。他們指出，Workers 的易用性與全球效能是其加碼 Cloudflare 的關鍵驅動因素。從傳統製造到加密貨幣，從美國政府到全球一些最大的公司，本季度我特別感受到 Cloudflare 正在跨產業與跨地域引起共鳴：每當有人在尋找安全且可程式化網路的未來答案時，Cloudflare 就是那個答案。

Finally, I wanted to make sure you all had a chance to catch our announcement last week. We have a tradition of closing innovation weeks, where we launch new products and features. We typically host about 8 of these weeks per year. Last week was our first Impact Week. During the week, we highlighted Project Pangea, which provides Internet connectivity at no cost to underserved communities worldwide. A number of initiatives to drive down Cloudflare's environmental impact and help our customers cut their carbon output, our commitment to human rights, a sustainable workforce and our vision for a more inclusive future work.

最後，我想確保各位都有機會看到我們上週的公告。我們有在創新週收尾時推出新產品與新功能的傳統；我們通常每年舉辦約 8 次這樣的週活動。上週是我們的第一個 Impact Week。在這一週中，我們重點介紹了 Project Pangea，該計畫為全球服務不足的社群提供免費的網際網路連線；也介紹了多項旨在降低 Cloudflare 環境影響、協助客戶減少碳排放的倡議；以及我們對人權的承諾、永續的勞動力，以及對更具包容性的未來工作型態之願景。

What I really like about these efforts is that they aren't ancillary. They are core to who we are and what we do as a company. We deeply believe in our mission of helping build a better Internet. And living that every day shows up in the continued success of winning customers and attracting and retaining the incredible team we have. Thank you to all of them for what was an outstanding quarter. With that, I'll hand it off to Thomas to walk through the financials.

我真正喜歡這些努力的一點是：它們不是附帶的。它們是我們作為一家公司之所以成為現在的樣子、以及我們所做之事的核心。我們深信我們的使命——協助打造更好的網際網路。而每天都實踐這個使命，體現在我們持續贏得客戶，以及吸引並留住我們這支卓越團隊的持續成功上。感謝他們在本季度的傑出表現。接下來，我把時間交給 Thomas，請他帶大家回顧財務表現。

Thank you, Matthew, and thank you to everyone for joining us. We continued the momentum from the first quarter and saw new records in both dollar-based net retention and large customer additions. Our success in the first half of this year is due in part to the investments we made last year benefiting from our ability to successfully ramp product innovation and go-to-market employees in a work from anywhere world. We firmly believe that we are well-positioned to continue to deliver consistent results with disciplined execution.

謝謝你，Matthew，也謝謝各位加入我們。我們延續第一季的動能，在以美元計價的淨留存率（dollar-based net retention）與大型客戶新增數兩方面都創下新紀錄。我們今年上半年的成功，部分歸功於去年所做的投資；在「隨處工作」的世界中，我們受益於成功加速產品創新與擴編市場推廣（go-to-market）團隊的能力。我們堅信，憑藉嚴謹的執行力，我們已具備良好條件持續交付穩健一致的成果。

Total revenue for the second quarter increased 33% year-over-year to $152.4 million. The growth in revenue was driven by another quarter of strong customer demand both in terms of new local acquisition as well as expansion within our existing customer base. From a geographic perspective, we saw continued strength in both the U.S. and internationally. The U.S. represented 52% of revenue and increased 65% year-over-year. EMEA represented 26% of revenue and increased 53% year-over-year. APAC represented 15% of revenue and increased 23% year-over-year. We were pleased to see revenue continue to accelerate in the U.S. this quarter, while we continue to ramp our go-to-market international footprint. In China, we are pleased to see the transition of customers from Baidu to JD progressing well. In addition, network performance metrics of JD have already served past historical performance in China, due to expanded network coverage and streamlined equation.

第二季總營收年增 33%，達 1.524 億美元。營收成長來自於客戶需求再度強勁的一季，包含新客戶獲取以及既有客戶群內的擴張。從地理區域來看，美國與國際市場皆持續強勁。美國占營收 52%，年增 65%。EMEA 占營收 26%，年增 53%。APAC 占營收 15%，年增 23%。我們很高興看到本季度美國營收持續加速，同時我們也持續擴大我們的國際市場推廣版圖。在中國，我們很高興看到客戶從百度轉移至京東的進展良好。此外，由於擴大網路覆蓋並簡化方程式，京東的網路效能指標已經超越中國過去的歷史表現。

Turning to our customer metrics. We exited the quarter with 126,735 paying customers, representing an increase of 32% year-over-year. We saw a record number of large customer additions in the second quarter, adding 143 large customers sequentially and 451 year-over-year. We ended the quarter with 1,088 large customers, representing an increase of 71% year-over-year. We saw a significant expansion from our large customers which helped to drive a record dollar-based net retention rate of 124%, representing an increase of 100 basis points sequentially. We -- We are encouraged to see our customer acquisition costs continue to trend favorably this quarter, giving us confidence to continue to invest in our large enterprise go-to-market activities. .

接著看客戶指標。本季度結束時，我們共有 126,735 位付費客戶，年增 32%。我們在第二季新增大型客戶數創下紀錄，較前一季新增 143 位，較去年同期新增 451 位。本季度結束時，我們共有 1,088 位大型客戶，年增 71%。我們看到大型客戶顯著擴張，推動以美元計價的淨留存率創下 124% 的紀錄，較前一季提升 100 個基點。我們——我們很受鼓舞地看到本季度客戶獲取成本持續呈現有利趨勢，這讓我們更有信心持續投資於大型企業的市場推廣活動。.

Second quarter gross margin was 78%, representing an increase of 40 basis points sequentially. Network CapEx represented 6% of revenue in the second quarter. We continue to expect network CapEx to be 10% to 12% of revenue for fiscal 2021. Turning to the operating expenses. Second quarter operating expenses as a percentage of revenue decreased 2% sequentially and decreased 5% year-over-year to 81%. We had another strong hiring quarter with an increase of 34% year-over-year, bringing our total number of employees to approximately 2,050 at the end of the quarter. Sales and marketing expenses were $68.4 million for the quarter Sales and marketing as a percentage of revenue decreased 1% sequentially and decreased to 45% from 48% in the same quarter last year. Certain development expenses were $30.1 million in the quarter. R&D as a percentage of revenue decreased 1% sequentially and year-over-year to 20% from 21%. General and administrative expenses were $24.4 million for the quarter. G&A as a percentage of revenue decreased 1% sequentially and year-over-year to 16% from 17%.

第二季毛利率為 78%，較前一季提升 40 個基點。第二季網路資本支出（CapEx）占營收 6%。我們仍預期 2021 會計年度網路 CapEx 將占營收 10% 至 12%。接著看營業費用。第二季營業費用占營收比重較前一季下降 2%，較去年同期下降 5% 至 81%。本季度招募表現同樣強勁，員工人數年增 34%，使季度末員工總數約為 2,050 人。本季度銷售與行銷費用為 6,840 萬美元；銷售與行銷費用占營收比重較前一季下降 1%，並由去年同期的 48% 降至 45%。本季度部分開發費用為 3,010 萬美元。研發（R&D）占營收比重較前一季及去年同期皆下降 1%，由 21% 降至 20%。本季度一般與行政（G&A）費用為 2,440 萬美元。G&A 占營收比重較前一季及去年同期皆下降 1%，由 17% 降至 16%。

We continue to see strong operating leverage in the second quarter, with operating margin improving 690 basis points year-over-year. Operating loss was $4 million compared to $9.5 million in the same period last year. Net loss in the quarter was $7.3 million or a net loss per share of $0.02. Our effective tax rate for the second quarter was negative 26%.

我們在第二季持續看到強勁的營運槓桿，營業利益率較去年同期改善 690 個基點。營業損失為 400 萬美元，去年同期為 950 萬美元。本季淨損失為 730 萬美元，或每股淨損失 0.02 美元。第二季的有效稅率為負 26%。

Turning to the balance sheet. We ended the second quarter with $1 billion in cash, cash equivalents and available-for-sale securities. Free cash flow was negative $9.8 million or 6% of revenue compared to negative $20.2 million or 20% of revenue in the same period last year. Operating cash flow was positive $7.5 million in the second quarter or 5% of revenue, which decreased $16 million sequentially and increased 3.5 million year-over-year. As we've mentioned previously, we expect to continue to see some level of variability in cash flow margins due to ongoing fluctuations in working capital, the growth in our large enterprise business and seasonal factors. Remaining performance obligations or ARPU remained strong in the second quarter, coming in at $484 million, representing an increase of 10% sequentially and 77% year-over-year. Current ARPU was 77% of total ARPU. Given the strong momentum we are seeing, we remain optimistic and confident in the continued growth of our business. As such, we are pleased to once again raise our revenue outlook for both the quarter and the full year.

接著看資產負債表。我們在第二季末持有 10 億美元的現金、約當現金及可供出售證券。自由現金流為負 980 萬美元，或占營收 6%，相較去年同期為負 2,020 萬美元，或占營收 20%。第二季營運現金流為正 750 萬美元，或占營收 5%，較前一季減少 1,600 萬美元，較去年同期增加 350 萬美元。如同我們先前提到的，由於營運資金持續波動、大型企業業務成長以及季節性因素，我們預期現金流利潤率仍會呈現一定程度的變動性。剩餘履約義務（RPO）或 ARPU 在第二季仍維持強勁，達 4.84 億美元，較前一季增加 10%，較去年同期增加 77%。當期 ARPU 占總 ARPU 的 77%。鑑於我們看到的強勁動能，我們對業務持續成長仍保持樂觀與信心。因此，我們很高興再次上調本季與全年營收展望。

As Matthew mentioned previously, we saw some exciting customer wins in the second quarter, which will necessitate increased investment in our network and engineering store. These wins lean heavily into the security aspect of our offering and give us a road map to further expand our platform and enhance strategic partnerships. Anticipating these deals, we began making these investments in the first quarter. These investments continued in the second quarter, and we anticipate will continue through the second half of the year.

如 Matthew 先前提到的，我們在第二季取得一些令人振奮的客戶勝利，這將需要我們增加對網路與工程團隊的投資。這些勝利高度聚焦於我們產品中的安全面向，並為我們進一步擴展平台與強化策略夥伴關係提供路線圖。為了因應這些交易，我們在第一季就開始進行相關投資。這些投資在第二季持續進行，且我們預期將延續至下半年。

Turning to guidance. For the third quarter, we expect revenue in the range of $165 million to $166 million, representing an increase of 45% year-over-year. Recall in our third quarter 2020 revenue, we had a onetime benefit of $1.9 million related to a customer renewal. Without this onetime benefit, our third quarter guidance would represent an increase of 47% to 48% year-over-year. We expect operating loss in the range of $9.5 million to $8.5 million, and we expect net loss per share in the range of $0.04 to $0.03 and assuming approximately 310 million common share outstanding. We expect an effective tax rate of negative 15%.

接著談財測。第三季我們預期營收介於 1.65 億至 1.66 億美元，較去年同期成長 45%。回顧 2020 年第三季營收，我們曾因一筆客戶續約而有 190 萬美元的一次性收益。若排除這項一次性收益，我們的第三季財測將代表較去年同期成長 47% 至 48%。我們預期營業損失介於 950 萬至 850 萬美元；並預期每股淨損失介於 0.04 至 0.03 美元，假設流通在外普通股約 3.10 億股。我們預期有效稅率為負 15%。

For the full year 2021, we expect revenue in the range of $629 million to $633 million, representing an increase of 46% to 47% year-over-year. We expect operating loss for the full year in the range of $28 million to $24 million, and we expect net loss per share over the period in the range of $0.12 to $0.11, assuming approximately 309 million common shares outstanding. We expect an effective tax rate for 2021 of negative 19%.

就 2021 全年而言，我們預期營收介於 6.29 億至 6.33 億美元，較去年同期成長 46% 至 47%。我們預期全年營業損失介於 2,800 萬至 2,400 萬美元；並預期期間每股淨損失介於 0.12 至 0.11 美元，假設流通在外普通股約 3.09 億股。我們預期 2021 年有效稅率為負 19%。

In closing, we completed another very strong quarter. As Matthew mentioned, we also launched our first Impact Week last week. I encourage everyone to take a look at our Impact website where we centralized ESG disclosures and highlight sustainability initiatives. We also published our first greenhouse gas emission report of first diversity report and our commitment to not only 100% renewable energy, but also removing all of our historic emissions affiliated with powering our network by 2025. We're excited to continue to expand our sustainability efforts, which not only tightly aligns with our mission, but also strengthens the durability of our business and is additive to the financial work of Cloudflare.

最後，我們完成了另一個非常強勁的季度。如 Matthew 所提到的，我們也在上週推出了首個 Impact Week。我鼓勵大家瀏覽我們的 Impact 網站，我們在那裡集中揭露 ESG 資訊並展示永續發展倡議。我們也發布了第一份溫室氣體排放報告、第一份多元化報告，並承諾不僅使用 100% 再生能源，也將在 2025 年前移除所有與我們網路供電相關的歷史排放。我們很期待持續擴大永續努力，這不僅與我們的使命高度一致，也能強化我們業務的韌性，並為 Cloudflare 的財務表現帶來加分。

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

接下來，我想開放提問。接線員，請開始徵詢問題。

(Operator Instructions) Our first question coming from the line of Matt Hedberg with RBC Capital Markets.

（接線員指示）我們的第一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Congrats on a really strong quarter here. Matthew, it's clear that the large federal deal stood out to me and is impressive because I think you've hit some additional levels of FedRAMP certification, but you're still pretty early in your Fed or public sector journey. Can you talk a little bit more about, I guess, how extensive the public sector, just in general, all the way down to state and local governments could be for you guys? And how are you putting more resources behind that? It seems like you talked about GSIs, but just a little bit more on that increasing opportunity.

恭喜本季表現非常強勁。Matthew，很明顯那筆大型聯邦政府交易特別引起我的注意，也令人印象深刻，因為我認為你們已達到更多層級的 FedRAMP 認證，但你們在聯邦或公共部門的旅程仍算相當早期。你能否多談一些，整體而言公共部門（一路到州與地方政府）對你們來說可能有多大的規模？以及你們如何投入更多資源在這方面？看起來你們提到了 GSI，但也想再多了解一些這個機會擴大的情況。

Sure, Matt. As you mentioned, we are in the process of getting our FedRAMP certification, and we anticipate that in the first half of next year will be fully FedRAMP certified, but we're already in the marketplace since we're going through the process, and it's going very smoothly, and we anticipate that, that will go -- continue to go well. We have always had a broad set federal customers. The FBI has been a customer for a long time, the U.S. State Department, Library of Congress and a number of others. And I think -- That's because when some of the most sophisticated organizations in the world look at entire under constant threat look at the solutions that are out there, they increasingly understand and have for quite some time that we're the best solution for stopping the cyber threats that they face. And so I think that there is a significant opportunity. We are investing both in terms of partnerships with GSIs like Accenture but then also building out our own team to be able to just to be able to service that. And I think over the last 10 years, we've done a terrific job of building relationships with the people that are really leading the cybersecurity efforts in the U.S. federal government, and that's now really paying off.

當然，Matt。如你所提到的，我們正在取得 FedRAMP 認證的過程中，並預期在明年上半年將完全取得 FedRAMP 認證；但由於我們正在進行該流程，我們已經在市場上展開業務，而且進展非常順利，我們也預期這件事會——會持續進展良好。我們一直以來就擁有廣泛的聯邦客戶群。FBI 長期以來就是客戶，美國國務院、國會圖書館以及其他許多單位也是。我認為——這是因為當世界上一些最成熟的組織在面對持續不斷的威脅時，審視市面上的解決方案，他們越來越理解，而且其實早已理解，我們是阻止他們所面臨網路威脅的最佳解決方案。因此我認為這裡存在顯著的機會。我們一方面投資於與 Accenture 等 GSI 的合作夥伴關係，另一方面也擴建我們自己的團隊，以便能夠提供服務。我認為在過去 10 年裡，我們在與美國聯邦政府中真正領導網路安全工作的那些人建立關係方面做得非常出色，而這些努力現在正真正開始回收成果。

One of the things that's important about us and one of the reasons why this is important is Cloudflare fundamentally is the foundation on top of which a number of other companies build their products. And so as other companies are looking for companies that they can trust, these sorts of wins we see resonating across the entire industry. And again, I'm really proud of our team for the success that we've had selling our Zero Trust solution to what is literally the biggest IT buyer in the world.

對我們而言有一點很重要，也是為什麼這件事重要：Cloudflare 從根本上說，是許多其他公司在其上構建產品的基礎。因此，當其他公司在尋找他們可以信任的公司時，我們看到這類勝利在整個產業中產生共鳴。再一次，我為我們團隊感到非常自豪，因為我們成功將 Zero Trust 解決方案銷售給了可以說是全球最大的 IT 買家。

That's fantastic. And then, Thomas, I think the other thing that's mean 71% growth in large deals and a record add was impressive. Can you talk about the success of bundling? I know some of your bigger customers are taking 10 or more products. But just thoughts on leveraging bundles. And I guess maybe called for one in particular. I know it was introduced last year, but how successful is that in driving some of this momentum in large enterprise wins?

太棒了。接著，Thomas，我認為另一個令人印象深刻的是大型交易成長 71%，而且新增數創下紀錄。你能談談組合銷售（bundling）的成功嗎？我知道你們一些較大的客戶採用 10 個或更多產品。但想聽聽你們對運用套裝方案的看法。以及我想也許特別點名某一個——我知道它是去年推出的，但它在推動大型企業贏單的這股動能方面，到底有多成功？

You heard from Matthew that he you picked out a couple of deals during the quarter that were approximate 1 or in part Cloudflare. So as we migrate in our evolution, the product portfolio becomes broader and deeper, the bundling of products and the pricing of those bundles becomes a huge opportunity for us. It's one of the more strategic important projects that we are currently running within Cloudflare, Michelle and I do, in order to get more sophistication into our approach. If you look at companies we admire, like Salesforce and Microsoft, it has been a big part of their journey going up and getting to larger accounts and larger revenue commitments per customers getting more sophisticated in the bundling effort. And we increased 124% of dollar net retention happened primarily because we were really successfully expanding large customers and especially with bundled deals. So we are making good progress, but it's still a huge opportunity in front of us, too. .

你剛才聽 Matthew 提到，他在本季挑出了幾筆交易，約有 1——或部分——是 Cloudflare 的。因此，隨著我們在演進過程中持續前進，產品組合變得更廣也更深，產品的套裝組合以及這些套裝的定價，對我們而言成為一個巨大的機會。這是我們目前在 Cloudflare 內部推動的、較具策略重要性的專案之一，Michelle 和我正在進行，以便讓我們的方法更具成熟度。如果你看看我們欣賞的公司，例如 Salesforce 和 Microsoft，套裝策略一直是他們向上拓展、取得更大型客戶與每位客戶更高營收承諾旅程中的重要部分，也是在套裝推進上變得更成熟。我們的美元淨留存率提升至 124%，主要是因為我們非常成功地擴張大型客戶，尤其是透過套裝交易。因此我們正在取得良好進展，但眼前仍有很大的機會。.

We have our next question coming from the line of Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

Thomas, many have asked just in the second half, the guidance is implying a pretty significant deceleration. Is there anything that we should keep in the in mind in terms of modeling other than the bigger comps that you're coming up on?

Thomas，很多人都在問，僅就下半年而言，你們的指引似乎暗示成長會相當明顯地放緩。除了你們即將面臨較高的比較基期之外，在建模時還有什麼我們需要留意的嗎？

Brent, you have to keep in mind, as I said in my remarks before, we -- the third quarter last year was driven by a onetime customer renewal. So if you were to take this into account, the guidance is now getting up to 46% to 47% year-over-year is probably the strongest guidance we have given in our life as a public company from a growth expectation perspective, but it also served us well so far to be prudent in how we think about our future, and where the headwinds and tailwinds that we have. And this guidance is consistent with our growth over the last 8 quarters, taking everything into account that we know and making sure we continue to be thoughtful .

Brent，你必須記住，正如我先前在發言中提到的，我們——去年第三季的表現是由一次性的客戶續約所帶動。因此，如果把這點納入考量，目前的指引達到年增約 46% 到 47%，從成長預期的角度來看，這可能是我們作為上市公司以來給出的最強指引；但同時，對於如何審慎看待未來、以及我們所面臨的逆風與順風，保持謹慎至今也一直對我們很有幫助。這份指引與我們過去 8 個季度的成長趨勢一致，並且是在把我們所知道的一切都納入考量、確保我們持續周全思考的前提下提出的。

And a quick follow-up for Matthew, maybe from your perspective, something that maybe we all can't see that you're seeing that you're particularly surprised or proud about that maybe just didn't come through in the financials is there 1 or 2 things that are really surfacing that are maybe surprising given you as architecting the leadership of this move?

另外快速追問 Matthew，從你的角度來看，有沒有什麼可能是我們從財報上看不出來、但你看得到、讓你特別驚喜或特別自豪的事情？也許有 1 到 2 件事正在浮現，考量到你在規劃並領導這次轉變？

I think I'll come back to the team that we have and the strength that we're seeing across applicants for that team. I think across the industry, there are a lot of people, as we come out of the other end of COVID, who are thinking about what it is that they can do with their career. Everyone who gets a job at Cloudflare can work a bunch of other places. And yet we continue to see both the retention of our current team exceed what our expectations are. But also, just the caliber and quality of people across not just our R&D organization, but in the sales and marketing organization.

我想我會回到我們的團隊，以及我們在該團隊的應徵者身上所看到的強勁表現。我認為在整個產業中，當我們走出 COVID 的另一端時，有很多人正在思考他們的職涯可以做些什麼。每一位加入 Cloudflare 的人，其實都可以去很多其他地方工作。然而，我們不僅看到現有團隊的留任率高於我們的預期，也看到不只是研發組織，連同銷售與行銷組織在內，人才的水準與品質都非常高。

And I think that companies are just collections of people, and so the fact that we have at this time where people are thinking about what is it that they want to do with their career, some of the best and most talented people that I've ever seen are saying, "If I can be part of helping build a better Internet, that's what I want to spend the next chunk of my career doing." And I think that, that really sets us up well for just continuing to execute as we scale. So I'm really, really, really proud of our team, and I think that it's amazing that we keep raising the bar on that team.

而我認為公司其實就是人的集合，所以在這個大家都在思考自己職涯想做什麼的時刻，我見過一些最優秀、最有才華的人說：「如果我能參與打造更好的網際網路，那就是我接下來職涯想投入的一大段時間。」我認為這讓我們在規模擴張的同時，能夠持續把執行做好，打下很好的基礎。所以我真的、真的、真的以我們的團隊為傲，而且我們不斷把團隊的標準拉得更高，這件事非常了不起。

We have our next question coming from the line of Jim Fish with Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Jim Fish。

You guys clearly don't have enough conflicts on your schedule coming up. But nice quarter, guys. I wanted to start off with a question for Matthew, really on Apple private relay that got announced, what can you say about the reports about this offering? It seems like traffic is already coming in across the cloud for this. Is that the right way to think about it? And how can a relationship like this really changed the industry dynamics in your view?

你們接下來的行程顯然還不夠衝突（笑）。不過這一季表現不錯，各位。我想先問 Matthew 一個問題，關於剛宣布的 Apple Private Relay，你能對相關報導談些什麼嗎？看起來流量已經開始透過你們的雲端進來了。這樣理解對嗎？以及在你看來，像這樣的合作關係會如何改變產業動態？

So Jim, we have a policy of not talking about any of our customers without their permission. And I'm certainly not going to speculate here on that. But I will tell 3 stories, I guess, about Apple. Back in 1978, when there were 2, what were known as hobbyists at the time, we now call them developers. But Steve Jobs and Steve Wozniak had an idea to build a personal computer, they went to Venrock, which is venture capital arm with the Rockefeller family and raised their first capital.

所以 Jim，我們有一項政策：未經客戶允許，不談論任何客戶。我當然也不會在這裡做任何揣測。不過我想分享三個關於 Apple 的故事。回到 1978 年，當時有兩位被稱為「業餘愛好者」的人——現在我們稱他們為開發者——Steve Jobs 和 Steve Wozniak 想打造一台個人電腦，他們去找 Venrock（洛克斐勒家族旗下的創投機構）並募得第一筆資金。

I feel a certain interest to that because when Cloudflare started, we went to Venrock, and they were the first capital in Cloudflare. And actually, I was hanging out with Brian Roberts a few weeks ago, who runs that firm, and he said that Cloudflare actually is the first company in the venture capital firm's history to now have surpassed the return that they had with Apple. So that's something that we're proud of. I think the second bit, which is a little bit more personal, was 18 years later, in 1996, I was actually in law school. And I heard that Steve Jobs is actually coming back to Apple. And my dad at the time was a stock broker and I worked as a ski instructor the year before and saved up a little bit of money. And so I called him and I said, "I think I want to buy 1,000 shares of Apple stock." And that turned out to be a pretty good decision, which will largely pay for my ability to, among other things, go to business school, a few years later, where I met Michelle and we were able to start Cloudflare from that.

我對這件事特別有感，因為 Cloudflare 創立時，我們也去找了 Venrock，而他們是投進 Cloudflare 的第一筆資金。其實幾週前我還和那家公司的負責人 Brian Roberts 一起聊天，他說 Cloudflare 竟然成為該創投公司歷史上第一家，回報已經超越他們投資 Apple 所帶來回報的公司。這是我們引以為傲的事。第二段故事比較個人：18 年後的 1996 年，我當時在念法學院，聽說 Steve Jobs 要回到 Apple。我父親當時是股票經紀人，而我前一年當滑雪教練存了一點錢，所以我打電話給他說：「我想買 1,000 股 Apple 股票。」結果那是個相當不錯的決定，這筆投資在很大程度上讓我有能力——其中包括——幾年後去念商學院，在那裡我遇見了 Michelle，並且我們也因此能夠創立 Cloudflare。

So I've been an Apple fan boy for a long time, and it's definitely a company that we really admire. The last story, which is actually 19 years after that, I remember I was invited to a very small gathering of tech leaders meeting with senior government officials to talk about how technology companies can help with the fight against various law enforcement requests and terrorism. And it was a pretty incredible group. It was also around the same time Samsung phone was in the news about whether or not Apple would unlock that. And we were definitely the smallest company there. There were 12 tech leaders, and it was sort of the who's who of the big tech companies.

所以我當 Apple 的鐵粉已經很久了，這也確實是一家我們非常敬佩的公司。最後一個故事，是在那之後又過了 19 年。我記得我受邀參加一個非常小型的聚會，聚集了一些科技領袖與政府高層官員會面，討論科技公司如何協助因應各種執法機關的要求與恐怖主義相關議題。那是一個相當不可思議的團體。那段時間也差不多是三星手機上新聞、討論 Apple 是否要解鎖的時候。我們絕對是現場最小的公司。總共有 12 位科技領袖，幾乎就是大型科技公司的「名人錄」。

And I remember Tim Cook in this closed meeting started to talk about privacy in a way that was really clear that it came from a deep and personal place and talk about privacy as a fundamental human right. And that was long before Apple was running commercials on TV about the importance of privacy. And so I think that's something that they, at times, have gotten a little bit of a flak than marketing, but I think I've seen from their senior leadership that that's something that they deeply care about, and that's a value that we definitely share with them. And so I've been an Apple fan boy for quite some time, and hopefully, that's a long enough answer not answering your question.

我記得在那場閉門會議中，Tim Cook 談到隱私時非常清楚地讓人感覺那是出自很深、很個人的信念，他把隱私視為一項基本人權。那是在 Apple 開始在電視上投放隱私重要性廣告之前很久的事。所以我認為，他們有時候會因為行銷而受到一些批評，但我從他們的高階領導層親眼看到，這確實是他們非常在乎的事情，而這也是我們與他們共同的價值觀。因此我當 Apple 的鐵粉已經有一段時間了，希望這個夠長的回答，能算是沒有回答你的問題。

That was a good sell-side answer, honestly. But as you continue to move up market, how is the engagement and good market changing? How should we think about that evolution of Cloudflare's go to market away like moving away from that premium funnel towards the more direct large enterprises over time?

老實說，這是個很標準、也很好的賣方回答。不過隨著你們持續往中大型客戶市場推進，你們的互動方式與 go-to-market 正在如何改變？我們應該如何看待 Cloudflare 的 go-to-market 演進——也就是隨時間從那種 premium 漏斗，逐步轉向更直接面對大型企業？

Yes, so I don't think we've ever been sort of the traditional premium customer. We don't think of -- and from time to time, we get great customers that come in through that free funnel. But by and large, that's really that's not the purpose of that. The purpose of that is really to be able to just innovate as quickly as we can with such a broad set of customers, and that's paid off incredibly well. I think that if you fast forward 10 years from now, Cloudflare's go-to-market motion looks just like any other big enterprise company. And I think we're building that out.

是的，所以我不認為我們曾經是那種傳統意義上的 premium 客戶模式。我們不會把——我們確實不時會有很棒的客戶從免費漏斗進來，但整體而言，那並不是它的主要目的。它的目的其實是讓我們能夠在非常廣泛的客戶群上，以盡可能快的速度進行創新，而這帶來了極其顯著的回報。我認為如果把時間快轉到 10 年後，Cloudflare 的 go-to-market 動作看起來會跟任何其他大型企業公司一樣。我們也正在把這套能力建構起來。

You heard a number of deals where we have now named accounts, specific sales reps, increasingly an enterprise sales team increasingly working with channel partners and systems integrators. I think what's different about us is that we have used data to build out our go-to-market function in the same way that we use data across our entire company. And that's allowed us to both go into new geographies and new markets to customer segments and industries and to move up in terms of servicing larger customers in a way that, again, we're not here to tell you that we don't need salespeople.

你也聽到我們提到多筆交易：我們現在已經有命名帳戶（named accounts）、指定的業務代表，並且越來越有一支企業銷售團隊，且越來越多地與通路夥伴與系統整合商合作。我認為我們不同之處在於，我們用數據來打造 go-to-market 職能，就像我們在整個公司各處使用數據一樣。這讓我們能夠進入新的地理區域與新市場、不同的客戶分群與產業，並且在服務更大型客戶方面持續向上提升；同樣地，我們不是要在這裡告訴你我們不需要業務人員。

We believe that we do. But I think what we've been able to do is use the data from our existing customers to invest behind the demand curve rather than ahead of the demand curve. And while that gets us to the same point that any enterprise sales company gets to, I think what it allows us to do is very relentlessly execute and make it much less likely that we make a misstep along the way.

我們相信我們做得到。但我認為我們能做到的是，利用既有客戶的數據，沿著需求曲線之後（而不是在需求曲線之前）進行投資。雖然這最終會讓我們到達任何企業銷售公司都會到達的同一個位置，但我認為這讓我們能非常堅決地執行，並大幅降低我們在過程中走錯一步的可能性。

We have our next question coming from the line of Shaul Eyal with Cowen.

我們的下一個問題來自 Cowen 的 Shaul Eyal。

Congrats on the ongoing outperformance. Matthew or Thomas, thanks for the color on paying customers and the large customer addition this quarter. But can you also provide us with an update of the total customer count, any qualitative or even quantitative news will be appreciated. And I have a follow-up.

恭喜持續超預期表現。Matthew 或 Thomas，謝謝你們就付費客戶以及本季大型客戶新增所提供的說明。不過你們也能否提供一下總客戶數的最新情況？任何定性甚至定量的消息都會很有幫助。我還有一個追問。

Sure. Thanks, Shaul. So we're actually pausing the reporting of the total customer count this quarter, although we're going to bring it back. As just a reminder, total customers included both free and paying customers. And throughout the quarter, we saw continued strength in that. The problem was that that really sort of described the different business than we're in today. It looked at active Internet properties and really only covered those products that relied on actually having like a website.

當然。謝謝你，Shaul。所以我們這一季其實會暫停揭露總客戶數，不過之後會再恢復。提醒一下，總客戶數包含免費與付費客戶。而在本季期間，我們持續看到那方面的強勁表現。問題在於，那個指標其實描述的是與我們今天所處不同的業務。它著眼於活躍的網際網路資產，而且基本上只涵蓋那些確實依賴「有網站」的產品。

And that didn't include a lot of the new products like Cloudflare One and others. And so we don't feel like that statistic was representative. So we're pausing it. We're going to bring it back. In the meantime, if you do want to continue to track something like that, there are a lot of external services that track kind of what sign-up rates are, we've continued to see strength across that W3 Tech, report that on a month-to-month basis. And so if that's something that you want to continue to track that, that would be the place that I would look to get that. And we're looking forward to bringing our total customer count back in a way that's more accurate going forward.

而那並未包含許多新產品，例如 Cloudflare One 等等。因此我們覺得那個統計數字不具代表性。所以我們先暫停，之後會再帶回來。與此同時，如果你確實想持續追蹤類似的東西，市面上有很多外部服務會追蹤大致的註冊率；我們也持續看到 W3 Tech 這類報告在月度層面呈現強勁。因此如果你想繼續追蹤，那會是我建議去看的地方。我們也期待未來以更精準的方式把總客戶數帶回來。

Got it. Understood. And then maybe another one, Matthew or Thomas. On the topic of billings versus RPO. Some investors, some within the investment community are using billings as the metric to track maybe as it relates to cloud where it could actually misconstrue how healthy the underlying trends are. Do you think RPO could be the preferred metric to track? What's the internal thinking on this topic?

了解。明白。那再問一個，Matthew 或 Thomas。關於帳單金額（billings）相對於 RPO 的議題。有些投資人、投資圈內的一些人把 billings 當作追蹤指標，尤其在雲端情境下，可能會誤導對底層趨勢健康程度的判讀。你們認為 RPO 會是更偏好的追蹤指標嗎？內部對這個議題的想法是什麼？

Yes. Let me get started here. We think that RPO is the better indicator for the health of our business. That is certainly the number we are focusing on. And as we said, it's up 77% year-over-year in the last quarter, current RPO, that is the RPO in the balance sheet that we recognize over the next 12 months, is up north of 60%. Billings can be sometimes an arbitrary number, just depending on how many billing cycles you run over a quarter. We think RPO is the better health metric for us. And that is the number that we as closely are focused on from how we run the business and he'll what KPIs we tranche.

是的。我先來回答。我們認為 RPO 是衡量我們業務健康狀況更好的指標。這確實是我們聚焦的數字。正如我們所說，上季 RPO 年增 77%；其中，當期 RPO（也就是資產負債表上、我們將在未來 12 個月內認列的 RPO）成長超過 60%。Billings 有時可能是相對任意的數字，取決於你在一個季度內跑了多少個計費週期。我們認為對我們而言，RPO 是更好的健康度指標；這也是我們在經營業務、以及我們用來分層追蹤 KPI 時最密切關注的數字。

We have our next question coming from the line of Sterling Auty with JPMorgan.

我們的下一個問題來自 JPMorgan 的 Sterling Auty。

This is Drew on for Sterling. Matthew, could you expand upon your commentary surrounding the long-term investment trajectory, including the time line of that and what areas you're expecting to lean into the most?

我是 Drew，代 Sterling 提問。Matthew，你能否進一步說明你對長期投資軌跡的評論，包括時間表，以及你預期最會加碼投入的領域？

Sure, Drew. So 2 areas. Obviously, we continue to invest in our sales and marketing motion and think about how as we continue to go up market, we have the team in place to service that. And again, I think what's unique about us is that we're able to invest behind the demand. But we do believe the salespeople, and we do believe that marketing matters. We will continue to invest in that because when you're servicing customers that are as large as we have, they want to do that. And it also helps us as we want to expand those customers across our entire product set, to have people who can be the advocates who can talk to them and be a part of that.

當然，Drew。兩個領域。很明顯地，我們會持續投資在銷售與行銷的運作方式上，並思考當我們持續往中大型市場（up market）前進時，是否已具備能服務那樣客群的團隊。再一次，我認為我們的獨特之處在於，我們能在需求之後進行投資。但我們確實相信銷售人員的重要性，也相信行銷很重要。我們會持續投資，因為當你服務的客戶規模像我們這麼大時，他們希望你能做到這些。同時，當我們希望把這些客戶擴展到我們完整的產品組合時，擁有能成為倡議者、能與他們對話並參與其中的人，也會對我們很有幫助。

I think the second area where we continue really to invest is in our research and development efforts. Cloudflare runs on innovation, and we have designed our entire business in order to be an innovation machine. And so over the course of the year, we have a number of new products that we continue to release. I don't see that slowing down anytime soon. And we definitely -- what we like to do is design the way that we think about R&D as making a number of that in the area, iterating quickly on those across our broad customer base. And then by the time something is ready for us to take it to our largest customers, it's battle-tested and something that we continue to run on.

第二個我們持續投入的領域，是研發工作。Cloudflare 以創新為核心運作，我們設計整個業務就是為了成為一台創新機器。因此在一年之中，我們會持續推出多項新產品。我不認為這會在短期內放緩。我們確實——我們喜歡的研發思維方式，是在該領域做出多個嘗試，並在我們廣泛的客戶基礎上快速迭代；等到某個東西準備好要帶給我們最大的客戶時，它已經經過實戰驗證，而我們也能持續在其上運行。

So I don't think that the formula changes -- But I do think that as we get to breakeven, being able to pour resources back into that if anything should just accelerate the rate at which we are able to drive real innovation across the company.

所以我不認為這個公式會改變——但我確實認為，當我們達到損益兩平後，若能把資源再投入回去，反而應該會加速我們在全公司推動真正創新的速度。

We have our next question coming from the line of Tim Horan with Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Tim Horan。

Just 2 questions. One, I think you're implying the net dollar retention can improve here. Can you talk a little bit how can you improve it still, which is a pretty high number and maybe where can it go? And then secondly, some of the carriers out there are partnering with some of the cloud providers. Do you think that they can basically pivot to become a better competitor against you? And/or are you seeing anyone else out there that's really pursuing a similar strategy could be to you?

兩個問題。第一，我想你們在暗示淨美元留存率（net dollar retention）還能改善。你能談談在已經是很高的數字之下，還能如何提升、以及可能提升到哪裡嗎？第二，市場上一些電信業者正在與部分雲端供應商合作。你認為他們是否能藉此轉型，成為對你們更強的競爭者？以及／或者你們是否看到還有其他公司正在追求與你們類似的策略？

Sure. So let me take both questions and then Thomas may want to add to the first. So first of all, with carriers, we work and have had partnerships with carriers for quite some time. Most of the new deployment that we go into, we're deploying directly into the carriers' networks. And we have a very symbiotic relationship with them and have been able to continue to invest in that.

當然。我先回答兩個問題，然後 Thomas 可能會想補充第一個。首先關於電信業者，我們與電信業者合作並建立夥伴關係已經有相當長一段時間。我們進入的大多數新部署，都是直接部署到電信業者的網路中。我們與他們之間是非常共生的關係，也能持續在這方面投入。

We're able to see what the traffic flows are across public clouds, and we don't see that there's much resonance for some of the carrier partnerships with the public cloud yet, but it's something that we obviously are watching closely and carefully. And I think that the opportunity that we have is to continue to be a great partner to those carriers, wherever they are around the world, both to deliver our services and be able to drive down our costs as we continue to build. And I apologize, in the process of answering that, I forgot what your first question was. But can you repeat it just quickly?

我們能看到跨公有雲的流量走向；目前我們還沒有看到電信業者與公有雲之間的某些合作夥伴關係有很強的市場共鳴，但這是我們顯然會密切且謹慎觀察的事情。我認為我們的機會在於，持續成為全球各地電信業者的優秀夥伴，一方面交付我們的服務，另一方面在我們持續建置的同時也能降低成本。抱歉，在回答這個問題的過程中，我忘了你第一個問題是什麼。你能很快再重複一次嗎？

Okay. That's fine. Well, just to net dollar retention rate, how do you prove on what's really a good number?

好的，沒問題。就是淨美元留存率，你們要如何在已經很不錯的數字上再提升？

Yes. So again, we're -- that is something that we focused on. What I love about Cloudflare is when we focus on something, we're really good at improving it. I think that it's been driven by new products. And since we don't have a usage-based model where sort of revenue can trombone up and down over time, but instead, we have a subscription model, it really requires us to sell more products, and I think that that's been a piece of it. I think going back to what Thomas spoke about earlier as the bundling opportunity, that feels like the opportunity for us to be able to continue to improve that number over time. I will say that there might be some noise in the dollar-based net retention number where we definitely have worked hard to get it above 120%, and we think that that's great. We're not satisfied with where it is. There may be from quarter-to-quarter, a little bit of noise in that metric. But we do think that over time, we can continue to improve that metric.

是的。所以再說一次，這是我們關注的重點。我喜歡 Cloudflare 的一點是，當我們聚焦某件事時，我們非常擅長把它做得更好。我認為這一直是由新產品所驅動。由於我們不是用量計費模式，收入不會隨時間像手風琴一樣上下起伏；相反地，我們是訂閱模式，因此這確實要求我們銷售更多產品，而我認為這是其中一部分。我想回到 Thomas 先前提到的綑綁（bundling）機會，那看起來就是我們能隨時間持續改善該數字的機會。我也要說，美元基礎淨留存率這個數字可能會有一些雜訊；我們確實努力把它提升到 120% 以上，我們認為這很棒。但我們對目前的水準並不滿足。這個指標在季度之間可能會有些波動雜訊，但我們確實認為，長期來看我們能持續改善這個指標。

One addition maybe, so it's good to keep in mind that the dollar net retention is a lagging indicator for us, how we report it. So it's lagging the initiatives that we drive. We also have a pay-as-you-go business that is very important for us in terms of how we drive efficiency in the business model. But remember, we always said that it's a business that is difficult to expand. So everything you see from an outperformance perspective,happens with the drag of the business and is a lagging indicator to the initiatives we have started.

也許補充一點，所以值得記住的是，美元淨留存率對我們而言（就我們的揭露方式而言）是一個落後指標。因此，它會落後於我們所推動的各項舉措。我們也有一項按量付費（pay-as-you-go）的業務，這對我們推動商業模式效率而言非常重要。但請記得，我們一直說這是一項難以擴張的業務。所以你從超預期表現的角度所看到的一切，都是在這項業務的拖累之下發生的，並且是我們已啟動舉措的落後指標。

We have our next question coming from the line of Jonathan Ruykhaver with Baird.

我們的下一個問題來自 Baird 的 Jonathan Ruykhaver。

Yes, so in thinking about Workers, you've discussed in the past, I would still be emerging tech group and price for adoption compared to revenue. I'm wondering if you could provide any insights into when this might change, and it's nothing specific there, what kind of criteria you might be looking for and evaluating taking that to market as a more mature solution?

是的，所以在思考 Workers 時，你們過去曾討論過，我仍會把它視為新興技術群組，並且在採用率相對於營收的定價上。我想請問你們是否能提供一些洞見，這種情況可能何時會改變？我不是指任何特定時間點，而是你們在評估把它以更成熟的解決方案推向市場時，可能會看哪些標準或條件？

Yes. Thanks, Jonathan. So I think it's a pretty mature solution. We launched it in 2017, and it is -- we're seeing very, very, very large companies bet their businesses on workers. So I think that, that -- it is a large solution. I think that what we have been hesitant to do is break out what the specific revenue is because it tends to be part of the larger component of how we're selling our solution. But we continue to see strength in workers. We see people building and not random start-ups, but really sophisticated large companies, building sophisticated, complicated application using Workers.

是的。謝謝你，Jonathan。我認為這是一個相當成熟的解決方案。我們在 2017 年推出它，而且我們看到非常、非常、非常大型的公司把他們的業務押注在 Workers 上。所以我認為——它是一個大型解決方案。我想我們一直較為猶豫的是，不去拆分揭露其具體營收，因為它往往是我們銷售整體解決方案中更大組成的一部分。但我們持續看到 Workers 的強勁表現。我們看到人們在建置的不是隨機的新創，而是真正成熟的大型公司，使用 Workers 建置精密、複雜的應用程式。

And so it is already taking workloads off of the traditional public clouds, and the people and the organization just find it magical. So again, I think that, that even at the prices that we charge for Workers today, it is very margin accretive for us. And so again, I think it is a competitive product. We think that being very cost-effective is important when you're selling cloud products. We don't think of ourselves as competing with other niche edge computing platforms. We think of ourselves as competing with the big public cloud platform. And so when we think about pricing, we think about pricing it in a way that is competitive with those other public clouds, and even at those rates, again it's margin accretive for us.

因此，它已經在把工作負載從傳統公有雲移出來，而使用者與組織都覺得它很神奇。所以再說一次，我認為即使以我們今天對 Workers 的收費水準來看，它對我們的毛利仍是非常有增益的。因此我認為它是一個具競爭力的產品。我們認為在銷售雲端產品時，具備高度成本效益很重要。我們不把自己視為在與其他利基的邊緣運算平台競爭；我們認為自己是在與大型公有雲平台競爭。因此在思考定價時，我們會以能與那些其他公有雲競爭的方式來定價，而即使在那些費率之下，再次強調，它對我們的毛利仍是有增益的。

Right. Okay. That's helpful. And then just as a quick follow-on. In terms of drivers of serverless, Matthew, one of the things you hit on is just the compliance to this case. And can you just touch on that a bit more if you're seeing that starting to take hold in the market yet?

好，了解。這很有幫助。接著快速追問一下。就無伺服器（serverless）的驅動因素而言，Matthew，你提到的一點是合規這個案例。你能否再多談一點？你是否看到它已開始在市場上發酵、開始成形了？

Yes. So the first bit is the computing piece of edge computing is the easy piece. The hard piece of storage. And what I think you've seen us do is think through how to have distributed storage in a way that is still easy for developers to wrap their heads around and build, but at the same time gives them the flexibility where they can do things like require a piece of data, never leave a particular geography. And so I think that the regulatory environment for our customers continues to get more and more complex. We're seeing a lot of attention for the regulatory concerns, which are coming out of the EU. But what we hear from customers is that that's just the tip of the iceberg, and places like India and Brazil and obviously, China and others are also putting in place requirements that require people to keep their data from users in country in that particular region.

是的。首先，邊緣運算中的運算（computing）部分是比較容易的；困難的是儲存（storage）部分。我認為你看到我們在做的是，思考如何以一種分散式儲存的方式來實現：對開發者而言仍然容易理解與建置，但同時又能給他們彈性，例如可以要求某一筆資料永遠不要離開特定地理區域。因此我認為，我們客戶所面對的監管環境持續變得越來越複雜。我們看到市場對監管議題的關注度很高，這些關注多來自歐盟。但我們從客戶那裡聽到的是，那只是冰山一角；像印度、巴西，當然還有中國及其他地區，也都在制定要求，要求人們必須把使用者資料留在該國、該地區境內。

And so I think that Workers is perfectly positioned for what is a much more complex regulatory environment. We are today in well over 100 countries worldwide. We're on a path to being in virtually every country worldwide. And what that allows us to do is help our customers comply with these increasingly complex regulation around the world. We talked earlier about FedRAMP. Again, that's very U.S.-focused. We're doing similar efforts, for example, with the German equivalent and others around the world. And again, I think that sets us up very well to be able to satisfy the regulatory and compliance needs of many large enterprises. And it's what we keep hearing as the real killer feature that distinguishes Workers from any other computing platform.

因此我認為，Workers 對於這種更複雜的監管環境而言是完美定位。我們目前在全球 100 多個國家提供服務，也正走在幾乎覆蓋全球每一個國家的路徑上。這讓我們能協助客戶遵循全球日益複雜的法規。我們先前談到 FedRAMP；那再次是非常以美國為中心的。我們也在全球做類似的努力，例如德國的對應制度，以及世界各地的其他制度。再者，我認為這讓我們能非常好地滿足許多大型企業在監管與合規方面的需求。而我們不斷聽到，這正是區分 Workers 與任何其他運算平台的真正「殺手級功能」。

We have our next question coming from the line of Alex Henderson with Needham.

我們的下一個問題來自 Needham 的 Alex Henderson。

Matt, I just wanted to compliment you for first on the Hotel California, Amazon data commentary on your blog. I thought it was really well done. I was hoping that you could talk a little bit about the developer community adoption. Any change in the rates, any metrics around the size of it? Everybody focuses on the financial side of it, but I think the DevOps community integration is such a key piece. Could you talk, give us some metrics or something to qualify and quantify that, please? .

Matt，我首先想稱讚你在部落格上那篇關於「加州旅館（Hotel California）」、Amazon 資料的評論。我覺得寫得非常好。我希望你能談談開發者社群的採用情況。採用速度是否有任何變化？社群規模是否有任何指標？大家都聚焦在財務面，但我認為 DevOps 社群的整合是非常關鍵的一環。你能否談談，給我們一些指標或其他方式來做定性與定量的說明，拜託？.

Yes, sure. So more than 50,000 developers wrote their first Workers script or code this time. And that's not signed up for an account. That's actually wrote code and deployed an application. We think that continues to grow over time and the retention of those developers. They don't tend to just write something and then go away, but we see them continuing to deliver more and more application and more and more sophisticated applications as we watch what developers are building. And so I think when we think about the platform, I completely agree with you. Whoever has the most developers win. We want to make a platform which yes, satisfies the CIO and CTO and General Counsel for its regulatory compliance.

好的，當然。這次有超過 50,000 名開發者寫下他們的第一個 Workers 腳本或程式碼。這不是指註冊帳號的人數，而是實際寫了程式碼並部署了應用程式的人數。我們認為這會隨時間持續成長，以及這些開發者的留存。他們通常不會只是寫了點東西就離開；我們看到他們持續交付越來越多的應用程式，並且隨著我們觀察開發者在建置什麼，他們也在交付越來越複雜的應用程式。因此當我們思考這個平台時，我完全同意你的看法：擁有最多開發者的人就會勝出。我們希望打造一個平台，沒錯，它能滿足 CIO、CTO 與總法律顧問在法規合規方面的需求。

Yes, this costs -- it is incredibly cost effective. Of course, it is incredibly consistent. We're already the fact that, that's out there. But then we really need to continue to invest in making that -- developing that platform's ecosystem. One of the things that I'm excited about is, well, we've largely talked about big customers here. We're increasingly seeing startups that are building entire applications from scratch on the Workers platform. And that's exciting, both because it's really just a very fervent area of excitement and it's how you build communities and build ecosystem.

是的，這在成本上——它極具成本效益。當然，它也非常一致、穩定。我們已經——事實上，那些都已經在那裡了。但接下來我們真的需要持續投入，去打造——發展那個平台的生態系。其中一件讓我感到興奮的是，雖然我們在這裡大多談的是大型客戶，但我們越來越常看到新創公司從零開始在 Workers 平台上建置完整的應用程式。這令人興奮，一方面因為那真的是一個非常熱烈、令人振奮的領域；另一方面也因為這正是建立社群與建立生態系的方式。

But it also is a great way for us to be looking out whether or not there are really great features that maybe other companies and small companies develop that might be natural, either things that we can bring into a marketplace or maybe even as potential tuck-in acquisitions, that don't have the technical integration risk that would be if they were using completely different platforms. So I'm excited about it. If you search on Twitter, if you go in our Discord channel, you'll see the developers are excited about it, and again, it's picking up steam.

但這同時也是一個很好的方式，讓我們觀察是否有一些非常棒的功能，可能由其他公司或小公司所開發，而這些功能可能很自然地——要嘛可以被我們帶進市集（marketplace），要嘛甚至可能成為潛在的補強式收購（tuck-in acquisitions）標的；而且因為他們不是使用完全不同的平台，所以不會有那種技術整合風險。因此我對此感到興奮。如果你在 Twitter 上搜尋，或到我們的 Discord 頻道，你會看到開發者對此很興奮，而且它確實正在加速升溫。

We have our next question coming from the line of Jim Breen with William Blair.

我們的下一個問題來自 William Blair 的 Jim Breen。

From some time you sort of update your -- what you guys believe is the addressable market. Just given sort of all the new product launches, et cetera, can you just talk about how you see that moving now? And then a little bit off of Tim Horan's question just around your existing customer base growth. Any sort of metrics there on the security side in terms of your paying customers, how many products they're taking and how that's maybe changed over time?

你們不時會更新——你們認為的可服務市場（addressable market）。考量到所有新產品的推出等等，你能否談談你們現在如何看待它的變化趨勢？另外，延續 Tim Horan 的問題，關於你們既有客戶基礎的成長：在安全（security）方面，是否有任何指標，例如付費客戶數、他們採用多少產品，以及這些情況隨時間如何變化？

So I'll take the second half of that and then Thomas can comment on the first half. So we -- at our last Investor Day, we updated that today, it's north of -- I think it's 80%, Tom, so correct me if I'm wrong, our customers are using 4 or more of our products. And that tends to be the magic number for us in terms of really having stickiness and really differentiating ourselves in the marketplace. And typically, customers will span across both security, but then also performance and reliability. About 50% of our revenue, 50% of sort of the initial interest that we get comes from our security products, about 25% from performance, about 25% from reliability.

所以我先回答後半段，然後 Thomas 可以評論前半段。所以我們——在上一次投資人日，我們今天更新了這個數字，已經超過——我想是 80% 以上，Tom，如果我說錯請糾正我——我們的客戶正在使用我們 4 個或以上的產品。而就我們而言，這往往是關鍵門檻，能真正帶來黏著度，並在市場上真正形成差異化。通常，客戶會同時涵蓋安全性，以及效能與可靠性。我們大約 50% 的營收、也就是我們最初獲得的約 50% 興趣，來自安全性產品；約 25% 來自效能；約 25% 來自可靠性。

But I think that, that somewhat mischaracterizes what Cloudflare really is, which is a platform that allows you to have all 3 of those things in one unified solution. So we continue to see that customers are taking more of our products. As we launch products, we're really building out that engine makes it so that we can very quickly our new products into our existing customer base and have them adopted. And that -- again, I think that, that is -- it is very difficult to compete with us once we get customers to understand the power of using the broad platform that we have.

但我認為那樣的說法在某種程度上誤解了 Cloudflare 真正是什麼：我們是一個平台，讓你能在一個統一的解決方案中同時擁有這三者。因此我們持續看到客戶採用更多我們的產品。當我們推出新產品時，我們其實是在打造一個引擎，使我們能非常快速地把新產品導入既有客戶群並讓他們採用。而且——再一次，我認為一旦我們讓客戶理解使用我們廣泛平台的力量，就會非常難與我們競爭。

Yes, I wouldn't want to disclose any new additional data. But I think the point that Matthew just made is important relating to that our ability to bundle as our product portfolio gets broader and broader, our ability to customize bundles for specific customer needs and compete more effectively against point solution providers, I think this is the opportunity that is there.

是的，我不想披露任何新的額外數據。但我認為 Matthew 剛才提到的一點很重要：隨著我們的產品組合愈來愈廣，我們的打包能力、針對特定客戶需求客製化組合的能力，能讓我們更有效地與單點解決方案供應商競爭。我認為這就是存在的機會。

And I got the -- I looked at that quickly. It's 88% of our contracted customers used 4 or more cloud , and 79% are 5 or more.

我剛剛快速看了一下。是 88% 的簽約客戶使用 4 個或以上的 cloud ，而 79% 使用 5 個或以上。

We have our next question coming from the line of Gregg Moskowitz with Mizuho.

我們下一個問題來自 Mizuho 的 Gregg Moskowitz。

Okay. Matthew, you mentioned Zero Trust a couple of times as driving some important wins for you this quarter. And as part of this, I was wondering if Cloudflare for Teams is starting to compete on a head-to-head basis more frequently at the enterprise level.

好的。Matthew，你提到 Zero Trust 幾次，說它在本季為你們帶來一些重要的勝利。就這一點，我想請問 Cloudflare for Teams 是否開始在企業層級更頻繁地進行正面競爭？

Yes, absolutely. I think that if you look at what, for example, the United States government chose and is going to be offering to all civilian federal agencies. That's a subset of the Cloudflare Teams product in order to make sure that government workers are not targeted by malware, don't fall for phishing scams. And so we're really proud of that win. But there were many, many, many more wins where Cloudflare for Teams is going up against companies that only do that sort of Zero Trust types of solution and our win rates are very strong.

是的，絕對是。我認為如果你看，例如美國政府所選擇、並將提供給所有文職聯邦機構的方案，那是 Cloudflare Teams 產品的一個子集，用來確保政府工作人員不會成為惡意軟體的目標、不會落入網路釣魚詐騙。因此我們對這個勝利感到非常自豪。但還有非常非常多的其他勝利案例，Cloudflare for Teams 正在與那些只提供這類 Zero Trust 解決方案的公司對陣，而我們的勝率非常強。

I think the place where we have really excelled is in both ease of use and it sort of either use needs of deployment, which again, I think, comes from the heritage that we've always really thought about how can we make things incredibly easy to use. And then secondly, we really resonate with the developer community. And so for the more technical buyers, they are, we win those deals up, down, left, right and sideways. And I think where we continue to invest and where we will make progress, is making sure that we are top right in Gartner and Forrester and all of the other analyst briefings. But again, starting with some of these great customer wins that we have is the key in order to be able to demonstrate that from the industry, and we think we're well on the path to being in the consideration set for anyone who is thinking about Zero Trust solutions.

我認為我們真正表現出色的地方在於兩點：第一是易用性，以及某種程度上部署的易用性／部署需求，這同樣源自於我們一直以來都在思考如何讓事情變得極其容易使用。第二，我們與開發者社群非常契合。因此對於更技術導向的買方，我們在各個方向都能贏下這些案子。我認為我們持續投資、也將取得進展的地方，是確保我們在 Gartner、Forrester 以及所有其他分析師簡報中位居右上角。但同樣地，從我們這些很棒的客戶勝利案例出發，是向產業證明這一點的關鍵；我們也認為自己正走在正確的道路上，能成為任何在考慮 Zero Trust 解決方案的人之候選名單之一。

All right. That's really helpful. And then just a quick follow-up on workers. So even at its somewhat low scale today, this is a very margin-accretive offering for you?

好的。這非常有幫助。接著就 workers 再追問一下：即使以目前相對較低的規模來看，這對你們而言也是一項能提升毛利的產品嗎？

Yes. It is margin accretive, even at 78% gross margin.

是的。即使在 78% 的毛利率下，它仍然是增厚毛利的。

There are no further questions at this time. I will now turn the call back over to the presenters for any closing comments. .

目前沒有進一步的問題。我現在把電話交回給簡報者，請他們做任何結語評論。.

We had an absolutely terrific quarter. Really appreciate all of our team working hard to deliver the results that we have. Looking forward to seeing many of you at the upcoming shareholder and technology conferences, and we're going to get back to work to helping build a better Internet. Thank you.

我們本季表現非常出色。非常感謝我們整個團隊努力工作，交出這些成果。期待在即將到來的股東與科技研討會上見到各位，我們也將回到工作崗位，持續協助打造更好的網際網路。謝謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。