Cloudflare, Inc. (NET) 2021 Q1 法說會逐字稿

Thank you for standing by and welcome to the Cloudflare Q1 '21 Earnings Call. (Operator Instructions)

感謝您耐心等候，歡迎參加 Cloudflare 2021 年第一季（Q1 '21）財報電話會議。（接線員指示）

At this time, I would now like to hand the conference over to your speaker today, Jayson Noland, Head of Investor Relations. Please go ahead.

此刻，我想將會議交給今天的發言人——投資人關係主管 Jayson Noland。請開始。

Thank you for joining us to discuss Cloudflare's financial results for the first 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.

感謝各位加入我們，一同討論 Cloudflare 2021 年第一季的財務結果。與我一同出席本次電話會議的有：共同創辦人暨執行長 Matthew Prince；共同創辦人、總裁暨營運長 Michelle Zatlyn；以及財務長 Thomas Seifert。

By now, everyone should have access to our earnings announcement. This announcement as well as our supplemental financial information may be found on our Investor Relations website.

截至目前，大家應該都已取得我們的財報公告。該公告以及我們的補充財務資訊，可在我們的投資人關係網站上查閱。

As a reminder, we'll be making forward-looking statements during today's discussion, including, but not limited to, the impact of the COVID-19 pandemic on our and 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, free and paying customers and large customers. 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.

提醒各位，在今天的討論中我們將作出前瞻性陳述，包括但不限於：COVID-19 疫情對我們以及我們客戶、供應商與合作夥伴之營運與未來財務表現的影響；預期的產品發表以及其時程與市場潛力；公司預期的未來營收、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、免費與付費客戶以及大型客戶。這些陳述與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。

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

這些前瞻性陳述僅適用於今日，您不應將其視為我們未來的觀點。我們不承擔在本次電話會議後更新這些陳述的任何義務。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。除非另有說明，今天我們討論的所有數字（營收除外）均以調整後的非 GAAP 基礎呈現。

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.

本次討論之當期與前期財務數據皆依 ASC 606 反映。您可在我們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查閱。

We would also like to inform you that we will be virtually participating in the JPMorgan Global Technology, Media and Communications Conference on May 25; the Cowen TMT Conference on June 1; the Bernstein Strategic Decisions Conference on June 4; the Evercore TMT Conference on June 7; and the Baird Global Consumer, Technology & Services Conference on June 9.

我們也想告知各位，我們將以線上方式參與以下會議：5 月 25 日的摩根大通全球科技、媒體與通訊大會（JPMorgan Global Technology, Media and Communications Conference）；6 月 1 日的 Cowen TMT 大會；6 月 4 日的 Bernstein 策略決策大會（Bernstein Strategic Decisions Conference）；6 月 7 日的 Evercore TMT 大會；以及 6 月 9 日的 Baird 全球消費者、科技與服務大會（Baird Global Consumer, Technology & Services Conference）。

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

接下來我想把電話會議交給 Matthew。

Thank you, Jayson. We had an outstanding quarter. In Q1, we achieved revenue of $138 million, up 51% year-over-year. Two factors drove our accelerating revenue: First, we had notable success adding new customers. Overall, our total customer count crossed $4 million in Q1. In particular, we added a record 117 large customers, those that spend more than $100,000 per year with us. Our large customer count was up 70% year-over-year. And as expected, revenue from large customers now accounts for more than half of our total revenue.

謝謝你，Jayson。我們本季表現非常出色。第一季我們達成 1.38 億美元營收，年增 51%。有兩項因素推動我們營收加速成長：第一，我們在新增客戶方面取得顯著成果。整體而言，我們第一季的客戶總數突破 400 萬。尤其是，我們新增了創紀錄的 117 家大型客戶，也就是每年在我們這裡支出超過 10 萬美元的客戶。我們的大型客戶數年增 70%。如同預期，大型客戶營收目前已占我們總營收的一半以上。

The second factor driving our outstanding performance in the quarter was the adoption of new products by our existing customers. As we shared in February during our Investor Day, 88% of our contracted customers now use 4 or more Cloudflare products, up significantly from 18 months ago when we went public. Four is a significant number for us because our usage data suggests once someone is using that many products, customers consider us a core platform that is very sticky and difficult for any competitor to match.

第二個推動本季卓越表現的因素，是既有客戶對新產品的採用。如同我們在 2 月投資人日所分享的，目前 88% 的簽約客戶使用 4 項或以上的 Cloudflare 產品，較我們 18 個月前上市時大幅提升。對我們而言，「4」是一個重要的數字，因為我們的使用數據顯示，一旦客戶使用到這麼多產品，他們就會把我們視為核心平台，黏著度很高，且任何競爭對手都很難匹敵。

Other metrics also show our success selling new products to our existing customers. In particular, in Q1, we achieved a dollar-based net retention rate of 123%, up 400 basis points sequentially. Since very little of our revenue is usage based, our success with this metric is driven by our success selling our broad platform to our customers. We saw particular strength in the quarter from Cloudflare One which unifies Cloudflare for infrastructure and Cloudflare for Teams solutions into a platform that we believe represents the future of enterprise networking.

其他指標也顯示我們成功向既有客戶銷售新產品。特別是第一季，我們達成以美元計價的淨留存率 123%，較前一季提升 400 個基點。由於我們的營收中只有極少部分是以用量計費，因此這項指標的成功主要來自我們成功將廣泛的平台銷售給客戶。本季我們在 Cloudflare One 上表現尤其強勁；Cloudflare One 將 Cloudflare for infrastructure 與 Cloudflare for Teams 解決方案整合為一個平台，我們相信這代表企業網路的未來。

It's also worth noting that since we aren't dependent on usage-based billing, we see no indication that as the world comes out of the effects of COVID, our ability to sell more products to customers is slowing down. Cloudflare's engine runs on innovation and in Q1, that engine was firing on all cylinders. Since our last earnings call, we've hosted 2 innovation weeks, Security Week and Developer Week.

同時也值得注意的是，由於我們不依賴用量計費，當世界逐步走出 COVID 的影響時，我們並未看到向客戶銷售更多產品的能力有放緩跡象。Cloudflare 的引擎由創新驅動，而在第一季，這具引擎火力全開。自上次財報電話會議以來，我們舉辦了兩次創新週：Security Week 與 Developer Week。

We announced or made generally available more than 100 products and capabilities, including Magic WAN, our modern MPLS replacement, Magic Firewall, Browser Isolation, Data Loss Prevention, Super Bot Fight Mode, Cloudflare Pages and Workers Unbound. We also entered into strategic partnerships with leading SD-WAN appliance vendors, data center operators, database vendors, observability companies, developer ecosystem support services and even the leading graphics processor company in order to bring advanced AI to Cloudflare Workers. It's been incredible to watch our platform grow.

我們宣布或正式全面推出（generally available）超過 100 項產品與功能，包括 Magic WAN（我們的現代化 MPLS 替代方案）、Magic Firewall、Browser Isolation、Data Loss Prevention、Super Bot Fight Mode、Cloudflare Pages 以及 Workers Unbound。我們也與領先的 SD-WAN 設備供應商、資料中心營運商、資料庫供應商、可觀測性（observability）公司、開發者生態系支援服務，甚至與領先的圖形處理器公司建立策略夥伴關係，以便將先進 AI 帶到 Cloudflare Workers。看到我們的平台成長，令人驚嘆。

Our strategy with products has always been to get into the market quickly and then relentlessly improve until we are the category leader across each of the features that make up our platform. It's what we've done with products like our DDoS mitigation and web application firewall products, which industry analysts like Gartner and Forrester are increasingly recognizing as the leaders in their categories. But we're seeing the same with new products like Bot Management. We launched our advanced Bot Management feature 2 years ago. At the time, there were a number of companies that focused just on this one problem. We started small with only a handful of initial early adopters, but quickly, using the incredible data from our vast platform, we iterated to deliver a product, we believe, is now the leader in the space.

我們的產品策略一向是快速進入市場，然後持續不懈地改進，直到在平台所涵蓋的各項功能上都成為類別領導者。我們在 DDoS 緩解與 Web 應用程式防火牆等產品上就是如此；Gartner 與 Forrester 等產業分析機構也愈來愈認可我們是各自類別的領導者。而我們也在 Bot Management 等新產品上看到同樣的趨勢。我們在 2 年前推出進階 Bot Management 功能。當時，有不少公司只專注於解決這一個問題。我們從少數早期採用者的小規模起步，但很快地，藉由我們龐大平台所帶來的驚人數據，我們持續迭代並交付了一款我們相信如今已是該領域領先的產品。

Revenue from this product has grown north of 400% compounding annually. And by the end of this year, we believe we will generate more revenue from just this product than most of the companies focused exclusively on BOT Management.

該產品的營收以年複合成長率計算已成長超過 400%。而在今年年底前，我們相信僅靠這一項產品所帶來的營收，就會超過多數專注於 BOT Management 的公司。

We can build products faster and better because of the leverage we get from Cloudflare's overall platform. And today, products like Cloudflare Workers and Cloudflare Pages are following a similar path to Cloudflare advanced Bot Management. Potential category pillars on their own, but with all the benefits for our customers of everything else our platform is capable of.

我們能更快、更好地打造產品，是因為我們能從 Cloudflare 整體平台取得槓桿效益。而今天，像 Cloudflare Workers 與 Cloudflare Pages 這些產品，正走在與 Cloudflare 進階 Bot Management 類似的道路上。它們本身就可能成為獨立的類別支柱，同時也能讓客戶享有我們平台其他所有能力所帶來的好處。

We had some terrific customer wins throughout the quarter. A Fortune 500 retailer signed a 3-year $1.2 million contract to adopt Cloudflare's platform. They preferred our well-integrated approach to performance and security over cobbling together multiple point vendors or using the Frankenstein like solutions other companies have tried to create through M&A. They're implementing our platform and security solutions in the first phase, making extensive use of Cloudflare Workers edge compute platform. There's room for this relationship to grow, and in Phase II we expect them to add Bot Management, advanced image handling and Cloudflare Pages.

本季我們取得一些非常出色的客戶勝利。一家《財富》500 大零售商簽署了一份為期 3 年、總額 120 萬美元的合約，以採用 Cloudflare 平台。他們偏好我們在效能與安全性上的高度整合式做法，而不是拼湊多家單點供應商，或使用其他公司透過併購（M&A）試圖打造的「科學怪人」式解決方案。他們在第一階段導入我們的平台與安全解決方案，並大量使用 Cloudflare Workers 邊緣運算平台。這段合作關係仍有成長空間；在第二階段，我們預期他們將加入 Bot Management、進階影像處理以及 Cloudflare Pages。

A Fortune 500 financial services firm turned to us when they were under a cyber attack. Their existing hardware and telecom provision solutions couldn't mitigate the attack. They adopted our Magic Transit Solution to protect their entire network and signed a 3-year $600,000 contract. They were particularly impressed with our road map and pace of innovation, wanting to go with the long-term winner in this space.

另一家《財富》500 大金融服務公司在遭受網路攻擊時向我們求助。他們既有的硬體與電信佈建解決方案無法緩解該攻擊。他們採用我們的 Magic Transit 解決方案來保護其整體網路，並簽署了一份為期 3 年、總額 60 萬美元的合約。他們對我們的產品路線圖與創新速度印象深刻，希望選擇在此領域的長期贏家。

Another Fortune 500 financial services firm chose Cloudflare over legacy solutions they considered inflexible and cumbersome. They signed a 3-year $1.9 million contract. They implemented a number of our security services, including Bot Management. They also introduced Cloudflare Workers into their toolkit, which their development team is already engaged on and particularly excited about.

還有一家《財富》500 大金融服務公司選擇 Cloudflare，而非他們認為缺乏彈性且笨重的傳統解決方案。他們簽署了一份為期 3 年、總額 190 萬美元的合約。他們導入了多項我們的安全服務，包括 Bot Management。他們也將 Cloudflare Workers 納入工具組，其開發團隊已經投入使用，並對此特別感到興奮。

One of the leading SaaS e-commerce platforms chose Cloudflare to protect and secure all their customers. They liked that they could offer seamless protection and blazing fast performance. They signed a $3.6 million 38-month contract. It's worth noting that with this win, a majority of the leading e-commerce platforms are now powered by Cloudflare.

一家領先的 SaaS 電子商務平台選擇 Cloudflare 來保護並確保其所有客戶的安全。他們喜歡能夠提供無縫的防護與極致快速的效能。他們簽署了一份為期 38 個月、金額 360 萬美元的合約。值得注意的是，隨著這次勝利，目前多數領先的電子商務平台都由 Cloudflare 提供支援。

A major credit reporting agency signed a 4-year $3.6 million contract. The Cloudflare One proposition resonated with them, and they adopted a broad set of our services. They're using Cloudflare to decommission a spider's web of legacy hardware boxes and upgrade to a modern cloud-based solution.

一家大型信用報告機構簽署了一份為期 4 年、金額 360 萬美元的合約。Cloudflare One 的價值主張引起了他們的共鳴，因此採用了我們廣泛的一系列服務。他們正在使用 Cloudflare 來汰除如蜘蛛網般的傳統硬體設備，並升級至現代化的雲端解決方案。

Cloudflare One was a real star this quarter. We saw wins against more established competitors for our Zero Trust solutions. These included a public VoIP company that purchased 2,800 seats; a large public security company that purchased 1,800 seats; a fast-growing private security organization that adopted Cloudflare One architecture; and even an industrial drone company that is ensuring the highly sensitive data they collect is safe, using Cloudflare's browser isolation technology.

Cloudflare One 在本季表現非常亮眼。我們在零信任（Zero Trust）解決方案上，對更成熟的競爭對手取得多項勝利。其中包括：一家上市的 VoIP 公司購買了 2,800 個席位；一家大型上市資安公司購買了 1,800 個席位；一家快速成長的非上市資安組織採用了 Cloudflare One 架構；甚至還有一家工業無人機公司，透過 Cloudflare 的瀏覽器隔離技術，確保其所蒐集的高度敏感資料安全無虞。

As I said, we had an outstanding quarter. When a quarter goes as well as this one, the natural temptation is to wonder what could go wrong. So I thought I'd share some of the things that I worry about. First, I worry about security. There's been a dramatic uptick in the volume and sophistication of cyber attacks targeting our customers and our company directly. While our team security posture and awareness is world-class, we are vigilant in monitoring and addressing the rise in these sophisticated attacks.

如我所說，我們度過了一個非常出色的季度。當一個季度表現像這次一樣好時，自然會讓人想知道可能會出什麼問題。因此我想分享一些我所擔憂的事情。首先，我擔心安全性。針對我們客戶以及直接針對我們公司的網路攻擊，在數量與複雜度上都大幅攀升。雖然我們團隊的安全態勢與意識屬於世界級水準，但我們仍保持警覺，持續監控並因應這些日益精密的攻擊。

Second, I worry about our team and our culture. At Cloudflare, I believe we did an incredible job transitioning to a remote work environment. But in the months to come, as we transition to whatever is next, I worry there will be an upheaval across industries as employees reassess not just future of work but their future outlook. Finally, I worry about regulatory risk. It seems that tech companies have swung from being able to do-no-wrong to now being able to do-no-right. That's a gross simplification, but it's accurate to say that the regulatory landscape on a global basis is getting far more complicated and less consistent.

第二，我擔心我們的團隊與文化。在 Cloudflare，我相信我們在轉型至遠端工作環境方面做得非常出色。但在接下來的幾個月，當我們轉向下一個階段時，我擔心各行各業將出現動盪，因為員工不僅會重新評估未來的工作型態，也會重新審視他們對未來的整體展望。最後，我擔心監管風險。看起來科技公司已從「怎麼做都不會錯」擺盪到如今「怎麼做都不對」。這是過度簡化的說法，但可以確定的是，全球層面的監管環境正變得更加複雜且一致性更低。

We've always been one to turn lemons into lemonade, and our team is good at turning my concerns into products and opportunities. While we are constantly under attack, we're using those threats to productize the sort of Zero Trust network solutions we couldn't find from any other vendor. While employees are likely to use the end of the pandemic as an opportunity to reassess their careers, we are doubling down on actively recruiting and hiring the best talent that previously wouldn't consider changing jobs. And as the regulatory environment becomes more complex, we're using technologies like Cloudflare Workers and Durable Objects to not only meet the data residency and locality requirements we have ourselves, but also solve those problems for our customers.

我們一向擅長把檸檬變成檸檬汁，而我們的團隊也很擅長把我的擔憂轉化為產品與機會。雖然我們持續遭受攻擊，但我們正利用這些威脅，將我們在其他供應商那裡找不到的零信任網路解決方案產品化。雖然員工很可能會把疫情結束視為重新評估職涯的契機，但我們正加倍投入，積極招募並聘用過去不會考慮換工作的頂尖人才。隨著監管環境變得更複雜，我們也在運用 Cloudflare Workers 與 Durable Objects 等技術，不僅滿足我們自身的資料駐留與在地化要求，也為客戶解決同樣的問題。

Back in 2010, right before Cloudflare's first Board meeting and our launch, I got some advice from one of our early investors. He said running a company is a bit like flying an airplane. You want to make sure it's well maintained at all times. And that when you're flying, you keep the wheel steady and the nose 10 degrees above the horizon. That's stuck with me, and we've designed Cloudflare for consistent and disciplined execution. That shows in quarters like the one we just had. And as you'll hear from Thomas, that gives us confidence as we look forward through the rest of the year.

回到 2010 年，就在 Cloudflare 第一次董事會會議與我們正式推出之前，我從一位早期投資人那裡得到一些建議。他說經營公司有點像駕駛飛機：你要確保它隨時都維持良好保養；而當你在飛行時，要讓操縱輪保持穩定，並讓機頭維持在地平線上方 10 度。這句話一直留在我心中，我們也以一致且自律的執行來打造 Cloudflare。這在像我們剛剛經歷的這種季度中就能看得出來。而且正如你們稍後會從 Thomas 那裡聽到的，這也讓我們在展望今年剩餘時間時更有信心。

With that, I'll turn it over to Thomas. Thomas, take it away.

接下來，我把時間交給 Thomas。Thomas，請開始。

Thank you, Matthew, and thank you to everyone for joining us. We had a very strong start to the year. Revenue came in above the high end of our guidance benefiting from record dollar net retention and a record number of large customer additions.

謝謝你，Matthew，也謝謝各位加入我們。我們在今年有一個非常強勁的開局。營收高於我們指引區間的上緣，受惠於創紀錄的美元淨留存率以及創紀錄的大型客戶新增數。

Total revenue for the first quarter increased 51% year-over-year to $138.1 million. The growth in revenue was driven by new (inaudible) 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 61% year-over-year. EMEA represented 26% of revenue and increased 54% year-over-year. APAC represented 16% of revenue and increased 30% year-over-year. We were pleased to see revenue accelerate in the U.S., and we continue to ramp our go-to-market footprint outside of the U.S.

第一季總營收年增 51% 至 1.381 億美元。營收成長來自新的（聽不清）收購，以及我們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展現強勁動能。美國占營收 52%，年增 61%。EMEA 占營收 26%，年增 54%。APAC 占營收 16%，年增 30%。我們很高興看到美國營收加速成長，並且持續擴大我們在美國以外的市場推進（go-to-market）布局。

In China, specifically, we've seen some headwind to revenue as Baidu ramps down, but we are pleased to see the transition to JD track to our expectations.

在中國方面，特別是隨著百度逐步縮減，我們看到營收面臨一些逆風，但我們很高興看到向京東的轉換進度符合我們的預期。

Turning to our customer metrics. We had a record number of total customer additions in the first quarter, adding roughly 600,000 free and paying customers. We ended the quarter with more than 4.1 million total free and paying customers representing an increase of 46% year-over-year. We exited the quarter with about 119,200 paying customers, representing an increase of 34% year-over-year.

接著看客戶指標。第一季我們的總客戶新增數創下紀錄，新增約 60 萬名免費與付費客戶。本季結束時，我們的免費與付費客戶總數超過 410 萬名，年增 46%。本季結束時付費客戶約 119,200 名，年增 34%。

We saw notable acceleration in large customer additions in the first quarter, adding 117 large customers sequentially and 389 year-over-year. We ended the quarter with 945 large customers, representing an increase of 70% year-over-year. Our $1 million large customer cohort continues to be the fastest-growing of the large customer cohorts that we disclosed at our Investor Day in February. We continue to see a balanced mix of new customers and expansion customers in our large customer cohort.

第一季大型客戶新增明顯加速，單季新增 117 家（較前一季增加），年增 389 家。本季結束時我們共有 945 家大型客戶，年增 70%。我們的 100 萬美元大型客戶群（cohort）仍是我們在 2 月投資人日所揭露之各大型客戶群中成長最快的一群。我們在大型客戶群中，持續看到新客戶與擴張型客戶之間的均衡組合。

We saw significant expansion from our large customers, which helped to drive a record dollar-based retention rate of 123%, representing an increase of 400 basis points sequentially. Our enterprise go-to-market efforts continue to generate significant ROI seen in the success across our customer funnel from free to large customers as well as in our strong dollar-based net retention. In addition, our customer acquisition cost is trending favorably and gives us confidence to continue to invest in our large enterprise go-to-market activities.

我們看到大型客戶顯著擴張，推動以美元計的留存率創下 123% 的紀錄，較前一季提升 400 個基點。我們的企業級市場推進（go-to-market）努力持續帶來顯著的投資報酬率（ROI），可從客戶漏斗（從免費到大型客戶）的成功，以及強勁的以美元計淨留存率中看出。此外，我們的客戶取得成本呈現有利趨勢，讓我們有信心持續投資於大型企業的市場推進活動。

First quarter gross margin was 77.6%, representing a decrease of 50 basis points sequentially. Network CapEx represented 15% of revenue in the first quarter. We've seen some constraints in the global electronic supply chain, but we believe we are very well positioned to absorb those challenges and continue to expect network CapEx to be 10% to 12% of revenue for fiscal 2021.

第一季毛利率為 77.6%，較前一季下降 50 個基點。第一季網路資本支出（CapEx）占營收 15%。我們在全球電子供應鏈上看到一些限制，但我們相信自身具備良好條件以吸收這些挑戰，並仍預期 2021 會計年度的網路資本支出將占營收 10% 至 12%。

Turning to operating expenses. First quarter operating expenses as a percentage of revenue increased 1% sequentially and decreased 11% year-over-year to 83%, with another strong hiring quarter with an increase of 41% year-over-year, bringing our total number of employees to 1,931 at the end of the quarter.

接著看營業費用。第一季營業費用占營收比重較前一季增加 1%，較去年同期下降 11% 至 83%。本季同樣是強勁的招募季度，員工人數年增 41%，使我們在季末的員工總數達到 1,931 人。

Sales and marketing expenses were $63.1 million for the quarter. Sales and marketing as a percentage of revenue was flat sequentially and decreased to 46% from 48% in the same quarter last year. In response to the underlying strengths we are seeing in the business, we plan to continue to ramp large enterprise sales capacity and expand our global footprint.

本季銷售與行銷費用為 6,310 萬美元。銷售與行銷費用占營收比重與前一季持平，並由去年同期的 48% 降至 46%。因應我們在業務中看到的基本面強勁，我們計畫持續擴增大型企業銷售產能並擴大我們的全球布局。

Research and development expenses were $28.5 million in the quarter. R&D as a percentage of revenue increased 1% sequentially and decreased to 21% from 22% in the same quarter last year.

本季研發費用為 2,850 萬美元。研發費用占營收比重較前一季增加 1%，並由去年同期的 22% 降至 21%。

General and administrative expenses were $23.1 million for the quarter. G&A as a percentage of revenue increased 1% sequentially and decreased to 17% from 24% in the same quarter last year. We continue to see strong operating leverage in the first quarter, with operating margin improving 1,040 basis points year-over-year. Operating loss was $7.5 million compared to $14.4 million in the same period last year.

本季一般與行政費用為 2,310 萬美元。一般與行政費用占營收比重較前一季增加 1%，並由去年同期的 24% 降至 17%。我們在第一季持續看到強勁的營運槓桿，營業利益率年增改善 1,040 個基點。營業損失為 750 萬美元，去年同期為 1,440 萬美元。

Net loss in the quarter was $9.3 million or net loss per share of $0.03. Our effective tax rate for the first quarter was negative 16%.

本季淨損為 930 萬美元，或每股淨損 0.03 美元。第一季有效稅率為負 16%。

Turning to the balance sheet. We ended the first quarter with $1 billion in cash, cash equivalents and available for sale securities. Free cash flow was negative $2.2 million or 2% of revenue compared to negative $30.6 million or 34% of revenue in the same period last year.

接著看資產負債表。第一季結束時，我們持有 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 220 萬美元，或占營收 2%；相比之下，去年同期為負 3,060 萬美元，或占營收 34%。

Operating cash flow was positive $23.5 million in the first quarter, or 17% of revenue, which increased $32.3 million sequentially and $37.8 million year-over-year. We mentioned in our prior earnings call that collections were strong in January, and that trend continued through the first quarter, which primarily drove the sequential increase in Q1 operating cash flow.

第一季營運現金流為正 2,350 萬美元，約占營收的 17%，較前一季增加 3,230 萬美元，較去年同期增加 3,780 萬美元。我們在上一次財報電話會議中提到 1 月的收款表現強勁，而這一趨勢延續至第一季，這也是推動第一季營運現金流較前一季增加的主要原因。

As we have mentioned previously, we expect 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.

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將出現一定程度的變動。

Before moving to guidance for the second quarter and full year, I'd like to provide a brief update on the COVID-related impacts and associated provisions we shared last quarter. Throughout 2020, we've disclosed the percentage of revenue represented by customers in COVID-19 macro sensitive industries, such as transportation, hospitality and retail. This cohort represented 8% of revenue in Q1 of 2020 and 7% in the quarters thereafter, including first quarter of 2021.

在進入第二季與全年指引之前，我想先簡要更新一下我們在上一季分享的 COVID 相關影響及相應提列。整個 2020 年，我們揭露了來自對 COVID-19 宏觀環境較敏感產業（如運輸、旅宿與零售）的客戶所占營收比例。該客群在 2020 年第一季占營收 8%，其後各季（包含 2021 年第一季）皆為 7%。

Customer concessions and bad debt also came in well below expectations again this quarter and have remained consistent with historical levels. This is the last quarter we are planning to disclose COVID sensitive industry metrics since their performance has been consistent and encouraging.

本季客戶讓利與壞帳費用再次遠低於預期，且維持在歷史水準一致。由於其表現一貫且令人鼓舞，這將是我們最後一季計畫揭露 COVID 敏感產業相關指標。

In Q1, we saw another strong quarter of new ACV growth, solid retention and large customers making longer-term commitments to Cloudflare. Remaining performance obligations, or RPO, remained strong in the first quarter, coming in at $439 million, representing an increase of 14% sequentially and 88% year-over-year. Current RPO was 76% of total RPO.

第一季我們再次看到強勁的新 ACV 成長、穩健的留存，以及大型客戶對 Cloudflare 做出更長期的承諾。第一季剩餘履約義務（RPO）維持強勁，達 4.39 億美元，較前一季增加 14%，較去年同期增加 88%。其中，當期 RPO 占總 RPO 的 76%。

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 outlook for both the quarter and full year. For the second quarter, we expect revenue in the range of $145.5 million to $146.5 million, representing an increase of 46% to 47% year-over-year. We expect operating loss in the range of $10 million to $9 million. We expect net loss per share in the range of $0.04 to $0.03, assuming approximately 308 million common shares outstanding, and we expect an effective tax rate of negative 14%.

鑑於我們看到的強勁動能，我們對業務持續成長仍然樂觀且有信心。因此，我們很高興再次上調本季與全年展望。第二季方面，我們預期營收介於 1.455 億至 1.465 億美元之間，年增 46% 至 47%。我們預期營業損失介於 1,000 萬至 900 萬美元之間。我們預期每股淨損介於 0.04 至 0.03 美元之間（假設流通在外普通股約 3.08 億股），並預期有效稅率為負 14%。

For the full year 2021, we expect revenue in the range of $612 million to $616 million, representing an increase of 42% to 43% year-over-year. We expect operating loss for the full year in the range of $28 million to $24 million. We expect a net loss per share over that period in the range of $0.11 to $0.10, assuming approximately 310 million common shares outstanding. We expect an effective tax rate for 2021 of negative 21%.

2021 全年方面，我們預期營收介於 6.12 億至 6.16 億美元之間，年增 42% 至 43%。我們預期全年營業損失介於 2,800 萬至 2,400 萬美元之間。我們預期該期間每股淨損介於 0.11 至 0.10 美元之間（假設流通在外普通股約 3.10 億股）。我們預期 2021 年有效稅率為負 21%。

In closing, it was another very strong quarter, and I again want to thank our Cloudflare employees for their continued dedication and delivering exceptional service to our customers, partners and communities.

最後，這又是一個非常強勁的季度，我再次感謝 Cloudflare 員工持續投入，並為我們的客戶、合作夥伴與社群提供卓越服務。

And 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，請開始收集問題？

(Operator Instructions) The first question is from Brent Thill of Jefferies.

（接線員指示）第一個問題來自 Jefferies 的 Brent Thill。

Matthew, maybe if you could talk a little bit about the go-to-market this year, obviously, winning some great enterprise contracts. And I'm curious in terms of your approach and your go-to-market, if there's anything you're changing up this year? Is it more of the same formula that you've been executing on in the last year?

Matthew，也許你可以談談今年的市場進入策略（go-to-market），顯然你們拿下了一些很棒的大型企業合約。我想了解在方法與 go-to-market 上，今年是否有任何調整？還是延續你們過去一年一直在執行的同一套公式？

Brent, thanks for the question. I think that over the course of the last year, we were very well served from our experience being able to sell without necessarily going and seeing people in person. That obviously is a skill that a lot of other companies had to learn. That's something that goes back to Cloudflare's original days. I think what is changing is that we continue to invest in bringing in some of the best field sales that we need to service these larger and larger customers over time.

Brent，謝謝你的問題。我認為在過去一年中，我們過往在不一定需要親自拜訪客戶也能完成銷售的經驗，對我們幫助很大。這顯然是許多其他公司必須學習的技能，而這其實可追溯到 Cloudflare 創立初期。我認為正在改變的是，我們持續投資引進一些最優秀的外勤銷售人才，以便隨著時間推進服務越來越大型的客戶。

And so we have been fortunate that over the course of the last year, we've seen an incredible number of candidates that have applied. And I think we disclosed that in 2020, nearly 200,000 applicants applied to work at Cloudflare. About half of those were for sales and marketing roles and the caliber that those people are coming from is really just extraordinary. And so we've been continuing to invest go to where our customers are. But I think our strategy remains the same, which is we invest on a very data-driven basis. We invest behind demand. We invest in a way that ensures that we have a success culture across our sales team. And that has allowed us to continue to move upmarket and sell more to new logos and deliver that.

因此我們很幸運，在過去一年中看到非常多的候選人投遞。我想我們也揭露過，2020 年有將近 20 萬名應徵者申請加入 Cloudflare，其中約一半是銷售與行銷職務，而這些人所來自的背景與水準確實非常出色。因此我們持續投資，走向客戶所在之處。但我認為我們的策略仍然相同：以高度數據驅動的方式投資；在需求之後加大投入；並以確保銷售團隊具備成功文化的方式來投資。這讓我們得以持續往上打入更大型的市場、向新客戶（new logos）銷售更多，並交付成果。

I think the other thing which has really been a highlight of the last year has been how our expanding platform has allowed us to sell more to our existing customers. And so you've seen that expand where, as I said in the prepared remarks, 88% of our customers are now using 4 or more Cloudflare products. And we are becoming one of their critical platforms. And I think that over time, that's going to do as we still have a lot of products that we are developing and releasing on a regular basis and to allow us to continue to expand with those existing customers. And I'm incredibly proud of our team's ability to get to 123% dollar-based net retention, which is all driven by our ability to sell new products.

我認為過去一年另一個亮點，是我們不斷擴展的平台讓我們能對既有客戶銷售更多。因此你看到這種擴張：如我在事先準備的發言中所說，我們目前有 88% 的客戶使用 4 項或以上的 Cloudflare 產品。我們正成為他們的關鍵平台之一。我認為隨著時間推進，因為我們仍有許多產品持續開發並定期發布，這將使我們能持續在既有客戶中擴張。我也非常以團隊能達到 123% 的以美元計價淨留存率為傲，而這完全是由我們銷售新產品的能力所驅動。

Great. Just a quick follow-up for Thomas. On the China headwind, you mentioned the transition to JD. Is that largely going to be -- is that going to be effectively finished off in the second half of this year? When does that headwind abate?

很好。再快速追問 Thomas 一題。關於中國的逆風，你提到轉移到京東（JD）。這是否大致會在今年下半年基本結束？這個逆風何時會消退？

Yes. We talked about the headwind on our last earnings call and said that it was part of our guidance. So how we look at the remainder of the year is digested in the outlook we gave. If it hadn't been for the headwind, our growth rate in Asia has been -- would have been on historical levels. And it will return to that performance over the course of the year.

是的。我們在上一通財報電話會議中談到這個逆風，並表示它已納入我們的指引。因此，我們對今年剩餘期間的看法已反映在我們給出的展望中。若不是因為這個逆風，我們在亞洲的成長率本來會維持在歷史水準，並且會在今年的進程中回到那樣的表現。

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

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

Congrats on the acceleration in Q1. Matthew, I wanted to drill into your comment about the multiproduct sales, which is really interesting. I guess, I'm wondering if you could refresh our memory on some of the top 4 products today. But I think even more interesting, if we look back 2, 3 years from now, what do you think you have today that could be in, say, a top 5 list for you guys?

恭喜第一季成長加速。Matthew，我想深入了解你對多產品銷售的評論，這非常有意思。我想請你幫我們回顧一下目前最主要的 4 項產品是哪些。不過我覺得更有趣的是，如果我們往後看 2 到 3 年，你認為你們現在有哪些產品，可能會進入你們的前 5 大清單？

Sure. So I think foundationally, the way that we see customers is that what they want is a network they can plug into and not have to worry about anything else. So they want a network which is fast, a network which is reliable and a network which is secure. And so there are a lot of different products that map to some of the legacy hardware boxes that are out there. So load balancing or firewall or VPN, those sorts of things. But foundationally, what customers want is that next-generation corporate network.

當然。我認為從根本上來看，我們看待客戶的方式是：他們想要的是一個可以直接接入的網路，之後就不必再擔心其他事情。因此他們想要一個快速的網路、一個可靠的網路，以及一個安全的網路。於是有許多不同產品可對應到市面上既有的硬體設備，例如負載平衡、防火牆或 VPN 等。但從根本上，客戶想要的是下一代企業網路。

And so I think we always struggle at some level answering this question because what we think we're doing is selling that next-generation network and providing the functionality for customers that they need and where they're headed to. If you look at our products, it's a little bit like a Mastermind game where we really don't care where a customer starts. A lot of times, that initial interest starts with something like a security product, wanting to stop a denial-of-service attack, needing to patch a particular vulnerability. But that really begins a conversation, which allows us to sell more to them over time.

因此我想我們在某種程度上總是很難回答這個問題，因為我們認為自己是在銷售下一代網路，並提供客戶所需、以及他們未來要前往方向的功能。若你看我們的產品，有點像在玩《Mastermind》猜色遊戲：我們其實不在意客戶從哪裡開始。很多時候，最初的興趣會從某個安全產品開始，例如想阻擋阻斷服務攻擊、需要修補某個特定弱點。但那其實開啟了一段對話，讓我們能隨時間推進對他們銷售更多。

And so I think that when you look at our vision for Cloudflare One, which incorporates the Cloudflare for Teams products and the Cloudflare infrastructure products, that's the direction we think we're headed. And again, what it foundationally is providing is that network that you can plug into and get performance, security and reliability, all in one unified package. And that's -- I think that, that's going to make the point cloud solutions that just do 1 of those things well, look more like features than individual products or stand-alone companies on their own.

因此我認為，當你看我們對 Cloudflare One 的願景（其中整合了 Cloudflare for Teams 產品與 Cloudflare 基礎設施產品），那就是我們認為前進的方向。同樣地，其根本是在提供一個你可以接入的網路，並在一個統一的套件中同時獲得效能、安全性與可靠性。我認為這將使那些只把其中一項做得很好的點式雲端解決方案，看起來更像是功能特性，而不是獨立產品或各自獨立運作的公司。

In terms of what I'm excited about, we saw incredible strength this last quarter in the Cloudflare One offerings and Cloudflare Teams winning very large deals. And I think that, that is only accelerating over the next period of time. I think that the features that we have in there will be something that we'll see more and more adoption of across our customers. And so that's an area that I would keep a close eye on.

就我感到最興奮的部分而言，我們在上一季看到 Cloudflare One 產品組合以及 Cloudflare Teams 拿下非常大型交易，展現出驚人的強勁動能。我認為這股動能在接下來一段時間只會持續加速。我認為我們在其中提供的功能，會在客戶群中獲得越來越多的採用。因此，這是我會密切關注的一個領域。

And then obviously, Cloudflare Workers, which is sort of the -- which one of these things is not like the other. That opens obviously a whole new market for us, and I've been really impressed that in production from some of the largest companies in the world, they are now relying on Cloudflare Workers as one of their key technologies that their teams are using to build and maintain their applications. So this isn't vapor ware. This is what you -- if you're going and checking your credit report, there's a good chance that you're actually relying on Cloudflare Workers to do that.

然後很明顯地，Cloudflare Workers 有點像是——在這些項目中「哪一個不太一樣」。它顯然為我們打開了一個全新的市場。而且我真的很驚訝的是，全球一些最大的公司已經在正式生產環境中依賴 Cloudflare Workers，把它當作其團隊用來建置與維護應用程式的關鍵技術之一。所以這不是空中樓閣。這是你——如果你去查你的信用報告，很有可能你其實就是在依賴 Cloudflare Workers 來完成這件事。

That's fantastic. Great overview. And then I guess maybe as a follow-up to that, you guys had an announcement with NVIDIA this quarter in terms of our partnership. And I know it's probably not a revenue-generating thing here, at least in the short term. But talk to us about what that does for the speed at the edge? I mean, it seems like it just amplifies everything you've done historically, but maybe talk to the importance of that partnership?

太棒了。很好的總覽。接著我想作為延伸追問，你們本季與 NVIDIA 就合作夥伴關係做了公告。我知道這可能不是能帶來營收的事情，至少短期內不是。但請跟我們談談，這對邊緣端的速度有什麼幫助？我的意思是，看起來它只是把你們過去做的一切都再放大，但也許請談談這個合作的重要性？

So we want to make Cloudflare Workers the most powerful development platform in the world, not the most powerful edge computing platform in the world, we want it to be the most powerful development platform in the world. And we think of ourselves as competing not with niche edge computing vendors, but with the core computing vendors that are out there. And so as we talk to customers and as we look at our own needs, one of the things which is of rising importance is being able to do artificial intelligence and model mapping and do it in a way which is incredibly performant.

所以我們希望讓 Cloudflare Workers 成為全世界最強大的開發平台，不只是全世界最強大的邊緣運算平台；我們希望它是全世界最強大的開發平台。我們認為自己競爭的對象不是利基型的邊緣運算供應商，而是市場上的核心運算供應商。因此，當我們與客戶交流、以及檢視我們自身需求時，其中一個日益重要的事情，就是能夠進行人工智慧與模型映射，並且以極高效能的方式來完成。

And so we were looking for a partner to help us drive AI running at the edge. NVIDIA is a leader through their graphics processor units. We use their technology internally to drive a lot of our AI models for products like Bot management and others already. And so this is a way that we can bring that intelligence and that power to all of the developers. And I guess, I think it's one of many different ways that we're going to make the Cloudflare Workers platform that what we think is the preeminent computing platform for developers, whatever they're trying to do.

因此我們在尋找一個合作夥伴，協助我們推動在邊緣端執行 AI。NVIDIA 透過其圖形處理器（GPU）是業界領導者。我們內部已經使用他們的技術，來驅動像是 Bot 管理等產品的許多 AI 模型。因此，這是一種把那樣的智慧與算力帶給所有開發者的方式。我想，這也是我們將以多種不同方式，讓 Cloudflare Workers 平台成為我們認為對開發者而言首屈一指的運算平台——不論他們想做什麼。

Next question is from Sterling Auty of JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Sterling Auty。

This is Drew on for Sterling. You mentioned the success of Bot management and mentioned that Cloudflare Workers and Pages are following a similar path. I was wondering if you could expand upon that point and the trajectory that you're seeing with those products?

我是 Drew，代 Sterling 提問。你提到 Bot 管理的成功，也提到 Cloudflare Workers 和 Pages 正在走類似的路徑。我想請你能否延伸說明一下這點，以及你在這些產品上看到的發展軌跡？

Sure. So we believe that we want to get products into the market quickly and early. And then use the data and use all of the customers across Cloudflare to iterate on those products and improve over time. And so what we've seen with Bot Management, what we've seen with a number of new products that we've launched is that if we get them there, they could get customer feedback, then that allows us to very, very quickly make those products significantly better. And so I talked a little bit about Workers.

當然。我們相信應該要把產品快速、及早地推向市場。然後利用數據、以及 Cloudflare 全體客戶的回饋，持續迭代並隨時間改進這些產品。因此，我們在 Bot 管理、以及多個新推出的產品上看到的是：只要我們把產品推出去、取得客戶回饋，就能讓我們非常、非常快速地把產品大幅做得更好。所以我剛才也稍微談到 Workers。

Cloudflare Pages is an ability for us to really satisfy some of the needs of developers. There are a number of companies that are focused exclusively on doing what are called Jamstack development environments. That's something that we heard from Cloudflare Workers developers, the tens of thousands of developers that sign up for Cloudflare Workers every single quarter that they were interested in. We had the technology and platform to be able to deploy that across our entire infrastructure without adding significant additional costs. And that's just catnip for developers over time. It helps them move to our platform and makes our platform stickier and stickier.

Cloudflare Pages 讓我們能真正滿足開發者的一些需求。有不少公司專注於所謂的 Jamstack 開發環境。這是我們從 Cloudflare Workers 的開發者那裡聽到的需求——每一季都有數以萬計的開發者註冊使用 Cloudflare Workers，他們對此很感興趣。我們具備技術與平台，能在不增加顯著額外成本的情況下，把這項能力部署到我們整個基礎設施上。長期來看，這對開發者非常有吸引力。它幫助他們轉向我們的平台，並讓我們的平台黏著度越來越高。

And so that, again, I think, is an embodiment of how Cloudflare thinks about product development. It's how can we take the network that we have, how can we take the customers that we have, learn from them, use the data that we generate from our network and then provide products which are not only faster, more secure, more reliable, but also just provide a greater ROI as part of the overall bundled Cloudflare experience. And so that's been a real success. I think it's something that is driving more and more developers to our platform and causing them to build entire applications, relying on Cloudflare Workers and the adjacent products.

因此，這再次體現了 Cloudflare 對產品開發的思維：我們如何利用既有的網路、如何利用既有的客戶，向他們學習，運用我們網路所產生的數據，然後提供不僅更快、更安全、更可靠的產品，同時也能在整體打包的 Cloudflare 體驗中帶來更高的投資報酬率（ROI）。這一直是非常成功的做法。我認為這正驅動越來越多開發者來到我們的平台，並促使他們建置完整的應用程式，依賴 Cloudflare Workers 以及周邊產品。

Your next question is from James Fish of Piper Sandler.

下一個問題來自 Piper Sandler 的 James Fish。

Congrats on another great quarter. Maybe, Thomas, for you, it does seem like duration is increasing again. Is that just a factor of larger customers signing up more, greater prepayments by those customers? Or any sales incentivization? And then Matthew, for you, what do you see as those regulatory risks you were highlighting in your prepared remarks?

恭喜又交出一個很棒的季度。也許 Thomas 先回答：看起來合約期限（duration）又在拉長。這只是因為更大型的客戶簽得更多、這些客戶預付款比例更高？還是有任何銷售激勵因素？然後 Matthew 想請教：你在事先準備的講稿中提到的那些監管風險，你認為是哪些？

Yes. So our sales cycles are actually getting a little bit shorter, but our contract duration is moving out probably from 12 to 13 to 13 to 14 months. And even more importantly, if you weigh our contract duration dollar base, it's probably out 16 months. And this brings also earlier payments with all the good benefits that you saw on the cash flow side, too. So moving up market being rather successful in large cohorts is driving the good results that you see.

是的。我們的銷售週期其實變得稍微更短，但合約期限大概從 12 到 13 個月，拉到 13 到 14 個月。更重要的是，如果用合約期限按美元金額加權來看，大概延長到 16 個月。這也帶來更早的收款，以及你在現金流面向看到的所有正面效益。因此，成功往上打入更高端市場、並在大型客群中取得成果，正在推動你所看到的良好表現。

And Jim, I don't think there's anything unique to Cloudflare about the regulatory risk that we face. But I do think that the regulatory environment around the world is getting much more complicated, we're seeing as different countries are requiring data locality and data residency requirements. That's forcing companies to find ways to make sure that all their customer data doesn't leave India or Brazil or Germany or the sort of patchwork of regulatory environment that I think is coming down the line. That impacts us to some extent, but I don't think it impacts us anymore than any other company which is out there.

Jim，我不認為我們面臨的監管風險有任何 Cloudflare 特有之處。但我確實認為全球的監管環境正變得更加複雜；我們看到不同國家開始要求資料在地化與資料駐留（data residency）。這迫使企業必須想辦法確保其客戶資料不會離開印度、巴西、德國，或是我認為即將到來的那種拼布式監管環境。這在某種程度上會影響我們，但我不認為它對我們的影響會比其他公司更大。

What I do think it does because we have an awareness, and my parents will be happy that the 3 years I spent in law school weren't completely for waste that, that allows us to think about how we can build products to not only help ourselves meet that increasingly complicated environment, but also help our customers. And so an example of that is something that we launched at the end of last year and brought to GA this last quarter, which is Durable Objects. That allows the developer to write data into a data store and then tag that data with a particular geography saying, in particular, don't ever let this data leave Germany, don't ever let this data leave India and yet still write through a single application, the ability to address that.

不過我確實認為，因為我們對此有意識——而且我父母會很高興我在法學院待的那 3 年並沒有完全浪費——這讓我們能思考如何打造產品，不僅幫助我們自己因應日益複雜的環境，也能幫助我們的客戶。舉例來說，我們在去年年底推出、並在本季正式全面可用（GA）的 Durable Objects。它讓開發者可以把資料寫入資料儲存區，並為該資料標記特定地理區域，例如明確指定「絕對不要讓這些資料離開德國」、「絕對不要讓這些資料離開印度」，同時仍能透過單一應用程式來寫入並處理這些需求。

As we talk to and as we see Cloudflare Workers being adopted across some of the largest companies in the world, what's driving them to that oftentimes is that complicated regulatory environment. And so I think today, if you look at our customer profile, it's about 1 in 6 websites, according to third-party data, today is using Cloudflare. That obviously means that we have a responsibility. But I think that, that responsibility is something which is allowing us to build products, which can help service a global audience, and that's part of why you see large Fortune 500 companies adopting platforms like Cloudflare Workers.

當我們與一些全球最大的公司交流、並看到 Cloudflare Workers 在其中被採用時，推動他們採用的原因往往就是那種複雜的監管環境。因此我認為，若看我們今天的客戶輪廓，根據第三方數據，現在大約每 6 個網站就有 1 個在使用 Cloudflare。這顯然意味著我們肩負責任。但我認為，這份責任也讓我們能打造產品，協助服務全球受眾；這也是你看到大型《財富》500 強公司採用像 Cloudflare Workers 這類平台的原因之一。

Got it. Matthew, I'm sure your parents are proud of you either way, law career or not. Just quickly, supply chain shortage out there. It looks like CapEx picked up a bit. I guess it seems like you guys are trying to pre-buy some of the underlying equipment. And I understand you guys don't have a huge amount of capacity that's required because you're not in the media game, but how are you guys managing through those supply chain constraints?

了解。Matthew，我相信不管你是否走法律職涯，你父母都會以你為榮。再快速問一下：目前外界有供應鏈短缺。看起來資本支出（CapEx）提高了一些。我猜你們似乎在嘗試預先採購一些底層設備。我也理解你們不像媒體業那樣需要大量容量，但你們是如何在這些供應鏈限制下進行管理的？

I think we have invested a lot in delivering what we think of as almost a just-in-time infrastructure delivery service, and that allows us to take advantage of times when we're able to get deals in the hardware components that we need, and it allows us to be very nimble and flexible. That was important as we got through the last 14 months, where we saw unprecedented growth, and we were able to deliver and build out our network even in the face of that growth.

我認為我們在提供一種我們稱之為近乎即時（just-in-time）的基礎設施交付服務上投入很多，這讓我們能在有機會以優惠條件取得所需硬體元件時把握時機，也讓我們能非常敏捷且有彈性。這在過去 14 個月特別重要，因為我們看到前所未有的成長，而即便在那樣的成長壓力下，我們仍能交付並擴建我們的網路。

I'll also say that one of the things that we invested in starting back in 2015, which is starting to pay off now, is the flexibility across our platform to not be dependent on any one particular chip vendor. So we can easily migrate not only between Intel and AMD chips, but also to ARM-based chips. And so right now, we have ARM-based chips in production running across our network and processing user requests in a way that's incredibly efficient. That flexibility allows us to, I think, have more options as the world is dealing with some of the shortages of chips and other semiconductors. And I think that, that has -- that engineering that flexibility in, which we've been doing for quite some time, is -- allows us to be very nimble as we need to build out our network.

我也想說，我們從 2015 年開始投資的一件事，如今正開始看到回報，就是讓我們的平台具備彈性，不依賴任何單一特定的晶片供應商。因此，我們不僅可以在 Intel 與 AMD 晶片之間輕鬆遷移，也能遷移到以 ARM 為基礎的晶片。而且目前，我們已在生產環境中使用 ARM 架構晶片，於整個網路中運行並處理使用者請求，效率高得驚人。當全球正面臨晶片與其他半導體短缺時，這種彈性讓我們有更多選擇。我認為，我們長期以來投入的這種彈性工程設計，使我們在需要擴建網路時能夠非常靈活敏捷。

But it's something we watch carefully. It's something that we're on top of. But I think that we have more nimbleness and flexibility because of the engineering work that we've done. So I think we are less exposed to it than some others in the space.

但這是我們會仔細觀察的事情，也是我們掌握得很到位的事情。不過我認為，因為我們所做的工程工作，我們具備更高的敏捷性與彈性，所以相較於同業中的一些公司，我們受到的影響較小。

Your next question is from Joel Fishbein of Truist Securities.

下一個問題來自 Truist Securities 的 Joel Fishbein。

Matthew, this is a follow-up to the earlier questions. Obviously, you guys have a huge breadth of products. I think you have over 100 product capabilities now. The industry, some of the industry players are talking about turning products into, I guess, features. Can you tell me or tell us how Cloudflare is playing into that? And how you guys think about that going forward?

Matthew，這是針對先前問題的追問。很明顯，你們的產品廣度非常大。我想你們現在已經有超過 100 項產品能力了。產業裡有些玩家在談把產品變成、我想是，功能（features）。你能否告訴我或告訴我們 Cloudflare 在這方面是如何布局的？以及你們未來會如何看待這件事？

Sure, Joel. I mean I think that that's a big part of our strategy. If you look at the companies that get to the next stage, they are taking their broad feature set and combining it into what are effectively site licenses for large customers to deliver a broad platform that solves a large set of needs. And so as we compete with companies that just do one thing well, we are good at doing multiple things well, and we're able to use the overall platform to solve not just one need, but many and give our customers an enormous amount of flexibility as we do that.

當然可以，Joel。我認為那是我們策略中很重要的一部分。你看那些能進入下一個階段的公司，他們會把廣泛的功能集合整合起來，對大型客戶而言，實際上就像是站點授權（site licenses），提供一個能解決大量需求的廣泛平台。因此，當我們與那些只把某一件事做得很好的公司競爭時，我們擅長把多件事都做得很好，並且能用整體平台不只解決單一需求，而是同時解決多個需求，並在此過程中給客戶極大的彈性。

And so I think that in the past, there used to be companies focused entirely on something like DDoS mitigation, we've turned that into a feature. There used to be companies focused entirely on web application firewall. We've turned that into a feature. And I think that as you see us go into a lot of the Zero Trust markets, what's powerful is that when we sell against somebody who is just providing Zero Trust Gateway services or Zero Trust Access services, we can oftentimes win in those markets by not only providing a better product, but then also bundling it together with other features like DDoS Mitigation, WAF, DNS and other things.

所以我認為，過去曾有公司完全專注在像是 DDoS 緩解（mitigation），我們已把它變成一項功能。過去也有公司完全專注在 Web 應用程式防火牆（WAF），我們也把它變成一項功能。我認為，當你看到我們進入許多零信任（Zero Trust）市場時，強大之處在於：當我們對上只提供零信任閘道（Zero Trust Gateway）服務或零信任存取（Zero Trust Access）服務的競爭者時，我們往往能在那些市場勝出，因為我們不僅提供更好的產品，還能把它與其他功能一起打包，例如 DDoS 緩解、WAF、DNS 等等。

And so over time, that platform becomes richer and richer, and we're making sure that we have the sales sophistication as we move up the organizational chart, selling multimillion-dollar deals, to be selling what is essentially the entire platform to the CIO or CTO. So I think that's going to be a big part of our story going forward. I think that, that is the strategy that we're embarking on. And I think that it is a tried and true strategy over time.

因此，隨著時間推移，那個平台會越來越豐富；同時，我們也確保在銷售能力上更成熟，因為我們正往組織架構更高層推進，去談數百萬美元的交易，並把本質上是整個平台的方案賣給 CIO 或 CTO。所以我認為，這會是我們未來故事的重要部分。我認為這就是我們正在推進的策略，而且我認為這是一個長期被驗證、行之有效的策略。

I think the one thing that's a little bit different about us than some others is we have been able to develop the broad set of platforms without engaging in very significant M&A over that period of time. And that has a benefit that is not only more efficient, but it also means that our platform is very tightly integrated and that's something that we hear over and over again as a real differentiator where you don't have to have the sort of Frankenstein like approach of a bunch of companies that were bought through M&A.

我認為我們與一些其他公司稍有不同的一點是：在那段期間，我們能夠在不進行非常大量的併購（M&A）的情況下，打造出廣泛的平台組合。這帶來的好處不僅是更有效率，也意味著我們的平台整合得非常緊密；而這也是我們一再聽到的真正差異化因素，因為你不需要採用那種像科學怪人（Frankenstein）一樣、由一堆透過併購買來的公司拼湊而成的方法。

Our next question comes from Keith Weiss of Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Keith Weiss。

Excellent and really, really nice quarter. Two questions. One, I think it's for Matthew. Obviously, one of the most impressive stat this quarter was the pace of new customer additions. Can you help us understand how much of that is just kind of the sort of the market getting better and people looking for these types of solutions overall, understanding the risk environment? And how much is -- is there anything particular from an operational current perspective or an execution perspective, that really kicked into gear for you guys that enabled those new customers adds to really turn on in the quarter? And then I have a follow-up for Thomas.

非常好，而且真的是非常、非常漂亮的一季。有兩個問題。第一個我想問 Matthew。顯然，本季最令人印象深刻的數據之一是新增客戶的速度。你能幫我們理解一下，其中有多少只是市場整體轉好、大家在理解風險環境後更想要這類解決方案？又有多少是——從營運現況或執行面的角度來看，你們是否有什麼特別的作為真正加速，讓本季新增客戶數大幅啟動？然後我還有一個追問要問 Thomas。

Yes. I think that the first thing is that I think a lot of companies that in the past were sort of clinging to what we refer to as kind of their Emu boxes. Emu, the flightless bird, which is a perfectly good bird, but it can't fly, so there's no way it's ever going to get to the cloud. That over the last year, became something which just was untenable as people shifted to remote work. And so a lot of the companies that in the past were somewhat reticent to shift to cloud-based services now found themselves saying, we're open to this.

是的。我認為第一點是，過去有很多公司某種程度上還在死守我們所說的「Emu 盒子」。Emu 是一種不會飛的鳥，牠其實是很好的鳥，但牠不會飛，所以永遠不可能上雲。過去一年，隨著人們轉向遠端工作，這種做法變得難以為繼。因此，許多過去對轉向雲端服務有些猶豫的公司，現在發現自己會說：我們願意接受這件事。

So I don't think like -- I actually don't think that COVID was a particular tailwind for us over the course of the last year. And as we've talked about in previous calls, in a lot of ways, it was a real headwind because we had to adjust to a lot of things. But I do think that it accelerated the digital transformation and it freed up a lot of companies in financial services, in Europe, in small businesses, that sort of cloud reticent companies in the past to say, "okay, we got to take this seriously now. " And so I think what's happening is as people are coming back as it's not an emergency situation anymore, IT teams are saying, "okay, now we need to take that call from Cloudflare because it's time for us to get serious about making sure that we never have to go through what we went through in the spring of 2020 again."

所以我不認為——我其實不認為 COVID 在過去一年對我們是特別的順風。正如我們在先前的電話會議中談過的，很多方面它其實是很大的逆風，因為我們必須調整很多事情。但我確實認為，它加速了數位轉型，也讓許多過去對雲端較為抗拒的公司——包括金融服務業、歐洲地區，以及小型企業——開始說：「好吧，我們現在必須認真看待這件事。」因此我認為，當情況不再是緊急狀態、大家逐步回來時，IT 團隊會說：「好，現在我們需要接 Cloudflare 的電話了，因為我們必須認真確保，未來不必再經歷 2020 年春天那樣的狀況。」

And so I think that's what's changed in the market. And I think that, that will be a positive factor for us for the -- for several years to come going forward. I think the thing that's changed at Cloudflare is we've just done what we always do, which is we keep getting more sophisticated in our sales motion, more sophisticated in our go-to-market motion. I think we've added really great people to our team across the board from individual account managers up to the management of our sales and marketing teams. And I think that, that is allowing us to better attract these customers.

所以我認為市場的改變就在這裡。而且我認為，這將在未來好幾年持續成為對我們有利的因素。我認為 Cloudflare 這邊的改變是：我們只是做我們一貫會做的事，也就是讓我們的銷售動作更成熟、讓我們的市場進入（go-to-market）動作更成熟。我認為我們在各個層面都加入了非常優秀的人才，從個別客戶經理到銷售與行銷團隊的管理層。我認為這讓我們能更好地吸引這些客戶。

You can also see it just in things like industry analyst reports, where Cloudflare is showing up in almost all of the categories where we compete as one of the category leaders and in the must consider list. And so I think that, that has always been our approach. We start in one place, we work our way up, both in terms of customer size, in different geographies and in different industry verticals, and you're seeing that continue to execute going through this quarter.

你也可以從一些事情看出來，例如產業分析師報告：Cloudflare 幾乎在我們競爭的所有類別中都被列為類別領導者之一，並且在「必須納入評估」（must consider）名單中。所以我認為，這一直是我們的方法：我們從一個切入點開始，然後在客戶規模、不同地理區域以及不同產業垂直領域上逐步往上走，而你也看到這種執行力在本季持續展現。

Got it. Remarkably, that's the second time an Emu reference has come up in conference calls over the past 2 weeks. Pretty remarkable there. Thomas, a question for you. When you just present the TAM, you break it down into app services, Zero Trust services, network services. Is that a valid way to kind of think about the revenue buckets on a go-forward basis, in terms of new segments on a go-forward basis? Or is that just kind of market opportunity and revenue segments should be thought of separately?

了解。值得一提的是，這是過去兩週電話會議中第二次提到 Emu。相當驚人。Thomas，我有個問題想問你。你剛才在呈現 TAM 時，把它拆成應用服務、零信任服務、網路服務。從未來的角度來看，這是否是一種合理的方式來思考營收分桶（revenue buckets），也就是作為未來新分部（segments）的劃分？還是那只是市場機會的分類，而營收分部應該分開來看？

We think about the TAM differently and how we describe the TAM today is largely driven by how boxes were sold and some were -- still are sold today. So if you want to bucket us this way, it continues to be 50% falls into their security packet and 50% falls into their reliability and performance bucket. But the bundling of the product is really describing the how we address customer needs and how we address the market. And clearly, Cloudflare One is the biggest opportunity for us from a dollar perspective, how we see the market moving forward.

我們對 TAM 的思考方式不同；而我們今天描述 TAM 的方式，很大程度上是由過去硬體盒子（boxes）是如何被銷售、以及其中一些到今天仍然如何被銷售所驅動。因此，如果你要用這種方式來分桶，我們仍然是 50% 落在安全（security）那一桶，50% 落在可靠性與效能（reliability and performance）那一桶。但產品的打包（bundling）真正描述的是：我們如何滿足客戶需求、以及我們如何切入市場。而且很明顯，從金額（dollar）角度來看，Cloudflare One 是我們最大的機會，也是我們看待市場未來走向的方式。

Your next question is from Alex Henderson of Needham.

您的下一個問題來自 Needham 的 Alex Henderson。

Great. I appreciate the great print. Hopefully, people will realize that you really aren't a CDN and don't compete with Fastly to -- after the print. I wanted to change the subject a little bit. One of the critical variables that I think makes your company so different from everybody else, is the degree to which you are able to reach and penetrate the coding community. And you shared some statistics on that a quarter or 2 back. And I was hoping you could give us an update, maybe the number of coders that are currently coding on your system, the growth rate of that coding base. How many developers? Anything along those lines that would help us to understand just how large you and how critically important you've become to the coding community?

很好。我很欣賞這次亮眼的表現。希望在這次成績公布之後，大家會意識到你們其實並不是 CDN，也不會在那方面與 Fastly 競爭。我想稍微換個話題。我認為讓你們公司與其他公司如此不同的一個關鍵變數，是你們能夠觸及並深入程式開發社群的程度。你們在一兩個季度前分享過一些相關統計數據。我想請你們更新一下，例如目前有多少程式設計師正在你們的系統上開發、這個開發者基礎的成長率、開發者人數等任何類似資訊，幫助我們了解你們規模有多大，以及你們對程式開發社群而言已變得多麼關鍵且重要？

Yes, Alex, thanks for the question. I -- we have a ton of respect for Fastly and Optima and Limelight. But we're in a very different business than they are. We're not usage based, by and large, which last year actually felt kind of hard because use was going up, but we weren't able to automatically bill more revenue. The good news from that, though, is that we also don't feel like we've got an overhang going into the back half of this -- or the remainder of this year. And so I think that, that just shows that it's just a very different business. I actually looked up the data. And Fastly is a -- we just don't see them in deals because, again, I think that they are very much going after the media space and doing media delivery, that's something that's just very different than what we've ever intended to do. So I appreciate you recognizing the difference, but that's not to say that they don't have a great business. I think they do is just not one that we really compete with.

是的，Alex，謝謝你的問題。我們——我們非常尊重 Fastly、Optima 和 Limelight。但我們所處的業務與他們非常不同。我們大體上不是按使用量計費；去年其實感覺有點辛苦，因為使用量在上升，但我們無法自動多收取更多收入。不過好消息是，我們也不覺得在今年下半年——或今年剩餘期間——會有任何「包袱」或壓力。因此我認為這也顯示出這確實是非常不同的商業模式。我其實查了一下資料。Fastly——我們在交易案中幾乎不會看到他們，因為同樣地，我認為他們主要是鎖定媒體領域、做媒體傳輸，這與我們一直以來想做的事情非常不同。我很感謝你看出這個差異，但這並不是說他們的業務不出色；我認為他們確實做得很好，只是我們並不真正與之競爭。

In terms of developers, we've continued to see very strong growth across the developer platform. We've seen that the rates that we had of new developer adds in Q4 continued through Q1. We launched our developer week in Q1, which was -- had enormous amount of success and a real engagement from the developer community. And you've seen us add products like Cloudflare Pages, which solves some developers needs and really speaks to that community.

就開發者而言，我們在整個開發者平台上持續看到非常強勁的成長。我們在第四季新增開發者的速度延續到了第一季。我們在第一季推出了 Developer Week，獲得了巨大的成功，並且在開發者社群中帶來了高度參與。你們也看到我們新增了像 Cloudflare Pages 這樣的產品，解決了一些開發者需求，並且真正與該社群產生共鳴。

The other thing that's been amazing has been that we have really started to engage with developers where they are. We have a developer relations team, which is in a chat room on Discord, on stackexchange, on all of the different developer communities that are out there constantly communicating with developers. And if you look at how Cloudflare Workers is getting built, it's great that we've got all of the sort of Fortune 500 companies that are adding Cloudflare Workers to their stack.

另一件令人驚豔的是，我們真的開始在開發者所在之處與他們互動。我們有一個開發者關係（developer relations）團隊，會在 Discord 的聊天室、Stackexchange，以及各種不同的開發者社群中，持續與開發者溝通。若你看 Cloudflare Workers 的建置情況，很棒的一點是，我們有各種《財富》500 大企業把 Cloudflare Workers 加入他們的技術堆疊。

But it's also amazing that individual developers are able to build applications with an incredible amount of sophistication just on their own. And our goal still remains that we want to be the first platform that allows the developer to build a $1 billion application by themselves. And I feel pretty confident that's going to happen.

但同樣令人驚豔的是，個別開發者也能夠單靠自己就打造出高度複雜的應用程式。我們的目標仍然是：成為第一個能讓開發者憑一己之力打造出 10 億美元應用程式的平台。我相當有信心這會發生。

I generally think of you guys as focused on domain-to-domain, domain-to-user, data in-flight, protection and performance optimization. That kind of leaves a big space of opportunity open, which I don't hear you talk too much about, which is moving backwards into the DevOps arena and participating earlier and earlier in the programming function. Can you talk a little bit about to what extent you're extending beyond data in-flight to data in development?

我通常認為你們專注於網域對網域、網域對使用者、傳輸中的資料（data in-flight）、防護與效能最佳化。這樣其實留下了一個很大的機會空間，而我不太常聽你們談到：也就是往回延伸到 DevOps 領域，在程式開發流程更早、更早的階段參與其中。你能否談談你們在「傳輸中的資料」之外，延伸到「開發中的資料」的程度？

Yes. I think that -- I think one of the things that's important about a company is knowing what you do and also knowing what you don't do. I think that we -- there are places where we think that it makes more sense for us to partner with other DevOps companies. So for instance, we announced during Developer Week, an extensive partnership with the Terraform platform and HashiCorp to be able to configure Cloudflare in a very programmable and developer centric way.

是的。我認為——我認為一家公司的重要之處之一，是知道自己做什麼，也知道自己不做什麼。我們——有些地方我們認為與其他 DevOps 公司合作更合理。舉例來說，我們在 Developer Week 期間宣布與 Terraform 平台以及 HashiCorp 展開深度合作，讓 Cloudflare 能以非常可程式化、以開發者為中心的方式進行設定。

That's something that resonates not only with developers, but resonates with even the large Fortune 500 companies that we work with. And so I think that we're always looking for ways to be able to play well within the broader ecosystem. And facilitating that ecosystem, we think, is super. So I think there may be some things that make sense for us to do. But again, I don't think that we are under any illusion that -- we would rather be good partners to the overall DevOps space than feel like we have to own every part of it. Similar to how I think we're a much better partner to the identity providers that are out there than wanting to build our own identity provider. We're much better partners to the endpoint security providers that are out there than ever wanting to get into that space.

這不僅能引起開發者共鳴，也能引起我們合作的《財富》500 大企業共鳴。因此我認為我們一直在尋找能在更廣泛生態系中良好協作的方法，而我們也認為促進這個生態系非常棒。所以我認為有些事情我們做起來是合理的。但同樣地，我不認為我們有任何錯覺——我們寧可成為整體 DevOps 領域的好夥伴，也不覺得必須擁有其中的每一個環節。類似地，我認為我們與市場上的身分識別供應商合作會是更好的夥伴關係，而不是想要自己打造身分識別供應商。我們也更適合與現有的端點安全供應商合作，而不是想要進入那個領域。

We do the network super well. And that's something that every developer needs. And so we want to make sure that we're providing that in a way that works well within the broader ecosystem.

我們把網路這件事做得非常好。而這是每一位開發者都需要的。因此我們希望確保我們提供的方式，能在更廣泛的生態系中良好運作。

Your next question is from Shebly Seyrafi of FBN Securities.

您的下一個問題來自 FBN Securities 的 Shebly Seyrafi。

Can you quantify your Cloudflare for Teams offering? It was, I think, last year, less than 10% of revenue. Has it crossed the 10% bogey, for example? Which products there grew perhaps more than expected? Access, for example, do you expect to come down as the world recovers from COVID? And do you expect Browser Isolation and DLP to ramp well this year?

你能量化一下你們的 Cloudflare for Teams 產品嗎？我記得去年它的營收占比不到 10%。例如，它是否已經跨過 10% 這個門檻？哪些產品的成長可能超出預期？例如 Access，隨著全球從 COVID 復甦，你是否預期它會降溫？另外，你是否預期 Browser Isolation 和 DLP 今年會有良好的放量成長？

Yes. So we are not breaking out revenue on a product level and on a product basis. For most of last year, our team product was for free. So there is not a lot of revenue contribution in last year's numbers. So this leaves, of course, a bigger opportunity for this year, but I will not give guidance moving forward on a product base. That's not how we think about the business in terms of bundling and how we are competitive in specific situations, especially against companies and competitors that only have one product, as you heard from Matthew. So our opportunity is really in the bundling of the product here. And we are really proud with our product isolation offering that we just launched. It's an exciting product, and it draws a lot of interest from our customers.

是的。所以我們不會在產品層級、以產品為基礎拆分營收。去年大部分時間，我們的 Teams 產品是免費的，因此在去年的數字中，營收貢獻不大。這當然也讓今年留下更大的機會，但我不會就產品層級提供未來指引。我們不會用那種方式來思考業務，因為在綑綁（bundling）以及在特定情境下的競爭方式上——尤其是面對那些只有單一產品的公司與競爭對手時——正如你從 Matthew 那裡聽到的。因此我們的機會其實在於產品的綑綁。我們也對剛推出的產品隔離（product isolation）方案感到非常自豪。這是一個令人興奮的產品，並且吸引了客戶的高度興趣。

Okay. And then one more. You said Bot Management was up more than 400%, that's quite impressive. And it's more than any pure-play out there in terms of revenue. Can you share with us what that number is for the other companies? What's the highest revenue that's out there from the pure-plays?

好的。然後再一個問題。你提到 Bot Management 成長超過 400%，這相當令人印象深刻。而且就營收而言，這比任何純粹專注該領域的公司（pure-play）都更高。你能否跟我們分享其他公司的數字是多少？在那些 pure-play 裡，最高的營收大概是多少？

What I said about Team and Browser isolation is also true for Bot mitigation. We're not going to talk about our specific revenue numbers. I think what is more important is the transformation that Matthew was talking about that returning products, stand-alone products into features on our network. And Bot mitigation is one of those featurized offerings where we see tremendous success-based on the strength of our platform and of the product itself.

我剛才對 Teams 和 Browser Isolation 所說的，同樣也適用於 Bot 緩解（bot mitigation）。我們不會談論我們具體的營收數字。我認為更重要的是 Matthew 所談到的轉型：把原本可單獨販售的產品，回歸為我們網路上的功能（features）。Bot 緩解就是這種功能化（featurized）的方案之一；憑藉我們平台與產品本身的強大，我們看到非常顯著的成功。

Your next question is from James Breen of William Blair.

您的下一個問題來自 William Blair 的 James Breen。

Just a couple, one on the sales and marketing side, around 46% of revenue this quarter. Long-term model being 27% to 29%. It seems like you've hired a lot of people in that group. How do you think about that as we move out over the next couple of years? Is the sales team in place now to grow significant top line? When can that start to come down?

我有幾個問題，其中一個關於銷售與行銷：本季約占營收 46%。長期模型是 27% 到 29%。看起來你們在那個團隊招了很多人。展望未來幾年，你們如何看待這件事？目前的銷售團隊是否已就位，足以推動顯著的營收成長？什麼時候這個比重可以開始下降？

And then just from a business perspective, you get a lot of revenue globally. Any thoughts there on your customer base and you have multiple customers clicking products in multiple locations? And then just lastly, on cash, $1 billion in cash. You're hovering around cash flow breakeven right now. What are your thoughts on that? You haven't really done any M&A. It doesn't seem like you need to do it to grow, just sort of strategic thoughts on the cash balance.

然後從業務角度來看，你們在全球取得很多營收。對於你們的客戶基礎有什麼想法？你們也有多個客戶在多個地點採用多項產品。最後關於現金：你們有 10 億美元現金。目前你們大致在現金流損益兩平附近。你們怎麼看？你們其實沒有做太多併購（M&A）。看起來你們成長也不一定需要靠併購；想請談談對這個現金部位的策略性思考。

Yes. Maybe I'll start there and then talk about sales and marketing, and Matthew can comment on the other question. So the $1 billion of cash is certainly not burning a hole in our pocket. That was a transaction that we started last year in the pandemic, where outlook in the business environment was very -- was not very certain. It certainly doesn't give us as an incentive to be super aggressive on merger -- on M&A activities.

是的。也許我先從這裡開始，然後再談銷售與行銷，其他問題 Matthew 可以補充。這 10 億美元現金當然不是在我們口袋裡「燒出一個洞」。那是一筆我們在去年疫情期間啟動的交易，當時對商業環境的展望非常——並不是很確定。它當然也不會成為我們在併購——在 M&A 活動上變得非常激進的誘因。

We always talked about how we have a natural bias towards internal development because it's just really difficult for us to find attractive targets that are integratable into our software stack. So it was supposed to make our balance sheet strong and make us opportunistic in terms of business opportunities that might show up, but it certainly is not putting any increased pressure on us to burn the money on M&A.

我們一直在談，我們天生更偏向內部開發，因為對我們來說，要找到能夠整合進我們軟體技術堆疊、且具吸引力的標的真的很困難。所以這原本是為了讓我們的資產負債表更強健，並讓我們在可能出現的商業機會上更具機動性，但這當然不代表我們會因此承受任何更大的壓力，去把錢花在併購（M&A）上。

On the sales and marketing side, we are committed to our long-term model, but we also realize that we're in a very unique position that every dollar we currently spend on our home sales and marketing is delivering superior ROI in terms of top line growth, whether it's new logo acquisition or expansion of existing customers. And we always said as long as our investment gets rewarded with superior returns, we are going to continue to spend in this direction. There's plenty of opportunity to expand our footprint. And more importantly, not only is the ROI is good, our customer acquisition costs are tracking also really favorable. So we feel good about the strategy that Matthew was talking about before, following the data, following behind the demand curve that we see from a customer perspective. And as long as the ROI is right, we will continue that strategy.

在銷售與行銷方面，我們致力於我們的長期模型，但我們也意識到我們正處於一個非常獨特的位置：我們目前在自家銷售與行銷上花的每一美元，無論是取得新客戶（new logo acquisition）或擴大既有客戶的使用，都能在營收成長（top line growth）上帶來更優異的投資報酬率（ROI）。而我們也一直說，只要投資能獲得更優異的回報，我們就會持續往這個方向投入。我們有很多機會擴大我們的版圖。更重要的是，不僅 ROI 很好，我們的客戶取得成本（customer acquisition costs）也呈現非常有利的走勢。因此，我們對 Matthew 先前提到的策略感到很有信心：跟著數據走，從客戶角度來看，跟著我們所看到的需求曲線（demand curve）走。只要 ROI 合理，我們就會持續這個策略。

Great. Just on the globalization of the product. You talked about having customers taking 4 products. Do you have multiple customers take -- going across multiple regions? Can you just talk about that a bit.

很好。關於產品的全球化。你提到有客戶採用 4 項產品。是否有多個客戶——跨越多個地區採用？能否請你談談這部分。

Yes. So I mean, whenever we're selling to a Fortune 500 customer, they're going to be across many of our different regions. And as our sales team has gotten more sophisticated, it helps us support that -- these more complicated sales. But Cloudflare was a global company from almost the instant that we launched. And we're adding the capacity to service customers around the world. And I think the thing that remains something that is different about us is how international, where about 50% of our revenue does come from outside the United States. We have that built in already. I think we have a brand that resonates around the rest of the world. And as we add sales capacity around the world, that helps.

是的。我的意思是，每當我們向《財富》500 大（Fortune 500）客戶銷售時，他們一定會分布在我們許多不同的地區。隨著我們的銷售團隊變得更成熟，這也幫助我們支援——這些更複雜的銷售案。但 Cloudflare 幾乎從我們推出的那一刻起就是一家全球化公司。我們也在增加服務全球客戶的能力。我認為仍然讓我們與眾不同的一點是我們的國際化程度：大約 50% 的營收來自美國以外。我們本來就已經具備這個基礎。我認為我們的品牌在世界其他地區也很有共鳴。當我們在全球各地增加銷售能量時，這會有所幫助。

I also think that what people want, if you -- if you're a Fortune 500 companies, is you want to be able to have one company that can service you anywhere you have an office. And the fact that today, we're in more than 200 cities worldwide, we're within milliseconds of the vast majority of the world's population, that's an enormous advantage, especially as we work with more sophisticated customers. And so if you look at one of the largest mining companies in the world, they literally operate on every continent, except Antarctica. They rely on Cloudflare's network for a broad set of services. And that's something that having the global presence that we do is critical to winning these larger and more sophisticated customers. Great.

我也認為，如果你——如果你是一家《財富》500 大公司，你想要的是能有一家公司在你有辦公室的任何地方都能提供服務。而我們今天在全球超過 200 個城市佈點，對世界上絕大多數人口而言，我們都能在毫秒等級的距離內提供服務，這是巨大的優勢，特別是當我們與更成熟的客戶合作時。因此，如果你看看全球最大的礦業公司之一，他們幾乎在每個洲都有營運，除了南極洲。他們仰賴 Cloudflare 的網路來提供一系列廣泛的服務。而我們所具備的全球佈局，對於贏得這些更大型、更成熟的客戶至關重要。很好。

Your last question is from Amit Daryanani of Evercore.

你的最後一個問題來自 Evercore 的 Amit Daryanani。

Perfect. I'm glad I made it under the line there. I have 2 questions, I'll ask the at the same time, hoping to make it quicker for you all. Matthew, if I think about your TAM, it's gone from $32 billion at IPO, it's, I think, $70 billion, $80 billion today. Your penetration rate would imply it's about 0.5% to maybe 1% now. How do you manage between focusing on expanding your TAM, which is kind of what you've done so far, versus perhaps penetrating your TAM further? How do you go between those 2 buckets? And then, Thomas, was there anything one-off on the dollar-based net retention number, it was a nice uplift? So how do we think of that as we go forward?

太好了。我很高興我趕在截止前問到。我有兩個問題，我會同時問，希望能讓你們回答得更快一些。Matthew，如果我看你們的 TAM（可服務市場總規模），從 IPO 時的 320 億美元，成長到我想現在大約 700 億到 800 億美元。以你們的滲透率來看，現在大概是 0.5% 到 1%。你如何在持續擴大 TAM（這也是你們迄今為止做的事）與進一步提高 TAM 滲透率之間做管理與取捨？你如何在這兩個方向之間分配？另外，Thomas，美元基礎淨留存率（dollar-based net retention，DNR）這個數字有沒有任何一次性因素（one-off）？這次提升很不錯。那我們接下來應該如何看待它？

So Amit, I think that from the beginning, we designed Cloudflare's R&D infrastructure to be able to walk and chew gum at the same time. And so I think we -- I think it's sort of a false dichotomy if you've built your R&D organization, right? So we have 90% of our R&D organization that's really focused on how do we go deep on any of the products and features that we've launched, and they are always thinking about how do we continue to take feedback from customers, whether they're current customers or customers -- or prospects in order to build out the functionality across our platform, so that we can service whatever it is they need.

Amit，我認為從一開始，我們就把 Cloudflare 的研發（R&D）基礎設施設計成能夠同時做兩件事。因此，如果你的研發組織建得對，我認為——我認為這其實是一個錯誤的二分法。我們有 90% 的研發組織，真正專注在：如何把我們已推出的任何產品與功能做深做透；他們也一直在思考如何持續吸收客戶回饋，不論是現有客戶，或是客戶——或潛在客戶（prospects），以便在我們的平台上把功能建得更完整，讓我們能滿足他們所需要的任何東西。

The power of that is that if we build reporting for one -- more sophisticated reporting for one of our products, that has benefits across all our products, and that's the power of being the unified platform that we have created. 10% of our team is really dedicated to an organization we call ETI, which is the emerging technology and incubations team. And their job is to invent the future. And we don't spend -- they have incentives around thinking up with the product or feature, which 2 years from now, you guys are going to say, wow, that was a huge way that Cloudflare expanded TAM.

這樣做的威力在於：如果我們為某一項產品打造報表——更進階的報表能力，這會對我們所有產品都帶來好處，這就是我們所打造的統一平台（unified platform）的力量。我們團隊中有 10% 真正專注於一個我們稱為 ETI 的組織，也就是新興技術與孵化（emerging technology and incubations）團隊。他們的工作是發明未來。我們不會把——他們的激勵是圍繞著去構思產品或功能，讓兩年後你們會說：哇，這就是 Cloudflare 大幅擴大 TAM 的一個巨大方式。

They take lots of shots on goal, not all of them are successful, but they are the team that came up with Cloudflare for Team. They're the team that came up with Cloudflare Workers. And so they are often when we do expand the TAM dramatically, they're the team that is driving that. And so I think having that ability to walk go deeper on the existing products that we have and also chew gum, make the -- make new products that dramatically leverage the network that we have to go into new industries and into surprising other directions. I think that's how you build what is an iconic technology company over time. And that -- and we have we have no -- that's exactly what we've set out to do and how we've designed the company from the beginning.

他們會做很多嘗試（shots on goal），不是每一個都會成功，但他們就是提出 Cloudflare for Teams 的團隊，也是提出 Cloudflare Workers 的團隊。因此，當我們確實大幅擴大 TAM 時，往往是他們在推動。我認為，能夠一方面把現有產品做得更深，同時也能「一心二用」去打造新產品，並大幅運用我們的網路優勢，進入新的產業、走向一些出人意料的方向——我認為這就是你如何隨著時間打造一家具代表性的科技公司（iconic technology company）。而且——而且我們沒有——這正是我們從一開始就立志要做的事，也是我們從一開始就這樣設計公司的原因。

On DNR, unlike the third quarter of last year, we don't have any onetime items in the first quarter of this year. DNR is quite a lagging indicator. So what you see today is really hard and focused work over the last 12 months starting to pay off and being visible in the DNR metrics. It will continue to tick up, but not in a straight line. We'll see some variability over the quarters, but we still think we have room for improvement and will continue to go up.

關於 DNR，與去年第三季不同的是，今年第一季我們沒有任何一次性項目（onetime items）。DNR 是一個相當落後的指標（lagging indicator）。所以你今天看到的，其實是過去 12 個月艱苦且專注的工作開始得到回報，並在 DNR 指標上顯現出來。它會持續上升，但不會是一條直線。我們會在各季度看到一些波動，但我們仍然認為還有改善空間，並且會持續走高。

I will now turn the call over to Matthew Prince for closing remarks.

我現在把電話會議交回給 Matthew Prince 作結語。

I just wanted to say thank you to all of the Cloudflare team for incredibly hard work. You make my, Michelle and Thomas' job up here easy when we have quarters like this. It takes us delivering great products. It takes us servicing our customers well, and it takes everyone at Cloudflare to build the iconic technology company that we aim to become over time. And so I wanted to appreciate everyone on the team. Thank you for all of your hard work, and we're hard at work already on Q2. So see you back a few months from now on -- at this same time and until then look forward to a great and strong quarter. Thank you.

我只是想對所有 Cloudflare 團隊成員說聲謝謝，感謝你們極其努力的工作。當我們有像這樣的季度表現時，你們讓我、Michelle 和 Thomas 在台上的工作變得很容易。這需要我們交付優秀的產品，需要我們把客戶服務好，也需要 Cloudflare 的每一個人一起努力，才能打造我們希望隨著時間成為的那家具代表性的科技公司。因此，我想向團隊中的每一位表達感謝。謝謝你們的辛勤付出，我們也已經在為第二季（Q2）全力以赴了。所以幾個月後——在同樣的時間——我們再見；在那之前，也期待一個很棒且強勁的季度。謝謝。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。