Cloudflare, Inc. (NET) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Cloudflare's second quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the conference over to Phil Winslow. Phil, please go ahead.

各位女士、先生，感謝您耐心等候，歡迎參加 Cloudflare 2026 年第二季財報電話會議。(接線員指示) 現在我想把會議交給 Phil Winslow。Phil，請開始。

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

感謝各位今天加入我們，一同討論 Cloudflare 2026 年第二季的財務結果。與我一同出席電話會議的有共同創辦人暨執行長 Matthew Prince、共同創辦人暨總裁 Michelle Zatlyn，以及財務長 Thomas Seifert。此時各位應已可取得我們的財報公告。該公告以及我們的補充財務資訊可在投資人關係網站上查閱。

As a reminder, we will be making forward-looking statements during today's discussion, including, but not limited to, our customers, vendors and partners, operations and future financial performance, our anticipated product launches and the timing and market potential of those products, our anticipated future financial and operating performance and our expectations regarding future macroeconomic conditions.

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：我們的客戶、供應商與合作夥伴、營運與未來財務表現、預期的產品發表以及這些產品的時程與市場潛力、我們預期的未來財務與營運表現，以及我們對未來總體經濟狀況的預期。

These statements and other comments are not guarantees of future performance and are subject to risks and uncertainty, much of which is beyond our control. Our actual results may differ significantly from those projected or suggested in any of our forward-looking statements.

這些陳述及其他評論並非對未來表現的保證，且受風險與不確定性影響，其中多數超出我們的控制範圍。我們的實際結果可能與任何前瞻性陳述中所預測或暗示的結果有重大差異。

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 SEC as well as in today's earnings press release.

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。本次電話會議後，我們不承擔更新這些陳述的任何義務。如需更完整了解可能影響我們未來營運結果與財務狀況的風險與不確定性，請參閱我們向 SEC 提交的文件以及今日的財報新聞稿。

Unless otherwise noted, all financial numbers we talk about today, other than revenue, will be on an adjusted non-GAAP basis. You may find a reconciliation of GAAP to non-GAAP financial measures that are included in our earnings release on our Investor Relations website.

除非另有說明，除營收外，我們今天討論的所有財務數字將以調整後的非 GAAP 基礎呈現。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。

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 participating in Stifel's Tech Executive Summit on August 24 and Goldman Sachs' Communacopia and Technology Conference on September 9.

就歷史期間而言，GAAP 與非 GAAP 的調節表可在稍早提及的補充財務資訊中找到。另外也通知各位，我們將參加 8 月 24 日 Stifel 的 Tech Executive Summit，以及 9 月 9 日高盛的 Communacopia and Technology Conference。

Now with that, 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, Phil. We had an extremely strong second quarter. We achieved revenue of $696.1 million, up 36% year-over-year. We now have 4,698 customers paying us more than $100,000 per year, a 27% increase year-over-year. We added a record number of these large customers, 986 net additions year-over-year, the most we have ever added over 12 months in our history.

謝謝你，Phil。我們第二季表現極為強勁。我們達成營收 6.961 億美元，年增 36%。目前每年支付我們超過 10 萬美元的客戶數達 4,698 家，年增 27%。我們新增了創紀錄數量的這類大型客戶，年增淨新增 986 家，為我們歷史上 12 個月內新增最多的一次。

Our dollar-based net retention was 120%, up 2% quarter-over-quarter and up 6% year-over-year. Our gross margin was 73.1%, improving sequentially for the first time in eight quarters. We delivered operating profit of $96.1 million, representing a non-GAAP operating margin of 13.8%. And we generated free cash flow of $56.4 million during the quarter, up 69% year-over-year. The strong momentum we've been seeing for some time in our business continued to build in the second quarter.

我們以美元計的淨留存率為 120%，較前一季提升 2 個百分點，較去年同期提升 6 個百分點。毛利率為 73.1%，為八個季度以來首次出現連續改善。我們實現營業利益 9,610 萬美元，非 GAAP 營業利益率為 13.8%。本季自由現金流為 5,640 萬美元，年增 69%。我們一段時間以來在業務上看到的強勁動能，在第二季持續增強。

Some highlights. Sales productivity increased year-over-year for the 10 consecutive quarter. New customer bookings increased at the fastest rate in more than five years. New pipeline generation continues to accelerate, again, growing sequentially at its fastest pace in five years. We added more than 80,000 paying customers this quarter, driving 74% year-over-year paying customer growth.

一些重點如下。銷售生產力已連續第 10 個季度年增。新客戶訂單（bookings）以超過五年來最快的速度成長。新商機管道（pipeline）產生持續加速，再次以五年來最快的速度呈現季增。本季我們新增超過 80,000 名付費客戶，帶動付費客戶數年增 74%。

For some context, we added as many paying customers this quarter as we had in total when we went public in Q3 of 2019. We added nearly 1,000 large customers year-over-year. We also set a record for year-over-year net additions across every large customer tier from $100,000 to over $5 million in annualized revenue. And we ended the quarter with more than 7.4 million developers on our platform. That's nearly 2 million developers in Q2 alone, surpassing the 1.5 million we added during all of 2025.

作為參考，我們本季新增的付費客戶數，與我們在 2019 年第三季上市時的付費客戶總數相當。我們年增新增近 1,000 家大型客戶。我們也在每一個大型客戶分層（年化營收從 10 萬美元到超過 500 萬美元）都創下年增淨新增的紀錄。本季結束時，我們平台上的開發者超過 740 萬名。僅第二季就新增近 200 萬名開發者，超越我們在 2025 年全年新增的 150 萬名。

It's clear that the agentic future needs a new kind of cloud. Developers are flocking to Cloudflare because our Workers developer platform gives them what they need to build that agentic future. We're the fastest, we're the most secure and the most cost-effective place to build, deploy and scale agents and the code they generate.

很明顯，代理式（agentic）的未來需要一種全新的雲端。開發者正湧向 Cloudflare，因為我們的 Workers 開發者平台提供他們打造代理式未來所需的一切。我們是建置、部署與擴展代理以及其所生成程式碼的最快、最安全且最具成本效益之處。

At Cloudflare, what we continue to prove is that when you build a company the right way, you can grow and innovate while executing and profiting. We have the network, we have the platform, we have the culture of innovation. We have the business momentum, we have the disciplined execution. We're in the right moment in time, and we are keeping our foot firmly on the gas.

在 Cloudflare，我們持續證明：當你以正確方式打造一家公司，就能在成長與創新的同時，兼顧執行力並實現獲利。我們有網路、有平台，也有創新文化。我們有業務動能，也有紀律性的執行。我們正處於正確的時間點，而且我們正堅定地全力加速前進。

This is the winning formula that we know works. It's the same one that has propelled Cloudflare into the pole position to lead the next phase of the Internet in the age of agentic AI. That's a good segue to discuss some of our wins in the quarter.

這就是我們知道行之有效的致勝公式。同樣的公式也推動 Cloudflare 站上領先位置，在代理式 AI 時代引領網際網路的下一階段。這也正好銜接到本季的一些贏單成果。

A leading digital native media company expanded their relationship with Cloudflare, signing a five year, $31.8 million contract for Application Services and Zero Trust. To combat aggressive scraping and accelerate global performance, this customer chose Cloudflare for our best-in-breed edge capabilities and operational velocity.

一家領先的數位原生媒體公司擴大與 Cloudflare 的合作，簽署一份為期五年、總額 3,180 萬美元的合約，採購 Application Services 與 Zero Trust。為了對抗激進的資料抓取（scraping）並加速全球效能，該客戶選擇 Cloudflare，因為我們具備同級最佳的邊緣能力與營運速度。

Despite competitive pressure to consolidate spend with their incumbent hyperscaler, this customer's long-term commitment is a proof point that when performance and security are nonnegotiable, enterprises choose Cloudflare's unified platform.

儘管面臨競爭壓力、要求將支出整併至其既有的超大規模雲服務商（hyperscaler），該客戶的長期承諾證明：當效能與安全不可妥協時，企業會選擇 Cloudflare 的統一平台。

A Global 2000 European technology company expanded their relationship with Cloudflare, signing a three year, $11 million contract for Application Services and Zero Trust with our developer platform seeded for future AI workloads.

一家歐洲的 Global 2000 科技公司擴大與 Cloudflare 的合作，簽署一份為期三年、總額 1,100 萬美元的合約，採購 Application Services 與 Zero Trust，並導入我們的開發者平台，為未來 AI 工作負載預先鋪路。

After years of acquisitions resulted in a fragmented IT footprint, this customer chose Cloudflare to eliminate a stack of five incumbent legacy point solutions with up to 7 targeted on their long-term road map in favor of our single unified platform as the foundation for their entire organization to build on.

在多年併購導致 IT 版圖碎片化之後，該客戶選擇 Cloudflare，以我們單一統一平台作為全組織建置的基礎，取代五套既有的傳統單點解決方案（legacy point solutions），並在其長期路線圖中最多還有 7 套目標將被淘汰。

A large US federal agency expanded their relationship with Cloudflare, signing a five ayear, $7.7 million contract for Magic Transit and Network Firewall. After a legacy provider's outage locked over 100,000 users out of a mission-critical system for days, the agency urgently sought greater resilience and real-time control.

一家美國大型聯邦機構擴大與 Cloudflare 的合作，簽署一份為期五年、總額 770 萬美元的合約，採購 Magic Transit 與 Network Firewall。在某家傳統供應商發生故障、導致超過 100,000 名使用者連續多日無法登入一個關鍵任務系統後，該機構迫切尋求更高的韌性與即時控制能力。

Cloudflare slashed the customer's global rule change time from a one week SLA down to just 30 seconds. They've also cut hardware costs by blocking unwanted traffic at the edge and have already shut down an entire data center.

Cloudflare 將該客戶的全球規則變更時間，從一週的 SLA 大幅縮短至僅 30 秒。他們也透過在邊緣阻擋不需要的流量來降低硬體成本，並且已經關閉了整整一座資料中心。

As an existing application security customer already, this agency can now run their network and Application Security on one unified platform, cementing Cloudflare as the front door for all their Internet traffic. A rapidly growing generative AI company signed a one year, $7.5 million pool of funds contract for our developer platform.

作為既有的應用程式安全客戶，該機構如今可在單一統一平台上同時運行其網路與應用程式安全，鞏固 Cloudflare 作為其所有網際網路流量的前門入口。一家快速成長的生成式 AI 公司為我們的開發者平台簽署了一份為期一年的 750 萬美元資金池合約。

This customer's workloads pull an enormous volume of images and video. At that scale, a hyperscaler's egress tax would break the economics and create vendor lock-in, limiting their choice of inference tools and GPUs. Their engineering team evaluated multiple providers and chose Cloudflare as the only one that pairs a zero egress model with the reliability, scale and comprehensive capabilities of an enterprise-grade platform.

該客戶的工作負載會拉取極大量的影像與影片。在那樣的規模下，超大規模雲服務商的出站費用將使經濟性無法成立並造成供應商鎖定，限制其對推論工具與 GPU 的選擇。他們的工程團隊評估了多家供應商，並選擇 Cloudflare，因為只有我們能將零出站費用模式與企業級平台的可靠性、規模與全面能力結合在一起。

By structuring this as a pool of funds deal, the customer can solve their immediate storage needs while retaining the flexibility to expand across our entire developer platform. A rapidly growing technology company in APAC expanded their relationship with Cloudflare, signing a one year, $4 million pool of funds contract for our Workers developer platform. This deal accelerates a powerful partnership, building on an $8.7 million Application Services contract signed just last quarter.

透過將此交易設計為資金池方案，客戶可在解決其即時儲存需求的同時，保留擴展至我們整個開發者平台的彈性。亞太地區（APAC）一家快速成長的科技公司擴大了與 Cloudflare 的合作關係，為我們的 Workers 開發者平台簽署了一份為期一年的 400 萬美元資金池合約。此交易加速了一項強而有力的夥伴關係，並建立在僅於上一季簽署的 870 萬美元應用服務合約之上。

In only one year, this customer has standardized on Cloudflare end-to-end from Application security and Zero Trust to now our developer platform, directing every request through a Cloudflare Worker and using KV and Durable Objects as the routing and tenant configuration layer for their entire platform. They chose Cloudflare over their incumbent hyperscaler to avoid added latency, proving the flywheel of our unified offering.

僅在一年內，該客戶已在 Cloudflare 上完成端到端標準化，從應用程式安全與 Zero Trust，到如今的開發者平台；他們將每一個請求都導向 Cloudflare Worker，並使用 KV 與 Durable Objects 作為其整個平台的路由與租戶設定層。他們選擇 Cloudflare 而非既有的超大規模雲服務商以避免額外延遲，證明我們統一產品的飛輪效應。

Once performance and security run on Cloudflare, our developer platform becomes a natural foundation for the next layer of any company's stack. A Fortune 100 technology company expanded their relationship with Cloudflare, signing a three year, $5.2 million contract for our full SASE portfolio. This customer is replacing legacy VPNs and virtual desktops to move their entire global workforce onto a single Zero Trust platform.

一旦效能與安全性在 Cloudflare 上運行，我們的開發者平台就會成為任何公司技術堆疊下一層的自然基礎。一家《財富》100 強科技公司擴大了與 Cloudflare 的合作關係，為我們完整的 SASE 產品組合簽署了一份為期三年的 520 萬美元合約。該客戶正以單一 Zero Trust 平台取代傳統 VPN 與虛擬桌面，將其全球員工全面遷移至同一平台。

In a competitive evaluation, Cloudflare beat two first-generation Zero Trust vendors winning due to our faster network performance and our single pane of glass management that is so easy the customer expects to run our services with roughly 1/3 the staff. This is exactly the type of security consolidation we see accelerating.

在一場競爭性評估中，Cloudflare 擊敗兩家第一代 Zero Trust 供應商，勝出原因在於我們更快的網路效能，以及單一玻璃窗式（single pane of glass）的管理介面；其易用性之高，讓客戶預期僅需約 1/3 的人力即可運行我們的服務。這正是我們看到正在加速發生的安全整併類型。

Enterprises retiring fragmented point solutions in favor of Cloudflare's blazing fast, easy-to-use and unified platform. A Fortune 1000 technology company expanded their relationship with Cloudflare, signing an 18-month, $15.9 million contract for Application Services and our Workers developer platform. This customer serves hundreds of thousands of businesses, which requires an architecture that can act as their global front door for security and performance without adding latency.

企業正淘汰零散的點狀解決方案，轉而採用 Cloudflare 極速、易用且統一的平台。一家《財富》1000 強科技公司擴大了與 Cloudflare 的合作關係，為應用服務與我們的 Workers 開發者平台簽署了一份為期 18 個月、金額 1,590 萬美元的合約。該客戶服務數十萬家企業，這需要一種架構能在不增加延遲的情況下，作為其全球安全與效能的前門入口。

By standardizing on Cloudflare over legacy alternatives, they eliminated multiproduct complexity and secured long-term operational predictability as they build an AI-first customer platform. A leading technology company expanded their relationship with Cloudflare, signing a one year, $6 million pool of funds contract for our Workers developer platform.

透過以 Cloudflare 作為標準並取代傳統替代方案，他們消除了多產品的複雜性，並在打造 AI 優先的客戶平台之際，確保了長期營運的可預測性。一家領先的科技公司擴大了與 Cloudflare 的合作關係，為我們的 Workers 開發者平台簽署了一份為期一年的 600 萬美元資金池合約。

As this customer scales their new AI agent capabilities, they needed an elastic secure container infrastructure that could scale with their rapid growth and ship new capabilities in weeks, not quarters. They chose to build on Cloudflare over legacy hyperscalers and point solution competitors because of our built-in threat intelligence that passively prevents compute abuse, rapid pace of innovation and the ability to deliver FedRAMP compliance.

隨著該客戶擴展其新的 AI 代理能力，他們需要一套具彈性且安全的容器基礎設施，能隨其快速成長而擴展，並在數週而非數季內交付新功能。他們選擇在 Cloudflare 上建置，而非傳統超大規模雲服務商與點狀解決方案競爭者，原因在於我們內建的威脅情報可被動防止運算資源濫用、快速的創新節奏，以及提供 FedRAMP 合規的能力。

This win also shows how the most sophisticated AI builders are increasingly selecting Cloudflare as the agent cloud of the future. These customers and others like them are increasingly choosing Cloudflare because we don't just keep up with change, we drive it. We ship fast, we solve hard problems and we do it in a way that meaningfully raises the bar for the entire Internet.

這項勝利也顯示，最成熟的 AI 建置者正日益選擇 Cloudflare 作為未來的代理雲（agent cloud）。這些客戶以及其他類似客戶愈來愈選擇 Cloudflare，因為我們不只是跟上變化，我們推動變化。我們快速交付、解決艱難問題，並以能實質提高整個網際網路標準的方式做到這一點。

Nowhere is this relentless focus on innovation more exciting than the work we are doing in AI. For the first time in human history, in Q2, more than 50% of the traffic flowing across Cloudflare's network was not human. The number of requests on our network from AI agents continues to grow unabated. With the web shifting from human-driven browsing to AI-answer engines and agent-driven commerce, we are witnessing a fundamental rewrite of the Internet for machine-to-machine traffic.

在我們所做的 AI 工作中，這種對創新的不懈專注最令人振奮。在人類歷史上首次，在第二季（Q2），流經 Cloudflare 網路的流量中有超過 50% 不是人類。我們網路上來自 AI 代理的請求數量持續不減地成長。隨著網路從人類主導的瀏覽轉向 AI 回答引擎與代理驅動的商務，我們正見證網際網路針對機器對機器（M2M）流量的根本性重寫。

Cloudflare is positioned at the center of this paradigm shift, building the scalable infrastructure that controls the developer tools and the payment rails to power the agentic Internet. Just since the start of Q3, we've celebrated innovation in this area from Content Independence Day to Agent Week, which is happening right now. During these, we unveiled the key building blocks for a two sided agentic marketplace.

Cloudflare 位於這場典範轉移的核心，正在打造可擴展的基礎設施，掌控開發者工具與支付軌道，以驅動代理式網際網路（agentic Internet）。僅自第三季（Q3）開始以來，我們已從 Content Independence Day 到正在進行中的 Agent Week，持續慶祝此領域的創新。在這些活動中，我們揭示了雙邊代理式市場的關鍵基礎構件。

Monetization Gateway allows our customers to sell any resource behind Cloudflare, whether it's a web page, an API, a data set or an MCP tool. This will empower new business models that will define the next generation of the Internet. In addition, we announced wallets, which will offer a way for buyers to pay autonomously through their agents and cloudflare.pay, which will provide merchants and buyers an agent-friendly means to identify themselves and establish trust.

Monetization Gateway 讓我們的客戶能銷售任何位於 Cloudflare 後方的資源，無論是網頁、API、資料集或 MCP 工具。這將賦能新的商業模式，並定義下一代網際網路。此外，我們也宣布了錢包（wallets），將提供買方透過其代理自主付款的方式；以及 cloudflare.pay，將為商家與買方提供一種對代理友善的方式來識別身分並建立信任。

Not only are we building the foundational elements for agentic commerce to succeed, we also believe AI companies and content owners should thrive together. That's why we recently announced a first-of-its-kind research pilot with OpenAI that we believe may help pave the way to a sustainable ecosystem of content creators and AI companies.

我們不僅在打造代理式商務成功所需的基礎要素，也相信 AI 公司與內容擁有者應能共同繁榮。因此，我們近期宣布與 OpenAI 展開一項首創的研究試點計畫，我們相信這可能有助於為內容創作者與 AI 公司建立可持續的生態系鋪路。

Over the coming months, we'll announce more ways that AI companies; content creators; and businesses, large and small, can thrive together. The business model of the Internet is changing, and there is no company better positioned to define its future than Cloudflare. It's an incredibly exciting time. That seems like a good spot to turn it over to Thomas to talk about the financials.

在接下來幾個月，我們將宣布更多方式，讓 AI 公司、內容創作者，以及各種規模的企業都能共同繁榮。網際網路的商業模式正在改變，而沒有任何公司比 Cloudflare 更具備定義其未來的有利位置。這是一個令人無比振奮的時刻。看來這是個很好的時機把時間交給 Thomas，請他談談財務表現。

Thomas, take it away.

Thomas，交給你了。

Thank you, Matthew, and thank you to everyone for joining us. We delivered a stellar second quarter with strength across all major metrics we track, driven in particular by another quarter of rapid growth in our Workers developer platform and agentic workloads across our network, continued momentum with our largest customer cohorts and a robust go-to-market execution.

謝謝你，Matthew，也感謝各位加入我們。我們交出了一個表現亮眼的第二季，在我們追蹤的所有主要指標上都展現強勁表現；尤其受惠於 Workers 開發者平台與全網代理式工作負載再度快速成長的一季、最大客戶群持續的動能，以及穩健的市場推進（go-to-market）執行。

Turning to revenue. Total revenue for the second quarter increased 36% year-over-year to $696.1 million. From a geographic perspective, the US represented 51% of revenue and increased 41% year-over-year. EMEA represented 27% of revenue and increased 30% year-over-year. APAC represented 14% of revenue and increased 32% year-over-year.

接著看營收。第二季總營收年增 36%，達 6.961 億美元。從地理區域來看，美國占營收 51%，年增 41%。EMEA 占營收 27%，年增 30%。APAC 占營收 14%，年增 32%。

Turning to our customer metrics. We ended the quarter with 4,698 large customers, those spending more than $100,000 annually with us, representing an increase of 27% year-over-year and an acceleration from 25% growth last quarter.

接著看客戶指標。本季末我們共有 4,698 家大型客戶（即每年在我們這裡支出超過 10 萬美元的客戶），年增 27%，且較上一季 25% 的成長率進一步加速。

We added 282 large customers in the quarter and a record 986 large customers year-over-year, the most we have ever added year-over-year in our history. In fact, every one of our large customer cohorts from $100,000 to $500,000 to $1 million to $5 million in annualized revenue added a record number of net new customers year-over-year in the second quarter.

本季我們新增了282家大型客戶，年增新增大型客戶達到創紀錄的986家，為我們歷史上年增新增數量最高。事實上，我們所有大型客戶分群（年化營收從10萬美元、50萬美元到100萬美元、500萬美元）在第二季的年增淨新增客戶數皆創下新高。

Revenue contribution from large customers was 73% of revenue during the quarter, up from 71% in the second quarter last year. The significant expansion with our largest customers drove an acceleration in our dollar-based net retention rate to 120% in the second quarter, up 2% sequentially and up 6% year-over-year.

本季大型客戶的營收貢獻占比為73%，高於去年第二季的71%。與我們最大型客戶的顯著擴張，帶動第二季以美元計的淨留存率加速至120%，較前一季提升2個百分點，較去年同期提升6個百分點。

Moving to gross margin. Second quarter gross margin was 73.1%, representing an increase of 30 basis points sequentially and a decrease of 320 basis points year-over-year. Paid versus free traffic on our network continued to grow year-over-year, again, driving additional allocation of network costs from sales and marketing into cost of revenue. However, as we discussed at Investor Day, this trend is showing signs of beginning to stabilize.

接著談毛利率。第二季毛利率為73.1%，較前一季增加30個基點，較去年同期下降320個基點。我們網路上的付費流量相對於免費流量的占比持續年增，再次推動將更多網路成本自銷售與行銷費用重新分攤至營收成本。不過，正如我們在投資人日所討論的，這一趨勢已出現開始趨於穩定的跡象。

Network CapEx represented 7% of revenue in the second quarter. As a reminder, there can be some variability in this metric quarter-to-quarter, and we expect network CapEx to be 14% to 15% of revenue for full year 2026.

第二季網路資本支出（CapEx）占營收比重為7%。提醒一下，該指標在各季之間可能會有一定波動，我們預期2026全年網路CapEx將占營收的14%至15%。

Turning to operating expenses. Second quarter operating expenses as a percentage of revenue decreased by 3% year-over-year to 59%. Our total head count ended the quarter at 4,700. Sales and marketing expenses were $232.5 million for the quarter. Sales and marketing as a percentage of revenue decreased to 33% from 36% in the same quarter last year.

接著看營業費用。第二季營業費用占營收比重較去年同期下降3個百分點至59%。本季末我們的員工總數為4,700人。本季銷售與行銷費用為2.325億美元。銷售與行銷費用占營收比重由去年同期的36%降至33%。

Research and development expenses were $104.1 million in the quarter. R&D as a percentage of revenue decreased to 15% from 16% in the same quarter last year. General and administrative expenses were $76.3 million for the quarter. G&A as a percentage of revenue increased to 11% from 10% in the same quarter last year. Operating income was $96.1 million, an increase of 33% year-over-year compared to $72.3 million in the same period last year. Second quarter operating margin was 13.8%, an increase of 240 basis points sequentially and a decrease of 30 basis points year-over-year.

本季研發費用為1.041億美元。研發費用占營收比重由去年同期的16%降至15%。本季一般及行政費用為7,630萬美元。一般及行政費用占營收比重由去年同期的10%升至11%。營業利益為9,610萬美元，較去年同期的7,230萬美元年增33%。第二季營業利益率為13.8%，較前一季增加240個基點，較去年同期下降30個基點。

Turning to net income and the balance sheet. Our net income in the quarter was $107.8 million or diluted net income per share of $0.29. Excluded from these non-GAAP results were severance and other restructuring charges of $151 million for the second quarter, of which $99 million was paid in the second quarter. For full year 2026, we now expect severance and other restructuring charges of up to $165 million with up to $130 million expected to be cash related.

接著談淨利與資產負債表。本季淨利為1.078億美元，或稀釋後每股淨利0.29美元。上述非GAAP結果排除了第二季1.51億美元的資遣費及其他重整費用，其中9,900萬美元已於第二季支付。對於2026全年，我們目前預期資遣費及其他重整費用最高可達1.65億美元，其中最高約1.30億美元預期為現金相關支出。

While higher than initially anticipated, we prioritized speed of resolution, particularly internationally to ensure a continued focus on execution. Free cash flow was $56.4 million in the quarter or 8% of revenue compared to $33.3 million or 6% of revenue in the same period last year. Excluding the impact from the higher severance and other restructuring costs, our free cash flow expectations for 2026 remain unchanged.

雖然高於最初預期，但我們優先考量快速解決，特別是在國際市場，以確保能持續專注於執行。本季自由現金流為5,640萬美元，或占營收8%，相比去年同期為3,330萬美元或占營收6%。排除較高的資遣費及其他重整成本影響後，我們對2026年的自由現金流預期維持不變。

We ended the second quarter with $4.2 billion in cash, cash equivalents and available-for-sale securities. Remaining performance obligations, or RPO, came in at $2.732 billion, representing an increase of 7% sequentially and 38% year-over-year. Current RPO was 64% of total RPO and grew 35% year-over-year.

第二季末我們持有的現金、約當現金及可供出售證券為42億美元。剩餘履約義務（RPO）為27.32億美元，較前一季增加7%，較去年同期增加38%。其中，當期RPO占總RPO的64%，並年增35%。

Moving to guidance for the third quarter and full year 2026. For the third quarter, we expect revenue in the range of $736 million to $737 million, representing an increase of 31% year-over-year. We expect operating income in the range of $129 million to $130 million. We expect an effective tax rate of 20%.

接著提供第三季與2026全年財測指引。第三季我們預期營收介於7.36億至7.37億美元，年增31%。我們預期營業利益介於1.29億至1.30億美元。我們預期有效稅率為20%。

We expect diluted net income per share of $0.34, assuming approximately 374 million shares outstanding. For the full year 2026, we expect revenue in the range of $2.864 billion to $2.870 billion, representing an increase of 32% year-over-year. We expect operating income for the full year in the range of $443 million to $445 million. We expect an effective tax rate of 20%. We expect diluted net income per share over that period to be $1.25 to $1.26. We expect approximately 374 million shares outstanding.

我們預期稀釋後每股淨利為0.34美元，假設流通在外股數約3.74億股。2026全年我們預期營收介於28.64億至28.70億美元，年增32%。我們預期全年營業利益介於4.43億至4.45億美元。我們預期有效稅率為20%。我們預期該期間稀釋後每股淨利為1.25至1.26美元。預期流通在外股數約3.74億股。

In closing, the second quarter reflected the strength of our underlying business. Our strategic position leading the paradigm shift of the agentic Internet has never been stronger and the opportunity ahead of us is larger and more defined than at any point in our history. We remain committed to capturing it with disciplined execution, durable growth and long-term focus.

最後總結，第二季反映了我們基本面業務的強勁。我們在引領代理式網際網路（agentic Internet）典範轉移方面的策略地位從未如此穩固，且我們面前的機會比公司歷史上任何時點都更大、更明確。我們仍致力於以嚴謹的執行、可持續的成長與長期的專注來把握這一機會。

And with that, operator, please poll for questions.

接下來，接線員，請開始開放提問。

(Operator Instructions)

(接線員指示)

Saket Kalia, Barclays.

Saket Kalia，巴克萊。

Okay. Great. Hey, Matt. Hey, Thomas, thanks for taking my questions here, and great to see the acceleration in the business. Matthew, maybe for you. I'd love to dig into the changing profile of traffic and how that's monetized.

好的。太好了。嗨，Matt。嗨，Thomas，謝謝你們回答我的問題，也很高興看到業務加速成長。Matthew，先請教你。我想深入了解流量結構的變化，以及這些流量如何變現。

You've talked about how the majority of traffic now is nonhuman, and we all see the inflection in traffic. Maybe the question is, do you see that driving more new logos or are existing customers buying more? And then from a different related lens, is it driving more business with large customers or smaller ones?

你們提到目前大多數流量已是非人類流量，而我們也都看到流量的拐點。我的問題是，你們認為這會帶來更多新客戶（new logos），還是既有客戶買得更多？另外，從另一個相關角度來看，這是否會帶動更多大型客戶的業務，或是更多中小型客戶的業務？

Yeah, Saket. I think it's a pretty wild time. I was asked in the end of 2025 -- in November of 2025 when I thought that nonhuman traffic would pass human traffic. And I -- we pulled all the data, we ran all the numbers and we were pretty confident that it was going to be the second half of 2027. I was asked the same question again in March of 2026, and we did the same exercise.

是的，Saket。我認為這是一個相當瘋狂的時期。在2025年底——也就是2025年11月——有人問我，我認為非人類流量何時會超過人類流量。我們把所有資料都拉出來、把所有數字都跑過一遍，當時相當有信心會是在2027年下半年。2026年3月又有人問了同樣的問題，我們也做了同樣的分析。

And we were surprised to see that it had moved up to be -- that it would cross in the first half of 2027. So I was quite surprised when in May of this year, our team came to me and said, you won't believe it, but nonhuman traffic has now passed human traffic online.

結果我們驚訝地發現時間點提前了——我們認為會在2027年上半年交叉。所以當今年5月，我們團隊來跟我說「你不會相信，但非人類流量現在已經在線上超過人類流量了」時，我相當驚訝。

And to give you a sense of how this trend is playing out and with the big caveat that I have called it wrong at every point along the way, the -- if the current trends continue, we think in five years, nonhuman traffic will be as much as 1,000 times as much as human traffic. In other words, humans will be a rounding error on the Internet, not because human traffic goes down, but that's just how fast we're seeing nonhuman traffic grow. And so that's resulting in a number of things.

為了讓各位感受這個趨勢如何發展，並且要先強調一個很大的但書：一路走來我每個時間點都判斷錯了——如果目前的趨勢持續下去，我們認為在五年內，非人類流量將會是人類流量的多達 1,000 倍。換句話說，人類在網際網路上將只是四捨五入的誤差；不是因為人類流量下降，而是因為我們看到非人類流量成長得如此之快。因此，這會導致一連串的結果。

The first is that for some of that nonhuman traffic, it's malicious. And that could be malicious like it's hackers or bad guys. It could also be -- it's malicious from the perspective of a particular customer's business model where it's traffic that is maybe an AI company trying to take the content from a media company that relies on advertising.

第一點是，其中一部分非人類流量是惡意的。而這種惡意可能是駭客或壞人所為。也可能是——從某個客戶的商業模式角度來看屬於惡意：例如某家 AI 公司試圖擷取一家依賴廣告的媒體公司的內容所產生的流量。

And in those cases, we block that traffic, and we don't charge the customers anything more for blocking up that traffic because we think that, that's the right thing for us to be doing and delivering and that's part of being a security company. At the same time, though, there are some people who want that traffic.

在這些情況下，我們會封鎖該流量，而且我們不會因為封鎖這些流量而向客戶多收任何費用，因為我們認為這是我們應該做、也應該交付的正確事情，這也是作為一家資安公司的本分。但同時，也有一些人是希望要那種流量的。

And so we're doing everything we can not only to serve that, but to make it as efficient as possible to serve it because if we're going to have 1,000 times as much traffic online, we've got to get a lot more efficient and companies like Cloudflare are critical to be able to support that for customers, whether they're large and small.

因此，我們竭盡所能，不僅要提供那種流量的服務，還要讓服務它的效率盡可能高；因為如果線上流量要增加到 1,000 倍，我們就必須大幅提升效率，而像 Cloudflare 這樣的公司對於支援客戶（不論大型或小型）至關重要。

The thing that I think is most interesting, though, is that increasingly, we're -- as we talk to the AI companies and over 80% of the major AI companies are Cloudflare customers and rely on us. And so we have a great relationship with them. And as we talk to others, it's clear that as agents are accessing all of these sites and the volume that they're accessing them on, the sort of give to get that you have with human traffic is different.

不過，我覺得最有意思的是，隨著我們——在與 AI 公司交流時，超過 80% 的主要 AI 公司都是 Cloudflare 的客戶並依賴我們。所以我們和他們的關係非常好。而當我們與其他人交流時，很明顯地，當代理（agents）在存取所有這些網站、且存取量如此龐大時，人類流量那種「有來有往」的交換關係就不一樣了。

And so if you look at some of the things that we've announced this week, during Agents Week, things like cloudflare.pay, that's us setting the foundation to be able to say how do we charge agents some -- again, what will be a very, very small fee, fractions of a penny for every request that goes through, but for the request that pass through that traffic because somebody has to pay for the bandwidth, somebody has to pay for the server, somebody has to pay for the people doing the work to create the content.

因此，如果你看看我們這週在 Agents Week 期間宣布的一些事情，例如 cloudflare.pay，那就是我們在打地基，讓我們能夠思考：要如何向代理收費——同樣地，每一次請求可能只是非常非常小的費用，每個請求僅是不到一分錢的零頭；但對於穿越這些流量的請求，總得有人支付頻寬、有人支付伺服器、也有人支付創作內容所需的人力成本。

And I think that the business model of the Internet for the last 27 years has been largely defined by advertising and really defined by Google. I think the business model of the next 27 years of the Internet is going to be very different, and there's no company in a better position to define what it looks like than Cloudflare.

我認為，過去 27 年網際網路的商業模式在很大程度上是由廣告所定義，甚至可以說是由 Google 所定義。我認為，未來 27 年網際網路的商業模式將會非常不同，而沒有任何公司比 Cloudflare 更有條件去定義它會長成什麼樣子。

Totally agree. Thomas, maybe for my follow-up for you. it was great to see the stabilization in gross margins this quarter. And we talked a bunch about that at Analyst Day. But maybe you could just talk to us a little bit about some of the puts and takes there. And particularly, how you see gross margins sort of ebbing and flowing through the second half?

完全同意。Thomas，我接著想追問你：這一季看到毛利率趨於穩定很棒。我們在 Analyst Day 也談了很多。但也許你可以再跟我們多談一點其中的拉鋸因素。特別是，你怎麼看毛利率在下半年會如何起伏變動？

Well, as we said at Investor Day, the important metric for us to focus on is total unit economics because the behavior of gross margin across the various products is just very different. You can see with all the metrics that we published today that we are tracking ahead of everything we track.

嗯，正如我們在 Investor Day 所說，我們要聚焦的關鍵指標是整體單位經濟效益（total unit economics），因為不同產品的毛利率表現差異非常大。從我們今天公布的所有指標你可以看到，我們在所有追蹤項目上都跑在前面。

So we're quite confident that the total unit economics for the -- across all products is going to increase over the course of this year. Gross margin, I think, will stabilize around the level we have. But as I said, more importantly, it is to focus on the unit economics. And here, we will continue to see expansion over the course of the second half of the year.

因此我們相當有信心，今年之內跨所有產品的整體單位經濟效益會持續提升。我認為毛利率會在我們目前的水準附近趨於穩定。但如我所說，更重要的是聚焦單位經濟效益。在這方面，我們會在今年下半年持續看到擴張。

Very helpful. Thanks, guys.

非常有幫助。謝謝各位。

Matt Hedberg, RBC Capital Markets.

RBC Capital Markets 的 Matt Hedberg。

Great. Thanks for taking my questions. Congrats on the quarter. Just stellar results here. I wanted to start, you guys had -- I think, Matthew, you said 2 million developers added this quarter. That was obviously impressive.

太好了。謝謝讓我提問。恭喜這一季的表現。這裡的成果真的非常亮眼。我想先從一點開始：我記得 Matthew，你說這一季新增了 200 萬名開發者。那顯然非常令人印象深刻。

I guess with so many options for developers and questions about open weight and open source models these days, what are the most important elements about Workers that gives developers the confidence to platform on it, really, as you know, the Internet is fundamentally changing to support machine-to-machine traffic?

我想問的是，在如今開發者有這麼多選擇、而且大家也在討論開放權重（open weight）與開源模型的情況下，Workers 最重要的哪些要素，讓開發者有信心把它當作平台來建置？尤其如你所知，網際網路正在根本性地改變，以支援機器對機器的流量。

And then maybe as kind of a follow-up to that, there's obviously been a lot of buzz about Cloudflare OS, and we saw the open source this week, that's great. When we think beyond the developer, talk about how Cloudflare OS opens up the opportunity to really every employee in an organization?

然後作為延伸追問，最近大家對 Cloudflare OS 的討論聲量很高，我們也看到這週開源了，這很棒。當我們把視角放到開發者之外，談談 Cloudflare OS 如何把機會擴展到組織內的每一位員工？

Yeah. I was -- I made the team triple check the developer numbers because we added more developers in a quarter than we did in all of last year. And we thought last year was pretty good. I think it's being driven by a handful of different things. The first is that Cloudflare Workers is turning out to just be the perfect platform for building agents and agentic workloads.

是的。我讓團隊把開發者數字三次確認，因為我們單一季度新增的開發者，比去年一整年新增的還多。而我們原本以為去年已經相當不錯了。我認為這是由幾個不同因素所驅動。第一個是，Cloudflare Workers 正好成為建置代理（agents）與代理式工作負載（agentic workloads）的完美平台。

It's extremely lightweight, it's -- you only get charged for when it's actually doing work. You can spin things up and spin them down very, very quickly. And so it has become the go-to place for sophisticated developers to be able to launch code. And we're pretty conservative how we count these. There are big companies that have one developer account, even though there's lots of people that are working behind it. But across the Board, and you can see this in part by the paying customer count. There's just lots of small developers that are driving more and more use of the platform.

它非常輕量，而且——只有在它實際做事時你才需要付費。你可以非常、非常快速地把東西啟動，也可以快速關掉。因此，它已經成為資深開發者用來上線程式碼的首選之地。而且我們在計算這些數字時相當保守。有些大公司即使背後有很多人在使用，也只會有一個開發者帳號。但整體而言，你也可以從付費客戶數看出來，確實有大量小型開發者正在推動平台使用量持續增加。

And again, I think that's great because those small developers, some of them will turn into nothing, but some of them will turn into major things as well. And that's really always been the key story of Cloudflare. I think the other thing is it kind of dovetails into your second question, which is we're seeing that the number of developers generally is going up massively, where people who never thought of themselves as being able to write code or create things are doing exactly that.

而且我再次強調，我覺得這很棒，因為那些小型開發者，有些最後可能什麼也不是，但也有一些會成長為非常重要的事物。而這一直都是 Cloudflare 的核心故事。我認為另一個因素也呼應你第二個問題：我們看到開發者的總數正在大幅上升，許多過去從不認為自己能寫程式或創造東西的人，現在正在做同樣的事。

My EA is using some of the vibe coding platforms in order to build tools in order to run things around her house and she's writing code and deploying it to Cloudflare. And that's really remarkable. And so if you look at companies like Lovable and Replit and Base44 at Wix and others that a lot of times that where those -- that code is actually getting deployed and where the preferred target of that code is going is actually to Cloudflare. And again, I think that's driving more and more developers.

我的行政助理正在使用一些 vibe coding 平台來打造工具，用來管理她家裡周邊的事情；她在寫程式，並把它部署到 Cloudflare 上。這真的很了不起。所以如果你看像 Lovable、Replit、Wix 的 Base44，以及其他公司，很多時候那些——程式碼實際部署的位置、以及那段程式碼偏好的目標，其實就是 Cloudflare。而且我認為這也在推動開發者數量持續增加。

Cloudflare OS is -- we talked last quarter, and I think there was some head scratching in some corners about -- we said that we were just seeing so much more efficiency across our team, not just our developers, but our finance team, our legal team, our procurement across management and how are we getting that? And the answer in large part was we've really built a set of tools with Cloudflare OS that allowed everybody on our team to be able to take advantage of some of the tools that I think in most organizations are somewhat limited to the developer platform.

Cloudflare OS 是——我們上季談過，我想在某些角落對此有些困惑——我們說我們在整個團隊看到更高的效率，不只是開發人員，還包括財務團隊、法務團隊、採購，以及管理層；那我們是怎麼做到的？而答案很大一部分在於，我們確實用 Cloudflare OS 建立了一套工具，讓團隊裡的每個人都能利用一些工具；我認為在多數組織中，這些工具往往多少只限於開發者平台使用。

And we got enough questions about that, and we were proud enough about the work that we, just the other day, open sourced that project. And already, the reaction has been amazing to see how many large companies are saying, wow, this is exactly what we need.

而我們收到足夠多關於這點的問題，也對我們所做的工作感到足夠自豪，所以就在前幾天，我們把那個專案開源了。而且反應已經非常驚人，看到有多少大型公司在說：哇，這正是我們需要的。

I think the thing that's -- there's a lot of companies that are doing this, including a lot of start-ups that have really promising potential. But I think the thing that's unique about us is that because we started out as a security company, and I think describing Cloudflare as just a security company today is obviously misunderstanding us. But we still have that DNA at our core.

我想——有很多公司都在做這件事，包括不少很有潛力的新創。但我認為我們獨特之處在於，我們一開始是以資安公司起家；而且我想今天若只把 Cloudflare 描述成一家資安公司，顯然是誤解了我們。但我們的核心仍然保有那樣的 DNA。

It allowed us to hook into things like our systems of record in a way that was very secure, auditable that we could actually sample against, that we could put controls around, that gave us the ability to allow people who are across the organization to have the access of these very powerful tools, but do it in a way where we felt it was still safe and responsible.

這讓我們能以非常安全、可稽核、可實際抽樣驗證的方式，去串接像是我們的記錄系統（systems of record）之類的東西；我們也能加上控管，讓整個組織的人都能存取這些非常強大的工具，同時以我們認為仍然安全且負責任的方式來做到。

I think that's where most organizations are hitting kind of roadblocks internally in terms of turning more AI tools loose across the organization. And I think one of the reasons that we've been able to move faster than others and one of the reasons that we're so excited about open sourcing Cloudflare OS is because of the fact that at our foundation, we're a security company. We understand how to do these things securely, and that's allowing us to move fast without breaking things.

我認為這正是多數組織在內部推動把更多 AI 工具放開到全組織使用時，所遇到的某種瓶頸。而我認為我們能比其他人更快推進、以及我們對開源 Cloudflare OS 如此興奮的原因之一，就是因為我們的根基是一家資安公司。我們懂得如何把這些事情做得安全，這讓我們能在不把東西搞壞的情況下快速前進。

Thanks, Matthew

謝謝你，Matthew

Sanjit Singh, Morgan Stanley.

Morgan Stanley 的 Sanjit Singh。

Yeah. Thank you for taking my questions. I want to pick up on Matt's question. I think probably one of the other reasons why you're seeing such impressive developer traction that you guys have, one of the most thorough sort of agent stacks across infrastructure, runtime, model serving, the data layer, Durable Objects are pretty impressive in the market.

是的。謝謝你回答我的問題。我想延續 Matt 的問題。我想你們之所以能看到如此亮眼的開發者動能，可能還有另一個原因：你們在基礎設施、執行環境（runtime）、模型服務（model serving）、資料層等方面，擁有市場上最完整的代理（agent）技術堆疊之一；Durable Objects 在市場上也相當令人印象深刻。

At what point, Matt, do you think that there's going to be like a security opportunity around not just running and orchestrating these agents, but securing those agents? And what does the security portfolio for agent orchestration agent themselves look like?

Matt，你認為在什麼時間點，會出現一個資安機會：不只是執行與編排這些代理，而是要保護這些代理本身？而針對代理編排與代理本身的資安產品組合會長什麼樣子？

Yeah, Sanjit. First of all, I mean, I think kudos to all of the team that's been working on the developer platform, especially the agents part. I mean they've just been in absolute animal mode, releasing more and more features and really building, first and foremost, the tools that we need ourselves, but the tools that we need ourselves is turning out the rest of the world's need as well.

是的，Sanjit。首先，我的意思是，我要向一直在開發者平台、尤其是代理這一塊努力的整個團隊致敬。他們真的進入了全速衝刺模式，不斷釋出更多功能；而且他們首先打造的是我們自己需要的工具，但我們自己需要的工具，結果也正是世界其他人所需要的。

I think the opportunity is already there. I mean the number one thing that's causing our phone to ring from big companies is them saying, listen, we know we have to do AI, but we need to do it more securely. And so it's been especially interesting in sort of the SASE Zero Trust space.

我認為這個機會已經存在了。我的意思是，讓大型企業打電話來找我們的第一大原因，就是他們說：聽著，我們知道我們必須做 AI，但我們需要用更安全的方式來做。所以在 SASE 零信任（Zero Trust）領域，這尤其有意思。

I think that if you listen to a lot of the Zero Trust vendors that are out there, they're talking about human seats and things like that. I think we've sort of short-cutted a lot of those conversations by saying, like, do whatever you want with the humans in your org, but you're going to have even more agents and you've got to have a proper security model for those agents.

我認為如果你去聽市面上很多零信任供應商，他們談的是人類使用者席位（human seats）之類的東西。我想我們某種程度上把很多對話捷徑化了：你們組織裡的人要怎麼做都行，但你們會有更多的代理，而且你們必須為那些代理建立一個正確的資安模型。

So I was just in London a few weeks ago meeting with a large government agency there that was well down the track with one of the sort of first-generation Zero Trust companies to implement that across a big chunk of the UK government. And we sort of started talking about agents and what their plan was and how they were thinking about it.

所以我幾週前才在倫敦，和那裡一家大型政府機構會面；他們已經和某家第一代零信任公司合作，推進到相當程度，準備在英國政府很大一部分範圍內導入。我們開始談到代理，以及他們的規劃是什麼、他們怎麼思考這件事。

And very quickly, it became clear that the vendor that they were considering really hadn't thought about this whereas it's been core because of the fact we have the developer platform to how we did things, and they literally canceled the RFP and are now reevaluating this with the sort of agents-first approach.

很快就很清楚，他們正在考慮的那家供應商其實沒有想過這點；但對我們而言，因為我們有開發者平台，這一直是我們做事方式的核心。結果他們直接取消了 RFP，現在正以「代理優先」的方式重新評估。

I think you're going to see that more and more across organizations. And because of the fact that we come at this from a developer platform place, I think that's what's really allowed our SASE and Zero Trust platforms to actually gain share pretty significantly in the last six months.

我認為你會在越來越多組織中看到這種情況。而且因為我們是從開發者平台的角度切入，我認為這正是讓我們的 SASE 與零信任平台在過去六個月能相當顯著地提升市占的原因。

It would be cool to see how that plays out. As a follow-up, Tom, on the Investor Day, you had some like great slides going through the different revenue models. And particularly with respect to the pool of funds, I think you had a chart there about some of the larger customers really early renewing on a pool of funds basis and some of the revenue timing and revenue headwinds associated with that.

看到這會如何發展應該會很酷。追問一下，Tom，在投資人日（Investor Day）上，你有一些很棒的投影片，說明不同的營收模式。特別是就「資金池（pool of funds）」而言，我記得你有一張圖表提到一些大型客戶很早就以資金池的方式續約，以及這對營收認列時點與營收逆風（revenue headwinds）的影響。

As we got into Q2 and as we look into the back half, do you think -- are we at a point where those customers have sort of leaned into usage and we're sort of past those initial revenue headwinds when it comes to those early pool of fund renewals?

當我們進入第二季、並展望下半年時，你認為——我們是否已經到了那個階段：那些客戶已經更傾向於使用量（usage），而我們也已經度過了那些早期資金池續約所帶來的初期營收逆風？

Yeah. The trajectory of the business is clearly up and to the right for both revenue as well as operating income. But as we said at Investor Day, the business model is also going to evolve. It's moving away from a purely ratable SaaS model towards a much more diversified mix of pool of funds, consumption-based structures and also what we call T-shirt sizes. As the business accelerates, that also leads to more and more customers burning through their T-shirt sizes faster, pool of funds are getting consumed faster and getting renewed.

是的。公司的業務走勢很明顯是向上且向右，無論是營收還是營業利益。但正如我們在投資人日所說，商業模式也會演進。它正從純粹按期平均認列（ratable）的 SaaS 模式，轉向更多元的組合：資金池、以用量計費（consumption-based）的結構，以及我們所謂的 T-shirt 尺寸方案。當業務加速時，也會導致越來越多客戶更快用完他們的 T-shirt 尺寸額度，資金池也消耗得更快並更快續約。

So we are really stacking these things on top of each other. And that leads to, you would call it, a higher standard deviation across the individual customers. So the momentum over multiple quarters is clearly pointing up into the right. You don't -- you not only see this in revenue, you also see this in RPO and CRPO. But moving -- how we move from quarter-to-quarter becomes a little bit more difficult to forecast. That's why we continue to be prudent in terms of how we set the guidance. But the trajectory is clear -- is clearly up into the right.

所以我們其實是把這些因素一層一層疊加在一起。而這會帶來——你可以稱之為——單一客戶之間更高的標準差。因此，跨多個季度的動能很明顯是向上且向右。你不只在營收上看到這點，也會在 RPO 與 CRPO 上看到。但在季度與季度之間——我們如何從一季走到下一季——會變得更難預測。這也是為什麼我們在設定財測指引時，仍然保持審慎。但整體走勢很清楚——就是明顯向上且向右。

Understood. Very clear. Thank you very much.

了解。非常清楚。非常感謝。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Hey, good afternoon. Thank you. Thomas, your comment just now on the momentum in the business is very clear. And certainly, we can see it in the acceleration over the last several quarters. My question for you higher level is, and for Matthew too, you all have been in this very consistent growth rate for the past three years now in the high 20s, low 30s.

嗨，下午好。謝謝。Thomas，你剛才對業務動能的評論非常清楚。而且確實，我們也能從過去幾個季度的加速中看得出來。我想從更高層次問你一個問題，也想請Matthew一併回答：過去三年你們一直維持非常一致的成長率，大約在高20%到低30%的區間。

And if I think about the trends that are happening in your business, is there a scenario where the structural growth rate of Cloudflare actually ends up being higher over the next three years as all of these business try to come together?

如果我把你們業務中正在發生的趨勢納入考量，是否存在一種情境：隨著這些業務逐步整合到一起，Cloudflare在未來三年的結構性成長率實際上會更高？

I'll take a stab at it and then Matthew can jump in. A lot of factors, I think, play into that. The one for sure is the innovation flywheel and that we address and disrupt a TAM that becomes bigger and bigger from $30 billion at our IPO to north of $300 billion at this point in time. I think the flywheels that come with Act 3 and now especially with Act 4 are accelerating. Every time we move to a new Act, the maximum deal size goes up by factors, maximum $1 million contracts at Act 1, double-digit million dollars at Act 2, hundreds -- triple digits in Act 3. So it's a combination of a lot of factors.

我先試著回答，然後Matthew可以補充。我認為有很多因素會影響這件事。其中一個確定的因素是創新飛輪：我們所切入並顛覆的TAM（可服務總市場）持續擴大，從我們IPO時的300億美元，成長到目前超過3,000億美元。我認為伴隨Act 3而來的飛輪，以及現在特別是Act 4的飛輪，都在加速。每當我們進入新的Act，最大交易規模就會以倍數提升：Act 1的最大合約約100萬美元，Act 2提升到數千萬美元等級，Act 3則達到數億——三位數百萬美元等級。所以這是多種因素的綜合。

And then we clearly said this today, the larger the customer cohort, the faster the growth rate. So I think there are a lot of independent growth vectors coming -- pointing all in the right direction and then generate the momentum that you see in the numbers.

另外我們今天也很明確地說過：客戶群（cohort）越大，成長率就越快。所以我認為有許多彼此獨立的成長向量正在出現——都指向正確的方向，並進一步帶動你在數字上看到的動能。

Hey, Gabriela, the only thing I think I would add is that there's probably some downsides to having a CEO who is the founder of the company -- co-founder of the company. But one of the -- maybe downsides or upsides as you look at it is that I remember when our growth rates were a lot higher and I miss those days. And so we'll not -- won't be upset if we get back to even higher growth rates.

嗨，Gabriela，我想我唯一要補充的是：CEO同時是公司創辦人——共同創辦人——可能有一些缺點。但其中一個——也許你看是缺點或優點——是我記得我們成長率更高的那些日子，我很懷念。所以如果我們回到更高的成長率，我們也不會不高興。

Yeah. Well said. Hey, my follow-up is on the triple play around Monetization Gateway, Wallets and ID that you announced intra-quarter. Talk a little bit about why this is hard to do and how you think about the moat here? Who do you think the competition will be?

是的。說得很好。嗨，我的追問是關於你們在季中宣布的「三件套」（triple play）：Monetization Gateway、Wallets和ID。能否談談為什麼這件事很難做，以及你們如何看待這裡的護城河？你們認為競爭對手會是誰？

And I remember with Act 4, your comments were always, look, we need to get to critical mass. We need enough of the industry to accept this as a standard. How do you think about the adoption curve for the Monetization Gateway, Wallets, ID triple play? Thank you.

我也記得在Act 4時，你們的評論一直是：看，我們需要達到臨界規模。我們需要足夠多的產業接受這個作為標準。那你們如何看待Monetization Gateway、Wallets、ID這個三件套的採用曲線？謝謝。

Sure. I love the question because it's not -- like we don't at Cloudflare think about how we create moats. We think about our mission as being how do we help build a better Internet. And that has turned out to be a way of creating a really durable business. But in this case, I think -- I like the other part of your question more, which is why is this hard.

當然。我很喜歡這個問題，因為在Cloudflare，我們並不是在思考如何打造護城河。我們把使命視為：如何幫助打造更好的網際網路。而這也被證明是一種打造非常持久業務的方式。但在這個案例中，我更喜歡你問題的另一部分，也就是：為什麼這很難。

I think when we started to think about this, and we said the business model of the Internet is going to change dramatically, what does it change to? So something like micropayments was going to be a part of it. And so then the question is, how do you pull that off? And again, to give rough numbers, and these are not audited, but they're directionally kind of accurate. But we handle, let's say, about 0.5 billion requests per second through Cloudflare's network.

我認為當我們開始思考這件事時，我們說網際網路的商業模式將會劇烈改變，那它會變成什麼？像微支付（micropayments）這樣的機制會是其中一部分。接著問題就是：你要怎麼把它做成？同樣地，給一些粗略數字——這些沒有經過審計，但方向上大致正確。我們透過Cloudflare網路每秒大約處理5億個請求。

We roughly estimate that somewhere between 1% and 10% of those, you could monetize through some sort of a micro transaction. Again, these will be tiny fractions of pennies. But that means that you day one on launching, something like this, you need to be able to support, call it, 10 million transaction -- financial transactions per second and be able to scale up to, call it, 100 million financial transactions per second. To give you some sense, Visa -- and again, these are from memory, but Visa, which is the largest payment network in the world at peak during the holidays, handles about 20,000 transactions per second.

我們粗略估計，其中大約1%到10%可以透過某種微型交易來變現。同樣地，這些會是不到一分錢的極小金額。但這意味著你在第一天推出這樣的東西時，就需要能支援——姑且說——每秒1,000萬筆金融交易，並且能擴展到——姑且說——每秒1億筆金融交易。讓你有個概念：Visa——同樣地，這是憑記憶——Visa作為全球最大的支付網路，在假期高峰時每秒大約處理2萬筆交易。

So you have to build something that's three orders of magnitude bigger than Visa in order to pull this off. That is -- we didn't actually set out to build that ourselves. We thought maybe we could partner with someone and maybe someone else could do it.

所以你必須打造一個比Visa大三個數量級的系統，才能把這件事做成。那就是——我們其實一開始並不是要自己來建這個。我們原本想也許可以和某個夥伴合作，讓別人來做。

But unfortunately, a lot of the world that's building kind of these next-generation payments networks, thinks that they're competing with Visa as opposed to things that they're trying to figure out how you help build a better Internet and how you ensure that there's a healthy and successful business model for the Internet going forward.

但不幸的是，許多正在打造這類下一代支付網路的人，認為他們是在和Visa競爭；而不是在思考如何幫助打造更好的網際網路，以及如何確保未來網際網路有一個健康且成功的商業模式。

And so like as we do this, if we're able to do it, I think that the scale that we're able to operate at and how we do that efficiently is incredibly important. Not to mention the fact that today, north of 20% of the Internet already sits behind us.

因此，當我們在做這件事時，如果我們能做到，我認為我們能以何種規模運作，以及如何高效率地做到，將是極其重要的。更不用說，目前已有超過20%的網際網路是在我們後面（透過我們）運行。

And if we can make it one-click simple for them to turn this on. And one way to think of this is a lot of that is our free customers. What if we made it less than free? What if being part of Cloudflare, we actually sent you money for being part of us because we were generating that through a series of microtransactions largely serving agents. I think that, that then just continues to accelerate the flywheel across all of our business.

如果我們能讓他們一鍵就能簡單啟用。而思考這件事的一種方式是：其中很多是我們的免費客戶。如果我們讓它變得「比免費還便宜」呢？如果加入Cloudflare，我們反而因為你是我們的一部分而付錢給你，因為我們透過一系列主要服務代理（agents）的微交易來產生那些收入。我認為那將會持續加速我們所有業務的飛輪。

And as I've said, I have never been more excited for the future of Cloudflare. I've never been more excited for the future of the Internet. And the Internet business model is going to change, and there's no company better positioned to lead that change than we are.

而且如我所說，我從未對Cloudflare的未來如此興奮。我也從未對網際網路的未來如此興奮。網際網路的商業模式將會改變，而沒有任何公司比我們更有條件去引領這個改變。

Really well. Thank you.

非常好。謝謝。

Fatima Boolani with Citi.

花旗（Citi）的Fatima Boolani。

Good afternoon. Thank you for taking my questions. Matthew or Thomas, I was hoping you could put a little bit of a quantitative framing on how big the book of business, so to speak, has become for you on Workers and Workers AI combined, just so we can have a sense and feel for the magnitude of impact this is having on your top line in terms of proportion.

下午好。謝謝讓我提問。Matthew或Thomas，我希望你們能用一些量化的方式來框定一下：就你們的Workers與Workers AI合併來看，你們的在手業務（book of business）規模大概已經成長到多大？這樣我們就能對它對營收（top line）影響的量級與占比有個感覺。

And to the extent there are any particular capabilities or SKUs inside these portfolios that are driving the outsized monetization momentum for you. And then as a related matter, there has been a multiyear focus on beefing up the enterprise go-to-market motion and having those seats at the table on a more consistent and more strategic basis. But I'm wondering with the center of gravity sort of shifting back into the hands of developers and everything that you're doing from an innovation standpoint to cater to developers, do we see a little bit of a reversion back to sort of more PLG? I'd love to get some of your perspectives on that. Thank you.

以及在這些產品組合中，是否有任何特定的能力或 SKU 正在推動你們超預期的變現動能。另外作為相關問題，過去多年一直著重於強化企業端的 go-to-market 推進方式，並更一致、更具策略性地在決策桌上占有一席之地。但我想問的是，隨著重心似乎又回到開發者手上，以及你們在創新面向為了迎合開發者所做的一切，我們是否會看到某種程度上回歸到更偏 PLG 的模式？很希望聽聽你們對此的看法。謝謝。

Sure. So I will start out not fully answering your question and then Thomas can continue to not fully answer your question. I think we haven't broken out by product area, what our revenue or revenue growth rate is. But I can say that the Workers platform continues to be something that really drives an enormous amount of both new customer adoption and real revenue growth. I think for a while, we were saying that we were playing for adoption, we weren't playing for revenue.

當然。我先從沒有完全回答你的問題開始，然後 Thomas 會繼續沒有完全回答你的問題。我想我們並沒有按產品領域拆分披露我們的營收或營收成長率。但我可以說，Workers 平台仍然是推動大量新客戶採用以及實質營收成長的關鍵。我想有一段時間，我們一直在說我們是在追求採用率，而不是追求營收。

I think that we have -- that has tipped and we are now very much -- again, not trying to maximize every dollar by any means, but that Workers has become a meaningful contributor to revenue. I think it shows up in the anecdotes that I gave about customer wins.

我認為我們已經——那個天平已經傾斜，我們現在非常明確地——再次強調，並不是要在任何情況下都把每一塊錢榨到最大，但 Workers 已經成為營收的重要貢獻者。我想這也反映在我提到的那些客戶贏單案例中。

More and more of them are signing pool of funds deals because of the fact that Workers is part of it and that their developer teams are saying, hey, yes, sign with Cloudflare, use their Zero Trust, use their reverse proxy services, but also make sure that we've got something available where we can use their Workers platform. And so that tends to drive that and drive a lot of consumption through that as well.

越來越多客戶之所以簽署資金池（pool of funds）合約，是因為 Workers 是其中的一部分，他們的開發團隊會說：嘿，沒錯，跟 Cloudflare 簽約，用他們的 Zero Trust，用他們的反向代理服務，但也要確保我們有可用的東西能使用他們的 Workers 平台。因此這往往會推動這類合約，也同時帶動大量的使用量（consumption）。

I think -- so for sure -- and again, I think you see this in the paying customer count that the PLG kind of product-led growth is definitely going great. But you're also seeing, if you just look at like -- you do this across earnings calls, you add up -- we give basically the same number of customer win examples every time.

我想——所以毫無疑問——而且再次強調，我認為你們也能從付費客戶數看到，PLG 這種以產品帶動成長（product-led growth）的表現確實非常好。但你也會看到，如果你只是看——你在每次財報電話都可以這樣做，把我們每次提供的客戶贏單例子加總起來，我們基本上每次都給差不多數量的案例。

If you added up the dollar amount of those contracts and figured out what the average is, those have been ticking up and up and up. And I think that, that is still very much a function of a great enterprise sales team where people want -- if you're going to sign $10 million plus contracts, it's -- no one is putting it on a credit card. Those are deals that humans negotiate with each other, and there needs to be a level of trust and relationship and acknowledge that if something goes wrong, someone is there to fix it. And that's what great enterprise sales leaders do. What I think our enterprise sales team is doing is getting more technical.

如果你把那些合約的金額加總並算出平均值，你會發現它們一直在往上、往上、再往上。我認為這仍然很大程度上是因為我們有一支很強的企業銷售團隊——如果你要簽 1,000 萬美元以上的合約——沒有人會用信用卡刷過去。那是人與人之間談出來的交易，需要一定程度的信任與關係，也要認知到如果出了問題，有人會在那裡把它修好。這就是優秀的企業銷售領導者所做的事。我認為我們的企業銷售團隊正在做的是變得更技術導向。

And again, even those people who were not -- who were great salespeople, but they weren't particularly technical, I think we're giving them the tools to become much more technical. And I think over time, I mean, what I've challenged our team and the sales team, and I think that I will -- this challenge will be met fairly quickly is who's going to be the first salesperson who is in a meeting and while sitting in that meeting, delivers a feature -- before they even leave the meeting, it gets shipped to production.

而且再次強調，即便是那些原本——他們是很棒的業務，但不算特別技術導向的人，我想我們也在提供工具，讓他們變得更具技術能力。我想隨著時間推進，我對我們團隊與銷售團隊提出的挑戰——而且我認為這個挑戰會很快被達成——是：誰會成為第一個在會議中、坐在會議室裡就交付一個功能的人——甚至在離開會議之前，它就已經上線到正式環境（production）。

We're building the system to be able to do that. And I think our sales team has leaned in to say, yes, it's really important to still go build relationships, but we need to be technical. We need to be able to understand and talk to the technical leaders that are on the team. And at the end of the day, the best product is still what's going to win.

我們正在打造能做到這件事的系統。我認為我們的銷售團隊也更積極投入並表示：是的，建立關係仍然非常重要，但我們必須具備技術能力。我們需要能理解並與團隊中的技術領導者對話。而歸根結底，最好的產品仍然會勝出。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

Good afternoon, and congratulations on the really strong results. At Investor Day, you set a goal of GAAP profitability by 2028 at the latest. Just based on the guidance that you gave for the second half, how are we tracking against that goal? And what are some of the dials that you have in terms of relative or incremental opportunities? Thank you.

下午好，恭喜你們交出非常強勁的成績。在投資人日，你們設定了最晚在 2028 年達成 GAAP 獲利的目標。僅就你們對下半年的指引來看，我們目前距離該目標的進度如何？另外，你們有哪些可以調整的「旋鈕」，也就是相對或增量的機會？謝謝。

Yeah. I think the keyword was latest by end of 2028. We are pacing ahead of that very clearly without the impact of the restructuring charges, the GAAP net loss would have been around $18 million. So that is almost striking distance. I think what is -- the levers we have and that we are pulling are, of course, the acceleration of top line, building in operating leverage, all the automation, we talked about Cloudflare OS is helping price performance and discount analysis. So we're pulling a lot of levers, but we are clearly ahead of our targets at this point.

是的。我想關鍵字是「最晚」在 2028 年底。我們很明顯地正超前於該目標；若不計入重組費用的影響，GAAP 淨損大約會是 1,800 萬美元。所以幾乎已經在可觸及的距離內。我認為——我們擁有且正在拉動的槓桿，當然包括加速營收成長、建立營運槓桿、各種自動化；我們也談到 Cloudflare OS 正在協助定價效能與折扣分析。所以我們正在拉動很多槓桿，但就目前而言，我們確實明顯領先於目標。

Perfect. And then is there a way that you could maybe rank order for us the relative strength in pipeline growth that you're seeing just based on the act or product families? Any color would be appreciated. Thank you.

很好。另外，你是否能幫我們大致排序一下，就你們看到的 pipeline 成長而言，按 act 或產品家族來看相對強度如何？任何補充說明都很有幫助。謝謝。

Well, I think what the visibility we gave at Investor Day continues to hold true. The Worker products are still the fastest-growing acts we have and across the complete product stack and feature stack of Act 3 and followed by the SASE products and Act 2. Nothing has changed from Investor Day to this earnings call regarding the dynamics behind the business and how the pipeline builds.

我想我們在投資人日提供的能見度仍然成立。Worker 相關產品仍然是我們成長最快的 acts，涵蓋 Act 3 的完整產品堆疊與功能堆疊，其次是 SASE 產品與 Act 2。從投資人日到這次財報電話，就業務背後的動態以及 pipeline 如何建立而言，沒有任何改變。

Thank you.

謝謝。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome, and thanks so much for taking my questions. Maybe for Matthew, just on the channel opportunity. So partners reached 31% of revenue this quarter, continuing to track up to the right. And as I think about kind of the growing mix of Act 2, which should drive more channel usage or necessity relative to Act 3 and Act 4, which may not require as many partner touch points. How do we think about the partner involvement going forward? And have we kind of tapped out of this mix? Or is there still room for the partner contribution to go higher in coming quarters? Thank you.

太好了，也非常感謝讓我提問。可能先問 Matthew，關於通路機會。本季合作夥伴貢獻達到營收的 31%，持續向上提升。當我思考 Act 2 的占比提高——相較於 Act 3 與 Act 4（可能不需要那麼多合作夥伴接觸點）——這應該會帶動更多通路使用或通路的必要性。我們該如何看待未來合作夥伴的參與程度？我們是否已經在這個組合上見頂了？還是未來幾季合作夥伴的貢獻仍有空間繼續提高？謝謝。

Yeah, Adam, I think that there's definitely room for the partner mix to continue to go higher. I think that, that has been a real improvement across our business is how we've interacted with partners, how we've made sure that they can be successful, how we've trained them, how we've given them very clear rate cards, which was something that we were traditionally very bad at.

是的，Adam，我認為合作夥伴占比絕對還有空間繼續提高。我想這確實是我們整體業務的一項重大改善：我們如何與合作夥伴互動、如何確保他們能成功、如何訓練他們、以及如何提供非常清楚的費率卡（rate cards）——這一直是我們過去做得很不好的地方。

And that, I think, we're seeing and when I talk to partners, they really appreciate how we've been a good partner to them and we've had them succeed alongside us. I think the partner ecosystem is certainly changing. I think that the people who are winners yesterday may not be the winner tomorrow because AI and other tooling is going to really change how people deliver services.

而我認為我們正在看到成果；當我和合作夥伴交流時，他們非常認同我們一直以來如何成為他們的好夥伴，並讓他們能與我們一起成功。我認為合作夥伴生態系也確實正在改變。我想昨天的贏家明天未必還是贏家，因為 AI 和其他工具將會真正改變人們交付服務的方式。

We have focused the partners very much on sort of our Act 2 products, the SASE and Zero Trust and seen great success there, but then willing to attach other products to that. But SASE and Zero Trust is a place where we definitely see partners winning.

我們一直讓合作夥伴非常聚焦在我們所謂的第二幕（Act 2）產品，也就是 SASE 與 Zero Trust，並且在那裡看到很大的成功，同時也願意把其他產品一起綁上去。但 SASE 與 Zero Trust 絕對是我們看到合作夥伴能夠勝出的領域。

We're also seeing some partners who are taking the developer platform and running with it. And so for Cloudflare OS, which we've talked about before, we've had a lot of interest from large systems integrators saying that they want to -- for people who don't want to deal with the open source version of this, they want to take that and run with it and implement it.

我們也看到一些合作夥伴正在採用開發者平台並大力推進。因此，對於我們先前談過的 Cloudflare OS，我們收到許多大型系統整合商的高度興趣，他們表示想要——對於不想處理這個開源版本的人，他們希望把它拿來推行並加以落地實作。

And that's, again, one of those great partner opportunities because it's not just how do you get the software installed, but then it's how do you get all of the various systems of records connected? How do you make sure that kind of sources of truth get incorporated? How do you make sure that all of that is put in place? And that's an incredible opportunity for partners.

而這再次是一個很棒的合作夥伴機會，因為不只是「如何把軟體安裝好」，更是「如何把各式各樣的系統紀錄（systems of records）串接起來」？如何確保那種「真實來源」（sources of truth）能被納入？如何確保所有這些都能到位？這對合作夥伴而言是個極大的機會。

And we think that, that could drive very significant business because that, in turn, we expect in lots of cases, will drive more of our developer platform adoption. And so I think I would guess that our partner -- our share of revenues through partners will continue to tick up over time. I don't think it'll ever get to sort of 90%-plus of some of the first-generation Zero Trust companies or the hardware companies of old. But I think it will continue to tick up over time. And I wouldn't be surprised if it gets north of 50%, even maybe over 60%.

我們認為這可能帶動非常可觀的業務，因為反過來，在許多情況下，我們預期這會推動更多開發者平台的採用。因此我猜想，我們透過合作夥伴取得的營收占比會隨時間持續上升。我不認為它會到達某些第一代 Zero Trust 公司或過去硬體公司那種 90% 以上的水準。但我認為它會隨時間持續上升。如果它超過 50%，甚至可能超過 60%，我也不會感到意外。

Very helpful. Thanks, again.

非常有幫助。再次感謝。

Ryan MacWilliams, William Blair.

Ryan MacWilliams，William Blair。

Formerly was with William Blair many years ago. But -- so maybe still early here, but as agents become more complex and require more calls to LLM over the course of what an agent is doing, does that make edge inferencing more important for AI agent use cases? And are you seeing more companies build with high AI performance, low latency requirements in mind?

我很多年前曾在 William Blair 任職。不過——所以也許現在還算早期，但隨著代理（agents）變得更複雜，並且在代理執行的過程中需要對 LLM 進行更多次呼叫，這是否會讓邊緣推論（edge inferencing）對 AI 代理的使用情境更重要？你們是否看到更多公司在建置時就以高 AI 效能、低延遲需求為前提？

Yeah, Ryan, I think that it's -- the inference is one piece of a more complicated puzzle. And so what I think that we're seeing is what agents need is the ability to have very ephemeral, low-cost places to create code, do inference, access the network, coalesce information, store some things and pack all of these things together. It's not simply the inference that matters. The real key is how do you orchestrate all of those pieces together. And so -- and in the ideal case, your agent doesn't run just in one place.

是的，Ryan，我認為——推論只是更複雜拼圖中的一塊。因此我認為我們看到的是，代理需要的是能夠在非常短暫（ephemeral）、低成本的地方建立程式碼、做推論、存取網路、彙整資訊、儲存一些東西，並把所有這些能力打包在一起。不只是推論本身重要。真正的關鍵是如何把所有這些部分協同編排（orchestrate）在一起。因此——在理想情況下，你的代理不會只在一個地方運行。

It runs in many places. It might be operating in literally different places around the world where it has to access information, it has to get different things. So you want effectively for the entire network to -- as the old Sun saying was become the computer, the network is the computer. As a fun side anecdote, when Oracle bought Sun, they failed to register the trademark -- reregister the trademark, The Network is the Computer. And so now Cloudflare owns that trademark, which I think is appropriate.

它會在很多地方運行。它可能真的在全球不同地點運作，需要存取資訊、取得不同的東西。所以你會希望整個網路能——用 Sun 以前那句話來說——成為電腦，也就是「網路就是電腦」。順帶一提，當 Oracle 收購 Sun 時，他們沒有去重新註冊「The Network is the Computer」這個商標。所以現在 Cloudflare 擁有這個商標，我覺得這很合適。

We've never really used it for much, but it's a fun sort of thing. I think that's exactly what agents need. They need the network to be the computer. And so yes, inference needs to exist at -- and again, I've always shied away from the term edge because I kind of think it's meaningless. Is Cloudflare the edge?

我們其實從沒怎麼用過它，但這是一個挺有趣的事情。我認為這正是代理所需要的。它們需要網路成為電腦。所以是的，推論需要存在於——而且我一直刻意避免用「邊緣」這個詞，因為我覺得它有點沒有意義。Cloudflare 是邊緣嗎？

Or are we the core? Or are we the everything? I think what we are is we are wherever you need storage, wherever you need compute, wherever you need inference, wherever you need network, we're there and are able to orchestrate that across the global network that we have. And so that's what we're seeing agents need. And I think that in addition to the network, the fact that we've got these primitives where if -- back when I was in college, if you wanted to stand up a new service, you had to buy a physically new server.

還是我們是核心？或我們是全部？我認為我們是：無論你需要儲存、需要運算、需要推論、需要網路的地方，我們都在那裡，並且能在我們的全球網路上把這些協同編排起來。這就是我們看到代理所需要的。而且我認為除了網路之外，我們還有這些基礎元件（primitives）：如果——回到我大學時代，你想要架設一個新服務，你必須買一台實體的新伺服器。

Then VMware came along and was able to take one server and make it into many. That was still pretty heavyweight. And so you had folks like Docker that came along that made containers. That really drove the first generation of the cloud. The agents need a new generation of the cloud.

後來 VMware 出現，能把一台伺服器變成很多台。但那仍然相當笨重。接著像 Docker 這樣的工具出現，帶來容器。那真正推動了第一代雲端。代理需要新一代的雲端。

And that new generation of cloud, even things like containers are too heavy. As Rita on our team walked through at Investor Day, if every knowledge worker on Earth ran an agent that was running in a container, we don't have enough CPU to actually power that. We need to increase the amount of CPU that's accessed by many orders -- many, many times.

而那一代新的雲端，連容器這種東西都太笨重了。正如我們團隊的 Rita 在投資人日所說，如果地球上每一位知識工作者都跑一個在容器裡運行的代理，我們根本沒有足夠的 CPU 來支撐。我們需要把可被存取的 CPU 規模提高好幾個數量級——很多很多倍。

And so what we've done, which is a new version, which is a much lighter weight in terms of our sandboxing technology, which we called isolates, that is -- that gives you the ability and the scale to actually deploy and run code in a way that is going to keep up with the demands that agents have. And so I think, yes, it's the network.

因此我們所做的是推出一個新版本：在沙箱隔離（sandboxing）技術上更輕量的做法，我們稱之為 isolates（隔離執行環境），它——讓你具備能力與規模，能以一種跟得上代理需求的方式去部署並執行程式碼。所以我認為，是的，關鍵在於網路。

Yes, it's the fact that, that network is everywhere and whether you want to call out the edge or whatever, again, it is where it is. But it's also that we've got the underlying platform that allows us to scale for what's coming, which is going to just be an incredible increase in the use of the Internet generally.

是的，也在於那個網路無所不在；至於你要稱它為邊緣或其他什麼——再次強調，它就在它該在的地方。但同時也在於我們擁有底層平台，讓我們能為即將到來的需求擴展規模，而那將會是整體網際網路使用量的驚人提升。

Yeah, I thought your Agent Development Lifecycle release this week was pretty cool, like giving agents everything to build other agents.

是的，我覺得你們這週發布的 Agent Development Lifecycle 很酷，就像是給代理一整套用來打造其他代理的工具。

That's amazing.

那太厲害了。

Yeah, that's really cool. Thomas, just on NRR, more of a finance question, along with like the big deals in the quarter and some new Workers wins, along with some ramping pool of funds deals, just any help that we can get on modeling net retention or thoughts there for the rest of this year as implied by the guide?

是的，那真的很酷。Thomas，關於 NRR（淨收入留存率），這比較偏財務問題：結合本季的大型交易、一些新的 Workers 勝案，以及一些正在爬坡的資金池（pool of funds）交易，你能否就今年剩餘時間、以及指引所暗示的情況，給我們一些對淨留存建模的協助或看法？

What I would say is that the performance was really driven across the Board. There's not really one thing to point out. This was an impressive quarter in many ways. But what stood out most for me was that the strength came across all products, across all customer cohorts, across all types of contract interactions we have with our customers. So there's not really one thing to point out. It was strength across the full spectrum and breadth of what we are doing.

我想說的是，這次的表現其實是全面驅動的。沒有哪一件事特別可以單獨指出來。這在很多方面都是一個令人印象深刻的季度。但對我來說最突出的，是強勁表現來自所有產品、所有客戶群（cohorts）、以及我們與客戶之間各種合約互動類型。所以沒有哪一件事特別可以單獨指出來。這是我們所做事情在完整光譜與廣度上的全面強勁。

Appreciate it.

感謝。

Patrick Colville, Scotiabank.

Patrick Colville，加拿大豐業銀行（Scotiabank）。

Thank you for taking my questions. I guess, look, as I've got the last question, I might ask a two parter, please. Matthew, can I ask you? I mean it's clear that the Cloudflare engine is humming with multiple cylinders firing.

謝謝讓我提問。我想，既然我是最後一個問題，我可以一次問兩個部分嗎？Matthew，我可以請教你嗎？我的意思是，很明顯 Cloudflare 的引擎正以多缸齊發的狀態高速運轉。

One of the decisions that you've made is not to participate in the AI CapEx kind of arms race. We're seeing hyperscalers and neoclouds sign these kind of massive GPU AI infrastructure contracts, including tonight, one of your competitors disclosing an aggregate nearly $3 billion AI infrastructure contract value. I guess, Matthew, what was your thinking in kind of not joining this AI infrastructure arms race?

你們做出的其中一個決策，是不參與 AI 資本支出（CapEx）的軍備競賽。我們看到超大規模雲端業者（hyperscalers）與新型雲端（neoclouds）簽下這類龐大的 GPU AI 基礎設施合約；甚至就在今晚，你們的一位競爭對手披露其 AI 基礎設施合約總額接近 30 億美元。我想問，Matthew，你們不加入這場 AI 基礎設施軍備競賽的考量是什麼？

And then, Thomas, if I may, I mean, very clear from Matthew's comments throughout this call that the cyber risk is rising. Can I ask you, Thomas, I mean, is that rising cyber risk hitting the Cloudflare financial model in 2Q? Or is it kind of still conversations in 2Q, and this is more of a kind of back half 2026 thing? Thank you.

然後，如果可以的話，Thomas，我的意思是，從 Matthew 在這通電話中的評論來看，非常清楚網路風險正在上升。我想請問你，Thomas，這個上升的網路風險在第二季（2Q）是否已經影響到 Cloudflare 的財務模型？還是說在第二季仍主要停留在對話層面，而這更像是 2026 年下半年才會發生的事情？謝謝。

Sure, Patrick. So I think not all revenue is created equal. And if you're selling what is just commodity compute, if you're basically letting an AI company use your balance sheet,and your credit rating in order to buy servers that are the same as everybody else's servers. Then like that's just not an attractive business for us. And so I think we're very disciplined.

當然，Patrick。我認為並非所有營收的品質都一樣。如果你賣的只是商品化運算（commodity compute），基本上就是讓一家 AI 公司利用你的資產負債表以及你的信用評等去買伺服器，而那些伺服器跟其他人的伺服器沒有差別。那麼，這對我們來說就不是一門有吸引力的生意。所以我認為我們非常自律。

It's not that we don't get asked, but I don't think that's particularly interesting for us. I will say that we have a lot of interaction with the largest AI providers that are out there. And they're -- again, they're all customers of us.

並不是我們沒有被詢問過，但我不覺得那對我們特別有意思。我會說，我們與市面上最大的 AI 供應商有很多互動。而且他們——再說一次——全都是我們的客戶。

And so I think that it's -- that you could imagine ways where -- that we would find something that where we could actually be a bigger and bigger player in providing the services to power more and more of the serious AI players that are out there in more meaningful and deep ways. But ultimately, like we're not going to do that just selling commodity hardware because that, again, is bad business for us.

所以我認為——你可以想像一些方式——我們會找到某些事情，讓我們能以更有意義、更深入的方式，成為為越來越多嚴肅的 AI 玩家提供服務、並扮演越來越重要角色的供應商。但歸根結底，我們不會只是靠販售商品化硬體來做這件事，因為那——再一次——對我們來說是門不好的生意。

I think the other thing that's different about us is that we've just always focused on how we can squeeze as much out of every CapEx dollar as possible. And so how is it that we can -- not just throw money at a problem, but actually say, how do we get more utilization out of that. And so our team is constantly trying to figure out how can you get more inference, how can you get more CPU, how can you get more out of the memory or storage that we have in every box that we have.

我想我們另一個不同之處在於，我們一直專注於如何把每一塊資本支出（CapEx）美元的效益榨到最大。所以我們要做的是——不是把錢砸在問題上——而是去問：我們如何提高其使用率。因此，我們的團隊一直在思考：如何做出更多推論（inference）、如何榨出更多 CPU 效能、如何從每一台機器裡的記憶體或儲存中取得更多效益。

And I think that, that's just a very different attitude than you see elsewhere. And so again, we know what the typical kind of inference loads are at the hyperscalers and the GPU utilization, and it's super low. And that's not the hyperscalers' fault. It's that what they're selling is just a box and it's up to the customers in order to actually maximize the utilization and customers often don't have the diversity of traffic or the ability to really schedule things in order to get the highest possible utilization.

我認為，這種態度跟你在其他地方看到的非常不同。所以再說一次，我們知道超大規模雲端業者那邊典型的推論負載，以及 GPU 的使用率——而且非常低。這不是超大規模雲端業者的錯。而是因為他們賣的就只是一台機器，客戶必須自己去把使用率最大化；但客戶往往沒有足夠多樣的流量，或沒有能力做真正的排程，來達到最高可能的使用率。

And so if we can, and in some cases, get 10 times as much utilization out of every CapEx dollar, then we can play these games and continue to grow revenue, but it's really high-quality revenue and it's revenue that doesn't require us to just throw money at it.

因此，如果我們能——而且在某些情況下——讓每一塊 CapEx 美元的使用率提高到 10 倍，那我們就能玩這些「遊戲」並持續成長營收；但那會是非常高品質的營收，而且是不需要我們只是把錢砸下去就能取得的營收。

Again, I think it's worth repeating things that something I said before, which is we're just in a very different business than the hyperscalers. The hyperscalers, the traditional first-generation clouds are in the business of buying a server and then trying to sell it back, lease it back and get five turns of revenue off of it.

再一次，我覺得值得重申我之前說過的一點：我們所處的業務與超大規模雲端業者非常不同。超大規模雲端業者、傳統第一代雲端，其商業模式是買一台伺服器，然後試著把它再賣回去、以租賃方式租出去，並從中取得五輪（five turns）的營收。

We're in a very different business, where we're selling actually work getting done. And then instead of it being up to the customer to get as much out of the server as possible, we need to do the work to get as much out of the underlying equipment as possible and build the scheduling and the efficiency and everything else that's out there.

我們是在一個非常不同的業務裡：我們賣的是「把工作完成」本身。而且不是由客戶來盡可能榨出伺服器的效益；我們必須自己去把底層設備的效益榨到最大，並建立排程、效率以及其他所有相關能力。

And I think that, that is fundamentally the difference in our business and why -- like I don't think we want to get into the business of renting servers because it's -- over time, it's a commodity business, it's not very attractive.

我認為，這就是我們業務的根本差異，也解釋了為什麼——我不覺得我們想進入租伺服器的生意，因為——長期來看——那是一門商品化的生意，吸引力不大。

Thank you. Matthew Prince, I would like to turn the conference back over to you.

謝謝。Matthew Prince，我想把電話會議交回給你。

I appreciate everyone at Cloudflare just delivering what has been an exceptional quarter. We're helping define the future of agents. We're helping define the future of the Internet. We're helping make sure that the Internet has a successful and sustainable business model. Some of the proudest work that I've done in my career, and I'm really proud of everyone and everything that they've done in order to make that happen. Thank you so much for being part of the earnings call today, and we'll see you back here again next quarter.

我很感謝 Cloudflare 的每一位同仁交出了一個非常出色的季度。我們正在協助定義代理（agents）的未來。我們正在協助定義網際網路的未來。我們正在協助確保網際網路擁有成功且可持續的商業模式。這是我職涯中最引以為傲的一些工作，我也為大家以及他們為促成這一切所做的每一件事感到非常自豪。非常感謝各位今天參與財報電話會議，我們下個季度再回到這裡見。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，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。