Cloudflare, Inc. (NET) 2026 Q3 法說會逐字稿

Welcome, ladies and gentlemen. Thank you for joining us and welcome to Cloudflare's third quarter 2026 earnings conference call.

歡迎各位女士、先生。感謝各位加入我們，歡迎參加 Cloudflare 2026 年第三季財報電話會議。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to Phil Winslow. Phil, please go ahead.

我現在把會議交給 Phil Winslow。Phil，請開始。

Thank you for joining us today to discuss Cloudflare's financial results for the third quarter of 2026. With me on the call, we have Matthew Prince, Co-Founder and CEO Michelle Zatlin, Co-Founder and President and Thomas Seifert, CFO.

感謝各位今天加入我們，一同討論 Cloudflare 2026 年第三季的財務結果。與我一同參與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 Zatlin，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找到。

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、我們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情勢的預期。

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.

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。

Our actual results may differ significantly from those projected or suggested in any of our forward-looking statements.

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.

這些前瞻性陳述以今日為準，您不應將其視為代表我們未來的觀點。本次電話會議後，我們不承擔更新這些陳述的任何義務。

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.

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，請參閱我們向美國證券交易委員會（SEC）提交的文件，以及今日的財報新聞稿。

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

除非另有說明，除營收外，我們今天談到的所有財務數字皆以調整後的非 GAAP 基礎呈現。

You may find a reconciliation of GAAP to non-GAAP financial measures that are included in our earnings release on our Investor Relations website.

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。

For historical periods, a GAAP to non-GAAP reconciliation can be found in the supplemental financial information referenced a few moments ago.

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。

We would also like to inform you that we will be participating in RBC Capital Markets Global Technology, Internet, Media and Telecommunications Conference on November 18 and Barclays Global Technology Conference on December 9.

我們也想告知各位，我們將參加 11 月 18 日的 RBC Capital Markets 全球科技、網際網路、媒體與電信大會，以及 12 月 9 日的 Barclays 全球科技大會。

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. There is no other way to say this, by nearly every metric, we had our best quarter ever. We again accelerated growth and became more profitable at the same time, delivering our fastest revenue growth in nearly four years and achieving our highest operating margin in the history of the company.

謝謝你，Phil。幾乎用任何指標來看，我們都創下史上最佳單季表現。我們再次加速成長，同時提升獲利能力，交出近四年來最快的營收成長，並達成公司史上最高的營業利益率。

We crossed $3 billion in annualized revenue, generating $782 million in the third quarter. That's up 39% year over year. We now have more than 5,000 customers paying us more than $100,000 per year, a 25% increase year over year.

我們的年化營收突破 30 億美元，第三季創造 7.82 億美元營收。年增 39%。目前每年支付超過 10 萬美元的客戶已超過 5,000 家，年增 25%。

Our dollar-based net retention was 122%, up 2% quarter over quarter and up 3% year over year. Our gross margin was 72.4%. We delivered an operating profit of $137.1 million, representing an operating margin of 17.5%, and we generated free cash flow of $82.1 million during the quarter, again exceeding expectations.

以美元計價的淨留存率為 122%，較上季提升 2%，較去年同期提升 3%。毛利率為 72.4%。我們實現 1.371 億美元的營業利益，對應營業利益率 17.5%；本季自由現金流為 8,210 萬美元，再次超出預期。

But that's just the start of what was a monster quarter. The strong momentum we've been seeing in our business continue to accelerate in the third quarter. It's like the engine was firing on all cylinders and we found another gear.

但這只是這個爆發性季度的開始。我們在業務上看到的強勁動能在第三季持續加速。就像引擎全缸點火，而且我們又找到另一個檔位。

Some highlights, sales productivity reached a new record in the third quarter and increased year-over-year for the 11th consecutive quarter. In Q3, we delivered our highest ACV growth ever and highest quota attainment in more than five years.

一些亮點：第三季銷售生產力再創新高，且已連續第 11 個季度年增。在第三季，我們創下史上最高的 ACV 成長，以及超過五年來最高的配額達成率。

From new customers grew faster still, beating last quarter's five-year high. We added more than 158,000 paying customers this quarter, that's 110% growth in paying customers year-over-year and nearly double the previous record of more than 80,000 we added in Q2.

新客戶帶來的成長更快，超越上季創下的五年高點。本季我們新增超過 158,000 名付費客戶，付費客戶數年增 110%，幾乎是第二季新增超過 80,000 名（先前紀錄）的兩倍。

We also achieved record year-over-year net additions across all our large customer annualized revenue cohorts from $100,000 to $500,000 to $1 million to $5 million, across every one of those, we grew at a new record pace.

我們也在所有大型客戶年化營收分層（從 10 萬美元、50 萬美元、100 萬美元到 500 萬美元）都達成創紀錄的年增淨新增數；在每一個分層中，我們都以新的紀錄速度成長。

And as we already announced at our customer conference a few weeks ago, we passed 10 million active developers on our platform, more than doubling the number we had at the start of 2026.

此外，正如我們在幾週前的客戶大會上已宣布的，我們平台上的活躍開發者已突破 1,000 萬人，較 2026 年初的數量增加逾一倍。

As I said. We seem to have found a new gear. These results speak for themselves and are the cumulative effect of our relentless focus on innovation combined with disciplined execution. Much of that execution improvement has come from the transformation of our go-to-market engine to match our already world-class product and engineering teams.

如我所說。我們似乎找到了新的檔位。這些結果不言自明，是我們對創新不懈聚焦並結合紀律執行的累積成果。其中很大一部分的執行力提升，來自我們將 go-to-market 引擎轉型，使其與我們已屬世界級的產品與工程團隊相匹配。

Mark Anderson deserves a huge amount of credit for shepherding us through that transition. With his well-earned retirement coming at the end of this year, we wanted to find a successor with a proven track record of scaling global sales organizations to turbocharge our already robust go-to-market momentum.

Mark Anderson 在引領我們完成這段轉型過程中功不可沒。隨著他在今年底即將實至名歸地退休，我們希望找到一位接班人，具備擴大全球銷售組織的成功實績，以進一步為我們本已強勁的 go-to-market 動能加速。

I'm incredibly excited to welcome Christian Smith to Cloudflare as our new President of Revenue. No one will ever replace Mark, but Christian's skill set and experience building and enabling world-class go-to-market organizations match perfectly with the current stage of Cloudflare to further accelerate our next wave of growth at scale.

我非常興奮地歡迎 Christian Smith 加入 Cloudflare，擔任我們新的營收總裁。沒有人能取代 Mark，但 Christian 在打造並賦能世界級 go-to-market 組織方面的技能與經驗，與 Cloudflare 目前所處的階段完美契合，將在規模化的基礎上進一步加速我們下一波成長。

I wanted to invite Christian to the call to say a few words. Christian.

我想邀請 Christian 在電話會議上說幾句話。Christian。

Thank you, Matthew. I am thrilled to join the Cloudflare team. But Cloudflare has built the sheer scale of its world-class network, the company's unparalleled product innovation, and the clear vision for the future of the Internet. It is truly unique. But what gets me most excited is the massive generational opportunity that's still in front of us to go and capture.

謝謝你，Matthew。我非常高興能加入 Cloudflare 團隊。Cloudflare 打造了具備龐大規模的世界級網路、公司無可匹敵的產品創新，以及對網際網路未來的清晰願景。這確實獨一無二。但最令我興奮的是，我們面前仍有巨大的世代性機會等待我們去掌握與取得。

I've spent my entire career scaling enterprise go-to-market engines with operational rigor, building world-class partner ecosystems, and driving intense customer focus. Mark Anderson has built an incredible foundation over the past three years at Cloudflare.

我整個職涯都在以嚴謹的營運管理擴展企業級 go-to-market 引擎、建立世界級的合作夥伴生態系，並推動高度的客戶導向。Mark Anderson 在過去三年於 Cloudflare 建立了令人驚嘆的基礎。

My immediate priorities are to double down on go-to-market execution, further accelerate our enterprise momentum, and ensure our customers get even more rapid compounding time to value from our platform.

我眼前的優先事項是加倍投入 go-to-market 執行、進一步加速我們在企業市場的動能，並確保客戶能從我們的平台更快速地獲得、且持續複利累積的價值實現時間（time to value）。

With the rise of the eugenic Internet, Cloudflare was built for this moment. Now it's about execution and scale, and I'm ready to go get to work with the team.

隨著「優生網際網路」（eugenic Internet）的崛起，Cloudflare 正是為了這一刻而打造。現在關鍵在於執行與規模化，而我已準備好與團隊一起投入工作。

Thanks, Christian. Under your leadership, I know we will continue to deliver on our vision that has never just been about selling products, but rather about helping solve some of our customers' toughest challenges as only Cloudflare can and to ensure the smoothest transition, Mark Anderson has agreed to stay on as an advisor for at least the next year. I know he'll always bleed orange and be there to help close a customer if we need him.

謝謝你，Christian。在你的領導下，我相信我們將持續實現我們的願景：這從來不只是銷售產品，而是協助解決客戶最棘手的一些挑戰——只有 Cloudflare 才能做到；為了確保最順暢的交接，Mark Anderson 已同意至少在接下來一年擔任顧問。我知道他永遠都會熱血支持（bleed orange），如果我們需要他，他也會在那裡協助促成客戶成交。

That seems like a good segue to talk about some of Mark's team's big wins in the quarter. A rapidly growing AI company expanded their relationship with Cloudflare, signing a one-year $11 million pool of funds contract for our workers developer platform. Tens of millions of AI-generated applications have been created on its platform and legacy hyperscalers would charge this customer for massive amounts of idle compute.

這似乎是個很好的轉場，來談談 Mark 團隊在本季的一些重大勝利。一家快速成長的 AI 公司擴大了與 Cloudflare 的合作關係，為我們的 Workers 開發者平台簽下為期一年的 1,100 萬美元資金池（pool of funds）合約。其平台上已建立了數千萬個由 AI 生成的應用程式，而傳統的超大規模雲端供應商（legacy hyperscalers）會向該客戶就大量閒置運算資源收取費用。

With Cloudflare's Dynamic Workers, apps start in milliseconds and the customer pays only for the compute they actually use. One of their lead engineers said, Without Cloudflare's Dynamic Workers, we wouldn't be able to build what we want to build.

透過 Cloudflare 的 Dynamic Workers，應用程式可在毫秒內啟動，且客戶只需為實際使用的運算資源付費。他們的一位首席工程師表示：「如果沒有 Cloudflare 的 Dynamic Workers，我們就無法打造我們想打造的東西。」

When the cost of creating software drops to near zero, the number of applications explodes and the most sophisticated builders are choosing to run them on Cloudflare.

當開發軟體的成本降到近乎為零時，應用程式的數量就會爆發式成長，而最頂尖的建置者正選擇在 Cloudflare 上運行它們。

A Fortune 100 cloud infrastructure provider expanded their relationship with us, signing a 13-month, $15.5 million contract for Magic Transit.

一家《財富》100 強的雲端基礎設施供應商擴大了與我們的合作關係，簽署了一份為期 13 個月、金額 1,550 萬美元的 Magic Transit 合約。

As the customer aggressively scales its global footprint for AI, their legacy DDoS hardware applications simply could not keep up, failing to scale cost effectively and missing low-level attacks that were quietly draining capacity.

當該客戶為 AI 積極擴張其全球版圖時，他們既有的 DDoS 硬體應用程式根本跟不上，不僅無法以具成本效益的方式擴展，還漏掉了那些悄悄消耗容量的低層攻擊。

During the evaluation, our global network stopped attacks that their appliances simply could not and we fully displaced the incumbent. As one of their technical leaders noted, Cloudflare's threat mitigation is one of our superpowers.

在評估期間，我們的全球網路攔截了他們的設備根本無法阻擋的攻擊，我們也完全取代了原先的供應商。正如他們的一位技術領導者所說：「Cloudflare 的威脅緩解能力是我們的超能力之一。」

When the world's biggest cloud operators build next-generation AI infrastructure, they trust Cloudflare to protect it.

當全球最大的雲端營運商打造下一代 AI 基礎設施時，他們信任 Cloudflare 來保護它。

Cabinet level US federal department signed a five-year $10.3 million contract for our SASE portfolio. With their legacy VPN reaching end of life, the agency needed a modern replacement that could scale on a deadline it couldn't miss.

美國聯邦政府內閣層級部門簽署了一份為期五年、金額 1,030 萬美元的合約，採購我們的 SASE 產品組合。由於其既有 VPN 即將終止支援，該機構需要一個可在不可錯過的期限內擴展的現代化替代方案。

They chose Cloudflare over a first-generation zero trust provider for our speed, global scale and simplicity. This win positions Cloudflare as the backbone of their new cybersecurity posture and underscores that the federal government is ready to leave legacy hardware behind and that unified platforms like Cloudflare will win.

他們基於我們的速度、全球規模與簡潔性，選擇 Cloudflare 而非第一代零信任供應商。這次勝利使 Cloudflare 成為其新資安態勢的骨幹，也凸顯聯邦政府已準備好拋開傳統硬體，而像 Cloudflare 這樣的統一平台將會勝出。

A rapidly growing multinational neobank and fintech company expanded their relationship with Cloudflare, signing a three-year pool of funds agreement with an average annual contract value of more than $3 million.

一家快速成長的跨國新銀行與金融科技公司擴大了與 Cloudflare 的合作關係，簽署了一份為期三年的資金池（pool of funds）協議，平均年度合約價值超過 300 萬美元。

Their initial use cases focus on our SASE portfolio. The latency that employees experience with the incumbent first-generation Zero Trust vendor was so bad that many simply turned it off, leaving the business exposed.

他們最初的使用案例聚焦於我們的 SASE 產品組合。員工在既有的第一代零信任供應商上所遭遇的延遲糟到不行，以至於許多人乾脆把它關掉，讓企業暴露在風險之中。

They moved their entire workforce to Cloudflare in a single quarter. Since then, performance tickets per user have dropped 74%. It turns out the most secure Zero Trust platform inherently is the one people actually leave on. And from this customer feedback, it seems Cloudflare may be the only vendor that has that critical feature.

他們在單一季度內就把整個員工隊伍遷移到 Cloudflare。自那之後，每位使用者的效能工單數下降了 74%。事實證明，最安全的零信任平台，本質上就是人們真的會一直開著的平台。而從這位客戶的回饋來看，Cloudflare 似乎可能是唯一具備這項關鍵特性的供應商。

A fast-growing technology company expanded their relationship with Cloudflare, sending a 39-month, $9.5 million pool of funds contract for application services and our workers developer platform. For this customer, latency directly impacts their bottom line. As they prepared to expand internationally, they chose Cloudflare over a major hyperscaler for the speed and reliability of our global network.

一家快速成長的科技公司擴大了與 Cloudflare 的合作關係，送交了一份為期 39 個月、金額 950 萬美元的資金池合約，用於應用服務與我們的 Workers 開發者平台。對這位客戶而言，延遲會直接影響其獲利。當他們準備進行國際擴張時，基於我們全球網路的速度與可靠性，他們選擇 Cloudflare 而非一家主要的超大規模雲供應商（hyperscaler）。

As their champion put it, there is no international expansion for them without Cloudflare's global network. When milliseconds impact users and in turn financials, the network is the business and Cloudflare runs the best network.

正如他們的內部倡議者所說：沒有 Cloudflare 的全球網路，他們就無法進行國際擴張。當毫秒會影響使用者、進而影響財務表現時，網路就是生意本身，而 Cloudflare 經營著最好的網路。

A leading global consulting firm expanded their relationship with Cloudflare, signing a three-year pool of funds contract for more than $7 million for Zero Trust application services and our workers developer platform.

一家全球領先的顧問公司擴大了與 Cloudflare 的合作關係，簽署了一份為期三年的資金池合約，金額超過 700 萬美元，用於零信任應用服務與我們的 Workers 開發者平台。

After their legacy Zero Trust provider failed to manage the complexity of securing over 10,000 custom client applications, Cloudflare's effortless deployment drove rapid company-wide adoption.

在其既有零信任供應商無法管理保護超過 10,000 個客製化客戶應用程式的複雜性之後，Cloudflare 輕鬆的部署方式推動了全公司快速採用。

The firm is now aggressively consolidating vendors onto our unified platform, including migrating their main web properties from a long-standing incumbent by the end of next year.

該公司目前正積極將供應商整併到我們的統一平台上，包括在明年年底前把其主要網站資產從一個長期既有的供應商遷移過來。

Drawn to our forward-looking AI and developer roadmap that they want to standardize on, the customer is already exploring Workers AI and Cloudflare OS to build next-generation applications and agents.

由於看好我們前瞻性的 AI 與開發者路線圖並希望將其標準化，該客戶已在探索 Workers AI 與 Cloudflare OS，以打造下一代應用程式與代理（agents）。

A leading European media company expanded their relationship with Cloudflare, signing a five-year, $8.1 million contract for application services and our Workers developer platform.

一家歐洲領先的媒體公司擴大了與 Cloudflare 的合作關係，簽署了一份為期五年、金額 810 萬美元的合約，用於應用服務與我們的 Workers 開發者平台。

Replacing a 17-year deployment with a legacy CDN vendor, they chose Cloudflare because our best-in-class bot management reliably identifies modern AI crawlers, giving this customer the control they need to protect their intellectual property, but also creating a direct on-ramp for pay-per-crawl and pay-per-use modernization.

在取代與一家傳統 CDN 供應商長達 17 年的部署時，他們選擇 Cloudflare，因為我們同級最佳的機器人管理能可靠辨識現代 AI 爬蟲，讓這位客戶取得保護其智慧財產所需的控制力，同時也為按爬取付費（pay-per-crawl）與按使用量付費（pay-per-use）的現代化轉型建立直接入口。

This win is a clear blueprint for how the world's largest media companies will protect and monetize their content and innovate in the agentic AI era. I could go on and on with more wins, but we'd be here all day. To give you a sense.

這次勝利清楚勾勒出全球最大媒體公司將如何在代理式 AI（agentic AI）時代保護並變現其內容、並持續創新。我還可以繼續列舉更多勝利案例，但那樣我們會講上一整天。為了讓你有個概念。

Based on third-party data, between July 1 and today, we added approximately 5% of the entire web to Cloudflare, that's wild. It's more than the total market of all our reverse proxy competitors combined added to our network in a bit over a quarter.

根據第三方資料，從 7 月 1 日到今天，我們大約把整個網際網路的 5% 新增到 Cloudflare 上，這太瘋狂了。這個數字甚至超過我們所有反向代理競爭對手在略多於一個季度的時間裡合計新增到其網路的總市場量。

We've been growing throughout our entire history, but recently something changed, the rate of growth inflected in October of 2025, then accelerated again in July of 2026 and then again at the beginning of this October. So what's going on?

我們在整個公司歷史中一直在成長，但最近有些事情改變了：成長率在 2025 年 10 月出現拐點，接著在 2026 年 7 月再次加速，然後在今年 10 月初又再度加速。那麼，究竟發生了什麼？

I think it's the convergence of two things. First, we have built a development platform for the future of the AI-powered Internet. And second, the security landscape is getting so scary that the best viable strategy, regardless of who you are, is to ensure you have Cloudflow protecting you. To the first, hyperscalers and even neo-clouds were built around container technology.

我認為是兩件事的匯聚。第一，我們已打造出一個面向 AI 驅動網際網路未來的開發平台。第二，資安情勢變得如此可怕，以至於不論你是誰，最佳且可行的策略都是確保有 Cloudflow 在保護你。先談第一點：超大規模雲供應商（hyperscalers）甚至新型雲（neo-clouds）都是圍繞容器技術建立的。

It was a significant improvement over bare metal or even virtual machines. Containers allowed these last generation clouds to scale during the explosion of mobile devices that define their heyday.

相較於裸機甚至虛擬機，這是一項重大改進。容器讓上一代雲端得以在行動裝置爆發、也就是其黃金時代的浪潮中擴展。

But now we're in the era of AI and agents. I predicted last quarter that within five years, agents would outnumber humans online 1,000 to 1. A quarter later, I'll take the under on the timing of that bet based on everything we're seeing today.

但現在我們已進入 AI 與代理（agents）的時代。我在上個季度預測，五年內，線上的代理數量將以 1,000 比 1 超過人類。又過了一個季度，基於我們今天看到的一切，我願意押注那個時間點會更早（我會選擇押「更短時間」那一邊）。

The container-based architecture of the hyperscalers and neo clouds just can't keep up in a cost-effective way with the new agentic paradigms of today.

超大規模雲與新型雲的容器式架構，已無法以具成本效益的方式跟上當今新的代理式（agentic）典範。

Cloudflare's approach is different. We have based it on what we call isolates, not containers, which initially let us scale geographically to span the globe, but increasingly is allowing us to scale densely with a level of efficiency no hyperscaler or neo cloud can match.

Cloudflare 的做法不同。我們是以我們稱為 isolates 的技術為基礎，而不是容器；這最初讓我們能在地理上擴展、覆蓋全球，而如今更是讓我們能以任何 hyperscaler 或 neo-cloud 都無法匹敵的效率，進行高密度擴展。

The smartest developers, whether they're at Frontier model companies or legacy enterprises, see that the world is changing and that they need a new type of cloud in order to keep up.

最聰明的開發者，不論是在前沿模型公司（Frontier model companies）或是傳統企業，都看得出世界正在改變，而他們需要一種新型態的雲才能跟上。

In other words, Cloudflare isn't a neo cloud. We're also not, as some of you have called us, the fourth public cloud. We're something different. We're the first agentic cloud and developers are flocking to us to build the agentic AI future.

換句話說，Cloudflare 不是新型雲（neo-cloud）。我們也不是，如你們其中一些人所稱呼的，「第四朵公有雲」。我們是不同的存在。我們是第一個代理式雲（agentic cloud），而開發者正湧向我們，打造代理式 AI 的未來。

Second driver of our growth inflection has even broader applicability across every business. It may seem like the sky is falling with the number of new security vulnerabilities that have been reported over the last few weeks.

我們成長拐點的第二個驅動因素，對每一家企業都有更廣泛的適用性。過去幾週通報的新資安漏洞數量之多，可能會讓人覺得天要塌下來了。

I wish I could tell you we were through the worst, but we're not because of the vast percentage of the Internet that already sits behind Cloudflare, we are among the first to receive quiet disclosure of new vulnerabilities.

我希望我能告訴你我們已經度過最糟的時期，但我們還沒有；因為有相當高比例的網際網路已經位於 Cloudflare 之後，我們往往是最早收到新漏洞「私下揭露」（quiet disclosure）資訊的其中之一。

We've partnered with nearly every major frontier AI lab and security companies searching for flaws in existing software. When they find something, they notify us through a trusted reporter process and we quietly put protection in place for all our customers, whether they pay us or not.

我們已與幾乎所有主要的前沿 AI 實驗室以及尋找現有軟體漏洞的資安公司建立合作夥伴關係。當他們發現問題時，會透過受信任的通報者流程通知我們，而我們會悄悄為所有客戶部署防護措施，不論他們是否付費給我們。

We believe protecting everyone is important to fulfilling our mission of helping build a better Internet, and living up to that mission has ensured that we are trusted and nearly always get early warning of the worst problems researchers discover.

我們相信，保護每一個人對於實現我們「協助打造更好的網際網路」的使命至關重要；而堅守這項使命也確保了我們值得信賴，並且幾乎總能在研究人員發現最嚴重問題時及早收到預警。

The bugs you read about over the last few weeks and the ones I suspect you will read about over the next few years were less impactful because Cloudflare has the Internet's back.

過去幾週你讀到的漏洞，以及我猜測未來幾年你將讀到的那些漏洞之所以影響較小，是因為 Cloudflare 一直在為網際網路保駕護航。

That, of course, creates a virtuous cycle. We know what bugs are coming, we protect our customers before the bugs are publicly disclosed, companies increasingly know that if they are behind us, they are more likely to be protected whatever the future breaks, and so even legacy organizations that aren't pushing the bleeding edge of AI are signing up for Cloudflare at an accelerating rate.

這當然會形成一個良性循環。我們知道哪些漏洞即將出現，我們會在漏洞公開披露之前就先保護客戶；企業也越來越清楚，只要在我們後面，不論未來出現什麼破壞性事件，他們更有可能受到保護；因此，即便是不在 AI 最前沿推進的傳統組織，也正以加速的速度加入 Cloudflare。

And of course, as more of the Internet uses Cloudflare, it enables new opportunities. I'm proud to announce that we recorded in Q3 our first revenue for what we've called Act 4 products, those where we're helping invent the new business model of the Internet, and I expect we'll talk a lot more about that in the quarters to come.

當然，隨著更多網際網路流量使用 Cloudflare，也帶來了新的機會。我很自豪地宣布，我們在第三季首次錄得我們所稱的「Act 4」產品收入——也就是我們正在協助發明網際網路新商業模式的產品——我預期在接下來的幾個季度，我們會更多談到這部分。

To sum up, our third quarter financial and operational results highlight the accelerating demand for Cloudflare solutions, our commitment to both innovation and operational excellence and the inherent leverage in our business model. I could not be more proud of our team, but as Michelle likes to say, we're just getting started. The opportunities ahead of us are more clear and massive than ever, and it's turning out Cloudflare was built for this moment.

總結來說，我們第三季的財務與營運成果凸顯了市場對 Cloudflare 解決方案需求正在加速、我們對創新與營運卓越的承諾，以及我們商業模式所具備的內在槓桿效應。我對團隊感到無比自豪，但正如 Michelle 常說的，我們才剛開始。我們面前的機會比以往任何時候都更清晰且更龐大，而事實證明 Cloudflare 正是為這個時刻而打造。

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

接下來，我把時間交給 Thomas。Thomas，交給你了。

Thank you, Matthew, and thank you to everyone for joining us. I want to take a moment to also extend my personal thanks to Mark Anderson for his leadership of our go-to-market transformation over the last three years and congratulate him on a well-deserved retirement. I'm also incredibly excited to welcome Christian Smith to our Cloudflare team.

謝謝你，Matthew，也謝謝各位今天加入我們。我也想花點時間，代表我個人感謝 Mark Anderson 在過去三年領導我們的市場推進（go-to-market）轉型，並祝賀他實至名歸的退休。我也非常興奮地歡迎 Christian Smith 加入我們 Cloudflare 團隊。

This proven track record of scaling global sales organizations and go-to-market operations is a perfect fit for Cloudflare to further accelerate our next phase of growth at scale.

他在擴大全球銷售組織與市場推進營運方面的卓越實績，與 Cloudflare 的需求完美契合，將有助於我們在規模化的情況下進一步加速下一階段的成長。

Turning to the results, we delivered an outstanding third quarter. In fact, Q3 was our best quarter as a public company to date.

回到業績表現，我們交出了一個非常出色的第三季。事實上，第三季是我們成為上市公司以來表現最好的一季。

Strength we again drove across the major metrics we tracked demonstrated not only the robust demand for product sales products, but also the operational leverage inherent in our business model.

我們在所追蹤的主要指標上再次展現強勁表現，不僅證明產品銷售的需求十分穩健，也展現了我們商業模式所固有的營運槓桿。

Total revenue for the third quarter increased 39% year-over-year to $782.5 million, driven in particular by another quarter of rapid growth in our workers developer platform and gigantic workloads across our network, continued momentum with our largest customer cohorts and robust go-to-market execution.

第三季總營收年增 39% 至 7.825 億美元，主要動能來自我們 Workers 開發者平台又一季的快速成長、在我們網路上承載的超大型工作負載、最大客戶群持續的成長動能，以及強勁的市場推進執行力。

From a geographic perspective, the US represented 52% of revenue and increased 44% year-over-year. EMEA represented 26% of revenue and increased 32% year-over-year. APAC represented 14% of revenue and increased 32% year-over-year.

從地區來看，美國占營收 52%，年增 44%。EMEA 占營收 26%，年增 32%。APAC 占營收 14%，年增 32%。

Turning to our customer metrics, we ended the quarter with approximately 5,000 large customers.

再看客戶指標，本季結束時我們約有 5,000 家大型客戶。

We added 308 large customers in the quarter and nearly 1,000 year-over-year, the most we have ever added both in a single quarter and in a single year. In fact, as Matthew mentioned, every one of our large customer cohorts added a record number of net new customers year-over-year in the third quarter.

本季我們新增 308 家大型客戶，年增近 1,000 家，創下我們單季與單年新增大型客戶數的歷史新高。事實上，如 Matthew 所提到，我們每一個大型客戶分群在第三季的年增淨新增客戶數都創下紀錄。

The higher you go among these cohorts based on the amount of spending committed to Cloudflare, the faster revenue is growing year-over-year. In other words, the bigger the size of the customers' annual spend with us, the faster they are growing with Cloudflare.

在這些依對 Cloudflare 承諾支出金額所劃分的分群中，層級越高，營收年增速度越快。換句話說，客戶與我們的年度支出規模越大，他們在 Cloudflare 上的成長速度就越快。

Of particular note, we added almost as many $5 million plus customers in the first three quarters of 2026 as we had $5 million plus customers in total at the end of just last year. Revenue contribution from large customers was 75% of revenue during the quarter, up from 73% in the third quarter last year.

特別值得注意的是，2026 年前三季我們新增的「年支出 500 萬美元以上」客戶數，幾乎與去年年底我們「年支出 500 萬美元以上」客戶的總數相當。本季大型客戶的營收貢獻占比為 75%，高於去年第三季的 73%。

The significant expansion with our large customers drove an acceleration in our dollar-based net retention rate to 122% in the third quarter, up from 120% last quarter and up from 119% in the same quarter last year.

大型客戶的顯著擴張帶動以美元計的淨留存率在第三季加速至 122%，高於上季的 120%，也高於去年同期的 119%。

Moving to gross margin, third quarter gross margin was 72.4%.

接著看毛利率，第三季毛利率為 72.4%。

Representing a decrease of 70 basis points sequentially and 290 basis points year-over-year and within our target long-term range of 70% to 77%. Our workers developer platform delivered another quarter of exceptional growth and we expect the unit economic margin of our developer products to continue to increase as evidenced by the strong operating margin we generated this quarter.

較前一季下降 70 個基點，較去年同期下降 290 個基點，但仍落在我們長期目標區間 70% 至 77% 之內。我們的 Workers 開發者平台再度交出一季卓越成長；從本季我們產生的強勁營業利益率可見，我們預期開發者產品的單位經濟毛利率將持續提升。

Which is a good segue to operating expenses third quarter operating expenses as a percentage of revenue decreased by 510 basis points year-over-year to 55%. Our total headcount ended the quarter at approximately 4,700.

這也正好銜接到營運費用：第三季營運費用占營收比重年減 510 個基點至 55%。本季結束時，我們的員工總數約為 4,700 人。

Sales and marketing expenses were $270.2 million for the quarter. Sales and marketing as a percentage of revenue decreased to 35% from 36% in the same quarter last year.

本季銷售與行銷費用為 2.702 億美元。銷售與行銷費用占營收比重由去年同期的 36% 降至 35%。

Research and development expenses were $101.7 million in the quarter. R&D as a percentage of revenue decreased to 13% from 15% in the same quarter last year.

本季研發費用為 1.017 億美元。研發費用占營收比重由去年同期的 15% 降至 13%。

General and administrative expenses were $57.5 million for the quarter. G&A as a percentage of revenue decreased to 7% from 10% in the same quarter last year.

本季一般與行政費用為 5,750 萬美元。一般與行政費用占營收比重由去年同期的 10% 降至 7%。

Operating income was $137.1 million, an increase of 60% year-over-year compared to $85.9 million in the same period last year.

營業利益為 1.371 億美元，較去年同期的 8,590 萬美元年增 60%。

Third quarter operating margin was 17.5%, an increase of 370 basis points sequentially and an increase of 220 basis points year-over-year.

第三季營業利益率為 17.5%，較前一季增加 370 個基點，較去年同期增加 220 個基點。

Turning to net income in the balance sheet, our net income in the quarter was $143.7 million or a diluted net income per share of $0.38. Free cash flow was $82.1 million in the quarter or 10% of revenue compared to $75 million or 13% of revenue in the same period last year.

再看資產負債表中的淨利，本季淨利為 1.437 億美元，或稀釋後每股淨利 0.38 美元。自由現金流為 8,210 萬美元，占營收 10%；相較之下，去年同期為 7,500 萬美元，占營收 13%。

We ended the third quarter with $5.1 billion in cash equivalents and available for sale securities. During the quarter, we issued $2.5 billion of convertible senior notes and repaid $1.3 billion of convertible senior notes.

第三季結束時，我們持有的現金約當現金及可供出售證券為 51 億美元。本季期間，我們發行了 25 億美元的可轉換優先票據，並償還了 13 億美元的可轉換優先票據。

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

第三季網路資本支出（CapEx）占營收比重為 15%。提醒一下，這項指標在各季之間可能會有一定波動；我們仍預期 2026 全年網路資本支出將占營收 14% 至 15%。

Remaining performance obligations or RPO came in at $2,877 million, representing an increase of 5% sequentially and 34% year-over-year. Current RPO was 65% of total RPO, improved 37% year-over-year.

剩餘履約義務（RPO）為 28.77 億美元，較前一季增加 5%，較去年同期增加 34%。其中，當期 RPO 占總 RPO 的 65%，年增 37%。

Moving to guidance for the fourth quarter and full year 2026.

接下來談第四季與 2026 全年的財測指引。

For the fourth quarter, we expect revenue in the range of $845 million to $846 million, representing an increase of 38% year-over-year. We expect operating income in the range of $156 million to $157 million.

第四季方面，我們預期營收介於 8.45 億美元至 8.46 億美元之間，年增 38%。我們預期營業利益介於 1.56 億美元至 1.57 億美元之間。

We expect an effective tax rate of 20%. We expect diluted net income per share of $0.43, assuming approximately 379 million shares outstanding.

我們預期有效稅率為 20%。在假設約 3.79 億股流通在外的情況下，我們預期稀釋後每股淨利為 0.43 美元。

We also expect to achieve GAAP profitability in the fourth quarter, significantly earlier as compared to our outlook from this year's Investor Day to reach this milestone and the latest by 2028.

我們也預期將在第四季達成 GAAP 獲利，較我們在今年投資人日所提出、最晚於 2028 年達成此里程碑的展望大幅提前。

For the full year 2026.

至於 2026 全年。

We expect revenue in the range of $2,963 million to $2,964 million, representing an increase of 37% year-over-year. We expect operating income for the full year in the range of $462 million to $463 million.

我們預期營收介於 29.63 億美元至 29.64 億美元之間，年增 37%。我們預期全年營業利益介於 4.62 億美元至 4.63 億美元之間。

We expect an effective tax rate of 20%. We expect diluted net income per share over that period to be $1.35. We expect approximately 376 million shares outstanding.

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 1.35 美元。我們預期約有 3.76 億股流通在外。

In closing, we are consistently proving that scale, rapid innovation, profitability and growth are not trade-offs, but rather a compound multipliers that provide us with meaningful competitive advantages.

最後，我們持續證明：規模、快速創新、獲利能力與成長並非取捨，而是相互疊加的乘數效應，為我們帶來實質的競爭優勢。

That is the winning formula Cloudflare continues to execute against to create significant value for both our shareholders and our customers.

這就是 Cloudflare 持續落實的致勝方程式，為股東與客戶創造顯著價值。

With our network and our developer platform at the core of the transition to the Atlantic Internet, we intend to capitalize on this generational opportunity with a continued focus on disciplined capital allocation, rigorous operational execution, and durable efficient growth.

在我們的網路與開發者平台成為邁向「大西洋網際網路」轉型核心之際，我們打算把握這個世代性的機會，持續聚焦於嚴謹的資本配置、嚴格的營運執行，以及可持續且高效率的成長。

And with that, operator, please poll for questions.

接下來，接線員，請開始開放提問。

(Operator Instructions) Matt Hedberg, RBC Capital Markets.

(接線員指示) RBC Capital Markets 的 Matt Hedberg。

Great, guys. Thanks. Just incredible results all around. And Christian, congrats on the new role. Excited to work with you again. I'm going to start with Matthew. You spent a lot of time talking about agents going 1,000x, and now I think you're taking the under on five years, which is great to hear. When we see things like news and all these consumer AI agents, with that as the sort of the paradigm and the lens, what does that mean just for the Internet as a whole when we get into that era? And specifically on F4, it's great to see you're starting to monetize that. But how does that start to really kick in as we move toward that paradigm?

太棒了，各位。謝謝。整體表現真是令人驚艷。Christian，恭喜你擔任新職務。很期待再次與你合作。我先從 Matthew 開始問。你花了很多時間談到代理（agents）流量會成長到 1,000 倍，而現在我想你甚至認為不需要等到五年，這很令人振奮。當我們看到新聞以及各種消費者 AI 代理時，以此作為典範與觀察視角，當我們進入那個時代，這對整體網際網路意味著什麼？另外就 F4 而言，很高興看到你們開始將其變現。但當我們朝那個典範邁進時，它會如何真正開始發力？

Yeah, first of all, thanks, Matt. I really appreciate it and really proud of the team and also super excited to have Christian on board. As for Muse, I mean, first of all, if you haven't played with it yet, I mean, it's super cool, as are a number of the other agents that are out there.

是的，首先謝謝你，Matt。我非常感謝，也為團隊感到非常自豪，同時也非常興奮 Christian 加入。至於 Muse，我的意思是，首先，如果你還沒玩過，它真的非常酷，市面上其他一些代理也同樣很酷。

And in the case of Muse, I mean, Meta is a customer and it's been incredibly fun to watch them and help them scale that product and just see the explosive growth that we're seeing. So we're benefiting as that product grows. Directly.

以 Muse 來說，Meta 是我們的客戶，能看著他們、協助他們擴展這個產品，並看到我們所見到的爆發式成長，真的非常有趣。因此，隨著該產品成長，我們也在受益。直接受益。

I think that the second bit though is I think more to your question, which is we're in a really interesting position because the people who are building the agents are often building them on Cloudflare and then the things that the agents want to get to are also on Cloudflare. And so we've had examples over the last several months.

不過我認為第二部分更貼近你的問題：我們處在一個非常有趣的位置，因為打造代理的人往往是在 Cloudflare 上建置，而代理想要存取的內容也往往在 Cloudflare 上。因此在過去幾個月，我們看到一些例子。

In the case of Meta, in the case of Google, where at times there's been places where what they have been doing hasn't aligned exactly with what the content creators.

以 Meta、以 Google 為例，有時他們所做的事情，並不完全符合內容創作者的期待。

Publishers, application developers, financial services organizations, e-commerce companies, what they want to do. And Cloudflare is finding ourselves over and over and over again in the center of those. Questions and acting almost as a mediator between the two sides.

出版商、應用程式開發者、金融服務機構、電商公司，他們想做的事情。而 Cloudflare 一次又一次地發現自己正處於這些問題的核心。並幾乎扮演雙方之間的調解者。

And in the process of doing that, I think what's really powerful is we're getting to set the rules of the road for what the agentic Internet is going to look like. And the reality is that if agents are going to be 1,000 times human traffic online, that's going to require more bandwidth.

在這個過程中，我認為非常強大的一點是：我們得以為「代理式網際網路」（agentic Internet）將會長成什麼樣子，制定行車規則。而現實是，如果代理在線上的流量會是人類流量的 1,000 倍，那就需要更多頻寬。

That's going to require more servers. That's going to require more things to actually power it, and someone has to pay for it. It can't be a free ride.

那就需要更多伺服器。那就需要更多實際用來驅動它的資源，而這些都必須有人買單。不可能免費搭便車。

For all the agents that are out there. And what I'm encouraged by and what we're already seeing in terms of Act four revenue is that the agentic companies get that they have to compensate the creators and the banks and everyone else who's providing this information in order to be able to continue to access it.

對於市面上所有的代理而言。而讓我感到鼓舞、且我們已經在 Act four 營收上看到的，是這些代理公司理解：他們必須補償創作者、銀行以及所有提供資訊的人，才能持續存取這些資訊。

And so I think we are at the cusp of figuring out what that next generation business model of the Internet is going to look.

因此我認為，我們正站在釐清下一代網際網路商業模式將會是什麼樣子的門檻上。

And because of the fact that we're helping the companies that are building the agents and because of the fact that so much of the rest of the Internet sits behind us, Cloudflare is the company that's going to define what that looks like.

而由於我們一方面在協助打造代理的公司，另一方面網際網路其餘很大一部分也位於我們之後（由我們承載與保護），Cloudflare 將會是定義其樣貌的公司。

That's great. And then maybe, Thomas, just as a quick follow-up, you beat 3Q by more than 6%, and I think that was higher than last quarter's record beat. And now you're and you grew 39%, you're guiding to 38%, so very little detail.

很好。那也許 Thomas，快速追問一下：你們第三季超預期超過 6%，我想這比上季創紀錄的超預期還高。而且你們成長 39%，指引是 38%，差距很小。

I guess from your perspective, what are the most important drivers, not only to the quarter but the guide as we sort of like look at the exit rate this year?

從你的角度來看，當我們觀察今年的年末退出成長率（exit rate）時，推動本季以及指引最重要的驅動因素是什麼？

Yeah. Well, we always guide to what we see. You heard in both Matthew's and my script that the demand is driven by a highly diversified momentum. The developer count, the traffic on the network, 160,000 net new customers, the largest ad in every cohort we count from a revenue perspective. No concentration, customers in financial verticals, government and across the 12.

是的。我們一向依據我們所看到的情況提供指引。你在 Matthew 和我的講稿中都聽到，需求是由高度多元化的動能所驅動。開發者數量、網路上的流量、淨新增 16 萬名客戶、從營收角度看我們所統計的每個客群（cohort）中最大的新增。沒有集中度問題，客戶涵蓋金融垂直領域、政府，以及橫跨這 12 個（領域）。

So we see a broad base for this momentum and we are guiding to what we see and this is reflected I think in the strong beat and raise you see for the fourth from the third quarter into the fourth quarter.

因此我們看到這股動能有廣泛的基礎，我們也依據所見提供指引；我想這也反映在你看到的強勁超預期，以及從第三季到第四季對第四季指引的上修。

Gabriela Borges, Goldman Sachs

Gabriela Borges，高盛

Hey, good afternoon. Thanks so much for taking my question. Matthew, I want to stay on your point of a next-generation business model for the Internet. Maybe give us a little bit of a sense for timeline on when you think that Act 4 can start to be monetized in real dollar amounts and some of the key levers that could perhaps make that timeline take longer or perhaps pull in relative to whatever your base case is?

嗨，午安。非常感謝讓我提問。Matthew，我想延續你提到的「網際網路下一代商業模式」。你能否稍微談談時間表：你認為 Act 4 何時能開始以實質美元金額變現？以及有哪些關鍵槓桿可能讓這個時間表比你的基本情境更延後，或相對更提前？

Yeah, Gabrielle, again, I'm extremely excited for this and I think we've got to figure it out. The way of thinking of it is, I'm sitting in Manhattan and if I ask my agent, where am I going to go for dinner tonight after I'm done with earnings calls and callbacks? It might go and scour the Internet and look at 1,000 different restaurants, websites, pull down 1,000 different menus.

好的，Gabrielle，我再次強調我對此非常興奮，我認為我們必須把它釐清。思考方式是：我人在曼哈頓，如果我問我的代理，今晚在我結束財報電話會議與回電之後要去哪裡吃晚餐？它可能會去掃描整個網際網路，查看 1,000 家不同餐廳的網站，下載 1,000 份不同的菜單。

And then I might choose to only go to one of those. The problem is that 999 of those restaurants have now had a cost that has been applied to them, but they're not getting any benefit. And that was always true of the Internet, but the scale was different.

然後我可能會選擇只去其中一家。問題在於，那 999 家餐廳現在都被攤上了一筆成本，但卻沒有得到任何好處。這在網際網路上一直都是如此，只是規模不同。

A human might look at two or three things, but in this case, the. Is so high that we're going to have to figure out some additional way to pay for it. So I think the ways of doing that are twofold. So one where we're already recognizing revenue and recognizing significant amounts of revenue is how do we make that more efficient.

人類可能只會看兩三樣東西，但在這個情況下，這個。規模高到我們必須想出一些額外的方式來支付它。所以我認為做法有兩條路。其中一條是：我們已經在認列營收、而且認列了相當可觀的營收，那就是如何讓這件事更有效率。

So we talked last quarter about how we partnered with OpenAI to make sure that as they searched the Internet, they didn't do it in the kind of dumb way of just crawling everything all the time over and over again, but instead that Cloudflare could actually give them hints. When a page had changed, when a menu price had updated, when anything had happened, then they could get the freshest data and they could actually crawl up. That helped OpenAI save money.

所以我們在上個季度談到，我們如何與 OpenAI 合作，確保他們在搜尋網際網路時，不是用那種很笨的方式——一直反覆把所有東西都爬一遍——而是 Cloudflare 實際上可以給他們提示。當某個頁面有變更、某個菜單價格更新、或任何事情發生時，他們就能拿到最新鮮的資料，並且只去爬需要更新的部分。這幫 OpenAI 省了錢。

And that actually helps the Cloudflare customers get the freshest data to them and make sure that it doesn't waste a ton of resources. And so I think that's a clear way where we're already seeing that and that's helped OpenAI is paying for that and a lot of other companies in the space I think you'll see do that as well. Beyond that though, I think that we're going to see some version of micropayments that exist where small payments get made when an agent comes and I think it will be an exchange.

而這也確實能幫助 Cloudflare 的客戶拿到最新鮮的資料，並確保不會浪費大量資源。所以我認為這是一個很明確的方式：我們已經看到這件事在發生，而且 OpenAI 也因此付費；我想你也會看到這個領域的許多其他公司同樣會這麼做。除此之外，我認為我們會看到某種形式的微支付（micropayments）出現：當代理（agent）來訪時會支付小額費用，我想它會是一種交換機制。

For, the more that an agent is willing to tell you about why it's there, the more that you may be willing to charge it less to access the page. So if you imagine that an agent comes to a travel site and says, Hey, I am looking for a vacation for my user and his or her family. It's family of four, they want to go to Hawaii, what do you have for me?

因為代理越願意告訴你它為什麼來，你可能就越願意對它收取更低的費用來存取頁面。所以如果你想像一個代理來到旅遊網站並說：嘿，我正在替我的使用者和他／她的家人找度假行程。一家四口，他們想去夏威夷，你有什麼可以提供？

That actually then might be something where you let the. On for free, but it opens up all kinds of opportunities for advertising.

那麼這可能就會變成一種情況：你讓這個。免費進來，但它會開啟各式各樣的廣告機會。

And again, I think Cloudflare is in the perfect position to help bring both of those things together, both the agent and the places that might have whatever the. The agent is looking for. And so like that is coming, I don't know exactly how long it will be before it turns into major sources of revenue, but if you look out in the more distant horizon, if you look 10 years out, I would imagine that this becomes the largest part of Cloudflare's business.

而且我再次認為，Cloudflare 處在一個完美的位置，可以把這兩件事串在一起：一方面是代理，另一方面是那些可能擁有代理正在尋找之內容的地方。也就是代理正在找的東西。所以這件事會到來；我不確定要多久才會變成主要的營收來源，但如果你看更遠的地平線、看 10 年後，我會想像這會成為 Cloudflare 業務中最大的一部分。

I appreciate the color. And Thomas, the follow-up is for you on pool of funds revenue. And there are two dynamics that I think you've talked about happening at the same time. The first is more of your business is shifting toward consumption revenue. And the second is that it sounds like customers are burning through their pool of funds contracts faster than what the original base case might have been. And so talk to us about how that informs your forecasting going forward and any observations you can share with us on the pool of funds piece of the business in particular?

感謝你提供的補充說明。Thomas，接下來的追問是關於資金池（pool of funds）營收。我認為你談到有兩個動態同時在發生。第一是你們更多業務正在轉向按使用量計費（consumption）營收。第二是聽起來客戶消耗他們的資金池合約速度，比原先基準情境（base case）預期的更快。所以請跟我們談談，這如何影響你們未來的預測，以及你能否就資金池這一塊業務特別分享一些觀察？

Yeah. We saw continued strength in our variable revenue. It was the primary contributor to the upside. And the surprising or positive part of that was it was driven across a lot of customers either joining pool of funds or, as you said, burning to their pool of funds commitments faster and therefore have to renew earlier and as part of the renewal process. Sign up to even bigger pool of funds concepts.

是的。我們看到可變動營收（variable revenue）持續強勁。它是超出預期（upside）的主要貢獻來源。而令人驚喜或正面的部分在於，這是由許多客戶所帶動：不是加入資金池，就是如你所說，更快地消耗他們的資金池承諾，因此必須更早續約；並且在續約流程中。簽下更大規模的資金池方案。

Because it has been driven by a long tail of customers, this, of course, influences how we built guidance for the fourth quarter, that it was not a concentrated event but a long tail of events across many customers and is part of the reason why we guided to what we guided.

由於這是由一長尾（long tail）的客戶所驅動，這當然會影響我們如何建立第四季的指引：它不是單一集中事件，而是跨許多客戶的一長尾事件；這也是我們給出目前指引的部分原因。

Thank you, and congratulations to the team.

謝謝你，也恭喜團隊。

Ryan McWilliams, Wells Fargo. Your line is now open. Please go ahead.

Wells Fargo 的 Ryan McWilliams。你的線路已開通。請開始。

So the contribution from net new customers over the last year seems to be growing strongly for Cloudflare. How are you seeing new AI native customers ramp across your Acts compared to past cohorts? And are AI native driving any stronger growth in any Act for the third quarter?

過去一年 Cloudflare 來自淨新增客戶（net new customers）的貢獻似乎在強勁成長。相較於過去的客群（cohorts），你們看到新的 AI 原生（AI native）客戶在你們各個 ACT 上的爬坡情況如何？另外，在第三季，AI 原生客戶是否在任何 ACT 上帶來更強的成長？

Yeah, thanks, Ryan. I would say that we're seeing real strength across just about every different. Vertical that's out there. And so, yes, we're seeing AI growth, but by no means would I say that this is really concentrated around AI in particular.

是的，謝謝你，Ryan。我會說我們幾乎在每一個不同的。垂直產業（vertical）都看到真正的強勁動能。所以，是的，我們看到 AI 的成長，但我絕不會說這真的特別集中在 AI 這一塊。

We're seeing strong growth around financial services, government, manufacturing, healthcare, e-commerce, across the board that's coming on board, and it is new customers. And so as I talked about in the prepared remarks, I think one of the biggest drivers is the fact that it's sort of. Secondary effect of AI, which is AI is finding more and more security flaws that are out there. Just last week and the week before, we had six of the worst. Internet security bugs of all time announced over the course of fewer than 14 days.

我們看到金融服務、政府、製造、醫療保健、電商等各領域都在強勁成長，全面上線，而且是新客戶。所以如同我在事先準備的發言中提到，我認為最大的驅動因素之一是某種。AI 的次級效應：也就是 AI 正在找出越來越多現存的安全漏洞。就在上週和前一週，我們在不到 14 天的時間裡，公布了六個史上最嚴重的。網際網路安全漏洞。

And we're not done. We have already gotten disclosures of many more extremely scary bugs, which researchers have found have quietly disclosed to us and we have protected our customers from. And so at some level, I guess that's AI driving this because AI. Helping find these bugs.

而且我們還沒結束。我們已經收到更多極其可怕漏洞的揭露；研究人員已悄悄向我們披露，而我們也已保護客戶免受其害。所以在某種程度上，我想這確實是 AI 在推動，因為 AI。

But what else is happening is the small bank in middle America that's like, how in the world do I stay in front of all of this tsunami of threats, which is coming? Is getting advice from their peers, from government officials.

但同時還有另一件事正在發生：美國中部的小型銀行會想，天啊，我到底要怎麼走在這一波即將到來的威脅海嘯前面？他們會從同業、從政府官員那裡得到建議。

I mean, it was discussed literally in the White House the other day where a bunch of AI leaders got together with the White House officials and asked like -- and the White House was like, how are we going to make sure that everyone is protected against these vulnerabilities?

我的意思是，前幾天白宮真的就討論了這件事：一群 AI 領導者與白宮官員聚在一起，問說——白宮也在問：我們要如何確保每個人都能免於這些弱點的威脅？

And the answer came back, Cloudflare. Because we sit in front of so much of the Internet and we are such a responsible player protecting the Internet, I think that's what's driving a huge. Of our growth. And so sure, AI companies are growing and they're growing across all of our different sectors, but across the board, this is a really a broad-based win, not one which is entirely focused on just a small number of AI companies.

答案回來是：Cloudflare。因為我們站在如此多網際網路流量的前面，而且我們是非常負責任的參與者、在保護網際網路，我認為這正是推動我們巨大。成長的原因。所以當然，AI 公司在成長，而且它們在我們所有不同的領域都在成長；但整體而言，這是一個非常廣泛的勝利，而不是完全只聚焦在少數幾家 AI 公司上。

So great to hear. And then we'll to hear at a high level how your CDN customers are evaluating significantly more of their web traffic becoming agent-based or coming from agents. Like are they happy to get more of that traffic or are they working with Cloudflare to make sure they receive and then pay for like the right traffic coming in?

很高興聽到。接著也想從高層次了解，你們的 CDN 客戶如何評估：他們的網路流量中有顯著更多變成代理型（agent-based）或來自代理的流量。例如，他們是樂於獲得更多這類流量，還是會與 Cloudflare 合作，確保他們接收並為「正確的」流量進站而付費？

Yeah, I think the answer depends on the customer. Some customers see agents as wonderful and they want to have them as many of them come to them as possible. Others see them as a bane to their business and want to keep them away. And we need to be able to serve both of those needs. And so for those customers that want more agentic traffic, we're helping them with modern.

是的，我認為答案取決於客戶。有些客戶覺得代理很棒，希望越多代理來訪越好。另一些則覺得代理是對其業務的禍害，想把它們擋在外面。而我們需要能同時滿足這兩種需求。所以對於那些想要更多代理式流量的客戶，我們正在用現代化的方式協助他們。

There are different terms for it, but sort of the new version of SEO, sort of how do you optimize to get as much agentic traffic as possible, how do you make sure that it's being served in the most efficient way possible, and we're making that as easy as possible for them.

對此有不同的稱呼，但有點像是新版的 SEO，也就是你要如何最佳化，才能盡可能取得更多代理型（agentic）流量；你要如何確保它以最高效率的方式被提供服務；而我們正讓他們做到這一點變得盡可能容易。

On the other hand, customers that want to keep those agents away that see them as a threat, then we're blocking that and then they're not getting charged for that traffic. And I think one of the things that's different from us, then we've never been a CDN, like the fact that we do caching is only because we were afraid that our security services would slow things down and caching is an obvious computer science way of dealing with that, but we've really never been focused on charging for CDN traffic in any meaningful way. It's not a big driver of our business. And so when the traffic goes up or the traffic goes down, I think that more and more customers are flocking to Cloudflare because unlike some of the pure CDN plays that are out there where their bills are going up but they're not seeing the benefit.

另一方面，對於那些想把這些代理擋在外面、把它們視為威脅的客戶，我們就會加以阻擋，然後他們也不會因為那部分流量而被收費。我認為我們與眾不同的一點是，我們從來就不是 CDN；我們之所以做快取，只是因為我們擔心安全服務會拖慢速度，而快取是電腦科學中處理這種問題的顯而易見方法，但我們從來沒有在任何有意義的層面上，把重點放在對 CDN 流量收費。這不是我們業務的重要驅動因素。因此，當流量上升或下降時，我認為越來越多客戶正湧向 Cloudflare，因為不像一些純 CDN 的業者，他們的帳單在上升，但卻看不到相應的效益。

We're able to give them real control over what customers come to them and not charge them for what, frankly, I don't think they should be charged for in the beginning.

我們能讓他們真正掌控有哪些客戶會來到他們這裡，並且不會就坦白說我認為一開始就不該被收費的部分向他們收費。

Saket Kalia, Barclays.

Saket Kalia，巴克萊。

Okay, great. Hey guys, thanks for taking my questions here and perhaps on another quarter of acceleration. Matthew, maybe absolutely, Matthew, maybe for you.

好的，很棒。各位好，謝謝讓我在這裡提問，也許又是一個加速的季度。Matthew，也許絕對是，Matthew，先請你回答。

There's clearly a lot of questions out there about what happens if data center construction slows. And I want to touch on the comparison that you made in your prepared remarks between container-based clouds versus Cloudflare's isolate architecture.

外界顯然有很多問題在問：如果資料中心建設放緩會發生什麼事。我也想談談你在事先準備的發言中，將以容器為基礎的雲端與 Cloudflare 的 isolate 架構做的比較。

Now, a lot can happen in terms of data center construction in the future, but hypothetically, if it were to slow, it feels like it could make your agentic cloud more valuable. But I'm curious how you think about that scenario and how it could impact Cloudflare's business, if at all.

未來資料中心建設可能會有很多變化，但假設如果它放緩，感覺會讓你們的代理型雲（agentic cloud）更有價值。但我想知道你如何看待這種情境，以及它是否、以及如何影響 Cloudflare 的業務。

Sure. So I know we've gotten approached over and over again. To say, would we do something like what the neoclouds are doing? And I think that what our answer has always been is, we're an engineering company, we're not a financial engineering company. And so we're focused on how we can actually deliver.

當然。所以我知道我們一再被找上門。問我們會不會做一些像新型雲（neoclouds）在做的事。而我認為我們的回答一直是：我們是一家工程公司，不是一家金融工程公司。因此我們專注在如何真正把交付做到位。

Real operational excellence and get real advantages for every CapEx dollar that we spend in order to deliver more benefit.

真正的營運卓越，並且讓我們每投入 1 美元的資本支出（CapEx），都能取得真正的優勢，以交付更多效益。

And so we've watched a bunch of really dumb deals get done. And obviously, the market is digesting those right now. Those just aren't the sorts of deals that we would ever do. And I think as the market gets more rational and as we actually figure out, okay, you can't sell $1 for $0.50 and be in business over the long-term, what will happen is people. Focus instead on where can we get more value, where can we drive more efficiency. And it turns out that we're the platform that has built that.

因此我們看著一堆非常愚蠢的交易被做出來。而顯然，市場現在正在消化那些交易。那就不是我們會去做的那種交易。我認為當市場變得更理性，並且當我們真正弄清楚：你不可能用 0.50 美元去賣 1 美元、還能長期經營下去時，接下來會發生的是，人們會。轉而聚焦在：我們在哪裡能取得更多價值、在哪裡能推動更高效率。而事實證明，我們就是打造出那種能力的平台。

As I said in the prepared remarks, the isolates technology allowed us to distribute our systems globally and do that in an incredibly efficient way. But what we're increasingly finding is in those places where we need more density, where agents are talking to agents and they might.

正如我在事先準備的發言中所說，isolates 技術讓我們能在全球分散部署系統，而且以極其高效率的方式做到。但我們越來越發現的是，在那些我們需要更高密度的地方，當代理在跟代理對話，而它們可能。

Be in two data centers right next to each other, that density also benefits from that same isolate architecture. And so, again, my crystal ball isn't perfect, but your prediction that as some of the financial engineering that's driven this growth goes away, I think it will focus us more on who are the companies that have real operational excellence can deliver.

位於彼此相鄰的兩個資料中心時，那種密度同樣也能從相同的 isolate 架構中受益。所以，再次強調，我的水晶球並不完美，但你所預測的——當推動這波成長的某些金融工程逐漸退場時——我認為焦點會更集中在：哪些公司具備真正的營運卓越、能夠交付。

And have real engineering differentiation and a diversified business model. And I think that's exactly what Cloudflare has.

並且擁有真正的工程差異化與多元化的商業模式。而我認為這正是 Cloudflare 所具備的。

Makes a ton of sense. Thomas, maybe for my follow-up for you. Great to see the dollar-based net retention continue to improve. I think we're back at levels that we haven't seen in almost four years, so congrats. Can you just maybe dig into where the cross-sell is particularly breaking out in terms of which acts or customer segments? And could that net retention continue to improve. Looking forward.

非常合理。Thomas，接著我的追問想請教你。很高興看到以美元計的淨留存率（dollar-based net retention）持續改善。我想我們回到將近四年來沒見過的水準了，恭喜。你能否再深入談談交叉銷售（cross-sell）特別在哪些產品（acts）或客戶區隔上有明顯突破？以及那個淨留存率是否還能繼續改善。期待你的分享。

Starting with your last part first, yes, it can. We have higher ambitions when it comes to DNR than what we're currently achieving. And I think the combination of pool of funds, the largest customers growing the fastest. And the friction that these concepts, the pool of funds contracts take out of the expansion process are driving that. Where do we see that?

先從你最後一部分回答：可以。就 DNR 而言，我們的企圖心高於目前達成的水準。我認為資金池（pool of funds）的組合、最大客戶成長最快。以及這些概念——資金池合約——在擴張流程中降低的摩擦，正在推動這一點。我們在哪裡看到？

We see that across the portfolio currently, security is playing a heavier and heavier role, just following the remarks that Matthew made in his prepared statement, but also now in the Q&A session. So it's a broad-based expansion, especially in the large customer. Cohorts across all products and especially with customers that are in pool of funds relationships with us.

我們目前在整個產品組合中都看得到，安全性扮演的角色越來越重，這也呼應 Matthew 在事先準備的發言中、以及現在 Q&A 環節所提到的。因此這是一種廣泛性的擴張，特別是在大型客戶。各個產品的客群（cohorts）中都很明顯，尤其是與我們採用資金池關係的客戶。

Very helpful. Thank you.

非常有幫助。謝謝。

Sanjit Singh, Morgan Stanley.

Sanjit Singh，摩根士丹利。

Yeah, thank you for taking the questions. And on that point of engineering differentiation, you guys have disclosed that you guys are up to 10 million developers now on the platform. So I just wanted to get a sense of how are you seeing that developer traction and that adoption translate into paid workers consumption and ultimately sort of enterprise revenue. And to that end, can you help us give us a sense of how much of.

是的，謝謝讓我提問。延續工程差異化這點，你們披露目前平台上的開發者已達 1,000 萬。所以我想了解的是：你們如何看到這股開發者動能與採用，轉化為付費 Workers 的使用量，並最終轉化為企業營收。此外，你們能否幫我們大致了解一下有多少。

Agent or AI instances contribute to workers growth today versus maybe a more traditional sort of developer use case, how quickly is that mix changing, if you give us any sort of high-level view on that?

代理或 AI 實例（instances）在今天對 Workers 成長的貢獻，相較於較傳統的開發者使用情境各占多少？如果你們能提供任何高層次的觀點，這個組合變化的速度有多快？

Sanjay, I appreciate the question. Again, the rate at which developers are growing is just extraordinary. We went from $7 million to $10 million in just a quarter and I'm just incredibly proud that when developers are looking for what the platform in the future is. They're choosing Cloudflare.

Sanjay，感謝你的問題。再次強調，開發者成長的速度非常驚人。我們在短短一個季度就從 700 萬到 1,000 萬，我非常自豪，當開發者在尋找未來的平台會是什麼時。他們選擇了 Cloudflare。

The first way it's translating into it is in paying customer account. You can see that we had a record addition of new paying customers this quarter up 158,000 paying customers, almost double our previous record from last quarter. And a lot of that is because those are developer customers that are there. Some of those are going to stay small customers forever.

它轉化的第一個方式是在付費客戶帳戶上。你可以看到我們本季新增付費客戶創下紀錄，新增 158,000 名付費客戶，幾乎是上季先前紀錄的兩倍。其中很大一部分是因為那些開發者客戶就在那裡。其中一些會永遠都是小型客戶。

Some of those are folks like my EA. Who's building her first app and using Cloudflare to do that and she might pay $5 a month or something like that in order to do that, but again, it's great and it contributes to everything. But some of those are what are new start-ups that turn into larger businesses and increasingly what we're seeing is large existing businesses onboarding more of their developers to the Cloudflare platform and that's driving.

有些人像我的行政助理（EA），正在打造她的第一個 App，並用 Cloudflare 來完成；她可能每月付 5 美元之類的費用來做這件事，但再次強調，這很棒，也對整體都有貢獻。但其中一些是新的新創公司，之後會成長為更大的企業；而我們也越來越看到大型既有企業把更多他們的開發者導入 Cloudflare 平台，這正在推動。

Just as Thomas already talked about, faster pool of funds consumption, which is leading to earlier renewals, which is leading to better DNR and again, driving the flywheel across all of our business. So we're really proud of the fact that the developer platform business is growing as well as it is, that we've, I think, hit what is critical mass and will continue to grow from here in terms of developer count.

正如 Thomas 已經談到的，資金池的消耗速度更快，這會帶來更早的續約，進而帶來更好的 DNR，並再次推動我們整個業務的飛輪效應。因此，我們對開發者平台業務能以目前這樣的速度成長感到非常自豪；我認為我們已經達到關鍵規模，從開發者人數的角度來看，接下來也會持續成長。

And I think. More and more you're seeing that people are building full applications entirely on Cloudflare workers and there are whole classes of start-ups.

而且我認為。你會越來越常看到，人們正在完全建立在 Cloudflare Workers 之上來打造完整的應用程式，而且有整個類別的新創公司都是如此。

It was really fun in our customer conference, we actually did a little sort of mini kind of start-up competition pitch and like the companies that pitched were incredible and they were entirely built on Cloudflare workers. And I think that's something you're just going to see more and more and more of over time and the developer count is one way to measure it.

在我們的客戶大會上真的很有趣，我們其實做了一個小型、類似迷你新創競賽的提案簡報，而上台提案的公司都令人驚艷，而且它們完全是建立在 Cloudflare Workers 之上。我認為隨著時間推移，你只會看到這種情況越來越多，而開發者人數就是衡量這件事的一種方式。

Yeah, that's super encouraging, Matt. Tom, going back to the Analyst Day, you guys called out that the developer platform carries lower gross margin today, but ultimately could have really compelling superior unit economics. Given the acceleration that you're seeing in this part of the business, could you remind us of what the core levers or remaining levers you have to get workers unit economics at or above the core business?

是的，這非常令人鼓舞，Matt。Tom，回到分析師日，你們提到開發者平台目前的毛利率較低，但最終可能具備非常吸引人、甚至更優異的單位經濟效益。鑑於你們在這塊業務看到的加速成長，你能否提醒我們，讓 Workers 的單位經濟效益達到或超過核心業務的關鍵槓桿、或仍待發揮的槓桿有哪些？

Yeah, I mean, what we talk about at Investor Day and hinted to is that our products all have very different unit economics, some with very high gross margin, longer sales cycles, but also higher cost to book like our Zero Trust products. And our Workers product falls into this category where we have slightly lower gross margins, but significantly lower cost to book, for example, and this is.

是的，我的意思是，我們在投資人日談到並暗示的是，我們的產品在單位經濟效益上差異很大；有些產品毛利率非常高、銷售週期較長，但簽單成本（cost to book）也更高，例如我們的 Zero Trust 產品。而 Workers 產品屬於另一類：毛利率略低一些，但例如簽單成本顯著更低，而這也正是。

Is directly reflected in the operating margin we are achieving. And this quarter was a good estimate of that. The significant expansion of our operating margin is a result of our accelerated workers developers platform growth. And our guidance now to get to GAAP profitability in the fourth quarter is also a result of this. So there are a couple of levers to even make that stronger.

直接反映在我們正在達成的營業利益率上。而本季就是一個很好的例證。我們營業利益率的大幅擴張，是我們 Workers 開發者平台加速成長的結果。而我們現在指引第四季達到 GAAP 獲利，也同樣是因為這一點。因此，還有幾個槓桿可以讓這個趨勢更強。

Engineering is working. Really hard to get more efficiency in our compute infrastructure, how compute infrastructure is utilized by workers and we are making really good progress. So there is continued gross margin expansion, if you want to say so.

工程團隊正在。非常努力地提升我們運算基礎設施的效率、以及 Workers 如何使用運算基礎設施的效率，而且我們進展非常好。所以如果你要這麼說的話，毛利率仍會持續擴張。

And then there is improvements on the unit economic side below gross margin, if you want to say so. And if you remember, we said we would exit the year with momentum. From a rule of 40% moving to a rule of 50%, we are far ahead of that currently. And that is a testament to both the growth in the platform, the developer count and the business, but also the significant improvement we are already making on the engineering platform and the compute platform.

然後，如果你要這麼說的話，在毛利率以下的單位經濟效益面向也有改善。而且如果你還記得，我們說過我們會在年底以動能收官。從 40% 法則（rule of 40%）邁向 50% 法則（rule of 50%），我們目前遠遠超前。這證明了平台、開發者人數與業務的成長，同時也證明我們在工程平台與運算平台上已經做出的顯著改善。

Appreciate the thought.

感謝你的分享。

Samik Chatterjee, JP Morgan.

Samik Chatterjee，JP Morgan。

Thanks for taking my questions, and congrats on the strong print here. Matthew, you and Thomas both talked about on the security side that is now playing a heavier role in terms of the NDR expansion. Can you just talk about sort of what you're seeing in terms of win rates in relation to Cloudflare, one maybe against some of the first-generation Zero Trust vendors and why are your customers choosing overall Cloudflare products over some of the legacy vendors there and have a follow-up.

謝謝讓我提問，也恭喜這次繳出強勁的成績。Matthew，你和 Thomas 都提到在資安這一端，現在在 NDR 擴張方面扮演更重要的角色。你能否談談你們看到的勝率情況：一方面相對於 Cloudflare（自身）的表現，另一方面可能是對上一些第一代 Zero Trust 供應商；以及為什麼客戶整體上會選擇 Cloudflare 的產品而不是那裡的一些傳統供應商？我還有一個追問。

Yeah, Samika, I really appreciate it. I think that we were sort of a second-generation entrant into the Zero Trust and SASE space. And so as such, a lot of what we had to do for a while was just get recognized, get in the conversation. And I think what's really helped us there is actually the developer platform that we've had being. Out there talking about here's how you build agents, here's how you think about agents. Because it turns out those agents need identity. They need to have some way of being protected. And if you're going to turn agents loose within your organization, having the bulkheads that a zero trust system provides is more critical than it ever has before. And so as we were talking about.

好的，Samika，非常感謝。我認為我們算是第二代進入 Zero Trust 與 SASE 領域的業者。因此，在一段時間內我們必須做的很多事情就是先被看見、進入討論名單。而我認為真正幫助我們的一點，其實是我們的開發者平台一直在。對外分享如何建置代理（agents）、以及如何思考代理。因為事實證明，這些代理需要身分識別（identity）。它們需要某種方式被保護。而如果你要在組織內放手讓代理運作，那麼 Zero Trust 系統所提供的隔艙（bulkheads）比以往任何時候都更關鍵。因此，當我們在談到。

The developer platform, what we found is more and more of the time, the Chief Security Officer was sitting in the room taking notes. And the number of meetings that I've been in where people have said, I'm way down the RFP process with a traditional kind of Gen. 1 Zero Trust vendor, and I'm going to tear it up because they really aren't thinking about agents and the agentic space and how that is different than human users. As Cloudflare is, I think that's given us a significant leg up and it's improved our win rates. But I think even more importantly, it's improved the number of deals that we're in.

開發者平台時，我們發現越來越多時候，資安長（Chief Security Officer）也坐在會議室裡做筆記。而我參與過的會議中，有不少人說：我已經和傳統的第一代 Zero Trust 供應商走到 RFP 流程很後面了，但我打算把它撕掉重來，因為他們真的沒有在思考代理與 agentic 領域，以及這和人類使用者有何不同。而 Cloudflare 有在思考這些，我認為這讓我們取得顯著優勢，也提升了我們的勝率。但我認為更重要的是，它提升了我們參與競標的案子數量。

And so what we're seeing more than anything is people are buying just Zero Trust. They're not just buying WAP. They're not just buying DDoS. They're not just buying the developer platform. They're buying the overall platform of Cloudflare. And they're seeing that if you incorporate and use all of. What we do, that you get a much more holistic solution. And as a result, like the Zero Trust vendors effectively just become features within what is a much larger platform play. And so I think the biggest recognition is that the smartest companies in the world are increasingly seeing Cloudflare as a true strategic partner to provide one of their core platforms. And that's what's driving not only our wins and Zero Trust, but. Wins across the entire platform and the increased adoption that we're seeing and the faster consumption that we're seeing out of the pool of fund deals that we sell.

因此，我們看到的最主要趨勢是：人們買的不只是 Zero Trust。他們不只是買 WAP。他們不只是買 DDoS。他們不只是買開發者平台。他們買的是 Cloudflare 的整體平台。而他們也看到，如果你把我們所做的。全部整合並使用，你會得到更全面的解決方案。因此，Zero Trust 供應商實際上就變成一個更大型平台策略中的功能模組。所以我認為最大的認知是：世界上最聰明的公司正越來越把 Cloudflare 視為真正的策略夥伴，來提供他們的核心平台之一。而這不僅推動我們在 Zero Trust 的勝出，也。推動整個平台的勝出、我們看到的採用率提升，以及我們賣出的資金池合約中更快的資金消耗速度。

And a quick follow-up, if I can go back to the Workforce product, and you've seen strong traction with developers on that front. In terms of the large customers that you work with and the new wins you have there, any way to sort of help us think about what portion of your new wins with large customers have worked incorporated as part of the deal now versus maybe how that's progressed over time and where do you see more headgroom in terms of incorporating that in some of your discussions and wins with new customers?

我可以快速追問一下嗎？回到 Workforce 產品，你們在那方面看到開發者端很強的動能。就你們合作的大型客戶以及新拿下的案子而言，有沒有什麼方式可以幫助我們理解：你們在大型客戶的新贏單中，有多少比例現在已把 Workers 納入交易的一部分；相較之下，這個比例隨時間如何演進？以及你們認為在把它納入與新客戶的討論與贏單方面，還有多少成長空間（headroom）？

Yes. I mean, I think it is increasing. I don't think we're disclosing exactly what percentage of deals it attaches to. But almost every pool of funds deal that we sell, Workers is a big component of it. And it's in the toolkit that's there. And what we find is even if somebody bought -- they bought the CloudSub platform, they signed up for a pool of funds deal, they may not have even initially thought that they were signing up for Workers. The minute they're. Hears that now they have access to workers, all of a sudden, they're turning to it because it's such a powerful tool in their toolbox in order to get their job done.

有的。我的意思是，我認為這個比例正在提高。我不認為我們會揭露它在交易中附加（attach）的確切百分比。但我們賣出的幾乎每一筆資金池合約，Workers 都是其中很重要的一個組成。而且它就在那個工具箱裡。我們發現，即使有人買了——他們買了 CloudSub 平台、簽了資金池合約，一開始可能甚至沒有想到自己也等於買了 Workers。但當他們。聽到現在他們可以使用 Workers 的那一刻起，突然之間就會轉而使用它，因為它是他們工具箱中非常強大的工具，能幫助他們把工作完成。

And so across the board, we're seeing much more adoption of Workers, we're seeing it not just from small customers but from very large customers as well, it's not just from AI companies, it's from across the board, almost every industry that's out there and more and more people are seeing that they need to have Workers as a tool in the toolkit of their developers are insisting on that and that's driving not just the sale of Workers but then also the sale of our. Products to sale of our other products. Cloudflare is a platform and increasingly our customers are recognizing us as that key strategic vendor that is providing one of their key platforms.

因此，整體而言，我們看到 Workers 的採用率大幅提升；不僅是小型客戶，連非常大型的客戶也在採用；不僅是 AI 公司，而是幾乎所有產業、各行各業都在採用。越來越多人意識到，他們需要把 Workers 作為開發者工具箱中的一項工具，開發者也在堅持要有這個工具；這不僅帶動了 Workers 的銷售，也進一步帶動了我們產品以及其他產品的銷售。Cloudflare 是一個平台，而我們的客戶也越來越把我們視為關鍵的策略性供應商之一，為他們提供其中一個核心平台。

Thank you. Congrats again.

謝謝。再次恭喜。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

Hey, guys. Thanks for the question. Matthew, I want to follow-up on your earlier cyber comments. You talked about the vulnerability tsunami. Are you seeing cyber budgets inflect? Like what are CISOs doing right now or getting in terms of dollars to fix this never-ending avalanche? And then how can you attack that? Is the better market response to just offer free solutions and then cross-sell into other acts?

嗨，各位。謝謝讓我提問。Matthew，我想延續你先前對資安的評論。你提到「漏洞海嘯」。你們有看到資安預算出現拐點、開始上升嗎？像是 CISO 現在在做什麼，或是他們拿到多少預算來修補這場永無止境的雪崩？另外你們要如何切入這個機會？市場上更好的回應方式，是否是先提供免費解決方案，然後再交叉銷售其他產品？

I think right now what CISOs are doing is panic. I mean, it feels like the sky is falling. And again, I think everyone is sort of holding their breath and saying hopefully the worst of it is over. I know for a fact the worst of it is not over.

我認為現在 CISO 在做的就是恐慌。我是說，感覺就像天要塌下來一樣。而且我想大家都在屏息以待，心想希望最糟的已經過去了。但我可以很確定地說，最糟的還沒結束。

There are significant vulnerabilities that are coming and you've got to stay on top of them and you've got to be protected by them. And again, I think that the researcher community. Doing a great job disclosing those things responsibly, getting the protections in place as early as possible. But there's scary things that are happening out there.

還有一些重大的漏洞即將出現，你必須持續掌握並保持在最前面，而且你必須受到保護以因應它們。再說一次，我認為研究社群在負責任地揭露這些問題方面做得非常好，盡可能早地把防護措施部署到位。但外面確實正在發生一些令人害怕的事情。

I think the good news of that is we're actually finding these vulnerabilities. The story I keep telling is, which is a more dangerous world to live in?

我覺得其中的好消息是，我們其實正在找出這些漏洞。我一直在講的一個故事是：哪一個世界更危險？

One in which you live in a house where there are incredibly deadly monsters living under every bed and in every cabinet. In every closet, but you don't know they're there, or one in which someone is relentlessly going through every closet and cabinet and under every bed, finding the monsters and killing them off.

一個是你住在一棟房子裡，每張床底下、每個櫥櫃裡、每個衣櫥裡都有極其致命的怪物，但你不知道它們存在；另一個是有人不知疲倦地翻遍每個衣櫥、每個櫥櫃、每張床底下，把怪物找出來並把它們消滅。

Like we had been for a long time living in that world where the monsters were out there. These vulnerabilities, like the PHP vulnerabilities that were disclosed the other day had been in the wild for years, and we're going back through our logs looking for any evidence that hackers or nation state actors or other. Others had been using them in the past, and I know that we're going to find examples of that.

我們長期以來其實一直活在那個怪物就在外面的世界。這些漏洞——像前幾天揭露的 PHP 漏洞——在野外已經存在多年；我們正在回頭檢視日誌，尋找任何證據，看駭客、國家級行為者或其他人是否曾在過去利用過它們，而我知道我們一定會找到一些例子。

I think it's amazing that we're getting those things cleaned up. I think it's great that Cloudflare is protecting everyone. And I think what we're seeing is every company is turning to us. And yes, sure, we're going to provide the services for free, but if you're a major bank, you're not just going to sign up for a free service and think that that's good enough, they are turning to us saying, we need your help.

我覺得能把這些問題清理掉非常了不起。我也覺得 Cloudflare 正在保護所有人，這很棒。而我們看到的是，每一家公司都在轉向我們。是的，當然，我們會免費提供這些服務，但如果你是一家大型銀行，你不會只註冊一個免費服務就覺得這樣就夠了；他們會來找我們說：我們需要你們的協助。

They're signing. Major contracts, and they're relying on Cloudflare to be that trusted party that gets information before everyone else and makes sure that they have protection in place for the tsunami that hasn't hit. It's coming, and it's going to be bad for, I think, two years.

他們正在簽署大型合約，並依賴 Cloudflare 成為那個可信賴的夥伴：比其他人更早取得資訊，並確保他們已經部署好防護，以因應那場尚未襲來的海嘯。它會來，而且我認為接下來兩年會很糟。

But the good news is we're finding the monsters, we're cleaning them up, and the Internet is actually getting safer, and I'm incredibly proud of our team for staying on top of it, working incredibly hard because there's a lot of new vulnerabilities that are coming. Out there. And we want to make sure that every single one of our customers has the projection they need.

但好消息是，我們正在找出那些怪物、把它們清理掉，網際網路其實正在變得更安全；我也為我們的團隊感到無比自豪，他們持續掌握最新狀況、非常努力地工作，因為還有很多新的漏洞正在出現。就在外面。而我們希望確保每一位客戶都具備他們所需要的防護。

That's really helpful. Thank you. Maybe just as a follow-up, exciting news on the appointment of Christian Smith. You highlighted doubling down on go-to-market execution.

這真的很有幫助。謝謝。也許再追問一下：任命 Christian Smith 的消息很令人振奮。你提到要加倍投入 go-to-market 的執行力。

Where is the greatest opportunity to improve execution? And then do you envision a continuation of the current playbook or what tactical changes across enterprise sales or channel should we expect?

在哪些地方有最大的機會可以提升執行？另外，你是否預期會延續目前的作戰手冊，或是我們應該期待在企業銷售或通路方面有哪些戰術調整？

Yeah, I think in the short-term, and I've talked with Christian about this, and Christian, I think, has an incredibly good vision for both what's the playbook that we should continue, but also what changes in the future given all of the changes in how sales is going to look driven in a world that is increasingly technical and increasingly has AI as a component of it.

是的，我認為短期內——我也和 Christian 討論過——Christian 對於哪些作戰手冊應該延續有非常清楚的願景；同時也看得到未來需要做哪些改變，因為在一個越來越技術導向、而且 AI 成分越來越高的世界裡，銷售的樣貌會被這些變化所驅動。

I think in the short-term, it's how do we continue to hire at scale, make sure we're bringing on really great people, how do we increase our awareness, especially with our largest customers to make sure that they know that we are a significant strategic platform and a partner to them, how do we make sure that people have awareness of all of the capabilities that Cloudflare has and how do we continue to double down on what Mark Anderson has done just such a great job of and I think Christian.

我認為短期內，重點在於：我們如何持續以規模化方式招募，確保引進真正優秀的人才；我們如何提升市場認知，特別是在我們最大的客戶之中，確保他們知道我們是一個重要的策略平台、也是他們的合作夥伴；我們如何確保大家了解 Cloudflare 所具備的所有能力；以及我們如何持續加倍投入 Mark Anderson 做得非常出色的事情，而我認為 Christian

Is leading that. But going forward, I think we're going to be experimenting with what's the shift, like how much are we doing what we're already doing but at greater scale? How many forward-deployed engineers do we have that are out there, which we already have at our largest customers, helping them get the most out of Cloudflow? That certainly is going to increase. What's the ratio of solution engineers to AEs?

具體而言，哪些是特定的技術覆蓋（technical overlays）？以及我們希望個別業務人員對我們所有不同產品的知識要到多深入、多專精？我認為這些都將重新定義在一個越來越由 AI 驅動、也越來越技術化的世界裡，銷售應該長什麼樣子。我也認為這會是一個演進的過程；而在我們與許多優秀候選人交流時，我們也有機會與非常多令人驚艷的候選人對談。

What exactly are the specific technical overlays and how specific do we want the individual salespeople to have knowledge in all of the different products that we have? I think that's all going to redefine what sales looks like in an increasingly, again, AI-driven and increasingly technical world. And I think that there will be an evolution and as we talk to and we got. To talk to so many incredible candidates.

真正讓我印象深刻的是，Christian 既知道如何持續把我們今天需要交付的事情執行到位，也知道我們如何保持彈性、可塑性，以因應未來幾年銷售將如何改變與演進。我想不到有比他更好的夥伴。

The thing that really stood out to me was Christian knew both how to continue to execute on what we need to deliver today, but also how do we stay malleable and adaptable to how sales is going to change and evolve over the next years to come. And I can't imagine a better partner than he is.

謝謝，你們做得很棒。

Thank you, and really nice job.

Fatima Boolani, Citi.

Fatima Boolani，花旗（Citi）。

Thank you. I appreciate you taking my question. Matthew, I'd like to ask this of you. About six months ago, you made a decisive and difficult decision to restructure the organization. And certainly the impetus was not to drive operating leverage, and that was certainly something you communicated.

謝謝。感謝你們回答我的問題。Matthew，我想請你回答這題。大約六個月前，你做出了一個果斷且艱難的決定，對組織進行重整。而且可以確定的是，動機並不是為了提升營運槓桿，這點你當時也明確傳達過。

With six months under your belt with this change, from a financial perspective, it's not like we've seen margin expansion, right? I'm just kind of reiterating my point that that was not the impetus. I'm curious if you can talk to us about how this has fundamentally and structurally changed the way CloudFlare goes to business and show that both in terms of your agility and some of the comments that you just made from a go-to-market perspective.

在這項變革推行六個月之後，從財務角度來看，似乎也還沒有看到利潤率擴張，對吧？我只是重申我的觀點：那並不是當初的動機。我想請你談談，這在根本上、結構性地如何改變了 Cloudflare 的營運方式與對外拓展（go-to-business）的方式，並且也請你從敏捷性，以及你剛才提到的一些 go-to-market 觀點來說明。

How that colors your lens there. But just if you can give us some concrete examples of what the aftermath of some of those difficult restructuring moves has been in terms of your ability and your successes in operating the business at this level?

這如何影響你在那裡的觀點。但如果你能給我們一些具體例子，說明在你們做出一些艱難的重組舉措之後，從你們在這個層級營運業務的能力與成果來看，後續影響是什麼？

Yes. So first of all, Fatima, when we made the decision to lay people off, it was an incredibly hard decision. We let go of a number of people who were extremely talented, people who I considered friends.

是的。首先，Fatima，當我們做出裁員的決定時，那是一個極其艱難的決定。我們讓一些非常有才華的人離開，其中有些人我視為朋友。

And I'm proud of the fact that we had an incredibly generous severance package. We continue to vest people's shares, which was something that most companies haven't done and also that we worked with them to figure out great places that they could work because someone who is the middle manager at Cloudflare could be a great senior manager at a fast-growing start-up. And I'm proud of the fact that we really helped place.

我也為我們提供了非常慷慨的資遣方案而感到自豪。我們持續讓員工的股份歸屬（vesting），這是多數公司沒有做的；同時我們也協助他們找到很好的去處，因為在 Cloudflare 擔任中階主管的人，完全可以在一家快速成長的新創公司擔任資深主管。我也為我們確實在安置上提供了很大幫助而感到自豪。

A large number of the people who we let go because they are very talented and they deserve to be treated with respect. It really had less to do with the people. It had much more to do with what we saw as the way that organizations were going to be structured going forward. And I wrote an editorial in the Wall Street Journal about.

我們協助安置了許多被我們資遣的人，因為他們非常有才華，也值得被尊重地對待。這其實與個人無關。更多是因為我們看到未來組織將如何被架構。我也在《華爾街日報》寫過一篇評論文章談到這件事。

Peter Drucker used to talk about how there were three types of functions within any company. There are people who build things, there are people who sell things, and there are people who measure things. And what we found with AI is that the builders are getting more efficient than ever.

Peter Drucker 過去常說，任何公司裡都有三種職能。有些人負責打造產品，有些人負責銷售，有些人負責衡量與度量。而我們在 AI 上看到的是，打造者（builders）的效率比以往任何時候都更高。

And so we're trying to hire as many great builders as we can. And again, as you said, we're not trying to cut headcount. We actually are just shifting headcount to more builders. Same thing with sellers. In the past, sellers might have spent 60% of their time getting prepared for meeting.

因此我們正努力招募盡可能多的優秀打造者。而且如你所說，我們並不是要削減人頭數。我們其實只是把人力配置轉向更多打造者。銷售也是同樣的道理。過去，銷售人員可能要花 60% 的時間準備會議。

Filling out sales force reports, doing all of that, that's not what they love doing. What they love doing is being in front of customers. And we've been able to dramatically increase the amount of time that sellers are in front of customers and you see that in sales productivity. What's changed are the people who are the measurers.

填寫 Salesforce 報表、做各種行政作業等等，那些都不是他們喜歡做的事。他們喜歡的是面對客戶。而我們已經能大幅提高銷售人員面對客戶的時間，你也能從銷售生產力中看到這點。真正改變的是那些負責衡量的人（measurers）。

And AI is incredibly good at measuring things. And we have found across our business that in many cases, it's better than what humans can do. AI has bias.

而 AI 在衡量與度量方面非常擅長。我們在整個業務中發現，在許多情況下，它做得比人類更好。AI 會有偏誤。

But the bias is not correlated to the rest of the organization, unlike what everything else has done. And so for a very specific example, which I asked if I could tweet and everybody said, not until after earnings, and the person who I'm staring at the person who knows I'm going to tell her story right now on a screen.

但這種偏誤不像其他情況那樣，會與組織其他部分的偏誤相互關聯。所以舉一個非常具體的例子：我曾問能不能發推文，大家都說要等到財報之後；而我現在正盯著螢幕上那位知道我接下來要講她故事的人。

But Heather on her team, who for a long time was on our IR team, built an agent now that. Is automated pulling together all the investor materials, all the sort of statistical cheat sheets that we have that make sure that we have all the metrics right at our fingertips, giving us suggestions on kind of our earnings scripts, being able to deliver that and instead of that being something that took a large team.

不過 Heather 團隊裡有位同事，長期在我們的 IR（投資人關係）團隊，現在打造了一個代理（agent）。它能自動彙整所有投資人資料、我們所有的統計速查表，確保各項指標隨手可得，並對我們的財報電話會議講稿提供建議，還能交付成果；而這原本是需要一個大型團隊。

A significant amount of time to do every single quarter and now takes an agent less than a couple hundred bucks in token costs to be able to put that together and we've seen a higher quality of what gets put out, more accuracy, fewer errors, and it's just better.

每一季都要花大量時間才能完成的工作，現在只需要一個代理，token 成本不到幾百美元就能整理出來；而且我們看到輸出品質更高、更精準、錯誤更少，整體就是更好。

And so I think what we knew we needed to do was flatten Cloudflow's organization, we needed to double down on builders, we needed to double down on sellers, and then we needed to get more efficient in those places where AI could help us be significantly more efficient.

因此我認為我們知道自己必須做的是：讓 Cloudflow 的組織更扁平化、加倍投入打造者、加倍投入銷售，並且在 AI 能顯著提升效率的地方變得更有效率。

And so, again, as I said at the time, when we laid people off, I think our headcount is going to be larger by the end of the year than it was even before the layoffs. We're hiring like crazy. It's who we're hiring and the roles that we're hiring for that are changing. And frankly, I think that we were early in that, but just about every company is going to go through that transition.

所以再一次，如同我當時所說，當我們裁員時，我認為到年底我們的人數會比裁員前還要多。我們正在瘋狂招募。改變的是我們招募的人才類型，以及我們招募的職務角色。坦白說，我認為我們在這方面走得比較早，但幾乎每家公司都會經歷這樣的轉型。

And as you come out the other side of it, I think our financial results show you can become a much more nimble, much more innovative, just much more successful company if you get the right people and the right functions and use technology to help those people, not replace those people, but help those people do their jobs better.

而當你走過這段轉型之後，我認為我們的財務結果顯示：如果你把對的人放在對的職能上，並運用科技去協助這些人——不是取代他們，而是幫助他們把工作做得更好——你就能成為一家更敏捷、更具創新力、也更成功的公司。

We have now reached the end of this Q&A session. I would like to turn the call back to Matthew Prince for closing remarks.

我們現在已到達本次問答環節的尾聲。我想把電話交回給 Matthew Prince 作結語。

I want to thank the entire team and especially Mark Anderson for all of his service. We couldn't have done this without you. It's your last earnings call with us. We're super happy to have you on board. I'm being choked up.

我要感謝整個團隊，並特別感謝 Mark Anderson 的所有付出與服務。沒有你，我們不可能做到這些。這是你與我們一起參與的最後一次財報電話會議。我們非常高興你曾與我們並肩。我有點哽咽了。

Thank you so much for everyone. It was an incredible quarter, a monster quarter. We'll see you back here next quarter.

非常感謝大家。這是一個令人難以置信的季度，一個爆發性的季度。我們下個季度再見。

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

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。