Cloudflare Inc (NET) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Cloudflare's First Quarter 2022 Earnings Call. (Operator Instructions) Thank you. Jayson Noland, Head of Investor Relations, you may begin your conference.

女士們，先生們，感謝你們的支持，歡迎參加 Cloudflare 的 2022 年第一季度財報電話會議。 （操作員說明）謝謝。 Jayson Noland，投資者關係主管，您可以開始您的會議了。

Thank you for joining us to discuss Cloudflare's financial results for the first quarter of 2022. With me on the call, we have Matthew Prince, Co-Founder and CEO; Michelle Zatlyn, Co-Founder, President and COO; and Thomas Seifert, CFO. By now, everyone should have access to our earnings announcement. This announcement, as well as our supplemental financial information, may be found on our Investor Relations website.

感謝您與我們一起討論 Cloudflare 2022 年第一季度的財務業績。與我通話的還有聯合創始人兼首席執行官 Matthew Prince； Michelle Zatlyn，聯合創始人、總裁兼首席運營官；和首席財務官 Thomas Seifert。到目前為止，每個人都應該可以訪問我們的收益公告。本公告以及我們的補充財務信息可在我們的投資者關係網站上找到。

As a reminder, we'll be making forward-looking statements during today's discussion, including, but not limited to, our customers, vendors and partners operations and future financial performance; anticipated product launches and the timing and market potential of those products, the company's anticipated future revenue, financial performance, operating performance, non-GAAP gross margin, non-GAAP net income or loss, non-GAAP net income or loss per share, shares outstanding, non-GAAP operating expenses, free cash flow, non-GAAP tax expense, dollar-based net retention rate, paying customers and large customers. These statements and other comments are not guarantees of future performance, but rather are subject to risks and uncertainty some of which are beyond our control, including, but not limited to, the extent and duration of the impact of the COVID-19 pandemic and adverse conditions in the general domestic and global economic markets. Our actual results may differ significantly from those projected or suggested in any forward-looking statements.

提醒一下，我們將在今天的討論中做出前瞻性陳述，包括但不限於我們的客戶、供應商和合作夥伴的運營以及未來的財務業績；預期的產品發布以及這些產品的時間和市場潛力、公司的預期未來收入、財務業績、經營業績、非公認會計準則毛利率、非公認會計準則淨收入或虧損、非公認會計準則每股淨收入或虧損、股票未償的、非 GAAP 運營費用、自由現金流、非 GAAP 稅收費用、基於美元的淨保留率、付費客戶和大客戶。這些陳述和其他評論不是對未來業績的保證，而是受到風險和不確定性的影響，其中一些是我們無法控制的，包括但不限於 COVID-19 大流行和不利影響的程度和持續時間總體國內和全球經濟市場的狀況。我們的實際結果可能與任何前瞻性陳述中預測或建議的結果大不相同。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties that could impact our future operating results and financial condition, please see our filings with the Securities and Exchange Commission, as well as in today's earnings press release.

這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。有關可能影響我們未來經營業績和財務狀況的風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益新聞稿。

Unless otherwise noted, all numbers we talk about today, other than revenue, will be on an adjusted non-GAAP basis. All current and prior period financials discussed are reflected under ASC 606. You may find a reconciliation of GAAP to non-GAAP financial measures in our earnings release on our Investor Relations website. For historical periods, a GAAP to non-GAAP reconciliation can be found in the supplemental financial information referenced a few moments ago.

除非另有說明，否則我們今天談論的所有數字（收入除外）都將基於調整後的非公認會計原則。討論的所有當前和前期財務狀況都反映在 ASC 606 中。您可以在我們的投資者關係網站上的收益發布中找到 GAAP 與非 GAAP 財務指標的對賬。對於歷史時期，可以在剛才引用的補充財務信息中找到 GAAP 與非 GAAP 對賬。

Before finishing up, I'd like to invite you to join us for our Investor Day next week on Thursday, May 12. It's being held in conjunction with our user conference, Cloudflare Connect, in New York City. This event will start at 9:00 a.m. Eastern and finish around 11:45, with a live webcast accessible from our Investor Relations website.

在結束之前，我想邀請您參加下週 5 月 12 日星期四的投資者日。它與我們在紐約市舉行的用戶大會 Cloudflare Connect 一起舉行。該活動將於東部時間上午 9:00 開始，並在 11:45 左右結束，可從我們的投資者關係網站訪問現場網絡直播。

Additionally, we will be participating in the Jefferies Software Conference in San Francisco on June 1. Now I'd like to turn the call over to Matthew.

此外，我們將參加 6 月 1 日在舊金山舉行的 Jefferies 軟件大會。現在我想把電話轉給 Matthew。

Thank you, Jayson. We had a terrific quarter. In Q1, we achieved revenue of $212 million, up 54% year-over-year. We added a quarterly record of more than 14,000 new paying customers, up 10% quarter-over-quarter, bringing our total paying customer count to over 154,000. We add 121 new large customers, those that pay us over $100,000 per year, up 53% year-over-year to a total of 1,537. Today, 58% of our revenue comes from those large customers.

謝謝你，傑森。我們有一個很棒的季度。第一季度，我們實現了 2.12 億美元的收入，同比增長 54%。我們增加了超過 14,000 名新付費客戶的季度記錄，環比增長 10%，使我們的付費客戶總數超過 154,000 名。我們增加了 121 家新的大客戶，這些客戶每年向我們支付超過 100,000 美元，同比增長 53%，達到 1,537 家。今天，我們 58% 的收入來自這些大客戶。

Our largest customers continue to get larger and larger. Those spending over $500,000 a year, growing 68% year-over-year, and those spending over $1 million a year, growing 72% year-over-year. We now have 12 customers and partners spending over $5 million per year with us. And yet, we remain highly diversified, with no customer representing more than 5% of revenue.

我們最大的客戶繼續變得越來越大。年消費超過 50 萬美元的企業，同比增長 68%，年消費超過 100 萬美元的企業，同比增長 72%。我們現在有 12 位客戶和合作夥伴，每年花費超過 500 萬美元。然而，我們仍然高度多元化，沒有客戶佔收入的 5% 以上。

Our land and expand motion continues to improve, with dollar-based net retention hitting a new record of 127% in the quarter, up 400 basis points year-over-year. New products and an increased interest in consolidating behind a single trusted vendor for network services has been the key to our continued customer expansion.

我們的土地和擴張計劃繼續改善，以美元計算的淨留存率在本季度創下 127% 的新紀錄，同比增長 400 個基點。新產品和對整合單一受信任的網絡服務供應商的興趣增加一直是我們持續擴大客戶的關鍵。

Efficiency has always been a hallmark of our business. And even in these inflationary times, we achieved a gross margin in the quarter of 78.7%, up 110 basis points year-over-year. That continues to be above our target gross margin range of 75% to 77%, and affords us the opportunity to selectively target competitors' customers, offering them bundles of products that work seamlessly together, reducing the number of vendors they need and providing them with modern solutions, all while saving them money at the same time. We are finding this in a especially compelling value proposition when it seems everyone else is raising prices or can't even say for certain when they'll be able to deliver their legacy hardware boxes.

效率一直是我們業務的標誌。即使在這些通貨膨脹時期，我們本季度的毛利率也達到了 78.7%，同比增長 110 個基點。這仍然高於我們 75% 至 77% 的目標毛利率範圍，使我們有機會有選擇地瞄準競爭對手的客戶，為他們提供無縫協作的捆綁產品，減少他們需要的供應商數量，並為他們提供現代解決方案，同時為他們節省資金。我們發現這是一個特別引人注目的價值主張，因為其他人似乎都在提高價格，或者甚至無法確定他們何時能夠交付他們的舊硬件盒。

We closed our largest acquisition ever in the quarter, buying Area 1 Security for $162 million. We have a very high hurdle rate for acquisitions being strongly biased towards internal development but Area 1 technology and team are special. We started out as a customer. I remember shortly after we implemented their solution, writing to our Chief Security Officer to ask if something was wrong, I hadn't seen any phishing reports in a few weeks, where usually our team would report double digits per day. It turned out Area 1 and their incredible e-mail security tech was the answer. By the way, if you're still seeing phishing messages in your own box, tell your IT team to call us. We now have a great solution.

我們在本季度完成了有史以來最大的一筆收購，以 1.62 億美元收購了 Area 1 Security。我們的收購門檻非常高，強烈偏向於內部開發，但區域 1 的技術和團隊很特別。我們從客戶開始。我記得在我們實施他們的解決方案後不久，寫信給我們的首席安全官詢問是否有問題，我在幾週內沒有看到任何網絡釣魚報告，通常我們的團隊每天會報告兩位數。事實證明，Area 1 和他們令人難以置信的電子郵件安全技術就是答案。順便說一句，如果您仍然在自己的郵箱中看到網絡釣魚郵件，請告訴您的 IT 團隊給我們打電話。我們現在有一個很好的解決方案。

Over the last few years, the customer of Area 1, we got to know their team. At Cloudflare, we're a bunch of geeks. We're good at snipping out when tech is real and when it's BS. The Area 1 team shares the same spirit, so they were fun to work with, and their tech definitely isn't BS. We talked to them briefly about a partnership, but it became quickly clear and made far more sense for them to join Cloudflare and fully integrate with our zero trust suite.

在過去的幾年裡，Area 1 的客戶，我們了解了他們的團隊。在 Cloudflare，我們是一群極客。我們擅長在技術是真實的時候以及當它是 BS 的時候剪掉它。 Area 1 團隊擁有相同的精神，因此與他們一起工作很有趣，而且他們的技術絕對不是 BS。我們與他們就合作夥伴關係進行了簡短的交談，但很快就變得清晰起來，並且對他們來說加入 Cloudflare 並與我們的零信任套件完全集成變得更有意義。

Let me give you a sense of how that's going. We extended offers to all the Area 1 team, and even in this hot labor market, 98% of them chose to join Cloudflare. And I'm not giving up hope on that last one Area 1 team member who hasn't yet. I think that says something about how good it fit the 2 companies are together, the technologies and the culture.

讓我告訴你這是怎麼回事。我們向所有 Area 1 團隊提供了報價，即使在這個炙手可熱的勞動力市場中，98% 的人也選擇了加入 Cloudflare。而且我不會放棄對尚未放棄的最後一位區域 1 團隊成員的希望。我認為這說明了這兩家公司在技術和文化方面的融合程度。

E-mail is the #1 source of network threats that no leading zero trust vendor has truly integrated e-mail security is a major blind spot the industry was guilty of. As you see others in the space now scramble to build, buy or partner to fill the hole we pointed out in their offerings, know that it's the best signal that Cloudflare's zero trust solution is resonating in the market and taking share no matter what they may say. And good luck to them. We got the best team and the best tech in the business.

電子郵件是網絡威脅的第一大來源，沒有一家領先的零信任供應商真正集成了電子郵件安全性，這是該行業犯下的主要盲點。正如您看到該領域的其他人現在爭先恐後地構建、購買或合作以填補我們在他們的產品中指出的漏洞，知道這是 Cloudflare 的零信任解決方案在市場上引起共鳴並在任何情況下都能獲得份額的最佳信號說。祝他們好運。我們擁有業內最好的團隊和最好的技術。

Let's talk about some customer wins in the quarter, starting with Area 1. In the second half of Q1, Cloudflare and Area 1 sales team started working together. We saw a number of customer wins from existing Cloudflare customers adding Area 1, as well as from Area 1 pipeline deals that accelerated after news broke of our acquisition. Practitioners trust Cloudflare, and know that if we buy a company, the tech works and will scale. New customers who onboarded to Area 1 in the quarter included a major Asian airline, a U.S. bulge bracket investment bank and a Fortune 1000 trucking company.

讓我們談談本季度的一些客戶贏取情況，從區域 1 開始。在第一季度的下半年，Cloudflare 和區域 1 銷售團隊開始合作。我們看到現有 Cloudflare 客戶增加了 Area 1，以及在我們收購的消息傳出後加速的 Area 1 管道交易中贏得了許多客戶。從業者信任 Cloudflare，並且知道如果我們收購一家公司，這項技術就會奏效並且會擴大規模。本季度加入 1 區的新客戶包括一家主要的亞洲航空公司、一家美國大型投資銀行和一家財富 1000 強的貨運公司。

Let me dig into that trucking company example of it. They were an existing Cloudflare customer. They were in the midst of a pilot testing a wide range of e-mail security vendors. In those tests, Area 1 caught twice as many phishing e-mails as the next best competitor, that the tech was now part of Cloudflare made the decision a no-brainer. The trucking company signed a 7,500 seats, $385,000 2-year deal. Watch this space. There's going to be a lot more stories like this one.

讓我深入研究一下那個貨運公司的例子。他們是現有的 Cloudflare 客戶。他們正在對范圍廣泛的電子郵件安全供應商進行試點測試。在這些測試中，Area 1 捕獲的網絡釣魚電子郵件是次佳競爭對手的兩倍，該技術現在已成為 Cloudflare 的一部分，因此做出這一決定是理所當然的。這家貨運公司簽署了一份 7,500 個座位、價值 385,000 美元的 2 年合同。關注此空間。這樣的故事還會有很多。

We continue to see success with our other zero trust products. A Midwestern U.S. state bought 75,000 seats in a 3-year, $5.1 million deal. The state was replacing legacy hardware, and had decided to move to a cloud-based solution when they began talking to us. It was a competitive deal, but the preferred Cloudflare's tightly integrated approach that gave them a single pane of glass, with integrated policies and threat intelligence. They also love our performance and network that had presence inside their state borders. This was an example of the sale in partnership with a major systems integrator, which we expect will be part of more and more large zero trust sales.

我們繼續看到其他零信任產品取得成功。美國中西部的一個州以 3 年 510 萬美元的價格購買了 75,000 個座位。該州正在更換舊硬件，並在他們開始與我們交談時決定轉向基於雲的解決方案。這是一項具有競爭力的交易，但首選 Cloudflare 的緊密集成方法，為他們提供了一個單一的管理平台，具有集成的策略和威脅情報。他們也喜歡我們在其州境內的表現和網絡。這是與主要係統集成商合作銷售的一個例子，我們預計這將成為越來越多的大型零信任銷售的一部分。

We are confident our implementation of these products has plenty of margin to support a robust partner ecosystem.

我們相信，我們對這些產品的實施有足夠的餘地來支持強大的合作夥伴生態系統。

A large Indian media platform chose Cloudflare over Zscaler and Palo Alto Networks for their zero trust network. They signed a $150,000 deal for 5,000 seats. They appreciated how much more tightly integrated our solutions were than the competition.

一家大型印度媒體平台選擇 Cloudflare 而不是 Zscaler 和 Palo Alto Networks 來作為他們的零信任網絡。他們簽署了 5,000 個座位的 150,000 美元交易。他們讚賞我們的解決方案比競爭對手更緊密地集成在一起。

We are going head-to-head with Zscaler and Palo Alto Networks more and more, and we like our win rates when we do.

我們將越來越多地與 Zscaler 和 Palo Alto Networks 正面交鋒，我們喜歡我們的勝率。

A European Fortune 500 automotive company adopted Cloudflare's zero trust approach to help manage their global fleet of more than 10 million vehicles. They signed a contract worth $320,000 per year. We're seeing more and more of these IoT zero trust use cases, and believe there is significant opportunity to expand with this customer.

一家歐洲財富 500 強汽車公司採用 Cloudflare 的零信任方法來幫助管理其擁有超過 1000 萬輛汽車的全球車隊。他們簽訂了一份每年價值 320,000 美元的合同。我們看到越來越多的這些物聯網零信任用例，並相信與該客戶一起擴展的重要機會。

Speaking of expansion, a Fortune 500 software company expanded their relationship with us, bringing their annual run rate to $15 million per year. The new contract expanded our relationship to another internal IT division. We're helping them build their future scalable, secure, modern network. They repeatedly let us know, we were the only vendor they trusted in the space for such a mission-critical service.

說到擴張，一家財富 500 強軟件公司擴大了與我們的關係，使他們的年運行率達到每年 1500 萬美元。新合同擴大了我們與另一個內部 IT 部門的關係。我們正在幫助他們構建未來可擴展、安全的現代網絡。他們反復告訴我們，我們是他們在這種關鍵任務服務領域信任的唯一供應商。

On the theme of trust, a large social network signed a $3 million, 5-year contract. They are using our global network to authenticate the security of one of their messaging products. They have built the authentication application on Workers, our serverless compute platform, that Workers can keep up with their tremendous scale and volume is a testament to its effortless scalability.

以信任為主題，某大型社交網絡簽訂了300萬美元、5年的合同。他們正在使用我們的全球網絡來驗證他們的一種消息傳遞產品的安全性。他們在我們的無服務器計算平台 Workers 上構建了身份驗證應用程序，Workers 可以跟上其巨大的規模和容量，這證明了其毫不費力的可擴展性。

Sticking with Workers, a large Australian software company adopted Workers to help power a collaboration tool. They signed a $145,000 contracts. They're using Workers' durable object functionality to build real-time global synchronization into the product. What we're seeing with Workers is that there's a natural expansion as smart software teams realize what they can do when they can write code and effectively deploy it directly into the Internet fabric. We expect this customer will continue to use Workers for more of their projects now that they've proven success with this one.

一家大型澳大利亞軟件公司堅持使用 Workers，採用 Workers 來幫助支持協作工具。他們簽訂了145,000美元的合同。他們正在使用 Workers 的持久對像功能在產品中構建實時全局同步。我們在 Workers 中看到的是，隨著智能軟件團隊意識到當他們可以編寫代碼並將其有效地直接部署到 Internet 結構中時，他們可以做什麼，這是一種自然的擴展。我們希望該客戶將繼續在他們的更多項目中使用 Workers，因為他們已經證明了這一點的成功。

A Fortune 500 health care company signed a $1.2 million, 3-year deal. It's a pretty standard network security and performance use case for us, replacing legacy hardware. What I thought was interesting with that the IT team had moved from a large financial services customer of ours. As they change jobs, they brought Cloudflare to their new employer. I think we're going to see a lot more of this as practitioners have succeeded in their last job by leaning on us are moving on and moving up in their careers to new opportunities.

一家財富 500 強醫療保健公司簽署了 120 萬美元、為期 3 年的協議。對我們來說，這是一個非常標準的網絡安全和性能用例，取代了傳統硬件。我認為有趣的是，IT 團隊已經從我們的一個大型金融服務客戶那裡轉移過來了。當他們換工作時，他們將 Cloudflare 帶到了新雇主那裡。我認為我們會看到更多這樣的情況，因為從業者通過依靠我們在他們的上一份工作中取得了成功，他們正在繼續前進並在他們的職業生涯中獲得新的機會。

A Fortune 500 financial services company went all in on Cloudflare. They said that they see us as the future. They signed a $1.5 million, 3-year deal. It was driven by their Chief Security Officer. From start to finish, the sales cycle was around 4 months. They ripped out a number of legacy vendors and consolidated a number of network services behind us. They were tired of trying to find best-of-breed with every product, and instead ending, up with a Frankenstein map. They realized they could with us have the best-of-breed network that was tightly integrated with the features all efficient work together. We expect they will continue to grow their contracts now that they brought fully into Cloudflare architecture.

一家財富 500 強金融服務公司全力投資 Cloudflare。他們說他們將我們視為未來。他們簽署了一份價值 150 萬美元、為期 3 年的合同。它是由他們的首席安全官推動的。從開始到結束，銷售週期約為 4 個月。他們淘汰了許多傳統供應商，並整合了我們背後的許多網絡服務。他們厭倦了試圖在每一種產品中找到最好的產品，結果卻得到了一張弗蘭肯斯坦地圖。他們意識到他們可以與我們一起擁有最好的網絡，該網絡與所有高效協同工作的功能緊密集成。我們預計他們將在完全引入 Cloudflare 架構後繼續增加合同。

One last story. A Fortune 1000 gaming company signed a $3.3 million, 3-year contract. I love this story. They were using AWS, but found their security couldn't prevent the attacks they were seeing. After struggling to keep their application online, AWS's team eventually told them, "You should just use Cloudflare." And so they did. We side to let them and lots of other customers know that R2 is progressing to open beta next week, and we expect we'll be able to save them lots of AWS egress fees as well.

最後一個故事。一家財富 1000 強遊戲公司簽署了一份 330 萬美元的 3 年合同。我喜歡這個故事。他們使用 AWS，但發現他們的安全性無法阻止他們看到的攻擊。在努力讓他們的應用程序保持在線後，AWS 的團隊最終告訴他們，“你應該只使用 Cloudflare。”他們就這樣做了。我們一邊讓他們和許多其他客戶知道，R2 將在下週進行公開測試，我們希望我們也能夠為他們節省大量的 AWS 出口費用。

I wanted to close by talking about what we're seeing in Russia and Ukraine. I mentioned the region at the end of the last earnings call. A number of you reached out to say a theme out of place at the time. Unfortunately, it proved pressure. At Cloudflare, our global network serves as an early warning sensor for what's happening across the Internet.

最後，我想談談我們在俄羅斯和烏克蘭看到的情況。我在上次財報電話會議結束時提到了該地區。你們中的一些人當時伸出手說一個不合時宜的主題。不幸的是，這證明了壓力。在 Cloudflare，我們的全球網絡可作為 Internet 上正在發生的事情的預警傳感器。

In the month leading up to Russia invasion, we saw characteristics cyber probing and other warning signs that were similar to what we've seen in Georgia and Crimea years earlier. Concerned, we've briefed Western government and offered our services to critical infrastructure providers and government institutions in Ukraine well before the physical invasion began. Many organizations there took us up on our offer of protection.

在俄羅斯入侵前一個月，我們看到了與幾年前在格魯吉亞和克里米亞看到的相似的網絡探測特徵和其他警告信號。令人擔憂的是，在實體入侵開始之前，我們已經向西方政府通報了情況，並向烏克蘭的關鍵基礎設施提供商和政府機構提供了我們的服務。那裡的許多組織接受了我們提供的保護。

One of the stories of the war has been the relative lack of cyberattacks. That's not exactly accurate. There have been attacks. However, the number that have been successful are thankfully few. I'm proud of the role that Cloudflare has played to that end.

戰爭的故事之一是相對缺乏網絡攻擊。這並不完全準確。有過襲擊。然而，幸運的是，成功的人數很少。我為 Cloudflare 為此發揮的作用感到自豪。

In Russia, Belarus and the Russian-occupied regions of Ukraine. We terminated all users tied to sanction parties and put additional checks in place for new customers signing up for our services. The region, including Ukraine, represents less than 1% of revenue. So we do not anticipate meaningful financial impact to our business, but we are conservatively reserving for the worst case, just like we did at the beginning of COVID.

在俄羅斯、白俄羅斯和俄羅斯佔領的烏克蘭地區。我們終止了與製裁方相關的所有用戶，並對註冊我們服務的新客戶進行了額外檢查。包括烏克蘭在內的該地區僅佔收入的不到 1%。因此，我們預計不會對我們的業務產生有意義的財務影響，但我們保守地為最壞的情況做準備，就像我們在 COVID 開始時所做的那樣。

One surprising thing that happened in the quarter was that our 1.1.1.1 app rose to #1 in the Russian app stores. We build that app, and give it away to consumers for free as the world's largest test bed for a key component of our zero trust solution. It turned out in what was an increasingly thoughtful network environment inside Russia. Citizens there wanting to see what was really going on, installed the app in order to access Western media. Now we won't make any money on this. So some of you may wonder why am I telling you about it during the earnings call. Because it turns out doing the right thing and being there when some on the Internet needs us has always been core to Cloudflare and has always turned out to be good business for us over the long term. It's why I love my job. Successfully operating inside the hostile network environment that is Russia today makes our mobile app better for our enterprise zero trust customers. Ensuring Ukrainian critical infrastructure stays online means we can stand up to the biggest nation state-sponsored attacks for our largest government, financial services and other off-targeted customers, and briefing government on what's about to happen proves the power and unique insight we get from our global network.

本季度發生的一件令人驚訝的事情是，我們的 1.1.1.1 應用程序在俄羅斯應用程序商店中排名第一。我們構建了該應用程序，並將其免費提供給消費者，作為我們零信任解決方案關鍵組件的全球最大測試平台。事實證明，俄羅斯內部的網絡環境越來越周到。那裡的公民想要了解真實情況，安裝了該應用程序以訪問西方媒體。現在我們不會在這上面賺錢。所以你們中的一些人可能想知道為什麼我在財報電話會議上告訴你們這件事。因為事實證明，當 Internet 上的某些人需要我們時，它會做正確的事並在場，這一直是 Cloudflare 的核心，而且從長遠來看，這對我們來說總是一件好事。這就是為什麼我熱愛我的工作。在當今俄羅斯的惡劣網絡環境中成功運行使我們的移動應用程序更適合我們的企業零信任客戶。確保烏克蘭關鍵基礎設施保持在線意味著我們可以抵禦由國家發起的針對我們最大的政府、金融服務和其他非目標客戶的最大攻擊，並向政府通報即將發生的事情證明了我們從中獲得的力量和獨特的洞察力我們的全球網絡。

We're in the trust business. We always have been. And in Q1, we built a lot of trust in a lot of quarters. Even in what I believe will prove to have been the hardest quarter for the industry since Q1 of 2020. Trust is the secret to why we continue to grow paying customers in a record pace. It's why we received 133,000 job applications and saw attrition actually ticked down, while many others are struggling to hire. And while we continue to have a seat at the table in conversations around the future regulation of the Internet alongside today's check giants.

我們從事信託業務。我們一直都是。在第一季度，我們在很多方面建立了很多信任。即使我認為這將是自 2020 年第一季度以來行業最艱難的一個季度。信任是我們繼續以創紀錄的速度增長付費客戶的秘訣。這就是為什麼我們收到了 133,000 份工作申請，並且看到員工流失率實際上下降了，而其他許多人卻在努力招聘。雖然我們繼續與今天的支票巨頭一起在圍繞互聯網未來監管的對話中佔有一席之地。

We will be there as the Internet needs us in Ukraine, Russia and everywhere else. And as we are, we are sowing the seeds to build what we intend to become not just what some of you may think of a SaaS, a steady, efficient, fast-growing SaaS company today, but an iconic trusted technology company that will define the future of the Internet for decades to come.

在烏克蘭、俄羅斯和其他任何地方，互聯網需要我們時，我們都會在那裡。就像我們一樣，我們正在播下種子，以建立我們的目標，而不僅僅是你們中的一些人可能認為的 SaaS，一家穩定、高效、快速發展的 SaaS 公司，而是一家標誌性的值得信賴的技術公司，它將定義未來幾十年互聯網的未來。

With that, I'll turn it over to Thomas to dive into our steady, efficient fast-growing numbers. Thomas, take it away.

有了這個，我將把它交給托馬斯來深入研究我們穩定、高效、快速增長的數字。托馬斯，把它拿走。

Thank you, Matthew, and thank you to everyone for joining us. We continued the momentum from the fourth quarter and delivered a strong Q1, exceeding the high end of our revenue guidance with strength in multiple areas of the business. Turning to revenue.

謝謝你，馬修，也感謝大家加入我們。我們延續了第四季度的勢頭，並在第一季度實現了強勁的增長，超過了我們收入指引的高端，並且在多個業務領域都有實力。轉向收入。

Total revenue for the first quarter increased 54% year-over-year to $212.2 million. The growth in revenue was driven by strong adoption of our product portfolio and continued traction with our enterprise customer base.

第一季度總收入同比增長 54% 至 2.122 億美元。收入的增長是由我們產品組合的大力採用和我們企業客戶群的持續牽引推動的。

From a geographic perspective, in Q1, we saw continued strength in both the U.S. and internationally. The U.S. represented 53% of revenue and increased 56% year-over-year. EMEA represented 26% of revenue and increased 57% year-over-year. APAC represented 14% of revenue and increased 31% year-over-year.

從地理角度來看，在第一季度，我們看到美國和國際市場的持續增長。美國占收入的 53%，同比增長 56%。 EMEA 佔收入的 26%，同比增長 57%。亞太地區佔收入的 14%，同比增長 31%。

We are pleased to see growth continue to accelerate in APAC and see EMEA repeat as our highest growth geography this quarter.

我們很高興看到亞太地區的增長繼續加速，並看到 EMEA 再次成為我們本季度增長最快的地區。

Turning to customer metrics. We exited the quarter with 154,109 paying customers, representing an increase of 29% year-over-year. We ended the year with 1,537 large customers, representing an increase of 63% year-over-year or an addition of 121 large customers in the quarter.

轉向客戶指標。我們在本季度結束時擁有 154,109 名付費客戶，同比增長 29%。到年底，我們擁有 1,537 家大客戶，同比增長 63%，即本季度增加了 121 家大客戶。

We were pleased to see large customer revenue contribution increase again sequentially. Significant expansion from our large customers contributed to a record dollar-based net retention rate of 127%, representing an increase of 200 basis points sequentially. We continue to see broad-based strength across our enterprise go-to-market efforts, which we look forward to providing additional insights during our Investor Day next week.

我們很高興看到大客戶收入貢獻再次環比增長。我們的大客戶的顯著擴張促成了創紀錄的 127% 的美元淨保留率，比上一季度增加了 200 個基點。我們繼續看到我們企業進入市場的努力具有廣泛的實力，我們期待在下週的投資者日期間提供更多的見解。

Moving to gross margin. First quarter gross margin was 78.7%, consistent with last quarter. Network CapEx represented 9% of revenue in the first quarter. Going forward, we expect to see some level of quarter-to-quarter variability given strategic purchase decisions and continue to expect network CapEx to be 12% to 14% of revenue for fiscal 2022.

轉向毛利率。一季度毛利率為78.7%，與上一季度一致。網絡資本支出佔第一季度收入的 9%。展望未來，鑑於戰略性採購決策，我們預計會出現一定程度的季度變化，並繼續預計網絡資本支出將佔 2022 財年收入的 12% 至 14%。

Turning to operating expenses. First quarter operating expenses as a percentage of revenue decreased 2% sequentially and decreased 7% year-over-year to 76%. We had another strong hiring quarter where we saw our total number of employees increased 42% year-over-year, bringing our total number of employees to approximately 2,750 at the end of the quarter.

轉向運營費用。第一季度運營費用佔收入的百分比環比下降 2%，同比下降 7% 至 76%。我們又迎來了一個強勁的招聘季度，我們的員工總數同比增長 42%，使我們的員工總數在本季度末達到約 2,750 人。

Sales and marketing expenses were $89.7 million for the quarter. Sales and marketing as a percentage of revenue decreased 2% sequentially and decreased to 42% from 46% in the same quarter last year.

本季度的銷售和營銷費用為 8970 萬美元。銷售和營銷佔收入的百分比環比下降 2%，從去年同期的 46% 下降至 42%。

Research and development expenses were $40.3 million in the quarter. R&D as a percentage of revenue stayed flat sequentially and decreased to 19% from 21% in the same quarter last year. G&A expenses were $32 million for the quarter. G&A as a percentage of revenue increased 1% sequentially and decreased to 15% from 17% in the same quarter last year.

本季度的研發費用為 4030 萬美元。研發佔收入的百分比環比持平，從去年同期的 21% 降至 19%。本季度的 G&A 費用為 3200 萬美元。 G&A 佔收入的百分比環比增長 1%，並從去年同期的 17% 下降至 15%。

We saw continued operating leverage strength in the first quarter with operating margin improving 770 basis points year-over-year. Operating income was $4.9 million compared to an operating loss of $7.5 million in the same period last year. Q1 was our third consecutive quarter of achieving operating profit. And as a reminder, we intend to grow our operating expenses in line with the revenue staying here or at breakeven and reinvest excess profitability back into the business to address the enormous opportunity in front of us.

我們看到第一季度的經營槓桿持續走強，營業利潤率同比提高 770 個基點。營業收入為 490 萬美元，而去年同期的營業虧損為 750 萬美元。第一季度是我們連續第三個季度實現營業利潤。提醒一下，我們打算根據收入或盈虧平衡來增加我們的運營費用，並將多餘的盈利能力重新投資到業務中，以應對擺在我們面前的巨大機會。

Turning to net income and the balance sheet. Our net income in the quarter was $3.5 million or net income per share of $0.01. Tax expense for the first quarter was $1.7 million. We ended the first quarter with $1.7 billion in cash, cash equivalents and available-for-sale securities. Free cash flow was negative $64.4 million or 30% of revenue compared to negative $2.2 million or 2% of revenue in the same period last year.

轉向淨收入和資產負債表。我們本季度的淨收入為 350 萬美元或每股淨收入 0.01 美元。第一季度的稅費為 170 萬美元。我們在第一季度結束時擁有 17 億美元的現金、現金等價物和可供出售的證券。自由現金流為負 6440 萬美元，佔收入的 30%，而去年同期為負 220 萬美元，佔收入的 2%。

Operating cash flow was negative $35.5 million in the first quarter or 70% of revenue, compared to $23.5 million or 17% of revenue in the same period last year. The decrease in cash flow was primarily related to a unique withholding tax payment of approximately $30 million.

第一季度運營現金流為負 3550 萬美元，佔收入的 70%，而去年同期為 2350 萬美元，佔收入的 17%。現金流的減少主要與約 3,000 萬美元的獨特預扣稅有關。

As mentioned last quarter, we expected to see some cash flow variability in the first half of 2022, but we continue to expect to return to positive free cash flow in the second half of this year. Remaining performance obligations, or RPO, came in at $688 million, representing an increase of 10% sequentially and 57% year-over-year. Current RPO was 76% of total RPO.

如上一季度所述，我們預計 2022 年上半年現金流會出現一些變化，但我們繼續預計今年下半年將恢復正的自由現金流。剩餘履約義務 (RPO) 為 6.88 億美元，環比增長 10%，同比增長 57%。當前的 RPO 是總 RPO 的 76%。

Turning to guidance. As Matthew mentioned, we closed the Area 1 acquisition on April 1, which is expected to contribute less than 1% to revenue and the dilutive impact on profitability is reflected in guidance in both the second quarter and full year. Additionally, in the first quarter, we also ended all relationships with users tied to sanction parties in Russia, which represented less than a 1% impact to revenue.

轉向指導。正如馬修所說，我們於 4 月 1 日完成了對 1 區的收購，預計這對收入的貢獻不到 1%，對盈利能力的稀釋影響反映在第二季度和全年的指導中。此外，在第一季度，我們還終止了與俄羅斯制裁方相關的所有用戶關係，這對收入的影響不到 1%。

For the second quarter, we expect revenue in the range of $226.5 million to $227.5 million, representing an increase of 49% year-over-year. We expect an operating loss, including Area 1, in the range of $2 million to $1 million. We expect a net loss per share of $0.01 to breakeven.

對於第二季度，我們預計收入在 2.265 億美元至 2.275 億美元之間，同比增長 49%。我們預計包括 1 區在內的運營虧損在 200 萬美元至 100 萬美元之間。我們預計每股淨虧損 0.01 美元以實現盈虧平衡。

For modeling purposes, please note that if we report positive net income in the second quarter, we expect our share count to be 344 million fully diluted share for the 325 million basic shares if we report a net loss. We expect a tax expense of $1.8 million.

出於建模目的，請注意，如果我們報告第二季度的淨收入為正，我們預計如果我們報告淨虧損，我們的股票數量將為 3.25 億股基本股的完全稀釋股數為 3.44 億股。我們預計稅費為 180 萬美元。

For the full year 2022, we expect revenue in the range of $955 million to $959 million, representing an increase of 45% to 46% year-over-year. We expect operating income for the full year in the range of $10 million to $14 million, and we expect net income per share over that period in the range of $0.03 to $0.04, assuming approximately 345 million common shares outstanding. We expect a tax expense of $7.7 million.

對於 2022 年全年，我們預計收入在 9.55 億美元至 9.59 億美元之間，同比增長 45% 至 46%。我們預計全年營業收入在 1,000 萬美元至 1,400 萬美元之間，我們預計在此期間每股淨收入在 0.03 美元至 0.04 美元之間，假設大約有 3.45 億股已發行普通股。我們預計稅費為 770 萬美元。

In closing, it was another very strong quarter. I, again, want to thank our employees for delivering these great results and for their continued dedication. We look forward to hosting our second Investor Day next Thursday, where we'll do a deeper dive on our product portfolio and recent acquisitions as well as updates on our financial progress and market opportunity.

最後，這是另一個非常強勁的季度。我再次感謝我們的員工取得了這些出色的成果以及他們持續的奉獻精神。我們期待在下週四舉辦第二個投資者日，屆時我們將更深入地了解我們的產品組合和最近的收購，以及我們的財務進展和市場機會的最新情況。

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

有了這個，我想打開它來提問。接線員，請投票提問。

(Operator Instructions) Your first question of Matt Hedberg with RBC Capital Markets.

（操作員說明）您對 RBC Capital Markets 的 Matt Hedberg 的第一個問題。

It's Dan Berg so for Matt Hedberg. So, dollar-based net retention continues to track well, the 127% was really nice to see, obviously having success with large customer expansion. Maybe a little more, if you could, and what is it that gets customers to buy into the broader set of the platform? And what really gets those enterprise customers to the next level of usage?

對於馬特·赫德伯格來說，丹·伯格也是如此。因此，以美元為基礎的淨留存率繼續保持良好狀態，127% 真的很不錯，顯然在大客戶擴張方面取得了成功。如果可以的話，可能會多一點，是什麼讓客戶購買更廣泛的平台？是什麼真正讓這些企業客戶達到更高的使用水平？

Sure. I think that what we have seen is that once the customer is on our network, we can see traffic across their systems typically and make intelligent recommendations over what additional products. So I'll give you a specific example. We're -- we have an incredible bot management product that is good at stopping malicious automated traffic on a customer's site. One of the things we do is even before someone is using the bond management product, we can look at their traffic patterns, see how many bots they have and then generate a report for them that says, "You have a bot problem. Here's what we see. Would you like us to help you with it?"

當然。我認為我們所看到的是，一旦客戶在我們的網絡上，我們通常可以看到他們系統中的流量，並就哪些附加產品提出智能建議。所以我會給你一個具體的例子。我們——我們有一個令人難以置信的機器人管理產品，它擅長阻止客戶網站上的惡意自動化流量。我們所做的一件事是，甚至在有人使用債券管理產品之前，我們就可以查看他們的流量模式，看看他們有多少機器人，然後為他們生成一份報告，上面寫著：“你遇到了機器人問題。這就是我們明白了。您需要我們幫助您嗎？

And so I think that those sorts of intelligent recommendations have been very good at getting customers to adopt additional products on our platform. I think going forward, as we've talked about in previous earnings calls, what you'll see us do more and more is bundle together our services into much broader licenses. And so you can see that with even some of the examples that I brought up on the prepared remarks earlier, where companies that buy into our total infrastructure commit to a certain spend with us, and then they are able to just continuously add additional products, and we true that up on an annual basis.

所以我認為這些智能推薦非常適合讓客戶在我們的平台上採用其他產品。我認為，正如我們在之前的財報電話會議中所討論的那樣，你會看到我們做的越來越多的是將我們的服務捆綁到更廣泛的許可證中。所以你可以看到，即使是我之前在準備好的評論中提到的一些例子，購買我們整個基礎設施的公司承諾與我們進行一定的支出，然後他們能夠不斷地添加額外的產品，我們每年都會這樣做。

I think we are really unique in that we have that broad set of different products, where once you're using our service, we can start making intelligent recommendations, and we can solve so many problems for customers that those sort of site-wide licenses make sense. And I think that, that will continue to be a big piece of our growth going forward.

我認為我們真的很獨特，因為我們擁有廣泛的不同產品，一旦您使用我們的服務，我們就可以開始提供智能推薦，並且我們可以為客戶解決許多問題，以至於那些站點範圍的許可證有道理。我認為，這將繼續成為我們未來增長的重要組成部分。

I wanted to add to that tie back to the incredible innovation engine that you should keep in mind, too. Not only the expansion working, but there are more products and features available to sell every quarter. That plays into our DNR strategy moving forward.

我想補充一下你也應該記住的令人難以置信的創新引擎。不僅擴展有效，而且每個季度都有更多的產品和功能可供銷售。這對我們向前發展的 DNR 戰略起到了重要作用。

Very helpful from both of you. And then new customer generation, really robust in the quarter, a record, as you mentioned. Anything worth pointing out there as a driver or accounting for that strong new customer number?

你們倆都很有幫助。然後是新的客戶一代，在本季度非常強勁，創紀錄，正如你所提到的。有什麼值得指出作為驅動因素或說明新客戶數量的重要因素嗎？

Yes. I don't mean to critique your work, but your early note that went out suggested that we now have 14,000 customers. In fact, we actually added 14,000 new customers in the quarter, paying customers in the quarter, and are now at over 150,000 paying customers across the platform. I think that, that again is just us showing that across regardless of the size of customer, we've been able to very effectively get them onto our platform, nurture them over time, get them to use additional products and services and grow them into larger and larger customers.

是的。我並不是要批評你的工作，但你的早期說明表明我們現在有 14,000 名客戶。事實上，我們實際上在本季度增加了 14,000 名新客戶，即本季度的付費客戶，現在整個平台的付費客戶超過 150,000 名。我認為，這再次表明，無論客戶規模如何，我們都能夠非常有效地將他們帶到我們的平台上，隨著時間的推移培養他們，讓他們使用額外的產品和服務並將他們發展成越來越大的客戶。

And so I think it's -- at some level, when you look at growth like that, there's never one particular thing that you can point to and say, "That was what was going on." Because, again, we service such a broad set of customers from very small to very, very large. But I'm really proud of the team and the hard work that they've done in order to deliver in continuing to grow our entire customer base. And that's -- and it's great to see us have a record add of 14,000 new customers in the quarter.

所以我認為它 - 在某種程度上，當你以這樣的方式看待增長時，你從來沒有可以指出並說“這就是正在發生的事情”。因為，再一次，我們為如此廣泛的客戶提供服務，從非常小到非常非常大。但我真的為團隊以及他們為繼續擴大我們的整個客戶群所做的辛勤工作而感到自豪。那就是 - 很高興看到我們在本季度新增了 14,000 名新客戶。

Your next question comes from the line of Joel Fishbein with Truist.

您的下一個問題來自 Joel Fishbein 與 Truist 的對話。

Fantastic execution again. Matthew, a couple of other companies that are cloud-centric have reported that Internet traffic has been trending down over the past several months. I'd love to just get your take on what's happening and how Cloudflare is positioned and how your Internet traffic has been flowing.

再次出色的執行。 Matthew 和其他幾家以雲為中心的公司報告說，過去幾個月互聯網流量一直呈下降趨勢。我很想听聽您對正在發生的事情、Cloudflare 的定位以及您的互聯網流量如何流動的看法。

Yes. We haven't seen that. I think it has been continued growth. So to, first of all, answer your question, just straight up, we said year-over-year traffic growth across our network of 75.8%, quarter-over-quarter growth of 15.9%, and that's in line with sort of the quarter-over-quarter growth that we've seen for the last period.

是的。我們還沒有看到。我認為它一直在持續增長。所以，首先，回答你的問題，直截了當，我們說我們網絡的流量同比增長 75.8%，環比增長 15.9%，這與本季度的情況一致- 我們在上個時期看到的季度增長。

It's worth remembering that we don't bill primarily based on usage. We bill in a much more predictable way. And so I think that, that is a good indication that we are taking share from the rest of the industry.

值得記住的是，我們不主要根據使用情況計費。我們以更可預測的方式計費。所以我認為，這是一個很好的跡象，表明我們正在從行業的其他部分中分一杯羹。

But even in the post-COVID times, the traffic across our network continues to grow. And we do that while still maintaining above what our target gross margins are. I think the other thing which you didn't ask about, but I think it's interesting to compare, is how much usage has grown across our network. And where bandwidth has grown 75.8% year-over-year, CPU usage has actually grown 89.1%. And over the quarter, it's 15.9% for bandwidth and 21.8% growth for CPU usage.

但即使在後 COVID 時代，我們網絡上的流量仍在繼續增長。我們這樣做的同時仍然保持在我們的目標毛利率之上。我認為您沒有問的另一件事，但我認為比較有趣的是，我們的網絡使用量增長了多少。在帶寬同比增長 75.8% 的情況下，CPU 使用率實際上增長了 89.1%。在本季度，帶寬增長了 15.9%，CPU 使用率增長了 21.8%。

What I think is -- why that's interesting and that's important, because I think that that's actually showing where people are not just using Cloudflare for moving bits around, but they're using Cloudflare in order to do intelligent processing of those bits, and that intelligence, which is really driven by like our Workers' edge computing product, as well as some of our security products, that's actually growing faster than bandwidth. And I think that, that delta shows why we're able to continue to grow revenue at the 54% that we did in the quarter. Does that answer your question?

我認為——為什麼這很有趣而且很重要，因為我認為這實際上表明人們不僅使用 Cloudflare 來移動比特，而且他們使用 Cloudflare 來對這些比特進行智能處理，而且智能，這實際上是由我們的工人邊緣計算產品以及我們的一些安全產品驅動的，它們的增長速度實際上比帶寬快。我認為，這個增量說明了為什麼我們能夠繼續以本季度 54% 的速度增長收入。這是否回答你的問題？

More than I wanted, but thank you. That was great. Appreciate it.

比我想要的多，但謝謝。那很棒。欣賞它。

Your next question comes from the line of Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Matthew, the Area 1 acquisition, I think, is a unique one for you and kind of maybe outside your core lane that you've gone. Can you just talk to that? And then Also, when you think about the go-to-market and the synergies among the other suite, can you just talk through how you think that unveils over the next several quarters?

我認為，收購 1 區的 Matthew 對你來說是獨一無二的，而且可能在你已經離開的核心車道之外。你能談談嗎？此外，當您考慮進入市場和其他套件之間的協同效應時，您能否談談您認為未來幾個季度會如何推出？

Yes. I think -- so first of all, any acquisition is a bit unusual for us because we have such a strong bias towards internal development and building products ourselves. I think though, Area 1 and e-mail security, in particular, makes just a ton of sense for us to do something around. If you look across every other protocol that is sent across the Internet, we protect whether it's HTTP traffic or it's your SIP traffic to your phone system or it's SSH traffic, anything that's out there, any protocol, we protect. And we had just not dived into protecting SMTP and the e-mail protocols.

是的。我認為 - 首先，任何收購對我們來說都有點不尋常，因為我們對內部開發和自己構建產品有如此強烈的偏見。不過，我認為，特別是區域 1 和電子郵件安全，對我們做一些事情非常有意義。如果您查看通過 Internet 發送的所有其他協議，我們會保護它是 HTTP 流量，還是您的電話系統的 SIP 流量或 SSH 流量，任何外面的任何協議，我們都會保護。而且我們還沒有深入研究保護 SMTP 和電子郵件協議。

And I think a little bit of that is, honestly, my fault and our CTO john's fault, because both of us had worked in e-mail security prior to come to Cloudflare. And I think we have the scar tissue to prove from it. And so all the time, our sales team would come to us and say, "Hey, customers really would love us to have an e-mail security product." Our engineering team would say, "We have a ton of data that could help inform an e-mail security product. We should build it." And I think John and I would often veto that. I think that, that, frankly, was a blind spot on both of our sites. Because if you look at the data, e-mail security is by far the #1 source of threats that come into an organization. Almost every headline hacking incident that you've read about in the last 2 years, e-mail was the initial way that, that vulnerability was taken into account.

老實說，我認為這有一點是我的錯和我們的 CTO john 的錯，因為在來到 Cloudflare 之前，我們倆都從事過電子郵件安全方面的工作。我認為我們有疤痕組織可以證明這一點。所以一直以來，我們的銷售團隊都會來找我們說，“嘿，客戶真的很希望我們有一個電子郵件安全產品。”我們的工程團隊會說：“我們有大量數據可以幫助通知電子郵件安全產品。我們應該構建它。”我認為約翰和我經常會否決這一點。我認為，坦率地說，這是我們兩個網站的盲點。因為如果您查看數據，電子郵件安全是迄今為止進入組織的第一大威脅來源。在過去 2 年中，您讀到的幾乎所有頭條黑客事件，電子郵件都是最初考慮到該漏洞的方式。

So I think it makes a ton of sense for us to have a solution. It's also incredibly powerful because we're the DNS provider that we can make it one-click deployment, where it's a customer of ours clicks a single button and instantly, they get the benefits of the Area 1 solution, and they can continue to use whoever their existing e-mail provider is, whether that's Outlook and Microsoft Office or its G-suite or if it's something that they're hosting on-premise. Much like Cloudflare, Area 1 is a proxy, but it's just a proxy for e-mail traffic.

所以我認為我們有一個解決方案是很有意義的。它也非常強大，因為我們是 DNS 提供商，我們可以使其一鍵部署，我們的客戶只需單擊一個按鈕，即可立即獲得區域 1 解決方案的好處，並且可以繼續使用無論他們現有的電子郵件提供商是誰，無論是 Outlook 和 Microsoft Office 還是它的 G-suite，或者是他們在本地託管的東西。與 Cloudflare 非常相似，Area 1 是一個代理，但它只是電子郵件流量的代理。

So I think it's a very natural point for us to integrate. I think, it's a very easy sales motion for our customers to go through. And to the second part of your question, I think it integrates with the rest of our zero trust suite extremely well. So for instance, when you get an e-mail from an unknown sender. We can automatically isolate that e-mail using our browser isolation product so that any link that you click on in that link don't actually render on your laptop, but they're actually rendered at the edge of our network. So any malicious content that's in those links, we can stop.

所以我認為這是我們整合的一個非常自然的點。我認為，對於我們的客戶來說，這是一個非常容易完成的銷售動作。對於您問題的第二部分，我認為它與我們的其他零信任套件集成得非常好。例如，當您收到來自未知發件人的電子郵件時。我們可以使用我們的瀏覽器隔離產品自動隔離該電子郵件，這樣您在該鏈接中單擊的任何鏈接實際上都不會呈現在您的筆記本電腦上，但它們實際上會呈現在我們網絡的邊緣。因此，我們可以阻止這些鏈接中的任何惡意內容。

And so I think that this is going to be a very effective way to introduce our zero trust suite to the market. It gets people to start to adopt a seat-based approach to our product very easy for our existing customers to deploy with 1 click. And I think it's going to be a gateway to the rest of our zero trust product, selling more of our gateway and access and browser isolation products as well. Does that answer your question?

因此，我認為這將是一種將我們的零信任套件引入市場的非常有效的方式。它使人們開始對我們的產品採用基於座位的方法，我們的現有客戶只需單擊一下即可輕鬆部署。而且我認為它將成為我們其他零信任產品的門戶，銷售更多我們的網關和訪問以及瀏覽器隔離產品。這是否回答你的問題？

That was very comprehensive.

那是非常全面的。

Your next question comes from the line of James Fish with Piper Sandler.

您的下一個問題來自 James Fish 和 Piper Sandler 的台詞。

Nice quarter there. I wanted to hear a little bit more about the wave 2 products like Teams and Magic Transit, Magic WAN are doing, especially as it seems like these are driving the largest dollar growth still. Additionally, how has Cloudflare for Offices progress this quarter? And is there any way to think of how many customers are a penetration rate of using some of these wave 2 solutions that I'm talking about here?

那裡不錯。我想更多地了解 Wave 2 產品，如 Teams 和 Magic Transit、Magic WAN 正在做的事情，尤其是這些產品似乎仍在推動最大的美元增長。此外，Cloudflare for Offices 本季度進展如何？有什麼方法可以計算出有多少客戶使用我在這裡談論的這些第 2 波解決方案的滲透率？

Yes. So I think that the wave 2 solutions, and I would characterize it a little bit differently. I would say that we have products like Magic Transit, Magic Firewall, that really do complement some of our more traditional products. They're all about protecting content, protecting your infrastructure. And then we have products like Gateway and Access and Browser Isolation, which are all about protecting users.

是的。所以我認為第 2 波解決方案，我會對它進行一些不同的描述。我想說我們有像 Magic Transit、Magic Firewall 這樣的產品，它們確實補充了我們一些更傳統的產品。它們都是關於保護內容，保護您的基礎設施。然後我們有網關和訪問以及瀏覽器隔離之類的產品，它們都是關於保護用戶的。

And so I think you pumped those sort of into wave 2. And that's true from a timing perspective, but they actually are slightly different and they -- and I think that they are both growing very well. But they are somewhat different in terms of the way that we go to market with those products. And in some cases, who the exact buyer is within an organization for those products.

所以我認為你將這些注入到了第 2 波中。從時間的角度來看這是正確的，但它們實際上略有不同，而且它們——我認為它們都發展得很好。但就我們將這些產品推向市場的方式而言，它們有些不同。在某些情況下，誰是這些產品的組織內的確切買家。

And so I think we've seen really strong adoption for the Magic Transit product. That is replacing a lot of the traditional network DDoS protection services. I think particular strength in carriers that are starting to use the product as well, which I think -- which is a really exciting opportunity. And it's -- we're getting that because of the fact that we can just stand in front of much more traffic than possible -- as possible through any sort of box-based solution.

因此，我認為我們已經看到 Magic Transit 產品的廣泛採用。這正在取代許多傳統的網絡 DDoS 保護服務。我認為運營商也開始使用該產品的特別優勢，我認為這是一個非常令人興奮的機會。它是 - 我們之所以能做到這一點，是因為我們可以站在比可能更多的流量面前 - 通過任何類型的基於盒子的解決方案。

I think on the user-based products, we're seeing really good adoption of those, both for customers who are coming first for those products but then also for us to be able to sell those products to our existing customers. And there's a really natural extension between our traditional firewall products and the access product, and those dovetail very well together.

我認為在基於用戶的產品上，我們看到這些產品得到了很好的採用，既適用於首先購買這些產品的客戶，也適用於我們能夠將這些產品銷售給現有客戶的客戶。我們的傳統防火牆產品和接入產品之間有一個非常自然的延伸，它們非常吻合。

I think Cloudflare for Offices continues to progress really well, although it's very early in terms of what that will look like. We have, in the quarter, we announced some of the hardware that we are deploying, and we are starting to build that out within networks. I would say that rather than that us measuring the success of that product today based on the revenue that it generates, I think we are much more measuring the success of that product based on the willingness of landlords and network providers to invite us into their facilities and allow us to directly interconnect. And I think that, that is in every region where we've deployed the Cloudflare for Offices. That is trending at or ahead of what our expectations are.

我認為 Cloudflare for Offices 繼續取得很好的進展，儘管現在還為時過早。我們在本季度宣布了一些我們正在部署的硬件，並且我們開始在網絡中構建這些硬件。我想說的是，我們不是根據它產生的收入來衡量該產品今天的成功，我認為我們更多地根據房東和網絡提供商邀請我們進入他們的設施的意願來衡量該產品的成功並允許我們直接互連。我認為，這是在我們部署 Cloudflare for Offices 的每個地區。這趨勢達到或超過我們的預期。

Your next question comes from the line of Phil Winslow with Credit Suisse.

您的下一個問題來自瑞士信貸的 Phil Winslow。

Congrats on another great quarter. I wanted to focus in on Workers and R2. You talked about some pretty significant wins there, Matthew. One of the things you've also talked about, too, is how sort of it takes a long time to sort of get escape velocity and a platform in terms of developer adoption, et cetera. How are you thinking about sort of where we stand right now? And is there anything sort of surprising you in sort of the rate and pace of adoption of Workers or just sort of call it the broader platform when you think about R2?

祝賀另一個偉大的季度。我想專注於 Workers 和 R2。你談到了那裡的一些非常重要的勝利，馬修。您還談到的一件事是，在開發人員採用等方面，獲得逃逸速度和平台需要很長時間。你如何看待我們現在的立場？當您想到 R2 時，Worker 的採用率和速度是否讓您感到驚訝，或者只是將其稱為更廣泛的平台？

Sure. So first of all, as I mentioned, R2 is going to progress from a closed beta to an open beta next week. And next week, we have Platform Week, which is really very much focused on all of the different ways that Cloudflare can be a platform for developers to develop on, but really a focus around the various Workers' products. And I think we'll have some very exciting surprises as part of what we're rolling out over the course of the week as well.

當然。首先，正如我所提到的，R2 將從下週的封閉測試版進入公開測試版。下週，我們有平台週，它非常關注 Cloudflare 可以成為開發人員開發平台的所有不同方式，但真正關注的是各種 Workers 的產品。我認為作為我們在本週推出的內容的一部分，我們也會有一些非常令人興奮的驚喜。

I think that if you study developer platforms, for them to really reach escape velocity, takes between 8 and 12 years. And so Workers was launched in late 2017, so we're continuing to develop it. We're on that curve. I think the thing that has surprised me is that we're seeing very big companies with very sophisticated development teams getting excited about and realizing that Workers is a solution for a lot of the problems they have.

我認為，如果你研究開發者平台，要讓它們真正達到逃逸速度，需要 8 到 12 年。因此，Workers 於 2017 年底推出，因此我們正在繼續開發它。我們就在這條曲線上。我認為令我感到驚訝的是，我們看到擁有非常成熟的開發團隊的非常大的公司對他們的許多問題感到興奮並意識到 Workers 是他們所面臨的許多問題的解決方案。

The 2 examples that I mentioned in the prepared remarks, one major social network, that's a very sophisticated developer team that chose to build using Workers. And I think what we found is that once a team like that sees the power of what they can do with Workers, that really excites them, both within the organization they're at and also as they change jobs, and go to other places where they take the technology with them. The same thing is true with the Australian software company, where doing something like real-time collaboration across multiple continents, if you're trying to do that with a traditional public cloud, it's a ton of work. With durable objects and Workers, it almost just works out of the box. And in fact, we have examples of how that's done. And I think that, that was something that was, again, incredibly well-received by that very sophisticated software engineering team, and we expect that they will continue to do more with the product.

我在準備好的評論中提到的 2 個示例，一個主要的社交網絡，這是一個非常成熟的開發人員團隊，選擇使用 Workers 進行構建。而且我認為我們發現，一旦像這樣的團隊看到了他們可以與工人一起做的事情的力量，這真的會讓他們興奮，無論是在他們所在的組織內，還是在他們換工作，去其他地方他們隨身攜帶技術。這家澳大利亞軟件公司也是如此，在跨多個大洲進行實時協作之類的事情時，如果您嘗試使用傳統的公共雲來做到這一點，那將是大量的工作。使用耐用對象和工人，它幾乎可以開箱即用。事實上，我們有如何做到這一點的例子。而且我認為，這再次受到了那個非常成熟的軟件工程團隊的難以置信的好評，我們希望他們會繼續用這個產品做更多的事情。

So I think, again, it's going to be some time before it's something that we would -- that is dramatically contributing to revenue. But I am very pleasantly surprised at how many developers are flocking to the workers ecosystem, and we'll be talking a lot more about it next week.

因此，我再次認為，這將需要一段時間才能成為我們想要的東西 - 這對收入做出了巨大貢獻。但令我非常驚喜的是有多少開發人員湧向工人生態系統，我們將在下週更多地談論它。

Your next question comes from the line of Keith Weiss with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Keith Weiss。

It's Matt Wilson on for Keith Weiss. Matt, you again mentioned the opportunity to use gross margins as a weapon against customers who -- or against competitors who are more vulnerable to pricing and cost pressures. Can you detail what has allowed Cloudflare to resist these pressures, both on the pricing and cost front?

基思·韋斯（Keith Weiss）是馬特·威爾遜（Matt Wilson）。馬特，你再次提到了利用毛利率作為對付客戶的武器的機會——或者對付更容易受到定價和成本壓力影響的競爭對手。您能否詳細說明是什麼讓 Cloudflare 能夠在定價和成本方面抵禦這些壓力？

I think efficiency is just at our core. And so our network has always been designed in such a way to be able to get to be as efficient as possible. And so that has allowed us to deliver the services that we do. I think we sometimes get compared with some of the more traditional CDN-type vendors, and that's just never how we have seen ourselves, and it's not business that we have chased.

我認為效率是我們的核心。因此，我們的網絡一直以能夠盡可能高效的方式設計。因此，這使我們能夠提供我們所做的服務。我認為我們有時會與一些更傳統的 CDN 類型的供應商進行比較，而我們從來沒有這樣看待自己，這不是我們追求的業務。

And so I think that where, if you're selling just bit delivery, it turns out that being a little bit faster -- really the returns are incredibly diminishing. Whereas if you're selling security, if you're selling intelligence, which is built into the network, if you're selling the ability to drive that, that has a very compelling use case.

所以我認為，如果你只賣一點點送貨，結果會更快一點——實際上回報是難以置信的遞減。然而，如果你在銷售安全性，如果你在銷售內置於網絡中的智能，如果你在銷售驅動它的能力，那麼它就有一個非常引人注目的用例。

I think from the beginning, we also always said that Cloudflare, one of the first tenants of Cloudflare was never lose on price. And I think that forced us to be efficient from the beginning. And so customers, I think, in this time where everyone is looking for ways to figure out how they can save money on their IT budgets and where many other vendors are trying to figure out how they can either hold or raise prices, I think we can continue to be pushing forward and taking share and especially taking that high-margin share from both existing hardware vendors who are having a hard time even delivering their products, as well as other cloud vendors that, again, I think are not as efficient as we've been.

我想從一開始，我們也一直說 Cloudflare 作為 Cloudflare 的第一批租戶之一，從來沒有在價格上輸過。我認為這迫使我們從一開始就保持高效。所以客戶，我認為，在這個每個人都在尋找方法來弄清楚他們如何在 IT 預算上節省資金以及許多其他供應商試圖弄清楚他們如何能夠保持或提高價格的時候，我認為我們可以繼續推進並分享份額，尤其是從現有硬件供應商那裡獲得高利潤份額，這些硬件供應商甚至難以交付他們的產品，以及其他雲供應商，我認為這些供應商的效率再次不如我們去過。

So I think that's been key to our story since the earliest days. It will continue to be key to our story. And I think it's that efficiency is a hallmark of who we are at Cloudflare.

所以我認為這從最早的時候起就是我們故事的關鍵。它將繼續成為我們故事的關鍵。我認為效率是我們在 Cloudflare 的標誌。

Awesome. Thank you for those details. And maybe on this one for Thomas. When can we kind of expect this gross margin strategy to show off in the numbers.

驚人的。謝謝你提供這些細節。也許是托馬斯的這個。我們什麼時候可以期待這種毛利率策略在數字上得到體現。

I'm not sure what you mean by showing up in the numbers. I think that we have been able to digest the significant revenue growth that we have been able to digest the significant traffic growth that Matthew just alluded to, and been able to scale at a flat to up gross margin, I think is already a testament to the elasticity of the network.

我不確定你出現在數字中是什麼意思。我認為我們已經能夠消化顯著的收入增長，我們已經能夠消化 Matthew 剛剛提到的顯著流量增長，並且能夠以持平的方式擴大毛利率，我認為這已經證明了網絡的彈性。

And I just want to reiterate that because I think that is our -- one of our competitive mote, the ability that all products are running on every server in every city. And because of that, the complete network service, are your decrease of freedom to manage cost and demand and supply every server that we add, every city that we add regardless of where in the world at decrease of freedom to manage the flexibility and the elasticity of this network.

我只想重申這一點，因為我認為這是我們的 - 我們的競爭力之一，所有產品都在每個城市的每台服務器上運行的能力。正因為如此，完整的網絡服務減少了您管理成本和需求的自由度，並減少了我們添加的每台服務器、我們添加的每座城市，無論世界上的哪個地方，都減少了管理靈活性和彈性的自由度這個網絡的。

So I think you see that already today. We've seen tremendous growth product-wise, revenue-wise, traffic-wise, every metric that you look at that would measure that and have been able to digest that in stable to slightly up gross margins. I think it's already a testament to that.

所以我想你今天已經看到了。我們已經看到產品方面、收入方面、流量方面的巨大增長，你看到的每一個指標都可以衡量這一點，並且能夠以穩定的方式消化這一點，毛利率略有上升。我認為這已經證明了這一點。

Your next question comes from the line of James Breen with William Blair.

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

Just sort of on that point a little bit. So are you basically sort of managing to kind of a breakeven non-GAAP operating income line, plus or minus a couple of million here just to maximize the revenue?

只是在這一點上一點點。所以你基本上是在設法達到一種盈虧平衡的非公認會計準則營業收入線，在這裡加減幾百萬隻是為了最大化收入？

And then just from an expansion standpoint. As you build out more network, more point of presence, does that enable you to go deeper into some of the multinationals that right now maybe you don't have access to because of that?

然後只是從擴展的角度來看。隨著您建立更多的網絡，更多的存在點，這是否使您能夠更深入地了解一些您現在可能無法訪問的跨國公司？

Sure, Jim. So I think that we've been very consistent at saying that we are going to hold as close to breakeven on our operating margin as we can. I said on a previous call that if we showed massively positive earnings per share, that would mean something that we did something wrong because if we can continue to grow at the rates that we're guiding towards, there's nowhere else we should be putting that money other than back into the business to grow the business as quickly as possible.

當然，吉姆。因此，我認為我們一直非常一致地表示，我們將盡可能地保持營業利潤率接近盈虧平衡。我在之前的電話會議上說過，如果我們的每股收益大幅為正，那將意味著我們做錯了什麼，因為如果我們能夠繼續以我們指導的速度增長，那麼我們就沒有其他地方應該這樣做了除了重新投入業務以外的資金，以盡快發展業務。

And so I think that we are doing that, we've been very consistent in delivering that message. I don't think there's anything that has changed about that strategy. And again, I think we're managing towards a breakeven on operating margin.

所以我認為我們正在這樣做，我們在傳遞這一信息方面一直非常一致。我認為該策略沒有任何改變。再說一次，我認為我們正在努力實現營業利潤率的收支平衡。

In terms of the POPs, I think that -- I mean, we're already in well over 100 countries around the world. I think that when multinationals look to us, it's not our POP presence that has ever been, certainly, since we went public, standing in the way of them adopting us. And I think that if you look at the companies that we're highlighting in some of the examples, these are almost all massive, multinational companies that rely on our network, and think that it's the case.

就持久性有機污染物而言，我認為——我的意思是，我們已經遍布全球 100 多個國家。我認為，當跨國公司關注我們時，當然，自從我們上市以來，阻礙他們採用我們的不是我們的 POP 存在。而且我認為，如果您查看我們在某些示例中強調的公司，這些幾乎都是依賴我們網絡的大型跨國公司，並且認為情況就是如此。

I think the thing which is powerful about as we build out more POPs is that counterintuitively, because of the design of our network and because of the efficiency of our network that both Thomas and I just alluded to, it actually drives our cost down over time rather than driving it up. It takes a certain amount of servers in order to process a certain number of requests. So your CapEx is actually driven by the amount of usage of your service more than anything else.

我認為隨著我們構建更多 POP 的強大之處在於，由於我們網絡的設計以及托馬斯和我剛才提到的我們網絡的效率，它實際上會隨著時間的推移降低我們的成本而不是推動它。處理一定數量的請求需要一定數量的服務器。因此，您的資本支出實際上是由您的服務使用量驅動的，而不是其他任何因素。

What is powerful is because we have done the hard work on the networking and software side to make it so that any server, anywhere can handle any request, that means that as we continue to expand our network out that we're able to directly interconnect with the various ISPs and eyeball networks around the world and drive our cost down for things like bandwidth, co-location and other variable costs that are part of our business.

強大的是因為我們在網絡和軟件方面做了艱苦的工作，使任何服務器、任何地方都可以處理任何請求，這意味著隨著我們繼續擴展我們的網絡，我們能夠直接互連與世界各地的各種 ISP 和眼球網絡合作，降低我們業務中的帶寬、託管和其他可變成本等成本。

And so I think that, that's decomposing a little bit what the reason for our ability to continue to expand. And if in the future we need the darn snorkels and dive to the bottom of the ocean in order because we can get more efficiency in our network by putting a POP somewhere there, we are going to continue to do whatever is necessary to be able to deliver our services as efficiently and cost effectively as possible.

所以我認為，這有點分解了我們繼續擴大能力的原因。如果將來我們需要該死的呼吸管並潛入海底，因為我們可以通過在某處放置一個 POP 來提高我們的網絡效率，我們將繼續做任何必要的事情，以便能夠盡可能高效、經濟地提供我們的服務。

Your next question comes from the line of Adam Borg with Stifel.

您的下一個問題來自 Adam Borg 和 Stifel。

Maybe just for Matthew on the federal vertical. I just hoping you could provide an update just on fed ramp and the opportunities that you see. Obviously, you've seen some traction there with the joint win with Accenture, but just curious how you're thinking about the federal opportunity in 2022 more broadly.

也許只是為了聯邦垂直領域的馬修。我只是希望你能提供關於美聯儲斜坡和你看到的機會的更新。顯然，你已經看到了與埃森哲聯合獲勝的一些牽引力，但只是好奇你如何更廣泛地考慮 2022 年的聯邦機會。

Yes. Federal is a big opportunity for us. FedRAMP we think we'll continue to unlock that. We got word actually today that we have thumbs up from our sponsoring agency and are just waiting kind of in line with the overall federal agency to get that approved. So we think that's all going well. We've done everything that we can do, and it's a little bit like being at the DMV. You've got to kind of just wait for your number to get called. But we're confident that it will get called hopefully sooner than later. And if anyone federal DMV is listening in, there's a lot of agencies that want to use us. So hopefully, we can meet that requirement.

是的。聯邦對我們來說是一個很大的機會。 FedRAMP 我們認為我們將繼續解鎖它。實際上，我們今天得到消息，我們得到了贊助機構的讚許，並且正在等待與整個聯邦機構一致以得到批准。所以我們認為一切進展順利。我們已經做了我們能做的一切，這有點像在 DMV。您必須等待您的號碼被呼叫。但我們有信心希望它遲早會被調用。如果有任何联邦 DMV 正在監聽，就會有很多機構想要使用我們。所以希望我們能滿足這個要求。

That is not holding us back from working with Accenture as well as other partners, and we've continued to see significant interest. I think the thing that I would come back to is the amount of trust that we have built in the sort of C-level equivalent of the federal government. The number of calls that our team, and including myself, have received from the people who are really trusted with securing the U.S. infrastructure, to understand what's going on in Ukraine, to ask us for help, protecting the infrastructure in the United States, I think that, that speaks incredibly well of us.

這並沒有阻礙我們與埃森哲以及其他合作夥伴的合作，我們繼續看到了極大的興趣。我認為我會回到的是我們在聯邦政府的 C 級等價物中建立的信任程度。我們的團隊，包括我自己，從那些真正信任保護美國基礎設施、了解烏克蘭正在發生的事情、向我們尋求幫助、保護美國基礎設施的人那裡接到的電話數量，我想想看，這對我們來說非常好。

We actually launched, in partnership with CrowdStrike, as well as Ping Identity, in the quarter the Critical Infrastructure Protection Act. I was really honored by the White House is stepping up and saying that, that was something that they recommended any hospitals, utilities, or energy companies adopt as quickly as possible. So I think that we have an enormous amount of goodwill within the government. I think we are moving forward and think that there is an enormous opportunity to continue to deliver on that goodwill. And any day now, hopefully, the FedRAMP DMV will call our number, and we'll be able to announce that. That process is formally behind us.

實際上，我們在本季度與 CrowdStrike 以及 Ping Identity 合作推出了《關鍵基礎設施保護法》。我真的很榮幸白宮站出來說，這是他們建議任何醫院、公用事業或能源公司盡快採用的東西。所以我認為我們在政府內部有很大的善意。我認為我們正在向前邁進，並認為有巨大的機會繼續兌現這種善意。希望現在任何一天，FedRAMP DMV 都會撥打我們的電話，我們將能夠宣布這一點。這個過程正式落後於我們。

Your next question comes from the line of Alex Henderson with Needham.

您的下一個問題來自 Alex Henderson 與 Needham 的對話。

First off, I wanted to really compliment you guys on what a great job you've done protecting both the Ukrainian infrastructure, as well as the reporters that needed there and continuing to deliver access to Western news flow into Russia. It's really important stuff.

首先，我真的想讚揚你們所做的出色工作，保護了烏克蘭的基礎設施以及需要那裡的記者，並繼續向俄羅斯提供西方新聞流的訪問權。這真的是很重要的東西。

The question I wanted to ask was really around the Internet traffic question asked earlier. And maybe you could give us a couple of data points on the change in your coding total. But the traffic, obviously, up 75%, is well ahead of the growth in the marketplace, which I think is around 30%. So can you update us on where you are in terms of what percentage of Internet traffic you're carrying?

我想問的問題實際上是圍繞之前提出的互聯網流量問題。也許你可以給我們幾個關於你的編碼總數變化的數據點。但顯然，流量增長了 75%，遠遠領先於市場的增長，我認為市場增長約為 30%。那麼，您能否就您所承載的互聯網流量的百分比向我們提供最新信息？

And second, along the same lines, it's my understanding that API traffic has more than doubled over the last 18 months in terms of its rate of growth, from over 150% to something in excess of 300%, which ultimately suggests that there's very high rates of growth in the domain, the domain and domain to user traffic, which is obviously a key part of what you guys do, protecting and optimizing and accelerating that traffic. So can you talk to us a little bit about where you are on the statistics in terms of share? And what the implication of that API growth rate is? I realize you're not being paid per bit, but rather that would imply very rapid acceleration in the number of domains that are being traffic, too.

其次，根據我的理解，API 流量在過去 18 個月中的增長率翻了一番多，從超過 150% 到超過 300%，這最終表明有非常高的域、域和域到用戶流量的增長率，這顯然是你們所做工作的關鍵部分，保護、優化和加速流量。那麼你能和我們談談你在份額方面的統計數據嗎？ API 增長率的含義是什麼？我意識到您並沒有按比特獲得報酬，而是這意味著正在成為流量的域的數量也將非常迅速地加速。

Yes, Alex, first of all, thank you for the kudos at the beginning. It's been a quarter where a lot of our team has been working tireless nights to make sure that as much of the Ukrainian infrastructure stays online and that services like 1.1.1.1 continue to allow people in parts of the world where they may not have free access to the Internet for them to be able to see what's happening. And I think that, that that's something that I'm really proud of our team to have done, and I appreciate you calling it out.

是的，亞歷克斯，首先，謝謝你一開始的稱讚。這是一個季度，我們的許多團隊一直在夜以繼日地工作，以確保盡可能多的烏克蘭基礎設施保持在線，並確保像 1.1.1.1 這樣的服務繼續允許世界上可能無法免費訪問的部分地區的人們上網，讓他們能夠看到正在發生的事情。而且我認為，這是我為我們的團隊所做的事情感到非常自豪，我很感謝你說出來。

In terms of Cloudflare's percentage of Internet traffic, I think it's -- we don't really -- we know what our numerator is, but we don't know what the denominator is. And I don't think there's a good source of that. I think that we look at some proxies for that in other places. One is what percentage of the top million websites are behind us. And that number is around 20% today. I think what that underrepresents is a lot of our other products. It doesn't take into account products like our zero trust products, it doesn't take into account things like Magic Transit and other products.

就 Cloudflare 的互聯網流量百分比而言，我認為它——我們真的不知道——我們知道我們的分子是什麼，但我們不知道分母是什麼。而且我不認為有一個很好的來源。我認為我們會在其他地方尋找一些代理。一個是前百萬網站中有多少百分比落後於我們。今天這個數字大約是 20%。我認為代表不足的是我們的許多其他產品。它沒有考慮像我們的零信任產品這樣的產品，它沒有考慮像 Magic Transit 和其他產品這樣的東西。

But from a just pure what percentage of the web uses Cloudflare on, if you measure that using third-party sources, it's right around 20%. For API, I think that, that has been a trend that we've seen for quite some time, more and more of the traffic that passes through Cloudflare, its API traffic. In the quarter, we announced our updated API protection suite. We've seen really great adoption for that. Again, I think it's one of the things where it's all sort of the same protocols, but being able to understand that this is an API, validate that API, help developers really make sure that the schema that is being sent to and from that API is correct. Those are all things that our network is very good at delivering, and we're seeing strong customer interest and strong customer growth from that.

但是從純粹的網絡使用 Cloudflare 的百分比來看，如果您使用第三方資源來衡量，它大約是 20%。對於 API，我認為這是我們已經看到很長一段時間的趨勢，越來越多的流量通過 Cloudflare，它的 API 流量。在本季度，我們發布了更新的 API 保護套件。我們已經看到了非常好的採用。再一次，我認為這是所有類型的相同協議的事情之一，但能夠理解這是一個 API，驗證該 API，幫助開發人員真正確保發送到該 API 和從該 API 發送的架構是正確的。這些都是我們的網絡非常擅長提供的東西，我們看到了強烈的客戶興趣和強勁的客戶增長。

And the last thing I'd say is that Workers is a big -- there is no easier way to build an API today than on Workers. And I think that next week, during Platform Week, we're going to have a bunch of examples of customers and companies and developers that are doing exactly that. And I think that that's going to be a bigger and bigger piece of the Workers story going forward.

我要說的最後一件事是，Workers 很大——今天沒有比在 Workers 上構建 API 更簡單的方法了。而且我認為下週，在平台週期間，我們將有很多客戶、公司和開發人員正在這樣做的例子。而且我認為這將成為未來工人故事中越來越大的一部分。

If I could just throw one additional question. In India and China. Can you give us an update on why that traffic isn't reaccelerating at a faster rate? And when it will start to eclipse the company averages?

如果我可以再提出一個問題。在印度和中國。你能告訴我們為什麼流量沒有以更快的速度重新加速嗎？什麼時候開始超過公司平均水平？

So I don't think we've broken out the traffic from India and China, and I don't know precisely what the growth rates are.

所以我不認為我們已經打破了來自印度和中國的流量，我也不知道具體的增長率是多少。

Yes, that was a revenue question, Matt.

是的，這是一個收入問題，馬特。

From a revenue perspective. So again, I think that those are both regions that are interesting to us. They're very different from one another. I think that we have seen a lot of success selling into the Indian market and been able to continue to expand our services there. And we've done a great job at both selling to customers, as well as finding ways to interconnect with what is a very complicated ISP model in India.

從收入的角度來看。再說一次，我認為這兩個地區都是我們感興趣的。它們彼此非常不同。我認為我們已經看到了在印度市場銷售的很多成功，並且能夠繼續在那裡擴展我們的服務。我們在向客戶銷售以及尋找與印度非常複雜的 ISP 模型互連的方法方面都做得很好。

In China, we've always worked with partners. And so we have been a long-time partner with Baidu. We are a more recent partner with JD Cloud. And I think that in both -- in that case, that partnership is going extremely well. And again, it is complicated for any Western company to be operating in China. And so the fact that we have now been doing so since 2015, I think shows -- that shows the power of what we've been able to deliver.

在中國，我們一直與合作夥伴合作。所以我們一直是百度的長期合作夥伴。我們是京東雲最近的合作夥伴。而且我認為在這兩種情況下，這種夥伴關係都非常順利。再說一次，任何西方公司在中國開展業務都很複雜。因此，我認為自 2015 年以來我們一直在這樣做的事實表明 - 這表明了我們能夠提供的力量。

Also, it's not always the purpose that we're trying to generate revenue from inside of China. The value of us having a network that extends into China is at least in equal part, if not greater, that we can form multinational companies that you can with one single network, deliver services to every country on earth, including inside of China. And I think that, that is unique for us to be able to do that and have the same features and functionality largely there that we have around the rest of the world. So I think both of those are markets at have their own complications, but we continue to operate in and see success.

此外，我們試圖從中國內部獲得收入並不總是如此。我們擁有一個延伸到中國的網絡的價值至少在同等程度上，如果不是更大的話，我們可以組建跨國公司，您可以通過一個網絡向地球上的每個國家提供服務，包括中國境內。我認為，這對我們來說是獨一無二的，因為我們能夠做到這一點，並且在很大程度上與我們在世界其他地方擁有相同的特性和功能。所以我認為這兩個市場都有其自身的複雜性，但我們繼續在其中運作並看到成功。

Operator, can we take one more question, please?

接線員，我們可以再問一個問題嗎？

Certainly. Your last question comes from the line of Amit Daryanani with Evercore.

當然。您的最後一個問題來自於 Evercore 的 Amit Daryanani。

Perfect. I guess I have 2 as well. I'll ask them at the same time. First off, I was hoping you could just talk about this growing concern of a recession in Europe and in America. So in that context, are you seeing any shift in your customers' buying patterns or deal closing rates or anything? Just any impact from risk of recession to how your sales team is operating?

完美的。我想我也有2個。我會同時問他們。首先，我希望你能談談對歐洲和美國經濟衰退的日益擔憂。那麼在這種情況下，您是否看到客戶的購買模式或交易完成率或其他任何變化？經濟衰退風險對您的銷售團隊運作方式有何影響？

And then if you can also just clarify, from an M&A perspective, how is that embedded into your revenue and operating profit guide for June quarter? What is the impact from the deals, if you may?

然後，如果您也可以從併購的角度澄清，它是如何嵌入到您 6 月季度的收入和營業利潤指南中的？如果可以的話，這些交易會產生什麼影響？

Sure. I'll take the first question, and then Thomas can close out with the second. As I said, I think that this will -- when the history books are written, turn out to be the most complicated quarter that tech companies have lived through, certainly since Q1 of 2020. And I think that there is real risk of a recession going forward. And even aside from that, I think that there is definitely we're all seeing the inflationary environment and the concerns around that.

當然。我會回答第一個問題，然後 Thomas 可以回答第二個問題。正如我所說，我認為這將——當歷史書被寫下來時，這將是科技公司經歷過的最複雜的一個季度，當然是自 2020 年第一季度以來。而且我認為確實存在經濟衰退的風險向前走。即使除此之外，我認為我們肯定都看到了通脹環境和圍繞它的擔憂。

What I like, though, is I can't imagine a company that is better positioned for a situation like that than we are. We're offering a service which is not a nice to have, but a must-have. We're offering a service in a way which saves customers money over what their existing solutions are. We've deployed the network in such a way that we can make sure that we service customers as we need them. And so what we saw in the quarter was definitely fires concern over what was going on in the world. But in many cases, that was actually having them come to us.

不過，我喜歡的是，我無法想像有一家公司比我們更適合這種情況。我們提供的服務不是很好，而是必須的。與現有解決方案相比，我們提供的服務可以為客戶節省資金。我們以這樣一種方式部署了網絡，以確保我們能夠根據需要為客戶提供服務。因此，我們在本季度看到的絕對是對世界上正在發生的事情的擔憂。但在許多情況下，這實際上是讓他們來找我們。

And so I think that as there are challenging economic times, we are extremely well positioned to provide what are critical services to make sure the Internet continues to work. And to me, it feels a lot like the beginning of COVID, where I think there's a lot of concern that's out there. But over time, what we find is, time and time and time again, customers are turning to us, saying we want to consolidate our spend from instead of spending across 10 different vendors, we want to put it all behind you. They like the fact that we have that bundled integrated approach, and they like the fact that we're able to save them money over what their legacy solutions are that are in place.

因此，我認為，在充滿挑戰的經濟時代，我們非常有能力提供關鍵服務，以確保互聯網繼續運行。對我來說，這感覺很像 COVID 的開始，我認為那裡存在很多擔憂。但隨著時間的推移，我們發現，客戶一次又一次地轉向我們，說我們希望整合我們的支出，而不是在 10 個不同的供應商之間進行支出，我們希望將其全部拋在腦後。他們喜歡我們擁有捆綁式集成方法的事實，他們喜歡我們能夠為他們節省資金的事實，而不是他們現有的遺留解決方案。

So I think that, that positions us very well for what may be -- what was -- what I think was already a challenging quarter for many companies. and I think it might be a challenging period for companies over the next period to come.

所以我認為，這對我們來說非常有利，因為我認為這對許多公司來說已經是一個充滿挑戰的季度。我認為在接下來的一段時間裡，這對公司來說可能是一個充滿挑戰的時期。

And addressing your guidance question, I think we followed our standard approach of trying to be thoughtful and prudent. When it came to the exposure to Russia, Ukraine and Belarus. So we already mentioned that we -- that was a less than 1% headwind revenue in the first quarter, and we reflected this also in the guidance we issued for the current quarter and for the rest of the year.

在解決您的指導問題時，我認為我們遵循了我們的標準方法，即嘗試深思熟慮和謹慎。談到對俄羅斯、烏克蘭和白俄羅斯的影響。因此，我們已經提到我們 - 第一季度的逆風收入不到 1%，我們也在本季度和今年剩餘時間發布的指導中反映了這一點。

And as I said in the prepared remarks, the acquisition of Area 1 is also reflected in guidance, both for the second quarter as well as for the full year. And that is true both for revenue, but less than 1% contribution for the year. But it's also true for the dilutive impact on profitability. So all are reflected in the guidance we gave.

正如我在準備好的評論中所說，對第 1 區的收購也反映在第二季度和全年的指導中。這對於收入來說都是如此，但今年的貢獻不到 1%。但對盈利能力的稀釋影響也是如此。所以這一切都反映在我們給出的指導中。

That's all the time we have for questions. I'd like to turn the call back to CEO, Matthew Prince, for closing remarks.

這就是我們提出問題的所有時間。我想將電話轉回給首席執行官馬修·普林斯（Matthew Prince），以致閉幕詞。

This has been a challenging quarter as we've watched what world events have taken place. I'm incredibly proud of our team for having made sure that the Ukrainian infrastructure stayed online, that the people in the world could see what was really happening and providing a network with Cloudflare that really can stand up to any challenge that's ahead.

這是一個充滿挑戰的季度，因為我們已經看到了世界上發生的事件。我為我們的團隊感到無比自豪，因為他們確保烏克蘭的基礎設施保持在線，世界上的人們都可以看到真正發生的事情，並使用 Cloudflare 提供了一個真正能夠應對未來任何挑戰的網絡。

I really appreciate all the work of all of the Cloudflare employees. I appreciate all of our customers. I'm looking forward to seeing many of you at our Investor Day and our Customer Day, which is next week in New York, and stay tuned for a lot of announcements. It's going to be a busy week for us, because it's also Platform Week, which is one of our Innovation Weeks, and we're expecting to announce a number of really great features. Thank you so much.

我非常感謝所有 Cloudflare 員工的所有工作。我感謝我們所有的客戶。我期待在下週在紐約舉行的投資者日和客戶日見到你們中的許多人，並繼續關注許多公告。這對我們來說將是忙碌的一周，因為這也是平台週，這是我們的創新周之一，我們期待宣布一些非常棒的功能。非常感謝。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。