數據狗 (DDOG) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Q2 2022 Datadog Earnings Call. My name is Cheryl and I will be your operator for today's call. (Operator Instructions) I will now turn the call over to Yuka Broderick. You may begin.

早上好，歡迎參加 2022 年第二季度 Datadog 收益電話會議。我的名字是 Cheryl，今天我將擔任您的接線員。 （操作員說明）我現在將把電話轉給 Yuka Broderick。你可以開始了。

Thank you, Cheryl. Good morning, and thank you for joining us to review Datadog's Second Quarter 2022 Financial Results, which we announced in our press release issued this morning.

謝謝你，謝麗爾。早上好，感謝您加入我們審查 Datadog 的 2022 年第二季度財務業績，我們在今天上午發布的新聞稿中宣布了這一業績。

Joining me on the call today are Olivier Pomel, Datadog's Co-Founder and CEO; and David Obstler, Datadog's CFO.

今天和我一起參加電話會議的是 Datadog 的聯合創始人兼首席執行官 Olivier Pomel；和 Datadog 的首席財務官 David Obstler。

During this call, we will make forward-looking statements, including statements related to our future financial performance, our outlook for the third quarter and fiscal year 2022, our gross margins and operating margins, our strategy, our product capabilities and our ability to capitalize on market opportunities.

在本次電話會議期間，我們將發表前瞻性陳述，包括與我們未來財務業績、我們對第三季度和 2022 財年的展望、我們的毛利率和營業利潤率、我們的戰略、我們的產品能力和我們的資本化能力相關的陳述關於市場機會。

The words anticipate, believe, continue, estimate, expect, intend, will and similar expressions are intended to identify forward-looking statements or similar indications of future expectations. These statements reflect our views only as of today and are subject to a variety of risks and uncertainties that could cause actual results to differ materially.

預期、相信、繼續、估計、期望、打算、將和類似的表達方式旨在識別前瞻性陳述或未來預期的類似跡象。這些陳述僅反映我們截至今天的觀點，並受到各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果存在重大差異。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to our Form 10-Q for the quarter ended March 31, 2022. Additional information will be made available in our upcoming Form 10-Q for the quarter ended June 30, 2022, and other filings with the SEC. This information is also available on the Investor Relations section of our website, along with a replay of this call.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱我們截至 2022 年 3 月 31 日的季度的 10-Q 表格。更多信息將在我們即將發布的 10-Q 表格中提供截至 2022 年 6 月 30 日的季度，以及向 SEC 提交的其他文件。此信息也可在我們網站的投資者關係部分以及本次電話會議的重播中獲得。

We will also discuss non-GAAP financial measures, which are reconciled to their most directly comparable GAAP financial measures in the tables, in our earnings release, which is available at investor.datadoghq.com.

我們還將在我們的收益發布中討論非 GAAP 財務指標，這些指標與表格中最直接可比的 GAAP 財務指標相一致，可在investor.datadoghq.com 上獲取。

With that, I'd like to turn the call over to Olivier.

有了這個，我想把電話轉給 Olivier。

Thanks, Yuka, and thank you all for joining us this morning.

謝謝，Yuka，感謝大家今天早上加入我們。

We are pleased to report strong results in Q2 as we executed well, and we extended our category leadership. Let me start off with a review of our Q2 financial performance.

我們很高興在第二季度報告強勁的業績，因為我們執行良好，並且我們擴大了我們的類別領導地位。讓我先回顧一下我們的第二季度財務業績。

In Q2, revenue was $406 million, an increase of 74% year-over-year and above the high end of our guidance range. We had about 21,200 customers, up from about 16,400 in the year ago quarter.

第二季度，收入為 4.06 億美元，同比增長 74%，高於我們指導範圍的高端。我們擁有約 21,200 名客戶，高於去年同期的約 16,400 名。

We ended the quarter with about 2,420 customers with ARR of $100,000 or more, up from 1,570 in the year ago quarter. These customers generated about 85% of our ARR.

我們在本季度末有大約 2,420 名客戶，ARR 為 100,000 美元或更多，高於去年同期的 1,570 名。這些客戶產生了我們大約 85% 的 ARR。

We generated free cash flow of $60 million and a free cash flow margin of 15%. And our dollar-based net retention rate continues to be over 130% as customers increased their usage and adopted more products.

我們產生了 6000 萬美元的自由現金流和 15% 的自由現金流利潤率。隨著客戶增加使用量並採用更多產品，我們基於美元的淨保留率繼續超過 130%。

Now moving on to this quarter's business drivers. In Q2, while we overall saw strong customer growth dynamics, we have seen some variability in growth among our customers. We saw our larger spending customers continue to grow but at a rate that was lower than historical levels.

現在繼續討論本季度的業務驅動因素。在第二季度，雖然我們總體上看到了強勁的客戶增長動力，但我們看到客戶之間的增長存在一些變化。我們看到我們較大的消費客戶繼續增長，但增速低於歷史水平。

This effect was more pronounced in certain industries, particularly in consumer discretionary, which includes e-commerce and food and delivery customers and affected more specifically our products with a strong volume-based component such as log management and APM suite.

這種影響在某些行業更為明顯，尤其是在非必需消費品領域，其中包括電子商務、食品和送貨客戶，並且更具體地影響了我們的產品，這些產品具有強大的基於數量的組件，例如日誌管理和 APM 套件。

Note that we did not see this with our SMB and lower spending customers who continued growing with us as they have in the past.

請注意，我們沒有看到我們的 SMB 和低消費客戶像過去一樣繼續與我們一起增長。

While these near growth data points and the current micro climate are leading us to be prudent with our short-term outlook, we remain very bullish about our opportunities and confident in our execution as we continue to see positive trends underpinning our business.

儘管這些接近增長的數據點和當前的微觀環境使我們對短期前景持謹慎態度，但隨著我們繼續看到支撐我們業務的積極趨勢，我們仍然非常看好我們的機會並對我們的執行充滿信心。

First, the number of hosts and containers being monitored by our customers is growing steadily, which points to continued momentum of cloud migration and digital transformation projects.

首先，我們客戶監控的主機和容器數量正在穩步增長，這表明雲遷移和數字化轉型項目的勢頭將持續。

Second, we had strong execution on the new logo side as new logo ARR was robust as we added a record 1,400 new customers in the quarter, including the impact of turning off about 200 customers in Russia and Belarus in Q2.

其次，我們在新標識方面的執行力很強，因為新標識 ARR 強勁，因為我們在本季度增加了創紀錄的 1,400 名新客戶，其中包括在第二季度關閉俄羅斯和白俄羅斯約 200 名客戶的影響。

And we closed a number of sizable 6 to 7-figure year-over-year deal during the quarter with diverse customers, including a media conglomerate, a metal ore mining company, a U.S. government agency, the SaaS business and a hyperscaler.

我們在本季度與不同的客戶達成了 6 到 7 位數的年同比交易，其中包括一家媒體集團、一家金屬礦石開採公司、一家美國政府機構、SaaS 業務和一家超大規模企業。

Third, our pipeline of large new logos and new product cross-sells going into the second half of the year is strong.

第三，我們進入下半年的大型新標識和新產品交叉銷售管道強勁。

And fourth, churn remains low with gross revenue retention steady in the mid- to high 90s.

第四，客戶流失率仍然很低，90 年代中期至高收入保持穩定。

Moving on to our products. We are pleased with the continued adoption and expansion of our products for our customers. The 3 pillars of Observability, which are infrastructure, APM and log management all grew strongly in Q2.

繼續我們的產品。我們很高興為我們的客戶繼續採用和擴展我們的產品。可觀察性的 3 個支柱，即基礎設施、APM 和日誌管理，在第二季度都強勁增長。

Our APM suite and log management now exceeds [$0.25 billion] of ARR. As a reminder, we define APM suite as including core APM, Synthetics, RUM and Continuous Profiler.

我們的 APM 套件和日誌管理現已超過 [2.5 億美元] 的 ARR。提醒一下，我們將 APM 套件定義為包括核心 APM、Synthetics、RUM 和 Continuous Profiler。

In addition to that, infrastructure monitoring continued to grow strongly on par with recent quarters. We're also pleased with the adoption of our newer products. Our newer products, excluding infrastructure monitoring, APM suite and log management, continue to grow ARR more than 100% year-over-year. And we've seen a strong start with our CI Visibility product, which we announced at Dash last year and started charging for just a few months ago. CI Visibility already has more than 1,000 paying customers, including some product-specific new logos.

除此之外，基礎設施監控繼續強勁增長，與最近幾個季度持平。我們也很高興採用我們的新產品。我們的新產品（不包括基礎架構監控、APM 套件和日誌管理）繼續以超過 100% 的年增長率增長。我們已經看到我們的 CI Visibility 產品的良好開端，我們去年在 Dash 上宣布並在幾個月前開始收費。 CI Visibility 已經擁有超過 1,000 名付費客戶，其中包括一些特定於產品的新徽標。

Our platform strategy also continues to resonate in the market. As of the end of Q2, 79% of customers were using 2 or more products, up from 75% a year ago. 37% of customers were using 4 or more products, up from 28% a year ago and 14% of our customers were using 6 or more products, up from 6% a year ago.

我們的平台戰略也繼續在市場上引起共鳴。截至第二季度末，79% 的客戶使用兩種或更多產品，高於一年前的 75%。 37% 的客戶使用 4 種或更多產品，高於一年前的 28%；14% 的客戶使用 6 種或更多產品，高於一年前的 6%。

Now let's move on to product and R&D, where our teams delivered another strong quarter of innovation.

現在讓我們繼續討論產品和研發，我們的團隊在該季度實現了又一個強勁的創新。

In June, Gartner published a 2022 Magic Quadrant for Application Performance Monitoring and Observability. Datadog has once again been the leader, and having improved from last year on our scores and ranking in all dimensions. We attribute this to -- first to our unified platform experience, covering DevOps, securities, and order to [preserve] in one place.

6 月，Gartner 發布了 2022 年應用程序性能監控和可觀察性魔力像限。 Datadog 再次成為領導者，並且在我們的分數和各個方面的排名都比去年有所提高。我們將此歸因於 - 首先是我們統一的平台體驗，涵蓋了 DevOps、證券和訂單 [preserve] 在一個地方。

But we also see it as a recognition of the continued evolution of Watchdog, our AI engine, which takes over the complexity of monitoring cloud native architectures and provides proactive alerts, carry trouble-shooting and fully automate with cloud analysis.

但我們也將其視為對我們的 AI 引擎 Watchdog 持續發展的認可，它接管了監控雲原生架構的複雜性並提供主動警報、進行故障排除並通過雲分析實現完全自動化。

We're very pleased that our APM product went from GA to best-of-breed in just 5 years, and I want again to congratulate our teams for this achievement.

我們很高興我們的 APM 產品在短短 5 年內從 GA 變成了同類最佳產品，我想再次祝賀我們的團隊取得這一成就。

In June, we announced the general availability of Observability Pipelines, the 15th product in Datadog platform. As a reminder, this is based on our 2021 acquisition of Timber, the company behind a very popular open-source project named Vector.

6 月，我們宣布 Datadog 平台的第 15 個產品 Observability Pipelines 全面上市。提醒一下，這是基於我們 2021 年對 Timber 的收購，該公司是一個非常受歡迎的開源項目 Vector 背後的公司。

As organizations scale their applications, the volume of telemetry data grows exponentially. Engineers must manage large volumes of metrics, traces and logs and wrap them from many sources to [better destination]. And this complexity leads to vendor lock-in, core data quality, risks of sensitive data leaks and an increase in overall management costs.

隨著組織擴展其應用程序，遙測數據量呈指數增長。工程師必須管理大量指標、跟踪和日誌，並將它們從多個來源包裝到 [更好的目的地]。這種複雜性會導致供應商鎖定、核心數據質量、敏感數據洩露風險以及整體管理成本的增加。

By using Datadog Observability Pipelines, customers can control the cost and volume of data, decouple data sources from their destination, standardize and improving data quality and redact sensitive data to have maintained compliance.

通過使用 Datadog Observability Pipelines，客戶可以控制數據的成本和數量，將數據源與其目的地分離，標準化和提高數據質量，並編輯敏感數據以保持合規性。

Next, we announced the general availability of Audit Trail in June, helping businesses safely adopt Datadog platform, while maintaining compliance, enforcing governance and building greater transparency.

接下來，我們在 6 月宣布全面推出 Audit Trail，幫助企業安全地採用 Datadog 平台，同時保持合規性、加強治理並提高透明度。

And this week, we announced the general availability of Service Catalog. With cloud architectures, customers are often creating hundreds of thousands of interconnected services, which are owned and developed by globally distributed teams. This large network of services often makes Root Cause Analysis difficult, which can be challenging to understand what to do to remediate issues or who to call for help.

本週，我們宣布了服務目錄的全面可用性。借助雲架構，客戶通常會創建數十萬個互連服務，這些服務由全球分佈的團隊擁有和開發。這種龐大的服務網絡通常使根本原因分析變得困難，這對於了解如何解決問題或向誰尋求幫助可能具有挑戰性。

Our Service Catalog inventory services defines team ownerships and displays configurations independencies very similarly to what CMDBs might do or where CMDBs are typically manually populated. Our Service Catalog can identify this information automatically as it was specifically designed for the cloud edge.

我們的服務目錄庫存服務定義團隊所有權並顯示配置獨立性，這與 CMDB 可能執行的操作或通常手動填充 CMDB 的位置非常相似。我們的服務目錄可以自動識別這些信息，因為它是專門為雲邊緣設計的。

Finally, this morning, we announced that we acquired Seekret, which is spelled S-E-E-K-R-E-T. Seekret API Observability Platform gives engineering teams to control their needs to better manage their private, public and third-party sets of APIs. With Seekret, we will accelerate on our path to bring customers visibility into the APIs and overtime, unlock new exciting capabilities for our APM suite on our security platform.

最後，今天早上，我們宣布收購了 Seekret，拼寫為 S-E-E-K-R-E-T。 Seekret API Observability Platform 讓工程團隊能夠控制他們的需求，以更好地管理他們的私有、公共和第三方 API 集。借助 Seekret，我們將加快我們的步伐，讓客戶了解 API 和加班，在我們的安全平台上為我們的 APM 套件解鎖令人興奮的新功能。

That's it for our product update this quarter. And needless to say, we're all very grateful to our engineering and product teams for their continued hard work.

這就是我們本季度的產品更新。不用說，我們都非常感謝我們的工程和產品團隊的持續努力。

Now moving on to sales and marketing. Let's discuss some of our wins in Q2. First, we signed a 7-figure upsell with a global services and audit company. This customer is going through a large-scale digital transformation, including migrating from on-prem data centers to multiple clouds and in particular, Azure. They are consolidating 9 disparate legacy and open source tools to Datadog as their strategic platform and purchase all of our products, as well as our premier support and technical account management services.

現在轉向銷售和營銷。讓我們討論一下我們在第二季度取得的一些勝利。首先，我們與一家全球服務和審計公司簽訂了 7 位數的追加銷售合同。該客戶正在經歷大規模的數字化轉型，包括從本地數據中心遷移到多個雲，尤其是 Azure。他們正在將 9 個不同的遺留和開源工具整合到 Datadog 作為他們的戰略平台，併購買我們所有的產品，以及我們的首要支持和技術客戶管理服務。

Next, we had a 7-figure upsell with a managed service provider in Asia that is a top Datadog-authorized partner in the region. This customer transitioned from their legacy monitoring tool to Datadog and adopted the entire Datadog platform. They are experiencing rapid growth as they sell their MSP services to -- at the U.S. and CDN customers, and we are expanding the opportunity as well as ours in APAC.

接下來，我們與亞洲的一家託管服務提供商進行了 7 位數的追加銷售，該提供商是該地區的頂級 Datadog 授權合作夥伴。該客戶從他們的傳統監控工具過渡到 Datadog 並採用了整個 Datadog 平台。當他們向美國和 CDN 客戶出售 MSP 服務時，他們正在經歷快速增長，我們正在擴大機會以及我們在亞太地區的機會。

Next, we had a 7-figure land with a multinational media company. This customer has aggressive expansion plans for its streaming service, including in international markets. But they found that their current mix of open source and legacy solutions wasn't meeting their needs. They calculated Datadog with before itself simply by accelerating resolution of just one of their major incidents and avoiding loss of revenue. This customer started with infrastructure, APM and log management, with the opportunity to expand and to more usage in products as the company scales.

接下來，我們與一家跨國媒體公司獲得了 7 位數的土地。該客戶為其流媒體服務制定了積極的擴張計劃，包括在國際市場上。但是他們發現他們當前的開源和遺留解決方案組合併不能滿足他們的需求。他們只是通過加速解決其中一個重大事件並避免收入損失來計算 Datadog 本身。該客戶從基礎設施、APM 和日誌管理開始，隨著公司規模的擴大，有機會擴展產品並在產品中使用更多。

Next, we had a 6-figure land with a Fortune 500 logistics company. 3 years ago, this customer chose legacy monitoring providers and homegrown solutions over Datadog. Now our platform has come a long way since then.

接下來，我們擁有一家財富 500 強物流公司的 6 位數土地。 3 年前，該客戶選擇了傳統的監控提供商和本土解決方案，而不是 Datadog。從那時起，我們的平台已經走過了漫長的道路。

Meanwhile, incumbents were unable to meet these customers' needs, particularly around their communities adoption, leading to dozens of high-profile incidents a year with a high time to resolution. Additionally, these customer expects to save nearly $3 million in developer resources by consolidating multiple products with Datadog.

與此同時，現有企業無法滿足這些客戶的需求，尤其是在他們的社區採用方面，導致每年發生數十起備受矚目的事件，需要很長時間才能解決。此外，這些客戶希望通過使用 Datadog 整合多個產品來節省近 300 萬美元的開發人員資源。

Finally, we had a 6-figure land with a gaming division at hyperscaler. Previously, this company was primarily using open source and its own hyperscaler native tooling. But despite deep technical expertise, homegrown solutions were lacking granularity and consumed critical engineering resources. By using Datadog, this customer unlocked a prescriptive way to visualize alert and maintain the cloud gaming services.

最後，我們在 hyperscaler 擁有一個 6 位數的土地和一個遊戲部門。以前，這家公司主要使用開源和自己的超大規模原生工具。但是，儘管擁有深厚的技術專長，但本土解決方案缺乏粒度，並且消耗了關鍵的工程資源。通過使用 Datadog，該客戶解鎖了一種規範的方式來可視化警報和維護雲遊戲服務。

In addition to these wins, we also had a number of sizable 6- and 7-figure new logo and expansion wins with companies that have recently experienced business contraction and announced staff reductions. These customers are looking to streamline their operations, save on engineering costs or consolidate multiple vendors on the strategic platform. We believe that software is a deflationary force and we are confident in our ability to help our customers do more with less, should economic conditions worsen.

除了這些勝利之外，我們還與最近經歷業務收縮並宣布裁員的公司取得了一些可觀的 6 位數和 7 位數的新徽標和擴張勝利。這些客戶希望簡化他們的運營、節省工程成本或在戰略平台上整合多個供應商。我們相信軟件是一種通貨緊縮的力量，如果經濟狀況惡化，我們有能力幫助我們的客戶事半功倍。

And these were this quarter's customer highlights, I'd like to thank our go-to-market teams for their efforts and continued execution.

這些是本季度的客戶亮點，我要感謝我們的上市團隊的努力和持續的執行。

Now let me speak to our longer-term outlook. We recognize the macro environment is uncertain as we look into the back half of 2022. But we also see no change to the long-term trends towards cloud-based services and modern DevOps environments, and Observability remains critical to that journey. We continue to drive market leadership and for our customer's value, efficiency and cost savings to solve their complex monitoring problems.

現在讓我談談我們的長期前景。展望 2022 年下半年，我們認識到宏觀環境不確定。但我們也看到基於雲的服務和現代 DevOps 環境的長期趨勢沒有變化，可觀察性對於這一旅程仍然至關重要。我們繼續推動市場領先地位，並為我們客戶的價值、效率和成本節約來解決他們複雜的監控問題。

As a result, we continue to feel very confident in our opportunities. We believe cloud migration and digital transformation are drivers of our long-term growth and our multiyear trends that are still early in their life cycle. And we believe it is increasingly critical for companies to embark on these journeys in order to move faster, serve their customers better and in times like these become more efficient with their infrastructure and engineering investments.

因此，我們繼續對我們的機會充滿信心。我們相信雲遷移和數字化轉型是我們長期增長的驅動力，我們的多年趨勢仍處於生命週期的早期。我們認為，對於公司而言，為了更快地行動、更好地為客戶服務以及在這樣的時代通過基礎設施和工程投資變得更有效率，開始這些旅程變得越來越重要。

So we plan to continue to invest in our solid priorities to execute on these long-term opportunities. At the same time, we will continue to closely monitor the demand environment and we'll calibrate further, if necessary, to balance our long-term investments with financial strength.

因此，我們計劃繼續投資於我們堅實的優先事項，以利用這些長期機會。與此同時，我們將繼續密切關注需求環境，如有必要，我們將進一步調整，以平衡我們的長期投資與財務實力。

Before I hand it over to David, I wanted to make a couple of announcements. First, we are holding Dash 2022, our user conference on October 18 and 19 at the Javits Center in New York City. This is an occasion for us to showcase our latest product innovations and we're excited to show the one that we've been up to. We also will organize an investor meeting at Dash and we'll share more details on it shortly.

在我把它交給大衛之前，我想發表一些聲明。首先，我們將於 10 月 18 日至 19 日在紐約市賈維茨中心舉行 Dash 2022 用戶大會。這是我們展示我們最新產品創新的機會，我們很高興展示我們一直在努力的創新。我們還將在 Dash 組織一次投資者會議，我們將很快分享更多細節。

And last but not least, we are pleased to welcome Titi Cole to our Board of Directors. Titi is CEO of Legacy Franchises at Citigroup and brings over 25 years of experience in senior global leadership roles in the financial services industry. The perspective and experience will be incredibly valuable as we continue to be on scale.

最後但同樣重要的是，我們很高興地歡迎 Titi Cole 加入我們的董事會。 Titi 是花旗集團 Legacy Franchises 的首席執行官，擁有超過 25 年在金融服務行業擔任全球高級領導職務的經驗。隨著我們繼續擴大規模，這種觀點和經驗將非常有價值。

With that, I will turn the call over to our CFO for a review of our financial performance and guidance. David?

有了這個，我將把電話轉給我們的首席財務官，以審查我們的財務業績和指導。大衛？

Thanks, Olivier. We delivered strong financial performance in Q2. Revenue was $406 million, up 74% year-over-year and up 12% quarter-over-quarter.

謝謝，奧利維爾。我們在第二季度實現了強勁的財務業績。收入為 4.06 億美元，同比增長 74%，環比增長 12%。

As Olivier described, we executed strongly with robust new logo ARR growth, continued low churn and continued strong platform traction. But we did see some customers beginning to manage costs in response to macroeconomic concerns, which impacted our usage growth with some of our existing customers.

正如 Olivier 所描述的，我們以強勁的新徽標 ARR 增長、持續的低流失率和持續強勁的平台牽引力表現強勁。但我們確實看到一些客戶開始管理成本以應對宏觀經濟問題，這影響了我們與一些現有客戶的使用增長。

Looking at our growth with existing customers, our dollar-based net retention was above 130% for the 20th consecutive quarter, remaining strong as we continue to see customers use more existing products and adopt new products on the Datadog platform. We saw usage growth with some existing customers decelerate in Q2 and that deceleration was concentrated in our larger spending customers as opposed to our lesser spending customers, where growth remained steady year-over-year.

從現有客戶的增長來看，我們以美元為基礎的淨留存率連續第 20 個季度超過 130%，隨著我們繼續看到客戶在 Datadog 平台上使用更多現有產品並採用新產品，保持強勁勢頭。我們看到一些現有客戶的使用增長在第二季度減速，並且減速集中在我們較大的支出客戶，而不是我們較小的支出客戶，後者同比增長保持穩定。

Amongst our industries, we saw relative deceleration in consumer discretionary customers, which represents low teens percent of our ARR.

在我們的行業中，我們看到非必需消費品客戶的相對減速，這僅占我們 ARR 的 10%。

As a reminder, we are highly diversified in industries and segments. And we saw lower expansion rate weighted towards areas of our platform that have volume-based components like certain aspects of log management and APM. Infrastructure monitoring ARR growth was relatively steady year-over-year.

提醒一下，我們在行業和細分市場上高度多元化。我們發現，我們平台中具有基於卷的組件（例如日誌管理和 APM 的某些方面）的區域具有較低的擴展率。基礎設施監測 ARR 同比增長相對穩定。

On the other hand, our gross retention remained unchanged and steady in the mid- to high 90s. We believe that our gross retention has reached and is sustaining these levels because of the stickiness of our product and the criticality of our platform to our clients.

另一方面，我們的總留存率在 90 年代中期至高位保持不變且穩定。我們相信，由於我們產品的粘性和我們的平台對客戶的重要性，我們的總留存率已經達到並維持在這些水平。

And as Oli mentioned, our new logos, we saw strong continued new logo acquisition and ARR growth, broadly by geography and across industries and company sizes.

正如 Oli 提到的，我們的新標識，我們看到了強勁的持續新標識收購和 ARR 增長，廣泛地按地域、跨行業和公司規模劃分。

Finally, our platform strategy continues to resonate with customers with 79% of our customers now using 2 or more products, 37% using 4 or more products, and 14% using 6 or more products in the Datadog platform as of the end of Q2.

最後，我們的平台戰略繼續與客戶產生共鳴，截至第二季度末，我們有 79% 的客戶在 Datadog 平台上使用 2 種或更多產品，37% 使用 4 種或更多產品，14% 使用 6 種或更多產品。

Moving on to our financial results. Billings were $397 million, up 47% year-over-year. As in previous quarters, we had some differences in the timing of billings of a few large customers, which were built in Q2 last year but were billed in Q1 this year. And pro forma for those adjustments, billings growth year-over-year was in the mid-50s.

繼續我們的財務業績。賬單為 3.97 億美元，同比增長 47%。與前幾個季度一樣，我們在幾個大客戶的計費時間上存在一些差異，這些大客戶是去年第二季度建成的，但今年第一季度就開始計費了。這些調整的形式上，比林斯的同比增長在 50 年代中期。

Remaining performance obligations, or RPO, was $881 million, up 51% year-over-year. Current RPO growth was in the mid-50s year-over-year, and contract duration was slightly lower than the year ago quarter.

剩餘履約義務或 RPO 為 8.81 億美元，同比增長 51%。目前的 RPO 同比增長在 50 年代中期，合同期限略低於去年同期。

In addition, we observed that some customers aren't changing their level of usage growth but are being more conservative in their commitments, which impacts billings and RPO growth but not revenue growth.

此外，我們觀察到一些客戶並沒有改變他們的使用增長水平，但他們的承諾更加保守，這會影響賬單和 RPO 增長，但不會影響收入增長。

As we said in previous quarters, billings and RPO growth can fluctuate significantly and vary from revenue growth, whether higher or lower due to the timing of invoicing and duration of customer contracts.

正如我們在前幾個季度所說，賬單和 RPO 增長可能會大幅波動，並且會因收入增長而有所不同，無論是由於開票時間和客戶合同期限而導致的更高或更低。

To illustrate this, we note that billings growth for the first half of the year of 2022 was 72% year-over-year.

為了說明這一點，我們注意到 2022 年上半年的賬單同比增長 72%。

Now let's review some key income statement results. Unless otherwise noted, all metrics are non-GAAP, and we have provided a reconciliation of GAAP to non-GAAP financials in our earnings release.

現在讓我們回顧一些主要的損益表結果。除非另有說明，否則所有指標均為非 GAAP，我們在收益發布中提供了 GAAP 與非 GAAP 財務數據的對賬。

Gross profit in the quarter was $328 million, representing a gross margin of 81%. This compares to a gross margin of 80% last quarter and 76% in the year ago quarter. We continue to experience efficiencies in cloud costs reflected in our cost of sales this quarter. In the medium to long term, we continue to expect gross margins to be in the high 70s range.

本季度毛利潤為 3.28 億美元，毛利率為 81%。相比之下，上一季度的毛利率為 80%，去年同期為 76%。我們在本季度的銷售成本中繼續體驗到云成本的效率。從中長期來看，我們繼續預計毛利率將保持在 70 年代的高位。

Given our success in increasing our investments in R&D and go-to-market, our non-GAAP Q2 OpEx grew 65% year-over-year versus 56% year-over-year in Q1. This included our return to in-person office travel and events, which contributed $11 million to the sequential growth of OpEx.

鑑於我們成功增加了對研發和上市的投資，我們的非公認會計準則第二季度運營支出同比增長 65%，而第一季度同比增長 56%。這包括我們重返面對面的辦公室旅行和活動，這為 OpEx 的連續增長貢獻了 1100 萬美元。

Operating income in Q2 was $85 million or 21% operating margin compared to operating income of $31 million or 13% operating margin in the year ago quarter.

第二季度的營業收入為 8500 萬美元，營業利潤率為 21%，而去年同期的營業收入為 3100 萬美元，營業利潤率為 13%。

Now turning to the balance sheet and cash flow statements. We ended the quarter with $1.7 billion in cash, cash equivalents, restricted cash and marketable securities.

現在轉向資產負債表和現金流量表。我們在本季度末擁有 17 億美元的現金、現金等價物、受限現金和有價證券。

Cash flow from operations was $73 million in the quarter. After taking into consideration capital expenditures and capitalized software, free cash flow was $60 million with a free cash flow margin of 15%. Our free cash flow margin in the first half of 2022 was 25%.

本季度運營現金流為 7300 萬美元。考慮到資本支出和資本化軟件後，自由現金流為 6000 萬美元，自由現金流利潤率為 15%。我們在 2022 年上半年的自由現金流利潤率為 25%。

Now for our outlook for the third quarter and the fiscal year 2022. First, informing our guidance, we are using conservative assumptions as to the organic growth of customers. Taking into account the macroeconomic uncertainty and recent variability of the growth among certain customers.

現在是我們對第三季度和 2022 財年的展望。首先，在我們的指導中，我們對客戶的有機增長使用了保守的假設。考慮到宏觀經濟的不確定性和某些客戶近期增長的可變性。

As Olivier mentioned, we see healthy trends in the host and containers monitored and strong execution in our business, but we recognize customers may have less visibility into their own businesses due to the macroeconomic environment.

正如 Olivier 所說，我們看到主機和容器監控的健康趨勢以及我們業務的強大執行力，但我們認識到，由於宏觀經濟環境，客戶可能對其自身業務的可見性較低。

So for the third quarter, we expect revenues to be in the range of $410 million to $414 million, which represents 52% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be in the range of $51 million to $55 million and non-GAAP net income per share is expected to be in the $0.15 to $0.17 per share range based on approximately 347 million weighted average diluted shares outstanding.

因此，對於第三季度，我們預計收入將在 4.1 億美元至 4.14 億美元之間，中點同比增長 52%。根據約 3.47 億股加權平均稀釋流通股，非 GAAP 營業收入預計在 5100 萬美元至 5500 萬美元之間，非 GAAP 每股淨收入預計在每股 0.15 美元至 0.17 美元之間。

For the full year fiscal year 2022, we expect revenue to be in the range of $1.61 billion to $1.63 billion, which represents 57% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be in the range of $255 million to $275 million. Non-GAAP net income per share is expected to be in the range of $0.74 to $0.81 per share based on approximately 347 million weighted average diluted shares outstanding.

對於 2022 財年全年，我們預計收入將在 16.1 億美元至 16.3 億美元之間，中點同比增長 57%。非美國通用會計準則營業收入預計在 2.55 億美元至 2.75 億美元之間。基於約 3.47 億股加權平均稀釋流通股，非公認會計準則每股淨收益預計在每股 0.74 美元至 0.81 美元之間。

Now as regards to our margin guidance, I wanted to point out. First, gross margins have recently been at the top of our historical range. In operating expense, we have returned to in-office attendance, travel and events. We estimate that this was a 300 basis point sequential margin impact in Q2, and we expect an additional 100 basis point sequential margin impact in Q3.

現在關於我們的保證金指導，我想指出。首先，毛利率最近處於我們歷史範圍的頂部。在運營費用方面，我們已恢復到辦公室出勤、差旅和活動。我們估計這對第二季度的利潤率造成了 300 個基點的連續影響，我們預計第三季度的利潤率將再增加 100 個基點。

As Oli mentioned, in Q4, we will hold our Dash user conference and we will participate in the AWS re:Invent, our largest trade show at the end of the year. The cost of these events will be approximately 400 basis points of margin impact. We're back to fully in-person events this year, and we're excited to get in front of customers and showcase our many product innovations.

正如 Oli 提到的，在第四季度，我們將舉行 Dash 用戶大會，我們將參加 AWS re:Invent，這是我們在年底最大的貿易展。這些事件的成本將是大約 400 個基點的利潤影響。今年我們又回到了完全面對面的活動，我們很高興能在客戶面前展示我們的許多產品創新。

Next, we have been successful in making R&D and sales and marketing investments, and we believe these will pay off in the future. While we plan to continue to invest, we will remain judicious and disciplined in our cost structure given macro uncertainties.

接下來，我們已經成功地進行了研發、銷售和營銷投資，我們相信這些在未來會得到回報。雖然我們計劃繼續投資，但鑑於宏觀不確定性，我們將在成本結構上保持審慎和自律。

As indicated by the guidance, we expect non-GAAP operating margins in the second half of 2022 to be in the low double digits. We are healthily profitable on a non-GAAP basis and our free cash flow generative. And we have built a highly efficient, frictionless business model while driving high ROI on our investments over time.

正如指引所示，我們預計 2022 年下半年的非公認會計原則營業利潤率將處於兩位數的低位。我們在非公認會計原則的基礎上實現了健康盈利，並且產生了自由現金流。我們建立了一種高效、無摩擦的商業模式，同時隨著時間的推移提高我們的投資回報率。

Our efficiency and financial strength affords us options in times of macro uncertainty that other market participants will not have, and we intend to make the best of this opportunity to drive our long-term growth. But of course, we are mindful of the environment and are closely monitoring our costs carefully, and we will calibrate further, if necessary, to maintain our financial strength.

我們的效率和財務實力為我們在宏觀不確定時期提供了其他市場參與者沒有的選擇，我們打算充分利用這個機會來推動我們的長期增長。但當然，我們關注環境，並密切關注我們的成本，如有必要，我們將進一步調整，以保持我們的財務實力。

In conclusion, while we recognize there is greater uncertainty in the macro environment right now, we see no change in the importance of cloud migration and digital transformation, which are critical to our customers' competitive advantage. We believe we are well positioned to help our customers embark on these journeys, and we are investing aggressively into our long-term opportunities while maintaining our financial strength.

總之，雖然我們認識到目前宏觀環境存在更大的不確定性，但我們認為雲遷移和數字化轉型的重要性沒有變化，這對我們客戶的競爭優勢至關重要。我們相信我們有能力幫助我們的客戶踏上這些旅程，我們正在積極投資於我們的長期機會，同時保持我們的財務實力。

I want to thank Datadog's worldwide for their efforts. And with that, we will open the call for questions. Operator, let's begin the Q&A.

我要感謝 Datadog's Worldwide 的努力。有了這個，我們將打開提問的電話。接線員，我們開始問答吧。

(Operator Instructions)

（操作員說明）

Our first question comes from Sanjit Singh from Morgan Stanley.

我們的第一個問題來自摩根士丹利的 Sanjit Singh。

Really impressive Q2 results with 74% growth. I wanted to talk a little bit about some of the trends you're seeing in the business and particularly with respect to the guide.

真正令人印象深刻的第二季度業績增長了 74%。我想談談您在業務中看到的一些趨勢，特別是在指南方面。

I guess the first question is, as the quarter progressed, when did you start to see some of these slower usage trends in some of these verticals? If you could give a comment on that?

我想第一個問題是，隨著本季度的進展，您是什麼時候開始在其中一些垂直領域看到其中一些較慢的使用趨勢的？如果你能對此發表評論？

And then, David, in terms of the guidance in terms of how you were framing it, can you give us a sense of what you're sort of assuming in the back half with respect to Q3 and Q4? Is it some of the trends that you're seeing in July, did that improve or stabilize or worsen? And just give us some sort of context on how you are framing the guidance for the back half, that would be super helpful.

然後，大衛，就你如何構建它的指導而言，你能否讓我們了解一下你對第三季度和第四季度的後半部分的假設？是您在 7 月份看到的一些趨勢，是改善、穩定還是惡化？只需給我們一些關於您如何為後半部分制定指導的背景信息，這將非常有幫助。

Okay. So I'll start maybe with the linearity. And we did see the viability in usage growth that we mentioned. We saw that start really in late April, May and June. So as we got deeper into the quarter.

好的。所以我可能會從線性開始。我們確實看到了我們提到的使用增長的可行性。我們在 4 月下旬、5 月和 6 月真正看到了這種情況。因此，隨著我們深入到本季度。

I should say that this is -- if you're thinking of what happened in terms COVID, this is not a sharp pullback as we have seen at that time. But we saw it's just, for some customers still growth, but slower growth for certain types of customers and others than what we would have seen historically.

我應該說這是——如果你用 COVID 來思考發生了什麼，這並不是我們當時看到的急劇回調。但我們看到，對於某些客戶而言，它仍在增長，但某些類型的客戶和其他客戶的增長速度比我們歷史上看到的要慢。

I should say that while we did see that for some of our products, especially the ones that have more of a volume component, net logs and some positive APM, we did see continued healthy growth in host and or I should say, cloud instances and containers, which we're really indicative of the fact that the cloud migration is proceeding as it was before.

我應該說，雖然我們確實看到了我們的一些產品，尤其是那些具有更多容量組件、網絡日誌和一些積極 APM 的產品，但我們確實看到了主機的持續健康增長，或者我應該說，雲實例和容器，我們確實表明雲遷移正在像以前一樣進行。

To fully answer the question also, I think you -- maybe are getting ahead of what David is going to talk about a little bit. But in July, we did see an improvement on those trends, but we still remain conservative in our outlook for the short term because of the noisiness of the data we're seeing there. It's -- there's a few more valuations, a bit more noise.

為了全面回答這個問題，我認為您可能領先於 David 將要談論的內容。但在 7 月，我們確實看到了這些趨勢的改善，但由於我們在那裡看到的數據嘈雜，我們對短期前景仍然保持保守。這是 - 有更多的估值，更多的噪音。

And all of that is underpinned by some macro uncertainty. So we want to derisk that a little bit and be a bit it more careful.

所有這一切都受到一些宏觀不確定性的支持。因此，我們想稍微降低一下風險，並更加小心。

David, do you want to comment on that?

大衛，你想對此發表評論嗎？

Yes. On guidance, as you know, we have always been conservative in our guidance by using lower organic growth and other metrics than we've seen historically and continue to maintain that philosophy.

是的。如您所知，在指導方面，我們在指導方面一直保持保守，使用的有機增長和其他指標比我們歷史上看到的要低，並繼續保持這一理念。

I would note that if you look at the raise here and the percentage of the beat that was passed through into the raise from Q2, it is lower, more conservative than we have done in previous quarters. And the reason for that is the macro uncertainty where we can't be as confident about what happens given the macro uncertainty. So I would say there, if you want to take that, there were some incremental conservatism put into this. But I'd remind everybody that we've always been quite conservative in using assumptions that are lower than the past when we give guidance.

我會注意到，如果你看看這裡的加薪以及從第二季度傳遞到加薪的節拍百分比，它比我們在前幾個季度所做的更低、更保守。其原因是宏觀不確定性，鑑於宏觀不確定性，我們無法對發生的事情充滿信心。所以我會說，如果你想接受這一點，就會有一些漸進的保守主義。但我要提醒大家，在提供指導時，我們在使用低於過去的假設時一直非常保守。

That's super helpful. I appreciate all the context. And one more if I could just sneak in one quick question. Olivier, on the comment on which sort of products may be seeing slightly lower usage. I fully understand like the volume-based products like logs that makes complete sense.

這非常有幫助。我很欣賞所有的背景。如果我可以偷偷問一個簡單的問題，再問一個。 Olivier，關於哪種產品的使用率可能略低的評論。我完全理解像日誌這樣完全有意義的基於卷的產品。

With APM, though, I'm a little confused on why you might see some deceleration there. Because correct me if I'm wrong, I think that's primarily based on host-based pricing. So any comments on like the APM side versus log side in terms of how cost -- some of the trends you're seeing in terms of usage across those 2 parts of the portfolio?

但是，對於 APM，我對為什麼您可能會在那裡看到一些減速感到有些困惑。因為如果我錯了，請糾正我，我認為這主要基於基於主機的定價。因此，關於 APM 方面與日誌方面的成本方面的任何評論 - 您在投資組合的這兩個部分的使用方面看到的一些趨勢？

That's a great question. So for APM, there's actually part of APM that looks like logs, which is APM is -- part of it is host-based and part of it is traffic-based. If you want to run analytics and have longer retention on certain parts of your APM data, it basically behaves like logs. And that's the part on which we've seen some slower growth. It's still growing, but both are actually still growing healthily, but I would say, slower than they were in recent quarters for these types of customers. And you can do the same thing -- with this generative data you can show a little bit more, you can reduce retention, these other levers customers have to control the spend there.

這是一個很好的問題。所以對於APM，實際上有一部分APM 看起來像日誌，這就是APM —— 一部分是基於主機的，一部分是基於流量的。如果您想運行分析並在 APM 數據的某些部分上保留更長的時間，它基本上就像日誌一樣。這就是我們看到增長放緩的部分。它仍在增長，但實際上兩者都在健康地增長，但我想說，這些類型的客戶比最近幾個季度要慢。你也可以做同樣的事情——使用這些生成的數據，你可以展示更多，你可以減少保留，這些其他的槓桿客戶必須控制那裡的支出。

Makes total sense. I got it.

完全有道理。我知道了。

Our next question comes from Raimo Lenschow from Barclays.

我們的下一個問題來自巴克萊的 Raimo Lenschow。

New version of my name. Can I stay on that subject, Olivier. So if you think -- is there a different pattern of how people work with you and use you, if you say infrastructure volumes are -- or infrastructure is not as much impacted or is not impacted as the log and APM part. Like are you more important on that side because like if I'm thinking like I need to monitor my applications as much as I need to monitor my infrastructure. So I'm just -- like maybe help us understand a little bit the differences there? And then I have one follow-up.

我的名字的新版本。奧利維爾，我可以繼續討論這個問題嗎？因此，如果您認為 - 人們與您合作和使用您的方式是否存在不同的模式，如果您說基礎設施卷是 - 或者基礎設施沒有像日誌和 APM 部分那樣受到太大影響或沒有受到影響。就像您在這方面更重要一樣，因為就像我在想我需要像監控我的基礎設施一樣多地監控我的應用程序。所以我只是——也許可以幫助我們理解那裡的一些差異？然後我有一個後續行動。

No, it's just that these are -- you have more like short-term levers to actually optimize a little bit in logs and APM, anything that's volume-based. What we've seen customers do is -- I mean, really, if we were to cater that customer then we would break them into 3 buckets. One bucket is the customers that spend a lot with us, have us word to word in their business, now seeing their business slow down. That's what we mentioned in consumer discretionary and for delivery, for example. In those cases, naturally, if customers are themselves are growing 10% to 50%, and they're using several already equivalent to us, they have always been, that's natural. But that's only a small part of our customers. We're very diversified, and we also have a very small part of our customer that uses, to pay us too at this point.

不，只是這些——你有更多的短期槓桿來實際優化日誌和 APM，任何基於容量的東西。我們看到客戶所做的是——我的意思是，真的，如果我們要迎合那個客戶，那麼我們會將他們分成 3 個桶。一桶是與我們一起花費很多的客戶，讓我們在他們的業務中逐字逐句，現在看到他們的業務放緩。例如，這就是我們在非必需消費品和交付中提到的內容。在這些情況下，如果客戶自己增長 10% 到 50%，並且他們使用的幾個已經與我們相當，那麼他們一直都是，這是很自然的。但這只是我們客戶的一小部分。我們非常多元化，我們也有一小部分客戶在使用，在這一點上也向我們付款。

The second bucket I would say is customers they have a series he can spend with us. And don't you see a little bit more uncertainty in the future. So their businesses might not be challenged today, but pretty much every CFO or whoever has a mandate to look more closely at their expenses.

我要說的第二個桶是客戶，他們有一系列他可以和我們一起度過的。你難道沒有在未來看到更多的不確定性。因此，他們的業務今天可能不會受到挑戰，但幾乎每個首席財務官或任何有權更密切關注其開支的人。

And what we see those do is they're looking for optimization. They're looking for maybe to find some leaky faucets they can close. And you can typically find some of those in logs, for example. And this is not something new. I mean we've just said before, every customer goes through cycles where they optimize a little bit and then they go again and then they optimize again. What happens in times like that is that you see customers bunched in the same quarter, do we need all at the same time because they're all going through the same macro events.

我們看到他們所做的是他們正在尋找優化。他們正在尋找也許能找到一些他們可以關閉的漏水水龍頭。例如，您通常可以在日誌中找到其中的一些。這並不是什麼新鮮事。我的意思是我們之前說過，每個客戶都會經歷一些週期，他們會進行一些優化，然後再進行優化，然後再進行優化。在這種情況下發生的情況是，您看到客戶在同一季度聚集在一起，我們是否同時需要所有人，因為他們都在經歷相同的宏觀事件。

So we're seeing some of that there. And again, this is not comparable in breadth or in magnitude to what we've seen at the beginning of COVID. But still, we see that in the data, so we wanted to call it out on the call.

所以我們在那裡看到了一些。再一次，這在廣度或規模上都無法與我們在 COVID 開始時看到的情況相提並論。但是，我們仍然在數據中看到了這一點，所以我們想在電話會議上說出來。

Then the third bucket of...

然後第三桶...

Sorry. Go ahead...

對不起。前進...

Just to finish it. I had promised 3 buckets, I'll deliver you the 3. The third bucket is customers that are lesser spend, which in this case, we mean less than $500,000 a year on us. They are basically growing as they were before. They're actually growing more slowly than the larger ones. The larger ones have slowed down a little bit while the smaller ones haven't.

只是為了完成它。我承諾 3 個桶，我會給你 3 個。第三個桶是花費較少的客戶，在這種情況下，我們的意思是每年不到 500,000 美元。它們基本上和以前一樣在增長。它們實際上比較大的增長得更慢。較大的已經放慢了一點，而較小的則沒有。

Just want to clarify, when -- if you look after the call on our website, you'll see that in APM it's host-based pricing, but there's other parts that are like logs, as Oli mentioned, that are data related that are related to ingestion and indexing.

只是想澄清一下，如果您在我們的網站上處理電話，您會看到在 APM 中它是基於主機的定價，但是正如 Oli 所提到的，還有其他部分類似於日誌，它們是與數據相關的與攝取和索引有關。

And so what we're saying is that the infrastructure part, both with the infrastructure and the APM didn't experience as much variability, but the ability to tweak the use of the data through both ingestion and indexing which is more of a part of logs, but also a part of APM was where we saw that variability.

所以我們要說的是，基礎設施部分，包括基礎設施和 APM 並沒有經歷太多的可變性，而是通過攝取和索引來調整數據使用的能力，這更多是日誌，但 APM 的一部分也是我們看到這種可變性的地方。

Okay. Perfect. And then the follow-up is if you think about, and I'm sure you have thought about it as you thought about the implications for the second half. Consumer discretionary sounds like the first thing that in the kind of downturn gets impacted. You also mentioned food delivery a little bit, which is kind of seems more like the newer tech companies. Is that something that you kind of anticipate to go through the supply chain? So BPG comes next, fashion retail comes next. how do you think about it or how do you think about that when you were buffering for the second half?

好的。完美的。然後後續行動是如果您考慮的話，我相信您在考慮下半年的影響時已經考慮過了。非必需消費品聽起來像是在這種低迷時期受到影響的第一件事。你還提到了一點外賣，這有點像新的科技公司。這是你預計會通過供應鏈的東西嗎？所以 BPG 緊隨其後，時尚零售緊隨其後。你是怎麼想的，或者你在下半場緩衝的時候是怎麼想的？

Yes. So we're very diversified. So no particular part of the industry actually covers the large part of our revenue. And also, I would say, we -- in terms of those of our customers, they are very following in the cloud migration or that cloud native to start with, we actually probably have more of them in consumer discretionary than in other verticals that we have.

是的。所以我們非常多元化。因此，該行業的任何特定部分實際上都沒有涵蓋我們收入的大部分。而且，我想說的是，就我們的客戶而言，他們非常關注云遷移或云原生，實際上我們可能在非必需消費品領域擁有更多的客戶，而不是我們在其他垂直領域有。

So that -- all that came into consideration when we looked at our guidance.

所以——當我們查看我們的指導時，所有這些都被考慮在內。

Our next question comes from Kash Rangan from.

我們的下一個問題來自 Kash Rangan。

So I'm curious when you look at AWS and Azure, I mean, much larger business. They had good bookings, I think backlog growth, whatever you want to call it. But if you can help us reconcile your CRPO growth. I'm sure there are company specific things that pertain to how you see of your growth on a year-over-year basis, sequential growth basis.

因此，當您查看 AWS 和 Azure 時，我很好奇，我的意思是，更大的業務。他們有很好的預訂，我認為積壓的增長，不管你怎麼稱呼它。但是，如果您能幫助我們協調您的 CRPO 增長。我敢肯定，有一些公司特定的事情與您如何看待您的同比增長、連續增長基礎有關。

How do we look at that in the context of what's happening with the hyperscalers. And they did put up even during an uncertain time, tremendous backlog growth, whatnot. So is there something specific to Datadog? Maybe it's the 18% or so, high teens percentage exposure to consumer discretionary. Maybe if you parse that out, there is a different way to look at the rest of the business. And if you could quantify how the rest of the business did relative to how the hyperscalers were able to put up that kind of backlog. So I'm trying to just bridge the performance of Datadog versus the public cloud at an aggregate level, if you don't mind.

我們如何在超大規模的情況下看待這一點。即使在不確定的時期，他們也確實提出了巨大的積壓增長，諸如此類。那麼 Datadog 有什麼特定的東西嗎？也許是 18% 左右，高青少年百分比的非必需消費品風險敞口。也許如果你把它解析出來，就會有一種不同的方式來看待其他業務。如果您可以量化其他業務相對於超大規模企業如何能夠提出這種積壓的情況。因此，如果您不介意的話，我正在嘗試將 Datadog 與公共雲的性能在聚合級別上架起橋樑。

Yes. So I'll start on the rapid trends with the hyperscalers and then maybe David can give you more color on the bookings part. But the -- so in Q2, we did a lot better than the hyperscalers. So we're growing a lot faster than all of them combined. And they've decelerated actually more than we've done in relative basis. So we actually feel good about the ratio there. Like we are commanding a larger portion of the cloud revenue than we were last quarter.

是的。因此，我將從超大規模企業的快速趨勢開始，然後也許大衛可以在預訂部分為您提供更多色彩。但是——所以在第二季度，我們比超大規模公司做得好得多。因此，我們的增長速度比他們所有的總和要快得多。他們的減速實際上比我們在相對基礎上所做的要多。所以我們實際上對那裡的比例感覺很好。就像我們在雲收入中的份額比上一季度要大一樣。

In terms of the go forward, I don't think the hyperscalers have to guide specifically for that. But we -- in terms of business trends, we see that all of the leading indicators of success are looking good for us. So I've mentioned it on the call but we're seeing great action with new logos. We're seeing great success with new product attaches. The pipeline's going into the second half of the year are very good. We've also done very well with the capacity we've added and the hiring and everything that's a putting to our future. So all of that is looking good. What we don't have necessarily in terms of the gap for the future is we have a little bit of more noise in the data in terms of growth, which leads us to be a little more conservative. David, do you want to give more color on the booking part of it?

就前進而言，我認為超大規模企業不必為此專門指導。但是我們——就業務趨勢而言，我們看到所有成功的領先指標都對我們有利。所以我在電話會議上提到了它，但我們看到了新標誌的偉大行動。我們看到新產品附件取得了巨大成功。進入下半年的管道非常好。我們在增加的能力、招聘和一切對我們未來的投入方面也做得很好。所以這一切看起來都很好。就未來的差距而言，我們不一定有的是，我們在增長方面的數據中存在更多噪音，這導致我們更加保守。大衛，你想給它的預訂部分更多顏色嗎？

Definitely. So remind everybody that with our land and expand where we start getting used by clients, they scale up the growth and when they get to a certain point through, this has been going on for the whole business model. They go to an increased commit.

確實。所以提醒大家，隨著我們的土地和擴大我們開始被客戶使用的地方，他們擴大了增長，當他們達到某個點時，整個商業模式都在繼續。他們去增加承諾。

Because of that, there's variability in the billings and RPO that net-net, over time, on average, go towards the ARR growth. Again, remember, we mentioned that the ARR growth is the best metric. And the way to look at that is that you look at the revenues. You take -- you use the linearity, which is 34%, 35% of that and multiply that times 12, and that is pure because it doesn't get altered by when a bill goes out either in timing or whether the bill is a previous commitment plus an on-demand or a new commitment.

因此，隨著時間的推移，平均而言，淨淨額的帳單和 RPO 會出現變化，從而實現 ARR 增長。同樣，請記住，我們提到 ARR 增長是最佳指標。看待這一點的方法是看收入。你拿 - 你使用線性度，它是 34%，它的 35% 並乘以 12，這是純粹的，因為它不會隨著時間上的賬單或賬單是否是先前的承諾加上按需或新的承諾。

So it's always going to be noisy with us. We understand that investors and analysts look at it. So we try to give some color on that, but remind everybody that, that is very variable and only over time gets -- it comes back to the revenue growth. So just to remind everybody. And I think we said we basically put in there that in the first half of the year, the growth of this was in the 70s, pretty close to revenues. Why? Because there were timing of billing in the first quarter relative to the second quarter that moved the first quarter up and the second quarter down, but it really doesn't have much effect on the drivers of our business.

所以對我們來說總是很吵。我們知道投資者和分析師會關注它。因此，我們嘗試對此進行說明，但提醒大家，這是非常可變的，並且只有隨著時間的推移才會得到 - 它會回到收入增長。所以只是提醒大家。而且我認為我們說我們基本上在上半年投入了其中，這是在 70 年代的增長，非常接近收入。為什麼？因為相對於第二季度，第一季度的計費時間使第一季度上升，第二季度下降，但這對我們的業務驅動因素確實沒有太大影響。

And just to be very clear about this, like theoretically, we don't actually manage the business to billings. And that's because it aligns us with our customers. So we manage it to usage, which it turns into revenue pretty directly for us.

並且非常清楚這一點，就像理論上一樣，我們實際上並沒有將業務管理到帳單。那是因為它使我們與客戶保持一致。所以我們管理它的使用，它直接為我們轉化為收入。

What this means is we're very heavily -- land and expanded. When we land, we typically land small. So that has typically a small impact on billings. And when we expand whether we actually do the expansion this quarter, next quarter that doesn't really matter because it doesn't really change to usage of customers. It doesn't really change their growth profile. It doesn't really change the revenue that we're going to see from them. And so we see some noise there, and we don't manage the business to it.

這意味著我們非常沉重——土地和擴張。當我們降落時，我們通常降落得很小。所以這通常對賬單產生很小的影響。當我們擴展本季度是否真的進行擴展時，下個季度這並不重要，因為它並沒有真正改變客戶的使用情況。這並沒有真正改變他們的增長狀況。它並沒有真正改變我們將從他們那裡看到的收入。所以我們在那裡看到了一些噪音，我們沒有管理業務。

Our next question comes from Fatima Boolani from Citi.

我們的下一個問題來自花旗的 Fatima Boolani。

Oli, one for you and one for David as well, please. Oli, you talked about some wins vis-à-vis, DIY and open source displacements in your prepared remarks. But I suppose in a more challenged or uncertain macroeconomic backdrop, the free or -- if it ain't broke, don't fix it type model is potentially more attractive. So I'm curious if you can give us some color commentary on how you expect to sort of effectively compete with "free open source" alternatives, especially for some of your volume-based solutions? And then I'll follow up for it separately.

Oli，請給你一份，也給大衛一份。 Oli，您在準備好的評論中談到了相對於 DIY 和開源置換的一些勝利。但我認為，在更具挑戰性或不確定性的宏觀經濟背景下，免費或——如果它沒有壞掉，就不要修復它類型的模型可能更具吸引力。因此，我很好奇您是否可以就您希望如何有效地與“免費開源”替代品競爭，特別是對於您的一些基於容量的解決方案，給我們一些色彩評論？然後我會單獨跟進。

Yes. So free is actually the most expensive typically because you have to build it yourself. And it turns out people tend to be the most expensive thing for our customers. We mentioned in the script earlier that we actually had a number of sizable wins with customers that had announced layoffs shortly before they actually bought from us for the first time or have big expansions with us. And that's because we have been more efficient. We have been concentrate their efforts where it actually adds to their business as opposed to reinventing -- there were more expensive and efficient way themself.

是的。所以免費實際上通常是最昂貴的，因為您必須自己構建它。事實證明，對我們的客戶來說，人往往是最昂貴的東西。我們之前在腳本中提到，我們實際上在客戶第一次真正從我們這裡購買或與我們進行大規模擴張之前不久宣布裁員的客戶取得了一些可觀的勝利。那是因為我們的效率更高了。我們一直將他們的精力集中在真正增加他們業務的地方，而不是重新發明——他們自己有更昂貴和更有效的方式。

I appreciate that. And David, just for you, I think historically, you've characterized that roughly 3/4 of the business is tied to committed and rate card committed type contracts. And I think you were very categorical in mentioning that RPO levels are moderating as some of your customers moderate their commitment level. So I was curious to get your perspective on sort of the next 6- to 12-month impact on increased conservatism around the commit levels as well as how that translates into the quarter of your business that is very much usage and average-oriented. If you could just frame that for us in more of a 6- to kind of 12-month frame from here? And that's it for me.

我很感激。大衛，就你而言，我認為從歷史上看，你已經描述了大約 3/4 的業務與承諾和費率卡承諾類型的合同相關。我認為你非常明確地提到 RPO 水平正在緩和，因為你的一些客戶降低了他們的承諾水平。因此，我很想知道您對未來 6 到 12 個月對圍繞提交級別的保守主義的影響的看法，以及這如何轉化為您的業務中非常注重使用和平均導向的季度。如果您可以從這裡開始在 6 到 12 個月的框架內為我們構建這個框架？對我來說就是這樣。

Yes, we haven't seen -- yes, thanks for the question. We haven't seen any change in those numbers. We still have the land, commit, use, grow, we get into on-demand, recommit, but we did say that in the level of conservatism that was introduced to some clients that they may have stayed more into their previous commit plus on demand. Because of that, that doesn't for that situation affect the revenues because they're still consuming the same, but they may want to retain more optionality. This is really sort of in looking at financial management with level of uncertainty. You generally would pay a higher price if you stayed that way, but you'd be trading off the higher unit price, the marginally higher unit price for the more optionality. And we did see some of that. We don't know what's going to happen next, but we would think that if we continue to have macro uncertainty, there will be some customers that will opt for that type of pattern relative to the commitments.

是的，我們還沒有看到——是的，謝謝你的提問。我們沒有看到這些數字有任何變化。我們仍然擁有土地，提交，使用，增長，我們進入按需，重新提交，但我們確實說過，在介紹給一些客戶的保守主義水平上，他們可能更多地停留在他們之前的提交加上按需.因此，在這種情況下，這不會影響收入，因為他們仍在消費相同的東西，但他們可能希望保留更多的選擇權。這實際上是在看待具有不確定性的財務管理。如果你保持這種狀態，你通常會支付更高的價格，但你會以更高的單價、略高的單價換取更多的選擇權。我們確實看到了其中的一些。我們不知道接下來會發生什麼，但我們認為如果我們繼續存在宏觀不確定性，將會有一些客戶會選擇相對於承諾的那種模式。

And we're fine with that, by the way. We designed the business that way. We don't offer large discounts for very large time commitments. And that, again, that's by design, like we actually want to align or success with the -- usually of our customers, and we're happy to keep it that way. In times like that, it always play down.

順便說一句，我們對此很好。我們就是這樣設計業務的。對於非常大的時間承諾，我們不提供大折扣。再說一次，這是設計使然，就像我們實際上希望與通常是我們的客戶保持一致或取得成功一樣，我們很高興保持這種狀態。在那樣的時候，它總是被淡化。

Our next question comes from Matt Hedberg from RBC. Capital Markets.

我們的下一個問題來自 RBC 的 Matt Hedberg。資本市場。

Maybe David, a follow-up, I think really to Raimo's question earlier, in your guidance philosophy, did you assume other verticals beyond consumer discretionary slow their usage? And maybe what are the assumptions from smaller customers? It sounded like they actually were fairly strong this quarter.

也許大衛，一個後續行動，我真的認為 Raimo 之前的問題，在你的指導理念中，你是否認為除了非必需消費品之外的其他垂直行業會減慢它們的使用速度？也許小客戶的假設是什麼？聽起來他們本季度實際上相當強勁。

Yes, to take the second part, I think we saw that in our smaller customers, we had very consistent net and gross retention. We always do that. So our guidance always takes the drivers, which would be the organic or usage growth and the new logos, it always takes it down. So we do that in every quarter. I think you know that from following us. And in this quarter, I mentioned that by passing through less of the beat we inject an incremental level of conservatism. But overall, the philosophy of basically taking all of those things down and it remains at the core of our philosophy of providing guidance.

是的，就第二部分而言，我認為我們看到在我們的小客戶中，我們的淨留存率和總留存率非常一致。我們總是這樣做。因此，我們的指導總是考慮驅動因素，這將是有機或使用增長和新標識，它總是把它記下來。所以我們每個季度都這樣做。我想你從關注我們就知道了。在本季度，我提到通過更少的節拍，我們注入了一種漸進的保守主義水平。但總的來說，基本上把所有這些事情都記下來的理念仍然是我們提供指導理念的核心。

Got it. Okay. And then was there a geographic element to any of the kind of the slowdown in consumption? Was there a European element? Or was it sort of just broad-based geographic?

知道了。好的。那麼，消費放緩是否存在地理因素？有歐洲元素嗎？還是只是廣泛的地理？

There was not. We did not see that. It was not geographic. As we mentioned, it tended to be more either large spend or industry based, but we did not see that geographically.

這沒有。我們沒有看到。這不是地理的。正如我們所提到的，它往往更多地是大筆支出或基於行業的，但我們在地理上沒有看到這一點。

Our next question comes from Kamil from William Blair.

我們的下一個問題來自威廉布萊爾的卡米爾。

One for Olivier, maybe. First of all, congrats on the acquisition of Seekret. Dave has always historically done a great job of rapidly integrating these products and launching them as new solutions. I think at Dash, you mentioned that the typical turnaround is 1 year for these products to become a stand-alone Datadog solutions. However, given the upward trend in cash generation and your cash and equivalents are now approaching $2 billion, have your thoughts changed around potentially making a more transformative acquisition, especially given the decline in market valuations today?

一個給奧利維爾，也許。首先，祝賀收購 Seekret。從歷史上看，Dave 在快速集成這些產品並將它們作為新解決方案推出方面一直做得很好。我認為在 Dash，您提到這些產品成為獨立 Datadog 解決方案的典型周轉期是 1 年。然而，鑑於現金產生的上升趨勢以及您的現金和等價物現在接近 20 億美元，您是否已經改變了可能進行更具變革性的收購的想法，尤其是考慮到當今市場估值的下降？

It's possible. Everything is open. We've looked at some of those in the past. We see the value is higher for larger businesses like that. But we're really looking at valuations coming down and some more opportunities presenting themselves to us there. So everything is possible. But in general, we're very active on the M&A side. I think we'll only be more active as markets temporarily are right now. But there's not much more I can say.

這是可能的。一切都是開放的。我們過去看過其中的一些。我們看到像這樣的大型企業的價值更高。但我們確實在關注估值下降以及更多機會出現在我們面前。所以一切皆有可能。但總的來說，我們在併購方面非常活躍。我認為我們只會在市場暫時處於暫時狀態時更加活躍。但我能說的不多了。

Great. And just as a follow-up. Earlier this year, we saw Datadog building out its recruiting engine, and I see you accelerated investments into sales and marketing again this quarter. I think even after adjusting for T&E. Can you update us on where these incremental investments are focused? And given the macro environment, how do you think about the balance between preserving margin versus continuing to hire maybe more aggressively and coming out stronger on the other end.

偉大的。並且只是作為後續行動。今年早些時候，我們看到 Datadog 構建了它的招聘引擎，我看到你在本季度再次加快了對銷售和營銷的投資。我想即使在調整了 T&E 之後。您能否向我們介紹這些增量投資的重點？鑑於宏觀環境，您如何看待保持利潤率與繼續招聘可能更積極並在另一端變得更強大之間的平衡。

So right now, we're aggressively recruiting. We're building capacity. We're successful at it. And I really see it as a predictor of future success. We're in an interesting situation because -- as a company, we are very efficient. We've been very disciplined from the funding of the company. For those of you who have followed us for a long time, we burned less than $30 million on our way to IPO, and we've generated a lot more cash than that since then. So discipline is getting into the DNA of the company.

所以現在，我們正在積極招聘。我們正在建設能力。我們成功了。我真的將其視為未來成功的預測因素。我們處於一個有趣的境地，因為——作為一家公司，我們非常有效率。我們在公司的資金方面非常自律。對於那些長期關注我們的人來說，我們在進行 IPO 的過程中燒掉了不到 3000 萬美元，而且從那時起我們產生的現金比這多得多。因此，紀律正在進入公司的 DNA。

We also built the business around model that is frictionless and extremely efficient. And we've shown this efficiency, I would say, over the past 2 quarters by growing very fast while being fairly profitable. So we -- there's no doubt in our minds about the long-term profitability profile of the company.

我們還圍繞無摩擦且極其高效的模式建立了業務。我想說，在過去的兩個季度中，我們已經通過快速增長同時獲得了相當可觀的利潤來展示了這種效率。所以我們 - 我們對公司的長期盈利狀況毫無疑問。

So what this does is that it affords us opportunities to invest in times like this, that the rest of the market will not have.

因此，它的作用是為我們提供了在這樣的時期進行投資的機會，而其他市場將沒有。

Last year, everybody could invest, everybody could spend money, it really didn't matter. This year, I think it's a little bit different. So we really see that as an opportunity to break from the back even further and innovate, build self capacity and all those things.

去年，人人都可以投資，人人都可以花錢，真的無所謂。今年，我覺得有點不同。所以我們真的認為這是一個進一步突破和創新、建立自我能力和所有這些事情的機會。

Now obviously, as I said earlier, discipline is in the DNA of the company. So we're always looking at what our margins are or the macro environment is. And we have all the levers we need to adjust so we can maintain profitability in the future. David, do you want to comment some more?

現在顯然，正如我之前所說，紀律是公司的 DNA。因此，我們一直在關注我們的利潤或宏觀環境。我們擁有所有需要調整的槓桿，因此我們可以在未來保持盈利能力。大衛，你還想發表評論嗎？

Yes. I just want to add that what we said all along was, we try to maintain a steady investment profile, which is focused on R&D and sales and marketing investments. And it's banded by what we can execute, what we feel we can hire, integrate, et cetera. And in periods where there are -- is an acceleration, we said this many times on the top line, we can't invest as fast as that when the top line went up to 80%. So you're going to have margin expansion. That was exaggerated because there were some costs that didn't happen in COVID that are part of our normal business operations. So we try to maintain a steady profile of investment and the variability is with this acceleration of the top line, you might see that because it flows through at such a high marginal rate. And then if you see a deceleration, you might see less of that margin expansion. So that's our philosophy, but it's always to invest and take advantage of the long-term opportunity.

是的。我只想補充一點，我們一直說的是，我們努力保持穩定的投資狀況，專注於研發、銷售和營銷投資。它由我們可以執行的內容、我們認為可以僱用的內容、整合的內容等組成。在有加速的時期，我們在頂線上多次說過，我們不能像頂線上升到 80% 時那樣快速投資。所以你將有利潤擴張。這被誇大了，因為在 COVID 中沒有發生一些成本，這些成本是我們正常業務運營的一部分。因此，我們試圖保持穩定的投資概況，而可變性是隨著收入的加速，你可能會看到，因為它以如此高的邊際率流動。然後，如果您看到減速，您可能會看到較少的利潤率擴張。這就是我們的理念，但始終是投資並利用長期機會。

Yes. The last thing I'd say we feel great about the opportunity in general. We feel great about the -- as I mentioned earlier, the leading indicators of success whether it's new logos, product attaches, or product pipeline, our ability to ship it as well as the pipeline we see of customers that are in sales processes with us for new products or just brand new deployments. So we feel great about all that. And this makes us very confident into our investments. What's possible though is that the demand environment is a bit more challenged. There will be a bit of a longer time for us to show around these investments, but we are fine with that.

是的。我想說的最後一件事是，我們總體上對這個機會感覺很好。正如我之前提到的，我們對成功的領先指標感到非常滿意，無論是新徽標、產品附件還是產品管道、我們的發貨能力以及我們看到的與我們一起銷售的客戶的管道對於新產品或只是全新的部署。所以我們對這一切感覺很好。這使我們對我們的投資充滿信心。但有可能的是，需求環境面臨更多挑戰。我們將需要更長的時間來展示這些投資，但我們對此表示滿意。

Our next question comes from Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

David, I think everyone is still a little confused. You're seeing an inversion with what's happening with SMB and large enterprise. Many companies are kind of weakness in SMB not at large. Can you explain why you think you're seeing this inversion? And are you embedding a more conservative view in the back half?

大衛，我想大家還是有點困惑。您會看到 SMB 和大型企業的情況發生了逆轉。許多公司在 SMB 中都不是一般的弱點。你能解釋一下為什麼你認為你會看到這種倒置嗎？您是否在後半部分嵌入了更保守的觀點？

Yes, not an inversion. I think what we said was -- we did not see what you're saying, which is SMB and smaller customers did not act differently than they had. What we said was whether it's an enterprise mid-market or SMB, what happened was in certain segments, consumer, et cetera, we had a more conservative or a more of a cost mentality. And two, regardless of where it was -- remember SMB for us is 1,000 employees or less, mid-market 1,000 to 5,000, enterprise 5,000 and up. That in the larger areas where there had been substantial expansion, we saw a look at that costs. So those were the determinations. And for us it wasn't Europe, it wasn't that SMB fell out. It was those things. .

是的，不是反轉。我認為我們所說的是 - 我們沒有看到你在說什麼，這是 SMB 和小客戶的行為並沒有與他們不同。我們所說的是，無論是企業中端市場還是中小型企業，發生在某些細分市場、消費者等方面，我們有一個更保守或更多的成本心態。第二，無論它在哪裡——記住對我們來說，SMB 是 1,000 名員工或更少，中端市場 1,000 到 5,000 名，企業 5,000 名以上。在大幅擴張的更大領域，我們看到了成本。所以這些是決定。對我們來說，這不是歐洲，也不是 SMB 倒閉。就是那些東西。 .

And in terms of the second half of the year, we don't know. But in what we guide always, we assume lower organic growth in all the sectors than we have historically and that we might expect. So I think inversion is the wrong thing because what this -- what happened was the driver of the cost look was not whether it was an SMB mid-market or enterprise, but what the level of spend and the industry.

至於下半年，我們不知道。但在我們一貫的指導方針中，我們假設所有行業的有機增長都低於我們歷史上的水平以及我們可能預期的水平。所以我認為倒置是錯誤的，因為發生的事情是成本外觀的驅動因素不是中小型企業還是企業，而是支出水平和行業。

One way to see, it is -- we're critical to our customers. We're critically important, we deliver value. We have them to be more efficient. So in general, and whether -- whatever the size of the customer is, we're not on the chopping block. But the more customers spend on us, they're going to look for savings where they're spending money, and they're going to see that at a larger levels of spend with us. And as we mentioned earlier, there's always a little bit you can optimize, especially with some of the volume-based product.

一種看待方式是——我們對客戶至關重要。我們至關重要，我們提供價值。我們讓他們更有效率。所以總的來說，無論客戶的規模如何，我們都不在砧板上。但是，客戶在我們身上花費的越多，他們就會在花錢的地方尋找儲蓄，而且他們會在我們的消費水平上看到這一點。正如我們之前提到的，總有一點可以優化，尤其是對於一些基於體積的產品。

And by the way, gross retention stayed the same at all the different levels, SMB, mid-market and enterprise. So when you're talking about, do you have the solution, are you continuing to do solution, we saw no change in the gross retention across all of our customer sizes.

順便說一句，在所有不同級別、SMB、中型市場和企業中，總留存率保持不變。因此，當您談論時，您是否有解決方案，您是否繼續提供解決方案，我們看到所有客戶規模的總留存率沒有變化。

Our next question comes from Gregg Moskowitz from Mizuho.

我們的下一個問題來自瑞穗的 Gregg Moskowitz。

Oli, you're frequently speaking to a lot of Datadog customers, and totally speaking, are they raising more questions about your pricing levels in this environment? Any commentary on that would be helpful.

Oli，您經常與很多 Datadog 客戶交談，總體而言，他們是否對您在這種環境下的定價水平提出了更多問題？對此的任何評論都會有所幫助。

So we -- were actually very optimistic from our conversion with customers because there's more and more of them. They want to buy more product. They want to use more of our products. They want to -- so it'd be a problem for them. Everybody wants a better deal, but I think that's always been true, and that's always going to be true. And it's even truer in situations like this where the CFOs have a mandate to be more conservative. So -- but anecdotally, from what we see with customers, we're very bullish.

所以我們 - 實際上對我們與客戶的轉換非常樂觀，因為他們越來越多。他們想購買更多產品。他們想使用更多我們的產品。他們想要——所以這對他們來說是個問題。每個人都想要更好的交易，但我認為這一直是真的，而且永遠都是真的。在這種情況下，首席財務官被要求更加保守的情況下更是如此。所以 - 但有趣的是，從我們從客戶那裡看到的情況來看，我們非常看好。

Okay. Got it. And then you touched on some interesting examples in your script, but if you were to look back over the past 6 months or so, I'm wondering whether or not there has been any change to the trajectory of customer consolidation or standardization on Datadog?

好的。知道了。然後你在腳本中提到了一些有趣的例子，但如果你回顧過去 6 個月左右的時間，我想知道 Datadog 的客戶整合或標準化軌跡是否有任何變化？

So we keep seeing more and more of it. It's still not the majority of what we do. But we think, again, if the -- there is prolonged macro issues in the market, like we might see more consolidation and customers now want to really try to save on their legacy software by consolidating on us. So we definitely see that as a possibility. Again, that's not the majority of what we do today. That's not what we base any of our projections on, but that's something that we think might happen.

因此，我們不斷看到它越來越多。這仍然不是我們所做的大部分工作。但是我們再次認為，如果市場上存在長期的宏觀問題，例如我們可能會看到更多的整合，並且客戶現在希望通過整合我們來真正嘗試節省他們的遺留軟件。所以我們絕對認為這是一種可能性。同樣，這不是我們今天所做的大部分工作。這不是我們任何預測的基礎，但這是我們認為可能發生的事情。

Our next question comes from Mike Cikos from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mike Cikos。

I did just want to come back for that other point previously, regarding the SMB versus enterprise. And really, is it fair to characterize some of the, I guess, movements you're seeing with these larger deals? Is it may be less of an impact to you at the SMB level, either because you're [legacy] has been a wallet share when they're looking to pay out their vendors? Or is it possible that those SMB organizations just have less exposure to your more usage-based products.

關於 SMB 與企業，我確實只是想回到之前的另一點。真的，我想，你在這些大宗交易中看到的一些動向是公平的嗎？在 SMB 級別上對您的影響可能較小，或者是因為您 [legacy] 在他們尋求支付供應商時一直是錢包份額？或者，這些 SMB 組織是否有可能只是較少接觸您更多基於使用的產品。

They have the same exposure but simply the difference is, what's your time to say, $5,000. Probably not. If you're a much larger customer, it's worth your time to sell $500,000. And that's what we see with those optimizations.

他們的曝光率相同，但不同之處在於，你該說什麼了，5,000 美元。可能不是。如果您是一個大得多的客戶，那麼值得您花時間賣出 500,000 美元。這就是我們在這些優化中看到的。

Understood. And then the follow-up I had for you is if I look at the trends for multiproduct adoption from your customers, I think this is the first time we've seen your 2-plus product module adoption actually declined sequentially from 81% to 79%. Is the implication there that your customers are starting smaller now or deciding to pay -- will take another product from you at a later date? And again, if you could help me parse out that metric, that would be helpful.

明白了。然後我對您的後續跟進是，如果我查看您的客戶採用多產品的趨勢，我認為這是我們第一次看到您的 2+ 產品模塊採用率實際上從 81% 下降到 79 %。是否暗示您的客戶現在開始變小或決定付款 - 以後會從您那裡購買另一種產品？再說一次，如果你能幫我分析出那個指標，那會很有幫助。

It's just mechanicals because we -- I think we said 75% of our new logos are landing with 2 more products, and we have more new logos. And so this pushes the number down a little bit.

這只是機械裝置，因為我們 - 我認為我們說過 75% 的新徽標將與另外 2 種產品一起登陸，並且我們有更多新徽標。因此，這將數字推低了一點。

There's nothing -- 81%, 79% these are all just -- there's nothing -- no change in trend.

什麼都沒有——81%、79% 這些都是——沒有什麼——趨勢沒有變化。

Our next question comes from Peter Weed from Bernstein.

我們的下一個問題來自 Bernstein 的 Peter Weed。

I'm interested in the customers that are doing some cost rationalization. And trying to unpack, is that something that's targeted directly at Datadog? Or is it actually as part of a broader cloud rationalization that you see going on. It just happens to be that Datadog gets pulled into that and may even just see splash on effect as customers are managing their overall cloud topology and with the pricing that pulls down Datadog.

我對正在做一些成本合理化的客戶感興趣。並且試圖打開包裝，這是直接針對 Datadog 的東西嗎？或者它實際上是您看到的更廣泛的雲合理化的一部分。碰巧 Datadog 被捲入其中，甚至可能只是看到效果，因為客戶正在管理他們的整體雲拓撲結構，並且定價降低了 Datadog。

Help me unpack those 2 things, whether or not it's Datadog focused or more of a broader cloud focus.

幫助我解開這兩件事，無論它是專注於 Datadog 還是更多地關注更廣泛的雲。

It's just focused on their cost structure. So they line up their expenses by decreasing in decreasing order and they heat up everyone at least and they see what they can do to optimize.

它只關注他們的成本結構。所以他們通過遞減的順序排列他們的費用，他們至少讓每個人都熱起來，他們看看他們可以做些什麼來優化。

And again, a number -- you've seen a number of customers that had layoffs. So they're going after their cost structure. Their hard core cost structures that are there -- their workforce and we're part of that. I think that it's a good thing because those customers -- and a lot of us were very critical, one of their top vendors. That means, for those of them who use us both will, like we are, to a certain extent, tied to their own trajectory.

再一次，一個數字 - 你已經看到一些裁員的客戶。所以他們正在追求他們的成本結構。他們在那裡的核心成本結構——他們的勞動力和我們是其中的一部分。我認為這是一件好事，因為這些客戶——我們中的很多人都非常挑剔，他們是他們的頂級供應商之一。這意味著，對於那些同時使用我們的人來說，在某種程度上，他們會像我們一樣，與他們自己的軌跡聯繫在一起。

Okay. So you're saying that this is very focused on Datadog as a line item and not just a splash on effect necessarily of...

好的。所以你是說這非常關注Datadog作為一個項目，而不僅僅是對效果的影響……

No, I'm saying let's focusing what they're spending money on. And for some of those, they're spending a lot of money. They're spending more money on cloud in there. I guarantee you, they're also trying to save money on that. And we know that the cloud providers are also working with these customers helping with their spend. I think everybody is aligning trying to make their customers successful there. And we actually have been involved in efforts where we work with the cloud providers and these customers to help them make the most of what they have. And again, in times like this, we want to be on the side of our customers. We want to help them. We want to have them get the most of what they spend on us. so we can have a long-term successful relationship with them.

不，我是說讓我們把注意力集中在他們花錢的地方。對於其中一些人來說，他們花了很多錢。他們在那里花更多的錢在雲上。我向你保證，他們也在努力為此省錢。我們知道，雲提供商也在與這些客戶合作，幫助他們減少開支。我認為每個人都在努力讓他們的客戶在那裡取得成功。實際上，我們一直在努力與雲提供商和這些客戶合作，幫助他們充分利用現有資源。同樣，在這種情況下，我們希望站在客戶一邊。我們想幫助他們。我們想讓他們從花在我們身上的錢中獲得最大的收益。所以我們可以與他們建立長期成功的關係。

Now given the stickiness and what we did -- just monitoring of real-time application for their clients, we feel that and our experience has been that it is less focused on other things than Datadog, but when you're looking at your cost structure, there are opportunities, as you said, to rationalize across. But generally, if you look at the gross retention, you look at how important Datadog is to the businesses. And you read the newspapers, you see that it's focused on other things more.

現在考慮到粘性和我們所做的——只是為他們的客戶監控實時應用程序，我們覺得和我們的經驗是它不像 Datadog 那樣專注於其他事情，但是當你查看你的成本結構時，正如你所說，有機會合理化。但一般來說，如果您查看總留存率，您就會看到 Datadog 對企業的重要性。你讀報紙，你會發現它更多地關注其他事情。

Yes. Yes. No, no, that makes sense. And one other last question, if you may. I think you alluded to some timings of some contracts over quarters and this type of thing. In that there may have even been some improvements in July and some of the momentum of closing contracts. Can you comment on some of those improvements and how you see them kind of juxtaposed with some of the other caution that you're talking about and have to.

是的。是的。不，不，這是有道理的。如果可以的話，還有最後一個問題。我認為你提到了一些季度合同的一些時間安排和這類事情。在這方面，7 月份甚至可能出現了一些改善，以及一些關閉合同的勢頭。您能否評論其中一些改進，以及您如何看待它們與您正在談論和必須注意的其他一些警告並列。

I think the improvements in July were not about closing contracts. The one I mentioned were about the usage trends, which is fairly quite a selling force from the closings and the contracts and everything else. We also -- again, a great pipeline, and we're very happy with what we've seen sell side in July, but this is where -- which we commented about the usage.

我認為 7 月份的改進與關閉合同無關。我提到的一個是關於使用趨勢的，從關閉和合同以及其他一切來看，這是相當大的賣力。我們也 - 再次，一個很棒的管道，我們對我們在 7 月份看到的賣方感到非常滿意，但這就是我們對使用情況發表評論的地方。

Yes, like they're always -- I think it's been on calls over time. Every call, if there is some timing differences to the positive, billing was in this quarter. We try to point it out because when the bill goes out or when the commitment is not -- is not as correlated to the revenues as ARR is. So we -- I think we said that on every -- almost every earnings call, and we just remind everybody all the time that because of the land-expand model that you're going to have variability plus and minus. And when it's plus, we want to remind everybody not to read anything into it. And when it's less, we want to remind everybody that that's not the major metric that drives top line growth of the company.

是的，就像他們一直以來一樣——我認為隨著時間的推移，它一直在隨叫隨到。每次通話，如果與正面有一些時間差異，計費都在本季度。我們試圖指出這一點，因為當賬單發出或承諾沒有時 - 與 ARR 的收入相關性不高。所以我們——我想我們在幾乎每一次財報電話會議上都這麼說，我們只是一直提醒大家，由於土地擴張模型，你將有正負的可變性。當它是加號時，我們想提醒大家不要讀任何東西。當它減少時，我們想提醒大家，這不是推動公司收入增長的主要指標。

Sure. But I mean, if you've got utilization, it should turn into additional revenue in future periods, and I think you're mentioning kind of a positive trajectory -- do you see...

當然。但我的意思是，如果你有利用率，它應該會在未來期間轉化為額外的收入，我認為你提到的是一種積極的軌跡——你看到了嗎……

Usage actually is revenue in the same period. Like it's 2 others are one and the same. There's no delay between those 2. But there's a delay -- we were -- now there was billings.

使用量實際上是同一時期的收入。就像它的 2 其他是一樣的。這兩個之間沒有延遲。但是有一個延遲 - 我們曾經 - 現在有賬單。

Yes, and I guess what I'm getting at is, if you see that positive trajectory in July, it will turn into revenue in the period. How are you seeing that going forward...

是的，我想我的意思是，如果你在 7 月看到積極的軌跡，它將在此期間轉化為收入。你怎麼看未來...

Yes. But we're making marginal -- yes, we're telling you that we're telling -- saying that unlike in COVID there was -- that we had strong usage growth. We had usage growth in a lot of places and on average, in the second quarter. What we're saying is that in July, we saw pockets where there was a little better usage growth, but we're not calling the market here. We're basically reporting what we see and what we hope is the most helpful in a formative way. So yes...

是的。但是我們正在做邊際——是的，我們告訴你，我們告訴你——說與 COVID 不同的是——我們有強勁的使用增長。在第二季度，我們在很多地方的平均使用量都有增長。我們要說的是，在 7 月份，我們看到了使用量增長稍好一些的口袋，但我們並沒有在這裡打電話給市場。我們基本上是在以一種形成性的方式報告我們所看到的以及我們希望最有幫助的內容。所以是的...

Thank you. This has concluded the question-and-answer session. I will now turn the call back over to CEO, Olivier Pomel, for closing comments.

謝謝你。問答環節到此結束。我現在將把電話轉回給首席執行官 Olivier Pomel，以徵求結束意見。

All right. Thank you. I want to thank everyone for spending time with us on the call. And again, I want to thank all of Datadog employees for a great quarter and for continuing build a fantastic company and so proud of our customers.

好的。謝謝你。我要感謝大家花時間與我們通話。再次，我要感謝 Datadog 的所有員工，感謝他們在一個偉大的季度中，並繼續建立一家出色的公司，並為我們的客戶感到自豪。

So thank you all, and we'll see you next quarter.

所以謝謝大家，我們下個季度見。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for your participation. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。感謝您的參與。您現在可以斷開連接。