數據狗 (DDOG) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2022 Datadog Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 2022 年第三季度 Datadog 收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Yuka Broderick, Vice President of Investor Relations and Strategic Finance. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係和戰略財務副總裁 Yuka Broderick。請繼續。

Thank you, Lauren. Good morning, and thank you for joining us to review Datadog's third quarter 2020 financial results, which we announced in our press release issued this morning. Joining me on the call today are Olivier Pomel, Datadog's Co-Founder and CEO; and David Obstler, Datadog's CFO.

謝謝你，勞倫。早上好，感謝您加入我們審查 Datadog 的 2020 年第三季度財務業績，我們在今天上午發布的新聞稿中宣布了該業績。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 fourth quarter and fiscal year 2022, our gross margins and operating margins, our strategy, our product capabilities and our ability to capitalize on market opportunities. The words anticipate, believe, continue, estimate, expect, intend, grow 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.

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、我們對第四季度和 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。預期、相信、繼續、估計、期望、打算、成長和類似表達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 June 30, 2022. Additional information will be made available in our upcoming Form 10-Q for the quarter ended September 30, 2022, and other filings with the SEC. The 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 6 月 30 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 9 月 30 日的季度，以及向 SEC 提交的其他文件。該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.

我們還將討論非 GAAP 財務指標，這些指標與我們的收益發布中的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. We are pleased to report strong results in Q3 as we continued to execute on our platform vision. Let me start with a review of our financial performance.

謝謝，Yuka，感謝大家今天早上加入我們。隨著我們繼續執行我們的平台願景，我們很高興在第三季度報告強勁的業績。讓我先回顧一下我們的財務業績。

In Q3, revenue was $437 million, an increase of 61% year-over-year and above the high end of our guidance range. We had about 22,200 customers, up from about 17,500 in the year ago quarter. We ended the quarter with about 2,600 customers with ARR of $100,000 or more, up from about 1,800 in the year ago quarter. These customers generated about 85% of our ARR.

第三季度，收入為 4.37 億美元，同比增長 61%，高於我們指導範圍的高端。我們有大約 22,200 名客戶，高於去年同期的約 17,500 名。我們在本季度結束時約有 2,600 名客戶的 ARR 為 100,000 美元或更多，高於去年同期的約 1,800 名。這些客戶產生了我們大約 85% 的 ARR。

We generated free cash flow of $67 million, with a free cash flow margin of 15%. And our dollar-based net retention rates continue to be over 130% as customers increase their usage and adopted more products.

我們產生了 6700 萬美元的自由現金流，自由現金流利潤率為 15%。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%。

Next, our platform strategy continues to resonate in the market. At the end of Q3, 80% of customers were using 2 or more products, up from 77% a year ago. 40% of customers were using 4 or more products, up from 31% a year ago, and 16% of our customers were using 6 or more products, up from 8% a year ago. We continue to be pleased with this continued adoption of multiple products in our platform, which indicates the additional value we are bringing to our customers.

接下來，我們的平台戰略繼續在市場上引起共鳴。在第三季度末，80% 的客戶使用 2 種或更多產品，高於一年前的 77%。 40% 的客戶使用 4 種或更多產品，高於一年前的 31%，我們 16% 的客戶使用 6 種或更多產品，高於一年前的 8%。我們繼續對在我們的平台上繼續採用多種產品感到滿意，這表明我們為客戶帶來的附加價值。

We continue to see strong ARR growth with our newer offerings, and our products introduced since 2019, which excludes infrastructure monitoring, core APM and log management, remain in hypergrowth mode. I also want to highlight a couple of our newer products, Database Monitoring and CI Visibility. We started charging for these products 3 and 2 quarters ago, respectively, and each has already exceeded 8 figures in ARR and more than 1,000 customers. And as we are further developing them, we are confident these products will lead to a broader set of use cases for a larger set of customers over time.

通過我們的新產品，我們繼續看到強勁的 ARR 增長，我們自 2019 年以來推出的產品（不包括基礎設施監控、核心 APM 和日誌管理）仍處於高速增長模式。我還想重點介紹我們的幾個新產品，數據庫監控和 CI 可視性。我們分別從 3 個季度和 2 個季度開始對這些產品收費，每個產品的 ARR 已經超過 8 位，客戶超過 1000 家。隨著我們對它們的進一步開發，我們相信隨著時間的推移，這些產品將為更多的客戶帶來更廣泛的用例。

Now moving on to this quarter's business drivers. At a high level, Q3 was overall very similar to Q2, with strong performance in new logos and new [product-attached] activities, tempered by growth of users from existing customers, although healthy, was below our long-term historical averages. This added up to sequential net ARR added that was similar to Q2.

現在繼續討論本季度的業務驅動因素。在較高的水平上，第三季度總體上與第二季度非常相似，新標識和新 [附加產品] 活動表現強勁，受現有客戶用戶增長的影響，雖然健康，但低於我們的長期歷史平均水平。這增加了與第二季度相似的連續淨 ARR。

To give a bit more color, first on the usage trend. As we said, usage growth was overall solid but consistent with Q2 trends. From a product perspective, [the trend] was more homogeneous among our major products than it had been in Q2. Looking at industry verticals, similar to last quarter, we continue to see a more pronounced effect in consumer discretionary and, in particular, with our customers that are cloud-native and fully scaled into public cloud. Note that the consumer discretionary vertical represents low teens percent of ARR and includes e-commerce as well as food and delivery.

為了給更多的顏色，首先是使用趨勢。正如我們所說，使用量增長總體穩健，但與第二季度的趨勢一致。從產品的角度來看，我們主要產品的[趨勢]比第二季度更加同質化。從垂直行業來看，與上一季度類似，我們繼續看到非必需消費品的影響更為明顯，特別是對於我們的雲原生客戶並完全擴展到公共雲的客戶。請注意，非必需消費品行業僅佔 ARR 的 10%，包括電子商務以及食品和配送。

All that said, we are pleased with our continued strong performance. Revenue in Q3 grew 61% year-over-year and 7% quarter-over-quarter, with all of our products meaningfully outperforming the growth of the large cloud providers. While the macroeconomic environment is likely to remain a headwind in the near term, we continue to see positive trends underpinning our business and remain bullish about the long-term opportunities and aggressive with our investment plan.

儘管如此，我們對我們持續強勁的表現感到滿意。第三季度的收入同比增長 61%，環比增長 7%，我們所有的產品都顯著超過了大型雲提供商的增長。雖然宏觀經濟環境在短期內可能仍然是逆風，但我們繼續看到支撐我們業務的積極趨勢，並繼續看好長期機會並積極實施我們的投資計劃。

First, we continue to see strong growth in new logo ARR, including some large wins in traditional industries. We'll talk about some of those in a bit.

首先，我們繼續看到新標識 ARR 的強勁增長，包括傳統行業的一些重大勝利。我們稍後會討論其中的一些。

Second, our sales pipeline is strong heading into Q4 for both new logos and new products. And we're seeing great opportunities across customer sizes, geographies and industries. Alongside our strength in new logo ARR, this gives us confidence that digital transformation and cloud migration remain a top priority. It is perhaps even more critical in difficult times when businesses need to be more agile and do more with less. Remember that given our usage-based operating model, new logo wins generally do not immediately translate into meaningful revenue, but they are very important to us as new customers expand their usage in succeeding quarters and succeeding years.

其次，我們的新標識和新產品的銷售渠道在進入第四季度時都很強勁。我們看到了跨越客戶規模、地域和行業的巨大機會。除了我們在新徽標 ARR 方面的實力外，這讓我們相信數字化轉型和雲遷移仍然是重中之重。在企業需要更加敏捷並事半功倍的困難時期，這可能更為關鍵。請記住，鑑於我們基於使用的運營模式，贏得新徽標通常不會立即轉化為有意義的收入，但它們對我們非常重要，因為新客戶在接下來的幾個季度和接下來的幾年中擴大了他們的使用。

Third, we are seeing continued expansion on our platform, as indicated by customers adopting more of our products.

第三，我們看到我們平台的持續擴展，客戶採用了更多我們的產品。

And finally, churn remains low and hasn't changed, with gross revenue retention steady in the mid- to high 90s. We believe this high gross revenue retention is indicative of the business criticality of Datadog for our customers.

最後，客戶流失率仍然很低並且沒有改變，總收入保留率在 90 年代中期至高位保持穩定。我們認為，這種高總收入保留表明 Datadog 對我們客戶的業務重要性。

Now let's move on to products and R&D. 2 weeks ago, we had our Dash user conference, which was an occasion to showcase the extension of our products and the results of our R&D investments. Let me go through some of these starting, with observability, before moving on to security, developer experience and, finally, the ability to take action within Datadog.

現在讓我們繼續討論產品和研發。兩週前，我們舉行了 Dash 用戶大會，這是一個展示我們產品擴展和研發投資成果的機會。讓我從可觀察性開始介紹其中的一些內容，然後再談安全性、開發人員體驗，最後是在 Datadog 中採取行動的能力。

First, we are doubling down on our investments in observability, starting with 2 new products: data stream monitoring and Cloud Cost Management, both addressing growing needs and strong demand from our customers. We also extended our APM suite to offer mobile app testing, usage heat map and dynamic instrumentation. On the network side, we added SNMP Traps and [network] monitoring to our products. On the logging side, we announced log forwarding, which coupled with log archives and observability pipeline that is at the center of our customers' data management.

首先，我們在可觀察性方面的投資翻了一番，從 2 個新產品開始：數據流監控和云成本管理，這兩個產品都可以滿足客戶不斷增長的需求和強勁的需求。我們還擴展了我們的 APM 套件，以提供移動應用程序測試、使用熱圖和動態儀器。在網絡方面，我們為我們的產品添加了 SNMP 陷阱和 [網絡] 監控。在日誌記錄方面，我們宣布了日誌轉發，它與日誌存檔和可觀察性管道相結合，這是我們客戶數據管理的中心。

Responding to customer demand, we also extended our Sensitive Data Scanner beyond logs to identify sensitive data across APM and RUM. And across the platform, we've announced extended support for OpenTelemetry, PCI compliance for APM and log as well as HIPAA compliance across most of Datadog.

為響應客戶需求，我們還將敏感數據掃描器擴展到日誌之外，以識別 APM 和 RUM 中的敏感數據。在整個平台上，我們宣布擴展支持 OpenTelemetry、APM 和日誌的 PCI 合規性以及大部分 Datadog 的 HIPAA 合規性。

Second, we are extending our security platform, and we announced Cloud Security Management, which brings together Cloud Workload Security, Cloud Security Posture Management and resource catalog as a frictionless, reach-and-context aware cloud-native application protection platform, or CNAP.

其次，我們正在擴展我們的安全平台，我們發布了雲安全管理，它將雲工作負載安全、雲安全態勢管理和資源目錄結合為一個無摩擦、可感知範圍和上下文的雲原生應用程序保護平台，即 CNAP。

We launched native protection for Application Security Management to enable blocking attacks in real time directly within the Datadog platform. And we now provide vulnerability monitoring to give our users a high-fidelity picture of all applications in production as well as their dependencies, vulnerabilities and the attacks they face.

我們為應用程序安全管理啟動了本機保護，以直接在 Datadog 平台內實時阻止攻擊。我們現在提供漏洞監控，為我們的用戶提供生產中所有應用程序的高保真圖片，以及它們的依賴關係、漏洞和他們面臨的攻擊。

Third, we follow through with our recent entry in developer experience. We announced continuous testing to facilitate end-to-end testing as soon as the code is developed, which increases quality and velocity at the same time. And we showcase Intelligent Test Runner using more rich APM and profiling data to automatically skip unneeded tests and drastically reduce time and money spend on CI/CD.

第三，我們將繼續我們最近的開發者體驗條目。我們宣布了持續測試，以便在開發代碼後立即進行端到端測試，同時提高質量和速度。我們展示了 Intelligent Test Runner 使用更豐富的 APM 和分析數據來自動跳過不需要的測試，並大大減少在 CI/CD 上花費的時間和金錢。

Fourth and last but not least, we announced new product areas that take our platform from observing to allowing our users to take action and respond all within Datadog. We announced our [ASM] management products to allow users to correlate and summarize alerts, events and issues in variety of (inaudible) in order to resolve problems directly from the Datadog AIOps console.

第四，也是最後但並非最不重要的一點，我們宣布了新的產品領域，使我們的平台從觀察到允許我們的用戶在 Datadog 內採取行動和響應。我們發布了我們的 [ASM] 管理產品，允許用戶關聯和匯總各種（聽不清）的警報、事件和問題，以便直接從 Datadog AIOps 控制台解決問題。

We also announced Datadog Workflows, which allows customers to develop and run automatically DevOps or security remediation using a no-code editor and already more than 200 integrations to service any APIs they use. We announced [limited] availability for CoScreen, the collaboration meeting tool that we acquired last year and that allows real-time screen sharing and collaborative [product coding] within Datadog.

我們還發布了 Datadog Workflows，它允許客戶使用無代碼編輯器自動開發和運行 DevOps 或安全修復，並且已經有 200 多個集成來為他們使用的任何 API 提供服務。我們宣布 CoScreen 的 [有限] 可用性，這是我們去年收購的協作會議工具，它允許 Datadog 內的實時屏幕共享和協作 [產品編碼]。

And finally, we kept on extending the scope of our Watchdog AI engine, further automating the detection and getting the resolution of applications that may cause real problems.

最後，我們不斷擴展 Watchdog AI 引擎的範圍，進一步自動化檢測並解決可能導致實際問題的應用程序。

That is for the many announcements from Dash. And as you can tell, the team has been hard at work, and I'm extremely proud of our innovation velocity and focus on our customers.

這是 Dash 的許多公告。如您所知，團隊一直在努力工作，我為我們的創新速度和對客戶的關注感到非常自豪。

One last thing on products. As announced in the press release issued this morning, we acquired Cloudcraft, a planning and design tool used by tens of thousands of cloud architects to create live diagrams of their infrastructures, including real-time health, configuration and cost data, and we are very excited for their team to join Datadog.

關於產品的最後一件事。正如今天上午發布的新聞稿中所宣布的，我們收購了 Cloudcraft，這是一種規劃和設計工具，成千上萬的雲架構師使用它來創建他們的基礎設施的實時圖表，包括實時健康、配置和成本數據，我們非常很高興他們的團隊加入 Datadog。

Now moving on to sales and marketing. Let's discuss some of our wins in Q3. First, we signed a 7-year land with a Fortune 100 grocery chain. This company was [marketing] to Azure but was held back by their open source solution. And because this grocery chain has pharmacies inside stores, they need better controls around personally identifiable information. Our Sensitive Data Scanner and our HIPAA compliance filled that gap, and we are differentiators [who are then out] to win these opportunities.

現在轉向銷售和營銷。讓我們討論一下我們在第三季度取得的一些勝利。首先，我們與一家財富 100 強的雜貨連鎖店簽訂了一份為期 7 年的土地。這家公司正在 [營銷] Azure，但被他們的開源解決方案阻止了。由於這家雜貨連鎖店在店內設有藥店，因此他們需要更好地控制個人身份信息。我們的敏感數據掃描儀和我們的 HIPAA 合規性填補了這一空白，而我們是差異化者 [他們當時已經出局] 以贏得這些機會。

Next, we signed a 7-figure land with a major multinational restaurant chain. This company had a legacy observability solution that wasn't able to scale with their vision of a (inaudible) and serverless environment. They also needed an end-to-end view of their customer journey, and we will now use 6 Datadog products, including Synthetics and RUM,, to drive customer experience improvements.

接下來，我們與一家大型跨國連鎖餐廳簽訂了 7 位數的土地。這家公司有一個傳統的可觀察性解決方案，無法根據他們對（聽不清）和無服務器環境的願景進行擴展。他們還需要端到端的客戶旅程視圖，我們現在將使用 6 種 Datadog 產品，包括 Synthetics 和 RUM，來推動客戶體驗的改善。

Next, we signed a 7-figure land with a social networking app. This company was previously a Datadog customer that had moved several years ago to a competitor as they needed certain languages our APM products didn't support well at the time. Today, our APM not only match the capabilities of the existing solution but presented significant advantages in terms of ease of deployment, alerting and early detection. And they also plan to take advantage of our new service catalog, taking Datadog at the center of their operations.

接下來，我們用社交網絡應用簽下了 7 位數的土地。這家公司以前是 Datadog 的客戶，幾年前因為他們需要我們的 APM 產品當時不能很好支持的某些語言，所以他們已經轉移到競爭對手那裡。今天，我們的 APM 不僅與現有解決方案的功能相匹配，而且在易於部署、警報和早期檢測方面具有顯著優勢。他們還計劃利用我們的新服務目錄，將 Datadog 置於其運營中心。

Next, we had a 7-figure upsell with a large Asia-based electronic conglomerate. This company's many business units include consumer electronics and IoT. And the use of Datadog has grown rapidly with the number of devices they are managing. They have seen a number of benefits from using Datadog, including lowering the amount of (inaudible) by 25% and mean time to resolution by 50%. They have also seen a significant time savings in incident response activities by cloud engineers from 20 hours to only 2 hours per week. With this renewal, this customer has now adopted 14 Datadog products.

接下來，我們與一家位於亞洲的大型電子集團進行了 7 位數的追加銷售。該公司的許多業務部門包括消費電子和物聯網。隨著他們管理的設備數量的增加，Datadog 的使用也迅速增長。他們已經看到使用 Datadog 的許多好處，包括將（聽不清）的數量降低 25% 並將平均解決時間降低 50%。他們還發現，雲工程師在事件響應活動中的大量時間從每週 20 小時減少到僅 2 小時。通過此次更新，該客戶現已採用了 14 款 Datadog 產品。

Next, we had an 8-figure multiyear upsell with a large e-commerce company. This customer had been using primarily infrastructure monitoring and APM Datadog and was also operating an open-source logging tool. Using Datadog led to significant efficiencies, including settling customer-impacting incidents by close to 2/3 and reducing the number of employees required to address each incident by 1/3. With this renewal, they are adopting Datadog Log Management and RUM and consolidating multiple homegrown and cloud-native tools as well as a commercial competitor.

接下來，我們與一家大型電子商務公司進行了 8 位數的多年追加銷售。該客戶主要使用基礎設施監控和 APM Datadog，並且還在操作開源日誌記錄工具。使用 Datadog 可顯著提高效率，包括將影響客戶的事件減少近 2/3，並將處理每個事件所需的員工數量減少 1/3。通過這次更新，他們採用了 Datadog 日誌管理和 RUM，並整合了多個本土和雲原生工具以及商業競爭對手。

That's it for this quarter's customer highlights. And I'd like to thank our go-to-market team for their hard work and for delivering another strong quarter.

這就是本季度的客戶亮點。我要感謝我們的市場營銷團隊的辛勤工作，感謝他們提供了又一個強勁的季度。

Now let me stick to our longer-term outlook. We recognize the macro environment remains uncertain, but we continue to see no change to the multiyear trend towards digital transformation and cloud migration. And we remain confident that we can help our customers with their efforts to save on costs, drive greater engineering efficiency and take advantage of the benefits of cloud and other next-gen technologies. So we are continuing to invest in our strategic priorities to capture our long-term opportunity, and we remain laser-focused on bringing value to our customers as they manage through a more challenging economic environment.

現在讓我堅持我們的長期展望。我們認識到宏觀環境仍然不確定，但我們仍然認為數字化轉型和雲遷移的多年趨勢沒有變化。我們仍然相信，我們可以幫助我們的客戶努力節省成本、提高工程效率並利用雲和其他下一代技術的優勢。因此，我們將繼續投資於我們的戰略重點以抓住我們的長期機會，並且我們仍然專注於為我們的客戶帶來價值，因為他們在更具挑戰性的經濟環境中進行管理。

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. In Q3, we continued to execute well and support our customers. Revenue was $437 million, up 61% year-over-year and up 7% quarter-over-quarter.

謝謝，奧利維爾。在第三季度，我們繼續表現良好並支持我們的客戶。收入為 4.37 億美元，同比增長 61%，環比增長 7%。

To dive into some of the drivers. First, we experienced strong new logo ARR growth and continued low churn again this quarter. We saw existing customer usage growth remain at levels similar to Q2 as customers continue to be more cost-conscious as they manage their businesses. As Olivier noted, we saw a roughly similar sequential growth in ARR dollars added in Q2 as -- in Q3 as in Q2. And we saw a relatively homogenous usage growth amongst our major products during Q3. As with Q2, we saw relatively more deceleration in the consumer discretionary vertical, particularly in e-commerce and food and delivery.

深入了解一些驅動程序。首先，我們經歷了強勁的新徽標 ARR 增長，並在本季度再次保持低流失率。我們看到現有客戶使用增長保持在與第二季度相似的水平，因為客戶在管理業務時繼續更加註重成本。正如 Olivier 指出的那樣，我們看到第二季度增加的 ARR 美元的連續增長與第三季度和第二季度大致相似。我們在第三季度看到我們主要產品的使用量增長相對均勻。與第二季度一樣，我們看到非必需消費品垂直領域的減速相對更大，特別是在電子商務、食品和配送領域。

And we saw similar growth across geographies. As a reminder, we bill all of our revenue in U.S. dollars, and we do not price in local currencies. Our dollar-based net retention remained at strong levels above 130% for the 20th consecutive -- 21st consecutive quarter.

我們在各個地區都看到了類似的增長。提醒一下，我們所有的收入都以美元計費，我們不以當地貨幣定價。我們以美元為基礎的淨留存率連續第 20 個——連續第 21 個季度保持在 130% 以上的強勁水平。

Our land and expand model, aggressive product innovation and our customers' motion to the cloud continue to drive expansion opportunities with our existing customer base. Overall, the customer usage growth we're seeing remains higher than the trough growth we experienced at the beginning of COVID in 2020, and we're pleased with our 61% year-over-year and 7% quarter-on-quarter revenue growth this quarter.

我們的土地和擴展模式、積極的產品創新以及我們客戶對雲的移動繼續推動我們現有客戶群的擴展機會。總體而言，我們看到的客戶使用增長仍然高於我們在 2020 年新冠疫情初期所經歷的低谷增長，我們對收入同比增長 61% 和環比增長 7% 感到滿意本季度。

Meanwhile, gross revenue retention was unchanged and steady in the mid- to high 90s. Regardless of the macroeconomic environment, our customers still need to serve their clients, and moving to the cloud enables better service and cost savings against people-intensive or on-prem technology-based offerings. We believe our high and steady gross retention indicates that Datadog is critical to our customers' ability to deliver services to their clients digitally.

與此同時，在 90 年代中期至高位，總收入保留率保持不變且穩定。無論宏觀經濟環境如何，我們的客戶仍然需要為他們的客戶提供服務，並且遷移到雲可以實現更好的服務和成本節約，而不是人員密集型或基於本地技術的產品。我們相信，我們高而穩定的總留存率表明 Datadog 對於我們的客戶以數字方式向客戶提供服務的能力至關重要。

And as Oli mentioned, on new logos, we saw continued strong new logo ARR growth across geographies, industries and company sizes, and we have a strong pipeline of opportunities in Q4. Finally, our platform strategy continues to resonate with customers, with 80% of our customers using 2 or more products, 40% using 4 or more products and 16% using 6 or more products as of the end of Q3.

正如 Oli 所提到的，在新標識方面，我們看到新標識 ARR 在不同地區、行業和公司規模方面持續強勁增長，並且我們在第四季度擁有強大的機會渠道。最後，我們的平台戰略繼續與客戶產生共鳴，截至第三季度末，我們 80% 的客戶使用 2 種或更多產品，40% 使用 4 種或更多產品，16% 使用 6 種或更多產品。

Moving on to our financial statements. Billings were $467 million, up 51% year-over-year. Billings duration was slightly lower year-over-year.

繼續我們的財務報表。賬單為 4.67 億美元，同比增長 51%。比林斯的持續時間比去年同期略低。

Remaining performance obligations, or RPO, was $941 million, up 31% year-over-year. Current RPO growth was in the mid-40s year-over-year. As a reminder, we signed several large multiyear renewals in Q3 2021, which may make current RPO, a more useful indicator with -- as it excludes the multiyear duration impact. We also had a challenging comparables of that metric as Q3 of last year's current RPO growth was about 100%. We continue to believe revenue is a better indication of our business trends than billings or RPO as those can fluctuate relative to revenue based on the timing of invoices and the duration of customer contracts.

剩餘履約義務或 RPO 為 9.41 億美元，同比增長 31%。目前的 RPO 同比增長在 40 年代中期。提醒一下，我們在 2021 年第三季度簽署了幾項大型多年續約，這可能使當前的 RPO 成為一個更有用的指標——因為它排除了多年持續時間的影響。由於去年第三季度當前的 RPO 增長約為 100%，因此我們對該指標的可比性也具有挑戰性。我們仍然認為，收入比賬單或 RPO 更能反映我們的業務趨勢，因為這些可能會根據發票時間和客戶合同期限而相對於收入波動。

Now let's review some key income statement results. Unless otherwise noted, all metrics are non-GAAP. 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公認會計原則。我們在收益發布中提供了 GAAP 與非 GAAP 財務數據的對賬。

First, gross profit in the quarter was $348 million, representing a gross margin of 80%. This compares to a gross margin of 81% last quarter and 78% in the year ago quarter. We continue to experience efficiencies in cloud costs reflected in our cost of goods sold this quarter. In the medium to long term, we continue to expect gross margin to be in the high 70s range.

首先，本季度毛利潤為 3.48 億美元，毛利率為 80%。相比之下，上一季度的毛利率為 81%，去年同期為 78%。我們繼續體驗云成本的效率，這反映在本季度的銷售商品成本中。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。

Our Q3 non-GAAP OpEx grew 65% year-over-year as we continued to grow our headcount in R&D and go-to-market. Q3 operating income was $75 million or a 17% operating margin compared to an operating income of $44 million or a 16% operating margin in the year ago quarter.

我們的第三季度非公認會計原則運營支出同比增長 65%，因為我們繼續增加研發和進入市場的人數。第三季度營業收入為 7500 萬美元，營業利潤率為 17%，而去年同期的營業收入為 4400 萬美元，營業利潤率為 16%。

Then turning to the balance sheet and cash flow statements. We ended the quarter with $1.8 billion in cash, cash equivalents, restricted cash and marketable securities. Cash flow from operations was $84 million in the quarter. After taking into consideration capital expenditures and capitalized software, free cash flow was $67 million for a free cash flow margin of 15%.

然後轉向資產負債表和現金流量表。我們在本季度末擁有 18 億美元的現金、現金等價物、受限現金和有價證券。本季度運營現金流為 8400 萬美元。考慮到資本支出和資本化軟件後，自由現金流為 6700 萬美元，自由現金流利潤率為 15%。

Now for our outlook for the fourth quarter and fiscal year 2022. First, in forming our guidance, we continue to use conservative assumptions as to the organic growth of our customers. And as usual, we are basing our guidance on current economic conditions, which includes slower-than-historical growth in usage among existing customers as we have seen in Q2 and Q3.

現在是我們對第四季度和 2022 財年的展望。首先，在製定我們的指導方針時，我們繼續對客戶的有機增長使用保守的假設。和往常一樣，我們的指導基於當前的經濟狀況，其中包括我們在第二季度和第三季度看到的現有客戶的使用量增長低於歷史水平。

For the fourth quarter, we expect revenue to be in the range of $445 million to $449 million, which represents 37% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be in the range of $56 million to $60 million. And non-GAAP net income per share is expected to be in the $0.18 to $0.20 per share range based on an approximate 347 million weighted average diluted shares outstanding.

對於第四季度，我們預計收入將在 4.45 億美元至 4.49 億美元之間，中點同比增長 37%。非美國通用會計準則營業收入預計在 5600 萬美元至 6000 萬美元之間。根據約 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 0.18 美元至 0.20 美元之間。

For fiscal year 2022, we expect revenue to be in the range of $1.65 billion to $1.654 billion, which represents 61% year-over-year growth at the midpoint. And non-GAAP operating income is expected to be in the range of $300 million to $304 million, with non-GAAP net income per share expected to be in the range of $0.90 to $0.92 per share, again, based on an approximate 346 million weighted average annual diluted shares.

對於 2022 財年，我們預計收入將在 16.5 億美元至 16.54 億美元之間，中點同比增長 61%。非 GAAP 營業收入預計在 3 億美元至 3.04 億美元之間，非 GAAP 每股淨收入預計在每股 0.90 美元至 0.92 美元之間，基於約 3.46 億美元的加權年均攤薄股份。

Now some notes on guidance. As we discussed last quarter, Q4 includes some large-input person events, including our Dash user conference, which was held 2 weeks ago, and AWS re:Invent, our largest trade show event of the year. The cost of those events will result in an approximate 300-to-400-basis-point effect on margins.

現在有一些關於指導的說明。正如我們上個季度所討論的那樣，第四季度包括一些大型投入人員活動，包括兩週前舉行的 Dash 用戶大會，以及我們今年最大的貿易展活動 AWS re:Invent。這些事件的成本將對利潤率產生大約 300 到 400 個基點的影響。

As it relates to our capital expenditures, we are adding more office space around the world as we continue to return to office. We expect CapEx of about $15 million in Q4.

由於這與我們的資本支出有關，隨著我們繼續重返辦公室，我們正在世界各地增加更多的辦公空間。我們預計第四季度的資本支出約為 1500 萬美元。

In conclusion, while we recognize macroeconomic uncertainty continued into Q3, 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 strap.

總之，雖然我們認識到宏觀經濟的不確定性持續到第三季度，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狀況。

I want to thank Datadogs worldwide for their participation in these efforts.

我要感謝全球 Datadogs 對這些工作的參與。

And with that, we will open the call for questions. Operator, let's begin the Q&A.

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) Our first question comes from the line of Raimo Lenschow with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats on a great Q3. Olivier, like a quick question for me. The first one is on -- if you compare the current situation and the current environment and what you saw in the pandemic, back then, the hyperscalers, you kind of talked about cost optimization and customers calling back a little bit. It does seem it's slightly different now. Could you maybe talk a bit about some of the factors that you're seeing out there? And then I have one follow-up for David.

恭喜第三季度。奧利維爾，對我來說是一個快速的問題。第一個是開著的——如果你比較當前的情況和當前的環境以及你在大流行中看到的情況，那麼當時的超大規模企業，你有點談到成本優化和客戶回電一點。現在好像有點不一樣了。你能談談你在外面看到的一些因素嗎？然後我對大衛進行了跟進。

Yes, the situation is fairly different now from what we saw in COVID. First of all, in COVID, [with this whole very brutal], very broad, everyone was cramming to save money as quickly as possible, which is not what we're seeing today. What we're seeing today, it's a mix of things actually. First of all, everything that is related to direct transactions with customers, whether it's new logos or new products, all of that is actually working great, but the demand we can see there is as strong as we've seen it. When you look at the usage and where you might see cost optimization, I think there are 2 different stories there.

是的，現在的情況與我們在 COVID 中看到的情況大不相同。首先，在COVID中，[整個非常殘酷]，非常廣泛，每個人都在爭先恐後地盡快省錢，這不是我們今天看到的。我們今天所看到的，實際上是混合的。首先，與與客戶直接交易有關的一切，無論是新標識還是新產品，所有這些實際上都運作良好，但我們所看到的需求與我們所看到的一樣強勁。當您查看使用情況以及您可能會在哪裡看到成本優化時，我認為那裡有兩個不同的故事。

There's the customers that are largely cloud-native and normally pretty scale on the cloud environment, so then have cloud end-to-end on public cloud. They are definitely trying to save money. And these are companies that, in general, also tend to have their own growth rates affected or probably affected in the future by the macro trends. So that's why they're doing that.

有些客戶主要是雲原生的，通常在雲環境中具有相當大的規模，因此在公共雲上擁有端到端的雲。他們肯定是想省錢。總的來說，這些公司的自身增長率也往往會受到宏觀趨勢的影響或未來可能受到影響。這就是他們這樣做的原因。

But when you look at the other customers, the ones that are earlier in their cloud migration, they are actually not slowing down, and we see the same urgency and eagerness for them to keep scaling and keep moving into the cloud. And that's also where the bulk of our opportunity is.

但是，當您查看其他客戶，即較早進行雲遷移的客戶時，他們實際上並沒有放慢速度，我們看到他們繼續擴展並繼續遷移到雲中的緊迫性和渴望。這也是我們的大部分機會所在。

When you compare us to the hyperscalers, the -- we are seeing some expenses they're seeing when -- and by the way, I should say, it is always hard to do -- to draw a direct comparison between the numbers of the hyperscalers and ours. Their numbers include a bunch other things beyond infrastructure. And we're also not just in public cloud. We also might serve quite a bit of a private environment as well. But we're seeing some of what they're seeing in terms of optimization. We're a little bit less sensitive to it because we tend to -- because of what we do, we tend to skew towards more critical environment than everything that might be in the hyperscaler. And overall, all of our products meaningfully outperformed the growth of the hyperscalers.

當您將我們與超大規模企業進行比較時，我們看到了他們在何時看到的一些費用，順便說一句，我應該說，總是很難做到直接比較超大規模和我們的。他們的數字包括基礎設施以外的其他一些東西。我們也不只是在公共雲中。我們也可能服務於相當多的私人環境。但是我們看到了他們在優化方面看到的一些東西。我們對它不太敏感，因為我們傾向於 - 由於我們所做的事情，我們傾向於傾向於比超大規模器中可能存在的所有東西更關鍵的環境。總體而言，我們所有產品的表現都明顯優於超大規模企業的增長。

Okay. Perfect. And then David, in these kind of uncertain times, a lot of the time you have negotiations or a vendor has negotiated with customers around billings, billings terms, et cetera. Have you seen anything that is impacting you or that you can note?

好的。完美的。然後大衛，在這種不確定的時期，很多時候你都在談判或供應商與客戶就賬單、賬單條款等進行談判。你有沒有看到任何影響你或你可以注意到的東西？

No, we really haven't seen any difference in billing terms or DSOs for that matter. So on that side, given the mission-critical nature of the product, we haven't seen any material changes in that.

不，在這方面，我們確實沒有看到計費條款或 DSO 有任何差異。所以在這方面，鑑於產品的關鍵任務性質，我們沒有看到任何實質性的變化。

And again, that is different from COVID in that COVID was really a cash crunch that was something we were worried about. And so they are trying to prevent money from going out of the door right way. For us, in this case, it is more preparing for an environment where they might want to watch they profitability a bit more. And customers, when they negotiate on this, especially the ones that are fully scaled, the one thing they look for is more optionality in terms of how long they commit for and how much you commit for long period of time when they're -- especially when they're really unsure of their own growth rates.

再說一次，這與 COVID 不同，因為 COVID 確實是我們擔心的現金緊縮。因此，他們正試圖阻止資金以正確的方式流出。對我們來說，在這種情況下，更多的是為他們可能希望看到自己盈利更多一點的環境做準備。而客戶，當他們就此進行談判時，特別是那些完全規模化的客戶，他們尋找的一件事是在他們承諾多長時間以及你在很長一段時間內承諾多少方面更具選擇性，當他們——特別是當他們真的不確定自己的增長率時。

(Operator Instructions) Our next question comes from Fred Lee with Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Fred Lee。

I was wondering if you could comment a little bit on your traction in security, what segments you're seeing the most traction. And also bigger picture, what you're seeing in the wake of the silos breaking down between sec and DevOps overall.

我想知道您是否可以評論一下您在安全方面的吸引力，您看到哪些細分市場最具吸引力。還有更大的圖景，你在 sec 和 DevOps 之間的孤島崩潰之後所看到的。

Yes. So bigger picture, we -- I mean, fairly well, everybody is talking about it. We're not the only ones to talk about. They need to bring security to get them up and (inaudible) a lot of responsibility in that. So -- and we're confident that this is -- we see that developing in a way that's very similar to what we see with DevOps about a decade ago. So this gives us confidence.

是的。所以更大的圖景，我們 - 我的意思是，相當不錯，每個人都在談論它。我們不是唯一可以談論的人。他們需要提供安全措施來讓他們站起來，並且（聽不清）在這方面承擔很多責任。所以——我們相信這是——我們看到的發展方式與我們在大約十年前看到的 DevOps 非常相似。所以這給了我們信心。

In terms of our traction, we're happy with where we are. Like we see -- we have a -- we mentioned earlier, thousands of customers using our specific products. The customer business is growing fast, but the revenue is growing fast, but it's not like we're also growing the (inaudible) products very fast. And what we feel there's a lot of market pull, lot of traction with it. There's a lot of customers who want us to be there, and there's a lot of product investments we still need to do, some of that in -- at Dash, and there's a lot more coming. So it's working as planned, I would say, at this point.

就我們的牽引力而言，我們對自己所處的位置感到滿意。就像我們看到的——我們有一個——我們之前提到的，成千上萬的客戶使用我們的特定產品。客戶業務正在快速增長，但收入也在快速增長，但這並不是說我們的（聽不清）產品也在快速增長。我們認為它有很大的市場吸引力，很大的牽引力。有很多客戶希望我們在那裡，我們仍然需要做很多產品投資，其中一些在 Dash 中，還有更多。所以它正在按計劃工作，我想說，在這一點上。

Our next question comes from the line of Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Murphy。

Yes, and I will add my congratulations on a nice performance. So Olivier, many customers had said that your Cloud Cost Management solution is extremely well timed. And they're saying that because they're seeing interest in cost optimizations that didn't exist about 6 months ago. I'm wondering if that aligns with your view. And does that feel like a product to you that can get off to a pretty fast start in this environment? And then I have a quick follow-up.

是的，我會祝賀你的出色表現。所以 Olivier，許多客戶都說您的云成本管理解決方案非常及時。他們這麼說是因為他們看到了對大約 6 個月前還不存在的成本優化的興趣。我想知道這是否與您的觀點一致。在這種環境下，這對你來說是不是一種可以快速起步的產品？然後我有一個快速跟進。

I mean you're right that cost management is on a lot of people's minds right now. But I would say that it was already the 6 months ago and even a year ago. I think any company that is fully scaled into the cloud cares about their efficiency and they tend to have quite a bit of leverage in terms of cost improvement if they get it the right way with the right tooling.

我的意思是你是對的，現在很多人都在考慮成本管理。但我會說，這已經是 6 個月前甚至一年前的事了。我認為任何完全擴展到雲的公司都關心他們的效率，如果他們以正確的方式使用正確的工具來提高成本，他們往往會在成本改善方面擁有相當大的影響力。

So we think it's a product that, yes, it's well timed, but we think it's a product that's going to be -- that has the potential of being widely adopted and very useful for a very long time even after we come out of this challenging macro environment.

所以我們認為它是一個產品，是的，它的時機很好，但我們認為它是一個產品——它有可能被廣泛採用並且在很長一段時間內非常有用，即使在我們擺脫了這個挑戰之後宏觀環境。

Okay. Understood. And then, David, just as a quick follow-up. Looking at the sequential growth in Q3 is around 7% and the way it appears in guidance for Q4, just thinking about your cadence, that would seem to compound out at a year-over-year growth rate around 30%, the -- thinking forward, is that type of cadence a fair way to try to conceptualize the glide path into next year, just figuring somewhere around 30%, if we want to kind of derisk the models? Or do you think that Q3 and Q4 are maybe not so representative of where the puck is going to be heading here?

好的。明白了。然後，大衛，作為一個快速跟進。看看第三季度的環比增長約為 7% 以及它在第四季度的指導中出現的方式，只要考慮一下你的節奏，這似乎會以 30% 左右的年增長率複合， - 思考向前，如果我們想對模型進行貶低，這種節奏是否是嘗試將滑行路徑概念化到明年的公平方式，只需計算大約 30%？還是您認為第三季度和第四季度可能不那麼代表冰球的發展方向？

Yes, we're -- yes, as a reminder, we provide guidance in a consistent way. We essentially look at the environment, the performance. And given the usage model, we put conservative assumptions on top of that. We employed that for the guidance we gave here in Q4. For next year, we'll provide guidance when we report Q4 and plan to update everybody at that time.

是的，我們 - 是的，提醒一下，我們以一致的方式提供指導。我們基本上看環境，性能。鑑於使用模型，我們在此之上進行了保守的假設。我們將其用於我們在第四季度提供的指導。明年，我們將在報告第四季度時提供指導，併計劃屆時更新每個人。

Keep in mind the different aspects that are there. Part of it is driven by the new logos where we're getting some customers. Part of it is driven by the growth of existing customers. And the one we actually gave also is -- it's tougher to grow customers very fast when they're growing with us a lot over the past few years and when customers have grown [just spending 80%] year-over-year or [70%] year-over-year for 2 years. They might go away before of after that. But in turn, it might give us an easier compare for the future.

請記住那裡的不同方面。部分原因是我們獲得了一些客戶的新徽標。部分原因是現有客戶的增長。我們實際給出的也是——當客戶在過去幾年中與我們一起增長很多並且客戶同比增長 [僅花費 80%] 或 [70 %] 2 年同比。他們可能會在那之前或之後離開。但反過來，它可能會讓我們對未來更容易進行比較。

Our next question comes from the line of Sanjit Singh with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Sanjit Singh。

(inaudible)

（聽不清）

Sanjit, we can't hear you. Can you please get near to your mic?

桑吉特，我們聽不到你的聲音。你能靠近你的麥克風嗎？

Sorry about that. My question is really around competitive displacements and potentially observability consolidation within your customer base. To what extent are you seeing customers either consolidate open source or other sort of commercial tools and standardize on Datadog, not just to benefit from the innovation that you're seeing from the Datadog platform but also to lower their overall observability monitoring spend as they go into next year?

對於那個很抱歉。我的問題實際上是圍繞您的客戶群中的競爭替代和潛在的可觀察性整合。您看到客戶在多大程度上整合開源或其他類型的商業工具並在 Datadog 上進行標準化，這不僅是為了從您從 Datadog 平台看到的創新中受益，而且還可以降低他們在使用過程中的整體可觀察性監控支出到明年？

Well, we do see a little bit of both. I think it's [interesting] what we've seen in the past. There's no big or new trend there, but we see that happen across our customers. We think also in the future, this will only become more compelling when customers also bring to us more of their security use cases, more of their user analytics use cases, or the (inaudible) use cases. So these so far have required different copies of the data to be sent to different vendors, and this tends to be the most expensive part, [but] the other one, the part is that the cost structure that scales in the (inaudible) of these (inaudible). So we think we make a very compelling long-term proposition with these customers.

好吧，我們確實看到了兩者。我認為這是我們過去看到的[有趣]。那裡沒有大趨勢或新趨勢，但我們看到這種情況發生在我們的客戶身上。我們還認為，在未來，只有當客戶也將更多的安全用例、更多的用戶分析用例或（聽不清的）用例帶給我們時，這才會變得更加引人注目。所以到目前為止，這些都需要將不同的數據副本發送給不同的供應商，這往往是最昂貴的部分，[但]另一個部分是成本結構（聽不清）這些（聽不清）。因此，我們認為我們與這些客戶提出了非常引人注目的長期主張。

That makes a lot of sense. And then I think, Olivier, in your script, you called out a customer that's using 14 different products, which is pretty incredible to think about. For customers that's adopting that many different product capabilities, how is that contract sort of structured? And how does that adoption sort of happen? Is it through some broader, flexible sort of credit system? Or are they being -- are these products being sold or priced individually? Can you just give us a sense for a customer that gets up to that level of adoption? How does the sort of contracting work for that type of customer?

這很有意義。然後我想，Olivier，在你的劇本中，你召集了一個使用 14 種不同產品的客戶，這真是令人難以置信。對於採用許多不同產品功能的客戶，該合同的結構如何？這種採用是如何發生的？是通過某種更廣泛、更靈活的信用體係嗎？或者它們是——這些產品是單獨銷售還是單獨定價？您能否讓我們了解一下達到該採用水平的客戶？這種類型的客戶如何簽訂合同？

Yes. So the majority of those contracts for large customers [using a lot of] products are made on what we call the drawdown, which is basically setting committed amount of credit that customers can use. In relation to that, they get a rate card for all the various [SKUs] they are going to consume. And those rate cards can also be negotiated. Some customers use very large amounts of certain products. They can get a better rate of those specific products as well as they negotiate that. I think that's where it gets a little bit tailored to their specific use cases in their business.

是的。因此，大多數[使用大量]產品的大客戶合同都是根據我們所說的提款制定的，這基本上是設定客戶可以使用的承諾信用額度。與此相關的是，他們會獲得他們將要消費的所有各種 [SKU] 的價目表。這些價目表也可以協商。一些客戶使用非常大量的某些產品。他們可以通過談判獲得更好的特定產品價格。我認為這就是根據他們在業務中的特定用例量身定制的地方。

And not to add, that's what we've been talking about, the frictionless adoption where the client is using the platform. And given this drawdown with a rate card, they can use the products in a frictionless way as they expand their use of the Datadog platform.

更不用說，這就是我們一直在談論的，客戶使用平台的無摩擦採用。鑑於使用費率卡的這種縮減，他們可以在擴展 Datadog 平台的使用時以無摩擦的方式使用這些產品。

The benefit for them is they just -- they usually don't know how much of each of the products they are going to consume ahead of time. But overall, what the shape of their -- or the size of the data environment is going to be but also don't know within this environment how much APM, traces that would need versus logs versus metric versus really use our monitoring, is there anything else that we produce. So it gives them the flexibility there. And again, that's another reason to bring in to some of that more tools on our platform because they don't have to precommit to everything in separate buckets basically.

對他們來說的好處是他們只是——他們通常不知道他們將提前消費多少每種產品。但總體而言，它們的形狀或數據環境的大小將是什麼，但也不知道在這個環境中需要多少 APM、需要的跟踪、日誌、指標以及真正使用我們的監控，是否存在我們生產的任何其他產品。因此，它為他們提供了靈活性。再說一次，這是在我們的平台上引入更多工具的另一個原因，因為它們基本上不必預先提交到單獨的存儲桶中的所有內容。

Our next question comes from the line of Koji Ikeda with BofA Securities.

我們的下一個問題來自 Koji Ikeda 與 BofA Securities 的對話。

I just kind of wanted to dig in here on the consumer discretionary, and I appreciate all the comments you had in the prepared remarks. But was really kind of wondering, how much of that vertical is international? Just thinking about FX and the potential effects of FX there if the USD strength persists in the future.

我只是想在這裡深入探討非必需消費品，我感謝您在準備好的評論中的所有評論。但真的有點想知道，這個垂直領域有多少是國際化的？如果美元在未來持續走強，只需考慮外彙和外彙的潛在影響。

Yes. So on FX, sorry, David, if I'm [stealing] your thoughts out. The -- we charge in dollars everywhere, right? So we don't have any formal FX risk. We don't provide any adjusted numbers for FX, any of that. We do, however -- like our customers who buy our products from Europe and from Japan, their budgets are still in Japanese yen or in euros. And so we do think that the strong dollar is a headwind for us. We don't see very dramatically different growth rates between Europe, Americas and APAC. So we think we might see higher growth in APAC and Europe, which are smaller parts of our revenues and less mature if the dollar was weaker.

是的。所以在 FX 上，抱歉，大衛，如果我 [竊取] 你的想法。 - 我們在任何地方都以美元收費，對吧？所以我們沒有任何正式的外匯風險。我們不提供任何調整後的外匯數字。但是，我們確實這樣做了——就像從歐洲和日本購買我們產品的客戶一樣，他們的預算仍然是日元或歐元。所以我們確實認為強勢美元對我們來說是一個逆風。我們認為歐洲、美洲和亞太地區之間的增長率並沒有太大差異。因此，我們認為我們可能會看到亞太地區和歐洲的更高增長，如果美元疲軟，這些地區在我們收入中的佔比較小，而且不太成熟。

It is conjecture. We can't actually quantify that because we're charging dollars everywhere, but that's something that we are aware of.

這是猜想。我們實際上無法量化這一點，因為我們到處都在收取美元，但這是我們所知道的。

But in that -- just to add, in that sector we commented on, the predominant effect would be what's happening in their business, in their sector rather than the geographical location of the company and its customers.

但在那——只是補充一點，在我們評論的那個領域，主要影響將是他們的業務、他們的領域發生的事情，而不是公司及其客戶的地理位置。

Got it. Great. And just one follow-up, if I may, here on the Cloudcraft acquisition. Just any color on how big this company is. The press release, it says hundreds of thousands of engineers. So how does that equate to maybe customer overlap? And does Cloudcraft open the door to maybe new personas to sell into within organizations?

知道了。偉大的。如果可以的話，只是一個關於 Cloudcraft 收購的後續行動。關於這家公司有多大的任何顏色。新聞稿，它說成千上萬的工程師。那麼這如何等同於客戶重疊呢？ Cloudcraft 是否為在組織內推銷新角色打開了大門？

Yes. So Cloudcraft is very interesting because it's a very great product. There are lots of opportunities in terms of integrating their product with ours. There are opportunities also with some part of this product, many stand alone. It is a product that works very well for planning and for cloud architects in general to start their planning, their documenting, their cloud migration.

是的。所以 Cloudcraft 非常有趣，因為它是一個非常棒的產品。在將他們的產品與我們的產品集成方面有很多機會。該產品的某些部分也有機會，許多是獨立的。它是一款非常適合規劃和一般雲架構師開始規劃、記錄和雲遷移的產品。

It's also interesting for us from a distribution perspective because it has a lot of different users today. It has a very broad reach. It's also very easy to embed on third-party sites. So there are a number of opportunities we're excited about with Cloudcraft. You'll see more as we integrate and as we pursue these opportunities. But we're very excited. It's a company that we have been tracking for a while.

從分發的角度來看，這對我們來說也很有趣，因為它今天有很多不同的用戶。它的影響範圍非常廣泛。它也很容易嵌入第三方網站。因此，我們對 Cloudcraft 的許多機會感到興奮。隨著我們整合和追求這些機會，您會看到更多。但我們非常興奮。這是一家我們已經跟踪了一段時間的公司。

Just to make sure it's clear, it's a small company. It's an acqui-hire like we've done, meaning we are bringing on board the engineers, it does come with a customer base, it's an immaterial amount of revenues relative to our total and, as Oli mentioned, provides an extension of the platform as well as potentially some leads and some lead generation in the customers and personas.

只是為了確保清楚，這是一家小公司。就像我們所做的那樣，這是一次收購，這意味著我們正在招募工程師，它確實有一個客戶群，相對於我們的總收入而言，這是一個微不足道的收入，正如 Oli 所說，它提供了平台的擴展以及潛在的客戶和角色中的一些潛在客戶和一些潛在客戶生成。

Our next question comes from Matt Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matt Hedberg。

David, for you. Last quarter, you talked about a stronger July versus June. I'm wondering if you could comment a little bit on how the linearity of the quarter played out. And then maybe also how is -- how did October trend relative to September?

大衛，給你。上個季度，您談到 7 月比 6 月更強勁。我想知道您是否可以評論一下該季度的線性度如何發揮作用。然後也許還有 - 10 月相對於 9 月的趨勢如何？

Yes. So we -- for linearity, it was very similar linearity to what we've had. There was no difference. And so we saw -- unlike last quarter a bit, we saw pretty much of a pro rata type of quarter. And we normally have a strong October in terms of the flow of our customers and what they're doing in the platform before (inaudible).

是的。所以我們 - 對於線性度，它與我們所擁有的線性度非常相似。沒有區別。所以我們看到了 - 與上一季度不同，我們看到了幾乎按比例分配的季度。就我們的客戶流量和他們之前在平台上所做的事情（聽不清）而言，我們通常會有一個強勁的 10 月份。

We're pleased with what we have seen so far but still recognize that October is usually strong for us. And it's only the beginning of the quarter.

我們對迄今為止所看到的感到滿意，但仍然認識到十月對我們來說通常很強勁。這只是本季度的開始。

Oli, anything else you want to add to that?

奧利，你還有什麼要補充的嗎？

No, I think the one thing you're trying to get through (inaudible) over time during the quarter. We exited the quarter pretty much at where we entered it. There's no change there. And again, as David said, we're happy with what we've seen in October, but we're also usually happy with October. We -- Q4 has a bit more seasonality than other quarters. In particular, December tends to be a little bit weaker as a lot of our customers take time off and shut down their development environment and things like that. It's also been a little bit harder to forecast in recent years with the pandemic and the behavior that the vacation behavior that changed after the pandemic. So we are little bit careful with that, and that's all incorporated in our guidance, yes.

不，我認為隨著時間的推移，您在本季度試圖克服的一件事（聽不清）。我們幾乎在我們進入的地方退出了這個季度。那裡沒有變化。再說一次，正如大衛所說，我們對 10 月份的所見感到滿意，但我們通常也對 10 月份感到滿意。我們 - 第四季度比其他季度更具季節性。尤其是 12 月，由於我們的許多客戶請假並關閉他們的開發環境之類的事情，因此往往會稍弱一些。近年來，隨著大流行以及大流行後假期行為發生變化的行為，預測也變得有些困難。所以我們對此有點小心，這都包含在我們的指導中，是的。

And remind everybody what we said in the script was that the Q3 performance was very similar in its drivers to Q2. So that's further evidence of, as Oli said, that the conditions that we ended Q2 with continued throughout the Q3.

並提醒大家我們在腳本中所說的是，第三季度的表現在其驅動程序中與第二季度非常相似。正如奧利所說，這進一步證明了我們在第二季度結束時的情況在整個第三季度持續存在。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

David, a question on investment philosophy. Going into the pandemic, you didn't really pull the throttle back. You had it at 11. Going into these times, are you thinking differently about your investment philosophy in this cycle? And can you talk about quota-carrying reps in terms of -- are you at -- on pace to hire what you thought at the beginning of the year? Are you pulling back a little bit given some of the current macro jitters.

大衛，關於投資哲學的問題。進入大流行，你並沒有真正拉回油門。你在 11 歲就擁有了它。進入這個時代，你對這個週期的投資理念有不同的看法嗎？你能否談談執行配額的代表——你是否正處於——僱傭你在年初所想的方面？考慮到當前的一些宏抖動，你是不是有點退縮了。

Yes. I think as we remind everybody, we've always lived within our means and been limited more by our ability to integrate in a responsible way of quota-carrying reps, or R&D for that matter, into our company. And we really have not made changes. We had a sort of a prudent plan and continued. As a reminder to everybody, we think there's a very long-term opportunity, and we're investing behind that. We are cognizant that there's more volatility in microeconomic conditions, and we're looking at everything, but we didn't get out over our skis to begin with in our plan. So it allows us, given our model and the way we run the company, to continue that investment in a systematic way.

是的。我認為，正如我們提醒大家的那樣，我們總是量入為出，並且更多地受到我們以負責任的方式將配額攜帶代表或研發部門整合到我們公司的能力的限制。而且我們真的沒有做出改變。我們有一個謹慎的計劃並繼續。提醒大家，我們認為這是一個非常長期的機會，我們正在投資。我們意識到微觀經濟條件存在更大的波動性，我們正在關註一切，但我們並沒有在我們的計劃中一開始就擺脫困境。因此，考慮到我們的模式和運營公司的方式，它允許我們以系統的方式繼續投資。

And just to restate that, we -- so we did make changes. We're investing. From an R&D perspective, this was so early. There's so much we want to do, and we have great tractions on the products, and we keep investing there.

重申一下，我們——所以我們確實做出了改變。我們正在投資。從研發的角度來看，這還為時過早。我們想做的事情太多了，我們對產品有很大的吸引力，我們會繼續在那裡投資。

From a go-to-market perspective, as I mentioned on the call, we actually have a very strong pipeline, and the [conversations] with customers are going [to it] in terms of new logos and new products. And so there is value in growing the sales here, and there is short-term and long-term value there. So we'll keep doing that.

從進入市場的角度來看，正如我在電話會議上提到的那樣，我們實際上有一個非常強大的管道，並且與客戶的 [對話] 正在 [就新徽標和新產品進行]。所以在這裡增加銷售額是有價值的，那裡有短期和長期的價值。所以我們會繼續這樣做。

And the last thing I'd say is we -- remember, I keep repeating, but we burned only $30 million from inception to taking the company public. We generated a lot more cash since then. We have efficiency that's one of the core parts of our culture. That's how we run the business, where we built it. And as for the model, we've built in terms of frictionless expansion and adoption products.

我要說的最後一件事是我們——記住，我一直在重複，但從成立到公司上市，我們只燒掉了 3000 萬美元。從那時起，我們產生了更多的現金。我們的效率是我們文化的核心部分之一。這就是我們經營業務的方式，也是我們建立業務的地方。至於模型，我們已經建立了無摩擦擴展和採用產品。

So we trust that we have the levers and the way we thought to use them to make sure we have the right profitability as well.

因此，我們相信我們擁有槓桿以及我們認為使用它們的方式，以確保我們也擁有正確的盈利能力。

And just a quick follow-up on the [CRP]. I know David, you mentioned, so if I focus on that. It is continuing to decelerate. I guess is that just a function of the large comps? Are you seeing larger enterprise customers? You've seen a slower cadence of large deals come in. Can you give us your take on that?

並且只是對 [CRP] 的快速跟進。我知道大衛，你提到過，所以如果我專注於此。它正在繼續減速。我想這只是大型組合的一個功能嗎？您是否看到更大的企業客戶？您已經看到大型交易的節奏較慢。您能告訴我們您對此的看法嗎？

Yes, I think we had -- the comps are very significant in this quarter. In Q3 of last year, and I think we said this at the time, we had some large multiyear deals. A reminder, we don't try to target multiyear deals we had from the client side. So that's why the current probably is more of a time-correlated. And this also moves, so if you look at sort of the average of this, it tends over the longer time to correlate with revenues, but there's a lot of noise in this number. So we steer everyone back to revenues and then the computation we've given everybody on how to convert revenues into ARR.

是的，我認為我們有 - 本季度的比賽非常重要。去年第三季度，我想我們當時說過，我們有一些大型多年交易。提醒一下，我們不會試圖針對從客戶端獲得的多年交易。所以這就是為什麼電流可能更多地與時間相關。而且這也會發生變化，所以如果你看一下這個平均值，它往往會在更長的時間內與收入相關，但這個數字有很多噪音。因此，我們引導每個人回到收入，然後我們為每個人提供瞭如何將收入轉換為 ARR 的計算。

One big change again is -- one big driver for this is our early customers renewed because they're trying to get ahead of the growth and secure better economics. And in times of uncertainty like this one, customers tend to wait and see more. And sometimes, they have slightly worse economics a little bit, but they have been maintaining some optionality. And so this is why those numbers moved quite a bit. And again, the best predictor of what's going to happen next year, the revenue ramp on which we are. Everything else is sort of a little bit more distorted.

一個重大變化是 - 一個重要的驅動因素是我們的早期客戶更新，因為他們試圖領先於增長並確保更好的經濟性。在這樣的不確定時期，客戶往往會觀望更多。有時，他們的經濟情況稍微差一點，但他們一直保持著一些選擇性。這就是為什麼這些數字發生了很大變化的原因。再說一次，最好的預測明年會發生什麼，我們現在的收入增長。其他一切都有點扭曲。

Our next question comes from Kamil with William Blair.

我們的下一個問題來自卡米爾和威廉布萊爾。

Congrats on a strong quarter. It sounds like international demand has remained relatively unchanged from June. Was that consistent across regions? And what do you think is unique about Datadog that its major sales in Europe, more resilient than some of your peers?

祝賀一個強勁的季度。聽起來國際需求與 6 月相比基本保持不變。跨地區的情況是否一致？您認為 Datadog 的獨特之處在於它在歐洲的主要銷售，比您的一些同行更具彈性？

I mean, look, we see them everywhere. We're growing the teams everywhere. We're growing the teams on the right relative basis faster in Europe and in APAC than we are in the U.S. We're also growing the teams in Latin America, which is doing very well for us. So we -- from where we see, we see them in everywhere. We see Europe and Asia as a little bit behind the Americas in terms of maturity of the cloud migration. But they're scaling, and it's happening there, the same way it's happened in the past.

我的意思是，看，我們到處都能看到它們。我們正在各地發展團隊。我們在正確的相對基礎上在歐洲和亞太地區比在美國更快地發展團隊。我們也在拉丁美洲發展團隊，這對我們來說做得很好。所以我們——從我們看到的地方，我們到處都能看到它們。在雲遷移的成熟度方面，我們認為歐洲和亞洲略落後於美洲。但它們正在擴展，它正在那裡發生，就像過去發生的那樣。

From a competitive perspective, the situation is about the same everywhere. And it hasn't changed in any notable way over the past year, I would say. So there's nothing shocked to stay there.

從競爭的角度來看，各地的情況都差不多。我想說，在過去的一年裡，它並沒有發生任何顯著的變化。所以呆在那裡沒有什麼震驚的。

That's helpful. And if I could just follow up. You called out some vendor displaced in your prepared remarks. Can you maybe comment on how much of your new customer wins are coming from competitive displacements versus greenfield opportunities? And between the 2, are you seeing any difference in the macro impact that are -- companies that are using competitors may be revisiting alternative solutions to optimize pricing? Or is the mix shift [predictable]?

這很有幫助。如果我能跟進。你在準備好的評論中提到了一些被取代的供應商。您能否評論一下您贏得的新客戶中有多少來自競爭性替代與綠地機會？在這兩者之間，您是否看到宏觀影響的任何差異——使用競爭對手的公司可能正在重新審視替代解決方案以優化定價？還是混合變化[可預測]？

It's still a small minority of the deals, isn't it, right? It tends to be the only one that are very large because our customers already had something. They already have a large footprint, and we need to migrate it over. So these are deals that are large, and the one which is not, that's majority of the deal. The vast majority of the deals in there are small, and they grow from there. These are the ones we tend to mention because these are the ones that are most interesting to look at from day 1, but this is still a small minority of what we do.

這仍然是交易的一小部分，不是嗎？它往往是唯一一個非常大的，因為我們的客戶已經有了一些東西。它們已經佔用了大量空間，我們需要將其遷移過來。因此，這些都是大宗交易，而那些不是大宗的交易，是交易的大部分。那裡的絕大多數交易都是小規模的，它們是從那裡發展起來的。這些是我們傾向於提到的那些，因為這些是從第一天開始最有趣的那些，但這仍然是我們所做工作的一小部分。

We also don't particularly seek those deals. We train our sales team to land as many new logos and new products as possible. And it's better for them to do 10 smaller ones than 1 larger one. As those 10 smaller ones will each be as big as the 1 large one in the end. So that's -- in terms of dollar we make for dollar of sale activity we spend, that's the most productive.

我們也不特別尋求這些交易。我們培訓我們的銷售團隊以盡可能多地登陸新徽標和新產品。對他們來說，做 10 個較小的比做 1 個大的要好。因為這 10 個較小的最終將與 1 個大的一樣大。因此，就我們花費的銷售活動所賺取的美元而言，這是最有成效的。

Our next question comes from Fatima Boolani with Citi.

我們的下一個問題來自花旗銀行的 Fatima Boolani。

Oli, I've got one for you and one for you, David. Oli, to your commentary on the usage moderation persisting in the consumer discretionary vertical, I know this is a hard question. But what are some of the signs or signals from that vertical that would lead you to suggest -- or lead you to conclude that maybe there's more moderation to come? And I'm thinking about this in the context of sort of big tech, right, in the realm of digital advertising and all of the larger companies just beyond and outside of CDP -- the CDP vertical. So just any signals or signs that would lead you to conclude one way or the other is sort of the worst of the moderation on the platform expansion is behind us.

奧利，我有一個給你，一個給你，大衛。 Oli，對於您對非必需消費品垂直領域持續使用適度的評論，我知道這是一個難題。但是，有哪些來自該垂直領域的跡像或信號會引導你提出建議 - 或引導你得出結論，也許還會有更多的節製到來？我是在某種大型技術的背景下考慮這個問題的，對，在數字廣告領域以及 CDP 之外和之外的所有大公司——CDP 垂直領域。因此，任何會導致您得出一種或另一種方式的信號或跡像都是平台擴張中最糟糕的緩和已經過去了。

And then a quick follow-up for David, please.

然後請對大衛進行快速跟進。

Yes, I think the question is -- I mean it's mostly where we see the most case in the customers that are fully in the cloud -- fully scaled in the cloud. And there, basically, the -- we should expect their cloud spend to grow at the same rate of their top line in the end. And so when their top line started slowing down a bit -- or whether (inaudible) has been slowing down a bit, they try and slow the expenses as well, which is what we've seen.

是的，我認為問題是——我的意思是，我們在完全在雲中的客戶中看到最多的情況——在雲中完全擴展。基本上，我們應該期望他們的雲支出最終以與他們的收入相同的速度增長。因此，當他們的收入開始放緩——或者（聽不清）是否一直在放緩時，他們也會嘗試降低開支，這就是我們所看到的。

I think what we can tell you is whether the top line will just slow down and start narrow a little bit or it's getting compressed, I think it all depends on what big of an economic downturn we face, if any. We're not really in the business of predicting that. But what we see is for much of those customers, we got a pretty good idea of where they stand because we see what their projected spend growth even when it relates to the relative growth of the business.

我認為我們可以告訴你的是，收入是會放慢速度並開始縮小一點，還是會被壓縮，我認為這完全取決於我們面臨的經濟衰退有多大，如果有的話。我們並沒有真正預測這一點。但是我們看到的是對於這些客戶中的大多數，我們對他們的立場有一個很好的了解，因為我們看到了他們預計的支出增長，即使它與業務的相對增長有關。

David, last quarter, you sort of mentioned to us that a lot of customers and prospects are thinking about reduced commitment levels out the gate, right? So I'm curious about how that's trending this quarter and what your expectations are with what you're seeing with new customers in terms of commitment levels out the gate. And within this quarter, how much of that austerity, if you will, around commitment levels -- how much of that austerity contributed to maybe usage upside beyond the commitment levels this quarter, just kind of given the strength in the quarter?

大衛，上個季度，你對我們提到了很多客戶和潛在客戶正在考慮降低承諾水平，對吧？因此，我很好奇本季度的趨勢如何，以及您對新客戶在承諾水平方面的期望是什麼。在本季度內，有多少緊縮，如果你願意的話，圍繞承諾水平 - 有多少緊縮有助於本季度超出承諾水平的使用率上升，只是考慮到本季度的實力？

Just to clarify, so that's not exactly correct, what you said. So it is -- so essentially, most of our customers essentially land and expand and then commit and then grow their usage over time. And that has been going on in the whole model of the company. What we said last time was this is not related to they're cutting their commitment. This is related to when there are an overage on demand, whether they decide to do a new commitment or stay on demand longer and to be able to get greater visibility.

只是為了澄清，所以這並不完全正確，你所說的。所以它是 - 所以本質上，我們的大多數客戶基本上都會登陸並擴展，然後承諾，然後隨著時間的推移增加他們的使用量。這一直在公司的整個模型中進行。我們上次說的是這與他們削減承諾無關。這與何時出現需求過剩有關，他們是否決定做出新的承諾或保持更長時間的需求並能夠獲得更大的知名度。

The comment from last quarter was really more about billing and the -- those metrics then about customer usage. We said that customer usage has been lower than historical trends but not as low as it was in COVID. So that's another effect. And what we talked about last quarter was more about the billing effect. So we continue to say that customers are, as we talked about, cautious, but that really only has a marginal effect in the billing. And actually, when a client decides that and stays on demand, it has a positive effect on the revenue side in that micro decision.

上個季度的評論實際上更多是關於計費和 - 這些指標然後是關於客戶使用情況。我們說客戶使用率低於歷史趨勢，但沒有 COVID 時那麼低。所以這是另一個效果。我們上個季度談論的更多是關於計費效應。因此，我們繼續說，正如我們所談到的，客戶是謹慎的，但這實際上對計費產生的影響很小。實際上，當客戶決定並保持按需時，它會在該微觀決策中對收入方面產生積極影響。

And I'll just add one thing with respect to your first question and (inaudible). In terms of -- some part of the question is, how do we know things are going to get better or worse in the future? We -- I remind you that we have a usage that model for revenue, and we don't have to wait until the mix renewal to get the news on customers on whether this is better or worse. Whether news is good or bad, we get it early.

我將就您的第一個問題和（聽不清）添加一件事。就 - 問題的一部分而言，我們如何知道未來事情會變得更好或更糟？我們——我提醒你，我們使用這種模式來獲得收入，我們不必等到混合更新才能獲得有關客戶的消息，了解這是更好還是更糟。無論消息是好是壞，我們都會早早得到。

And an example of that is that while the -- broadly in the world, we see Q3 being worse at a macro level than Q2. As far as our business is concerned, Q3 is very, very much in line with Q2. And whatever step function there was in terms of changing the growth rates for some customers happened in Q2 already and didn't change in Q3. So we are fairly confident that whatever happens with CDP this year is...

這方面的一個例子是，雖然 - 在世界範圍內，我們認為第三季度在宏觀層面上比第二季度更糟糕。就我們的業務而言，第三季度與第二季度非常非常一致。並且在改變某些客戶的增長率方面存在的任何階梯函數已經在第二季度發生並且在第三季度沒有改變。因此，我們相當有信心，今年 CDP 發生的任何事情都是……

Our next question comes from Ittai Kidron with Oppenheimer & Co.

我們的下一個問題來自奧本海默公司的 Ittai Kidron。

Congrats guys. Great quarter. David, I just want to have one question for you on the net dollar expansion rate. Great to see it well above 130%. But I was hoping if you could give a little bit more color on that. Specifically, directionally, did it go down quarter-over-quarter? And perhaps, is there a way for you to break down the mix of existing solution expansion in that mix versus new solution adoption? I'm just wondering maybe not in absolute terms or perhaps on a relative basis how that mix has changed over the last 2, 3 quarters.

恭喜伙計們。很棒的季度。大衛，我只想問你一個關於美元淨擴張率的問題。很高興看到它遠高於 130%。但我希望你能在上面多點顏色。具體來說，在方向上，它是否環比下降？也許，您有沒有辦法打破現有解決方案擴展與新解決方案採用的混合？我只是想知道，也許不是絕對的，或者是相對的，這種組合在過去 2、3 個季度中發生了怎樣的變化。

Sure. So we don't give more pointed net retention, but it is a fact that if the organic rate -- or the expanding rate of customers is lower than it was in previous periods and we said that the rate is lower than it was at the peak but not as low as it was at the low and COVID in the middle that, that would indicate that net retention would be going down mathematically. But we don't give more information than that.

當然。所以我們沒有給出更明確的淨留存率，但事實是，如果有機率 - 或客戶的擴張率低於前幾個時期，我們說這個比率低於它在峰值，但不像低點和中間的 COVID 那樣低，這表明淨留存率在數學上會下降。但我們不會提供更多信息。

As far as the -- and I think we said a little bit about this in the past, as far as the mix between expansion of existing solutions and new as clients adopt more of the solution in their land, which we said is happening, what happens again, mathematically is that the percentage of the net retention from existing products goes up, despite the fact that, as we said, we have very strong adoption of additional products. But we also have very strong momentum in client landing with more products, which affects that number directionally, if that makes sense, yes.

至於 - 我認為我們過去曾對此談過一點，至於現有解決方案的擴展和新解決方案之間的混合，因為客戶在他們的土地上採用了更多的解決方案，我們說這正在發生，什麼再次發生，從數學上講，現有產品的淨保留百分比上升，儘管事實上，正如我們所說，我們非常強烈地採用其他產品。但是我們在客戶登陸方面也有非常強勁的勢頭，有更多的產品，這會直接影響這個數字，如果這有意義的話，是的。

No, that's helpful. And then maybe, Oli, for you, on the database monitoring. It seems like you're off for a good start there. Just from a persona standpoint, does this expand the personas that you're touching? I mean do you need to be engaged more with this administrative admins in order to sell this product? Or I'm just trying to think from a go-to-market standpoint, what is needed to keep driving progress here?

不，這很有幫助。然後也許，Oli，為你，關於數據庫監控。看起來你已經準備好了一個好的開始。僅從角色的角度來看，這是否會擴展您所接觸的角色？我的意思是您是否需要更多地與此管理管理員互動才能銷售此產品？或者我只是想從進入市場的角度思考，需要什麼來保持這裡的進步？

In terms of -- from a go-to-market perspective, it was as similar as the rest of what we deliver. It expands nicely on top of the rest of the platform. You're right, so that we're reaching to some of the more specialized function around like DBAs and people like that. And -- but we also have those are not trained as DBAs, solve the issues and develop DBA skills in a way. So we -- you're right that there's a little bit of a difference there.

從進入市場的角度來看，它與我們提供的其他產品相似。它很好地擴展了平台的其餘部分。你是對的，所以我們正在接觸一些更專業的職能，比如 DBA 和類似的人。而且——但我們也有那些沒有接受過 DBA 培訓的人，他們解決了問題並以某種方式發展了 DBA 技能。所以我們——你說得對，那裡有一點點不同。

I think today because of the better business we reported today, it's not as pronounced as it might be in the future when we start supporting [bigger] business like Oracle, for example, where the position of the DBA is more formalized, I would say.

我認為今天因為我們今天報告的更好的業務，當我們開始支持像 Oracle 這樣的[更大] 業務時，它不像將來那麼明顯，例如，DBA 的職位更加正式，我想說.

Our final question will come from the line of Michael Turits with KeyBanc.

我們的最後一個問題將來自 KeyBanc 的 Michael Turits。

Two quick kind of same questions. I think you talked about the growth rates of a number of hosts monitored last quarter is an indication that you really weren't seeing any slowing in the underlying capacity of what needed to be monitoring. Is that growth rate still the same?

兩個快速的相同問題。我認為您談到上個季度監控的許多主機的增長率表明您確實沒有看到需要監控的基礎容量有任何放緩。增長速度還是一樣嗎？

It's -- if you look at the growth by product this time, it's not only (inaudible) needs to be. There's some variations quarter-to-quarter. A lot is about the same in growth rate. APM is a little bit better. In fact, [it shows] a bit down, but there's nothing really meaningful there. I think some of the effects you might expect from what you heard from the hyperscaler, we see maybe some of that in the infrastructure, but it's not extremely pronounced. So that's why we can't comment on this (inaudible).

這是 - 如果您這次按產品查看增長，不僅（聽不清）需要。每個季度都有一些變化。很多東西的增長率都差不多。 APM 稍微好一點。事實上，[它顯示]有點低落，但那裡沒有什麼真正有意義的。我認為您可能會從超大規模器中聽到的一些影響，我們可能會在基礎設施中看到其中的一些影響，但它並不是非常明顯。這就是為什麼我們不能對此發表評論（聽不清）。

Okay. And then David, just on the CapEx that you called out that was having to do with headquarters, $15 million extra, I believe you said in this quarter. So any -- I know you're not giving guidance for next year. But is that a 1-quarter phenomenon, a multi-quarter phenomenon? How big an impact longer term on CapEx?

好的。然後大衛，就在你所說的與總部有關的資本支出上，我相信你在本季度所說的額外 1500 萬美元。所以任何——我知道你不會為明年提供指導。但這是一個季度的現象，還是一個多季度的現象？對資本支出的長期影響有多大？

Yes. Just clarify, that wasn't extra. That's just the total amount, not the delta between the quarters. We haven't provided that type of guidance. We are expanding and building out offices. And again, when we provide guidance for next year, we'll endeavor to provide some guidance that will help in the modeling. Thanks.

是的。澄清一下，這不是額外的。這只是總量，而不是季度之間的增量。我們還沒有提供那種類型的指導。我們正在擴大和建立辦公室。同樣，當我們為明年提供指導時，我們將努力提供一些有助於建模的指導。謝謝。

At this time, I would like to turn it back to Olivier Pomel for any further comments.

在這個時候，我想把它轉回給 Olivier Pomel 以徵求任何進一步的意見。

Thank you. Thank you all for listening. I also want to thank, obviously, all Datadogs around the world for working so hard this quarter. [It's been] another great quarter. And I want to thank our customers for trusting us with their business and joining us at Dash, as we've (inaudible) was a great event. So thank you all, and we'll speak again in Q4.

謝謝你。謝謝大家的收聽。顯然，我還要感謝世界各地的所有 Datadogs 在本季度如此努力地工作。 [這是]另一個很棒的季度。我要感謝我們的客戶信任我們的業務並加入 Dash，因為我們（聽不清）是一個很棒的活動。謝謝大家，我們將在第四季度再次發言。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。