數據狗 (DDOG) 2022 Q4 法說會逐字稿

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

美好的一天，謝謝你的支持。歡迎來到 Datadog 第四季度收益電話會議。 （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. Please go ahead.

我現在想把會議交給今天的發言人，投資者關係副總裁 Yuka Broderick。請繼續。

Thank you, Katherine. Good morning, and thank you for joining us to review Datadog's fourth quarter and fiscal year 2022 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，凱瑟琳。早上好，感謝您加入我們，回顧我們在今天上午發布的新聞稿中公佈的 Datadog 第四季度和 2022 財年財務業績。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 first quarter and fiscal year 2023 and related notes and assumptions, 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, 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.

在此次電話會議中，我們將做出前瞻性陳述，包括與我們未來財務業績、我們對第一季度和 2023 財年的展望以及相關註釋和假設、我們的毛利率和營業利潤率、我們的戰略、我們的產品能力相關的陳述以及我們利用市場機會的能力。預期、相信、繼續、估計、預期、打算、將和類似表達等詞語旨在識別前瞻性陳述或未來預期的類似指示。這些陳述僅反映我們截至今日的觀點，並受各種風險和不確定因素的影響，這些風險和不確定因素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 September 30, 2022. Additional information will be made available in our upcoming Form 10-K for the fiscal year ended December 31, 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. 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 investors.datadoghq.com.

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 9 月 30 日的季度的 10-Q 表。更多信息將在我們即將發布的 10-K 表中提供截至 2022 年 12 月 31 日的財政年度，以及向美國證券交易委員會提交的其他文件。此信息也可在我們網站的投資者關係部分以及此電話會議的重播中找到。我們還將討論非 GAAP 財務指標，這些指標與我們收益發布表中最直接可比的 GAAP 財務指標相一致，可在 investors.datadoghq.com 獲取。

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

有了這個，我想把電話轉給奧利維爾。

Thanks, Yuka, and thank you all for joining us this morning. We had a solid Q4 to end a strong fiscal year 2022. We delivered significant new innovations for our customers, we saw increasing adoption of our products and we attracted thousands of new customers to our platform. Meanwhile, we delivered strong revenue growth, margins, non-GAAP operating profit, and we generated more than $350 million in free cash flow.

謝謝 Yuka，感謝大家今天早上加入我們。我們以穩健的第四季度結束了強勁的 2022 財年。我們為客戶提供了重大的新創新，我們看到我們的產品越來越多地被採用，並且我們吸引了成千上萬的新客戶使用我們的平台。與此同時，我們實現了強勁的收入增長、利潤率、非 GAAP 營業利潤，並且產生了超過 3.5 億美元的自由現金流。

Let me start with a review of our Q4 financial performance. In Q4, revenue was $469 million, an increase of 44% year-over-year, 8% quarter-over-quarter and above the high end of our guidance range. We had about 23,200 customers, up from about 18,800 last year. We ended the quarter with about 2,780 customers with ARR of $100,000 or more, up from about 2,010 last year. These customers generated about 85% of our ARR. And we had 317 customers with ARR of $1 million or more compared to the 216 we had at the end of last year. We generated free cash flow of $96 million with a free cash flow margin of 21%. And our dollar-based net retention rate continued to be over 130% as customers increased their usage and adopted more products.

讓我先回顧一下我們第四季度的財務業績。第四季度，收入為 4.69 億美元，同比增長 44%，環比增長 8%，高於我們指導範圍的上限。我們有大約 23,200 名客戶，高於去年的大約 18,800 名。本季度結束時，ARR 達到或超過 100,000 美元的客戶約有 2,780 名，高於去年的約 2,010 名。這些客戶產生了我們大約 85% 的 ARR。與去年底的 216 名客戶相比，我們有 317 名客戶的 ARR 達到或超過 100 萬美元。我們產生了 9600 萬美元的自由現金流，自由現金流利潤率為 21%。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%。

Our platform strategy continues to resonate in the market. As of the end of Q4, 81% of customers were using 2 or more products, up from 78% a year ago; 42% of customers were using 4 or more products, up from 33% a year ago; and 18% of our customers were using 6 or more products, up from 10% last year.

我們的平台戰略繼續在市場上引起共鳴。截至第四季度末，81% 的客戶使用 2 種或更多產品，高於一年前的 78%； 42% 的客戶使用 4 種或更多產品，高於一年前的 33%； 18% 的客戶使用 6 種或更多產品，高於去年的 10%。

Now moving on to this quarter's business drivers. Overall, we observed slower usage growth with existing customers while continuing to scale our new logo acquisition and new product cross-sells. Starting with usage. Usage growth of existing customers in Q4 was overall slightly lower than what we observed in Q2 and Q3, which we attribute, first, to a continuation of cloud cost optimization by our larger spending customers; and second, to a seasonal annual slowdown in the second half of December that was more pronounced than in previous years. As in Q2 and Q3, we continue to see more optimization from customers as a larger cloud footprint, while our smaller spending customers are exhibiting higher growth.

現在轉向本季度的業務驅動因素。總體而言，我們觀察到現有客戶的使用增長放緩，同時繼續擴大我們的新徽標收購和新產品交叉銷售。從使用開始。第 4 季度現有客戶的使用增長總體上略低於我們在第 2 季度和第 3 季度觀察到的情況，我們首先將其歸因於我們的較大支出客戶持續優化云成本；其次，12 月下半月的季節性年度放緩比往年更為明顯。與第二季度和第三季度一樣，我們繼續看到客戶的更多優化是更大的雲足跡，而我們的較小支出客戶則表現出更高的增長。

From a product perspective, we didn't see meaningful differences among our major products as they all experienced solid growth, albeit decelerating on a year-over-year basis. In contrast to this deceleration in usage growth for existing customers, we continue to execute on new logo lands and multiproduct adoption, and we also continue to see stable, very strong growth retention trends.

從產品的角度來看，我們沒有看到我們的主要產品之間存在顯著差異，因為它們都經歷了穩健的增長，儘管同比增長有所放緩。與現有客戶使用量增長放緩形成鮮明對比的是，我們繼續在新徽標領域和多產品採用方面執行，我們也繼續看到穩定、非常強勁的增長保留趨勢。

First, we had our strongest new logo quarter to date, with a record level of new logo ARR bookings. Second, our sales pipeline remains healthy as our pattern of new logo and cross-sell is scaling above the levels of the past years, and we see demand growing along with our investments in go-to market.

首先，我們擁有迄今為止最強勁的新徽標季度，新徽標 ARR 預訂量創下歷史新高。其次，我們的銷售渠道保持健康，因為我們的新徽標和交叉銷售模式正在擴展到過去幾年的水平之上，而且我們看到需求隨著我們對進入市場的投資而增長。

I'd also like to point out that although we have made steady progress, we still see significant opportunities to grow our penetration in total spend amounts with larger customers. As a data point, as of January 2023, 37% of the Fortune 500 are Datadog customers, up from 30% last year. For these customers, the median Datadog ARR is in the hundreds of thousands of dollars. This leaves a very large opportunity for us to go with these customers as they continue to move towards the cloud and more of them develop.

我還想指出，儘管我們取得了穩步進展，但我們仍然看到了重要的機會來提高我們在總支出中對更大客戶的滲透率。作為一個數據點，截至 2023 年 1 月，37% 的財富 500 強企業是 Datadog 的客戶，高於去年的 30%。對於這些客戶，Datadog ARR 的中位數為數十萬美元。這給我們留下了一個非常大的機會，讓我們可以與這些客戶一起去，因為他們繼續轉向雲，並且他們中的更多人正在發展。

We are also pleased with the initial take-up of some of our newest products, including Cloud Cost Management, for which we already added a mid-6-figure commitment last month from a global fast food chain. And finally, churn has remained low, with gross revenue retention steady in the mid- to high 90s. We believe this high retention number is indicative of the business criticality of Datadog for our customers.

我們也對我們的一些最新產品的初步採用感到高興，包括云成本管理，上個月我們已經從一家全球快餐連鎖店增加了 6 位數的承諾。最後，客戶流失率一直很低，總收入保留率穩定在 90 年代中期至中期。我們相信這個高保留率表明 Datadog 對我們客戶的業務重要性。

Now let's move on to R&D. During the quarter, we released our latest product to general availability, Universal Service Monitoring, which detects all micro services across an organization's environment and provides instant visibility into their health and dependencies, all without any code changes. Universal Service Monitoring bridges our existing monitoring and application performance monitoring capabilities and it involves end-to-end observability with minimal deployment friction.

現在讓我們繼續研發。在本季度，我們發布了我們的最新產品通用服務監控，它可以檢測組織環境中的所有微服務，並提供對其健康狀況和依賴關係的即時可見性，所有這些都無需任何代碼更改。 Universal Service Monitoring 連接了我們現有的監控和應用程序性能監控功能，它涉及端到端的可觀察性和最小的部署摩擦。

Now let's take a moment to review the R&D team's accomplishments in 2022. We ended the year with 17 generally available products, up from 13 at the end of 2021, and we greatly expanded the capabilities of our existing products. Overall, in 2022, we have meaningfully broadened our observability capabilities and pushed forward in making each product best of breed. Meanwhile, we have made meaningful progress but remain in early days in the new areas of cloud security and developer experience.

現在讓我們花點時間回顧一下研發團隊在 2022 年取得的成就。到年底，我們有 17 種普遍可用的產品，高於 2021 年底的 13 種，我們大大擴展了現有產品的功能。總的來說，在 2022 年，我們有意義地擴展了我們的可觀察性能力，並推動使每個產品成為同類產品中的佼佼者。與此同時，我們取得了有意義的進展，但在雲安全和開發人員體驗的新領域仍處於早期階段。

In observability, we continue to expand our end-to-end unified platform. We now have more than 600 integrations, including all the latest products on AWS, GCP and Azure. We launched new AI capabilities, such as Watchdog Log Anomaly Detection to help customers separate signal from noise in data and Watchdog Root Cause Analysis to identify the root cause of issues and quantify their impact in customers.

在可觀察性方面，我們繼續擴展我們的端到端統一平台。我們現在有 600 多個集成，包括 AWS、GCP 和 Azure 上的所有最新產品。我們推出了新的 AI 功能，例如 Watchdog 日誌異常檢測，以幫助客戶將數據中的信號與噪聲分開，以及 Watchdog 根本原因分析，以識別問題的根本原因並量化其對客戶的影響。

We launched Cloud Cost Management to help customers take control of their infrastructure costs. We announced Service Catalog to manage service ownership at scale. We made Observability Pipelines generally available, enabling customers to collect and transform data from any source to any destination, all at petabyte scale. We launched Audit Trail to help customers achieve their compliance and governance goals. We extended Sensitive Data Scanner beyond logs to inspect APM and REM data flows. And we now collect data from SNMP Traps to provide greater visibility into physical network equipment.

我們推出了 Cloud Cost Management 以幫助客戶控制其基礎架構成本。我們發布了 Service Catalog 來大規模管理服務所有權。我們使 Observability Pipelines 普遍可用，使客戶能夠以 PB 級的規模從任何來源收集數據並將其轉換到任何目的地。我們推出了 Audit Trail 以幫助客戶實現其合規性和治理目標。我們將敏感數據掃描程序擴展到日誌之外，以檢查 APM 和 REM 數據流。我們現在從 SNMP 陷阱收集數據，以提供對物理網絡設備的更大可見性。

In cloud security, we kept building out our platform. We launched Cloud Security Management, our rich context-aware CNAPP platform. We launched Application Security Management, building on our acquisition of Sqreen in 2021, and we announced the beta of Native Protection to block malicious factors directly within the data platform.

在雲安全方面，我們不斷構建我們的平台。我們推出了雲安全管理，這是我們豐富的上下文感知 CNAPP 平台。我們在 2021 年收購 Sqreen 的基礎上推出了應用程序安全管理，我們還宣布了 Native Protection 測試版，以直接在數據平台內阻止惡意因素。

In developer experience, we are expanding on our CI Visibility product. We introduced continuous testing to bring efficient and reliable testing within CI/CD pipelines, and we launched the beta of Intelligence Test Runners, which significantly reduces the time and cost of running tests.

在開發人員體驗方面，我們正在擴展我們的 CI Visibility 產品。我們引入了持續測試，以在 CI/CD 管道中實現高效可靠的測試，我們推出了 Intelligence Test Runners 測試版，這顯著減少了運行測試的時間和成本。

And last but not least, we delivered a number of platform-wide initiatives. We achieved FedRAMP moderate authorization and have since landed a number of government agencies as customers. Our customers today can also use CoScreen for collaboration, incident response, preprogramming and debugging less than a year after the acquisition, and we continue to expand on the HIPAA and PCI compliance of our products. As you can tell, we've been busy, and I want to thank the R&D team for a very productive year.

最後但並非最不重要的一點是，我們實施了一系列全平台計劃。我們獲得了 FedRAMP 適度授權，並獲得了多家政府機構的客戶。在收購後不到一年的時間裡，我們今天的客戶還可以使用 CoScreen 進行協作、事件響應、預編程和調試，並且我們繼續擴展我們產品的 HIPAA 和 PCI 合規性。如您所知，我們一直很忙，我要感謝研發團隊讓我們度過了豐碩的一年。

Looking ahead to 2023, our teams are continuing to push forward as beta products from 2022 include data streams monitoring, workflow automation, event correlation, heat maps, dynamic instrumentation, workload security profiling, resource catalog and native protection, among others. We also continue to integrate our 2022 acquisitions, CoScreen, Hdiv, Seekret and Cloudcraft into the Datadog platform, and we are excited for their potential. In summary, we're looking forward to delivering many more capabilities to help our customers in 2023.

展望 2023 年，我們的團隊將繼續推進，因為 2022 年的 Beta 產品包括數據流監控、工作流自動化、事件關聯、熱圖、動態檢測、工作負載安全分析、資源目錄和本地保護等。我們還繼續將 2022 年收購的 CoScreen、Hdiv、Seekret 和 Cloudcraft 整合到 Datadog 平台中，我們對它們的潛力感到興奮。總之，我們期待在 2023 年提供更多功能來幫助我們的客戶。

Now let's move on to sales and marketing. Our go-to-market teams continue to execute very well into the end of 2022, in particular on new logo lands. So let's go over a few of our wins this quarter. First, we signed a 7-figure land with a Fortune 500 industrial group. This company was using multiple open-source and built-in cloud monitoring tools, which led to release delays and consumer-facing outages. In addition to our metric [transition] log, this company will rely on our ability to integrate open telemetry data sources to deliver immediate value. This customer's initial deal includes 13 products across our observability, security and developer experience categories.

現在讓我們繼續進行銷售和營銷。到 2022 年底，我們的上市團隊繼續表現出色，尤其是在新徽標土地上。因此，讓我們回顧一下本季度的一些勝利。首先，我們與一家世界500強工業集團簽訂了7位數的土地。該公司使用多種開源和內置雲監控工具，導致發布延遲和麵向消費者的中斷。除了我們的指標 [transition] 日誌之外，該公司還將依靠我們集成開放遙測數據源的能力來提供即時價值。該客戶的初始交易包括 13 種產品，涵蓋我們的可觀察性、安全性和開發人員體驗類別。

Next, we signed a 7-figure land with a Fortune 500 financial services company. This customer is moving hundreds of applications from on-prem to the cloud and multiple legacy tools were creating gaps in visibility and post-PCI compliance problems. This customer today is looking at savings of roughly $1 million in the first year of using Datadog and a meaningful reduction in mean time to resolution. This deal will start with infrastructure monitoring and replace 3 different tools with plans to expand to other Datadog products in the future.

接下來，我們與一家世界500強金融服務公司簽訂了7位數的土地。該客戶正在將數百個應用程序從本地遷移到雲端，而多個遺留工具在可見性和 PCI 後合規性問題方面造成了差距。今天，該客戶希望在使用 Datadog 的第一年節省大約 100 萬美元，並顯著縮短解決問題的平均時間。這筆交易將從基礎設施監控開始，併計劃在未來擴展到其他 Datadog 產品，取代 3 種不同的工具。

Next, we signed a 7-figure land deal with a major federal government agency. This agency was looking to reduce tool sprawl and aimed at a rapid rollout to hundreds of different programs while saving money on engineering and issue resolution. This agency is among a number of new government customers in 2022, following our FedRAMP moderate authorization. And this deal is expected to displace at least 8 commercial legacy monitoring tools.

接下來，我們與一家主要的聯邦政府機構簽署了一份 7 位數的土地交易。該機構希望減少工具的蔓延，並旨在快速推出數百個不同的程序，同時節省工程和問題解決方面的資金。在我們的 FedRAMP 適度授權之後，該機構是 2022 年眾多新政府客戶之一。這筆交易預計將取代至少 8 個商業遺留監控工具。

Next, we signed a 7-figure land deal with a leading Japanese system integrator. This company has been a very successful hardware system integrator and is looking to grow its digital and cloud transformation business. This customer plans to add up 15 Datadog products in order to support its ambitious growth plan.

接下來，我們與一家領先的日本系統集成商簽署了一份 7 位數的土地交易。該公司一直是非常成功的硬件系統集成商，並且正在尋求發展其數字和雲轉型業務。該客戶計劃添加 15 種 Datadog 產品以支持其雄心勃勃的增長計劃。

And last for today, we signed a multimillion dollar expansion with one of the world's leading insurance companies. Prior to using Datadog, this company was using more than 30 tools across 9 business units. By consolidating onto Datadog, the customer estimates it's achieved roughly 115% ROI all within a year while reducing average mean time to resolution from 1.5 hours to 15 minutes. With this renewal, this company is adding database monitoring, cloud security management and application security management and is now using 12 Datadog products.

最後是今天，我們與世界領先的保險公司之一簽署了數百萬美元的擴張協議。在使用 Datadog 之前，該公司在 9 個業務部門使用了 30 多種工具。通過整合到 Datadog，客戶估計它在一年內實現了大約 115% 的投資回報率，同時將解決問題的平均平均時間從 1.5 小時減少到 15 分鐘。通過此次更新，該公司正在添加數據庫監控、雲安全管理和應用程序安全管理，目前正在使用 12 款 Datadog 產品。

That's it for this quarter's customer highlights. And again, I'd like to thank our go-to-market teams for their great execution in Q4 and throughout 2022.

這就是本季度的客戶亮點。再次，我要感謝我們的上市團隊在第四季度和整個 2022 年的出色執行。

Now let me speak to our longer-term outlook and my thoughts on 2023. Although we are seeing customers be more cautious with their cloud usage expansion in the near term, we see no change to the long-term trends towards digital transformation and cloud migration. We think it's healthy for customers to optimize, and we believe that the ability to correct course and continually align the nature and scale of their applications with their business needs is one of the key benefits of cloud transformation.

現在讓我談談我們的長期展望和我對 2023 年的看法。儘管我們看到客戶在短期內對他們的雲使用擴展更加謹慎，但我們認為數字化轉型和雲遷移的長期趨勢沒有改變.我們認為對客戶進行優化是有益的，並且我們相信能夠糾正路線並不斷使他們的應用程序的性質和規模與他們的業務需求保持一致是雲轉型的主要好處之一。

At Datadog, we have always organized our products and our business around helping customers gain agility and reduce costs, and we do it by enabling stronger business performance and efficient use of their engineering and infrastructure spend. Regardless of near-term macro pressure, we believe it is still early days, and we expect that companies worldwide will continue to grow their next-gen IT footprint to deliver value to their customers.

在 Datadog，我們始終圍繞幫助客戶獲得敏捷性和降低成本來組織我們的產品和業務，我們通過實現更強大的業務績效和有效利用他們的工程和基礎設施支出來實現這一目標。無論近期宏觀壓力如何，我們認為現在仍處於早期階段，我們預計全球公司將繼續擴大其下一代 IT 足跡，為客戶創造價值。

Given the large opportunities we see in front of us, we plan to keep building and innovating. We have already made progress in observability, but we still have much to do to deliver more value and solve more problems for our customers. And we are excited about our opportunities in cloud security, developer experience as well as our early efforts in areas around ITSM and real-time business intelligence.

鑑於擺在我們面前的巨大機遇，我們計劃繼續建設和創新。我們在可觀察性方面已經取得了進步，但要為客戶提供更多價值和解決更多問題，我們還有很多工作要做。我們對我們在雲安全、開發人員體驗方面的機會以及我們在 ITSM 和實時商業智能領域的早期努力感到興奮。

As we have since we founded Datadog, we are also balancing long-term investments against maintaining the discipline to ensure our continual financial performance. We recognize that the macro environment remains uncertain. So while we continue to focus on scaling and investing, we are growing those investments in a disciplined fashion in 2023, and David will discuss this in more detail. We remain confident in our long-term opportunities, and we are continuing to invest in our strategic priorities to catch up them.

正如我們自成立 Datadog 以來所做的那樣，我們也在平衡長期投資與維持紀律，以確保我們持續的財務業績。我們認識到宏觀環境仍然不明朗。因此，在我們繼續專注於擴展和投資的同時，我們將在 2023 年以一種有紀律的方式增加這些投資，大衛將更詳細地討論這個問題。我們對我們的長期機會仍然充滿信心，我們將繼續投資於我們的戰略重點以趕上它們。

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 Q4, we continued to execute well and delivered value to our customers. Revenue was $469 million, up 44% year-over-year and up 8% quarter-over-quarter. To dive into some of the drivers of our Q4 performance, first, we saw existing customer usage growth in October and November at a similar level to what we saw in Q2 and Q3. In the month of December, we saw a slower growth dynamic as the typical slowdown we see at the end of December was more pronounced than in previous years. As a result, the growth rate in usage by existing customers was lower in Q4 than in Q2 and Q3.

謝謝，奧利維爾。在第四季度，我們繼續良好執行並為我們的客戶創造價值。收入為 4.69 億美元，同比增長 44%，環比增長 8%。為了深入探討我們第四季度業績的一些驅動因素，首先，我們發現 10 月和 11 月的現有客戶使用量增長與我們在第二季度和第三季度看到的水平相似。在 12 月份，我們看到增長動力放緩，因為我們在 12 月底看到的典型放緩比往年更為明顯。因此，第四季度現有客戶的使用增長率低於第二季度和第三季度。

Next, similar to Q2 and Q3, we saw larger-spending customers grow slower than smaller-spending customers. As with Q2 and Q3, we saw relatively more deceleration in the consumer discretionary vertical, particularly in e-commerce and food delivery. Geographically, we saw solid and relatively similar growth across all regions.

接下來，與第二季度和第三季度類似，我們看到大消費客戶的增長速度慢於小消費客戶。與第二季度和第三季度一樣，我們看到非必需消費品垂直領域的減速相對較大，尤其是在電子商務和食品配送領域。從地域上看，我們在所有地區都看到了穩健且相對相似的增長。

As Olivier discussed, we experienced strong new logo ARR growth and low churn again in this quarter. We had a record level of new logo bookings in the quarter across customer sizes. Our dollar net base net retention remained at strong levels, above 130% for the 22nd consecutive quarter. And gross revenue retention has remained unchanged over the last several quarters and remained steady in the mid- to high 90s. We believe this high and steady gross retention points to the mission-critical nature of the Datadog platform for our customers.

正如 Olivier 所討論的那樣，我們在本季度再次經歷了強勁的新徽標 ARR 增長和低流失率。我們在本季度的不同客戶規模的新徽標預訂量創下歷史新高。我們的美元淨基礎淨保留率保持在強勁水平，連續第 22 個季度超過 130%。在過去幾個季度中，總收入保留率保持不變，並在 90 年代中期保持穩定。我們相信，這種高而穩定的總保留率表明了 Datadog 平台對我們客戶的關鍵任務性質。

Now moving on to our financial results. Billings in the quarter were $536 million, up 31% year-over-year. Billings duration was slightly lower year-over-year. Remaining performance obligations, or RPO, was $1.06 billion, up 30% year-over-year, and RPO duration declined on a year-over-year basis. And we note that current RPO growth was in the high 30s year-over-year. We continue to believe revenue is a better indication of our business trends than billings and RPO as those can fluctuate relative to revenue based on the timing of invoicing and the duration of customer contracts.

現在繼續我們的財務業績。本季度的賬單為 5.36 億美元，同比增長 31%。比林斯持續時間同比略有下降。剩餘履約義務 (RPO) 為 10.6 億美元，同比增長 30%，RPO 持續時間同比下降。我們注意到，目前的 RPO 同比增長高達 30 多歲。我們仍然認為，與賬單和 RPO 相比，收入更能反映我們的業務趨勢，因為它們可能會根據開票時間和客戶合同期限而相對於收入波動。

Now let's review some of the 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. Gross profit in the quarter was $378 million, representing a gross margin of 81%. This compares to a gross margin of 80% last quarter and also 80% in the year-ago quarter. We continue to experience efficiencies in cloud costs, reflected in our cost of goods sold in this quarter. In the mid- to long term, we continue to expect gross margin to be in the high 70s range.

現在讓我們回顧一些關鍵的損益表結果。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 財務的對賬。本季度毛利潤為 3.78 億美元，毛利率為 81%。相比之下，上一季度的毛利率為 80%，去年同期也為 80%。我們繼續體驗云成本的效率，這反映在我們本季度的商品銷售成本中。從中長期來看，我們繼續預計毛利率將處於 70 多歲的高位。

Our Q4 non-GAAP OpEx grew 54% year-over-year as we continue to grow our headcount in R&D and go-to-market. Q4 operating income was $83 million or an 18% operating margin compared to an operating income of $71 million or a 22% operating margin in the year ago quarter. As a reminder, the year ago operating margin benefited from lack of in-person office, travel and event costs due to our COVID policies during the pandemic.

隨著我們繼續增加研發和上市人員，我們第四季度的非公認會計原則運營支出同比增長 54%。第四季度營業收入為 8300 萬美元，營業利潤率為 18%，而去年同期營業收入為 7100 萬美元，營業利潤率為 22%。提醒一下，由於我們在大流行期間的 COVID 政策，一年前的營業利潤率得益於缺乏現場辦公、差旅和活動成本。

Turning to the balance sheet and cash flow statements. We ended the quarter with $1.9 billion in cash, cash equivalents, restricted cash and marketable securities. Cash flow from operations was $114 million in the quarter. And after taking into consideration capital expenditures and capitalized software, free cash flow was $96 million for a free cash flow margin of 21%.

轉向資產負債表和現金流量表。本季度末，我們擁有 19 億美元的現金、現金等價物、受限制的現金和有價證券。本季度運營現金流為 1.14 億美元。在考慮資本支出和資本化軟件後，自由現金流為 9600 萬美元，自由現金流利潤率為 21%。

Now for our outlook for the first quarter and the fiscal year 2023. In forming our guidance, we continue to use conservative assumptions as to the organic growth of our customers compared to historical periods. And as usual, we are basing our near-term guidance on recent activity we see with our customers. We are incorporating an expectation for seasonally weaker growth in the first quarter due to the subdued growth in the month of December that creates a lower growth trajectory to start the first quarter. While our customers are continuing to expand with us, we are assuming in our guidance that cloud optimization continues to affect our expansion rate in 2023.

現在是我們對第一季度和 2023 財年的展望。在形成我們的指導意見時，我們繼續對我們客戶的有機增長與歷史時期相比使用保守假設。和往常一樣，我們的近期指導基於我們與客戶一起看到的近期活動。由於 12 月份的增長乏力導致第一季度開始時增長軌跡較低，我們正在考慮第一季度季節性增長疲軟的預期。在我們的客戶繼續與我們一起擴展的同時，我們在我們的指南中假設雲優化將繼續影響我們在 2023 年的擴展速度。

For the first quarter, we expect revenue to be in the range of $466 million to $470 million, which represents a 28% to 29% year-over-year growth. Non-GAAP operating income is expected to be in the range of $68 million to $72 million or an operating margin of 15%. Non-GAAP net income per share is expected to be in the range of $0.22 to $0.24 per share based on approximately 348 million weighted average diluted shares outstanding.

對於第一季度，我們預計收入將在 4.66 億美元至 4.7 億美元之間，同比增長 28% 至 29%。非 GAAP 營業收入預計在 6800 萬美元至 7200 萬美元之間，營業利潤率為 15%。根據約 3.48 億股加權平均稀釋流通股，預計每股非 GAAP 淨收入將在 0.22 美元至 0.24 美元之間。

For the full fiscal year 2023, we expect revenue to be in the range of $2.07 billion to $2.09 billion, which represents a 24% to 25% year-over-year growth. Non-GAAP operating income is expected to be in the range of $300 million to $320 million for a margin of 15% at the midpoint. Non-GAAP net income per share is expected to be in the range of $1.02 to $1.09 per share based on approximately 351 million weighted average diluted shares outstanding.

對於整個 2023 財年，我們預計收入將在 20.7 億美元至 20.9 億美元之間，同比增長 24% 至 25%。非 GAAP 營業收入預計在 3 億美元至 3.2 億美元之間，中點利潤率為 15%。基於約 3.51 億股加權平均攤薄流通股，預計每股非 GAAP 淨收益將在 1.02 美元至 1.09 美元之間。

Now some additional notes on the guidance. First, regarding our fiscal year 2023 investments, we continue to balance near-term financial strength with investment in our large long-term opportunities. Our non-GAAP operating income guidance reflects this discipline.

現在對指南進行一些補充說明。首先，關於我們 2023 財年的投資，我們將繼續平衡短期財務實力與對我們長期機會的投資。我們的非 GAAP 營業收入指南反映了這一紀律。

We will continue to grow our R&D and go-to-market teams as we broaden our platform in service of our customer needs, albeit at a slower pace than in previous years. As a result, we are planning to grow our operating expenses, including COGS, in the fiscal year 2023 in the low 30s percent range year-over-year. We plan to grow our headcount in fiscal year 2023 in the mid-20s percent range year-over-year. This compares to fiscal 2022 headcount growth of approximately 50% year-over-year.

我們將繼續擴大我們的研發和上市團隊，因為我們擴大了我們的平台以滿足客戶需求的服務，儘管速度比往年慢。因此，我們計劃在 2023 財年將包括 COGS 在內的運營費用同比增長 30% 左右。我們計劃在 2023 財年將員工人數同比增長 20% 左右。相比之下，2022 財年員工人數同比增長約 50%。

Next, as interest rates have risen, our interest income has increased and become more meaningful. We expect net interest and other income for the fiscal year 2023 to be approximately $75 million. We expect tax expense in fiscal year 2023 to be $11 million to $13 million. And finally, we expect capital expenditures and capitalized software together to be in the range of 4% to 5% of revenues in fiscal year 2023.

接下來，隨著利率上升，我們的利息收入增加了，變得更有意義了。我們預計 2023 財年的淨利息和其他收入約為 7500 萬美元。我們預計 2023 財年的稅收支出為 1100 萬至 1300 萬美元。最後，我們預計 2023 財年的資本支出和資本化軟件將佔收入的 4% 至 5%。

To reiterate Olivier's comments, we see no change to our long-term opportunities as our customers embark and expand on their cloud migration and digital transformation plans. We remain strongly positioned to help our existing and prospective customers with these journeys. I want to thank Datadogs worldwide for their efforts in 2022, and I'm excited about our plans for the next year.

重申 Olivier 的評論，隨著我們的客戶開始並擴展他們的雲遷移和數字化轉型計劃，我們認為我們的長期機會沒有變化。我們仍然有能力幫助我們的現有和潛在客戶完成這些旅程。我要感謝全球 Datadogs 在 2022 年所做的努力，我對我們明年的計劃感到興奮。

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

有了這個，我們將打開問題的電話。接線員，讓我們開始問答。

(Operator Instructions) Our first question comes from Mark Murphy with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的馬克墨菲。

Olivier, I was wondering if you can comment on the AWS infrastructure monitoring portion of the business specifically. Do you see that trending above or below the 25% rate of the total business this year? And I'm wondering if you perhaps see some of the other hyperscalers, Azure, Google, et cetera, gaining any share of that mix during this year? And then I have a quick follow-up.

Olivier，我想知道您是否可以具體評論業務的 AWS 基礎設施監控部分。您是否看到今年總體業務的比率高於或低於 25% 的趨勢？我想知道你是否可能看到其他一些超大規模應用程序，Azure、谷歌等，在今年獲得了這種組合的任何份額？然後我有一個快速跟進。

Yes. So look, we -- obviously, we see -- we get data from our customers using those cloud providers. We also listen to the commentary that cloud providers provide on their -- in terms of their own growth. There's not a one-to-one mapping between what happens on the revenue side for the cloud providers and what we see on the infrastructure side on our end. But we are seeing some of the same trends where their growth slowed down throughout Q4. And we've been listening to their comments when they give guidance for what that growth might look like in the near future, which also informed our own guidance.

是的。所以看，我們 - 顯然，我們看到 - 我們使用這些雲提供商從客戶那裡獲取數據。我們還聽取了雲提供商就其自身增長提供的評論。在雲提供商的收入方面發生的事情與我們在基礎設施方面看到的事情之間沒有一對一的映射。但我們看到了一些相同的趨勢，即它們在整個第四季度的增長放緩。我們一直在聽取他們的意見，當他們就這種增長在不久的將來可能是什麼樣子提供指導時，這也為我們自己的指導提供了依據。

In terms of the mix shift, we don't see anything that differs from the trends we saw throughout the last year. I think the story there is they're also seeing optimization from some of the customers, that means the largest customers. And on our end, we expect that optimization to continue throughout the year. That's what we built into our guidance.

就混合轉變而言，我們沒有看到與去年全年看到的趨勢有任何不同的地方。我認為那裡的故事是他們也看到了一些客戶的優化，這意味著最大的客戶。在我們這邊，我們預計這種優化將在全年繼續進行。這就是我們在指南中的內容。

Okay. Understood. And then, David, I believe you mentioned record new logo ARR bookings in the quarter. Great to hear. I think we're wondering what you attribute that to just given the environment is so challenging. And there was mention of several of these companies landing like 8 or 10 or 15 Datadog products and replacing legacy tools or replacing open source. Do you see an increase in those kinds of consolidation opportunities and maybe just a broadening where this landscape is viewing Datadog as the converged observability leader in wanting to consolidate in that direction?

好的。明白了。然後，大衛，我相信你提到了本季度創紀錄的新標誌 ARR 預訂。很高興聽到。我想我們想知道您將其歸因於環境如此具有挑戰性。並且提到其中幾家公司推出了 8、10 或 15 個 Datadog 產品，並替換了遺留工具或替換了開源。您是否看到這些類型的整合機會有所增加，並且可能只是在擴大這種格局，將 Datadog 視為想要朝該方向整合的融合可觀察性領導者？

Yes. In Q4, and I think going forward, we continue to see greenfield and new projects, new workloads being the majority of the driver, but have seen over the quarters, and we talked about some of them in our prepared remarks, consolidation opportunities. When a client is already in their cloud journey and has workloads and is looking to get a platform, create efficiencies, et cetera, they have increasingly been consolidating on Datadog and we see continued opportunities for that.

是的。在第四季度，我認為展望未來，我們繼續看到綠地和新項目，新的工作負載是主要的驅動因素，但在過去的幾個季度裡，我們在準備好的評論、整合機會中談到了其中的一些。當客戶已經在他們的雲之旅中並且有工作負載並且正在尋求獲得平台、提高效率等時，他們越來越多地在 Datadog 上進行整合，我們看到了持續的機會。

Yes. And I'll add to that. We see demand scaling basically. Like we're still early in cloud migration and digital transformation, and we see no slowdown from companies going from legacy IT to this new world. That's why we get more and more new logos and more and more volume there.

是的。我會補充一點。我們基本上看到了需求擴展。就像我們仍處於雲遷移和數字化轉型的早期階段一樣，我們看到公司從遺留 IT 轉向這個新世界的速度沒有放緩。這就是為什麼我們在那裡獲得越來越多的新徽標和越來越多的數量。

The part of the business we see going slower is the larger customers that are further along in this cloud transformation that have large workloads trying to optimize because that's where they can meaningfully save cost.

我們看到業務進展緩慢的部分是更大的客戶，他們在這種雲轉型中走得更遠，他們有大量的工作負載試圖優化，因為這是他們可以有意義地節省成本的地方。

We have a question from Sanjit Singh from Morgan Stanley.

摩根士丹利的 Sanjit Singh 提出了一個問題。

I really wanted to ask about product innovation. And in some sense, you guys have had a pretty impeccable track record of leasing a lot of product that sort of benefited your customers over the last couple of years.

我真的很想問關於產品創新的問題。從某種意義上說，在過去的幾年裡，你們在租賃大量產品方面擁有非常無可挑剔的記錄，這些產品在某種程度上使您的客戶受益。

But given sort of the environment that exists today, do you feel that in some sense, Datadog gets viewed by customers as sort of a Lamborghini-type observability solution, meaning that are you -- in terms of customers may not need all of the bells and whistles that a 17-product portfolio can provide? Any thoughts there on whether Datadog may be potentially overengineered for in terms of customers' willingness to spend in the current environment?

但是考慮到當今存在的環境，您是否覺得從某種意義上說，Datadog 被客戶視為一種蘭博基尼式的可觀察性解決方案，這意味著您 - 就客戶而言可能不需要所有的鈴鐺17 種產品組合可以提供的口哨聲？就客戶在當前環境中的消費意願而言，Datadog 是否可能被過度設計，有什麼想法嗎？

Yes. So I definitely don't think we position ourselves as the Lamborghini. We are not -- the Lamborghini doesn't have a glove box and needs to go to the shop every 2 weeks. That's definitely not us. What we have been investing heavily in, in product innovation. We have a lot of products today that, thanks to this acceleration of product and innovation over the past few years, are early in their life cycle.

是的。所以我絕對不認為我們將自己定位為蘭博基尼。我們不是——蘭博基尼沒有手套箱，需要每兩週去一次商店。那絕對不是我們。我們一直在大力投資於產品創新。由於過去幾年產品和創新的加速發展，我們今天有很多產品處於生命週期的早期。

What we see in the current environment is that it is actually helping us get to these consolidation deals that were mentioned a little bit earlier, because we can cover more of what our customers need to do and drive more efficiencies. Again, it's still early in that because many of those products are early in their life cycle, so they might not be applicable to every single type of customer and every single type of situation. But I think this is validating our destination there. And it shows we need to do more of that, not less.

我們在當前環境中看到的是，它實際上正在幫助我們完成前面提到的這些整合交易，因為我們可以涵蓋更多客戶需要做的事情並提高效率。同樣，現在還處於早期階段，因為其中許多產品還處於生命週期的早期階段，因此它們可能不適用於每種類型的客戶和每種情況。但我認為這是在驗證我們的目的地。它表明我們需要做更多，而不是更少。

At a time where larger customers are very, very careful about their spend, it might be more difficult for some of those products to gain a lot of adoption with any particular customer at a very high level of spend. So we're focusing today on getting a maximum number of those customers to adopt those products and plant the seeds of future growth as they further consolidate and move to the cloud.

在大客戶對他們的支出非常非常謹慎的時候，其中一些產品可能更難以以非常高的支出水平獲得任何特定客戶的大量採用。因此，我們今天的重點是讓盡可能多的客戶採用這些產品，並在他們進一步整合和遷移到雲端時播下未來增長的種子。

Understood. And just a follow-up on those larger customers who are seeing their usage trends slow more than smaller customers. Relative to the commitment, how are you guys sort of handling that? Are you in a situation where you're rolling over credits? Or are you sort of enforcing sort of the take-or-pay aspect of the contract? Any color there on how you're working with those larger customers in terms of where they stand relative to their commitment?

明白了。只是跟進那些大客戶，他們發現他們的使用趨勢比小客戶慢得多。相對於承諾，你們是如何處理的？您是否處於滾動學分的情況？或者你是在某種程度上執行合同的照付不議方面？就他們相對於他們的承諾所處的位置而言，你如何與那些大客戶合作有什麼顏色嗎？

Yes. We are -- so we always want to partner with customers and build a long-term relationship with them. We've had some customers that have run into very significant business headwinds, where their own businesses have contract quite a bit. And in those situations, we always work with them to structure the contracts and make sure we get to a better outcome. We've done that with one of our major customers over the past quarter. And we've had similar conditions with some other customers as well. So that's part of who we -- with customers also part of the guidance we're giving for the year.

是的。我們 - 所以我們總是希望與客戶合作並與他們建立長期關係。我們有一些客戶遇到了非常重大的業務逆風，他們自己的業務有相當大的合同。在這些情況下，我們總是與他們合作來構建合同並確保我們獲得更好的結果。在過去的一個季度裡，我們已經與我們的一個主要客戶這樣做了。我們也與其他一些客戶有過類似的情況。所以這是我們的一部分 - 與客戶一起也是我們今年提供的指導的一部分。

And I just want to add that because we tend, as you know, to go land and expand and our customers tend to undercommit relative to what they eventually get to, we haven't seen across the customer base, a very meaningful increase of sort of unused commitments. And so that's something about our go-to-market that creates flexibility with clients to commit as they see usage.

我只想補充一點，因為如您所知，我們傾向於登陸和擴張，而我們的客戶相對於他們最終達到的目標往往承諾不足，我們還沒有在整個客戶群中看到非常有意義的增長未使用的承諾。因此，這就是我們進入市場的原因，它為客戶創造了靈活性，讓他們在看到使用情況時做出承諾。

Our next question comes from Brad Reback from Stifel.

我們的下一個問題來自 Stifel 的 Brad Reback。

Just one real quick one, David. I know billings isn't necessarily the best metric to sort of focus on, but 1Q is a really monstrous comp. So maybe any color you can provide as we should think about billings, especially with changes in duration in calendar '23 and maybe lower commits upfront from customers on renewal?

只是一個真正的快速，大衛。我知道比林斯不一定是最值得關注的指標，但 1Q 是一個非常可怕的組合。因此，也許您可以提供任何顏色，因為我們應該考慮賬單，特別是隨著日曆 '23 的持續時間發生變化，並且客戶在續訂時可能會提前提交較低的承諾？

Yes. I think -- again, I think it is really driven by the ARR and linearity of that. So I don't think we plan for billings, et cetera. We essentially have had billings, as you know, go above and below the revenue based on the billings in that period. And so we don't see really any change in that type of pattern. But again bring everyone back to ARR and revenues as the major economic driver.

是的。我認為 - 再一次，我認為它真的是由 ARR 和它的線性驅動的。所以我不認為我們計劃賬單等。如您所知，根據該時期的賬單，我們基本上已經有賬單高於和低於收入。所以我們看不到這種模式有任何變化。但再次讓每個人回到 ARR 和收入作為主要經濟驅動力。

That's great. And then, Oli, real quickly, if you look back at your business historically, there's been a fairly tight linkage between your growth rate and the hyperscalers with a multiple on it. As we sort of look forward, what types of things need to happen to expand that multiplier?

那太棒了。然後，奧利，真的很快，如果你回顧你的業務歷史，你的增長率和超大規模之間有著相當緊密的聯繫。當我們展望未來時，需要發生哪些類型的事情才能擴大乘數？

Well, I mean, look, we're covering more and more of the -- we're solving a bigger and bigger problem for our customers, which means we're expanding our TAM, and so we can have a larger and larger multiplier over time. That's why we're investing in new categories, that's why we keep building up observability and that's why we're doing all these investments. So that's where we're going.

好吧，我的意思是，看，我們正在涵蓋越來越多的——我們正在為我們的客戶解決一個越來越大的問題，這意味著我們正在擴展我們的 TAM，因此我們可以擁有越來越大的乘數隨著時間的推移。這就是我們投資新類別的原因，這就是我們不斷建立可觀察性的原因，也是我們進行所有這些投資的原因。這就是我們要去的地方。

I think you're right, though, that the underlying wave that is -- has been a tailwind throughout the history of the company was cloud migration and digital transformation. I think that wave might be a bit more of a headwind over the next few quarters, but we strongly believe that it will become a tailwind again in the future. We just can't tell you when exactly.

不過，我認為你是對的，在公司的整個歷史中，潛在的浪潮一直是順風是雲遷移和數字化轉型。我認為這股浪潮在接下來的幾個季度可能會成為逆風，但我們堅信它會在未來再次成為順風。我們只是不能告訴你確切的時間。

We've listened to the calls of the hyperscalers, they can't tell you when either. We're in the same boat there. So what we're doing today is we're focusing on the drivers of future success, which are covering more of the customer landscape, sort of getting into more new logos, more geographies, more segments and also developing our products and getting those products adopted by more of these customers, which is how we're going to have accelerating growth in the future.

我們已經聽取了超大規模用戶的呼聲，但他們也無法告訴您什麼時候。我們在同一條船上。因此，我們今天所做的是專注於未來成功的驅動因素，這些驅動因素涵蓋更多的客戶領域，進入更多新標識、更多地區、更多細分市場，以及開發我們的產品並獲得這些產品被更多這些客戶採用，這就是我們未來加速增長的方式。

Our next question comes from Fred Lee with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Fred Lee。

I'm curious about product expansion and what will help Datadog gain share as a percent of hyperscaler spend, a little bit related to Brad's question, his second question a minute ago. I was wondering if we could get an update on which products you're gaining the most traction and have the greatest potential in 2023.

我很好奇產品擴展以及什麼將幫助 Datadog 獲得超大規模支出的份額，這與 Brad 的問題有點相關，他一分鐘前提出了第二個問題。我想知道我們是否可以了解您在 2023 年獲得最大吸引力和最大潛力的產品的最新情況。

Well, so we have a lot of products that are early in their life cycle. Some of them are large categories where we are seeing larger and larger revenue and we have very ambitious plans such as security. Some others are newer but might be a bit more topical in 2023, such as Cloud Cost Management. So I think it's really going to be a mix.

嗯，所以我們有很多處於生命週期早期的產品。其中一些是大類別，我們看到越來越大的收入，我們有非常雄心勃勃的計劃，比如安全。其他一些較新，但在 2023 年可能會更受關注，例如云成本管理。所以我認為這真的會是一個混合體。

We see some interesting early signs of Cloud Cost Management, which is still only billed to a handful of customers at this point but already seeing very large commitments from some of these customers. We called that out on the call. So we think it might be -- if you think of anything that might have more of an impact in the short to midterm, that might be one of those. But really, the way we think about all those products is how do we turn them all into major products 2, 3, 4 years out, how do we win these additional categories, and how do we be -- and how they become the platform of choice for consolidation in the long term, that's what we're driving towards.

我們看到了云成本管理的一些有趣的早期跡象，此時它仍然只向少數客戶收費，但已經看到其中一些客戶做出了非常大的承諾。我們在電話中提出了這一點。所以我們認為它可能是——如果你想到任何可能在中短期內產生更大影響的事情，那可能就是其中之一。但實際上，我們考慮所有這些產品的方式是我們如何將它們全部變成 2、3、4 年後的主要產品，我們如何贏得這些額外的類別，以及我們如何 - 以及它們如何成為平台長期整合的首選，這就是我們正在努力的方向。

And just a quick follow-up on the security portion. So with regard to the uptake of your security solutions, how would that compare? How does that compare to the adoption patterns of infra and APM?

並且只是對安全部分的快速跟進。那麼關於您的安全解決方案的採用，這將如何比較？這與基礎設施和 APM 的採用模式相比如何？

Well, it's a bit difficult to compare to infra because it was the very first thing we did in the company. We -- it's actually pretty comparable to what we've seen with APM, where it's a domain with a lot of investment required. We also have a very ambitious and very differentiated approach to it, which requires quite a bit of a build-out and quite a few things to figure out with customers. But we're also seeing continuous adoption and growth, thousands of customers using the platform.

好吧，與基礎設施相比有點困難，因為這是我們在公司做的第一件事。我們 - 它實際上與我們在 APM 中看到的非常相似，它是一個需要大量投資的領域。我們也有一個非常雄心勃勃和非常差異化的方法，這需要相當多的建設和與客戶一起解決的很多事情。但我們也看到了持續的採用和增長，成千上萬的客戶使用該平台。

We see it being adopted at a very large scale by very large customers, which -- some of which we also mentioned on the call today. So we're not completely there yet. There's still a lot of work to do, but we think it's tracking well to -- with respect to what we can expect in our plan.

我們看到它被非常大的客戶大規模採用，其中一些我們在今天的電話會議上也提到了。所以我們還沒有完全做到這一點。還有很多工作要做，但我們認為它正在很好地跟踪——就我們計劃中的預期而言。

Our next question comes from Andrew Nowinski with Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Andrew Nowinski。

I wanted to ask about the usage patterns of large customers versus small customers. I know you said you're -- the smaller customers were not seeing as much of a slowdown in usage. But what gives you confidence that those smaller customers just haven't reached or reacted to the slowing macro yet, and we may see maybe a slowdown in that segment going forward?

我想問一下大客戶與小客戶的使用模式。我知道你說過你 - 較小的客戶並沒有看到那麼多的使用放緩。但是，是什麼讓您相信那些較小的客戶還沒有達到或對放緩的宏觀經濟做出反應，我們可能會看到該細分市場未來可能放緩？

Well, it's hard to tell what's going to happen in the future, right? So we don't really have a crystal ball there. What we see, though, is that customers save money where it matters, which tends to be the very large line items, which for customers that are fairly far along into the cloud, is going to be, first, their cloud provider deals that are, again, 1 or 2 orders of magnitude larger than their observability bills. And then we're going to be affected by that and maybe with some optimization more specific to observability as well. So that's what we see there. That's why we see most of the large customers do that.

好吧，很難說未來會發生什麼，對吧？所以我們真的沒有水晶球。不過，我們看到的是，客戶在重要的地方省錢，這往往是非常大的訂單項，對於已經進入雲計算很遠的客戶來說，首先是他們的雲提供商交易，再次比他們的可觀察性法案大 1 或 2 個數量級。然後我們將受到它的影響，也許還有一些更具體到可觀察性的優化。這就是我們在那裡看到的。這就是為什麼我們看到大多數大客戶都這樣做的原因。

On the smaller side, I'll point out that many of our smaller customers are actually very large companies that just are fairly new into the cloud and are still growing into the cloud. So they are seeing exactly the same thing as their peers who are spending a lot more on us, it's just the part of their business that is where the spend is growing as opposed to where the spend is today and needs to be controlled.

在較小的方面，我要指出，我們的許多較小的客戶實際上是非常大的公司，他們只是剛剛進入雲計算並且仍在向雲計算發展。因此，他們看到的情況與他們在我們身上花費更多的同行完全相同，這只是他們業務中支出增長的部分，而不是今天的支出需要控制的地方。

The last thing I will say is on the very low end of our customer base, we do see impact of the macro environment. We have a little bit more churn at the very, very low end, which is what you see -- why you see our customer count not going up as much despite us having very strong notable quarters. That's more focused at the very, very low end of the customer base, and it's not moving the numbers at all in terms of gross retention, which remains very high.

我要說的最後一件事是在我們客戶群的極低端，我們確實看到了宏觀環境的影響。我們在非常、非常低的端有更多的流失，這就是你所看到的——為什麼你看到我們的客戶數量沒有增加那麼多，儘管我們有非常強勁的顯著季度。這更側重於非常非常低端的客戶群，並且它根本沒有改變總保留率方面的數字，它仍然非常高。

Okay. That's great. I was also wondering, your gross margin was surprisingly strong in the quarter. And I'm wondering if there's anything you can do on pricing given these large customers focus on cost optimization.

好的。那太棒了。我還想知道，你們本季度的毛利率出奇地強勁。我想知道鑑於這些大客戶專注於成本優化，您是否可以在定價方面做些什麼。

Well, we work with the large customers, obviously, to make sure that they get what they need. We're optimizing gross margin, obviously. We're doing quite a bit on our end to -- on the engineering side to do that. At all levels, 1% of gross margin is making a very large difference for their business, and we can reinvest that in future growth.

好吧，顯然，我們與大客戶合作，以確保他們得到他們需要的東西。顯然，我們正在優化毛利率。我們在工程方面做了很多工作來做到這一點。在各個層面，1% 的毛利率對他們的業務產生了非常大的影響，我們可以將其再投資於未來的增長。

Changing prices by 1% based on that doesn't make a big difference for customers. I think when they -- the real way to address their concerns as they keep scaling and generating much more data and sending more observability data to us is to give them more options to process that data so that they can align with what they pay to us with the value they get. And we've been also building that on the product side. So it's not really a pricing question, it's more of a product and structure question.

在此基礎上改變 1% 的價格對客戶來說不會有太大的不同。我認為當他們 - 隨著他們不斷擴展和生成更多數據並向我們發送更多可觀察性數據時解決他們擔憂的真正方法是為他們提供更多選擇來處理這些數據，以便他們可以與他們支付給我們的費用保持一致他們得到的價值。我們也在產品方面構建它。所以這不是一個真正的定價問題，它更像是一個產品和結構問題。

And I just want to -- now that we're on cost, I just want to add a little clarification. I think we talked about the trends of gross margin and what we expect for the future. And we gave some guidance as to operating expenses in 2023. I believe I might have misspoken. The operating expense guidance in 2023 in the low 30s range excludes COGS. We gave the COGS guide separately as far as our comments on that, just to clarify.

我只是想 - 既然我們在成本上，我只想補充一點說明。我想我們談到了毛利率的趨勢以及我們對未來的期望。我們對 2023 年的運營費用給出了一些指導。我想我可能說錯了。 2023 年低 30 的運營費用指南不包括銷貨成本。就我們對此的評論而言，我們單獨提供了 COGS 指南，只是為了澄清一下。

Our next question comes from Koji Ikeda with Bank of America.

我們的下一個問題來自美國銀行的 Koji Ikeda。

I wanted to ask you a question on the guidance and maybe a compare and contrast here. So I was wondering if you could talk about maybe how to think about the levels of conservatism embedded in the full year 2023 ready guide today versus when you first gave guidance last year for 2022.

我想問你一個關於指南的問題，也許在這裡進行比較和對比。所以我想知道你是否可以談談今天 2023 年全年就緒指南中嵌入的保守主義水平與你去年首次給出 2022 年指南時的保守程度。

Yes. I think we've continued to use the same approach, which is to look at the history and discount the major assumptions, which are the organic growth or the expansion of existing customers and new logos. I think the difference in the actual results were in the periods of times where we saw more than pro rata or more than historical adoption and growth of existing customers, the ratio between that discount and where it ended up in actuals ended up larger. But the intent and the strategy of providing this guidance on conservative assumptions relative to that has not changed.

是的。我認為我們繼續使用相同的方法，即回顧歷史並打折主要假設，即有機增長或現有客戶和新標識的擴展。我認為實際結果的差異是在我們看到超過按比例或超過現有客戶的歷史採用和增長的時期，折扣與實際結果之間的比率最終更大。但是，在相對於此的保守假設上提供此指南的意圖和策略並未改變。

Got it. And just one quick follow-up there...

知道了。那裡只有一個快速跟進......

Yes. And to be clear, we -- to be clear, our guidance doesn't assume that the optimization stops. What we've seen over the past few quarters, basically in the second half of 2022, we assume it's going to continue. We know it's going to end at some point but we don't know when exactly, so we're not building that into our guidance.

是的。需要明確的是，我們 - 明確地說，我們的指導並不假設優化停止。我們在過去幾個季度看到的情況，基本上是在 2022 年下半年，我們認為它會繼續下去。我們知道它會在某個時候結束，但我們不知道確切的時間，所以我們沒有將其納入我們的指南。

Got it, got it. That's helpful. And just one follow-up here, a question on sales capacity. Just thinking about hiring plans there. You mentioned in the prepared remarks, overall headcount to grow in the mid-20s, but continuing to grow go-to-market teams at a slower pace. So just is that mid-20s is the right way to think about sales capacity hiring this year, too?

明白了，明白了。這很有幫助。這裡只有一個後續問題，一個關於銷售能力的問題。只是考慮那裡的招聘計劃。你在準備好的發言中提到，總人數將在 20 多歲左右增長，但繼續以較慢的速度增長進入市場的團隊。那麼，20 多歲也是考慮今年招聘銷售能力的正確方式嗎？

Yes, yes. I think that's right. We are growing our investments in go-to-market and sales capacity approximately plus or minus at the guidance we gave in headcount growth.

是的是的。我認為這是對的。我們正在增加對上市和銷售能力的投資，大致按照我們在員工人數增長方面給出的指導增減。

In the end, the reason for that is we still have ground to cover. We still have segments and geographies to cover. And also, as we mentioned earlier, we're having actually great success when it comes to landing new logos and new products with customers. So our sales interactions are productive. Our return on investment is there, so we need to keep doing that. Again, these are the seeds of future success we are planting, and we don't intend to stop.

歸根結底，原因是我們還有很多地方需要覆蓋。我們仍然需要覆蓋細分市場和地理區域。而且，正如我們之前提到的，在為客戶提供新標識和新產品方面，我們實際上取得了巨大的成功。所以我們的銷售互動是富有成效的。我們的投資回報就在那裡，所以我們需要繼續這樣做。同樣，這些是我們正在播下的未來成功的種子，我們不打算停止。

I would clarify that because of the ramping nature of salespeople, the growth rate that we had, which was in excess of that 25% in 2022 means that the coming online of that ramp capacity is at a rate higher than that in 2023 as we begin to harvest the investment from that.

我要澄清的是，由於銷售人員的增長性質，我們的增長率在 2022 年超過了 25%，這意味著該增長能力的上線速度高於我們開始時的 2023 年從中收穫投資。

Our next question comes from Matt Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matt Hedberg。

Oli, for you. Any data points around product splits? I know in the past, you've talked about APM and logs. I think it's been a couple of quarters since we had an update on the size of those businesses. But any sort of like rough magnitude of those? And are they still in hyper growth?

奧利，給你。關於產品拆分的任何數據點？我知道您過去曾談論過 APM 和日誌。我認為自從我們更新這些業務的規模以來已經有幾個季度了。但是有沒有像那些粗略的量級？他們還在高速增長嗎？

No. I mean we see a fairly -- like when you think of the products that are at major scale today, which are APM, logs and infrastructure monitoring, those are seeing about the same trends in terms of growth in Q4. And I think that's partly because some of the optimization we see from customers happens across the stack because it happens upstream from us at the cloud provider level. And that's why we'll see slightly slower growth of hosts monitored on the cap providers or APM and also a little bit less log.

不，我的意思是我們看到了一個公平的——就像當你想到當今大規模的產品，即 APM、日誌和基礎設施監控時，這些產品在第四季度的增長方面看到了大致相同的趨勢。我認為這部分是因為我們從客戶那裡看到的一些優化發生在整個堆棧中，因為它發生在我們上游的雲提供商級別。這就是為什麼我們會看到在 cap providers 或 APM 上監控的主機增長速度略有放緩，日誌也略有減少。

Some of it happens more directly at the observability level, logs in particular or some aspects of APM that are transaction-based where we see customers optimizing there and making sure they get the best value and cut the noise.

其中一些更直接地發生在可觀察性級別，特別是日誌或基於交易的 APM 的某些方面，我們看到客戶在那裡優化並確保他們獲得最佳價值並減少噪音。

But as a result, we see fairly similar trends across the products. So that's why we didn't call out anything specific in there. We -- in the future, I'm sure we'll share more about their relative sizes. But again, the growth rates are not that different in Q4. So it's -- there was nothing to call out.

但結果是，我們在產品中看到了相當相似的趨勢。這就是為什麼我們沒有在其中提出任何具體內容的原因。我們——在未來，我相信我們會分享更多關於它們的相對大小的信息。但同樣，第四季度的增長率並沒有太大不同。所以它 - 沒有什麼可說的。

Okay. And then maybe just, David, on the guide, obviously with kind of a mid-20s revenue guide. You talked in the prepared remarks about having an NRR above 130 for almost 2 years. Presumably that dips below 130. Any sort of commentary on how that might progress through the year?

好的。然後也許只是，大衛，在指南上，顯然有一種 20 多歲的收入指南。你在準備好的評論中談到近 2 年的 NRR 高於 130。大概低於 130。關於這一年可能如何進展的任何評論？

Yes. I think you're right. Implicit in that guide is below 130. We'll report to everybody as we have that. We've seen it relate to a decel, I would say, on that, that given the change in the organic growth rate that we've been talking about starting in the middle of Q2 last year, it would be -- it's getting past that to the extent that it changes -- that changes that net retention plus or minus, given the net retention is comparison against the year-on-year customers. So you do have headwinds in the compare through the time that we had the change of the organic, which we had said was in the middle of Q2 of last year.

是的。我想你是正確的。該指南中的隱含值低於 130。我們會向所有人報告。我們已經看到它與減速有關，我想說的是，考慮到我們一直在談論的有機增長率的變化，從去年第二季度中期開始，這將是 - 它正在過去考慮到淨保留與同比客戶的比較，它在變化的程度上改變了淨保留正負。因此，在我們進行有機變化的這段時間裡，你確實遇到了不利因素，我們曾說過，這是在去年第二季度中期。

Our next question comes from Fred Havemeyer with Macquarie.

我們的下一個問題來自 Macquarie 的 Fred Havemeyer。

I wanted to ask, with respect to the slowdowns and that you've been seeing within certain customers, have you seen anything to suggest that these could be related to layoffs in tech, either because, say, DevOps seats have been directly impacted or just because of general disruption to DevOps and engineering teams?

我想問的是，關於放緩以及您在某些客戶中看到的情況，您是否看到任何跡象表明這些可能與技術裁員有關，或者是因為 DevOps 席位直接受到影響或者只是因為 DevOps 和工程團隊的普遍中斷？

No. We say it's mostly because they can save money on their cloud bills. The -- again, one of the great things about the cloud is that the -- it's an ongoing expense. You can adjust it over time, you can restructure the way you're running applications. So there are just some knobs you can use to optimize, which you can't if you're running everything on-prem as all the costs are sunk already and confined to the future.

不。我們說這主要是因為他們可以節省雲費用。再一次，關於雲的一大優點是——它是一項持續的費用。你可以隨著時間的推移調整它，你可以重組你運行應用程序的方式。所以只有一些旋鈕可以用來優化，如果你在本地運行所有的東西，你就不能這樣做，因為所有的成本都已經沉沒並且僅限於未來。

So we mostly see that -- I mean, there's a little bit more noise and predictability with some customers because they're having checkups, and so you need to talk to different people and they need to reorganize a little bit. So it can add a little bit of noise in some of the conversations. But really, the dominant motion is they're optimizing their cloud infrastructure, their cloud bill and their -- that's especially the case if they're spending a lot there. The vast majority of our products are charge payer -- infrastructure usage or data volumes, not per seat. So we're not directly impacted by layoffs.

所以我們主要看到——我的意思是，一些客戶有更多的噪音和可預測性，因為他們正在進行檢查，所以你需要與不同的人交談，他們需要稍微重組一下。所以它可以在一些對話中增加一點噪音。但實際上，主要的動議是他們正在優化他們的雲基礎設施、他們的雲賬單以及他們——如果他們在那里花費很多的話，情況尤其如此。我們的絕大多數產品都是收費的——基礎設施使用或數據量，而不是按席位收費。所以我們不會直接受到裁員的影響。

And then just a quick follow-up would be actually in the prepared remarks, thank you for the context on Cloud Cost Management. Can you perhaps more generally talk about your customers' interest in FinOps and how Datadog is positioned to be able to just help customers better understand both where they're spending, how they're spending and what sort of ROI they're seeing?

然後在準備好的評論中實際上只是快速跟進，感謝您提供有關云成本管理的上下文。您能否更籠統地談談您的客戶對 FinOps 的興趣，以及 Datadog 如何定位能夠幫助客戶更好地了解他們在哪裡消費、他們如何消費以及他們看到什麼樣的投資回報率？

Yes. Our customers are definitely interested in FinOps. The larger they are, the more they are interested, and that directly relates to the work they do in cloud optimization. It's a very nascent category today. It's a nascent practice for most of our customers. And we also have a lot of experience internally running ourselves a very large cloud operation across all of the large cost cloud providers. So that's why we believe we can build something that is fairly differentiated there.

是的。我們的客戶肯定對 FinOps 感興趣。他們越大，他們越感興趣，這與他們在雲優化方面所做的工作直接相關。今天這是一個非常新生的類別。對於我們的大多數客戶來說，這是一種新興的做法。我們也有很多經驗，在內部運行一個非常大的雲操作，跨所有大型成本雲提供商。所以這就是為什麼我們相信我們可以在那裡建立一些相當差異化的東西。

Our product there is having a great reception from customers, even though it's still early. I mentioned earlier, we signed a 6-year deal, annual deal with a large restaurant chain. And we see more of that coming our way. So we think it's one way in which we can also help our customers as they need to optimize and be more efficient in the short and midterm.

我們的產品在那裡受到了客戶的熱烈歡迎，儘管還很早。我之前提到過，我們與一家大型連鎖餐廳簽署了一項為期 6 年的年度協議。我們看到更多這樣的事情發生。因此，我們認為這是我們也可以幫助我們的客戶的一種方式，因為他們需要在短期和中期進行優化並提高效率。

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。

I want to clarify one of David comments that you're incorporating seasonally weaker growth in the first quarter due to subdued growth in the month of December. Can you expand on how demand and customer conversations have trended in the first few weeks of '23 and whether that's changed since '22 year-end?

我想澄清 David 的一個評論，即由於 12 月份的增長放緩，您將第一季度的季節性增長納入其中。您能否詳細說明 23 年頭幾週的需求和客戶對話趨勢，以及自 22 年末以來這種情況是否發生了變化？

Yes. I think you have 2 different avenues. I think we said in new logos, we had a strong quarter. We continue, as we mentioned, to have a strong pipeline, meaning that for new projects, new workloads, we continue to see a solid demand environment.

是的。我認為您有兩種不同的途徑。我想我們在新徽標中說過，我們有一個強勁的季度。正如我們提到的，我們繼續擁有強大的管道，這意味著對於新項目、新工作量，我們繼續看到穩定的需求環境。

In terms of the organic, when you have -- and this happens in most years, when you have people going on vacation and sort of reducing the amount of logs or work they're doing, you tend to see a rebound of that in January. We did see a bit of that. But given the volatility in the market, we want to be cautious in reading too much into that. And we'll let everybody know how that plays out.

就有機而言，當你有 - 這在大多數年份都會發生，當你有人們去度假並減少他們正在做的日誌或工作的數量時，你往往會在 1 月份看到反彈.我們確實看到了一些。但鑑於市場的波動性，我們希望謹慎解讀太多。我們會讓每個人都知道結果如何。

Mathematically, we -- the Q4 was more front loaded than back loaded in terms of our recognized revenue, so we entered Q1 at a lower level than -- so that's why we also have -- the sequential is a little bit lower there.

從數學上講，我們 - 就我們公認的收入而言，第四季度的前負荷比後負荷更多，所以我們進入第一季度的水平低於 - 這就是為什麼我們也有 - 那裡的順序略低。

In terms of the trends, I'll just second what David said, we -- when that seasonality was higher than we had seen in previous years, and we can explain that in different ways. And basically, if customers are trying to save money, they're a lot more careful about turning off the lights when they leave for vacation basically. But what we see in early 2023 so far is consistent with what we see in Q4 or in the second half of 2022 -- '23 in general.

就趨勢而言，我只是支持大衛所說的，我們 - 當季節性高於我們前幾年看到的時候，我們可以用不同的方式解釋這一點。基本上，如果客戶想省錢，他們基本上在離開度假時關燈會更加小心。但到目前為止，我們在 2023 年初看到的情況與我們在第四季度或 2022 年下半年看到的情況一致——總體上是 23 年。

So it's too early really to pass judgment, but it really factors into our guidance, which is that we don't believe that the optimization has stopped. We assume it's going to continue. We don't know yet when it's going to stop. We know it's going to happen at some point, but we're not planning it for this year in our guidance.

所以現在下判斷還為時過早，但它確實影響了我們的指導，即我們不相信優化已經停止。我們假設它會繼續下去。我們還不知道它什麼時候會停止。我們知道它會在某個時候發生，但我們並沒有在我們的指南中為今年做計劃。

Yes, that's helpful. And just as a quick follow-up. It's nice to see the large wins on the federal side. I realize it's still early, but can you update us on how big of a contribution that could be in '23? And how important are additional authorizations for expanding into that market? Or does FedRAMP moderate to address most of the TAM?

是的，這很有幫助。就像快速跟進一樣。很高興看到聯邦方面取得巨大勝利。我意識到現在還早，但你能告訴我們 23 年的貢獻有多大嗎？擴展到該市場的額外授權有多重要？或者 FedRAMP 是否適度解決大部分 TAM？

So I mean, I can't give you specific numbers there. I know we're seeing wins, we're seeing engagements from the government agencies and the committees that serve them. So all that is very good. We still have some building to do on the go-to-market teams for that. And we also still have some things to build on the product side. Like there's more levels of certification we want to get to reach more of those customers. So we still build. What I'd say is we're getting the proof points that were a fit and that customers can use us in those environments and that there is a real market for us there.

所以我的意思是，我不能在那裡給你具體數字。我知道我們看到了勝利，我們看到了政府機構和為他們服務的委員會的參與。所以這一切都很好。為此，我們在上市團隊方面仍有一些工作要做。而且我們在產品方面還有一些東西要構建。就像有更多級別的認證一樣，我們希望獲得更多的客戶。所以我們還是建。我要說的是，我們正在獲得合適的證明點，客戶可以在這些環境中使用我們，而且我們在那裡有一個真正的市場。

Our next question comes from Sterling Auty with SVB.

我們的下一個問題來自 SVB 的 Sterling Auty。

Oli, I'm curious if you have any sense working and talking with customers as to when they started an optimization project, how long it actually takes them to get to that new level. Obviously, it can change if the economy gets worse, but is this something where they started and it takes them a month, a quarter, 2 quarters? Any sense would be helpful.

Oli，我很好奇你是否有任何感覺與客戶一起工作和討論他們何時開始優化項目，他們實際需要多長時間才能達到這個新水平。顯然，如果經濟變得更糟，它可能會改變，但這是他們開始的事情，他們需要一個月、一個季度、兩個季度嗎？任何意義都會有所幫助。

Yes. So it's a little bit hard to give an answer that fits all types of customers because they're also all going through -- they organize a little bit differently. There are different scales in there and they're going through different phases with their businesses in the economy. We've seen customers having multiple rounds of layoffs, for example, or having to adjust multiple times what they're doing with their business.

是的。因此，要給出適合所有類型客戶的答案有點困難，因為他們也都在經歷——他們的組織方式有點不同。那裡有不同的規模，他們在經濟中的業務正在經歷不同的階段。例如，我們已經看到客戶進行多輪裁員，或者不得不多次調整他們的業務。

But what we see in general is that the fastest thing they can do to have an impact on their bills is to adjust some of the data they send in logs or in APM. And after that, you'll see them do a little bit more at the cloud provider level, which is higher impact in terms of their own savings, but also takes a little bit more time because they need to reorganize some of their workloads and invest more engineering time in doing that.

但我們總體上看到的是，他們可以做的對賬單產生影響的最快的事情就是調整他們在日誌或 APM 中發送的一些數據。在那之後，你會看到他們在雲提供商層面做了更多的工作，這對他們自己的節省產生了更大的影響，但也需要更多的時間，因為他們需要重新組織一些工作負載並進行投資這樣做需要更多的工程時間。

So we've seen that happen with some of our customers. For a number of our customers, we saw it happen. We think they've done, and that's -- and we see them start growing again. But it's too early to call it for the rest of the customer base as, again, they're all going through fairly different things and different scale.

所以我們已經看到我們的一些客戶發生了這種情況。對於我們的許多客戶，我們看到了它的發生。我們認為他們已經做到了，那就是 - 我們看到他們再次開始增長。但是現在將其稱為其他客戶群還為時過早，因為他們都在經歷完全不同的事情和不同的規模。

And we have a question from Alex Zukin with Wolfe Research.

Wolfe Research 的 Alex Zukin 提出了一個問題。

I guess, Oli, if you think about the trends that you saw in the second half of last year and what you're seeing year-to-date when you think about optimizations versus time line to spin up new workloads and the effect that, that has on the NRR as it progresses, when you look at the time line that you think that takes and the anniversarying of these headwinds particularly with the larger customers, how does that look from a linearity perspective over the course of the year?

我想，Oli，如果你想想你在去年下半年看到的趨勢，以及你在考慮優化與時間線以啟動新工作負載時看到的今年迄今為止的情況，以及影響，隨著 NRR 的進展，當您查看您認為需要的時間線以及這些逆風的周年紀念日時，尤其是對於較大的客戶而言，從一年中的線性角度來看，這看起來如何？

So right now in our guidance, we're assuming that we're seeing the same trends of growth of [rising] customer throughout the year. Like we're not estimating any inflection. We're assuming a continuation of that with some level of contribution compared to the actual we saw last year. That's what we are building in.

所以現在在我們的指導中，我們假設我們在全年看到相同的[上升]客戶增長趨勢。就像我們沒有估計任何變化一樣。與我們去年看到的實際情況相比，我們假設繼續保持一定程度的貢獻。這就是我們正在構建的。

The -- again, we believe that there's going to be some reacceleration at some point as the optimization has on its course. But given the level of macro uncertainty, I think it's too difficult to -- we can't actually tell you when. Again, we've listened to the call of the cloud providers, they also can't tell you when. And so we're being prudent with the guidance there.

- 再一次，我們相信隨著優化的進行，在某個時候會有一些重新加速。但考慮到宏觀不確定性的程度，我認為這太難了——我們實際上不能告訴你什麼時候。同樣，我們已經聽取了雲提供商的呼籲，他們也不能告訴你什麼時候。因此，我們對那裡的指導持謹慎態度。

Perfect. And then, David, maybe just one for you around cash and cash conversion, free cash flow. As we look at the year, just curious if there's any kind of different flexibility in payment terms or even just the assumption for the cash conversion from operating income to cash flow for the full guidance for fiscal '23.

完美的。然後，大衛，也許只是一個關於現金和現金轉換、自由現金流的問題。當我們回顧這一年時，只是好奇付款條件是否有任何不同的靈活性，或者甚至只是假設現金從營業收入轉換為現金流量以獲得 23 財年的完整指導。

We've always said that our free cash flow has been around slightly higher than our EBIT margin. If you look back, you'll see that it's, in some quarters a little above, in some quarters a little below. We have not seen any changes of -- material changes in payment terms or the flows of cash. So there's nothing we've seen so far that would cause us to change our views about cash flow conversion for the company.

我們一直說我們的自由現金流略高於我們的息稅前利潤率。如果你回頭看，你會發現它有的地方在上面一點，有的地方在下面一點。我們沒有看到任何變化——付款條件或現金流量的重大變化。因此，到目前為止，我們所看到的任何事情都不會導致我們改變對公司現金流量轉換的看法。

Thank you. That's all the time we have for questions. I'd like to turn the call back over to Olivier Pomel for closing remarks.

謝謝。這就是我們提問的全部時間。我想將電話轉回給 Olivier Pomel 以作結束語。

Thank you all. So I just want to take a minute to first thank our customers for trusting us with their business and partnering with us. I know some of them are going through difficult times last year and also early this year. And so we're working with them. Potentially, we all come out of it stronger.

謝謝你們。所以我只想花一點時間首先感謝我們的客戶信任我們的業務並與我們合作。我知道他們中的一些人在去年和今年年初都經歷了困難時期。所以我們正在與他們合作。有可能，我們都會變得更強大。

I also want to thank our employees, Datadogs everywhere around the world, for actually delivering a fantastic year in 2022 from all of the metrics we control ourselves. We saw some slowdown in consumption with some customers, but we also delivered a lot of value for customers. We scaled our go-to-market teams. We did great in terms of landing new logos, attaching new products, shaping products that solve more problems for our customers. And we think that this bodes very well for the future. So I'm very optimistic. I'm looking forward to a fantastic year in 2023 with everyone. And on this, I'll close the call.

我還要感謝我們的員工，世界各地的 Datadogs，感謝他們根據我們自己控制的所有指標，在 2022 年取得了出色的成績。我們看到一些客戶的消費有所放緩，但我們也為客戶帶來了很多價值。我們擴大了進入市場的團隊。我們在登陸新標誌、附加新產品、塑造為客戶解決更多問題的產品方面做得很好。我們認為這對未來來說是個好兆頭。所以我非常樂觀。我期待著在 2023 年與大家一起度過美好的一年。關於這一點，我將結束通話。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。