數據狗 (DDOG) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2023 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 2023 年第二季度 Datadog 收益電話會議。 （操作員指示）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.

現在我想將會議交給今天的發言人，投資者關係副總裁尤卡·布羅德里克 (Yuka Broderick)。請繼續。

Thank you, Gigi. Good morning, and thank you for joining us to review Datadog's second quarter 2023 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，吉吉。早上好，感謝您與我們一起回顧 Datadog 的 2023 年第二季度財務業績，我們在今天早上發布的新聞稿中宣布了這一結果。今天和我一起參加電話會議的是 Datadog 聯合創始人兼首席執行官 Olivier Pomel；以及 Datadog 的首席財務官 David Obstler。

During this call, we will make forward-looking statements, including statements related to our future financial performance, our outlook for the third quarter and the fiscal year 2023 and related notes and assumptions, our gross margins and operating margins, our product capabilities, our ability to capitalize on market opportunities, and usage optimization trends. 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.

在本次電話會議中，我們將做出前瞻性陳述，包括與我們未來的財務業績、第三季度和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、我們的產品能力、我們的利用市場機會和使用優化趨勢的能力。預期、相信、繼續、估計、期望、打算、意願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目前的觀點，並受到各種風險和不確定性的影響，可能導致實際結果出現重大差異。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to our Form 10-Q for the quarter ended March 31, 2023. Additional information will be made available in our upcoming Form 10-Q for the fiscal quarter ended June 30, 2023, and other filings with the SEC. This information is also available on the Investor Relations section of our website, along with a replay of this call.

有關可能影響我們實際業績的重大風險和其他重要因素的討論，請參閱截至 2023 年 3 月 31 日的季度的 10-Q 表格。更多信息將在我們即將發布的 10-Q 表格中提供。截至2023 年6 月30 日的財政季度以及向SEC 提交的其他文件。此信息以及本次電話會議的重播也可在我們網站的投資者關係部分獲取。

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.

我們還將討論非 GAAP 財務指標，這些指標與我們收益報告中表格中最直接可比的 GAAP 財務指標進行了協調，該報告可在 Investors.datadoghq.com 上獲取。

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

說到這裡，我想把電話轉給奧利維爾。

Thanks, Yuka, and thank you all for joining us this morning. Our team continued to execute well in Q2 as we welcome thousands of attendees at our DASH user conference last week. We continue to deliver a large number of new product innovations, and we recorded strong new logo bookings throughout the quarter.

謝謝 Yuka，也謝謝大家今天早上加入我們。我們的團隊在第二季度繼續表現出色，上週我們迎來了數千名與會者參加我們的 DASH 用戶大會。我們繼續提供大量新產品創新，並在整個季度記錄了強勁的新徽標預訂量。

Let me start with a review of our Q2 financial performance. Revenue was $509 million, an increase of 25% year-over-year and above the high end of our guidance range. We ended with about 26,100 customers, up from about 21,200 last year. We ended the quarter with about 2,990 customers with ARR of $100,000 or more, up from about 2,420 last year. These customers generated about 85% of our ARR, and we generated free cash flow of $142 million, with a free cash flow margin of 28%.

讓我首先回顧一下我們第二季度的財務業績。收入為 5.09 億美元，同比增長 25%，高於我們指導範圍的上限。我們最終擁有約 26,100 名客戶，高於去年的約 21,200 名。本季度末，我們約有 2,990 名客戶的 ARR 達到或超過 100,000 美元，高於去年的約 2,420 名。這些客戶產生了我們約 85% 的 ARR，我們產生了 1.42 億美元的自由現金流，自由現金流利潤率為 28%。

Now let's discuss this quarter's business drivers. At a high level, first, we saw Q2 usage growth for existing customers that was a bit lower than it had been in previous quarters. Second, we do see signs that cloud optimization may start to subside. And third, we continue scaling our sales with strong new logo bookings in Q2.

現在讓我們討論本季度的業務驅動因素。首先，我們看到第二季度現有客戶的使用量增長略低於前幾個季度。其次，我們確實看到了雲優化可能開始消退的跡象。第三，我們在第二季度通過強勁的新徽標預訂繼續擴大銷售。

Going one level deeper. In Q2, we saw usage growth for existing customers that was a bit lower than it had been in previous quarters. We continue to see customers, particularly some larger spending customers, scrutinize costs and optimize their cloud and observability usage during Q2. We are reflecting this lower growth in our updated guidance for 2023, and David will provide more commentary regarding our guidance.

更深入一層。在第二季度，我們看到現有客戶的使用量增長略低於前幾個季度。我們繼續看到客戶，特別是一些支出較大的客戶，在第二季度仔細審查成本並優化其云和可觀測性的使用。我們在 2023 年更新的指導中反映了這種較低的增長，大衛將就我們的指導提供更多評論。

On the other hand, we are seeing signs that the cloud optimization across our customer base may start to subside. The cohort of customers who began optimizing about a year ago appears to have stabilized the usage growth at the end of Q2, as indicated by the recent activity and the latest commitments with us. And we saw usage growth in aggregates rebound in July to levels that are more similar to what we see in Q1.

另一方面，我們看到有跡象表明，我們客戶群的雲優化可能開始減弱。正如最近的活動和與我們的最新承諾所表明的那樣，大約一年前開始優化的客戶群似乎在第二季度末穩定了使用增長。我們看到 7 月份總體使用量增長反彈至與第一季度更相似的水平。

While it is too early to call an end to cloud optimization and a significant level of macro uncertainty remains, these new trends, along with the tenor of our customer interactions are encouraging.

雖然現在就結束雲優化還為時過早，而且宏觀不確定性仍然存在，但這些新趨勢以及我們客戶互動的基調令人鼓舞。

Lastly, our bookings were strong in Q2. Our new logo and new product bookings and deal cycles haven't been impacted by the period of cloud optimization and we continue to see healthy growth on the sales side. From a new logo bookings perspective, we had our largest Q2 and second-largest quarter ever, only behind the seasonally larger Q4 2022.

最後，我們第二季度的預訂量很強勁。我們的新徽標和新產品預訂和交易週期沒有受到雲優化期間的影響，我們繼續看到銷售方面的健康增長。從新徽標預訂量的角度來看，我們迎來了有史以來最大的第二季度和第二大季度，僅次於季節性較大的 2022 年第四季度。

We also closed a record number of new business deals larger than $100,000 in annual commitment. And with our land and expand model, we expect new logos to turn into much larger customers over time as they lead into the cloud, and add up more of our product. So as a conclusion, while we do apply conservatism to our guidance, recent usage trends as well as strong new logo activity and customer ramp-ups are positive signs for our future growth.

我們還完成了年度承諾金額超過 100,000 美元的新業務交易，數量創歷史新高。通過我們的土地和擴展模型，我們預計新徽標隨著時間的推移會變成更大的客戶，因為它們會進入雲，並增加我們更多的產品。因此，作為結論，雖然我們確實在指導中採用了保守主義，但最近的使用趨勢以及強勁的新徽標活動和客戶增長是我們未來增長的積極跡象。

Now turning to platform adoption. Q2 metrics show that our platform strategy continues to resonate in the market. As of the end of Q2, 82% of customers were using 2 or more products, up from 79% a year ago; 45% of customers were using 4 or more products, up from 37% a year ago; and 21% of our customers were using 6 or more products, up from 14% a year ago.

現在轉向平台採用。第二季度指標表明，我們的平台戰略繼續在市場中引起共鳴。截至第二季度末，82% 的客戶使用 2 種或以上產品，高於一年前的 79%； 45% 的客戶使用 4 種或更多產品，高於一年前的 37%； 21% 的客戶使用 6 種或更多產品，高於一年前的 14%。

This strong multi-product adoption includes expansion into our newest products. About 30% of our customers have already adopted at least one of our products launched since 2021, including CI Visibility, Database Monitoring, Cloud Security Management, Sensitive Data Scanner, Cloudcraft, and others. We expect more opportunities to expand adoption of these products as we continue to broaden their capabilities over time.

這種強大的多產品採用包括擴展到我們的最新產品。我們約 30% 的客戶已經至少採用了我們自 2021 年以來推出的一款產品，包括 CI Visibility、數據庫監控、雲安全管理、敏感數據掃描器、Cloudcraft 等。隨著我們不斷擴大這些產品的功能，我們預計會有更多機會擴大這些產品的採用。

In Securities, we mentioned last quarter that over 5,000 customers have adopted security products. While many of these 5,000 are just getting started with Datadog Security, we are seeing opportunities to help customers secure their cloud at scale. As of Q2, 79 of our customers spent more than $100,000 on Datadog Security and a handful are now spending more than $1 million.

在證券方面，我們上季度提到有超過 5,000 家客戶採用了安全產品。雖然這 5,000 家企業中的許多人剛剛開始使用 Datadog Security，但我們看到了幫助客戶大規模保護雲安全的機會。截至第二季度，我們的 79 位客戶在 Datadog Security 上的花費超過 100,000 美元，少數客戶現在的花費超過 100 萬美元。

Now let's move on to R&D. Last week, we had our DASH user conference and introduced a number of exciting new products and features for our users. To kick off our keynote, we launched our first innovation for generative AI and large language model. We showcased our LLM observability product, enabling ML engineers to safely deploy and manage their model in production. This includes the model catalog, centralized place to view and manage every model in every state of our customer development pipeline, analysis and insight on model performance, which allows all engineers to identify and address performance and quality issue with the model themselves; and help identify model drift, the performance degradation that happens over time as model interacts with the world data.

現在讓我們繼續研發。上週，我們召開了 DASH 用戶大會，並向用戶介紹了許多令人興奮的新產品和功能。為了拉開我們的主題演講的序幕，我們推出了針對生成式人工智能和大型語言模型的首項創新。我們展示了我們的 LLM 可觀測性產品，使 ML 工程師能夠在生產中安全地部署和管理他們的模型。這包括模型目錄、在客戶開發流程的每個狀態下查看和管理每個模型的集中位置、對模型性能的分析和洞察，這使所有工程師能夠識別和解決模型本身的性能和質量問題；並幫助識別模型漂移，即模型與世界數據交互時隨著時間的推移而發生的性能下降。

We also introduced Bits AI. Bits understands natural language and provide insights from across the Datadog platform as well as from our customers' collaboration and documentation tools. Among its many features, Bits AI can act as an incident management copilot identifying and suggesting fixes, generating synthetic tests and triggering workflows to automatically remediate critical issue.

我們還推出了Bits AI。 Bits 理解自然語言，並提供來自 Datadog 平台以及客戶協作和文檔工具的見解。在其眾多功能中，Bits AI 可以充當事件管理副駕駛，識別並建議修復、生成綜合測試並觸發工作流程以自動修復關鍵問題。

And we announced 15 new integrations across the next-generation AI stack from GPU infrastructure providers to Vector databases, model vendors and AI orchestration frameworks. As we said last quarter, we are excited about these new AI technologies, and we believe Datadog is uniquely positioned to both help our customers make the best of them as well as to incorporate them into our product alongside our data and workloads. And although it's early days for everyone in this space, we are getting traction with AI customers. And in Q2, our next-gen AI customers contributed about 2% of ARR.

我們還宣布了跨下一代 AI 堆棧的 15 個新集成，從 GPU 基礎設施提供商到矢量數據庫、模型供應商和 AI 編排框架。正如我們上季度所說，我們對這些新的人工智能技術感到興奮，我們相信Datadog 具有獨特的優勢，既可以幫助我們的客戶充分利用這些技術，也可以將它們與我們的數據和工作負載一起整合到我們的產品中。儘管對於這個領域的每個人來說還處於早期階段，但我們正在吸引人工智能客戶。在第二季度，我們的下一代人工智能客戶貢獻了約 2% 的 ARR。

Moving on from we showcased a number of new capabilities in the observability space. We introduced Flex Logs for log management, allowing customers to flexibly choose retention periods and inquiry performance separately to make new high-volume log use cases cost-effective.

接下來，我們展示了可觀測性領域的許多新功能。我們引入了 Flex Logs 進行日誌管理，允許客戶靈活地分別選擇保留期限和查詢性能，使新的大容量日誌用例具有成本效益。

We are simplifying APM onboarding for large organizations, so engineers can enable APM across all applications without any core changes. With APM trace querying, our customers can now understand the complete impact of any localized issue. We introduced our error tracking assistant, which marries AI capabilities with live observability data to automatically explain, solve, and test for production errors.

我們正在簡化大型組織的 APM 入門流程，因此工程師可以在所有應用程序中啟用 APM，而無需進行任何核心更改。通過 APM 跟踪查詢，我們的客戶現在可以了解任何本地問題的完整影響。我們推出了錯誤跟踪助手，它將人工智能功能與實時可觀測數據相結合，自動解釋、解決和測試生產錯誤。

In digital experience, we're also applying next-gen AI technologies to help customers automatically generate synthetic tests from their live traffic data. And we have expanded our mobile monitoring features, bringing a first-class experience for mobile developer teams with Mobile Session Replay and Mobile Application Testing.

在數字體驗方面，我們還應用下一代人工智能技術來幫助客戶根據實時流量數據自動生成綜合測試。我們還擴展了移動監控功能，通過移動會話重放和移動應用程序測試為移動開發團隊帶來一流的體驗。

We also announced several innovations in cloud security. Our new security inbox surfaces the most pressing security issues, correlating thousands of technical insights and reducing them to a smaller number of actionable tasks. We can now detect more infrastructure vulnerabilities, whether they are in applications, container and maybe the host. With custom code vulnerability detection, we extended our detection capabilities beyond open-source libraries and into customers own code, identifying the exact vulnerable code snippet with remediation details. And with Cloud SIEM investigator, our customers can visually map an attacker's behavior going back more than a year, leading to faster investigation and remediation.

我們還宣布了雲安全方面的幾項創新。我們的新安全收件箱揭示了最緊迫的安全問題，將數千個技術見解關聯起來，並將其減少為較少數量的可操作任務。我們現在可以檢測更多基礎設施漏洞，無論它們是在應用程序、容器還是主機中。通過自定義代碼漏洞檢測，我們將檢測功能擴展到開源庫之外，擴展到客戶自己的代碼中，通過修復詳細信息識別確切的易受攻擊的代碼片段。借助 Cloud SIEM 調查員，我們的客戶可以直觀地映射攻擊者一年多前的行為，從而加快調查和修復速度。

Shifting left, we're delivering more solutions to developers with static analysis. Customers can scan code for quality issues directly within Datadog. And we are introducing quality gates for engineers can set rules and prevent insecure, buggy or slow code from deploying in production.

向左移動，我們通過靜態分析為開發人員提供更多解決方案。客戶可以直接在 Datadog 中掃描代碼以查找質量問題。我們正在引入質量關卡，讓工程師可以設置規則並防止不安全、有缺陷或緩慢的代碼在生產中部署。

Finally, we announced new capabilities to help customers spend on cloud resources more efficiently. Our container resource utilization functionality makes it clear which applications are under or over-provisioned. And with cloud cost optimizations, we're adding to our cloud cost management product to automatically discover saving opportunities and act on them.

最後，我們宣布了新功能，可幫助客戶更有效地使用雲資源。我們的容器資源利用功能可以清楚地顯示哪些應用程序配置不足或過度配置。通過云成本優化，我們正在添加云成本管理產品，以自動發現節省機會並採取行動。

Those were just some of the many announcements we made at DASH. Our Investor Relations website includes a link to the DASH keynote, and I encourage you to watch it to learn more.

這些只是我們在 DASH 上發布的眾多公告中的一部分。我們的投資者關係網站包含 DASH 主題演講的鏈接，我鼓勵您觀看它以了解更多信息。

Before I step away from more innovation, I'm also pleased to note that for the third year in a row, Datadog has been named the leader in the 2023 Gartner Magic Quadrant for Application Performance Monitoring and Observability. We believe this validates our approach to deliver unified platform, which breaks down silos across teams and to focus intensely on product innovation.

在我停止更多創新之前，我還很高興地註意到，Datadog 連續第三年被評為 2023 年 Gartner 應用程序性能監控和可觀察性魔力像限的領導者。我們相信，這驗證了我們提供統一平台的方法，該平台打破了團隊之間的孤島，並專注於產品創新。

Now let's move on to sales and marketing. As I said earlier, we recorded strong new logo bookings, and we continue to see significant expansion opportunities with existing customers. So let's discuss some of our wins.

現在讓我們繼續進行銷售和營銷。正如我之前所說，我們記錄了強勁的新徽標預訂量，並且我們繼續看到現有客戶的重大擴展機會。那麼讓我們來討論一下我們的一些勝利。

First, we signed an 8-figure deal over 3 years with a major American video games company. These customers' previous SaaS observability vendor was not delivering on critical capabilities such as proactive alerting and collaborative incident management, and a recent pricing change motivated (inaudible) considerate vendors. By moving to Datadog, this customer expects to get higher value out of their monitoring, reduce alert fatigue and eliminate silos among users. And as we achieve better results, they expect to save over $1 million annually by shifting to Datadog from their previous vendor.

首先，我們與一家美國大型視頻遊戲公司簽署了一份為期 3 年、價值 8 位數的協議。這些客戶之前的 SaaS 可觀察性供應商沒有提供主動警報和協作事件管理等關鍵功能，而最近的價格變化激發了（聽不清）體貼的供應商。通過遷移到 Datadog，該客戶希望從監控中獲得更高的價值，減少警報疲勞並消除用戶之間的孤島。隨著我們取得更好的成果，他們預計通過從之前的供應商轉向 Datadog，每年可以節省超過 100 萬美元。

Next, we signed a 7-figure land with a major broadcaster. This customer is moving to AWS and serverless and its fragmented legacy and open-source tools meant longer incident resolution times and confusion among teams. This customer is adopting 7 Datadog products, consolidating 5 tools and has already ramped Datadog to over 500 users.

接下來，我們與一家主要廣播公司簽署了一塊七位數的土地。該客戶正在轉向 AWS 和無服務器，其分散的遺留工具和開源工具意味著更長的事件解決時間和團隊之間的混亂。該客戶正在採用 7 種 Datadog 產品，整合 5 種工具，並且已經將 Datadog 擴展到 500 多個用戶。

Next, we signed a 7-figure land with a leading Japanese toys and media company. This company has been using a competitive observability vendor alongside smaller tools and homegrown capabilities. With the adoption of 5 Datadog products, they have full visibility into their applications. They can save time on low-value busy work and focus on delivering great experiences for their customers.

接下來，我們與一家領先的日本玩具和媒體公司簽署了一塊價值七位數的土地。該公司一直在使用有競爭力的可觀測性供應商以及較小的工具和本土功能。通過採用 5 個 Datadog 產品，他們可以全面了解其應用程序。他們可以節省低價值繁忙工作的時間，並專注於為客戶提供卓越的體驗。

Next, we signed a 7-figure expansion with one of the world's largest tech companies. This customer is seeing massive adoption of its new generative AI product and needs to scale their GPU fleet to meet increasing demand for AI workload. Using their homegrown tools were slowing them down and put at risk critical product launches. With Datadog, this team is able to programmatically manage new environments as they come online, track and alert on their service level objectives, and provide real-time visibility for their GPUs.

接下來，我們與世界上最大的科技公司之一簽署了 7 位數的擴張協議。該客戶看到其新的生成式 AI 產品被大量採用，並且需要擴展其 GPU 群以滿足日益增長的 AI 工作負載需求。使用自己開發的工具會減慢他們的速度，並使關鍵產品的發布面臨風險。借助 Datadog，該團隊能夠在新環境上線時以編程方式對其進行管理，跟踪其服務級別目標並發出警報，並為其 GPU 提供實時可見性。

Last but not least, we signed an expansion with one of the world's largest financial institutions, taking this customer to an 8-figure ARR. This customer operates at massive scale, supporting thousands of applications run by tens of thousands of developers, and we have a strategic initiative to move aggressively to the public cloud this year. They chose Datadog as their preferred observability platform for cloud application. And as their business units modernize, they are expanding to 10 Datadog products and replacing a number of legacy commercial tools.

最後但並非最不重要的一點是，我們與世界上最大的金融機構之一簽署了擴展協議，為該客戶帶來了 8 位數的 ARR。該客戶規模龐大，支持數以萬計的開發人員運行的數千個應用程序，我們今年制定了一項戰略計劃，積極轉向公共雲。他們選擇 Datadog 作為雲應用程序的首選可觀測平台。隨著業務部門的現代化，他們正在將 Datadog 產品擴展到 10 種，並取代許多傳統的商業工具。

And that's it for this quarter's highlights. I'd like to thank our go-to-market team for their execution in Q2 and for helping our customers make the most out of DASH last week.

這就是本季度的亮點。我要感謝我們的市場推廣團隊在第二季度的執行力，以及上週幫助我們的客戶充分利用 DASH 的能力。

Before I turn it over to David for a financial review, let me speak to our longer-term outlook. Despite the recent trends of cloud optimization and continued macro uncertainty, our position remains the same. We are confident in our long-term growth opportunities, driven by the secular trends of cloud migration and digital transformation as well as a rapid pace of innovation to set customers in observability and beyond.

在我將其交給大衛進行財務審查之前，讓我談談我們的長期前景。儘管最近存在雲優化趨勢和持續的宏觀不確定性，但我們的立場保持不變。在雲遷移和數字化轉型的長期趨勢以及為客戶提供可觀察性及其他方面的快速創新的推動下，我們對長期增長機會充滿信心。

And we think our strong new logo and product adoption trends this quarter are indicative of the continued large and growing opportunity for Datadog. So our long-term plans have not changed. We are continuing to invest to serve our customers as they move to the cloud, AI and other modern technologies.

我們認為，本季度我們強勁的新徽標和產品採用趨勢表明 Datadog 擁有持續巨大且不斷增長的機會。所以我們的長期計劃沒有改變。我們將繼續投資，為客戶轉向雲、人工智能和其他現代技術提供服務。

With that, let me turn it over to our CFO. David?

接下來，讓我將其交給我們的首席財務官。大衛？

Thanks, Olivier. Q2 revenues was $509 million, up 25% year-over-year and up 6% quarter-over-quarter. In Q2, we continued to execute solidly and we also continue to see pressure on the usage growth of existing customers.

謝謝，奧利維爾。第二季度收入為 5.09 億美元，同比增長 25%，環比增長 6%。在第二季度，我們繼續穩健執行，並且我們也繼續看到現有客戶的使用增長面臨壓力。

To dive into some of the drivers of Q2 performance. First, as to usage growth of existing customers, we saw positive usage growth this quarter to lower than in recent quarters, with broadly similar trends across our product lines. While too early to draw broad conclusions, existing customer usage growth improved in July and was more similar to Q1 than that of Q2.

深入探討第二季度業績的一些驅動因素。首先，就現有客戶的使用量增長而言，本季度我們看到使用量的正增長低於最近幾個季度，我們的產品線的趨勢大致相似。雖然得出廣泛結論還為時過早，但現有客戶使用量增長在 7 月份有所改善，並且與第一季度的情況比第二季度更加相似。

We saw more pressure on cloud-native businesses than traditional enterprise customers, similar to previous quarters. Regarding customers by spending size, the more moderate growth trends were consistent across the customer base with relatively more pressure on usage growth rates with larger customers.

與前幾個季度類似，我們看到雲原生業務比傳統企業客戶面臨更大的壓力。按支出規模劃分的客戶方面，整個客戶群的增長趨勢較為溫和，較大客戶的使用增長率壓力相對較大。

As Olivier discussed, the cohort of customers who began optimizing about a year ago, appear to have stabilized their usage growth with Datadog, though we recognize that the growth rates of these optimizing customers may remain muted and other customers could optimize.

正如 Olivier 所討論的，大約一年前開始優化的客戶群體似乎已經通過 Datadog 穩定了他們的使用增長，儘管我們認識到這些優化客戶的增長率可能仍然較低，而其他客戶可以進行優化。

Regarding total customers. Our customer count increased to 26,100 from 25,500 last quarter. This quarter's total paying customer count includes a one-time cleanup of about 200 financially immaterial customers at the very low end, who are moved to our free tier. Our gross customer additions have remained strong, especially with larger customers.

關於客戶總數。我們的客戶數量從上季度的 25,500 人增加到 26,100 人。本季度的付費客戶總數包括一次性清理約 200 個經濟上無關緊要的極低端客戶，這些客戶已轉移到我們的免費套餐。我們的總客戶增加量仍然強勁，尤其是大客戶。

Meanwhile, we are seeing some churn of smaller customers who have limited impact on our revenues. As a result, our gross revenue retention rate remains unchanged in the mid- to high 90s, indicating the stickiness of our product and the importance of our product to our customers' operations.

與此同時，我們看到一些小客戶的流失，這些客戶對我們的收入影響有限。因此，我們的毛收入保留率保持在90年代中上水平不變，這表明我們產品的粘性以及我們的產品對客戶運營的重要性。

We are executing on strong new logo bookings and new customers contributing meaningfully to our growth as they ramp up. As Olivier mentioned, we had our second-largest new logo bookings quarter and a record for Q2. We expect these customers to become more meaningful as they expand with us. In Q2, about 40% of our year-over-year revenue growth or 10 points of growth was attributable to growth from these new customers that were acquired in the past year.

我們正在執行強勁的新徽標預訂，新客戶的增加為我們的增長做出了有意義的貢獻。正如奧利維爾（Olivier）提到的，我們的新徽標預訂量達到了第二大季度，並且創下了第二季度的記錄。我們期望這些客戶隨著我們的擴張而變得更有意義。第二季度，我們約 40% 的同比收入增長（即 10 個百分點的增長）歸功於去年獲得的這些新客戶的增長。

Finally, we continue to see consolidation opportunities, particularly in larger deals. Consolidation allows our customers to improve functionality by getting all of their data into one platform, while saving money at the same time.

最後，我們繼續看到整合機會，特別是在規模較大的交易中。整合使我們的客戶能夠通過將所有數據轉移到一個平台來改進功能，同時節省資金。

Moving on to our trailing 12-month dollar-based net retention rate, or NRR. NRR was over 120% in Q2 as customers increased their usage and adopted more products. As we expected and as we discussed on last quarter's call, our trailing 12-month NRR decline but was above 120% in Q2 as existing customers continue to scrutinize their tech stack costs and make efficiency improvements. If our growth trajectory continues at current levels, we expect our trailing 12-month NRR to decline to below 120% in Q3.

接下來是我們過去 12 個月基於美元的淨保留率 (NRR)。隨著客戶使用量的增加和採用更多產品，第二季度的 NRR 超過 120%。正如我們預期的那樣以及我們在上季度電話會議中討論的那樣，我們過去 12 個月的 NRR 下降，但在第二季度超過 120%，因為現有客戶繼續審查其技術堆棧成本並提高效率。如果我們的增長軌跡繼續保持當前水平，我們預計過去 12 個月的 NRR 將在第三季度降至 120% 以下。

Moving on to our financial results. Billings were $520 million in the quarter, up 31% year-over-year. Billings duration increased slightly year-over-year. Remaining performance obligations, or RPO, was $1.25 billion, up 42% year-over-year. Current RPO growth was about -- up 30% year-over-year. We signed some larger multiyear deals in the quarter, which drove an increase in the duration year-over-year.

接下來是我們的財務業績。該季度的營業額為 5.2 億美元，同比增長 31%。比林斯持續時間同比略有增加。剩餘履約義務（RPO）為 12.5 億美元，同比增長 42%。目前的 RPO 增長率約為——同比增長 30%。我們在本季度簽署了一些規模較大的多年期協議，這推動了期限同比的增加。

As we've mentioned before, we continue to believe revenue is a better indicator 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.

正如我們之前提到的，我們仍然認為收入比賬單和 RPO 更能反映我們的業務趨勢，因為這些收入可能會根據開票時間和客戶合同期限相對於收入發生波動。

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. Gross profit in the quarter was $414 million, representing a gross margin of 81.3%. This compares to a gross margin of 80.5% last quarter and 80.8% in the year-ago quarter.

現在讓我們回顧一些重要的損益表結果。除非另有說明，所有指標均為非公認會計準則。我們在收益報告中提供了 GAAP 與非 GAAP 財務數據的調節表。該季度毛利潤為4.14億美元，毛利率為81.3%。相比之下，上季度毛利率為 80.5%，去年同期毛利率為 80.8%。

We continue to experience efficiencies in cloud costs reflected in our cost of goods sold this quarter. As a result, we are experiencing a gross margin, which is in excess of our target in the high 70s. Our Q2 OpEx grew 26% year-over-year, and this was a decline from 45% year-over-year growth last quarter. We moderated our hiring pace and executed on controlling costs, given the macro uncertainties.

我們繼續體驗云成本的效率，這反映在本季度的銷售成本中。因此，我們的毛利率超過了 70 多歲的目標。我們第二季度的運營支出同比增長 26%，較上季度 45% 的同比增長有所下降。鑑於宏觀不確定性，我們放緩了招聘速度並控製成本。

Q2 operating income was $106 million or a 21% operating margin, up from 18% last quarter and flat to 21% in the year-ago quarter. We are pleased with our execution on cost control and disciplined investment in this quarter.

第二季度營業收入為 1.06 億美元，營業利潤率為 21%，高於上季度的 18%，與去年同期持平至 21%。我們對本季度成本控制和嚴格投資的執行情況感到滿意。

Turning to the balance sheet and cash flow statements. We ended the quarter with $2.2 billion in cash, cash equivalents and marketable securities. Cash from operations was $153 million in the quarter. And after taking into consideration capital expenditures and capitalized software, free cash flow was $142 million for a free cash flow margin of 28%.

轉向資產負債表和現金流量表。本季度結束時，我們擁有 22 億美元的現金、現金等價物和有價證券。本季度運營現金為 1.53 億美元。考慮到資本支出和資本化軟件後，自由現金流為 1.42 億美元，自由現金流利潤率為 28%。

Now turning to our outlook for the third quarter and the fiscal year 2023. In forming our guidance, we continue to use conservative assumptions as to the usage growth of our existing customers. As a reminder, our guidance philosophy is to carry forward trends observed in recent quarters, discounted with additional conservatism.

現在轉向我們對第三季度和 2023 財年的展望。在製定我們的指導意見時，我們繼續對現有客戶的使用增長使用保守假設。提醒一下，我們的指導理念是延續最近幾個季度觀察到的趨勢，並以額外的保守主義打折。

For the third quarter, we expect revenue to be in the range of $521 million to $525 million, which represents a 19% to 20% year-over-year growth. Non-GAAP operating income is expected to be in the range of $98 million to $102 million. And non-GAAP net income per share is expected to be in the range of $0.33 to $0.35 per share based on approximately 354 million weighted average diluted shares outstanding.

我們預計第三季度收入將在 5.21 億美元至 5.25 億美元之間，同比增長 19% 至 20%。非公認會計準則營業收入預計在 9800 萬美元至 1.02 億美元之間。根據約 3.54 億股加權平均稀釋後流通股，非 GAAP 每股淨利潤預計將在 0.33 美元至 0.35 美元之間。

And for the full fiscal year 2023, we expect revenue to be in the range of $2.05 billion to $2.06 billion, which represents 22% to 23% year-over-year growth. Non-GAAP operating income is expected to be in the range of $390 million to $400 million. Non-GAAP net income per share is expected to be in the range of $1.30 to $0.34 per share based on approximately 351 million average diluted shares outstanding.

對於 2023 年整個財年，我們預計收入將在 20.5 億美元至 20.6 億美元之間，同比增長 22% 至 23%。非 GAAP 營業收入預計在 3.9 億美元至 4 億美元之間。根據約 3.51 億股平均稀釋後流通股計算，非 GAAP 每股淨利潤預計在 1.30 美元至 0.34 美元之間。

Now finally, for some additional notes on the guidance. We have continued to balance near-term financial strength with investment in our large long-term opportunities, and we are executing well on our plans to invest efficiently.

最後，關於該指南的一些附加說明。我們繼續在短期財務實力與對大型長期機會的投資之間取得平衡，並且我們正在良好地執行高效投資計劃。

Next, we expect net interest and other income for fiscal year 2023 to be approximately $85 million. and we expect our tax expense for the full year to be $14 million to $16 million. Finally, we expect capital expenditures and capitalized software together to be about 4% of revenues in fiscal year 2023.

接下來，我們預計 2023 財年的淨利息和其他收入約為 8500 萬美元。我們預計全年的稅收支出為 1400 萬至 1600 萬美元。最後，我們預計 2023 財年資本支出和資本化軟件合計將佔收入的 4% 左右。

To reiterate Olivier's comments, we remain excited about our long-term growth opportunities and we're continuing to execute against those opportunities. I want to thank our Datadog worldwide for our efforts in this quarter.

重申奧利維爾的評論，我們仍然對我們的長期增長機會感到興奮，並且我們將繼續抓住這些機會。我要感謝我們全球範圍內的 Datadog 在本季度所做的努力。

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

接下來，我們將開始提問。接線員，我們開始問答吧。

(Operator Instructions) Our first question comes from the line of Raimo Lenschow from Barclays.

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

Olivier, on the -- if you think about the -- can you discuss a little bit the nature of the optimizations that you see when you compare a little bit what you saw at the early parts of the -- after recession or the cycle late last year versus what you see now? Does the nature has changed there in terms of what you're seeing there? And then I have one follow-up, David.

奧利維爾（Olivier），如果您考慮一下，當您比較經濟衰退或週期後期的早期部分時，您能討論一下您所看到的優化的本質嗎？去年與現在的情況對比？就您所看到的而言，那裡的自然環境是否發生了變化？然後我有一個後續行動，大衛。

No, we don't see a big change in the nature of the optimization. It's a mix of an optimization of the cloud workloads themselves and a little bit also on the observability side for the observability products that have volumes that can be separate from the cloud workloads, such as logs or customer metrics and things like that.

不，我們沒有看到優化本質上有很大的變化。它是雲工作負載本身的優化和可觀察性產品的可觀察性的結合，這些產品的捲可以與雲工作負載分開，例如日誌或客戶指標等。

I would say the -- so this quarter, we did see a little bit more growth, as we said in the comments, across the board from existing customers, which suggests that the customers have started optimizing earlier. We're not done yet and some others have started later and they all will cross the mill there. We did see, however, that some of the customers and the course of customers, in particular, started optimizing a year ago and that we are on the larger side, on the cloud-native side, have stabilized in their growth. And we feel a lot more confident now that they're done at least as far as they know, as we've seen some of these customers start committing long-term forward again with us, and at levels that are at or above their current levels of usage. We suggest that they have a good idea of where they're going next, which is what inspired also -- part of which inspired our comments about the fact that we simply might -- we see some signs that this period might end. Still too early to call it, but we see some -- we seem to be on more solid ground there.

我想說的是，正如我們在評論中所說，本季度我們確實看到了現有客戶全面增長的情況，這表明客戶已經開始更早地進行優化。我們還沒有完成，其他一些人稍後也開始了，他們都會在那裡經過磨坊。然而，我們確實看到，一些客戶，特別是客戶的流程，在一年前就開始優化，而我們在更大的方面，在雲原生方面，已經穩定了增長。我們現在更有信心了，至少據他們所知，他們已經完成了任務，因為我們已經看到其中一些客戶開始再次與我們一起做出長期的承諾，並且達到或高於他們當前的水平使用水平。我們建議他們對下一步要去哪裡有一個很好的想法，這也啟發了我們對我們可能會看到這一時期可能結束的一些跡象的評論。現在下結論還為時過早，但我們看到了一些——我們似乎在這方面有更堅實的基礎。

Yes. Okay. And then just linking that up with the guidance because that's where I get a lot of the questions, think about your Q3 and then Q4 implied guidance, even given that you had a full year, there's obviously still headwinds on growth that are kind of coming there. Like how much of that Q3, Q4 is kind of a lagging effect of what we've seen before versus kind of maybe other factors like conservatism, et cetera?

是的。好的。然後將其與指導聯繫起來，因為這是我收到很多問題的地方，想想你的第三季度和第四季度隱含的指導，即使考慮到你有一整年的時間，顯然增長仍然面臨即將到來的阻力那裡。就像第三季度、第四季度有多少是我們之前看到的與保守主義等其他因素相比的滯後效應？

Yes, it's both. Because our growth was a little lower than in Q2 than it had been in the previous quarters. We have that effect moving forward given our recurring revenue model. And then on top of that, we -- in our guidance philosophy, we discount the most recent performance, particularly around usage growth but also in new logos. So it's a combination of both of that, those flowing through in our financial results for the year.

是的，兩者都是。因為我們的增長比第二季度略低於前幾個季度。考慮到我們的經常性收入模式，我們已經取得了這種效果。最重要的是，在我們的指導理念中，我們低估了最近的表現，特別是在使用增長方面，而且在新徽標方面。因此，這是兩者的結合，即我們今年的財務業績。

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

我們的下一個問題來自摩根士丹利的 Sanjit Singh。

I think I understand the comments around slower usage growth trends, particularly compared to Q1. I just wanted to dig into sort of issues around competition. David, you mentioned sort of higher churn at low end. We see total customer count growth slow down this quarter. When we think about either commercial competition, competition with open source or DIY, or maybe even customers rather getting to hyperscale data solutions, have you seen any sort of pick up there? And is that a potential part of the mix of why we're seeing slower usage trends this quarter?

我想我理解有關使用增長放緩趨勢的評論，特別是與第一季度相比。我只是想深入研究有關競爭的問題。大衛，你提到了低端客戶流失率較高。我們看到本季度總客戶數量增長放緩。當我們考慮商業競爭、與開源或 DIY 的競爭，或者甚至是客戶寧願使用超大規模數據解決方案時，您是否看到了任何形式的回升？這是否是本季度我們看到使用趨勢放緩的潛在原因之一？

Sanjit, you're breaking up a little bit. So I hope I answer your question appropriately, but the -- we do see a slightly higher churn at the very, very low end. This is more related to the health of what happens to tiny, tiny businesses that use us for small amounts and that themselves might disappear, go out of business, or stop having needs altogether.

Sanjit，你們有點分手了。所以我希望我能正確地回答你的問題，但是我們確實看到在非常非常低端的客戶流失率略高。這更與小型企業的健康狀況有關，這些企業少量使用我們，它們自己可能會消失、倒閉或完全停止需求。

We did have a one-time cleanup also this quarter as we -- on an ongoing basis, we downgrade some customers if they are not super active in the platform or if their build are not up-to-date. We changed some of the criteria around that, which ended up with a one-time cleanup of 200 customers, which changed the number there. But beyond that, we do see a little bit higher churn at the very, very low end. The numbers there are small in terms of revenue. They're actually completely immaterial and the overall gross retention remains unchanged and in the mid- to high 90s in aggregate.

本季度我們也確實進行了一次性清理，因為我們會持續地對一些客戶進行降級，如果他們在平台上不是非常活躍或者他們的構建不是最新的。我們改變了一些相關標準，最終一次性清理了 200 名客戶，從而改變了那裡的數量。但除此之外，我們確實看到在非常非常低端的客戶流失率有所上升。就收入而言，這些數字很小。它們實際上完全無關緊要，總體毛保留率保持不變，總計在 90 多歲左右。

Let me just add, I think on the other side of it, we said that in dollars, we had strong new logo bookings and also cross-sell. And a lot of that, as I said in my comments, or a portion of that tends to be consolidation onto the platform, which has been going on for some time.

讓我補充一下，我認為另一方面，我們說以美元計算，我們有強勁的新徽標預訂和交叉銷售。正如我在評論中所說，其中很多，或者其中一部分往往會整合到平台上，這種情況已經持續了一段時間。

Yes. And beyond that, I think it's a good point, David, we do see -- we're actually very happy with what we see on the new product and new logo side of the business. We're landing record numbers of new customers of scale and we're also seeing more and more consolidations on to us. If nothing else, the company's dynamics seems to turn more into our favor as time goes by there independently from what we see in terms of churn or growth at the very low end.

是的。除此之外，我認為這是一個很好的觀點，大衛，我們確實看到了——我們實際上對我們在新產品和新標誌方面看到的業務非常滿意。我們的新客戶數量達到了創紀錄的規模，而且我們也看到了越來越多的整合。如果不出意外的話，隨著時間的推移，該公司的動態似乎越來越對我們有利，與我們在極低端的流失或增長方面看到的情況無關。

I appreciate the color. And then David and Olivier, you made some sort of, I guess, preliminary comments of potentially seeing some green shoots on the optimization headwinds that we've seen over the last several quarters. In terms of the percentage of the base that hasn't optimized, any sort of color how large that is? What percentage of the customer base hasn't yet optimized but potentially could going forward?

我很欣賞它的顏色。然後，大衛和奧利維爾，我猜你們做了一些初步評論，認為我們在過去幾個季度看到的優化逆風可能會出現一些新芽。就未優化的基礎百分比而言，任何顏色有多大？有多少比例的客戶群尚未優化但有可能繼續優化？

We can't really give you a percentage there. But the cohort we mentioned on the call was the one we were looking at for getting a sense of stabilization in the optimization was the cohort that started optimizing the first that was typically large in volume, very cloud-native in nature and that we consider to be the highest risk one. So the one that weighed on our growth numbers the most over the past few quarters and that's the one we base some of our comments on. In addition to the other trends that David mentioned earlier around the fact that, in aggregate, we saw our growth of existing customers pick up first late in Q2 and then in July.

我們真的無法給你一個百分比。但我們在電話會議中提到的群體是我們正在尋找的在優化中獲得穩定感的群體，他們是開始優化第一個群體的群體，該群體通常數量很大，本質上非常云原生，我們認為成為風險最高的一個。因此，過去幾個季度對我們的增長影響最大的數字，也是我們發表一些評論的基礎。除了 David 之前提到的其他趨勢之外，總體而言，我們看到現有客戶的增長首先在第二季度末有所回升，然後在 7 月份有所回升。

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

我們的下一個問題來自摩根大通的馬克·墨菲。

Yes. Once the larger customers have compressor spending, and obviously, there's a limit to how much they can compress that. Then, they're going to need to grow that spending again. And at some point, you're going to have growth ramping pretty materially in security. It sounds like that has started and all of the LLM observability. And then you're going to have easier comparisons as we head into 2024. Is it reasonable to think that optimizations could be further subsiding as you're entering 2024 based on your comments? And then for all these reasons, should we be optimistic on growth picking up just relative to how it's going to exit in Q4 of this year, which I think is around -- which I think is around the mid-teens?

是的。一旦較大的客戶有了壓縮支出，顯然，他們可以壓縮的程度就會受到限制。然後，他們將需要再次增加支出。在某些時候，安全方面的增長將會大幅增長。聽起來這已經開始了，所有的法學碩士可觀察性都已經開始了。然後，當我們進入 2024 年時，您將進行更容易的比較。根據您的評論，認為隨著您進入 2024 年，優化可能會進一步減弱，是否合理？然後，出於所有這些原因，我們是否應該對增長的加速相對於今年第四季度的退出持樂觀態度，我認為這一季度大約在十幾歲左右？

And I know it's hard to answer because you haven't guided on that yet. Or would you be imagining, David, that we might kind of just drag across that 15% into 2024 as a starting point? And if you can't answer it numerically, maybe you could just kind of speak to some of these time frames qualitatively.

我知道這很難回答，因為你還沒有對此進行指導。或者，大衛，您是否會想像我們可能會將這 15% 拖到 2024 年作為起點？如果你不能用數字來回答這個問題，也許你可以對其中一些時間框架進行定性的討論。

Yes. I think we haven't provided guidance for next year. We cited that given the amount of our revenue growth that's embedded in our existing customer base, the timing of the lapsing of optimization is critical to that. We said we see green shoots has been said, but it's too early to call that. So that's the biggest factor. In addition, we said that our new logo performance in terms of signing new customers who then ramp is another green shoot that could do that, but it's -- we haven't provided guidance on specific numbers for next year, so I really can't go further.

是的。我認為我們還沒有提供明年的指導。我們指出，考慮到我們現有客戶群中的收入增長量，優化失效的時間對此至關重要。我們說過我們看到了復甦的跡象，但現在下結論還為時過早。所以這是最大的因素。此外，我們說我們的新標誌在簽約新客戶方面的表現是另一個可以做到這一點的新芽，但我們還沒有提供明年具體數字的指導，所以我真的可以'不要再進一步了。

Well, look, I mean, we are -- obviously, we're optimistic that we're still very early in a big tech transition. Short-term, we don't really control the growth of our existing customers and how much they optimize their cloud environment and things like that. But for everything that we control and we secure on, which is new products, the quality of the products and the new customers and the attach of these new products with customers, everything we see seems to be working and we see great results from that. And these are obviously great trends for the future.

嗯，聽著，我的意思是，我們——顯然，我們樂觀地認為我們仍處於重大技術轉型的早期階段。短期來看，我們並不能真正控制現有客戶的增長以及他們優化雲環境等的程度。但對於我們控制和確保的一切，即新產品、產品質量和新客戶以及這些新產品與客戶的聯繫，我們看到的一切似乎都在發揮作用，我們從中看到了很好的結果。這些顯然是未來的大趨勢。

The one thing I would add is that in our conversation with our customers at our conference just last week, most of the conversations were around who we're going to get our customers to implement new use cases, add up new products, scale up, consolidate onto our platform. There was still a little bit of customers talking about cost control, optimization and things like that, but we also see less of it over time. So when that kicks in, in terms of the overall growth in aggregate, as David said, it's too early to tell, and we want to be careful there because we know sometimes our customers will know everything themselves. They might face more difficulties as they go. But we're very optimistic about the mid and long-term, obviously.

我要補充的一件事是，在上週的會議上我們與客戶的對話中，大部分對話都是圍繞我們將讓我們的客戶實施新用例、添加新產品、擴大規模、整合到我們的平台上。仍然有一些客戶在談論成本控制、優化之類的事情，但隨著時間的推移，我們看到的也越來越少。因此，當這種情況開始發生時，正如大衛所說，就總體增長而言，現在下結論還為時過早，我們要小心，因為我們知道有時我們的客戶自己會知道一切。他們在前進的過程中可能會遇到更多的困難。但顯然我們對中長期非常樂觀。

And Olivier, just as a quick follow-up. You mentioned strong new logo bookings. And I think we don't see that in the new customer count but you rattled off a handful of 7- and 8-figure wins, which I believe each and every one of this sounded like a consolidation play onto other vendor -- off of other vendors and displacing those on to Datadog. Am I interpreting it accurately to think that maybe you're seeing a pretty big shift there where maybe in terms of just win rates, competitive displacements kind of seeing this vision of the consolidated platform really putting a dent in the competitive landscape to Datadog's advantage?

奧利維爾（Olivier），作為快速跟進。您提到了強勁的新徽標預訂。我認為我們在新客戶數量中沒有看到這一點，但你很快就取得了一些7 位數和8 位數的勝利，我相信這每一項聽起來都像是對其他供應商的整合— —來自其他供應商並將其替換為 Datadog。我是否可以準確地解釋它，認為也許您看到了一個相當大的轉變，也許只是在勝率、競爭替代方面看到了整合平台的願景確實削弱了競爭格局，從而削弱了 Datadog 的優勢？

Yes. Well, in general, we see it. And we see -- so we -- by nature, consolidation deals tend to be the ones that have the biggest headline number when we close them as opposed to just a continuation of their existing run rate we have with those customers. So that's what causes the step functions there, and that's why we call them out on the earnings call. But in general, we have a record number of new business deals across -- above $100,000. So what you don't see in the overall number of customers is the spread between smaller, medium and larger. There's quite a bit of noise at the low end of that customer count, which makes the number ebb and flow a little bit. But for the part that we target with our sales force, which are the middle and the high end of it, where we actually see those numbers go nicely and commensurately with our sales force. So we're very happy about that.

是的。嗯，總的來說，我們看到了。我們看到——所以我們——本質上來說，合併交易往往是我們完成時擁有最大標題數量的交易，而不是我們與這些客戶現有的運行率的延續。這就是導致階躍函數出現的原因，這就是我們在財報電話會議上指出它們的原因。但總的來說，我們的新業務交易數量創歷史新高——超過 10 萬美元。因此，您在客戶總數中看不到小型、中型和大型客戶之間的差異。客戶數量的低端有相當多的噪音，這使得數量略有起伏。但對於我們銷售人員的目標部分，即中端和高端部分，我們實際上看到這些數字與我們的銷售人員配合良好且相稱。所以我們對此感到非常高興。

Just to clarify the customer count. So on gross additions, a number very consistent with what we've seen in previous quarters. But as Olivier mentioned, more larger deals resulted in a higher average land. That's what produced the record Q2. And the net -- the weight on the net is, we mentioned the cleanup, but on the very low-end customers that are on the border between very, very slight usage and free trial. So the gross addition activities were consistent and strong. And in fact, I think as you mentioned and as you get to the larger deals, you have more consolidation impetus within those wins.

只是為了澄清客戶數量。因此，就總增量而言，這個數字與我們在前幾個季度看到的非常一致。但正如奧利維爾所提到的，更多規模更大的交易導致了更高的平均土地面積。這就是第二季度創紀錄的原因。網絡上的權重是，我們提到了清理，但針對的是非常低端的客戶，他們處於非常非常輕微的使用和免費試用之間。因此，總添加活動是一致且強勁的。事實上，我認為正如你所提到的，當你達成更大的交易時，你在這些勝利中擁有更多的整合動力。

Our next question comes from the line of Kash Rangan from Goldman Sachs.

我們的下一個問題來自高盛的 Kash Rangan。

This is Anisha on for Kash. Two quick questions. One may be on usage growth slowdown. Is that coming from particular end markets or segments or verticals that you can highlight? And second, maybe on hiring. While you're seeing green shoots in new logo growth, and we had a great number of announcements from the DASH conference, what would give you conviction to ramp up hiring since you've moderated your go-to-market motion right now?

這是卡什的阿尼莎。兩個簡單的問題。其中之一可能是使用量增長放緩。這是來自您可以強調的特定終端市場、細分市場或垂直領域嗎？其次，也許是在招聘方面。雖然您看到了新徽標增長的萌芽，並且我們在 DASH 會議上發布了大量公告，但既然您現在已經緩和了上市動議，那麼是什麼讓您有信心增加招聘呢？

On the -- so first on the growth slowdown. This is, I would say, across the board with the optimization, but it is a lot more pronounced with cloud-native businesses than with traditional enterprises. And the reasons for that are that cloud-native businesses have a lot more they're spending on the cloud and a lot more of an emphasis on saving there than the larger enterprises that are a lot earlier in the cloud migration and that still have most of their IT spend or a majority of their IT spend that is outside of cloud. So this is where we've seen the most optimization. It's still where we see the most optimization. Though, as we said in the call, we saw that the earlier cohorts of cloud-native customers that started optimizing a year ago are showing some stabilization and some higher commitments with us in the past couple of months.

首先是增長放緩。我想說，這是全面的優化，但對於雲原生企業而言，這一點比傳統企業更為明顯。其原因是，與雲遷移較早且仍擁有大部分資源的大型企業相比，雲原生企業在雲上的支出要多得多，並且更加重視雲節省。他們的IT 支出或大部分IT 支出都在雲之外。所以這是我們看到優化最多的地方。這仍然是我們看到優化最多的地方。不過，正如我們在電話中所說，我們看到一年前開始優化的早期雲原生客戶群體在過去幾個月中表現出一定的穩定性和對我們的更高承諾。

In terms of hiring, I think we're still growing the company, and we're still investing. What we've done is we have moderated the rate of growth to align on the -- on what we've seen in the market. But we still consider we are very, very early in terms of the -- or our product journey. We still have a lot to build in observability. We have a lot to build in security. We have a lot to build and develop our workflows and developer experience. We have a lot to build in ITSM. There's many, many new use cases we're going after, including AI. And so we're not going to stop hiring and we're not going to stop innovating there.

在招聘方面，我認為我們仍在發展公司，並且仍在投資。我們所做的是調整增長率，以與我們在市場上看到的情況保持一致。但我們仍然認為我們的產品之旅還處於非常非常早期的階段。在可觀察性方面我們還有很多工作要做。我們在安全方面還有很多需要加強的地方。我們有很多東西需要構建和開發我們的工作流程和開發人員經驗。我們在 ITSM 中有很多東西需要構建。我們正在追求很多很多新的用例，包括人工智能。因此，我們不會停止招聘，也不會停止創新。

The last thing I'll mention is that we've also been growing our go-to-market teams. And the reason for that is those investments in go-to-market are yielding incremental growth on the new logo and new product side. As we said in the call, that part of the business has been working very well. and we're very satisfied with the output there. So we'll keep growing the team while being mindful of the margins we need to protect.

我要提到的最後一件事是，我們也一直在擴大我們的上市團隊。原因是這些對上市的投資正在為新標識和新產品帶來增量增長。正如我們在電話中所說，這部分業務運作良好。我們對那裡的輸出非常滿意。因此，我們將繼續擴大團隊規模，同時注意我們需要保護的利潤。

Our next question comes from the line of Jacob Roberge from William Blair.

我們的下一個問題來自威廉·布萊爾的雅各布·羅伯格。

Obviously, AI is something that a lot of customers are excited about, but we're hearing that it may be delaying purchasing decisions in other parts of that tech stack until customers kind of figure out how they want to incorporate AI into their broader organization and just how much that will cost. Do you feel like that dynamic impacted Q2 at all with just maybe a near-term lull in IT spending until broader AI plans are finalized? Or is the updated guide mainly just driven by the optimizations you've been calling out?

顯然，許多客戶都對人工智能感到興奮，但我們聽說它可能會推遲該技術堆棧其他部分的購買決策，直到客戶弄清楚他們希望如何將人工智能納入更廣泛的組織中，並且到底要花多少錢。您是否認為這種動態對第二季度產生了影響，在更廣泛的人工智能計劃最終確定之前，IT 支出可能會在短期內停滯？或者更新的指南主要是由您一直呼籲的優化驅動的？

We don't really see that trend at play. I would say -- the one thing I would say is AI customer is fully into 2 trends right now. They are the ones that have been working on this for the past 2, 3 years, that are providers of AI themselves or businesses that are completely built on AI and we see those business reaching scale, in some cases, very large scale right now. And -- but it's a relatively small number of customers. There's a much larger number of customers that are starting to embrace AI. But those are still early, and it's probably going to take a number of quarters, even years in some cases for those use cases and those customers to reach full scale. So again, a much larger number of customers but quite early. So we have those 2 trends at play when you look at our AI penetration and the AI adoption.

我們並沒有真正看到這種趨勢在發揮作用。我想說的是，我想說的一件事是，人工智能客戶現在完全融入了兩種趨勢。他們是過去兩三年一直致力於此的人，他們是人工智能本身的提供商或完全建立在人工智能基礎上的企業，我們看到這些業務現在已經達到規模，在某些情況下，規模非常大。而且——但客戶數量相對較少。越來越多的客戶開始擁抱人工智能。但這些還處於早期階段，這些用例和客戶可能需要幾個季度甚至幾年的時間才能達到全面規模。同樣，顧客數量要多得多，但時間很早。因此，當你觀察我們的人工智能滲透率和人工智能採用率時，就會發現這兩個趨勢正在發揮作用。

Okay. Helpful. And then you called out the strong new logo bookings quite a few times there. Are there any commonalities between those customers from just a size or maybe an industry perspective? And I'm curious if you've started to see any of the newer generative AI-focused companies that are creating these LOMs start to actually layer into your model from a customer perspective?

好的。有幫助。然後你在那裡多次喊出了強大的新標誌預訂。僅從規模或行業角度來看，這些客戶之間是否有任何共同點？我很好奇您是否已經開始看到任何正在創建這些 LOM 的新的專注於生成 AI 的公司開始從客戶的角度實際分層到您的模型中？

Right. And is part of your question -- can you read it? You were a little bit low.

正確的。這是你問題的一部分——你能讀懂它嗎？你當時有點低落。

Yes. The first part was just around the strong new logo bookings and just if there was any commonalities between those customers from a size or an industry perspective.

是的。第一部分是圍繞強大的新徽標預訂，以及從規模或行業角度來看這些客戶之間是否存在任何共同點。

The new logo bookings are in terms of value like their (inaudible) mid-market and enterprise, so on the larger side and on the more traditional side. We have a number of companies or customers that are also the providers of AI, but some of those have been customers for some time already. And in some situations, we have new business units of existing customers that were with us for a while, but that also started new business units around AI that started adopting our product. More recently, we have one of those also in the call comments, from a very large customer.

新徽標的預訂就其（聽不清）中端市場和企業的價值而言，因此在更大的方面和更傳統的方面。我們有許多公司或客戶也是人工智能的提供商，但其中一些已經成為客戶一段時間了。在某些情況下，我們的現有客戶的新業務部門已經與我們合作了一段時間，但這也圍繞人工智能啟動了新的業務部門，並開始採用我們的產品。最近，我們在電話評論中也收到了來自一位非常大客戶的評論。

Our next question comes from the line of Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

On sales and marketing in Q2, you've never been down sequentially. Are you holding back on quota-carrying rep hiring to get the reps productive? Are you going to be adding on that side? And a quick follow-up.

在第二季度的銷售和營銷方面，您從未連續下滑。您是否為了提高銷售代表的工作效率而抑制了配額銷售代表的招聘？您要在那邊添加嗎？并快速跟進。

The biggest factor there was the sales kickoff that would be in the first quarter and not in the second quarter. So the change has more to do with the timing of events. Be that as it may, as Olivier mentioned, we're continuing to invest in sales quota capacity, but we are growing that at a lower rate than we did last year. But the major factor in the sequential was a seasonal thing around events.

最大的因素是銷售開始將在第一季度而不是第二季度。因此，這種變化更多地與事件發生的時間有關。儘管如此，正如奧利維爾提到的，我們將繼續投資於銷售配額能力，但我們的增長速度低於去年。但順序的主要因素是事件周圍的季節性因素。

Okay. And real quick, just some of the large customer adds in 80, your cadence was pushing 130 to 170. So is something competitively going on there? Or is it just you're equally seeing the SMB and Enterprise act the same way in terms of their conservatism?

好的。很快，只有一些大客戶添加了 80 個，您的節奏就從 130 推到了 170。那麼那裡有競爭嗎？或者只是您同樣看到中小企業和企業在保守主義方面表現相同？

I didn't understand what -- I didn't understand the question.

我不明白什麼——我不明白這個問題。

Brent, you're talking about the net adds of $100,000-plus customers?

Brent，您指的是淨增加 100,000 美元以上的客戶嗎？

Correct. It was 80 versus 130 to 170 in the last 4 quarters. Yes. I would say that we said that the number of customers has been relatively steady, although it's decel'ed. And we have gotten, I would say, in that range in land, the average land has been larger. So of those that are landing smaller. And when net retention goes down because the major source of customers going into that would be from customers below $100,000. The bigger factor would be that it takes longer for those customers to evolve into $100,000, and that's the biggest factor in that.

正確的。過去 4 個季度的比分是 80 比 130 比 170。是的。我想說的是，我們說過客戶數量相對穩定，儘管有所下降。我想說，在這個土地範圍內，我們的平均土地更大。那些著陸面積較小的飛機也是如此。當淨留存率下降時，因為進入該領域的主要客戶來源將來自 100,000 美元以下的客戶。更大的因素是這些客戶需要更長的時間才能達到 10 萬美元，這是其中最大的因素。

Yes. And just to reiterate what we're saying, we're very happy with the addition of customers on the medium and large size. These numbers are going up across the board in terms of new customers and new products and -- so we feel very good about that. And if nothing else, the things are improving there.

是的。重申一下我們所說的，我們對中號和大號客戶的增加感到非常高興。在新客戶和新產品方面，這些數字正在全面上升——所以我們對此感到非常滿意。如果不出意外的話，那裡的情況正在改善。

Our next question comes from the line of Michael Turits from KeyBanc.

我們的下一個問題來自 KeyBanc 的 Michael Turits。

Two questions. First, can you finish on (inaudible) Can you just talk about how usage traded month by month, April, May, June? And if you can give us any logic around that? And then my second question is just, Olivier, you had said there was the difference between -- or there were 2 factors in terms of optimization...

兩個問題。首先，您能結束語嗎（聽不清）您能談談四月、五月、六月逐月使用情況的交易情況嗎？您能否給我們一些相關的邏輯？然後我的第二個問題是，奧利維爾，你說過兩者之間存在差異 - 或者說在優化方面有兩個因素......

I didn't hear your second question. You're breaking up a little bit. So in the first question -- and the first question to start maybe was on the linearity during the quarter, I guess.

我沒有聽到你的第二個問題。你們有點分手了。因此，在第一個問題中，我想首先要開始的問題可能是關於本季度的線性度。

Yes. Yes.

是的。是的。

So ERT was not completely out of the ordinary for us. So I will say we see -- we had a low in May. I would say in late April and May, we started having a low. And then things improved in June and improved some more in July, which is after the end of the quarter. .

因此，ERT 對我們來說並不是完全不同尋常。所以我想說的是——我們在五月份經歷了低點。我想說的是，在四月底和五月，我們開始經歷低潮。然後情況在 6 月有所改善，並在 7 月（即季度末之後）有所改善。 。

That being said, as we form more guidance for the rest of the year, we based that on what we saw throughout the quarter and we discount it. And we're trying to avoid looking too much at what we saw or the partial quarters we go after that. That's been offset as you through that, and we'll stick to that today.

話雖這麼說，當我們為今年剩餘時間制定更多指導時，我們基於整個季度的情況進行了折扣。我們試圖避免過多地關注我們所看到的或我們之後去的部分季度。當你經歷這一切時，這已經被抵消了，我們今天將堅持這一點。

And then the second question was the optimization that was particular to absorbability. Is there any difference across your major product categories, let's say, APM versus logs versus infrastructure?

然後第二個問題是針對吸收性的優化。您的主要產品類別（例如 APM、日誌和基礎設施）之間是否存在差異？

So the ones that are the most sensitive to that are logs, some part of infrastructure which is custom metrics and some part of APM, which is additional large volume transactions that customers might tradition to what they get included with every single cost to deploy APM on. And we've seen some optimization on that. That's been specific to observability. I would say it does go hand in hand with the overall cloud optimization our customers are doing, though the timing might always be exactly the same, which is also why we're careful about the trends that we're forecasting based on the sort of the improvement we've seen recently.

因此，對此最敏感的是日誌、基礎設施的某些部分（自定義指標）和 APM 的某些部分（客戶可能會將這些交易傳統為包含在部署 APM 的每筆成本中） 。我們已經看到了一些對此的優化。這是可觀察性特有的。我想說，它確實與我們的客戶正在進行的整體雲優化齊頭並進，儘管時間可能總是完全相同，這也是為什麼我們對基於此類預測的趨勢持謹慎態度。我們最近看到的改進。

Our next question comes from the line of Andrew Nowinski from Wells Fargo.

我們的下一個問題來自富國銀行的安德魯·諾溫斯基。

Okay. So I want to start with a clarification. Did you actually lower your discount rate that you apply to your organic growth relative to your annual outlook or when you put that together this quarter?

好的。所以我想首先澄清一下。相對於年度展望或本季度將其放在一起時，您實際上是否降低了應用於有機增長的貼現率？

Yes, we would essentially discount the most recent assumption. So if the most recent assumptions were lower -- we said they were lower in Q2, then we would be lowering that in the guidance assumptions going forward.

是的，我們基本上會低估最近的假設。因此，如果最近的假設較低——我們說第二季度的假設較低，那麼我們將在未來的指導假設中降低這一假設。

Right. So it wasn't just the organic growth rate being lower, your actual discount rate was lower, too?

正確的。那麼不僅僅是有機增長率較低，您的實際貼現率也較低？

I don't know -- sorry, I don't understand your question. We do our guidance based on taking the assumptions and then discounting. I don't know -- you'd have to clarify what you mean by the discount rate.

我不知道——抱歉，我不明白你的問題。我們根據假設然後貼現來製定指導。我不知道——你必須澄清折扣率的含義。

We don't have a discount rate card for guidance. But we do discount the historicals as we give guidance for the future.

我們沒有折扣價卡作為指導。但當我們為未來提供指導時，我們確實會忽視歷史。

Okay. Fair enough. And then I just had a question on that large deal, the 8-figure deal. Is that large enough that we should normalize it when we think about our estimates for next year? Or do you have enough of those 8-figure deals in the pipeline that it'll blend out?

好的。很公平。然後我對那筆大額交易（8 位數的交易）有一個疑問。當我們考慮明年的估計時，這個數字是否足夠大以至於我們應該將其標準化？或者您是否有足夠多的 8 位數交易正在醞釀之中，可以混合使用？

I don't think you need to normalize for it.

我認為你不需要為此標準化。

Our next question comes from the line of Taz Koujalgi from Wedbush.

我們的下一個問題來自 Wedbush 的 Taz Koujalgi。

I have a question on the new logo bookings that you mentioned. What is the average duration of new bookings or new logo bookings? And how has that trended so far?

我對您提到的新徽標預訂有疑問。新預訂或新徽標預訂的平均持續時間是多少？到目前為止，趨勢如何？

We haven't discussed the duration of new bookings versus existing bookings. Our durations in terms of contracts have tended to be just under a year, 9 to 10 months, but we haven't given information on the difference between new bookings, I would say the larger -- if you're getting to the RPO, because most of the revenues are existing customers, if it's -- if you're talking about renewals or new contracts on existing customers that would have the larger effect on contract duration. As we said, there was a trend towards longer-term deals, which extended the duration in terms of our existing customers.

我們尚未討論新預訂與現有預訂的持續時間。我們的合同期限往往不到一年，即 9 到 10 個月，但我們沒有提供有關新預訂之間差異的信息，我想說的是更大的——如果你要考慮 RPO，因為大部分收入來自現有客戶，如果你談論的是現有客戶的續約或新合同，這將對合同期限產生更大的影響。正如我們所說，存在長期交易的趨勢，這延長了我們現有客戶的期限。

And just to clarify, the duration for new customers was consistent with the prior quarter or was it higher?

需要澄清的是，新客戶的持續時間與上一季度一致還是更高？

The duration increased. So we said that the RPO total was higher than the current RPO and that the reason was that duration had gone up slightly from previous periods. Duration increased in contracts.

持續時間增加了。因此，我們說 RPO 總額高於當前的 RPO，原因是持續時間比之前的時期略有增加。合同期限增加。

Very helpful. Just one follow-up. That 40% of the new, I guess, revenue growth came from new customers. So 10 points of the revenue growth came from new customers who signed up in the last, I guess, year. Is that a consistent metric or was that higher or lower than what you usually see?

很有幫助。只是一個後續行動。我猜，40% 的新收入增長來自於新客戶。因此，收入增長的 10 個百分點來自去年（我猜）去年註冊的新客戶。這是一個一致的指標，還是高於或低於您通常看到的指標？

Yes. We report that in our Qs. That's -- the 40% has -- is higher than it had been. That's mathematically true when net retention goes down with more consistency of new, you would have a higher percent. The 10 points -- so the 10 points of growth or of our growth would be something that would be more consistent and not as dependent on the net retention.

是的。我們在問題中報告了這一點。也就是說——40%——比以前要高。從數學上來說這是正確的，當淨留存率隨著新產品的一致性而下降時，你的百分比就會更高。這 10 個點——所以 10 個增長點或我們的增長將更加一致，而不是依賴於淨留存率。

Our next question comes from the line of Koji Ikeda from Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Koji Ikeda。

Olivier and David, just one from me here in the interest of time. Olivier, in your prepared remarks, you called out 2% of ARR being generated from next-gen AI customers. I wanted to dig into that a little bit more. How should we be thinking about how you define what a next-gen AI customer is? Is that an existing customer with very specific AI initiatives? Or is that a next-gen AI-specific customers, say, like an LLM vendor? And then what was that contribution during 1Q?

由於時間關係，奧利維爾和大衛只是我這裡的一位。 Olivier，在您準備好的發言中，您指出 2% 的 ARR 是由下一代 AI 客戶產生的。我想進一步深入探討這一點。我們應該如何思考如何定義下一代人工智能客戶？這是具有非常具體的人工智能計劃的現有客戶嗎？或者是下一代人工智能特定客戶，例如法學碩士供應商？那麼第一季度的貢獻是多少？

So it's -- you can see it as the customers that are either selling AI themselves. So that would be LLM vendors and the likes or customers whose whole business is built on differentiated AI technology. And we've been fairly selective in terms of who we put in that category because companies everywhere are very eager to say that they differentiate where we are today. So this is an illustration basically of the new kinds of businesses we've seen emerge, I would say, in the past year, 1.5 years, 2 years. In some cases, it might be divisions of existing larger companies, but in most situations, these are fairly recent and newer companies. We didn't give a comparable for the numbers. This is the first time we disclose this. And we probably won't disclose it on a regular basis. This is just to give more color to what we see in the market today.

所以，你可以將其視為客戶自己銷售人工智能。因此，這將是法學碩士供應商及其整個業務建立在差異化人工智能技術之上的類似或客戶。我們在選擇該類別的人員方面相當有選擇性，因為世界各地的公司都非常渴望說他們使我們今天的處境與眾不同。這基本上是我們在過去一年、1.5 年、2 年中看到的新型業務的例證。在某些情況下，它可能是現有較大公司的部門，但在大多數情況下，這些都是相當新的公司。我們沒有給出可比較的數字。這是我們第一次披露這一點。我們可能不會定期披露它。這只是為了給我們今天在市場上看到的東西增添更多色彩。

Our next question comes from the line of Patrick Walravens from JMP Securities.

我們的下一個問題來自 JMP 證券的 Patrick Walravens。

Great. I'd love to hear what you thought about the attendance at Datadog DASH in San Francisco versus your expectations. And then more broadly about the -- or your thoughts around the return to in-person events like this?

偉大的。我很想听聽您對參加舊金山 Datadog DASH 大會的看法以及您的期望。然後更廣泛地談談——或者你對回歸這樣的面對面活動的想法？

So overall, we're actually very happily surprised. So we have decided to go to DASH -- to put DASH in San Francisco this year. So we switch things up a little bit and maybe see different customers than the ones we see when we do it on the East Coast. We're a little bit worried to be honest because we did it in the summer in San Francisco, and we had heard our stories about how we will get people into San Francisco to show up. And we've been very, very happily surprised. We got great attendance, actually higher than we had modeled, which forced us to scramble the first day to add some shares in the keynote rooms. And -- so overall, the attendance was very good. The conference was very productive. That was very, very good.

總的來說，我們實際上感到非常高興和驚訝。因此，我們決定今年將 DASH 放在舊金山。因此，我們稍微改變一下，也許會看到與我們在東海岸看到的客戶不同的客戶。說實話，我們有點擔心，因為我們是在夏天在舊金山進行的，並且我們已經聽到了有關如何讓人們來到舊金山出現的故事。我們非常非常高興地感到驚訝。我們的出席人數很高，實際上比我們模擬的要高，這迫使我們在第一天就在主題演講室中增加了一些分享。而且——總的來說，出席人數非常好。會議成果豐碩。那非常非常好。

In terms of the return to in-person events. Across the board, we see them happen whether that's our own conference or the other industry or at conferences that we exhibit at. We see a lot of success with those again, since customers are very eager to connect and come to these events. So definitely, something that's happening this year that was maybe not happening as much the years before.

就回歸現場活動而言。總的來說，無論是我們自己的會議、其他行業還是我們參加的會議，我們都看到它們發生。我們再次看到這些活動取得了很大的成功，因為客戶非常渴望聯繫並參加這些活動。所以肯定的是，今年發生的事情可能沒有像前幾年那樣發生。

Our next question comes from the line of Gregg Moskowitz from Mizuho.

我們的下一個問題來自 Mizuho 的 Gregg Moskowitz。

First for Olivier and then I had a follow-up. So given the slight improvement in usage trends that you cited in the first quarter, it was a bit surprising to hear that Q2 usage growth for existing customers was a little lower than prior quarters because we haven't really been hearing this from other consumption business models that have recently reported. And I'm just wondering if you have any thoughts as to why the usage growth for existing customers may have a downtick this quarter? Anything anecdotally that you might have come across?

首先是奧利維爾，然後是我的後續行動。因此，考慮到您在第一季度提到的使用趨勢略有改善，聽到現有客戶第二季度的使用增長略低於前幾個季度，這有點令人驚訝，因為我們還沒有真正從其他消費業務中聽到這一點最近報導的模型。我只是想知道您是否有任何想法，為什麼現有客戶的使用增長可能會在本季度下降？您可能遇到過什麼軼事嗎？

Well, I think it's -- look, at the end of the day, we have a slightly different customer mix than some of the other folks. There are some optimizations that are specifically to observability and others that are specifically to cloud that maybe it's also specific to different clouds of which we have a different mix than the rest of the industry. So when you combine all of that, you might see some different timing effects in terms of how various optimization might hit us versus others. So I wouldn't read too much into that. I think the trends are broadly the same as what you see anywhere else in the industry. And the other participants are also quite careful about not calling an immediate end to all of the optimization, so are we, even though from the behavior we see from our -- who we think of other -- all customers, who are the most at risk of optimization, we feel better about the path we see them take and the usage trends we see of late.

嗯，我認為——看，歸根結底，我們的客戶組合與其他一些人略有不同。有一些專門針對可觀察性的優化，還有一些專門針對雲的優化，也許它也特定於不同的雲，而我們的雲與行業其他公司的組合不同。因此，當您將所有這些結合起來時，您可能會看到一些不同的時間效應，即各種優化對我們和其他人的影響。所以我不會對此進行太多解讀。我認為這些趨勢與您在行業其他地方看到的趨勢大致相同。其他參與者也非常小心，不會要求立即結束所有優化，我們也是如此，儘管從我們看到的（我們認為其他的）所有客戶的行為來看，他們是最擅長的。優化的風險，我們對他們所採取的路徑和我們最近看到的使用趨勢感覺更好。

Okay. And then I wanted to ask on the security side because you mentioned 79 customers now over $100,000, including a handful spending more than $1 million. So for those largest customers in particular, can you give us a flavor for which Datadog security products they're most frequently using? Also, how much of this -- again, to those largest wins, how much of this is greenfield as opposed to displacement?

好的。然後我想問安全方面的問題，因為您提到現在有 79 名客戶的消費超過 10 萬美元，其中包括少數消費超過 100 萬美元的客戶。那麼，特別是對於那些最大的客戶，您能給我們介紹一下他們最常使用的 Datadog 安全產品嗎？另外，對於那些最大的勝利來說，其中有多少是未開發的而不是流離失所的？

The largest customers there tend to use almost all of our security products today. Sometimes there are some exceptions. And these are customers that tend to be on the tech-forward mid-market -- higher end of the mid-market size that deploy us wall-to-wall in the organization. Typically, the customers that have us in the 6 figures or above tend to be -- can be enterprise or mid-market but the ones that are $1 million or above and to be mid-market and more tech forward.

目前，那裡最大的客戶往往使用我們幾乎所有的安全產品。有時也有一些例外。這些客戶往往處於技術領先的中端市場——中端市場規模的高端，將我們部署在組織中。通常情況下，擁有 6 位數或以上銷售額的客戶往往是企業或中端市場，但價值 100 萬美元或以上的客戶往往是中端市場和技術更先進的客戶。

And I would say, overall, the adoption tracks the adoption in the industry of unified data take up as a practice. And again, to zoom out a little bit, we believe that this is where the whole industry is going and we're building a product. So we're completely ready and we have a fully mature end-to-end solution that is relevant to every single possible customer so that by the time this becomes a generic process in the industry, we are the no-brainer defacto choice for all of those customers. And so far, we're pleased with what we're doing there.

我想說，總體而言，這種採用跟踪了行業中統一數據採用作為實踐的採用情況。再說一次，稍微縮小一點，我們相信這就是整個行業的發展方向，我們正在構建一個產品。因此，我們已經完全準備好，並且擁有一個完全成熟的端到端解決方案，該解決方案與每一個可能的客戶相關，因此，當這成為行業中的通用流程時，我們將成為所有人的不二之選。這些客戶。到目前為止，我們對我們在那裡所做的事情感到滿意。

At this time, I would now like to turn the conference back over to Olivier Pomel, CEO of Datadog, for closing remarks.

現在，我想將會議轉回 Datadog 首席執行官 Olivier Pomel 致閉幕詞。

Thank you. So first of all, thank you all for attending the call today. I also want to thank all of our employees and all the Datadogs around the world for a Q2 that was very well executed. And I want to thank all of our customers for making DASH last week, such a vibrant conference and making this so productive in terms of conversations we've had with them. And on these good words, thank you all.

謝謝。首先，感謝大家參加今天的電話會議。我還要感謝我們所有的員工和世界各地的所有 Datadogs，他們在第二季度的表現非常出色。我要感謝我們所有的客戶上週舉辦了 DASH，這是一次如此充滿活力的會議，並使我們與他們的對話變得如此富有成效。就這些好話，謝謝大家。

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。