數據狗 (DDOG) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Third Quarter 2023 Datadog Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Yuka Broderick, Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Datadog 2023 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。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 third 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]。早安，感謝您與我們一起回顧 Datadog 的 2023 年第三季財務業績，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 聯合創始人兼執行長 Olivier Pomel；以及 Datadog 的財務長 David Obstler。

During this call, we will make forward-looking statements, including statements related to our future financial performance, our outlook for the fourth quarter and 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. For a discussion of the material risks and other important factors that could affect our actual results, please refer to our Form 10-Q for the quarter ended June 30, 2023. Additional information will be made available in our upcoming Form 10-Q for the fiscal quarter ended September 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.

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、第四季度和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為止的觀點，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。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 6 月 30 日的季度的 10-Q 表格。更多資訊將在我們即將發布的 10-Q 表格中提供。截至2023 年9 月30 日的財政季度以及向SEC 提交的其他文件。此資訊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取得。

We will also discuss non-GAAP financial measures, which are reconciled to their most directly comparable GAAP financial measures in the tables in our earnings release, which is available at investors.datadoghq.com. With that, I'd like to turn the call over to Olivier.

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較的 GAAP 財務指標進行了協調，該報告可在 Investors.datadoghq.com 上取得。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. We are pleased with our execution in Q3. We delivered another quarter of profitable growth and robust notable bookings and we continue to broaden our platform to have customers become and grow digital businesses.

謝謝 Yuka，也謝謝大家今天早上加入我們。我們對第三季的執行感到滿意。我們又實現了一個季度的獲利成長和強勁的預訂量，並且我們繼續擴大我們的平台，讓客戶成為並發展數位業務。

Let me start with a review of our Q3 financial performance. Revenue was $548 million, an increase of 25% year-over-year and above the high end of our guidance range. We ended with about 26,800 customers, up from about 22,200 last year. We ended the quarter with about 3,130 customers with an ARR of $100,000 or more, up from about 2,600 last year. And these customers generated about 86% of our ARR. And we generated free cash flow of $138 million with a free cash flow margin of 25%.

讓我先回顧一下我們第三季的財務表現。營收為 5.48 億美元，年成長 25%，高於我們指導範圍的上限。我們最終擁有約 26,800 名客戶，高於去年的約 22,200 名。本季末，我們約有 3,130 名客戶的 ARR 為 10 萬美元或以上，高於去年的約 2,600 名。這些客戶產生了我們約 86% 的 ARR。我們產生了 1.38 億美元的自由現金流，自由現金流利潤率為 25%。

Turning to platform adoption. Our platform strategy continues to resonate in the market. As of the end of Q3, 82% of customers were using two or more products, up from 80% a year ago. 46% of customers were using 4 or more products, up from 40% a year ago and 21% of our customers were using 6 or more products, up from 16% last year.

轉向平台採用。我們的平台策略持續在市場上引起共鳴。截至第三季末，82% 的客戶使用兩種或兩種以上產品，高於一年前的 80%。 46% 的客戶使用 4 種或以上產品，高於一年前的 40%；21% 的客戶使用 6 種或以上產品，高於去年的 16%。

Now let's discuss this quarter's business drivers. In Q3, we saw usage growth we've seen customers improve compared to Q2. Overall growth in Q3 was relatively consistent throughout the quarter and comparable to levels we've seen in Q1. We are seeing signs that the cloud optimization activity from some of our customers may be moderating. As a reminder, last quarter, we discussed a cohort of customers who began optimizing about a year ago and we said that they appear to stabilize their users growth at the end of Q2. That trend has held for the past several months with that cohorts usage remaining stable throughout Q3.

現在讓我們討論本季的業務驅動因素。在第三季度，我們看到使用量成長，與第二季度相比，我們看到客戶有所改善。第三季的整體成長在整個季度相對穩定，與我們在第一季看到的水平相當。我們看到一些跡象表明，一些客戶的雲端優化活動可能正在放緩。提醒一下，上個季度，我們討論了大約一年前開始優化的一組客戶，我們說他們似乎在第二季末穩定了用戶成長。這種趨勢在過去幾個月中一直保持，該群體的使用量在整個第三季度保持穩定。

Overall, we continue to see impact from optimization in our business. But we believe that the intensity and breadth of optimization we've experienced in recent quarters is moderating. Meanwhile, our new logo activity has remained robust. New logo bookings continue to scale and grow year-over-year. And for the second quarter in a row, we closed a record number of new deals with more than $100,000 in annual commitment.

總體而言，我們繼續看到業務優化的影響。但我們相信，最近幾季我們經歷的優化的強度和廣度正在放緩。同時，我們的新標誌活動仍然強勁。新標誌的預訂量繼續擴大並逐年增長。我們連續第二季完成了創紀錄的新交易數量，年度承諾金額超過 10 萬美元。

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 and more products. Finally, regarding customer growth, we are pleased with the new logos, new workloads and new product attaches we added this quarter. We added a number of exciting new customized in Q3, and I'll discuss a couple of examples later.

透過我們的落地和擴展模型，我們預計新徽標隨著時間的推移會變成更大的客戶，因為它們會進入雲端並添加越來越多的產品。最後，關於客戶成長，我們對本季新增的新商標、新工作負載和新產品配件感到滿意。我們在第三季添加了許多令人興奮的新自訂功能，稍後我將討論幾個範例。

Note that our total customer count is largely driven by our long tail of very small customers, while our sales motions are more targeted to the middle and high end of our prospects. And as a reflection of our team's strong execution, our net adds of customers over $100,000, saw an increase in Q3 compared to Q2.

請注意，我們的總客戶數量主要是由我們的小型客戶長尾驅動的，而我們的銷售活動更針對我們的中高端潛在客戶。作為我們團隊強大執行力的體現，我們的客戶淨增加超過 10 萬美元，第三季比第二季增加。

Despite a more cost-conscious demand environment over the past year, our business has continued to grow across product lines and we are very proud to achieve several key milestones. First, our infrastructure monitoring ARR exceeded $1 billion. Today, our infrastructure products cover monitoring the performance of hosts, networks, containers, Kubernetes deployments, saves functions and other aspects of infrastructure in the cloud as well as a full set of AI and machine learning tools to help our customers separate signal for noise.

儘管過去一年的需求環境更加重視成本，但我們的業務在各個產品線中持續成長，我們為實現幾個關鍵里程碑感到非常自豪。首先，我們的基礎設施監控 ARR 超過 10 億美元。如今，我們的基礎設施產品涵蓋了監控主機、網路、容器、Kubernetes 部署的效能，將基礎設施的功能和其他方面保存在雲端中，以及一整套人工智慧和機器學習工具來幫助我們的客戶分離訊號和噪音。

Second, our APM suite, which includes core APM, Synthetics, Real User Monitoring and Continuous profiler, exceeded $500 million in ARR, and we continue to expand our capabilities in APM, most recently with single-step instrumentation, which allows a single engineer to enable APM across all applications without core changes and we ship advances in mobile app monitoring, including mobile application testing and mobilization replay.

其次，我們的 APM 套件（包括核心 APM、合成、真實用戶監控和連續分析器）的 ARR 超過 5 億美元，我們繼續擴展我們在 APM 方面的能力，最近推出了單步儀器，它允許單一工程師無需核心變更即可在所有應用程式中啟用APM，並且我們在行動應用程式監控方面取得了進步，包括行動應用程式測試和行動重播。

Third, our log management product exceeded $500 million in AR. We also continue to expand our capabilities in load management. And with Flex logs, customers can easily scale storage and compute separately, allowing for new very high-volume logging use cases in a cost-effective manner.

第三，我們的日誌管理產品在 AR 領域的銷售額突破了 5 億美元。我們也持續擴展負載管理能力。借助 Flex 日誌，客戶可以輕鬆地單獨擴展儲存和運算，以經濟高效的方式實現新的大容量日誌記錄用例。

From the very beginning, my cofounder Alexis and I had a vision to create a unified platform that serves end-to-end use cases across datasets, products and SIM boundaries. We believe that these ARR milestones and their balance across the 3 pillars of observability demonstrate that Datadog is unique within the industry in establishing true platform value for customers. And of course, even though these products have become significant in size, we are only just getting started. We will continue to innovate to deliver more solutions for our customers across observability and beyond.

從一開始，我和我的共同創辦人 Alexis 就有一個願景，就是創建一個統一的平台，為跨資料集、產品和 SIM 邊界的端到端用例提供服務。我們相信，這些 ARR 里程碑及其在可觀察性 3 個支柱之間的平衡表明，Datadog 在為客戶建立真正的平台價值方面在行業中是獨一無二的。當然，儘管這些產品的規模已經變得很大，但我們才剛開始。我們將繼續創新，為客戶提供更多可觀測性及其他領域的解決方案。

I will add that we have empathy for our customers in their pain points, in part because we are ourselves users of cloud and next-gen technologies at a meaningful scale and we extensively deploy a user on solution, which is appropriately known as dog footing. As an example, we have extensively relied on our cloud cost management product as we expanded its capabilities this past year.

我要補充的是，我們對客戶的痛點表示同情，部分原因是我們本身就是雲端和下一代技術的大規模用戶，並且我們在解決方案上廣泛部署了用戶，這被適當地稱為「狗立足」。例如，去年我們在擴展雲端成本管理產品的功能時廣泛依賴了該產品。

And the use of our product has played a large role in delivering cost performance and efficiency improvements, optimizing our own cloud usage and ultimately resulting in expansion of our gross margins in recent quarters.

我們產品的使用在提高成本效益和效率、優化我們自己的雲端使用以及最終導致我們最近幾季毛利率的擴大方面發揮了重要作用。

We also continued to innovate in the depth take-up space. Our recent expansions in cloud security include cloud SIEM investigator, where customers can visualize logs over a long period of time to conduct security investigations. And within our cloud security management product, we have introduced Cloud Infrastructure Entitlement Management, or CIEM, to help customers prevent identity and access management security issues.

我們也在深度佔用領域持續創新。我們最近在雲端安全方面的擴展包括雲端 SIEM 調查員，客戶可以在其中長時間可視化日誌以進行安全調查。在我們的雲端安全管理產品中，我們引入了雲端基礎架構權利管理（CIEM），以協助客戶防止身分和存取管理安全問題。

For a few years now, the industry has been talking about the idea of DevSecOps, the breaking down of silos among development, operations and security teams. And we entered the security space on the premise that DevOps and security teams should share the same data in the same platform.

幾年來，業界一直在談論 DevSecOps 的理念，即打破開發、營運和安全團隊之間的孤島。我們進入安全領域的前提是 DevOps 和安全團隊應該在同一平台上共享相同的資料。

So starting this month, we are making the practice of DevSecOps easy to adopt for all customers by bringing together all the components needed to fully monitor and secure their entire stack with 2 simple packages. First, with infrastructure DevSecOps, our customers can observe and secure their entire cloud environment in one package. With a simple purpose price and a single agent deployed, customers get end-to-end visibility into performance, availability and security issues in one place. And from that one place, teams can also quickly remediate problems using built-in workflows and without any code or contribution changes.

因此，從本月開始，我們將透過 2 個簡單的軟體包將全面監控和保護整個堆疊所需的所有組件整合在一起，使所有客戶都能輕鬆採用 DevSecOps 實踐。首先，借助基礎設施 DevSecOps，我們的客戶可以在一個軟體包中觀察並保護其整個雲端環境。透過簡單的價格和部署的單一代理，客戶可以在一個地方獲得效能、可用性和安全性問題的端到端可見性。從這一點開始，團隊還可以使用內建工作流程快速修復問題，而無需更改任何程式碼或貢獻。

Second, with APM DevSecOps, we take this one step further. Customers can instrument cloud applications for both performance and generality issues in one single package enabled with the same unified agent used for infrastructure DevSecOps. APM DevSecOps complements infrastructure DevSecOps by surfacing open source and code level security viabilities alongside performance issue.

其次，透過 APM DevSecOps，我們更進一步。客戶可以在一個軟體包中檢測雲端應用程式的效能和通用性問題，該軟體包由用於基礎設施 DevSecOps 的相同統一代理啟用。 APM DevSecOps 透過呈現開源和程式碼級安全可行性以及效能問題來補充基礎設施 DevSecOps。

Finally, we continue to be excited about the opportunity in generative AI and Large Language Models. First, we believe adopting NextGen AI will require the use of cloud and other modern technologies and drive additional growth in cloud workloads. So we are continuing to invest by integrating with more components at every layer of the new AI stack and by developing our own LLM observability products.

最後，我們仍然對產生人工智慧和大型語言模型的機會感到興奮。首先，我們認為採用下一代人工智慧將需要使用雲端和其他現代技術，並推動雲端工作負載的進一步成長。因此，我們將繼續投資，在新人工智慧堆疊的每一層中整合更多組件，並開發我們自己的法學碩士可觀察性產品。

And while we see signs of AI adoption across large parts of our customer base, in the near term, we continue to see AI-related usage manifest itself most accurately with next-gen AI native customers who contributed about 2.5% of our ARR this quarter.

雖然我們看到大部分客戶群都採用人工智慧的跡象，但在短期內，我們繼續看到人工智慧相關的使用在下一代人工智慧原生客戶中表現得最為準確，他們本季貢獻了約2.5%的ARR 。

In the mid- to long term, we expect customers of all industries and sizes to keep adding value to their products using AI and to get their early explore -- to get from early exploration to development into production, thus driving larger cloud and observability usage across our customer base.

從中長期來看，我們期望所有行業和規模的客戶能夠利用人工智慧不斷為他們的產品增加價值，並進行早期探索——從早期探索到開發再到生產，從而推動更大的雲端和可觀測性使用我們的客戶群。

Besides observing the AI stack, we also expect to keep adding value to our own platform using AI. Datadog's unified platform and purely SaaS model, combined with strong multiproduct adoption by our customers generates a large amount of deep and precise observability data. We believe combining AI capabilities with this broad data set will allow us to deliver differentiated value to customers.

除了觀察人工智慧堆疊之外，我們還期望利用人工智慧不斷為我們自己的平台增加價值。 Datadog的統一平台和純粹的SaaS模式，加上客戶對多產品的廣泛採用，產生了大量深入且精確的可觀測資料。我們相信，將人工智慧功能與廣泛的數據集相結合將使我們能夠為客戶提供差異化的價值。

And we are working to product that is differentiated value through recently announced capabilities such as our bid Bits AI assistant, AI generated synthetic test and AI-led air analysis and resolution, and we expect to deliver many more related innovation to customers over time.

我們正在透過最近宣布的功能（例如我們的bid Bits AI 助理、AI 生成的綜合測試以及AI 主導的空氣分析和解決方案）致力於開發具有差異化價值的產品，並且我們預計隨著時間的推移，將為客戶提供更多相關創新。

Let's move on to sales and marketing, where we continue to execute on both new logos and existing customers. So let's discuss some of our wins. First, we founded 7-figure land over 5 years with a leading provider of dental care. This company's legacy monitoring just didn't cut and it contributed to delay with their migration to Azure. What's concerning to them was that customers notice poor application performance and were complaining publicly on social media. By adopting 6 Datadog products, they expect to find and fix the vast majority of incidents internally before their customers are affected. And in signing a 5-year deal, this customer showed its confidence in Datadog as a long-term partner in their migration.

讓我們繼續進行銷售和行銷，我們繼續對新商標和現有客戶執行操作。那麼讓我們來討論一下我們的一些勝利。首先，我們在 5 年內與一家領先的牙科護理提供者合作建立了價值 7 位數的土地。該公司的遺留監控並沒有減少，反而導致了向 Azure 遷移的延遲。他們擔心的是，客戶注意到應用程式效能不佳，並在社群媒體上公開抱怨。透過採用 6 個 Datadog 產品，他們希望在客戶受到影響之前在內部發現並修復絕大多數事件。在簽署為期 5 年的協議時，該客戶表明了對 Datadog 作為其遷移過程中的長期合作夥伴的信心。

Next, we signed a 7-figure land with a South American fintech company. By moving from basic built-in cloud monitoring, legacy tooling and open source tools to Datadog, this customer expects to significantly reduce costs by spending less on tooling, reducing time to resolution and giving time back to engineers to innovate on their own products.

接下來，我們與一家南美金融科技公司簽署了一塊價值 7 位數的土地。透過從基本的內建雲端監控、遺留工具和開源工具遷移到 Datadog，該客戶希望透過減少工具支出、縮短解決時間並讓工程師有時間在自己的產品上進行創新來顯著降低成本。

Next, we signed an 8-figure renewal over 3 years with a major American chain of convenience stores. With this expansion, Datadog will bring all aspects of these customers' tech systems into one platform, including their applications, hybrid cloud, network, in-store IoT technology, point-of-sale systems, self-serve kiosks, fuel pumps and corporate infrastructure.

接下來，我們與美國一家大型連鎖便利商店簽訂了為期 3 年、價值 8 位數的續約合約。透過此次擴張，Datadog 將把這些客戶技術系統的所有方面整合到一個平台中，包括他們的應用程式、混合雲、網路、店內物聯網技術、銷售點系統、自助服務亭、燃油泵和企業基礎設施。

This will free up employee time to focus on customer service with expectations to save millions of dollars annually. This customer plans to use 6 Datadog products replacing 3 commercial observability tools. Next, we signed a 7-figure expansion with a major U.S. federal agency.

這將使員工有時間專注於客戶服務，預計每年節省數百萬美元。該客戶計劃使用 6 款 Datadog 產品取代 3 款商業觀測工具。接下來，我們與美國一家主要聯邦機構簽署了 7 位數的擴張協議。

When we first started working with this customer a year ago, Datadog was approved for a limited subset of programs. But as we have demonstrated value and gain eternal adoption, this customer is now deploying Datadog across the entire agency. They have a added 6 Datadog products, and by doing so, consolidated out of 7 tools.

一年前，當我們第一次開始與該客戶合作時，Datadog 被批准用於有限的程式子集。但隨著我們展示了價值並獲得了永久採用，該客戶現在正在整個機構部署 Datadog。他們增加了 6 種 Datadog 產品，並由此整合了 7 種工具。

Next, we signed a 7-figure expansion with a Fortune 500 industrial company. Customer was concerned with out-of-control costs with its legacy log management products and was using a dozen different tools. And when they began using Datadog, they noticed far fewer support tickets submitted to their reliability team. By growing set with Datadog and expanding to 7 products, this customer expects to deliver better service while saving time and reducing cost.

接下來，我們與一家財富 500 強工業公司簽署了 7 位數的擴張協議。客戶擔心其遺留日誌管理產品的成本失控，並使用了十幾種不同的工具。當他們開始使用 Datadog 時，他們注意到提交給可靠性團隊的支援票要少得多。透過增加 Datadog 的數量並擴展到 7 種產品，該客戶希望提供更好的服務，同時節省時間並降低成本。

And last, we signed a 7-figure expansion with a software business that is part of a tech hyperscaler. This long-term customer has used Datadog for infrastruction metrics and will now expand to adopt 7 Datadog products. Datadog will be replacing its commercial APM tool, which was well adopted by its engineers and led to inefficient troubleshooting outages and revenue impact.

最後，我們與一家軟體公司簽署了 7 位數的擴張協議，該軟體公司是一家技術超大規模公司的一部分。該長期客戶已使用 Datadog 進行基礎設施指標，現在將擴大採用 7 款 Datadog 產品。 Datadog 將取代其商業 APM 工具，該工具已被其工程師廣泛採用，並導致故障排除效率低下並影響收入。

Our support of open telemetry, in particular, was key to their decision to expand with Datadog, that it makes it possible for APM tracing to be democratized and use across their entire DevOps team. And that's it for this quarter's highlights. I'd like to thank our go-to-market teams for their strong execution in Q3.

我們對開放遙測的支援尤其是他們決定使用 Datadog 進行擴展的關鍵，這使得 APM 追蹤能夠民主化並在整個 DevOps 團隊中使用。這就是本季的亮點。我要感謝我們的市場推廣團隊在第三季的強勁執行力。

Before I turn it over to David for a financial review, let me reiterate our longer-term outlook. As we have said throughout this period of cloud optimization and macro uncertainty, our long-term plans have remained unchanged. We continue to believe digital transformation and cloud migration are long-term secular growth drivers of our business and critical motions for every company to deliver value and competitive advantage.

在我將其交給大衛進行財務審查之前，讓我重申我們的長期前景。正如我們所說，在雲端優化和宏觀不確定性的整個時期，我們的長期計劃保持不變。我們仍然相信數位轉型和雲端遷移是我們業務的長期長期成長驅動力，也是每家公司提供價值和競爭優勢的關鍵舉措。

So we continue to invest aggressively to better our platform, and we aim to be our customers' mission-critical partners as they move to cloud and to modern DevSecOps With that, I will turn it over to our CFO, David.

因此，我們繼續積極投資以改善我們的平台，我們的目標是成為客戶遷移到雲端和現代 DevSecOps 時的關鍵任務合作夥伴。有了這個，我將把它交給我們的財務長 David。

Thanks, Olivier. Q3 revenue was $548 million, up 25% year-over-year and up 7% quarter-over-quarter. To dive into some of the drivers of this Q3 performance, first, regarding usage growth. We saw an improvement in usage growth in Q3 versus Q2. The Q3 usage growth was more similar to Q1 and relatively steady throughout the quarter.

謝謝，奧利維爾。第三季營收為 5.48 億美元，年增 25%，季增 7%。要深入探討第三季業績的一些驅動因素，首先是使用量成長。我們看到第三季的使用量成長比第二季有所改善。第三季的使用量成長與第一季更為相似，並且整個季度相對穩定。

We had a very healthy start to Q4 in October. While it is too early in the quarter to know for sure, it will happen in the next couple of months, the trends we see in early Q4 are stronger than they've been for the past year. Regarding usage growth by customer size, we continue to see larger spending customer growth at a slower rate than smaller spending customers, but usage growth improved for all customer sizes in Q3 relative to Q2.

十月第四季我們有一個非常健康的開始。雖然現在確定本季還為時過早，但這將在接下來的幾個月內發生，但我們在第四季初看到的趨勢比過去一年更強。關於按客戶規模劃分的使用量成長，我們持續看到較大支出客戶的成長速度低於較小支出客戶，但與第二季相比，第三季所有客戶規模的使用成長均有所改善。

And as Olivier discussed, we believe there are signs that the optimization activity we've been seeing is moderating. Last quarter, we discussed the cohort of customers who started optimizing about a year ago. This cohort's usage has been stable -- was stable throughout Q3. As we look at our overall customer activity, we continue to see customers optimizing but with less impact than we experienced in Q2, contributing to our usage growth with existing customers improving in Q3 relative to Q2.

正如奧利維爾所討論的，我們相信有跡象表明我們所看到的優化活動正在放緩。上個季度，我們討論了大約一年前開始優化的客戶群。該群體的使用量一直穩定——整個第三季都保持穩定。當我們審視整體客戶活動時，我們繼續看到客戶在優化，但影響力比第二季要小，這有助於我們的使用量成長，現有客戶在第三季相對於第二季有所改善。

While we expect cost management to continue, we believe we are seeing moderation that is still present but -- a moderation is still present, but is less intense and less widespread than we experienced in recent quarters. Geographically, we experienced similar sequential revenue growth in North America and in our international markets. And finally, as regard to retention metrics, our trailing 12-month net revenue retention was in line with our expectations and came in slightly below 120% in Q3. Our trailing 12-month gross revenue retention continues to be stable in the mid- to high 90s, a sign of the mission-critical nature of our platform for our customers.

雖然我們預計成本管理將繼續下去，但我們相信我們仍然看到了適度的情況，但是，適度的情況仍然存在，但不像最近幾個季度那樣強烈和廣泛。從地理上看，我們在北美和國際市場經歷了類似的連續收入成長。最後，就保留指標而言，我們過去 12 個月的淨收入保留率符合我們的預期，第三季略低於 120%。我們過去 12 個月的總收入保留率繼續穩定在 90 年代中上水平，這表明我們平台對客戶的任務關鍵型性質。

Moving on to our financial results. Billings were $607 million, up 30% year-over-year. Billings duration increased slightly year-over-year. Remaining performance obligations, or RPO, was $1.45 billion, up 54% year-over-year. Current RPO growth was about 30% year-over-year.

接下來是我們的財務表現。營業額為 6.07 億美元，年增 30%。比林斯持續時間較去年同期略有增加。剩餘履約義務（RPO）為 14.5 億美元，年增 54%。目前 RPO 年成長約為 30%。

Over the past couple of quarters, we have seen an increasing preference from our customers to sign multiyear deals, and our weighted average booking duration was up sequentially and year-over-year. We see continued interest in multiyear duration deals in our pipeline as customers seek longer-term strategic partnerships with us.

在過去的幾個季度中，我們發現客戶越來越傾向於簽署多年期交易，並且我們的加權平均預訂持續時間逐年增加。隨著客戶尋求與我們建立長期策略合作夥伴關係，我們看到對我們管道中的多年交易的持續興趣。

We continue to believe that revenue is a better indicator of our business trends than billings and RPO as those can fluctuate relative to revenues based on the timing of invoice and the duration of customer contracts.

我們仍然認為，收入比帳單和 RPO 更能反映我們的業務趨勢，因為這些收入可能會根據發票時間和客戶合約期限相對於收入而波動。

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 $451 million, representing a gross margin of 82.3%. This compares to a gross margin of 81.3% last quarter and 79.7% in the year ago quarter.

現在讓我們回顧一下一些關鍵的損益表結果。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 財務數據的調整表。該季度毛利為4.51億美元，毛利率為82.3%。相較之下，上季毛利率為 81.3%，去年同期毛利率為 79.7%。

As Olivier mentioned, we continued to experience efficiencies in cloud costs reflected in our cost of goods sold in the quarter as our engineering teams pursue cost savings and efficiency projects. Our Q3 OpEx grew 17% year-over-year. This is a decline from 26% year-over-year growth last quarter. We continued to execute on controlling costs given the uncertain environment. And Q3 operating income was $131 million for a 24% operating margin, up from 21% last quarter and above the 17% in the year ago quarter.

正如奧利維爾所提到的，隨著我們的工程團隊追求成本節約和效率項目，我們繼續體驗到雲端成本的效率，這反映在本季的銷售成本中。我們第三季的營運支出較去年同期成長 17%。這比上季度 26% 的年成長率有所下降。鑑於環境的不確定性，我們繼續控製成本。第三季營業收入為 1.31 億美元，營業利益率為 24%，高於上一季的 21%，也高於去年同期的 17%。

Our margins were higher than we expected in Q3 as our organic growth was higher than in Q2, while our internal optimization and cost management efforts were successful. Turning to the balance sheet and cash flow statements. We ended the quarter with $2.3 billion in cash, cash equivalents and marketable securities and cash flow from operations was $153 million in the quarter.

我們的第三季度利潤率高於我們的預期，因為我們的有機成長高於第二季度，同時我們的內部優化和成本管理工作取得了成功。轉向資產負債表和現金流量表。本季結束時，我們擁有 23 億美元的現金、現金等價物和有價證券，本季的營運現金流為 1.53 億美元。

After taking into consideration capital expenditures and capitalized software, free cash flow was $138 million for a free cash flow margin of 25%. And now for our outlook for the fourth quarter and for the full fiscal year 2023. A reminder, our guidance philosophy remains unchanged. We based our guidance on trends observed in recent months and apply conservatism on these growth trends.

考慮到資本支出和資本化軟體後，自由現金流為 1.38 億美元，自由現金流利潤率為 25%。現在我們對第四季和 2023 財年的展望。提醒一下，我們的指導理念保持不變。我們的指導是基於近幾個月觀察到的趨勢，並對這些成長趨勢採取保守態度。

For the fourth quarter, we expect revenues to be in the range of $564 million to $568 million, which represents about 20% to 21% growth year-over-year. Non-GAAP operating income is expected to be in the range of $129 million to $133 million and non-GAAP net income per share is expected to be $0.42 to $0.44 per share based on approximately 355 million weighted average diluted shares outstanding.

我們預計第四季的營收將在 5.64 億美元至 5.68 億美元之間，年增約 20% 至 21%。非 GAAP 營業收入預計在 1.29 億至 1.33 億美元之間，非 GAAP 每股淨利潤預計為 0.42 至 0.44 美元，基於約 3.55 億股加權平均稀釋後流通股。

For fiscal year 2023, we expect revenues to be in the range of $2.103 billion to $2.107 billion, which represents 26% year-over-year growth. Non-GAAP operating income is expected to be in the range of $453 million to $457 million and non-GAAP net income per share is expected to be in the range of $1.52 to $1.54 per share based on approximately 351 million weighted average diluted shares outstanding.

對於 2023 財年，我們預計營收將在 21.03 億美元至 21.07 億美元之間，年增 26%。非公認會計準則營業收入預計在 4.53 億美元至 4.57 億美元之間，非公認會計準則每股淨利潤預計在每股 1.52 美元至 1.54 美元之間，基於約 3.51 億股加權平均稀釋後流通股。

Some additional notes for our guidance. First, we expect net interest income and net interest and other income for fiscal 2023 to be approximately $95 million. We expect tax expense in the fiscal year to be $12 million to $14 million. And finally, we expect capital expenditures and capitalized software together to be in the 3% to 4% of revenue range in fiscal 2023.

一些供我們指導的附加說明。首先，我們預計 2023 財年的淨利息收入以及淨利息和其他收入約為 9,500 萬美元。我們預計本財年的稅收支出為 1,200 萬至 1,400 萬美元。最後，我們預計 2023 財年資本支出和資本化軟體合計將佔營收的 3% 至 4%。

And now regarding 2024. It is too early for us to speak to 2024 revenue growth. We will digest the information we see over the next couple of months and give you our 2024 revenue guidance next quarter. As it relates to non-GAAP profitability, our operating income and margins were a little higher in Q3 than we targeted as usage growth improved from Q2 levels, and we were successful with our cost efficiencies.

現在談到 2024 年。現在談論 2024 年收入成長還為時過早。我們將消化未來幾個月看到的信息，並在下個季度向您提供 2024 年收入指引。由於與非公認會計準則獲利能力相關，我們第三季度的營業收入和利潤率略高於我們的目標，因為使用量增長較第二季度水準有所改善，而且我們在成本效率方面取得了成功。

We expect continued strong execution on profitability in Q4. At the same time, we continue to be excited by our numerous long-term growth opportunities and we have no shortage of investments to make and are confident in our ability to execute to strong ROI on those investments.

我們預計第四季度獲利能力將持續強勁。同時，我們繼續對眾多的長期成長機會感到興奮，我們並不缺乏投資，並對我們在這些投資上實現強勁投資回報的能力充滿信心。

As a result, while we are not providing 2024 margin guidance at this point, as always, we will balance our investments in long-term growth with margin discipline. And we will update you on that in more detail next quarter. With that, we will open the call for questions. Operator, let's begin the Q&A.

因此，雖然我們目前不提供 2024 年利潤率指導，但我們將一如既往地平衡長期成長投資與利潤率紀律。我們將在下個季度向您提供更詳細的最新資訊。至此，我們將開始提問。接線員，我們開始問答。

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

（操作員指令）我們的第一個問題來自摩根大通的馬克墨菲。

Congratulations on a very strong performance. Olivier, I'm interested in your mention of 2.5% of ARR being driven by the native AI providers. Should we think of that mostly consisting of open AI, LAMA, anthropic, Cohere, et cetera? Or are you meaning that as a slightly different reference? And can you just help us understand, is that up from close to 0 a year ago? And then I have a quick follow-up.

恭喜您的出色表現。 Olivier，我對你提到的 2.5% 的 ARR 是由原生 AI 提供者推動的興趣。我們是否應該認為它主要由開放人工智慧、LAMA、人類、Cohere 等組成？還是你的意思是作為一個稍微不同的參考？您能否幫助我們了解一下，這一數字與一年前接近 0 相比是否有所上升？然後我會進行快速跟進。

Yes. So it's a number of companies that, without naming anyone, so they tend to be model providers, but not just on the language side, like a providers on the language, image side, like there's a number of different -- or video side, there's a different types of communities there given some good pilot-type companies. These customers all had revenue 1 year ago, but they've been growing a little bit faster than the rest of the customer base recently. And the reason we did that in the crisis -- we -- today, we see the usage growth related directly to AI coming mostly for these customers that provide models to others. Whereas we see broad usage of AI functionality across the customer base, but at low volumes, and it corresponds to the fact that for most customers or most enterprises really, they're still in the early stages of developing and shipping applications. So for now, the usage is concentrated among the model providers.

是的。因此，有很多公司，沒有透露任何人的名字，所以他們往往是模型提供商，但不僅僅是語言方面的提供商，就像語言、圖像方面的提供商，就像有許多不同的——或影片方面，那裡有不同類型的社區，有一些好的試點型公司。這些客戶在一年前都有收入，但他們最近的成長速度比其他客戶群快一些。我們在危機中這樣做的原因是——我們——今天，我們看到與人工智慧直接相關的使用成長主要來自那些向其他人提供模型的客戶。儘管我們看到人工智慧功能在整個客戶群中得到了廣泛使用，但使用量很低，這也對應了這樣一個事實：對於大多數客戶或大多數企業來說，他們仍處於開發和交付應用程式的早期階段。因此，目前使用主要集中在模型提供者之間。

Okay. Yes. That make sense. And Olivier, as a quick follow-up, you mentioned the log management has cost $500 million in ARR. It's quite a milestone. You also mentioned the replacement of some legacy products. I'm curious if you see the acquisition of Splunk or any other acquisition activity in that market as a beneficial development. I'm just wondering if small customers or other companies that have been provided, that have been acquired, excuse me, might be looking for any alternatives out there that are more modern and a more converged platform and if you're seeing that in the pipeline.

好的。是的。有道理。 Olivier，作為快速跟進，您提到日誌管理花費了 5 億美元的 ARR。這是一個里程碑。您也提到了一些舊產品的更換。我很好奇您是否認為收購 Splunk 或該市場上的任何其他收購活動是有益的發展。我只是想知道小客戶或其他已提供的、已被收購的公司，對不起，是否可能正在尋找更現代、更融合的平台的任何替代方案，如果您在管道。

I mean, we've seen that for a while now that customers were looking for more integrated platforms, more model offerings, things that were more cloud first. And that's been one of the reasons of our success in landing largely in brand-new applications, brand new environment, brand new cloud initiatives and then over time, consolidating our customers away from whatever they were using in the legacy. We don't think that it is going to change with the various acquisitions and tech privates that we've seen over the past quarter. So we think we will just see more of that over time.

我的意思是，我們已經看到客戶正在尋找更整合的平台、更多的模型產品以及更多雲端優先的東西。這就是我們成功地主要登陸全新應用程式、全新環境、全新雲端計畫的原因之一，然後隨著時間的推移，將我們的客戶從他們在遺留系統中使用的任何東西中整合出來。我們認為這種情況不會隨著上個季度看到的各種收購和科技私募而改變。所以我們認為隨著時間的推移我們會看到更多這樣的情況。

One exciting bit on your first question, interesting bit, if you -- as I know many of you are trying to understand what the AI landscape is made of. Interestingly enough, the -- when we look at our cohort of customers that are that we consider to be AI native and built largely on AI in all AI providers, they tend to be on different clouds. What we see is that the majority of those companies actually have a lot of their usage on AWS. Today, the larger part of the usage or the larger of these customers are on Azure. So we see really several different adoption trends there that I think are interesting to the broader market.

關於你的第一個問題，有一點令人興奮，也很有趣，如果你——據我所知，你們中的許多人都在試圖了解人工智慧領域的組成部分。有趣的是，當我們觀察我們的客戶群時，我們認為這些客戶是人工智慧原生的，並且在所有人工智慧提供者中主要基於人工智慧構建，他們往往位於不同的雲端上。我們看到，這些公司中的大多數實際上在 AWS 上都有大量使用。如今，大部分使用情況或大部分客戶都在 Azure 上。因此，我們確實看到了幾種不同的採用趨勢，我認為這些趨勢對更廣泛的市場來說很有趣。

And our next question comes from Sanjit Singh of Morgan Stanley.

我們的下一個問題來自摩根士丹利的桑吉特辛格。

Olivier, the company has been innovating throughout this downturn quite aggressively across core observability, security as well as AI. As we look into 2024, and we think about a potential new product cycle for Datadog, what parts of the portfolio do you think could be contributors either in 2024 -- later in '24 and 2025, what are the things that you face to customers will be most respective to? Just wanted to get a sense of where you think where the sort of the timing of some of these new products that you've been delivering over the past couple of years.

Olivier 表示，在整個經濟低迷時期，該公司在核心可觀察性、安全性和人工智慧方面一直非常積極地進行創新。當我們展望 2024 年時，我們會考慮 Datadog 的潛在新產品週期，您認為產品組合的哪些部分可能會在 2024 年做出貢獻 - 在 24 年後和 2025 年，您將面對客戶哪些問題會最有針對性嗎？只是想了解一下您在過去幾年中發布的一些新產品的時間表。

Well, the -- mathematically, the products that will contribute the most to the growth next year are going to be the products that have been here the longest in the core observability products. We mentioned $1 billion in infrastructure, $0.5 billion in APM, $0.5 billion in logs. This is great, but still a small fraction of these products can be at scale, and we are primarily going after that. There's a number of other things we've been investing in and growing and we're fairly happy with the way things are going in security, as I mentioned on the call, we saw new packaging, we've also rolled out. And some of the new initiatives that stand, I would say, a little bit left or right of what we've been doing in observability.

嗯，從數學上講，對明年成長貢獻最大的產品將是核心可觀測性產品中存在時間最長的產品。我們提到了 10 億美元的基礎設施、5 億美元的 APM、5 億美元的日誌。這很棒，但這些產品中仍有一小部分可以規模化，我們主要追求的是這一點。我們也一直在投資和發展許多其他方面，我們對安全方面的進展相當滿意，正如我在電話中提到的，我們看到了新的包裝，我們也推出了新的包裝。我想說，一些新舉措與我們在可觀察性方面所做的事情有些左或右。

This year, as you mentioned, was a year of innovation for us. I think it was also a year of cost optimization for customers. It's not necessarily the best year to get products to very quick -- extremely quick revenue growth, but we've planted a lot of seeds that we think are going to deliver in the next couple of years.

正如您所提到的，今年對我們來說是創新的一年。我認為這也是客戶成本優化的一年。今年不一定是讓產品快速實現收入成長的最佳年份，但我們已經播下了許多種子，我們認為這些種子將在未來幾年內實現。

That's great. And then I had a sort of a follow-up question on the sort of new packaging for the DevSecOps, the new package. I was wondering if you could just give us a little bit of color around why you sort of what was the packaging approach and what you're trying to solve for? Is it sort of trying to adopt the capabilities in a single integrated capability? Or is it also about sort of consolidated pricing being potentially 1 SKU, 1 SKU price or to consume all these capabilities. So I just love some detail around -- on the motivation for these new packaging.

那太棒了。然後我有一個關於 DevSecOps 的新包裝（新包裝）的後續問題。我想知道您是否可以給我們一些關於為什麼您採用這種包裝方法以及您想要解決什麼問題的資訊？它是否試圖採用單一整合功能中的功能？或者這也是關於潛在的 1 個 SKU、1 個 SKU 價格的綜合定價或消耗所有這些功能。所以我只是喜歡一些細節——關於這些新包裝的動機。

Yes. A couple of things. So the first one is we security products have reached a certain level of maturity. And so we think they can be brought into the conversation with a larger set of our customers as opposed to being something that our customers sell select to which is how we started and how we start with most products really. But also we're trying to bring those products in the same conversation as the initial adoption of DevOps basically as opposed to having to branch that conversation into, oh, hey, you're doing operations and applications and can I interest you in some security with that, which would be a different conversation. So we -- so far, the signs for this are encouraging. And again, we think it goes with the broader market trends, the adoption of DevSecOps and what customers actually want to do, and we think is going to help them deliver better outcomes in security. But obviously, it's still -- we just rolled that out. So it's still too early to tell whether we got it right or whether we still need to tweak it a little bit.

是的。有幾件事。所以第一個是我們的安全產品已經達到了一定的成熟度。因此，我們認為它們可以與我們更多的客戶進行對話，而不是讓我們的客戶銷售選擇的東西，這就是我們開始的方式以及我們實際上如何開始大多數產品的方式。但我們也試圖將這些產品納入與 DevOps 最初採用相同的對話中，而不是必須將對話分支為，哦，嘿，你正在執行操作和應用程序，我可以讓你對一些安全性感興趣嗎？有了這個，這將是一場不同的對話。因此，到目前為止，這方面的跡象令人鼓舞。再說一次，我們認為它符合更廣泛的市場趨勢、DevSecOps 的採用以及客戶真正想要做的事情，我們認為這將幫助他們在安全方面提供更好的成果。但顯然，我們剛剛推出了它。因此，現在判斷我們的做法是否正確或是否還需要進行一些調整還為時過早。

And our next question comes from Raimo Lenschow of Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Olivier, like we're almost a year into this kind of current situation and you saw Q2, obviously, saw the digital natives that you commented, just kind of having extra savings, but we're now back to kind of Q1 usage pattern. What do you see in terms of changing behavior on customers, not thinking into market. More like how do you think about observability and how that potentially would change the world as we think about '24, '25 coming out of this in terms of kind of vendor consolidation, how to kind of build observability, et cetera? And then I have one follow-up for David.

我也表示祝賀。奧利維爾，就像我們進入這種現狀差不多一年了，你顯然看到了第二季度，看到了你評論的數字原住民，只是有額外的節省，但我們現在又回到了第一季度的使用模式。您對改變客戶行為而不是思考市場有何看法？更像是你如何看待可觀察性，以及當我們考慮「24」、「25」時，它會如何潛在地改變世界，例如供應商整合、如何建立可觀察性等等？然後我有一個關於大衛的後續行動。

So we think the trends of vendor consolidation will continue. So basically, customers are getting more of it -- more mature in their needs, they're getting further into the cloud. And they're -- as part of that, they will want to add lesser integrators. And if they can use one platform instead of 12 different products, that's something that they all react very positively to and we see that again and again as we expand into our customers.

因此我們認為供應商整合的趨勢將持續下去。所以基本上，客戶正在獲得更多的雲端服務——他們的需求更加成熟，他們正在進一步深入雲端運算。作為其中的一部分，他們將希望添加較少的整合商。如果他們可以使用一個平台而不是 12 種不同的產品，他們都會對此做出非常積極的反應，當我們擴展到客戶時，我們會一次又一次地看到這一點。

In terms of the broader trends, I think we -- it's too early to tell exactly what the next couple of quarters are going to be made of. We said -- it looks like we've hit an inflection point. It looks like there's a lot less overhang now in terms of what needs to be optimized or could be optimized by customers. It looks like also optimization is more -- is less intense and less widespread across the customer base. So all that is positive. Now there's still quite a bit of uncertainty in the macro environment. So I don't think we should get ahead of ourselves either and declare that it's the end of it for the foreseeable future. So we feel positive about things. But it's still hard to know exactly what's going to happen in a couple of quarters from now.

就更廣泛的趨勢而言，我認為現在要準確判斷未來幾季的情況還為時過早。我們說——看起來我們已經到達一個轉折點了。看起來現在需要優化或客戶可以優化的方面已經減少了很多。看起來優化也更加——不那麼強烈，在客戶群中的廣泛程度也較低。所以這一切都是正面的。目前宏觀環境仍存在較大不確定性。因此，我認為我們也不應該操之過急，宣佈在可預見的未來一切都會結束。所以我們對事情感到積極。但仍然很難確切地知道從現在起幾個季度後會發生什麼。

From a buying behavior perspective, we've never seen customers really slow down in their intent to move to the cloud and direct adoption of new platforms, new products from us. We've done well, we scaled the New Logo acquisition with scale, the new product Hitachi. So that has been a constant throughout this optimization phase. In terms of the user growth and customers scaling new workloads, I don't think we're back to the exibirant times of 2021. But maybe we are reverting back to the mean of what was happening before that.

從購買行為的角度來看，我們從未見過客戶遷移到雲端以及直接採用我們的新平台、新產品的意願真正放緩。我們做得很好，我們擴大了新標誌收購的規模，新產品日立。因此，在整個最佳化階段，這一直是個常數。就用戶成長和客戶擴展新工作負載而言，我認為我們不會回到 2021 年的繁榮時期。但也許我們正在恢復到之前發生的情況的平均水平。

Okay. And if I can squeeze one quick one and David, we talked about OpEx and OpEx growth and this quarter was lower than others. Should I read your comments about next year. And clearly, there is a big investment opportunity that OpEx growth like maybe wasn't quite where you wanted it to be? Just any comment there? And I know you just can't guide.

好的。如果我能快速說一句，大衛，我們討論了營運支出和營運支出成長，本季低於其他季度。我應該讀一下你對明年的評論嗎？顯然，這是一個巨大的投資機會，但營運支出的成長可能並沒有達到您想要的水平？那裡有什麼評論嗎？我知道你無法指導。

Yes. I think as we talked about the movement of the top line because of consumption moves more quickly than we can adjust resources. So we've taken more of an optimization and cost prioritization this year. But we offset that, we do think there's a very large opportunity. So we are expecting to increase the level of investment. But as we say that, we've always been looking at the balance between maximizing the top line growth with producing profit and are going to continue to operate on that taking advantage of the long-term opportunities.

是的。我認為，正如我們所討論的那樣，收入的變動是因為消費的變動速度超過了我們調整資源的速度。因此，今年我們採取了更多優化和成本優先順序。但我們抵消了這一點，我們確實認為存在很大的機會。因此，我們預計會增加投資水準。但正如我們所說，我們一直在尋求最大化營收成長與產生利潤之間的平衡，並將繼續利用長期機會來實現這一目標。

And our next question comes from Karl Keirstead of UBS.

我們的下一個問題來自瑞銀集團的卡爾凱斯特德。

Maybe David, I'll direct this to. I was intrigued by your comment that the fourth quarter, the month of October was off to a healthy start understanding that that's just a month. But just curious if you could unpack that a little bit, largely because investors on this call, we are picking up signals from other tech firms that would suggest a still very tough macro environment or maybe even slightly tougher. So I'm just curious where you might be seeing pockets of strength, if you could add a little more color.

也許大衛，我會把這個交給。我對你的評論很感興趣，即第四季度，十月份是一個健康的開始，因為我知道這只是一個月。但只是好奇你是否能稍微解釋一下這一點，主要是因為投資者在這次電話會議上，我們從其他科技公司收到了信號，這些信號表明宏觀環境仍然非常艱難，甚至可能更加嚴峻。所以我只是好奇你可能會在哪裡看到一些力量，如果你能添加更多的色彩的話。

Yes. I think it's just essentially what we try to do in the last couple of quarters is to cushion everybody that we still expect that there will be optimization and cost management, but give everyone a flavor for the direction. And what we're seeing, as I think Olivier and I mentioned, we're seeing the continuation of that but at a more moderated level and that was across the customer base. So we're seeing essentially clients leaning a little more into growth, again, early in the quarter, too early to call it, but the trends seem to be a moderation of the previous cost management and optimization, although it's still continuing.

是的。我認為本質上我們在過去幾季中試圖做的就是讓每個人都放心，我們仍然期望會有優化和成本管理，但讓每個人都了解方向。我們所看到的，正如我和奧利維爾所提到的，我們看到這種情況仍在繼續，但處於更溫和的水平，並且遍及整個客戶群。因此，我們看到本質上客戶在本季度初更加傾向於成長，現在說它還為時過早，但趨勢似乎是先前成本管理和優化的緩和，儘管它仍在繼續。

Yes, those color on the -- so yes, we had a healthy start to Q4. We we see trends that are as strong as they've been for the past year in terms of what happened early in the quarter. That being said, Q4 is a tough quarter to call because it has fairly high seasonality. There's a typically a drop of usage in the -- at the very end of the quarter with the holidays. And that drop in different years has been -- can be more or less pronounced. Last year, in particular, it was very pronounced. So we're -- we've given guidance with all that in mind, basically.

是的，這些顏色 - 所以是的，我們在第四季度有一個很好的開始。就本季初發生的情況而言，我們看到趨勢與去年一樣強勁。話雖如此，第四季度是一個很難預測的季度，因為它具有相當高的季節性。在季度末和假期期間，使用量通常會下降。不同年份的下降幅度可能或多或少明顯。尤其是去年，這現象非常明顯。所以我們基本上已經考慮到所有這些因素而提供了指導。

Let me just add because this question has been talked about. Like last quarter, we didn't take the strength of October account, we took the exact same guidance approach, which was to take the weighted average historical trends and discount apply conservatism. So like last quarter, we had said that the first quarter looked a little more stable. We didn't take that into consideration on our guidance. And we have stuck to the exact same guidance methodology, which is to act with that conservatism.

我補充一下，因為這個問題已經討論過了。與上個季度一樣，我們沒有考慮 10 月的實力，而是採用了完全相同的指導方法，即採用加權平均歷史趨勢並採用保守主義折扣。就像上個季度一樣，我們說過第一季看起來比較穩定一些。我們的指導中沒有考慮到這一點。我們堅持完全相同的指導方法，即以保守主義行事。

One last thing to -- just to comment on that. Because I know a lot of you are trying to understand how we fit with respect to the Large cap providers and core trends correspond to theirs. Remember that we are -- while our trends are similar in the long run, we, in the short term, there can be differences of timing in terms of when we're going to see certain effects where they're going to see them. We also have a different mix where the mix of cap provider is not exactly the same as the border market and a different mix of customers and geographies than the individual cloud providers as well. So things are not exactly one to one there.

最後一件事——只是對此發表評論。因為我知道你們很多人都在試圖了解我們如何適應大盤股提供者以及與他們相對應的核心趨勢。請記住，雖然從長遠來看，我們的趨勢是相似的，但從短期來看，我們何時會看到某些影響，而他們何時會看到它們，這方面可能存在時間差異。我們還有不同的組合，其中上限提供者的組合與邊境市場不完全相同，客戶和地理位置的組合也與單一雲端提供者不同。所以事情並不完全是一對一的。

Our next question comes from Matt Hedberg of RBC.

我們的下一個問題來自加拿大皇家銀行的馬特·赫德伯格。

And I'll offer my congrats as well. Oli, I wanted to double-click on some of the improved usage trends. Can you provide us with an overview on how some of your large sort of strategic customers think about optimization is really part of an ongoing IT spending strategy, coupled with what's driving some of these increased uses. I guess I'm wondering have IT executives from your perspective changed their view on the level of monitoring needed with new levels of workload?

我也將表示祝賀。 Oli，我想雙擊一些改進的使用趨勢。您能否向我們概述您的一些大型策略客戶如何看待優化實際上是持續 IT 支出策略的一部分，以及推動這些使用量增加的因素。我想我想知道從您的角度來看，IT 主管是否改變了對新工作負載等級所需監控等級的看法？

No. So they didn't change if you on the level of monitoring needed. I think they try to save money wherever they could save it. By far, the biggest area they can save in their cloud infrastructure is their cloud deal itself. As a reminder, when customers pay $1 to us, they pay $10 or $20 to their cloud provider. So there's a lot more sales to be had there. But these savings flow down to us. We charge commercial rate to the size of our customers infrastructure. They also tried to save what they could in observability specifically. And usually, there's always a bit of that you can cut. It can always sample certain things a bit more, you can retain your loss a bit less. You can remove some of the debug logging like things like that, that can drive your cost up, but don't necessarily generate a ton of value. And that's the behavior by the way, that we see all the time. Like we see it for most customers, once a year, maybe twice a year, sometimes usually before contract renegotiations and things like that, why they try to understand what they're going to need for the next 2 or 3 years. The big difference over the past year has been that everybody has been doing that at once and multiple times. It was really an environment where everyone was feeling very uncertain about the economy and needed to save money very quickly. So we expect optimization to continue as part of this macro trend in the near future. And in perpetuity after that, we'll have that continuous cycle of customers optimizing reducing what they can reduce and then growing workloads and maybe creating a little bit more mass over time as well. And then optimizing again on a regular basis, not everyone at the same time.

不會。因此，如果您達到所需的監控級別，它們就不會改變。我認為他們會盡一切可能省錢。到目前為止，他們在雲端基礎設施中可以節省的最大領域是雲端交易本身。提醒一下，當客戶向我們支付 1 美元時，他們會向雲端提供者支付 10 或 20 美元。所以那裡會有更多的銷售量。但這些省下的錢都流向了我們。我們根據客戶基礎設施的規模收取商業費率。他們還專門嘗試在可觀察性方面保存可以保存的東西。通常，總是有一些是你可以削減的。它總是可以對某些東西進行多一點採樣，你可以保留你的損失少一點。您可以刪除一些調試日誌記錄之類的東西，這可能會增加您的成本，但不一定會產生大量價值。順便說一句，這就是我們經常看到的行為。就像我們對大多數客戶看到的那樣，每年一次，也許每年兩次，有時通常是在合約重新談判之前以及類似的事情，為什麼他們試圖了解未來 2 或 3 年需要什麼。過去一年最大的不同是，每個人都同時或多次這樣做。在這種環境下，每個人都對經濟感到非常不確定，並且需要快速存錢。因此，我們預計優化將在不久的將來繼續成為這一宏觀趨勢的一部分。在那之後，我們將永遠擁有客戶優化的持續循環，減少他們可以減少的東西，然後增加工作量，並且隨著時間的推移，也許會創造更多的品質。然後定期再次優化，而不是每個人同時優化。

And our next question comes from Fatima Boolani of Citi.

我們的下一個問題來自花旗銀行的法蒂瑪·布爾尼。

One for Oli and one for Dave, if I may. Olivier, the packaging and pricing motions that you discussed for the DevSecOps solution set. I wanted to zoom out generally a little bit in knowing what you know about how buying behavior and procurement behavior for a lot of your customers has changed over the course of this past year. I was wondering if you can kind of shed light on how you're thinking about an ELA or EAA-type selling motion. I know it's something that historically you've been averse to, but I'm curious how you're thinking about it in sort of the current day and age, if you will, in terms of how your customers have changed the way they're buying and deploying. And then for David, just wanted to get a sense of what expectations on net retention rates are built into your guidance? And in other words, should this be the quarter that we see a trough in extension rates or net retention rates as you're thinking about it in the guidance?

如果可以的話，一份給奧利，一份給戴夫。 Olivier，您討論的 DevSecOps 解決方案集的打包和定價動議。我想稍微縮小一下範圍，了解您所了解的許多客戶的購買行為和採購行為在過去一年中發生了怎樣的變化。我想知道您是否可以闡明您如何考慮 ELA 或 EAA 類型的銷售動議。我知道這是你過去一直反對的事情，但我很好奇你在當今時代是如何看待它的，如果你願意的話，就你的客戶如何改變他們的方式而言。重新購買和部署。然後，大衛只是想了解您的指導中對淨保留率的期望是什麼？換句話說，正如您在指南中所考慮的那樣，我們是否應該在這個季度看到延期率或淨保留率的低谷？

Yes. So on the ELAs, so in general, look, we're always very open to new approaches in packaging. We try to see core things are consumed from the customer side and what makes the most sense to them. Now ELAs and things that are very difficult or very inappropriate for a business like ours. One because we are fully SaaS-based and there's a very, very large volume dimension to absolutely everything we do for our customers. So it's very, very hard to provide one price it all -- for them. We also philosophically, we like to have -- to get signal from what customers are willing are not willing to pay for. And that drives a lot of our product innovation. We had a lot of good news this way because customers want to buy products and they scale them a lot. We'll also get bad news. We get customers who don't find there is enough value in a given product or think it should be doing more or I think you should be doing things differently or seems that the packaging doesn't make sense. And we like to have that. The reason why we simplified the pricing there, and we created those new SKUs is really to try and change the motion a little bit and integrate further the observability in the security side and make it easier to bring security into the conversation for these customers. So far, we have some early evidence that it's it seems to reason it, but it's way where we're too weary to call it. We'll need 2, 3 quarters of that to understand the implications of the new packaging.

是的。所以在 ELA 上，總的來說，我們總是對新的包裝方法持開放態度。我們試圖了解客戶使用的核心內容以及對他們最有意義的內容。現在，ELA 和一些對我們這樣的企業來說非常困難或非常不合適的事情。一是因為我們完全基於 SaaS，而我們為客戶所做的一切都涉及非常非常大的數量維度。因此，為他們提供一個統一的價格是非常非常困難的。從理念上講，我們也希望從客戶願意不願意付費的產品中獲取訊號。這推動了我們的許多產品創新。透過這種方式，我們得到了很多好消息，因為客戶想要購買產品，而且他們會大量擴展產品。我們也會得到壞消息。我們遇到的客戶認為某種產品沒有足夠的價值，或認為它應該做更多的事情，或者我認為你應該以不同的方式做事，或者看起來包裝沒有意義。我們喜歡這樣。我們簡化定價並創建這些新 SKU 的原因實際上是嘗試稍微改變動作，並進一步整合安全性方面的可觀察性，並使這些客戶更容易將安全性帶入對話中。到目前為止，我們有一些早期證據表明這似乎是合理的，但我們已經厭倦了這樣稱呼它。我們需要其中的 2、3 個季度來了解新包裝的含義。

Yes. And as it relates to net retention, we do not provide guidance, but just the way that we think about it and some of the drivers, we don't provide guidance, sorry, on net retention per se. But essentially, what we said was that Q3 organic growth was similar to what it was in Q1. And we have said previously that in Q2 and Q3 of last year, we had lower than before but higher than the Q1 -- Q4, Q1 and now Q3. So it really is a matter of lapping those comps. The comps have gotten increasingly easy to lap. And we will let everybody know if we do produce an organic growth that's higher this Q4 than it was in Q4 last year, we will have, in this period, trough in net retention and it will begin to head up. So that's sort of how we think about it. In terms of our guidance, that's a different story. As we said, we provide conservatism. So what's implicit in the guidance is something worse than we're experiencing, which would apply a lower organic growth. But in terms of the business trends themselves, it's really a matter of do we lap the Q4 and produce a higher organic growth in this -- in the Q4 coming up than we had in the Q4 last year.

是的。由於它與淨保留率有關，我們不提供指導，但就我們思考它和一些驅動因素的方式而言，我們不提供有關淨保留率本身的指導。但本質上，我們所說的是第三季的有機成長與第一季相似。我們之前說過，去年第二季和第三季度，我們的業績低於以前，但高於第一季——第四季、第一季和現在的第三季。所以這確實是一個研磨這些比較的問題。比賽變得越來越容易跑圈圈。我們會讓每個人知道，如果我們第四季度確實實現了比去年第四季更高的有機成長，那麼在此期間，我們的淨保留率將達到谷底，並將開始上升。這就是我們的想法。就我們的指導而言，這是一個不同的故事。正如我們所說，我們提供保守主義。因此，指導意見中隱含的情況比我們所經歷的更糟糕，這將導致有機成長較低。但就業務趨勢本身而言，這實際上是我們能否超越第四季度並在第四季度產生比去年第四季更高的有機成長的問題。

And our next question comes from Brent Thill of Jefferies.

我們的下一個問題來自傑富瑞 (Jefferies) 的布倫特希爾 (Brent Thill)。

David, I was curious if you could focus on the enterprise traction and what you're seeing and maybe for Olivier. David, I guess, on the customer add, you're 700 and that's lower than your normal accruals out of 1,000-plus per quarter. Can you just talk about is that number being misled because the enterprise traction is higher and that number is, therefore, going to be lower? Could you just drive into that a little bit?

大衛，我很好奇您是否可以關注企業的吸引力以及您所看到的情況，也許還有奧利維爾。 David，我猜，在客戶新增中，您的金額為 700，這低於您每季 1,000 多筆正常應計費用。您能否談談這個數字是否被誤導，因為企業吸引力更高，因此這個數字會更低？能稍微深入一點嗎？

Yes. As a reminder, we have a broad range of customers in the long tail. And similar to what we discussed last quarter, the gross number of ads, so the accumulation and in the enterprise, it was quite strong, was very similar to what we've experienced. And we have a very small tail that has a larger attrition rate doesn't have a lot of dollars attached to it. So the trends continue, which is very strong, as Olivier mentioned, new logo accumulation both in terms of number of new logos and ARR, and that was true when Olivier talk about the enterprise side of it. offset by this tail that has very little dollars associated with it.

是的。提醒一下，我們的長尾客戶範圍廣泛。與我們上季度討論的類似，廣告總量，因此在企業中的累積非常強大，與我們所經歷的非常相似。我們的尾巴非常小，但流失率較高，但並沒有帶來很多美元。因此，趨勢仍在繼續，這是非常強勁的，正如 Olivier 提到的，新徽標的累積無論是在新徽標的數量還是 ARR 方面，當 Olivier 談論企業方面時都是如此。被這條與它相關的美元很少的尾巴所抵消。

Yes. And just to comment on that, remember, the bottom half of our customer represents around 1% of our revenue. and the lower increase in customer number comes from the very, very low end, which is customers that pay us in the tens of dollars a month. And those customers we're getting a little bit less of those to start with. I think that's part of the economical environment. and the churn is a little bit higher than it used to be there, too. So that's why these numbers are bit depressed right now. That being said, we had a record number of new logos over $100,000. We're doing very well in the enterprise. We're doing very well in the new market also. We're also doing very well at the high end of the SMB. So we are very happy with all of the segments we're targeting with our sales and marketing motions today. On the enterprise side, we actually mentioned a few of those very exciting contracts on the core. We get really, really excited when we see very traditional enterprises moving to the cloud and adopting us and consolidate in world to all. David, is -- we consider in the room, David's smiling because he's excited when he sees the dental care company is excited when you see the network of convenience stores where we even instrument the fuel pumps. So these are great developments for us, and we're leaning hard into that.

是的。對此，請記住，我們的下半部客戶約占我們收入的 1%。客戶數量增幅較低來自於非常非常低端的客戶，也就是每月向我們支付數十美元的客戶。我們一開始接觸到的客戶會比較少。我認為這是經濟環境的一部分。而且客戶流失率也比以前高了一些。這就是為什麼這些數字現在有點低迷。話雖如此，我們的新徽標數量超過 100,000 美元，創下了紀錄。我們在企業裡做得很好。我們在新市場也做得很好。我們在中小型企業的高端市場也做得非常好。因此，我們對今天的銷售和行銷活動所針對的所有細分市場都非常滿意。在企業方面，我們實際上提到了一些非常令人興奮的核心合約。當我們看到非常傳統的企業遷移到雲端並採用我們並在世界範圍內進行整合時，我們感到非常非常興奮。大衛，我們在房間裡考慮到，大衛微笑著，因為當他看到牙科護理公司很興奮，當你看到便利商店網路時，我們甚至在其中安裝燃油泵，他很興奮。因此，這些對我們來說是巨大的發展，我們正在努力實現這一點。

And our next question comes from Kash Rangan of Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根。

I'm sure that you're all smiling at your results. Two things. One is -- with respect to LLM monitoring, which was demo the DASH conference, which was I thought absolutely fascinating. I know you quantified, Oli, 2.5 percentage points of growth coming from general AI workloads. How do we think about the revenue opportunity for LL monitoring that it's at an early stage? And I also have a second question, slightly more controversial that when and if we run it to customers that think they're spending their bills for Datadog are getting to be a little bit on the larger side, that is a sign of success. But how do you ensure that, that success does not work against the company that it opens up the door for price competition from others?

我相信你們都會對你的結果微笑。兩件事情。一是關於 LLM 監控，這是 DASH 會議的演示，我認為這絕對令人著迷。 Oli，我知道您量化了一般 AI 工作負載帶來的 2.5 個百分點的成長。我們如何看待處於早期階段的 LL 監控的收入機會？我還有第二個問題，更具爭議性的是，當我們向那些認為自己為 Datadog 支付賬單的客戶運行它時，如果我們的金額變得有點大，那就是成功的標誌。但是，您如何確保這種成功不會對公司不利，從而為與其他公司的價格競爭打開大門？

Yes. So on the DevSecOps side, I think it's too early to tell how much the revenue opportunity there is in the tooling specific lab there. When you think of the whole spectrum of tools, the closer you get to the developer side to how are is to monetize and the further you get towards operations and infrastructure, the easier it is to monetize. You can ship things that are very useful and very accretive to our platform because they get you a lot of users, a lot of attention and a lot of stickiness that are harder to monetize. So we'll see where on the spectrum that is. What we know, though, is that broader Generative AI up and down the stack from the components themselves, the GPUs all the way up to the models and the various things that are used to orchestrate them and store the data and move the data around all of that is going to generate a lot of opportunity for us. We said right now, it's conciliated among the AI native largely model providers. But we see that it's going to broaden and concern a lot more of our customers down the road. And your second question was, so when we grow a lot, we are very successful with some customers, how do we not create a long-term issue where they spend a lot of money and that (inaudible). Look, it's a great situation to be in to have customers spend a lot of money on you and have to justify that value over time. I think it's very healthy. I think that, again, that would drive innovation and great product development. And our role there is to make sure we have a healthy partnership with customers every single step of the way. And we charge them an order of money to less than what they spend for their cloud infrastructure. Maybe two others are many to less than would spend on their R&D. And so we think we should be in a position of leverage where if we do our jobs right, we show a lot of value for our customers. We send them a lot of money. We make them a lot faster, and we have them generate a lot more revenue. So that's how we see things and we hold ourselves to.

是的。因此，在 DevSecOps 方面，我認為現在判斷工具特定實驗室有多少收入機會還為時過早。當您考慮所有工具時，您越接近開發人員如何貨幣化，並且您越深入地了解營運和基礎設施，貨幣化就越容易。您可以向我們的平台發送非常有用且非常增值的東西，因為它們可以為您帶來大量用戶、大量關注和大量黏性，而這些都很難貨幣化。所以我們會看看它在光譜上的位置。不過，我們所知道的是，更廣泛的生成式人工智慧在整個堆疊中從組件本身、GPU一直到模型以及用於編排它們、存儲數據以及在所有地方移動數據的各種東西。這將為我們帶來很多機會。我們現在說過，它在人工智慧原生主要模型提供者之間得到了協調。但我們看到，它的範圍將會擴大，並會引起更多客戶的注意。你的第二個問題是，當我們成長很多時，我們在某些​​客戶方面非常成功，我們如何才能不造成他們花費大量金錢的長期問題（聽不清楚）。看，這是一個很好的情況，讓客戶在你身上花很多錢，並且隨著時間的推移必須證明這種價值是合理的。我認為這非常健康。我認為這將再次推動創新和偉大的產品開發。我們的職責是確保我們在每一步中與客戶建立健康的合作關係。我們向他們收取的費用比他們在雲端基礎設施上花費的費用還要少。也許另外兩家公司的研發支出比他們的研發支出要多甚至少。因此，我們認為我們應該處於有利地位，如果我們正確完成工作，我們就會為客戶展示很多價值。我們寄了很多錢給他們。我們讓它們變得更快，並且讓它們產生更多的收入。這就是我們看待事物和堅持自己的方式。

And our next question comes from Alex Zukin of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的亞歷克斯祖金。

Congrats on a great quarter. Maybe just two quick ones for me. Olivier, you mentioned the federal opportunity or you mentioned the federal activity in the quarter with a deal that was pretty interesting. That's something that we picked up is an area of excitement for you guys. Can you maybe just talk about what the opportunity there is over the next 12 months and beyond, maybe stack-ranked as a priority for you guys. And then I've got a quick follow-up.

恭喜您度過了一個出色的季度。也許對我來說只有兩個快速的。奧利維爾，您提到了聯邦機會，或者您提到了本季度聯邦活動以及一項非常有趣的交易。這是我們發現的讓你們興奮的領域。您能否談談未來 12 個月及以後的機會，也許是您們優先考慮的事情。然後我會進行快速跟進。

So I missed the domain you're talking about, sorry. Feds. So that's definitely an area of investment for us. It's -- to look, we're happy with 2 things happening with the fact that we're moving further and further into the various level of certifications needed. We're happy with the early success with some agencies where we are spreading and in those government agencies and getting to go some of those world to all. But we are only scratching the surface of what we can do inside and there's a level we need to do. Some of it on the certification side, on the product side, and some of it on the go-to-market side and making sure we have all the parts of the motion working. So we -- I expect that to be one of the main areas of investment on the go-to-market side. Next year in terms of new markets we're going after.

所以我錯過了你所說的域名，抱歉。聯邦調查局。所以這絕對是我們的投資領域。看起來，我們對發生的兩件事感到高興，因為我們正在朝著所需的各種級別的認證邁進。我們對我們正在傳播的一些機構和那些政府機構的早期成功感到高興，並開始走向世界各地。但我們只是觸及了內部可以做的事情的表面，我們還需要做一些事情。其中一些是在認證方面、在產品方面，還有一些是在進入市場方面，並確保我們讓動議的所有部分都發揮作用。因此，我預計這將成為進入市場的主要投資領域之一。明年我們將開拓新市場。

Perfect. And then maybe on the -- back on the AI question. I guess maybe just we drill a little bit deeper within those AI native companies, the criticality of their database users, meaning are you seeing something different where -- in a world where these applications become more prevalent, there's the opportunity to kind of expand wallet share of observability becomes even more important. And how should we think about the growth opportunities from those types of workloads in either 2024 or 2025?

完美的。然後也許回到人工智慧問題。我想也許我們只是在這些人工智慧本土公司中更深入地研究他們資料庫用戶的重要性，這意味著你是否會看到一些不同的東西——在這些應用程式變得更加普遍的世界中，有機會擴大錢包可觀察性的份額變得更加重要。我們應該如何看待 2024 年或 2025 年這些類型的工作負荷所帶來的成長機會？

Yes. So in general, the more complexity there is, the more useful observability, the more you see his value from writing code to actually understanding it and observing it. So to caricature if you -- if you spend a whole year writing 5 lines of code that are really very deep, you actually know those 5 lines pretty well, maybe you don't observe because you'll see you understand exactly how they work and what's going on with them. On the other hand, if thanks to all the major advances of technology and all of the very super source AI and you can just very quickly generate thousands of lines of code, ship them and start operating them, you actually have no idea hwo these work what they do. And you need a lot of tooling observability to actually understand that and keep driving that and secure it and do everything you need to do with it over time. So we think that overall, this increases in productivity are going to favor observability.. In terms of the future growth of AI, look, I think like everyone, we're trying to guess how transformative it's going to be. It looks like it's going to be pretty is, if you judge from just internally, how much of that technology we are adopting a how much is the productivity impact, it seems to be having. So again, today, we only see a tiny bit of it, which is early adoption by model providers and a lot of companies that are trying to scale up and experiment and figure out who it applies to their businesses and what they can ship to use the technology. But we think it's going to drive a lot of growth in the years to come.

是的。所以總的來說，越複雜，可觀察性越有用，你就越能看到他從編寫程式碼到真正理解它和觀察它的價值。所以諷刺的是，如果你花了一整年的時間編寫了 5 行非常深的程式碼，你實際上非常了解這 5 行，也許你不觀察，因為你會發現你完全理解它們是如何工作的以及他們發生了什麼事。另一方面，如果由於所有重大技術進步和所有超級來源人工智慧，您可以非常快速地生成數千行程式碼，發送它們並開始操作它們，那麼您實際上不知道這些工作是如何工作的他們做什麼。您需要大量的工具可觀察性來真正理解這一點，並繼續推動它並保護它，並隨著時間的推移做您需要做的一切。因此，我們認為，總體而言，生產力的提高將有利於可觀察性。就人工智慧的未來成長而言，我認為就像所有人一樣，我們正在嘗試猜測它將帶來多大的變革。如果您僅從內部判斷，我們採用的技術有多少以及對生產力的影響有多大，看起來會很漂亮。所以，今天，我們只看到其中的一小部分，這是模型提供者和許多公司的早期採用，這些公司正在嘗試擴大規模並進行實驗，並找出它適用於他們的業務以及他們可以運送什麼來使用科技。但我們認為這將在未來幾年推動大量成長。

And our next question comes from Jake Roberge of William Blair.

我們的下一個問題來自威廉布萊爾的傑克羅伯格。

Congrats on the great results. Olivier, you called out the 2.5 points from AI native customers a few times, but you've also said that the broader customer base should start adding AI workloads to our platform over time. When do you think that actually takes place and the broader customer base starts to impact that AI growth in more earnest?

祝賀取得的優異成績。 Olivier，您多次提到了 AI 原生客戶的 2.5 分，但您也說過，隨著時間的推移，更廣泛的客戶群應該開始在我們的平台上添加 AI 工作負載。您認為什麼時候這會真正發生，更廣泛的客戶群開始更認真地影響人工智慧的成長？

We don't know. And I think it's too early to tell. For one part, there's some uncertainty in terms of -- these customers are being to figure out what it is they are going to ship to their own customers. I think everybody is trying to learn that right now and experiment it. And -- but the other part is also that right now, the innovation is largely concentrated among the model providers. And so it's rational right now for most customers to rely on those instead of they're deploying their own infrastructure. Again, we think it's slightly going to change. We see a lot of demand in interest in other ways to host models and run models and customers and all those things like that. But today, that's the -- these are the trends of the market today basically.

我們不知道。我認為現在下結論還為時過早。一方面，存在一些不確定性——這些客戶正在弄清楚他們將向自己的客戶運送什麼。我認為每個人現在都在努力學習並進行實驗。而且 - 但另一部分是，目前創新主要集中在模型提供者身上。因此，現在大多數客戶依賴這些而不是部署自己的基礎設施是合理的。同樣，我們認為情況會略有改變。我們看到很多需求對以其他方式託管模型、運行模型和客戶以及所有類似的事情感興趣。但今天，這基本上就是當今市場的趨勢。

Okay. Helpful. And then just a follow-up on the optimization front. It sounds like the early optimizers took about a year to complete those initiatives. But what type of time lines are you seeing from kind of the second or third layer of customers that started their optimizations later in the game. Have those also started to stabilize given they weren't as large as the early optimizers? Just trying to kind of parse out the customer base there.

好的。有幫助。然後是優化方面的後續行動。聽起來早期的優化者花了大約一年的時間來完成這些計劃。但是，您從在遊戲後期開始優化的第二層或第三層客戶那裡看到了什麼樣的時間軸。鑑於它們沒有早期優化器那麼大，它們是否也開始穩定下來？只是想分析一下那裡的客戶群。

Yes. So we don't really know for sure. That's also why we are careful not to call an end to it forever. I would say that for customers that are not part of this initial cohort, there's less of an overhang. So the customers that were the early optimizers and that had the most acute optimization tended to be cloud native, so all in on the cloud, very heavy on IT spend in general and the -- substantially all of their IT being in the cloud. They tended to be also companies that were slightly high growth but low profitability that needed to pivot their financials over a fairly short amount of time. I think if you look at the rest of the customer base, they are mostly not in that situation. So we expect the behavior to be different.

是的。所以我們真的不確定。這也是為什麼我們小心翼翼地不要永遠結束它。我想說的是，對於不屬於這個初始群體的客戶來說，懸而未決的問題較少。因此，作為早期優化者並且進行最敏銳優化的客戶往往是雲端原生客戶，因此全部都在雲端上，一般來說 IT 支出非常大，基本上所有 IT 都在雲端。它們往往也是成長略高但獲利能力較低的公司，需要在相當短的時間內調整其財務狀況。我認為如果你看看其他客戶群，他們大多不處於這種情況。所以我們期望行為會有所不同。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to CEO, Olivier Pomel for closing remarks.

謝謝。問答環節到此結束。現在我想請執行長奧利維爾·波梅爾 (Olivier Pomel) 發表結束語。

Thank you very much. I want to thank everyone for attending the call today. I also want to take the opportunity to thank our customers for their trust. We know these are trying times with all the macro uncertainty and we thank them for their trust. I also want to thank our employees, all the Datadogs for a quarter of hard work and great successes. And on these good words, we'll all get back to work and get busy for the end of the year. So thank you very much.

非常感謝。我要感謝大家參加今天的電話會議。我也想藉此機會感謝客戶的信任。我們知道現在是充滿宏觀不確定性的艱難時期，我們感謝他們的信任。我還要感謝我們的員工，所有 Datadogs 四分之一的辛勤工作和巨大成功。有了這些好話，我們都將重返工作崗位，為年底忙碌起來。非常感謝。

This concludes today's conference call. Thank you for participating, and 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。