數據狗 (DDOG) 2024 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the First Quarter 2024 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 first 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 2024 年第一季財報電話會議。 （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第一位發言人，投資者關係副總裁尤卡·布羅德里克 (Yuka Broderick)。請繼續。

Thank you, Marvin. Good morning and thank you for joining us to review Datadog's First Quarter 2024 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，馬文。早安，感謝您與我們一起回顧 Datadog 2024 年第一季的財務業績，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 second quarter and fiscal year 2024 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、我們對第二季度和2024 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、與我們的能力相關的陳述。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。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to our Form 10-K for the year ended December 31, 2023. Additional information will be made available in our upcoming Form 10-Q for the fiscal quarter ended March 31, 2024, 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，請參閱我們截至 2023 年 12 月 31 日止年度的 10-K 表格。截至2024 年3 月31 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 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.

我們將討論非 GAAP 財務指標，這些指標與我們的收益報告中最直接可比較的 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 at the start of 2024. First, we have continued to broaden our platform across observability, cloud security, software delivery as well as closing the loop with cloud service management. We also kept supporting our customers' adoption of new technologies including next-gen AI and large language models. And we have continued to add new customers and to see existing customers increase their usage growth and product adoption.

謝謝 Yuka，也謝謝大家今天早上加入我們。我們對 2024 年初的執行感到滿意。我們也持續支援客戶採用新技術，包括下一代人工智慧和大型語言模式。我們不斷增加新客戶，並看到現有客戶的使用量成長和產品採用率不斷提高。

Let me start with a review of our Q1 financial performance. Revenue was $611 million, an increase of 27% year-over-year and above the high end of our guidance range. We ended the quarter with about 28,000 customers, up from about 25,500 last year. We had about 3,340 customers, with an ARR of $100,000 or more, up from about 2,910 last year. These customers generated about 87% of our ARR. And we generated free cash flow of $187 million, with a free cash flow margin of 31%.

讓我先回顧一下我們第一季的財務表現。營收為 6.11 億美元，年成長 27%，高於我們指導範圍的上限。本季末，我們的客戶數量約為 28,000 名，高於去年的約 25,500 名。我們有大約 3,340 名客戶，ARR 為 100,000 美元或更多，而去年約為 2,910 名。這些客戶產生了我們約 87% 的 ARR。我們產生了 1.87 億美元的自由現金流，自由現金流利潤率為 31%。

Turning to platform adoption. Our platform strategy continues to resonate in the market. As of the end of Q1, 82% of customers were using 2 or more products, up from 81% a year ago. 47% of customers were using 4 or more products, up from 43% a year ago. 23% of our customers were using 6 or more products, up from 19% a year ago. And 10% of our customers were using 8 or more products, up from 7% 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。截至第一季末，82% 的客戶使用 2 種或更多產品，高於一年前的 81%。 47% 的客戶使用 4 種或更多產品，高於一年前的 43%。 23% 的客戶使用 6 種或更多產品，高於一年前的 19%。 10% 的客戶使用 8 種或更多產品，高於去年的 7%。

We continue to see robust growth in our 3 pillars of observability: Infrastructure monitoring, APM and log management. But we also have many younger products that are becoming more meaningful contributors to our business over time. For example, our products outside of infrastructure monitoring, APM suite and Log Management exceeded $200 million in ARR in Q1. And as a reminder, within the APM suite, we include core APM, Synthetics, RUM and Continuous Profiler. And as we look at the 12 products that we launched between 2020 and 2022, those now contribute about 11% to our ARR.

我們繼續看到可觀察性的三大支柱的強勁成長：基礎設施監控、APM 和日誌管理。但我們也有許多年輕的產品，隨著時間的推移，它們正在為我們的業務做出更有意義的貢獻。例如，我們的基礎設施監控、APM 套件和日誌管理以外的產品第一季的 ARR 超過了 2 億美元。提醒一下，在 APM 套件中，我們包括核心 APM、Synthetics、RUM 和 Continuous Profiler。當我們查看 2020 年至 2022 年間推出的 12 款產品時，這些產品目前為我們的 ARR 貢獻了約 11%。

Of those 12 products, 8 are over $10 million in ARR, which is a nice milestone for these relatively new additions. And we are seeing some products grow faster than we initially expected. For example, Database Monitoring is already 1% of our revenue with strong and growing product penetration across our customer base. So we are very pleased with the progress of our newer products, even though we know we have much further to go with them.

在這 12 款產品中，有 8 款的 ARR 超過 1000 萬美元，這對於這些相對較新的產品來說是一個很好的里程碑。我們看到一些產品的成長速度比我們最初預期的要快。例如，資料庫監控已經占我們收入的 1%，產品在我們的客戶群中的滲透率強勁且不斷成長。因此，我們對新產品的進展感到非常滿意，儘管我們知道它們還有很長的路要走。

Now let's discuss this quarter's business drivers. In Q1, we saw usage growth from existing customers that was higher than in Q4. And this usage growth in Q1 was similar to what we experienced in Q2 and Q3 of 2022. As a reminder, that was a period when we started to see a normalization of usage following the accelerated growth we had experienced in 2021. Overall, we saw healthy growth across our product lines. And as usual, our newer products grew at a faster rate from a smaller base.

現在讓我們討論本季的業務驅動因素。在第一季度，我們看到現有客戶的使用量成長高於第四季度。第一季的使用量成長與我們在2022 年第二季和第三季經歷的情況類似。 ，我們看到我們的產品線健康成長。像往常一樣，我們的新產品在較小的基礎上以更快的速度成長。

While some of our customers are continuing to be cost conscious, we are seeing optimization activity reduce in intensity. As an illustration, the optimizing cohort we identified several quarters ago did grow sequentially again this quarter. We also see that customers are adopting more products and increasing usage with us. We think this shows that they are moving forward with their cloud migration and digital transformation plans, and that we are executing on opportunities to consolidate point solutions into our platform.

雖然我們的一些客戶仍然保持成本意識，但我們發現優化活動的強度有所減弱。舉例來說，我們幾個季度前確定的優化隊列在本季確實再次出現環比成長。我們也看到客戶正在採用更多的產品並增加對我們的使用。我們認為這表明他們正在推進雲端遷移和數位轉型計劃，而我們正在抓住機會將單點解決方案整合到我們的平台中。

And finally, churn continues to be low, with gross revenue retention stable in the mid- to high 90s, highlighting the mission-critical nature of our platform for our customers.

最後，客戶流失率持續保持在較低水平，總收入保持穩定在 90 年代中高端，這突顯了我們平台對客戶的關鍵任務性質。

Moving on to R&D. We had another very productive quarter. In the next-gen AI space, we announced general availability of Bits AI for incident management. By using Bits AI for incident management, incident responders get auto-generated incident summaries to quickly understand the context and scope of a complex incident. And users can also query Bits AI to ask about relative incidents and perform tasks on the fly from incident creation to resolution.

繼續研發。我們又度過了一個非常有成效的季度。在下一代人工智慧領域，我們宣布全面推出用於事件管理的 Bits AI。透過使用 Bits AI 進行事件管理，事件回應人員可以獲得自動產生的事件摘要，以快速了解複雜事件的背景和範圍。用戶還可以查詢 Bits AI 以詢問相關事件並即時執行從事件建立到解決的任務。

We're also continuing to see more interest in AI from our customers. As a data point, ARR for our next-gen AI customers was about 3.5% of our total, a strong sign of the growing ecosystem of companies in this area.

我們也繼續看到客戶對人工智慧越來越感興趣。作為一個數據點，我們下一代人工智慧客戶的 ARR 約為我們總數的 3.5%，這是該領域公司生態系統不斷發展的強烈跡象。

To help customers understand AI technologies and bring them into production applications, our AI integrations allow customers to put their AI data into the Datadog platform. And today, about 2,000 of our customers are using 1 or more of these AI integrations. And we've continued to keep up with the rapid innovation in this space. For example, adding a new integration in Q1 with the NVIDIA Triton Inference Server.

為了幫助客戶了解人工智慧技術並將其引入生產應用，我們的人工智慧整合允許客戶將其人工智慧數據放入Datadog平台。如今，我們約有 2,000 名客戶正在使用其中 1 個或多個 AI 整合。我們繼續跟上這個領域的快速創新。例如，在第一季度新增了與 NVIDIA Triton 推理伺服器的新整合。

In the cloud service management area, we released Event Management in general availability. Our customers face increasing complexity at scale, causing the volume of alerts and events to explode, which makes it difficult for teams to identify, prioritize, summarize and route issue to the right responders. Event Management addresses this challenge by automatically reducing a massive volume of events and alerts into actionable insights. These are then used to generate tickets, call an incident or trigger an automated remediation.

在雲端服務管理領域，我們全面發布了事件管理。我們的客戶面臨著規模不斷增加的複雜性，導致警報和事件數量激增，這使得團隊難以識別、優先排序、總結問題並將其路由給正確的回應人員。事件管理透過自動將大量事件和警報減少為可操作的見解來解決這一挑戰。然後，這些資訊將用於產生票證、呼叫事件或觸發自動修復。

And by combining Event Management with Watchdog, Bits AI and Workflow Automations, Datadog now provides a full AIOps solution that helps teams automate remediation, proactively prevent outages and reduce the impact of incidents.

透過將事件管理與 Watchdog、Bits AI 和工作流程自動化相結合，Datadog 現在提供了完整的 AIOps 解決方案，可協助團隊自動進行修復、主動防止中斷並減少事件的影響。

In the observability space, our Log Management product continues to expand in capability. In March, we made error tracking for logs generally available. Error tracking intelligently combines millions of errors from logs into a manageable number of issues for customers. And beyond error tracking, we are delivering new features to allow our customers to do more with their logs within the Datadog platform, starting with new core capabilities such as enhanced full-text search and support for advanced subqueries, both highly desired by our customers.

在可觀察性領域，我們的日誌管理產品的功能不斷擴展。三月份，我們普遍提供了日誌錯誤追蹤功能。錯誤追蹤智慧地將日誌中的數百萬個錯誤合併為客戶可管理的數量的問題。除了錯誤追蹤之外，我們還提供新功能，讓我們的客戶能夠在Datadog 平台內對其日誌進行更多操作，首先是新的核心功能，例如增強型全文搜尋和對高級子查詢的支持，這兩項功能都是我們的客戶非常渴望的。

We also continue to make progress with Flex Logs. As a reminder, Flex Logs allow customers to easily scale storage and compute separately which in turn allows for new, very high-volume use cases in a cost-effective manner. While Flex Logs remains in limited availability, we are seeing a high level of interest from customers, many of whom want to retain logs for long-term purposes such as audit, security and compliance. And we're pleased to see that with only a limited set of customers so far, Flex Logs already exceed $10 million in ARR today.

我們也在 Flex Logs 方面繼續取得進展。提醒一下，Flex Logs 讓客戶輕鬆地單獨擴展儲存和運算，從而以經濟高效的方式實現新的、非常大容量的用例。雖然 Flex Logs 的可用性仍然有限，但我們看到客戶的濃厚興趣，其中許多人希望保留日誌用於長期目的，例如審計、安全性和合規性。我們很高興地看到，迄今為止，Flex Logs 的 ARR 已超過 1,000 萬美元，但迄今為止只有有限的客戶群。

In the digital experience area, we launched mobile app testing in general availability, giving access to fast, no code, reliable testing on real mobile devices, which was a big challenge for customers given the wide range of devices and operating systems in use by consumers. And in Cloud Cost Management, we've added full support for Google Cloud, so FinOps and DevOps teams can optimize their cloud spend across their AWS, Azure and GCP footprint. Cloud Cost Management is another of our newer products that exceeds the $10 million ARR milestone, and we believe there's significantly more opportunity for us to have our customers there.

在數位體驗領域，我們推出了普遍可用的行動應用程式測試，可以在真實的行動裝置上進行快速、無程式碼、可靠的測試，考慮到消費者使用的裝置和作業系統種類繁多，這對客戶來說是一個巨大的挑戰。在雲端成本管理中，我們新增了對 Google Cloud 的全面支持，因此 FinOps 和 DevOps 團隊可以跨 AWS、Azure 和 GCP 足跡優化其雲端支出。雲端成本管理是我們的另一個新產品，其 ARR 突破了 1000 萬美元的里程碑，我們相信我們有更多的機會在那裡吸引我們的客戶。

As usual, I'd like to thank our product and engineering teams for the quarter, and I'm looking forward to the many announcements we'll make at our DASH user conference in late June, here in New York.

像往常一樣，我要感謝我們本季的產品和工程團隊，我期待著我們將在 6 月下旬在紐約舉行的 DASH 用戶大會上發布的許多公告。

Now let's move on to sales and marketing. We've been pleased to once again add some exciting new customers and expand with many more. So let's go through a few examples. First, we signed a 3-year, 7-figure expansion with a leading online grocery business. This customer has used Datadog as their platform of choice for several years now. And as they migrate to Azure, they are looking to ensure reliability and security as they deploy at scale. With this renewal, they are adding Cloud Security Management, Application Security Management and Cloud SIEM to enable a shift to a DevSecOps culture in the organization. And this customer expects to add 7 products for a total of 14 across the Datadog platform.

現在讓我們繼續進行銷售和行銷。我們很高興再次增加一些令人興奮的新客戶並擴大更多客戶。讓我們來看幾個例子。首先，我們與一家領先的線上雜貨企業簽署了為期 3 年、價值 7 位數的擴張計劃。該客戶多年來一直使用 Datadog 作為他們選擇的平台。當他們遷移到 Azure 時，他們希望確保大規模部署時的可靠性和安全性。透過此次更新，他們增加了雲端安全管理、應用程式安全管理和雲端 SIEM，以實現組織內向 DevSecOps 文化的轉變。該客戶希望在 Datadog 平台上添加 7 種產品，使總數達到 14 種。

Next, in 2 deals over the past 6 months, we had a 7-figure expansion with a medical device company. This customer was primarily using our infrastructure monitoring and APM suite, but its legacy logging solution was becoming cost prohibitive, while the lack of correlation across siloed teams was causing frustration and higher times to resolution. With this expansion, the customer plans to add up 9 products and consolidate its log management tool as well as 4 other commercial and cloud-native tools into Datadog.

接下來，在過去 6 個月的 2 筆交易中，我們與一家醫療器材公司實現了 7 位數的擴張。這位客戶主要使用我們的基礎設施監控和 APM 套件，但其遺留日誌記錄解決方案的成本變得過高，而各個孤立團隊之間缺乏相關性導致了挫折感和更長的解決時間。透過此次擴展，客戶計劃添加 9 個產品，並將其日誌管理工具以及其他 4 個商業和雲端原生工具整合到 Datadog 中。

Next, we signed a high 6-figure expansion with an athletic apparel company. This company had a dozen disparate monitoring tools, which wasted time and was impacting operations, revenue and customer experience. With this expansion, the company plans to consolidate out of 4 commercial and open-source point solutions. They also expect to save millions of dollars over the next several years, while providing a great consumer experience.

接下來，我們與一家運動服飾公司簽署了 6 位數的高額擴張協議。該公司擁有十幾個不同的監控工具，不僅浪費時間，而且影響營運、收入和客戶體驗。透過此次擴張，該公司計劃整合 4 個商業和開源單點解決方案。他們還希望在未來幾年內節省數百萬美元，同時提供良好的消費者體驗。

Next, we signed a high 6-figure expansion with a European division of 1 of the world's largest car makers. This customer has chosen Datadog as its observability vendor in many business units globally. And in Europe, they currently monitor about 1/4 of their applications with us and are migrating hundreds of applications to fully move to Datadog in the next 2 years. With this expansion, this customer is using [Edge] products in the Datadog platform.

接下來，我們與世界上最大的汽車製造商之一的歐洲分部簽署了 6 位數的高額擴張協議。該客戶已選擇 Datadog 作為其全球許多業務部門的可觀測性供應商。在歐洲，他們目前與我們一起監控大約 1/4 的應用程序，並正在遷移數百個應用程序，以便在未來 2 年內完全遷移到 Datadog。透過此次擴展，該客戶正在 Datadog 平台中使用 [Edge] 產品。

Next, we signed a 6-figure land with a division of a Fortune 500 industrial company. The company is moving its e-commerce application to Google Cloud. They felt that using on-prem monitoring tools would not transition well to the cloud and are starting with 3 of our products as they are confident in Datadog's ability to keep innovating in modern cloud and serverless environments.

接下來，我們與一家財富 500 強工業公司的一個部門簽署了一塊 6 位數的土地。該公司正在將其電子商務應用程式遷移到谷歌雲端。他們認為使用本地監控工具無法很好地過渡到雲端，並開始使用我們的 3 種產品，因為他們對 Datadog 在現代雲端和無伺服器環境中不斷創新的能力充滿信心。

Finally, we signed a 6-figure land with 1 of the world's largest communication infrastructure companies. This company started cloud migration a couple of years ago and found itself limited by fragmented tooling and lack of data correlation. In contrast, the Datadog service catalog gives them a single view for performance, ownership, security, SLOs and KPIs, which customer believes is a unique capability among the vendors it considered, and which aligns with their goal of delivering centralized observability across the business. And this customer is adopting 7 Datadog products initially and consolidating out of 4 tools.

最後，我們與世界上最大的通訊基礎設施公司之一簽署了一塊價值 6 位數的土地。該公司幾年前開始進行雲端遷移，但發現自己受到工具分散和缺乏資料關聯的限制。相比之下，Datadog 服務目錄為他們提供了效能、所有權、安全性、SLO 和KPI 的單一視圖，客戶認為這是其考慮的供應商中的獨特功能，並且與他們在整個業務中提供集中可觀察性的目標相一致。該客戶最初採用 7 種 Datadog 產品，並整合了 4 種工具。

And that's it for another productive quarter for [mobile] to market teams.

這就是[行動]市場團隊又一個有成效的季度。

Let me now say a few words on our longer-term outlook. Overall, we continue to see no change in the multiyear trend towards digital transformation and cloud migration. We are seeing improved usage growth with less impact from optimization than we had seen in the last few quarters. For those customers who are remaining cost focused, we are very happy to help them get value from their observability solutions and consolidate into the Datadog platform to achieve time and cost savings.

現在讓我談談我們的長期前景。總體而言，我們仍然認為數位轉型和雲端遷移的多年趨勢沒有變化。我們看到使用量成長有所改善，優化帶來的影響比過去幾季小。對於那些仍然專注於成本的客戶，我們非常樂意幫助他們從可觀測性解決方案中獲得價值，並將其整合到 Datadog 平台中，以節省時間和成本。

Meanwhile, we are seeing continued experimentation with new technologies, including a growing adoption of AI, which we believe will be an accelerator of technical innovation and cloud migration over time. And we're working every day to innovate and help our customers adopt new technologies with confidence and become better businesses in the process.

同時，我們看到新技術的不斷實驗，包括人工智慧的日益普及，我們相信隨著時間的推移，這將成為技術創新和雲端遷移的加速器。我們每天都在努力創新，幫助我們的客戶充滿信心地採用新技術，並在過程中成為更好的企業。

With that, I will turn it over to our CFO. David?

這樣，我會將其移交給我們的財務長。大衛？

Thanks, Olivier. Q1 revenue was $611 million, up 27% year-over-year and up 4% quarter-over-quarter. To dive into some of the drivers of the Q1 performance, first, regarding usage growth, in Q1, we saw sequential usage growth from existing customers that was higher than the usage growth in Q4. Q1's usage growth was similar to what we experienced in Q2 and Q3 of 2022. And given this steep growth and off a larger base, our sequential ARR dollars added was the highest since Q4 2021. During Q1, we experienced a linearity pattern that was very typical for us, which included usage growth in March that was higher than January and February.

謝謝，奧利維爾。第一季營收為 6.11 億美元，年增 27%，季增 4%。為了深入探討第一季業績的一些驅動因素，首先，關於使用量成長，在第一季度，我們看到現有客戶的連續使用量成長高於第四季的使用量成長。第一季的使用量成長與我們在2022 年第二季和第三季經歷的情況類似。最高的。

Regarding usage growth by customer size in Q1, we saw usage growth accelerate across our larger customers, those with $100,000 of annual spend or higher. And we saw particularly strong usage growth with our largest customers who spend multiple millions of dollars with us annually. Geographically, we experienced stronger year-over-year revenue growth in international markets than in North America. And finally, for our retention metrics, our trailing 12-month net revenue retention was in the mid-100s in Q1 -- sorry, in the mid-110s in Q1, similar to last quarter. Our trailing 12-month gross revenue retention continues to be stable in the mid- to high 90s.

關於第一季按客戶規模劃分的使用量成長情況，我們發現較大客戶（年支出為 100,000 美元或以上）的使用量成長加速。我們看到我們最大的客戶的使用量成長尤其強勁，他們每年在我們這裡花費數百萬美元。從地理來看，我們在國際市場的營收年增比北美市場更為強勁。最後，對於我們的留存指標，我們第一季的過去 12 個月淨收入留存率在 100 左右——抱歉，在第一季的 110 左右，與上季度類似。我們過去 12 個月的總收入保留率繼續穩定在 90 年代中上位。

Now moving on to our financial results. Billings were $618 million, up 21% year-over-year. Billings duration increased year-over-year. Sequential billings growth was seasonally lower as it was in Q1 2023. Remaining performance obligations, or RPO, was $1.73 billion, up 52% year-over-year, and current RPO growth was in the low 40% growth year-over-year. RPO duration increased year-over-year but was down quarter-over-quarter as we saw fewer multiyear deals relative to last quarter.

現在轉向我們的財務表現。營業額為 6.18 億美元，年增 21%。比林斯持續時間逐年增加。與 2023 年第一季一樣，連續帳單成長季節性較低。 RPO 持續時間同比增長，但環比下降，因為與上季度相比，多年期交易減少。

In general, we are continuing to see an increasing interest with our larger customers in multiyear commitments, which results in longer RPO duration in both total and current RPO. As a reminder, our RPO has been and continues to be lumpy, an effect that may be amplified as our customers move towards multiyear deals.

總的來說，我們繼續看到我們的大客戶對多年承諾越來越感興趣，這導致總 RPO 和當前 RPO 持續時間更長。提醒一下，我們的 RPO 一直並將繼續不穩定，隨著我們的客戶轉向多年期交易，這種影響可能會放大。

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

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開立發票的時間和客戶合約的期限而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.

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 財務數據的調整表。

First, gross profit in the quarter was $509 million, representing a gross margin of 83.3%. This compares to a gross margin of 83.4% last quarter and 80.5% in the year-ago quarter. We continue to experience efficiencies in cloud costs reflected in our cost of goods sold as our engineering teams pursue cost savings and efficiency projects.

首先，該季毛利為5.09億美元，毛利率為83.3%。相較之下，上季毛利率為 83.4%，去年同期毛利率為 80.5%。隨著我們的工程團隊追求成本節約和效率項目，我們繼續體驗雲端成本的效率，這反映在我們的銷售成本中。

Our Q1 OpEx grew 14% year-over-year and increased from 10% year-over-year growth last quarter. As discussed last quarter, we intend to invest in headcount in 2024, and we have accelerated hiring in sales and marketing and R&D to execute on our growth plans. Q1 operating income was $164 million, or a 27% operating margin compared to 28% last quarter and 18% in the year-ago quarter.

我們第一季的營運支出年增 14%，高於上季 10% 的年增幅。正如上季所討論的，我們打算在 2024 年對員工進行投資，並且我們已經加快了銷售、行銷和研發人員的招募速度，以執行我們的成長計畫。第一季營業收入為 1.64 億美元，營業利潤率為 27%，而上季為 28%，去年同期為 18%。

And now turning to the balance sheet and cash flow statements. We ended the quarter with $2.8 billion in cash, cash equivalents and marketable securities. Cash flow from operations was $212 million in the quarter. After taking into consideration capital expenditures and capitalized software, free cash flow was $187 million for a free cash flow margin of 31%.

現在轉向資產負債表和現金流量表。本季結束時，我們擁有 28 億美元的現金、現金等價物和有價證券。本季營運現金流為 2.12 億美元。考慮到資本支出和資本化軟體後，自由現金流為 1.87 億美元，自由現金流利潤率為 31%。

Now for our outlook for the second quarter and the fiscal year 2024. Our guidance philosophy remains unchanged. As a reminder, we based our guidance on trends observed in recent months and apply conservatism on these growth trends. So for the second quarter, we expect revenue to be in the range of $620 million to $624 million, which represents a 22% year-over-year growth. Non-GAAP operating income is expected to be in the range of $134 million to $138 million, which implies an operating margin of 22%. In Q2, we will be holding our DASH user conference, which we estimate to cost about $11 million. Our operating income guidance reflects this event.

現在我們對第二季和 2024 財年的展望。提醒一下，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。因此，我們預計第二季的營收將在 6.2 億美元至 6.24 億美元之間，年增 22%。非 GAAP 營業收入預計在 1.34 億美元至 1.38 億美元之間，這意味著營業利潤率為 22%。第二季度，我們將舉辦 DASH 用戶大會，預計耗資約 1,100 萬美元。我們的營業收入指引反映了這一事件。

Non-GAAP net income per share is expected to be $0.34 to $0.36 per share based on approximately 360 million weighted average diluted shares outstanding. For fiscal year 2024, we expect revenue to be in the range of $2.59 billion to $2.61 billion, which represents 22% to 23% year-over-year growth. Non-GAAP operating income is expected to be in the range of $585 million to $605 million, which implies an operating margin of 23%. And non-GAAP net income per share is expected to be in the range of $1.51 to $1.57 per share based on approximately 361 million weighted average diluted shares outstanding.

根據約 3.6 億股加權平均稀釋後流通股，非 GAAP 每股淨利潤預計為 0.34 至 0.36 美元。 2024 財年，我們預計營收將在 25.9 億美元至 26.1 億美元之間，年增 22% 至 23%。非 GAAP 營業收入預計在 5.85 億美元至 6.05 億美元之間，這意味著營業利潤率為 23%。根據約 3.61 億股加權平均稀釋後流通股，非 GAAP 每股淨利潤預計將在每股 1.51 美元至 1.57 美元之間。

Now for some additional notes on our guidance. First, we expect net interest income and other income together for fiscal 2024 to be approximately $110 million. Next, we expect cash taxes in 2024 to be in the $20 million to $25 million range, and we continue to apply a 21% non-GAAP tax rate for 2024 and going forward. And finally, we continue to expect capital expenditures and capitalized software together to be 3% to 4% of revenues in fiscal 2024.

現在我們的指導有一些補充說明。首先，我們預計 2024 財年的淨利息收入和其他收入總計約為 1.1 億美元。接下來，我們預計 2024 年的現金稅將在 2,000 萬美元至 2,500 萬美元的範圍內，並且我們將在 2024 年及以後繼續適用 21% 的非 GAAP 稅率。最後，我們繼續預期 2024 財年資本支出和資本化軟體合計將佔營收的 3% 至 4%。

To summarize, we are pleased with how we started 2024. And I want to thank Datadogs worldwide for their efforts. And now with that, we will open the call for questions. Operator, let's begin the Q&A.

總而言之，我們對 2024 年的開局感到滿意。現在，我們將開始提問。接線員，我們開始問答。

(Operator Instructions) Our first question comes from the line of Sanjit Singh of Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Sanjit Singh。

It was encouraging to see that usage trends continue to improve, at least sequentially Q1 over Q4. I wanted to see if you could put like the usage trends you're seeing in your business in context of like the broader cloud landscape. And we're seeing some really nice results out of the hyperscalers. Obviously, there's -- those are much larger businesses and in different -- can be in different product areas. But when we think about the tailwinds of like cloud migrations and also AI workloads starting to come on board, how does that -- how is that playing out in Datadog's business versus what we may be seeing from like the hyperscales who are -- who seem to be accelerating to a higher degree?

令人鼓舞的是，使用趨勢持續改善，至少第一季比第四季連續改善。我想看看您是否可以將您在業務中看到的使用趨勢放在更廣泛的雲端環境中。我們看到超大規模廠商取得了一些非常好的結果。顯然，這些都是更大的企業，並且處於不同的產品領域。但是，當我們考慮雲端遷移和人工智慧工作負載等開始出現的順風時，Datadog 的業務如何發揮作用，而我們可能會從超大規模企業中看到什麼？

Yes. Sanjit, this is Olivier. So I think, in general, it's hard to be -- to do a precise quarter-by-quarter one-to-one mapping between the revenue and the cloud providers and our revenue. I think you pointed out, there are things in their products that don't relate to us directly or things in their internal revenue that don't relate to us directly. We have products that don't tie one-to-one with infrastructure on their end. But in general, over the longer term, we are very exposed to the growth trend you will see with the cloud providers, and the correlation you've seen in the past between our businesses, we expect will remain in some form in the future.

是的。桑吉特，這是奧利維爾。所以我認為，總的來說，很難在收入和雲端供應商以及我們的收入之間進行精確的逐季度一對一映射。我想你指出，他們的產品中有些東西與我們不直接相關，或者他們的內部收入中有些東西與我們不直接相關。我們擁有不與基礎設施一對一綁定的產品。但總的來說，從長遠來看，我們非常容易看到雲端供應商的成長趨勢，以及過去我們業務之間的相關性，我們預計未來仍將以某種形式存在。

We also are very exposed to the same tailwinds, obviously, cloud migration, but also AI adoption. I will say also on AI adoption that some of the revenue jumps you might see from the cloud providers might relate to supply of GPUs coming online and a lot of training clusters being provisioned. And those typically won't generate a lot of new usage for us. We tend to be more correlative with the live applications, production applications and inference workloads that tend to follow after that, and that are more tied to all of these applications going into production. So these are the things to factor. But overall, same trends, just not a one-to-one timing.

我們也非常容易受到同樣的影響，顯然是雲端遷移，還有人工智慧的採用。我還要說，關於人工智慧的採用，您可能會從雲端提供者那裡看到一些收入的增長，這可能與在線提供 GPU 以及配置大量訓練集群有關。這些通常不會為我們帶來很多新的用途。我們傾向於與即時應用程式、生產應用程式和隨後出現的推理工作負載更加相關，並且與所有這些投入生產的應用程式更加相關。所以這些都是需要考慮的因素。但整體而言，趨勢相同，只是時機不同。

That makes complete sense. And I was wondering if you had any comments on how usage trends coming out of March would seem to be stronger than in the beginning of Q1, how that sort of played out in April?

這是完全有道理的。我想知道您是否對 3 月的使用趨勢似乎比第一季初更強以及 4 月的情況有何評論？

Sure. Sanjit, it's David here. As we always say, we try to look into the next month, but that's a small-time set. In this case, the April trends continue to exhibit higher sequential growth rates than the year-ago quarter. But we caution everybody that 1 month does not a quarter make, and we'll continue to update that next quarter as we report.

當然。桑吉特，我是大衛。正如我們常說的，我們會嘗試著眼於下個月，但這是一個小範圍的事情。在這種情況下，四月的趨勢繼續表現出比去年同期更高的環比成長率。但我們提醒大家，一個月並不等於一個季度的成果，我們將在下個季度繼續更新報告。

And the seasonality in Q1 was very usual. Every year, there's a drop around the holidays in Q1 and January starts slowly, and then it accelerates into March, and we've seen that pretty much every year so far and we're seeing it this year as well.

第一季的季節性非常正常。每年，第一季假期前後都會出現下降，一月開始緩慢，然後加速到三月份，到目前為止，我們幾乎每年都會看到這種情況，今年也是如此。

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

我們的下一個問題來自摩根大通的馬克墨菲。

Congratulations on the revenue acceleration during the quarter. Olivier, I'm wondering how commonly are customers in your gen AI cohort using Datadog to monitor for bias and hallucinations within their AI models as opposed to just keeping the systems running? And also, do you see more concentration of customers within that cohort? Or is there actually more diversity as more of the models move beyond the training stage and into the inferencing stage?

恭喜本季營收加速成長。 Olivier，我想知道您的一代 AI 隊列中的客戶使用 Datadog 來監控其 AI 模型中的偏見和幻覺而不是僅僅保持系統運行的情況有多常見？另外，您是否發現該群體中的客戶更加集中？或者，隨著越來越多的模型超越訓練階段進入推理階段，實際上是否存在更多多樣性？

Yes. So we have products for monitoring, not just the infrastructure, but what the LLMs are doing. Those products are still not in GA, so we're working with a smaller number of design partners for that. As I think not only these products are maturing, but also the industry around us is maturing and more of these applications are getting into production. You should expect to hear more from us on that topic in the near future.

是的。因此，我們有用於監控的產品，不僅是基礎設施，還包括法學碩士正在做的事情。這些產品尚未正式上市，因此我們正在與數量較少的設計合作夥伴合作。我認為不僅這些產品正在成熟，而且我們周圍的行業也在成熟，並且更多的此類應用正在投入生產。您應該期望在不久的將來聽到我們關於該主題的更多資訊。

The customers we have that are the most scaled on AI workloads are the model providers themselves, and they tend to have their own infrastructure for monitoring the quality of the models. But we think there are good/bad weather in terms of what the adoption of AI is going to be from all the other companies, and we definitely see a trend where customers start with an API-driven or API-accessible model, build applications and then offload some of that application to other models that typically come from the open source and they might train, fine-tune themselves to get to a lower cost and lower time to respond.

我們擁有的人工智慧工作負載規模最大的客戶是模型提供者本身，他們往往擁有自己的基礎設施來監控模型的品質。但我們認為，所有其他公司採用人工智慧的情況都會有好壞之分，我們肯定會看到這樣一種趨勢：客戶從 API 驅動或 API 可訪問的模型開始，構建應用程式並然後將該應用程式的一些應用程式卸載到通常來自開源的其他模型中，它們可能會進行訓練，自我調整以實現更低的成本和更短的回應時間。

I understand. Okay. And then, David, you had mentioned, I think, last quarter that the cloud-native spending had rebounded. It was outpacing the broader business. And just to clarify, are you saying that the traditional large enterprise business during Q1 you picked up in terms of the cloud migration activity as the hyperscalers might have suggested, was that -- I'm just wondering if you could double-click on that comment and whether there was something really noticeable, intangible there among the large enterprise, more traditional businesses?

我明白。好的。然後，大衛，我認為您在上個季度提到雲端原生支出已經反彈。它的發展速度超過了更廣泛的業務。只是為了澄清一下，您是說您在第一季度從雲端遷移活動方面獲得的傳統大型企業業務（正如超大規模企業可能建議的那樣）是——我只是想知道您是否可以雙擊該業務評論以及在大型企業、較傳統的企業中是否存在著真正引人注目的、無形的東西？

Yes, we saw -- as said, we saw growth accelerate in our larger customers including the larger cloud natives and enterprise. So we did see more normal activity, including new workloads in both of those cohorts.

是的，我們看到 - 正如所說，我們看到我們的大型客戶（包括大型雲端原生和企業）的成長加速。因此，我們確實看到了更多的正常活動，包括這兩個群體中的新工作負載。

Our next question comes from the line of Kash Rangan of GS.

我們的下一個問題來自 GS 的 Kash Rangan。

Congratulations to the team on very good results here. Olivier, I was wondering if you could talk about the consolidation trend that you're talking about. It looks like the pace of consolidation and also, the intensity of lands and expense seems to be a bit more remarkable at the starting point of this (inaudible). So if you could expand on that a little bit.

恭喜團隊在這裡取得了很好的成績。奧利維爾，我想知道您是否可以談談您正在談論的整合趨勢。看起來整合的速度以及土地和費用的強度在這一點的起點上似乎更加引人注目（聽不清楚）。所以如果你能稍微擴展一下這一點。

And one for you, David, our cRPO has been accelerating. I think at low 20s to 30s to 40s over the last few quarters. but revenue expectations have not edged up pretty significantly. So can you just talk about the lead lag effect, granted that you always try to tell us that revenue is best indicator but none the less it's hard to dismiss the cRPO acceleration we've seen off of -- in the last few quarters.

David，我們的 cRPO 一直在加速。我認為在過去幾個季度中，這一數字為 20 多歲、30 多歲、40 多歲。但收入預期並沒有大幅上升。那麼，您能否談談領先滯後效應，假設您總是試圖告訴我們收入是最好的指標，但儘管如此，我們很難忽視過去幾季我們看到的 cRPO 加速。

Yes. So I'll let David speak about the cRPO dynamics, but the -- so look, we've seen over the couple of years really, but really the past few quarters, more consolidation than we've seen in the past, in part driven by customers wanting to -- being cost conscious, wanting to save money, but in part also by customers getting a little bit further into their cloud migration and rationalizing what they're using as they do that. So we keep seeing that. We've mentioned a number of those deals in the examples we've given. That's a large part of what our enterprise business is doing in particular. There's no particular change in Q1 compared to what we've seen in Q4 before. Q1 is -- we typically do a lot of larger deals in Q1 -- in Q4 compared to Q1, seasonally in general.

是的。所以我會讓 David 談談 cRPO 的動態，但是，看，我們在過去幾年中確實看到了，但在過去的幾個季度中，部分整合比我們過去看到的要多是由客戶想要的驅動的－具有成本意識，想要省錢，但部分也是因為客戶進一步了解他們的雲端遷移，並在這樣做時合理化他們所使用的內容。所以我們不斷看到這一點。我們在給出的示例中提到了其中的一些交易。這是我們企業業務正在做的很大一部分事情。與我們之前在第四季度看到的情況相比，第一季沒有特別的變化。一般來說，與第一季相比，第一季我們通常會在第四季進行許多規模較大的交易。

To the point you made earlier, we do see typically a bit of a lag between these big consolidation deals and the moment where we see our revenue recognized. Typically, when we consolidate products, what we'll see is, we'll assume the ramp time for moving usage from other products to our platform over what can be a number of quarters or even years sometimes. And it might take some time for those deals to or those numbers to materialize in the revenue.

就您之前提出的觀點而言，我們確實看到這些大型整合交易與我們看到收入確認的時刻之間通常存在一些滯後。通常，當我們整合產品時，我們會看到，我們會假設將使用從其他產品轉移到我們的平台的過渡時間有時可能是幾個季度甚至幾年。這些交易或這些數字可能需要一段時間才能實現收入。

On the flip side, we also have a number of deals where customers are growing very quickly into their usage, and we capture new commitments with them. That might lag a little bit their consumption and the revenue we recognize, so we see a little bit of both.

另一方面，我們也有許多交易，客戶的使用量迅速增長，我們與他們達成了新的承諾。這可能會稍微滯後於他們的消費和我們認識到的收入，所以我們看到兩者都有一點。

David, do you want to speak a little bit more?

大衛，你想再多說一點嗎？

Sure. Similar to what we said last time, we are seeing our customers, particularly our larger customers commit longer to us. That can be multiyear deals or even out towards -- the weighted average towards annual deals as opposed to shorter-term deals. So basically, it is a positive in that it does connote that clients are committing to Datadog more as their core platform. It is a trend that we're seeing, particularly in larger customers. But we repeat what we said that really how we contract, and bill is not necessarily one-to-one correlated with our revenues. Our revenues are correlated with our usage. So it's a positive, but I think that we want to keep everybody grounded on our revenues as the most important metric, and then secondarily, our ARR as predicting future revenue growth.

當然。與我們上次所說的類似，我們看到我們的客戶，特別是我們的大客戶對我們的承諾更長。這可以是多年期交易，甚至是年度交易的加權平均數，而不是短期交易。所以基本上，這是一個積極的方面，因為它確實意味著客戶更多地致力於將 Datadog 作為他們的核心平台。這是我們看到的一種趨勢，特別是在大客戶中。但我們重複一下我們所說的，我們的合約和帳單方式並不一定與我們的收入一對一相關。我們的收入與我們的使用量有關。所以這是積極的，但我認為我們希望讓每個人都以我們的收入為最重要的指標，其次是我們的 ARR 來預測未來的收入成長。

Our next question comes from the line of Raimo Lenschow of Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Going back to the workload migration that seems to be kicking back in again from listening to the hyperscalers and you talked about the timing difference there. I wanted to kind of ask on a different aspect here and that's kind of your sales capacity and the ramp in sales capacity that we should think about it. Like can you speak about like where you are at the moment in terms of capacity? And then as the market reaccelerates, like what sort of investments should we think about there?

回到工作負載遷移，工作負載遷移似乎從超大規模提供者的聲音中再次恢復，您談到了那裡的時間差異。我想在這裡問一個不同的方面，那就是我們應該考慮的銷售能力和銷售能力的提升。您能談談您目前在能力方面的情況嗎？然後，隨著市場重新加速，我們應該考慮什麼樣的投資？

So we're growing sales capacity. We've been growing it for the past few years. We grew it a little bit slower -- more slowly last year as we were careful about profitability and not getting too far ahead of ourselves in what looked like a tough market, but we're definitely growing sales capacity. And there's a ramp model that is associated with that. So the capacity typically lags a little bit the growth in terms of headcount. It takes time for people to get productive. But we're investing. We're growing and...

所以我們正在提升銷售能力。過去幾年我們一直在種植它。我們的成長速度有點慢——去年更慢，因為我們對盈利能力很謹慎，並且在看似艱難的市場中不要走得太遠，但我們的銷售能力確實在增長。還有一個與之相關的坡道模型。因此，產能通常會稍微落後於員工數量的成長。人們需要時間才能提高生產力。但我們正在投資。我們正在成長並且...

Long-term sales capacity is very much calibrated to revenue and UAR growth. As Oli mentioned, there are periods where it will move higher than that as we make investments, and there's periods where we might optimize. I think last year was a period where we digested previous investments, optimized a bit. And we said, this year, we're leaning into expansion of our sales capacity and investment. But long term, it correlates with revenue. And we look at that. We look at do we have enough sales capacity relative to what we see as the demand in the market, the territories and the expected ARR growth.

長期銷售能力很大程度上取決於收入和 UAR 成長。正如奧利所提到的，在我們進行投資時，有些時期它會高於這個水平，有些時期我們可能會進行最佳化。我覺得去年是我們消化了之前的投資，優化了一點的時期。我們說過，今年我們傾向於擴大銷售能力和投資。但從長遠來看，它與收入有關。我們看看這一點。我們會考慮相對於我們所看到的市場、地區和預期 ARR 成長的需求，我們是否有足夠的銷售能力。

To give you just a -- kind of a bit more color, like one of the big areas of focus inside the company is ramping up recruiting again. So we're recruiting a lot faster, a lot more than we were last year. And so we had to rev up that recruiting engine again. I won't -- I think they're listening to us, I want to congratulate our business recruiting team there for doing a fantastic job, really bringing that engine back up.

給你一點更多的色彩，例如公司內部的一個重點領域是再次加強招募。因此，我們的招募速度比去年快得多，數量也多得多。所以我們必須再次加速招募引擎。我不會——我認為他們正在傾聽我們的意見，我想祝賀我們的業務招聘團隊做得非常出色，真正恢復了引擎。

Our next question comes from the line of Matt Hedberg of RBC.

我們的下一個問題來自加拿大皇家銀行 (RBC) 的 Matt Hedberg。

Oli, you mentioned newer products continue to do really, really well. You gave some interesting data on Database Monitoring, for instance. I'm wondering, are these newer products resonating up and down your customer base? Or are these -- some of these cross-sell statistics stronger with some of your bigger customers?

Oli，你提到新產品的表現仍然非常非常好。例如，您提供了一些有關資料庫監控的有趣數據。我想知道，這些新產品是否在您的客戶群中引起共鳴？或者這些交叉銷售統計數據中的一些對您的一些大客戶來說是否更強？

Yes. So it really depends on the product. Some products are extremely broad based in terms of their appeal. And some others are really more directed to that -- certain types of customers. For example, all products that have to do with monitoring physical networks, they tend to be more appealing to larger, older enterprises because they are the ones with large physical footprint, whereas products like Cloud Cost Management, for example, or even Database Monitoring have very, very broad appeal because every single customer cares about their cloud cost. And every single customer is using databases that are at the center of their applications, and that are absolutely critical to understand.

是的。所以這實際上取決於產品。有些產品的吸引力非常廣泛。還有一些人確實更針對特定類型的客戶。例如，所有與監控實體網路有關的產品，它們往往對規模較大、歷史悠久的企業更具吸引力，因為它們具有較大的實體足跡，而例如雲端成本管理甚至資料庫監控等產品具有非常非常廣泛的吸引力，因為每個客戶都關心他們的雲端成本。每個客戶都在使用作為其應用程式核心的資料庫，並且理解這些資料庫絕對至關重要。

And we mentioned those products because really like we see that as our efforts paying off in terms of broadening the offering and investing in R&D. And these are green shoots that we expect to grow into the future. Some of those products, we have extremely high expectations for because they correspond to very large categories, which we can think can be very meaningful to the business in the long run. Some others are surprising us a little bit. That's why we mentioned Database Monitoring. We were not sure if it was going to be a huge category in cloud environment, but it turns out, not only is there a very big problem our customers need us to solve there, but also this product hit that problem on the head from day 1 really, and we expect -- now we expect a lot more from it.

我們提到這些產品是因為我們真的很高興看到我們的努力在擴大產品範圍和投資研發方面得到了回報。這些都是我們期望在未來成長的綠芽。我們對其中一些產品抱有極高的期望，因為它們對應於非常大的類別，我們認為從長遠來看這對業務非常有意義。其他一些則讓我們有點驚訝。這就是我們提到資料庫監控的原因。我們不確定它是否會成為雲端環境中的一個巨大類別，但事實證明，不僅我們的客戶需要我們解決一個非常大的問題，而且這個產品從一開始就解決了這個問題1 確實如此，我們期望— —現在我們對它的期望更高。

Our next question comes from the line of Fatima Boolani of Citi.

我們的下一個問題來自花旗銀行的法蒂瑪·博拉尼 (Fatima Boolani)。

David, you explicitly mentioned that the international book of business and activity was stronger than domestic. So I wanted to better understand some of the more intrinsic and maybe extrinsic dynamics that are driving that divergence in terms of [geographically] your performance? And if you could sort of help us understand if it's an end market, a product based or a budgetary based set of distinctions that would be very helpful.

大衛，你明確提到國際商業和活動比國內更強。因此，我想更了解一些更內在的、也許是外在的動態，這些動態導致了你們的表現在[地理上]方面的差異？如果您能幫助我們了解它是終端市場、基於產品還是基於預算的一組區別，那將非常有幫助。

Yes. It's very similar to what we've been saying over time. The international markets have been more immature as to their cloud migrations and their deployment of digital applications than the North American markets, and we've been more immature in terms of our footprint. So we've talked about some examples in Investor Day and otherwise of places like Brazil and Korea to name just a couple, where we are seeing an increase of activity as well as an increase of our deployment of our capacity, which has resulted in an uptick of the international demand over time.

是的。這與我們長期以來所說的非常相似。與北美市場相比，國際市場在雲端遷移和數位應用部署方面更加不成熟，而我們的足跡也更加不成熟。因此，我們在投資者日以及巴西和韓國等地的其他地方討論了一些例子，我們看到這些地方的活動有所增加，我們的產能部署也有所增加，這導致了隨著時間的推移，國際需求不斷上升。

Yes. For us to be successful, there are two factors that are needed. So the first one is cloud adoption needs to happen because we can't outrun it really. And the second one is we need to deploy sales capacity and grow sales capacity, and that's really combination of the two. In most markets today, cloud adoption is happening. There still may be a few holdouts that are a little bit slower. And -- but we're not yet deploying enough sales capacity everywhere, and that's one of our big areas of focus, as I mentioned earlier.

是的。我們要取得成功，需要兩個因素。因此，第一個是雲端的採用需要發生，因為我們無法真正超越它。第二個是我們需要部署銷售能力並提高銷售能力，這實際上是兩者的結合。在當今的大多數市場中，雲端的採用正在發生。仍然可能有一些堅持不懈的人，速度稍慢一些。而且——但我們尚未在各地部署足夠的銷售能力，正如我之前提到的，這是我們重點關注的領域之一。

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

我們的下一個問題來自 Jefferies 的 Brent Thill。

David, good margins, 27%, but you're guiding full year to 23%. I know you mentioned you're stepping on the sales investments, but anything else that's coming into the investment mix this year that is different than we've seen in the past years to drive that margin lower throughout the year?

大衛，利潤率很高，27%，但你指導全年利潤率達到 23%。我知道您提到您正在加大銷售投資力度，但今年投資組合中是否還有其他與我們過去幾年所見不同的投資組合，導致全年利潤率下降？

Sales and R&D investment, we are -- we have both the sales capacity and the whole ecosystem that we've been talking about. And as Oli often says, we have more high-return product projects than we always have capacity and are attempting to make the appropriate investments. So it's really that we are layering in. We said all along that this can't be changed, headcount can't be changed as quickly as revenues. So we have periods where we're investing more than revenue growth or less. And this year is the one where we're coming from a more conservative posture of last year into more investment in both R&D and sales and marketing. There's nothing onetime or special. It relates to both sales capacity and R&D projects. Oli, anything else?

銷售和研發投資，我們擁有我們一直在談論的銷售能力和整個生態系統。正如奧利經常說的那樣，我們擁有比我們一直擁有的能力更多的高回報產品項目，並且正在嘗試進行適當的投資。所以我們確實在分層。因此，我們有時會投資超過收入成長或更少。今年，我們從去年更保守的態度轉向在研發、銷售和行銷方面增加投資。沒有什麼一次性的或特別的。它既涉及銷售能力，也涉及研發項目。奧利，還有什麼嗎？

Yes. Again, I mean, I -- bringing it back to what I was saying earlier, a big focus internally is recruiting and making sure that we go fast enough there. I would say one more thing. Last year, when the market was slowing down, most of our peers have laid off their recruiting teams, and we didn't do that because we knew we need to -- our success will depend on revving the recruiting engine back up and growing the engineering and the sales team fast enough for us to go after the gen AI market opportunity we have. So we are very happy we haven't done that, but we still have a lot of work to do to recruit enough of the right people fast enough.

是的。再說一次，我的意思是，我——回到我之前所說的，內部的一個重點是招募並確保我們在那裡進展得足夠快。我還要說一件事。去年，當市場放緩時，我們的大多數同行都解雇了招聘團隊，而我們沒有這樣做，因為我們知道我們需要這樣做——我們的成功將取決於招聘引擎的恢復和增長工程和銷售團隊的速度夠快，讓我們能夠抓住我們擁有的新一代人工智慧市場機會。因此，我們很高興我們沒有這樣做，但我們仍然有很多工作要做，才能足夠快地招募到足夠的合適人才。

I'd add as we always have said that we have a very efficient, scalable business, and we control the pace of our investments. And we -- at the same time, that we're investing, we've been investing in efficiency projects, like we talked about in the cloud to balance those things to deliver a strong profitability posture with strong investment.

我想補充一點，正如我們一直所說的那樣，我們擁有非常高效、可擴展的業務，並且我們控制投資的節奏。同時，我們正在投資，我們一直在投資效率項目，就像我們在雲端中談到的那樣，以平衡這些事情，以透過強勁的投資提供強勁的盈利能力。

David, can I just ask a quick clarification on commitment overage and usage. I think you had a roughly 75%, 25% split across commit coverage and usage. Is that still in the same ballpark?

大衛，我可以要求快速澄清一下承諾超額和使用情況嗎？我認為提交覆蓋率和使用情況的比例約為 75%、25%。那還在同一個球場嗎？

Yes. I think we said it's been in the range of sort of upper teens to mid-20s over time. But that type of posture of clients under-committing and evolving into their usage hasn't changed over time. So that is still in the range that we've talked about since we went public.

是的。我想我們說過，隨著時間的推移，它的範圍在十幾歲到二十多歲之間。但客戶的這種不充分承諾和不斷發展的態度並沒有隨著時間的推移而改變。所以這仍然在我們上市以來討論的範圍內。

Our next question comes from the line of 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。

Great to hear that AI-native customers represented 3.5% of ARR. I'm curious on what you're seeing on the demand front for your own AI products like AIOps and cloud service management? And then you mentioned that the model providers have built their own tools to monitor the training of their models. As you start to roll out your own LLM observability solutions, do you see that trend changing? And is that something that customers have been asking you to build?

很高興聽到 AI 原生客戶佔 ARR 的 3.5%。我很好奇您對自己的 AI 產品（例如 AIOps 和雲端服務管理）的需求有何看法？然後您提到模型提供者已經建立了自己的工具來監控模型的訓練。當您開始推出自己的 LLM 可觀察性解決方案時，您是否看到這種趨勢發生變化？這是客戶一直要求你建造的東西嗎？

So on the first question, so we -- so look, we see a lot of interest in the new products. These are new products so we just announced in GA, the Event Management product, which is the main missing building block we had for AIOps platform. And we also just released into GA, Bits for incident management. So there's a lot of demand for it. The products are actually, I will say it, for Bits for incident management is a joy to use. So that's great. But you should also expect to hear more from us on that topic in the next 12 months. So this is all very exciting.

關於第一個問題，我們看到人們對新產品很感興趣。這些是新產品，所以我們剛剛在 GA 中宣布了事件管理產品，這是我們 AIOps 平台缺少的主要建置模組。我們也剛剛發布了 GA 版本，用於事件管理。所以對它的需求很大。我想說的是，這些產品實際上對於用於事件管理的 Bits 來說使用起來很有趣。那太好了。但您也應該期待在接下來的 12 個月內聽到我們關於該主題的更多資訊。所以這一切都非常令人興奮。

On the tooling, I would say there's a handful of players that have been building that tooling for a few years for -- in a way that's very specialized to what they do internally. They are not necessarily the representative of the bulk of the market. So in those situations, we're always careful about overfitting products to a group that might not be the right target customer group in the end in the same way that building infrastructure monitoring for the cloud providers to use internally might not be an exact fit for what the rest of the world needs.

在工具方面，我想說有一些參與者多年來一直在構建該工具 - 以一種非常專門於他們內部工作的方式。他們不一定代表大部分市場。因此，在這些情況下，我們總是小心翼翼地避免將產品過度適合最終可能不是正確目標客戶群的群體，就像為雲端供應商建立內部使用的基礎設施監控可能並不完全適合世界其他地方需要什麼。

That being said, I mean, look, we work a lot with those companies, and they have a number of needs that some of them they can meet internally and some of them, they don't. And if I go back to the example of hyperscalers, we actually have teams at the hyperscalers that use us for application or infrastructure or logs internally, even though they've built a lot of that tooling themselves. So I think everything is possible in the long run. But our focus is really on the vast majority of the customer base that's going to either use those API-based products or tune and run their own models.

話雖這麼說，我的意思是，我們與這些公司進行了很多合作，他們有很多需求，其中一些需求可以在內部滿足，而另一些則不能。如果我回到超大規模的例子，我們實際上有超大規模的團隊在內部使用我們的應用程式、基礎設施或日誌，儘管他們自己建立了許多這樣的工具。所以我認為從長遠來看一切都有可能。但我們的重點其實是絕大多數客戶群，他們要麼使用這些基於 API 的產品，要麼調整和運行自己的模型。

Our next question comes from the line of Karl Keirstead of UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的卡爾凱爾斯特德 (Karl Keirstead)。

Great. Maybe to Olivier. Could you give a little context to the President stepping down into the Board, he's obviously been there a long time and has been a big part of the Datadog story.

偉大的。也許對奧利維爾來說。您能否介紹一下總裁進入董事會的背景，他顯然已經任職很長時間，並且一直是 Datadog 故事的重要組成部分。

And then for David, you've done a great job over the years dissuading us from over-indexing on DR and billings. But as you actually pointed out, the sequential decline in DR and billings was quite a bit larger than normal. I'm just curious if there's a story there?

對於 David，多年來您在阻止我們對 DR 和帳單建立過度索引方面做得非常出色。但正如您實際上指出的那樣，災難復原和帳單的連續下降比正常情況要大得多。我只是好奇這裡面有故事嗎？

So I'll start with Amit, our President. So Amit wanted to stop working as a full-time operator but wants to stay close to the company and we want to stay close to him, too. I mean, he's been, as you pointed out, a big part of the Datadog story, and we definitely want to keep him involved in the company and keep working with him.

我將從我們的總統阿米特開始。因此，阿米特想停止全職操作員的工作，但希望與公司保持密切聯繫，我們也希望與他保持密切聯繫。我的意思是，正如您所指出的，他一直是 Datadog 故事的重要組成部分，我們絕對希望讓他參與公司並繼續與他合作。

So the plan is for him to join the Board. You should expect him to maybe reappear at some point as a VC investor, something that's less operational than what he's doing today. And we expect him to be a part of the company for the future as well. I've always said, I will miss him every day in the office.

因此計劃讓他加入董事會。你應該預期他可能會在某個時候以創投的身分重新出現，但這比他今天所做的操作性要差一些。我們希望他未來也能成為公司的一員。我一直說，我每天在辦公室都會想念他。

David, do you want to comment on the...

大衛，你想對...發表評論嗎？

Yes. Now to the more mundane topic of billings. So yes, I think that we did see a decel. We had a very strong Q4 in terms of commitments to us, which manifests itself in billings. We talked about the larger customers committing to multiyear deals and committing to us. We do have a sequential factor, not in our revenues, which are based on usage as must, but basically in our billings and operations like that, usually in Q1 as clients sort of commit. So in some ways, we don't have the seasonality to speak of in the revenues, but like we talked about in billings and RPO, we do have variations in billings.

是的。現在談談比林斯這個更平凡的話題。所以是的，我認為我們確實看到了減速。我們在第四季的承諾非常強勁，這體現在帳單上。我們談到了大客戶承諾簽訂多年協議並向我們做出承諾。我們確實有一個連續因素，不是在我們的收入中，它必須基於使用情況，但基本上是在我們的帳單和類似的營運中，通常在第一季作為客戶的承諾。因此，在某些方面，我們的收入沒有季節性可言，但就像我們在帳單和 RPO 中談到的那樣，我們的帳單確實存在變化。

We're not reading that much into it. In that -- overall weighted, it's going to vary, and we point everyone back towards ARR and revenues, but acknowledge that, that seasonality may have been a little more pronounced in this cycle than in the previous one.

我們並沒有對此進行太多解讀。在這一點上，整體權重會有所不同，我們將每個人都指向ARR和收入，但承認，這一周期中的季節性可能比上一個週期更明顯。

Our next question comes from the line of Brad Reback of Stifel.

我們的下一個問題來自 Stifel 的 Brad Reback。

Oli, one of the fastest ways to recruit quickly is via larger acquisitions. So maybe you can give us your thoughts on potentially going a little bigger here given that you're generating close to $1 billion of OCF a year right now?

奧利，快速招聘的最快方法之一是透過更大的收購。鑑於您現在每年產生近 10 億美元的 OCF，也許您可以向我們透露您對擴大規模的想法嗎？

Yes. So look, everything is on the table for us. Like we're very busy on the M&A side. We have a team that is, at any point in time, reviewing multiple deals. And everything is possible. I would say the larger the acquisition, the less likely it is to happen because we're extremely selective in terms of, not only the economics of any deal, but also the fit and whether we think it's truly going to accelerate us in the mid- to long term. But everything is possible.

是的。所以看，一切都在我們的桌面上。就像我們在併購方面非常忙碌一樣。我們有一個團隊隨時審查多筆交易。一切皆有可能。我想說，收購規模越大，發生的可能性就越小，因為我們不僅在任何交易的經濟性方面都非常有選擇性，而且在適合性以及我們認為它是否真的會在中期加速我們方面都非常挑剔- 從長遠來看。但一切皆有可能。

We are very fortunate to have a very efficient business. As we pointed, they're generating quite a bit of cash now, and that opens a number of doors for us, and we fully intend to use that if we have the right opportunity.

我們非常幸運能夠擁有非常有效率的業務。正如我們所指出的，他們現在正在產生相當多的現金，這為我們打開了許多大門，如果我們有合適的機會，我們完全打算利用它。

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

我們的下一個問題來自美國銀行證券公司的池田浩司。

I wanted to ask a question on AI. You mentioned in the prepared remarks about 3.5% of ARR, last quarter about 3%. So it looks like the trend is about plus 50 basis points a quarter right now. So really great to see the ongoing expansion there. So from a big-picture perspective, in your view, what needs to happen for this metric to start expanding, say, 1, 2, 3 points a quarter?

我想問一個關於AI的問題。您在準備好的評論中提到了大約 3.5% 的 ARR，上個季度大約是 3%。因此，目前的趨勢似乎是每季上漲 50 個基點左右。很高興看到那裡正在進行的擴張。因此，從宏觀角度來看，在您看來，這個指標需要發生什麼才能開始擴大，例如每季擴大 1、2、3 個百分點？

I mean, look, it's -- so first of all, I'm not sure this is a metric we'll keep bringing up. It was interesting for us to look at this small group of early AI-native companies to get a sense of what might come next in the world of AI. But I think as we -- as time goes by and as AI adoption broadens, I think it becomes less and less relevant.

我的意思是，看，所以首先，我不確定這是我們會繼續提出的指標。對我們來說，觀察這一小群早期人工智慧本土公司，以了解人工智慧世界的下一步發展，是很有趣的。但我認為，隨著時間的推移和人工智慧應用的擴大，我認為它變得越來越不相關。

But the one thing I will say is, we -- so we try to compare our exposure to AI to what we see from the hyperscalers because they are upstream from us in that respect. The hyperscaler that is the most open by is -- or transparent by in terms of numbers is Microsoft as they disclose how much of their growth comes from AI more specifically. And I will say that if you compare our business to theirs, the Azure part of our business is growing faster than Azure itself. And the AI-driven part of our Azure business itself is also growing faster than what you see on the on the overall Azure number. So we think we have similar exposure, and we track to the same trends broadly.

但我要說的一件事是，我們嘗試將我們對人工智慧的接觸與我們從超大規模企業看到的情況進行比較，因為在這方面它們位於我們的上游。最開放的超大規模企業是微軟，或者說就數字而言最透明的超大規模企業是微軟，因為他們更具體地揭露了其成長有多少來自人工智慧。我想說，如果你將我們的業務與他們的業務進行比較，我們業務的 Azure 部分的成長速度比 Azure 本身還要快。我們的 Azure 業務本身的人工智慧驅動部分的成長速度也比您在 Azure 整體數位上看到的速度還要快。因此，我們認為我們有類似的風險敞口，並且我們廣泛追蹤相同的趨勢。

The other cloud providers are not as forthcoming with metrics so it's harder to do a direct comparison. But in the longer term, we expect the same trends to apply.

其他雲端提供者沒有提供指標，因此很難進行直接比較。但從長遠來看，我們預期同樣的趨勢也會適用。

Our next question comes from the line of Peter M. Weed of Bernstein.

我們的下一個問題來自伯恩斯坦的彼得·M·威德（Peter M. Weed）。

One of the things that jumped out at me is you saw some improvement in net new customer adds quarter-over-quarter kind of for the first time maybe over the last year or so, which is pretty exciting. Obviously, I know there's a long tail effect with this. But as you look at that, do you see that as kind of a reflection of momentum in kind of the larger enterprise or a rebound in kind of the digital native venture-backed community, perhaps from that broadened AI. And if you think about pipeline going forward, should we anticipate kind of this bottoming and strength to continue and maybe accelerate?

讓我驚訝的一件事是，您看到淨新客戶數量環比增長有所改善，這可能是在過去一年左右的第一次，這非常令人興奮。顯然，我知道這會產生長尾效應。但當你看到這一點時，你是否認為這是大型企業勢頭的反映，或者是數位原生創投支援社群的反彈，也許來自於更廣泛的人工智慧。如果你考慮未來的管道，我們是否應該預期這種觸底和力量會持續，甚至可能加速？

So I mean, yes, the number of customers going up faster than it was the past few quarters. I would say it's hard to read too much into it because we have a large number of smaller customers. And there's more variability into the number of those smaller customers we get, and we lose at any point in time and without really having a very large impact on the business. So I wouldn't read too much into that. I will say that the trends are -- all in customer acquisitions and retention are good.

所以我的意思是，是的，客戶數量的成長速度比過去幾季還要快。我想說，很難對其進行過多解讀，因為我們有大量的小客戶。我們獲得的小客戶數量存在更大的可變性，我們隨時都會失去客戶，而不會真正對業務產生很大的影響。所以我不會對此進行太多解讀。我想說的是，所有的客戶獲取和保留的趨勢都是好的。

Another number we reported on, which I think is worth mentioning is we saw also a higher number of customers above $100,000, cross that mark, basically cross that mark of $100,000 in revenue. And that's a return to the mean of what we had seen before, I think last quarter that number was a little bit lower. And it really shows what we were saying last quarter, which is that customers are growing on that revenue curve. And sometimes, there are little peaks and valleys in that, in the distribution of customers across the revenue curve for us. But overall, the motion is still the same. Customers are landing with us small and they're growing and they're getting bigger. And as a result, we're getting a larger and larger number of customers above $100,000 and above $1 million and are driving the major ratio of our revenue.

我們報告的另一個數字，我認為值得一提的是，我們還看到更多的客戶超過 10 萬美元，跨越了這個大關，基本上跨越了 10 萬美元的收入大關。這回到了我們之前看到的平均值，我認為上個季度這個數字有點低。它確實體現了我們上個季度所說的，即客戶正在收入曲線上成長。有時，我們的收入曲線上的客戶分佈幾乎沒有高峰和低谷。但總體而言，動議還是一樣的。與我們合作的客戶規模很小，但他們正在成長，規模也越來越大。因此，我們獲得了越來越多的 10 萬美元以上和 100 萬美元以上的客戶，並推動了我們收入的主要成長。

Our next question comes from the line of Eric Heath of KeyBanc.

我們的下一個問題來自 KeyBanc 的 Eric Heath。

Oli, in your prepared remarks, I don't think you talked too much on security and just given we're out here at RSA this week. I was curious if you could talk about traction you're seeing there. And then maybe any feedback on adoption trends following the new packaging you rolled out a couple of quarters ago?

Oli，在您準備好的演講中，我認為您並沒有就安全問題​​談論太多，而且考慮到我們本週將在 RSA 會議上進行討論。我很好奇你是否能談談你在那裡看到的牽引力。那麼，在幾個季度前推出的新包裝之後，也許有關於採用趨勢的反饋嗎？

Yes. So the -- so far, the news are pretty good on the -- these new packages. Again, we want to wait to have seen them in the market for a few quarters before we comment too much on those, but the uptake is good. They seem to resonate well with customers, response to the right need, and they're fairly easy to insert into the sales process. So all that are good news so far.

是的。因此，到目前為止，這些新軟體包的消息非常好。同樣，我們希望等待幾個季度在市場上看到它們，然後再對它們發表太多評論，但採用率很好。他們似乎與客戶產生了很好的共鳴，能夠回應正確的需求，並且很容易融入銷售流程中。所以到目前為止，所有這些都是好消息。

I realize we didn't put too much in the script on security. We actually have a few things coming out. As there's RSA this week in San Francisco and our team is there to meet with customers. One of the new piece of functionality we've announced last week was the agentless scanning for cloud security products, which we think is going to help a lot of customers deploy our product much more broadly, much more quickly. So we're very excited about that. It's in beta right now.

我意識到我們在劇本中並沒有在安全方面投入太多。我們實際上已經有了一些東西。 RSA 本週將在舊金山舉行，我們的團隊將在那裡與客戶會面。我們上週宣布的新功能之一是對雲端安全產品的無代理掃描，我們認為這將幫助許多客戶更廣泛、更快速地部署我們的產品。所以我們對此感到非常興奮。目前正處於測試階段。

And yes, overall, the same trends we commented on last quarter are still true, thousands of customers [building] on security, revenue growth, growth on a number of different pillars at the same time, which is very exciting and really speaks to our platform approach for security as well.

是的，總體而言，我們上季度評論的相同趨勢仍然存在，成千上萬的客戶同時在安全性、收入成長和許多不同支柱上的成長，這非常令人興奮，也確實說明了我們的問題安全性的平台方法也是如此。

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

我們的下一個問題來自富國銀行的安德魯·諾文斯基。

I had a question on guidance for Q2. You had strong net new ARR in Q1. And you said you're seeing improved usage growth and less optimization. But based on your Q2 revenue guidance, it looks like you're assuming net new ARR in Q2 declines pretty significantly. I guess did you have some deals that pulled into Q1? And if not, why would net new ARR in Q2 be down year-over-year?

我對第二季的指導有疑問。第一季的淨新 ARR 強勁。您說您看到了使用量成長的改善和最佳化的減少。但根據您第二季的收入指引，您似乎假設第二季的淨新 ARR 下降相當顯著。我想你們有一些交易進入了第一季嗎？如果不是，為什麼第二季的淨新 ARR 會年減？

No. I mean, we -- it's the same thing that we've said in every quarter that our guidance is taking the trends both in terms of usage growth and new business accumulation and it discounts them. And that's exactly the same as we said since we've been a public company. So that's what we do in providing the guidance and continue to do that in this quarter.

不，我的意思是，我們在每個季度都說過同樣的話，我們的指導方針是在使用成長和新業務累積方面把握趨勢，並對它們進行折扣。這與我們成為上市公司以來所說的完全一樣。這就是我們在提供指導方面所做的事情，並將在本季度繼續這樣做。

All right, and I'm wondering if you're seeing any sort of uptick in consolidation in the log management and SIEM markets given the M&A activity in that space?

好吧，我想知道鑑於該領域的併購活動，您是否看到日誌管理和 SIEM 市場的整合增加？

Yes, there are definitely opportunities there. And so we spoke on the, I think, in the script on the -- about some of the advanced query functionalities, we're adding to logs. We spoke about Flex Logs. So those are all geared towards going after this opportunity. And we think also there's more specifically an opportunity around SIEM workloads, which is why we are investing heavily in our Cloud SIEM product. And so we think there's definitely a lot of opportunities there, and the teams are very focused on that.

是的，那裡肯定有機會。因此，我認為，我們在腳本中談到了一些高級查詢功能，我們正在將其添加到日誌中。我們談到了 Flex Logs。所以這些都是為了把握這個機會。我們認為 SIEM 工作負載也存在更具體的機會，這就是我們大力投資雲端 SIEM 產品的原因。所以我們認為那裡肯定有很多機會，而且團隊非常關注這一點。

I don't expect these opportunities to make a big dent in our numbers in the next couple of quarters. But in the next year or so, definitely, we expect to see more.

我預計這些機會不會在接下來的幾個季度對我們的數字產生重大影響。但在接下來的一年左右，我們肯定會看到更多。

Our next question comes from the line of Mike Cikos of Needham.

我們的下一個問題來自尼達姆的邁克·西科斯（Mike Cikos）。

Just one topic, a bit of a 2-parter here, but I think in the prepared remarks, management incited improving trends for the number of or the cohort of customers who are moving past optimization sequentially. So I guess the question is really, can you help us think about the rate or pace of customers that are moving into this cohort, is the first piece of the question.

只是一個主題，這裡有點像兩個部分，但我認為在準備好的評論中，管理層激發了按順序超越優化的客戶數量或群體的改善趨勢。所以我想問題實際上是，你能否幫助我們考慮進入這個群體的客戶的速度或速度，這是問題的第一部分。

And then the second piece, what kind of assumptions do you have for sustained improvement or additional customers entering that cohort as we think about the guidance that we have here today. I'm wondering how much needs to happen on that front for you guys to get more comfortable with the guidance? Or are you guys assuming steady state here and anything else is kind of really just upside?

然後是第二部分，當我們考慮今天在這裡提供的指導時，您對持續改進或更多客戶進入該群體有什麼樣的假設。我想知道在這方面需要做多少事情才能讓你們更適應指導？或者你們是否假設這裡處於穩定狀態，而其他任何事情實際上都是有利的？

Yes. No, we said that we don't provide guidance on the percentage of customers that are in this cohort. We just are commenting that the trends that we mentioned last quarter of the abatement of optimization in this cohort manifested itself again, and they continue to grow. Like always, our guidance takes conservative assumptions and looks across the trends in the business and assumes that there would be more conservative drivers of the business than we've had in the last quarters. So we continue with that methodology.

是的。不，我們說過我們不會提供有關該群體中客戶百分比的指導。我們只是評論說，我們上個季度提到的該群體優化減少的趨勢再次顯現出來，而且還在繼續增長。與往常一樣，我們的指導採用保守的假設，縱觀業務趨勢，並假設業務驅動因素將比上幾季度更加保守。所以我們繼續採用這種方法。

And look, we mentioned that cohort because we thought it was a bad weather, right? We thought they were the first to really optimize and they felt they exhibited all the highest need, I would say, for a quick turnaround on their own financial profile, but there are other pockets of optimization in the business. There are other customers that are going through that later. There are customers that are still going through it. It's an ongoing -- it's going to be an ongoing phenomenon. It's been throughout the history of the company. So as we get further and further from the macro situation last year -- from last year, I think this cohort will lose in relevance in terms of its -- what we can read into it for the rest of the business.

你看，我們提到那群人是因為我們認為天氣不好，對嗎？我們認為他們是第一個真正優化的人，他們覺得他們表現出了所有的最高需求，我想說的是，快速扭轉自己的財務狀況，但業務中還有其他優化的地方。稍後還有其他客戶也經歷過這種情況。有些客戶仍在經歷這個過程。這是一個持續的現象——這將是一個持續的現象。這貫穿了公司的整個歷史。因此，隨著我們距離去年的宏觀情況越來越遠——從去年開始，我認為這群人將失去其相關性——我們可以從中解讀出其他業務的相關性。

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

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。

All right. Thank you. So again, I want to thank the whole team for what was a great quarter. And I know many of our customers and users are listening to the earnings call. So I want to make sure everybody knows we're having our DASH Conference in June in New York. You can go to dashcon.io, and we really look forward to seeing you there. So thank you all.

好的。謝謝。再次，我要感謝整個團隊度過了一個美好的季度。我知道我們的許多客戶和用戶都在收聽財報電話會議。因此，我想確保每個人都知道我們將於 6 月在紐約舉行 DASH 會議。您可以造訪 dashcon.io，我們非常期待在那裡見到您。謝謝大家。

Thank you.

謝謝。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。