數據狗 (DDOG) 2024 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the second quarter 2024 Datadog earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Datadog 2024 年第二季財報電話會議。 （操作員說明）

Please be advised that today’s conference is being recorded.

請注意，今天的會議正在錄製中。

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

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

Thank you Michelle. Good morning and thank you for joining us to review Datadog’s second 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.

謝謝米歇爾。早安，感謝您與我們一起回顧 Datadog 的 2024 年第二季財務業績，我們在今天早上發布的新聞稿中宣布了這一結果。今天與我一起參加電話會議的有 Datadog 聯合創始人兼執行長 Olivier Pomel 和 Datadog 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 third quarter and fiscal year 2024 and related notes, our gross margins and operating margins, our product capabilities, our ability to capitalize on market opportunities and usage optimization trends.

在本次電話會議中，我們將做出前瞻性陳述，包括與我們未來的財務業績、第三季和2024 財年的展望及相關說明、我們的毛利率和營業利潤率、我們的產品能力、我們的資本化能力相關的陳述市場機會和使用優化趨勢。

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.

預期、相信、繼續、估計、期望、打算、將和類似表達等詞語旨在識別前瞻性陳述或未來預期的類似指示。這些陳述僅反映我們截至目前為止的觀點，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-Q for the quarter ended March 31, 2024. Additional information will be made available in our upcoming Form 10-Q for the fiscal quarter ended June 30, 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，請參閱截至 2024 年 3 月 31 日的季度的 10-Q 表格。 2024 年6 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.

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。

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

說到這裡，我想把電話轉給奧利維爾。

Thanks Yuka, and thank you all for joining us this morning.

謝謝由香，也謝謝大家今天早上加入我們。

We had a very productive second quarter. First, we welcomed thousands of Datadog users to our DASH conference in June, where we announced a broad range of exciting new products and new features for customers to observe, secure and act in their cloud environment, and we continued to add new customers and help existing ones as they grow in the cloud.

我們的第二季非常富有成效。首先，我們歡迎數千名Datadog 用戶參加6 月的DASH 會議，會上我們宣布了一系列令人興奮的新產品和新功能，供客戶在其雲端環境中觀察、保護和採取行動，並且我們繼續增加新客戶並幫助現有的在雲端成長。

Let me start with a review of our Q2 financial performance. Revenue was $645 million, an increase of 27% year-over-year and above the high end of our guidance range. We ended the quarter with about 28,700 customers, up from about 26,100 a year ago. We had about 3,390 customers with an ARR of $100,000 or more, up from about 2,990 last year, and these customers generated about 87% of our ARR, and we generated free cash flow of $144 million with a free cash flow margin of 22%.

讓我先回顧一下我們第二季的財務表現。營收為 6.45 億美元，年成長 27%，高於我們指導範圍的上限。本季末，我們約有 28,700 名客戶，高於一年前的約 26,100 名。我們有約3,390 名客戶的ARR 為100,000 美元或以上，高於去年的約2,990 名，這些客戶產生了我們ARR 的約87%，我們產生了1.44 億美元的自由現金流，自由現金流利潤率為22%。

Turning to platform adoption, our platform strategy continues to resonate in the market. As of the end of Q2, 83% of customers were using two or more products, up from 82% a year ago. Forty-nine percent of customers were using four or more products, up from 45% a year ago. Twenty-five percent of our customers were using six or more products, up from 21% a year ago, and 11% of our customers were using eight or more products, up from 7% a year ago.

談到平台採用，我們的平台策略持續在市場上引起共鳴。截至第二季末，83% 的客戶使用兩種或兩種以上產品，高於一年前的 82%。 49% 的客戶使用四種或更多產品，高於一年前的 45%。 25% 的客戶使用 6 種或更多產品，高於一年前的 21%；11% 的客戶使用 8 種或更多產品，高於一年前的 7%。

We continue to expand the capabilities of all of our products over time, enabling our customers to solve more of their critical challenges. These include our efforts in digital experience monitoring, an area of observability which includes synthetics and real user monitoring, or ROM, and both synthetics and ROM are seeing growing adoption and each product today represents more than $100 million in ARR, becoming our fourth and fifth products to achieve that milestone.

隨著時間的推移，我們不斷擴展所有產品的功能，使我們的客戶能夠解決更多的關鍵挑戰。其中包括我們在數位體驗監控方面所做的努力，這是一個可觀察性領域，其中包括合成產品和真實用戶監控（ROM），合成產品和ROM 的採用率都在不斷增長，如今每種產品的ARR 價值超過1 億美元，成為我們的第四和第五個產品產品來實現這一里程碑。

We have also been innovating rapidly in this area with recent capabilities including mobile app testing, feature flag testing, user journey visualization, and retention analysis, and with our recent announcement of [indiscernible] at DASH, we are excited to go further and allow our customers to consolidate of their usage and business insights into Datadog.

我們在這一領域也一直在快速創新，最近的功能包括行動應用程式測試、功能標誌測試、用戶旅程視覺化和保留分析，並且隨著我們最近在DASH 上宣布[音訊不清晰]，我們很高興能走得更遠，讓我們的客戶將他們的使用情況和業務洞察整合到 Datadog 中。

Now let’s discuss this quarter’s business drivers. Overall, the business environment for Datadog was roughly unchanged from last quarter. More customers overall are growing their cloud usage, while some are continuing to be cost conscious. In Q2, we saw existing customer usage growth that was broadly in line with our expectations and consistent with the overall improved trend that we had experienced over the past several quarters. Our usage growth with existing customers was higher than in the year ago quarter, and we saw continued healthy growth across our product line with newer products growing faster from a smaller base.

現在讓我們討論本季的業務驅動因素。總體而言，Datadog 的業務環境與上季基本沒有變化。總體而言，越來越多的客戶正在增加雲端使用量，而一些客戶則繼續注重成本。在第二季度，我們看到現有客戶使用量的成長與我們的預期基本一致，並且與我們在過去幾季經歷的整體改善趨勢一致。我們現有客戶的使用量成長高於去年同期，我們的產品線持續健康成長，新產品在較小的基礎上成長更快。

Finally, churn continues to be low and gross revenue retention was 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，總收入保留穩定在 90 年代中上旬，凸顯了我們平台對客戶的關鍵任務性質。

Moving onto R&D, we held our DASH user conference in late June and were excited to announce many new products and features for our users. There’s too much for us to cover in detail, but let me review just some of the announcements we made in the past three months.

轉向研發，我們於 6 月下旬舉行了 DASH 用戶會議，很高興為我們的用戶宣布許多新產品和功能。我們要詳細介紹的內容太多，但讓我回顧一下我們在過去三個月中發布的一些公告。

In the next-gen AI space, we announced the general availability of LLM Observability, which allows application developers and machine learning engineers to efficiently monitor, troubleshoot and secure LLM applications. With LLM Observability, companies can accelerate the development of AI applications into production environments and reliably operate and scale them.

在下一代人工智慧領域，我們宣布全面推出 LLM Observability，它允許應用程式開發人員和機器學習工程師有效地監控、排除故障並保護 LLM 應用程式。借助 LLM Observability，公司可以加速將人工智慧應用程式開發到生產環境中，並可靠地運行和擴展它們。

We also expanded Bits AI with new capabilities. As a reminder, Bits AI is a Datadog built-in AI copilot. In addition to being able to summarize incidents and answer questions, we previewed at DASH the ability for Bits AI to operate as an agent and perform autonomous investigations. With this capability, Bits AI proactively surfaces key information and performs complex tasks such as investigating alerts and coordinating incident response.

我們還透過新功能擴展了 Bits AI。提醒一下，Bits AI 是 Datadog 內建的 AI 副駕駛。除了能夠總結事件和回答問題之外，我們還在 DASH 上預覽了 Bits AI 作為代理程式運行和執行自主調查的能力。借助此功能，Bits AI 主動顯示關鍵資訊並執行複雜的任務，例如調查警報和協調事件回應。

Taking a step back and looking at our customer base, we continue to see a lot of excitement around AI technology. More customers are telling us that they are levering up on AI and ramping up experimentation with the goal of delivering additional business value with AI, and we can see them doing this. Today about 2,500 customers use one or more of our AI integrations to get visibility into their increasing use of AI.

退後一步看看我們的客戶群，我們繼續看到人工智慧技術帶來的許多興奮。越來越多的客戶告訴我們，他們正在利用人工智慧並加大試驗力度，以期透過人工智慧提供額外的業務價值，我們可以看到他們正在這樣做。如今，大約 2,500 名客戶使用我們的一項或多項 AI 整合來了解他們對 AI 日益增長的使用情況。

We also continue to grow our business with AI-native customers, which increased to over 4% of our ARR in June. We see this as a sign of the continuing expansion of this ecosystem and of the value of using Datadog to monitor the production environment. I will note that over time, we think these metrics will become less relevant as AI usage and production broadens beyond this group of customers.

我們也持續發展與人工智慧原生客戶的業務，6 月占我們 ARR 的比例增至 4% 以上。我們認為這是該生態系統持續擴展的標誌，也是使用 Datadog 監控生產環境的價值的標誌。我要指出的是，隨著時間的推移，我們認為隨著人工智慧的使用和生產擴展到這個客戶群之外，這些指標將變得不那麼重要。

Last but not least, we announced Toto, our first foundation model for time series forecasting, which delivers state-of-the-art performance on all relevant benchmarks. In addition to the technical innovations devised by our resource team, Toto derives its record performance from the quality of our training datasets and points to our unique ability to train, build and incorporate AI models into a platform that will meaningfully improve operations for our customers.

最後但並非最不重要的一點是，我們發布了 Toto，這是我們的第一個時間序列預測基礎模型，它在所有相關基準上提供了最先進的性能。除了我們的資源團隊設計的技術創新之外，Toto 的創紀錄表現還源於我們訓練資料集的質量，並指出我們訓練、建立人工智慧模型並將其整合到平台中的獨特能力，這將有意義地改善我們客戶的營運。

Moving on from AI, we had a lot more to show in Observability. We announced the general availability of Flex Logs, which expands our Logging without Limits approach and allows our customers to scale storage and compute separately for cost efficiency. Our customers can today use our new Log Workspace for log analysis. Log Workspace is an advanced analytic feature that allows users to connect datasets, build and visualize complex queries, and create readable, views and reports. It is particularly relevant to customers who previously built sophisticated analysis and workflows in legacy log management tools.

從人工智慧開始，我們在可觀察性方面還有很多東西可以展示。我們宣布推出 Flex Logs，它擴展了我們的無限日誌記錄方法，並允許我們的客戶單獨擴展儲存和運算以提高成本效率。我們的客戶現在可以使用我們新的日誌工作區進行日誌分析。日誌工作區是一項進階分析功能，可讓使用者連接資料集、建置和視覺化複雜查詢，以及建立可讀的視圖和報告。它與先前在遺留日誌管理工具中建立複雜分析和工作流程的客戶尤其相關。

We announced the general availability of Data Jobs Monitoring, which allows data engineers to detect and fix issues with their Spark and Databricks workloads and to optimize the cost and performance of their data jobs. Moving and transforming large amounts of data has grown importance and become a mission critical capability for many businesses, a trend that we believe will continue with the adoption of AI.

我們宣布全面推出資料作業監控，它允許資料工程師檢測和修復 Spark 和 Databricks 工作負載的問題，並優化資料作業的成本和效能。行動和轉換大量數據變得越來越重要，並成為許多企業的關鍵任務能力，我們相信隨著人工智慧的採用，這一趨勢將繼續下去。

With this, our data observability set of products is expanding. Data jobs monitoring works alongside our data streams monitoring product, which helps customers understand their queueing pipeline in moving components such as Kafka or RabbitMQ, and we’re increasingly providing visibility for data lakes and data warehouses such as Snowflake to deliver end-to-end data observability across customer data resources.

至此，我們的數據可觀測性產品系列不斷擴大。資料作業監控與我們的資料流監控產品配合使用，可幫助客戶了解Kafka 或RabbitMQ 等行動組件中的排隊管道，並且我們越來越多地提供資料湖和資料倉儲（如Snowflake）的可見性，以提供端到端的服務結束跨客戶資料資源的資料可觀察性。

Moving on from data observability, we introduced Kubernetes Autoscaling to all our customers to optimize forecast and performance while automatically right-sizing Kubernetes resources. For our customers using OpenTelemetry, the Datadog agent will embed a fully configurable OpenTelemetry collector, giving customers access to Datadog products such as container, network and universal service monitoring, and offering our customers what we believe will be the best fully managed OpenTelemetry experience in the market. In shifting left, our new live debugger enables developers to step through code directly in production environments and find the exact root cause of production errors.

從資料可觀察性開始，我們為所有客戶引入了 Kubernetes Autoscaling，以優化預測和效能，同時自動調整 Kubernetes 資源的大小。對於使用OpenTelemetry 的客戶，Datadog 代理將嵌入一個完全可配置的OpenTelemetry 收集器，使客戶能夠存取Datadog 產品，例如容器、網路和通用服務監控，並為我們的客戶提供我們認為是業界最佳的完全託管的OpenTelemetry 體驗。在左移中，我們新的即時偵錯器使開發人員能夠直接在生產環境中單步偵錯程式碼，並找到生產錯誤的確切根本原因。

As I mentioned earlier, we are building up on our success in digital experience monitoring and [indiscernible] providing in-depth product and user insights for product managers and business owners.

正如我之前提到的，我們正在數位體驗監控和[音訊不清晰]方面取得成功，為產品經理和企業主提供深入的產品和用戶見解。

In the cloud security space, we launched a new application security capability called Code Security, which allows our customers to detect and prioritize code-level vulnerability in their products and applications. We also announced Data Security, which allows our customers to automatically pinpoint sensitive data, starting in [indiscernible] today and expanding to other environments in the future. For instances where customers can’t or don’t want to deploy agents, our new agent-less scanning capability provides visibility into risks and vulnerabilities within hosts’ containers and [indiscernible] functions without requiring agents to be installed.

在雲端安全領域，我們推出了一種名為「程式碼安全性」的新應用程式安全功能，它使我們的客戶能夠檢測其產品和應用程式中的程式碼級漏洞並確定優先順序。我們還宣布了數據安全，它允許我們的客戶自動找出敏感數據，從今天開始，並在未來擴展到其他環境。對於客戶無法或不想部署代理程式的情況，我們新的無代理掃描功能可以提供主機容器和[音訊不清晰]功能內的風險和漏洞的可見性，而無需安裝代理程式。

Finally in the cloud service management space, we’re going further to allow our customers to take actions directly within Datadog’s platform. We announced the general availability of App Builder, which lets teams rapidly create self-service local applications and integrate them securely into their monitoring stacks, and we introduced Datadog On Call, a modern on-call experience with paging and internet management workflows fully integrated with observability.

最後，在雲端服務管理領域，我們將進一步允許客戶直接在 Datadog 平台內採取行動。我們宣布了App Builder 的全面推出，它可以讓團隊快速創建自助服務本機應用程式並將其安全地整合到他們的監控堆疊中，並且我們推出了Datadog On Call，這是一種現代化的隨叫隨到到體驗，其尋呼和互聯網管理工作流程與可觀察性。

Let’s move on now to sales and marketing. We again saw strong execution from our go-to-market teams this quarter and we added some exciting new customers while expanding with many more, so let’s go through a few examples.

現在讓我們繼續討論銷售和行銷。本季我們再次看到我們的行銷團隊的強大執行力，我們增加了一些令人興奮的新客戶，同時擴大了更多客戶，所以讓我們來看幾個例子。

First, we landed our largest ever new logo win, a multi-year deal with total contract value in the tens of millions of dollars, with one of the largest banks in South America. This customer was using a commercial observability product as well as open source tools but didn’t have full stack visibility. With Datadog, they will enable end-to-end observability and they expect to transition to modern infrastructure with confidence. They also anticipate better management and predictability of their observability costs thanks to products such as Flex Log.

首先，我們贏得了有史以來最大的新標誌合同，與南美最大的銀行之一簽訂了一份總合約價值數千萬美元的多年期協議。該客戶使用商業可觀測性產品以及開源工具，但沒有完整的堆疊可見性。借助 Datadog，他們將實現端到端的可觀察性，並希望充滿信心地過渡到現代基礎設施。借助 Flex Log 等產品，他們也預期可觀測成本會得到更好的管理和可預測性。

Next, we signed a seven-figure annualized land deal with one of the world’s largest travel management companies. This company was using a commercial log management tool but found it expensive and complex to support. They also worried about stability as the tool would crash and cause fire drills across the organization. By moving to Datadog and replacing this tool, they expect to drive significant savings with log management and will benefit from a unified platform across infrastructure monitoring and APM.

接下來，我們與世界上最大的差旅管理公司之一簽署了一份年價值七位數的土地協議。該公司正在使用商業日誌管理工具，但發現其支援成本昂貴且複雜。他們也擔心穩定性，因為該工具會崩潰並導致整個組織進行防火演習。透過遷移到 Datadog 並替換該工具，他們希望透過日誌管理節省大量成本，並將受益於跨基礎設施監控和 APM 的統一平台。

Next, we landed a seven-figure annualized land with a security software company. This customer felt they were overspending on their commercial logging tool and lack of visibility led to issues catching incidents, with users notifying them first of outages. This customer is now adopting the Datadog unified platform across all three pillars and displacing one commercial and two open source tools in the process. This customer also expects net savings of half a million dollars every year by switching to Datadog.

接下來，我們與一家安全軟體公司獲得了年價值七位數的土地。該客戶認為他們在商業日誌工具上花費過多，並且缺乏可見性導致了捕獲事件的問題，用戶首先通知他們中斷。該客戶現在正在跨所有三大支柱採用 Datadog 統一平台，並在此過程中取代一種商業工具和兩種開源工具。該客戶還預計透過改用 Datadog 每年可節省 50 萬美元的淨成本。

Next, we signed a seven-figure annual expansion with a leading central bank in Europe. This institution became a Datadog customer three years ago to enable its ambitious plan to move half of its applications to the cloud over a couple of years, and they have been increasing their usage of Datadog as they moved into the cloud, displacing two commercial observability tools which they used in their on-premise environment. They have now adopted a total of 17 Datadog products.

接下來，我們與歐洲一家領先的央行簽署了七位數的年度擴張協議。該機構三年前成為Datadog 客戶，以實現其雄心勃勃的計劃，即在幾年內將一半的應用程式遷移到雲端中，並且隨著遷移到雲端中，他們一直在增加Datadog 的使用，取代了兩種商業可觀測工具他們在本地環境中使用它。他們現在總共採用了 17 款 Datadog 產品。

Next, we signed a seven-figure annualized expansion with a large American insurance company. This company had been using Datadog for full stack observability at one business unit. With this expansion, they have chosen Datadog as their enterprise-wide observability provider. In comparing us to the performance of other tools, this customer measured strong [indiscernible] adoption and fewer incidents with Datadog, and in displacing its legacy ATM and log management, they expect to save over $1 million annually on tool costs alone.

接下來，我們與一家美國大型保險公司簽署了年化七位數的擴張協議。該公司一直在一個業務部門使用 Datadog 來實現全端可觀察性。透過此次擴張，他們選擇 Datadog 作為其企業範圍的可觀測性提供者。在將我們與其他工具的效能進行比較時，該客戶發現Datadog 的採用率很高（難以辨別），且事件較少，並且在取代其傳統ATM 和日誌管理時，他們預計每年僅在工具成本上即可節省超過100 萬美元。

Finally, we signed a high seven-figure annualized expansion with a leading online gambling and entertainment platform. This long-time customer uses Datadog as its strategic observability partner, enabling full visibility across infrastructure applications, logs, network, and their public [indiscernible] with users spanning from hands on keyboard engineers all the way to their [indiscernible]. This renewal supports this customer’s expansion into new use cases through our security embedded into their operations by using all of our cloud security products, to build a culture of cost accountability with cloud cost management, and to take action using incident management and workflow automation. This customer to date has adopted 19 products in the Datadog platform.

最後，我們與一家領先的線上賭博和娛樂平台簽署了高達七位數的年化擴張協議。這個長期客戶使用Datadog 作為其戰略可觀測性合作夥伴，實現基礎設施應用程式、日誌、網路及其公眾[音訊不清晰] 的全面可見性，用戶範圍涵蓋鍵盤工程師一直到他們的[音訊不清晰] 。此次更新支援該客戶透過使用我們所有的雲端安全產品將安全性嵌入到他們的營運中，從而擴展到新的用例，透過雲端成本管理建立成本責任文化，並使用事件管理和工作流程採取行動自動化。該客戶迄今已在 Datadog 平台中採用了 19 種產品。

That’s it for another productive quarter for our go-to-market teams. Now let me say a few words on our longer term outlook.

這就是我們的市場推廣團隊又一個有生產力的季度。現在讓我談談我們的長期前景。

Overall, we continue to see no change to the multi-year trend towards digital transformation and cloud migration. We are seeing continued experimentation with new technologies, including next-gen AI, and we believe this is just one of the many factors that will drive greater use of the cloud and next-gen infrastructure. As indicated by our many announcements at our DASH user conference, we are delivering rapid innovation at scale and we are helping our customers every day to deploy and scale the modern environment with confidence across observability, digital experience, cloud security, cloud service management, software delivery, and product analytics.

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。我們看到包括下一代人工智慧在內的新技術不斷進行實驗，我們相信這只是推動雲端和下一代基礎設施更多使用的眾多因素之一。正如我們在DASH 用戶大會上發布的許多聲明所表明的那樣，我們正在大規模提供快速創新，並且我們每天都在幫助客戶充滿信心地部署和擴展現代環境，涵蓋可觀察性、數位體驗、雲端安全、雲端服務管理、軟體交付和產品分析。

Finally, I’d like to welcome two new leaders to our team. Yanbing Li is joining us as our Chief Product Officer. Yanbing has more than 25 years of product, technology and engineering experience spanning enterprise software, cloud infrastructure and AI at companies such as VMware, Google and Aurora. She will lead our product team’s efforts to expand the Datadog platform.

最後，我想歡迎兩位新領導者加入我們的團隊。李彥兵 (Yanbing Li) 加入我們，擔任我們的首席產品長。嚴兵在 VMware、Google 和 Aurora 等公司擁有超過 25 年的產品、技術和工程經驗，涉及企業軟體、雲端基礎設施和人工智慧。她將領導我們的產品團隊努力擴展 Datadog 平台。

David Galloreese is joining us as our Chief People Officer. David has more than 20 years of HR experience at tech companies and large scale high visibility enterprises such as Figma, Wells Fargo, and Wal-Mart. He will help us drive the next chapter of growth and scale at Datadog.

David Galloreese 加入我們，擔任我們的首席人力長。 David 在 Figma、Wells Fargo 和 Wal-Mart 等科技公司和大型高知名度企業擁有 20 多年的人力資源經驗。他將幫助我們推動 Datadog 的成長和規模翻開新篇章。

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, and good morning to all.

謝謝奧利維爾，祝大家早安。

Q2 revenues were $645 million, up 25% year-over-year and up 6% quarter-over-quarter. To dive into some of the drivers of the Q2 revenue growth, first regarding usage growth from existing customers, the overall trend we saw was consistent with our expectations. In Q2, we saw usage growth from existing customers that was higher than usage growth in the year-ago quarter, and as we look across the first half of 2024, our usage growth was higher than the first half of 2023. We are seeing solid growth across our products. Our three pillar products continue to increase in customer penetration and usage, and our newer products across observability, cloud security and cloud service management are ramping.

第二季營收為 6.45 億美元，年增 25%，季增 6%。為了深入探討第二季營收成長的一些驅動因素，首先是現有客戶的使用量成長，我們看到的整體趨勢與我們的預期一致。在第二季度，我們看到現有客戶的使用量成長高於去年同期的使用量成長，並且從2024 年上半年來看，我們的使用量成長高於2023 年上半年。基礎我們產品的成長。我們的三大支柱產品的客戶滲透率和使用率不斷提高，可觀測性、雲端安全性和雲端服務管理方面的新產品也在增加。

Regarding usage growth by customer size in Q2, we saw strong performance amongst our largest customers, who spend multiple millions of dollars with us annually as they continue to return to growth and strike a balance between new deployment and focus on optimization. As we look at usage growth by segment, we saw the strongest growth with our enterprise customers, where year-over-year growth in usage has accelerated over the past several quarters.

關於第二季度按客戶規模劃分的使用量增長，我們看到最大的客戶表現強勁，他們每年在我們這裡花費數百萬美元，因為他們繼續恢復增長並在新部署和專注於優化之間取得平衡。當我們按細分市場查看使用量成長時，我們發現企業客戶​​的成長最為強勁，在過去幾個季度中，企業客戶的使用量年增率有所加快。

Over the same period, we have seen more steady year-over-year growth trends amongst our SMB and midmarket customers. As a reminder, we define enterprise as customers with 5,000 employees or more, midmarket as customers with 1,000 to 5,000 employees, and SMB as customers with less than 1,000 employees.

同期，我們看到中小企業和中端市場客戶的年成長趨勢更加穩定。提醒一下，我們將企業定義為擁有 5,000 名或以上員工的客戶，將中端市場定義為擁有 1,000 至 5,000 名員工的客戶，將 SMB 定義為擁有 1,000 名員工以下的客戶。

Regarding our retention metrics, our net revenue retention percentage was in the mid 110s in Q2, similar to the past couple quarters; but remember, this is a trailing 12-month measure and we’ve seen an increase in recent quarters as we look at the NRR quarterly trend. Finally, our trailing 12-month gross revenue retention percentage remained stable in the mid to high 90s.

關於我們的保留指標，我們第二季的淨收入保留百分比在 110 左右，與過去幾季類似；但請記住，這是一個過去 12 個月的指標，當我們觀察 NRR 季度趨勢時，我們發現最近幾季出現了成長。最後，我們過去 12 個月的總收入保留率保持穩定在 90 年代中期至較高水準。

Now moving onto our financial results, billings were $667 million, up 28% year-over-year and similar to the trailing 12 months billing year-over-year growth. Billings duration was roughly flat versus a year ago. Remaining performance obligations, or RPO was $1.79 billion, up 43% year-over-year. As we’ve said before, contract duration has generally been increasing as customers choose more multi-year deals, and contract duration increased modestly in the year-over-year period relative to a year ago. Current RPO growth was in the mid-30% year-over-year. We continue to believe revenue is a better indicator of our business trends than billings and RPO, as those can fluctuate on a quarterly basis relative to revenue based on the timing of invoicing and the duration of customer contracts.

現在來看看我們的財務業績，帳單金額為 6.67 億美元，年增 28%，與過去 12 個月的帳單同比增長類似。比林斯持續時間與一年前大致相當。剩餘履約義務（RPO）為 17.9 億美元，年增 43%。正如我們之前所說，隨著客戶選擇更多的多年期交易，合約期限通常會增加，而且合約期限與去年同期相比略有增加。目前 RPO 年成長率為 30% 左右。我們仍然認為，與帳單和 RPO 相比，收入是我們業務趨勢的更好指標，因為這些收入可能會根據開票時間和客戶合約期限相對於收入按季度波動。

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.

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。

Gross profit in the quarter was $530 million, representing a gross margin of 82.1%. This compares to a gross margin of 83.3% in the last quarter and 81.3% in the year-ago quarter. Our Q2 opex grew 21% year-over-year and increased from 14% year-over-year growth last quarter. As we mentioned last quarter, Q2 opex included $11 million in expenses related to our DASH user conference, and as we’ve discussed, we are investing in headcount in 2024 and the growth in opex reflects our execution on hiring in sales and marketing and R&D so far this year.

該季度毛利為5.3億美元，毛利率為82.1%。相較之下，上一季的毛利率為 83.3%，去年同期的毛利率為 81.3%。我們第二季的營運支出年增 21%，高於上季 14% 的年增幅。正如我們上季度所提到的，第二季度營運支出包括與DASH 用戶會議相關的1,100 萬美元費用，正如我們所討論的，我們正在2024 年對員工進行投資，營運支出的成長反映了我們在銷售和行銷方面的招募執行情況今年到目前為止的研發。

Q2 operating income was $158 million, or 24% operating margin compared to 27% last quarter and 21% in the year-ago quarter.

第二季營業收入為 1.58 億美元，營業利潤率為 24%，而上季為 27%，去年同期為 21%。

Now turning to the balance sheet and cash flow statements, we ended the quarter with $3 billion in cash, cash equivalents and marketable securities. Cash flow from operations was $164 million in the quarter, and after taking into consideration capital expenditures and capitalized software, free cash flow was $144 million for free cash flow margin of 22%.

現在看資產負債表和現金流量表，本季末我們擁有 30 億美元的現金、現金等價物和有價證券。本季營運現金流為 1.64 億美元，考慮到資本支出和資本化軟體後，自由現金流為 1.44 億美元，自由現金流利潤率為 22%。

Now for our outlook for the third quarter and the fiscal year 2024, first our guidance philosophy remains unchanged. As a reminder, we base our guidance on trends observed in recent months and apply conservatism on these growth trends. For the third quarter, we expect revenues to be in the range of $660 million to $664 million, which represents 21% year-over-year growth. Non-GAAP operating income is expected to be in the range of $146 million to $150 million, which implies an operating margin of 22% to 23%. Non-GAAP net income per share is expected to be $0.38 to $0.40 per share based on approximately 360 million weighted average diluted shares outstanding.

現在，對於我們對第三季和 2024 財年的展望，首先我們的指導理念保持不變。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。我們預計第三季營收將在 6.6 億美元至 6.64 億美元之間，年增 21%。非 GAAP 營業收入預計在 1.46 億美元至 1.5 億美元之間，這意味著營業利潤率為 22% 至 23%。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 0.38 至 0.40 美元。

For the fiscal year 2024, we expect revenue to be in the range of $2.62 billion to $2.63 billion, which represents 23% to 24% year-over-year growth. Non-GAAP operating income is expected to be in the range of $620 million to $630 million, which implies an operating margin of 24%, and non-GAAP net income per share is expected to be in the range of $1.62 to $1.66 per share, based on approximately 360 million weighted average diluted shares outstanding.

對於 2024 財年，我們預計營收將在 26.2 億美元至 26.3 億美元之間，年增 23% 至 24%。非 GAAP 營業收入預計在 6.2 億至 6.3 億美元之間，這意味著營業利潤率為 24%，非 GAAP 每股淨利潤預計在 1.62 至 1.66 美元之間，基於約3.6 億加權平均稀釋後已發行股票。

Some additional notes to our guidance, we expect net interest and other income for the fiscal year 2024 to be approximately $125 million. Next, we expect to pay cash taxes in the range of $20 million to $25 million, and we continue to apply a 21% non-GAAP tax rate for 2024 and going forward. Finally, we continue to expect capital expenditures and capitalized software together to be in the 3% to 4% of revenues range in fiscal 2024.

對我們的指導方針進行一些補充說明，我們預計 2024 財年的淨利息和其他收入約為 1.25 億美元。接下來，我們預計繳納 2,000 萬至 2,500 萬美元的現金稅，並在 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%。

Now to conclude, as Oli mentioned, we are pleased with our execution in the first half of 2024 and plan to continue to help our customers observe, secure and act in their modern cloud environments. I want to thank Datadogs worldwide for their efforts in this.

現在總而言之，正如 Oli 所提到的，我們對 2024 年上半年的執行情況感到滿意，併計劃繼續幫助我們的客戶在其現代雲環境中觀察、保護和採取行動。我要感謝全世界的 Datadogs 在這方面所做的努力。

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

至此，我們將開始提問。接線員，我們開始問答。

(Operator instructions) Sanjit Singh, Morgan Stanley

（操作員指示）Sanjit Singh，摩根士丹利

Yes, thank you for taking the questions and congrats on Q2.

是的，感謝您提出問題並祝賀第二季度。

I wanted to get your assessment of the demand environment, the spend environment, and your description of how the usage trends played out by end market and in-market versus enterprise was super helpful. Microsoft had noted that they saw some weaker usage trends in June. I just want to get a sense of if you look across your geographies, or even across some of your key verticals, anything that stood out sort of positive or negative in June going into July in terms of the usage trends?

我想了解您對需求環境、支出環境的評估，以及您對終端市場、市場內與企業的使用趨勢如何發揮的描述，這非常有幫助。微軟指出，他們在 6 月看到了一些疲軟的使用趨勢。我只是想了解一下，如果您縱觀您的地理位置，甚至縱觀您的一些關鍵垂直領域，從 6 月到 7 月的使用趨勢，有什麼突出的積極或消極的情況嗎？

Yes, thanks Sanjit, and hello. Again, as I think you’ve noted, we’ve said that we experienced strength in our enterprise segment and stability in our SMB segment, and that continued throughout the quarter. As far as the more recent trends for what we’re seeing towards the end of the quarter and also in July, very similar trends to what we saw in Q2 and for the first half of the year, so a continuation of higher usage growth than we saw in the comparable periods in the previous year.

是的，謝謝桑吉特，你好。正如我想您已經注意到的那樣，我們已經說過，我們在企業細分市場中體驗到了實力，在中小企業細分市場中體驗到了穩定性，並且這種情況在整個季度都持續存在。就我們在本季末和 7 月看到的最新趨勢而言，與我們在第二季和今年上半年看到的趨勢非常相似，因此使用量持續成長比我們在去年同期看到的情況要多。

Understood. Then Oli, maybe for you, I know at the investor day, you sort of outlined the thoughts and strategy on M&A and identified the criteria. It sounds like your corp-dev team sees a lot of opportunity but the bar was pretty high, was the message from investor day a couple of months ago. I wanted to double-check your latest thinking on the M&A strategy with respect to potentially being--looking at more strategic or transformational, larger size deals. Has anything changed in the way you view M&A as part of the Datadog growth strategy?

明白了。然後奧利，也許對你來說，我知道在投資者日，你概述了併購的想法和策略，並確定了標準。聽起來你的公司開發團隊看到了很多機會，但門檻相當高，這是幾個月前投資者日的訊息。我想仔細檢視您對併購策略的最新想法，以考慮更具策略性或變革性的、規模更大的交易。您對併購作為 Datadog 成長策略一部分的看法有什麼變化嗎？

No, there’s no change to the way we see things. Because we have this [indiscernible] strategy where we’re building a consolidator and we’re bringing together many different use cases into one shared platform, we have very broad interest and a very ambitious road map in many different directions, so as a result, we cast a very wide net when it comes to M&A. There are many possible potential fits for us.

不，我們看待事物的方式沒有改變。因為我們制定了這個[難以辨別的]策略，即我們正在建立一個整合器，並將許多不同的用例整合到一個共享平台中，所以我們在許多不同的方向上有非常廣泛的興趣和非常雄心勃勃的路線圖，因此因此，我們在併購方面撒下了一張非常廣泛的網。對我們來說，有很多可能的潛在契合點。

Historically we’ve been very successful with doing a lot of small and medium-sized deals. At any point in time, we are going to look at a lot of deals that might be small or big. We expect the bigger deals to be fewer and far between as the bar is very high for those, and today we’re also not looking into anything that would be very material to the business.

從歷史上看，我們在完成大量中小型交易方面非常成功。在任何時候，我們都會關注大量或大或小的交易。我們預期較大的交易會越來越少，而且間隔會很遠，因為這些交易的門檻非常高，而且今天我們也不會研究任何對業務非常重要的交易。

Understood, thank you Oli.

明白了，謝謝奧利。

Thank you

謝謝

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

Perfect, thank you. Has there been any impact, or what are you seeing in terms of a reaction from customers around the Cloudstrike outage, because that’s obviously an event that impacted the whole industry. You guys, I’m sure, saw some of the ramifications there. Just talk a little bit about how that impacted you in the quarter, but also what it means to customer conversations. Thank you.

完美，謝謝。 Cloudstrike 中斷是否有任何影響，或者您看到客戶的反應如何，因為這顯然是影響整個行業的事件。我確信你們已經看到了其中的一些後果。只需談談這對您在本季的影響，以及這對客戶對話意味著什麼。謝謝。

Yes, so obviously this is something that was very much in the news, was very visible. It was particularly visible because it affected devices, airport kiosks basically and point of sale, that are in the field in front of consumers, and it was pretty much everywhere at once, so very visible incident.

是的，很明顯，這是新聞中經常出現的事情，非常明顯。它特別明顯，因為它影響了消費者面前的設備、機場報亭和銷售點，而且它幾乎同時無處不在，所以是非常明顯的事件。

That being said, in the grand scheme of observability, it’s very unremarkable, so the Crowdstrike isn’t very visible to everyone, everywhere, but every single day there’s a hundred or a thousand companies that are having their Crowdstrike moment because they have outdated software--you know, third party software (inaudible) they have built and that caused large business disruptions (inaudible) and that’s what we deal with pretty much all the time. What you see in the public eye is really a reflection of the value we provide every single day to our customers when it comes to preventing these issues, and whenever those issues happen, to remediate them extremely quickly.

話雖這麼說，從可觀察性的宏偉計劃來看，它非常不起眼，因此 Crowdstrike 並不是每個地方的每個人都非常明顯，但每一天都有一百或一千家公司正在進行 Crowdstrike因為他們擁有過時的軟體——你知道，他們建立的第三方軟體（聽不清楚），導致了巨大的業務中斷（聽不清楚），而這正是我們一直在處理的問題。您在公眾眼中看到的東西實際上反映了我們每天為客戶提供的價值，即預防這些問題，以及每當這些問題發生時，以極快的速度進行補救。

Of course, we had all of the interactions you can imagine with our customers around--you know, in terms of how to use our product to come back online, debug and everything, given the fix in that case was very, very manual - there was really no good way to automate it. But again, we see that every single day, that’s what we do.

當然，我們與周圍的客戶進行了所有你能想像到的互動——你知道，在如何使用我們的產品重新上線、調試等方面，考慮到這種情況下的修復是非常非常手動的——確實沒有什麼好的方法可以自動化它。但我們再次看到，我們每天都在這麼做。

Okay, perfect.

好的，完美。

Then maybe it was just me, but it did feel like you mentioned logs quite a bit on this earnings call. Do you see any like, your product is getting more mature and the innovation that is coming through is obviously very visible, but do you see a change in the market with recent movements in terms of vendors, that that kind of opens up a little bit more from your perspective? Thank you, and congrats from me as well.

也許只有我這麼認為，但確實感覺你在這次財報電話會議上提到了很多日誌。您是否看到類似的情況，您的產品正在變得更加成熟，並且正在實現的創新顯然非常明顯，但是您是否看到市場發生了變化，隨著最近供應商的變動，這種變化有點開放更多從你的角度來看？謝謝你，也恭喜我。

Yes, we definitely think there is going to be more opportunity in the future, which is why we’re investing heavily both in terms of making large (inaudible) to scale, that’s Flex Logs in particular, and also going further in terms of the sophistication of the functionality we can offer to customers so they can build very complex processes around those.

是的，我們確實認為未來會有更多機會，這就是為什麼我們在大規模（聽不清楚）規模化方面進行了大量投資，尤其是 Flex Logs，並且還進一步發展就我們可以向客戶提供的功能的複雜性而言，他們可以圍繞這些功能建立非常複雜的流程。

We talked about log workspace also in the call, log workspace is particularly interesting for customers who have used other platforms and have built pipelines basically that must process a lot of logs data, and so we build that for them and that’s been very well received so far. All of that is in service of going after these opportunities.

我們也在電話中討論了日誌工作區，日誌工作區對於使用過其他平台並且已經建立了基本上必須處理大量日誌資料的管道的客戶來說特別有趣，因此我們為他們建立了這個工作區，這非常好到目前為止深受好評。所有這一切都是為了追逐這些機會。

Perfect, thank you.

完美，謝謝。

Thank you, Mark Murphy, JP Morgan.

謝謝摩根大通的馬克墨菲。

Thank you so much, and I’ll add my congrats. Olivier, it’s great to see the announcement of LLM Observability reaching GA. I think we’re all looking at this tremendous wave of hyperscaler commitments that are going to be ramping in the second half of this year, and it’s all for training of these next-gen AI models. Since you’re more exposed to the--excuse me, since you’re less exposed to that training and you’re more driven by the inferencing, I’m wondering if you can just help us understand how the spending pattern or activity changes as the AI models go live and reach the inferencing stage. I’m basically looking for any way to assess how much spending is ultimately going to develop into the inferencing, where you have an opportunity.

非常感謝，我也表示祝賀。 Olivier，很高興看到 LLM Observability 正式發布。我認為我們都在關注這一巨大的超大規模承諾浪潮，這些承諾將在今年下半年激增，而這一切都是為了訓練這些下一代人工智慧模型。因為你更多地接觸——對不起，因為你更少接觸這種培訓，而且你更受推論的驅動，我想知道你是否可以幫助我們了解支出是如何進行的。推理階段，模式或活動會改變。我基本上正在尋找任何方法來評估有多少支出最終會發展成推理，只要有機會。

Yes, as you know, it’s still early. We do see customers that are moving increasingly into production, and we have a few of those. We named a couple as early customers of LLM Observability - I think the two we named were WHOOP, the fitness band, and AppFolio. We see many more that are lining up and that are going to do that, but in the grand scheme of things, looking at the whole market, it’s still very early.

是的，如您所知，現在還很早。我們確實看到越來越多的客戶投入生產，我們也有這樣的一些客戶。我們指定了一些作為 LLM Observability 的早期客戶 - 我認為我們指定的兩個是 WHOOP、健身手環和 AppFolio。我們看到還有更多的公司正在排隊並且將要這樣做，但從總體來看，縱觀整個市場，現在還為時過早。

I would say the best proxy you can get from the future demand there is the growth of the model providers and the AI natives, because they tend to be the ones that currently are being used to provide AI functionality into other applications, and largely in production environments, and so what we said there, the harbinger of what’s to come.

我想說，你可以從未來需求中獲得的最佳代理是模型提供者和人工智慧原生者的成長，因為它們往往是目前用於向其他應用程式提供人工智慧功能的人，並且主要是在生產中環境，所以我們在那裡所說的話，預示著即將發生的事情。

Okay, and then as a quick follow-up, maybe for David, a couple of the consumption model software companies had recently commented that in June and July, they were seeing more cloud cost control or optimization, specifically among the digital natives, and so your results are solid. I don’t think you mentioned that, but could you just comment on how the optimization activity is trending now between the digital natives and the enterprises heading into the back half?

好的，然後作為快速跟進，也許對David 來說，一些消費模型軟體公司最近評論說，在6 月和7 月，他們看到了更多的雲端成本控製或優化，特別是在數位原住民中，所以你的結果很可靠。我認為您沒有提到這一點，但是您能否評論一下現在數位原生代和進入後半部分的企業之間的優化活動趨勢如何？

Yes, as you know, we’ve said that--so when you look at the time series, the peak of the optimization was in Q2, Q3 last year, and we’ve had a time series of higher usage growth for our clients month to month since then, and that’s continued through the first half of the year and into July. The usage growth, as we talked about, is stronger in the enterprise and in the larger users, but it has been fairly stable in the SMB, so we’re seeing some more--when you look at the chart and the line, enterprise usage growth being higher than it had been and SMB being stable.

是的，如您所知，我們已經說過了，所以當您查看時間序列時，優化的峰值出現在去年的第二季度和第三季度，並且我們已經看到了使用量增長較高的時間序列從那時起，我們的客戶每個月都在與我們聯繫，這種情況一直持續到今年上半年，一直持續到七月。正如我們所討論的，企業和大型用戶的使用增長更為強勁，但中小型企業的使用增長相當穩定，因此我們看到更多 - 當您查看圖表和線條時，企業使用量增長高於以往，中小企業使用量穩定。

For us, I will add that the digital natives are largely SMB and midmarket, they’re not enterprise. Even when you look at the digital natives, there is two stories depending on whether you talk about the AI natives or the others. The AI natives are inflecting in a way that the others are not at this point, so today we see the higher growth on AI natives from traditional enterprises and stable growth but not accelerating from the rest of the pack.

對我們來說，我要補充一點，數位原生代主要是中小企業和中端市場，他們不是企業。即使當你觀察數位原住民時，也會有兩個故事，這取決於你談論的是人工智慧原住民還是其他人。人工智慧原生企業正在以其他企業目前還沒有的方式發生變化，因此今天我們看到來自傳統企業的人工智慧原生企業的成長較高，並且穩定成長，但與其他企業相比並沒有加速。

Thank you very much.

非常感謝。

Thank you. Kash Rangan, Goldman Sachs.

謝謝。卡什·蘭根，高盛。

Hello, thank you very much. Oli, you’ve mentioned I think between--on the call, there’s been repeated instance of enterprise growing faster than SMB. I’m curious why is that the case, and is this something of a change in the trend? Have you seen SMBs actually showing better usage trends in the past, and what could cause the SMBs to start to pick up consumption? What are the things that are holding back their consumption, and what could be the unlocks from (inaudible), because the enterprise is doing well, so obviously the product portfolio is being well received, so what’s stopping the SMBs?

您好，非常感謝您。 Oli，我認為您在電話會議中提到過，企業成長速度快於中小企業的例子屢屢出現。我很好奇為什麼會這樣，這是否是趨勢的改變？您是否看到中小企業過去實際上表現出更好的使用趨勢？哪些因素阻礙了他們的消費，哪些因素可以釋放（聽不清楚），因為企業做得很好，所以顯然產品組合受到了好評，那麼是什麼阻止了中小企業呢？

Thank you so much once again.

再次非常感謝您。

Yes, I don’t know that there is that much of a trend just yet to look at, or there is too much to say at this point. This is just the way the numbers came up over the past quarter or so. I would say, look, there’s many reasons why the SMBs could be more careful in terms of the macro environment, the fact that they have maybe less runway, immediate runway with consolidation and things like that compared to large enterprises, and some of them may be are further along also in that log journey, so the growth there is more tied to their overall growth, as opposed to they’re still transitioning to a next-gen and cloud environment. These are all potential factors.

是的，我不知道還有那麼多趨勢有待觀察，或是目前有太多要說的。這只是過去一個季度左右的數字出現的方式。我想說，看，中小企業在宏觀環境方面可以更加謹慎的原因有很多，事實上，與大型企業相比，它們可能擁有更少的跑道、直接進行整合的跑道等等，而且一些他們中的有些人可能在這段旅程中走得更遠，因此那裡的成長與他們的整體成長更加相關，而不是他們仍在過渡到下一代和雲端環境。這些都是潛在的因素。

But look, there is no--at this point, I wouldn’t call it a major, super-important difference. I think we’ll have to see what this looks like in a few quarters.

但是看，在這一點上，我不會稱之為主要的、超級重要的差異。我認為我們將在幾個季度後看看情況如何。

Got it, and one for David, if I could. How strong is the delta between enterprise consumption growth versus SMB? Are we talking orders of magnitude or meaningful percentage, or a big percentage?

明白了，如果可以的話，還給大衛一份。企業消費成長與中小企業的差異有多大？我們談論的是數量級或有意義的百分比，還是很大的百分比？

No, no. We’re just (inaudible) a few points, but different trends. That’s it.

不，不。我們只是（聽不清楚）幾個點，但趨勢不同。就是這樣。

Yes, we’re just basically commenting on the line--you know, as we said, they have been around each others, and we’re really commenting more on, as Oli mentioned, enterprise, things like they may have been more careful in the increase of spending. Consolidation continues to be a factor in going to a common platform, but as Oli mentioned, these are sort of comments on the way things are evolving, but we still have pretty similar metrics in all the different segments.

是的，我們基本上只是在評論——你知道，正如我們所說，他們一直在彼此身邊，而且我們實際上更多地評論的是，正如奧利提到的，企業，比如他們可能已經在增加支出方面更加謹慎。整合仍然是轉向通用平台的一個因素，但正如奧利提到的，這些是對事物發展方式的評論，但我們在所有不同的細分市場中仍然有非常相似的指標。

It’s something that we noted because we--you know, it’s a little bit counterintuitive in that when you look at the overall market, the enterprise is where we have the most mature competition, the most scaled competition, and we are doing better. That part is scaling faster than, I would call it, the less competitive side of the market. But again, not too much to read into it just yet, we’re just informing you of the trend.

我們之所以注意到這一點，是因為我們——你知道，這有點違反直覺，因為當你審視整個市場時，企業是我們擁有最成熟的競爭、最大規模的競爭的地方，而且我們做得更好。這部分的擴張速度比我所說的市場競爭較弱的部分更快。但同樣，目前還沒有太多需要解讀的內容，我們只是向您通報這一趨勢。

Thank you so much.

太感謝了。

Thank you. Kirk Materne, Evercore ISI.

謝謝。柯克·馬特納，Evercore ISI。

Yes, thanks very much, and I’ll add my congrats on the quarter. Olivier, I was wondering if you could just talk a little bit more about the LLM Observability product that Mark referenced. When people are thinking about bringing on LLMs into their organization, do they want the observability product in place already, or are they testing out LLMs and then bringing you on after the fact? I’m just wondering, it’s sort of a chicken and egg question, I’m wondering if you’re someone they want to talk to before they start moving things into production, or it’s after they get something going, they bring you in after the fact?

是的，非常感謝，我將對本季表示祝賀。 Olivier，我想知道您是否可以多談談 Mark 提到的 LLM Observability 產品。當人們考慮將法學碩士引入他們的組織時，他們是否希望可觀察性產品已經就位，或者他們正在測試法學碩士，然後在事後讓你加入？我只是想知道，這有點像先有雞還是先有蛋的問題，我想知道您是否是他們在開始將產品投入生產之前或之後想要與之交談的人事情進展順利，他們會在事後帶你進來嗎？

I think the first thing I’d say, we expect this market to change a lot over time because it is far from being mature, and so a lot of things that might happen today in a certain way might happen in two years in a very, very different form. That being said, the way it works typically is customers build applications user developer tools, and there’s a whole industry that has emerged around developer tools and playgrounds and things like that for LMs, and so they use not one but 100 different things to do that, which is fairly similar to what you might find on the IDE side or coded (inaudible) side for the more traditional development. There’s lots of different--it’s a very fragmented environment on that side.

我想我要說的第一件事是，我們預計這個市場會隨著時間的推移而發生很大變化，因為它還遠未成熟，因此今天可能以某種方式發生的許多事情可能會在兩年後發生。話雖這麼說，它的典型工作方式是客戶建立應用程式、用戶開發工具，並且圍繞著開發工具和遊樂場以及類似LM 的東西出現了一個完整的行業，因此他們使用的不是一種而是100 種不同的東西來這樣做，這與您可能在 IDE 端或編碼（聽不清楚）端發現的更傳統的開發非常相似。有很多不同之處——那邊的環境非常分散。

When they start connecting the LLMs to the rest of the application, then they start to need visibility that includes the other components, because the LLM doesn’t work in a vacuum, it’s plugged into a front end, it works with authentication and security, it works with--connects to other systems and databases and other services to get the data, and at that point, they need to be integrated with the rest of the observability. For the customers that use the LLM Observability product, they use us for all the rest of their stacks, and it would make absolutely no sense for them to operate their LLMs in isolation completely separately and not have the visibility across all applications, so at that point it’s a no-brainer that they need everything to be integrated in production.

當他們開始將法學碩士連接到應用程式的其餘部分時，他們開始需要包括其他組件的可見性，因為法學碩士不是在真空中工作，它插入到前端，它與身份驗證和安全性，它與其他系統、資料庫和其他服務連接以獲取數據，此時，它們需要與其他可觀察性整合。對於使用 LLM Observability 產品的客戶來說，他們將我們用於所有其餘的堆疊，對於他們來說，完全獨立地操作他們的 LLM 並且不具有跨所有應用程式的可見性是絕對沒有意義的，因此毫無疑問，他們需要將一切都整合到生產中。

That’s helpful. Then David, we can kind of infer your implied (inaudible) 4Q. I was just wondering, some of the elections in Europe have come up on a couple other calls in terms of (inaudible) that have been distractions. I was just wondering if you had any thoughts on how you think the U.S. election might impact usage, if at all, or if you have any thoughts on that. I realize you guys were a lot smaller last time we had a presidential election.

這很有幫助。那麼大衛，我們可以推論出你隱含的（聽不清楚）4Q。我只是想知道，歐洲的一些選舉出現了其他一些（聽不清楚）分散注意力的呼籲。我只是想知道您是否對美國大選可能會如何影響使用（如果有的話）有什麼想法，或者您對此有什麼想法。我意識到上次我們總統選舉時你們的規模要小得多。

No, we are not forecasters like that. As you know, usage growth has many factors. The effect of the election on the operation of modern cloud applications is not something that has been a very significant change in usage patterns, for instance, in the European elections, and we wouldn’t anticipate any here as well.

不，我們不是那樣的預測者。如您所知，使用量成長有很多因素。選舉對現代雲端應用程式運作的影響並不是使用模式的重大變化，例如在歐洲選舉中，我們也不會預期這裡會發生任何變化。

No impact. The only impact on us of the U.S. election is we’re trying not to schedule our earnings call on the same day.

沒有影響。美國大選對我們的唯一影響是我們盡量不在同一天召開財報電話會議。

We would appreciate that! Thank you. Thanks guys.

我們將不勝感激！謝謝。謝謝你們。

Thank you.

謝謝。

Thank you. Fatima Boolani, Citi.

謝謝。法蒂瑪·布拉尼，花旗銀行。

Good morning. Thank you for taking my question.

早安.感謝您回答我的問題。

Oli, I wanted to start with you. You and David both talked about improving usage trends, but I wanted to take a step back and ask you, have you seen the quality of the usage improve by virtue or by extension of your introduction of the cloud cost management SKUs - you talked about the Kubernetes with the Autoscaling, and then the original cloud cost management SKU. I’m wondering if it’s maybe a spurious correlation now that customers have that much more visibility into the mechanics of what they’re spending with you, they’re actually more inclined to drive usage because it’s higher fidelity. Just any commentary on that would be helpful, and then I have a follow-up for David, please.

奧利，我想從你開始。您和 David 都談到了改善使用趨勢，但我想退後一步問您，您是否看到通過引入雲端成本管理 SKU 來改善或擴展使用品質 - 您談到了Kubernetes 與Autoscaling，然後是原始的雲端成本管理SKU。我想知道這是否可能是一種虛假的相關性，因為客戶對他們與您一起消費的機制有了更多的了解，他們實際上更傾向於推動使用，因為它更高的保真度。對此的任何評論都會有所幫助，然後我有一個針對大衛的後續行動。

Yes, I mean, look - in general, customers have invested a lot in understanding their spend, whether that’s on us or on their cloud providers, and as a result, we can say that there’s less, call it overhang of things customers are spending they don’t understand, which is always bad in the long term, so I think customers understand much better the value of what they’re getting in the cloud in general this year than they did two years ago, before this whole optimization movement started.

是的，我的意思是，看- 一般來說，客戶在了解他們的支出方面投入了大量資金，無論是在我們身上還是在他們的雲端提供者身上，因此，我們可以說減少了，稱之為客戶正在花費他們不理解的東西，從長遠來看這總是不好的，所以我認為客戶今年比兩年更了解他們在雲端中獲得的東西的價值之前，在整個優化運動開始之前。

They want more in terms of visibility into what they spend, what actually creates value for them and where they can optimize in the future, so that’s definitely a virtuous cycle that we embark on with our customers in terms of building the right products for that.

他們希望更多地了解自己的支出、實際為他們創造價值的內容以及未來可以在哪些方面進行優化，因此，這絕對是我們與客戶一起構建正確產品的良性循環為此。

I appreciate that.

我很欣賞這一點。

David, as you all kind of roll out more, what I would call resource-intensive or compute-intensive SKUs, like logs, Flex Logs, logs workspaces, I’m wondering if you can shed a little bit of light on some of the gross margin characteristics differ by product pillar. I’m just looking at some of the sequential compression in gross margin, so just wanted to get a better understanding of what are some of the more resource-intensive products that you’re anticipating scaling, that could keep a lid on gross margins in the next couple of quarters. Thank you.

David，隨著你們推出更多我所說的資源密集型或計算密集型 SKU，例如日誌、Flex 日誌、日誌工作區，我想知道你們是否可以透露一些資訊毛利率特徵因產品支柱而異。我只是關注毛利率的一些連續壓縮，因此只是想更好地了解您預計擴大規模的一些資源密集型產品，這可能會限制毛利率未來幾季的利潤率。謝謝。

Yes, I’ll just go into the numbers first, and then Oli on the engineering side of it.

是的，我將首先討論數字，然後是 Oli 的工程方面。

But essentially what we’ve said consistently is that gross margins have operated in a range, they’ve operated towards the top of the range, but there will be variability quarter to quarter as we launch functionality, often having to do with growing out functionality and then optimizing it, and so the movements, the slight movements that we’ve seen quarter to quarter have been the result of that.

但本質上，我們一直在說的是，毛利率一直在一個範圍內運行，它們已經接近該範圍的頂部，但隨著我們推出功能，每個季度都會出現變化，這通常與增長有關功能，然後對其進行最佳化，因此我們每季看到的細微變化就是這種變化的結果。

I’ll turn it over to Oli for more on the engineering.

我會將其交給 Oli，以了解有關工程的更多資訊。

Yes, there’s definitely nothing to read into the small movements in the gross margins from the product mix perspective. A lot of what happens is we build new features, maybe some of these new features will have more computing impact, more storage impact or something else, maybe also they won’t be fantastically optimized on day one from a code efficiency perspective, or maybe sometimes we’ll focus more on building more things as opposed to optimizing them, because these are the same people, same resources that work on both. What you should expect to see is some ebbs and flows on that number as we keep shooting new features and we keep optimizing.

是的，從產品組合的角度來看，毛利率的小幅波動絕對沒有什麼好解讀的。發生的很多事情是我們建立新功能，也許其中一些新功能會產生更多的運算影響、更多的儲存影響或其他影響，也許它們也不會在第一天從程式碼效率的角度進行出色的優化，或者也許有時我們會更專注於建立更多的東西，而不是優化它們，因為這些都是相同的人，同樣的資源，對兩者都適用。隨著我們不斷開發新功能並不斷優化，您應該會看到這個數字的一些起伏。

In general, we feel good about the gross margins. We’re not constrained in terms of what we can build by the margin profile we have, and also should we need them, we have many levers to improve these margins as well, so I wouldn’t read too much into the small changes, and we’d expect some more of those small changes in the future. (inaudible) we feel good about that.

總的來說，我們對毛利率感覺良好。我們不會受到現有利潤狀況的限制，而且如果我們需要它們，我們也有很多手段來提高這些利潤，所以我不會對小規模的事情進行太多解讀。這樣的小變化。 （聽不清楚）我們對此感覺良好。

Thank you so much.

太感謝了。

Thank you. Matt Hedberg, RBC.

謝謝。馬特‧赫德伯格，加拿大皇家銀行。

Great, thanks guys. Oli, in your prepared remarks, you talked a lot about security and noted data security as a new growth engine from a product perspective. I’m curious, can you talk about how customers might leverage that offering versus maybe other traditional data security offerings in maybe, like, DLP for instance?

太好了，謝謝大家。 Oli，在您準備好的演講中，您談到了很多關於安全的話題，並從產品的角度指出資料安全是一個新的成長引擎。我很好奇，您能否談談客戶如何利用該產品以及其他傳統資料安全產品（例如 DLP）？

Yes, it’s interesting because the--in many ways, we’ve been doing data security for a while now. On top of our logging product, we started building essentially data scanning which was very successful with customers. We expanded that to cover data flows inside APM traces, that flows between the front end and the back end and really the monitoring. We basically heard our customers ask for more - basically they wanted to not just do data in transit but also see where data was exposed (inaudible), and so that’s what we extended to the rest of data security.

是的，這很有趣，因為在很多方面，我們從事資料安全工作已經有一段時間了。在我們的日誌產品之上，我們開始建立本質上的資料掃描，這在客戶中非常成功。我們將其擴展為涵蓋 APM 追蹤內的資料流，這些資料流在前端和後端以及真正的監控之間流動。我們基本上聽到我們的客戶要求更多 - 基本上他們不僅希望處理傳輸中的數據，還希望查看數據暴露的位置（聽不清楚），因此這就是我們擴展到數據安全的其餘部分的內容。

You can see customers coming to that from two different sides on our end. One is customers adopting our security suite, and data security is little by little becoming part of (inaudible) security in general. But we also see customers coming to it from the log and ATM side, basically, where they start from the applications and they want to track where the data is, so it serves both sides, basically, and it plays to the strategy we have integrating both observability and security into one platform.

您可以看到客戶從我們這邊的兩個不同面向來到這裡。一是客戶採用我們的安全套件，資料安全逐漸成為（聽不清楚）整體安全的一部分。但我們也看到客戶從日誌和 ATM 端開始使用它，基本上，他們從應用程式開始，他們想要追蹤資料的位置，所以它基本上為雙方服務，並且它符合我們整合的策略將可觀察性和安全性整合到一個平台中。

Got it, super helpful. Then as we get into 3Q and the U.S. Fed spending quarter, what are your thoughts on federal spending just in general might play out in Q3 relative to your assumptions?

明白了，超有幫助。然後，當我們進入第三季和聯準會支出季度時，相對於您的假設，您對第三季聯邦支出總體狀況有何看法？

Well, we are building out the capacity for it, so. We have build-up to do on several sides. We have the go-to-market capacity to build, we also are still pursuing more government certifications and government-specific deployments to open up some more of the market there, but that’s definitely (inaudible) investment for us.

嗯，我們正在建立它的能力，所以。我們需要在多方面進行累積。我們擁有進入市場的能力，我們也正在尋求更多的政府認證和政府特定的部署，以開拓更多的市場，但這對我們來說絕對是（聽不清楚）投資。

Got it. Thanks a lot, guys. Well done.

知道了。非常感謝，夥計們。幹得好。

Thank you. Jake Roberge, William Blair.

謝謝。傑克‧羅伯格，威廉‧布萊爾。

Thanks for taking the questions. I just want to follow up on the enterprise strength that you saw in the quarter. Are you starting to see enterprises re-engage with their cloud migration efforts which is helping drive that growth, or is the strength more related to just general platform usage and expansion?

感謝您提出問題。我只想跟進您在本季度看到的企業實力。您是否開始看到企業重新參與雲端遷移工作，這有助於推動成長，或者實力是否與一般平台使用和擴展更相關？

They never stopped their enterprise migrations. I think maybe some of the usage was not growing as quickly for some time, maybe some short term optimization efforts were ongoing, but the direction was always the same. Also, they never stopped growing with us in the cloud, so we definitely saw that throughout the past couple of years.

他們從未停止過企業遷移。我認為也許某些使用量在一段時間內沒有增長得那麼快，也許一些短期優化工作正在進行中，但方向始終是相同的。此外，他們從未停止在雲端與我們一起成長，所以我們在過去幾年中確實看到了這一點。

Some of the strength we see today has to do with the fact that to serve their--the emergence of AI has reaffirmed for them the need to go to the cloud sooner rather than later so they can build the right kind of applications, they have the right kind of data available to build these applications. But also, we have more to offer, like we have--we can do more--consolidate more of what they were using before, and that gives us more avenues to grow these customers in the short term.

我們今天看到的一些優勢與這樣一個事實有關：為了服務他們，人工智能的出現再次證實了他們需要儘早進入雲，以便他們能夠構建正確類型的應用程序，他們有可用於構建這些應用程序的正確類型的資料。而且，我們還可以提供更多服務，就像我們可以做更多一樣，整合他們以前使用的更多內容，這為我們在短期內增加這些客戶提供了更多途徑。

I think we’ve said over the quarters that one enterprise is very early in their journey, and there is a lot of white space too that we said a couple quarters ago, the enterprises had started to resume more normal activity and deploying of the modern cloud applications, and as Oli mentioned, there’s opportunities also for consolidation in the cloud platform, that we’ve talked about many times.

我認為我們在幾個季度中已經說過，有一家企業正處於其旅程的早期階段，並且也存在很多空白，我們幾個季度前就說過，企業已經開始恢復更正常的活動並部署現代雲應用程序，正如Oli 所提到的，雲端平台中也存在整合的機會，我們已經多次討論過這一點。

I’d point you to the numbers we shared, I think two quarters ago in terms of our enterprise penetration and the average size of our contracts with enterprises, which are still fairly small. There’s a lot of runway there, and the growth--although the count is not predicated on the growth of the enterprises themselves, they’re still early in their transformation.

我想向您指出我們在兩個季度前分享的數字，就我們的企業滲透率以及我們與企業簽訂的合約的平均規模而言，這些數字仍然相當小。那裡有很多跑道和增長——儘管計數並不基於企業本身的增長，但它們仍處於轉型的早期階段。

Okay, very helpful. Then you’ve talked a decent amount about the demand you’re seeing from AI native customers, but how are you thinking about driving growth with your own AI solutions, like Bits AI and LLM Observability, and when do you think those start to layer more meaningfully into the model? Thanks.

好的，非常有幫助。然後，您已經談論了很多關於您從 AI 原生客戶那裡看到的需求，但是您如何考慮透過自己的 AI 解決方案（例如 Bits AI 和 LLM Observability）推動成長，以及您認為這些解決方案何時開始更有意義地分層到模型中？謝謝。

Yes, I mean right now, the first area of direct application of Bits AI is in incident management and incident resolution, so that is tied more to the SKUs we’re selling there in terms of incident management. But this area is not the only ingredient of that product. Part of it is what we had already in terms of the mechanics of incident management, part of it is also the new Encore product we announced, and part of it is going to be the (inaudible) and we’re integrating all that to have a fantastic end-to-end experience for our customers that almost makes them want to have incidents, actually they still don’t want to have incidents, but the point here is it should really help them.

是的，我的意思是，現在 Bits AI 直接應用的第一個領域是事件管理和事件解決，因此在事件管理方面這與我們在那裡銷售的 SKU 聯繫更多。但這個區域並不是該產品的唯一成分。其中一部分是我們在事件管理機制方面已經擁有的，一部分也是我們宣布的新 Encore 產品，一部分將是（聽不清楚），我們正在將所有這些整合到為我們的客戶提供出色的端到端體驗，幾乎讓他們想要發生事故，實際上他們仍然不想發生事故，但這裡的重點是它應該真正幫助他們。

Thank you. Koji Ikeda, BofA.

謝謝。池田浩司，美國銀行。

Yes, great. Thanks guys. Thanks for taking the questions. Just one from me.

是的，太好了。謝謝你們。感謝您提出問題。只有我的一份。

I wanted to ask on the usage growth trends. In the prepared remarks, you said a lot about trends exiting this quarter versus 2Q of last quarter, and the first half of this year being better than the first half of last year. But the question here is, how did Q2 this year compare to Q1 this year? Thank you.

我想詢問使用成長趨勢。在準備好的發言中，您談到了很多關於本季與上季第二季相比的趨勢，以及今年上半年比去年上半年更好的情況。但這裡的問題是，今年第二季與今年第一季相比如何？謝謝。

Yes, so we had normal seasonality related to the number of days in the quarter and customer behavior in--as they launch new applications, so we saw--we really look at it because of the seasonality over quarters, so the usage growth exhibited the same patterns improvement over last year’s similar period, looking at the days, as it did in the first quarter.

是的，所以我們有與季度天數和客戶行為相關的正常季節性——當他們推出新應用程式時，我們看到——我們真的很關注它，因為季度的季節性，所以使用量增長表現出來從天數來看，與去年同期相比，同樣的模式有所改善，就像第一季一樣。

Got it, David. One quick follow-up, if I may here. The follow-up would be, I know in the Q, you give a net new revenue growth split between existing and new. I was wondering if we could get that mix now, or maybe at least some color in that mix - last quarter was 70% coming from net new from existing. Was it higher or lower this quarter from that 70% mark?

明白了，大衛。如果可以的話，請快速跟進。我知道，接下來的問題是，你在現有收入和新收入之間劃分新的淨收入成長。我想知道我們現在是否可以獲得這種組合，或者至少可以在該組合中獲得一些顏色 - 上個季度 70% 來自現有的淨新產品。本季該比例是高於還是低於 70%？

It’s going to be 75/25 - 25 from new, 75, what we said all along is that as net retention recovers and usage growth is higher than the previous comparable period, as you go back through our history, you will see that the amount from existing customers relative to new logos has generally increased.

將從新的 75 變為 75/25 - 25，我們一直說的是，隨著淨留存率的恢復和使用量的增長高於之前的可比時期，當您回顧我們的歷史時，您會看到現有客戶相對於新商標的數量普遍增加。

Great, thank you very much.

太好了，非常感謝。

Thank you.

謝謝。

Yi Fu Lee, Cantor Fitzgerald.

李毅夫，坎托‧費茲傑拉。

Thank you so much for taking my question, and congrats on the quarter. In terms of the new products that were launched at DASH, a lot of stuff going on in LLM, AI apps, etc. Olivier and David, which one are you most bullish near term, and then longer term?

非常感謝您提出我的問題，並祝賀本季。就 DASH 推出的新產品而言，法學碩士、人工智慧應用等領域正在發生很多事情。

Well you know, it’s always hard to have a favorite child in all of the amazing things that we’re shipping. Look, I think the short term, the ones that are going to have the most impact are the ones that relate to the products that already have scale, so anything we do that facilitates the deployment of (inaudible) at scale has a large impact. Everything we do that makes--that changes the economics of logs or opens up new markets within our legacy logging area user base has a huge impact. What we’re doing with OpenTelemetry has a large impact because it’s a big trend in the industry, and we’re making bold moves there.

你知道，在我們推出的所有令人驚嘆的產品中，想要擁有一個最喜歡的孩子總是很難的。看，我認為短期內，影響最大的是那些與已經具有規模的產品相關的產品，因此我們所做的任何促進大規模部署（聽不清楚）的事情都會產生很大的影響。我們所做的一切都會改變原木的經濟性或在我們的傳統伐木區域用戶群中開闢新市場，從而產生巨大的影響。我們正在利用 OpenTelemetry 所做的事情會產生巨大的影響，因為它是行業的大趨勢，而我們正在這方面採取大膽的舉措。

Longer term, we think there’s a very large opportunity for us to do a lot of automation we have with our customers, and you see that, whether that’s on the observability side or the security side, with all the diverse ways in which we are taking action into the product, we are fixing things for customers, we’re driving them to take the next step. We are organizing the tracking of the workflows that they’re running from end to end, so this is a longer build, but I think in the long run it makes a very large difference in terms of value we can provide to our customers.

從長遠來看，我們認為我們有很大的機會與客戶進行大量自動化操作，您會發現，無論是在可觀察性方面還是在安全方面，都可以透過各種方式實現我們正在對產品採取行動，我們正在為客戶解決問題，我們正在推動他們採取下一步行動。我們正在組織對他們從頭到尾運行的工作流程的跟踪，因此這是一個較長的構建，但我認為從長遠來看，它在我們可以為客戶提供的價值方面產生了非常大的差異。

Excellent, Oli. Just a quick follow-up for David - NRR is at the mid 110 level. What needs to happen in order for Datadog to go back to above the 120 level? I mean, it sounds like the trends are very, very healthy month to month, quarter over quarter, so just some commentary around (inaudible) for me, thank you.

太棒了，奧利。 David 的快速跟進 - NRR 處於 110 中間水平。為了讓 Datadog 回到 120 水平以上，需要發生什麼？我的意思是，聽起來每個月、每季的趨勢都非常非常健康，所以對我來說只是一些評論（聽不清楚），謝謝。

Yes, we don’t give that forecast. The components are the use of existing products and the cross-sell, and so as you mentioned both of those have been stronger in the first half of this year than they were last year, and we’ll see what happens, but we don’t give guidance or forecast on net retention. Thanks.

是的，我們不給出這樣的預測。這些組成部分是現有產品的使用和交叉銷售，正如您所提到的，今年上半年這兩個因素都比去年更強，我們將看看會發生什麼，但我們不知道不提供有關淨保留的指導或預測。謝謝。

Thank you very much.

非常感謝。

Thank you. Patrick Colville, Scotiabank.

謝謝。派崔克‧科爾維爾，豐業銀行。

All right, terrific. Thank you so much for having me on.

好吧，太棒了。非常感謝你邀請我參加。

(inaudible), David, one of the themes you’ve talked about in the past is competitive dynamics in observability. There have been a lot of corporate transactions in the space over the past year, so I guess how are you seeing competition versus your open source peers, platform peers, peers that are private versus a couple quarters ago?

（聽不清楚），大衛，您過去談論的主題之一是可觀察性的競爭動態。在過去的一年裡，該領域發生了大量的企業交易，所以我想，與幾個季度前相比，您如何看待與開源同行、平台同行、私人同行的競爭？

In general, the competition is very much unchanged. There’s nothing super specific to say about that. I think we have some of the scale players that have been disappearing to a certain extent as a result of the transactions you mentioned, but we expect that to play out more in the midterm than in the very short term in the marketplace. We do have scale competition still in terms of product companies that are competing with us on observability, and there’s no change in the posture there. We like the way we’re performing, and a number of the large deals we’ve mentioned, we were displacement or wins against some of these folks - we feel very good about that. Then on the low end, there’s been pretty much a rotating cast of sub-scale companies that are going after that market, and that will also unchanged in the (inaudible) pretty much, so nothing to report there.

總的來說，競爭沒有太大變化。對此沒有什麼特別具體可說的。我認為，由於您提到的交易，我們的一些規模參與者在一定程度上已經消失，但我們預計，這種情況在中期會比在市場的短期內發揮更大的作用。就可觀察性方面與我們競爭的產品公司而言，我們確實仍然存在規模競爭，而且那裡的態勢沒有改變。我們喜歡我們的表現方式，以及我們提到的一些大型交易，我們取代了其中一些人，或者贏得了勝利——我們對此感覺非常好。然後在低端市場，幾乎有很多規模較小的公司正在輪流追逐這個市場，而且（聽不清楚）也幾乎沒有什麼變化，所以沒有什麼好報告的。

I think largely when we build products, we build it with customers, we don’t build it with competition in mind, the few exceptions being when we see large (inaudible) opportunities in the market because of big changes and big transactions that you mentioned already.

我認為，在很大程度上，當我們建立產品時，我們是與客戶一起建立的，我們在建立產品時並沒有考慮到競爭，少數例外是當我們看到市場上存在巨大（聽不清楚）機會時，因為你的重大變化和大交易已經提到過。

Okay, very helpful. I guess David, looking at the 3Q revenue guidance, it looks like the kind of buoyant trend you saw this quarter will continue. Can you just put a fine pin, if possible, on the trend we saw through July and thus far in August?

好的，非常有幫助。我想大衛，看看第三季的營收指引，看起來你在本季看到的那種活躍趨勢將會持續下去。如果可能的話，您能否詳細說明一下我們從 7 月到 8 月為止所看到的趨勢？

Yes, I think what we’ve seen since the quarter, as we mentioned, is a continuation of better usage trends relative to the comparable period last year, so more of the same. In our guidance philosophy, it hasn’t changed - we take those trends, as much information as we have, and apply discount and conservatism, given that we don’t control the consumption of our clients, we observe it.

是的，我認為正如我們所提到的，自本季度以來我們看到的是相對於去年同期的更好的使用趨勢的延續，因此更多是相同的。在我們的指導理念中，它沒有改變——我們利用這些趨勢，盡可能多地掌握信息，並應用折扣和保守主義，因為我們不控制客戶的消費，我們觀察它。

It’s a very similar methodology to what we’ve used in previous quarters and a continuation of the trends we’ve seen in the first half of the year.

這與我們在前幾個季度使用的方法非常相似，也是我們在今年上半年看到的趨勢的延續。

Terrific, thank you so much.

太棒了，非常感謝。

Thank you, Taz Koujalgi, Wedbush Securities.

謝謝 Wedbush 證券公司的 Taz Koujalgi。

Hey guys, thanks for taking my question. I have a question for David on your sequential revenue growth this quarter. I’m trying to reconcile the comments you made about the usage growth in this quarter being better than last year, because if you look at the revenue growth sequentially, that’s slowed down. I think it’s the lowest Q2 sequential growth in the longest time.

嘿夥計們，謝謝你提出我的問題。我有一個關於本季營收連續成長的問題要問 David。我正在嘗試協調您關於本季使用量成長優於去年的評論，因為如果您按順序查看收入成長，您會發現成長速度有所放緩。我認為這是最長時間內第二季環比增長最低的一次。

One more question was, if you look at the sequential growth for the last three, four quarters, it’s really accelerating since your optimization trends, and that trend kind of, I guess, it buckled this quarter because the Q-over-Q growth in Q2 was lower than what you had last year, so just trying to reconcile the commentary about usage growth being strong but then the revenue growth sequentially looks a little bit lighter than last year.

還有一個問題是，如果你看看過去三、四個季度的連續成長，你會發現，自從你的優化趨勢以來，它確實在加速，而且我猜，這種趨勢在本季度有所下降，因為Q-over-第二季度的季度增長低於去年，因此只是試圖調和有關使用量增長強勁的評論，但隨後收入增長看起來比去年要慢一些。

Yes, a lot of that has to do with what we said, which is that in the second half of December, clients are not at their desks and new deployments have been frozen, so we generally find that the usage or revenue run rate growth goes down or is the same, and then we find a recovery as people get back to their desks in Q1. Then we find in Q2, a similar linearity pattern that we see in all Q2s, which is how it’s sort of people work, and so we didn’t see anything out of the ordinary in terms of the time series of Q4 to Q1 to Q2.

是的，這很大程度上與我們所說的有關，即在 12 月下半月，客戶不在辦公桌前，新的部署已被凍結，因此我們通常發現使用量或收入運行率增長下降或相同，然後隨著人們在第一季回到辦公桌前，我們發現經濟出現復甦。然後我們在 Q2 中發現了與所有 Q2 中看到的類似線性模式，這就是人們的工作方式，因此我們在 Q4 的時間序列方面沒有看到任何異常情況到 Q1 到 Q2。

Got it, and just one follow-up question. David, you mentioned that revenue is the best metric for your business, we shouldn’t be looking at billings and RPO bookings. But I’m just wondering, any color your can provide on the first half bookings growth this year? It’s been flat year-over-year but you’re recent increasing it. That’s, I think, the lowest bookings growth again in any first half of your year. Any more commentary beyond what you already provided? Is the renewal base lighter in the first half? Should we expect an acceleration in the second half? Any more color on the bookings momentum?

明白了，還有一個後續問題。 David，您提到收入是您業務的最佳指標，我們不應該關注帳單和 RPO 預訂。但我只是想知道，您能為今年上半年的預訂量成長提供什麼資訊嗎？它與去年同期相比持平，但最近有所增加。我認為，這又是今年上半年預訂量增幅最低的一次。除了您已經提供的內容之外，還有更多評論嗎？上半年續訂基數是否較輕？我們是否應該期待下半年的加速？預訂動能還有更多色彩嗎？

No. If you look at the latest 12 months of all these trends, they all eventually converge around revenues. It has to do with, as we’ve mentioned in every earnings call, when bills go out, whether the deals are multi-year or single-year, etc., so no, all of that essentially balances out back to the metrics that we direct you to, which is revenue and then ARR, so no, nothing in it.

不會。正如我們在每次財報電話會議中提到的那樣，這與賬單何時發出、交易是多年期還是一年期等有關，所以不，所有這些本質上都會平衡回指標我們引導您查看的內容是收入，然後是ARR，所以不，其中什麼都沒有。

Thank you.

謝謝。

Thank you, and I would now like to hand the conference back over to Olivier Pomel for any further remarks.

謝謝大家，我現在想把會議交還給奧利維爾·波梅爾（Olivier Pomel），讓他發表進一步的評論。

Thank you, and just to close the call, I want to thank again everybody who was involved in DASH this year, so that means obviously the product engineering teams who shift these amazing products, and there were lots of them. It means the go-to-market teams that have relayed the message to our customers. That means the marketing and community teams that did such a fantastic job putting on the show, and of course that means the customers who showed up in large numbers with enthusiasm, and who have been the life of the conference.

謝謝大家，在結束通話之前，我想再次感謝今年參與 DASH 的所有人，這顯然意味著轉變這些令人驚嘆的產品的產品工程團隊，而且有很多這樣的團隊。這意味著進入市場的團隊已將訊息傳達給我們的客戶。這意味著行銷和社群團隊在展會上表現出色，當然也意味著大量熱情出席的客戶，他們是會議的生命力。

Thank you everyone, and we’ll see you next quarter.

謝謝大家，我們下季再見。

This concludes today’s conference call. Thank you for participating. You may now disconnect. Everyone have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。每個人都度過了美好的一天。