數據狗 (DDOG) 2024 Q3 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Q3 2024 Datadog Earnings Conference Call.

歡迎參加 2024 年第三季 Datadog 財報電話會議。

At this time, all participants are in listen only mode.

此時，所有參與者都處於僅聽模式。

After the speakers' presentation, there will be a question-and-answer session.

演講者演講結束後，將進行問答環節。

I ask a question.

我問一個問題。

During this session you will need to press star one on your telephone.

在此會話期間，您需要按電話上的星號一。

You will then hear an automated message.

然後您將聽到一條自動訊息。

Advising your hand is raised.

建議您舉手。

To withdraw your question, please press star one again.

若要撤回您的問題，請再次按星號一。

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 first speaker today, Yuka Broderick, Senior Vice President of Investor Relations.

現在我想將會議交給今天的第一位發言人，投資者關係高級副總裁尤卡·布羅德里克 (Yuka Broderick)。

Please go ahead.

請繼續。

Thank you, Liz, and good morning, and thank you for joining us to review Datadog Third Quarter 2024 financial results, which we announced that our press release issued this morning.

謝謝莉茲，早安，感謝您與我們一起回顧 Datadog 2024 年第三季的財務業績，我們今天早上發布了新聞稿。

Joining me on the call today are Olivier Filliol did adopt Co-Founder and CEO, and David Obstler, David, our CFO.

今天加入我的電話會議的是聯合創始人兼首席執行官奧利維爾·菲利奧爾 (Olivier Filliol) 以及我們的首席財務官大衛·奧布斯特勒 (David Obstler)。

During this call, we will make forward-looking statements, including statements related to our future financial performance, our outlook for the quarter and fiscal year 2024 and related notes, our gross margins and operating margins, our product capabilities and our ability to capitalize on market opportunities.

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2024 年季度和財年的展望以及相關說明、我們的毛利率和營業利潤率、我們的產品能力以及我們的利用能力相關的陳述。

The words, anticipate, believe, continue, estimate, expect, intend, will, and similar expressions are intended died, identify forward looking statements or similar indications of future expectations.

字詞「預期」、「相信」、「繼續」、「估計」、「期望」、「打算」、「將」以及類似的表達方式旨在識別前瞻性陳述或未來預期的類似跡象。

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.

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 discussion of the material risks and other important factors that could affect our actual results, please refer to our Form 10 Q for the quarter ended June 30th, 22, for additional information will be made available at our upcoming Form 10 Q for the fiscal quarter ended September 30th, 2024, and other filings with the SEC.

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22 年6 月30 日的季度的10 Q 表格，更多資訊將在我們即將發布的本財季的10 Q 表格中提供。

This information is also available on the Investor Relations section of our website.

此資訊也可在我們網站的投資者關係部分取得。

Along with a replay of this call, we will also discuss non-GAAP financial measures, which are reconciled to their most directly comparable GAAP financial measures in the tables in our earnings release, which is available at investors dot <unk> about eight to.com.

除了重播本次電話會議外，我們還將討論非 GAAP 財務指標，這些指標與我們收益報告中表格中最直接可比的 GAAP 財務指標進行了協調，投資者可以在 8 點左右獲取該報告。

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 Thanks to you all for joining us this morning.

謝謝 Yuka，也謝謝大家今天早上加入我們。

We are pleased to report Minnesota Q. three, as we continue to execute against our goals to help customers grow faster, safer and more efficient as the modem those applications, we kept broadening our platform and observability and beyond.

我們很高興報告明尼蘇達州問題三，隨著我們繼續執行我們的目標，幫助客戶更快、更安全、更有效率地發展這些應用程序，我們不斷擴大我們的平台和可觀察性等。

Included in SG&A.

包含在 SG&A 中。

I wear interest continues to rise and we added new customers while expanding with existing one as we grow into new club.

我對服裝的興趣持續上升，隨著我們成長為新俱樂部，我們在擴大現有客戶的同時增加了新客戶。

Let me start with a review of our Q3 financial performance.

讓我先回顧一下我們第三季的財務表現。

Revenue was 690 million, an increase of 26% year over year and above the high end of our guidance range.

營收為 6.9 億美元，年成長 26%，高於我們指導範圍的上限。

We ended the quarter with about 29,200 customers from about 26,800 a year ago.

本季結束時，我們的客戶數量約為 29,200 名，而去年同期為 26,800 名。

We had about 3,490 customers with KR. 100,000 or more from about 3,100 thousand a year ago.

我們有大約 3,490 名 KR 客戶。從一年前的約 3,100,000 人增加到 100,000 人或更多。

And these customers generated about 88% of all you are and we generated free cash flow of 204 million for the free cash flow margin of 30%.

這些客戶產生了約 88% 的客戶，而我們產生了 2.04 億自由現金流，而自由現金流利潤率為 30%。

Turning to platform, adoption of platform strategy continues to resonate in the market.

談到平台，平台策略的採用繼續在市場上引起共鳴。

At the end of Q. three, 83% of customers were using two or more products from 82% a year ago.

截至第三季末，83% 的客戶使用兩種或兩種以上產品，而一年前這一比例為 82%。

49% of customers were using four or more products, up from 46% a year ago.

49% 的客戶使用四種或更多產品，高於一年前的 46%。

26% of our customers were using six or more product from 21% a year ago.

26% 的客戶使用六種或更多產品，而一年前這一比例為 21%。

And 12% of our customers were using it or more products from 8% a year ago.

我們的客戶中有 12% 正在使用它，或者使用的產品比一年前的 8% 還要多。

We continue to execute on growth occurred across the three pillars of deliverability, and we are pleased to report that infrastructure monitoring our APM suite and log management together represent more than ZAR2.5 billion.

我們繼續推動交付能力三大支柱的成長，我們很高興地報告，監控我們的 APM 套件和日誌管理的基礎設施總計超過 25 億南非蘭特。

As a reminder, within the APM suite, we include core APM, synthetics refusal monitoring and continuous provider.

提醒一下，在 APM 套件中，我們包括核心 APM、合成物拒絕監控和持續供應商。

We also want to call out on newer products, which are increasingly contributing to our business of our 23 products.

我們也想推薦新產品，這些產品對我們 23 種產品的業務做出了越來越大的貢獻。

15 now exceeded ZAR10 million include even while cloud security product as well as CI. visibility and Cloud Cost Management.

15 現已超過 1000 萬南非蘭特，其中包括雲端安全產品以及 CI。可見度和雲端成本管理。

So we have many products beginning to contribute to our revenue growth, and we're continuing to build greater capabilities within those product for our customers.

因此，我們有許多產品開始為我們的收入成長做出貢獻，並且我們將繼續為我們的客戶在這些產品中建立更強大的功能。

Now let's discuss this quarter's business drivers.

現在讓我們討論本季的業務驅動因素。

Overall business environment or Datadog has remained stable and similar to what we have seen throughout 2024, our customers' overall are growing.

Datadog 的整體業務環境保持穩定，與我們在 2024 年所看到的情況類似，我們的客戶整體正在成長。

Their cloud usage was Soma continuing to be cost conscious.

他們的雲端使用使 Soma 繼續保持成本意識。

In Q3, we continued to see existing customer uses growth broadly and grow.

在第三季度，我們繼續看到現有客戶使用廣泛成長並成長。

Existing customers continue to be higher than in the year-ago quarter.

現有客戶數量持續高於去年同期。

And we saw healthy growth across all product lines with newer products growing faster and more mature products off a smaller base.

我們看到所有產品線都健康成長，新產品成長更快，更成熟的產品基數較小。

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 on to R&D in the next NI space.

繼續進行下一個 NI 領域的研發。

Customers continue to experiment with new energies.

客戶不斷嘗試新能源。

And as they do, they want to get visibility into the ARU.s.

正如他們所做的那樣，他們希望了解 ARU.s。

At the end of Q. three, about 3,000 customers use one or more Datadog AI. integrations to centers data about their AI, machine learning and Internet usage.

截至第三季末，約 3,000 名客戶使用一個或多個 Datadog AI。整合人工智慧、機器學習和網路使用的中心數據。

As some of the of these experiments start turning into production, a applications, we are seeing initial signs of traction for our ALM observability product.

隨著其中一些實驗開始轉化為生產和應用，我們看到了 ALM 可觀測性產品受到歡迎的初步跡象。

Today.

今天。

Hundreds of customers are using L&M observability with more exploring it every day.

數百名客戶正在使用 L&M 可觀察性，並且每天都有更多客戶對其進行探索。

And some of our first paying customers have told us that they have cut the time spent investigating NLM latency errors and quality from days or hours to just minutes.

我們的一些首批付費客戶告訴我們，他們已將調查 NLM 延遲錯誤和品質所花費的時間從幾天或幾小時縮短到幾分鐘。

Our customers don't only want to understand the performance and cost of the other end applications.

我們的客戶不僅想了解其他終端應用程式的效能和成本。

They also want to Edison area and motor performance within the context of their entire application.

他們還希望在整個應用範圍內了解愛迪生面積和馬達性能。

So they are using APM alongside Alamosa ability to get fully integrated end-to-end visibility across all the applications and tech stack.

因此，他們使用 APM 以及 Alamosa 的能力來獲得跨所有應用程式和技術堆疊的完全整合的端到端可見性。

While we continue to work to make the debt of the platform, the best place for customers to monitor, secure and take action on their systems no matter where they deployed.

我們將繼續努力使該平台成為客戶監控、保護其係統並對其採取行動的最佳場所，無論其係統部署在何處。

In September, we launched Datadog monitoring for Oracle Cloud Infrastructure for general availability.

9 月份，我們推出了針對 Oracle 雲端基礎架構的 Datadog 監控，以實現全面可用性。

With this launch of customers gain visibility into the OCI. stack, and they can manage in real-time the performance of OCI. cloud services, servers and databases, containers and apps in Datadog and customers can unify the monetary and cross OCI. other cloud and on-prem environment.

透過此次發布，客戶可以了解 OCI。堆疊，並且他們可以即時管理 OCI 的效能。 Datadog和客戶中的雲端服務、伺服器和資料庫、容器和應用程式可以統一貨幣和跨OCI。其他雲端和本地環境。

We also continue to extend our platform in new ways to bring value to our customers.

我們也繼續以新的方式擴展我們的平台，為我們的客戶帶來價值。

Doordash user conference this summer, we announced that it up on coal or newest product in the cloud service management space.

在今年夏天的 Doordash 用戶大會上，我們宣布它是煤炭或雲端服務管理的最新產品。

As you know, our customers who traveled extensively during the weekdays for alerting and troubleshooting, whether that's for observability of security use cases.

如您所知，我們的客戶在工作日經常出差進行警報和故障排除，無論是為了觀察安全用例。

Now with that, I look on coal, we are bringing a motor and patient experience directly into our unified platform, and we now offer a completely integrated solution that covers incidence on end-to-end from detection undertaken paging through incident management, troubleshooting resolution, even though on coal is still limited availability, we are already seeing very strong reception for the product, and we are beginning to see customers report on coal as part of the deals.

現在，我著眼於煤炭，我們將電機和患者體驗直接引入我們的統一平台，我們現在提供一個完全集成的解決方案，涵蓋從檢測到尋呼到事件管理、故障排除解決的端到端事件。儘管煤炭的供應量仍然有限，但我們已經看到該產品的反應非常強烈，我們開始看到客戶報告煤炭作為交易的一部分。

In particular, new customers are interested in, including Beijing as part of the land with better.

新客戶尤其感興趣的是，包括北京在內的部分土地擁有更好的條件。

So we're working hard to deepen our program of We deepened and broadened our platform between in our innovations are rightfully being recognized by independent research firms.

因此，我們正在努力深化我們的計劃，我們深化並拓寬了我們的平台，我們的創新理所當然地得到了獨立研究公司的認可。

We are pleased to see that for the 4th year in a row that it has been named a leader in 2020 for Gartner Magic Quadrant for observability platforms.

我們很高興看到它連續第四年被評為 2020 年 Gartner 可觀測平台魔力像限的領導者。

We believe this validates our approach to deliver a unified platform, which break down silos across teams.

我們相信這驗證了我們提供統一平台的方法，該平台打破了團隊之間的孤島。

Datadog has also been a leader in Gartner's very first Magic Quadrant for digital experience monitoring, which includes that looks products across synthetic testing, realism monitoring product made six fishing replay and they are tracking.

Datadog 也是 Gartner 首個數位體驗監控魔力像限的領導者，其中包括綜合測試的外觀產品、真實性監控產品，他們進行了六次釣魚重播並進行追蹤。

So let's move on to sales and marketing or sales team continued to execute this quarter.

因此，讓我們繼續討論本季的銷售和行銷或銷售團隊繼續執行的工作。

And we added some exciting new customers while expanding with many more.

我們增加了一些令人興奮的新客戶，同時擴大了更多客戶。

So let's go through a few examples.

讓我們來看幾個例子。

First, we landed a seven figure annualized deal with the leading e-commerce company in India.

首先，我們與印度領先的電子商務公司達成了七位數的年化交易。

With its previous authority vendor to customers.

憑藉其先前對客戶的授權供應商。

So quickly, increasing costs were lagging the enterprise-grade observability.

如此之快，增加的成本落後於企業級可觀察性。

They needed by switching to Datadog.

他們需要切換到 Datadog。

They expect to support just getting goals and will rely for that on our tracing granular profiling and cloud integration support.

他們希望支援實現目標，並將依賴我們的追蹤粒度分析和雲端整合支援。

I will note that we are pleased to have learned a lot of new logo customer in India, and we are continuing to invest to grow our presence and opportunities there.

我要指出的是，我們很高興在印度認識了許多新徽標客戶，我們將繼續投資以擴大我們在印度的業務和機會。

Next, we signed a six-figure annualized aligned with a major US federal agencies.

接下來，我們與美國主要聯邦機構簽署了一份六位數的年化協議。

These agencies beginning to move some of these workloads to the cloud and is expanding the services offered to every single U.S. citizen Sukari applications.

這些機構開始將其中一些工作負載轉移到雲端，並正在擴展為每個美國公民 Sukari 應用程式提供的服務。

They have chosen Datadog to observe and secure the cloud environment and deliver faster, better experience to users.

他們選擇 Datadog 來觀察和保護雲端環境，並為使用者提供更快、更好的體驗。

This deal includes eight products on their GovCloud, including cloud team and cloud security management.

該交易包括其 GovCloud 上的八個產品，包括雲端團隊和雲端安全管理。

Next, we'll only have seven figure annualized deal with a large American financial services company.

接下來，我們只會與一家大型美國金融服務公司達成年化七位數的交易。

This customer has a very seasonal business and experiences thousands of major incidents during the annual peak season with an average downtime for incident of about five hours and the estimate millions of dollars of lost revenue for each hour of downtime by replacing its cloud providers, monitoring tool, Datadog and in particular using or real user monitoring product.

該客戶的業務季節性很強，在每年的旺季期間會經歷數千起重大事件，事件平均停機時間約為五個小時，透過更換其雲端供應商、監控工具，預計每個小時的停機時間會造成數百萬美元的收入損失、Datadog，特別是使用或真實用戶監控產品。

This customer targets substantial reductions in downtime.

該客戶的目標是大幅減少停機時間。

They are signing with that of our products and are trialing our network monitoring, database monitoring, Club security and tight cost management products.

他們正在與我們的產品簽約，並正在試用我們的網路監控、資料庫監控、俱樂部安全和嚴格的成本管理產品。

We looked at sorry, the dozens of ongoing commercial tools.

抱歉，我們查看了數十種正在進行的商業工具。

Next, we'll need a seven-figure annual as expansion with a major airline in Europe.

接下來，我們需要與歐洲一家主要航空公司進行七位數的年度擴張。

This customer has adopted Datadog force customer facing websites.

該客戶採用了 Datadog 強制面向客戶的網站。

They are now moving hundreds of applications from on-prem to AWS and they want to derisk data migrations.

他們現在正在將數百個應用程式從本地遷移到 AWS，並且希望降低資料遷移的風險。

The estimate that each incident can cost tens of millions of dollars in lost revenue and customer impact by using Datadog across five product.

據估計，透過在五種產品中使用 Datadog，每次事件都會造成數千萬美元的收入損失和客戶影響。

This customer, we expect to significantly improve meantime to resolution, and they have already seen progress in that respect during our evaluation period with Datadog.

我們希望該客戶能顯著改善解決問題的時間，並且在我們與 Datadog 進行評估期間，他們已經看到了這方面的進展。

Next, we signed a seven-figure annual as expansion was a division of a hyperscaler deliver next day.

接下來，我們簽署了七位數的年度合同，因為擴展是超大規模提供者的一個部門，第二天就交付了。

Our next-gen air miles.

我們的下一代航空里程。

This customer is very technically capable and already has a homegrown observability solution, which requires time-consuming customization and manual configuration.

該客戶技術能力很強，已經擁有自己開發的可觀測性解決方案，需要耗時的客製化和手動配置。

There will be launching new features for the allows language will soon and either platform that can scale flexibly was supporting proactive incident detection by expanding the use of Datadog.

很快就會推出允許語言的新功能，並且任何一個可以靈活擴展的平台都可以透過擴展 Datadog 的使用來支援主動事件檢測。

They expect to efficiently onboard new teams and environments and support the rapidly increasing adoption of the elements.

他們希望有效地加入新的團隊和環境，並支援元素的快速採用。

Next and last, we signed a seven-figure annualized expansion with a leading online food delivery company in Latin America before Datadog.

接下來也是最後一次，我們在 Datadog 之前與拉丁美洲一家領先的線上食品配送公司簽署了七位數的年化擴張協議。

This customer suffer from excessive alerting noise silo teams and lack of visibility with each minute of downtime resulting in thousands of lost orders by using Datadog.

該客戶因使用 Datadog 而遭受過多警報噪音筒倉團隊的困擾，並且每分鐘的停機時間都缺乏可見性，導致數千個訂單丟失。

This customer has experienced meaningful reductions in incentive resolution and wholesalers while saving on hard costs in their communities environment.

該客戶的激勵方案和批發商大幅減少，同時節省了社區環境的硬成本。

This customer is expanding to 10 products in the data platform, and that is it for another productive quarter from a go-to-market team.

該客戶正在將數據平台中的產品擴展到 10 種，這是上市團隊另一個富有成效的季度。

Now let me say a few words on a longer term outlook.

現在讓我談談長期展望。

Overall, we continue to see no change to the multiyear trends towards digital transformation and cloud migration, which we continue to believe are still in early days.

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，我們仍然認為這些趨勢仍處於早期階段。

We are seeing continued experimentation with, which is one of the many factors that will drive greater use of the cloud and other modern technologies.

我們看到了持續的實驗，這是推動雲端和其他現代技術得到更多使用的眾多因素之一。

So we are helping our customers every day to observe, secure and act on their business-critical applications and workloads.

因此，我們每天都在幫助客戶觀察、保護他們的關鍵業務應用程式和工作負載並採取行動。

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

這樣，我會將其移交給我們的財務長。

David?

大衛？

Thanks, Olivier, and good morning.

謝謝，奧利維爾，早安。

Our Q3 revenue was $690 million, up 26% year over year and up 7% quarter over quarter.

我們第三季的營收為 6.9 億美元，年增 26%，季增 7%。

To dive into some of the drivers of our Q3 revenue growth.

深入探討第三季營收成長的一些驅動因素。

Overall, we saw trends for usage growth from existing customers that were consistent with our expectation.

整體而言，我們看到現有客戶的使用成長趨勢與我們的預期一致。

We see conditions remain roughly stable throughout 2024, with continued movement to cloud and modern DevOps technologies and with customers remaining cost conscious and seeking efficiency and value from their spend.

我們認為，隨著雲端和現代 DevOps 技術的持續發展，以及客戶保持成本意識並從支出中尋求效率和價值，整個 2024 年情況將大致保持穩定。

In Q3, we saw usage growth from existing customers that was higher than usage growth in the year-ago quarter, as well as higher than usage growth in the prior quarter.

在第三季度，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，也高於上一季的使用量成長。

Now some of our growth is coming from a I native customers through this quarter represented more than 6% of our Q. three ARR, up from more than 4% in Q2 and about 2.5% of our ARR in the year ago quarter.

現在，我們的部分成長來自本土客戶，截至本季度，我們的 ARR 佔第三季的 6% 以上，高於第二季的 4% 以上和去年同期的 2.5% 左右。

AI. need customers contributed about four percentage points of year-over-year growth in Q three versus about two percentage points in the year-ago quarter.

人工智慧.需求客戶在第三季的年成長中貢獻了約四個百分點，而去年同期為約兩個百分點。

While we believe that adoption of FARI. will continue to benefit Datadog in the long term, we are mindful that some of the large customers in this cohort have ramped extremely rapidly and that these customers may optimize cloud and observability usage and increased their commitments to us over time with better terms, this may create volatility in our revenue growth in future quarters.

雖然我們相信FARI的通過。從長遠來看，Datadog 將繼續使Datadog 受益，我們注意到該群體中的一些大客戶成長極其迅速，這些客戶可能會優化雲端和可觀測性的使用，並隨著時間的推移以更好的條款增加他們對我們的承諾，這可能導致我們未來幾季的營收成長出現波動。

On the backdrop of long-term volume growth.

在銷量長期成長的背景下。

Now regarding usage growth by customer size in Q three.

現在關於第三季按客戶規模劃分的使用量成長。

Similar to last quarter, we saw the strongest performance among our largest customers who spent multiple millions of dollars with us annually.

與上季類似，我們看到最大的客戶表現最為強勁，他們每年在我們這裡花費數百萬美元。

And as we look at usage growth by segment, similar to recent quarters, we are seeing the strongest growth from our enterprise customers where year over year growth in usage has accelerated over the past several quarters.

當我們按細分市場查看使用量成長時，與最近幾個季度類似，我們發現企業客戶​​的成長最為強勁，在過去幾個季度中，使用量的同比增長有所加快。

Meanwhile, our SMB customers remains solid with year over year growth.

同時，我們的中小企業客戶仍然保持穩定的逐年成長。

Similar to past the past several quarters.

與過去幾季類似。

As a reminder, we define enterprise customers as our clients with 5,000 employees or more mid market customers with 1,000 to 5,000 employees and SMB customers.

提醒一下，我們將企業客戶定義為擁有 5,000 名員工的客戶或擁有 1,000 至 5,000 名員工的中端市場客戶以及中小企業客戶。

As those companies with less than 1,000 employees.

例如那些員工人數少於1000人的公司。

Regarding our retention metrics, our net retention revenue retention percentage was in the mid 100 and tens in Q three, with continued improvement from last quarter.

關於我們的保留指標，第三季我們的淨保留收入保留百分比在 100 到 100 左右，較上季度持續改善。

This is a trailing 12 month measure.

這是過去 12 個月的指標。

Meanwhile, we've continued to see an increase in recent quarters as we look at that and our quarterly trend.

同時，當我們觀察這一點和季度趨勢時，我們繼續看到最近幾季的成長。

And finally, our trailing 12 month gross revenue retention percentage remained stable in the mid to high 90s.

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 on to our financial results.

現在轉向我們的財務表現。

First billings were $689 million, up 14% year over year.

首次營收為 6.89 億美元，年增 14%。

Billings duration decreased slightly year over year.

比林斯持續時間較去年同期略有下降。

Pro forma for changes in billing timing and the slight change in duration billings growth would have been in the mid 20s percent range.

預計計費時間的變化和持續時間計費成長的輕微變化將在 20% 左右的範圍內。

Our billings and billings growth can be volatile on a quarterly basis, depending on the timing of our deals are 12 months trailing fill.

我們的帳單和帳單成長可能會按季度波動，具體取決於我們的交易時間是 12 個月的追蹤填充。

Our billing growth is similar to our trailing 12 month revenue growth with both in the mid 20s percent.

我們的帳單成長與過去 12 個月的營收成長相似，均為 20% 左右。

Remaining performance obligations or RPO was 1.82 billion, up 26% year over year, and current RPO growth was in the high 20s percent year over year.

剩餘履約義務或 RPO 為 18.2 億，年增 26%，目前 RPO 年增速高達 20% 以上。

Rpo duration was down slightly year over year.

RPO 持續時間較去年同期略有下降。

Normalizing for duration, RPO growth would have been in the high 30s percent year over year.

如果按持續時間正常化，RPO 年成長率將高達 30% 以上。

We continue to believe that revenue is a better indication indicator of our business trends than billings and RPO, as does fluctuate on a quarterly basis 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，因為收入會根據開票時間和客戶合約期限而按季度波動。

Now let's review some key income statement results.

現在讓我們回顧一些重要的損益表結果。

Unless otherwise noted, all metrics are non-GAAP.

除非另有說明，所有指標均為非公認會計準則。

We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release.

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 $560 million represent renting a gross margin of 81.1%.

首先，該季毛利為5.6億美元，代表租賃毛利率為81.1%。

This compares to a gross margin of 82.1% last quarter and 82.3% in the year-ago quarter.

相較之下，上季毛利率為 82.1%，去年同期毛利率為 82.3%。

Our Q3 OpEx grew 21% year over year.

我們第三季的營運支出較去年同期成長 21%。

The same growth as last quarter that would have been would have been referenced that although it would have represented an acceleration from last quarter, excluding the impact of our Dash user conference in Q2, as we said before, we are investing in headcount and two in 2020 for and the acceleration and OpEx reflects our execution on our hiring in sales and marketing and R&D.

與上季相同的成長已經被提及，儘管它代表了上季的加速，但排除了第二季達世幣用戶會議的影響，正如我們之前所說，我們正在投資於員工人數和兩個2020年的加速和營運支出反映了我們在銷售、行銷和研發方面的招募執行力。

So far this year, Q3 operating income was $173 million for a 25% margin compared to 24% last quarter and 24% in the year-ago quarter.

今年到目前為止，第三季營業收入為 1.73 億美元，利潤率為 25%，而上季為 24%，去年同期為 24%。

Turning to the balance sheet and cash flow statements.

轉向資產負債表和現金流量表。

We ended the quarter were $3.2 billion in cash, cash equivalents and marketable securities.

本季結束時，我們的現金、現金等價物和有價證券為 32 億美元。

Cash flow from operations was $229 million in the quarter.

該季度營運現金流為 2.29 億美元。

After taking into consideration capital expenditures and capitalized software, free cash flow was $204 million for free cash flow margin of 30%.

考慮到資本支出和資本化軟體後，自由現金流為 2.04 億美元，自由現金流利潤率為 30%。

Now for our outlook for the fourth quarter and for fiscal 2024.

現在我們對第四季和 2024 財年的展望。

First, our guidance philosophy remains unchanged.

首先，我們的指導思想並沒有改變。

As a reminder, we base our guidance on trends observed in recent quarters and apply conservativism on these growth trends.

提醒一下，我們的指導是基於最近幾季觀察到的趨勢，並對這些成長趨勢採取保守態度。

For the fourth quarter, we expect revenue to be in the range of 709 to $713 million, which represents a 20% to 21% year over year growth rate.

對於第四季度，我們預計營收將在 7.09 至 7.13 億美元之間，年成長率為 20% 至 21%。

Non-gaap operating income is expected to be in the range of 163 to $167 million, which implies an operating margin of 23% and non-GAAP net income for two to $0.44 per share based on approximately 361 million weighted average diluted shares outstanding.

非公認會計原則營業收入預計在163 至1.67 億美元之間，這意味著營業利潤率為23%，非公認會計原則每股淨利潤為2 至0.44 美元，基於約3.61 億股加權平均稀釋後流通股。

And for the full fiscal year 2024, we expect revenue to be in the range of 2.656 to $2.660 billion, which represents 25% year over year growth.

對於 2024 年整個財年，我們預計營收將在 265.6 至 26.6 億美元之間，年增 25%。

Non-gaap operating income is expected to be in the range of 658 to $662 million, which implies an operating margin of 25%, and non-GAAP net income per share is expected to be in the range of $1.75 to $1.77 per share based on approximately 359 million weighted average diluted shares.

非 GAAP 營業收入預計在 658 至 6.62 億美元之間，這意味著營業利潤率為 25%，非 GAAP 每股淨利潤預計在 1.75 至 1.77 美元之間。

Now some Finally, some additional notes on guidance.

最後，關於指導的一些附加說明。

We expect that interest and other income for the fiscal year 2024 to be approximately $140 million.

我們預計 2024 財年的利息和其他收入約為 1.4 億美元。

Next, we expect cash taxes in 2024 to be in the 20 to $25 million range.

接下來，我們預計 2024 年的現金稅將在 2,000 至 2,500 萬美元之間。

And we continue to apply a 21% non-GAAP tax rate for 2024 and going forward.

2024 年及以後我們繼續適用 21% 的非公認會計準則稅率。

Finally, we expect capital expenditures and capitalized software together to be in the 3% to 4% of revenue range for fiscal 2020 forward.

最後，我們預計 2020 財年的資本支出和資本化軟體合計將佔營收的 3% 至 4% 範圍內。

Now to conclude, we are continuing to execute on our strategy, investing in our innovation and expanding our platform to deliver more value to our customers.

現在總而言之，我們將繼續執行我們的策略，投資我們的創新並擴展我們的平台，以為我們的客戶提供更多價值。

And lastly, I want to thank all data dogs worldwide for their efforts as we close out 2024.

最後，我要感謝全世界所有數據狗在 2024 年即將結束之際所做的努力。

And with that, we'll open the call for questions.

接下來，我們將開始提問。

Operator, let's begin the Q&A.

接線員，我們開始問答。

Thank you, David.

謝謝你，大衛。

At this time, we will conduct a question-and-answer session.

這時候，我們將進行問答環節。

As a reminder to ask a question, you will need to press star one on your telephone and wait for your name to be announced.

作為提問提醒，您需要按電話上的星號一並等待宣布您的名字。

To withdraw your question, please press star one again.

若要撤回您的問題，請再次按星號一。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

The first question comes from Mark Murphy with JPMorgan.

第一個問題來自摩根大通的馬克墨菲。

Your line is now open.

您的線路現已開通。

Thank you very much and congrats on another very healthy performance.

非常感謝，並祝賀又一場非常健康的表演。

And Olivier, we notice period contributions serves to about 6% this quarter.

奧利維爾（Olivier），我們注意到本季的期間貢獻約為 6%。

We're watching all the advances in the foundation models, including the opening scrubbers, and we're watching the multistep reasoning that how they're becoming multi modal, no longer duration, inferences video models.

我們正在關注基礎模型的所有進步，包括開放式洗滌器，並且我們正在關注它們如何成為多模式（不再是持續時間）的多步驟推理視訊模型。

Does it seem reasonable to you that we are on the cost of you do a pretty interesting period the next couple years for the inferencing loads in there that might drive some incremental traction for for Datadog that is tied to a.

您認為我們需要您在接下來的幾年中為推理負載做一個非常有趣的時期，這可能會為與 a.Datadog 相關的 Datadog 帶來一些增量牽引力，這對您來說是否合理？

I have a quick follow-up for David.

我對大衛進行了快速跟進。

I mean, look, this is typically a very interesting period to say at least we see tons of innovation across our customer base is still largely more around experimenting and testing new applications to as we reported, we are seeing from customers move into production.

我的意思是，看，這通常是一個非常有趣的時期，至少我們看到我們的客戶群中的大量創新仍然主要是圍繞試驗和測試新應用程序，正如我們報道的那樣，我們看到客戶開始投入生產。

We are seeing our production mining and annuity product, for example, being our unit volume and a real pain customers, which is real volume and read applications in mill production workloads.

例如，我們看到我們的生產採礦和年金產品是我們的單位數量和真正痛苦的客戶，這是工廠生產工作負載中的真實數量和讀取應用程式。

So that's exciting and healthy.

所以這是令人興奮和健康的。

I think it's a great trend of the future in general, in terms of the the workflows, you're right that we're starting to see more influence what was your, but they still tend to be more concentrated across a number of ADI. driven providers.

我認為這是未來的一個大趨勢，就工作流程而言，你是對的，我們開始看到你的影響力更大，但它們仍然傾向於更集中在多個 ADI 中。驅動的提供者。

We believe when it does not have a few others, sales of both the Netherlands and other kinds of models.

我們相信當它沒有其他幾個，同時銷售荷蘭和其他種類的模型。

So this is where I think most of the usage in production at least East today, we expect that to diversify more over time as companies get further into production with applications at this time because to me this morning on them all.

因此，我認為這就是今天至少在東部生產中大部分使用的地方，我們預計隨著時間的推移，隨著公司進一步使用應用程式進入生產，我們預計會更加多樣化，因為今天早上對我來說所有這些都是如此。

Okay, understood.

好的，明白了。

And David, to the extent in you've always said that revenue is a better indicator than the billings and RPO.

David，您一直說收入是比帳單和 RPO 更好的指標。

But to the extent that billings growth was affected by timing, as you mentioned, we've seen that before we know it can bounce around, but did you have to give you have some invoices that would have gone out in September it and said they were issued in October?

但就帳單成長受到時間影響而言，正如您所提到的，我們在知道它可以反彈之前就已經看到了，但是您是否必須給您一些本來會在 9 月份發出的發票並說它們是10月份發布的嗎？

In other words, will we see some recapture of the timing elements in Q4 or perhaps in early next year?

換句話說，我們會在第四季或明年初看到一些時間元素的重新出現嗎？

Or is that some of the dynamic there?

或者這是那裡的一些動態嗎？

Yes, really some other dynamic is that the timing of billing for last year, there was some slightly different than for this year.

是的，實際上還有其他一些動態，去年的計費時間與今年略有不同。

And so it was more a factor of timing for building last year that that didn't repeat this year.

因此，去年的建設時機更多是一個因素，今年沒有重複這種情況。

So.

所以。

So we think that the weighted average what we talked about the average over the 12 months is a better indicator of the relationship between billings and revenues.

因此，我們認為我們所說的 12 個月平均值的加權平均值可以更好地反映帳單和收入之間的關係。

And when you look at that, they're much more closely aligned.

當你看到這一點時，你會發現它們更一致。

Excellent.

出色的。

Thank you.

謝謝。

And thank you.

謝謝你。

Please stand by for the next question.

請等待下一個問題。

The next question comes from Sanjit Singh with Morgan Stanley.

下一個問題來自摩根士丹利的桑吉特辛格。

Your line is now open.

您的線路現已開通。

Yes, thank you for taking the questions in the holiday in the frame where they should have laid out for the business observe, secure and act, I wanted to focus on the last two pillars secure and act, we think about how the security cloud security sales motion has been going this quarter versus prior quarters.

是的，感謝您在假期中提出問題，在他們應該為業務觀察、安全和行動制定的框架中提出問題，我想重點關注最後兩個支柱的安全和行動，我們思考安全雲安全如何與前幾個季度相比，本季的銷售活動一直在進行。

Any trend line there?

有趨勢線嗎？

And any sort of early indication on the uptake of some of the service management products and more of the automation features within our within the Data.com?

關於 Data.com 中某些服務管理產品和更多自動化功能的採用，有任何早期跡象嗎？

Yes.

是的。

So on the other senior security side, I think we have quite a bit of focus right now on the cloud team as we see a number of very exciting opportunity there.

因此，在其他高級安全方面，我認為我們現在非常關注雲端團隊，因為我們在那裡看到了許多非常令人興奮的機會。

I think when you look at the landscape with competitively with other companies are using because most companies have a team already, at least for some part of their business, I think is a very interesting opportunity for us.

我認為，當你看到與其他公司競爭的情況時，因為大多數公司已經擁有一個團隊，至少對於他們業務的某些部分來說，我認為這對我們來說是一個非常有趣的機會。

There.

那裡。

And the product is the mature enough to win in the best of breed situations across the product.

而且該產品足夠成熟，可以在整個產品的同類最佳情況下獲勝。

So we are we are having quite a bit of a cushion.

所以我們有相當大的緩衝。

We are in general, we're still investing quite a bit in the rest of the platform and bringing all the products together to be a unified platform for security.

總的來說，我們仍在平台的其餘部分進行大量投資，並將所有產品整合在一起成為一個統一的安全平台。

But I would say the 15th of this payer for the year this quarter and actually the use of all nothing I can give you a specific opportunity there, some of them on the home.

但我想說的是，這個季度的第 15 個付款人實際上沒有任何東西可以給你一個特定的機會，其中一些是在家裡。

And we also have a few other products security that coming online soon that we know we haven't we haven't voted yet, but we think can make a big difference in them.

我們還有一些其他產品安全性即將上線，我們知道我們還沒有投票，但我們認為可以對它們產生很大的影響。

Heavy seismic, we actually see a very exciting trends from customary.

重震之後，我們實際上看到了一個非常令人興奮的趨勢。

We mentioned on the call on core product, which puts us directly to the Beijing loop and the start of maintenance of the product is getting stronger reception than we initially thought to that footwear.

我們在核心產品的電話會議上提到，這使我們可以直接前往北京環路，並且該產品的維護開始受到的歡迎比我們最初想像的那種鞋類更強。

No, it's a ceiling preview.

不，這是天花板預覽。

So, we feel good about on handling the full move for them.

因此，我們對為他們處理整個搬遷事宜感到滿意。

We know starting with a when we detect something in terms of ability from motorway to fully seen in resolution and automation of the commodity.

我們知道，從什麼時候開始，我們就從高速公路的能力方面檢測到某些東西，以充分看到商品的分辨率和自動化。

So, we think Encore can do better, have a watershed for us to do quite a bit more on that.

所以，我們認為 Encore 可以做得更好，有一個分水嶺讓我們在這方面做得更多。

So, we are also excited and we're doing what we can to accelerate the roadmap there because we think is a very good opportunity.

因此，我們也很興奮，我們正在盡我們所能加快那裡的路線圖，因為我們認為這是一個非常好的機會。

We have a few other building blocks on the service management.

我們還有一些關於服務管理的其他構建塊。

We believe over the past year and Dell growing quite nicely, I would say from small bases today.

我們相信，在過去的一年裡，戴爾的成長相當不錯，我想說的是，今天的基數很小。

And but we're very excited by the way they all come together to form an integrated platform where we can fully automate and renewal leasing for our customers.

但我們對它們聚集在一起形成一個整合平台感到非常興奮，在這個平台上我們可以為客戶實現完全自動化和續約租賃。

So that's still something we're building lastly from a building block of, but something that we think is going to be very exciting in a in the quarters and years to come.

因此，這仍然是我們最後建造的東西，但我們認為在未來的幾個季度和幾年裡這將是非常令人興奮的。

That's great to hear.

很高興聽到這個消息。

And to have one follow up going to sort of the spending on intentions from your customers.

並進行後續行動，將客戶的意圖支出排序。

It feels like most of the past 12 to 18 months, the sales playbook, particularly the enterprise has been around consolidation.

感覺過去 12 到 18 個月的大部分時間裡，銷售策略，尤其是企業的銷售策略一直圍繞著整合。

Is that still the theme in terms of driving new bookings, new expansion deals starting to see customers focus more less about the consolidation opportunity, more about innovation and bringing their innovation budgets that they are to invest in on AI and cloud and create on stated all along for the right, I have it has always been, you know, innovation and new things.

這仍然是推動新預訂、新擴張交易的主題嗎？沿著正確的道路，我一直擁有創新和新事物。

You're right that at least for the deals we talk about in the in the earnings at the intensity happen gradually as opposed to being a big bang deal customers switching $5 million from a note five vendors into another vendor two, we talk about them through up.

你是對的，至少我們在收益中討論的交易強度是逐漸發生的，而不是一次大爆炸交易，客戶將500 萬美元從一個注5 供應商轉移到另一個供應商2，我們透過以下方式討論它們向上。

We definitely see room for a lot more constant consolidation moving forward.

我們確實看到了未來進一步持續整合的空間。

Both in terms of existing customers and new logos.

無論是現有客戶還是新標誌。

And the same time, we are excited to see what's happening with VDA innovation as you get further down the pipe in on away from testing and experimenting and more into a production applications.

同時，我們很高興看到 VDA 創新所發生的事情，讓您進一步遠離測試和實驗，並更多地進入生產應用程式。

And we have some fines Einstein to hop on.

我們還有一些愛因斯坦可以跳的罰款。

And again, we see that with automotive OBT product, we see that also we found the workload we monitor from our customers on the potential fine.

再次，我們看到，透過汽車 OBT 產品，我們也發現我們監控的客戶工作量可能會被罰款。

But I would say still very early days in terms of customers being in production with their dynamics and applications.

但我想說，就客戶的動態和應用程式而言，還處於早期階段。

Great.

偉大的。

Thank you for the customer sets.

謝謝顧客的套裝。

Thank you.

謝謝。

Our next question comes from Raimo Lenschow with Barclays.

我們的下一個問題來自巴克萊銀行的 Raimo Lenschow。

Your line is now open.

您的線路現已開通。

Thank you and congrats from me as well and clarity on that subject to a little bit longer.

謝謝你，也向我表示祝賀，這個問題的澄清還需要更長的時間。

I'll give you the.

我給你。

And if you think about it, the one big driver for you guys in the past was workload growth.

如果你想一想，過去對你們來說的一大推動因素是工作量的成長。

And that's something that's the kind of all watching out for the hyperscalers as well.

這也是超大規模企業需要警惕的事。

But it looks like they're stable trends at the hyperscalers and for you as well.

但看起來它們對於超大規模企業和您來說都是穩定的趨勢。

If you think about the puts and takes here to think that that's changing, like how much of that is to just plain vanilla macro and how much of that is like taking project resources way, not so much money, but also have time for kind of a high.

如果你考慮這裡的看跌期權和看跌期權，你會認為這種情況正在發生變化，比如其中有多少只是普通的宏觀，有多少就像獲取項目資源的方式，沒有那麼多錢，但也有時間一個高。

And that's what we see like, as you said, early in its lifecycle.

正如您所說，這就是我們在其生命週期早期看到的情況。

Can you just how do you see that playing out?

您如何看待這種情況的發生？

Because that's the one thing we're all watching out.

因為這是我們都在關注的一件事。

Thank you.

謝謝。

Yes.

是的。

I mean, look, the the the key thing to remind everyone of is we we think to do general move in of workload growth in the cloud or cloud environments might be public cloud-based, but then also the product class.

我的意思是，要提醒大家的關鍵是，我們認為雲端或雲端環境中工作負載成長的整體轉移可能是基於公有雲的，但也包括產品類別。

So this this growth will move to the cloud is going to last will have a long time is going to be at a higher from a high level for very long time.

因此，這種增長將轉移到雲端，並將持續很長一段時間，並將在很長一段時間內處於較高水平。

In also, you're right that when we look at the numbers from the hyperscalers and when we tried to factor, I would say GPU driven growth looks stable-ish with we think that causes the high end is going to last for very long time.

另外，你說得對，當我們查看超大規模企業的數據並嘗試考慮因素時，我想說 GPU 驅動的成長看起來很穩定，我們認為這會導致高端市場將持續很長時間。

And that's one of the big underpinning trends that we're going to provide for the years to come.

這是我們將在未來幾年提供的重要支撐趨勢之一。

Not only on the edge of that, you're right that the of wear to work closely with our could have grown maybe instead of growing 20%, it could go 25%, maybe some of the 5% instead of being invested, both in terms of a customer budget or innovation by inhibition budget of all that is going to AI.

不僅在這一點上，你是對的，與我們密切合作的服裝可能會增長，而不是增長 20%，它可能會增長 25%，也許 5% 中的一些而不是投資，兩者都在就客戶預算或創新而言，透過抑制所有人工智慧的預算。

And that's not new right now in experimentation and model training and a sort of thing that's probably right.

現在這在實驗和模型訓練中並不新鮮，而且可能是正確的。

But we see that also as a precursor to further workload growth in the future.

但我們認為這也是未來工作量進一步成長的先兆。

And I would say more traditional production application workload growth.

我想說的是傳統生產應用程式工作負載的成長。

So for us, it doesn't doesn't change the equation.

所以對我們來說，它不會改變等式。

It does create a bit of a correlation between our numbers at all and the numbers you might see reported via from the hyperscale theaters where a lot of Door Dash short term growth rights more into on the capacity of GPUs to bring online for those experimentation 20 multiples.

它確實在我們的數據和您可能會看到的超大規模影院報告的數字之間建立了一些相關性，在超大規模影院中，許多Door Dash 的短期增長權利更多地依賴於GPU 的能力，以便為這些實驗提供20 倍的線上能力。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

And one follow-up for David.

還有大衛的後續行動。

Like if you think about capacity, like where are you in terms of sales capacity and in case things are changing?

就像你考慮產能一樣，例如你的銷售能力處於什麼水平以及情況是否改變？

Or how do you think about like increasing maintaining capacity for as we think about the new year?

或者，當我們考慮新的一年時，您如何看待增加維護能力？

Thank you.

謝謝。

We think long term, our revenue, our sales capacity is highly correlated with our top line growth.

我們認為，從長遠來看，我們的收入、銷售能力與我們的營收成長高度相關。

And as we said, we've been attempting to increase our sales capacity similar to the top line growth rates.

正如我們所說，我們一直在嘗試提高我們的銷售能力，以達到與營收成長率類似的水平。

And that has to do, as we've now mentioned, with bottoms up planning or putting sales capacity in areas where we see either under under coverage, a lot of a lot of whitespace and then ramping and training our salespeople.

正如我們現在所提到的，這必須透過自下而上的規劃或將銷售能力放在我們認為涵蓋範圍內、大量空白的區域，然後加強和培訓我們的銷售人員。

So our philosophy is to scale our sales capacity roughly in line with the top with the top line, right?

所以我們的理念是根據營收規模大致調整我們的銷售能力，對嗎？

And we have plenty of opportunity for growth and where that due to the plan is to keep growing capacity.

我們有大量的成長機會，而由於計劃是要維持產能成長。

There are many markets, new geographies where we have we're underpenetrated.

我們在許多市場和新地區的滲透率還不夠。

We mentioned India on the call with one of them where there's tremendous opportunity and we have very little presence at this point.

我們在與其中一個國家的電話會議上提到了印度，那裡有巨大的機會，但我們目前的參與度很少。

And in general, it was a question of what we're doing strategically, where we're going and how much we want to invest and then tactically the question of how we execute against that plan.

總的來說，這是一個我們在戰略上做什麼、我們要去哪裡以及我們想要投資多少的問題，然後是我們在戰術上如何執行該計劃的問題。

And if that one is a lot harder renewal because he too easy to say we're going to go to 15 by 2030, 40%.

如果那個更新要困難得多，因為他太容易說我們到 2030 年將達到 15 個，即 40%。

It's much harder to didn't have these people show up in the regulation of the right time and be trained and everything else.

如果沒有這些人在正確的時間出現在規則中並接受培訓和其他一切，那就困難得多。

And I would say you were doing fairly well.

我想說你做得相當不錯。

There were probably doing better at the end of the year than we do at the beginning of the year in terms of bringing all of our growing office capacity for tactical reason.

出於戰術原因，在將所有不斷增長的辦公能力發揮到極致方面，年底的表現可能比年初的表現更好。

But overall, we are we executing to up towards open.

但總的來說，我們正在努力走向開放。

That's correct.

這是正確的。

Thank you

謝謝

Thank you for your question.

謝謝你的提問。

Our next question comes from Kash Rangan with Goldman Sachs.

我們的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Your line is now open.

您的線路現已開通。

Thank you very much.

非常感謝。

Appreciate it.

欣賞它。

And I'm curious your thoughts on two things.

我很好奇你對兩件事的想法。

I'll keep this brief and the subsequent few weeks after the quarter closed.

我將在本季度結束後的幾週內簡要介紹這一點。

I'm curious, especially with rate cuts, how you feel the customer feedback has been coming along, particularly on the SMB side since the rate of change is not that than discernible, at least at the end of the quarter.

我很好奇，特別是在降息的情況下，您對客戶回饋的感覺如何，特別是在中小企業方面，因為變化率不是那麼明顯，至少在本季末是這樣。

And one for your review.

還有一份供您審查。

As you look at the GPO workloads, what about the Company's existing portfolio, dear to our CPU applies in a GPO awards?

當您查看 GPO 工作負載時，公司現有的產品組合（特別是我們的 CPU）在 GPO 獎項中的應用情況如何？

And how do you monetize an instance of GPU versus a CPU that word?

與 CPU 相比，如何透過 GPU 執行個體獲利？

It makes sense.

這是有道理的。

Thank you so much.

太感謝了。

The GPM, I can.

GPM，我可以。

I can go GPU.

我可以使用 GPU。

Yes.

是的。

So look sort of the day.

所以看起來有點像這一天。

There is no hold you can you do for for GPU that's different from a severe.

對於 GPU 來說，你無法做任何與嚴格的不同的事情。

I think in general, there's of this quite a few things that aren't the same in terms of understanding on that machine seats with the rest of the application will yield on a consistent performance sort of stuff.

我認為總的來說，在對機器座椅的理解方面，有很多事情是不一樣的，應用程式的其餘部分將產生一致的性能之類的東西。

And there's quite a bit that's new and differentiated around profiling engine oil and understanding how you maximize the usage of the of the GPU bandwidth, which usually what it's about, I would say we are right now we're walking in with a number of customers that are real world launch in France workloads on how we can help on the GPU providing side for in France, we're doing less on the training side, mostly because the training jobs tend to be more bespoke and temporarily.

在分析機油和了解如何最大化 GPU 頻寬的使用方面，有很多新的和差異化的內容，這通常是關於什麼的，我想說的是，我們現在正在與許多客戶合作這是在法國實際發布的工作負載，關於我們如何在法國的GPU 提供方面提供幫助，我們在培訓方面做得較少，主要是因為培訓工作往往更加客製化和臨時。

And there's less of an application that's attached to those that these are just very large clusters of GPUs with closer to HPC. W & Ts to two traditional applications, though we also, um, um, experimenting with what we can do there.

而且附加的應用程式較少，這些只是非常大的 GPU 集群，更接近 HPC。 W＆T 是兩個傳統應用程序，儘管我們也，嗯，嗯，嘗試我們可以在那裡做什麼。

You know, there is a there's a world where maybe in a durable fashion of 60% of workloads onto our in France and 40%, our training.

你知道，在這個世界上，也許 60% 的工作量是在法國進行的，40% 是在訓練上進行的。

And if that's the case in this and be a lot of value to be had by having repeatable training into in vivo tuning for that.

如果情況確實如此，那麼透過可重複的體內調整訓練就可以獲得很大的價值。

So we are we're also looking into that today as of today, we really don't monetize GPU incentives, all that well compared to the other CPU incentive for GPU instance, is many times the cost of CPU incentive.

所以我們今天也在研究這一點，我們確實沒有將 GPU 激勵貨幣化，與 GPU 實例的其他 CPU 激勵相比，這是 CPU 激勵成本的許多倍。

It doesn't have to be the case in the future.

未來不一定是這樣。

If we do see that up, actually, interestingly, if you can have a real impact on and deliver value for customers, um, um, you make the best of digitizing the and send money to today s DI. that differentiation.

如果我們確實看到了這一點，實際上，有趣的是，如果您能夠對客戶產生真正的影響並為客戶提供價值，那麼您就可以充分利用數位化並向當今的 DI 匯款。那種差異化。

And as to your other question on in the period since the closing of Q3, we've seen very similar trends to the year to date in Q three, um, in terms of a customer growth strength and from an enterprise stability and SMB, and we have a strong pipeline for Q4 that we're working hard on harvesting as we get towards year end.

至於自第三季結束以來的其他問題，我們在第三季度看到了與今年迄今為止非常相似的趨勢，嗯，在客戶增長實力以及企業穩定性和中小企業方面，以及我們在第四季度有一個強大的管道，我們正在努力在年底前收穫。

Thank you.

謝謝。

Please stand by for the next question.

請等待下一個問題。

Our next question comes from Brent Thill with Jefferies.

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

Brent, your line is now open.

布倫特，您的線路現已開通。

Good morning, David.

早安，大衛。

On RPO, it has been decelerating instant focused with investors.

在 RPO 方面，投資者的關注度一直在放緩。

I know you've said focus on revenue, but I think many are concerned about the trajectory.

我知道你說過要專注在收入，但我認為很多人都擔心發展軌跡。

And I know you've said the backlog strong, you're adding capacity in our business makes sense that your your backlog.

我知道你說過積壓很嚴重，你增加我們業務的產能是有道理的，你的積壓。

Is that maybe bigger than the numbers we're reporting, but can you any more context to what the pipeline?

這可能比我們報告的數字更大，但是您能提供更多關於管道的背景資訊嗎？

I feel about the pipeline, what we think is going on with the with the with the metric on in terms of the decel was pretty pretty big step down.

我對管道的感覺是，我們認為在減速方面的指標是相當大的下降。

Yes, I think that some of which started talking about duration, and we had a surge in these period to period last year on of longer-term contracts.

是的，我認為其中一些開始談論期限，我們在這些時期與去年相比，長期合約的數量激增。

We that was really customer-led.

我們確實是以客戶為主導的。

We may well have that in the future, but it just comparing the timing of that.

我們將來很可能會這樣做，但這只是比較時間。

It doesn't affect revenues from.

不影響收入。

We had that kind of compare.

我們有過這樣的比較。

I would say when you look at adjusting for duration and looking at over a long term, we do find that all of these metrics are circling around arm around revenue, you know, in the mid 20s.

我想說的是，當你考慮調整持續時間並著眼於長期時，我們確實發現所有這些指標都圍繞著收入，你知道，大約在 20 多歲。

So I think there's a lot of noise in those and it has a lot to do with the timing and particularly in our PO. of multiyear deals are will report at the end of Q4 how that progress.

所以我認為其中有很多噪音，這與時間安排有很大關係，特別是在我們的採購訂單中。的多年期交易將在第四季末報告進展。

We have a lot of business to do in Q4, particularly in the larger cut the customer and enterprise side, and we'll see where that lands.

我們在第四季度有很多業務要做，特別是在客戶和企業方面的更大範圍內，我們將看看這些業務的落地情況。

But I think it's again a best to go back towards a HUD towards revenues to as the North Star.

但我認為最好還是回到 HUD 來將收入作為北極星。

And those really don't have all that much to the to the same S Buys pipelines because the the a lot of though does I'm putting my CFO hard right now, but yes, the I wish I had a where you have to bear with me the you know, sometimes the Tom, everything has to do with when customers recommit mixed and their commitment for how long the definitive comments.

這些確實與 S 購買管道沒有太大關係，因為雖然我現在對我的 CFO 要求很高，但是是的，我希望我有一個你必須忍受的地方和我一起，你知道，有時是湯姆，一切都與客戶何時重新承諾混合以及他們承諾多長時間的明確評論有關。

And there's a high degree of variability there, you know, so they might go from one year to three years on two or three years.

你知道，那裡有很大的可變性，所以它們可能會從一年到三年，甚至兩年或三年。

My actually run out of there might be coming at, you know, after 1.5 or two years and a half or three years ago, maybe three years and to market, it takes longer to figure out what level they want to be at mix.

我實際上可能會在 1.5 年後或兩年半或三年前，也許三年後進入市場，需要更長的時間才能弄清楚他們想要達到的混合水平。

And so we as a ton of viability to the billings numbers genome and we that's why we don't look at them model for managing the business.

因此，我們對比林斯數位基因組有大量的生存能力，這就是為什麼我們不考慮它們來管理業務的模型。

We look at usage and we look at the defense pipelines in terms of what you would you Unisys with news with you workloads with new revenue and usage.

我們著眼於使用情況，並根據您希望 Unisys 提供的新聞以及新收入和使用情況的工作負載來查看防禦管道。

And we're getting from customers think would always say it's an output to a natural flow of business which did which has more volatility than rep than revenues.

我們從客戶那裡得到的資訊總是認為這是自然業務流程的產出，其波動性大於代表而不是收入。

Great.

偉大的。

Thanks.

謝謝。

Thank you.

謝謝。

Please stand by for the next question.

請等待下一個問題。

The next question comes from Karl Keirstead with UBS.

下一個問題來自瑞銀集團的 Karl Keirstead。

Your line is now open.

您的線路現已開通。

Okay, great.

好的，太好了。

I've got a couple of questions about the comment, David, around some of your larger AI. native customers, maybe revenues from them being a little bit more volatile going forward.

大衛，關於您的一些大型人工智慧的評論，我有幾個問題。本地客戶，未來來自他們的收入可能會更加不穩定。

I guess first question is why do you think that is this just a natural phenomenon of a few of those a native country number is now becoming quite large and so it's normal that they tried to look for better unit pricing and optimization or something else going on?

我想第一個問題是，為什麼你認為這只是其中一些國家的自然現象，現在母國的數量變得相當大，所以他們試圖尋找更好的單位定價和優化或其他事情是正常的？

And then maybe secondly, when you set your for 4Q guide, did you embed the assumption of some of these a start-up pricing and observability trends that you called out?

其次，當您設定第四季度指南時，您是否嵌入了您所指出的一些新創公司定價和可觀察性趨勢的假設？

Or are now you're just trying to be prudent and that might be a little bit more of a 2025 phenomena.

或者現在你只是想保持謹慎，這可能更像是 2025 年的現象。

Thanks so much.

非常感謝。

Yes, I do want to I can take from it.

是的，我確實希望我能從中受益。

I think they look what we see there is some we have a group of AI, smaller, letting the small number of companies or a I needed companies.

我認為他們看起來就像我們所看到的那樣，我們有一群較小的人工智慧，讓少數公司或我需要的公司。

Many of them are mobile providers on customer providers for AI to serve the rest of the industry and everybody a proxy for the future growth of the rest of the industry.

他們中的許多人都是人工智慧客戶提供商的行動提供商，為行業的其他部分提供服務，每個人都是該行業其他部分未來成長的代表。

In AI.

在人工智慧領域。

I'm the Group has been growing very fast and you mentioned it's a 6% of our AR.

我的集團成長非常快，您提到它占我們 AR 的 6%。

It was, but 4% year-over-year growth in Q three versus 2% one year ago.

第三季的年成長率是 4%，而一年前為 2%。

So, we've been growing very fast, the dairy, some revenue concentration within that group.

因此，我們的乳製品業務成長非常快，部分收入集中在該集團內。

So, customers there are followed by a low in terms of the revenue left, domestic customer base pretty much and seeing the very fast growth of what we do expect we've seen that before.

因此，那裡的客戶緊隨其後的是剩餘收入的低點，國內客戶群幾乎如此，並且看到我們之前所看到的非常快速的成長。

We expect optimization at some point and better terms at recommit from those customers because they're all way over or many of them are way over.

我們期望在某些時候進行優化，並在這些客戶重新提交時提供更好的條款，因為他們已經全部結束或其中許多已經結束。

The last comment with us, which again, goes back to the other comment on bookings like de-growth, essential up at all in the RPO was in the bookings numbers because that way, although they're coming from the, um, the analogy I would give there is what we seen with cloud-native in the late 10s, early 20s, where we have the numbers of a cloud-native on consumer companies that were growing very fast with two differences.

我們的最後一條評論，再次回到了關於訂單增長的其他評論，在 RPO 中至關重要的是預訂數量，因為這樣，儘管它們來自，嗯，類比我想說的是我們在20 世紀10 年代末、 20 年代初期所看到的雲端原生，消費性公司的雲端原生數量成長非常快，但有兩個差異。

The first one is that the air cohort is growing faster, and they are larger individual ACVs for these customers.

第一個是航空隊列的成長速度更快，對於這些客戶來說它們是更大的個人 ACV。

And the second difference is that it's a much smaller fraction.

第二個區別是它的比例要小得多。

Notably on the time, we had a very large number of large amounts of revenue that was club media companies, consumer companies' mid-teens in the 2020 today, and we just have 6% of our AR in that bucket.

值得注意的是，當時我們有大量的收入來自俱樂部媒體公司、消費公司，到了 2020 年，我們的收入只有 10%左右，而我們的 AR 收入只佔了 6%。

So we made that comment because we don't have anything to say in terms of where it's going.

所以我們發表這樣的評論是因為我們對它的發展方向沒有什麼好說的。

We don't feel there's nothing we see in October that you know, sales are flat.

我們認為 10 月並沒有看到什麼，銷售持平。

You know, this is the changes up, Bob.

你知道，這就是變化，鮑伯。

We do think that can be volatility there like especially just can move the numbers in the short term, while the mid to long-term growth or the mid to long term dominant, most of you will see it grow with that customer base.

我們確實認為，那裡可能會出現波動，尤其是短期內的數位變化，而中長期成長或中長期成長占主導地位，大多數人都會看到它隨著客戶群的成長而成長。

So that's why we made that comment yet.

這就是我們發表這一評論的原因。

As to Q4, I echo the comments we make in our overall, which is we take conservative assumptions relative to usage growth that are lower than we've seen and providing our guidance, of course, where we are in the year.

至於第四季度，我同意我們在總體中所做的評論，即我們對使用量增長採取保守的假設，低於我們所看到的，並提供我們的指導，當然，我們在今年的情況。

The effect on to Valeant is Dennis.

對 Valeant 產生影響的是丹尼斯。

It would be on and on our next year.

這將持續到我們的明年。

And as we report a Q4 and gave guidance, we will update everybody on any trends that we do see in this cohort at that time, we didn't choose guiding principle for these like India.

當我們報告第四季並提供指導時，我們將向大家通報我們當時在該群體中看到的任何趨勢，我們沒有為印度等國家選擇指導原則。

We made an extra comment on it because we want to be transparent.

我們對此做了額外的評論，因為我們希望保持透明。

We've seen that and some and we see from some customers or whatever, but we'll have other comments and but we didn't win big anything specific in there again.

我們已經看到了這一點，我們從一些客戶或其他地方看到了這一點，但我們還會有其他評論，但我們沒有再次贏得任何具體的大東西。

Okay.

好的。

That's all very helpful.

這一切都非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

Please stand by for the next question.

請等待下一個問題。

Our comes from Kirk Materne with Evercore ISI.

我們來自 Evercore ISI 的 Kirk Materne。

Your line is now open.

您的線路現已開通。

Yes, thanks very much.

是的，非常感謝。

Are you mentioned the one federal customer this quarter that a larger federal customer this quarter.

您是否提到了本季的一個聯邦客戶以及本季的一個較大的聯邦客戶。

Can you just talk on broader trends for you all within the federal government and sort of the opportunity there and what you're saying?

您能否談談聯邦政府內部更廣泛的趨勢以及那裡的機會以及您所說的內容？

And I guess if it had any positive impact, obviously their fiscal year end and subtype.

我想這是否有任何積極的影響，顯然是他們的財政年度結束和子類型。

So just any comments were generally on Fed would be great.

因此，任何針對美聯儲的評論都會很好。

Thanks.

謝謝。

Look, it's a huge opportunity for us in words where I would say quite early with some interesting such as you know.

看，這對我們來說是一個巨大的機會，我很早就會說一些有趣的事情，例如你知道的。

So we have some some exciting new logos there like this one that we had mentioned this quarter, which is there an agency we all interact with and which has tremendous opportunity for growth and upsell with us.

因此，我們有一些令人興奮的新標誌，就像我們本季提到的這個標誌，這是一個我們都與之互動的機構，並且與我們有巨大的成長和追加銷售機會。

The another agency that already had a very large multimillion-dollar ACV on footprint with Datadog that we didn't talk about this quarter, but that's been a long term customer.

另一家機構已經與 Datadog 建立了價值數百萬美元的 ACV，我們本季沒有談論它，但它是我們的長期客戶。

So there's plenty of opportunity.

所以有很多機會。

We're still very early in terms of capacity building to newbuilding come and go to market in general in government.

就政府新造船進入和進入市場的能力建設而言，我們還處於早期階段。

So I would say still a small part of our overall business, but we see that there's tons of upside in it, and we're working hard on the product side so that we can capture that fully.

所以我想說這仍然是我們整體業務的一小部分，但我們看到其中有很多好處，我們正在產品方面努力工作，以便我們能夠充分抓住這一點。

So we we over the past few years, Tom, we are working on FedRAMP compliance and we are working further on getting into some more regulated and even even tougher to get into workloads with FedRAMP and that in oh five and older certifications like that.

Tom，在過去的幾年裡，我們正在致力於 FedRAMP 合規性，我們正在進一步努力進入一些更受監管、甚至更嚴格的 FedRAMP 工作負載以及 5 個或更早的認證中。

So where we have a long road map there and the plans to build and a lot of upside.

因此，我們在那裡有一個很長的路線圖和建設計劃以及許多好處。

Thank you.

謝謝。

Thank you.

謝謝。

Please stand by for the next question.

請等待下一個問題。

Next question comes from Mike Cikos with Needham.

下一個問題來自 Mike Cikos 和 Needham。

Mike, your line is now open.

麥克，您的線路現已開通。

Thanks for getting me on the on the call here, guys.

謝謝你們讓我接電話，夥伴們。

I just had two quick questions for you.

我只是想問你兩個簡單的問題。

First, on gross margin, just wanted to get a better understanding.

首先，關於毛利率，只是想更了解。

Is there anything you can speak to that as it relates to close a I need and customers are the intensity of those workloads and then how your products feed into it or maybe even the broader portfolio on the product expansion you've seen.

您有什麼可以說的，因為它涉及我的需求和客戶，這些工作負載的強度，然後您的產品如何融入其中，甚至可能是您所看到的產品擴展的更廣泛的產品組合。

I'm just wondering if those newer products may be or detracting from gross margin near term here versus some expansion that we can expect that these products scale since the first question, second question, which is great to hear that the usage growth continues to trend higher, especially for those existing customers.

我只是想知道這些新產品是否可能會或會降低近期的毛利率，而我們可以預期這些產品自第一個問題、第二個問題以來會擴大規模，很高興聽到使用量繼續呈趨勢增長更高，特別是對於那些現有客戶。

Does it feel where we sit today in this quote, unquote, new environment like this is the support from the cores kind of growth when thinking about the usage coming from existing customers?

當考慮到現有客戶的使用情況時，我們今天在這種報價、不報價、新環境中是否感覺這是來自核心類型成長的支援？

Or is there reason to believe that this can actually accelerators things can move higher one way or another?

或者是否有理由相信這實際上可以加速事物以某種方式走得更高？

What would what we can drive that.

我們可以推動什麼？

I'm now on gross margins in general, we are happy with where they are, and we do some small move in it.

我現在的毛利率總體而言，我們對它們的現狀感到滿意，並且我們在其中做了一些小動作。

I wouldn't read too much into the moves.

我不會過度解讀這些動作。

I mean do because of behind-the-scenes like there's a number of things that underpin that.

我的意思是因為幕後有很多事情支撐這一點。

We keep adding new functionality.

我們不斷添加新功能。

At the same time, we keep up demising, Alcoa and use that we actually use our products to to optimize that quite a bit.

同時，我們不斷淘汰美鋁，並使用我們實際使用的產品來優化這一點。

And then we also keep getting better and better agreements with our cloud providers as we scale.

隨著規模的擴大，我們也不斷與雲端供應商達成越來越好的協議。

So the combination of all that is would you what you see in the OR in the gross margin number?

那麼，所有這些的結合就是您在 OR 中看到的毛利率數字嗎？

We internally we have to make local always on whether we direct more effort and building new functionality or optimizing.

在我們內部，無論我們投入更多精力、建立新功能還是優化，我們都必須始終保持在地化。

And the way we manage that is when gross margin generally low, we put more effort on optimizing and when we are in a happier zone like we are ready to take more effort on new products and new functionality.

我們的管理方式是，當毛利率普遍較低時，我們會投入更多精力進行最佳化，而當我們處於更快樂的狀態時，就像我們準備在新產品和新功能上投入更多精力一樣。

And then there's not a lot of change for the product mix doesn't really matter all that much.

而且產品組合也沒有太大變化，因此就沒那麼重要。

On the gross margin perspective on.

從毛利率角度來看。

And so there's no particular worries there.

所以沒有特別擔心的地方。

We think long term, there are plenty of opportunities to improve margins.

我們認為從長遠來看，有許多機會提高利潤率。

But right now, the focus is on really shipping and of course, in our products to enough customers, making sure that you put those products get can provide them with as much value as possible while staying within a certain Happy Zone on the on the margin in terms of the growth of local.

但現在，重點是真正的運輸，當然，在我們的產品中，向足夠多的客戶提供，確保您將這些產品提供給他們盡可能多的價值，同時保持在邊緣的某個快樂區域內從本地的成長來看。

Looking ahead, we see growth across the customer base pretty much with the growth of critical workloads in the cloud.

展望未來，隨著雲端中關鍵工作負載的成長，我們看到整個客戶群的成長。

We see large last was very long growth on the M&A side.

我們看到併購的最後一個大成長是非常長期的成長。

We think that do have one big item catalyst for future acceleration will be does a native applications on a applications which I should say, going into production for known as needed, companies for much broader set of customers and their customers that are deploying it can applications to that in production and on and as they do, they will still look less like a just northwest of GPU and more like traditional applications.

我們認為，未來加速的一個重要催化劑將是在應用程式上建立本機應用程序，我應該說，根據需要投入生產，為更廣泛的客戶群及其正在部署它的客戶提供應用程式就生產環境而言，它們看起來仍然不太像GPU 的西北部，而更像傳統應用程式。

Good.

好的。

The GPU needs the database that neither for application Vonovia, it needs layers to secured note the written authorization of the other thing.

GPU 不需要資料庫，對於應用程式 Vonovia 來說，它需要層層來確保其他事物的書面授權。

So it's going to local a lot more like a normal application with some additional more concentrated computing GPUs.

因此，它更像是帶有一些額外的更集中計算 GPU 的普通應用程式。

Thank you very much,

非常感謝，

Thank you.

謝謝。

Please stand by for the next question.

請等待下一個問題。

Next question comes from the line of Gray Powell at BTIG. line is now open.

下一個問題來自 BTIG 的 Gray Powell。線路現已開通。

All right.

好的。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Tom, maybe just to follow-up on Datadog on Call of is good to hear the commentary on that earlier in the call, and it has been coming up more in our steel works.

Tom，也許只是為了跟進 Datadog 的 Call of，很高興在電話會議的早些時候聽到對此的評論，而且它在我們的鋼鐵廠中出現得越來越多。

So I'm just curious like how should we think about the opportunity there?

所以我很好奇我們應該如何看待那裡的機會？

Is that something that could completely displace on a product like PagerDuty?

這是否可以完全取代像 PagerDuty 這樣的產品？

Or is it more of an add-on feature?

或者它更像是一個附加功能？

Since my understanding is it mainly works with detailed data ecosystem versus other tools, OpEx.

據我了解，與其他工具（OpEx）相比，它主要適用於詳細的資料生態系統。

Look, we'll take it where the demand picks up in also the We initially built it as a way for customer win are within our ecosystem to to have a fully integrated experience.

看，我們將在需求增加的地方採用它。

And really as a StepStone towards full automation of the of incident resolution, full ownership from end to end, like the part that strategically the most interesting to us is there is the automation of the resolution of not that had the response from customers has been so strong and that there is very high demand for integrating with many different other sources and plug those into our Internet revolution looked that we might not have been a part of before even.

實際上，作為事件解決完全自動化的基石，從端到端的完全所有權，就像戰略上對我們來說最有趣的部分是，解決方案的自動化並不是客戶的反應如此強烈強大，並且對與許多不同的其他來源整合並將其插入我們的互聯網革命的需求非常高，看起來我們以前可能從未參與過。

And so that's definitely something that we're going to be for customers.

因此，這絕對是我們將為客戶提供的服務。

And we're just very happy to see that in India.

我們很高興在印度看到這一點。

Understood.

明白了。

All right, guys.

好吧，夥計們。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Please stand by for the next question.

請等待下一個問題。

The next question comes from Ittai Kidron with Oppenheimer.

下一個問題來自 Ittai Kidron 和奧本海默。

Your line is now open.

您的線路現已開通。

Thanks and nice numbers guys are always a question for you on.

謝謝，好數字總是有人問你。

I think you mentioned in prepared remarks of 15 of your 23 products are now running over $10 million.

我想您在準備好的評論中提到，您的 23 種產品中有 15 種目前的銷售額超過 1000 萬美元。

Maybe if you look at the ones that are still under our 100 million are all under $50 million, where do you see more?

也許如果你看看那些仍然低於我們 1 億的，都低於 5000 萬美元，你在哪裡看到更多？

Where are you most excited or which ones do you think have the higher styles of crossing the $300 million mark?

您最興奮的地方是什麼，或者您認為哪些風格更有可能突破 3 億美元大關？

Well, again, I don't want to single out any product for which we didn't of these growth metrics in particular.

好吧，再說一遍，我不想挑出任何我們沒有特別關注這些成長指標的產品。

But look, as we mentioned in previous calls, IDR products that are growing very fast that we think of wishes capability that we see.

但是，正如我們在之前的電話會議中提到的那樣，我們認為成長非常快的 IDR 產品希望我們能夠看到我們的能力。

We talked about database monitoring, for example, was a product's been growing very fast, very clear value.

例如我們談到資料庫監控，是一個產品成長得非常快，價值非常明確。

And we ask that you forgot which number we disclosed last time, but we did before the number for it, 1% of revenues, what we disclosed.

我們要求您忘記我們上次披露的是哪個數字，但我們之前就披露過這個數字，即我們披露的收入的 1%。

And so this one is clearly headed for in north of 50.

因此，這顯然是在 50 度以上。

There's a number in the other in the other cohort them that I am a number of products across security user experience that I think definitely going to get there very soon.

在其他群體中，有很多人認為我是一些跨安全用戶體驗的產品，我認為肯定很快就會實現這一目標。

So we feel good about about about for that Peregrine, mainly as a whole year.

所以我們對 Peregrine 感覺良好，主要是全年。

The point here is pretty much every single one of those products from should be above 50 million.

這裡的重點是，這些產品中幾乎每一款的銷售量都應該超過 5,000 萬。

Some of them are going to get there faster than others.

他們中的一些人會比其他人更快到達那裡。

Some of them will cost 100.

其中一些要花費100。

Some of them will have crossed EUR1 billion maybe.

其中一些可能會超過 10 億歐元。

So I think we feel good about the product set.

所以我認為我們對產品組合感覺良好。

But Craig, maybe as a follow-up for both of you know, you didn't provide 25 guidance, of course, but are there any thoughts you want to leave us with as we think about 25 and perhaps given where we are in a year, all your initial conversations with customers?

但是克雷格，也許作為你們倆的後續行動，您當然沒有提供 25 條指導，但是當我們考慮 25 條時，也許考慮到我們所處的位置，您有什麼想法想留給我們嗎？您與客戶的所有初次對話？

And how do you think about next year, anything to point out with respect to their behavior or investment areas of focus, which perhaps are different than what they've been in 2014?

您如何看待明年，在他們的行為或投資重點領域方面有什麼需要指出的，這些可能與 2014 年有所不同？

Look, I think to the other thing, I would say, I mean, I won't get into second-guessing all guidance or things like that.

聽著，我認為對於另一件事，我會說，我的意思是，我不會對所有指導或類似的事情進行事後猜測。

And we in general also, it's very hard to guess usage ahead of time because that's actually very deep music, very different look and be very different from the in with that, I'd be manifested by on customers or their understanding of what the next years.

一般來說，我們也很難提前猜測用法，因為這實際上是非常深刻的音樂，非常不同的外觀，並且與其中的內容非常不同，我會透過客戶或他們對下一個內容的理解來體現年。

And I look back some.

我回顧了一些。

But the one thing I'll say is we're investing we're building, we're building excess capacity.

但我要說的一件事是，我們正在投資，我們正在建設，我們正在建立過剩產能。

We're definitely investing heavily in engineering.

我們肯定在工程方面投入了大量資金。

I think it's a it's a tablet-based.

我認為它是基於平板電腦的。

And in the industry, unlike many others, we don't expect at this point to have outsized investments in compute.

在該行業中，與許多其他行業不同，我們目前預計不會在計算方面進行大規模投資。

We're not building absurdly launch you clusters, but we are building engineering capacity and we are building sales capacity.

我們並不是建立荒謬的啟動集群，而是在建立工程能力和銷售能力。

And so we should expect that in the numbers we gave for next year.

因此，我們應該在明年給出的數字中預料到這一點。

Appreciate it.

欣賞它。

Thank you.

謝謝。

David, anything to add or?

大衛，有什麼要補充的嗎？

No, I think we said that at this point, we've noted that there has been stability to upward trend in usage that many of our clients, particularly in enterprise are getting back to the work of launching digital applications and Ghana that's creating the pipeline and the results for us.

不，我想我們說過，在這一點上，我們注意到使用量呈穩定的上升趨勢，我們的許多客戶，特別是企業客戶正在重新開始啟動數位應用程序，而加納正在創建管道以及我們的結果。

And although we still are in an environment that's careful and what's return on on their investments, and it will update everybody as to whether that's what we see.

儘管我們仍然處於一個謹慎的環境中，他們的投資回報率也很高，但它會讓每個人都知道這是否是我們所看到的。

But generally or given comments based on what we see in this environment, which is I've been I've been good and stable.

但總的來說，還是根據我們在這個環境中看到的情況給出的評論，我一直都很好，很穩定。

Thank you.

謝謝。

Appreciate it.

欣賞它。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I would now like to turn it back over to CEO, Olivier Pall Mall for closing remarks.

現在我想將其轉回給執行長 Olivier Pall Mall 進行總結發言。

Well, thank you all for following the call.

好的，謝謝大家關注我們的電話。

I want to give a few shots per se, sort of the product engineering team for being great products last quarter, the customers that actually spent all this time with us on getting those products work, right, especially for the new products.

我想給自己一些鏡頭，例如產品工程團隊上個季度的出色產品，以及實際上花了所有時間與我們一起讓這些產品發揮作用的客戶，對吧，尤其是新產品。

And I'm talking about animal DVB-T, for example, on coal.

我說的是動物 DVB-T，例如煤炭上的 DVB-T。

And so, when we spent a lot of time with customers to get those right.

因此，我們花了很多時間與客戶一起解決這些問題。

And I also want to give a special shout out to the go-to-market team.

我還想特別讚揚市場推廣團隊。

We have a very, very, very limited fourth quarter, some variables lead for everyone in the next, let's call it, month-and-a-half on.

我們的第四季非常非常有限，在接下來的一個半月裡，一些變數會給每個人帶來影響。

And so, I know everybody's super high net worth to thank you, everyone on this.

所以，我知道每個人都有超高的淨資產，所以要感謝你們，每個人。

I think what radical.

我覺得多麼激進。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。