數據狗 (DDOG) 2024 Q4 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the Q4 2024, Datadog earnings conference call.

歡迎參加 Datadog 2024 年第四季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人、投資者關係高級副總裁 Yuka Broderick。

Please go ahead.

請繼續。

Thank you, Daniel.

謝謝你，丹尼爾。

Good morning and thank you for joining us to review Datadog's fourth quarter 2024 financial results, which we announced in our press release issued this morning.

早安，感謝您與我們一起回顧 Datadog 的 2024 年第四季度財務業績，我們在今天早上發布的新聞稿中公佈了該業績。

Joining me on the call today are Olivier Pomel, Datadog's Co-Founder and CEO; and David Obstler, Datadog's, CFO.

今天與我一起參加電話會議的還有 Datadog 的共同創辦人兼執行長 Olivier Pomel；以及 Datadog 的財務長 David Obstler。

During this call, we will make forward-looking statements including statements related to our future financial performance, our outlook for the first quarter, and the fiscal year 2025 and related notes and assumptions, our gross margins and operating margins, our product capabilities, our ability to capitalize on market opportunities and usage optimization trends.

在本次電話會議中，我們將做出前瞻性陳述，包括與我們未來財務業績、我們對第一季度和 2025 財年的展望以及相關說明和假設、我們的毛利率和營業利潤率、我們的產品能力、我們利用市場機會的能力和使用優化趨勢有關的陳述。

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.

預期、相信、繼續、估計、期望、打算、將和類似表達旨在識別前瞻性陳述或對未來預期的類似指示。

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.

這些聲明僅反映我們截至今天的觀點，並受各種風險和不確定因素的影響，可能導致實際結果大不相同。

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 September 30, 2024.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱截至 2024 年 9 月 30 日的季度 10-Q 表。

Additional information will be made available in our upcoming Form 10-K for the fiscal year ended December 30, 2024, and now they're filings through the SEC.

我們即將發布的截至 2024 年 12 月 30 日的財政年度的 10-K 表中將提供更多信息，現在它們正在通過 SEC 提交。

This information is also available on the investor relations section of our website along with a replay of this call.

此資訊也可在我們網站的投資者關係部分找到，同時也可查看本次電話會議的重播。

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最直接可比較的 GAAP 財務指標相協調，該報告可在 investors.datadoghq.com 上查閱。

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。

Thank you, Yuk, and thank you all for joining us this morning.

謝謝你，Yuk，也謝謝大家今天早上加入我們。

We had a strong Q4 to end a very productive year.

我們在第四季表現強勁，為富有成效的一年畫上了圓滿的句號。

During 2024, we kept building and innovating as we scaled up our teams and went broader and deeper into the problems we solve for our customers from the cloud to AI.

2024 年，我們不斷建設和創新，擴大了團隊規模，並從雲端到人工智慧，更廣泛、更深入地為客戶解決問題。

We continue to add new customers and expand with existing ones, and we delivered more value as customers adopted more products into Datadog platform.

我們不斷增加新客戶並擴大現有客戶，隨著客戶將更多產品納入 Datadog 平台，我們提供更多價值。

Let me start with a review of our Q4 financial performance.

首先，我來回顧一下我們第四季的財務表現。

Revenue was $738 million an increase of 25% year over year and above the high end of our guidance range.

營收為 7.38 億美元，年增 25%，高於我們預期的最高水準。

We ended with about 30,000 customers, up from about 27,300 a year ago.

我們最終擁有約 30,000 名客戶，而一年前約為 27,300 名。

We ended Q4 with about 3,610 customers with an ARR of $100,000 or more, up from about $3190 a year ago.

截至第四季度，我們擁有約 3,610 名客戶，其 ARR 為 100,000 美元或以上，高於一年前的約 3,190 美元。

These customers generated about 88% of our ARR.

這些客戶創造了我們約 88% 的 ARR。

We had 462 customers with ARR of $1 million or more compared to $396 a year ago.

我們擁有 462 名 ARR 達到或超過 100 萬美元的客戶，而一年前這一數字為 396 名。

And we generated free cash flow of $241 million with a free cash flow margin of 33%.

我們產生了 2.41 億美元的自由現金流，自由現金流利潤率為 33%。

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

談到平台採用，我們的平台策略持續在市場上引起共鳴。

As of the end of Q4, 83% of customers were using two or more products, which is about the same as last year. 50% of customers were using four or more products, up from 47% a year ago. 26% of our customers were using 6 or more products, up from 22% a year ago, and 12% of our customers were using eight or more products, up from 9% a year ago.

截至第四季末，83%的客戶正在使用兩種或兩種以上的產品，與去年同期大致相同。 50％的客戶使用四種或更多產品，高於一年前的47％。 26％的客戶使用6種或更多產品，高於一年前的22％，12％的客戶使用8種或更多產品，高於一年前的9％。

During 2024, we continued to land and expand with larger customers.

2024 年，我們將持續吸引和拓展更大的客戶。

As of December 2024, 45% of the Fortune 500 are Datadog customers, up from 42% in 2023.

截至 2024 年 12 月，財富 500 強企業中有 45% 是 Datadog 客戶，高於 2023 年的 42%。

We think many of the largest enterprises are still very early in their journey to the cloud.

我們認為，許多大型企業的雲端運算之旅仍處於早期階段。

The median Datadog ARR for Fortune 500 customers is still less than $50 million which gives a very large opportunity for us to grow with these customers.

Datadog 對於財富 500 強客戶的平均 ARR 仍低於 5000 萬美元，這為我們與這些客戶共同成長提供了巨大的機會。

So we're serving more customers with more products and we're also very pleased to celebrate several milestones for the business.

因此，我們正在為更多的客戶提供更多的產品，我們也很高興慶祝業務的幾個里程碑。

First, our total ARR now exceeds $3 billion, the big achievement for all of us at Datadog, even though we're still only just getting started.

首先，我們的總 ARR 現已超過 30 億美元，這對 Datadog 所有人來說都是一個巨大的成就，儘管我們才剛剛起步。

And we have achieved this milestone largely by growing our first product infrastructure monitoring and expanding into the other pillars of observability, EPM and log management.

我們之所以能實現這一里程碑，很大程度上是因為發展了我們的第一個產品基礎設施監控，並擴展到可觀察性、EPM 和日誌管理等其他支柱。

Today, infrastructure monitoring contributes over $1.25 billion in ARR.

如今，基礎設施監控為 ARR 貢獻了超過 12.5 億美元。

But we didn't stop there as log management is now over $750 million in ARR and so is our third pillar, as our NAPM products together also exceed $750 million in ARR.

但我們並沒有就此止步，因為日誌管理現在的 ARR 已超過 7.5 億美元，我們的第三大支柱也是如此，因為我們的 NAPM 產品的 ARR 總額也超過了 7.5 億美元。

Note that end to end APM includes all the data products our customers use to monitor the applications, which are core APM, continuous profiler, database monitoring and error tracking, as well as synthetics and radio monitoring.

請注意，端到端 APM 包括我們的客戶用於監控應用程式的所有資料產品，包括核心 APM、連續分析器、資料庫監控和錯誤追蹤以及合成和無線電監控。

Now remember that even in these three pillars of observability we are still just getting started as more than half of our customers do not buy all three pillars from us, or at least not yet.

現在請記住，即使在可觀察性的這三大支柱中，我們也才剛剛起步，因為超過一半的客戶不會從我們這裡購買所有三大支柱，或者至少現在還沒有。

Meanwhile, we're making progress with our other products, and we are pleased to see them increasing in customer usage and growth.

同時，我們的其他產品也在不斷進步，我們很高興看到它們的客戶使用量和成長都在增加。

Products outside the three pillars now contribute over $200 million in ARR.

三大支柱以外的產品目前為 ARR 貢獻了超過 2 億美元。

And we are excited about our growth opportunities in the many new products in this group.

我們對該集團眾多新產品的成長機會感到非常興奮。

Now let's discuss this quarter as business drivers.

現在讓我們討論一下本季的業務驅動因素。

In Q4, we saw usage growth from existing customers that was roughly similar to the year before.

在第四季度，我們發現現有客戶的使用量成長與去年同期大致相同。

Our usage growth in the quarter generally played out as expected, including a stronger October and November, and the slowdown we typically see at the end of December.

我們本季的使用量成長總體上符合預期，其中 10 月和 11 月成長更為強勁，而 12 月底的使用量通常會有所放緩。

We continue to experience a stable business environment.

我們繼續享受穩定的商業環境。

And our customers overall are growing their cloud usage while some are continuing to be cost conscious.

我們的客戶整體上正在增加雲端的使用，但有些客戶仍然注重成本。

We also hit a new record in bookings this quarter as our go-to-market teams executed in our first ever quarter with over $1 billion in booking.

本季度，我們的預訂量也創下了新紀錄，因為我們的行銷團隊在第一個季度就實現了超過 10 億美元的預訂量。

As a reminder, our bookings don't translate immediately into revenue growth, but it is an indicator that we continue to serve our new and existing customers well, and they are growing with us over time.

提醒一下，我們的預訂量不會立即轉化為收入成長，但這表明我們繼續為新舊客戶提供良好的服務，並且他們會隨著時間的推移與我們一起成長。

Finally, churn has remained low, with gross revenue retention stable in the mid to high 90s, highlighting the mission critical nature of our platform for our customers.

最後，客戶流失率一直維持在低位，總收入保留率穩定在95%左右，凸顯了我們的平台對客戶的關鍵使命性。

Moving on to R&D.

繼續進行研發。

And what we built in 2024.

以及我們在 2024 年所建造的一切。

Release of 400 new features and capabilities this year.

今年發布了 400 個新功能和能力。

Now that's too much for us to go back today, but let's go over some of our innovations.

今天我們無法回顧太多內容，但讓我們回顧一下我們的一些創新。

First, we continue to improve the data platform.

一是不斷完善數據平台。

We now have more than 850 integrations, making it easy for our customers to bring in every type of data they need, benefit from all the new AWS, Azure, GCP, and OCI capabilities, and engage with the latest technologies like the newly emerging AI stack.

我們現在擁有超過 850 個集成，使我們的客戶可以輕鬆引入他們需要的每種類型的數據，受益於所有新的 AWS、Azure、GCP 和 OCI 功能，並使用最新技術（如新興的 AI 堆疊）。

We announced communities auto scaling to help customers right size their communities environments without impacting stability and performance.

我們宣布了社區自動擴展，以幫助客戶在不影響穩定性和性能的情況下適當調整其社區環境的規模。

We launched Datadog monitoring for Oracle cloud infrastructure so customers can now monitor the OCI stack and unify their monitoring across all clouds and on-prem environments.

我們為 Oracle 雲端基礎架構推出了 Datadog 監控，因此客戶現在可以監控 OCI 堆疊並在所有雲端和本地環境中統一監控。

And we took several big steps to expand on Datadog as the best observability platform for telemetry users, including making our infra monitoring and APM instrumentation fully interoperable with hotel components and improving the experience for hotel customers by embedding the hotel collector directly within the agent.

我們採取了幾大舉措，將 Datadog 擴展為遙測用戶最佳的可觀察性平台，包括使我們的基礎設施監控和 APM 儀器與酒店組件完全互操作，並通過將酒店收集器直接嵌入代理來改善酒店客戶的體驗。

In the next-gen AI and LLM space, we continue to add capabilities to Bits AI launching Bits AI for incident management and previewing Bits AI for autonomous investigations.

在下一代 AI 和 LLM 領域，我們將繼續為 Bits AI 增加功能，推出用於事件管理的 Bits AI，並預覽用於自主調查的 Bits AI。

We launch LLM observability in general availability to help customers evaluate, safely deploy and manage their models in production.

我們推出了普遍可用的 LLM 可觀察性，以協助客戶評估、安全部署和管理生產中的模型。

And we continue to see increased interest in next-gen AI.

我們持續看到人們對下一代人工智慧的興趣日益濃厚。

At the end of Q4, about 3,500 customers use one or more Datadog AI integrations to send their data about their machine learning, AI, and their usage.

截至第四季末，約有 3,500 名客戶使用一個或多個 Datadog AI 整合來發送有關他們的機器學習、AI 及其使用情況的資料。

In the end to end APM space, our error tracking product now allows customers to view and manage errors across user sessions, applications, and logs all in one place.

在端對端 APM 領域，我們的錯誤追蹤產品現在允許客戶在一個地方查看和管理跨使用者會話、應用程式和日誌的錯誤。

We kept building our data observability, including the launch of data break, data job monitoring to have data engineers detect problematic sparks and data break jobs anywhere in the pipelines.

我們不斷建構資料可觀察性，包括推出資料中斷、資料作業監控，以便資料工程師在管線中的任何地方偵測有問題的火花和資料中斷作業。

And we expanded the technologies we can provide deep insights into, such as Amazon SQS, in data stream monitoring and MongoDB in database monitoring.

我們還擴展了可以提供深入洞察的技術，例如資料流監控中的 Amazon SQS 和資料庫監控中的 MongoDB。

In digital experience, our customers can now use our mobile app testing to test iOS and Android applications on real mobile phones.

在數位體驗方面，我們的客戶現在可以使用我們的行動應用程式測試在真實的手機上測試 iOS 和 Android 應用程式。

We allow faster investigation of mobile app issues with mobilization replay.

我們可以透過動員重播更快地調查行動應用程式問題。

And while product analytics remain in early stages, we are encouraged by customer interest in using Datadog to analyze user behavior for better business outcomes.

雖然產品分析仍處於早期階段，但客戶對使用 Datadog 分析使用者行為以獲得更好的業務成果的興趣令我們感到鼓舞。

In log management, Flex Logs launch into general availability.

在日誌管理方面，Flex Logs 已全面上市。

And customers can now cost effectively retain and analyze massive volumes of data over long periods of time.

客戶現在可以以經濟高效的方式長期保留和分析大量數據。

We expanded blog workspaces for advanced analytics and querying.

我們擴展了部落格工作區以進行高級分析和查詢。

And we simplify the deployment of the observability pipelines with new out of the box templates and granular configuration options.

我們透過新的開箱即用的模板和細粒度的配置選項簡化了可觀察性管道的部署。

In cloud security, we now have more than 7,000 customers using one or more security products.

在雲端安全方面，我們現在有超過7,000個客戶使用一種或多種安全產品。

We launched agentless scanning to detect risks and vulnerabilities within hosts, containers, and cells across a whole cloud account in a few clicks.

我們啟動了無代理掃描，只需點擊幾下即可偵測整個雲端帳戶中的主機、容器和單元中的風險和漏洞。

We shipped Datadog infrastructure as code security so our customers can identify and fix these configurations in their terraform and plat formation code.

我們將 Datadog 基礎架構作為程式碼安全性來交付，以便我們的客戶能夠在他們的 terraform 和平台形成程式碼中識別和修復這些配置。

Our customers can now use security posture management to benchmark their environments against industry-based practices.

我們的客戶現在可以使用安全態勢管理來根據行業實踐對他們的環境進行基準測試。

We launched code security to detect vulnerabilities in first party code running in production environments.

我們推出了程式碼安全性來偵測生產環境中運行的第一方程式碼中的漏洞。

We'll continue to expand on our software composition analysis capabilities.

我們將繼續擴展我們的軟體組成分析能力。

And we built many more integrations, content packs, and investigative workflows into our cloud SIM product.

我們在雲端 SIM 產品中建立了更多的整合、內容包和調查工作流程。

In software delivery, developers can now use that code security with quality gates to ensure production code meets quality, security, and performance standards.

在軟體交付中，開發人員現在可以將程式碼安全性與品質閘結合使用，以確保生產程式碼符合品質、安全性和效能標準。

And we announced the ability for customers to observe Dora metrics to improve the speed and efficiency of their engineering teams.

我們也宣布客戶可以觀察 Dora 指標，以提高其工程團隊的速度和效率。

In cloud service management, we launched a modern scheduling solution, that are on call for general availability last month.

在雲端服務管理方面，我們推出了現代化的調度解決方案，上個月已投入全面使用。

We're already seeing significant customer interest parts, and I'm excited to solve this problem for our users.

我們已經看到了客戶感興趣的重要部分，我很高興為我們的用戶解決這個問題。

We launched event management for general availability using AI Ops to intelligently aggregate, consolidate, and simplify alerts from any sources.

我們推出了普遍可用的事件管理，使用 AI Ops 來智慧地聚合、整合和簡化來自任何來源的警報。

We build out our case management functionality so users can triage, assign, and close production related tickets faster.

我們建立了案例管理功能，以便用戶能夠更快地分類、分配和關閉與生產相關的票據。

And finally, our ad builder product, let's user build apps to implement their own custom processes and workflows and take action directly within Datadog

最後，我們的廣告建立器產品讓使用者可以建立應用程式來實現自己的自訂流程和工作流程，並直接在 Datadog 中採取行動

.

。

So I'd like to thank our product and engineering teams for a very productive 2024.

因此，我要感謝我們的產品和工程團隊在 2024 年取得了豐碩的成果。

And I'm super excited about what we have we have planned for 2025.

我對我們為 2025 年制定的計劃感到非常興奮。

Let's move on to sales and marketing.

讓我們繼續討論銷售和行銷。

We had a strong close to 2024 with record bookings and some very exciting new logos and expansions.

我們在 2024 年取得了強勁成績，創下了預訂記錄，並推出了一些令人興奮的新標誌和擴張。

Let's go through a few.

讓我們來看看其中的幾個。

First, we need a seven figure annualized deal with a major US financial institution.

首先，我們需要與美國一家大型金融機構達成七位數的年化交易。

This company was struggling with high costs and expensive logging tools.

該公司因高昂的成本和昂貴的伐木工具而陷入困境。

By using Datadog Flex Logs and observability pipelines, this customer expects to save money on log management.

透過使用 Datadog Flex Logs 和可觀察性管道，該客戶希望節省日誌管理費用。

And we'll redeploy those savings to invest in observability transformation.

我們將重新部署這些儲蓄來投資可觀察性轉型。

This customer is starting with four data products and he's replacing four commercial and open source tools.

該客戶從四種數據產品開始，並正在替換四種商業和開源工具。

Next, we'll landed a seven figure annualized deal with a large Brazilian retail company.

接下來，我們將與一家大型巴西零售公司達成年度七位數的交易。

This company had built a home-grown open source based observability tool.

該公司已經建構了一個自主研發的基於開源的可觀察性工具。

But had poor visibility into customer journeys for their shopping applications.

但其對購物應用的客戶旅程的了解程度較差。

With Datadog , they quickly improved the application performance, which to higher app store ratings, better digital reputation, and improved user confidence.

借助 Datadog，他們快速提高了應用程式的效能，從而提高了應用程式商店評級、改善了數位聲譽並增強了用戶信心。

This customer is starting with five data parts.

該客戶從五個數據部分開始。

Next, we'll need a [60] annualized deal with the leading American entertainment company.

接下來，我們需要與美國領先的娛樂公司達成一項[60]年化交易。

This company had limited visibility into their customers experience on in-store kiosks and on their mobile app.

該公司對顧客在店內自助服務終端和行動應用上的體驗了解有限。

By using Datadog unified platform, this company will correlate monitoring across front and back end and enable multiple teams to collaborate for improved customer experience.

透過使用 Datadog 統一平台，該公司將關聯前後端的監控並讓多個團隊進行協作以改善客戶體驗。

This land deal features our brand new product analytic capabilities and will displace two commercial observability analytics tools.

這項土地交易體現了我們全新的產品分析能力，並將取代兩種商業可觀察性分析工具。

Next, we landed a high six-figure annualized deal with the US federal health insurance company.

接下來，我們與美國聯邦健康保險公司達成了一項高達六位數的年度協議。

This company's Medicare services business requires a SIM, but its tool was expensive and poorly adopted by the teams.

該公司的醫療保險服務業務需要 SIM 卡，但其工具價格昂貴，且團隊採用率較低。

They will now rely on both Flex Logs and our Cloud SIM within GovCloud for significant cost savings, all that while improving security and compliance.

他們現在將依靠 Flex Logs 和 GovCloud 內的 Cloud SIM 來大幅節省成本，同時提高安全性和合規性。

And we have the opportunity to provide additional value and expand to three pillars and to an observability over time.

我們有機會提供額外的價值，並隨著時間的推移擴展到三大支柱和可觀察性。

Next, we signed a seven-figure annualized expansion with a Fortune 100 oil and gas company.

接下來，我們與一家財富 100 強石油和天然氣公司簽署了一份七位數的年度擴張協議。

This customer is moving thousands of hosts from on-prem to the cloud.

該客戶正在將數千台主機從本地遷移到雲端。

And we replace two legacy infrastructure and network monitoring tools.

我們更換了兩個傳統的基礎設施和網路監控工具。

The estimated cost and productivity savings from repressing these legacy tools exceed $1 million annually.

據估計，壓制這些傳統工具每年可節省的成本和生產力超過 100 萬美元。

And we work with them to evaluate the productivity gains when thousands of users saw less disruption by incidents for expected savings of over $10 million per year.

我們與他們合作評估了當數千名用戶因事故而導致的中斷減少時，生產效率的提高，預計每年可節省超過 1000 萬美元。

This customer is expanding to use 14 data products.

該客戶正在擴展使用14種數據產品。

Last for today, we signed a seven-figure annualized expansion with the leading security software company.

今天的最後一件事是，我們與領先的安全軟體公司簽署了一份七位數的年度擴張協議。

This customer built a homegrown log management tool using open source software, but it was time-consuming to maintain, extremely costly and perform poorly with unacceptable delays.

該客戶使用開源軟體建立了自主開發的日誌管理工具，但維護起來非常耗時、成本極高且效能不佳，延遲令人無法接受。

By moving to Flex logs, this customer is already saving on to costs, producing meantime to resolution and increasing user productivity, with estimated savings of over $1 million a year.

透過轉向 Flex 日誌，該客戶已經節省了成本，同時產生了解決方案並提高了用戶生產力，估計每年可節省超過 100 萬美元。

And this customer is expanding to use eight Datadog products.

而該客戶正在擴大使用八種 Datadog 產品。

And that's it for this quarters highlights.

這就是本季的亮點。

Congrats again to our go-to-market team for their great work in 2024.

再次恭喜我們的行銷團隊在 2024 年所做的出色工作。

Our best ever close to the year, and the exciting plans they've laid out for 2025.

我們以最好的狀態結束了這一年，他們為 2025 年制定了令人興奮的計劃。

Before I turn it over to David for a financial review.

在我將其交給大衛進行財務審查之前。

A few words on a longer term outlook.

談長期展望。

We continue to believe digital transformation and cloud migration are long term secular growth drivers of our business, as well as critical for every company to deliver value and gain competitive advantage.

我們始終相信數位轉型和雲端遷移是我們業務的長期成長動力，對於每家公司實現價值和獲得競爭優勢也至關重要。

And we think moving to modern cloud-based technologies is more important than ever as more companies step up to adopt AI capabilities.

我們認為，隨著越來越多的公司加大對人工智慧功能的採用，轉向現代基於雲端的技術比以往任何時候都更加重要。

We continue to focus on delivering innovation and value to our customers against their mission critical needs.

我們將繼續致力於為客戶提供創新和價值，滿足他們的關鍵任務需求。

And more than ever, we feel ideally positioned to have customers of every size in every industry to transform, innovate, and drive value through technology adoption.

我們比以往任何時候都更感覺自己處於理想的位置，能夠讓各行各業、各種規模的客戶透過採用科技來轉型、創新和推動價值。

And with that, I will turn it over to our CFO, David.

接下來我將把權力移交給我們的財務長戴維 (David)。

Thanks, Olivier.

謝謝，奧利維爾。

At the start, Q4 revenue was $738 million up 25% year over year and up 7% quarter over quarter.

年初，第四季營收為 7.38 億美元，年增 25%，季增 7%。

To dive into some of the drivers of the Q4 revenue growth.

深入探討第四季度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 their expectations.

整體而言，我們發現現有客戶的使用量成長趨勢與他們的預期一致。

We continue to see conditions that were similar to recent quarters and 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.

我們繼續看到與最近幾季類似的情況，並且在整個 2024 年基本上保持穩定，雲端和現代 DevOps 技術將繼續發展，並且客戶仍然注重成本並尋求從支出中實現效率和價值。

In Q4, we saw usage growth from existing customers that was roughly similar to the usage growth in the year ago quarter.

在第四季度，我們發現現有客戶的使用量成長與去年同期的使用量成長大致相同。

Next, we continue to see robust contribution from AI native customers who represented about 6% of Q4 ARR, roughly the same as last quarter, and up from about 3% of ARR in the year ago quarter.

接下來，我們繼續看到來自 AI 原生客戶的強勁貢獻，他們佔第四季度 ARR 的約 6%，與上一季大致相同，高於去年同期的 ARR 的約 3%。

AI native customers contributed about 5% points of year over year revenue growth in Q4, versus 4 points in the last quarter and about 3 points in the year ago quarter.

第四季度，AI原生客戶貢獻了約 5% 的年收入成長，而上一季為 4 個百分點，去年同期為 3 個百分點左右。

So we saw strong growth from AI native customers in Q4.

因此，我們在第四季度看到 AI 原生客戶的強勁成長。

We believe that adoption of AI will continue to benefit Datadog in the long term.

我們相信，從長遠來看，採用人工智慧將繼續使 Datadog 受益。

Meanwhile, we did see some optimization and volume discounts related to contract renewals in Q4.

同時，我們確實看到第四季度與合約續約相關的一些優化和批量折扣。

We remain mindful that we may see volatility in our revenue growth on the backdrop of long-term volume growth from this cohort as customers renew with us on different terms and as they may choose to optimize cloud and observability usage.

我們仍然意識到，由於客戶以不同的條款與我們續約，並且他們可能選擇優化雲和可觀察性的使用，因此在這一群體的長期數量增長的背景下，我們的收入增長可能會出現波動。

Next, as we look at usage growth by segment.

接下來，我們來看看各部分的使用量增長。

Similar to recent quarters, we are seeing the strongest year over year usage growth from our enterprise customers.

與最近幾季類似，我們發現企業客戶​​的使用量較去年同期成長最為強勁。

Meanwhile, our SMB customers uses growth remains solid, with slight year over year acceleration versus last quarter.

同時，我們的中小企業客戶使用量成長依然穩健，與上一季相比同比略有加速。

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

提醒一下，我們將企業定義為擁有 5,000 名或以上的員工的客戶，中型市場定義為擁有 1,000 至 5,000 名員工的客戶，中小型企業定義為擁有少於 1,000 名員工的客戶。

Regarding our retention metrics, our trailing 12 month net revenue retention percentage was in the high 110s in Q4 compared to the mid-110s last quarter.

關於我們的保留指標，我們過去 12 個月的淨收入保留率在第四季度處於 110% 的高位，而上一季為 110% 的中段。

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 95% 左右。

Regarding our customer growth, we added 800 net customers in Q4 for a total of around 30,000 customers.

至於客戶成長方面，我們在第四季淨增了 800 名客戶，客戶總數達到約 3 萬名。

This includes the highest number of gross new logos and dollar new logo annualized bookings since early 2023.

這包括自 2023 年初以來最高的新標誌總數和新標誌年化預訂金額。

Now moving to our financial results.

現在來看看我們的財務表現。

Billings were $908 million up 26% year over year.

營業額達 9.08 億美元，年增 26%。

Remaining performance obligations or RPO was $2.27 billion up 24% year over year.

剩餘履約義務或RPO為22.7億美元，年增24%。

Current RPR growth was in the mid-20% year over year.

目前 RPR 的成長率約為 20% 左右。

RPO duration was down year every year.

RPO 時長逐年下降。

Normalizing for duration, RPO growth was in the mid-thirties year every year.

按持續時間標準化後，RPO 成長率每年都在 30% 左右。

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

我們仍然相信，收入比帳單和RPO更能反映我們的業務趨勢，因為這些指標會根據開票時間和客戶合約期限而相對於收入而波動。

Now, let's review some of the key income statement results.

現在，讓我們回顧一些關鍵的損益表結果。

Unless otherwise noted, all metrics are non-GAAP.

除非另有說明，所有指標均為非 GAAP。

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 財務數據的對帳表。

First, gross profit in the quarter was $603 million for a gross margin of 81.7%.

首先，本季毛利為 6.03 億美元，毛利率為 81.7%。

This compares to a gross margin of 81.1% last quarter and 83.4% in the year ago quarter.

相較之下，上一季的毛利率為 81.1%，去年同期的毛利率為 83.4%。

Our Q4 OpEx grew 30% year over year, accelerating from 21% last quarter as we continue to execute on our hiring plans.

由於我們繼續執行招聘計劃，我們的第四季度營運支出年增 30%，高於上一季的 21%。

This includes our successful investment in sales and marketing, which grew 31% year over year in Q4 2024 to 23% of revenues, up from 5% year over year growth in Q4 of 2023 at 22% of revenues.

這包括我們在銷售和行銷方面的成功投資，該投資在 2024 年第四季同比增長 31%，佔收入的 23%，高於 2023 年第四季同比增長 5% 和占收入的 22%。

We ended 2024 with sales and marketing headcount of about 3,000, up from about 2,400 at the end of 2023.

截至 2024 年底，我們的銷售和行銷員工人數約為 3,000 人，高於 2023 年底的約 2,400 人。

This also includes our successful investment in R&D, which grew 29% year over year in Q4 2024 to 29% of revenues, up from 15% year over year growth in Q4 last year at 28% of revenues.

這也包括我們在研發方面的成功投資，該投資在 2024 年第四季同比增長 29%，佔營收的 29%，高於去年第四季同比增長 15% 和占收入的 28%。

We ended 2024 with R&D headcount of about 3,100, up from 2,400 at the end of 2023.

截至 2024 年底，我們的研發員工人數將從 2023 年底的 2,400 人增加至約 3,100 人。

Q4 operating income was $179 million or a 24% operating margin compared to 25% last quarter and 28% in the year ago quarter.

第四季營業收入為 1.79 億美元，營業利潤率為 24%，而上一季為 25%，去年同期為 28%。

Now, turning to the balance sheet and cash flow statements, we ended the quarter with $4.2 billion in cash equivalents, and marketable securities.

現在，回顧資產負債表和現金流量表，本季末我們擁有 42 億美元的現金等價物和有價證券。

In December, we issued a five year $1 billion convertible note.

12 月份，我們發行了五年期 10 億美元可轉換債券。

We used $122 million of the proceeds for transaction costs and cap calls associated with these notes.

我們將其中 1.22 億美元用於支付與這些票據相關的交易成本及上限要求。

And simultaneous with the issuance of these notes, we repurchased approximately 15% of our outstanding 2025 convertible notes and terminated the associated cap calls for net cost of $142 million.

在發行這些票據的同時，我們回購了約 15% 的未償還 2025 年可轉換票據，並終止了相關的上限要求，淨成本為 1.42 億美元。

After taking into account this issuance and repurchasing activity, our cash balance increased by $736 million net. $636 million principal amount of the 2025 convertible notes and associated cap calls remains outstanding, and we expect to retire the outstanding amount of the 2025 notes on or before their maturity date of June 15, 2025.

考慮到此次發行和回購活動後，我們的現金餘額淨增加了 7.36 億美元。 2025 年可轉換票據及相關上限要求的 6.36 億美元本金額仍未償還，我們預計將在 2025 年 6 月 15 日到期日或之前償還 2025 年票據的未償還金額。

Cash flow from operations was $265 million in the quarter.

本季經營活動現金流為 2.65 億美元。

After taking into account capital expenditures and capitalized software, free cash flow was $241 million for a free cash flow margin of 33%.

考慮資本支出和資本化軟體後，自由現金流為 2.41 億美元，自由現金流利潤率為 33%。

And now for our outlook for the first quarter and fiscal year 2025.

現在讓我們來展望一下 2025 年第一季和財年的前景。

First, our guidance philosophy remains unchanged.

第一，我們的指導思想沒有改變。

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

提醒一下，我們的指導基礎是近幾個月觀察到的趨勢，並對這些成長趨勢採取保守態度。

So, for the first quarter, we expect revenues to be in the range of $737 million to $741 million which represents 21% year over year growth.

因此，我們預計第一季的營收將在 7.37 億美元至 7.41 億美元之間，年增 21%。

Non-GAAP operating income is expected to be in the range of $162 million to $166 million which implies an operating margin of 22%.

非 GAAP 營業收入預計在 1.62 億美元至 1.66 億美元之間，這意味著營業利潤率為 22%。

And non-GAAP net income per share is expected to be $0.41 to $0.43 per share, based on approximately $366 million weighted average diluted shares outstanding.

基於約 3.66 億美元的加權平均攤薄流通股，非 GAAP 淨利潤預計為每股 0.41 美元至 0.43 美元。

And for the full fiscal year 2025, we expect revenues to be in the range of $3.175 billion to $3.195 billion which represents 18% to 19% year over year growth.

而對於整個 2025 財年，我們預計營收將在 31.75 億美元至 31.95 億美元之間，年增 18% 至 19%。

Non-GAAP operating income is expected to be in the range of $655 million to $675 million which implies an operating margin of 21%.

非 GAAP 營業收入預計在 6.55 億美元至 6.75 億美元之間，這意味著營業利潤率為 21%。

And non-GAAP net income per share is expected to be in the range of $1.65 to $1.70 per share based on approximately $369 million weighted average diluted shares outstanding.

基於約 3.69 億美元的加權平均攤薄流通股，非 GAAP 每股淨利潤預計在 1.65 美元至 1.70 美元之間。

Now for some additional notes on this guidance.

現在來看看關於本指南的一些補充說明。

As it relates to our growth in OpEx and hiring.

因為它與我們的營運支出和招募成長有關。

First, we successfully executed on our hiring plans in 2024, ending the year with about 6,500 employees, growing 27% year over year.

首先，我們成功執行了 2024 年的招募計劃，到年底我們擁有約 6,500 名員工，年增 27%。

And we remain excited by our numerous long-term growth opportunities.

我們仍然對眾多的長期成長機會感到興奮。

Our operating profit guidance reflects our intent to continue to invest for future growth in 2025.

我們的營業利潤指引反映了我們在 2025 年繼續投資以實現未來成長的意圖。

Because of that, our operating profit guidance implies operating expense growth in the high 20% range year over year.

因此，我們的營業利潤預期意味著營業費用將年增 20% 左右。

As we did in 2024, we expect to grow our investments in both sales and marketing and R&D this year.

正如我們在 2024 年所做的那樣，我們預計今年將增加對銷售和行銷以及研發的投資。

As I discussed earlier, in Q4, sales and marketing expenses grew 31% year over year, and R&D expense grew 29% year over year.

正如我之前所討論的，第四季銷售和行銷費用年增 31%，研發費用年增 29%。

We continue to expand our capabilities in sales and marketing, including expanding in our less mature geographies.

我們繼續擴大我們的銷售和行銷能力，包括向不太成熟的地區擴張。

Adding more channel and alliance capabilities and extending our efforts around larger enterprises among many other initiatives.

增加更多管道和聯盟能力，並將我們的努力擴展到更大型的企業以及許多其他措施。

And in R&D we are focused on delivering more value to our customers, both in expanding the number of products for our customers and the capabilities we add as part of the day to do platform.

在研發方面，我們專注於為客戶提供更多價值，包括擴大為客戶提供的產品數量以及增加我們日常平台所添加的功能。

Meanwhile, we continue to balance our investments in long-term growth with financial discipline as we have executed in the past.

同時，我們將繼續像過去一樣，在長期成長投資與財務紀律之間取得平衡。

Now turning to the other areas of the P&L, first, we expect net interest and other income for fiscal 2025 to be approximately $120 million.

現在談談損益表的其他領域，首先，我們預計 2025 財年的淨利息和其他收入約為 1.2 億美元。

Regarding taxes, our non-GAAP tax rate is 21% in fiscal year 2025, and this is reflected in our non-GAAP net income per share guidance.

關於稅收，我們 2025 財年的非 GAAP 稅率為 21%，這反映在我們的非 GAAP 每股淨收入指引中。

Next, we expect our cash taxes in 2025 to be about 1% of 2025 revenues, or about $30 million to $35 million.

接下來，我們預計 2025 年的現金稅將佔 2025 年收入的 1% 左右，約 3,000 萬至 3,500 萬美元。

While we have utilized the majority of our US-based NOLs, we have R&D tax credits and deductions related to stock-based compensation that reduced our cash tax payments.

雖然我們已經利用了大部分位於美國的淨營運利潤，但我們的研發稅收抵免和與股票薪酬相關的扣除額減少了我們的現金稅款支付。

Finally, we expect capital expenditures.

最後，我們預期資本支出。

And capitalize software together to be in the 4% to 5% of revenues range in 2025.

並將軟體資本化，到 2025 年達到收入的 4% 到 5% 左右。

Now, to summarize, we are pleased with our execution in 2024.

現在，總結一下，我們對 2024 年的執行感到滿意。

We are well positioned to help our existing and prospective customers with their cloud migration and digital transformation journeys.

我們有能力幫助現有和潛在客戶實現雲端遷移和數位轉型。

And we continue to invest in our growth opportunities in 2025.

我們將繼續投資於2025年的成長機會。

I want to thank all data dogs worldwide for their efforts last year, and I'm very excited about our plans for this year.

我要感謝全世界所有數據狗去年的努力，我對我們今年的計畫感到非常興奮。

And with that, we will open the call for questions.

現在，我們將開始提問。

Operator, let's begin the Q&A.

接線員，我們開始問答。

(Operator Instructions)

（操作員指令）

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you so much.

太感謝了。

Great to see the record bookings in Q4.

很高興看到第四季的預訂記錄。

I'm curious how you're feeling overall about the book of business for AI native customers we recall you anticipated several months ago that some of them were growing so rapidly that they would increase their commitments with better terms.

我很好奇您對 AI 原生客戶業務的整體感受，我們記得您幾個月前就曾預計，其中一些客戶發展如此迅速，以至於他們會以更好的條件增加承諾。

And I'm curious if the developments that you mentioned on the call aligned with that or whether any of them might become so large that they would they would try to handle observability in health.

我很好奇您在電話中提到的發展是否與此相符，或者其中任何一個是否可能變得如此之大，以至於他們會嘗試處理健康方面的可觀察性。

Just in other words I'm trying to understand if the AI usage and commits are kind of on the same trajectory that they were on or whether you feel that it’s so there some oscillations there.

換句話說，我想了解人工智慧的使用和提交是否與先前的軌跡相同，或者您是否覺得那裡存在一些波動。

Yeah, thanks for the question.

是的，謝謝你的提問。

So I think the, in general what happened during the quarter is pretty much what we thought would happen, when we discussed it, in the last earnings call.

因此，我認為，總體而言，本季發生的情況與我們在上次財報電話會議上討論時認為會發生的情況基本一致。

And when you look at the AI cohort, we definitely saw some renewals with higher commits, better terms, and optimization uses all at the same time, which is fairly typical, what typically happens with large range customers in particular is at the time of renewal, customers are going to try to optimize what they can.

當您查看 AI 群組時，我們確實看到一些續約同時具有更高的承諾、更好的條款和優化使用，這是相當典型的，特別是對於大範圍客戶通常發生的情況是，在續約時，客戶會嘗試優化他們能優化的內容。

They're going to get better prices on of the commitments.

他們將會以更優惠的價格履行承諾。

And we might see a flat or down, a month or quarter after that with a still sharp growth from the year before and growth to come in the year to come.

我們可能會看到，一個月或一個季度後，經濟成長持平或下降，但與前一年相比仍保持大幅成長，且明年仍將保持成長。

So that we typically see.

這就是我們通常看到的。

When you look at the cohort as a whole, even with that significant, renewal, optimization, and better economics, the quarter all is stable quarter to quarter in its revenue and it's growing a lot from the quarter before, even with all that.

從整體來看，即使經歷了重大的更新、優化和更好的經濟形勢，本季的收入仍然保持穩定，並且與上一季相比仍有很大的成長。

Now when you talk about like some very large customers that are growing extremely fast, have the fastest we have seen in the tech industry, there is always customers that want to, in-house, their observability or monitoring.

現在，當你談論一些成長極快的大客戶時，這些客戶是我們在科技業中見過成長最快的，總有一些客戶希望在內部實現他們的可觀察性或監控。

Typically what we see is it's more of a cultural choice because it's not economically rational unless you have a combination of tremendous scale, exceptional access to talent, and you also don't have a growth that is limited by the engineering bandwidth you have for innovation what it is core to your business.

通常我們看到的是，這更多的是一種文化選擇，因為除非你擁有巨大的規模、出色的人才管道，否則這在經濟上是不合理的，而且你的增長不會受到你所擁有的創新工程頻寬的限制，而創新是你業務的核心。

And so all three are typically never true at the same time.

因此，這三者通常不會同時成立。

If you look at the top 5, 10 companies, in the world by infrastructure site today, some don't run any third party software and do everything themselves.

如果你看看當今全球基礎設施網站排名前 5 到 10 的公司，你會發現有些公司不運行任何第三方軟體，而是自己做所有事情。

Some do run, third party software and do run our service, usually on part of their businesses.

有些確實運行第三方軟體並運行我們的服務，通常是作為其業務的一部分。

But really, at the end of the day, like those 510 companies are not the market for selling software or fast, and they never have been.

但實際上，到最後，像這 510 家公司並不是銷售軟體或快速銷售的市場，而且它們從來都不是。

So the rest of the world is the core market.

因此，世界其他地區是核心市場。

And when we talk about the AI cohort.

當我們談論人工智慧群體時。

What's interesting is not so much this relatively small set of AI native companies, and we see them more as a sign of things to come in terms of a broader AI adoption.

有趣的並不是這批相對較少的 AI 原生公司，我們更將它們視為 AI 更廣泛應用未來的標誌。

So what's interesting to us is, all the rest of the world starts operating AI workloads and grows into that.

因此，對我們來說有趣的是，世界其他地區都開始運行人工智慧工作負載並不斷發展。

Okay, understood.

好的，明白了。

And then, just as a very quick follow up, Olivia, either for Olivia or David, all three major hyper scalers did miss their Q4 revenue forecasts and they were talking about capacity constraints on the AI side.

然後，作為一個非常快速的後續問題，奧利維亞，無論是奧利維亞還是大衛，所有三家主要的超大規模企業都沒有達到第四季度的收入預測，他們正在談論人工智慧方面的產能限制。

But the non-AI side, for some of them seem to slow just the regular, typical cloud migrations and I'm just wondering if you felt the timing of the holidays had any impact on December, or whether their AI capacity constraints might be flowing through to Datadog as well.

但非人工智慧方面，對於其中一些人來說，似乎只會減慢常規的、典型的雲端遷移速度，我只是想知道您是否覺得假期的時間對 12 月產生了任何影響，或者他們的人工智慧容量限制是否也會影響到 Datadog。

Yeah, it's hard to tell exactly what's going on with the capacity constraints and things like that, if I were just to compare and contrast what we do, for growth with the cloud providers.

是的，如果我只是為了與雲端供應商的成長進行比較和對比我們所做的工作，那麼很難確切地說出容量限制和諸如此類的事情到底是怎麼回事。

Overall, we're growing a bit faster than the cloud providers, including, the very big bump they're getting from, selling GPUs, which is not something we monetize very well on our end, in part because those GPUs are largely attached to trading workloads that we don't play a big role in.

總體而言，我們的成長速度比雲端供應商要快一點，其中包括他們從銷售 GPU 中獲得的巨大成長，而這並不是我們能夠很好地從中獲利的領域，部分原因是這些 GPU 主要用於交易工作負載，而我們在其中並沒有發揮很大的作用。

But also in part because these are new pieces of infrastructure that will have different needs as they become more broadly used by a larger, number of companies.

但部分原因在於，這些都是新的基礎設施，隨著越來越多的公司廣泛使用，它們將有不同的需求。

If you back out the, as you mentioned, the GPU related, AI related they are related part of the growth for the providers, they are slowing down and we are meaningfully outgrowing them, that part of the business.

如果你退出，正如你所提到的，GPU相關，AI相關，它們與提供者的成長部分相關，他們的成長正在放緩，而我們的這部分業務正在顯著超越他們。

And I think that if you zoom out, that's sort of in line with the broader trend of, we're driven by all business is driven by transformation and plot transformation which is happening, which will keep happening, and we're outgoing that trend now and in the long run.

我認為，如果縮小範圍，這在某種程度上是符合更廣泛的趨勢的，我們所有的業務都受到轉型和情節轉型的驅動，這種轉型正在發生，並將繼續發生，我們現在和從長遠來看都在順應這一趨勢。

Thank you very much.

非常感謝。

Really appreciate it.

真的很感激。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Thank you for taking the question and congrats on the record bookings quarter in Q4.

感謝您回答這個問題，並祝賀第四季度的預訂量創下紀錄。

Olivier, I want to talk on the sales and marketing side, how you're thinking about this year in terms of the magnitude of change versus the prior year whether it's relating to the investments in underserved geos or the channel partners or you know continuing to serve the enterprise opportunity.

奧利維爾，我想談談銷售和行銷方面，您如何看待今年與前一年相比的變化幅度，無論是與服務不足的地區或通路合作夥伴的投資有關，還是繼續服務企業機會。

What do you have in store for the sales organization going into 2025?

您對 2025 年的銷售組織有何計畫？

So we have quite a bit in stores.

因此我們商店裡有相當多的商品。

There's a number of parts of the business were being a little bit more deliberate about pushing the product, in particular, in the segment where we think we're on the cusp of acceleration in critical mass and we can invest and behind that.

我們在業務的許多領域都在更謹慎地推銷產品，特別是在我們認為正處於加速臨界點的領域，我們可以進行投資並支持這一領域。

So there's a few examples.

有幾個例子。

We mentioned, for example, on some of the customer wins we discussed today, we mentioned a number of wins for Flex Logs.

例如，在我們今天討論的一些客戶勝利中，我們提到了 Flex Logs 的許多勝利。

And we definitely see the potential for log, (inaudible) log in particular to get much more adoption in the market.

我們確實看到了日誌（聽不清楚）特別是日誌在市場上獲得更多採用的潛力。

We also see a very interesting and timely competitive opening there with some of the bigger players being taken out recently.

我們也看到那裡出現了非常有趣且及時的競爭局面，一些大公司最近被淘汰出局。

So there's efforts like that, that we're pushing to.

所以我們正在努力做這樣的事。

Another example we gave on the call, the product that's exciting to us right now is OnCall.

我們在電話中給出的另一個例子是，目前令我們興奮的產品是 OnCall。

OnCall is brand-new, just entered GA, but demand is very, very strong.

OnCall 是全新的，剛進入 GA，但需求非常非常強勁。

So we are making sure that we have the right programs from a go-to-market perspective to make sure those products can take off as they should.

因此，我們要確保從市場進入的角度製定正確的計劃，以確保這些產品能夠正常發展。

So if you zoom out from the specific product related programs or the specific partner related or segment related to is a number of those.

因此，如果您從特定產品相關計劃或特定合作夥伴相關或相關細分市場中縮小範圍，您會發現其中有許多。

What we're doing really that matters is we are growing the sales capacity.

我們真正正在做的事情是提高銷售能力。

We've been growing the sales capacity last year.

去年我們的銷售能力一直在成長。

I would say we probably got a bit of a slower start last year in the first half of the year at growing you said capacity we will have won it.

我想說，去年上半年我們的開局可能有點慢，但正如你所說，在產能成長方面，我們會取得勝利。

We accelerated that throughout the second half of the year.

我們在整個下半年都加快了這一進程。

We're still accelerating this capacity growth, and we expect to see the results from that.

我們仍在加速這一產能成長，並期待看到成果。

(inaudible) when you invest in sales when you hire sales and marketing, you start seeing the impact in one to two years after that.

（聽不清楚）當您僱用銷售和行銷人員來投資銷售時，您會在一到兩年後開始看到影響。

When you hire engineering and you build the R&D capacity, you start seeing the impact in two to three years after that.

當你僱用工程師並建立研發能力時，你會在兩到三年後開始看到影響。

So that's we're pushing towards that.

這就是我們正在努力實現的目標。

That makes total sense and just as a follow up.

這完全是有道理的，而且只是後續行動。

I actually was going to ask about logs and Flex Logs it sort of dominated a lot of your customer highlights this quarter.

我實際上想問的是有關日誌和 Flex Logs 的問題，它佔據了本季度許多客戶亮點。

In terms of like logs becoming a sort of renewed focus you know across the sort of observability stack you obviously have some incumbents.

就日誌成為一種新的焦點而言，您知道在可觀察性堆疊中顯然有一些現任者。

But is there anything sort of changing technologically you guys have obviously I think re-architected your log platform, but what seems to be driving the renewed interest in log and cloud SIM that gets you excited about the opportunity?

但從技術上來說，你們是否做出了改變？ 我認為你們顯然重新設計了日誌平台，但是什麼推動了人們對日誌和雲端 SIM 的重新興趣，讓你們對這個機會感到興奮呢？

Well, to combination, there's definitely new interesting technologies and economics that relate to these technologies that resonate well with customers.

嗯，就組合而言，肯定存在新的有趣的技術和與這些技術相關的經濟學，能夠引起客戶的共鳴。

So now you can keep a lot more data and keep it for a longer and it's a lot more cost efficient.

因此，現在您可以保存更多數據，並保存更長時間，而且更具成本效益。

And so that's definitely one aspect.

這肯定是一個方面。

Second aspect is modernizing the stack is something that's really cloud first cloud-based, which was not the case of the platforms that we're mostly used before that.

第二個面向是，堆疊的現代化是真正基於雲端的，而之前我們主要使用的平台並非如此。

And then there is interesting opportunities to also unify some of the operational aspects of the security aspects.

然後，還有有趣的機會來統一安全方面的一些操作方面。

So we alongside with Flex Logs, we also see quite a bit of demand for cloud.

因此，我們除了 Flex Logs 之外，還看到對雲端的相當大的需求。

And we think the competition of those is very interesting.

我們認為這些之間的競爭非常有趣。

So I would say all those together would drive the renewed specific interest in that part of the business and a and why we're pushing this.

所以我想說，所有這些因素共同激發人們對該部分業務的新的興趣，這也是我們推動這項業務的原因。

Thank you, I appreciate the thoughts.

謝謝，我很感激您的想法。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

There's a lot of focus on the big AI guys at the moment, but how do you, I mean, but that's only the starting point for the AI opportunity.

目前，人們對人工智慧巨頭給予了極大的關注，但我的意思是，這只是人工智慧機會的起點。

Can you see, like what you see in first feedback on people looking at inference workloads and trying to have observability on them because I would assume in the long run that's probably the bigger opportunity.

您能否看到，就像您在人們關注推理工作負載並試圖對其進行可觀察性的第一反饋中所看到的一樣，因為我認為從長遠來看，這可能是更大的機會。

What do you see there and then a question and I have to follow up with David.

你在那裡看到了什麼，然後有一個問題，我必須跟進大衛。

Yeah.

是的。

So on the inference side, mostly still what customers do is they use a third-party model either through an API or through a third-party inference platform.

因此在推理方面，客戶主要仍然是透過 API 或第三方推理平台使用第三方模型。

And what they're interested in is measuring whether that model is doing the right thing.

他們感興趣的是衡量該模型是否做正確的事情。

And that's what we serve right now with LLM observability, for example, as well, we see quite a bit of adoption that does not come largely from the AI native companies.

這就是我們現在透過 LLM 可觀察性提供的服務，例如，我們看到相當多的採用並非主要來自 AI 原生公司。

So that's what we see today.

這就是我們今天所看到的情況。

In terms of operating the inference stack fully and how we see relatively few customers with that yet, we think that's something that's going to come next.

就全面操作推理堆疊而言，我們看到目前擁有這項功能的客戶相對較少，我們認為這是下一步要做的事情。

And by the way, we're very excited by the developments we see in the sale.

順便說一句，我們對銷售進展感到非常興奮。

So it looks like there is many, many different options that are going to be viable for running your AI inference.

因此看起來，有很多不同的選項可以用於運行 AI 推理。

There's a very healthy set of commercial API gated services, there's models that you can install in the open source, their model in the open source today that are rebidding in quality with the best closed API models.

有一套非常健康的商業 API 門控服務，您可以在開源中安裝這些模型，它們在當今開源中的模型在品質上與最佳封閉 API 模型相媲美。

So within the ecosystem is developing into a rich diversity stand that we allow customers to have a diversity of modalities for using AI, which is exciting.

因此，生態系統正在發展成為一個豐富多樣的平台，我們允許客戶以多種方式使用人工智慧，這是令人興奮的。

Okay, yeah, that's really exciting.

好的，是的，這確實令人興奮。

And then David, like, if you think about the increase investments that we're seeing across sales and marketing and R&D, obviously, we could have kind of taken kind of an accelerated approach or an approach there, like, this time last year, the year before, et cetera.

然後大衛，如果你想想我們在銷售、行銷和研發方面看到的投資增加，顯然，我們可以採取一種加速的方法，或者一種方法，比如去年這個時候，前年等等。

What drives your confidence or what drives the decision to kind of think this year, what are the signals that you're seeing out there to kind of, get you excited about that.

是什麼推動了您的信心或是什麼推動了您今年做出這樣的決定，您看到哪些訊號讓您對此感到興奮。

Thank you.

謝謝。

Yeah, good, yeah, it's really bottoms up.

是的，很好，是的，它確實是自下而上的。

We look at the geographies in one case where we see the white space and the evidence of success and attainment and the accounts that as we talked about internationally, we don't fully cover.

在一個案例中，我們研究了地理位置，看到了空白、成功和成就的證據以及我們在國際上討論的、我們尚未完全覆蓋的帳戶。

Next, as we've been developing our channel and our partnerships.

接下來，我們一直在發展我們的管道和合作夥伴關係。

We think there's a big opportunity there, so we've been increasing our investment and see return on that, the percentage of our sales that are affected by channel partners has been increasing, so there's evidence there.

我們認為這是一個很大的機會，所以我們一直在增加投資並看到回報，受通路合作夥伴影響的銷售百分比一直在增加，所以有證據顯示這一點。

And then in terms of, across the different types of customers we see very large enterprise customers that need to be treated in a certain way and have been increasing the way we go-to-market.

然後就不同類型的客戶而言，我們看到非常大的企業客戶需要以特定的方式對待，並且一直在增加我們進入市場的方式。

Of course we go bottoms up, but we also have an increasing effort in some key accounts.

當然，我們自下而上地進行，但我們也在一些關鍵客戶上加大了力度。

So all of those things are based on the evidence and the demand cycles we see in our results to date.

因此，所有這些都是基於我們迄今為止的結果中看到的證據和需求週期。

One thing to keep in mind when we look at, because I know something that's in the back of the mind of many of our listeners here.

當我們看的時候要記住一件事，因為我知道這裡許多聽眾心裡都在想一些事情。

When we look at growing the sales capacity and the relationship between that and how we think we're going to grow the business and guidance for this year and things like in particular.

當我們考慮擴大銷售能力及其之間的關係以及我們認為如何成長今年的業務和指導等具體事項時。

Remember that the revenue comes on usage and usage is only loosely related to in time to the bookings we get from the sales team.

請記住，收入來自於使用量，而使用量與我們從銷售團隊獲得的預訂量的時間只有鬆散的關係。

And so when we think about the guidance we're putting forward and what we're looking at for the year, it's all based on recent usage trends that we discounted to the future.

因此，當我們考慮所提出的指導方針以及我們對今年的展望時，一切都是基於我們對未來的考慮而得出的近期使用趨勢。

And it doesn't really incorporate a lot of the longer-term gains we get from the scaling of the go-to-market.

而且它實際上並沒有體現出我們從擴大市場規模中獲得的許多長期利益。

Just adding one more thing, I think we said that in 2023 with the risks that we saw on the market.

我再補充一點，我認為我們說過，2023 年市場上有風險。

That we did take a prudent approach and we slowed down the growth of the go-to-market.

我們確實採取了謹慎的態度並放慢了市場進入速度。

So there is some of the catch up of essentially these are things that we pulled back on a little bit, took a little more conservative approach, and once we saw the evidence in some of these territories, we began to accelerate.

因此，本質上這些是我們在追趕過程中稍微退後一步、採取更為保守的方法，而一旦我們在其中一些領域看到了證據，我們就開始加速。

And if you look at the sales and marketing investment in the second half of the year, you'll see that, we started to be successful in increasing our quota capacity and our go-to-market investments.

如果你看看今年下半年的銷售和行銷投資，你會發現，我們開始成功地提高我們的配額容量和市場投資。

Okay, perfect.

好的，完美。

Thank you.

謝謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Hi, thank you very much.

你好，非常感謝。

I'm wondering if I could get your assessment of, the disparity between the strong forward-looking indicators so that's RPO, CRPO, forward-looking, bent to the business versus the conservative guidance, any thoughts on that?

我想知道您是否可以評估一下強勁的前瞻性指標（即 RPO、CRPO、前瞻性、傾向於業務與保守指導）之間的差異，對此您有什麼看法？

Is it, a bit more conservative given that your forward-looking indicators actually look a little bit stronger than one would have expected?

鑑於您的前瞻性指標實際上看起來比人們預期的要強勁一些，那麼它是否有些保守呢？

And second, maybe this is one for you, David, is there at the margin any change at all with respect to the usage upside versus the commitment that customers are making and therefore that could help understand why the guidance is what it is.

其次，大衛，也許這是你要問的，在使用量上升與客戶所做的承諾之間，是否存在任何變化，這可以幫助你理解為什麼會有這樣的指導。

Thank you so much once again.

再次感謝您。

So I think on the first question, really that what I was just commenting on, which is that the revenue report is based on usage.

因此，我認為關於第一個問題，實際上我剛才正在評論的是，收入報告是基於使用情況的。

And we only know when we get the user from customers.

我們只知道何時該從客戶那裡獲得用戶。

And it's not directly linked in time to the bookings.

而且它與預訂時間沒有直接聯繫。

In many cases, the bookings come ahead of the revenue.

在很多情況下，預訂量先於收入。

So we'll have a new customer, and it's going to take them time to ramp into their commitment.

因此，我們將迎來一位新客戶，他們必須花一些時間來履行承諾。

In some cases, the bookings can trial, the revenues of customers grew a lot and they had a lot of already uncommitted revenue and then we look at me to some part of that over that in over time.

在某些情況下，預訂量可以試驗，客戶的收入成長了很多，他們還有很多未承諾的收入，然後我們會隨著時間的推移看著其中的一部分。

So it's there's less of a direct relationship there.

因此，兩者之間的直接關係較不明顯。

Again, when we look at guidance

再次，當我們查看指導時

--

--

I get that.

我明白。

I think you explained it, but at the margin, how do you convert those commitments into usage?

我想你已經解釋過了，但在邊際上，你如何將這些承諾轉化為使用？

I mean, are there things that you're emphasizing the organization to get better conversion and in a shorter span of time.

我的意思是，您是否強調組織需要在更短的時間內實現更好的轉變？

That was really the heart of the question, if I'm not clear.

如果我沒有說清楚的話，這確實是問題的核心。

Sorry about that.

很抱歉。

Yes, there's a number of things we're doing for that, right?

是的，我們為此做了很多事情，對嗎？

I mean part of it is the usual question of how much of your comp plan on the sale side should be usage versus bookings.

我的意思是，部分問題是一個常見問題：銷售方面的補償計劃中，有多少是使用量，有多少是預訂量。

And we've definitely experimenting with some different ratios there, and we try to optimize for the best outcomes.

我們確實嘗試了一些不同的比例，並嘗試優化以獲得最佳結果。

But in general, again, just if I go back to the biggest question, which is what's the relationship between what we see there and the guidance, guidance is really based on the recent trends, and we extrapolate them.

但總的來說，如果我回到最大的問題，即我們看到的情況和指導意見之間的關係是什麼，指導意見實際上是基於最近的趨勢，然後我們對其進行推斷。

So with some discount.

因此給予一些折扣。

So by definition, even though we see acceleration from the drivers, we ourselves invest more in some areas, it's unlikely that unless we see direct acceleration in the recent quarter that you will see accelerating a number of the guidance there.

因此，根據定義，儘管我們看到了驅動因素的加速，我們自己也在某些領域投入了更多資金，但除非我們在最近一個季度看到直接加速，否則你不太可能看到那裡的一些指導加速。

Just because of the way this is constructed, like we're very disciplined in terms of sticking to the usage trends there.

正是因為這種構造方式，我們在堅持那裡的使用趨勢方面非常自律。

Yeah, just to add, I think, we've said that in some quarters, the bookings and RPO numbers might diverge from the ARR and revenue growth.

是的，我想補充一下，我們已經說過，在某些季度，預訂量和 RPO 數字可能與 ARR 和收入成長有差異。

I think in this quarter you see there's pretty good convergence, right?

我認為本季您會看到相當好的融合，對嗎？

They all point to the same range, et cetera.

它們都指向同一範圍，等等。

We certainly have the motion, as you mentioned, of assigning commits and then working with clients to use those commits and then go above that.

正如您所提到的，我們當然有分配提交的動議，然後與客戶合作使用這些提交，然後超越這一點。

That hasn't changed, so the amount of spread between usage and it commits is similar to what it's been.

這一點並沒有改變，因此使用量和提交量之間的差距與以前相似。

I think you're correct.

我認為你是對的。

A lot of what we do operationally and our customer success are technical account management, our product management, our marketing is about trying to get our customers to use more of the platform.

我們在營運和客戶成功方面所做的工作很多都是技術客戶管理、產品管理和行銷，目的是試圖讓我們的客戶更多地使用該平台。

And in the metrics we show both in terms of revenues of the different product areas and in the cross cell metrics, that continues to be strong.

從我們展示的指標來看，無論是不同產品領域的收入還是跨單元指標，這種勢頭都持續強勁。

I [echo] what Oli said was when we provide the guidance, we really haven't changed our methodology, we take what we know from those trends.

我[贊同]奧利所說的，當我們提供指導時，我們實際上並沒有改變我們的方法，而是從這些趨勢中獲取我們所了解的資訊。

And we essentially put conservativism going forward.

我們本質上是在推動保守主義的發展。

So, I think you can't necessarily go, one to one there, and we've not changed our approach in doing that and providing guidance.

所以，我認為你不一定能一對一地進行，而且我們也沒有改變我們這樣做和提供指導的方法。

Matthew Hedberg, RBC.

馬修·赫德伯格（Matthew Hedberg），RBC。

Great, thanks for taking my question.

太好了，感謝您回答我的問題。

David, for you, it was nice to see NRR pick up a bit, and I realized it's a trailing 12 metric, and this year was met with a lot of stability here.

大衛，對你來說，很高興看到 NRR 有所回升，我意識到這是一個落後的 12 個指標，今年在這裡得到了很大的穩定。

I'm just sort of curious, when you think about that, going forward, what have you embedded from a retention perspective in your '25 outlook.

我只是有點好奇，當您考慮到這一點時，展望未來，您在 25 年展望中從保留的角度嵌入了什麼。

And then maybe to put a finer point on the on the on the digital, the AI native question earlier.

然後也許可以更詳細地闡述數位化、人工智慧原生問題。

I mean does your guidance assume that that we see a pretty stable contribution there, throughout the year?

我的意思是，您的指導是否假設我們全年都會看到相當穩定的貢獻？

Yeah, so on the first question, yes, it has been ticking up, and then what we do essentially there's really two inputs into revenue guidance.

是的，關於第一個問題，是的，它一直在上升，然後我們所做的基本上是對收入指導的兩個輸入。

One is and the largest one is what is net retention, and the other is what contribution from new, and we essentially, as and you can probably, figure that out, we do take the net retention and then discount that.

一個是，最大的一個是淨留存率，另一個是新業務的貢獻，我們基本上，正如你可能已經弄清楚的那樣，我們確實會採用淨留存率，然後對其進行折扣。

So that's what we look at.

這就是我們所關注的。

In terms of the AI contribution, I think we try to embed that in the level of the discount.

就人工智慧貢獻而言，我認為我們會嘗試將其嵌入到折扣水平中。

I think we're essentially don't assume that there's going to be some non-pro rata acceleration of AI.

我認為我們基本上不認為人工智慧會出現一些不按比例的加速發展。

There may be, it's a big opportunity, but we don't assume that.

可能有，這是一個很大的機會，但我們不這麼認為。

So we try to take the conservativism that we have in our net retention or expansion rate and apply that across the customer base, not being smart enough to know exactly where it might be or not be.

因此，我們嘗試將我們在淨保留率或擴張率方面的保守性應用到整個客戶群中，但我們不夠聰明，無法準確知道它可能在哪裡或不在哪裡。

Got it thanks.

明白了，謝謝。

Congrats on the results.

恭喜你所取得的成果。

Thanks.

謝謝。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah, hey guys, thanks so much for taking the questions.

是的，嘿夥計們，非常感謝你們回答這些問題。

I appreciate all the disclosure on ARR coming from the three core pillars here on infrastructure monitoring, APM, and logs.

我感謝有關 ARR 的所有揭露，這些揭露來自基礎設施監控、APM 和日誌這三大核心支柱。

And so as we move into 2025 and beyond, how do you think about the potential for infrastructure monitoring, specifically the growth there to accelerate from current levels, and what would be the trigger for that?

那麼，隨著我們進入 2025 年及以後，您如何看待基礎設施監控的潛力，特別是其從當前水準加速的成長，以及其觸發因素是什麼？

Good question.

好問題。

I think first, there's a number of new [DCs] that are emerging that are related to infrastructure that we might want to cover.

我認為首先，有許多與我們可能想要涵蓋的基礎設施相關的新 [DC] 正在出現。

Again, once they're emerging, they're actually emerging, like we still have to see what the actual needs from the lavender customers.

再說一次，一旦它們出現，它們實際上就出現了，就像我們仍然需要看看薰衣草顧客的實際需求是什麼。

I'm talking in particular about infrastructure concerns around GPU management, GP optimization, I guess quite a lot going on there that we can potentially do.

我特別談論的是有關 GPU 管理、GP 優化等基礎設施問題，我想我們可以在這些方面做很多事情。

But for that, we need to see broad usage of the raw GPUs by a large number of customers as opposed to usage by a smaller number of AI native customers, which is mostly what we still see to that.

但要做到這一點，我們需要看到大量客戶廣泛使用原始 GPU，而不是少數 AI 原生客戶的使用，而這仍是我們主要看到的。

There are some interesting pockets of the market that we don't get into today because there are still some large IoT fleets or on-prem fleet.

市場上有一些有趣的領域我們今天還沒有進入，因為仍然有一些大型的物聯網車隊或內部車隊。

So things that are part of our customers set up that we were not built some they want to handle, but that are not becoming part of the picture as those customers settle in some form of mix of what they have on the cloud and where they keep on-prem.

因此，我們為客戶設定的那些我們並沒有為他們處理的東西，但隨著這些客戶採用某種形式的混合形式，將他們在雲端擁有的東西和他們在本地保存的東西結合起來，這些東西並沒有成為我們考慮的一部分。

And so we see some opportunity there, too.

因此我們也看到了一些機會。

So there's a number already has where we can progress on the on the infrastructure side.

因此，我們在基礎設施方面已經取得了一些進展。

Another AI is network monitoring, which we've been building up.

另一個人工智慧是網路監控，我們一直在建構它。

So there's a few things there.

那裡有幾件事。

But we definitely still see quite a bit of opportunity.

但我們確實仍然看到相當多的機會。

The largest opportunity, of course, is that look, even for faster monitoring, where we're clearly the leader, we still have a relatively small part of the market that is growing in the cloud.

當然，最大的機會是，即使對於更快的監控而言，我們顯然處於領先地位，但我們在雲端成長的市場中所佔份額仍然相對較小。

And so a lot of our efforts have to do with making sure that one will land enough of the right customers.

因此，我們很多的努力都是為了確保能夠吸引足夠的合適客戶。

Now again, we still have a bit less than half of the 4,500 customers today.

現在，我們的客戶數量仍略少於 4,500 名的一半。

And then for those customers who get into all of their workloads, all of their environments and we keep going at.

然後，對於那些承擔所有工作量、所有環境的客戶，我們會繼續努力。

Got it, thank you.

知道了，謝謝。

And just to follow up here on FX and the impacts of revenue and guidance and so I know the vast majority of contracts are in USD, but with 30% of revenue being international, are you considering some changes in pricing and packaging, making pricing more localized for international customers, and then also trying to understand any benefits to operating margin from FX in 2024.

為了跟進外匯以及收入和指引的影響，我知道絕大多數合約都是以美元計價的，但 30% 的收入來自國際收入，您是否考慮對定價和包裝進行一些調整，使定價更適合國際客戶，然後還試圖了解外匯在 2024 年對營業利潤率的任何好處。

And how that may be accounted for in the 2025 guide.

以及 2025 年指南中如何解釋這一點。

Thank you so much.

太感謝了。

Yeah, as we are largely a US dollar-based company, our exposure is not very high, we do occasionally look at local billing.

是的，由於我們主要是一家以美元為基礎的公司，所以我們的風險敞口不是很高，我們偶爾會查看本地帳單。

It's not something that is significant, I think that's all wrapped up into our offers to our clients, and I think, unlike other companies that have been reporting, FX is not a very major effect on our financial results.

這並不是什麼重大的事情，我認為這都包含在我們向客戶提供的服務中，而且我認為，與其他已經報告的公司不同，外匯對我們的財務業績不會產生太大的影響。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

Hey, thanks for taking the question here, Oli.

嘿，感謝你在這裡回答這個問題，奧利。

You talked about Flex Logs having a lot of success, some M&A in the marketplace that's opened up some opportunity, but just curious from displacement activity that you're seeing with some of the recent M&A take outs on the SIM and log management vendors.

您談到 Flex Logs 取得了很大成功，市場上的一些併購開闢了一些機會，但只是從您看到的最近一些針對 SIM 和日誌管理供應商的併購活動中的置換活動感到好奇。

And curious also what your ability is to win both the logs and security use cases because.

並且也很好奇您在日誌和安全用例方面獲勝的能力是什麼。

In our feedback talking to customers and channel it sounds like it's oftentimes one or the other but not both so I'm curious of your ability to win both those workloads.

在我們與客戶和管道的回饋中，聽起來往往是其中之一，但不是兩者兼而有之，所以我很好奇您是否有能力贏得這兩項工作量。

Yes.

是的。

So first of all, we see a lot of success with some of the migrations in particular to Flex Log.

首先，我們看到一些遷移取得了很大成功，特別是向 Flex Log 的遷移。

The majority of the use cases are around the Ops as opposed to a to stop. but we do see a number of opportunities that come solely from SIM to start with.

大多數用例都圍繞著操作而不是停止。但我們確實看到許多機會只是來自 SIM 的。

You're right that it typically don't come together because the two are typically purchased by different parts of the org, and maybe they come up at different times or maybe the motivations come from different parts of the org to change.

您說得對，它們通常不會結合在一起，因為兩者通常由組織的不同部分購買，也許它們出現在不同的時間，或者動機來自組織的不同部分而改變。

So what we see is that in the growing number of migration to Flex Log we've seen, we typically start with a few workloads in Flex Logs and Ops.

因此，我們看到，在遷移到 Flex Log 的數量不斷增長的情況下，我們通常會從 Flex Logs 和 Ops 中的幾個工作負載開始。

And then after that, we see more workloads in Ops open and some conversations on the SIM side.

在此之後，我們看到 Ops 中的工作負載有所增加，並且在 SIM 方面也有一些對話。

I would say historically, the time set has been harder to convert because it is more heavily entrenched with a lot of specific queries and what flows are not built on top of legacy products.

我想說，從歷史上看，時間集更難轉換，因為它更根深蒂固地包含大量特定查詢，並且流程不是建立在遺留產品之上的。

But we've developed a lot of functionality to not only come to parity with all the function that has been used for those custom bids, but also to help customers directly migrate that.

但是，我們已經開發了許多功能，不僅可以與用於那些自訂出價的所有功能相媲美，還可以幫助客戶直接遷移這些功能。

And that's part of the efforts that are coming to bear this year in terms of being able to accelerate in the go-to-market with those products.

這是今年為加速這些產品的上市所做的努力的一部分。

Awesome and Oli, I'd love to just get some of your thoughts on agentic AI and AI generally just curious when we think about agents which parts of the core observability platform that you think are most relevant or going to be most beneficial to your business as you start to monitor those.

太棒了，Oli，我很想聽聽你對代理人工智慧和人工智慧的一些看法，我只是好奇，當我們考慮代理時，你認為核心可觀察性平台的哪些部分與你的業務最相關或最有益，因為你開始監控這些部分。

Yes.

是的。

Well, first of all, it's a bit hard to tell because it's a very nascent field.

嗯，首先，這有點難說，因為這是一個非常新興的領域。

So my guess is in a year if we probably look different from what it looks like today.

所以我猜測一年後我們可能會與今天有所不同。

Just like this year, it looks very different from what last year.

就像今年一樣，看起來與去年非常不同。

What we do see, though, is that, so when we started building our product, most of the use cases we saw there from customers where chat bot in nature or rag in nature trying to access information and return the information.

然而，我們確實看到，當我們開始建立我們的產品時，我們看到的大多數用例都是來自客戶的聊天機器人或試圖存取資訊並返回資訊的程式。

Now we see more and more customers building agents on top of that and sending data from their agents.

現在我們看到越來越多的客戶在此基礎上建立代理並從其代理發送資料。

So we definitely see a growing trend there of adoption.

因此我們確實看到採用率呈現成長趨勢。

And the LLM observability product is a good level of abstraction at least for the current iteration of these agents to get them.

並且 LLM 可觀察性產品至少對於這些代理的當前迭代來說是一個很好的抽象層次。

So that's what we can see today.

這就是我們今天所看到的。

In our internal developments, obviously, we use our own products heavily for that.

在我們的內部開發中，顯然我們大量使用我們自己的產品。

And we see a lot of different opportunities to automate work with agents on top of our platform.

我們看到了很多在我們的平台上透過代理商實現工作自動化的不同機會。

I would say, though, that we also do see new modalities, the modalities for developing those agents and the market is changing very, very quickly here.

不過，我想說，我們也確實看到了新的模式，開發這些代理商的模式以及市場正在發生非常非常快速的變化。

Thanks Oli.

謝謝奧利。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Oh great thank you so much.

噢，太好了，非常感謝。

So Oli, I think you started touching on this, but you guys help your customers to digitally transform but when you look inside of Datadog.

所以 Oli，我想你開始談到這一點了，但你們幫助客戶實現數位轉型，但當你看看 Datadog 內部時。

What are some of the processes in the areas where you see the possibility to really drive some improvements?

您認為在哪些領域中流程有可能真正推動一些改進？

Inside Datadog.

Datadog 內部。

Yeah.

是的。

Well, everywhere like the was fascinating about the current evolution of AI, in particular, is that it touches a lot of the different areas of the business.

嗯，人工智慧的當前發展到處都令人著迷，特別是它涉及許多不同的商業領域。

The first area to be transformed is really the way software is being built.

第一個需要轉變的領域其實是軟體建構方式。

What engineers use, how they write software, how they debug software, how do they also operate sense part of that is outside tooling we're using for writing software.

工程師使用什麼、如何編寫軟體、如何調試軟體、如何操作，其中一部分是我們用來編寫軟體的外部工具。

Part of that is dug feeding or new products for made incident resolution and that sort of thing.

其中一部分是挖掘供給或新產品以解決事件之類的事情。

So that's the first area.

這是第一個領域。

There's a number of other areas that are going to see large improvements in productivity.

許多其他領域的生產效率也將大幅提高。

Typically, everything that has to do with customers helping with onboarding and helping troubleshoot issues like all of that is in acceleration.

通常，所有與客戶幫助入職以及幫助解決問題等相關的工作都在加速進行。

In the end, we expect to see improvements everywhere from front office to back office.

最後，我們希望看到從前台到後台各個方面的改進。

Thank you.

謝謝。

And then the follow up on that is.

然後接下來就是後續的事情。

Do you see your efficiency as an organization overall, increasing where you can just grow with sort of the same number of people.

您是否認為整個組織的效率不斷提高，而員工人數卻沒有改變？

Do you feel like in the future you're going to need to add the same amount of headcount to drive growth as you do today.

您是否覺得未來您需要增加與現在相同數量的員工來推動成長？

Well, I mean, in general, just to the level set, we have a very efficient customer organization already, like we have really sales efficiency metrics.

嗯，我的意思是，總的來說，就目前水準而言，我們已經有一個非常有效率的客戶組織，就像我們真正的銷售效率指標一樣。

We have been highly innovative, growing fast and at the same time, we've shown that we could deliver very good margins all always on the bottom line.

我們一直高度創新，快速發展，同時，我們已經證明我們可以始終在底線上提供非常好的利潤。

So I consider ourselves to be a very efficient organization.

所以我認為我們是一個非常有效率的組織。

Right now, any productivity we gain on the R&D side is reinvested in building more and deserving more functionality and generating more growth.

現在，我們在研發方面獲得的任何生產力都將重新投資於建立更多功能並產生更多成長。

I would say in the short to mid-term, we should expect also that any productivity we gain on the other fiber business is also going to be reinvested in R&D and building more and getting more differentiation or in getting more scale faster on the GTM side.

我想說，在短期到中期內，我們還應該預期，我們在其他光纖業務上獲得的任何生產力也將重新投資於研發和建設，獲得更多差異化，或在 GTM 方面更快地擴大規模。

So for the short to midterm, that should be the expectation.

因此，對於短期到中期而言，這應該是預期。

Long term, I was not always expecting us to be a very efficient company and a highly potable company.

從長遠來看，我並不總是期望我們會成為一家非常有效率的公司和一家高度可塑的公司。

And I think all of those advances are only going to emphasize that.

我認為所有這些進步只會強調這一點。

Great thanks, Oli.

非常感謝，奧利。

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 to CEO, Olivier Pomel, for closing remarks.

現在我想請執行長 Olivier Pomel 作最後發言。

All right, thank you.

好的，謝謝。

And again, I want to thank the team for, super productive year.

我再次感謝團隊，這一年非常有成效。

We have a lot planned, whether that's on the go-to-market side and the scaling the company on the product development side for 2025.

我們有許多計劃，無論是在市場進入方面，還是在 2025 年產品開發方面的公司擴張。

So I'm really impatient to see how this unfolds and to share with everyone and our customers in particular, everything we've been working on.

因此，我迫不及待地想看看事情如何發展，並與大家、特別是我們的客戶分享我們一直在努力的一切。

So thank you all.

謝謝大家。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。