數據狗 (DDOG) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q4 2024, Datadog earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2024 年第四季 Datadog 財報電話會議。（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. Please go ahead.

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。請繼續。

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

謝謝你，丹尼爾。早安，感謝您與我們一起回顧 Datadog 2024 年第四季度的財務業績，我們在今天早上發布的新聞稿中公佈了這一業績。今天參加電話會議的還有 Datadog 聯合創辦人兼執行長 Olivier Pomel 和 Datadog 財務長 David Obstler。

During this call, we will make forward-looking statements including statements related to our future financial performance, our outlook for the 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. These statements reflect our views only as of today and are subject to a variety of risks and uncertainties that could cause actual results to differ materially.

預期、相信、繼續、估計、期望、打算、將要等詞語以及類似的表達旨在識別前瞻性陳述或對未來預期的類似指示。這些聲明僅反映我們截至今天的觀點，並受到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. 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.

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 日的季度的 10-Q 表。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. 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.

這些資訊以及本次電話會議的重播也可在我們網站的投資者關係部分找到。我們還將討論非 GAAP 財務指標，這些指標與我們收益報告表格中最直接可比較的 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.

說完這些，我想把電話轉給奧利維爾。

Thank you, Yuk, and thank you all for joining us this morning. We had a strong Q4 to end a very productive year. 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.

謝謝你，Yuk，也謝謝大家今天早上加入我們。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。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.

我們繼續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，我們提供了更多價值。

Let me start with a review of our Q4 financial performance. Revenue was $738 million an increase of 25% year over year and above the high end of our guidance range. We ended with about 30,000 customers, up from about 27,300 a year ago.

首先讓我回顧一下我們第四季的財務表現。營收為 7.38 億美元，年成長 25%，高於我們預期範圍的上限。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. These customers generated about 88% of our ARR. We had 462 customers with ARR of $1 million or more compared to $396 a year ago. And we generated free cash flow of $241 million with a free cash flow margin of 33%.

截至第四季度，我們擁有約 3,610 名客戶的 ARR 為 100,000 美元或以上，高於一年前的約 3,190 美元。這些客戶創造了我們約 88% 的 ARR。我們有 462 位客戶的 ARR 達到或超過 100 萬美元，而一年前這一數字為 396 美元。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. 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.

談到平台採用，我們的平台策略持續在市場上引起共鳴。截至第四季末，83% 的客戶使用兩種或兩種以上的產品，與去年大致相同。 50% 的客戶使用四種或四種以上的產品，高於一年前的 47%。 26% 的客戶使用 6 種或六種以上的產品，高於一年前的 22%，12% 的客戶使用 8 種或八種以上的產品，高於一年前的 9%。

During 2024, we continued to land and expand with larger customers. As of December 2024, 45% of the Fortune 500 are Datadog customers, up from 42% in 2023. We think many of the largest enterprises are still very early in their journey to the cloud.

2024 年，我們持續吸引和拓展更大的客戶。截至 2024 年 12 月，財富 500 強企業中有 45% 是 Datadog 的客戶，高於 2023 年的 42%。我們認為許多大型企業在雲端運算之旅中仍處於早期階段。

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

Datadog 對於財富 500 強客戶的平均 ARR 仍不到 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。因此，我們為更多的客戶提供更多的產品，我們也非常高興地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. 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.

首先，我們的總 ARR 現已超過 30 億美元，這對 Datadog 的所有人來說都是一項重大成就，儘管我們才剛起步。我們之所以能實現這一里程碑，很大程度上是透過發展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. 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.

如今，基礎設施監控為 ARR 貢獻了超過 12.5 億美元。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，即核心 APM、連續分析器、資料庫監控和錯誤跟踪，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. Meanwhile, we're making progress with our other products, and we are pleased to see them increasing in customer usage and growth.

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。同時，我們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. And we are excited about our growth opportunities in the many new products in this group. Now let's discuss this quarter as business drivers.

目前，三大支柱以外的產品對 ARR 的貢獻超過 2 億美元。我們對該集團眾多新產品的成長機會感到非常興奮。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. 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.

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。本季我們的使用量成長整體符合預期，10 月和 11 月成長較為強勁，而 12 月底則通常會放緩。

We continue to experience a stable business environment. And our customers overall are growing their cloud usage while some are continuing to be cost conscious. 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.

我們的商業環境持續保持穩定。整體而言，我們的客戶正在增加雲端的使用量，同時有些客戶仍然注重成本。本季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. 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.

提醒一下，我們的預訂量不會立即轉化為收入成長，但這表明我們將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。最後，客戶流失率一直維持在低位，總收入保留率穩定在 90% 左右，凸顯了我們的平台對客戶的關鍵使命性質。

Moving on to R&D. And what we built in 2024. Release of 400 new features and capabilities this year. Now that's too much for us to go back today, but let's go over some of our innovations.

轉向研發。以及我們在 2024 年建造的東西。今年發布了 400 個新功能和新能力。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. 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.

一是持續完善數據平台。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. 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。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.

我們採取了幾大措施來擴展 Datadog，使其成為遙測用戶的最佳可觀察性平台，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. We launch LLM observability in general availability to help customers evaluate, safely deploy and manage their models in production. And we continue to see increased interest in next-gen AI.

在下一代人工智慧和法學碩士領域，我們將繼續為 Bits AI 添加功能，推出用於事件管理的 Bits AI，並預覽用於自主調查的 Bits AI。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。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 整合來發送有關其機器學習、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. 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.

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。我們不斷建構資料可觀察性，包括啟動資料中斷、資料作業監控，以便資料工程師能夠在管線中的任何地方偵測到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. In digital experience, our customers can now use our mobile app testing to test iOS and Android applications on real mobile phones. We allow faster investigation of mobile app issues with mobilization replay.

我們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。在數位體驗中，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。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. And customers can now cost effectively retain and analyze massive volumes of data over long periods of time. We expanded blog workspaces for advanced analytics and querying.

在日誌管理方面，Flex Logs 已全面上市。客戶現在可以經濟高效地長期保留和分析大量數據。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. In cloud security, we now have more than 7,000 customers using one or more security products.

我們利用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。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. 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、容器和單元內的風險和漏洞。我們將 Datadog 基礎架構作為程式碼安全性交付，以便我們的客戶可以在他們的 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. We launched code security to detect vulnerabilities in first party code running in production environments.

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。我們啟動了程式碼安全性來偵測在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. And we built many more integrations, content packs, and investigative workflows into our cloud SIM product.

我們將繼續擴展我們的軟體組成分析能力。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. And we announced the ability for customers to observe Dora metrics to improve the speed and efficiency of their engineering teams.

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。我們宣布客戶可以觀察 Dora 指標來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. We're already seeing significant customer interest parts, and I'm excited to solve this problem for our users.

在雲端服務管理方面，我們推出了現代化的調度解決方案，該解決方案已於上個月投入全面使用。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. We build out our case management functionality so users can triage, assign, and close production related tickets faster. 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 .

我們推出了普遍可用的事件管理功能，使用 AI Ops 智慧地聚合、整合和簡化來自任何來源的警報。我們建立了案例管理功能，以便使用者可以更快地分類、分配和關閉與生產相關的票證。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. And I'm super excited about what we have we have planned for 2025. Let's move on to sales and marketing. We had a strong close to 2024 with record bookings and some very exciting new logos and expansions.

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。我對我們為 2025 年制定的計劃感到非常興奮。讓我們繼續討論銷售和行銷。我們在 2024 年取得了強勁的成績，預訂量創下了紀錄，並推出了一些非常令人興奮的新標誌和擴張。

Let's go through a few. First, we need a seven figure annualized deal with a major US financial institution. This company was struggling with high costs and expensive logging tools. By using Datadog Flex Logs and observability pipelines, this customer expects to save money on log management.

讓我們來看看其中幾個。首先，我們需要與一家美國大型金融機構達成一項七位數的年化交易。該公司正因高昂的成本和昂貴的伐木工具而苦苦掙扎。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. This customer is starting with four data products and he's replacing four commercial and open source tools.

我們將重新部署這些節省下來的資金，用於投資可觀察性轉型。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. This company had built a home-grown open source based observability tool. But had poor visibility into customer journeys for their shopping applications.

接下來，我們將與一家大型巴西零售公司達成七位數的年化交易。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。但其購物應用程式對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. This customer is starting with five data parts.

借助 Datadog，他們快速提升了應用程式的效能，從而提高了應用程式商店的評級、更好的數位聲譽並增強了用戶信心。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. This company had limited visibility into their customers experience on in-store kiosks and on their mobile app. 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.

接下來，我們需要與美國領先的娛樂公司達成一項 [60] 年化協議。該公司對客戶在店內自助服務終端和行動應用程式上的體驗了解有限。透過使用 Datadog 統一平台，該公司將關聯前端和後端的監控，並使多個團隊能夠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. Next, we landed a high six-figure annualized deal with the US federal health insurance company. This company's Medicare services business requires a SIM, but its tool was expensive and poorly adopted by the teams.

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

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。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. This customer is moving thousands of hosts from on-prem to the cloud. And we replace two legacy infrastructure and network monitoring tools.

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。該客戶正在將數千台主機從本地遷移到雲端。我們更換了兩個遺留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. 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.

壓制這些傳統工具預計每年可節省的成本和生產力超過 100 萬美元。我們與他們合作，評估當數千名用戶因事故而受到的干擾減少時，生產力的提高，預計每年可節省超過 1000 萬美元。

This customer is expanding to use 14 data products. Last for today, we signed a seven-figure annualized expansion with the leading security software company. 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.

該客戶正在擴大使用14種數據產品。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。該客戶使用開源軟體建立了一個自主研發的日誌管理工具，但維護起來非常耗時、成本極高、效能不佳且延遲令人無法接受。

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，同時提高了解決方案並提高了用戶生產力，預計每年可節省超過 100 萬美元。

And this customer is expanding to use eight Datadog products. And that's it for this quarters highlights. Congrats again to our go-to-market team for their great work in 2024. Our best ever close to the year, and the exciting plans they've laid out for 2025.

而該客戶正在擴大使用八種 Datadog 產品。這就是本季的亮點。再次恭喜我們的行銷團隊在 2024 年所做的出色工作。這是我們迄今為止最好的一年，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. A few words on a longer term outlook. 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.

在我將其交給大衛進行財務審查之前。就長期前景談幾句話。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，對於每家公司創造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. 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。我們比以往任何時候都更感到自己處於理想的位置，可以幫助各行各業各種規模的客戶透過採用技術來實現轉型、創新和創造價值。

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

謝謝，奧利維爾。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. Overall, we saw trends for usage growth from existing customers that were consistent with their expectations.

深入探討第四季度營收成長的一些驅動因素。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 年大致保持穩定，繼續向雲端和現代 DevOps 技術轉變，並且客戶仍然注重成本並尋求從支出中獲取效率和價值。

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

在第四季度，我們看到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。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 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. So we saw strong growth from AI native customers in Q4. We believe that adoption of AI will continue to benefit Datadog in the long term.

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，去年同期為約3個百分點。因此，我們在第四季度看到了 AI 原生客戶的強勁成長。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. 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.

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

接下來，我們來看看各部分的使用量增長。與最近幾季類似，我們看到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. 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.

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

關於我們的保留指標，我們過去 12 個月的淨收入保留率在第四季度處於 110% 的高位，而上一季則為 110% 左右。最後，我們過去 12 個月的總收入保留率保持穩定在 90% 左右。

Regarding our customer growth, we added 800 net customers in Q4 for a total of around 30,000 customers. This includes the highest number of gross new logos and dollar new logo annualized bookings since early 2023.

關於我們的客戶成長，我們在第四季度增加了 800 名淨客戶，總數達到約 30,000 名客戶。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. Billings were $908 million up 26% year over year. Remaining performance obligations or RPO was $2.27 billion up 24% year over year. Current RPR growth was in the mid-20% year over year.

現在來看看我們的財務表現。營業額達 9.08 億美元，年增 26%。剩餘履約義務或RPO為22.7億美元，年增24%。目前 RPR 成長率與去年同期相比約為 20%。

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

RPO 持續時間逐年下降。以持續時間計算，RPO 成長率每年都在 30% 左右。我們仍然相信，收入比帳單和 RPO 更能表明我們的業務趨勢，因為這些指標會根據開票時間和客戶合約期限相對於收入而波動。

Now, let's review some of the key income statement results. Unless otherwise noted, all metrics are non-GAAP. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release. First, gross profit in the quarter was $603 million for a gross margin of 81.7%. This compares to a gross margin of 81.1% last quarter and 83.4% in the year ago quarter.

現在，讓我們回顧一些關鍵的損益表結果。除非另有說明，所有指標均為非 GAAP。我們在收益報告中提供了 GAAP 與非 GAAP 財務狀況的對帳表。首先，本季毛利為 6.03 億美元，毛利率為 81.7%。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. 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.

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%。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 5% 的同比增長和 22% 的佔收入的 22%。

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

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。這也包括我們在研發方面的成功投資，2024 年第四季度，研發投資年增 29%，佔營收的 29%，高於去年第四季 15% 的年成長率和 28% 的佔營收的 29%。

We ended 2024 with R&D headcount of about 3,100, up from 2,400 at the end of 2023. Q4 operating income was $179 million or a 24% operating margin compared to 25% last quarter and 28% in the year ago quarter.

截至 2024 年底，我們的研發員工人數約為 3,100 人，高於 2023 年底的 2,400 人。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. In December, we issued a five year $1 billion convertible note.

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。12月，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. 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.

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和上限要求。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本金金額為 6.36 億美元，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. After taking into account capital expenditures and capitalized software, free cash flow was $241 million for a free cash flow margin of 33%. And now for our outlook for the first quarter and fiscal year 2025.

本季經營活動現金流為 2.65 億美元。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%。現在來展望一下 2025 年第一季和財年。

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

第一，我們的指導思想沒有改變。提醒一下，我們的指導基礎是最近幾個月觀察到的趨勢，並對這些成長趨勢採取保守態度。因此，我們預計第一季的營收將在 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%. 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.

非公認會計準則營業收入預計在 1.62 億美元至 1.66 億美元之間，這意味著營業利潤率為 22%。基於約 3.66 億美元的加權平均稀釋流通股，非 GAAP 每股淨收益預計為 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. Non-GAAP operating income is expected to be in the range of $655 million to $675 million which implies an operating margin of 21%.

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%。非公認會計準則營業收入預計在 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. Now for some additional notes on this guidance. As it relates to our growth in OpEx and hiring.

基於約 3.69 億美元的加權平均稀釋流通股，非 GAAP 每股淨收益預計在 1.65 美元至 1.70 美元之間。現在來看看有關該指南的一些補充說明。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. And we remain excited by our numerous long-term growth opportunities.

首先，我們成功執行了 2024 年的招聘計劃，到年底員工人數約為 6,500 人，年增 27%。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. Because of that, our operating profit guidance implies operating expense growth in the high 20% range year over year. As we did in 2024, we expect to grow our investments in both sales and marketing and R&D this year.

我們的營業利潤指引反映了我們繼續投資於 2025 年未來成長的意圖。因此，我們的營業利潤預期意味著營業費用年增率將達到 20% 左右。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. We continue to expand our capabilities in sales and marketing, including expanding in our less mature geographies.

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%。我們繼續擴大我們的銷售和行銷能力，包括在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. 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.

增加更多管道和聯盟能力，並將我們的努力擴展到更大的企業以及許多其他措施。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作為日常工作平台的一部分所添加的功能。

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

同時，我們將繼續像過去一樣，在長期成長投資和財務紀律之間取得平衡。現在轉向損益表的其他領域，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. Next, we expect our cash taxes in 2025 to be about 1% of 2025 revenues, or about $30 million to $35 million.

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。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. Finally, we expect capital expenditures. And capitalize software together to be in the 4% to 5% of revenues range in 2025.

雖然我們已經利用了大部分位於美國的淨營業收入，但我們擁有與股票薪酬相關的研發稅收抵免和扣除，從而減少了我們的現金稅款支付。最後，我們預期資本支出。並將軟體資本化，到 2025 年達到收入的 4% 至 5%。

Now, to summarize, we are pleased with our execution in 2024. We are well positioned to help our existing and prospective customers with their cloud migration and digital transformation journeys. And we continue to invest in our growth opportunities in 2025. I want to thank all data dogs worldwide for their efforts last year, and I'm very excited about our plans for this year.

現在，總結一下，我們對 2024 年的執行感到滿意。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。我們將繼續投資 2025 年的成長機會。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. Operator, let's begin the Q&A.

現在，我們將開始提問。接線員，我們開始問答。

(Operator Instructions)

（操作員指示）

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Thank you so much. Great to see the record bookings in Q4. 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.

太感謝了。很高興看到第四季的預訂量創下紀錄。我很好奇您對 AI 原生客戶的業務總體感覺如何，我們記得您幾個月前就預測到其中一些客戶增長如此之快，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. 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.

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。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，或者您是否覺得存在一些波動。

Yeah, thanks for the question. 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. 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.

是的，謝謝你的提問。因此，我認為，本季總體上發生的事情與我們在上次財報電話會議上討論時所認為的差不多。當你查看 AI 群組時，我們肯定會看到一些續約同時具有更高的承諾、更好的條款和優化用途，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所能優化的。

They're going to get better prices on of the commitments. 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. So that we typically see.

他們將會以更優惠的價格履行承諾。我們可能會看到一個月或一個季度後，經濟持平或下降，但與前一年相比仍將保持大幅成長，並且明年仍將保持成長。所以我們通常會看到。

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.

當你從整體上看時，即使有如此重大的更新、優化和更好的經濟效益，本季的收入仍然保持穩定，並且與上一季相比仍有很大的增長。

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，當您談論一些成長速度極快的大客戶時，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進行可觀察性或監控。

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

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、卓越的人才管道，否則這在經濟上是不合理的，而且你的成長也不會受到你對創新的工程頻寬的限制，而創新是你業務的核心。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. Some do run, third party software and do run our service, usually on part of their businesses.

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。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. So the rest of the world is the core market. And when we talk about the AI cohort. 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. So what's interesting to us is, all the rest of the world starts operating AI workloads and grows into that.

但實際上，到最後，像這 510 家公司這樣的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。因此世界其他地區是核心市場。當我們談論人工智慧群體時。有趣的並不是這些相對較小的 AI 原生公司，我們更將它們視為 AI 更廣泛應用的未來標誌。因此，令我們感興趣的是，世界其他地區都開始運行人工智慧工作負載，並且不斷發展。

Okay, understood. 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.

好的，明白了。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，所有三個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.

但對於一些非人工智慧方面來說，這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. 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.

是的，如果我只是為了與雲端供應商進行比較和對比我們所做的成長，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。總體而言，我們的成長速度比雲端供應商要快一些，包括他們從銷售 GPU 中獲得的巨大成長，而這在我們這邊並不是很擅長盈利的，部分原因是這些 GPU 主要用於交易工作負載，而我們並沒有在其中發揮很大的作用。

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. 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.

但部分原因還在於，這些都是新的基礎設施，隨著它們被越來越多的公司廣泛使用，它們將有不同的需求。如果你退出，正如你所提到的，GPU 相關，AI 相關，它們是提供者成長的相關部分，它們正在放緩，而我們的這部分業務的成長正在顯著超過它們。

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，如果你放大來看，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，並且將繼續發生，我們現在和從長遠來看都在順應這一趨勢。

Thank you very much. Really appreciate it.

非常感謝。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. 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. What do you have in store for the sales organization going into 2025?

感謝您回答這個問題，並祝賀第四季度的預訂量創下紀錄。奧利維爾，我想談談銷售和行銷方面，您如何看待今年與去年相比的變化幅度，無論是與服務不足的地區或通路合作夥伴的投資有關，還是與繼續服務企業機會有關。您對 2025 年的銷售組織有何計畫？

So we have quite a bit in stores. 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. So there's a few examples.

所以我們的商店裡有很多。許多業務部門在推銷產品時都更加謹慎，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進程。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. And we definitely see the potential for log, (inaudible) log in particular to get much more adoption in the market. We also see a very interesting and timely competitive opening there with some of the bigger players being taken out recently.

例如，我們今天討論的一些客戶勝利中提到了 Flex Logs 的一些勝利。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。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. Another example we gave on the call, the product that's exciting to us right now is OnCall. OnCall is brand-new, just entered GA, but demand is very, very strong. 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.

所以我們正在努力實現這樣的目標。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 是全新的，剛進入 GA，但需求非常非常強勁。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順利上市。

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. What we're doing really that matters is we are growing the sales capacity. We've been growing the sales capacity last year.

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部分縮小範圍，您會發現其中有許多。我們真正正在做的事情是提高銷售能力。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. We accelerated that throughout the second half of the year. We're still accelerating this capacity growth, and we expect to see the results from that.

我想說，去年上半年我們的開局可能有點慢，但就您所說的產能成長而言，我們一定會成功。我們在今年下半年加速了這一進程。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. When you hire engineering and you build the R&D capacity, you start seeing the impact in two to three years after that. So that's we're pushing towards that.

（聽不清楚）當您在僱用銷售和行銷人員時對銷售進行投資時，您會在一到兩年後開始看到影響。當你聘請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。這就是我們正在努力實現的目標。

That makes total sense and just as a follow up. I actually was going to ask about logs and Flex Logs it sort of dominated a lot of your customer highlights this quarter. In terms of like logs becoming a sort of renewed focus you know across the sort of observability stack you obviously have some incumbents.

這完全有道理，而且只是後續行動。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關注的焦點。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?

但是從技術上來說，你們是否發生了一些變化？我認為你們顯然重新設計了日誌平台，但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？

Well, to combination, there's definitely new interesting technologies and economics that relate to these technologies that resonate well with customers. So now you can keep a lot more data and keep it for a longer and it's a lot more cost efficient. And so that's definitely one aspect.

嗯，就組合而言，肯定存在與這些技術相關的新的有趣的技術和經濟學，可以與客戶產生共鳴。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。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. And then there is interesting opportunities to also unify some of the operational aspects of the security aspects.

第二個面向是，堆疊的現代化實際上是基於雲端的，而這與我們之前主要使用的平台不同。然後，還有一些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. And we think the competition of those is very interesting. 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.

因此，除了 Flex Logs 之外，我們還看到對雲端的大量需求。我們認為這些之間的競爭非常有趣。所以我想說，所有這些因素加在一起將重新激發人們對該部分業務的興趣，這也是我們推動這項業務的原因。

Thank you, I appreciate the thoughts.

謝謝，我很感激你的想法。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

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

好的，完美。謝謝。目前，人們非常關注人工智慧巨頭，但我的意思是，這只是人工智慧機會的起點。您是否看到，就像您在人們查看推理工作負載並嘗試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。你在那裡看到了什麼，然後有一個問題，我必須跟進大衛。

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

是的。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。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. So that's what we see today. 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.

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。這就是我們今天所看到的情況。就全面操作推理堆疊而言，我們發現目前擁有該堆疊的客戶相對較少，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. So it looks like there is many, many different options that are going to be viable for running your AI inference. 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.

順便說一句，我們對銷售進展感到非常興奮。因此看起來有很多不同的選項可以用於運行你的 AI 推理。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. 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.

好的，是的，這確實令人興奮。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方法，就像去年這個時候、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. Thank you.

是什麼推動了您的信心，或者是什麼促使您做出今年的決定，您看到哪些訊號讓您對此感到興奮。謝謝。

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

是的，很好，是的，它確實是自下而上的。我們從地理位置的角度來看，我們看到了空白區域、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. 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.

接下來，我們一直在發展我們的管道和合作夥伴關係。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，所以有證據證明這一點。

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. Of course we go bottoms up, but we also have an increasing effort in some key accounts. So all of those things are based on the evidence and the demand cycles we see in our results to date.

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某種方式對待，並且一直在增加我們進入市場的方式。當然，我們採取的是自下而上的策略，但我們也在一些關鍵客戶上加大了力度。因此，所有這些都是基於我們迄今為止在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. 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.

當我們看的時候要記住一件事，因為我知道很多聽眾心裡在想一些事情。當我們考慮提高銷售能力以及兩者之間的關係，以及我們認為如何發展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. 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. And it doesn't really incorporate a lot of the longer-term gains we get from the scaling of the go-to-market.

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。因此，當我們考慮我們提出的指導方針以及我們對今年的展望時，這一切都是基於我們對未來的考慮而得出的近期使用趨勢。而且它實際上並沒有反映出我們從擴大市場規模中獲得的許多長期收益。

Just adding one more thing, I think we said that in 2023 with the risks that we saw on the market. That we did take a prudent approach and we slowed down the growth of the go-to-market. 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.

我再補充一點，我認為我們在 2023 年就說過，市場上有風險。我們確實採取了謹慎的態度，並放慢了進入市場的速度。因此，本質上，這些是我們稍微退後一步、採取更保守的態度的事情，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.

如果你看一下下半年的銷售和行銷投資，你會發現，我們開始成功地增加我們的配額容量和市場進入投資。

Okay, perfect. Thank you.

好的，完美。謝謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

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

你好，非常感謝。我想知道您是否可以評估一下強勁的前瞻性指標之間的差異，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？鑑於您的前瞻性指標實際上看起來比人們預期的要強一些，那麼它是否更加保守一些？

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. Thank you so much once again.

其次，大衛，也許這對您來說是件好事，在使用量上升與客戶所做的承諾之間是否存在任何變化，這可以幫助理解為什麼會有這樣的指導。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. And we only know when we get the user from customers. And it's not directly linked in time to the bookings.

所以我認為第一個問題，實際上我剛才評論的是，收入報告是基於使用情況的。我們只知道何時該從客戶那裡獲得用戶。並且它與預訂時間沒有直接聯繫。

In many cases, the bookings come ahead of the revenue. So we'll have a new customer, and it's going to take them time to ramp into their commitment.

在許多情況下，預訂量都高於收入。因此，我們將迎來一位新客戶，他們需要時間來履行承諾。

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. So it's there's less of a direct relationship there. Again, when we look at guidance --

在某些情況下，預訂量可以試用，客戶的收入成長很多，而且他們有很多未承諾的收入，然後我們會隨著時間的推移查看其中的一部分。因此，兩者之間的直接關係較少。再次，當我們查看指導時--

I get that. I think you explained it, but at the margin, how do you convert those commitments into usage? I mean, are there things that you're emphasizing the organization to get better conversion and in a shorter span of time. That was really the heart of the question, if I'm not clear. Sorry about that.

我明白。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？我的意思是，您是否強調組織可以在更短的時間內實現更好的轉換。如果我沒有說清楚的話，這確實是問題的核心。很抱歉。

Yes, there's a number of things we're doing for that, right? 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. And we've definitely experimenting with some different ratios there, and we try to optimize for the best outcomes.

是的，我們正在為此做很多事情，對嗎？我的意思是，部分問題是一個常見問題，即銷售方面的補償計劃中有多少應該是使用量，有多少是預訂量。我們確實在那裡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. So with some discount.

但總的來說，如果我再次回到最大的問題，即我們所看到的和指導之間的關係是什麼，指導實際上是基於最近的趨勢，然後我們對其進行推斷。因此有一些折扣。

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

因此，根據定義，儘管我們看到驅動因素加速，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。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. I think in this quarter you see there's pretty good convergence, right? They all point to the same range, et cetera.

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 和收入成長有所不同。我認為在本季度你會看到相當好的融合，對嗎？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. That hasn't changed, so the amount of spread between usage and it commits is similar to what it's been.

正如您所提到的，我們當然有動議，即分配提交，然後與客戶合作使用這些提交，然後超越這一點。這並沒有改變，因此使用量和提交量之間的差距與以前相似。

I think you're correct. 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.

我認為你是對的。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，目的是讓我們的客戶更多地使用平台。

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. 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.

從我們展示的不同產品領域的收入指標和跨單元指標來看，這種勢頭依然強勁。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，我們只是從這些趨勢中獲取我們所了解的資訊。

And we essentially put conservativism going forward. 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.

我們本質上是在推行保守主義。所以，我認為你不一定能一對一地去做，而且我們也沒有改變我們的做法和提供指導的方式。

Matthew Hedberg, RBC.

馬修·赫德伯格（Matthew Hedberg），RBC。

Great, thanks for taking my question. 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. 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.

太好了，感謝您回答我的問題。大衛，對你來說，看到 NRR 有所回升真是令人欣慰，而且我意識到這是一個落後的 12 個指標，而今年這裡的穩定性很高。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. I mean does your guidance assume that that we see a pretty stable contribution there, throughout the year?

然後也許可以更詳細地闡述數位化、人工智慧原生問題。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. 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. So that's what we look at.

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為收入指導提供兩個輸入。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。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. I think we're essentially don't assume that there's going to be some non-pro rata acceleration of AI. There may be, it's a big opportunity, but we don't assume that.

就人工智慧貢獻而言，我認為我們試圖將其嵌入到折扣水平中。我認為我們基本上不會假設人工智慧會出現一些不按比例的加速發展。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，我們試圖將我們在淨保留率或擴張率方面的保守性應用於整個客戶群，但我們不夠聰明，無法確切知道它可能在哪裡或不在哪裡。

Got it thanks. Congrats on the results.

明白了，謝謝。恭喜取得成果。

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

是的，嘿夥計們，非常感謝你們回答這些問題。我感謝基礎設施監控、APM 和日誌這三大核心支柱對 ARR 的所有揭露。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. I think first, there's a number of new [DCs] that are emerging that are related to infrastructure that we might want to cover. Again, once they're emerging, they're actually emerging, like we still have to see what the actual needs from the lavender customers.

好問題。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。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. 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.

我特別談論的是有關 GPU 管理、GP 優化等基礎設施問題，我想我們可以做很多事情。但為此，我們需要看到大量客戶廣泛使用原始 GPU，而不是少數 AI 原生客戶使用，而這主要是我們目前所看到的。

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. 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.

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物聯網車隊或內部車隊。因此，我們並沒有為客戶設定他們想要處理的部分，但隨著客戶以某種形式將他們在雲端的內容與他們在本地保存的內容進行混合，這些內容並沒有成為我們考慮的一部分。

And so we see some opportunity there, too. So there's a number already has where we can progress on the on the infrastructure side. Another AI is network monitoring, which we've been building up. So there's a few things there.

因此我們也看到了一些機會。因此，我們在基礎設施方面已經取得了一些進展。另一個人工智慧是網路監控，我們一直在建構它。那裡有幾件事。

But we definitely still see quite a bit of opportunity. 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.

但我們確實仍然看到相當多的機會。當然，最大的機會在於，即使在更快的監控方面我們明顯處於領先地位，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. Now again, we still have a bit less than half of the 4,500 customers today. And then for those customers who get into all of their workloads, all of their environments and we keep going at.

因此，我們付出了很多努力來確保能夠吸引足夠的合適客戶。現在，我們的顧客數量仍然略少於 4,500 名顧客的一半。然後，對於那些進入所有工作負載、所有環境的客戶，我們會繼續努力。

Got it, thank you. 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.

知道了，謝謝。為了跟進外匯以及收入和指導的影響，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，您是否考慮對定價和包裝進行一些改變，使定價更適合國際客戶，然後還試圖了解 2024 年外匯對營業利潤率的任何好處。

And how that may be accounted for in the 2025 guide. Thank you so much.

以及在 2025 年指南中如何解釋這一點。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. 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.

是的，由於我們主要是一家以美元為基礎的公司，我們的曝光率不是很高，我們偶爾會查看當地的帳單。這並不是什麼大事，我認為這都包含在我們向客戶提供的服務中，而且我認為，與其他公司報告的情況不同，外匯對我們的財務表現沒有太大影響。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

Hey, thanks for taking the question here, Oli. 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.

嘿，謝謝你在這裡回答這個問題，奧利。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，但只是從您最近看到的一些 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. 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.

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

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

是的。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。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完全來自 SIM。

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，或者也許動機來自組織的不同部分來改變。

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

因此，我們看到，在遷移到 Flex Log 的數量不斷增加的情況下，我們通常會從 Flex Logs 和 Ops 中的幾個工作負載開始。然後，我們看到 Ops 中的工作負載增多，SIM 方面的對話也增多。我想說，從歷史上看，時間集的轉換更加困難，因為它更加根深蒂固地包含大量特定的查詢，而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. 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.

但是我們已經開發了很多功能，不僅可以與用於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。這是我們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，總的來說，我很好奇，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. Well, first of all, it's a bit hard to tell because it's a very nascent field. So my guess is in a year if we probably look different from what it looks like today. Just like this year, it looks very different from what last year.

是的。嗯，首先，這有點難說，因為這是一個非常新興的領域。所以我的猜測是，一年後我們可能看起來與今天有所不同。就像今年一樣，它看起來與去年有很大不同。

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，我們看到的大多數來自客戶的用例都是聊天機器人或試圖存取資訊並返回資訊的聊天機器人。

Now we see more and more customers building agents on top of that and sending data from their agents. So we definitely see a growing trend there of adoption. And the LLM observability product is a good level of abstraction at least for the current iteration of these agents to get them. So that's what we can see today.

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。因此，我們確實看到了採用率不斷增長的趨勢。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。這就是我們今天所看到的。

In our internal developments, obviously, we use our own products heavily for that. And we see a lot of different opportunities to automate work with agents on top of our platform. 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.

在我們的內部開發中，顯然我們大量使用我們自己的產品。我們看到了很多不同的機會，可以在我們的平台上與代理商一起實現工作自動化。不過，我想說，我們也確實看到了新的方式，開發這些代理商的方式，而且這裡的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. 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. What are some of the processes in the areas where you see the possibility to really drive some improvements?

噢，太好了，非常感謝。所以 Oli，我想你開始談及這一點，但你們幫助你們的客戶進行數位轉型，但當你看看 Datadog 內部時。您認為哪些領域的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. The first area to be transformed is really the way software is being built.

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。第一個需要轉變的領域其實是軟體的建構方式。

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

工程師使用什麼，他們如何編寫軟體，他們如何調試軟體，他們如何操作，其中一部分是我們用於編寫軟體的外部工具。其中一部分是挖掘供給或新產品以解決事件和諸如此類的事情。

So that's the first area. There's a number of other areas that are going to see large improvements in productivity. Typically, everything that has to do with customers helping with onboarding and helping troubleshoot issues like all of that is in acceleration. In the end, we expect to see improvements everywhere from front office to back office.

這是第一個領域。許多其他領域的生產力也將大幅提高。通常，與客戶有關的所有內容，包括幫助入職和幫助解決問題等，都在加速進行。最後，我們希望看到從前台到後台的各個方面都得到改善。

Thank you. And then the follow up on that is. Do you see your efficiency as an organization overall, increasing where you can just grow with sort of the same number of people. 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.

謝謝。然後接下來就是。您是否認為整個組織的效率會提高，並且在人員數量不變的情況下還能實現成長？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. 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.

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。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率。

So I consider ourselves to be a very efficient organization. Right now, any productivity we gain on the R&D side is reinvested in building more and deserving more functionality and generating more growth. 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.

所以我認為我們是一個非常有效率的組織。現在，我們在研發方面獲得的任何生產力都被重新投資於建立更多、更有價值的功能並產生更多的成長。我想說，在短期到中期內，我們還應該預期，我們在其他纖維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. Long term, I was not always expecting us to be a very efficient company and a highly potable company. And I think all of those advances are only going to emphasize that.

因此，對於短期到中期而言，這應該是預期。從長遠來看，我並不總是期望我們成為一家非常有效率的公司和一家高度可塑的公司。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. This concludes the question and answer session. I would now like to turn it back to CEO, Olivier Pomel, for closing remarks.

謝謝。問答環節到此結束。現在我想請執行長 Olivier Pomel 致最後總結。

All right, thank you. And again, I want to thank the team for, super productive year. 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. 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. So thank you all.

好的，謝謝。我再次感謝團隊，感謝他們度過了非常有成效的一年。我們有許多計劃，無論是在市場進入方面，還是在 2025 年的產品開發方面擴大公司規模。所以我真的很急切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。謝謝大家。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。