數據狗 (DDOG) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 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 2025 年第一季 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 first speaker today, Yuka Broderick, SVP of Investor Relations.

現在，我想將會議交給今天的第一位發言者，投資者關係高級副總裁 Yuka Broderick。

Thank you, Anton. Good morning and thank you for joining us to review Datadog's first quarter 2025 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，安東。早安，感謝您與我們一起回顧我們在今天上午發布的新聞稿中公佈的 Datadog 2025 年第一季度財務業績。今天與我一起參加電話會議的還有 Datadog 的聯合創始人兼執行長 Olivier Pomel；以及 Datadog 的財務長 David Obstler。

During this call, we will make forward-looking statements, including statements related to our future financial performance, our outlook for the second year 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 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表現、第二年和2025財年的展望及相關說明和假設、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。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 the Form 10-K for the quarter ended December 31, 2024. Additional information will be made available in our upcoming Form 10-Q for the fiscal quarter ended March 31, 2025, and other filings with the SEC. This information is also available on the Investor Relations section of our website, along with a replay of this call.

有關可能影響我們實際結果的重大風險和其他重要因素的討論，請參閱截至 2024 年 12 月 31 日季度的 10-K 表。更多資訊將在我們即將發布的截至 2025 年 3 月 31 日的財政季度的 10-Q 表以及向美國證券交易委員會提交的其他文件中公佈。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。

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表格中最直接可比較的 GAAP 財務指標相協調，您可以透過 investors@datadoghq.com 取得。

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。

Thanks, Yuka, and thank you all for joining us this morning to go through our Q1 results and was a solid start to the year. Let me begin with a review of our Q1 financial performance.

謝謝，Yuka，也謝謝大家今天早上加入我們，一起討論我們的第一季業績，這是今年的一個好開始。首先，我來回顧一下我們第一季的財務表現。

Revenue was $762 million, an increase of 25% year-over-year and above the high end of our guidance range. We ended with about 30,500 customers, up from about 28,000 a year ago. We ended Q1 with about 3,770 customers with an ARR of $100,000 or more, up from about 3,340 a year ago. These customers generated about 88% of our ARR. And we generated free cash flow of $244 million, with a free cash flow margin of 32%.

營收為 7.62 億美元，年增 25%，高於我們預期範圍的高端。我們最終擁有約 30,500 名客戶，而一年前約為 28,000 名。截至第一季末，我們擁有約 3,770 名 ARR 為 100,000 美元或以上的客戶，而去年同期約為 3,340 名。這些客戶創造了我們約 88% 的 ARR。我們產生了 2.44 億美元的自由現金流，自由現金流利潤率為 32%。

Turning to platform adoption. Our platform strategy continues to resonate in the market. At the end of Q1, 83% of customers were using two or more products, up from 82% a year ago. 51% of customers were using four or more products, up from 47% a year ago. 28% of our customers were using six or more products, up from 23% a year ago. And 13% of our customers were using eight or more products, up from 10% a year ago.

轉向平台採用。我們的平台策略持續在市場上引起共鳴。截至第一季末，83% 的客戶使用兩種或兩種以上的產品，高於一年前的 82%。 51% 的客戶使用四種或更多產品，高於一年前的 47%。 28% 的客戶使用六種或更多產品，高於一年前的 23%。13% 的客戶使用八種或更多產品，高於一年前的 10%。

We are pleased to see that customers are adopting more products, and I'd like to highlight two of our newer products with you. First, Flex Logs is off to a fast start and now exceeds $50 million in ARR. Flex Logs have achieved this milestone in six quarters, which is the fastest ramp we've seen to that level, in which echoes its value to customers as well as the size of the log management market opportunity.

我們很高興看到客戶正在採用更多的產品，我想向大家重點介紹我們的兩款新產品。首先，Flex Logs 起步迅速，目前的 ARR 已超過 5,000 萬美元。Flex Logs 在六個季度內實現了這一里程碑，這是我們見過的最快成長速度，這反映了它對客戶的價值以及日誌管理市場機會的規模。

I'll also note that by adopting Flex Logs, our customers are adding new use cases at the right economics. And these Flex Logs adopters ultimately spend more on Datadog log management as well as more on our overall platform.

我還要指出的是，透過採用 Flex Logs，我們的客戶正在以合適的經濟方式添加新的用例。這些 Flex Logs 採用者最終在 Datadog 日誌管理以及我​​們的整個平台上花費更多。

Second, our database monitoring product is approaching the $50 million ARR level as well and is growing 60% year-over-year. Datadog monitoring has now been adopted by over 5,000 customers. We are very excited about the early traction we're seeing there and are doubling down on our investment into broader Datadog capability as we see strong demand signals in that area, and we'll come back to that in a few minutes.

其次，我們的資料庫監控產品也接近 5,000 萬美元的 ARR 水平，並且年增 60%。Datadog 監控目前已被超過 5,000 名客戶採用。我們對在那裡看到的早期發展勢頭感到非常興奮，並且正在加倍投資更廣泛的 Datadog 功能，因為我們看到該領域強勁的需求信號，我們將在幾分鐘後回到這個問題上。

Now let's discuss this quarter's business drivers. Overall, we saw trends for usage growth from existing customers in Q1 that were in line with our expectations. We are seeing high growth in our AI cohort as well as consistent and stable growth in the rest of the business. We also had a strong bookings quarter, with particularly strong execution in new logos and larger bookings.

現在讓我們討論一下本季的業務驅動因素。整體而言，我們看到第一季現有客戶的使用量成長趨勢符合我們的預期。我們看到我們的人工智慧群體正在高速成長，其他業務也持續穩定成長。本季我們的預訂量也表現強勁，尤其是在新標誌和更大預訂量方面的執行力尤為強勁。

Dollar bookings for new logos were up over 70% year-over-year and much stronger than our typical seasonal softness in Q1. And on the large deal side, in Q1, we signed a total of 11 deals with a TCV of $10 million or more, up from just one in the year ago quarter, as we continue to expand our business with larger customers.

新標誌的美元預訂額年增超過 70%，遠高於第一季典型的季節性疲軟水準。在大型交易方面，隨著我們繼續擴大與大客戶的業務往來，我們在第一季共簽署了 11 筆 TCV 為 1000 萬美元或以上的交易，而去年同期僅有 1 筆。

Finally, churn has remained low, with gross revenue retention stable in 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較低水平，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任務性質。

Now moving on to R&D. We continue to see rising customer interest for next GenAI capabilities and analysis. At the end of Q1, more than 4,000 customers used one or more Datadog AI integrations, and this number has doubled year-over-year. With LLM Observability, we are seeing continued growth in customers and usage as they seek to manage end-to-end motor performance, security and quality.

現在轉向研發。我們持續看到客戶對下一代 GenAI 功能和分析的興趣日益濃厚。截至第一季末，已有超過 4,000 名客戶使用了一個或多個 Datadog AI 集成，這一數字同比增長了一倍。借助 LLM Observability，我們看到客戶和使用量持續成長，因為他們尋求管理端到端的馬達效能、安全性和品質。

I'll call out the fact that the number of companies using LLM Observability has more than doubled in the past six months. And we are adding to Bits AI, with capabilities for customers to take action with workflow automation and App Builder, using next GenAI to help our customers immediate issues more quickly and move towards auto remediation in the future.

我要指出的是，在過去六個月中，使用 LLM Observability 的公司數量增加了一倍以上。我們正在增強 Bits AI 的功能，讓客戶能夠透過工作流程自動化和 App Builder 採取行動，使用下一代 GenAI 幫助我們的客戶更快解決緊急問題，並在未來實現自動修復。

Moving up, we're making progress on all of our AI initiatives, and you should expect more announcements in this area at DASH, our user conference taking place in June.

進一步來說，我們在所有人工智慧計畫上都取得了進展，您應該會在 6 月舉行的用戶大會 DASH 上期待更多關於這一領域的公告。

Moving on to security. Our teams have been very busy building our products and features for our customers' desk check up needs. To give you a quick overview of our capabilities.

繼續討論安全性。我們的團隊一直忙於開發產品和功能，以滿足客戶的桌面檢查需求。讓您快速了解我們的能力。

First, we have a comprehensive set of products to identify and manage vulnerability across software and infrastructure. In infrastructure, our cloud security product identifies vulnerabilities in hosts, container [observability] clusters and infrastructure as a code. Our security customers can use agentless scanning to cover their entire infrastructure stack in minutes. And existing Datadog customers using our lightweight agent immediately gained deep, granular and timely security visibility.

首先，我們擁有一套全面的產品來識別和管理軟體和基礎設施的漏洞。在基礎設施方面，我們的雲端安全產品可以識別主機、容器[可觀察性]叢集和基礎設施中的漏洞作為程式碼。我們的安全客戶可以使用無代理掃描在幾分鐘內覆蓋他們的整個基礎設施堆疊。使用我們輕量級代理商的現有 Datadog 客戶立即獲得了深入、細緻和及時的安全可見性。

On the application vulnerability side, our code security product identifies vulnerabilities in code from development to production, and for first-party code as well as third-party open source libraries. This product area has launched very recently and already has over 1,000 customers paying for the product.

在應用程式漏洞方面，我們的程式碼安全產品可以識別從開發到生產的程式碼漏洞，以及第一方程式碼和第三方開源程式庫的漏洞。該產品專區剛推出不久，目前已有超過 1,000 名客戶購買該產品。

Because we bring visibility to production workloads, we are uniquely positioned to identify which vulnerabilities are most critical in production and break down silos between developers, DevOps and security teams.

由於我們為生產工作負載帶來了可見性，因此我們具有獨特的優勢，可以識別生產中最關鍵的漏洞，並打破開發人員、DevOps 和安全團隊之間的孤島。

Second, in security. As vulnerabilities face threats and attacks, our threat management product helps our customers identify and remediate them. They can use our cloud team to identify threats in logs, and they can further protect from threats in infrastructure with work protection; and in software, with app and API protection.

第二，在安全方面。當漏洞面臨威脅和攻擊時，我們的威脅管理產品可以幫助我們的客戶識別和修復這些漏洞。他們可以利用我們的雲端團隊來識別日誌中的威脅，並且可以透過工作保護進一步防範基礎設施中的威脅；在軟體方面，具有應用程式和 API 保護。

Finally, our customers use our sensitive data scanner product to discover, classify and redact sensitive data at scale across their logs, traces, events, user sessions, data stores code and all the way to LLM prompts. But we have much more to do.

最後，我們的客戶使用我們的敏感資料掃描器產品來大規模地發現、分類和編輯他們的日誌、追蹤、事件、使用者會話、資料儲存程式碼以及直到 LLM 提示中的敏感資料。但我們還有很多事情要做。

Today, we are serving over 7,500 customers with our security products or about a quarter quarter of our total customer base. Over half of our Fortune 500 customers use our security products, a good sign of our opportunities with the largest enterprises.

今天，我們的安全產品服務超過 7,500 名客戶，約占我們總客戶群的四分之一。我們超過一半的財富 500 強客戶使用我們的安全產品，這表明我們有機會與最大的企業合作。

Now moving on from security. Last month, we announced our plans to launch our latest data center in Australia. We see a large opportunity to serve our Australian customers and help them meet local data residency, privacy and security requirements.

現在我們來談談安全性。上個月，我們宣布了在澳洲啟動最新資料中心的計畫。我們看到了為澳洲客戶提供服務並幫助他們滿足當地資料駐留、隱私和安全要求的巨大機會。

Finally, we really announced a couple of acquisitions. First, we acquired Eppo, a next-generation future management and experimentation platform. The Eppo platform helps increase the velocity of releases, while also lowering risk by helping customers to release and validate features in a controlled manner.

最後，我們確實宣布了幾項收購。首先，我們收購了下一代未來管理和實驗平台Eppo。Eppo 平台有助於提高發布速度，同時透過協助客戶以可控的方式發布和驗證功能來降低風險。

Eppo augments our efforts in product analytics, helping customers improve their experience and tie future performance to business outcomes. More broadly, we see automated experimentation as a key part of modern application development, with the rapid adoption of the AI generative code, as well as more and more of the application logic itself being implemented with non-deterministic AI models.

Eppo 增強了我們在產品分析方面的努力，幫助客戶改善體驗並將未來的表現與業務成果連結起來。更廣泛地說，我們認為自動化實驗是現代應用程式開發的關鍵部分，隨著人工智慧生成程式碼的快速採用，以及越來越多的應用程式邏輯本身透過非確定性人工智慧模型實現。

Second, we also acquired Metaplane, the data absorbability platform built for modern data teams. Metaplane helps prevent, detect and resolve their availability and quality issues across the company's data warehouses and data pipelines. We've seen for several years now that better freshness and quality were critical for applications and business analytic. And we believe that they are now becoming key enablers of the creation of new enterprise AI workloads, which is why we intend to integrate the Metaplane capabilities into our end-to-end data observatory offerings.

其次，我們也收購了為現代資料團隊所建置的資料吸收平台 Metaplane。Metaplane 有助於預防、偵測和解決公司資料倉儲和資料管道中的可用性和品質問題。多年來我們已經看到，更好的新鮮度和品質對於應用程式和業務分析至關重要。我們相信，它們現在正成為創建新企業 AI 工作負載的關鍵推動因素，這就是我們打算將 Metaplane 功能整合到我們的端到端資料觀測站產品中的原因。

We are very excited to welcome both the Metaplane and the Eppo teams to Datadog as we have a lot to build together, and that fits for product and engineering. Our teams are very hard at work this quarter, and we're looking forward to sharing many new products and feature announcements at our DASH user conference on June 10 and 11 in New York City.

我們非常高興地歡迎 Metaplane 和 Eppo 團隊加入 Datadog，因為我們有很多東西要共同構建，並且適合產品和工程。本季我們的團隊非常努力地工作，我們期待在 6 月 10 日至 11 日在紐約舉行的 DASH 用戶大會上分享許多新產品和功能公告。

Now let's move on to SaaS end marketing. As I mentioned earlier, we have a number of great new logo wins and customer expansions this quarter. So let's go through a few of those.

現在我們來談談SaaS端行銷。正如我之前提到的，本季我們獲得了許多出色的新標誌並獲得了許多客戶擴展。那麼讓我們來看看其中的幾個。

First, we landed a 7-figure annualized deal with one of the largest US car manufacturers. This customer has a complex hybrid environment, including on-prem, multiple clouds, in-car IoT and mobile apps. They expect to unify observability across teams and across all their tech stacks, while accelerating workload analysis. And they are starting with 13 Datadog products, consolidating a dozen tool and rolling out to dozens of business units.

首先，我們與美國最大的汽車製造商之一達成了一項七位數的年化交易。該客戶擁有複雜的混合環境，包括本地、多雲、車載物聯網和行動應用程式。他們希望統一跨團隊和所有技術堆疊的可觀察性，同時加速工作負載分析。他們從 13 款 Datadog 產品開始，整合了十幾種工具，並推廣到數十個業務部門。

Next, we landed a 7-figure annualized deal with a major Latin American bank. They expect to use our unified observability to reduce operational costs and enable autonomy for departments that previously had to depended on specialized teams for visibility. This customer is starting with six Datadog products and is replacing three existing tools.

接下來，我們與一家大型拉丁美洲銀行達成了一項年化七位數的交易。他們希望利用我們統一的可觀察性來降低營運成本，並使以前必須依賴專業團隊來獲得可視性的部門能夠自主行動。該客戶最初使用六種 Datadog 產品，並正在替換三種現有工具。

Next, we landed a 7-figure annualized deal with a major American tech supplies company. These customers struggle with Tools Pro and limited user adoption. With Datadog, they expect to save over $1 million every year, both in engineering time and avoidance of lost revenue. This customer is starting with 11 Datadog products, including Cloud SIEM, and is replacing seven commercial tools.

接下來，我們與一家美國大型科技供應公司達成了一項年化七位數的交易。這些客戶因 Tools Pro 和有限的用戶採用而苦苦掙扎。借助 Datadog，他們預計每年可節省超過 100 萬美元，包括工程時間以及避免收入損失。該客戶從 11 款 Datadog 產品（包括 Cloud SIEM）開始，並正在替換 7 款商業工具。

Next, we welcome back an insurance tech customer with a 6-figure annualized deal. This customer found that their previous observatory tool involved manual workflows and customization, a high operational overhead and user frustration and fatigue.

接下來，我們歡迎一位擁有六位數年化交易額的保險科技客戶回來。該客戶發現他們以前的觀測站工具涉及手動工作流程和定制，運營開銷高，用戶感到沮喪和疲勞。

By returning to Datadog, they expect to benefit from Datadog's ease of use and out-of-the-box capabilities, while using our built-in usage controls to manage observability and cloud costs. This customer now expects to use Flex Logs, Cloud Cost Management and OnCall, among the 10 products [statement logo].

透過返回 Datadog，他們希望受益於 Datadog 的易用性和開箱即用的功能，同時使用我們內建的使用控制來管理可觀察性和雲端成本。該客戶現在希望使用 Flex Logs、Cloud Cost Management 和 OnCall 等 10 種產品[聲明標誌]。

Next, we signed a 7-figure annualized expansion with one of the largest US health insurers. This customer is using Datadog across dozens of business units to support millions of customers. More recently, they have been using Datadog to significantly improve customer experience and reduce time-consuming and expensive outages.

接下來，我們與美國最大的健康保險公司之一簽署了一份7位數的年度擴張協議。該客戶正在數十個業務部門使用 Datadog 來支援數百萬客戶。最近，他們一直在使用 Datadog 來顯著改善客戶體驗並減少耗時且昂貴的停機。

As an example, one team estimated reductions in mean time to resolution from 3- to 4 hours down to 3- to 4 minutes by using Datadog. With this expansion, this customer is using 17 products in the Datadog platform, including the four Datadog security suite.

例如，一個團隊估計使用 Datadog 可以將平均解決問題的時間從 3 到 4 小時縮短到 3 到 4 分鐘。隨著此次擴展，該客戶正在使用 Datadog 平台中的 17 種產品，其中包括四個 Datadog 安全套件。

Finally, we signed a 7-figure expansion as an annualized contract with a leading next GenAI company. This customer needs to reduce tool fragmentation to keep on top of its hyper growth in usage and employee headcount. With this expansion, the customer will use five Datadog products and will replace commercial tool for APM and log management. And that's it for another productive quarter from our go-to-market teams.

最後，我們與一家領先的下一代 GenAI 公司簽署了一份年度價值 7 位數的擴張合約。該客戶需要減少工具碎片化以滿足使用量和員工數量的高速成長。透過此次擴展，客戶將使用五種 Datadog 產品，並將取代 APM 和日誌管理的商業工具。這就是我們的行銷團隊又一個有生產力的季度。

Before I turn it over to David for a financial review, let's have a few words on our longer-term outlook. We recognize that there are many cross currents impacting the global economy right now. But our view of our long-term market opportunities remains unchanged.

在我將其交給大衛進行財務審查之前，讓我們先談談我們的長期展望。我們認識到，目前有許多逆流影響著全球經濟。但我們對長期市場機會的看法保持不變。

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，對於每家公司創造價值和獲得競爭優勢也至關重要。

And we continue to focus on delivering innovation and value to our customers against their mission-critical needs, including their AI efforts. Now more than ever, we feel ideally positioned to help customers of every size and in every industry to transform, innovate and drive value for technology adoption.

我們將繼續致力於為客戶的關鍵任務需求（包括人工智慧需求）提供創新和價值。現在，我們比以往任何時候都更感到自己處於理想的位置，能夠幫助各種規模、各行業的客戶實現轉型、創新並推動技術應用的價值。

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

說完這些，我將把權力移交給我們的財務長。戴維？

Thanks, Olivier. Q1 revenue was $762 million, up 25% year-over-year and up 3% quarter-over-quarter. To dive into some of the drivers of Q1 revenue growth. First, overall, we saw trends for usage growth from existing customers in line with our expectations and similar to the second half of 2024.

謝謝，奧利維爾。第一季營收為 7.62 億美元，年增 25%，季增 3%。深入探討第一季營收成長的一些驅動因素。首先，整體而言，我們看到現有客戶的使用量成長趨勢符合我們的預期，並且與 2024 年下半年的趨勢相似。

We saw a continued rise in contribution from AI-native customers who represented about 8.5% of Q1 ARR, up from about 6% of ARR last quarter and up from about 3.5% of ARR in the year ago quarter. AI native customers contributed about 6 points of year-over-year revenue growth in Q1 versus about 5 points last quarter and about 2 points in the year ago quarter.

我們看到來自人工智慧原生客戶的貢獻持續上升，他們佔第一季 ARR 的約 8.5%，高於上一季的約 6%，也高於去年同期的約 3.5%。第一季度，AI 原生客戶貢獻了約 6 個百分點的年收入成長，而上一季約為 5 個百分點，去年同期約為 2 個百分點。

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

我們仍然相信，從長遠來看，採用人工智慧將使 Datadog 受益，但我們仍然注意到，隨著客戶以不同的條款與我們續約，並且他們可能選擇優化雲端和可觀察性的使用，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, regarding usage growth by customer segment. Year-over-year usage growth with our enterprise customers remain healthy. It's a bit lower than last quarter, which we see as a product of the volatility that can occur among customers from quarter-to-quarter. Meanwhile, we saw strong booking activity from our enterprise customers in Q1. And as Olivier noted, this included some large TCV deals.

接下來，關於按客戶群劃分的使用量增長。我們的企業客戶的使用量同比增長仍然保持健康。這個數字比上一季略低，我們認為這是由於客戶數量在各個季度間可能出現的波動所致。同時，我們在第一季看到企業客戶的預訂活動十分活躍。正如奧利維爾所指出的，其中包括一些大型 TCV 交易。

From our SMB and mid-market customers, excluding the AI cohort, year-over-year usage growth was roughly similar compared to 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.

從我們的中小型企業和中型市場客戶來看，不包括人工智慧群體，年比使用量成長與上一季大致相同。提醒一下，我們將企業定義為擁有 5,000 名或以上員工的客戶，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。

Looking ahead to April, our usage growth was consistent with the year-to-date trends. As usual, we have contemplated near-term trends in our guidance. Regarding retention metrics, our trailing 12-month net revenue retention percentage was in the high one-tens percent in Q1, similar to last quarter. Finally, our trailing 12-month gross retention revenue percentage remained stable in the mid- to high 90s.

展望四月份，我們的使用量成長與年初至今的趨勢一致。像往常一樣，我們在指導中考慮了近期趨勢。關於保留指標，我們過去 12 個月的淨收入保留率在第一季處於百分之十的高位，與上一季相似。最後，我們過去 12 個月的總保留收入百分比保持穩定在 90% 左右。

On new logos, gross new logo additions were roughly the same as in Q1 last year, but dollar new logos increased 70% year-over-year, indicating a higher average land in the SMB, mid-market and enterprise sectors. And our pipeline for Q2 is strong and growing healthily year-over-year. As a reminder, our sales pipeline doesn't convert into revenue immediately.

在新標誌方面，新增識別總量與去年第一季大致相同，但新標誌金額年增 70%，顯示中小型企業、中型市場和企業部門的平均土地面積更高。我們第二季的銷售管道強勁，逐年健康成長。提醒一下，我們的銷售管道不會立即轉化為收入。

Now moving on to our financial results. Billings were $748 million, up 21% year-over-year. Remaining performance obligations, or RPO, was $2.31 billion, up 33% year-over-year and current RPI growth was about 30% year-over-year. RPO duration was roughly flat year-over-year. We continue to believe revenue is a better indication of our business trends, and billings to RPO as those can fluctuate relative to revenue based on the timing of invoicing and the duration of customer contracts.

現在來看看我們的財務表現。營業額為 7.48 億美元，年增 21%。剩餘履約義務（RPO）為 23.1 億美元，年成長 33%，目前 RPI 成長率約為 30%。RPO 時長與去年同期基本持平。我們仍然相信收入能夠更好地表明我們的業務趨勢，而 RPO 帳單則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.

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。

First, gross profit in the quarter was $612 million and gross margins was 80.3%. This compares to a gross margin of 81.7% in the last quarter and 83.3% in the year ago quarter. While gross margin remained in the range that we have expected over the long term, our cloud hosting costs rose more quickly than we expected in Q1, as we supported large growth spikes from some of our largest customers.

首先，本季毛利為6.12億美元，毛利率為80.3%。相較之下，上一季的毛利率為 81.7%，去年同期的毛利率為 83.3%。雖然毛利率長期保持在我們預期的範圍內，但由於我們支援一些最大客戶的大幅成長，我們的雲端託管成本在第一季的成長速度超出了我們的預期。

We also continue to innovate with new products and capabilities for our customers, which tend to put downward pressure on gross margins in the short term. While we expect some of the costs to support customers persist, we are also focused on executing projects to improve our cloud cost efficiency and expect to realize savings throughout the rest of the year.

我們也持續為客戶創新新產品和新功能，這往往會在短期內給毛利率帶來下行壓力。雖然我們預計部分支援客戶的成本將持續存在，但我們也專注於執行專案以提高我們的雲端成本效率，並期望在今年剩餘時間內實現節約。

Our Q1 OpEx grew 29% year-over-year, similar to the 30% last quarter and roughly as expected as we continue to execute on our hiring plans. As we have spoken about in previous quarters, it has been our plan to grow our investments to pursue our long-term growth opportunities. And we've been successful in increasing sales rep headcount with over 25% year-over-year growth in total reps, including over 30% growth year-over-year in enterprise reps.

我們第一季的營運支出年增 29%，與上一季的 30% 相似，由於我們繼續執行招聘計劃，因此大致符合預期。正如我們在前幾季所談到的，我們的計劃是增加投資以尋求長期成長機會。我們成功地增加了銷售代表的數量，總銷售代表數量同比增長超過 25%，其中企業銷售代表數量同比增長超過 30%。

This investment has been weighted a little bit towards international expansion, where sales rep headcount growth was in the mid-30s percent year-over-year. We believe that there is white space to support this growth and that we will keep seeing results as this capacity ramps as we have in the past.

這項投資稍微偏向國際擴張，其中銷售代表人數較去年同期成長了 30% 左右。我們相信，存在支持這種增長的空白，並且隨著產能像過去一樣增加，我們將繼續看到成果。

In addition, we grew our R&D headcount by over 30% year-over-year, with R&D expense as a percent of sales at 30% in Q1, so we delivered on the rapid pace of innovation for our customers. As always, we continue to prioritize our investments to balance near-term adjustments with our long-term plans and continue to look for opportunities to optimize our operating costs. Q1 operating income was $167 million for a 22% operating margin compared to 24% last quarter and 27% in the year ago quarter.

此外，我們的研發人員數量年增了 30% 以上，第一季研發費用佔銷售額的 30%，因此我們能夠快速為客戶提供創新。像往常一樣，我們繼續優先考慮我們的投資，以平衡短期調整和長期計劃，並繼續尋找優化營運成本的機會。第一季營業收入為 1.67 億美元，營業利潤率為 22%，而上一季為 24%，去年同期為 27%。

Now turning to the balance sheet and cash flow statements. We ended the quarter with $4.4 billion in cash, cash equivalents and marketable securities. Cash flow from operations was $272 million in the quarter. And after taking into consideration CapEx capitalized software, free cash flow was $244 million for a free cash flow margin of 32%.

現在轉向資產負債表和現金流量表。本季末，我們擁有 44 億美元的現金、現金等價物和有價證券。本季經營活動現金流為 2.72 億美元。考慮到資本支出資本化軟體後，自由現金流為 2.44 億美元，自由現金流利潤率為 32%。

And now for our outlook for the second quarter and the full fiscal year 2025. First, our guidance philosophy overall remains unchanged. As a reminder, we based our guidance on trends observed in recent months and apply conservatism on these growth trends.

現在來展望一下 2025 年第二季和全年的業績。首先，我們的指導理念大致保持不變。提醒一下，我們的指導是基於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。

So for the second quarter, we expect revenue to be in the range of $787 million to $791 million, which represents 22% to 23% year-over-year growth. Non-GAAP operating income is expected to be in the range of $148 million to $152 million, which implies an operating margin of 19%. As a reminder, in Q2, we will be hosting our DASH user conference, which we estimate to cost about $13 million and which we have reflected in our operating income guidance.

因此，我們預計第二季的營收將在 7.87 億美元至 7.91 億美元之間，年增 22% 至 23%。非公認會計準則營業收入預計在 1.48 億美元至 1.52 億美元之間，這意味著營業利潤率為 19%。提醒一下，在第二季度，我們將舉辦 DASH 用戶大會，預計耗資約 1300 萬美元，這已反映在我們的營業收入指引中。

Non-GAAP net income per share is expected to be $0.40 to $0.42 per share based on approximately 361 million weighted average diluted shares outstanding. To note, weighted average diluted share count is expected to decline sequentially as the share related to the 2025 convertible note will be removed upon redemption.

基於約 3.61 億股加權平均稀釋流通股，非公認會計準則每股淨收益預計為 0.40 美元至 0.42 美元。值得注意的是，由於與 2025 年可轉換票據相關的股份將在贖回時被移除，因此加權平均稀釋股份數量預計將連續下降。

For fiscal year 2025, in total, we expect revenue to be in the range of $3.215 billion to $3.235 billion, which represents a growth rate of 20% to 21%. Now we have raised our 2025 revenue guidance range by $40 million related to the previous guidance, which incorporates higher revenues in the first half of 2025 based on our Q1 results and our visibility as of today into Q2. Our implied guidance in the second half of 2025 is roughly unchanged.

就 2025 財年而言，我們預計總營收將在 32.15 億美元至 32.35 億美元之間，成長率為 20% 至 21%。現在，我們已將 2025 年的收入預期範圍在之前的預期基礎上提高了 4000 萬美元，這反映了我們根據第一季業績以及截至今天對第二季度的預測，2025 年上半年的收入將有所增加。我們對 2025 年下半年的隱含指引基本上保持不變。

Non-GAAP operating income is expected to be in the range of $625 million to $645 million, which implies an operating margin of 19% to 20%. Relative to our previous operating income guidance range of $655 million to $675 million, the difference is mainly due to lower gross profit as a result of the previously discussed lower gross profit margin, offset by higher revenues.

非公認會計準則營業收入預計在 6.25 億美元至 6.45 億美元之間，這意味著營業利潤率為 19% 至 20%。相對於我們先前預測的 6.55 億美元至 6.75 億美元的營業收入範圍，這一差異主要是由於先前討論過的毛利率較低導致的毛利較低，但被較高的收入所抵消。

As we said before, we're focused on executing cost efficiencies in our cloud costs and believe our gross margins will remain in our historical range. Overall, plans for OpEx investment are roughly unchanged, with continued investment in hiring across R&D and sales and marketing.

正如我們之前所說，我們專注於提高雲端成本的成本效益，並相信我們的毛利率將保持在歷史範圍內。總體而言，營運支出投資計畫基本上保持不變，並繼續在研發、銷售和行銷方面的招聘方面進行投資。

There are some changes with distribution within that. We expect $15 million of higher international costs due to currency rate changes and $10 million in net expected additional costs from our recently announced acquisition, offset by other OpEx savings. Non-GAAP net income per share is expected to be in the range of $1.67 to $1.71 per share based on approximately 362 million weighted average diluted shares outstanding.

其中分佈有些變化。我們預計，由於匯率變化，國際成本將增加 1500 萬美元，而我們最近宣布的收購預計將產生 1000 萬美元的淨額外成本，但其他營運支出節省將抵消這些成本。基於約 3.62 億股加權平均稀釋流通股，非 GAAP 每股淨收益預計在 1.67 美元至 1.71 美元之間。

And finally, some additional notes on the guidance. The remaining approximately $635 principal of our 2025 convertible notes will mature in June and we expect to redeem this mainly in cash. We estimate that the GAAP purchase price from our Q2 acquisition activity will be about $180 million, of which we estimate about $110 million to be paid in cash during Q2.

最後，關於該指南還有一些補充說明。我們 2025 年可轉換票據剩餘的約 635 美元本金將於 6 月到期，我們預計主要以現金贖回。我們估計，我們第二季收購活動的 GAAP 購買價格約為 1.8 億美元，其中約 1.1 億美元將在第二季以現金支付。

We expect net interest and other income for the fiscal year 2025 to be approximately $140 million, and we expect cash taxes to be about 1% of revenue or about $30 million to $35 million. We continue to apply a 21% non-GAAP tax rate for 2025 and going forward. And finally, we continue to expect capital expenditures and capitalized software together to be in the 4% to 5% of revenue range in the year.

我們預計 2025 財年的淨利息和其他收入約為 1.4 億美元，我們預計現金稅將約為收入的 1% 或約 3,000 萬至 3,500 萬美元。我們將在 2025 年及以後繼續採用 21% 的非 GAAP 稅率。最後，我們繼續預期資本支出和資本化軟體合計將佔今年收入的 4% 至 5%。

Finally, to summarize, we are pleased with our execution in Q1. We are well positioned to help our existing and prospective clients with their cloud migration and digital transformation journeys. And I want to thank Datadogs worldwide for their efforts.

最後，總結一下，我們對第一季的執行感到滿意。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。我還要感謝全球 Datadogs 的努力。

Now with that, we'll open the call for questions. Operator, let's begin the Q&A. Thanks.

現在，我們將開始提問。接線員，我們開始問答。謝謝。

(Operator Instructions)

（操作員指示）

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Congratulations on a great performance. Olivier, we noticed the CEO of Anthropic recently said that within 12- to 18 months, that AI is going to be writing 100% of all code. I'm sure there's a bit of hyperbole there, but directionally it's intriguing.

恭喜您取得如此出色的表現。奧利維爾，我們注意到 Anthropic 的執行長最近表示，在 12 到 18 個月內，人工智慧將編寫 100% 的所有程式碼。我確信這其中有一點誇張，但從方向上看，這很有趣。

Can you comment on the opportunity that might open up for Datadog if that sheer volume of applications being put into production starts to rise because AI writes so much code so rapidly? And just does that AI generated could require more or less monitoring than human written code? And then I have a quick follow-up for David.

如果由於人工智慧如此快速地編寫大量程式碼而導致投入生產的應用程式數量開始增加，您能否評論一下這可能為 Datadog 帶來的機會？那麼，與人類編寫的程式碼相比，人工智慧產生的程式碼是否需要更多或更少的監控？然後我要快速跟進大衛的情況。

Yes, that's a great question. And there is definitely a big transition that is happening right now, like we see the rise of AI written code. We see it across our customers. We also see it inside of Datadog, where we've had very rapid adoption of this technology as well. While I don't think this is going to replace all our software engineering, and I'm pretty sure that Anthropic is still hiring software engineers too.

是的，這是一個很好的問題。現在確實正在發生一場巨大的轉變，就像我們看到人工智慧編寫的程式碼的興起一樣。我們在客戶身上都看到了這一點。我們也在 Datadog 內部看到了這一點，我們也非常迅速地採用了這項技術。雖然我不認為這會取代我們所有的軟體工程，但我很確定 Anthropic 仍在招募軟體工程師。

I do expect big changes to come to the way software is being shipped and being run this way. The way we see it is that it means that there's a lot less value in writing the code itself, like everybody can do it pretty quickly, can do a lot of it. You can have the machine to do a lot of it, and you complement it with a little bit of your own work.

我確實希望軟體的運輸和運作方式能夠發生巨大的變化。我們的看法是，這意味著編寫程式碼本身的價值要小得多，就像每個人都可以很快地完成它，可以完成很多事情。你可以讓機器完成很多工作，然後你只需完成一點自己的工作就可以了。

But the real difficulty is in validating that code, making sure that it's safe, making sure it runs well, that it's performing and that it does what it's supposed to do for the business. Also making sure that when 15 different people are changing the code at the same time, all of these different changes come together and work the right way, and you understand the way these different pieces interact in the way.

但真正的困難在於驗證程式碼，確保其安全、運作良好、性能良好並且能夠為業務完成其應盡的任務。還要確保當 15 個不同的人同時更改程式碼時，所有這些不同的變更都能匯集在一起並以正確的方式工作，並且您了解這些不同部分如何相互作用。

So the way we see it is this move out a lot of their value from writing the code to observing it and understanding it in production environments, which is what we do. So a lot of the investments we're making right now, including some of the acquisitions we've announced, build towards that, and making sure that we're in the right spot. So we can tell you exactly what every piece of code you've written, make sure that it works well, -- work well, and it does what it's supposed to do for the business.

因此，我們認為，這將使他們的許多價值從編寫程式碼轉移到在生產環境中觀察和理解程式碼，而這就是我們所做的。因此，我們現在進行的許多投資，包括我們已宣布的一些收購，都是為了實現這一目標，並確保我們處於正確的位置。因此，我們可以準確地告訴您所編寫的每一段程式碼，確保它運作良好，並且能夠為業務完成它應該做的事情。

Okay. Very interesting. And then David, it's just amazing the booking stats, so impressive. 11 deals over $10 million, only one a year ago. And then these big AI numbers, the combination there, it's just incredible. What do you attribute that level of booking strengths? Two, it's a quarter where you had the specter of a trade war and it seemed like it was weighing on business confidence. So I'm wondering if you can comment on the booking strength.

好的。非常有趣。然後大衛，預訂統計數據真是令人驚嘆，令人印象深刻。超過 1000 萬美元的交易有 11 筆，而一年前只有一筆。這些龐大的人工智慧數字，其組合，簡直令人難以置信。您認為這種預訂優勢的因素是什麼？第二，本季貿易戰的陰影籠罩著我們，這似乎對商業信心造成了壓力。所以我想知道您是否可以評論一下預訂力度。

Yes. We entered the quarter with a strong pipeline and I think it's consistent with our investments we're making in go-to-market, where we're increasing our investments in enterprise and across the board. And so -- and we've been good about putting value to clients across the platform, allowing us to land larger, as you saw, consolidate and add more value. I think that much of this is related to product strength and expansion of quota capacity.

是的。我們以強大的產品線進入本季度，我認為這與我們在市場進入方面的投資一致，我們正在增加對企業和各個領域的投資。所以 — — 我們一直致力於為整個平台的客戶創造價值，這使我們能夠獲得更大的市場份額，正如您所看到的，鞏固並增加更多價值。我認為這在很大程度上與產品實力和配額容量的擴大有關。

Yes. And look, we -- like everybody, we read the news and we see -- we look hard for any signs of trouble in our customer base. We haven't seen that in the dealmaking so far. We -- our sales cycles haven't been affected. Our pipelines are growing healthily.

是的。瞧，我們——像所有人一樣，我們閱讀新聞，我們看到——我們努力尋找客戶群中出現任何問題的跡象。到目前為止，我們還沒有在交易中看到這種情況。我們的銷售週期沒有受到影響。我們的管道正在健康發展。

And I can tell you that at least one of the customers we mentioned in the call on the new land, is also a company that is very affected by the tariffs and is having to moderate its own plan for the future. I think what this tells you is that cloud migration and observability in particular are deflationary for these communities and they help -- these are tools that help them sell money and move faster, and we're on the right side basically problem for them.

我可以告訴你們，我們在有關新土地的電話會議上提到的客戶中至少有一位也是一家受到關稅嚴重影響的公司，並且必須調整自己的未來計劃。我認為這告訴你，雲端遷移和可觀察性對這些社區來說是通貨緊縮的，它們有幫助——這些工具可以幫助他們賺錢並更快地行動，而我們基本上站在正確的一邊，解決了他們的問題。

And to echo a little bit what Oli said in our prepared remarks, we continue to see that. We said we have, in Q2, same quality of pipeline higher than last year. So it continues -- we continue to have that situation.

與奧利在我們準備好的發言中所說的有點相似，我們繼續看到這種情況。我們說過，第二季的管道品質比去年同期更高。所以這種情況還在繼續——我們繼續面臨這種情況。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

I wanted to pick up where Mark left off, and as we talk about kind of the core drivers to transformation and cloud migrations. What are the trend lines on the cloud migration side? It seems to -- based on your comment, Oli, it sounds like that's likely or could actually pick up potentially going into a lower economic environment. So in terms of just what we've seen through the early part of the year, what are the trend lines on core cloud migration?

我想接著馬克的話題繼續討論轉型和雲端遷移的核心驅動因素。雲端遷移方面的趨勢是什麼？奧利，根據你的評論，這聽起來像是有可能的，或者實際上可能會在經濟環境較差的情況下有所回升。那麼，就我們今年年初所看到的情況而言，核心雲端遷移的趨勢是什麼樣的呢？

So it's very consistent. It's consistent with what we've seen before. It's also consistent with what you've heard from the hyperscalers over the past couple of weeks. So I would say it's steady, unremarkable. It's not really trending up nor trending down right now. But we see the same desire from customers to move more into the cloud and to lay the groundwork so they can also add up AI, because digital transformation and cloud migrations are prerequisites for that.

所以它非常一致。這與我們之前看到的一致。這也與您過去幾週從超大規模企業那裡聽到的消息一致。所以我會說它很穩定，沒什麼特別的。目前它實際上既沒有呈上升趨勢，也沒有呈下降趨勢。但我們看到客戶同樣渴望更多地轉向雲端並奠定基礎，以便他們也能添加人工智慧，因為數位轉型和雲端遷移是實現這一目標的先決條件。

Awesome. I want to talk a little bit about some of the expansion -- additional expansion opportunities into data observability. I mean that's been a space that's been talked about sort of buzzy the last couple of years. I'm not sure it's gotten super big just yet. Maybe just some of the -- what the vision is about moving into data observability and how consequential an opportunity it could be for Datadog?

驚人的。我想稍微談談數據可觀察性方面的一些擴展——額外的擴展機會。我的意思是，這是過去幾年來人們熱議的話題。我不確定它是否已經變得非常大。也許只是其中的一些——進入數據可觀察性的願景是什麼，以及它對 Datadog 來說可能是多麼重大的機會？

So it's a space we've been watching for a while. Initially, we were worried that this would be a little bit too small in impact because we're just about debugging the availability of reports for executes like it is definitely valuable, but we thought it might be like a smaller market opportunity in the end.

這是我們一直在關注的領域。最初，我們擔心這會產生太小的影響，因為我們只是在調試執行報告的可用性，就像它絕對有價值一樣，但我們認為最終它可能只是一個較小的市場機會。

What we see, though, is that the field is evolving into a big enabler or it can be positive enabler, if you don't do it right, for building enterprise workloads -- for AI workloads, sorry. So in other words, making sure the data is being extracted from the right place, transformed the right way and is being fed into the right AI models on the other hand. And so we're building towards that with the acquisition of Metaplane we just announced.

然而，我們看到的是，這個領域正在發展成為一個巨大的推動因素，或者說，如果你做得不對，它可以成為建立企業工作負載（對於人工智慧工作負載，抱歉）的積極推動因素。換句話說，確保資料從正確的地方提取，以正確的方式轉換，並輸入到正確的人工智慧模型中。因此，我們正朝著這個目標邁進，並且剛宣布收購 Metaplane。

And just to have your feedback into what we're doing, we only had some building blocks for data observability. We built data streams monitoring product for streaming data that comes out of few, such as Kafka, for example. We built their job monitoring product that monitors back jobs and large transformation jobs.

只是為了得到您對我們所做工作的回饋，我們只提供了一些資料可觀察性的建置模組。我們針對少數流資料（例如 Kafka）建構了資料流監控產品。我們建立了他們的工作監控產品，用於監控後台工作和大型轉換工作。

We have a database monitoring product that looks at the way you optimize queries and optimize base performance and cost. And by adding data quality and data pipelines, with Metaplane, we have a full suite basically that allows our customers to manage everything from getting the data from their core data storage into all of the products and AI workloads and reports they need to go copy that data. And so we think it's a big opportunity for us.

我們有一個資料庫監控產品，可以查看您優化查詢的方式並優化基本效能和成本。透過添加資料品質和資料管道，借助 Metaplane，我們基本上擁有了一整套套件，使我們的客戶能夠管理一切，從將資料從核心資料儲存中獲取到所有產品和 AI 工作負載以及複製該資料所需的報告。因此我們認為這對我們來說是一個巨大的機會。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Two quick questions, actually more for David this time. David, if you think about the guidance, I know you've been, you've always been a conservative team. You raised it more than the Q1 beat, so obviously, you're kind of seeing good trends in Q2 there as well.

我對此也表示祝賀。兩個簡單的問題，其實這次更多的是問大衛。大衛，如果你考慮指導，我知道你一直是一支保守的球隊。您將其提高到了比第一季更高的水平，因此顯然，您也看到了第二季的良好趨勢。

What was the thinking process in terms of kind of showing us that upside that you kind of might expect in Q2, versus kind of buffering that and just kind of given the uncertain environment? It's the first question.

在向我們展示您可能在第二季預期的上行空間方面，您的思考過程是怎樣的？還是在不確定的環境下進行緩衝？這是第一個問題。

Second question is on the gross margin change for the full year guidance. Can you just remind us, like, obviously, that's three months after you guided the first time. Can you remind us a little bit like what you saw there and how -- what's the action that you're taking there to kind of change that?

第二個問題是關於全年指引的毛利率變化。您能否提醒我們，顯然，那是您第一次指導後的三個月。您能否稍微提醒一下我們您在那裡看到了什麼以及您採取了什麼行動來改變這種狀況？

Yes. So on the first question, we haven't changed any of our strategy towards guidance. We look at the recent trends. I think it's important to note that we obviously beat in Q1, and we sort of looked at the run rate and still discounted the current growth rate. So still put the conservatism to Q2, and this was the result of the guide. So it indicates the pace of business and where we are, but still discounts the trends as we always do.

是的。因此，對於第一個問題，我們沒有改變任何指導策略。讓我們來看看最近的趨勢。我認為值得注意的是，我們在第一季的業績明顯超出預期，而且我們在查看了運行率之後仍然低估了當前的成長率。所以對Q2還是持保守態度，這是指引的結果。因此，它表明了業務的步伐和我們所處的位置，但仍然像我們一貫做的那樣低估了趨勢。

And another thing that's important to note is because of the uncertainty in the market, we left the second half of the year unchanged. We essentially have done that. There's no change in our strategy as we do all the time. But as we go out more in time, we have less visibility. So I think there's no change in philosophy is just sort of a follow-through on our run rate.

另外要注意的是，由於市場不確定性，我們沒有對下半年做出任何調整。我們基本上已經做到了這一點。我們的策略沒有改變，一如既往。但隨著我們外出的時間越來越長，能見度卻越來越低。所以我認為理念上沒有改變，只是對我們的運行率的一種跟進。

In terms of gross margin, as a reminder, we've always said that our gross margins would fluctuate within that range, and we've been in the range of the upper 70s to low 80s for a long time. And so what we sort of ran the business that way. And sometimes we're going to lean to investment and in some cases, will optimize.

關於毛利率，需要提醒的是，我們一直說我們的毛利率會在該範圍內波動，而且長期以來我們的毛利率一直處於 70% 以上到 80% 以下的範圍內。我們就是這樣經營業務的。有時我們會傾向於投資，在某些情況下，我們會進行最佳化。

In Q1, we -- as we talked about, we did lean into investment, and we also had a little more of a spiky pattern from our customers, which we're learning about. We're learning as we grow in size, how to deal with that. And so from those learnings, we feel like on that, we can do a bit better job in provisioning. And as we always said, we run in the spectrum.

在第一季度，正如我們所談到的，我們確實傾向於投資，而且我們的客戶也呈現出了一些波動的模式，我們正在了解這一點。隨著我們規模的擴大，我們也在學習如何應對這個問題。因此，從這些經驗中，我們覺得我們可以在配置方面做得更好。正如我們常說的，我們在頻譜中運行。

So I think we're higher cloud cost than we expected. It is largely due to those factors. And we said some of that will persist, some of it we will work on optimizing. This is no different than on that sort of pattern than we have over time of growth and then optimization. Oli?

所以我認為我們的雲端成本比我們預期的要高。這很大程度是由於這些因素造成的。我們說過，有些方面我們會保留，有些方面我們會努力優化。這與我們隨著時間的推移而成長和優化的模式沒有什麼不同。奧利？

Yes. And just to echo that. We have the same engineers basically shipping functionality and optimizing performance. And there's a certain range of margin we're comfortable with. I would say last year, we were very comfortable with [aware], now we're getting a little bit less comfortable with what we've seen over the last quarter and so we're shifting some resources from towards optimization so we can write that.

是的。只是為了呼應這一點。我們擁有相同的工程師，主要負責交付功能和優化性能。我們對一定的裕度範圍感到滿意。我想說，去年，我們對[aware]非常滿意，現在我們對上個季度看到的情況有點不太滿意，所以我們將一些資源轉向優化，以便我們可以編寫它。

As David said, in addition to shipping a lot of new functionality that might not be as optimized out of the gate at the rest in terms of the system utilization. We also saw some spiky growth from some of our largest customers. And that might continue and especially as they deploy new workload. But our job is to optimize and we feel very confident that we can remain in the range we've been in before focus margin or even better in the future. There's no question about that.

正如 David 所說，除了提供大量新功能之外，在系統利用率方面可能還沒有最佳化。我們也看到一些最大客戶的業績大幅成長。這種情況可能會持續下去，特別是當他們部署新的工作量時。但我們的工作是優化，我們非常有信心，我們可以保持在焦點範圍之前的範圍，甚至在未來更好。毫無疑問。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Oli, one for you and one for you, David. Oli, when you look at the AI market, certainly, it looks like we're about to move from training into inference. Where does that leave Datadog from a product perspective where you can add more consistent value without being optimized?

奧利，一個給你，一個給你，大衛。奧利，當你觀察人工智慧市場時，你會發現我們即將從訓練轉向推理。從產品角度來看，Datadog 可以如何增加更一致的價值而無需進行最佳化？

And one for you, David, as you look at the stepped-up research development, sales and marketing investments, how from a financial perspective are we to see the incremental benefit of those income investments?

大衛，我想問您一個問題，當您看到不斷增加的研究開發、銷售和行銷投資時，從財務角度來看，我們如何看待這些收入投資帶來的增量收益？

First, yes, on the workers turning more towards different -- so there's definitely more product to build there. So we have a -- so we built an early observability product that is being -- getting increasing usage from customers as they move into production. And we think there's more that we need to build both down the stack, (inaudible) GPUs, and of the stack at close to the agents that are being built on top of these models.

首先，是的，工人正在更多地轉向不同領域——因此肯定有更多的產品需要生產。因此，我們建構了一個早期的可觀察性產品，隨著產品投入生產，其使用率正在不斷提高。我們認為，我們需要在堆疊上建立更多內容，（聽不清楚）GPU，以及在這些模型之上建立的代理附近的堆疊。

So you should expect to hear more from us at our conference on those topics, because it is, I think, quite a bit to -- that is emerging as a set of needs from customers as they move towards inference.

因此，您應該會在我們的會議上聽到更多關於這些主題的內容，因為我認為，這是客戶在走向推理時出現的一系列需求。

And on the investments, I think you're seeing it, we're trying to report on it regularly when we're making disclosures of being over $50 million or being around $50 million in database and then in Flex. That is the evidence of being able to monetize the investments in R&D and continue to do that in the various product offerings. So that's how we look at that, and we've gotten a lot of evidence over the years and continue to report on that.

關於投資，我想你已經看到了，當我們披露資料庫和 Flex 的投資超過 5000 萬美元或約為 5000 萬美元時，我們會定期報告。這是能夠將研發投資貨幣化並繼續在各種產品中實現這一目標的證據。這就是我們對此的看法，多年來我們已經獲得了大量證據並將繼續對此進行報導。

We always said that the investment for R&D takes two-, sometimes three years to realize itself because we're building products, but we're reporting on investments that we made previously and the result of that in products.

我們總是說，研發投資需要兩年，有時三年的時間才能實現，因為我們正在製造產品，但我們會報告我們之前所做的投資以及產品的結果。

In sales and marketing, it's the same thing where we identify end markets or customers, which we have have covered, feel like we can add additional capacity. And there, we have to go through the ramp period. So the increase of capacity that we've been executing on, we said we'll pay back in sort of the year plus as we ramp our reps and get returns, and we'll continue to report on that.

在銷售和行銷方面，我們做同樣的事情，確定我們已經涵蓋的終端市場或客戶，感覺我們可以增加額外的產能。在那裡，我們必須經歷爬坡期。因此，我們表示，隨著我們增加銷售代表並獲得回報，我們一直在執行的產能增加將在一年左右的時間內得到回報，我們將繼續報告這一點。

Yes. And just as a quick anecdote, like we -- so we talk about DB, database monitoring is a product that is taken off. And that's really a product that shows the power platform. So we have a product that is over $50 million of -- closing on $50 million in ARR with a large number of customers, and that's a product that we've built basically by 10 to 15 people.

是的。就像我們討論的一個簡單的軼事一樣——資料庫監控是一種被淘汰的產品。這確實是展示強大平台的產品。因此，我們有一款產品，其 ARR 超過 5,000 萬美元——接近 5,000 萬美元，擁有大量客戶，而這款產品基本上是由 10 到 15 個人打造的。

And that's just the ability for a small team to build on top of our platform and, on top of all of the existing services that already collect customer data and deliver the data to them, and to make a large difference in terms of revenue in a short amount of time.

這只是一個小團隊在我們的平台上建立的能力，以及在所有已經收集客戶資料並向他們提供資料的現有服務的基礎上，在短時間內在收入方面產生巨大變化的能力。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Could you talk a little bit more what you're seeing with the AI native cohort? It sounds like growth remains solid in that segment, but still some potential for optimization there. So could you talk about what you're seeing from some of those AI native contracts that have already come up for renewal and just how those conversations have been trending?

能否再多談談您對 AI 原生群體的看法？聽起來該領域的成長依然穩健，但仍有一些優化潛力。那麼，您能否談談您從一些已經續約的人工智慧原生合約中看到的情況以及這些對話的趨勢如何？

Yes. So I mean all the contracts that come for annual there are healthy. The trick with that core is that it's growing fast, there's also a revenue concentration there because we now have our largest customer in the core integrating very fast.

是的。所以我的意思是，所有年度合約都是健康的。這個核心的訣竅在於它成長迅速，而且收入也集中在那裡，因為我們現在最大的客戶在核心中整合得非常快。

And on the flip side of that, we also have a larger number of customers last are also growing. So we -- I think we mentioned more than 10 customers now that are spending $1 million or more with us in that AI native cohort and that also grow fast.

另一方面，我們的客戶數量也在不斷增長。所以，我想我們現在已經提到了 10 多個客戶，他們在 AI 原生群體中花費了 100 萬美元或更多，而且成長速度很快。

So when you add up all of that, like a number of newer customers that are growing fast and some concentration in one customer, loss on the others, there is definitely some potential volatility there and we want to be careful. We've seen that before. We've seen that with the cloud native a few years ago. As they were growing very, very fast out of COVID and they had to optimize after that quite sharply.

因此，當你把所有這些因素加在一起時，例如一些快速成長的新客戶，對一個客戶的集中度較高，而對其他客戶的損失較大，那麼肯定會存在一些潛在的波動，我們需要謹慎處理。我們以前就見過這種情況。幾年前，我們在雲端原生領域就看到了這一點。由於他們在新冠疫情之後發展非常快，因此他們必須進行相當大幅度的優化。

Now of course, situation is different, like it's a small part of our business today, whereas a very large part of our business was could native a few years ago. But we want to be mindful of what might happen next, and that's also part of whole we cooperate that drives needs growth in terms of our guidance for the rest of the year.

當然，現在的情況不同了，就像今天它只是我們業務的一小部分，而幾年前我們業務的很大一部分都是原生的。但我們要留意接下來可能發生的事情，這也是我們整體合作的一部分，它將推動我們對今年剩餘時間的指導需求成長。

Okay. That's helpful. And then great to see the strong ramp in Flex Logs over the past year. Can you talk a little bit more about what you're seeing in the log management specifically? We've definitely been hearing about some more disruption at the start of the year from the recent acquisitions in the space. So just curious if you're seeing an even more meaningful opportunity on that front this year?

好的。這很有幫助。很高興看到 Flex Logs 在過去一年中實現了強勁成長。您能否具體談談您在日誌管理中看到的內容？我們確實聽說了今年年初該領域最近的收購帶來的一些混亂。所以我只是好奇，今年您是否看到了更有意義的機會？

We see tremendous opportunity there. We validated that Flex Logs was really totally a big one for customers. We've also validated the fact that this was net new use cases for us. And this was not really just a cheaper product actually balancing the rest of what we have. Like we do see customers adopting Flex Logs and they continue a lot more of everything after. So this is great for us.

我們在那裡看到了巨大的機會。我們證實 Flex Logs 對客戶來說確實非常重要。我們也證實了這對我們來說是全新的用例。這實際上不僅僅是一種更便宜的產品，它實際上還平衡了我們現有的其他產品。就像我們確實看到客戶採用 Flex Logs 並且之後繼續做更多的事情。這對我們來說非常好。

We also see a ton of opportunity to displace some existing players in log management. We've built a lot of functionality towards that to close whatever gap functionality or specific implementation of functionality that may have been perceived by customers on that end, and so we see a ton of opportunity there.

我們也看到大量機會可以取代日誌管理中的一些現有參與者。我們為此建立了許多功能，以彌補客戶可能察覺到的任何差距功能或功能的具體實現，因此我們看到了大量的機會。

And one of the reasons we're growing the sales capacity in the way we are currently is that we see those opportunities in the market. We see great return on investment when we deploy more sales capacity to go after them, because these tend to be large [enterprise] opportunities that require some sales capacity, and we intend to fully capitalize on that. So we're super bullish about this.

我們目前擴大銷售能力的原因之一是我們看到了市場上的這些機會。當我們部署更多的銷售能力去爭取這些客戶時，我們看到了巨大的投資回報，因為這些往往是需要一定銷售能力的大型[企業]機會，我們打算充分利用這一點。所以我們對此非常樂觀。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

I have two. I'll just ask them concurrently. First, the AI native cohorts, getting back to that, so the percentage of total ARR coming from this cohort rose really impressively. Just so that we have a little better understanding of this dynamic because Oli just mentioned or referenced customer concentration. Can you say if the increase from a percentage basis was driven by perhaps one or two of these larger customers? Or is it broader based than that?

我有兩個。我會同時問他們。首先，回到 AI 原生群體，來自這群人的總 ARR 百分比確實顯著上升。只是為了讓我們更好地理解這種動態，因為奧利剛剛提到或參考了客戶集中度。您能否說一下百分比的成長是否是由其中一、兩位較大的客戶所推動的？或者說其基礎比這更廣泛？

And then secondly, for David, just given the second half step-up in sales and marketing investment that we saw last year at Datadog that seem to have continued into 2025, how is your productivity tracking at this stage compared to your expectations?

其次，對於 David 來說，鑑於我們去年在 Datadog 看到的下半年銷售和行銷投資的增加，而這種趨勢似乎會持續到 2025 年，與預期相比，您現階段的生產力追蹤情況如何？

Yes. So I mean, look, on the AI side, we do have, as I mentioned, one customer larger than the others there, but they're contributing more of the new revenue than the others. But we see growth in the rest of the cohort as well. So again, fairly typical. We've always had every single one of our fast-growth cohort, we do have some form of revenue concentration.

是的。所以我的意思是，在人工智慧方面，正如我所提到的，我們確實有一個比其他客戶更大的客戶，但他們貢獻的新收入比其他客戶更多。但我們也看到其餘族群的成長。所以，這又相當典型。我們始終擁有每一個快速成長的群體，我們確實有某種形式的收入集中。

And I remind you that the small fraction of our customers, otherwise, they pay us more than $100 thousand of ARR, and they represent almost 90% of our revenue. So that's sort of how the business is structured. But we do -- we are careful about the size and the rate of growth of those customers there, which is also why we call attention to potential volatility there in the future. David, do you want to take the next one?

我提醒您，我們的客戶中只有一小部分人向我們支付了超過 10 萬美元的 ARR，他們幾乎占我們收入的 90%。這就是業務結構。但我們確實對那裡的客戶規模和成長率非常謹慎，這也是我們呼籲關注未來潛在波動的原因。大衛，你想搭乘下一班嗎？

Yes, on -- so that's something we watch a lot. So once the reps are ramped, we look at productivity and we have productivity from those added that are similar, and the answer is yes. It is due to where we're putting the reps. We're not doing it sort of in a nontargeted way. We're looking at territories. So when we see ramp reps -- reps ramp, that's a hard one, we see similar productivity and that gives us the signal that we are doing the right thing and we can continue to add additional reps.

是的，這是我們經常關注的事情。因此，一旦銷售代表人數增加，我們就會關註生產力，並且我們會從新增的類似銷售代表那裡獲得生產力，答案是肯定的。這是因為我們把代表放在哪裡了。我們並不是用一種無針對性的方式去做這件事。我們正在觀察領土。因此，當我們看到重複次數增加時 - 重複次數增加，這是一個困難的問題，我們看到了相似的生產力，這給了我們一個信號，表明我們正在做正確的事情，我們可以繼續增加額外的重複次數。

Just as a quick reminder, when you think of growing capacity, I think it's a little bit different for sales and [lease form] engineering. For engineering, you can do it in fashion, you can decide how much you're going to grow the team, and then you can distribute your engineer on different types of products after that, more or less.

簡單提醒一下，當你考慮擴大產能時，我認為銷售和[租賃形式]工程略有不同。對於工程，你可以以時尚的方式進行，你可以決定要擴大團隊的規模，然後你可以將工程師或多或少地分配到不同類型的產品上。

On the sales side, you need to do it in the bottom-up fashion, because you need to understand which territories can carry how many new reps, which ones have the right productivity, which one have the right market opportunity and where you got good people. So it's not as easy as saying we're going to grow the team by 30% you actually need to figure out who's going to go where and who you're going to go see and believe to make everyone successful.

在銷售方面，你需要自下而上地進行，因為你需要了解哪些地區可以容納多少新銷售代表，哪些地區具有合適的生產力，哪些地區具有合適的市場機會以及在哪裡可以找到優秀人才。因此，這並不像說我們要將團隊擴大 30% 那麼簡單，你實際上需要弄清楚誰要去哪裡，你要見誰、相信誰，才能讓每個人都成功。

So we've done the hard work for doing that, we've done It for many years now. And the growth in capacity you're seeing today is a result of that.

因此，我們為此付出了艱苦的努力，我們已經做了很多年了。而您今天所看到的產能成長正是由此產生的。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

David, on the 25% to 30% for sales capacity that you're seeing now, is that what you're continuing to plan for, for the year? Do you expect that growth rate to stay as you get into the back half of the year, just given that the shape of the that quota-carrying ramp in 2025?

大衛，您現在看到的銷售能力成長了 25% 到 30%，這是您今年繼續計劃實現的目標嗎？考慮到 2025 年配額成長的情況，您是否預期下半年成長率會維持下去？

We're continue doing that. But what we see is that the ramp capacity because we essentially have this 6-month, 12-month ramp. If our plans are realized, the investment in headcount will translate into a higher ramp capacity increase. That's dependent upon getting the right people, training and enabling the right people and retaining them. But that's the idea, and we're hopeful for that.

我們將繼續這樣做。但我們看到的是產能上升，因為我們基本上有 6 個月、12 個月的產能上升。如果我們的計劃得以實現，那麼對員工數量的投資將轉化為更高的坡道容量成長。這取決於是否能找到合適的人才、培訓和培養合適的人才並留住他們。但這就是我們的想法，我們對此充滿希望。

Kirk Materne, Evercore ISI.

柯克·馬特恩（Kirk Materne），Evercore ISI。

Oli, can you just talk about whether you see any discernible change in terms of the AI natives that you're working with, in terms of what you're helping with -- them with? Meaning, I assume majority is training at this point in time, but I was curious if you're seeing inferencing come into the equation in a big way? Or even if some of your bigger enterprise customers are starting to think a little bit more about inferencing? Just trying to get a sense on where we stand on that front.

奧利，您能否談談，就您所合作的人工智慧原生代而言，就您所幫助他們而言，您是否看到任何明顯的變化？意思是，我假設大多數人此時都在進行訓練，但我很好奇您是否看到推理在很大程度上進入了方程式？或者即使您的一些較大的企業客戶也開始更多地考慮推理？只是想了解我們在這方面的立場。

For the -- it's actually what we help them with. Mostly is not training, it's running the applications and their inference workloads (inaudible) customer facing. Because what's training for the [AI-led] extends to be largely homegrown, one-off and different from -- between each and every one of them. We expect that as and if most other companies and enterprises do significant training, that this will not be the case. It will not be one-off and homegrown.

對於——這實際上就是我們幫助他們的事情。主要不是培訓，而是運行應用程式及其推理工作負載（聽不清楚）面向客戶。因為人工智慧主導的訓練內容很大程度上是自主研發的、一次性的並且彼此不同——每個人的訓練內容都不同。我們預計，如果大多數其他公司和企業都進行大量培訓，情況就不會如此。它不會是一次性的、本土的。

But right now, it is still the and it is the do most of the training and they still do it now as largely homegrown. So when we see growth on the energy cohort, that growth of AI adoption, because that growth of customer-facing workloads by March.

但目前，它仍然是進行大部分培訓的地方，而且他們現在仍然以本土方式進行培訓。因此，當我們看到能源群體的成長、人工智慧採用的成長，以及 3 月面向客戶的工作量的成長時。

Okay. And then just one follow-up, maybe this is for David. Just I realize you guys have in investment right now. I'm just kind of curious, internally, how do you think about AI from an efficiency perspective? Meaning, I think Oli addressed it a little bit on the R&D side, but we've seen from other software companies that they are starting to see real yield in terms of using AI internally.

好的。然後還有一個後續問題，也許這是給大衛的。我剛剛意識到你們現在已經進行了投資。我只是有點好奇，從效率的角度來說，您如何看待人工智慧？意思是，我認為 Oli 在研發方面稍微解決了這個問題，但我們從其他軟體公司看到，他們開始在內部使用人工智慧方面看到真正的收益。

That might be masked with you all given the -- just the growth rate on your investments right now. But I'm just kind of curious how you think about that perhaps longer term relative to where your margins are today versus where they could be over a longer period of time?

考慮到你們目前的投資成長率，這可能對你們所有人都是不利的。但我只是有點好奇，您如何看待長期來看目前的利潤率與長期利潤率的關係？

Yes. And right now, I think we're seeing the returns in productivity, whether that be salespeople getting more information or R&D. We're essentially trying to create an environment where we're encouraging the various departments to use it and learning from it. Long term, there might well be efficiency gains, but there may be efficiency gains that can be manifested in the headcount. But right now, we're essentially trying to make the headcount investment that we are making more efficient and more proper.

是的。現在，我認為我們看到了生產力的回報，無論是銷售人員獲得更多資訊還是研發。我們本質上是在嘗試創造一種環境，鼓勵各部門使用它並從中學習。從長遠來看，效率很可能會提高，但效率的提高可能只會反映在員工人數上。但目前，我們主要想讓人力投資更有效率、更合理。

Remember, we're constrained by this capacity and we're concerned by engineering capacity. So any gain productivity we gain right now are basically reinvested in producing more, whether that's on the revenue side or on the product and engineering side.

請記住，我們受到這種能力的限制，並且我們擔心工程能力。因此，我們現在獲得的任何生產力提高基本上都會重新投資於生產更多產品，無論是在收入方面還是在產品和工程方面。

Long term, obviously, we have strong believers in the fact that AI is a big driver of efficiency. And we can see how it can be -- she's going to see that it can be 10x cheaper to produce in the same amount of software and things like that. So I think we definitely hit it there.

長遠來看，顯然我們堅信人工智慧是提高效率的重要推手。我們可以看到這是如何實現的——她將看到，使用相同數量的軟體等，生產成本可以降低 10 倍。所以我認為我們肯定成功了。

Howard Ma, Guggenheim.

霍華德·馬，古根漢。

I was hoping you guys could reconcile the consumption downtick in the enterprise segment versus the strong new logo ARR that I think you said it was over 70% year-over-year?

我希望你們能夠將企業部門的消費下滑與強勁的新標誌 ARR 相協調，我認為你們說過它同比增長超過 70%？

Yes. I mean there's no good tradition there. I think there's always variability in the usage. We see that month-to-month, we that quarter-to-quarter. And what we see there is within the balance of that.

是的。我的意思是那裡沒有什麼好的傳統。我認為用法總是存在變化的。我們按月、按季來觀察。我們所看到的正是在這種平衡之內。

We obviously -- we take a strong look. So I think the first one is what we talked about already, which is product sales capacity, winning market share in the market. The second one is we've always said we have some volatility. Now back when we had the post-COVID, we saw some correlation around broad parts of our customer base, indicating that were broader trends. In this case, we've looked at it and it's sort of volatility of usage, but not a broad trend.

我們顯然——我們會認真審視。所以我認為第一個是我們已經討論過的，即產品銷售能力，贏得市場份額。第二點是我們一直說我們存在一些波動。現在回顧後疫情時代，我們發現廣大客戶群之間存在一定的關聯，這顯示有更廣泛的趨勢。在這種情況下，我們已經研究過它，它是一種使用波動，但不是一個廣泛的趨勢。

Yes. And remember also when we take the strong bookings, it takes time to bookings to turn into revenue for us. For example, when we have a great new logo deal, we have mentioned a few on the call, that real impact is minimal to materialize and the revenue will take more to materialize it. But then the back end of that, we expect to see it go far beyond what was the initial range of those customers. So there's definitely a timing effect there.

是的。還要記住，當我們接到大量預訂時，需要時間將預訂轉化為我們的收入。例如，當我們有一個很棒的新標誌交易時，我們在電話中提到了一些，但實際影響很小，需要更多的收入才能實現。但在後端，我們預期它會遠遠超出這些客戶的最初範圍。因此這其中肯定存在時間效應。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

I guess, Oli, your investments can obviously change (technical difficulty).

我想，奧利，你的投資顯然會改變（技術難度）。

We can't hear you. I'm sorry, we can't hear you.

我們聽不到你的聲音。抱歉，我們聽不到您的聲音。

Matt, you're breaking up.

馬特，你要分手了。

Let me try this. Philosophically speaking, customers optimized in 2022, 2023, are they still operating at fairly optimized levels?

讓我試試這個。從哲學上講，客戶在 2022 年、2023 年進行了優化，他們是否仍然在相當優化的水平上運作？

Well, customers, I think, are running tighter optimization cycles now. The vast majority of customers don't build as much overhang of an optimized edge that they need to come back to later. We do still see the secular cycles, right? Typically, when they renew their card, that's our commitment. Or when they renew the observatory commitment is when they're going to look at what they need to optimize and come back to it. But we think in general that, that cycle has become much tighter for customers.

嗯，我認為客戶現在正在運行更嚴格的優化週期。絕大多數客戶不會建立太多需要稍後再回來的最佳化優勢。我們確實仍然看到長期週期，對嗎？通常，當他們更新他們的卡片時，這就是我們的承諾。或者當他們更新天文台承諾時，他們會考慮需要優化什麼，然後重新開始。但我們認為，整體而言，對於客戶來說，這個週期變得更加緊張。

Got it. And maybe just a quick one for David. It sounds like $10 million of expenses for Eppo and Metaplane, curious if your guidance includes any impact from a revenue perspective for those two?

知道了。也許對 David 來說這只是一個簡短的問題。這聽起來像是 Eppo 和 Metaplane 的支出 1000 萬美元，好奇您的指導是否包括從收入角度對這兩家公司的影響？

Well, for the second half of the year, we did not change the revenue guidance. So I would say, net-net, when you put everything together, we did not include it.

嗯，對於下半年，我們沒有改變收入預期。所以我想說，當你把所有東西放在一起時，我們沒有把它包括在內。

The impact is small.

影響不大。

And impact -- yes, and I think that's important to say. The impact of small, the combination of the revenues in the quarterly, in the second half. Based on what we acquired, now we're obviously going to try to accelerate that. It's small anyway.

是的，還有影響，我認為這很重要。對下半年季度收入的綜合影響較小。根據我們所獲得的信息，現在我們顯然要努力加速這一進程。反正它很小。

Brad Reback, Stifel.

布拉德·雷巴克（Brad Reback），Stifel。

Oli, there's been growing kind of customer focus on bring your own cloud. How should we think about your -- well, I should -- where do you think you philosophically as it relates to that, maybe on-prem workloads in general?

奧利，客戶越來越關注自帶雲端。我們應該如何思考您的——好吧，我應該——您認為從哲學上來說它與什麼相關，也許是一般的內部工作負載？

Well, I think it's two different things. There is on-prem workloads, because some customers still have a lot of on-prem workloads that are not going anywhere, and we're seeing that. And we have new product offerings that go clearly after that. So we can cover from the cloud, their on-prem workloads in a way they discussed as did for them and that they can use in conjunction with the monitoring of their own cloud environment. So that's one thing, and we are addressing that. We see a big opportunity there.

嗯，我認為這是兩件不同的事情。存在本地工作負載，因為一些客戶仍然有很多本地工作負載沒有轉移到任何地方，我們看到了這一點。而我們推出了明確的新產品。因此，我們可以按照他們討論的方式從雲端覆蓋他們的內部工作負載，並且他們可以結合對自己雲端環境的監控使用。這是一件事，我們正在解決這個問題。我們在那裡看到了巨大的機會。

The second thing is we did for customers to run on their own infrastructure, whether it's cloud or some on-prem version of the cloud. We think there's definitely a future where they becomes more important, especially if there's more geopolitical separation between the price parts of the world.

第二件事是我們為客戶在自己的基礎設施上運作所做的，無論是雲端還是雲端的某些內部版本。我們認為，未來它們肯定會變得更加重要，特別是如果世界各地的地緣政治分歧進一步擴大的話。

Philosophically, we go wherever our customers want us to go. So if that's the way they want to consume software at the end, that's definitely the way we're going to deliver it. We are testing right now some ways for customers to manage part of their data directly on their own cloud. We'll have a new product that is being in customers' hands for that. And if we see strong market pull for that and if we see the world going in that direction, we'll definitely dig harder into that. So for us, this can be a big opportunity in the future.

從哲學上來說，客戶希望我們去哪裡我們就去哪裡。因此，如果他們最終希望以這種方式使用軟體，那麼我們肯定會以這種方式來交付它。我們目前正在測試一些方法，讓客戶可以直接在自己的雲端上管理部分資料。為此，我們將推出一款新產品供客戶使用。如果我們看到強大的市場吸引力，如果我們看到世界朝著這個方向發展，我們肯定會更努力地去挖掘它。所以對我們來說，這可能是未來的一個巨大的機會。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（Andrew Sherman），TD Cowen。

The net new adds 100,000 plus of 160 were the strongest since 4Q '22. Maybe just talk about the drivers of expansion there across new use cases, new products, share gains, and it sounds like some boomerang customers coming back to you as well?

淨新增就業機會超過 10 萬人，達到 160 人，是 2022 年第四季以來最強勁的成長勢頭。也許只是談論新用例、新產品、份額成長等擴張的驅動因素，聽起來好像有些迴力鏢客戶也會回到你身邊？

Yes. All of the above, that's really it. And I'm happy this number is high, but it's [UITs] that it's consistent. Sometimes a bit lower, sometimes a bit higher. So all of our customers are going up the curve with us as they consolidate more and more of what they're doing into a platform and bring us more and more of their workloads and they grow with us.

是的。以上就是全部內容，確實如此。我很高興這個數字很高，但它是一致的。有時候低一點，有時候再高一點。因此，我們所有的客戶都在與我們一起不斷進步，他們將越來越多的工作整合到一個平台上，並將越來越多的工作量帶給我們，並與我們一起成長。

Of course, we're also very happy to see some customers coming back. So the one customer we mentioned on the call here had decided to sort of build their own using some commercial open source and they decided to come back, and it's emotional to see. We are very happy to see that in the end, from customers who've tried everything, including us and the competition, we've seen as being the best long-term choice. So -- and maybe we can close it on that.

當然，我們也很高興看到一些顧客回來。因此，我們在電話中提到的一位客戶決定使用一些商業開源軟體來建立自己的系統，然後他們決定回來，看到這一幕我們非常感動。我們非常高興地看到，最終，從嘗試過所有產品（包括我們和競爭對手的產品）的客戶來看，我們都認為這是最佳的長期選擇。那麼——也許我們可以就此結束。

The question-and-answer session is now closed. I will now turn it over to Olivier Pomel for closing remarks.

問答環節現已結束。現在我將把演講時間交給奧利維爾·波梅爾 (Olivier Pomel) 作結束語。

All right. Thank you very much. So again, I want to thank all of our employees and customers for working with us and for us during the quarter. And I'd remind everyone that we're hard at work preparing our conference, DASH, on June 10 and 11 in New York. We have a lot of exciting stuff to show there. So we expect to see as many of you there as possible.

好的。非常感謝。因此，我再次感謝我們所有的員工和客戶在本季度與我們合作並為我們做出貢獻。我想提醒大家，我們正在努力籌備 6 月 10 日至 11 日在紐約舉行的 DASH 會議。我們有很多令人興奮的東西要在那裡展示。因此，我們希望在那裡見到盡可能多的你們。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。