數據狗 (DDOG) 2021 Q3 法說會逐字稿

Welcome to the Q3 2021 Datadog Earnings Conference Call. My name is Adrianne, and I'll be your operator for today's call. (Operator Instructions) I'll now turn the call over to Yuka Broderick, Head of Investor Relations. Yuka Broderick, you may begin.

歡迎參加 Datadog 2021 年第三季（Q3 2021）財報電話會議。我是 Adrianne，將擔任今天會議的接線員。(接線員指示) 現在我將把電話交給投資人關係主管 Yuka Broderick。Yuka Broderick，您可以開始了。

Thank you, Adrianne. Good evening, and thank you for joining us to review Datadog's third quarter 2021 financial results, which we announced in our press release issued after market close. Joining me on the call today are Olivier Pomel, Datadog's Co-Founder and CEO; and David Obstler, Datadog's CFO.

謝謝你，Adrianne。各位晚安，感謝各位加入我們，一同回顧 Datadog 2021 年第三季財務結果；我們已在收盤後發布的新聞稿中對外公布。今天與我一同參與電話會議的有 Datadog 共同創辦人暨執行長 Olivier Pomel，以及 Datadog 財務長 David Obstler。

During this call, we will make statements related to our business that are forward-looking under federal securities laws and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to our future financial performance, our outlook for the fourth quarter and the full year 2021, our strategy, the potential benefits of our products, partnerships, investments in R&D and go-to-market, our ability to capitalize on our market opportunity. 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 not as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of the material risks and other important factors that could affect our actual results, please refer to our quarterly report on Form 10-Q for the quarter ended June 30, 2021, filed with the SEC on August 6, 2021. Additional information will be made available in our quarterly report for -- on Form 10-Q for the quarterly period ended September 30, 2021, and other filings and reports that we may file from time-to-time with the SEC. Our filings with the SEC are available on the Investor Relations section of our website. A replay of this call will also be available there for a limited time.

在本次電話會議中，我們將就本公司業務發表若干陳述；依據聯邦證券法，這些陳述屬於前瞻性陳述，並依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）的安全港條款作出，其中包括與我們未來財務表現、對 2021 年第四季及 2021 全年的展望、我們的策略、產品的潛在效益、合作夥伴關係、研發與市場拓展（go-to-market）投資、以及我們把握市場機會能力相關的陳述。「預期（anticipate）」、「相信（believe）」、「持續（continue）」、「估計（estimate）」、「預計（expect）」、「意圖（intend）」、「將（will）」及類似用語，旨在識別前瞻性陳述或對未來預期的類似表述。這些陳述僅反映我們截至今日的觀點，而非任何後續日期的觀點。這些陳述受到多項風險與不確定性影響，可能導致實際結果與預期存在重大差異。關於可能影響我們實際結果之重大風險及其他重要因素的討論，請參閱我們截至 2021 年 6 月 30 日季度的 Form 10-Q 季度報告，該報告已於 2021 年 8 月 6 日向美國證券交易委員會（SEC）提交。更多資訊將於我們截至 2021 年 9 月 30 日季度期間的 Form 10-Q 季度報告，以及我們不時向 SEC 提交的其他申報文件與報告中提供。我們向 SEC 提交的文件可於本公司網站的投資人關係（Investor Relations）專區查閱。本次電話會議的重播也將在該處提供一段有限期間。

Non-GAAP financial measures will be discussed on this conference call. Please refer to the tables in our earnings release, which you can find on the Investor Relations portion of our website for a reconciliation of these measures to their most directly comparable GAAP financial measures.

本次電話會議將討論非 GAAP 財務衡量指標。請參閱我們的財報新聞稿中的表格（可於本公司網站投資人關係專區取得），以了解這些指標與其最直接可比的 GAAP 財務衡量指標之調節（reconciliation）。

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

接下來，我想把電話交給 Olivier。

Thanks, Yuka, and thank you all for joining us this evening. We are extremely pleased with our performance in Q3, which was stronger than expected on robust growth with existing customers as well as strong new customer sales. We saw broad-based strength across product lines and across customer segments.

謝謝你，Yuka，也感謝各位今晚加入我們。我們對第三季的表現感到非常滿意；在既有客戶強勁成長以及新客戶銷售強勁的帶動下，整體表現優於預期。我們看到各產品線以及各客戶族群皆呈現廣泛的強勢表現。

Let me give you a quick summary of the quarter. Revenue was $270 million, an increase of 75% year-over-year, and above the high end of our guidance range. We ended the quarter with 1,800 customers with ARR of $100,000 or more, up from 1,082 in the year ago quarter. These customers generated about 80% of our ARR. We have about 17,500 customers, which is up from about 13,100 last year. The leverage and efficiency of our business model is coming through with free cash flow of $57 million. And our dollar-based net retention rate continued to be over 130% as customers increase their usage and adopted on our products.

我先快速總結本季表現。營收為 2.70 億美元，年增 75%，並高於我們指引區間的上緣。本季結束時，ARR 達 10 萬美元以上的客戶數為 1,800 家，高於去年同期的 1,082 家。這些客戶約貢獻我們 ARR 的 80%。我們約有 17,500 家客戶，高於去年的約 13,100 家。我們商業模式的槓桿效應與效率持續展現，自由現金流為 5,700 萬美元。而我們以美元計價的淨留存率（dollar-based net retention rate）持續高於 130%，因為客戶增加使用量並採用我們的產品。

At a high level, positive business trends over some quarters continued in Q3. Usage growth from existing customers was very strong this quarter across products. (inaudible) ARR was robust with some large new deals closing and churn remains low and in line with historical rates. Taking all these factors into account, we had a record quarter of ARR added, and we crossed the milestone by exceeding $1 billion in ARR in Q3.

從較高層面來看，過去幾季的正向業務趨勢在第三季仍然延續。本季既有客戶在各產品上的使用量成長非常強勁。(聽不清) ARR 表現穩健，部分大型新案成交，同時客戶流失率（churn）仍維持偏低，並與歷史水準一致。綜合上述因素，我們本季新增 ARR 創下紀錄，並在第三季達成里程碑：ARR 超過 10 億美元。

Next, our platform strategy continues to resonate in the market. As of the end of Q3, 77% of customers are using 2 or more products, up from 71%, a year ago. Additionally, 31% of customers are now using 4 or more products, which is up from 20% last year. And this quarter, about 70% of new logos landed with 2 or more products. Most strikingly, our whole platform saw strong growth in the third quarter. At Pune, in particular, that all of our major products added a record amount of ARR during the quarter, but also that the year-over-year growth of infrastructure monitoring ARR on its own accelerated this quarter. And finally that our log management and APM suite, which includes Synthetics, reason monitoring and continuous profiler, remain in hyper growth mode. Together in Q3, they exceeded $500 million in ARR.

接下來，我們的平台策略持續在市場上引起共鳴。截至第三季末，77% 的客戶使用 2 項或以上產品，高於一年前的 71%。此外，目前有 31% 的客戶使用 4 項或以上產品，高於去年的 20%。而本季約 70% 的新客戶（new logos）在導入時即採用 2 項或以上產品。最值得注意的是，我們整體平台在第三季呈現強勁成長。特別要指出的是，我們所有主要產品在本季新增 ARR 皆創下紀錄，同時，單就基礎架構監控（infrastructure monitoring）的 ARR 而言，其年增率在本季也有所加速。最後，我們的日誌管理（log management）與 APM 套件（包含 Synthetics、real user monitoring 以及 continuous profiler）仍處於高速成長模式。兩者合計在第三季 ARR 超過 5 億美元。

Now let's move on to product and R&D. Our teams continue to innovate at a rapid pace. We had 40 new product-related announcements in Q3, and we made many announcements last week at DASH, or annual user conference. You can review our DASH press releases as well as 2 nights earnings for further description. But to summarize this briefly, we announced the availability of CI visibility, session replay, funnel analysis, network device monitoring, digital apps and all in archives for log management. We launched private betas for Cloud Cost Management, observability pipelines, universal service monitoring and application security. And we also announced official Datadog support of the Vector open-source product.

現在我們來談產品與研發。我們的團隊持續以快速節奏創新。第三季我們發布了 40 項與產品相關的新公告；上週在我們的年度使用者大會 DASH 上也發布了許多公告。您可以查閱我們的 DASH 新聞稿，以及 2 nights earnings（聽不清）以取得更進一步的說明。簡要總結來說，我們宣布 CI visibility、session replay、funnel analysis、network device monitoring、digital apps，以及用於日誌管理的 all in archives 正式可用。我們也針對 Cloud Cost Management、observability pipelines、universal service monitoring 與 application security 推出 private beta。此外，我們也宣布 Datadog 將正式支援 Vector 這項開源產品。

Now looking back at a couple of these announcements. Some of them will increase Datadog's usefulness for business personas. Users who are not engineers, and can benefit from all the data flowing to Datadog. With session replay and analysis, we believe support organizations, product designers and product managers can get value from understanding user behavior and interactions with applications. And we expect Cloud Cost Management will be useful to anyone involved in understanding and controlling the expense of cloud implementations from engineering teams to product managers to finance teams. We are also advancing our efforts to support our customers with large-scale complex data needs.

現在回頭看其中幾項公告。其中一些將提升 Datadog 對業務角色（business personas）的實用性。也就是非工程師的使用者，他們同樣能受益於流入 Datadog 的所有資料。透過 session replay 與分析，我們相信客服支援組織、產品設計師與產品經理，能藉由理解使用者行為及其與應用程式的互動而獲得價值。我們也預期 Cloud Cost Management 將對所有參與理解與控管雲端導入成本的人員有所助益，從工程團隊到產品經理再到財務團隊皆然。我們也正推進相關工作，以支援具有大規模、複雜資料需求的客戶。

So I want to talk a bit, Vector, obsolete pipelines and online archive. 9 months ago, we acquired Timber, the developer of Vector. Vector is an open-source product that allows users to collect, enrich and transform useability data and automatic robotics to the decision of their choice. Our Observability pipelines product extends Vector and increased enterprise-level capabilities for its data pipelines, and the ability for users to seamlessly manage it from Datadog across both on-premise and -- in cloud accounts. Vector and observability pipelines let customers make value-based decisions on data as early as possible before they send data to Datadog or any other partner.

因此我想稍微談談 Vector、observability pipelines 與 online archive。9 個月前，我們收購了 Timber，也就是 Vector 的開發商。Vector 是一項開源產品，讓使用者能收集、豐富化並轉換可觀測性資料，並將其（聽不清）傳送到其選擇的目的地。我們的 Observability Pipelines 產品延伸了 Vector，並為其資料管線提供更強的企業級能力，以及讓使用者能在 Datadog 中無縫管理，涵蓋地端（on-premise）以及雲端帳戶。Vector 與 observability pipelines 讓客戶能在最早的階段、在將資料送往 Datadog 或任何其他合作夥伴之前，就基於價值對資料做出決策。

We are always looking for ways to give customers more control over how they use their data and how they manage the cost of their cloud deployments. This is another step in that direction. And with online archives, we are aiming to solve the growing problem of storing all logs and being able to run complex historical investigations on them. Online Archives is an always-on log-warehousing solution that provides 15 months or more of extremely cost-effective storage and live-growing abilities. I also wanted to mention a database monitoring, which we announced for general availability in August, and which gives our customers deep visibility into the performance and execution of queries across all of their databases.

我們一直在尋找方法，讓客戶能更掌控其資料的使用方式，以及如何管理其雲端部署成本。這是朝這個方向邁出的另一個步驟。而透過線上封存（online archives），我們希望解決日益嚴峻的問題：儲存所有日誌，並能在其上進行複雜的歷史調查分析。Online Archives 是一套永遠開啟（always-on）的日誌資料倉儲解決方案，提供 15 個月或更長期間、極具成本效益的儲存，以及可即時持續成長的能力。我也想提到我們的資料庫監控功能，我們已在 8 月宣布正式全面可用（GA），它能讓客戶深入掌握其所有資料庫中查詢的效能與執行情況。

Finally, as announced in the press release issued this evening, we acquired Ozcode, a live debugging solution for .NET applications, which lets developers solve problems in real time, whether in development or in production environments. It is another example of our growing push into developer workflows.

最後，如同今晚發布的新聞稿所宣布，我們收購了 Ozcode——一套用於 .NET 應用程式的即時除錯（live debugging）解決方案，讓開發者無論在開發或生產環境中，都能即時解決問題。這也是我們持續加大投入開發者工作流程的另一個例證。

So as you can tell, we were very busy in Q3. And I want to thank our engineering and product teams for their hard work and their relentless focus on our customers.

所以如各位所見，我們在第三季非常忙碌。我也要感謝我們的工程與產品團隊，他們的辛勤付出，以及對客戶不懈的專注。

Now moving on to sales and marketing. Our go-to-market teams continue to be very productive, and we added 1,100 net new customers this quarter. So let's review some of our Q3 wins. First, we had our largest deal ever by total contract value, and over $60 million 5-year upsell with a multinational financial services company. Our history of success with this customer has led to the use of 9 products, including early adoption of newer products such as RUM, Synthetics and NPM. This customer began the second phase of their migration to the cloud and is standardizing on Datadog, adopting our newer products as we add them to our platform.

接著談銷售與行銷。我們的市場推進（go-to-market）團隊持續展現高生產力，本季淨新增 1,100 位新客戶。接下來回顧第三季的一些重大勝利。首先，我們拿下了史上按合約總價值（total contract value）計算最大的交易：與一家跨國金融服務公司簽下超過 6,000 萬美元、為期 5 年的加購（upsell）。我們與該客戶長期成功合作的歷史，促成其使用 9 項產品，其中包括對 RUM、Synthetics 與 NPM 等較新產品的早期採用。該客戶已開始其上雲遷移的第二階段，並以 Datadog 作為標準化平台，隨著我們將新產品加入平台而持續採用。

Next, we had a 6-figure land with a global fashion retailer based in Asia. These customers saw e-commerce sales increased dramatically during the pandemic, and they began to use Datadog after several outages resulted in missed sales. After a disappointing implementation of a competing solution, they chose Datadog APM across their global e-commerce sites and saw immediate improvement in stability.

接著，我們與一家以亞洲為基地的全球時尚零售商達成一筆 6 位數的首次導入（land）。這些客戶在疫情期間看到電商銷售大幅成長，但在多次當機導致錯失銷售後，開始使用 Datadog。在競品方案的導入效果不如預期後，他們選擇在其全球電商網站採用 Datadog APM，並立即看到穩定性改善。

Next, we had a 6-year land with a U.S.-based professional sports league, which came in partnership with Google Cloud Platform. This customer experienced a large spike in application usage as funds are returning to games for in a pandemic, but they had no clients at monitoring and therefore, nowhere to analyze and optimize the user experience. With Datadog real user monitoring and Synthetics, along with infrastructure monitoring and APM, the customer now has a single solution to manage experience from front end to back end.

接著，我們與一家美國的職業運動聯盟達成一筆為期 6 年的首次導入（land），此案是與 Google Cloud Platform 的合作夥伴關係一同促成。由於球迷在疫情期間回到賽事現場，該客戶的應用程式使用量出現大幅尖峰，但他們先前沒有監控工具，因此無從分析並優化使用者體驗。透過 Datadog 的真實使用者監控（RUM）與 Synthetics，再加上基礎架構監控與 APM，該客戶如今擁有單一解決方案，可從前端到後端管理整體體驗。

Next, we had a 7-figure land with the advertising division of a Fortune 10 company. This company has very strict SLAs for their platform as their customers rely on always-on availability to adjust ad budgets in real time. After conducting a full evaluation of internal solutions and APM providers, this customer began using Datadog infrastructure monitoring and APM and are motivated to expand their use of our platform within the enterprise.

接著，我們與一家《財富》前 10 大企業的廣告事業部達成一筆 7 位數的首次導入（land）。該公司對其平台有非常嚴格的 SLA，因為其客戶仰賴平台的全年無休可用性，以便即時調整廣告預算。在對內部方案與 APM 供應商進行完整評估後，該客戶開始使用 Datadog 的基礎架構監控與 APM，並有動機在企業內擴大對我們平台的使用。

Finally, we had a large 6-figure land with a U.S. distributor of plumbing and building equipment. This company needed to migrate from on-premise to Azure, and to deploy on Azure subunit services. But its existing APM solution had limited visibility into containers. With Datadog, this customer is able to effectively monitor the health of the Azure ecosystem, allowing them to confidently and efficiently complete migrations in retail legacy infrastructure.

最後，我們與一家美國的管路與建築設備經銷商達成一筆大型 6 位數的首次導入（land）。該公司需要從地端（on-premise）遷移至 Azure，並在 Azure 上部署其子單位服務。但其既有的 APM 解決方案對容器的可視性有限。透過 Datadog，該客戶能有效監控 Azure 生態系的健康狀況，使其能更有信心且更有效率地完成遷移，並逐步汰換既有的零售傳統基礎架構。

As you can see, our go-to-market teams had another quarter of strong execution. I want to thank them for once more successfully helping both new and existing customers to generate value from Datadog.

如各位所見，我們的市場推進團隊又交出了一季強勁的執行成果。我要再次感謝他們，成功協助新舊客戶從 Datadog 中創造價值。

Now moving on to our longer-term outlook. If you could not join us for our investor meeting last week, I encourage you to watch a video on the Investor Relations section of our website. At the meeting, we described our long-term opportunities, our differentiators and the expansion of our platforms over the years. To summarize my bit of the presentation, we see digital transformation and cloud migration as large forces driving exponential growth. We believe Datadog helps solve the growing problem of managing complexity for our customers and that our open-ended unified platform, designed to be simple but not simplistic, is deployed everywhere and used by everyone at our customers and that it helps break down silos between teams. We believe it is still early days for our opportunity and observability. And while we have made a lot of progress in building out a broad observability platform, we still have much to do to solve all of our problems customer pain points.

接著談我們較長期的展望。若各位未能參加上週的投資人會議，我鼓勵各位到我們網站的投資人關係（Investor Relations）專區觀看影片。在會議中，我們說明了長期機會、差異化優勢，以及多年來平台的擴展。總結我在簡報中的部分，我們認為數位轉型與雲端遷移是推動指數型成長的兩大力量。我們相信 Datadog 能協助客戶解決日益增加的複雜度管理問題；我們的開放式統一平台，設計上力求簡單但不流於簡化，可在各處部署、由客戶端各角色廣泛使用，並有助於打破團隊之間的孤島。我們相信在可觀測性（observability）這個機會上仍處於早期階段。而儘管我們在打造廣泛的可觀測性平台方面已取得許多進展，但要解決客戶所有痛點，我們仍有大量工作要做。

One next step for us is in security, with our cloud security platform. And we believe we have a part to play in breaking down silos between development, corporations and security teams. But we're also making offers inroad in pure developer workflows with the general availability of CI Visibility. And we think over time, we have opportunities to help our customers in several other large adjacent markets as well. In other words, we are just getting started.

我們的下一步之一是在資安領域，推出我們的雲端安全平台。我們相信自己能在打破開發、營運與資安團隊之間的孤島方面扮演一份角色。同時，隨著 CI Visibility 正式全面可用（GA），我們也在純開發者工作流程上取得進展。我們也認為，隨著時間推進，我們還有機會在其他幾個大型相鄰市場中協助客戶。換句話說，我們才剛剛開始。

With that, I would like to turn the call over to our CFO. David?

接下來，我想把電話會議交給我們的財務長。David？

Thanks, Olivier. In summary, we had a very strong Q3. Revenue was $270 million, up 75% year-over-year and up 16% quarter-over-quarter. Usage trends were strong and showed broad-based growth. Customers continuing to adopt more products across the platform, and new logo generation was also strong.

謝謝你，Olivier。總結來說，我們第三季表現非常強勁。營收為 2.70 億美元，年增 75%，季增 16%。使用量趨勢強勁，並呈現廣泛的成長。客戶持續在平台上採用更多產品，新客戶（new logo）獲取也同樣強勁。

To provide some more context. First, growth of existing customers was robust in Q3, and our dollar-based net retention rate remained above 130% for the 17th consecutive quarter. Usage growth was very strong, driven by customers' expanded usage of existing products and the adoption of new products. Our new customers from the last several quarters have expanded their usage quite rapidly, and we had some significant renewals with large customers in Q3. We also had a record quarter of ARR adds, including record ARR adds in all of our major products. And we saw strong growth across geographical regions, with all regions accelerated on a year-over-year basis compared to Q2.

補充一些背景說明。首先，第三季既有客戶成長動能強勁，以美元計價的淨留存率（dollar-based net retention rate）已連續第 17 季維持在 130% 以上。使用量成長非常強，主要由客戶擴大既有產品使用，以及採用新產品所帶動。過去幾季新增的客戶擴張使用的速度相當快，而我們在第三季也與大型客戶完成了一些重要續約。我們也創下 ARR 新增的紀錄，包括在所有主要產品上都創下 ARR 新增紀錄。此外，我們看到各地理區域皆有強勁成長；與第二季相比，所有區域在年增率基礎上均呈現加速。

New logo results were also strong. Our enterprise and commercial sales teams had a crisp execution in this quarter, and new logo ARR was up strongly year-over-year. We continue to see opportunities broadly across industries and customer sizes. Remember that given our usage-based revenue model, new logo wins generally do not immediately translate into meaningful revenue.

新客戶（new logo）成果同樣強勁。本季我們的企業與商業銷售團隊執行到位，新客戶 ARR 年增大幅提升。我們持續在各產業與不同規模的客戶中廣泛看到機會。請記得，由於我們採用以使用量計價的營收模式，新客戶的勝出通常不會立刻轉化為具顯著規模的營收。

Next, our platform strategy continues to resonate with customers. And as we mentioned, 77% of our customers are now using 2 or more products, and 31% of our customers are using 4 or more products. And lastly, churn remained low and in line with historical levels. Our dollar-based gross retention rate remained unchanged in the mid-90s and is similar across all our customer segments and products.

接著，我們的平台策略持續獲得客戶共鳴。如同我們提到的，目前 77% 的客戶使用 2 項或以上產品，31% 的客戶使用 4 項或以上產品。最後，流失率（churn）維持在低檔，並與歷史水準一致。以美元計價的總留存率（dollar-based gross retention rate）維持在 90% 中段，且在所有客戶分群與產品之間表現相近。

Turning to billings. The billings were $309 million, up 98% year-over-year. There were no pro forma impacts in the quarter. Note that we called out shorter-term billings duration in Q3 2020 last year. And billing duration in 3Q of this year is in line with recent quarters but is higher on a year-over-year basis, driving higher year-over-year billings growth.

接著談帳單開立（billings）。本季帳單開立金額為3.09億美元，年增98%。本季沒有任何備考（pro forma）影響。請注意，我們去年曾指出2020年第三季的帳單開立期間較短。而今年第三季的開立期間與近期季度一致，但相較去年同期更長，因而帶動更高的年增帳單開立成長。

Remaining performance obligations, or RPO, was $719 million, up 127% year-over-year driven by strong sales activity, increased contract duration, and it was growing against an easier compare in the third quarter of last year. The increase in contract duration was driven by several large renewals with multiyear terms. As a reminder, multiyear commitments are built annually, and we don't incentivize our sales team towards multiyear deals. Current RPO growth was about 100% year-over-year as our mix shifted away from month-to-month deals to -- on a year-over-year basis more towards semiannual and annual. We continue to believe revenue is a better indicator 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.

剩餘履約義務（Remaining performance obligations，RPO）為7.19億美元，年增127%，主要受強勁銷售活動、合約期間延長所帶動，且去年第三季的比較基期較低。合約期間的延長主要來自數筆大型續約，且為多年期條款。提醒一下，多年期承諾是按年度建立，我們也不會以多年期交易來激勵銷售團隊。由於我們的組合從按月合約轉向——以年增角度來看——更偏向半年與年度合約，當期RPO年增約100%。我們仍認為，相較於帳單開立與RPO，營收更能反映我們的業務趨勢，因為帳單開立與RPO可能會因開票時點與客戶合約期間而相對於營收出現波動。

Now let's review the income statement in more detail. As a reminder, unless otherwise noted, all metrics are non-GAAP. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release. Starting with gross profit. Our gross profit in the quarter was $210 million, representing a gross margin of 78%. This compares to a gross margin of 76% last quarter and 79% in the year ago quarter. Due to our continued efforts to drive efficiencies in cloud costs, we expect our gross margin to increase sequentially in Q4. In the mid- to long term, we expect gross margin to remain in the high-70s range, typical of our historical performance. R&D expense was $84 million or 31% of revenue compared to 30% in the year ago quarter. We continue to invest significantly in R&D, including high growth in our engineering headcount.

現在我們更詳細地檢視損益表。提醒一下，除非另有說明，所有指標皆為非GAAP。我們已在財報新聞稿中提供GAAP與非GAAP財務數據的調節表。先從毛利開始。本季毛利為2.10億美元，毛利率為78%。相較之下，上季毛利率為76%，去年同期為79%。由於我們持續推動雲端成本效率，我們預期第四季毛利率將較前一季提升。中長期而言，我們預期毛利率將維持在70%後段區間，符合我們過往的歷史表現。研發費用為8,400萬美元，占營收31%，高於去年同期的30%。我們持續大幅投資研發，包括工程人力編制的高速成長。

Sales and marketing expense was $65 million or 24% of revenue compared to 32% in the year-ago quarter. We continue to see strong efficiencies with our frictionless land-and-expand selling motion. We also had relatively few in-person events in Q3, but we continue to plan for increased travel and events cost going forward depending on local health and travel guidelines. G&A expense was $17 million or 6% of revenues compared to 8% in the year ago quarter.

銷售與行銷費用為6,500萬美元，占營收24%，低於去年同期的32%。我們持續在無摩擦的「落地並擴張」（land-and-expand）銷售模式中看到強勁的效率提升。第三季我們舉辦的實體活動相對較少，但未來我們仍計畫增加差旅與活動成本，視各地健康與旅行指引而定。一般與行政（G&A）費用為1,700萬美元，占營收6%，低於去年同期的8%。

Operating income was $44 million or a 16% operating margin compared to an operating income of $14 million or 9% in the year ago quarter. We continue to invest heavily against the large and dynamic market opportunity we see in front of us. But our product innovation, coupled with a strong go-to-market effort and a frictionless land-and-expand model is driving strong revenue growth and business model efficiencies. Non-GAAP net income in the quarter was $44 million or $0.13 per share based on 344 million weighted average diluted shares outstanding.

營業利益為4,400萬美元，營業利益率16%，相較去年同期營業利益1,400萬美元、營業利益率9%。我們仍持續大力投資於眼前龐大且充滿動態變化的市場機會。但我們的產品創新，加上強而有力的市場推進（go-to-market）投入，以及無摩擦的落地並擴張模式，正帶動強勁的營收成長與商業模式效率提升。本季非GAAP淨利為4,400萬美元，或每股0.13美元，係以3.44億股加權平均稀釋流通股數計算。

Turning to the balance sheet and cash flow. We ended the quarter with $1.5 billion in cash, cash equivalents, restricted cash and marketable securities. Cash flow from operations was $67 million in the quarter. After taking into consideration capital expenditures and capitalized software, free cash flow was $57 million for a free cash flow margin of 21%.

接著看資產負債表與現金流。本季末我們持有的現金、約當現金、受限制現金及有價證券合計為15億美元。本季營運活動現金流為6,700萬美元。在考量資本支出與資本化軟體後，自由現金流為5,700萬美元，自由現金流利潤率為21%。

Now for our outlook for the fourth quarter and the full year 2021. We remain highly optimistic about our long-term opportunities, and we continue to work hard to execute against these opportunities. Taking this into account with the usual conservatism applied, we are updating our guidance as follows. For the fourth quarter, we expect revenues to be in the range of $290 million to $292 million, which represents 64% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be in the range of $38 million to $40 million, and non-GAAP net income per share is expected to be between $0.11 and $0.12 per share based on 347 million average diluted shares outstanding. For the full year 2021, revenue is expected to be in the range of 293 to -- sorry, $993 million to $995 million, which represents a 65% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be in the range of [$113 million] (sic, see press release, "$133 million") to $135 million, and non-GAAP net income per share is expected to be in the range of $0.39 per share to $0.40 per share based on approximately 344 million weighted average shares outstanding.

接下來是我們對2021年第四季與全年展望。我們對長期機會仍高度樂觀，並持續努力執行以把握這些機會。在此基礎上並採取一貫的保守假設，我們更新指引如下。第四季營收預期介於2.90億至2.92億美元，按中位數計算年增64%。非GAAP營業利益預期介於3,800萬至4,000萬美元；非GAAP每股淨利預期介於每股0.11至0.12美元，係以3.47億股平均稀釋流通股數計算。2021全年營收預期介於——抱歉——9.93億至9.95億美元，按中位數計算年增65%。非GAAP營業利益預期介於[1.13億美元]（原文如此，請參閱新聞稿，「1.33億美元」）至1.35億美元；非GAAP每股淨利預期介於每股0.39至0.40美元，係以約3.44億股加權平均流通股數計算。

Now some notes on guidance. while usage growth remained strong in Q3, when providing guidance, as usual, we use more conservative assumptions. We would note that we typically see slower business activity towards the end of the fourth quarter as employees take vacations around the winter holidays. Next, our strategic focus remains to invest aggressively in R&D and go-to-market to optimize for the long-term growth, and our model assumes greater expenses related to travel and in-person events going forward. However, we will remain flexible depending upon local regulations and our highest priority is protecting the health of our employees.

接著補充一些指引說明。雖然第三季使用量成長仍然強勁，但在提供指引時，我們一如往常採用較保守的假設。我們也要指出，通常在第四季末，因員工在冬季假期前後休假，業務活動會較為放緩。再者，我們的策略重點仍是積極投資研發與市場推進，以最佳化長期成長；我們的模型也假設未來差旅與實體活動相關費用將增加。不過，我們會依各地法規保持彈性，而我們的最高優先事項是保護員工健康。

Regarding items below operating income, we expect approximately $0.7 million of Q4 non-GAAP net interest and other income, which includes interest income on our cash and marketable securities and the interest expense of our convertible debt. We do not expect to be a federal taxpayer but of a tax provision related to international entities. We expect that tax provision to be approximately $600,000 in Q4 and $2 million for the full year.

關於營業利益以下的項目，我們預期第四季非GAAP淨利息及其他收益約為70萬美元，其中包含我們現金與有價證券的利息收入，以及可轉換公司債的利息費用。我們預期不會成為聯邦所得稅納稅人，但會因海外實體而產生稅務提列。我們預期該稅務提列第四季約為60萬美元，全年約為200萬美元。

And now to summarize, we are very pleased with the results of this quarter. Our platform is resonating in the marketplace, and we saw strong performance across our products in Q3. We continue to invest aggressively in R&D. And with the launch of database monitoring and CI Visibility, we now have 13 generally available products to offer our customers.

最後總結一下，我們對本季的成果非常滿意。我們的平台在市場上引起共鳴，第三季各產品線表現強勁。我們持續積極投資研發。隨著資料庫監控（database monitoring）與CI Visibility的推出，我們目前已有13項正式可用（generally available）的產品可提供給客戶。

Our execution against our go-to-market goals remain strong. And our ability to help our customers manage through their cloud migration and digital transformation efforts continues to expand.

我們在市場推進目標上的執行力仍然強勁。而我們協助客戶因應雲端遷移與數位轉型工作的能力也持續擴大。

And with that, we will open up the call for questions. Operator, let's begin the Q&A.

接下來，我們開放提問。接線員，我們開始問答（Q&A）。

(Operator Instructions)

（接線員指示）

And our first question comes from Sanjit Singh from Morgan Stanley.

第一個問題來自摩根士丹利（Morgan Stanley）的Sanjit Singh。

Congrats on another really, really strong quarter. I had a question for Olivier. It's kind of more of a higher-level product-related question coming off of the user conference. And I guess the theme of it is that we hear the word observability much more often in 2021 and in 2019. I think you're starting to refer to different aspects of software in different domains. And I'm wondering from your perspective, you guys obviously have a lot on your plate plenty of opportunity. When we're talking about bringing observability into other domains, whether it's the data pipeline or going to potentially in process mining because you guys do have log analytics solutions, are those potential opportunities in terms of bring observability to different domains from the Datadog perspective? Or are you sort of kind of confining it to more of IT?

恭喜再度繳出非常、非常強勁的一季。我有個問題想請教 Olivier。這比較偏向在使用者大會之後、較高層次的產品相關問題。我想主軸是：我們在 2021 年聽到「可觀測性（observability）」這個詞的頻率，比 2019 年高很多。我覺得你們開始用它來指涉不同領域中軟體的不同面向。我想從你們的角度請教：你們顯然有很多事情在推進、也有很多機會。當我們談到把可觀測性帶進其他領域，不論是資料管線，或是可能延伸到流程探勘（process mining）（因為你們確實有日誌分析解決方案），從 Datadog 的角度來看，這些把可觀測性帶到不同領域的方向是否是潛在機會？還是你們會把它比較侷限在 IT 的範疇？

We know we're all about breaking down silos and bring more use cases, more personalized under the same roof. And we are strong believers that with digital transformation, the application is going to run the business. And so if you understand the application, you can understand everything that has to -- that happens around the business, which gives you an opportunity to bring many more teams in. So long term, yes, I mean all of these are interesting things for us to do, and we see some of our customers implementing some new use cases that we haven't productized on Datadog already today. I would say, today, we're still focused on the products we have brought to market and the ones that are still in beta, and we're taking it step-by-step. But yes, there's much more we can do and want to do.

我們一直強調打破資料孤島，把更多使用情境、更多個人化的需求放在同一個平台之下。我們也堅信，隨著數位轉型的推進，應用程式將會驅動企業營運。因此，如果你能理解應用程式，你就能理解與企業營運相關、以及圍繞著企業所發生的一切，這也讓你有機會把更多團隊納入進來。所以從長期來看，是的，這些對我們而言都是很有意思的方向；我們也看到部分客戶正在落地一些新的使用情境，而這些我們目前在 Datadog 上還沒有把它產品化。我會說，就目前而言，我們仍聚焦在已經推向市場的產品，以及仍在 beta 的產品，並且一步一步來。但沒錯，我們還有更多能做、也想做的事情。

Understood. And then sort of talking about some of the usage and cohort behaviors that we've seen over the last several quarters, coming off the slowdown that we saw at the end of last summer, I think the theme has been is that the usage trends and the expansion trends have sort of been reverting to normal and getting back to even higher than the pre-pandemic -- sort of in line with the sort of pre-pandemic levels. As we stand in sort of going into the end of the year, how have those cohorts sort of changed? Is it just sort of continuing sort of usage? Or are you seeing different sort of longer-term contracts? And in what sense -- or what commonalities are you seeing across these cohorts that are different than just sort of the recovery off the end of last year?

了解。接著談談過去幾季我們看到的一些使用量與同批客戶（cohort）行為：在去年夏末我們看到的放緩之後，我想主軸是使用趨勢與擴張趨勢似乎正在回歸常態，並回到甚至高於疫情前——大致與疫情前水準一致或更高。在我們即將進入年底之際，這些 cohort 有哪些變化？是單純延續使用量的成長嗎？還是你們看到不同型態、例如更長期的合約？另外，從某種意義上——或說你們在這些 cohort 之間看到哪些共通點，與單純從去年年底復甦的情況相比，有哪些不同？

There's actually not many differences between what we see in the most recent cohorts and the previous cohorts. The 2 main trends that we see that are underpinning the success you've seen in the past few quarters. As you identified earlier, the fact that the pace of cloud migration and digital transformation has resumed to where it was. That's the first ingredient. The second ingredient is that our newer products are reaching scale and are being successful and are basically propping up our growth as we solve a larger and larger problem for our customers. So the combination of those 2 things really is what drives the success you've seen.

其實我們在最新的 cohort 與先前的 cohort 之間，看到的差異不多。我們看到有兩個主要趨勢，支撐了你在過去幾季看到的成功表現。如你先前提到的，雲端遷移與數位轉型的速度已經恢復到原本的水準。這是第一個要素。第二個要素是，我們較新的產品正在達到規模、也取得成功；當我們為客戶解決的問題愈來愈大時，這些新產品基本上在支撐我們的成長。所以，這兩件事的結合，確實就是推動你所看到成功的主因。

And we continue to have our usage increase be about 2/3, usage of products the client had already, and about 1/3 adoption of new products. That's been pretty consistent over time. So we continue to see similar types of adoption path.

而且我們的使用量增加仍大約是：2/3 來自客戶既有產品的使用量提升，約 1/3 來自新產品的採用。這段時間以來都相當一致。因此我們持續看到類似的採用路徑。

Makes some sense and very helpful, David, in terms of shedding some light on the split between those 2 vectors. And congrats on the strong Q3.

這很合理，也非常有幫助，David，讓我們更清楚這兩個向量之間的拆分。也恭喜 Q3 表現強勁。

And our next question comes from Raimo Lenschow from Barclays.

下一個問題來自 Barclays 的 Raimo Lenschow。

Congrats from me as well. Olivier, can you -- you mentioned some of the large renewals you saw this quarter. And obviously, that we would think they're kind of heavy users of Datadog. Can you just describe like how much of their estate is actually getting monitored by you, i.e., like how much have you penetrated them? And what kind of differentiates those customers from guys that are kind of smaller on your platform. So is that just a maturity thing? Or what are the drivers here that we need to think about?

我也要恭喜你們。Olivier，你提到本季看到一些大型續約。而且很明顯，我們會認為他們是 Datadog 的重度使用者。你能否描述一下，他們的整體環境（estate）中，實際上有多少是由你們在監控？也就是說，你們對他們的滲透率大概到什麼程度？以及，這些客戶與那些在你們平台上規模較小的客戶相比，有什麼不同？這只是成熟度的差異嗎？或是我們需要思考的驅動因素是什麼？

I think it depends a little bit on the customers, obviously. But for some of the customers we've mentioned, it's very clear that they're standardizing on Datadog. As I mentioned, a very large 5-year deal, which is still somewhat atypical for us. But what this shows is that this is a customer that is far enough in their cloud transformation that they know where they're going. They're standardizing on us, and they plan over those 5 years to basically bring substantially everything they have into the cloud and in Datadog. So that's the -- that's what's behind it. And Again, right now, we only see that from the -- those of our large customers that are far enough in their cloud migration, and many of the -- of our large enterprise customers have started this cloud migration more recently. But we think it's representative of what's going to happen at a larger scale a few years from now.

我想這多少取決於不同客戶，當然。但對於我們提到的一些客戶來說，很明顯他們正在把 Datadog 作為標準化平台。如我所提到的，有一筆非常大的 5 年期合約，這對我們而言仍算是相對不典型。但這顯示的是：這位客戶在雲端轉型上已經走得夠遠，他們知道自己要往哪裡去。他們選擇以我們作為標準，並計畫在這 5 年內，基本上把他們相當大部分、甚至幾乎所有的資產都帶上雲端並納入 Datadog。所以這就是背後的原因。再說一次，目前我們主要只在那些雲端遷移進度夠深的大型客戶身上看到這種情況；而我們許多大型企業客戶其實是較近期才開始雲端遷移。但我們認為，這代表著幾年後在更大規模上將會發生的趨勢。

Yes. And then one for David. If I look at the billings growth, you pointed out that you were at slightly better duration this year last year? Like do you think you would be able to quantify that a little bit? Is that like a -- like is that a 20 points being, 10 points swing like some material, some materiality but not too much. Like could you help us there?

好的。接著一題給 David。如果我看帳單金額（billings）的成長，你提到今年的期間（duration）比去年稍微好一些？你覺得可以稍微量化一下嗎？例如是 20 個百分點、10 個百分點的變動，還是說有一定程度的重要性但不算太大？你能幫我們釐清一下嗎？

What we said in billings duration was we had large -- generally been in sort of the 7 months plus or minus then we had, had some contraction when in COVID last year down into the 6s. And now we're back up into that same range on billings duration that we had before in sort of the 7 to 8 months. The same thing happened in contract duration. Although the contract duration, we said was complemented by multiyear contracts, which expanded the RPO in this quarter, and maybe a bit unique in terms of the number of multiyears that happened this quarter.

我們對 billings 期間的說法是：過去大致落在約 7 個月上下浮動；然後在去年 COVID 期間出現一些收縮，降到 6 個月左右。而現在我們又回到與之前相同的區間，也就是約 7 到 8 個月的 billings 期間。合約期間（contract duration）也發生了同樣的情況。不過在合約期間方面，我們也提到本季有多年期合約（multiyear contracts）作為補充，進而擴大了本季的 RPO；而就本季發生的多年期合約數量而言，可能也稍微比較特殊。

And our next question comes from as Kash Rangan from Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Kash Rangan。

This is Nicolas (inaudible) sitting in for Kash. The question we have for you is, number one, can you please take rank for us the factors that have been contributing to revenue reacceleration? You talked about all the various pieces of the puzzle here, but is there any way to stack rank them in terms of most influential versus list influential? What drove the revenue acceleration here?

我是 Nicolas（聽不清）代替 Kash。我們的第一個問題是：能否請你們替我們把促成營收再加速（reacceleration）的因素做個排序？你們談到這裡有各種拼圖的不同部分，但有沒有辦法依照影響力由大到小（最具影響力到最不具影響力）來排列？這次營收加速的驅動因素是什麼？

The 2 main factors really are the resumption of cloud migration to the speed it had before the pandemic, and that's number one. And this one, we don't fully control, right? I mean that's something that is highly dependent on the business environment around us. The second factor is the success of our new products and decide that we're -- we mentioned on the call, our APM and log products together reached more than $500 million in ARR. So not only are they growing very fast, like they say in hypergrowth but also, they contribute quite a bit to the revenue of the company. And we have more products coming up after that, that are also going very fast. So this is the second factor. The third factor is that on the back of that, like with all the demand environment being there and with us solving a larger and larger problem, we successfully scaled the go-to-market teams so we can actually go after this opportunity. So combine all those 3. That's how you get the direct generation of growth, yes.

真正的兩個主要因素是雲端遷移恢復到疫情前的速度，這是第一點。而這一點我們並不能完全掌控，對吧？我的意思是，這在很大程度上取決於我們周遭的商業環境。第二個因素是我們新產品的成功；我們——我們在電話會議上提到，我們的 APM 與日誌產品合計已達到超過 5 億美元的 ARR。所以它們不僅成長非常快，像他們說的超高速成長（hypergrowth），而且也為公司的營收貢獻不少。而在那之後我們還會推出更多產品，成長也同樣非常快。所以這是第二個因素。第三個因素是，在此基礎上，隨著需求環境到位、且我們解決的問題越來越大，我們成功擴大了 go-to-market 團隊的規模，讓我們能真正去把握這個機會。把這三點結合起來，這就是你看到成長直接產生的方式，是的。

And as a follow-up, can you please comment on the hyperscalers to what extent they be contributing to growth? You signed deeper relationship with Azure last year, GCP as well, and others. How important of that -- how important those partnerships can become in terms of go-to-market motion for you?

作為追問，能否請你評論一下超大規模雲端服務商（hyperscalers）在多大程度上會對成長有所貢獻？你們去年與 Azure 簽了更深的合作關係，GCP 也是，還有其他夥伴。就你們的 go-to-market 推進方式而言，這些合作夥伴關係未來可能變得多重要？

So we see that in a number of deals. I would say it's -- there's no drastic change from what we've seen before. It's a continuation of what we've done with the hyperscalers before. I think in some areas, we're a little bit more deliberate now in terms of the partnerships we put in place, and I think they are a little bit more defined than they used to be before maybe in some cases. But I would say they are not -- like these partnerships don't have any specific capacity -- set capacity attached to them online, but they are not part of our model for growth going forward. They're all upside from where we are. So we keep investing in those partnerships. We think they are part of what we do, but they're not the main way we go-to-market. .

我們在不少交易中都有看到這一點。我會說——和我們之前看到的相比，沒有什麼劇烈的變化。這是我們過去與 hyperscalers 合作的延續。我認為在某些方面，我們現在在建立合作關係時更為審慎一些，而且我覺得它們在某些情況下也比以前更明確。但我會說——這些合作關係並沒有任何特定的容量——線上綁定的固定容量，但它們也不是我們未來成長模型的一部分。它們對我們而言都是在現有基礎上的額外上行空間（upside）。所以我們會持續投資這些合作關係。我們認為它們是我們工作的一部分，但它們不是我們 go-to-market 的主要方式。.

And your next question from Sterling Auty from JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Sterling Auty。

Yes. I'm curious in terms of your existing customer growth that you saw in the quarter. Can you characterize how much of that growth is just coming from their growth and expansion in the number of cloud hosts versus adopting more Datadog products?

是的。我想了解你們本季看到的既有客戶成長。你能否描述一下，其中有多少成長只是來自客戶自身成長、雲端主機數量擴張， versus 採用更多 Datadog 產品？

Yes. I think we said that similar to previous quarters, about 2/3 of our growth. And that's comparing the size of the customer today versus the previous year comes from -- has come from expansion of their use of products that they had already bought. And about 1/3 has come from their adoption of the new products, and that's been pretty consistent over time. So that's how that splits.

是的。我想我們說過，和前幾季類似，大約 2/3 的成長——也就是把客戶今天的規模和去年相比——來自於他們擴大使用已經購買的產品。大約 1/3 來自於他們採用新產品，而且長期以來都相當一致。所以大致就是這樣的拆分。

At the back of the end -- you can you know roughly how the cloud providers are growing, and you see how we're going compared to them. So it gives you an idea basically of the lift we're getting from additional sales capacity around additional coverage, but also the -- the growth of our product suite.

從另一個角度——你大概知道雲端供應商的成長速度，也看到我們相對於他們的表現。所以基本上這能讓你了解，我們透過新增銷售產能、擴大覆蓋所帶來的提升（lift），以及——我們產品組合的成長。

Understood. And then one quick one on sales. Can you characterize where you are on sales capacity and your efforts to continue to hire to fuel the growth?

了解。接著一個關於銷售的快問。你能否描述一下你們目前的銷售產能狀況，以及你們持續招募以推動成長的努力？

Well, so we're doing -- we have more capacity than last quarter and much less than next quarter. So we're still investing heavily. We're growing those teams. And we're also investing not only in the hiring of the retention, but also in all of the enablement and training and the career pathing so we can make the most of our go-to-market team. So there's no -- again, no big change there from previous quarters where we keep investing.

嗯，我們目前——我們的產能比上季更多，但比下季會少很多。所以我們仍在大力投資。我們正在擴編這些團隊。而且我們投資的不僅是招募與留任，也包括所有的賦能（enablement）、訓練與職涯路徑規劃，讓我們能最大化 go-to-market 團隊的效能。所以——同樣地，和前幾季相比沒有什麼重大改變；我們持續投資。

And the next question comes from Brad Reback from Stifel.

下一個問題來自 Stifel 的 Brad Reback。

Oli, on that massive financial services deal that you signed in the quarter, how much influence it newer on-prem products like networking and pipelines have on the decision there? Or is that potential longer-term upside even with that large client?

Oli，關於你們本季簽下的那筆大型金融服務交易，較新的 on-prem 產品（例如 networking 和 pipelines）在決策中影響有多大？或者即使是這個大客戶，那更多是長期的上行潛力？

With that specific client, without getting into too much detail, not much. Because it's a client that is, I would say, a bit further along in their cloud migration. And they're moving a lot of their workloads into cloud environments in the end. For some other of our customers that we're not mentioning on this call, this is a big deal, and this is something that they're spending quite a bit of time on with us right now. So it -- you probably will hear us about it in further calls, I would say.

就那個特定客戶而言，在不透露太多細節的前提下，影響不大。因為那是一個我會說在雲端遷移上走得比較前面的客戶。而且他們最終會把大量工作負載移到雲端環境。但對於我們其他一些這通電話沒有提到的客戶來說，這是一件大事，而且他們現在正和我們一起在這上面投入相當多時間。所以——我想你之後在未來的電話會議上可能會聽到我們談到更多。

And the next question comes from Tyler Radke from Citi.

下一個問題來自花旗（Citi）的 Tyler Radke。

Can you hear me now?

你現在聽得到我嗎？

Yes.

聽得到。

Sorry about that. I wanted to talk about the strength that you saw on some of the larger lands. And I think you called out a number of 7-figure lands. And I'm curious, do you think at a high level, this is mainly driven by specific go-to-market investment? I know you've obviously been growing the sales force including the enterprise. Or is this simply just the product set kind of at a maturity point where you're just kind of seeing this demand more organically?

抱歉剛剛那樣。我想談談你們在一些較大型落地（lands）上看到的強勁表現。我想你們提到有多筆七位數的落地。我很好奇，從高層次來看，你認為這主要是由特定的 go-to-market 投資所驅動嗎？我知道你們顯然一直在擴大銷售團隊，包括企業端。還是說，這只是產品組合到了某個成熟點，因此你們更自然地看到這些需求？

It's a bit of everything, right? So obviously, the product strength is what we rest on so that when it solves the problem -- the customer problem really well and it's very easy to adopt in no fractions. So that's not new. That's what we've built the company the whole time and it's still there. But also, with a product that is growing very fast at customers, as you grow your go-to-market teams, you have to be deliberate about the way you organize these -- this go-to-market team so that you don't just stop at the customers. You have the data already drive a lot of growth. You also go out of your way to acquire new ones. And so we're also always tweaking the way we run the go-to-market teams to make sure that we focus the teams and reward the teams for landing new customers. So yes, we keep tweaking that over time to make sure that we don't become victims of the success of our product when it comes to organically growing within customers.

這是多種因素共同作用，對吧？所以很明顯，產品的強度是我們的根基；當它能把問題——也就是客戶的問題——解得很好，而且非常容易採用、幾乎沒有摩擦（no frictions）時，就會帶來結果。所以這不是新鮮事。這一直是我們打造公司以來的核心，而且現在仍然如此。但同時，當產品在客戶端成長非常快時，隨著你擴大 go-to-market 團隊，你必須有意識地去組織——這個 go-to-market 團隊的運作方式，確保你不只是停留在既有客戶上。你已經有數據能驅動大量成長。你也會更主動去獲取新客戶。因此我們也一直在調整 go-to-market 團隊的運作方式，確保我們聚焦團隊，並獎勵團隊去拿下新客戶。所以是的，我們會隨時間持續微調，確保在產品於既有客戶內自然成長時，我們不會成為自己成功的受害者。

Yes. And just a follow-up on that. I'm curious, obviously, at DASH, you talked about a lot of security products. To what extent is the product road map around application security really influencing these larger deals? And is that an important consideration with these customers making these commitments, just kind of where they see your product road map going?

是的。再追問一下。我很好奇，顯然在 DASH 上你們談了很多安全性產品。圍繞應用程式安全（application security）的產品路線圖，在多大程度上正在影響這些更大型的交易？而且對於這些客戶做出這些承諾而言，這是否是一個重要考量——也就是他們如何看待你們產品路線圖的走向？

It starts coming up in conversations more and more, but it's still early for the convergence of DevOps and security. So when you talk about a 5-year strategic alignment with customers, security is a part of the conversation. But for most of our customers today, it's still a second step. Like they start with observability. They start with the cloud. They start with what we have today. And then they want to actually bring security under the same roof as observability data.

它在對話中越來越常被提起，但 DevOps 與安全性的融合仍處於早期階段。因此，當你談到與客戶進行 5 年期的策略性對齊時，安全性會是對話的一部分。但對我們目前大多數客戶而言，這仍然是第二步。例如他們會先從可觀測性開始。他們會先從雲端開始。他們會先從我們今天已經提供的內容開始。然後他們才會希望把安全性也納入與可觀測性資料同一個平台之下。

And your next question comes from Matt Hedberg from RBC.

下一個問題來自 RBC 的 Matt Hedberg。

Yes. This is actually Matt Swanson on for Matt Hedberg. And my congratulations on the quarter as well as the new acquisition Ozcode. Could you go a little bit more into the technology there? And specifically, kind of what you're adding, that's differentiated from your automated incident management product? Because I know you said you could do debugging in production. Is it just part of the actual beginning stages of the DevOps life cycle? Or is that maybe you could get merged into that product?

是的。其實我是 Matt Swanson，代替 Matt Hedberg 提問。也恭喜你們本季表現以及新的收購案 Ozcode。能否再多談一些那邊的技術？特別是，你們新增了哪些與你們的自動化事件管理產品相比具有差異化的能力？因為我知道你們提到可以在生產環境中進行除錯。這只是 DevOps 生命週期初期階段的一部分嗎？還是它可能會被整合進那個產品？

Yes. So it's actually -- where it stands in the stack is it's live debugging, meaning that the same way you can use a debugger on your laptop and you place a breakpoint in and see what the code is doing and the variables in the code are and things like that. This is technology that lets you do that in production environment. So you can -- in your ID, you can place a breakpoint in the code and the coding production is actually going to tell you what's going on in the code at that moment at that time. You don't have to update the code. You don't have to shift software. So it's something that developers are used to doing in development environment. And this is technology that lets you do that in production as well. So it's very interesting to us. It's also something that corresponds to some work we've been doing internally. So there's 3 things that are interesting to us about the Ozcode acquisition. One is live debugging technology, which is very interesting. Second is, it's a (inaudible) that focuses, that specializes on .NET, which is a capability that is very interesting to many of our large enterprise customers. And that is often underserved by newer -- I would say, newer innovations in the market. And then the third thing that's interesting to us is that this is going to be our first engineering team in Israel. And we do intend to grow that team and invest quite a bit.

是的。所以它在技術堆疊中的位置其實是——即時除錯，也就是說，就像你在筆電上使用除錯器一樣，你可以設置中斷點，看到程式碼在做什麼、程式碼中的變數是什麼等等。這項技術讓你能在生產環境中做到同樣的事。所以你可以——在你的 ID（原文如此）裡，在程式碼中設置中斷點，而生產環境中的程式碼會在那一刻告訴你程式碼正在發生什麼。你不需要更新程式碼。你不需要部署軟體。所以這是開發者在開發環境中習慣做的事情。而這項技術也讓你能在生產環境中做到。所以這對我們來說非常有意思。它也與我們內部正在進行的一些工作相呼應。因此，對於收購 Ozcode，我們覺得有 3 件事很有吸引力。第一是即時除錯技術，非常有趣。第二是，它是一家（聽不清）專注、專精於 .NET，這項能力對我們許多大型企業客戶非常有吸引力。而這一塊常常未被較新的——我會說，市場上較新的創新充分服務。第三個對我們有吸引力的是，這將會是我們在以色列的第一支工程團隊。我們確實打算擴大那個團隊並投入相當多的資源。

That's really helpful. One other thing, I guess, thinking more from a higher level, when we think about DevSecOps. I feel like it's a term that we're hearing more and more from more companies. So I mean, kind of core to establishing -- breaking down those silos is going to be consolidating spend down to certain vendors. Is there a way you guys think about kind of the gravity of those budgets between the 3 sections. Is there 1 area that you need to be at the core of? Do you think developers have the most power, security has the most power? I'm just trying to think as more and more companies try to build across those 3 areas. What do you see as deciding who wins that consolidation?

這真的很有幫助。另外一點，我想從更高層次來看，當我們談 DevSecOps。我覺得這個詞我們從越來越多公司那裡聽到。所以我的意思是，要建立——打破那些孤島，核心之一會是把支出整合到少數幾家供應商。你們是否有一種方式來思考這三個領域之間預算的「重力」分布？是否有某一個領域必須成為核心？你們認為開發者最有影響力，還是資安最有影響力？我只是想理解，當越來越多公司嘗試跨這三個領域建置時，你們認為決定誰能贏得這種整合的關鍵是什麼？

Yes. Well, I think there are 3 things that have been massive. One is there's many more developers than any other role. So they have power by virtue of being the most populous and the largest salary mass and everything else. So you get quite a bit of yield in serving developers. The second thing that is massive is the amount of friction for instrumenting applications. And the third thing that is massive is the data volumes in terms of logs. And I think we have a strong advantage on all 3 compared to pure-play security vendors for that space.

是的。嗯，我認為有 3 件事影響非常大。第一是，開發者的人數遠多於任何其他角色。因此他們的影響力來自於人數最多、薪資總額最大以及其他各方面。所以服務開發者能帶來相當高的效益。第二個影響很大的因素是，為應用程式做儀表化（instrumentation）的摩擦成本有多高。第三個影響很大的因素是，以日誌而言資料量非常龐大。我認為相較於該領域的純資安供應商，我們在這三點上都有很強的優勢。

And our next question comes to Brent Thill from Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

David, the numbers are obviously all accelerating. I guess, kind of underpinning the numbers, is there anything new you would call that was striking to you that you haven't seen. Is there any common themes that maybe we can't see in the numbers that also account to the strength and what you're seeing in the overall results this quarter?

David，這些數字顯然都在加速。我想問，在這些數字背後，有沒有什麼新的、讓你覺得特別顯著但以前沒看到的事情？是否有一些我們從數字上看不出來的共同主題，也能解釋本季整體結果的強勁表現？

I think it's a combination of a number of things at the same time, strong lands over a number of quarters, which then began to use the product and accelerate -- acceleration of budgets around cloud migration, which caused the usage to increase, and continue to be strong, and cross-sell of other products as our product suite gets adopted and the success there, more of the products as we showed are getting adopted by the clients. So the combination of all of those at the same time and strength geographically across all the regions caused the acceleration from last year's post-COVID type of results.

我認為這是多項因素同時作用的結果：連續好幾季強勁的新增客戶（lands），接著開始使用產品；以及圍繞雲端遷移的預算加速，帶動使用量增加並持續強勁；再加上隨著我們的產品套件被採用，其他產品的交叉銷售，以及在那方面的成功——如我們所展示的，更多產品正在被客戶採用。因此，所有這些因素同時發生，再加上各地區在地理分布上全面走強，使得相較於去年那種後疫情（post-COVID）型態的結果出現了加速。

And maybe for Olivier, just as it relates to cloud migrations, one of the things we continue to hear about is a dual-cloud strategy or even multi-cloud strategy. Are you seeing that starting to help your business? Or is that still yet to come?

也許這題給 Olivier，關於雲端遷移，我們持續聽到的一件事是雙雲策略，甚至多雲策略。你是否看到這開始對你們的業務有幫助？還是這仍有待未來發酵？

We definitely see it. Our customers are very clear on the fact that they are going to be multi-cloud. They often start multi-cloud even though initially, they're going to have more weight in 1 cloud than another. So it's frequent for customers when they start their cloud migration to have -- to pick 2 of the major clouds to have maybe 95% of their volume in 1 and 5% in the other. But their goal is always to be able to, further down the road, choose whether they make further investment in 1 or the other or even on a third on-prem option and that would be a private cloud. So this is a plan that we hear more and more from pretty much all of our customers. And we see that -- as we see our customers getting further along like the some of the ones, we've mentioned on the call today, we definitely see them making multi-cloud decisions there.

我們確實看到了。我們的客戶非常清楚他們將會走向多雲。他們往往一開始就採多雲，即使初期在某一個雲上的比重會高於另一個。因此，客戶在開始雲端遷移時，常見的情況是——選擇兩個主要雲平台，可能 95% 的量在其中一個、5% 在另一個。但他們的目標始終是，未來在更往後的階段，能夠選擇是否要在其中一個或另一個上進一步投資，甚至也可以選擇第三個地端（on-prem）選項，也就是私有雲。所以這是我們從幾乎所有客戶那裡越來越常聽到的規劃。而且我們也看到——隨著客戶進展更深入，例如我們今天在電話會議中提到的一些客戶，我們確實看到他們在那方面做出多雲決策。

And our next question comes from Michael Turits from KeyBanc.

下一個問題來自 KeyBanc 的 Michael Turits。

I just want to ask 2 overlapping questions about the sales force. On the one hand, and I think Tom may have talked about this a bit at Dash, but how are you addressing with the single primary sales force, the different buying centers and buyers between security, development and business users. And also, how is the sales force evolving from reps that probably, really sold essentially 1 product and now have to sell so many more products. That's frequently a tough time for transition in the sales force.

我想問兩個彼此重疊、關於銷售團隊的問題。一方面，我想 Tom 可能在 Dash 上也談過一些，但在只有一個主要銷售團隊的情況下，你們如何因應安全、開發與業務使用者之間不同的採購中心與買方？另外，銷售團隊如何演進：從可能主要只賣 1 個產品的業務代表，轉變為現在必須銷售更多產品？這通常是銷售團隊轉型的一段艱難時期。

Yes. So today, we're still not specializing the sales force. We've discussed a little bit in the past call, we still -- we think with security, we might have to do a little bit of specialization. We're testing a few things, but we haven't felt the need to do anything drastic just yet. For the rest of our products, today, it works quite well to have the same sales force carry the various products. And a lot of that has to do with the fact that the adoption of those products tends to be frictionless. And so we don't need to land all the products at once. We're going to land a few. And then we need to nudge our customers a little bit to start adopting more of them over time as they get more and more value from Datadog. But the lift there is not as heavy as if we had to come back and do a big bank sale every single time. So today, no specialization, yet. I think it -- some of it is likely to happen over time in all likelihood with security, but we haven't done anything yet there.

是的。所以今天，我們仍然沒有讓銷售團隊做專門分工。我們在上一通電話裡稍微談過，我們仍然——我們認為在資安（security）方面，可能需要做一些專業化分工。我們正在測試幾件事，但目前還沒有覺得需要做任何劇烈的調整。至於我們其他產品，目前由同一個銷售團隊去銷售各種產品，運作得相當好。這在很大程度上是因為那些產品的採用通常是低摩擦、很順暢的。因此我們不需要一次就把所有產品都導入落地。我們會先落地幾個。然後隨著客戶從 Datadog 獲得越來越多價值，我們需要稍微推動一下，讓他們隨時間逐步採用更多產品。但這個推進的負擔，沒有像每次都得回來做一筆大型銀行式銷售那麼重。所以今天，還沒有專門分工。我想——其中一部分很可能會隨時間在資安方面發生，但我們目前還沒有在那裡做任何動作。

And as I said, do you find that the sales force that's been with you selling -- I mean your product is always diverse, but was essentially an observability product, more in the traditional monitoring sense. Is that same sales force adapting to this much wider portfolio? Or are you starting to see a turnover in that sales force to accommodate that?

另外如我所說，你是否發現一直跟著你們、負責銷售——我是說，你們的產品一直都很多元，但本質上原本是可觀測性產品，較偏傳統監控的那種。同一支銷售團隊是否正在適應這個更廣泛的產品組合？或者你們是否開始看到銷售團隊出現人員更替，以因應這件事？

Yes. The sales force is adapting. I think mostly what we're working on is the structures behind the scene to target the sales force and to enable the sales force so they know basically who to talk to about what product when. And it's actually one of the things that Adam Blitzer has been working on, bringing to us a bit of his experience with similar problems at his previous company.

是的。銷售團隊正在適應。我想我們主要在做的是幕後的架構與機制，用來更好地指引銷售團隊、並賦能銷售團隊，讓他們基本上知道在什麼時候該跟誰談哪一個產品。而這其實也是 Adam Blitzer 一直在推動的事情之一，他把他在前一家公司處理類似問題的經驗帶給我們。

And your next question comes from Kamil Mielczarek from William Blair.

下一個問題來自 William Blair 的 Kamil Mielczarek。

Congrats on the main quarter. It's great to hear about the record deal and the record ARR adds across the platform. As your largest customers scale and standardize on Datadog, can you talk about how conversations have changed around pricing? Are there any particular modules where maybe you're seeing relatively higher levels of pushback on costs? And given the rapid -- especially given the rapid growth in data and the pricing changes made by some of your competitors over the past 2 years?

恭喜這個主要季度表現。很高興聽到平台上創紀錄的大單，以及創紀錄的 ARR 增量。隨著你們最大的客戶擴大規模並在 Datadog 上進行標準化，你能談談圍繞定價的對話有何改變嗎？是否有任何特定模組，你們看到在成本方面相對更高程度的反彈？尤其考量到資料量的快速成長——以及你們一些競爭對手在過去兩年所做的定價調整？

Well, I mean, usually the module for which is the most pushback is the one that happens to be the biggest item for that customer. Overall, the -- there's 1 thing that you've correctly identified, which is data volumes are just going to explode much faster than customers' revenues are going to go up. And so we need to be able to differentiate from a technical perspective to solve these problems in a different way of our customers or to give them more control so they can target what they add, they need to keep. A number of these things we've announced at Dash last week actually, were meant to help with that. So I've talked about observability pipeline as one of them. The live archive for logs is another one of them. And there's going to be more of a time to address that. So we didn't make any pricing changes, but we are innovating from a product perspective to have new ways of solving these problems and to give more control to our customers.

嗯，我的意思是，通常反彈最大的是那個剛好對該客戶而言金額最大的模組。整體來看，你正確指出了一件事：資料量的爆發速度，會遠遠快於客戶營收成長的速度。因此我們需要從技術角度做出差異化，用不同方式替客戶解決這些問題，或是給他們更多控制權，讓他們能夠更精準地決定要送進來哪些資料、哪些需要保留。我們上週在 Dash 上宣布的多項內容，其實就是為了協助這件事。我提到的可觀測性管線（observability pipeline）是其中之一。日誌的即時歸檔（live archive for logs）是另一個。而且之後還會有更多時間來處理這個議題。所以我們沒有做任何定價變更，但我們正從產品創新的角度，提供新的解法，並給客戶更多控制權。

It makes a lot of sense. And on -- following up on the product innovation, your R&D expense is up more than 80% year-to-date, well above the 2020 levels of growth. It's great to see the fruits of these investments with the numerous announcements of Datadog Dash. But can you give us more detail around the decision to accelerate the level of R&D spend over the past year? And has anything changed about the broader opportunity versus pre-pandemic to drive this elevated level of spend? And how should we think about the targeted cadence of future product introductions? I know there's a lot there.

這很有道理。再就——延伸到產品創新，你們今年以來的研發費用成長超過 80%，遠高於 2020 年的成長水準。看到 Datadog Dash 上眾多發布，顯示這些投資的成果，確實很棒。但你能否更詳細說明，過去一年決定加速研發支出的考量？相較於疫情前，整體機會是否有任何改變，促使你們維持這樣較高的支出水準？以及我們應該如何看待未來產品推出的目標節奏？我知道這裡面問題很多。

Well, we're going as fast as we can on the engineering side. It so happens that we could sustain a very high growth on the recruiting and retention side. And we're very confident that our platform lends itself to solving bigger problems, more problems and to making those products successful. So we're scaling them as fast as we can. It's important to go fast when scaling those teams because there's quite a bit of a lead time between the time when you hire engineers and the time when you get new products on the other hand. I've mentioned in other calls like maybe hiring now is a good predictor of output 2 years from now on the engineering side. So we should get started. That's why we're doing it.

嗯，我們在工程端能跑多快就跑多快。剛好我們在招募與留才方面，能夠維持非常高的成長。而且我們非常有信心，我們的平台很適合用來解決更大的問題、更多的問題，並讓那些產品成功。所以我們正以最快速度擴張。在擴張這些團隊時，速度很重要，因為從你聘用工程師到新產品真正推出之間，有相當長的前置時間。我在其他電話會議也提過，例如現在的招募，可能是兩年後工程端產出的良好指標。所以我們應該現在就開始。這就是我們這麼做的原因。

And our next question comes from Yun Kim from Loop Capital Markets.

下一個問題來自 Loop Capital Markets 的 Yun Kim。

Congrats on the quarter as well for me. But Oli, you're already bigger than all your near-term or nearest competitors growing faster than all of them by a couple of magnitude. You talked about enterprise standardization trend that led to your largest deal in the company's history. So are you seeing more and more of that enterprise standardization trend with large organization? And as a result, are you seeing more and more displacement deals out there rather than just simply selling into large greenfield opportunities?

我也恭喜你們這一季的表現。不過 Oli，你們的規模已經比所有近期或最接近的競爭對手都更大，而且成長速度也比他們快了好幾個量級。你提到企業標準化的趨勢，促成了公司史上最大的一筆交易。所以你們是否看到大型組織中，這種企業標準化趨勢越來越多？因此，你們是否看到市場上越來越多是替換（displacement）型交易，而不只是單純在大型綠地（greenfield）機會中銷售？

So I would say it is still -- the bulk of the standardization still has to come, right? And it depends on the maturity of our customers' migration into their -- into the cloud more than the adoption of our product, I would say. But we definitely think that it's something that's going to play a big role in the years to come. When that happens, when standardization happens, there is typically some displacement because what was used on the legacy side or on the other side of the shop is going to be left behind, and we're going to replace that. And that's part of the various rationalization that takes place. But again, today, it's still a small part of what we do. We -- the bulk of our business is still net new cloud environment, a lot of growth in the cloud environment with the occasional replacement of unsuccessful deployments of previous tools.

所以我會說，標準化的大部分仍然——還在後面，對吧？而且我認為，這更多取決於客戶把業務遷移到雲端的成熟度，而不是他們對我們產品的採用程度。但我們確實認為，這會在未來幾年扮演很重要的角色。當那件事發生、當標準化發生時，通常會伴隨一些替換，因為原本在舊系統端或組織另一側使用的東西會被淘汰，而我們會取而代之。這也是各種合理化（rationalization）過程的一部分。但再說一次，就今天而言，這仍然只占我們業務的一小部分。我們——我們的大部分業務仍然來自全新的雲端環境、雲端環境中的大量成長，偶爾會替換掉先前工具部署不成功的情況。

So just for your existing customers, are you seeing many of your customers having a mixed vendors of the observability products like, for instance, they have your product, along with some of the other parts of the organization may have some of your competitive products as well. So it's just a matter of time before the customer needs to standardize on 1 platform.

所以就你們現有客戶而言，你們是否看到不少客戶在可觀測性產品上採用多家供應商混用？例如，他們用了你們的產品，同時組織內其他部門也可能用了你們競爭對手的產品。所以這只是時間問題，客戶最終需要在單一平台上進行標準化。

Yes. So there is a -- what we see is any time we land into a large enterprise, for example -- and we're going to start in the cloud environment. Their on-prem environments are going to have a collection of other things. They're going to have older infrastructure monitors like the BMCs and Tivoli's of the world. They're going to have older ATMs. They're going to have Splunk or Elastic somewhere in on-prem as well. It's a given. But we're not going to displace that from day 1. We're going to be a solution that are going to be in environment and we're going to displace those products as the customers reach critical mass in the cloud, and this starts standardizing. So we -- what we think from what we see, the customers that are doing that today are the ones who are far along in their cloud migration and started that one like a few years ago. So we think this is going to be play role in the years to come.

是的。所以我們看到的是，每當我們進入一家大型企業，例如——而且我們將從雲端環境開始。他們的本地部署環境會有一整套其他東西。他們會有較舊的基礎設施監控工具，例如業界的 BMC、Tivoli。他們會有較舊的 APM。他們也會在本地部署的某個地方使用 Splunk 或 Elastic。這是必然的。但我們不會從第一天就把那些替換掉。我們會先成為環境中的一個解決方案，等客戶在雲端達到臨界規模、並開始標準化之後，再逐步取代那些產品。所以——就我們所見，目前正在這麼做的客戶，通常是在雲端遷移上已經走得很前面、而且是幾年前就開始的那些。因此我們認為，這在未來幾年會扮演一定的角色。

And David, just a quick question on cash flow dynamics. Obviously, your contract link is increasing. You're getting more and more large number of deals. Do you expect the cash flow to be more or less -- see more greater seasonality maybe weighted towards more second half of the year going forward?

David，我有個關於現金流動態的簡短問題。顯然，你們的合約期限正在拉長。你們拿到的較大筆交易也越來越多。你是否預期現金流會更或更不——也就是未來是否會出現更明顯的季節性，可能更偏向下半年？

No. We -- I think we said in the script that even though we've gone -- we've had some more multiyears, there's still annual billing at most. We don't go for financing the company through collecting events. So there really is very little, as we talked about, long-term change in the billing dynamics. In terms of cash flow, we tend to see a little bit of seasonality at the end of the year when we go through our sales -- end of the year sales cycle and then collect in the first quarter. But I wouldn't see too much change in the cash flow dynamics from either the longer duration of contracts or seasonality.

不會。我們——我想我們在講稿裡提到，即使我們簽了更多多年期合約，帳單開立大多仍是按年計費。我們不會透過提前收款來為公司融資。所以如我們所說，計費動態在長期來看其實變化很小。就現金流而言，我們通常會在年底、也就是年度銷售週期結束時看到一點季節性，然後在第一季收款。但我不認為無論是合約期限拉長或季節性，會讓現金流動態出現太大變化。

And our next question comes from Gregg Moskowitz from Mizuho.

下一個問題來自 Mizuho 的 Gregg Moskowitz。

Okay. Olivier, just to follow up on the security go-to-market. Your security monitoring product has now been GA for a while, whereas some of the other components of your cloud security platform are much newer. But what I'm wondering is, how would you assess the readiness of your sales force and your channel to sell security to your installed base today?

好的。Olivier，我想追問一下資安的市場推進策略。你們的資安監控產品已經 GA（正式上市）一段時間了，而你們雲端資安平台的其他一些組件則新得多。但我想問的是，你會如何評估你們的銷售團隊與通路，目前向既有客戶群銷售資安產品的準備程度？

Today, it's still a product that is being adopted by customers when they already let at our customers that we don't -- we really land with it first. And that's by design, right? That's -- as we keep developing it, and as we keep making it applicable to a broader set of customers. We are starting though -- we're getting to the point where soon we'll have the full V1 of our cloud security platform. I think for that, we're still missing the general availability of the application security component. Once we have that, I think we look into accelerating the go-to-market side a little bit and maybe doing some of the specialization we've been discussing earlier in this call, but we haven't done that yet.

目前，它仍然是一個在客戶已經採用我們其他產品之後才會被採用的產品——我們並不是真的會先用它來切入客戶。這是刻意如此，對吧？也就是說，隨著我們持續開發它，並讓它適用於更廣泛的客戶群。不過我們正在接近一個階段：很快我們就會有雲端資安平台的完整 V1。我認為在那之前，我們還缺少應用程式安全（application security）組件的 GA。一旦有了它，我想我們會考慮稍微加速 go-to-market 端的推進，並可能做一些我們在本次電話會議前面討論過的專業化分工，但我們目前還沒有這麼做。

And the next question comes from Kash Rangan from Goldman Sachs.

下一個問題來自高盛的 Kash Rangan。

I suppose it's a 2-for-1 deal today. As you look at calendar '22, you've had a -- few of new products that you've added to the portfolio, including some of the demos that you happily and (inaudible) demonstrated to us last week, I believe. Any changes, enhancements or tweaks to go to market as you look at 2022. And also, as you look to clearly signing these 5-year contracts and mega contracts are a change in the way customers look at Datadog. I'm curious if you're embolden to pursue a specific enterprise sales channel and having a separate go-to-market effort that is in pointedly in pursuit of mega deals. Just like our friends at Salesforce started doing some 5, 6 years back or so, and it was definitely fruitful. I'm wondering if you see the same kind of opportunity.

我想今天算是買二送一的問題。回頭看 2022 年曆年，你們在產品組合中新增了幾個新產品，包括我記得上週你們很開心、而且（聽不清）向我們展示的一些 demo。展望 2022 年，你們在 go-to-market 上是否會有任何變更、強化或微調？另外，當你們開始明確簽下這些 5 年期合約與超大型合約時，這代表客戶看待 Datadog 的方式正在改變。我很好奇，你們是否因此更有動力去建立一個特定的企業級銷售通路，並設立一個獨立的 go-to-market 團隊，專門鎖定超大型交易。就像我們在 Salesforce 的朋友大約 5、6 年前開始做的那樣，而且確實很有成果。我想知道你們是否也看到同樣類型的機會。

Yes. So we do -- so first of all, I mean, we -- I mean, yes, customers see us differently over time. I mean we are definitely -- like we're becoming one of the platforms that they are going to standardize big points of their business around, and that's definitely a different relationship with them than just something -- some people on their team are using. So that's the change we see. And we see across a large number of our customers.

是的。所以我們確實——首先，我的意思是——是的，客戶隨著時間推移對我們的看法確實不同了。我們肯定——我們正在成為他們會用來標準化其業務重要部分的平台之一，而這與只是他們團隊裡某些人使用的一個工具相比，關係明顯不同。所以這就是我們看到的變化。而且我們在大量客戶身上都看到了這一點。

Now in terms of pursuing the larger deal, I mean, we do have different ways of structuring our teams internally so that we have folks that are going after new logos that might be smaller, folks that are going after growth at reaching customers, folks that are going after the growth of the very biggest customers. And we have some segmentation internally on that, and we'll have more and more segmentation as we grow as we need to focus a little bit every one. But we're still not looking for those very large deals. We do them today when our customers want them. When they need the -- for their own planning purposes. And when they want to commit their own organizations, we'll do those deals for them. But this is not something that we actively seek. Our product, and we've seen throughout the year that our product is very sticky, and that our product grows very well with our customers. So there's no point on our end in pushing for very large, very long-term deals.

至於追求更大的交易，我的意思是，我們在內部確實有不同的團隊架構方式：有些人負責拿下可能較小的新客戶（new logos），有些人負責推動既有客戶的成長，有些人則負責推動最大型客戶的成長。我們在內部做了一些分層，並且隨著我們成長、需要更聚焦於各個面向時，會有越來越多的分層。但我們仍然不是在刻意尋找那些非常大型的交易。我們今天會做這些交易，是在客戶想要的時候。在他們因自身規劃需要時。以及當他們希望讓自己的組織做出承諾時，我們就會為他們做這些交易。但這不是我們主動去追求的事情。我們的產品——而且我們在全年都看到——非常黏著（sticky），並且會隨著客戶一起成長得很好。所以從我們的角度來看，沒有必要去推動非常大型、非常長期的交易。

And I think on these good words, I think we'll close the call. So I want to thank you all for this -- for sticking with us through the call. We're all very happy obviously with the performance this quarter, which is all thanks to the team at Datadog and Datadog worldwide and their hard work.

我想在這些好話之後，我們就結束本次電話會議。所以我要感謝各位——感謝大家一路參與並陪我們完成這通電話會議。我們當然都對本季的表現非常滿意，這都要歸功於 Datadog 團隊、Datadog 全球同仁以及他們的辛勤工作。

And so I want to congratulate against everyone, and thank everyone for a job very, very well done. And we'll see you all next quarter. Thank you.

因此我想再次向各位表示祝賀，也感謝大家把工作做得非常、非常出色。我們下個季度再見。謝謝。

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating. You may now disconnect.

謝謝。各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。