數據狗 (DDOG) 2021 Q1 法說會逐字稿

Welcome to the Q1 2021 Datadog Earnings Conference Call. My name is Karen. I will be your operator for today's call. (Operator Instructions)

歡迎參加 Datadog 2021 年第一季（Q1）財報電話會議。我是 Karen，將擔任今天會議的接線員。（接線員指示）

I will now turn the call over to Yuka Broderick, Head of Investor Relations. Yuka, you may begin.

現在我將把電話交給投資人關係主管 Yuka Broderick。Yuka，請開始。

Thank you, Karen. Good afternoon, and thank you for joining us today to review Datadog's First Quarter 2021 Financial Results, which we announced in our press release issued after the close of market today. Joining me on the call today are Olivier Pomel, Datadog's Co-Founder and CEO; and David Obstler, Datadog's CFO.

謝謝你，Karen。各位下午好，感謝各位今天加入我們，一同回顧 Datadog 2021 年第一季財務業績；我們已於今日收盤後發布的新聞稿中對外公告。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, including our outlook for the second quarter and for the full year of 2021, our strategies, the potential benefits of our products, partnerships and investments in R&D and go-to-market, our ability to capitalize on our market opportunity and the impact of the COVID-19 pandemic on digital transformation and cloud migration trends as well as our ability to benefit from these trends.

在本次電話會議中，我們將就本公司業務發表若干依據聯邦證券法所定義的前瞻性陳述，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，包括與我們未來財務表現相關的陳述（包含我們對 2021 年第二季及 2021 全年的展望）、我們的策略、我們產品的潛在效益、合作夥伴關係以及在研發與市場推進（go-to-market）方面的投資、我們把握市場機會的能力，以及 COVID-19 疫情對數位轉型與雲端遷移趨勢的影響，並包括我們從這些趨勢中受益的能力。

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 annual report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 1, 2021. Additional information will be made available in our quarterly report on Form 10-Q for the quarterly period ended March 31, 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.

「anticipate（預期）」、「believe（相信）」、「continue（持續）」、「estimate（估計）」、「expect（預期）」、「intend（打算）」、「will（將）」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 2020 年 12 月 31 日止年度的 Form 10-K 年度報告，該報告已於 2021 年 3 月 1 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 3 月 31 日止季度期間的 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於有限期間內提供。

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

本次電話會議將討論非 GAAP 財務衡量指標。關於這些指標與其最直接可比的 GAAP 財務衡量指標之調節（reconciliation），請參閱我們財報新聞稿中的表格；您可在本公司網站投資人關係專區找到該新聞稿。接下來，我想把電話交給 Olivier。

Thanks, Yuka. Welcome to the team at Datadog, and thank you all for joining us today. We had a strong start to the year and are very pleased with our performance in Q1, which was strong across all parts of the business and again showed high growth at scale and demonstrated efficiencies. It has been a busy start of the year. We had 2 products become generally available, Continuous Profiler and Incident Management. We closed the acquisitions of Sqreen and Timber, and we continued to release new features and innovations across our platform.

謝謝你，Yuka。歡迎加入 Datadog 團隊，也感謝各位今天與會。我們在今年有個強勁的開局，並對第一季（Q1）的表現感到非常滿意；我們在業務各個面向都表現強勁，再次展現規模化下的高速成長與效率。今年一開始就相當忙碌。我們有兩項產品正式全面上市（generally available）：Continuous Profiler 與 Incident Management。我們完成了對 Sqreen 與 Timber 的收購，並持續在平台上推出新功能與創新。

In addition, we continue to hire and build our team at a very rapid pace.

此外，我們也持續以非常快的速度招募人才並擴建團隊。

Now onto a review of the quarter. To summarize Q1, at a high level, revenue was $199 million, an increase of 51% year-over-year and above the high end of our guidance range. We ended the quarter with 1,437 customers with an ARR of $100,000 or more, up from 960 last year. These customers generate over 75% of our ARR. We have about 15,200 customers, up from about 11,500 in the year ago quarter. This means we added about 1,000 customers in the quarter, making it another strong quarter of adds and consistent with the last few quarters. We also continue to be capital-efficient with free cash flow of $44 million. And finally, our dollar-based net retention rate continues to be over 130% as customers increase their usage and adapted our newer products.

接下來回顧本季表現。概括而言，第一季營收為 1.99 億美元，年增 51%，並高於我們指引區間的上緣。本季末，我們擁有 1,437 家年經常性收入（ARR）達 10 萬美元以上的客戶，高於去年同期的 960 家；這些客戶貢獻了我們超過 75% 的 ARR。我們約有 15,200 家客戶，高於去年同期約 11,500 家。這表示我們本季新增約 1,000 家客戶，再度呈現強勁的新增動能，且與過去幾季一致。我們也持續維持資本效率，自由現金流為 4,400 萬美元。最後，隨著客戶增加使用量並採用我們較新的產品，我們以美元計價的淨留存率（dollar-based net retention rate）仍持續高於 130%。

In addition to that, the positive business trends from recent quarters have continued in Q1. First, usage growth from existing customers was stronger than expected and above historical levels. Among other factors, we are seeing the benefit of new logos signed in the back half of last year as they grow into their commitment. Second, new logo ARR was strong in what is normally a seasonally slower quarter, showing our go-to-market investments are paying off. And third, churn continues to remain very low and in line with historical rates.

此外，近幾季的正向業務趨勢在第一季也持續延續。第一，既有客戶的使用量成長強於預期，且高於歷史水準。除其他因素外，我們也看到去年下半年簽下的新客戶標誌（new logos）隨著其逐步用滿承諾用量而帶來的效益。第二，在通常屬於季節性較淡的季度中，新客戶標誌 ARR 仍表現強勁，顯示我們在市場推進（go-to-market）方面的投資正在奏效。第三，客戶流失（churn）仍維持在非常低的水準，並與歷史比率一致。

Taking all these factors into account, we had a very strong quarter of ARR added. In fact, we hit an important milestone as we added over $100 million of ARR in a single quarter for the first time. Next, our platform strategy continues to resonate and win in the market. As of the end of Q1, 75% of customers are using 2 or more products, which is up from 63% last year. Additionally, 25% of customers are using 4 or more products, which is up from only 12% a year ago. And we also have hundreds of customers using 6 or more of our 9 generally available products. But it's still early. We think this is an interesting proof point that shows the continued sell opportunity in our customer base.

綜合以上因素，我們本季 ARR 新增表現非常強勁。事實上，我們達成了一個重要里程碑：首次在單一季度新增超過 1 億美元的 ARR。接著，我們的平台策略持續在市場上引起共鳴並取得勝利。截至第一季末，75% 的客戶使用 2 項或以上產品，高於去年同期的 63%。此外，25% 的客戶使用 4 項或以上產品，高於一年前僅 12%。我們也有數百家客戶使用我們 9 項已全面上市（generally available）產品中的 6 項或以上。不過，這仍是早期階段。我們認為這是一個有趣的佐證，顯示我們在既有客戶基礎中仍有持續銷售（sell）機會。

And we had another quarter in which approximately 75% of new logos landed with 2 or more products. I'd like to provide an update on some of our more recent products, Network Performance Monitoring, Real User Monitoring and Synthetics. Both Network Performance Monitoring and Real User Monitoring became generally available a bit more than a year ago. And we are excited to share that both are at approximately 8 figures of ARR and are showing high growth. And Synthetics also continues to grow rapidly and is an increasingly important contributor to revenue.

而且我們又迎來一個季度：約 75% 的新客戶標誌在導入時就採用 2 項或以上產品。我想就我們一些較新的產品提供最新進展，包括 Network Performance Monitoring、Real User Monitoring 與 Synthetics。Network Performance Monitoring 與 Real User Monitoring 都在一年多前正式全面上市（generally available）。我們很高興分享，這兩項產品的 ARR 均約達到八位數規模，且呈現高速成長。Synthetics 也持續快速成長，並成為營收日益重要的貢獻來源。

As a reminder, our newer products are often adopted first by self-selecting customers at a small scale before our land-and-expand model enables greater adoption over time. And frictionless adoption from our single integrated platform is a key value proposition for our customers. While we are very pleased with the performance of our newer products, I also want to spend some time on the core of our observability platform. Infrastructure, APM and log.

提醒各位，我們較新的產品通常會先由自我選擇（self-selecting）的客戶以小規模採用，之後再透過我們的「落地並擴張」（land-and-expand）模式，隨時間推進帶動更廣泛的採用。而透過我們單一整合平台實現的無摩擦採用，是我們為客戶提供的關鍵價值主張。雖然我們對較新產品的表現非常滿意，我也想花一些時間談談我們可觀測性（observability）平台的核心：Infrastructure、APM 與 log。

All 3 added record amounts of ARR in the quarter, showing the strength of our platform. APM and logs have both reached large scale and remain in hyper growth, while infrastructure continues to grow at a healthy base. To give you a sense of scale, APM and logs together added more ARR this quarter than the business as a whole did 1 year ago. So it is clear to us that these products are each strong enough to be best-of-breed solutions on their own. And to that point, Datadog was recognized as a leader in Gartner's 2021 Magic Quadrant for APM for the first time. And in fact, we were the only vendor in the leader quadrant that improved its position since the last report.

這三項產品在本季都創下 ARR 新增的歷史新高，展現我們平台的強勁實力。APM 與 logs 兩者都已達到相當大的規模，且仍處於超高速成長（hyper growth），而 infrastructure 則在健康的基礎上持續成長。為了讓各位了解規模，本季 APM 與 logs 合計新增的 ARR，已超過一年前整體業務在單一季度新增的 ARR。因此我們清楚看到，這些產品各自都足以成為獨立的同類最佳（best-of-breed）解決方案。也因此，Datadog 首次在 Gartner 2021 年 APM 魔力象限（Magic Quadrant）中被評為領導者。事實上，我們是領導者象限中唯一一家相較上一份報告提升排名的供應商。

Gartner specifically highlighted our strong history of product development and our ability to bring products to market rapidly. As a reminder, we entered the APM market just 4 years ago, and our APM product has a robust feature set, including end-to-end distributed tracing with no sampling and seamless correlation of traces with end-to-end observability. The ability to triage problem was also highlighted as a strength with our unified platform assisting in root-cause analysis and reducing resolution time. And lastly, our transparent pricing, which is available on our website, was also recognized as helping to build customer trust. We also continue to make investments in Watchdog, which is the brain behind AI-based features across the Datadog platform.

Gartner 特別強調我們在產品開發上的深厚歷史，以及我們快速將產品推向市場的能力。提醒各位，我們在僅 4 年前才進入 APM 市場，而我們的 APM 產品具備完整且強健的功能組合，包括端到端的分散式追蹤（distributed tracing）且不進行抽樣（no sampling），以及將追蹤資料與端到端可觀測性無縫關聯。其亦指出，我們在問題分流（triage）方面的能力是一項優勢；我們的統一平台可協助進行根因分析（root-cause analysis）並縮短解決時間。最後，我們在網站上公開透明的定價也獲得肯定，被認為有助於建立客戶信任。我們也持續投資於 Watchdog，它是 Datadog 平台各項 AI 功能背後的「大腦」。

In Q1, we announced a few enhancements, including Watchdog Insights, which is a recommendation engine that is always on and augments manual investigations by automatically detecting anomalies and outliers and allowing for faster time to resolution. We also announced the beta of Watchdog root cause analysis, which automatically identifies causal relationships between different issues across applications and infrastructure and pinpoints the root cause. In addition, we continued innovating across our platform, releasing 38 features in Q1 and crossing 450 out-of-the-box integrations. A few features to highlight include network performance monitoring for Microsoft Windows, which is a very differentiated feature for that Datadog NPM.

在第一季，我們宣布了幾項強化功能，包括 Watchdog Insights；這是一個始終開啟的推薦引擎，能透過自動偵測異常與離群值來強化人工調查，並加速問題解決（time to resolution）。我們也宣布 Watchdog 根因分析（root cause analysis）的 beta 版本，可自動識別應用程式與基礎架構之間不同問題的因果關係，並精準定位根因。此外，我們持續在平台上推動創新，第一季發布了 38 項功能，並使開箱即用（out-of-the-box）的整合數量突破 450 項。值得一提的功能包括針對 Microsoft Windows 的網路效能監控，這是 Datadog NPM 一項高度差異化的功能。

New marketplace integrations, including Oracle Cloud as well as the official launch of our GovCloud instance allowing us to onboard early customers in the government space. Lastly, on the product side, I want to briefly discuss our acquisition of Sqreen, which closed in early April. We founded Datadog to break down silos between Dev and ops team. And as we've discussed previously, we are working to extend that to security teams as well. Sqreen is an application security solution that actively detects attacks and can trace them down to the impacted function call. It prevents application security exploits and enables response across development, security and upstream.

新的市集整合（包括 Oracle Cloud），以及我們 GovCloud 執行個體的正式上線，使我們得以在政府領域導入早期客戶。最後，在產品方面，我想簡要談談我們對 Sqreen 的收購案，該交易已於 4 月初完成。Datadog 的創立宗旨是打破開發（Dev）與營運（Ops）團隊之間的資訊孤島。正如我們先前所討論的，我們也正致力於將這一理念延伸至資安團隊。Sqreen 是一套應用程式安全解決方案，能主動偵測攻擊，並可追溯至受影響的函式呼叫。它可防止應用程式安全漏洞被利用，並促進開發、資安與上游之間的協同回應。

We are very excited at the combination of Sqreen with our APM and security offerings. As we expect it to allow our customers to protect APM insulated applications with very little additional friction. And we will share updates as we progress on integrating it in our platform. Now let's switch gears and move on to sales and marketing. I am very proud of the continued productivity from our go-to-market team. As we mentioned last quarter, we have been hiring at a rapid pace across our sales work and are seeing more teams and reps becoming productive.

我們對 Sqreen 與我們的 APM 與安全性產品組合的結合感到非常振奮。我們預期這將使客戶能以極低的額外摩擦，保護以 APM 為核心的應用程式。我們也會在將其整合進我們平台的過程中持續分享最新進展。現在讓我們轉換話題，進入銷售與行銷。我對我們市場推進（go-to-market）團隊持續提升的生產力感到非常自豪。如同我們在上一季提到的，我們在整個銷售團隊快速擴編，並看到更多團隊與業務代表逐步達到生產力。

Now let's discuss some of our wins this quarter. First, we had a 7-figure land with one of the world's largest consulting firms undergoing a multibillion-dollar cloud migration. With Datadog, they have reduced their monitoring costs by more than 35% with greater visibility into every layer of their stack, including several at functions. Next, we had a 6-figure or high 6-figure, I should say, land deal with a major transportation company. The company is moving towards the DevOps culture, but was hindered by a proliferation of siloed and underutilized monitoring tools. After implementing Datadog, engineers now have a single easy-to-use platform that facilitates mass adoption.

接下來談談本季的一些重大勝利。首先，我們與全球最大顧問公司之一達成一筆七位數的首次導入（land）交易；該公司正進行一項數十億美元規模的雲端遷移。透過 Datadog，他們在獲得對技術堆疊各層（包括多項無伺服器函式）更高可視性的同時，將監控成本降低了 35% 以上。接著，我們與一家大型運輸公司達成一筆六位數（更準確地說是高六位數）的首次導入交易。該公司正朝 DevOps 文化轉型，但受到大量彼此孤立且使用率偏低的監控工具所阻礙。導入 Datadog 後，工程師如今擁有單一且易用的平台，促進大規模採用。

Next, we had a 6-figure land from a large supermarket team. The company has thousands of stores and is in the process of migrating from legacy IT to an Azure-based cloud. Datadog's unified platform helped enable this migration and reduced mean time to resolution by up to 50%.

接著，我們從一家大型超市團隊取得一筆六位數的首次導入交易。該公司擁有數千家門市，正從傳統 IT 遷移至以 Azure 為基礎的雲端。Datadog 的統一平台協助推動此遷移，並將平均修復時間（MTTR）最多降低 50%。

Next, I want to discuss the 7-figure upsell with an EVA, online game company. Prior to Datadog, business units were spending too much time responding to incidents and look for a single source of truth with visibility across all teams and systems. This company reduced its usage from 8 observability tools to 1, and Datadog is also used by executives all the way up to the CEO.

接下來，我想談談一家線上遊戲公司 EVA 的七位數加購（upsell）。在使用 Datadog 之前，各事業單位花費過多時間處理事件，並希望能有一個跨所有團隊與系統、具備可視性的單一真實來源（single source of truth）。該公司將可觀測性工具的使用數量從 8 套縮減至 1 套，而 Datadog 也被一路使用到高階主管層級，直至 CEO。

Last, we had a 7-figure upsell to an existing $1 million-plus customer in the financial services. During COVID, this large enterprise accelerated its digital transformation journey as they enhance their digital tools and online presence. And they continue to grow with Datadog as they migrate more work close to the cloud and have adopted newer products like NPM and Synthetics.

最後，我們對一家金融服務業既有客戶（年支出超過 100 萬美元）完成一筆七位數加購。在 COVID 期間，這家大型企業加速其數位轉型旅程，強化數位工具與線上能見度。隨著他們將更多工作負載遷移至更貼近雲端的環境，並採用如 NPM 與 Synthetics 等較新的產品，他們也持續與 Datadog 一同成長。

Moving on now to our longer-term outlook. While the pandemic continues to impact the macro environment, businesses are starting to turn to priorities in the post-COVID world. Businesses must be digital first, which we expect will move forward digital transformation project. Massive IT replatforming is still in its early stages. We believe we are in a great position with our unified observability platform. While there is the possibility for more near-term volatility caused by the macro environment, we are increasingly confident in our ability to execute and in our long-term opportunity.

接著談談我們較長期的展望。儘管疫情仍持續影響總體環境，企業已開始將重心轉向後 COVID 時代的優先事項。企業必須以數位優先（digital first）為核心，我們預期這將推動數位轉型專案持續向前。大規模 IT 重新平台化仍處於早期階段。我們相信，憑藉我們的統一可觀測性平台，我們處於非常有利的位置。雖然總體環境可能在短期內帶來更高波動，但我們對自身的執行能力以及長期機會愈發有信心。

Before giving the call to David, there are 2 changes to the management team I would like to bring to your attention. First, our Chief Revenue Officer, Dan Fougere, will transition out of the company this quarter to take some well-deserved time off after a few decades of hard work. We are very grateful to Dan for many quarters of growth and for developing a world-class organization. We are confident that the team he's built will continue carrying the torch, and we exceed expectations to Datadog way. We are also running a search for a new CRO and are evaluating both internal and external candidates.

在把電話交給 David 之前，我想提醒各位管理團隊有兩項變動。第一，我們的營收長（Chief Revenue Officer，CRO）Dan Fougere 將於本季離開公司，在辛勤工作數十年後好好休息一段時間。我們非常感謝 Dan 在多個季度帶來的成長，以及他打造世界級組織的貢獻。我們有信心，他所建立的團隊將持續接棒，並以 Datadog 的方式超越預期。我們也正在尋找新的 CRO，並同時評估內部與外部候選人。

Second, I'm pleased to announce that we will soon be joined by our first-ever Chief Operating Officer, Adam Blitzer, who joins us after a successful tenure as an EVP and GM at Salesforce. Adam will help us scale as a SaaS platform company and will oversee a number of our front-office functions.

第二，我很高興宣布，我們即將迎來公司史上首位營運長（Chief Operating Officer，COO）Adam Blitzer。他在 Salesforce 擔任執行副總裁（EVP）與總經理（GM）期間表現卓越，之後加入我們。Adam 將協助我們以 SaaS 平台公司的定位擴大規模，並負責多項前台職能。

With that, I would like to turn the call over to our Chief Financial Officer. David?

接下來，我想把電話交給我們的財務長。David？

Thanks, Olivier. We had a very strong start to the year. Revenues was $198.5 million, up 51% year-over-year against the challenging year-ago comp. Usage trends were strong and showed broad-based growth. New logo generation continues to be strong and customers continue to adopt more products across the platform. To provide some more context, first, growth of existing customers was robust, again, and our dollar-based net retention rate remained above 130% for the 15th consecutive quarter.

謝謝你，Olivier。我們今年開局非常強勁。營收為 1.985 億美元，年增 51%，是在去年同期基期具挑戰性的情況下達成。用量趨勢強勁，並呈現廣泛成長。新客戶（new logo）獲取持續強勁，客戶也持續在平台上採用更多產品。為提供更多背景，首先，既有客戶的成長再次表現穩健，我們以美元計價的淨留存率（dollar-based net retention rate）已連續第 15 個季度維持在 130% 以上。

We are pleased with the usage growth of existing customers, which indicates continued adoption of our platform and continued migration to the cloud even in the face of macro pressures. As Oli mentioned, usage growth was stronger than expected and above historical levels. And usage growth was broad-based across our customer base. Also, we added a record number of 100,000-plus customers in the quarter. Given our land-and-expand model, a majority of these adds were existing customers. In addition, we had a strong uptick in the quarter in million-dollar customers.

我們對既有客戶用量成長感到滿意，這顯示即使面臨總體壓力，客戶仍持續採用我們的平台並持續遷移至雲端。如同 Oli 所提到的，用量成長強於預期，且高於歷史水準；而且用量成長在我們的客戶群中呈現廣泛分布。此外，本季我們新增了創紀錄數量的年支出 10 萬美元以上客戶。基於我們「先導入、再擴張」（land-and-expand）的模式，這些新增中的多數來自既有客戶。另外，本季年支出達百萬美元等級的客戶數也顯著增加。

Next, our new logo results were strong. In fact, it was our second best new logo ARR quarter ever and a record for Q1. Contributions were strong across our enterprise and commercial sales channels. Earlier, Olivier shared several large new logo wins across more traditional industries, an encouraging sign as companies across a wide spectrum start embracing digital transformation projects. Remember that given our use-based revenue model, new logo wins generally do not immediately translate into meaningful revenue.

接著，我們的新客戶（new logo）表現強勁。事實上，這是我們歷來第二佳的新客戶 ARR 季度，也是第一季的歷史新高。我們在企業與商業（commercial）銷售通路的貢獻都很強。稍早 Olivier 分享了多筆來自較傳統產業的大型新客戶勝利，這是令人鼓舞的訊號，顯示各類型公司正開始擁抱數位轉型專案。請記得，由於我們採用以用量為基礎的營收模式，新客戶的勝利通常不會立即轉化為顯著營收。

Next, In the first quarter, we saw continued strength, as Olivier discussed in our platform strategy, with 75% of our customers using 2 or more products, and 25% of our customers now using 4 or more products, up from only 12% a year ago. Next, churn was consistent with historical levels. This demonstrates the importance of our solution to our customers. Our dollar-based gross retention rate has remained largely unchanged in the mid-90s. And this was true across customer segments and in each of our infrastructure, APM and log products.

接著，在第一季，我們持續看到平台策略帶來的強勁表現，如 Olivier 所述：75% 的客戶使用 2 個或以上產品，而目前已有 25% 的客戶使用 4 個或以上產品，高於一年前僅 12% 的水準。再來，流失率（churn）與歷史水準一致，這顯示我們的解決方案對客戶的重要性。我們以美元計價的總留存率（dollar-based gross retention rate）大致維持在 90% 中段，且此情況在各客戶分群，以及我們的基礎設施、APM 與日誌（log）產品中皆一致。

Taken together, this resulted in a record quarter of ARR adds, over $100 million and up significantly versus Q1 last year. Now turning to billings. Billings were $220 million, up 59% year-over-year. There were no major pro forma impacts to call out in the quarter. Remaining performance obligations, or RPO, was $464 million, up 81% year-over-year. Contract duration continued to be at an increased level from the year ago period. RPO strength is driven by strong annual billings and commitments as well as a few large multiyear commits. It is important to note that those multiyear commits are built annually, and we do not incentivize our sales force for multiyear deals given our high net retention. Current RPO growth was also strong in the high 60s percent.

綜合以上因素，我們的 ARR 淨新增（adds）創下單季新高，超過 1 億美元，且相較去年第一季大幅成長。接著看帳單金額（billings）：帳單金額為 2.20 億美元，年增 59%。本季沒有需要特別指出的重大擬制（pro forma）影響。剩餘履約義務（Remaining Performance Obligations，RPO）為 4.64 億美元，年增 81%。合約期間相較去年同期仍維持在較高水準。RPO 的強勁主要來自強勁的年度帳單與承諾，以及少數大型多年期承諾。需要注意的是，這些多年期承諾是按年開立帳單；鑑於我們的高淨留存率，我們並不因多年期合約而對銷售團隊提供額外激勵。當期 RPO（Current RPO）成長同樣強勁，達到 60% 高段。

As a reminder, billings and RPO can fluctuate versus revenue based on the timing of invoicing and the signing of customer contracts, while revenue incorporates customer usage. 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. Gross profit in the quarter was $153 million, representing a gross margin of 77%. This compares to a gross margin of 78% last quarter and 80% in the year ago period. The slight decrease in gross margin, as we've discussed before, is due to our investments in product and platform innovation. We expect gross margin to continue to be slightly down from last year in the remainder of the year as we build out new cloud data centers and prioritize product development.

提醒一下，帳單金額與 RPO 相對於營收可能會因開立發票與簽署客戶合約的時間點而波動，而營收則納入客戶用量。現在讓我們更詳細檢視損益表。再次提醒，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。本季毛利為 1.53 億美元，毛利率為 77%。相較之下，上季毛利率為 78%，去年同期為 80%。毛利率的小幅下滑，如同我們先前討論過的，主要源於我們在產品與平台創新上的投資。我們預期在今年剩餘期間，隨著我們擴建新的雲端資料中心並優先投入產品開發，毛利率將持續略低於去年。

R&D expense was $61 million or 31% of revenue compared to 27% in the year ago quarter. We continue to invest significantly in R&D, including a high growth in our engineering headcount. Engineering headcount continues to grow slightly ahead of the pace of revenue growth, and we have been able to attract talent and are successfully executing on our hiring and onboarding plans despite COVID. Sales and marketing expense was $53 million or 28% of revenues compared to 32% in the year ago period. Similar to R&D, we continue to make substantial investments in sales and marketing, but the pace of the revenue growth has outpassed pace investment growth.

研發費用為 6,100 萬美元，占營收的 31%，相較於去年同期的 27%。我們持續在研發上進行重大投資，包括工程人力的大幅成長。工程人力持續以略快於營收成長的速度增加；儘管 COVID 影響，我們仍能吸引人才，並成功執行招募與到職培訓計畫。銷售與行銷費用為 5,300 萬美元，占營收的 28%，相較於去年同期的 32%。與研發類似，我們持續在銷售與行銷上進行大量投資，但營收成長的速度已超過投資成長的速度。

This was another quarter of no in-person trade shows and marketing events. And while we have successfully redeployed much of the events budget to advertising and other lead-generating activities, it is not on a one-for-one ratio. G&A expense was $16 million or 8% of revenue, slightly lower than the 9% in the year ago quarter. And operating income was $20 million, or a 10% operating margin compared to an operating income of $16 million or 12% in the year ago period.

本季仍然沒有任何實體的商展與行銷活動。雖然我們已成功將多數活動預算重新配置到廣告及其他名單開發活動，但並非一比一的對應。一般與行政（G&A）費用為 1,600 萬美元，占營收的 8%，略低於去年同期的 9%。營業利益為 2,000 萬美元，營業利益率為 10%，相較於去年同期營業利益 1,600 萬美元、營業利益率 12%。

Non-GAAP net income for the quarter was $20 million or $0.06 a share based on 344 million weighted average diluted shares outstanding. Now turning to the balance sheet and cash flow. We ended the quarter with $1.6 billion in cash, cash equivalents, restricted cash and marketable securities. Cash from operation was a strong $52 million in the quarter. After taking into consideration capital expenditures and capitalized software, free cash flow was $44 million for a margin of 22%.

本季非 GAAP 淨利為 2,000 萬美元，或每股 0.06 美元，係以 3.44 億股加權平均稀釋流通股數計算。接著看資產負債表與現金流。我們在季末持有 16 億美元的現金、約當現金、受限制現金及有價證券。營運活動產生的現金流在本季強勁，為 5,200 萬美元。考量資本支出與資本化軟體後，自由現金流為 4,400 萬美元，自由現金流利潤率為 22%。

Free cash flow was driven by strong collections stemming from our strong billings in Q4 and Q1. Now turning to our outlook for the second quarter and the full year 2021. We believe we can deliver high growth for the foreseeable future as we are addressing a very large greenfield market and are executing well against that opportunity. We are optimistic about the long-term opportunity and have seen an uptick in metrics driving our business growth. Taking this into account with our usual conservatism implied, we are updating our guidance as follows: For the second quarter, we expect revenue to be in the range of $211 million to $213 million, which represents a year-over-year growth of 51% at the midpoint. Non-GAAP operating income is expected to be in the range of $9 million to $11 million. And non-GAAP net income per share is expected to be in the $0.03 to $0.04 per range based on an approximate 344 million weighted average diluted shares outstanding.

自由現金流主要來自強勁的收款，源於我們在第 4 季與第 1 季強勁的帳單（billings）。接著談我們對 2021 年第二季與全年展望。我們相信在可預見的未來仍能維持高速成長，因為我們正切入一個非常龐大的綠地市場（greenfield market），並且對該機會執行良好。我們對長期機會保持樂觀，且已看到推動業務成長的指標有所上升。綜合上述並延續我們一貫的保守假設，我們更新指引如下：第二季營收預期介於 2.11 億至 2.13 億美元，以中位數計算年增 51%。非 GAAP 營業利益預期介於 900 萬至 1,100 萬美元。非 GAAP 每股淨利預期介於 0.03 至 0.04 美元，係以約 3.44 億股加權平均稀釋流通股數計算。

For the full year 2021, revenues are expected to be in the range of $880 million to $890 million, which represents a 47% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be in the range of $45 million to $55 million. And non-GAAP net income per share is expected to be in the range of $0.13 to $0.16 per share based on 345 million weighted average diluted shares.

2021 全年營收預期介於 8.80 億至 8.90 億美元，以中位數計算年增 47%。非 GAAP 營業利益預期介於 4,500 萬至 5,500 萬美元。非 GAAP 每股淨利預期介於每股 0.13 至 0.16 美元，係以 3.45 億股加權平均稀釋股數計算。

Now some notes on our guidance. While usage growth was strong in Q1, when providing guidance, as usual, we use more conservative assumptions. Next, our strategic focus remains investing to optimize for the long term. Therefore, we are planning to continue aggressive investments in R&D and go-to-market throughout 2021. We believe the efficiencies of our business are evident, and we are confident in our ability to be a sizable and materially profitable company over the long term.

接著補充幾點關於我們的指引。雖然第 1 季使用量成長強勁，但在提供指引時，我們一如往常採用較保守的假設。其次，我們的策略重點仍是為長期最佳化而投資。因此，我們計畫在 2021 年持續在研發與市場推進（go-to-market）方面進行積極投資。我們認為公司的營運效率已相當明顯，並對我們長期成為一家規模可觀且具實質獲利能力的公司充滿信心。

Additionally, our model assumes the return to the office and a resumption of travel and in-person events in the second half of the year. We have limited visibility on these topics, but believe it's prudent to incorporate this in our outlook. Finally, in early April, we closed our acquisition of Sqreen. We are pleased to welcome more than 50 members of the Sqreen team to Datadog. The acquisition has an immaterial impact on our income statement. And our cash flow statement in Q2 will reflect the $190 million of cash that we paid for the acquisition.

此外，我們的模型假設下半年將回到辦公室，並恢復差旅以及實體活動。我們對這些議題的能見度有限，但認為在展望中納入此假設是審慎之舉。最後，我們在 4 月初完成對 Sqreen 的收購。我們很高興歡迎 Sqreen 團隊超過 50 位成員加入 Datadog。該收購對我們損益表的影響不具重大性。而我們第 2 季的現金流量表將反映我們為此收購支付的 1.90 億美元現金。

Now below the operating income line. We expect approximately $1 million of Q2 non-GAAP other income, which is net including the interest income on our cash and marketable securities, less the interest expense on our convertible debt. We do not expect to be a federal taxpayer in 2021, but have a tax provision related to our international entity. We expect the tax provision to be approximately $700,000 in Q2 and $3 million for the full year.

接著談營業利益線以下的項目。我們預期第 2 季非 GAAP 其他收益約為 100 萬美元（淨額），包含我們現金與有價證券的利息收入，扣除可轉換公司債的利息費用。我們預期 2021 年不會成為聯邦所得稅納稅人，但會因海外實體而提列稅負準備。我們預期第 2 季稅負準備約為 70 萬美元，全年約為 300 萬美元。

Now to summarize, we are very pleased with the results of the quarter. Customers continue to consume more Datadog, both in terms of usage and cross-selling to newer products, and the execution remains strong. We believe the importance of our solutions will only be strengthened long term by the continued trends of cloud migration and digital transformation.

總結來說，我們對本季的成果非常滿意。客戶持續增加對 Datadog 的使用，不論是在使用量方面，或是對較新產品的交叉銷售方面，而我們的執行力依然強勁。我們相信，隨著雲端遷移與數位轉型趨勢持續，我們解決方案的重要性在長期只會更加提升。

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

接下來我們將開放提問。接線員，請開始問答環節。

(Operator Instructions) And we do have our first question from Raimo Lenschow from Barclays.

（接線員指示）我們的第一個問題來自 Barclays 的 Raimo Lenschow。

Congrats on an amazing quarter. Olivier, can you -- you talked about the growing momentum you have around an APM and the recognition you get from the industry experts. Can you talk a little bit about where we are in terms of APM adoption in your client base in terms of number of applications that are getting properly monitored? And what are you seeing in terms of where you are getting used where maybe some of the traditional legacy guys are getting used for APM?

恭喜繳出非常亮眼的一季。Olivier，你提到你們在 APM 方面的動能持續增強，也獲得產業專家的肯定。你能否談談目前在你們客戶群中 APM 的採用情況，例如有多少應用程式已被妥善監控？另外，就你們的使用情境來看，在哪些地方你們被採用，而一些傳統的老牌廠商可能仍在 APM 領域被使用？

Yes. So great question. I think we are seeing a lot of adoption from APM. And I think when we back -- a year ago when we took the company public, we were saying that APM probably had a bit of a longer fuse to it, but had a very long runway, as more and more applications move to the cloud and more of them become critical. And that's what we see happening today. In terms of our penetration among customer applications, like exceeded the ratio of the, let's call it, the instances of containers that are covered with APM from the total APM containers that we see for infrastructure monitoring. There's still quite a bit of runway there, but that ratio is already higher than the famous Gartner quote of 5 personal applications being monitored. So we think we're clearly targeting those applications in next-gen cloud environment. We are starting to see from some of our larger enterprise customers, some of their on-prem applications that are being instrumented with our APM as well. But I would say that's more of a Phase 2 of adoption as opposed to what we need with, and we start those customers.

是的，這是個好問題。我認為我們看到 APM 的採用率很高。回頭看——一年前我們公司上市時，我們曾表示 APM 可能需要較長的醞釀期，但跑道非常長，因為愈來愈多應用程式遷移到雲端，且其中更多會變得關鍵。而這正是我們今天所看到的情況。就我們在客戶應用程式中的滲透率而言——例如，以我們在基礎設施監控中看到的 APM 容器總量為基礎，來看被 APM 覆蓋的容器實例占比——仍然有相當大的成長空間，但這個比例已高於 Gartner 那句著名的說法：只有 5% 的應用程式被監控。因此我們認為，我們明確鎖定的是新一代雲端環境中的那些應用程式。我們也開始在一些大型企業客戶那裡看到，他們部分內部部署（on-prem）的應用程式也開始使用我們的 APM 進行埋點與監測。不過我會說，這更像是採用的第二階段，而不是我們與這些客戶起步時所需要的部分。

And we do have our next question from Sanjit Singh from Morgan Stanley.

接下來我們的問題來自 Morgan Stanley 的 Sanjit Singh。

Congrats to the team on a really exceptional quarter, really great start to the year. To follow-on on Raimo's question, I think what's sort of impressing me is the multiproduct adoption and frankly, in some of the newer categories. So you mentioned APM and logs, but you also called out networking as well and some of the other new products. When you think of the networking opportunity, what's driving that strong growth? Is it just the maturity of the products or is it being a year 2 product? Or did you see some benefits from some of the competitors like SolarWinds post the SUNBURST attack. How do you see that networking opportunity for Datadog relative to APM and some of the other products?

恭喜團隊交出非常卓越的一季，為今年開了個很好的頭。延續 Raimo 的問題，我覺得讓我印象深刻的是多產品的採用，坦白說也包括一些較新的類別。你提到 APM 和 logs，也特別提到網路（networking）以及其他一些新產品。談到網路這個機會時，是什麼在推動如此強勁的成長？是產品成熟度提升、或因為它已是第二年的產品？還是你們也看到一些競爭對手（例如 SolarWinds）在 SUNBURST 攻擊事件後帶來的利多？你如何看待 Datadog 的網路機會，相較於 APM 以及其他產品的定位？

I think it's a combination of -- there's a lot of market need. Because networking, especially in next-generation cloud environment, especially for companies that have one foot in the cloud and one foot in prem is not something that is well covered in terms of monitoring and understanding. So there's a big need there. And the second part of that is, as you mentioned, the product maturity. I mean that product is getting better and better. It covers more and more of the use cases, which means it goes from being great for a small number of customers to being great for a larger and larger fraction of our market and customer base. One illustration of that is what we announced -- or we mentioned in the call today, which is the Network Performance Monitoring today also works for Microsoft Windows. And as it turns out, it's fairly differentiated to have a cloud-based network performance monitoring product that also works for Microsoft Windows. And it helps a lot of those customers with very hybrid deployments.

我認為這是多種因素的結合——市場需求非常大。因為網路，特別是在新一代雲端環境中，尤其對於一腳在雲端、一腳在機房（on-prem）的公司而言，在監控與理解方面並沒有被很好地覆蓋，所以存在很大的需求。第二個因素如你所提到的，是產品成熟度。我的意思是，該產品愈來愈好，涵蓋的使用情境也愈來愈多，這使它從「對少數客戶非常好」逐步變成「對我們市場與客戶群中愈來愈大比例的客戶都非常好」。其中一個例子是我們今天在電話會議中宣布——或提到——的：網路效能監控（Network Performance Monitoring）現在也支援 Microsoft Windows。事實證明，能提供同時支援 Microsoft Windows 的雲端式網路效能監控產品，具有相當差異化，並能大幅協助那些高度混合式部署的客戶。

That makes a ton of sense. And then as a follow-up question, as we think about the new announcement, the great hire for the COO position, can you sort of walk us through the thinking around why now is the right time to bring a COO on board? Was it -- is about where the business is in terms of scale? Or is there a certain new market segments that you want to target? What was sort of the thinking behind bringing on a Chief Operating Officer to Datadog?

這非常合理。接著作為追問，當我們思考這次新的公告、也就是為 COO 職位做出很棒的聘用時，你能否帶我們了解一下為什麼現在是引進 COO 的合適時機？是因為業務在規模上的發展階段嗎？還是你們想要鎖定某些新的市場區隔？把一位營運長（Chief Operating Officer）帶進 Datadog 的背後考量是什麼？

Well, the thinking is we need to scale the team. We -- if we fast forward a few years, we will be a lot bigger. We're building a platform. There's a number of things that we'll need to do right, and there's a number of -- there's going to be a number of problems to solve along the way. And it was always a given that we would need to grow the bandwidth of the senior management team. And as we embarked on that, we also thought to bring into the company some experience with what later stages of scale and growth look like for SaaS companies, especially SaaS platform companies, which explains to you the hire we're making here.

嗯，考量是我們需要擴大團隊規模。我們——如果把時間快轉幾年，我們的規模會大很多。我們正在打造一個平台。接下來有很多事情需要做對，沿途也會有很多——會有很多問題需要解決。而且一直以來都很明確，我們需要擴充高階管理團隊的帶寬。在著手這件事時，我們也希望為公司引入一些對 SaaS 公司、尤其是 SaaS 平台公司在較後期擴張與成長階段會是什麼樣子有經驗的人才，這也就是你看到我們這次聘用的原因。

And we do have our next question from Brent Thill from Jefferies.

接下來我們的下一個問題來自 Jefferies 的 Brent Thill。

I just wanted to follow up on the question around Adam. Obviously, a huge endorsement for you guys. But Adam was the founder of the company and effectively was running a lot of the outbound activity. And I'm curious, most COOs, at least the definition of taking care of the inside of the company versus the outside. Can you just talk to his role on the outside and with customers in the interaction versus the focus on the inside? I think there's just some -- I'm trying to understand where he's going to be spending most of his time.

我想就 Adam 的問題再追問一下。顯然，這對你們來說是很大的背書。但 Adam 是公司的創辦人，基本上也在負責很多對外拓展（outbound）的活動。我好奇的是，多數 COO——至少一般的定義——是負責公司內部的運作，而不是對外。你能否談談他在對外、與客戶互動方面的角色，相較於對內部的聚焦？我想——我是在試著理解他大部分時間會花在哪裡。

Yes, it's a great question. The focus is actually a lot of the front-office function. And these are going to have to do with servicing our customers and growing our customers. I won't go into too much detail. I mean we look -- our teams are -- we have a fairly intricate setup for how we'll go-to-market and how we serve customers, that is aligned with our land-and-expand low friction model. But Adam is going to lead a number of those teams. And focus is outwards instead of inwards.

是的，這是個很好的問題。實際上重點會放在很多前台（front-office）的職能上，這些會與服務我們的客戶以及擴大客戶成長有關。我不會講太多細節。我的意思是，我們——我們的團隊——我們在 go-to-market 以及服務客戶的方式上有相當精細的配置，並且與我們「先落地再擴張」（land-and-expand）、低摩擦的模式一致。但 Adam 會領導其中若干團隊，而且重點是向外而不是向內。

Okay. That's great. And a quick one for David. Just you mentioned duration is up. Can you remind us what the duration is now versus what you saw a year ago?

好的。很棒。再快速問 David 一題。你剛提到 duration 上升了。你能提醒我們現在的 duration 是多少，相較於一年前你們看到的水準？

Yes. On the billings duration, we said it in the 7 -- around 7 months and the contract duration spread out towards -- more towards a year in the 9-plus months. and it's maintained that. So what we saw was over the last couple of quarters, given the multiyear contracts and the increase of annual billing, the contract duration increased.

可以。就帳單（billings）期間而言，我們提過大約在 7 個月左右；而合約期間則拉長到——更接近一年、約 9 個月以上，並且維持在那個水準。所以我們看到的是，過去幾個季度在多年期合約以及年度計費占比提高的帶動下，合約期間變長了。

We do have our next question from Matt Hedberg from RBC.

接下來我們的下一個問題來自 RBC 的 Matt Hedberg。

Yes. This is actually Matt Swanson on for Matt. So thinking about the capabilities of Sqreen and the potential cross-sell opportunity, could you give us a little color on what type of solutions your customers currently have to address these needs? And if you think of this as a competitive environment within your customers or more of another greenfield opportunity?

是的，我其實是 Matt Swanson，代 Matt 提問。從 Sqreen 的能力以及潛在的交叉銷售機會來看，你能否多提供一些背景：你們的客戶目前通常用什麼類型的解決方案來滿足這些需求？以及你們認為這在客戶端是屬於競爭激烈的環境，還是更像另一個綠地（greenfield）機會？

Yes. So it's really more of a greenfield opportunity. Today, customers typically don't have anything or they have something, it's not really deployed. And the reason for that is that to inject application security inside the applications, there's actually quite a bit of friction. Where the combination with Datadog and with our APM makes sense is that we've already incurred that friction to instrument the application with APM and the point of inflection is the same. And that's where we think the -- probably all 1 plus 1 equals 3 happens by adding Sqreen to Datadog. And I should say, it's only going to be the start. I mean we -- there's a lot more we want to do in application security. In the rest of security, the first step is we need to plug the -- this protection -- detection and protection directly at the APM level with Sqreen.

是的，所以這更像是一個綠地機會。今天，客戶通常什麼都沒有；就算有，也往往沒有真正部署。原因在於，要把應用程式安全注入到應用程式內部，其實摩擦相當大。而 Datadog 與我們的 APM 結合之所以合理，是因為我們已經為了用 APM 對應用程式做儀表化（instrumentation）而承擔了那個摩擦，而且拐點（point of inflection）是一樣的。這也是我們認為——把 Sqreen 加到 Datadog 上時，可能會出現「1+1=3」效果的地方。我也要說，這只會是開始。我的意思是，我們——在應用程式安全方面還有更多想做的事。在更廣泛的安全領域，第一步是我們需要透過 Sqreen，把這個防護——偵測與防護——直接在 APM 層級接上去。

Well, and that kind of leads directly into what I wanted to go to for my second question, which is Olivier, you guys really have a front-row seat to digital transformation. And you obviously then get to also see some of the security challenges that arise from that. So what are some of those other areas of security that maybe you're seeing as pain points for your customers?

好的，而這也直接引出我第二個問題：Olivier，你們其實坐在數位轉型的第一排。你們顯然也能看到隨之而來的一些安全挑戰。那麼，還有哪些其他安全領域是你們看到客戶的痛點所在？

Well, there's many a look to there. It seems like every other month, there's a large-scale attack that brings a new area of security into focus. But the way we see the world and the way it relates to us, we are focusing on applications in the cloud. And for that, we think there are important aspects of it that happened at the application level, which is what we're addressing with Sqreen. There are important aspects of it that are happening at the infrastructure level. And we have a few different products that we started last year and that we're still developing and shipping around that. Then there's one big part of it that has to do with putting all this information together into an actionable system of record with -- in the on-prem world would be a theme. We also have a product, a security monitoring product that is a precursor to a theme that we're building into a theme that's not there yet. So we really intend to cover that whole spectrum specifically for applications on the cloud and specifically for use cases that are going to bring together DevOps and security.

嗯，有很多可以看的面向。看起來幾乎每隔一兩個月，就會有一次大規模攻擊，讓某個新的安全領域成為焦點。但從我們看世界的方式、以及它與我們的關聯來說，我們聚焦在雲端上的應用程式。就此而言，我們認為其中有一些重要面向發生在應用程式層級，這正是我們透過 Sqreen 在處理的。也有一些重要面向發生在基礎設施層級；我們去年開始推出、目前仍在開發與交付的幾個不同產品，就是圍繞這一塊。接著還有一個很大的部分，是把所有這些資訊整合起來，形成一個可採取行動的系統紀錄（system of record）；在地端（on-prem）世界裡，這會是一個 SIEM 的主題。我們也有一個安全監控產品，它是我們正在打造的 SIEM 主題的前身——目前還不是完整的 SIEM。所以我們確實打算涵蓋整個光譜，特別是針對雲端上的應用程式，以及特別是那些會把 DevOps 與安全結合在一起的使用情境。

In general, when you think of the problems companies have in this current environment, the first one is that the tooling is very variable and most of it doesn't exist or it's too a high friction it doesn't get developed -- don't get deployed. But the other thing that happens in most of these companies that is really, really hard to operationalize security because it's hard to get that in ops and security to be on the same page and can work together. And that's where I think we can make a big difference if we use our platform the right way and if you build all those products, right.

整體來說，當你想到公司在目前環境下面臨的問題，第一個是工具非常零散，而且多數根本不存在；或者摩擦太高，導致無法開發——或無法部署。但在這些公司裡還會發生另一件事：要把安全真正落地營運（operationalize）非常、非常困難，因為很難讓營運（ops）與安全團隊在同一頁上並且能一起合作。而我認為，如果我們用對我們的平台、並且把所有這些產品做對，我們就能帶來很大的改變。

And we do have our next question from Bhavan Suri from William Blair.

接下來我們的下一個問題來自 William Blair 的 Bhavan Suri。

And congrats on another well-executed quarter. I wanted to touch on the partner network. You announced kind of the launch of the formal partner network in January, kind of expands go-to-market, self-service, fermentation, things like that. Can you just talk about the early interest you're seeing there, the traction because you're not a heavy services company. There's not a lot of implementation or lift here. So how is that playing out? And kind of how does that plan to sort of more of a medium-term, long-term channel strategy? Is this really a growth driver? Is this sort of efficiency driver? How should we think about that?

恭喜你們又交出一個執行得很到位的季度。我想談談合作夥伴網路。你們在一月宣布正式合作夥伴網路的啟動，某種程度上擴大了 go-to-market、自助服務、培育（fermentation）之類的事情。你能否談談目前看到的早期興趣與進展？因為你們不是一家重服務的公司，這裡其實不需要太多導入或大量的實作工作。所以這實際上是怎麼發展的？以及從中期、長期的通路策略來看，這會如何規劃？這真的是一個成長驅動因素嗎？還是更像效率驅動因素？我們應該怎麼看待？

So for us, it's really a growth driver. I think when you look at Datadog, we have plenty of efficiency. And the way we think about everything is how do we get the biggest part of that market, which we think is going to be gigantic. How do we build the products we need to get to all that? How do we reach all the customers across all regions and all segments to get there. So that's how we think about it. So when we look at our partner program, we see it to that lens, and we are very happy with the adoptions we've had there. There's a number of things need to do still. I mean it's still, I would say, very early. We have validating wins like we've talked about some of those in previous calls, but there's a lot more we want to build over the next year, I would say. So no specific update in this quarter. But I do expect that we'll talk about it again.

對我們來說，這確實是成長驅動因素。我認為當你看 Datadog，我們在效率方面已經很充足。我們看待所有事情的方式是：我們要如何拿下那個市場中最大的一部分——而我們認為那個市場會非常巨大。我們要如何打造我們需要的產品來觸及全部市場？我們要如何觸及所有地區、所有區隔的客戶以達成這件事？我們就是這樣思考的。因此當我們看合作夥伴計畫時，我們也是用這個視角來看，而且我們對目前的採用情況非常滿意。當然還有不少事情要做。我的意思是，我會說現在仍然非常早期。我們有一些驗證性的勝利，就像我們在之前的電話會議中提到過的那些，但我想在接下來一年我們還會建構更多。所以本季沒有特別更新，但我確實預期我們之後還會再談到。

Got you. Got you. Got you. And then I want to touch a little bit on sort of pricing and competition kind of combined. If I was to look at pricing in general, your view as kind of having a really attractive price point in terms of modern vendors. But then as you get into enterprises, given the scale you're being deployed at, whether pricing is cheap or expense is different, but it becomes a big number. And guys like New Relic, Sumo, Splunk have all made adjustment in pricing models in the last 12 months. In your last quarter, you said you were having a pricing model. But I'm just wondering, are you seeing any pushback at the enterprise level? Are you seeing customers ask for price concessions. Anecdotally, just some sense of the confidence you have that there is sort of a nonissue around pricing at that enterprise level, given the scale you're getting deployed. I'd love to understand how you think about that. And what you're seeing competitively as those guys sort of use pricing as a or maybe even as a way to get into some accounts.

了解。了解。了解。接著我想稍微談一下把定價與競爭放在一起看的議題。如果我從整體定價來看，以現代供應商而言，你們的定價點看起來相當有吸引力。但當你們進入企業客戶時，考量到你們被部署的規模，定價是便宜或昂貴的感受會不同，但金額會變得很大。像 New Relic、Sumo、Splunk 在過去 12 個月都調整了定價模型。你們在上一季提到正在推行一個定價模型。但我想問的是，你們在企業層級是否看到任何反彈？是否看到客戶要求價格讓步？就一些軼聞來說，你們對於在企業層級、在你們部署規模持續擴大的情況下，定價不是問題這件事有多大信心？我很想了解你們如何看待這件事，以及在競爭面上，當那些公司把定價當作（或甚至當作）切入某些客戶的方式時，你們看到了什麼。

Yes. So yes, first of all, on pricing and price push back -- look, we have customers that pay us more than $10 million a year. Anybody who is paying you that -- somebody is paying them $10 million a year and he is not asking for a lower price, because they probably -- so -- but look, at the end of the day, the way we think about it is this is very high leverage spend for our customers, when you see the time to what they spend on their infrastructure and on their engineering teams. And the way we think about pricing for all the data and everything they send us is that the amount of data are going to go exponentially over time. They're going to grow faster than these customers' top line for particular purposes. And so pricing will have to adapt how smart we are about getting, interpreting that data or how we price and how we structure the model that these customers scale more and more with us.

是的。首先，關於定價與價格反彈——你看，我們有客戶每年付給我們超過 1,000 萬美元。任何付你這種金額的客戶——有人每年付他們 1,000 萬美元，而他不要求更低的價格，因為他們可能——所以——但你看，歸根結底，我們的思考方式是：對客戶而言，這是一筆槓桿效益非常高的支出，尤其當你把它和他們在基礎設施以及工程團隊上的花費相比。至於他們送到我們這裡的所有資料與一切，我們對定價的看法是：資料量會隨時間呈指數型成長，且在特定用途上，它們的成長速度會快於這些客戶的營收成長。因此，定價必須隨之調整——取決於我們在取得與解讀資料方面有多聰明，或我們如何定價、以及如何設計模型，讓這些客戶能與我們一起越來越大規模地擴張。

I will say that we -- while we do have pricing conversion with customers, especially large ones, we don't see the kind of competitive cash flow pressure, you might imagine if you read the competition in the marketing website. The best illustration of that would be, I think David mentioned in the call that we had gross retention in the mid-90s, and this is stable across various segments of our customers and also stable across products. If you take each of our infrastructure, APM and logs products, individually, you see the same numbers. What this tells you is that there's very little that goes away. There's not a lot of room there for cut-throat price-driven competition.

我會說，我們——雖然確實會和客戶討論定價，尤其是大型客戶，但我們沒有看到你可能會想像的那種競爭性現金流壓力（如果你去看競爭對手的行銷網站的話）。最好的例子是，我想 David 在電話會議中提到，我們的毛留存率在 90% 中段，而且這在不同客戶區隔之間是穩定的，也在各產品之間保持穩定。如果你把我們的基礎設施、APM 與日誌產品分開來看，個別也會看到相同的數字。這告訴你的是：流失的非常少。也沒有太多空間讓那種以價格為導向、你死我活的競爭發生。

And we do have our next question from Michael Turits from KeyBanc.

接下來我們的問題來自 KeyBanc 的 Michael Turits。

First congratulations. I plan to continue on the competitive front relative to a couple of -- in a couple of directions. One, obviously, an announcement from Splunk recently; secondly, the impact of open source of telemetry; third, whether or not there's any change from the cloud vendors recent announcement or GA from AWS.

首先恭喜。我打算在競爭面延伸追問幾個方向。第一，Splunk 最近的公告；第二，遙測（telemetry）開源的影響；第三，雲端供應商近期公告或 AWS 正式上線（GA）是否帶來任何變化。

So I have the usual boring answer, which is that we don't really see any change in the competitive landscape. It's a bit early for me to comment on the Splunk announcements because I think you they just did that yesterday. But from what we could see, it seems to be a formal announcement from the repackaging of the products they have been doing for the past few quarters and that we had seen in the market. So there's no big change or surprise. And on the other side, we don't see from anybody else, we don't see any big change that is impacting us much. The biggest impact of competitive announcements I see is typically the day of the announcement where somebody has to figure out what's going on and explain it, and that's about it. We think -- we can't -- we are not competition-driven product development, and we're also not competition-driven in our go-to-market.

所以我有個一如往常、很無聊的答案：我們其實沒有看到競爭態勢有任何改變。就 Splunk 的公告而言，我現在評論還有點早，因為我想他們昨天才發布。就我們目前看到的，它看起來是把他們過去幾季一直在做的產品重新包裝，做成一個正式公告，而我們在市場上也已經看到了。所以沒有什麼重大改變或驚喜。另一方面，從其他任何人那裡，我們也沒有看到對我們造成很大影響的重大變化。我看到競爭公告最大的影響，通常就是公告當天：大家得弄清楚發生了什麼並加以解釋，差不多就這樣。我們認為——我們不能——我們的產品開發不是由競爭驅動，我們的市場進入策略（go-to-market）也不是由競爭驅動。

So Olivier, I'll just follow-up on that, maybe just to drill down further, open telemetry. Is there any sense that with open telemetry that the agent is essentially commoditizes that, and if so, is that forcing you in any way to focus even more so, let's call it, up the stack in terms of analytics or other value-add?

Olivier，我想就此追問一下，可能更深入一點：OpenTelemetry。是否有任何跡象顯示，隨著 OpenTelemetry 的出現，agent 本身基本上被商品化了？如果是，這是否在任何程度上迫使你們把重心更往上層（up the stack）移動，例如分析能力或其他加值功能？

So we -- so first of all, we're fully -- we're all in on open telemetry as well. And to us, it's not a change, right? Our agent was open source already. It's -- it was free for everybody including our competition to reduce. We leaned on -- into open source format and libraries to instrumental applications for a very long time, and we support a large number of them. So when we see the problem is not -- what matters is not what technology we use to get there from here to there. What matters is to solve the end-to-end problem for our customers and to make it as easy as possible for them to just plug us in and everything just work, everything just show up. We turn their mass -- their gigantic mass with all these different technologies and applications and cloud and everything else. We turn that into something that they understand and is well ordered without any effort. That's what the market in the end, and that's what we see all of this. And the various PCs that appear in the middle, like the formats and the libraries and everything else. This will change. It has changed, it will change, and it doesn't matter.

所以我們——首先，我們也完全擁抱 OpenTelemetry。我們看來，這不是改變，對吧？我們的 agent 本來就是開源的——而且對所有人都是免費的，包括我們的競爭對手都可以使用。我們長期以來一直依賴開源格式與函式庫來對應用程式做 instrumentation，而且我們支援其中很大一部分。所以當我們看這個問題時，重點不是——重要的不是我們用什麼技術從這裡到那裡。重要的是為客戶解決端到端的問題，並讓他們能夠非常容易地把我們接上去，然後一切就能運作、一切就能顯示出來。我們把他們龐大——他們那個由各種不同技術、應用程式、雲端以及其他一切所構成的巨大集合——轉化成他們能理解、而且井然有序的東西，且不需要任何額外努力。市場最後要的就是這個，而這也是我們看待這一切的方式。至於中間出現的各種零組件，例如格式、函式庫等等——這些會改變。它已經改變過，未來也會改變，而這並不重要。

We have our next question from Jack Andrews from Needham.

接下來我們的問題來自 Needham 的 Jack Andrews。

I apologize, I've been jumping around calls. But I just had a broader question. Just when we think about just the proliferation of new products that you continue to introduce, how would you characterize where your sales force is in terms of just their knowledge and ability to really understand and appropriately sell all this functionality that you have to offer?

抱歉，我一直在不同的電話會議間跳來跳去。但我有一個比較宏觀的問題。當我們想到你們持續推出的新產品愈來愈多，你會如何描述你們銷售團隊目前在知識掌握與能力方面的狀況——也就是他們是否真的理解並能夠適切地銷售你們所提供的所有功能？

Well, so far it's working, I think. Look, we do have a fairly differentiated go-to-market in the way we organize internally which teams, how we land -- what we land with and whole customers adopt our product and how they learned about those products. So we -- this doesn't rely on having every single sales rep, understanding every single little feature we have in every part of the product that wouldn't be practical. So it is working. We're very confident in that. I would say, there's a point at which we might have to consider tweaking the way we go-to-market. And I think that we'll have to do more with when we start actively selling to what might be different virus. And I think we've discussed it before, but I'm thinking more specifically of the security market. We're not there yet. We're not actively pushing to security buyers today with our product. But when that happens, we may have to make some tweaks. We're not there yet.

嗯，到目前為止我認為運作得不錯。你看，我們在內部組織方式上有相當差異化的 go-to-market：哪些團隊如何分工、我們如何切入（land）——用什麼切入、以及客戶如何採用我們的產品、他們如何了解這些產品。因此，這並不仰賴每一位業務都要理解我們產品各個部分的每一個小功能，那不切實際。所以它是有效的，我們對此非常有信心。我會說，到了某個點，我們可能需要考慮微調我們的 go-to-market 方式。我想那會更多發生在我們開始主動銷售給可能是不同買方角色的時候。我們之前也討論過，我更具體想到的是資安市場。我們現在還沒到那一步。我們今天還沒有用我們的產品主動去推給資安買方。但當那件事發生時，我們可能需要做一些調整。我們還沒到那裡。

Okay. And just as a quick follow-up. Could you maybe just talk about how much of your new business today is perhaps generated from partnerships with the public cloud vendors? I believe you now have strategic relationships with all 3 of the big clouds entering the year here. So how should we be thinking about their relative contributions moving forward?

好的。再快速追問一下。你能否談談你們目前的新業務，有多少可能是透過與公有雲供應商的合作夥伴關係所帶來？我相信你們今年開始時已經與三大雲端都建立了策略性關係。那麼往後我們應該如何看待它們各自的相對貢獻？

So we don't have any numbers to share around that. I will say that A lot of the -- historically, a lot of that has been informal in that we work alongside the cloud provider, but there's no formal agreement of rev share and everything else. We started to put some of those in place more recently around the committed resources for going to market jointly and things like that, but we don't have anything to share on that.

所以我們沒有任何可分享的數字。我會說，很多——歷史上其中很多是非正式的，也就是我們與雲端供應商並肩合作，但沒有正式的分潤協議或其他安排。我們最近開始建立其中一些機制，例如在共同 go-to-market 上投入承諾資源之類的，但目前沒有什麼可以分享。

And we do have our next question from Andrew Nowinski from Davidson.

接下來我們的問題來自 Davidson 的 Andrew Nowinski。

Our customers I think you had 97 in Q4 that spent over $1 million in ARR. Can you just give us any more color around what you called a strong uptick in those customers this quarter? And then did you have any outsized deals in the quarter?

我記得你們在第四季有 97 家客戶的 ARR 超過 100 萬美元。你能否就你們所稱本季這類客戶「強勁上升」提供更多細節？另外，本季是否有任何特別大的交易？

Let me just take that as a metric. We said we were going to announce that once a year and give some comment on flavor. So we're not going to give the number, but it was -- it's a strong uptick. And as we talked about, it has a lot to do with the expansion of customers into that $1 million range. As far as a concentration in the quarter, nothing out of the ordinary. We continue to have some very needy lands, but given the land-and-expand model and the number of customers you bring on, we don't have a concentration that produces a quarter.

我先把這當作一個指標來回答。我們說過我們會一年公布一次，並提供一些性質上的評論。所以我們不會提供數字，但確實——是強勁上升。正如我們所談到的，這很大一部分來自客戶擴張進入 100 萬美元那個區間。至於本季是否有集中度，沒有任何異常。我們持續有一些非常大的切入案（land），但考量到 land-and-expand 模式以及你們帶進來的客戶數量，我們沒有那種集中度會決定一個季度的情況。

Okay. Great. And then maybe just a follow-up question on the gross margin side, you ticked down a little bit lower than expected. Was there anything abnormal on the gross margin side? Or do you expect that to come back up going forward?

好的。很棒。接著可能再追問一下毛利率方面，你們的毛利率比預期略低一些。毛利率端是否有任何異常？或者你們預期未來會回升嗎？

So on the gross margin, so the way we think about it is this is due to us having the product teams work on product development instead of working on optimizing. And we're still happy with gross margins where they are. They might still fluctuate. They probably would fluctuate a bit lower than they were last year because we're very busy building product. But there's nothing fundamentally changed around our margin. And there's many other things we can do in the future to optimize if we so wish. So right now, the call we're making is, we focus on product development, we focus on making sure that we grow the top line in the short and mid-term. And then we -- if it get out of hand on the gross margin side, we'll spend some more time on optimization.

關於毛利率，我們的看法是，這主要是因為我們讓產品團隊把重心放在產品開發，而不是放在最佳化上。我們對目前的毛利率水準仍然滿意。毛利率可能仍會波動。由於我們正忙於打造產品，它可能會比去年略低一些，但我們的毛利率並沒有任何根本性的改變。未來如果我們想要，還有很多其他方式可以做最佳化。所以目前我們的決策是：專注於產品開發，確保短期與中期的營收成長。然後如果毛利率的狀況變得失控，我們就會投入更多時間做最佳化。

And we do have our next question from Chris Merwin from Goldman Sachs.

接下來我們的下一個問題來自高盛（Goldman Sachs）的 Chris Merwin。

I wanted to ask about the CRO position. I think you mentioned in the prepared remarks, looking for a new one. I mean should we take that to mean that perhaps it was more -- even more of an enterprise focus as it relates to your go-to-market organization. Just curious what type of person you're looking for? And what, if anything, we should read into as we think about any sort of evolution with the go-to-market motion of the company?

我想問一下 CRO 這個職位。我想你們在事先準備的發言中提到正在尋找新的 CRO。這是否表示你們的 go-to-market 組織可能會更偏向企業級（enterprise）聚焦？想了解你們在找什麼樣的人？以及當我們思考公司 go-to-market 推進方式的任何演進時，是否有什麼訊息可以解讀？

Yes. There's really nothing to read to it. I think it's a continuation of what we have. I would say right now, we have a deep bench on the sales leadership side. We're very happy with the leadership we have in place. And we're still going to be -- going to be looking for a new CRO and we'll be going to be looking at candidates both internally and externally for that. But there's no willing, desire to change scores or do anything different from what we were.

是的。其實沒有什麼特別需要解讀的。我認為這只是延續我們既有的方向。我會說，目前我們在銷售領導層方面人才儲備很深，我們對現有的領導團隊非常滿意。我們仍會尋找新的 CRO，並且會同時考慮內部與外部的候選人。但我們並沒有任何意圖或想法要改變方向，或做出與過去不同的事情。

Got it. And apologies if this has been asked. But in terms of duration, I know that in prior quarters, it seems like that was coming in, customers were looking to do shorter deals. Anything changing on that front? I mean it seems like all the -- there's more tailwinds behind the business, certainly as we get into a recovery here, used to just going higher. Just curious if you could comment on duration.

了解。若之前已有人問過先致歉。不過就合約期間（duration）而言，我知道在前幾季看起來客戶傾向做更短期的合約。這方面有任何變化嗎？感覺隨著復甦到來，業務面有更多順風，原本預期會往更長走。想請你們談談合約期間的情況。

Yes. It pulled in and we talked about in Q3 as risk management happened. And then we said in Q4, both billings and contract duration pull back out basically in billings in the 7 -- 7 to 8 in contract duration, 9, 10, around that. And it had to do with clients -- client preferences. And we continue to have that same sort of duration in Q1 that we had in Q4. So it's very similar to the trend we talked about last time, which is more duration on contracts year-over-year. But between Q4 and Q1, there really wasn't much change in the way clients approach the contracting.

是的。它在第三季因為風險管理而被拉短，我們當時也談過。然後我們在第四季說過，帳單（billings）與合約期間基本上又拉回來：帳單大概在 7——合約期間在 7 到 8，合約期間則在 9、10 左右。這與客戶——客戶偏好有關。而在第一季，我們延續了第四季同樣的合約期間水準，所以與第四季非常相近。這也符合我們上次提到的趨勢，也就是合約期間相較去年更長。但在第四季到第一季之間，客戶在簽約方式上其實沒有太大變化。

And we do have our next question from Yun Kim from Loop Capital.

接下來我們的下一個問題來自 Loop Capital 的 Yun Kim。

First, congrats on a strong quarter, Oli and David. You mentioned that strong usage trend driving strong results in the quarter. Is there any way to qualify whether that strength in usage came from existing deployments or relatively new deployments that just happened to ramp in the quarter? And then also on usage, I know it's only Q1, but how much of that strength in usage was already captured in the contract versus the usage that came in well above contract provision. So that caused customers to kind of renew at a higher contract volume?

首先，恭喜你們本季表現強勁，Oli 和 David。你們提到強勁的使用量趨勢帶動本季的強勁成果。能否說明一下，使用量的強勁主要來自既有部署，還是來自相對較新的部署在本季開始加速爬坡？另外在使用量方面，我知道現在才第一季，但這些使用量的強勁有多少已經包含在合約內（contract）？又有多少是明顯高於合約約定的使用量，因而促使客戶在續約時提高合約量？

Do you want to take -- I'll start with that. So we had -- it was very broad-based across industries. We had a combination of customers that we brought on with the strong new logos in the second half of the year and in Q1 begin to ramp because we are land and expand, and customers that were already using us and have been using us for a year or more, increase their activities. We think it has a lot to do with the increase of activity on digital transformation and workloads. As in previous quarters, about 2/3 of the increase of usage was from customers using more of the products they had purchased in the previous periods, and about 1/3 was cross-sell or new, and that continued in the quarter. So it was a combination of new logos, increased usage of existing products and very robust cross-selling and adoption of the platform.

你要不要先回答——我先開始。這次是跨產業、非常廣泛的。我們同時看到兩類客戶：一類是我們在下半年以及第一季帶進來的新客戶（new logos），因為我們採取「先落地再擴張」（land and expand），所以在第一季開始爬坡；另一類是已經使用我們一年或更久的客戶，也增加了他們的活動量。我們認為這與數位轉型與工作負載活動增加有很大關係。和前幾季一樣，使用量增加約有 2/3 來自客戶更多使用他們在先前期間已購買的產品，約 1/3 來自交叉銷售（cross-sell）或新產品，而本季也延續了這個情況。所以這是新客戶、既有產品使用量提升，以及非常強勁的交叉銷售與平台採用的綜合結果。

Okay. Great. So there wasn't any necessarily different trend that kind of drove the upside in the usage trend in the quarter per se, from previous quarters?

好的。很棒。所以本季使用量趨勢的上行，並不是由某個與前幾季不同的特別趨勢所驅動，對嗎？

It was very -- it was broad. All 3 of those were positive in terms of both the scaling of new customers, the cross-sell and the increased usage of existing products.

是的，非常廣泛。這三項——新客戶的擴張、交叉銷售，以及既有產品使用量提升——都呈現正向。

Okay. Great. And then just last question for me. Could you just talk about any geographical trend that you're seeing out there that you expect to see for this year, especially in Europe?

好的。很棒。那我最後一個問題：你們能否談談今年在各地區看到的任何地理區域趨勢，特別是在歐洲？

Europe -- let me take that. Europe has been strong for us. We have not seen the slower vaccination attract, and we have seen pretty good resumption of growth across all the geographies. We'll have to continue to watch it because there's variation in back to work and back to office. But as it relates to Q1 and Q4, we saw fairly uniform strength across the regions.

歐洲——我來回答。歐洲對我們而言一直很強勁。我們沒有看到疫苗接種較慢帶來的拖累，而且我們看到各地區的成長都相當不錯地恢復。我們仍需要持續觀察，因為復工與回到辦公室的進度存在差異。但就第一季與第四季而言，我們看到各區域的強勁表現相當一致。

And we do have our next question from Gregg Moskowitz from Mizuho.

接下來我們的下一個問題來自 Mizuho 的 Gregg Moskowitz。

Really nice quarter, guys. First question is on Datadog Continuous Profiler. Now that it's GA, what sort of trial and paid activity have you seen so far? It would seem like there would be a lot of interest in getting ongoing visibility into code performance, but any early anecdotes would be helpful there.

各位這季表現真的很不錯。第一個問題是關於 Datadog Continuous Profiler。現在已經 GA（正式可用）了，到目前為止你們看到什麼樣的試用與付費活動？看起來大家應該會很有興趣持續掌握程式碼效能的可視性，如果能分享一些早期的案例會很有幫助。

Yes. So very happy with the product, been very strong out of the gate. We don't have any numbers to share. And still -- like it's so early in the cycle that there's still a number of things that we need to do to the product that. It works well for everyone who wants to use it. But it's a product that is beloved by its users, put it this way. So it's got a very strong plan is the anecdote I can give you.

是的。我們對這個產品非常滿意，一推出就表現很強勁。我們沒有可分享的數字。而且——因為週期還非常早，產品上仍有一些事情需要完成，確保它能對所有想使用的人都運作良好。但可以這麼說，這是一個深受使用者喜愛的產品。所以我能給你的軼事是：它的採用動能非常強。

Okay. That's great. And then you mentioned earlier that you saw an uptick in metrics. Would you say that your internal metrics are back to prepandemic levels or not quite yet?

好的。很棒。另外你們先前提到指標有回升。你會說你們的內部指標已回到疫情前水準了嗎？還是還沒完全回到？

Well, I think it's -- at this point, I'm losing track of what we're comparing to back to prepandemic level. So far back. But we -- look, we're very happy with what happened over the Q3, Q4 and Q1. We had a very, very strong Q1. We still think -- we don't know what the macro is going to -- who is going to impact us. We still think the -- because all our customers are -- have been affected the same way at the same time, we just a little bit more uncertain than it used to be. But look, we feel good about the business, right? I think we just increased the guidance for the full year. I think it went from 38% or so growth to 47%. That should tell you that we feel great about where we are about the business.

嗯，我想——到這個時間點，我已經有點搞不清楚我們所謂「回到疫情前水準」到底是在跟哪個時點比較了，因為那已經是很久以前的事了。但我們——你看，我們對第三季、第四季以及第一季的表現非常滿意。我們第一季非常、非常強勁。我們仍然認為——我們不知道總體環境會如何——會如何影響我們。由於我們所有客戶在同一時間以相同方式受到影響，我們的不確定性比過去稍微高一些。但你看，我們對業務感覺很好，對吧？我想我們剛剛也上調了全年指引。我想成長率大概從 38% 左右提高到 47%。這應該能說明我們對目前業務狀況感到非常有信心。

This concludes the question-and-answer portion. I will now turn the call over to Olivier Pomel for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給 Olivier Pomel 進行結語。

Thank you. And in closing, I would just want to reiterate that we're very, very pleased with our performance to start the year. And then I am personally very proud of our execution, and I want to thank all of our employees, all Datadogs for their continued hard work. Thank you all.

謝謝。最後我想再次強調，我們對今年開局的表現感到非常、非常滿意。我個人也為我們的執行力感到非常自豪，並且要感謝所有員工、所有 Datadog 團隊成員持續的辛勤努力。謝謝大家。

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。