數據狗 (DDOG) 2022 Q1 法說會逐字稿

Welcome to the Datadog First Quarter 2022 Financial Results Conference Call. (Operator Instructions) Please also note, this event is being recorded.

歡迎參加 Datadog 2022 年第一季財務業績電話會議。（接線員指示）同時請注意，本活動將被錄音。

And I would now like to turn the conference over to Yuka Broderick, Head of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係主管 Yuka Broderick。請開始。

Thank you, Tom. Good morning, everyone, and thank you for joining us to review Datadog's first quarter 2022 financial results, which we announced in our press release issued this morning. Joining me on the call today are Olivier Pomel, Datadog's Co-Founder and CEO; and David Obstler, Datadog's CFO.

謝謝你，Tom。各位早安，感謝各位加入我們，一同回顧 Datadog 2022 年第一季財務業績；我們已在今天早上發布的新聞稿中對外公告。今天與我一同出席電話會議的有 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 forward-looking statements, including statements related to our future financial performance, our outlook for the second quarter and the fiscal year 2022, our gross margins and operating margins including from the impact of R&D, go-to-market, CapEx and increased office activity and marketing, our strategy, our product capabilities, our ability to capitalize on market opportunities and the closing of acquisitions.

在本次電話會議中，我們將發表前瞻性陳述，包括與我們未來財務表現、對第二季及 2022 會計年度的展望、毛利率與營業利益率（包含研發、上市推廣、資本支出、辦公室活動增加及行銷所帶來的影響）、我們的策略、產品能力、把握市場機會的能力，以及併購案的完成等相關陳述。

The words anticipate, believe, continue, estimate, expect, intend, will and similar expressions are intended to identify forward-looking statements or similar indications of future expectations. These statements reflect our views only as of today and are subject to a variety of risks and uncertainties that could cause actual results to differ materially.

「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，並受多項風險與不確定性影響，可能導致實際結果出現重大差異。

For a discussion of the material risks and other important factors that could affect our actual results, please refer to our Form 10-K for the year ended December 31, 2021. Additional information will be made available in our upcoming Form 10-Q for the quarter ended March 31, 2022, and other filings and reports that we may file with the SEC. These filings are available on the Investor Relations section of our website along with a replay of this call.

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 12 月 31 日止年度的 Form 10-K。我們也將在即將提交的截至 2022 年 3 月 31 日止季度 Form 10-Q，以及我們可能向美國證券交易委員會（SEC）提交的其他申報文件與報告中提供更多資訊。這些文件可於我們網站的投資人關係專區取得，並包含本次電話會議的重播。

We will also discuss non-GAAP financial measures, which are reconciled to their most directly comparable GAAP financial measures in the tables in our earnings release, which is available at investors.datadoghq.com.

我們也將討論非 GAAP 財務衡量指標；其與最直接可比的 GAAP 財務衡量指標之調節，已列於我們財報新聞稿的表格中。該新聞稿可於 investors.datadoghq.com 取得。

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

接下來，我想把電話會議交給 Olivier。

Thanks, Yuka, and thank you all for joining us this morning. I'll start by saying that we are pleased with our execution in Q1 as we continue to drive high revenue growth, along with strong profitability and strong cash generation. To quickly summarize our Q1 financial performance, revenue was $363 million an increase of 83% year-over-year and above the high end of our guidance range. We had about 19,800 customers, up from about 15,200 in the year ago quarter. We ended the quarter with about 2,250 customers with ARR of $100,000 or more, up from 1,406 in the year ago quarter. These customers generated about 85% of our ARR.

謝謝你，Yuka，也感謝各位今天早上加入我們。首先我要說，我們對第一季的執行成果感到滿意；我們持續推動高營收成長，同時維持強勁的獲利能力與現金創造能力。簡要總結第一季財務表現：營收為 3.63 億美元，年增 83%，並高於我們指引區間的上緣。我們約有 19,800 名客戶，高於去年同期約 15,200 名。季度末，我們約有 2,250 名 ARR 達 10 萬美元以上的客戶，高於去年同期的 1,406 名；這些客戶貢獻了我們約 85% 的 ARR。

We are seeing strong efficiencies in our business model with free cash flow of $130 million and free cash flow margin of 36%. And our dollar-based net retention rate continued to be over 130% as customers increased their usage and adopted our newer products.

我們看到商業模式展現出強勁效率：自由現金流為 1.30 億美元，自由現金流利潤率為 36%。此外，隨著客戶提高使用量並採用我們較新的產品，以美元計的淨留存率持續維持在 130% 以上。

At a high level, we saw positive business trends in Q1. Usage growth from existing customers was strong and consistent with historical trends as customers continued on their cloud migration and digital transformation journeys, and the Datadog platform continue to expand and deliver more value.

從整體來看，我們在第一季看到正向的業務趨勢。既有客戶的使用量成長強勁，且與歷史趨勢一致；客戶持續推進雲端遷移與數位轉型旅程，而 Datadog 平台也持續擴展並交付更多價值。

New logo ARR was very robust and churn remained low and in line with historical rates. All these factors together led to another strong quarter of ARR added. It was, in fact, our second best quarter of ARR added aside from Q4 of 2021.

新客戶（new logo）ARR 表現非常強勁，流失率仍維持在低檔並與歷史水準一致。這些因素共同帶動 ARR 新增再創強勁一季；事實上，除 2021 年第四季外，這是我們 ARR 新增表現第二好的季度。

Next, our platform strategy continues to resonate in the market. As of the end of Q1, 81% of customers were using 2 or more products, up from 75% a year ago. 35% of customers were using 4 or more products, up from 25% a year ago. And 12% of our customers were using 6 or more products, up from 4% last year.

接著，我們的平台策略持續在市場上引起共鳴。截至第一季末，81% 的客戶使用 2 個或以上產品，高於一年前的 75%。35% 的客戶使用 4 個或以上產品，高於一年前的 25%。而 12% 的客戶使用 6 個或以上產品，高於去年的 4%。

We saw strong growth across the products in our platform in Q1. For example, infrastructure monitoring continues to grow at a rapid [click] and exceeded 3/4 of a billion dollars in ARR in Q1. Our APM suite and log management products had a strong quarter and are in hyper growth mode. As a reminder, our APM suite includes core APM, synthetic studies on monitoring and continues on hire.

第一季我們平台內各產品皆呈現強勁成長。例如，基礎架構監控持續以快速的步伐成長，第一季 ARR 超過 7.5 億美元。我們的 APM 套件與日誌管理產品也有強勁的一季，並處於高速成長模式。提醒一下，我們的 APM 套件包含核心 APM、Synthetic（合成）測試與監控，以及 Continuous Profiler（持續剖析）。

We're also very pleased with the growth of our user experience product, which are Synthetics and Real User Monitoring more specifically. These products together exceeded $100 million in ARR in Q1. And in security, we are seeing very rapid growth. It's still early days, and we're growing off a smaller base, but we continue to see strong adoption with thousands of customers getting security coverage through the Datadog platform.

我們也對使用者體驗產品的成長感到非常滿意，具體而言是 Synthetics 與 Real User Monitoring（RUM）。這兩項產品合計在第一季 ARR 超過 1 億美元。在資安方面，我們也看到非常快速的成長。雖然仍處於早期階段、且基期較小，但我們持續看到強勁採用度，已有數千名客戶透過 Datadog 平台獲得安全防護覆蓋。

Now let's move on to products and R&D, where our teams delivered another strong quarter of innovation. Just 12 months after we acquired Sqreen, we are pleased to announce the general availability of application security monitoring last week. Some applications and APIs are some of the most common sources of data [breaching], yet companies typically have no ways to effectively detect attacks, so they could be less than code for days or weeks. Some other approaches to application security aim to find vulnerabilities before code reaches production. But these solutions offer and slow down development cycles and overwhelm teams with force positives with no easy way to prioritize these issues.

接下來談產品與研發（R&D），我們的團隊在第一季再次交出強勁的創新成果。在收購 Sqreen 僅 12 個月後，我們很高興宣布上週 Application Security Monitoring（應用程式安全監控）已正式全面推出（general availability）。應用程式與 API 是最常見的資料（外洩/被入侵）來源之一，然而企業通常缺乏有效偵測攻擊的方法，因此可能在數天或數週內都未察覺。其他應用程式安全方法則著重於在程式碼進入正式環境前找出弱點，但這些解決方案往往成本高、會拖慢開發週期，並以大量誤報（false positives）淹沒團隊，且缺乏容易的方式來排定處理優先順序。

The Datadog Application security monitoring product leverages the full execution context of applications running e-production. This all those teams to focus on attacks that actually matter and provides an immediately actionable remediation path. Application security monitoring is the 14th product in the Datadog platform, and this is the fourth product within our cloud security platform alongside Cloud Team, Cloud Workload Security and Cloud Security Posture Management. With this, Datadog now provides security insights across metrics, traces and logs, and we consider these altogether as version 1 of our Cloud Security platform.

Datadog 的 Application Security Monitoring 產品運用在正式環境（production）中執行之應用程式的完整執行脈絡（execution context）。這讓團隊能聚焦於真正重要的攻擊，並提供可立即採取行動的修復路徑。Application Security Monitoring 是 Datadog 平台的第 14 項產品，也是我們雲端安全平台中的第 4 項產品，與 Cloud SIEM、Cloud Workload Security 以及 Cloud Security Posture Management 並列。透過這些能力，Datadog 現在可在指標（metrics）、追蹤（traces）與日誌（logs）上提供安全洞察；我們將其合稱為雲端安全平台的第 1 版。

Remember that we are still in early stages with our security efforts and have much to do to further build out this product, but we are pleased with our progress so far and the usage we are getting from our customers.

請記得，我們在資安方面仍處於早期階段，還有許多工作要做以進一步完善此產品；但我們對目前的進展以及客戶的使用情況感到滿意。

Last month, we also announced that we expanded our Watchdog AI capabilities to include Root Cause Analysis and Log Anomaly Detection. Root Cause Analysis automatically identifies causal relationships between different systems across infrastructure and services -- sorry, across infrastructure and services, and pinpoints their root causes.

上個月，我們也宣布擴展 Watchdog AI 的能力，新增 Root Cause Analysis（根因分析）與 Log Anomaly Detection（日誌異常偵測）。根因分析會自動識別不同系統之間的因果關係，涵蓋基礎架構與服務——抱歉，是涵蓋基礎架構與服務，並精準定位其根本原因。

Watchdog also automatically identifies the business impact of any given issue, is in data from a release of data management products. This means not only identifying which mobile applications are impacted, but also the exact users that are affected. This new capability often sold in minutes, the problem that would otherwise take hours (inaudible) by specialists in customers' organizations.

Watchdog 也會自動識別任何特定問題對業務的影響，並結合來自我們資料管理產品發布中的資料。這代表它不僅能辨識哪些行動應用程式受到影響，也能找出受影響的確切使用者。這項新能力往往能在幾分鐘內完成原本需要客戶組織內專家花上數小時（聽不清）才能完成的工作。

Log Anomaly Detection on the other hand automatically understands and baselines novel patterns in logs and proactively discovers anomalies such as new patterns, meaningful changes in negative patterns and other error outliers. By surfacing these unusual log patterns, Log Anomaly Detection have seem fine and fix issues faster. In addition to this Watchdog announcement, our engineers released dozens of features and expanded product capabilities in Q1.

另一方面，Log Anomaly Detection 會自動理解並建立日誌中新型態模式的基準線，並主動發現異常，例如新模式、既有模式中的有意義變化，以及其他錯誤離群值。透過揭示這些不尋常的日誌模式，Log Anomaly Detection 可協助更快發現並修復問題。除了這項 Watchdog 的公告外，我們的工程師也在第一季發布了數十項功能並擴展產品能力。

To give a couple of examples, in Real User Monitoring, we announced the general availability of iOS crash reports and error tracking, as well as a number of improvements to help customers analyze and understand the users performance. In Cloud Security Posture Management, we added support for the Azure platform, enabling customers to understand their compliance both across AWS and Azure in one place.

舉幾個例子，在 Real User Monitoring 方面，我們宣布 iOS 當機報告與錯誤追蹤已正式全面推出（general availability），並推出多項改進，協助客戶分析並理解使用者效能表現。在 Cloud Security Posture Management 方面，我們新增對 Azure 平台的支援，使客戶能在同一處同時了解其在 AWS 與 Azure 的合規狀況。

In continuous profile, we now support all commonly used languages, including C, C++, RASP, PHP and .NET. And across Datadog, numerous addition of rules, data sources and integrations are enabling our customers to solve their problems from end to end without leaving the Datadog platform.

在 Continuous Profiler（持續剖析）方面，我們現在支援所有常用語言，包括 C、C++、RASP、PHP 與 .NET。而在 Datadog 全平台，我們新增了大量規則、資料來源與整合，讓客戶無需離開 Datadog 平台，即可端到端解決其問題。

Finally, this morning, we announced that we signed an agreement to acquire Hdiv. Hdiv is an application security product, which provides a highly accurate vulnerability detection at run-time. It offers interactive application security testing capabilities, which tie vulnerabilities to exact file in line numbers in the code.

最後，在今天早上，我們宣布已簽署協議收購 Hdiv。Hdiv 是一款應用程式安全產品，可在執行階段提供高度精準的弱點偵測。它提供互動式應用程式安全測試（IAST）能力，能將弱點對應到程式碼中精確的檔案與行號。

And unlike other solutions in this area, Hdiv's rate of false positive is very low, enabling customers to focus on vulnerabilities that actually matter. We believe Hdiv's capabilities and strong team will be an excellent part of our Cloud Security platform, and we're looking forward to integrating the capability into Datadog as soon as this acquisition closes when regulatory requirements are met.

而且不同於此領域的其他解決方案，Hdiv 的誤報率非常低，讓客戶能專注於真正重要的弱點。我們相信 Hdiv 的能力與強大的團隊將成為我們雲端安全平台的絕佳組成部分，並期待在本次收購於符合監管要求並完成交割後，盡快將該能力整合進 Datadog。

Access to our product update this quarter. I want to thank our engineering and product teams for their continued hard work. There are so many new features coming up, and I can only highlight a few of them in this call.

接下來談本季的產品更新。我想感謝我們的工程與產品團隊持續的辛勤投入。有非常多新功能即將推出，而在這通電話中我只能重點提及其中幾項。

Now moving on to sales and marketing, our sales team continued to execute and have delivered a strong quarter. Let's discuss some of our wins in Q1. First, we signed an 8-figure upsell with a next-gen fintech company which was our largest ever deal on an ARR basis. This customer is experiencing explosive growth in demand for its products, and availability and performance of their system is critical to avoid loss of revenue. These customers started with us 3 years ago with just Infrastructure Monitoring, and its expansion now includes 6 of our products.

現在轉到銷售與行銷方面，我們的銷售團隊持續執行到位，並交出強勁的一季。讓我們談談第一季的一些勝利。首先，我們與一家新世代金融科技公司簽下了一筆 8 位數的加購（upsell）交易，按 ARR 計算這是我們史上最大的一筆交易。該客戶的產品需求正經歷爆發式成長，系統的可用性與效能對避免營收損失至關重要。這些客戶 3 年前從僅使用我們的基礎設施監控開始，如今擴展已包含我們的 6 項產品。

Next, we had a high 6-figure upsell with a global shipping company. This customer is expanding with Datadog to help them move forward with their Azure migration. In addition to using 5 Datadog products, they are now working with our new services team to help implement best practices on a number of business initiatives that involve increased Datadog adoption. This customer expects to consolidate 10 (inaudible) monitoring tools as they expand their use of Datadog.

接著，我們與一家全球航運公司達成一筆接近 6 位數的加購。該客戶正擴大採用 Datadog，以協助其推進 Azure 遷移。除了使用 5 項 Datadog 產品外，他們也正與我們新的服務團隊合作，協助在多項涉及提高 Datadog 採用度的業務計畫上落實最佳實務。隨著擴大使用 Datadog，該客戶預期將整合 10 個（聽不清）監控工具。

Next, we had a 7-figure upsell with a U.S. Federal entity. We were able to deepen our relationship with this customer after we achieve federal moderate status. Before Datadog, this customer had siloed infrastructures, applications, networks, database and customer experience monitoring this caused blind spots and long time to resolution. With this expansion, they are replacing both homegrown and commercial observability tools and are enabling DevSecOps cultures with a visibility across the full stack and a single source of truth.

接著，我們與一家美國聯邦機構達成一筆 7 位數的加購。在我們取得聯邦中等（moderate）等級後，我們得以深化與該客戶的合作關係。在使用 Datadog 之前，該客戶的基礎設施、應用程式、網路、資料庫與客戶體驗監控彼此孤立，造成可視性盲點與較長的問題解決時間。透過這次擴展，他們正在替換自建與商用的可觀測性工具，並以全堆疊可視性與單一事實來源（single source of truth）來推動 DevSecOps 文化。

Next, we signed a 7-figure upsell with a leading payment company. Earlier this year, these customers open source logging tool went down making them blind, but they were able to regain visibility by getting Datadog log management up and running within a few hours of that crash. Not only did this customer regain log visibility very quickly. They were also able to use the Datadog platform to scrub personally identifiable information to meet security and compliance requirements. And as they have expanded with Datadog, they have been able to cut the number of engineers who maintain homegrown and print solutions in half and reassign engineers to other products to work in the organization. With this renewal, this customer now uses 13 products from Datadog.

接著，我們與一家領先的支付公司簽下 7 位數的加購。今年稍早，該客戶的開源日誌工具發生故障，導致他們失去可視性，但他們在當次當機後數小時內就讓 Datadog 日誌管理上線並恢復可視性。該客戶不僅非常快速地恢復了日誌可視性，也能使用 Datadog 平台清理個人可識別資訊（PII），以符合安全與合規要求。隨著他們擴大採用 Datadog，他們也將維護自建與印刷（print）解決方案的工程師人數減半，並將工程師重新分配到組織內其他產品上。透過這次續約，該客戶目前使用 Datadog 的 13 項產品。

Next, we had a 6-figure land with a major U.S. hotel company. This company lost half of its engineering team during COVID and needed to use its staff more efficiently. At the same time, it was embarking on an AWS migration and its existing tools were not providing the visibility it needed. By consolidating Datadog, this customer expects to future-proof its cloud strategy and move towards unified end-to-end management across their on-prem and AWS environment.

接著，我們在一家美國大型飯店公司取得一筆 6 位數的新客戶導入（land）。該公司在 COVID 期間流失了一半的工程團隊，需要更有效率地運用人力。同時，他們正展開 AWS 遷移，而既有工具無法提供所需的可視性。透過整合至 Datadog，該客戶預期能讓其雲端策略更具前瞻性，並朝向在其自建環境與 AWS 環境之間的端到端統一管理邁進。

And finally, we had a 7-figure land with a major European car manufacturer. This customer was frustrated with its existing monitoring tools, which left them with limited visibility into incidents sometimes impacting millions of users globally. As they were trialing Datadog, they were able to solve within minutes issue that used to take them days. With Datadog, this customer expects to consolidate multiple commercial and open source tools across AWS and on-prem stacks.

最後，我們在一家歐洲大型汽車製造商取得一筆 7 位數的新客戶導入（land）。該客戶對既有監控工具感到挫折，因為這些工具讓他們對事件的可視性有限，而事件有時會影響全球數百萬使用者。在試用 Datadog 期間，他們能在幾分鐘內解決過去需要數天才能處理的問題。透過 Datadog，該客戶預期能在 AWS 與自建堆疊上整合多個商用與開源工具。

That's it for this quarter's highlights. I want to thank our go-to-market teams for their hard work in delivering a strong start to 2022 after a very busy end of the year. I also want to give a special shout out to our tech solutions and support teams for making our customers successful and enabling them to expand with our own platform.

以上就是本季重點。我想感謝我們的市場拓展（go-to-market）團隊，在去年年底非常忙碌之後，仍努力為 2022 年帶來強勁的開局。我也要特別感謝我們的技術解決方案與支援團隊，協助客戶成功並促使他們在我們的平台上持續擴展。

Moving on, we feel very good about the demand environment. And as we look over the medium- and long-term, our outlook hasn't changed. We remain confident that cloud migration and digital transformation are drivers of our long-term opportunities and our multiyear trends that are still early in their life cycles.

接下來，我們對需求環境感到非常樂觀。放眼中長期，我們的展望並未改變。我們仍然有信心，雲端遷移與數位轉型是我們長期機會的驅動因素，而這些多年期趨勢仍處於生命週期的早期階段。

We believe it is increasingly critical for companies to embark on these journeys in order to move faster create competitive differentiation, enable strategic change and serve their customers. And we believe we can help customers manage the complexity as it comes with this transformation. And that Datadog unified platform is more than ever critical to understand, improve and secure their modern stacks in businesses.

我們認為，企業為了更快前進、創造競爭差異化、推動策略性變革並服務客戶，踏上這些旅程正變得愈發關鍵。我們也相信，我們能協助客戶管理這場轉型所帶來的複雜性。而 Datadog 的統一平台比以往任何時候都更關鍵，能協助企業理解、改善並保護其現代化技術堆疊。

With that, I will turn the call over to our CFO, for a review of our financial performance and guidance. David?

接下來，我將把電話交給我們的財務長，請他回顧我們的財務表現與財測指引。David？

Thanks, Olivier, and good morning to everyone. To summarize, we delivered strong financial performance in Q1. Revenue was $363 million, up 83% year-over-year and up 11% quarter-over-quarter. Usage growth with our existing customers was strong once again in this quarter. And new logo ARR growth was healthy, particularly given the typical slowness that we see in Q1.

謝謝你，Olivier，也向各位道早安。總結來說，我們在第一季交出強勁的財務表現。營收為 3.63 億美元，年增 83%，季增 11%。本季既有客戶的使用量成長再次表現強勁。新客戶（new logo）ARR 成長也很健康，尤其考量到我們通常在第一季會看到的放緩。

Let's go into some more detail. First, growth of existing customers was strong in Q1, and our dollar-based net retention remained above 130% for the 19th consecutive quarter. Usage growth was strong across the Datadog platform and in line with historical trends. We also saw strong ARR growth in each geographical region, and growth was similar across geographies including EMEA. In early Q2, we began shutting off service to customers in Russia and Belarus. We have about 200 customers in these 2 countries and their contributions to revenue is immaterial.

讓我們更深入一些。首先，第一季既有客戶成長強勁，我們以美元計價的淨留存率（dollar-based net retention）連續第 19 季維持在 130% 以上。Datadog 平台各項產品的使用量成長強勁，並符合歷史趨勢。我們也看到各地理區域的 ARR 都有強勁成長，各地區（包括 EMEA）成長幅度相近。在第二季初，我們開始停止向俄羅斯與白俄羅斯的客戶提供服務。我們在這兩個國家約有 200 位客戶，其對營收的貢獻並不重大。

Our go-to-market teams delivered another strong quarter. Total customers grew 30% year-over-year and customers with $100,000 or more of ARR grew 60% year-over-year. In addition, we saw strong growth in million-dollar customers. We are pleased to be serving more customers and believe we are still early -- in the early stages of our opportunity in worldwide customer acquisition.

我們的市場拓展團隊又交出一個強勁季度。總客戶數年增 30%，ARR 達 10 萬美元以上的客戶數年增 60%。此外，我們也看到百萬美元級客戶的強勁成長。我們很高興能服務更多客戶，並相信我們在全球客戶獲取機會上仍處於早期階段。

New logo ARR was very robust, particularly given that our sales teams participate in sales kickoff and other planning processes at the beginning of Q1. Remember that given our usage-based revenue model, new logo wins generally do not immediately transfer into meaningful revenue. Our platform strategy continues to resonate with customers, with 81% of our customers now using 2 or more products, 35% using 4 or more products, and 12% using 6 or more products at the end of Q1.

新客戶（new logo）ARR 非常強勁，尤其考量到我們的銷售團隊在第一季初會參與銷售啟動會議（sales kickoff）及其他規劃流程。請記得，由於我們採用以使用量為基礎的營收模式，新客戶的勝出通常不會立刻轉化為顯著營收。我們的平台策略持續獲得客戶共鳴，截至第一季末，81% 的客戶使用 2 項或以上產品，35% 使用 4 項或以上產品，12% 使用 6 項或以上產品。

Finally, churn has remained low. Our dollar-based gross retention rate continues to be in the mid- to high 90s and was stable quarter-to-quarter. And it's similar across our customer segments and major products.

最後，流失率（churn）仍維持在低檔。我們以美元計價的總留存率（dollar-based gross retention rate）持續維持在 90% 中段到高段，且季對季穩定；在不同客戶分群與主要產品之間也相近。

Billings were $444 million -- $445 million, up 103% year-over-year. Billings duration in Q1 was similar to the year ago quarter and within the range we've seen historically. We closed several large deals in Q1, including the largest deal by ARR that Olivier discussed earlier, which led to billings growth being higher than revenue growth in Q1. Remaining performance obligations, or RPO, was $858 million, up 85% year-over-year, and contract duration was similar to the year ago quarter. Current RPO growth was in the mid-80s year-over-year. We continue to believe revenue is a better indicator of our business trends than billings or RPO as those can fluctuate relative to revenue based on the timing of invoicing and the duration of customer contracts.

帳單金額（Billings）為 4.44 億美元——4.45 億美元，年增 103%。第一季的帳單期間（billings duration）與去年同期相近，並落在我們歷史觀察到的區間內。我們在第一季完成了數筆大型交易，包括 Olivier 先前提到、按 ARR 計算的最大一筆交易，這使得第一季帳單成長高於營收成長。剩餘履約義務（remaining performance obligations，RPO）為 8.58 億美元，年增 85%，合約期間與去年同期相近。當期 RPO（current RPO）年增在 80% 中段。我們仍認為，相較於帳單或 RPO，營收更能反映我們的業務趨勢，因為帳單與 RPO 可能會因開立發票時點與客戶合約期間而相對於營收產生波動。

Now let's review some key income statement results. Unless otherwise noted, all metrics are non-GAAP. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release. Gross profit in the quarter was $292 million, representing a gross margin of 80%. This compares to a gross margin of 80% in the last quarter and 77% in the year ago quarter. We continue to experience efficiencies in cloud costs reflected in our cost of goods sold this quarter. In the mid- to long-term, we continue to expect gross margin to be in the high 70s range.

現在讓我們回顧一些損益表的關鍵結果。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 2.92 億美元，毛利率為 80%。相較之下，上季毛利率為 80%，去年同期為 77%。本季我們持續在雲端成本方面看到效率提升，並反映在本季銷貨成本中。就中長期而言，我們仍預期毛利率將維持在 70% 後段的區間。

Operating income was $84 million or a 23% operating margin compared to operating income of $20 million or a 10% margin in the year ago quarter. We are experiencing significant business efficiencies on strong revenue growth. And in Q1, we had not yet returned fully to in-person meetings, events or are fully back in the office.

營業利益為 8,400 萬美元，或 23% 的營業利益率；相較去年同期營業利益為 2,000 萬美元、營業利益率為 10%。在強勁的營收成長下，我們正經歷顯著的營運效率提升。而在第一季，我們尚未完全恢復到面對面會議、活動，或全面回到辦公室。

Turning to the balance sheet and cash flow statements, we ended the quarter with $1.7 billion in cash, cash equivalents restricted cash and marketable securities. Cash flow from operations was $147 million in the quarter. After taking into consideration capital expenditures and capitalized software, free cash flow was $130 million with a free cash flow margin of 36%.

接著看資產負債表與現金流量表，本季末我們持有 17 億美元的現金、約當現金、受限制現金及有價證券。本季營運活動現金流為 1.47 億美元。考量資本支出與資本化軟體後，自由現金流為 1.30 億美元，自由現金流利潤率為 36%。

Now for our outlook for the second quarter in the fiscal year 2022. We remain optimistic about our long-term growth opportunities. We continue to see cloud migration and digital transformation as trends that are still in relatively early stages, and we are investing aggressively and are successfully executing against these long-term opportunities.

接下來是 2022 會計年度第二季的展望。我們對長期成長機會仍保持樂觀。我們持續將雲端遷移與數位轉型視為仍處於相對早期階段的趨勢，並正積極投資，且成功執行以把握這些長期機會。

With the usual conservatism applied, our outlook is as follows: For the second quarter, we expect revenue to be in the range of $376 million to $380 million which represents 62% growth year-over-year at the midpoint. Non-GAAP operating income is expected to be in the range of $49 million to $53 million, and non-GAAP net income per share is expected to be in the range of $0.13 to $0.15 per share on an approximately 347 million weighted average diluted shares outstanding. For the full fiscal year 2022, we expect revenue to be in the range of $1.6 billion to $1.62 billion, which represents 56% year-over-year growth at the midpoint. Non-GAAP operating income is expected to be in the range of $240 million to $260 million and non-GAAP net income per share is expected to be in the range of $0.70 to $0.77 per share on an approximate 349 million weighted average diluted shares.

在採取一貫的保守假設下，我們的展望如下：第二季，我們預期營收介於 3.76 億至 3.80 億美元，中位數代表年增 62%。非 GAAP 營業利益預期介於 4,900 萬至 5,300 萬美元；非 GAAP 每股淨利預期介於每股 0.13 至 0.15 美元，係以約 3.47 億股加權平均稀釋流通股數計算。就 2022 會計年度全年而言，我們預期營收介於 16.0 億至 16.2 億美元，中位數代表年增 56%。非 GAAP 營業利益預期介於 2.40 億至 2.60 億美元；非 GAAP 每股淨利預期介於每股 0.70 至 0.77 美元，係以約 3.49 億股加權平均稀釋股數計算。

Now some notes on our guidance. First, when providing guidance, as usual, we use more conservative assumptions than historical performance. Second, our strategic focus remains to invest aggressively in R&D and go-to-market to optimize for long-term growth. In Q1, we are pleased to have had our best-ever quarter of hiring, and we plan to continue hiring aggressively throughout 2022. Our North America and EMEA employees returned to the office at the end of Q1, and our APAC employees are returning to office during Q2. In addition, trade shows and other events are picking up in Q2, as is employee travel. In the past, we have framed the benefit of stopping in-person T&E and marketing events during COVID as 300 to 400 basis points of margin impact. We expect our return to office and increased in-person marketing events, as well as our headcount growth to more fully impact margins in Q2 relative to Q1. And even as we embark on these investments and our return from COVID, we remain solidly profitable, as indicated by our guidance.

接著補充幾點關於我們的財測。第一，如同以往，在提供財測時，我們採用比歷史表現更保守的假設。第二，我們的策略重點仍是積極投資研發與市場拓展（go-to-market），以最佳化長期成長。第一季我們很高興迎來史上最佳的招募季度，並計畫在 2022 年持續積極招募。我們北美與 EMEA 的員工已於第一季末返回辦公室，而 APAC 的員工將在第二季返回辦公室。此外，第二季展會與其他活動正在回溫，員工差旅亦然。過去我們曾將 COVID 期間停止面對面差旅與娛樂（T&E）及行銷活動的效益，描述為對利潤率約有 300 至 400 個基點的影響。我們預期，回到辦公室與增加面對面行銷活動，以及人力規模成長，將在第二季相較第一季更完整地反映在利潤率上。即便我們展開這些投資並從 COVID 中回歸常態，我們仍維持穩健獲利，正如我們的財測所示。

Next, regarding income tax expenses in Q2, we will have a provision of about $3 million related to the Sqreen acquisition as well as our typical provision, mainly related to our international entities. Finally, as we discussed last quarter, we are catching up on office build-outs in 2022 and expect CapEx as a percent of sales to roughly double compared to 2021.

接著，關於第二季的所得稅費用，我們將提列約 300 萬美元的費用，與 Sqreen 收購案相關，另加上我們一貫的提列，主要與我們的海外實體有關。最後，如同我們上季所討論的，我們在 2022 年正加速補上辦公室裝修建置，並預期資本支出占銷售額的比例將較 2021 年約略倍增。

In conclusion, we are very pleased with our results in Q1. We continue to attract more customers to the Datadog platform. We are broadening our platform's capabilities and observability and we launched application security monitoring in Q1. We are working very hard to execute against our opportunities, and I want to conclude by thanking Datadog's worldwide for their efforts.

總結來說，我們對第一季的成果非常滿意。我們持續吸引更多客戶使用 Datadog 平台。我們正在擴展平台能力與可觀測性，並於第一季推出應用程式安全監控。我們正非常努力地把握這些機會並落實執行，最後我想感謝 Datadog 全球團隊的付出。

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

接下來我們開放提問。接線員，讓我們開始問答環節。

(Operator Instructions) The first question comes from Raimo Lenschow with Barclays.

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

Congrats as well, an amazing first quarter. I wanted to ask a question that I get a lot from investors, Olivier. If you think about your efforts around security, how do you see that playing out in the long run against like the pure-play security players? Is that complementary? Are you kind of moving to say turf? Is it like (inaudible)? How do -- how should we think about that? And then second thing is on the ongoing investments into R&D, et cetera. Can you talk a little bit about the benefit you're getting from being just a pure cloud provider and hence, your speed of innovation potentially could just move quicker than other players that have to work in on-premise and on the cloud environment?

也恭喜你們，第一季表現非常驚人。Olivier，我想問一個我常從投資人那裡聽到的問題。若從你們在安全領域的投入來看，長期而言你們認為這會如何與那些純安全廠商競爭？這是互補的嗎？你們是否某種程度上是在進入他們的地盤？還是像（聽不清）？我們——我們應該如何看待這件事？第二個問題是關於持續投入研發等等。你能否談談，作為純雲端供應商所帶來的好處，因此你們的創新速度可能比那些必須同時在地端與雲端環境運作的其他業者更快？

So on security, -- So First of all, the way we see ourselves in the ecosystem is we don't compete with everyone in the field there like security is very wide. There's many different categories and subcategories in there where we want to play a major role in securing the production, the applications and production environment and all of the life cycles that relate to that in terms of development operations and iterative changes to these environments. So that's where we're starting. We expect to compete with others there. We come from a different place in that we come from having all of the observability data already being deployed end-to-end on those systems and having active users, the integrality of the development and operations teams in these companies, and we think that's what gives us strength there.

關於安全——首先，我們看待自己在生態系中的方式是：我們不會與該領域的所有人競爭，因為安全的範疇非常廣，裡面有許多不同的類別與子類別；而我們希望在保護生產環境、應用程式與生產環境，以及與之相關的整個生命週期（就開發、營運與對這些環境的迭代變更而言）方面扮演重要角色。這就是我們的起點。我們預期會在那個領域與其他人競爭。我們的出發點不同，因為我們已經在這些系統上端到端部署了所有可觀測性資料，並擁有活躍使用者，也深度融入這些公司中的開發與營運團隊；我們認為這正是我們在該領域的優勢所在。

To the other point you brought up around the speed of iteration, we definitely benefit a lot from being cloud-native and from being SaaS-only. We actually get a lot of information about what customers do with our product and we see immediately what's being used not and what's working or not.

至於你提到的另一點——迭代速度——我們確實因為雲原生以及僅提供 SaaS 而獲益良多。實際上，我們能取得大量關於客戶如何使用我們產品的資訊，並能立即看到哪些功能被使用、哪些沒有，以及哪些有效或無效。

So that helps us iterate very fast. We also benefit from having a lot of users. I mentioned that in the first part of my answer, but we're being used every single day by every single developer and person. That's a lot more than what you see on the typical security products. And so that gives you a lot more information about what you can do and what you can do better. It also gives you more leverage when it comes to actually solving the issues at the 6-year level. And that's part of the value prop we give to our customers.

因此這有助於我們非常快速地迭代。我們也受益於擁有大量使用者。我在回答第一部分時提過，我們每天都被每一位開發者與每一位人員使用。這遠多於一般安全產品所能看到的使用頻率。因此你能獲得更多關於可以做什麼、以及如何做得更好的資訊。當你要在更深層次（6-year level）實際解決問題時，這也會帶來更大的槓桿效益。而這也是我們提供給客戶的價值主張之一。

The next question comes from Kash Rangan with Goldman Sachs.

下一個問題來自 Goldman Sachs 的 Kash Rangan。

Congratulations on a phenomenal quarter. Olivier, I'm curious to get your take on the hyperscalers. And given the broadening product suite that Datadog is undertaking. How are these conversations changing with the hyperscalers? And one for you, David. As the economic environment and the outlook for GDP growth continues to be a little bit wobbly with higher rates, how should we think about the defensibility of the Datadog consumption business?

恭喜你們有個非常出色的季度。Olivier，我想聽聽你對超大規模雲端服務商（hyperscalers）的看法。鑑於 Datadog 正在擴展產品組合，你們與 hyperscalers 的對話正在如何改變？另外一題給 David：在經濟環境以及 GDP 成長展望因升息而持續有些搖擺的情況下，我們應該如何看待 Datadog 以用量計費（consumption）的業務防禦性？

So on the question about hyperscalers. So we work hand-in-hand with hyperscalers more and more. So we cover a lot more of the, I would say, the management surface for our customers who are also their customers. We help their customers be more successful and move to the cloud faster. And so as such, we help generate revenue for the hyperscalers, and that's why this partnership works so well with them. We keep improving on those partnerships and developing them. I think we've announced this quarter some improvements to our Azure partnership, for example, where we are now part of the -- I would say, the Golden Pass presented by Azure for migrating to the cloud. And we're seeing some great customers onboarding, thanks to that. David, you want to take the other question?

關於 hyperscalers 的問題。我們與 hyperscalers 的合作愈來愈緊密。我們涵蓋了更多——我會說——針對同時也是他們客戶的我們客戶之管理面（management surface）。我們協助他們的客戶更成功、也更快遷移到雲端。因此，我們也在幫 hyperscalers 創造營收，這也是為什麼這樣的合作夥伴關係能與他們運作得如此良好。我們持續改善並深化這些合作。我想我們本季也宣布了對 Azure 合作的一些改進，例如我們現在成為 Azure 所提供之雲端遷移「Golden Pass」的一部分。我們也看到一些很棒的客戶因而上線。David，你要回答另一個問題嗎？

Sure, thanks, Kash. We believe that digital and cloud projects are still very high priority and are not being deprioritized. We haven't seen that. We think we're still early on. So with the data we have so far, we think there will be continued strong investment. There is always some volatility across our customer base. Our customer base is very well diversified across industries, and we benefited from that over time. So whereas we're not macro forecasters, and there may well be some sensitivity. We believe the long-term trends in digital migration and cloud will still be very strong throughout that cycle.

當然，謝謝你，Kash。我們認為數位化與雲端專案仍然是非常高的優先事項，並沒有被降低優先順序。我們沒有看到那種情況。我們認為我們仍處於早期階段。因此，根據目前掌握的數據，我們認為投資將會持續強勁。我們的客戶群一向存在一些波動。我們的客戶基礎在各產業之間高度多元化，長期以來我們也因此受益。所以，雖然我們不是總體經濟的預測者，而且確實可能存在一些敏感性，但我們相信數位遷移與雲端的長期趨勢在整個週期中仍將非常強勁。

The next question comes from Fatima Boolani with Citi.

下一個問題來自花旗（Citi）的 Fatima Boolani。

Oli, one quick one for you, just as it relates to the deeper strategic and technical penetration within the DevSecOps arena. I mean, it sounds like your thesis is very much because you have the critical massive data and the data gravity as it relates to your observability use cases, you're able to parlay that in a more meaningful way for security. And I'm wondering why not partner with some of your peers in that space versus kind of go at it alone? And then a quick follow-up for David, please.

Oli，我有一個簡短問題，與你們在 DevSecOps 領域更深層的策略與技術滲透有關。我的意思是，聽起來你們的論點很大程度上是因為你們擁有關鍵且龐大的資料，以及與可觀測性使用案例相關的資料重力，因此能以更有意義的方式把這些能力延伸到資安。我想問的是，為什麼不與該領域的一些同業合作，而是有點像單打獨鬥？然後我還有一個給 David 的追問，謝謝。

Yes, so that's a good question. So there's 2 things we bring to the table in security. One is we have, as you mentioned, the gravity and we're in the path of data for pretty much everything that relates to our customers infrastructure applications and their own users, which is obviously fantastic.

是的，這是個好問題。我們在資安方面帶來兩件事。第一，如你提到的，我們具備資料重力，而且我們幾乎位於所有與客戶基礎設施、應用程式以及他們自身使用者相關之資料流的路徑上，這顯然非常棒。

The other thing we bring is we have -- we're being used all day by everyone in development and in operations. And that's not typically something that the other security products -- or the typical security products are built for. So it's actually hard if you wanted to partner, it's hard to find a product that's built for those people. Most security products are purely built for security teams. So that's why we've been building a lot of that. Of course, we still partner with a lot of the other players in the industry. But we embarked on this journey because we think we have come from a different spot. We think we have different take on the problem that in the end, is -- offers us and our customers a lot more leverage in that actual chance at solving the 6 day issues, not just throwing software and resources at it. So this is where we come from.

第二件事是，我們的產品每天都被開發與營運的每個人使用。而這通常不是其他資安產品——或典型資安產品——所設計的使用情境。所以如果你想要合作，其實很難找到一個是為這些人打造的產品。大多數資安產品純粹是為資安團隊打造的。這也是為什麼我們一直在建構很多相關能力。當然，我們仍然與產業中許多其他玩家合作。但我們之所以踏上這段旅程，是因為我們認為我們是從不同的出發點而來。我們認為我們對問題有不同的看法，而最終——能為我們與客戶帶來更大的槓桿，並且更有機會真正解決那些「6 天」的問題，而不只是把軟體與資源一股腦丟上去。這就是我們的出發點。

And David, just with respect to that delta between reported revenue growth in billings, it's probably one of the bigger deltas we've seen in relation to recent quarters. And given your commentary around invoicing duration having stayed stable. I believe that would be -- that would imply 7 to 8 months. I'm still curious as to why you'd see such a meaningful acceleration in billings head and shoulders above revenue growth. If you could just unpack that for us a little bit and when you expect that divergence to narrow.

David，另外關於已揭露的營收成長與帳單（billings）之間的差距，這可能是我們在最近幾季看到較大的差距之一。考量你提到開立發票期間維持穩定，我理解那應該意味著——應該是 7 到 8 個月。我仍然好奇，為什麼你們會看到帳單成長相較於營收成長出現如此顯著的加速、明顯高出一截。你能否為我們稍微拆解一下原因，以及你預期這種背離何時會收斂？

And I have to -- as I mentioned, there is variability in billing and RPO versus revenue based on when bills go out. We still have, for the most part, in our larger contracts pretty much annual billing. So the sending out of a large annual bill might move the duration a little bit, but not a lot. And the strong performance, the billing was very strong and indicative of the business. it was complemented by the fact that in this quarter, we sent out the bill for some large contracts upfront annual billing and the timing of that causes the variability. Over the average and over the course of the year, that balances out with the timing of the billing, and we believe that billing converges with revenue growth. We remind everybody that revenue growth and implied ARR growth is a better metric of the progress of the business.

我必須——如我提到的，帳單與 RPO 相對於營收會因為帳單寄出時間點而有變動。我們在較大型合約上，基本上仍以年度開立帳單為主。因此，寄出一張大型的年度帳單可能會讓期間稍微變動，但不會太多。而本季表現強勁，帳單非常強，反映了業務狀況。同時也受到一個因素的補強：本季我們針對一些大型合約採取前置的年度開立帳單並寄出帳單，而其時間點造成了這種變動。從平均值以及全年角度來看，帳單時間點的影響會彼此抵銷，我們相信帳單最終會與營收成長趨於一致。我們也提醒大家，營收成長與隱含 ARR 成長是衡量業務進展更好的指標。

The next question comes from Sanjit Singh with Morgan Stanley.

下一個問題來自摩根士丹利（Morgan Stanley）的 Sanjit Singh。

Olivier, in your script, you mentioned a Fed ramp. I should have brought on kind of another topic that we were sort of hearing about from your partners, which is penetration observability in some of the under-penetrated industries. From your perspective, if you look at the different industries that Datadog participates in, which of the industries do you see can become greater adopters of observability versus some of the kind of traditional technology e-commerce for the (inaudible).

Olivier，你在講稿中提到了 FedRAMP。我想順帶帶到另一個我們從你們合作夥伴那邊聽到的主題，也就是在一些滲透率較低的產業中推進可觀測性的滲透。從你的角度來看，如果你看 Datadog 參與的不同產業，你認為哪些產業可能會成為可觀測性的更大採用者，相較於一些傳統的科技、電商等（聽不清）？

Well, look, we've seen pretty much every single industry shows some signs of moving to the cloud already, I think. The order in which this industry has moved really depends on their appetite for being at the leading edge of technology changes and their exposure to interacting with their users online. So what we see, what we saw first, obviously, was the -- so finance, for example, which is ahead in technology in general, or in things like e-commerce, online media, that sort of thing. Today, we actually see the full range of categories in the industries coming to the cloud.

嗯，你看，我們幾乎看到每一個產業都已經出現一些上雲的跡象，我想是這樣。各產業推進的先後順序，主要取決於他們對站在技術變革前沿的意願，以及他們與使用者在線上互動的曝險程度。因此，我們最先看到的，顯然是——例如金融業，通常在技術上走得更前面；或是電商、線上媒體這類。今天，我們其實看到各產業類別全面都在走向雲端。

For example, we mentioned an auto manufacturer in (inaudible), we mentioned in hotel chain, we mentioned in the previous calls, we mentioned plumbing supplies companies, pretty much every single part of the economy is coming there. You're right, though, in your comment that some of those are late to the game than others. And so there's less penetration, I would say, in the more traditional less tech focused -- less tech-focused parts of the industry, but we're confident and everybody is coming to that part.

例如，我們在（聽不清）提到一家汽車製造商，我們提到一家連鎖飯店，我們在先前的電話會議中也提到過，我們提到過管路（plumbing）用品公司——幾乎經濟體的每一個部分都在走向那裡。不過你說得對，有些確實比其他更晚加入。因此我會說，在較傳統、較不以科技為核心——較不以科技為核心的產業部分，滲透率相對較低，但我們有信心，大家都會走向那個方向。

It's also the case in regulated industries, government, in particular, where not only the moves are a little bit more conservative in terms of technology transitions, but also this part of the industry are also more limited in what they can purchase, which is why it was very important for us to get FedRAMP-certified, which is also why we keep investing in more FedRAMP and more similar certifications, so we can go into more of these categories in more geographies.

在受監管產業也是如此，尤其是政府部門，不僅在技術轉換上相對更保守，而且這些產業在可採購的項目上也更受限制。這也是為什麼對我們而言取得 FedRAMP 認證非常重要；也因此我們持續投資更多 FedRAMP 以及更多類似的認證，讓我們能進入更多類別、更多地理區域。

Makes total sense. And then just 1 follow-up on one of the wins that you guys called out, I think it was a European manufacturer who I think was sort of engineering talent sort of constrained and they moved off of their DIY solution. And so we take out the topic more broadly, because you think that the demand for talent and as a new talent is probably going to get worse, and so in terms of the DIY observability market converting to more commercial out-of-the-box value like a Datadog provide? How much of an opportunity do you think that could be for the business?

完全合理。然後我還有 1 個追問，關於你們提到的一個成功案例，我想是一家歐洲製造商，他們的工程人才似乎受到限制，因此從自建（DIY）解決方案轉移出來。把這個主題拉到更廣泛來看，你是否認為人才需求以及新人才供給可能會變得更糟？因此，就 DIY 可觀測性市場轉向像 Datadog 這樣更商用、開箱即用的價值而言，你認為這對業務會是多大的機會？

Well, I think that's part of our -- it's always been part of opportunity, and that's really what makes the value prop even more attractive in the future. As you correctly pointed out, there's not going to be as many software engineers in general as the market will need. There's not this year, there's not going to be -- I think it's going to be even less the case 2 years, 3 years, 5 years, 10 years from now. So what our customers will need is a way for their existing staff to be more productive and a way to direct them to what is actually going to be differentiating for them as opposed to building and differentiated infrastructure.

嗯，我認為那一直都是我們機會的一部分，而這也確實會讓我們的價值主張在未來更具吸引力。正如你正確指出的，整體而言軟體工程師的人數不會像市場所需要的那麼多。今年就已經不夠了，未來 2 年、3 年、5 年、10 年後，我認為情況只會更明顯。因此，我們的客戶需要的是一種方式，讓既有員工更有生產力，並把他們導向真正能形成差異化的工作，而不是去打造不具差異化的基礎設施。

So we clearly play -- this is a trend that benefits us in the end. The other thing to bring up is that software in general is deflationary in nature. And that's also the case for us. We help our customers make more with what they have. We have them automate. We have them make people more productive. We have them (inaudible) user infrastructure better. We help them ship projects that help them interact with their own customers better. So that's where we play.

所以我們很清楚——這是一個最終對我們有利的趨勢。另一點要提的是，軟體本質上具有通縮特性，而我們也是如此。我們幫助客戶用既有資源創造更多產出。我們協助他們自動化，讓人更有效率。我們協助他們（聽不清）更好地使用基礎設施。我們幫助他們交付專案，讓他們能更好地與自己的客戶互動。所以這就是我們發揮作用的地方。

Next question comes from Brent Thill with Jefferies.

下一個問題來自 Jefferies 的 Brent Thill。

David, in your guidance, I know you mentioned you're not really seeing the macro issues, but are you assuming a similar close rate on your pipeline? Are you taking a more conservative close as it relates to the back half of what you're guiding to for the year?

David，關於你們的指引，我知道你提到其實沒有真正看到總體環境的問題，但你們是否假設管線的成交率相近？對於你們今年指引所涵蓋的下半年部分，你們是否採用更保守的成交假設？

Like all -- as we've talked about, like all of our guidance, we tend to take more conservative close rates, i.e., new logos and more conservative usage than we've experienced historically. So that principle continues with our guidance and is consistent with what we've done in the past.

就像——我們一直談到的，就像我們所有的指引一樣，我們傾向採用更保守的成交率，也就是新客（new logos）以及比我們歷史經驗更保守的使用量假設。所以這個原則在我們的指引中仍然延續，並且與我們過去的做法一致。

Okay great. And Olivier, that $10 million upsell, can you just speak to the pipeline of these larger transactions, what you're seeing as your customers expand?

好的，很棒。那 Olivier，這筆 1,000 萬美元的加購（upsell），你能否談談這些較大型交易的管線，以及你看到客戶擴張時的情況？

Well, we see many more customers in that range, right? So customers are writing this adoption curve with us, where we saw the bigger and bigger problem for them, they use more and more of our products. They move more and more of the infrastructure in the cloud to start with, and they themselves are scaling. So these are all multiplayers that end up increasing our footprint with them. So we have a healthy pipeline of those. We mentioned we hand pick a few in every one of those calls, but that's definitely not an isolated case. And that customer is actually in the tens of millions and it's a -- I think, we don't expect that to be an isolated case.

嗯，我們看到更多客戶落在那個區間，對吧？客戶和我們一起走在這條採用曲線上：我們看到他們面臨的問題越來越大，他們就使用我們越來越多的產品。他們一開始把越來越多的基礎設施搬到雲端，而他們自己也在擴張規模。所以這些都是會讓我們在他們那裡的佔用範圍（footprint）變大的多重因素。因此我們有很健康的這類管線。我們提到過，我們在每次電話會議中都會精挑細選幾個案例，但這絕對不是孤例。而那位客戶實際上是數千萬美元等級——我想，我們不預期這會是孤立的案例。

And I think we mentioned the strong continued growth of 100,000-plus and mentioned, even though we don't give out the 1 million customers every quarter, mentioned continued strong growth in millions. And that's indicative of that. We have many customers who are graduating from smaller lands to the 100,000, the 500,000 class and the 1 million class and above as our model has been all along.

而且我想我們也提到 10 萬美元以上客戶的持續強勁成長；並且提到即使我們不會每季都公布 100 萬美元等級客戶數，我們也提到百萬美元等級仍持續強勁成長。這就反映了上述情況。我們有許多客戶正從較小的落地（lands）逐步升級到 10 萬、50 萬級別，以及 100 萬級別甚至更高——這一直都是我們的模式。

The next question comes from comes from Kamil Mielczarek with William Blair.

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

Congrats on the great quarter. A question on pricing, as your largest customer scale and standardize on Datadog, can you talk about how conversations have changed around pricing? And are there any particular modules where you're seeing relatively higher levels of pushback on cost given the rapid growth in data recently and the pricing changes made by some of your competitors in the last 2 years?

恭喜你們交出很棒的一季。我有個關於定價的問題：隨著你們最大型的客戶擴張並在 Datadog 上標準化，你能談談圍繞定價的對話有哪些變化嗎？另外，鑑於近期資料量快速成長，以及部分競爭對手在過去兩年做出的定價調整，你們是否在某些特定模組上看到相對更高的成本反彈（pushback）？

Yes, so the -- look, any time you -- somebody is paying you tens of millions of dollars a year there's going to be a conversation about price because this is a line item that shows up. Typically, the -- what's going to be the most negotiated as part of that is the biggest part of the deal, which for some customers in infrastructure, for some other APM, for many customers is logs because that's the 1 where data can grow in a way that's somewhat decorrelated from the size of the accompanying infrastructure or the value of the accompanying applications. And our approach there really is to give as much flexibility as possible to customers so they can align with their pay with the value they get. And we've shipped in the past many, many new features around that to give them more tiers for storing data, more ways of doing just in time sampling, archiving, bringing back data from archive, give them more controls, more levers, and we expect to do more of that in the future. But it's a very healthy conversation. We do expect that when customers at fully at scale with us, the -- we get more and more of a wallet share from them. But at the same time, the revenue we get won't grow linearly with the data volumes they send to us. That's natural. That's healthy.

是的，所以——你看，任何時候只要有人一年付你數千萬美元，就一定會有關於價格的對話，因為這是一個會出現在帳上的費用項目。通常，在那種情況下最容易被談判的，會是交易中占比最大的部分：對某些客戶是基礎設施，對另一些是 APM，而對很多客戶來說是日誌（logs），因為那是資料可能以某種程度上與伴隨的基礎設施規模或伴隨的應用價值不完全相關的方式成長的領域。我們在那裡的做法，確實是盡可能給客戶最大的彈性，讓他們能把付費與所獲得的價值對齊。過去我們已經推出非常多新功能來做到這點：提供更多資料儲存分層、更多即時（just in time）抽樣方式、封存（archiving）、從封存取回資料，給他們更多控制項與更多調整槓桿；而我們也預期未來會做更多。但這是一個非常健康的對話。我們確實預期當客戶在我們這裡完全擴到規模後，我們從他們那裡取得的錢包份額（wallet share）會越來越高；但同時，我們取得的營收不會隨著他們送來的資料量線性成長。這是自然的，也是健康的。

That's helpful. And if I could just follow up on free cash flow, generation has been very strong, 36% margin in the quarter, and I think, 28% for last year. How are you thinking about managing free cash flow margin going forward? Is the strength just a function of better-than-expected growth and maybe a tight labor market? Or do you see high 20s, 30% at a sustainable level?

這很有幫助。如果我可以再追問一下自由現金流：你們的自由現金流產生非常強勁，本季毛利率是 36%，我想去年是 28%。你們如何看待未來自由現金流利潤率的管理？這樣的強勁表現只是因為成長優於預期以及可能的勞動市場緊俏？還是你們認為高 20% 到 30% 是可持續的水準？

I think we've experienced long-term free cash flow to be slightly higher than EBIT. So correlate it with our EBIT, we have -- it is indicative of the growth of the business. and the efficiency of the business. As we mentioned, we will be returning, we believe, in Q2 to more investments, whether it be marketing events in the office, et cetera. So where we expect it to continue to evidence the efficiency in the business, it would be as it has been correlated to be slightly higher than the EBIT performance.

我認為我們長期以來的自由現金流通常會略高於 EBIT。所以可以把它和我們的 EBIT 連動來看；這反映了業務的成長以及業務的效率。如我們提到的，我們相信在第二季會回到更多投資，不論是行銷活動、回到辦公室等。因此，我們預期自由現金流會持續展現業務效率，而其表現會如以往一樣，與 EBIT 表現相關並略高於 EBIT。

The next question comes from Matt Hedberg with RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Oli, I wanted to go back to security. You've obviously had a lot of success there and you're adding Hdiv this quarter. How do you see your sales force evolving over time? And maybe even the thought of a security overlay team at some point?

Oli，我想回到安全性（security）這塊。你們顯然在這裡取得很多成功，而且你們這一季新增了 Hdiv。你如何看待你們的銷售團隊隨時間演進？以及未來某個時點是否會考慮設立安全性覆蓋（overlay）團隊？

Yes, so we're open to anything there. We haven't made any drastic changes to that. We're still focus right now on getting in front of our existing customers with these products and getting them to adopt the products and writing the maturity clause of those products with us to make sure they are as broadly as clickable as possible before we accelerate on the go-to-market for them. And we're very happy with where we are. We're exactly where we want to be.

是的，所以我們對那方面保持開放。我們還沒有做任何劇烈的改變。我們目前仍專注於在既有客戶面前推進這些產品，讓他們採用這些產品，並與我們一起走過這些產品的成熟曲線，確保它們在可點選/可用性（clickable）上盡可能廣泛，然後我們才會加速它們的市場推進（go-to-market）。我們對目前的位置非常滿意，正好在我們想要的位置。

Actually, we get a lot of paying customers with skin in the game and a lot of eyes on the products and a great amount of letters in terms of development. We are expecting to test a few things on the go-to-market side in the -- I would say, in the coming few quarters, and then we'll see what this leaves us. Where -- we see some successes today already with our mobility. We think it might actually try to for different things might accelerate things a little bit, but it's still early to tell.

實際上，我們有很多願意付費、真正投入（skin in the game）的客戶，很多人關注這些產品，也有大量回饋，推動開發。我們預期在接下來幾個季度，在 go-to-market 端測試一些做法，然後再看看結果如何——我們今天已經在我們的機動性（mobility）上看到一些成功。我們認為，嘗試一些不同的做法可能會讓某些事情加速一點，但現在下結論還太早。

And then you guys have always had a very services-light model so easy to use. As you continue to scale up in the G2K, are there additional steps you can do to maybe even enable more synergies within a GSI community?

另外，你們一直以來都是非常輕服務（services-light）的模式，因此很容易使用。隨著你們在 G2K 持續擴張規模，是否有額外步驟可以做，甚至在 GSI 生態社群內促成更多協同效應？

Yes, so there's 2 things we're doing. So one is we're investing in our partnerships with GSI and with the channel in general. So we're doing more there. And we also started productizing some service offerings. We actually called one out in one of the customers we see in the call. We have a small services team today that has a few packaged offerings that mostly revolve around accelerating adoption of Datadog and making sure we help customers that need that help, transform their businesses around the way things are running Datadog. So we're investing on both sides. I mean, obviously, whatever we package ourselves with our own team, will then be scaled through third-party partners, GSIs and others.

是的，我們正在做兩件事。第一，我們正在加大對與 GSI 以及整體通路（channel）合作夥伴關係的投資，所以那方面我們會做更多。第二，我們也開始把一些服務產品化。我們其實在電話會議中提到的一位客戶案例裡點出過其中一項。我們目前有一個小型服務團隊，提供幾個打包好的方案，主要圍繞加速 Datadog 的採用，並確保我們能協助需要協助的客戶，圍繞他們如何運行 Datadog 來轉型其業務。所以我們在兩端都在投資。當然，我們用自家團隊打包的任何方案，之後都會透過第三方合作夥伴、GSIs 等來擴大規模。

Congrats on a strong Q1.

恭喜第一季表現強勁。

The next question comes from Michael Turits with KeyBanc.

下一個問題來自 KeyBanc 的 Michael Turits。

Geat quarter. The -- i want it first -- to Oli, first, you're doing more application security and you've announced some things for observability in developer pipeline. Can you talk about how far you will be going in terms of a shift left towards more of the development side of things, including possibly around static code or source code. And as I said, just that shift left towards developers?

很棒的一季。——我想先問 Oli：你們在做更多應用程式安全（application security），也宣布了一些針對開發者管線（developer pipeline）的可觀測性（observability）內容。你能談談你們在「左移」（shift left）到更偏開發端這件事上會走多遠嗎？包括可能涉及靜態程式碼或原始碼（source code）等領域。就像我說的，就是更往開發者端左移。

So that's a great question. We definitely are doing more and more on the shift left and developer side. Obviously, we've talked about security quite a bit, and a big part of that is application security, which is a bit of a known category. So it's there, I think it's a little bit different in how we approach it, a little bit different in the cloud. but the category has been there before. We're also investing in new categories, and you mentioned the CICD observability. That's a brand-new category. I wasn't there before. And we actually have a product in the market today that we started charging for. And we don't have any numbers to share today, but we are actually very, very pleased with the way this product is being received by customers. So overall, we think we're going in the right direction there. There will be any more we'll want to do. I mean you brought up Hdiv, which also brings a bit more around closer to the source code and vulnerability management and things like that. There's more we'll want to do there, but we don't have anything to announce today.

這是個很好的問題。我們確實在 shift left 和開發者端做得越來越多。顯然我們談了很多安全性，而其中很大一部分是應用程式安全，這算是一個相對既有的類別。所以它一直都在；我認為差異在於我們的切入方式，以及在雲端環境下做法有些不同，但這個類別以前就存在。我們也在投資新的類別，你提到的 CI/CD 可觀測性就是一個全新的類別，以前並不存在。而且我們今天其實已經有一個產品在市場上，並開始收費。我們目前沒有數字可以分享，但我們對客戶對這個產品的接受度非常、非常滿意。總體而言，我們認為方向是對的。未來還會有更多我們想做的事。你也提到 Hdiv，它也讓我們更接近原始碼，以及弱點管理（vulnerability management）等面向。我們在那裡還想做更多，但今天沒有任何可以宣布的內容。

And can I just ask, I think an expansion or take to Matt's question in terms of facilitating your broader product line. Anything in the customer success area that has to be changed or post production engineering or professional services as you have a more broader and more complex offering?

我可以再問一下嗎？我想延伸或接續 Matt 的問題，關於促進你們更廣泛的產品線。在客戶成功（Customer Success）領域，有沒有什麼需要改變的？或者在你們提供更廣、更複雜的產品組合時，後製工程（post production engineering）或專業服務（professional services）方面是否需要調整？

Yes. So we're scaling those teams quite a bit, and we're constantly also refining the way those teams are segmented so they can target specific types of customers in some situations, not many situations also seen type of product. So we -- that's part of scaling the teams on the customer success on the tech solutions on the support side. So we're investing quite heavily there. I gave those teams to shot up because really, they've been doing a fantastic job at helping our customers scale and adopt a very broad product portfolio today. And I think there will be more successes to come there.

有的。所以我們正在大幅擴編這些團隊，同時也持續精進這些團隊的分工方式，讓他們在某些情況下（雖然不是很多情況）可以鎖定特定類型的客戶，也會依產品類型來做區隔。所以我們——這是我們在客戶成功、技術解決方案、支援端擴大團隊規模的一部分。因此我們在那裡投入相當多資源。我提到這些團隊的規模大幅成長，是因為他們確實做得非常出色，協助我們的客戶擴張並採用目前非常廣泛的產品組合。我認為未來在那方面還會有更多成功案例。

The next question comes from Brad Reback with Stifel.

下一個問題來自 Stifel 的 Brad Reback。

Oli, as the sales force and the marketing team are return to face-to-face events, any reason to think that we shouldn't see some level of acceleration in upsells to the larger part of the installed base as well as the potential to land even bigger with new deals?

Oli，隨著銷售團隊與行銷團隊回到面對面活動，有沒有任何理由讓我們認為：我們不應該看到對既有安裝基礎中較大部分客戶的加購（upsell）出現某種程度的加速？以及在新交易上也有機會一次落地（land）更大的案子？

It's possible. I mean, look, we definitely have return to investment in some things that we were not doing for the past 2 years that we're doing again in in-person events in particular. I would say it's too early to tell whether it's it gives us an edge again on that side or whether it's just upping the table stakes for everyone for that. But definitely, we're investing with the expectations of returns on that.

有可能。我的意思是，你看，我們確實重新投入一些過去兩年沒有做、現在又開始做的事情，特別是線下（in-person）活動。我會說現在還太早，無法判斷這是否會讓我們在那一端再次取得優勢，或只是把大家的基本門檻（table stakes）都提高了。但可以確定的是，我們是在期待能帶來回報的前提下進行投資。

The next question comes from Gray Powell with BTIG.

下一個問題來自 BTIG 的 Gray Powell。

Congratulations on the strong results. So yes, I mean you've clearly been seeing very good traction moving into larger enterprise and Fortune 500 accounts. How does the competitive environment change there as you move up market? And then do you end up begging off against a different set of vendors? Or just how should we think of that impacting sales cycles?

恭喜你們交出強勁的成果。你們顯然在切入更大型企業與《財富》500 強客戶方面取得了很好的進展。當你們往上移動到更高端市場時，競爭環境會如何改變？你們最後會不會面對一組不同的供應商？或者我們應該如何看待這對銷售週期的影響？

So I'm sorry, I'm going to give you the most boring answer ever, but we see no change. The situation there is very much the same as it was last quarter and even last year. We still focus largely on net new and cloud environments. We land fast and small mostly, and we end up growing quite a lot with those customers at the largest enterprises. Sometimes, but not all the time, we're going to do a big displacement of usually a suite of tools that makes it homegrown and some of the other players in log, APM or infrastructure or all of the above. And these are -- these tend to be the larger lands because they start they start larger as they replace a bunch of existing things. But this is still not the majority of the go-to-market and customer acquisition. I think it shows that the product wins about all sorts of situations, but our focus is still on net new and cloud environment.

所以很抱歉，我要給你史上最無聊的答案，但我們沒有看到任何變化。那裡的情況跟上季、甚至去年都非常相似。我們仍然主要聚焦在淨新增（net new）與雲端環境。我們通常會快速、以較小規模落地（land fast and small），然後在最大型企業客戶中，最終會與這些客戶一起成長很多。有時候——但不是每次——我們會做一次較大的替換（displacement），通常是把一整套工具替換掉，這些工具可能是自建（homegrown）的，也可能來自其他在日誌（log）、APM、基礎設施或上述全部領域的玩家。這些通常會是較大的落地案，因為它們一開始就比較大，因為是在替換一堆既有的東西。但這仍然不是我們 go-to-market 與客戶獲取的主流。我認為這顯示產品在各種情境下都能勝出，但我們的重點仍然是淨新增與雲端環境。

got it, that's helpful. And then just -- maybe just a quick follow-up on the security side, if it's okay. Is there anything more you can just say on the road map in the security space, or just like talk about the most natural capabilities that could be included as you start to move into Version 2 of the security platform. And I guess more specifically, and this might be a tough one, but -- do you see a scenario where you could more directly address the endpoint security use case?

了解，這很有幫助。然後再——如果可以的話，想快速追問一下資安（security）這一塊。你能不能再多談一些資安領域的產品路線圖（road map），或者談談當你們開始進入資安平台 Version 2 時，最自然可能納入的能力是哪些？另外更具體一點——這可能有點難——你們是否看到一種情境，能更直接地解決端點資安（endpoint security）的使用案例？

Well, so endpoint, I think, is -- it's not what we have in mind today, right? I mean there's plenty we want to do at the intersection of DevOps production environment applications. Like it's a gigantic problem space and one that's not well handled today. So we definitely are -- have that in our sights today.

嗯，端點我認為——這不是我們目前的規劃方向，對吧？我的意思是，在 DevOps、生產環境（production environment）與應用程式的交會處，我們有很多想做的事情。那是一個非常巨大的問題空間，而且目前並沒有被很好地處理。所以我們確實——目前把它納入我們的視野之中。

In terms of what we can do in the road map, interestingly, there are many things we're doing today that are not branded security that are part of other products that actually play a big role in security. And so one of the questions we have internally, how do we actually draw the line around the security suite versus the rest of the DevOps platform in a way that it doesn't confuse everyone. I mean, for example, we mentioned in the last call, our sensitive data scanner product, which actually is used for security use cases, but it's currently part of our log management product. We have some similar situation with our network monitoring product that also listens to data and uses it for security use cases, but it's not part of our security offering. So there are some branding and packaging and product suite questions that we'll have to answer ourselves there.

至於路線圖上我們能做什麼，有趣的是，我們今天正在做的很多事情並沒有被標示為資安（not branded security），而是屬於其他產品的一部分，但其實在資安上扮演很重要的角色。因此我們內部的一個問題是：我們要如何在資安套件（security suite）與 DevOps 平台其他部分之間劃出界線，才能不讓大家困惑。比如說，我們在上一通電話提到的敏感資料掃描器（sensitive data scanner）產品，實際上用於資安使用案例，但目前它是我們日誌管理產品的一部分。我們的網路監控產品也有類似情況：它也會監聽資料並用於資安使用案例，但它並不屬於我們的資安產品提供範圍。所以在品牌定位、包裝方式與產品套件的界定上，我們需要自己把這些問題釐清。

The next question comes from Steve Koenig with SMBC Nikko.

下一個問題來自 SMBC Nikko 的 Steve Koenig。

Congrats on the quarter, it's a pleasure to be covering you guys. I wanted to ask about pricing, again, with kind of a little different angle. And thanks for your color on how you help customers manage their costs as they scale out with Datadog. That's very helpful. If I think about it from a different angle, more from the perspective of how you keep your pricing in check with infrastructure costs as the hyperscalers improve their price performance over time on compute and storage, how does -- you have a relatively simple pricing model in the space, which is a good thing. But I'm wondering, does the host-based pricing -- do those prices need to change over time as hyperscalers ride their cost curve down? And also in log management as well as your -- you do have some data charges. And do those need to come down over time as hyperscalers become more price performance. Congrats again on the quarter.

恭喜這一季的表現，很高興能開始覆蓋你們。我想再從一個稍微不同的角度問一下定價（pricing）。也謝謝你們分享如何協助客戶在使用 Datadog 擴張時管理成本，這很有幫助。如果我從另一個角度來看——更偏向你們如何在超大規模雲端供應商（hyperscalers）隨著時間推進、在運算與儲存的性價比（price performance）持續改善時，讓你們的定價也能跟上並保持合理——你們在這個領域的定價模型相對簡單，這是好事。但我想知道，以主機（host）為基礎的定價——當 hyperscalers 沿著成本曲線下降時，這些價格是否需要隨時間調整？另外在日誌管理，以及你們——你們確實也有一些資料用量費（data charges），這些是否也需要隨時間下降，因為 hyperscalers 的性價比變得更好？再次恭喜這一季。

Thank you. Well, so there's a few things to consider there. So one is like the type of hosts that our customers buy also is changing over time, that they're also getting larger and larger instances from the cloud providers that costs more and more, even though the price for the same CPU on 2 different years is going to maybe get reduced a little bit by the hyperscalers.

謝謝。嗯，這裡有幾個因素要考量。第一個是，我們客戶購買的主機類型也會隨時間改變，他們也在向雲端供應商購買越來越大規格的執行個體（instances），成本也越來越高，即使 hyperscalers 可能會讓同樣 CPU 在相隔兩年的價格略微下降。

The other factor to consider is that overall, even with all the improvements from the cloud providers and the, I would say, the software industry at large, our customers' experience still a dramatic increase in complexity. And overall, what this means is that a lot of the value gets shifted from actually from running the infrastructure itself to understanding it and managing it, which is what we do. So in the end, we are in a position where we can maintain or even increase prices while still delivering more value for our customers and selling them more money. So that's the general dynamics here. Now when you look at the things that are tied to very specific units. So for example, the price per gigabit and things like that, like -- of course, price per gigabyte is going to go down over time in some point. Right now, the form it takes is that there are more and more options that we keep giving our customers so they can do different things with different price points. But in the long run, if you fast forward 20 years, of course, you wouldn't expect to pay the same thing for gigabyte in 20 years than you do to that. But at the same time, I would say you also will have many, many, many others of managing more data at the time.

另一個要考量的因素是，整體而言，即便雲端供應商以及我會說整個軟體產業都在持續改進，我們客戶所面臨的複雜度仍然大幅上升。整體來說，這代表很多價值會從「實際去跑基礎設施」轉移到「理解並管理它」，而這正是我們在做的事情。所以最終，我們處在一個可以維持、甚至提高價格的位置，同時仍能為客戶交付更多價值，並讓他們在我們這裡花更多錢。這就是這裡的一般動態。那當你看那些與非常特定計量單位綁定的項目時，例如每 GB 的價格之類——當然，每 GB 的價格在某個時間點會隨時間下降。現在的呈現方式是：我們持續提供客戶更多選項，讓他們可以用不同的價位做不同的事情。但長期來看，如果你把時間快轉 20 年，當然不會期待 20 年後每 GB 的價格還跟現在一樣。不過同時，我也會說，屆時你也會有非常非常多其他方式來管理更多的資料。

The next question comes from Joel Fishbein with Truist Securities.

下一個問題來自 Truist Securities 的 Joel Fishbein。

Great quarter. Olivier, you spoke a lot about several different potential products in the pipeline as you guys are developing internally. I'm hoping you might give us a little bit more color about the mid- and longer-term plans with regard to maybe areas that you plan to address with new products.

很棒的一季。Olivier，你談了很多你們正在內部開發、管線中可能推出的不同產品。我希望你能再多提供一些資訊，關於中期與長期的規劃——例如你們打算用新產品切入或解決哪些領域。

Well, we have plenty of new products in the works, but for that, you'll have to show up to our events and conferences. We do expect to show more of that in the quarters to come. The areas we're going after, obviously, we're still doubling down on observability. We're early in observability. There's a lot more we can do -- we want to do a lot more that's going to bring value for our customers, and it's a very large market.

嗯，我們正在開發許多新產品，但這部分你得來參加我們的活動與研討會才會看到。我們確實預期在接下來幾個季度展示更多內容。我們正在著力的領域，顯然，我們仍在加碼可觀測性。我們在可觀測性方面仍處於早期階段，還有很多可以做——我們希望做更多能為客戶帶來價值的事情，而這是一個非常龐大的市場。

Obviously, we've been very open about the fact that we're investing massively in security and these costs in particular. So you'll see more from us on that. We also are pushing towards the developer workflows as we had mentioned, with CICD and some aspects of security and some other things that we might show. We're also investing in pushing or extending our user experience products in APM Suite to behavioral and user analytics as well as business analytics. So we keep pushing more and more functionality towards that, and you should expect to see more products from us in that area, which takes us into real-time BI. And then finally, we also are investing in ITSM-minded products started with incident response and incident resolution. And you should expect to see more from us in that area in the future as well.

顯然，我們一直非常公開地表示，我們正在大幅投資於資安，特別是這些成本。因此你會看到我們在這方面有更多動作。我們也如先前提到的，正推進開發者工作流程，包括 CI/CD，以及資安的某些面向和其他一些我們可能會展示的內容。我們也在投資推動或延伸我們在 APM Suite 的使用者體驗產品，涵蓋行為與使用者分析以及商業分析。因此我們持續把更多功能推向那個方向，你應該會預期在該領域看到我們更多產品，這也會把我們帶入即時 BI。最後，我們也在投資以 ITSM 思維為導向的產品，從事件回應與事件解決開始。你也應該預期未來在那個領域看到我們更多進展。

Again, I can't give you any more details. We have a lot of both in the year right now, a lot of products in flight. We're very bullish about the opportunity. We think -- we see it at a privileged part of the ecosystem where we have such a large surface of contacts, so customers infrastructure, their application, as well as their teams, their developers and their operations teams and other securities that we can solve an increasingly larger problem for them over time while benefiting from frictionless adoption of our platform, which is what is beautiful free cash flow margins that we've talked about today. So again, very bullish, a lot of products in a lot of things we're working on, but nothing more to announce today.

同樣地，我無法提供更多細節。我們今年目前有很多項目在進行中，有很多產品正在推進。我們對這個機會非常樂觀。我們認為——我們看到自己處在生態系中一個得天獨厚的位置，因為我們有非常大的接觸面：客戶的基礎設施、他們的應用程式，以及他們的團隊、他們的開發者與營運團隊，還有其他資安面向；隨著時間推進，我們能為他們解決越來越大的問題，同時受益於我們平台的無摩擦採用，而這正是我們今天談到的漂亮自由現金流利潤率的來源。所以再次強調，非常樂觀，有很多產品、很多事情在做，但今天沒有更多可宣布的內容。

The next question comes from Adam Tindle with Raymond James.

下一個問題來自 Raymond James 的 Adam Tindle。

Olivier, I just want to start on Hdiv. The acquisition announced today with a vulnerability focus. Could you help us categorize where this competes in the stack? And specifically, are we focused on end point like CrowdStrike with the spotlight product or critical assets like server and data center where VM players like Tenable, Qualys and Rapid7 fit? So where does this fit within the stack and vulnerability and talk about the competitive advantage that they'll bring.

Olivier，我想先從 Hdiv 開始。今天宣布的收購聚焦於弱點（vulnerability）。你能否協助我們歸類它在技術堆疊中的競爭位置？具體來說，我們是聚焦在像 CrowdStrike 的 Spotlight 產品那樣的端點，還是聚焦在像 Tenable、Qualys 與 Rapid7 這類 VM 廠商所涵蓋的伺服器與資料中心等關鍵資產？所以它在堆疊與弱點管理中是如何定位的？也請談談它們將帶來的競爭優勢。

It focuses on applications. And these are the applications that our customers build as well as the various libraries and dependencies that are brought into the mix as our customers build these applications. So this is -- this will find its place on the application side of our cloud security platform. We don't have much more to share on the way this will be combined from a product perspective. But we see it as great technology, great product and also great expertise to add to the team and add to our momentum on the security side. And by the way, (inaudible) as often is the case with security companies, there are some regulatory approvals to get disclosed.

它聚焦在應用程式。這些應用程式包括我們客戶自行開發的，以及在客戶建置這些應用程式時所引入的各種程式庫與相依性。因此，這——它將在我們雲端資安平台的應用程式側找到其定位。從產品角度來看，我們目前沒有太多可分享它將如何被整合。但我們認為這是很棒的技術、很棒的產品，也有很棒的專業能力可以加入團隊，並為我們在資安面向的動能加分。順帶一提，（聽不清）如同資安公司常見的情況，還有一些監管核准需要揭露。

I know I'm going to be out of time. David, seasonality has just been a constant topic. It seems like since last quarter. I'm sure you're answering a bunch of investor questions intra-quarter about it. And the second half is a little lower as a percent of total than years past based on guidance. Anything for us to consider on seasonality now that you're a $1 billion-plus organization moving forward?

我知道我快沒時間了。David，季節性一直是個持續被討論的主題，感覺從上個季度開始就是如此。我相信你在季度中也回答了很多投資人相關問題。根據指引，下半年占總量的比例比過去幾年略低。現在你們已經是一家年營收超過 10 億美元的組織，往後在季節性方面有什麼是我們需要考量的嗎？

No, it's always been -- it's a similar type of thing where -- the fourth quarter tends to be strong on customer acquisition. We have had, like every company a little slower and new customer acquisition in Q3 that didn't hold last year. It was a very, very strong Q3. And as we mentioned, generally, as you start the year in the first quarter, you have a little bit of slowness in getting going. In this quarter, we didn't have that as much. So it's really the same types of seasonality, which is quite minor relative to the previous years.

沒有，一直以來都是——類似的情況：第四季在客戶獲取方面往往較強。和所有公司一樣，我們在第三季的新客戶獲取稍微慢一些，而去年並沒有這種情況；去年第三季非常、非常強勁。正如我們提到的，一般而言，年初第一季在啟動上會稍微慢一點；但這一季我們沒有那麼明顯。因此本質上仍是同樣的季節性型態，相較於前幾年其實相當輕微。

This concludes our question-and-answer session. I'll hand the conference back over to CEO, Olivier Pomel, for any closing remarks.

我們的問答環節到此結束。我將把會議交回給執行長 Olivier Pomel，請他做結語。

All right. Thank you all for attending the call. And I want again to thank all Datadog's and there's many more of you out there. I should remind everyone that we've had our most successful hiring quarter in Q1. So thank you all, and we're all excited to be here, and we'll see you next quarter.

好的。感謝各位參加本次電話會議。我也想再次感謝所有 Datadog 的同仁——而且外面還有更多你們。我也要提醒大家，我們在第一季達成了史上最成功的招募季度。所以謝謝大家，我們都很興奮能在這裡，我們下個季度見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議已結束。感謝各位參加今天的簡報。你現在可以中斷連線。