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【財報分析】簡評Datadog(DDOG)最新發布的2022Q4財報

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• 關於我對Datadog(DDOG)的基本看法，可在索引檔案找到。

Yes. So look, we -- obviously, we see -- we get data from our customers using those cloud providers. We also listen to the commentary that cloud providers provide on their -- in terms of their own growth. There's not a one-to-one mapping between what happens on the revenue side for the cloud providers and what we see on the infrastructure side on our end. But we are seeing some of the same trends where their growth slowed down throughout Q4. And we've been listening to their comments when they give guidance for what that growth might look like in the near future, which also informed our own guidance.

To dive into some of the drivers of our Q4 performance, first, we saw existing customer usage growth in October and November at a similar level to what we saw in Q2 and Q3. In the month of December, we saw a slower growth dynamic as the typical slowdown we see at the end of December was more pronounced than in previous years. As a result, the growth rate in usage by existing customers was lower in Q4 than in Q2 and Q3.

Moving on to AWS. Net sales increased $21.4 billion in Q4, up 20% year-over-year and now representing an annualized sales run rate of more than $85 billion. Starting back in the middle of the third quarter of 2022, we saw our year-over-year growth rates slow as enterprises of all sizes evaluated ways to optimize their cloud spending in response to the tough macroeconomic conditions. As expected, these optimization efforts continued into the fourth quarter.

As we look ahead, we expect these optimization efforts will continue to be a headwind to AWS growth in at least the next couple of quarters. So far in the first month of the year, AWS year-over-year revenue growth is in the mid-teens. That said, stepping back, our new customer pipeline remains healthy and robust, and there are many customers continuing to put plans in place to migrate to the cloud and commit to AWS over the long term.

So on the AWS growth rate, I'm not sure I can forecast for you with any level of certainty what is going to happen beyond this quarter.

We've always said that our free cash flow has been around slightly higher than our EBIT margin. If you look back, you'll see that it's, in some quarters a little above, in some quarters a little below. We have not seen any changes of -- material changes in payment terms or the flows of cash. So there's nothing we've seen so far that would cause us to change our views about cash flow conversion for the company.