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Datadog $DDOG Q1 Earnings Analysis
Revenue: $482 million +33% YoY, +3% QoQ
  • outage in March $5 million impact on revenue

Gross profit: $388 million -> gross margin of 79% flat YoY

Operating income: -$35 million vs +10 million YoY

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Total customers: 25,500 +29% YoY

Exceeded $2 billion in total ARR for the first time

% customers using 4 or more and 6 or more products continuing to increase QoQ

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ARR > $100K: 2,910 +29% YoY

Dollar-based net retention rate >130% but expected to be below 130% in Q2

Free cash flow: $116 million -10% YoY -> FCF margin of 24%

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R&D as % of Revenue: 48% vs 41% YoY
S&M as % of Revenue: 30% vs 28% YoY

Datadog secret sauce -> ploughing gross profit into R&D for additional product features to serve its customers instead of spending dollars convincing customers to use its products

Revenue Guidance
  • Q2: $498 million to $502 million, +23% to 24% YoY
  • Fiscal year 2023: $2.08 billion to $2.10 billion, +24% to 25% YoY growth
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Overall, long-term investment outlook continues to be strong with $DDOG on track to meet growth assumptions

Check out the complete in-depth analysis that I published last month
Datadog, Inc. Investment Thesis
Datadog (DDOG) Deep Dive

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