20231213_民生证券_计算机行业深度研究：DATADOG_性能监测领域老兵未来更具增长活力_28页.pdf
*01*2023 12 12 DATADOG/*Olivier(CEO)Alexis(CTO)MBA CFO MBA 374 2017 2023 65%76%-80%2018 R&D 28%23 47%2018 44%23 25%Datadog EV/Sales 1 Datadog SaaS 2 2023 9 30 10+12%Datadog Datadog-AI AI NAIRR AIGC ChatGPT Datadog IT 2023 08 07 Datadog Bits AI To B GPU AI GPU 11ZCXxOmRnOpOtNnOmRtMoPbRcM9PtRoOsQmPiNnMpNiNrQmP7NpOsRuOrMzRMYnQrN*C O N T E N T S+01 AI 02 03 042*+01.3*DATADOG 2010 Datadog Datadog Olivier Pomel-Wireless Generation IT 2010 Datadog AWS Datadog 4*Olivier Pomel(&)-(&)Amit Agarwal()David Obstler()MBA&Yale&MBA OlivierAlexis Amit David 5*6*(APM)SIEM CI*Datadog Investor Presentation 2023 12 9 19.0 12$374 26,100 4 6 82%45%21%17 5403 22 23200 23 Q2 22 Q223.11%twitter+23.11%YoY FY23Q279%8*Datadog Investor Presentation 17.9 12 350 25,500APM%4 6 81%43%19%GAAPNon-GAAP70%30%FY23 Q2 72%28%FY22 Q2 Q2 Datadog 70%Datadog 2022 6-2023 6 Datadog 18.97 GAAP 15.04 79%Non-GAAP 15.28 81%78%-80%9*Crunchbase 2010 7-2011 4 Datadog 120 2012 12 Datadog 620 A Index Ventures,RTP Global 2014 1 Datadog 1500 B OpenView 2015 1 Datadog 3100 C Index Ventures 2016 1 Datadog 9450 D ICONIQ Growth 2018 9 Datadog(DDOG)Datadog 27 6.48 Logmatic.io()Undefined Lab()Rollbar()Instana()Sqreen()Undefined Lab Logmatic.io Rollbar Instana Sqreen Seekret(API)10*SaaS hub CSDNDatadog Datadog SaaS NETSCOUT nGeniousONE Prometheus DatadogNetSCOUT SaaS APM SaaS()DIY(Dashboard)UI Grafana$1.27/$15/APM$31/Trustradius 11*Datadog+=GPU GPU GPU GPU AI NVIDIA GPU AINVIDIA GPU AI Datadog NVIDIA GPU DCGM NVIDIA GPU Tesla A100 Kepler Datadog GPU GPU AI GPU GPU AI Datadog NVIDIA DCGM Exporter GPU AI(LLM)12*AI 02.13*Wind IDC IT AI 2026 5086 26 1271400P 22 4.7 vs GPU 14 603496.SH AI*IT AI(1)2020 2023 1 2020 National AI Initiative Act of 2020 NSF OSTP NAIRR AI 26 6 NAIRR AI AI AIGC AIGC 2012 24;2020 GPT-2 3 4 ResearchGate*IT AI(2)AIGC IT IT AIGC CPU IT Open AI 90%APM Datadog 16*IT AIOps 2023 23 20%23/20.55%42.31%(21.95%)(31.43%)17 603496.SH AI*03.18*GAAP 177.5198.5233.5270.5326.2363406.1436.5469.4481.7509.50200400600FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY23 Q1 FY22 Q2(136.7152176.5207.2259.1288.7324.3343372.7381.9407.777.0%76.6%75.6%76.6%79.4%79.5%79.9%78.6%79.4%79.3%80.0%73.0%74.0%75.0%76.0%77.0%78.0%79.0%80.0%81.0%0100200300400500600FY20 Q4 FY21 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY22 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY23 Q1 FY22 Q2()&GAAP GAAP 20172023 65%80%19*&18 28%23 47%18 44%25%Datadog GAAPNon-GAAPGAAPNon-GAAP20*VS Splunk,Dynatrace,New Relic Datadog;Datedog EBITDA-4.73%DT 12.03%New Relic-14.03%datadog Splunk New Relic Datadog Tradingview SeekingAlpha Datadog 300 Datadog 30%DT Splunk 21*Datadog Dynatrace Splunk New Relic APM 1.07%0.07%0.01%(Splunk mint)0.01%50.67%in Data-center-management market3.30%in API mgmt.63.14%in SIEM23.41%in SystemAdministration FY22$16.75$11$33$8.89(FY23 Q2)79.34%82.20%78.53%75.42%EBIDTA Margin-4.73%12.03%2.79%-14.08%$310.2$136.8$165.5$59.8 P/S(TTM)15.56x 11.02x 4.97x 6.09x SAP Salesforce PayPal Airbnb Spotify Uber IBM SAP 6sense SeekingAlpha 22*EV/Sales SeekingAlpha Datadog SaaS Datadog 100/Datadog 22+Datadog Datadog ARPU DatadogDynatraceNew Relic Splunk23*04.24*B G C 5G+Dynatrace Splunk IBM AWS 25*THANKS 8 1 5F 200120 28 A 19 100005 6001 32 05 518026&26 S0100522090004 13917829974 S0100521100003 15600604845 S0100523080001 13764696278 S0100523050001 18721775177 S0100122060027 19921166615 S0100123020004 13724112142*12 A 300 500 15%5%15%-5%5%5%5%-5%5%5%*27
