DDOG Morgan Stanley TMT 2026

All right. Good morning. Day 2 morning session of the Morgan Stanley TMT Conference. We are super thrilled to have the Chief Financial Officer from Datadog, David Obstler.

David, welcome back to the TMT conference. I think you guys have been here every single year that you've been public.

Yes. Thanks for having us back.

Awesome. Yes, we're going to -- lots of talk about. Business is doing well. We've going to talk about, of course, AI and all sorts of other topics.

But before I get there for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. ke Inc,dn©vcsfsd.ARm DTm Rnn DIRTv Rb

So with that, let's kick off the conversation. If we look at this year, you're coming off another strong year business accelerated from a growth perspective to 28% to $3.4 billion in revenue, delivering operating margins of 22% and you're now serving 32,000-plus customers. We're at an interesting time in the market, and particularly with software, and then there's a kind of a return to first principles thinking and assessing how software providers create value.

So with that context in terms of getting back to basics, David, what are the core problems that Datadog helps customers solve today? And what problems will Datadog help solve going forward?

Yes. Good question. So Datadog helps companies migrate their mission-critical applications, usually customer-facing to the cloud or manage them in the cloud. Our legacy has been -- and observability, which has really been around infrastructure, APM, logs and digital experience.

And as we've expanded the product set over the years, we tend to handle more and more of the problems of clients always in a single pane of glass, heavily integrated, our customers in Dev Ops and SRE can come in, turn it on and see what the environment. And we've been moving the platform from observability to areas like security, towards the front end, towards digital applications and digital experience, now product analytics, to service management and workflows and injecting AI in the platform, both the platform itself and the monitoring, all to try to move from observability to recommendations and an action, which has been the core value proposition of Datadog from day 1.

Awesome. Let's talk about some of the