(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
(Nasdaq Global Select Market) |
Exhibit No. | Description | |||||||
99.1 | ||||||||
Datadog, Inc. | ||||||||||||||
Date: November 3, 2022 | ||||||||||||||
By: | /s/ David Obstler | |||||||||||||
David Obstler | ||||||||||||||
Chief Financial Officer |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue | $ | 436,533 | $ | 270,488 | $ | 1,205,701 | $ | 702,586 | ||||||||||||||||||
Cost of revenue (1)(2)(3) | 93,599 | 63,332 | 249,986 | 167,096 | ||||||||||||||||||||||
Gross profit | 342,934 | 207,156 | 955,715 | 535,490 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Research and development (1)(3) | 205,388 | 112,675 | 533,695 | 286,720 | ||||||||||||||||||||||
Sales and marketing (1)(2)(3) | 129,493 | 75,827 | 345,929 | 210,592 | ||||||||||||||||||||||
General and administrative (1)(3) | 39,395 | 23,549 | 100,158 | 65,789 | ||||||||||||||||||||||
Total operating expenses | 374,276 | 212,051 | 979,782 | 563,101 | ||||||||||||||||||||||
Operating loss | (31,342) | (4,895) | (24,067) | (27,611) | ||||||||||||||||||||||
Other income (loss): | ||||||||||||||||||||||||||
Interest expense (4) | (3,728) | (4,912) | (13,516) | (15,448) | ||||||||||||||||||||||
Interest income and other income, net | 12,011 | 5,040 | 25,367 | 16,105 | ||||||||||||||||||||||
Other income, net | 8,283 | 128 | 11,851 | 657 | ||||||||||||||||||||||
Loss before provision for income taxes | (23,059) | (4,767) | (12,216) | (26,954) | ||||||||||||||||||||||
Provision for income taxes | (2,926) | (717) | (8,910) | (960) | ||||||||||||||||||||||
Net loss | $ | (25,985) | $ | (5,484) | $ | (21,126) | $ | (27,914) | ||||||||||||||||||
Net loss per share - basic | $ | (0.08) | $ | (0.02) | $ | (0.07) | $ | (0.09) | ||||||||||||||||||
Net loss per share - diluted | $ | (0.08) | $ | (0.02) | $ | (0.07) | $ | (0.09) | ||||||||||||||||||
Weighted average shares used in calculating net loss per share: | ||||||||||||||||||||||||||
Basic | 315,990 | 310,247 | 314,753 | 308,115 | ||||||||||||||||||||||
Diluted | 315,990 | 310,247 | 314,753 | 308,115 | ||||||||||||||||||||||
(1) Includes stock-based compensation expense as follows: | ||||||||||||||||||||||||||
Cost of revenue | $ | 3,165 | $ | 1,427 | $ | 7,173 | $ | 2,957 | ||||||||||||||||||
Research and development | 65,321 | 27,239 | 163,326 | 64,947 | ||||||||||||||||||||||
Sales and marketing | 21,145 | 9,739 | 53,330 | 23,355 | ||||||||||||||||||||||
General and administrative | 11,731 | 5,590 | 26,816 | 16,112 | ||||||||||||||||||||||
Total | $ | 101,362 | $ | 43,995 | $ | 250,645 | $ | 107,371 |
(2) Includes amortization of acquired intangibles as follows: | ||||||||||||||||||||||||||
Cost of revenue | $ | 1,900 | $ | 1,311 | $ | 4,795 | $ | 2,574 | ||||||||||||||||||
Sales and marketing | 208 | 229 | 617 | 392 | ||||||||||||||||||||||
Total | $ | 2,108 | $ | 1,540 | $ | 5,412 | $ | 2,966 |
(3) Includes employer payroll taxes on employee stock transactions as follows: | ||||||||||||||||||||||||||
Cost of revenue | $ | 47 | $ | 62 | $ | 219 | $ | 253 | ||||||||||||||||||
Research and development | 1,799 | 1,523 | 7,925 | 5,395 | ||||||||||||||||||||||
Sales and marketing | 620 | 1,275 | 2,334 | 5,230 | ||||||||||||||||||||||
General and administrative | 245 | 520 | 719 | 838 | ||||||||||||||||||||||
Total | $ | 2,711 | $ | 3,380 | $ | 11,197 | $ | 11,716 |
(4) Includes amortization of issuance costs as follows: | ||||||||||||||||||||||||||
Interest expense | $ | 843 | $ | 838 | $ | 2,525 | $ | 2,510 | ||||||||||||||||||
Total | $ | 843 | $ | 838 | $ | 2,525 | $ | 2,510 |
September 30, 2022 | December 31, 2021 | |||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents | $ | 294,815 | $ | 270,973 | ||||||||||
Marketable securities | 1,471,448 | 1,283,473 | ||||||||||||
Accounts receivable, net of allowance for credit losses of $5,430 and $2,997 as of September 30, 2022 and December 31, 2021, respectively | 348,830 | 268,824 | ||||||||||||
Deferred contract costs, current | 29,873 | 23,235 | ||||||||||||
Prepaid expenses and other current assets | 31,603 | 24,443 | ||||||||||||
Total current assets | 2,176,569 | 1,870,948 | ||||||||||||
Property and equipment, net | 110,889 | 75,152 | ||||||||||||
Operating lease assets | 88,930 | 61,355 | ||||||||||||
Goodwill | 332,649 | 292,176 | ||||||||||||
Intangible assets, net | 15,616 | 15,704 | ||||||||||||
Deferred contract costs, non-current | 50,154 | 42,062 | ||||||||||||
Restricted cash | 3,019 | 3,490 | ||||||||||||
Other assets | 19,777 | 19,907 | ||||||||||||
TOTAL ASSETS | $ | 2,797,603 | $ | 2,380,794 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Accounts payable | $ | 27,625 | $ | 25,270 | ||||||||||
Accrued expenses and other current liabilities | 146,290 | 111,284 | ||||||||||||
Operating lease liabilities, current | 21,751 | 20,157 | ||||||||||||
Deferred revenue, current | 478,742 | 371,985 | ||||||||||||
Total current liabilities | 674,408 | 528,696 | ||||||||||||
Operating lease liabilities, non-current | 76,934 | 52,106 | ||||||||||||
Convertible senior notes, net | 738,003 | 735,482 | ||||||||||||
Deferred revenue, non-current | 9,455 | 13,896 | ||||||||||||
Other liabilities | 9,364 | 9,411 | ||||||||||||
Total liabilities | 1,508,164 | 1,339,591 | ||||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||||
Common stock | 3 | 3 | ||||||||||||
Additional paid-in capital | 1,487,992 | 1,197,136 | ||||||||||||
Accumulated other comprehensive loss | (25,324) | (3,830) | ||||||||||||
Accumulated deficit | (173,232) | (152,106) | ||||||||||||
Total stockholders’ equity | 1,289,439 | 1,041,203 | ||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 2,797,603 | $ | 2,380,794 | ||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||
Net loss | $ | (25,985) | $ | (5,484) | $ | (21,126) | $ | (27,914) | ||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 9,313 | 6,197 | 24,825 | 16,062 | ||||||||||||||||||||||
Amortization of discounts or premiums on marketable securities | 520 | 3,716 | 7,217 | 11,829 | ||||||||||||||||||||||
Amortization of issuance costs | 843 | 838 | 2,525 | 2,510 | ||||||||||||||||||||||
Amortization of deferred contract costs | 7,361 | 4,704 | 19,941 | 12,557 | ||||||||||||||||||||||
Stock-based compensation, net of amounts capitalized | 101,362 | 43,995 | 250,645 | 107,371 | ||||||||||||||||||||||
Non-cash lease expense | 5,550 | 4,544 | 15,236 | 12,605 | ||||||||||||||||||||||
Allowance for credit losses on accounts receivable | 1,998 | 699 | 3,929 | 1,226 | ||||||||||||||||||||||
Loss on disposal of property and equipment | 3 | 102 | 1,152 | 258 | ||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable, net | (45,638) | (36,972) | (83,738) | (61,880) | ||||||||||||||||||||||
Deferred contract costs | (13,202) | (10,909) | (34,671) | (27,610) | ||||||||||||||||||||||
Prepaid expenses and other current assets | 1,349 | 1,596 | (11,280) | (941) | ||||||||||||||||||||||
Other assets | (168) | (912) | (1,920) | (1,844) | ||||||||||||||||||||||
Accounts payable | (20,696) | 5,060 | 2,483 | 12,432 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 31,660 | 11,918 | 27,350 | 19,226 | ||||||||||||||||||||||
Deferred revenue | 29,348 | 38,287 | 101,398 | 94,865 | ||||||||||||||||||||||
Net cash provided by operating activities | 83,618 | 67,379 | 303,966 | 170,752 | ||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||
Purchases of marketable securities | (348,947) | (406,429) | (1,067,732) | (897,412) | ||||||||||||||||||||||
Maturities of marketable securities | 340,439 | 365,486 | 857,193 | 935,692 | ||||||||||||||||||||||
Proceeds from sale of marketable securities | 84 | 19,417 | 2,090 | 61,132 | ||||||||||||||||||||||
Purchases of property and equipment | (9,706) | (3,324) | (25,207) | (7,551) | ||||||||||||||||||||||
Capitalized software development costs | (6,812) | (6,972) | (21,592) | (19,364) | ||||||||||||||||||||||
Cash paid for acquisition of businesses; net of cash acquired | (736) | 146 | (40,302) | (200,202) | ||||||||||||||||||||||
Net cash used in investing activities | (25,678) | (31,676) | (295,550) | (127,705) | ||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||
Proceeds from exercise of stock options | 1,816 | 4,489 | 8,267 | 10,651 | ||||||||||||||||||||||
Proceeds for issuance of common stock under the employee stock purchase plan | — | — | 13,557 | 9,794 | ||||||||||||||||||||||
Employee payroll taxes paid related to net share settlement under the employee stock purchase plan | — | — | — | (245) | ||||||||||||||||||||||
Repayments of convertible senior notes | — | — | (3) | — | ||||||||||||||||||||||
Net cash provided by financing activities | 1,816 | 4,489 | 21,821 | 20,200 | ||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,995) | (758) | (6,866) | (1,420) | ||||||||||||||||||||||
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 55,761 | 39,434 | 23,371 | 61,827 | ||||||||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 242,073 | 251,104 | 274,463 | 228,711 | ||||||||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period | $ | 297,834 | $ | 290,538 | $ | 297,834 | $ | 290,538 | ||||||||||||||||||
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE STATEMENTS OF CASH FLOWS ABOVE: | ||||||||||||||||||||||||||
Cash and cash equivalents | $ | 294,815 | $ | 286,966 | $ | 294,815 | $ | 286,966 | ||||||||||||||||||
Restricted cash | 3,019 | 3,572 | 3,019 | 3,572 | ||||||||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 297,834 | $ | 290,538 | $ | 297,834 | $ | 290,538 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Reconciliation of gross profit and gross margin | ||||||||||||||||||||||||||
GAAP gross profit | $ | 342,934 | $ | 207,156 | $ | 955,715 | $ | 535,490 | ||||||||||||||||||
Plus: Stock-based compensation expense | 3,165 | 1,427 | 7,173 | 2,957 | ||||||||||||||||||||||
Plus: Amortization of acquired intangibles | 1,900 | 1,311 | 4,795 | 2,574 | ||||||||||||||||||||||
Plus: Employer payroll taxes on employee stock transactions | 47 | 62 | 219 | 253 | ||||||||||||||||||||||
Non-GAAP gross profit | $ | 348,046 | $ | 209,956 | $ | 967,902 | $ | 541,274 | ||||||||||||||||||
GAAP gross margin | 79% | 77% | 79% | 76% | ||||||||||||||||||||||
Non-GAAP gross margin | 80% | 78% | 80% | 77% | ||||||||||||||||||||||
Reconciliation of operating expenses | ||||||||||||||||||||||||||
GAAP research and development | $ | 205,388 | $ | 112,675 | $ | 533,695 | $ | 286,720 | ||||||||||||||||||
Less: Stock-based compensation expense | (65,321) | (27,239) | (163,326) | (64,947) | ||||||||||||||||||||||
Less: Employer payroll taxes on employee stock transactions | (1,799) | (1,523) | (7,925) | (5,395) | ||||||||||||||||||||||
Non-GAAP research and development | $ | 138,268 | $ | 83,913 | $ | 362,444 | $ | 216,378 | ||||||||||||||||||
GAAP sales and marketing | $ | 129,493 | $ | 75,827 | $ | 345,929 | $ | 210,592 | ||||||||||||||||||
Less: Stock-based compensation expense | (21,145) | (9,739) | (53,330) | (23,355) | ||||||||||||||||||||||
Less: Amortization of acquired intangibles | (208) | (229) | (617) | (392) | ||||||||||||||||||||||
Less: Employer payroll taxes on employee stock transactions | (620) | (1,275) | (2,334) | (5,230) | ||||||||||||||||||||||
Non-GAAP sales and marketing | $ | 107,520 | $ | 64,584 | $ | 289,648 | $ | 181,615 | ||||||||||||||||||
GAAP general and administrative | $ | 39,395 | $ | 23,549 | $ | 100,158 | $ | 65,789 | ||||||||||||||||||
Less: Stock-based compensation expense | (11,731) | (5,590) | (26,816) | (16,112) | ||||||||||||||||||||||
Less: Employer payroll taxes on employee stock transactions | (245) | (520) | (719) | (838) | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 27,419 | $ | 17,439 | $ | 72,623 | $ | 48,839 | ||||||||||||||||||
Reconciliation of operating (loss) income and operating margin | ||||||||||||||||||||||||||
GAAP operating loss | $ | (31,342) | $ | (4,895) | $ | (24,067) | $ | (27,611) | ||||||||||||||||||
Plus: Stock-based compensation expense | 101,362 | 43,995 | 250,645 | 107,371 | ||||||||||||||||||||||
Plus: Amortization of acquired intangibles | 2,108 | 1,540 | 5,412 | 2,966 | ||||||||||||||||||||||
Plus: Employer payroll taxes on employee stock transactions | 2,711 | 3,380 | 11,197 | 11,716 | ||||||||||||||||||||||
Non-GAAP operating income | $ | 74,839 | $ | 44,020 | $ | 243,187 | $ | 94,442 | ||||||||||||||||||
GAAP operating margin | (7)% | (2)% | (2)% | (4)% | ||||||||||||||||||||||
Non-GAAP operating margin | 17% | 16% | 20% | 13% | ||||||||||||||||||||||
Reconciliation of net (loss) income | ||||||||||||||||||||||||||
GAAP net loss | $ | (25,985) | $ | (5,484) | $ | (21,126) | $ | (27,914) | ||||||||||||||||||
Plus: Stock-based compensation expense | 101,362 | 43,995 | 250,645 | 107,371 | ||||||||||||||||||||||
Plus: Amortization of acquired intangibles | 2,108 | 1,540 | 5,412 | 2,966 | ||||||||||||||||||||||
Plus: Employer payroll taxes on employee stock transactions | 2,711 | 3,380 | 11,197 | 11,716 | ||||||||||||||||||||||
Plus: Amortization of issuance costs | 843 | 838 | 2,525 | 2,510 | ||||||||||||||||||||||
Non-GAAP net income | $ | 81,039 | $ | 44,269 | $ | 248,653 | $ | 96,649 | ||||||||||||||||||
Net income per share - basic | $ | 0.26 | $ | 0.14 | $ | 0.79 | $ | 0.31 | ||||||||||||||||||
Net income per share - diluted | $ | 0.23 | $ | 0.13 | $ | 0.72 | $ | 0.28 | ||||||||||||||||||
Shares used in non-GAAP net income per share calculations: | ||||||||||||||||||||||||||
Basic | 315,990 | 310,247 | 314,753 | 308,115 | ||||||||||||||||||||||
Diluted | 345,100 | 344,453 | 345,603 | 343,071 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 83,618 | $ | 67,379 | $ | 303,966 | $ | 170,752 | ||||||||||||||||||
Less: Purchases of property and equipment | (9,706) | (3,324) | (25,207) | (7,551) | ||||||||||||||||||||||
Less: Capitalized software development costs | (6,812) | (6,972) | (21,592) | (19,364) | ||||||||||||||||||||||
Free cash flow | $ | 67,100 | $ | 57,083 | $ | 257,167 | $ | 143,837 | ||||||||||||||||||
Free cash flow margin | 15% | 21% | 21% | 20% |
Cover |
Nov. 03, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 03, 2022 |
Entity Registrant Name | Datadog, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 27-2825503 |
Entity File Number | 001-39051 |
Entity Address, Postal Zip Code | 10018 |
City Area Code | 866 |
Local Phone Number | 329-4466 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.00001 per share |
Trading Symbol | DDOG |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001561550 |
Amendment Flag | false |
Entity Address, Address Line One | 620 8th Avenue, |
Entity Address, Address Line Two | 45th Floor |
Entity Address, State or Province | NY |
Entity Address, City or Town | New York, |
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