Datadog

Capital allocation emphasizes organic R&D and rapid product expansion, consistent with widening platform breadth. Tuck-in acquisitions like Eppo extend analytics and experimentation adjacent to observability. Share-based compensation is substantial, and diluted share count continues to drift higher in the low single digits annually.

Management has not emphasized repurchases, and convert issuance was used to push out maturities and partially retire prior notes. Overall solid, with the main watchpoint being dilution.