DigitalOcean Holdings, Inc. (NYSE:DOCN) Q1 2024 Earnings Call Transcript May 10, 2024 8:00 AM ET

Company Participants

Rob Bradley - VP of IR
Paddy Srinivasan - CEO
Matt Steinfort - CFO

Conference Call Participants

Raimo Lenschow - Barclays
Pinjalim Bora - JPMorgan
Kingsley Crane - Canaccord
Josh Baer - Morgan Stanley
Tim Horan - Oppenheimer
Mike Cikos - Needham
James Fish - Piper Sandler

Operator

Thank you for standing by and welcome to the DigitalOcean First Quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Rob Bradley, Vice President of Investor Relations. Please go ahead.

Rob Bradley

Thank you, Rochelle. And good morning. Thank you all for joining us to review DigitalOcean's first quarter 2024 financial results. Joining me today are Paddy Srinivasan, our Chief Executive Officer, and Matt Steinfort, our Chief Financial Officer. After our prepared remarks, we will open the call to a question-and-answer session.

Before we begin, let me remind you that certain statements made on the call today may be considered forward-looking statements which reflect management's best judgment based on currently available information. I refer specifically to the discussion of our expectations and beliefs regarding our financial outlook for the second quarter and full year 2024. Our actual results may differ materially from those projected in these forward-looking statements and direct your attention to the risk factors contained in the company's 10-Q filed with the Securities and Exchange Commission and those referenced in today's press release that is posted on our website. DigitalOcean expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements made today.

Additionally, non-GAAP financial measures will be discussed on this conference call and reconciliations to the most directly comparable GAAP financial measures are also available in today's press release as well as in our updated investor presentation that outlines the financial discussion in today's call. A webcast of today's call is also available on our website in the IR section.

With that, I'd like to turn the call over to our CEO, Paddy Srinivasan. Paddy?

Paddy Srinivasan

Thank you, Rob. Good morning, everyone. And thank you for joining us today as we review our first quarter results. After my first three months in the role, I'm pleased with both the solid execution and durable growth we delivered in Q1 and the early progress we are making to position the company to take advantage of the material growth opportunities that are in front of us. In my remarks today, I will briefly highlight our first quarter results, share some initial observations from my first 90 days, provide several examples of our increasing product velocity, and discuss our progress pursuing the tremendous AI growth opportunity.