Comment 2 for bug 1727358

Could you run
  cloud-init collect-logs
And then attach the cloud-init.tar.gz

Also, Can you provide some information on what you were running?
 " cloud-init is slow to complete init on minimized images "
How can I recreate this?

One curious thing there is:
 2017-10-25 13:22:07,157 - util.py[WARNING]: did not find either path /sys/class/dmi/id or dmidecode command

I suspect you have a kernel without CONFIG_DMI, which seems unfortunate or
possibly you're not on intel or arm64.

For large jumps in your log, it took ~ 9 seconds (13:22:07,337 -> 13:22:16,112) from the exit of cloud-init-local.service to get to 'cloud-init.service' printing its hello message. That is basically the time it took the network to come up.

Then we have a big jump (122 seconds):
 13:22:16,264 main.py[DEBUG]: no di_report found in config.
 13:24:38,088 stages.py[DEBUG]: Using distro class <class 'cloudinit.distros.ubuntu.Distro'>

Those two lines in a vm I have on a openstack look like this:
2017-10-11 15:08:26,685 - main.py[DEBUG]: no di_report found in config.
2017-10-11 15:08:27,031 - stages.py[DEBUG]: Using distro class <class 'cloudinit.distros.ubuntu.Distro'>
2017-10-11 15:08:27,032 - stages.py[DEBUG]: Running module migrator (<module 'cloudinit.config.cc_migrator' from '/usr/lib/python3/dist-packages/cloudinit/config/cc_migrator.py'>) with frequency always

That is ~ .5 seconds, which is not fast, but not 120 seconds either.