Elastic NV (ESTC) 2025 Q1 法說會逐字稿

Good day and welcome to the Elastic first quarter fiscal 2025 conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Elastic 2025 財年第一季電話會議。（操作員指示）請注意，此事件正在記錄中。

I would now like to turn the conference over to Anthony Luscri, VP of Investor Relations. Please go ahead.

現在，我想將會議交給投資人關係副總裁 Anthony Luscri。請繼續。

Thank you. Good afternoon and thank you for joining us on today's conference call to discuss Elastic's first quarter fiscal 2025 financial results. On the call, we have Ash Kulkarni, Chief Executive Officer; and Janesh Moorjani, Chief Financial Officer and Chief Operating Officer.

謝謝。下午好，感謝您參加今天的電話會議，討論 Elastic 2025 財年第一季的財務業績。參加電話會議的有執行長 Ash Kulkarni；以及財務長兼營運長 Janesh Moorjani。

Following their prepared remarks, we will take questions. Our press release was issued today after the close of market and is posted on our website. Slides, which are supplemental to the call, can also be found on the Elastic Investor Relations website at ir.elastic.co.

在他們發表準備好的發言後，我們將回答問題。我們的新聞稿於今天收盤後發布並發佈在我們的網站上。作為電話會議補充內容的幻燈片也可以在 Elastic 投資者關係網站 ir.elastic.co 上找到。

Our discussion will include forward looking statements, which may include predictions, estimates, or expectations regarding the demand for our products and solutions and our future revenue and other information. These forward-looking statements are based on factors currently known to us speak only as of the date of this call and are subject to risks and uncertainties that could cause actual results to differ materially.

我們的討論將包括前瞻性陳述，其中可能包括對我們的產品和解決方案的需求以及我們未來收入和其他資訊的預測、估計或期望。這些前瞻性陳述是基於我們目前所知的因素，僅代表截至本次電話會議之日的觀點，並受可能導致實際結果大不相同的風險和不確定性的影響。

We discuss name any obligation to update or revise these forward looking statements unless required by law. Please refer to the risks and uncertainties included in the press release that we issued earlier today, included in the slides posted on the Investor Relations website, and those more fully described in our filings with the Securities and Exchange Commission.

除非法律要求，我們討論名稱任何更新或修改這些前瞻性聲明的義務。請參閱我們今天稍早發布的新聞稿中包含的風險和不確定性，包括在投資者關係網站上發布的幻燈片中，以及我們向美國證券交易委員會提交的文件中更詳細描述的風險和不確定性。

We will also discuss certain non-GAAP financial measures. Disclosures regarding non-GAAP measures, including reconciliations with the most comparable GAAP measures can be found in the press release and slides.

我們也將討論某些非公認會計準則財務指標。有關非公認會計準則 (GAAP) 指標的揭露，包括與最具可比性的公認會計準則 (GAAP) 指標的調節，可在新聞稿和幻燈片中找到。

The webcast replay of this call will be available on our company website under the Investor Relations link. Our second quarter of fiscal 2025 quiet period begins at the close of business on Wednesday, October 17, 2024. Over the coming weeks, we will be participating the Citi Global TMT Conference, Goldman Sachs Communacopia & Technology Conference, and the Piper Sandler Growth Frontier's Conference.

本次電話會議的網路直播重播將在我們公司網站的「投資者關係」連結下提供。我們的 2025 財年第二季的靜默期從 2024 年 10 月 17 日星期三營業結束時開始。未來幾週，我們將參加花旗全球 TMT 會議、高盛 Communacopia 和技術會議以及 Piper Sandler 成長前沿會議。

With that, I'll turn it over to Ash.

說完這些，我就把它交給 Ash。

Thank you, Anthony, and thank you all for joining us today. Total revenue in Q1 grew 18% year-over-year. Cloud revenue grew 30% year-over-year, and we delivered non-GAAP operating margin of 10.7%. We once again outperformed against the high end of our revenue and profitability guidance for the quarter, we continued to focus on our land, expand and consolidate strategy growing the total number of customers, spending over $100,000 us to more than 1,370.

謝謝你，安東尼，也謝謝大家今天的到來。第一季總營收年增18%。雲端營收年增 30%，非 GAAP 營業利潤率為 10.7%。我們的業績再次超出了本季收入和盈利預期的高端，我們繼續專注於土地、擴張和鞏固策略，增加客戶總數，花費超過 10 萬美元，達到 1,370 多家。

We also continued to drive strong momentum around generative AI opportunities and this helped us accelerate growth in our search business. Furthermore, our platform consolidation message continues to resonate with customers. Despite this trend, we view this as a mixed quarter for us because the overall volume of customer commitments we closed in Q1 fell short of our expectations.

我們也持續在生成式人工智慧領域保持強勁發展勢頭，這有助於我們加速搜尋業務的成長。此外，我們的平台整合訊息持續引起客戶的共鳴。儘管存在這種趨勢，但我們認為這對我們來說是一個好壞參半的季度，因為我們在第一季完成的客戶承諾總量未達到我們的預期。

In terms of the issues that affected the total customer commitments closed in Q1, we were impacted by sales segmentation changes we made at the beginning of Q1 to increase focus on our strategic, enterprise, and high-potential mid-market customers.

就影響第一季達成的總客戶承諾的問題而言，我們受到了第一季初進行的銷售細分變化的影響，以增加對策略、企業和高潛力中端市場客戶的關注。

To be more specific at the start of the fiscal year, we expanded our strategic segment, created more focus on selling into our largest accounts by reducing the number of accounts per sales rep and created distinct greenfield territories to focus on landing new customers, both in the enterprise and commercial segments. All these changes will help us grow our customer relationships and in time, increase our wallet share with customers through our platform consolidation motion.

更具體地說，在財政年度開始時，我們擴大了我們的策略部門，透過減少每個銷售代表的帳戶數量，更加重視向我們最大的帳戶銷售，並創建了不同的綠地區域，專注於在企業和商業領域吸引新客戶。所有這些變化將幫助我們發展與客戶的關係，並隨著時間的推移，透過我們的平台整合運動增加我們在客戶的錢包份額。

However, we underestimated the impact of the account transitions that occurred with these changes. This was especially true in the Americas, where we had the largest territory changes and we just didn't progress deals fast enough to bring them over the finish line. Separately, and to a lesser degree, tighter customer budget constraints led to delays in closing deals in EMEA. None of these deals were lost and we expect to close these in due course.

然而，我們低估了這些變化所帶來的帳戶轉換的影響。在美洲尤其如此，我們在那裡經歷了最大的領土變更，但我們的進展速度不夠快，無法讓他們跨越終點線。另外，在較小程度上，客戶預算限制收緊也導致了歐洲、中東和非洲地區交易的延遲。這些交易都沒有丟失，我們預計將在適當的時候完成。

Working with Mark Dodds and his sales leadership team, I have significantly heightened the monitoring of deal progress in the areas where we had the biggest segmentation changes. With this increased rigor, the deeper focus on our largest accounts. And quite simply as reps have had more time to cover their new accounts, we are already seeing encouraging signs of deals progressing through the sales funnel. Our enterprise engagements, particularly with our largest strategic accounts, can drive significant large deals for us over the next several quarters and beyond. These customers also have the largest budgets.

與馬克·多茲 (Mark Dodds) 和他的銷售領導團隊合作，我大大加強了對細分變化最大的領域的交易進展的監控。隨著嚴格程度的提高，我們對最大客戶的關注度也隨之增加。很簡單，由於銷售代表有更多的時間來覆蓋他們的新帳戶，我們已經看到交易在銷售管道中取得進展的令人鼓舞的跡象。我們的企業合作，特別是與我們最大的策略客戶的合作，可以在未來幾季及以後為我們帶來重大交易。這些客戶也擁有最大的預算。

Looking ahead, we remain extremely confident in both the market opportunity and our ability to successfully capture that opportunity. Our innovations are expanding our competitive differentiation. We continue to strengthen our position as the platform of choice for building real-time gen-AI applications. Our value and price advantage will continue to be a strength for us as customers consolidate onto Elastic for multiple use cases.

展望未來，我們對市場機會以及成功抓住機會的能力仍然充滿信心。我們的創新正在擴大我們的競爭差異化。我們將繼續加強我們作為建立即時通用人工智慧應用程式的首選平台的地位。隨著客戶將多種用例整合到 Elastic，我們的價值和價格優勢將繼續成為我們的優勢。

Turning to generative-AI, the level of customer enthusiasm and demand for generative-AI is intensifying as companies continue to progress from ideation to testing and adoption. Gen-AI's potential to drive business transformation reinforces our conviction in our strategy and in our position as a long-term beneficiary of this enormous technology shift.

談到生成式人工智慧，隨著企業不斷從構思到測試和採用，客戶對生成式人工智慧的熱情和需求水準日益增強。Gen-AI 推動業務轉型的潛力增強了我們對我們的策略以及我們作為這一巨大技術轉變的長期受益者的地位的信心。

I'm very pleased that we ended Q1 with over 1,300 customers using Elastic Cloud for generative-AI use cases and with approximately 200 customers amongst our cohort of greater than $100,000 customers using us for gen-AI.

我很高興，在第一季結束時，我們有超過 1,300 名客戶使用 Elastic Cloud 進行生成式 AI 用例，在我們超過 100,000 美元的客戶群中，有大約 200 名客戶使用我們的產品進行生成式 AI。

Also, as I mentioned earlier, we saw an overall acceleration in our search business as more customers chose Elastic to build out their AI-powered generative-AI use cases. All of this bodes incredibly well for our future as the search AI company with the leading platform for building real-time gen-AI applications. As an example, in Q1, a leading sales enablement software company signed an expanded deal to use Elastic to incorporate gen-AI across its platform.

另外，正如我之前提到的，隨著越來越多的客戶選擇 Elastic 來建立他們的 AI 驅動的生成 AI 用例，我們的搜尋業務整體上得到了加速。所有這些都預示著我們將在未來成為一家擁有建立即時生成人工智慧應用程式領先平台的搜尋人工智慧公司。例如，在第一季度，一家領先的銷售支援軟體公司簽署了一項擴展協議，使用 Elastic 在其平台上整合 gen-AI。

The company's copilot now leverages ELSER, Elastic's proprietary machine learning model for semantic search to enable each of their customers to create personalized and tailored content through more precise and faster retrieval augmented generation capabilities. This has improved the satisfaction of their customers and has led to a more than twofold increase in their Elastic consumption over the last six months. The company chose the Elastic Search AI platform for our hybrid search capabilities and seamless integration that doesn't require extensive model training or retraining.

該公司的副駕駛現在利用 Elastic 的專有語義搜尋機器學習模型 ELSER，使他們的每個客戶能夠透過更精確、更快的檢索增強生成功能創建個人化和客製化的內容。這提高了客戶的滿意度，並導致過去六個月中他們的 Elastic 消費量增加了一倍以上。該公司選擇 Elastic Search AI 平台是因為我們的混合搜尋功能和無縫集成，不需要大量的模型訓練或再訓練。

Another win in Q1 was with a global leader in the transportation industry that signed an expansion deal with Elastic through the Google Cloud Marketplace to upgrade its security architecture and incorporate gen-AI across all cybersecurity operations. The company will deploy our AI-driven security analytics capabilities such as the Elastic AI Assistant, Attack Discovery, and ES|QL, aiming to increase their event processing capacity by 20%.

第一季的另一個勝利是與運輸業的全球領導者合作，該企業透過 Google Cloud Marketplace 與 Elastic 簽署了一項擴展協議，以升級其安全架構並將 gen-AI 納入所有網路安全營運。該公司將部署我們的人工智慧驅動的安全分析功能，例如 Elastic AI Assistant、Attack Discovery 和 ES|QL，旨在將其事件處理能力提高 20%。

These innovative capabilities enabled the organization to automate detection, prioritize actionable intelligence, and efficiently manage security threats, significantly reducing manual effort to enhance operational efficiency.

這些創新功能使組織能夠自動偵測、優先處理可操作情報並有效管理安全威脅，從而顯著減少人工工作量以提高營運效率。

A large American law firm has signed a new deal with Elastic displacing an incumbent solution for vector search and retrieval augmented generation. The firm will use Elastic to enhance case preparation for their paralegals and lawyers with a new internal search application. The application will find similar cases for benchmarking, applicable case laws, and correct misclassified cases, which aims to ultimately boost revenue per case and improve win rates for their clients.

一家大型美國律師事務所與 Elastic 簽署了一項新協議，取代現有的向量搜尋和檢索增強生成解決方案。該公司將使用 Elastic 的新內部搜尋應用程式來加強其律師助理和律師的案件準備。該應用程式將尋找類似的案例進行基準測試、適用的判例法，並糾正錯誤分類的案例，最終旨在提高每個案件的收入並提高客戶的勝訴率。

Elastic was chosen to displace the incumbent solution based on performance and ability to scale as the organization currently has nearly 40 million documents and is adding approximately 2 million every month.

該組織目前擁有近 4000 萬份文檔，並且每月新增約 200 萬份，因此選擇 Elastic 來取代現有的解決方案，因為它具有出色的性能和擴展能力。

The value Elastic brings, comes through in every customer conversation I have, which is why we also continue to win in platform consolidation. We continue to add capabilities to make it easier for customers to migrate from incumbent solutions and adopt the Elastic Search AI platform. In the last several quarters, we have led with ES|QL, our powerful piped query language and with our AI assistance for security and observability.

Elastic 帶來的價值體現在我與每一次客戶交談中，這也是我們在平台整合上不斷取勝的原因。我們不斷增加功能，讓客戶更容易從現有解決方案遷移並採用 Elastic Search AI 平台。在過去的幾個季度中，我們一直以強大的管道查詢語言 ES|QL 以及 AI 輔助實現安全性和可觀察性。

In Q1 at the Black Hat Security Conference, we went a step further by launching the Elastic Express Migration, a new incentive program, which packages up all the migration services, a company needs, and helps mitigate dual vendor costs to move away from legacy SIM and log analytics vendors to adopt the Elastic Search AI platform quickly and efficiently. We are pleased with our continued focus and efforts to displace incumbent solutions.

在黑帽安全大會第一季度，我們又邁出了一步，推出了一項新的激勵計劃 Elastic Express Migration，該計劃打包了公司需要的所有遷移服務，並有助於降低雙供應商成本，從而擺脫傳統的 SIM 和日誌分析供應商，快速高效地採用 Elastic Search AI 平台。我們很高興能夠繼續專注並努力取代現有的解決方案。

For example, we closed a seven-figure deal in the quarter with a leader in data security and compliance via the AWS Marketplace, displacing a competitor's solution. The company uses the Elastic Search AI platform to search, analyze, and visualize massive volumes of data across cloud environments, enabling their customers to detect, mask, and manage sensitive data to ensure compliance and mitigate risk. The speed and efficiency of the organization's data operations has already improved, outperforming the previous solution by up to 120 times.

例如，我們在本季透過 AWS Marketplace 與資料安全和合規領域的領導者達成了一筆七位數的交易，取代了競爭對手的解決方案。該公司使用 Elastic Search AI 平台在雲端環境中搜尋、分析和視覺化大量數據，使其客戶能夠偵測、屏蔽和管理敏感數據，以確保合規性並降低風險。該組織的資料操作速度和效率已提高，比以前的解決方案高出 120 倍。

Elastic was chosen based on our rapid search capabilities in detecting security breaches, meeting the complex needs of the demanding security environments in the world's largest and most influential companies. Also in the first quarter, a leading data analysis and business intelligence platform signed the new deal to replace an incumbent solution with Elastic Search AI platform. The company's Open Source intelligence solutions ingest, enrich, and analyze data from disparate sources around the globe, empowering law enforcement, government agencies, and businesses to save lives and protect what matters most.

選擇 Elastic 是基於我們在檢測安全漏洞方面的快速搜尋能力，可以滿足世界上最大和最具影響力的公司對苛刻的安全環境的複雜需求。同樣在第一季度，一家領先的數據分析和商業智慧平台簽署了新協議，用 Elastic Search AI 平台取代現有的解決方案。該公司的開源情報解決方案吸收、豐富和分析來自全球不同來源的數據，幫助執法部門、政府機構和企業拯救生命並保護最重要的事物。

By choosing Elastic to help streamline and consolidate disparate data sources and deliver more relevant search results, they can reduce costs, increased developer productivity, and improve search outcomes.

透過選擇 Elastic 來幫助簡化和整合不同的資料來源並提供更相關的搜尋結果，他們可以降低成本、提高開發人員的工作效率並改善搜尋結果。

Now turning to innovations. In Q1, our team continued to deliver capabilities to further expand our competitive advantage in the areas of search, gen-AI, observability, and security. In search, we continue to extend our leadership position as the vector database and in the retrieval augmented generation or RAG use case. In the first quarter, we further optimized scaler containerization, resulting in faster query speeds and dramatic reduction in memory requirements, and we have added support for binary vectors.

現在來談談創新。在第一季度，我們的團隊繼續提供能力，以進一步擴大我們在搜尋、通用人工智慧、可觀察性和安全性領域的競爭優勢。在搜尋方面，我們繼續擴大我們作為向量資料庫以及檢索增強生成或 RAG 用例的領導地位。第一季度，我們進一步優化了縮放器容器化，從而提高了查詢速度並大幅減少了記憶體需求，並且增加了對二進位向量的支援。

We also introduced the semantic_text field type, which automates the process of chunking large documents and creating text embeddings for each chunk resulting in a significantly simpler experience for gen-AI developers.

我們還引入了 semantic_text 欄位類型，它可以自動對大型文件進行分塊並為每個區塊建立文字嵌入，從而為 gen-AI 開發人員帶來更簡單的體驗。

Finally, we expanded our semantic reranking capabilities, which improves our natural language search capabilities for all users with a wider variety of AI model providers. We also introduced Playground to accelerate RAG application development with Elastic Search, all through an intuitive low-code UI-based workflow. With Playground, developer select any of their data in Elastic Search to experiment with and refine conversational queries with a generative model of choice. After experimentation, Playground can export production-ready code to simplify RAG implementations grounded by proprietary data.

最後，我們擴展了語義重新排名功能，透過更多種類的 AI 模型供應商，提高了我們為所有用戶提供的自然語言搜尋能力。我們還引入了 Playground，透過直覺的基於低程式碼 UI 的工作流程加速使用 Elastic Search 的 RAG 應用程式開發。透過 Playground，開發人員可以選擇 Elastic Search 中的任何資料來試驗，並使用所選的生成模型來優化對話查詢。經過實驗後，Playground 可以匯出可用於生產的程式碼，以簡化基於專有資料的 RAG 實作。

On a related note, Elastic has always embraced the power of open source and is demonstrating this with our announcement today that Elastic Search will be adding the AGPL as an option to license the free part of our source code that is available under the SSPL license today. AGPL is an OSI approved open-source license. And with this Elastic Search will be officially considered open source again.

與此相關，Elastic 始終擁抱開源的力量，並透過我們今天的公告證明了這一點，Elastic Search 將添加 AGPL 作為許可證目前根據 SSPL 許可證提供的原始程式碼免費部分的選項。AGPL 是 OSI 認可的開源授權。由此，Elastic Search 將再次被正式視為開源。

This will drive even greater engagement and adoption for Elastic Search in areas, including vector search within our [large] community. Further increasing our popularity as the runtime platform for RAG and building gen-AI applications. This exciting change will be incredible for our users and for our business over the long term.

這將推動 Elastic Search 在各個領域的更大參與度和採用度，包括我們 [大型] 社群內的向量搜尋。進一步提高我們作為 RAG 運行平台和建立 gen-AI 應用程式的知名度。這一令人興奮的變化對於我們的用戶和我們的長期業務來說都將是不可思議的。

In security, AI is transforming the SIEM landscape. With the traditional SIEM fast evolving to an AI-driven security analytics platform for the modern SOC, building on-attack discovery to automate threat investigations and triage, which we had discussed on our prior call. We continued our leadership in this area with our launch in Q1 of search AI-powered Automatic Import.

在安全領域，人工智慧正在改變 SIEM 格局。隨著傳統 SIEM 快速發展為現代 SOC 的 AI 驅動安全分析平台，建立攻擊發現功能以自動化威脅調查和分類，我們在先前的電話會議上已經討論過這一點。我們在第一季推出了由搜尋人工智慧驅動的自動導入功能，繼續保持在該領域的領先地位。

Automatic Import is a powerful new capability to automate SIEM data-onboarding by using AI to enforce schemas and automatically generate the rules to ingest data accurately. It complements our AI Assistant that customers can continue to use to convert their existing SIEM rules to Elastic. And all of this taken together greatly reduces the risk and effort to consolidate onto the Elastic platform.

自動導入是一項強大的新功能，它使用 AI 強制執行模式並自動生成規則以準確提取數據，從而實現 SIEM 數據導入的自動化。它是我們 AI 助理的補充，客戶可以繼續使用它將其現有的 SIEM 規則轉換為 Elastic。所有這些結合起來大大降低了整合到 Elastic 平台上的風險和工作量。

In the area of observability, we continue to deliver enhancements that improve the overall AI Assistant experience and increased choice for our customers. Adding support for Google Vertex with Gemini Pro model 1.5 connector and custom index support for AI assistant knowledgebase, giving customers more flexibility in how they leverage their assistant.

在可觀察性方面，我們將繼續提供增強功能，以改善整體 AI 助理體驗並為客戶提供更多選擇。透過 Gemini Pro 型號 1.5 連接器添加對 Google Vertex 的支持，並為 AI 助理知識庫添加自訂索引支持，讓客戶在利用助手方面擁有更大的靈活性。

Finally, we were pleased to be ranked as a leader in the 2024 Gartner Magic Quadrant for observability platforms. Partners are an essential part of our go-to-market strategy, and we are delighted to be recognized as the 2024 Microsoft US Partner of the Year, which not only underscores the strength of our partnership, but also reflects our shared focus to help customers accelerate their AI journey without sacrificing the privacy and security of their proprietary data.

最後，我們很高興在 2024 年 Gartner 可觀察性平台魔力像限中被評為領導者。合作夥伴是我們行銷策略的重要組成部分，我們很高興被評為 2024 年微軟美國年度合作夥伴，這不僅突顯了我們合作夥伴關係的力量，也反映了我們共同的重點，即幫助客戶加速他們的人工智慧之旅，同時不犧牲他們專有資料的隱私和安全。

In closing, we are very focused on improving our sales execution in the coming months. The opportunity in front of us, our technology platform, our community, our large customer base, and our team give us an incredibly strong foundation to build upon. We remain committed to building a multi-billion dollar business over time with a focus on growth and profitability.

最後，我們非常注重在未來幾個月內提高我們的銷售執行力。我們眼前的機會、我們的科技平台、我們的社群、我們龐大的客戶群和我們的團隊為我們未來的發展奠定了堅實的基礎。我們將繼續致力於隨著時間的推移打造價值數十億美元的企業，並專注於成長和獲利。

With that, I'll turn it over to Janesh to go through our financial results in more detail.

接下來，我將把主題交給 Janesh，讓他更詳細地介紹我們的財務結果。

Thanks, Ash. In the first quarter, we once again outperformed against the high end of both our revenue and profitability guidance for the quarter. I'll first discuss the results for the quarter before describing our outlook for the second quarter and full year.

謝謝，Ash。第一季度，我們的營收和獲利水準再次超出了本季預期的高點。我將首先討論本季的業績，然後再描述我們對第二季和全年的展望。

Total revenue in the first quarter was $347 million, up 18% year over year as reported and in constant currency. Subscription revenue in the first quarter totaled $324 million, up 20% year over year as reported and in constant currency. Within subscriptions, revenue from Elastic Cloud was $157 million, growing 30% year over year as reported and in constant currency. Elastic Cloud represented 45% of total revenue in the quarter.

第一季總營收為 3.47 億美元，以固定匯率計算年增 18%。第一季訂閱營收總計 3.24 億美元，以固定匯率計算年增 20%。在訂閱業務中，來自 Elastic Cloud 的營收為 1.57 億美元，按報告和固定匯率計算年增 30%。Elastic Cloud 佔本季總營收的 45%。

Aggregate consumption trends in Q1 played out as we expected with enterprise and commercial customers continuing to consume against their annual commitments. Revenue from our self-service motion, which is driven mainly by SMB customers on month-to-month arrangements remained somewhat flat versus the prior quarter. Elastic Cloud revenue based on month-to-month arrangements came in at 13% of total revenue. We will continue to monitor consumption trends closely.

第一季的整體消費趨勢正如我們預期的那樣，企業和商業客戶繼續按照其年度承諾進行消費。我們的自助服務業務收入主要由每月付款的中小企業客戶推動，與上一季相比基本持平。按月計費的 Elastic Cloud 收入佔總收入的 13%。我們將繼續密切監測消費趨勢。

Professional services revenue in the first quarter was $24 million, growing 1% year over year as reported and in constant currency. Although professional services revenue may fluctuate across quarters based on the timing of services delivery, we do not expect it to vary significantly in mix over time. To add more context around deal flow during the quarter, we did not close deals to the extent we expected. This was mainly due to account transitions caused by the segmentation changes we intentionally made in our sales organization, particularly in the Americas and to a lesser extent, tighter budget constraints that we did not anticipate in EMEA.

第一季專業服務收入為 2,400 萬美元，以固定匯率計算年增 1%。儘管專業服務收入可能會根據服務交付的時間在各個季度之間發生波動，但我們預計其組合不會隨著時間的推移而發生顯著變化。為了增加本季交易流程的背景訊息，我們並未如預期完成交易。這主要是因為我們在銷售組織中故意進行的細分變化（特別是在美洲地區）而導致的帳戶轉換，以及在較小程度上，我們沒有預料到的歐洲、中東和非洲地區更為嚴格的預算限制。

Since our contract signings tend to be back-end loaded in the quarter, these issues became more visible to us in July. As Ash mentioned, none of these deals were lost and we expect them to close over time. Ash already described the specific steps we are taking in response to that. We are progressing with these actions in Q2, and we feel confident that we are on our way towards a return to better execution. Our market opportunity remains large, the Elastic Search AI platform is highly differentiated, our gen-AI traction is strong, and customers are continuing to look for to consolidation opportunities in the current environment.

由於我們的合約簽署往往在本季後期進行，因此這些問題在 7 月對我們來說變得更加明顯。正如 Ash 所提到的，這些交易都沒有失敗，我們預計它們會隨著時間的推移而完成。Ash 已經描述了我們針對該問題所採取的具體措施。我們在第二季度正在推動這些行動，我們有信心正在走向更好的執行。我們的市場機會仍然很大，Elastic Search AI 平台高度差異化，我們的 gen-AI 牽引力很強，客戶在當前環境下繼續尋找整合機會。

In terms of growth across the regions. APJ grew faster than EMEA and Americas. We did not see any significant change in the competitive environment during the quarter. Our strategy of focusing on customers with a higher propensity for growth is working as evidenced in our customer metrics. We ended the first quarter with over 1,370 customers with annual contract values more than $100,000. These larger customers provide a strong foundation for our land-and-expand motion as we build a multi-billion dollar company over time.

就跨地區成長而言。APJ 地區的成長速度快於 EMEA 地區和美洲地區。我們沒有看到本季競爭環境發生任何重大變化。我們的重點關注具有更高成長傾向的客戶的策略正在發揮作用，我們的客戶指標就是明證。截至第一季度，我們擁有超過 1,370 名客戶，年度合約價值超過 10 萬美元。這些大客戶為我們的擴張和落地提供了堅實的基礎，讓我們能夠逐步打造一家價值數十億美元的公司。

Looking at customer additions more broadly, we ended the quarter with over 4,430 customers above $10,000 in ACV and approximately 21,200 total subscription customers. Our net expansion rate was approximately 112%, which was in line with our expectation for the quarter. Our retention rates during the quarter also remained strong.

從更廣泛的角度來看客戶增量，本季結束時，我們擁有超過 4,430 名 ACV 超過 10,000 美元的客戶，總訂閱客戶數約為 21,200 名。我們的淨擴張率約為 112%，符合我們本季的預期。本季我們的保留率也保持強勁。

Now turning to profitability and cash flow for which I'll discuss non-GAAP measures. Gross margin in the quarter was 76.3%, in line with our expectations. Our operating margin in the quarter was 10.7% which was better than expected, driven by our revenue outperformance and continued discipline in spending. Diluted earnings per share in the first quarter was $0.35. Free cash flow margin on an adjusted basis was 18% or approximately $64 million of free cash flow in the first quarter.

現在談談獲利能力和現金流，我將討論非公認會計準則指標。本季毛利率為76.3%，符合我們的預期。本季我們的營業利潤率為 10.7%，優於預期，這得益於我們收入的優異表現和持續的支出紀律。第一季每股攤薄收益為 0.35 美元。第一季調整後的自由現金流利潤率為 18%，或約 6,400 萬美元。

Finally, though we don't formally guide to cash flow, we continue to expect adjusted free cash flow margin for fiscal '25 to be slightly above the non-GAAP operating margin for fiscal '25. As you know, our adjusted free cash flow is on an unlevered basis. Cash flow on a quarterly basis will fluctuate given timing issues and seasonality. So we continue to look at this primarily on a full year basis.

最後，雖然我們沒有正式指導現金流，但我們仍然預計25財年的調整後自由現金流利潤率將略高於25財年的非GAAP營業利潤率。如您所知，我們的調整後自由現金流是無槓桿的。由於時間問題和季節性因素，季度現金流會波動。因此，我們繼續主要從全年的角度來看待這個問題。

Turning to guidance, while we continue to see significant opportunity across all our solutions and believe we are well positioned to capture this opportunity. We are updating our guidance to reflect our first quarter performance and current outlook.

談到指導，我們繼續看到我們所有解決方案中存在的巨大機遇，並相信我們已準備好抓住這一機會。我們正在更新我們的指引以反映我們的第一季的業績和當前展望。

In terms of our guidance assumptions for the rest of the year, we are assuming the macro environment will remain the same as what we saw in the first quarter. That includes EMEA where we are not expecting significant changes in the broader environment. The shortfall on customer commitments in Q1 will directly impact both self-managed and Elastic Cloud revenue this fiscal year.

就今年剩餘時間的指導假設而言，我們假設宏觀環境將與第一季的狀況保持一致。其中包括歐洲、中東和非洲地區，我們預計該地區的大環境不會有重大變化。第一季未能履行完客戶承諾將直接影響本會計年度的自管和彈性雲收入。

Looking ahead, we are taking actions to address the issues we experienced in our sales execution and are seeing good indications of progress, which gives us confidence on this front. However, we are maintaining a prudent stance on our assumptions on deal closures for the rest of this year.

展望未來，我們正在採取行動解決銷售執行中遇到的問題，並且看到了良好的進展跡象，這讓我們對此充滿信心。然而，我們對今年剩餘時間的交易完成情況的假設仍持謹慎態度。

To expand a bit further on Elastic Cloud revenue, although we continue to expect customers will consume against their commitments as we've seen for several quarters now, the slower start to the year on securing commitments will impact Elastic Cloud revenue. And we continue to assume that our self-service motion on Elastic Cloud will stay flattish in dollar terms for the rest of the year.

進一步擴大 Elastic Cloud 的收入範圍，儘管我們仍然預計客戶將按照他們的承諾進行消費，正如我們已經看到的未來​​幾個季度的情況一樣，但今年年初在獲得承諾方面較慢的速度將影響 Elastic Cloud 的收入。我們繼續假設，在今年剩餘時間內，我們在 Elastic Cloud 上的自助服務動向將以美元計算保持穩定。

As we consider investments in the business, we've said before that we will balance revenue growth and investments, and we are taking steps to do that. Since we believe the issues we face are near term and don't affect our core view on the market opportunity or our long-term growth potential, the actions we are taking to reduce investments are similarly measured. We are prioritizing investments towards areas best positioned to drive near-term and long-term growth particularly in gen-AI.

在考慮業務投資時，我們之前就說過，我們將平衡收入成長和投資，我們正在採取措施做到這一點。由於我們認為我們面臨的問題是短期內的，不會影響我們對市場機會或長期成長潛力的核心看法，因此我們為減少投資而採取的行動也是同樣衡量的。我們優先投資最有可能推動短期和長期成長的領域，特別是人工智慧領域。

Specifically within R&D, we will continue to invest in our platform roadmap. Our product differentiation is core to our long-term success. Within sales and marketing, we will continue to build sales capacity but with a focus on those regions where we see the greatest opportunity. We will drive efficiencies and certain other sales and marketing investments that are not customer-facing where we can reduce or delay investments in the near term without sacrificing our long-term growth. And finally, we will drive greater efficiencies in the G&A functions as well.

具體來說，在研發方面，我們將繼續投資我們的平台路線圖。我們的產品差異化是我們長期成功的核心。在銷售和行銷方面，我們將繼續建立銷售能力，但重點關注那些我們認為機會最大的地區。我們將提高效率和其他一些不面向客戶的銷售和行銷投資，我們可以在不犧牲長期成長的情況下減少或推遲短期投資。最後，我們也將提高一般行政管理職能的效率。

All these steps will help us reduce fiscal '25 dollar spend by more than the revenue reduction, resulting in higher non-GAAP operating margin for the year and do so without compromising our long-term growth opportunity. With the operating leverage inherent in our business model, we also continue to be well positioned to drive higher operating margins as we scale the business in future years.

所有這些措施將有助於我們減少 25 財年的支出，且減少幅度超過收入減少幅度，從而提高全年非 GAAP 營業利潤率，同時又不會損害我們的長期成長機會。憑藉著我們業務模式中固有的營業槓桿，隨著未來幾年業務規模的擴大，我們仍能繼續保持有利地位來提高營業利潤率。

With that background, for the second quarter of fiscal '25, we expect total revenue in the range of $353 million to $355 million. This represents 14% year-over-year growth at the midpoint, both on an as-reported basis and in constant currency. We expect non-GAAP operating margin for the second quarter of fiscal '25 to be approximately 13% and non-GAAP diluted earnings per share in the range of $0.37 to $0.39 using between 105.5 million and 106.5 million diluted weighted average ordinary shares outstanding.

基於此背景，我們預計 25 財年第二季的總營收將在 3.53 億至 3.55 億美元之間。無論以報告基礎或以固定匯率計算，這都代表著年增 14%。我們預計 25 財年第二季的非 GAAP 營業利潤率約為 13%，非 GAAP 稀釋每股收益在 0.37 美元至 0.39 美元之間，流通在外的稀釋加權平均普通股數量在 1.055 億至 1.065 億股之間。

For fiscal '25, we expect total revenue in the range of $1.436 billion to $1.444 billion. This represents 14% year-over-year growth at the midpoint, both on an as-reported basis and in constant currency. We expect non-GAAP operating margin for full fiscal '25 to be approximately 12.5% and non-GAAP diluted earnings per share in the range of $1.52 to $1.56 using between 106 million and 108 million diluted weighted average ordinary shares outstanding.

對於 25 財年，我們預計總營收將在 14.36 億美元至 14.44 億美元之間。無論以報告基礎或以固定匯率計算，這都代表著年增 14%。我們預計 25 財年全年非公認會計準則營業利潤率約為 12.5%，非公認會計準則攤薄每股收益在 1.52 美元至 1.56 美元之間，流通在外的攤薄加權平均普通股數量在 1.06 億至 1.08 億股之間。

In summary, while we are not satisfied with our Q1 performance, we remain confident in our growth potential and that we are still in the early stages of our growth journey. We are focused on improving our sales execution in the coming months and will continue to drive profitable growth going forward.

總而言之，雖然我們對第一季的業績並不滿意，但我們仍然對我們的成長潛力充滿信心，而且我們仍處於成長之旅的早期階段。我們將專注於在未來幾個月提高銷售執行力，並將繼續推動未來的獲利成長。

And with that, let's go ahead and take questions. Operator?

現在，我們開始回答問題。操作員？

(Operator Instructions)

（操作員指令）

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Great. Thanks, guys for the questions. Ash, I'll start with you. You touched on in the prepared remarks, but I just wanted to double-click on what you think maybe some of the most important items you're doing to improve the sales execution as a result of segmentation. What seems like it makes a lot of sense longer term. Is there any way to think about how long you're going -- how long it's going to take us till we should see improvements in terms of accelerating growth?

偉大的。謝謝大家的提問。阿什，我先從你開始。您在準備好的評論中提到了這一點，但我只想再次強調您認為為了透過細分來提高銷售執行率而採取的一些最重要的措施。從長遠來看這似乎很有意義。有沒有辦法想想我們要花多久時間——我們還要花多長時間才能看到加速成長的改善？

Yeah, thanks for the question. This is something that I've been reflecting on a lot, as you can imagine, what could we have done differently and what we are doing differently. And so the three things that we are doing already: first is I have significantly increased the monitoring that we are doing of deal progression through the sales funnel. I'm working personally with our CRO, Mark Dodds and his sales leadership team on this.

是的，謝謝你的提問。這是我一直在思考的事情，你可以想像，我們本來可以做些什麼不同的事情，以及我們正在做些什麼不同的事情。因此，我們已經在做三件事：首先，我大大加強了對透過銷售管道進行的交易進度的監控。我正在與我們的首席風險長馬克·多茲 (Mark Dodds) 和他的銷售領導團隊就此事進行親自合作。

The second thing that we've been doing is just driving deeper focus on our enterprise accounts. These tend to be our largest accounts, the ones that have the largest budgets, and that's been a big part of what we've ramped up.

我們一直在做的第二件事就是更加關注我們的企業帳戶。這些往往是我們最大的帳戶，擁有最大的預算，這也是我們增加收入的很大一部分。

The third thing is, and this is less so an action per se, but more just the fact that as time is progressing, our reps are adapting to their new territories. They are building those relationships. And already we are seeing signs of progress as deals are moving through the sales pipeline in these accounts.

第三件事是，這本身不是一個行動，而是一個事實，隨著時間的推移，我們的代表正在適應他們的新領域。他們正在建立這些關係。隨著交易在這些帳戶的銷售管道中推進，我們已經看到了進展的跡象。

Now apart from these three things that I talked about, there are a couple of other things that we were doing irrespective. And the first, we've been talking about our platform consolidation motion for some time. It's been a motion that's worked very well for us to sort of continue accelerating that in this past quarter at the time of -- at the Black Hat Conference.

除了我談到的這三件事之外，我們還在做其他一些事情。首先，我們已經討論了一段時間的平台整合動議。這個動議對我們非常有效，讓我們能夠在過去一個季度的黑帽大會上繼續加速這一進程。

We launched the Elastic Express Migration program that brought together all the customer incentives, all the services incentives, and everything that we needed in terms of technology to help customers quickly migrate onto the Elastic platform and really do that with minimum risk and minimum effort.

我們推出了 Elastic Express Migration 計劃，該計劃整合了所有客戶激勵措施、所有服務激勵措施以及我們在技術方面所需的一切，以幫助客戶快速遷移到 Elastic 平台，並以最小的風險和最少的努力做到這一點。

The other thing that we've been doing for gen-AI, given all the success that we've been having there is we've stood up a small specialist team, a technical specialist team that's helping our customers with building their gen-AI applications, helping them ramp up faster. The demand for their skills has also been exceptional. So all of these things give me confidence that in the next couple of quarters, we are going to get back to our strong state of sales execution that we've had in the past. This is my absolute number one priority and my commitment.

鑑於我們在 gen-AI 方面取得的所有成功，我們為 gen-AI 所做的另一件事就是成立了一個小型專家團隊，一個技術專家團隊，幫助我們的客戶建立他們的 gen-AI 應用程序，幫助他們更快地發展。對他們技能的需求也非常大。因此，所有這些都讓我相信，在接下來的幾個季度裡，我們將恢復到過去強勁的銷售執行狀態。這是我的絕對首要任務和我的承諾。

Very, very comprehensive. Thank you for that, Ash. And then, maybe if I could just squeeze one other one. I know we've all been focused a lot on the competitive opportunity and it really does feel like you've noted a number of wins in the quarter and new migration technology. I guess, I'm curious, is there any way for you to quantify maybe growth in that pipeline? And I guess I'm curious on what specifically are some of these migration tools doing. Do you think that the channel can also leverage to maybe accelerate these replacements?

非常非常全面。謝謝你，Ash。然後，也許我只能再擠一個了。我知道我們都非常關注競爭機會，而且您確實感覺到本季取得了許多勝利以及新的遷移技術。我想，我很好奇，有什麼方法可以量化該管道的成長嗎？我很好奇這些遷移工具具體是做什麼的。您是否認為通路也可以利用這項優勢來加速這些替代品？

Yeah. So let me start with the technology and then talk about how we are scaling these things. So in terms of technology, we've had ES|QL, our query language, which made it really easy for customers to really switch some of their -- the logic, the rules, the alerts that they've built in incumbent technologies and move it to Elastic. We also had the Elastic AI Assistant that can help with moving all of those rules and alerts and dashboards and so on.

是的。所以讓我先從技術開始，然後談談我們如何擴展這些技術。因此在技術方面，我們擁有 ES|QL（查詢語言），這使得客戶可以非常輕鬆地將他們在現有技術中建立的一些邏輯、規則、警報轉移到 Elastic。我們還有 Elastic AI Assistant，可以幫助移動所有這些規則、警報、儀表板等。

And then we recently launched Automatic Import, which is a capability that allows you to very quickly move data streams like onboard data sources and bring that data into the Elastic platform. And it effectively uses large language models. It uses AI to infer the schema and create all the mappings that you need to onboard those data sources very, very quickly. So all of that technology really helps.

然後，我們最近推出了自動導入功能，這項功能可讓您非常快速地移動資料流（如板載資料來源）並將該資料帶入 Elastic 平台。並且它有效地利用了大型語言模型。它使用人工智慧來推斷模式並非常快速地創建加入這些資料來源所需的所有映射。所以所有這些技術確實有幫助。

The second thing that we've been doing, like I mentioned, is the program itself. So customer incentives because a big part of the challenge for customers tends to be the double cost that they have to pay in the period of transition. And the program helps with incentives to sort of make that easier. Now how we scale that? It's obviously our sales team that is leaning in, the pipeline has -- the focus and the excitement around it has been very strong. We kicked that off the Express Migration program at Black Hat. Since then, we've been seeing a lot of interest in it.

正如我所提到的，我們一直在做的第二件事就是該計劃本身。因此，客戶激勵措施是因為客戶面臨的一大挑戰往往是他們必須在過渡期內支付的雙重成本。該計劃透過激勵措施使這一過程變得更容易。現在我們要如何擴展它？顯然，我們的銷售團隊正在全力投入，管道已經——對它的關注和興奮已經非常強烈。我們在 Black Hat 上啟動了快速遷移計劃。自那時起，我們看到人們對它有很大的興趣。

In terms of partners, that is a natural thing. And as we work with hyperscaler partners, as we work with other partners, our goal is always to make sure that we leverage those partners to use the same kind of motion and then help drive that momentum into opportunities.

對合作夥伴來說，這是自然而然的事。當我們與超大規模合作夥伴合作時，當我們與其他合作夥伴合作時，我們的目標始終是確保我們利用這些合作夥伴採用相同類型的動能，然後幫助將這種勢頭轉化為機會。

Thanks a lot, Ash.

非常感謝，Ash。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Ash, I think everyone would love to hear more about the segmentation changes. I guess when you think about what percent of your go-to-market team you changed out, is it an easy way to describe like we changed 50% of reps, 20% of our reps focus on different accounts? Is there an easy way to simplify this to understand what this means?

Ash，我想大家都想聽到更多有關細分變化的信息。我想，當您考慮更換了多少比例的行銷團隊時，是否可以簡單地描述為，我們更換了 50% 的銷售代表，而 20% 的銷售代表專注於不同的客戶？有沒有一種簡單的方法可以簡化這一點以理解這意味著什麼？

Brent, the area where the impact was the greatest was in the Americas in all verticals except US public sector. US public sector for us is a separate team. And given the nature of those territories, we did not touch anything in that territory, but outside of that in the Americas, pretty much all the teams were affected.

布倫特，受影響最大的地區是美洲除美國公共部門以外的所有垂直行業。對我們來說，美國公共部門是一個獨立的團隊。考慮到這些地區的性質，我們沒有觸及該地區的任何東西，但除了美洲地區以外，幾乎所有球隊都受到了影響。

And the simple answer there is the way I look at these changes, the changes I still believe are the right changes. As we've looked at it, as we've analyzed it in every way possible, these are the right changes, because this brings us to industry best practices in a lot of ways in terms of the number of accounts that each rep carries, that just drives greater focus.

簡單的答案是我看待這些變化的方式，我仍然相信這些變化是正確的改變。正如我們所看到的，正如我們從各個可能的角度所分析的，這些都是正確的變化，因為就每個銷售代表所管理的帳戶數量而言，這在很多方面使我們達到了行業最佳實踐，這只會引起更大的關注。

What we got wrong was the execution of those account transitions. And if I were to redo this, I would stagger those changes a little more and do them a little more gradually. And that's now what we're focusing on. What we're focusing on is just making sure that we really inspect all of those accounts, make sure that we are working with those reps as they gain familiarity with their accounts to make sure that they are ramping up quickly and building that progression of the pipeline.

我們在執行這些帳戶轉換時出了錯。如果我要重做這件事，我會把這些改變稍微錯開一些，並且更逐步地進行。這正是我們現在關注的重點。我們所關注的只是確保我們真正檢查了所有這些帳戶，確保我們與這些銷售代表合作，因為他們熟悉他們的帳戶，以確保他們快速升級並建立管道的進程。

And it's just, to me, it's a temporary interruption, but we are well on our way. And in the couple of quarters, I expect that we'll be back to that level of sales execution that we've been accustomed to.

對我來說，這只是暫時的中斷，但我們已經走在正確的道路上。我預計，在未來幾個季度內，我們將恢復到我們已經習慣的銷售執行水準。

Okay. I just want to make sure I heard this right. You changed every vertical except Fed?

好的。我只是想確認我聽得正確。除了聯準會以外，你改變了所有垂直領域？

In the Americas.

在美洲。

And I guess the natural follow-up is given the magnitude of that disruption, Janesh, why wasn't there a higher-level of cushion embedded in the guide to ensure that you gave your guys -- you gave yourself some wiggle room?

我想，考慮到這種幹擾的嚴重程度，自然的後續行動是，Janesh，為什麼指南中沒有嵌入更高級別的緩衝，以確保你給你的人——你給自己一些迴旋餘地？

Yeah, Brent, it's a great question. As we built the guide and thought about the approach and the guidance assumptions, we anticipated some degree of change associated with this. And look, as Ash said, segmentation changes happen as almost a standard practice in almost every enterprise software company, the magnitude of what we did obviously was much larger.

是的，布倫特，這是一個很好的問題。當我們制定指南並思考方法和指導假設時，我們預計會發生一定程度的變化。正如 Ash 所說，細分變化幾乎是每家企業軟體公司的標準做法，我們所做的事情的規模顯然要大得多。

And we did factor that into a degree as we built the guidance. We anticipated some of that. But a lot of the impact that we saw was really late in the quarter. We saw it only in the month of July and it was a little bit too late to try and recover from that there in Q1. And so as Ash described, we then put the corrective actions in place and we've started to see initial encouraging signs already and we expect to return to our historical track record of stronger execution in the next couple of quarters.

我們在製定指導時確實在一定程度上考慮到了這一點。我們預料到了其中的一些情況。但我們看到的大部分影響實際上是在本季結束時出現的。我們只是在 7 月才看到這種情況，而嘗試在第一季恢復已經有點太晚了。正如阿什所描述的，我們隨後採取了糾正措施，並且已經開始看到初步的令人鼓舞的跡象，我們預計在接下來的幾個季度中，我們將恢復到歷史記錄中更強勁的執行力。

Great. Thank you.

偉大的。謝謝。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Hey, thank you for taking the question. Just again double-clicking on the changes and everything, specifically, on the lower-than-expected commitments. It seems like it's impacting both cloud and self-managed. I'm trying to understand if there is a plurality of commitments on one or the other. Was there any element of an impact from the price adjustments to self-manage that went into effect, I believe, in May?

嘿，謝謝你回答這個問題。只需再次雙擊更改和所有內容，特別是低於預期的承諾。它似乎對雲端和自我管理都產生了影響。我試圖了解其中一方是否存在多項承諾。我認為，5 月開始實行的自主管理價格調整會造成什麼影響嗎？

And in terms of macro, did you see any kind of increasing scrutiny on deals that might have worsened in July or later or would you say it's largely sales execution?

從宏觀角度來看，您是否看到對 7 月或之後可能惡化的交易進行了更嚴格的審查，或者您認為這主要是銷售執行的問題？

Pinjalim, this is Janesh. Maybe I'll take that. You're right, the impact was across both cloud and self-managed. It was not isolated to one format because it reflected the broader sales execution. In terms of the price increase that we did at the start of Q1 and whether that had any impact, I don't believe it did because it was a single-digit price increase and was based mainly on the technology enhancements that we had delivered. So we didn't see a meaningful impact to customer commitments solely related to that issue.

Pinjalim，這是 Janesh。也許我會接受。你是對的，影響涉及雲端和自我管理。它並不局限於某一種形式，因為它反映了更廣泛的銷售執行。至於我們在第一季初提高價格是否產生了影響，我認為沒有，因為這只是一個個位數的漲幅，而且主要基於我們所提供的技術改進。因此，我們並沒有看到僅與該問題相關的客戶承諾受到重大影響。

If anything, I think, the shortfall in customer commitments was a broader sales execution issue. Even in terms of revenue, as I think about both Q1 revenue as well as the outlook for the year, the price change was not intended to be a meaningful driver of revenue for us this year, in part because it was a relatively small change or single-digit percentage increase. And it will also start to come into renewal contracts only at renewal time. And you'll know that we signed multiyear contracts as well. So that wasn't much of a driver for us here on the impact in Q1.

我認為，如果說有什麼問題的話，那就是客戶承諾的不足是一個更廣泛的銷售執行問題。即使在收入方面，當我考慮第一季的收入以及全年前景時，價格變化並不意味著會成為我們今年收入的重要推動力，部分原因是這是一個相對較小的變化或個位數的百分比增長。並且只有在續約時它才會開始生效。你們也會知道我們也簽了多年合約。所以這對我們第一季的影響不大。

Yeah. Understood. One more follow-up, Janesh, to you. Can you talk about the actual consumption run rate among your annual cloud customers? And how that has been tracking essentially relative to the committed consumption run rate? And maybe talk about the linearity of the cloud consumption trends in the last three months and into August? Thank you very much.

是的。明白了。Janesh，還有最後一個問題想問你。您能談談您年度雲端客戶的實際消費運行率嗎？這與承諾的消費運行率相比基本上是如何追蹤的？或許可以談談過去三個月以及八月份雲端消費趨勢的線性？非常感謝。

Yeah, happy to touch on that as well. I think annual cloud consumption trends played out quite nicely for us as we expected in Q1. In both the enterprise and the commercial segments, customers continued to consume nicely against the commitments that they've already made to us. I think that's just a great indication that customers that adopt cloud continue to see a lot of value from our platform.

是的，我也很高興能談及這一點。我認為年度雲端消費趨勢對我們來說相當不錯，正如我們在第一季預期的那樣。無論是在企業領域還是商業領域，客戶都繼續很好地履行他們對我們所做的承諾。我認為這是一個很好的跡象，表明採用雲端的客戶繼續從我們的平台看到很多價值。

And I think the issue on cloud for us looking ahead is that because we have a lower degree of new commitments that we secured in Q1, that will -- that was again related to the sales execution issues. I think that impacts our broader revenue outlook. But in terms of the rate of consumption, I think, that was fine.

我認為，展望未來，我們面臨的雲端運算問題是，由於我們在第一季獲得的新承諾程度較低，這又與銷售執行問題有關。我認為這會影響我們更廣泛的收入前景。但就消費率而言，我認為還不錯。

In terms of the linearity within the quarter, as we've traditionally not broken out a monthly view of the business just because there can be some natural fluctuations in consumption patterns across customers, so we tend not to rely too much on a single month of data. And so I won't disaggregate that here or share details about August. But I'll just say it played out consistent with what we've seen before and as we expected going into the quarter.

就季度內的線性而言，我們傳統上不會單獨列出月度業務視圖，因為客戶的消費模式可能會發生一些自然波動，所以我們傾向於不要過度依賴單一月度的數據。因此我不會在這裡詳細分析或分享八月份的詳細資訊。但我只想說，其表現與我們之前看到的情況以及我們對本季的預期一致。

Thank you.

謝謝。

Mike Cikos, Needham & Co.

麥克·西科斯（Mike Cikos），Needham & Co.

Hey, guys. Thanks for taking the questions here. I'm also going to circle up on the segmentation topic, but just want to make sure I'm hearing this right. So it sounds like you identified this issue relatively late in the quarter, again just how the quarter played out. And I'm trying to get a sense the changes that you guys have implemented, when did those actually go into effect? Was it like in August 6 ,or was this in late July?

嘿，大家好。感謝您在這裡回答問題。我還將圍繞分割主題進行討論，但我只是想確保我聽得正確。因此聽起來您是在本季度相對較晚的時候才發現這個問題的，這同樣也說明了本季度的情況如何。我想了解你們所實施的變革，這些變革何時真正生效？是 8 月 6 日那樣，還是 7 月底那樣？

The reason I'm asking is, I'd like to hear if possible -- I know we're four to five weeks out from the end of the July quarter, but has there been any notable change that you guys can see on your side given some of these changes on the segmentation front?

我之所以問這個問題，是想盡可能地了解一下——我知道距離七月季度結束還有四到五週的時間，但是考慮到細分方面的一些變化，你們這邊有沒有什麼顯著的變化？

Yeah. Thank you for the question. So just to be very clear, the segmentation changes that were made at the beginning of the fiscal year. So this was on May 1, that all of the changes were rolled out. And just to be clear like every year as is typical for most software companies, most enterprise companies like ours, there will be some level of territory changes that happen. It's a pretty regular practice.

是的。感謝您的提問。因此，為了明確起見，我們在財政年度開始時就進行了細分變革。所有變更均於 5 月 1 日實施。需要明確的是，每年對於大多數軟體公司、大多數像我們這樣的企業公司來說，都會發生一定程度的領土變化。這是很常見的做法。

In our case, like I mentioned, this time the changes were greater. And now when we -- as we -- as Janesh talked about, we realized the impact that it was having later in July. As soon as we started to see that, we started to put some of the corrective action that I talked about. The rigor that we started to put in into the monitoring of the pipeline, really engaging with the reps that had the most number of account changes, really inspecting the movement and progression of the pipeline in those accounts, the focus on the enterprise accounts and so on.

就我們的情況而言，正如我所提到的，這次的變化更大。現在，正如 Janesh 所說，我們意識到了它在 7 月下旬產生的影響。一旦我們開始發現這一點，我們就開始採取我所說的一些糾正措施。我們開始嚴格監控管道，並真正與帳戶變更次數最多的銷售代表接觸，真正檢查這些帳戶中管道的移動和進展，並專注於企業帳戶等等。

And since then, as we've been progressing, we are already seeing positive signs. We are seeing deals progress better through the pipeline. Because again, the deals that slipped out of the quarter, out of Q1, they weren't lost. They just did not close in time; many of them. And some of them have since closed and we expect the remaining to close in due process.

自那時起，隨著我們不斷進步，我們已經看到了積極的跡象。我們看到交易在籌備過程中進展順利。因為再說一遍，本季、第一季未能達成的交易並沒有遺失。他們只是沒有及時關閉；其中很多。其中一些已經關閉，我們預計其餘的也將透過適當的程序關閉。

So that's our focus to make sure that we are getting all these actions in place quickly, and we are already seeing that progress. We are seeing the positive signs and that's what gives me the confidence that we will be back to our prior state of strong sales execution in a couple of quarters.

因此，我們的重點是確保迅速採取所有這些行動，而我們已經看到了進展。我們看到了積極的跡象，這讓我有信心我們將在幾個季度內恢復到之前強勁的銷售執行狀態。

Awesome. Thank you for that, Ash. And just to make sure, again, I'm clear here. So it's a combination of these changes that you guys have implemented around the segmentation as well as the lower degree of new commitments secured in Q1, which is really informing your view when we think about the guidance now over the rest of the year and the fact that this does feel like it's -- I should take a couple of quarters to play out here?

驚人的。謝謝你，Ash。再次確認一下，我說得很清楚。因此，這是你們在細分方面實施的這些變化以及第一季度獲得的新承諾程度較低等因素的結合，當我們考慮現在對今年剩餘時間的指導時，這確實影響了你的觀點，事實上，這確實感覺像是——我應該花幾個季度來解決這個問題？

Yeah, Mike, it's the same issue. The sales execution issues were reflected in the fact that we had lower commitments. We just didn't get enough deals over the finish line. So it's the same issue. And you're absolutely right that our belief and expectation is that with all of the actions that we're taking we will return to our prior state of stronger execution over the next couple of quarters.

是的，麥克，這是同樣的問題。銷售執行問題反映在我們的承諾較低。我們只是沒有在終點線上達成足夠的交易。因此，這是同一個問題。您完全正確，我們的信念和期望是，透過我們採取的所有行動，我們將在接下來的幾個季度恢復到之前更強勁的執行狀態。

Thank you very much. I'll cede the floor. Thank you guys.

非常感謝。我就放棄發言權了。謝謝你們。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

Yeah. Thanks for taking the question. So I guess I just want to go back and understand the specifics of the shortfall a little bit better. So it sounds like it was mostly within the Enterprise segment, which presumably these are large renewal deals, and so -- or existing customers at least. And I guess if you aren't seeing any challenges on consumption, the implied cut to cloud is that just conservatism because you have sort of less backlog visibility?

是的。感謝您回答這個問題。所以我想我只是想回過頭來更好地了解短缺的具體情況。因此，聽起來這主要發生在企業領域，大概這些都是大型續約交易，或至少是現有客戶。而且我想，如果您沒有看到消費方面有任何挑戰，那麼對雲端運算的隱含削減是否只是一種保守主義，因為您對積壓訂單的了解較少？

Or do you believe that the push out in these deals sort of delays new use cases and new ramps coming onto the cloud and it's sort of a timing because we need those commits in order for these use case to ramp up. Just help us understand that because it sounded like consumption was okay, but yet you're cutting kind of consumption expectations for the full year?

或者您是否認為這些交易的推出會延遲新用例和新管道進入雲端，而這是一種時機，因為我們需要這些承諾才能使這些用例得以提升。請幫我們理解這一點，因為聽起來消費似乎還可以，但你卻削減了全年的消費預期？

Tyler, maybe I'll take a stab at that. So first off, in terms of where we saw the impact, it was not only in the large enterprise accounts, because as part of all the segmentation changes, as Ash said, we made changes across the entire Americas team except public sector. So that impacted a number of commercial accounts and relationships and there were changes there too. So it was more broad-based. The impact obviously is felt more on the enterprise segment because those tend to be larger accounts with larger deals and larger transactions and you have a little bit more velocity on the commercial side.

泰勒，也許我應該嘗試一下。首先，就我們看到的影響而言，它不僅僅是在大型企業帳戶中，因為作為所有細分變化的一部分，正如 Ash 所說，我們對公共部門以外的整個美洲團隊進行了變革。因此，這影響了許多商業帳戶和關係，也發生了變化。因此它具有更廣泛的基礎。顯然，企業部門受到的影響更大，因為這些部門往往擁有更大的帳戶、更大的交易和更大的交易，而且商業方面的速度會更快一些。

In terms of the mix of new workloads versus expansions and renewals, our gross retention rates stayed incredibly strong. Those were healthy. We felt pretty good about the renewals and how we closed that business. And so that piece was strong. I think it was really the additional workloads, either net new workloads that rep was trying to drive in existing accounts or net new accounts that we were trying to land, that's where we saw a little bit more of the impact.

就新工作量與擴展和更新的組合而言，我們的總保留率保持著令人難以置信的強勁。這些都是健康的。我們對這次續約以及結束這項業務的方式感到非常滿意。所以這件作品很有力。我認為，真正受到影響的是額外的工作量，無論是銷售代表試圖在現有帳戶中推動的淨新增工作量，還是我們試圖獲得的淨新增帳戶。

And then in terms of consumption revenue and how that plays out, in our annual cloud motion, as you know, we contract with the customer and the customer makes a commitment to us. And then they burn those commitments down over time as they consume against the commitments that they've made. And so the assumptions that we've got going into the model and into our guidance are that the rate of consumption that customers have against their existing commitments, that was healthy and we expect that will continue to be healthy going forward.

然後就消費收入及其如何發揮作用而言，在我們的年度雲運動中，如您所知，我們與客戶簽訂合同，客戶對我們做出承諾。然後，他們會隨著時間的推移逐漸履行自己所做的承諾，直到兌現承諾。因此，我們在模型和指導中做出的假設是，客戶的消費率與其現有承諾的比率是健康的，我們預計未來這種比率將繼續保持健康。

But the fact is that we missed on securing new commitments here in Q1. Our sales execution issues are going to take us a couple of quarters to work through. And so you won't see that addition to the pool in the form of new and expanded commitments at the same rate at which we've historically seen. And then that limits the amount of burndown that you can have and therefore limits the cloud revenue. So that's the model and that's the way we've actually built out the guidance and the assumptions that we've got embedded there for the rest of this year.

但事實是，我們在第一季未能獲得新的承諾。我們的銷售執行問題需要幾個季度才能解決。因此，你不會看到以新的和擴大的承諾形式以我們歷史上見過的速度增加資金池。這會限制您可以擁有的燃盡量，從而限制雲端收入。這就是模型，也是我們實際制定今年剩餘時間的指導和假設的方式。

Thank you for the detailed explanation, Janesh. I know there's a lot of moving pieces. The follow-up question, I wanted to ask you Ash, just around open-source, so obviously, in the gen-AI ecosystem, open-source is super important. I saw I think a couple of minutes before the earnings release came out, there was -- you announced the open-source license basically adding AGPL for the source code. Can you just talk about the significance of that announcement and just how you're sort of thinking about the strategy here particularly with the importance in the gen-AI market?

感謝您詳細的解釋，Janesh。我知道有很多事情正在改變。後續問題，我想問你 Ash，關於開源，顯然，在 gen-AI 生態系統中，開源非常重要。我看到，我記得在收益報告發布前幾分鐘，你們宣布了開源許可證，基本上為原始碼添加了 AGPL。您能否談談該聲明的意義以及您對此策略的看法，特別是在通用人工智慧市場的重要性？

Yeah. Thanks for that question. Look, this is, I think, it's hopefully clear to everybody that our ethos has always been open-source. We've always acted and operated with that kind of mindset. But with the license changes that we made about three years ago, we could not call ourselves open-source, and so we used the terminology, free and open. And we had done that for very specific reasons as you know. Since then, a lot has changed.

是的。謝謝你的提問。看，我想，希望每個人都清楚，我們的精神一直是開源。我們始終本著這種心態行事和運作。但由於大約三年前我們對許可證進行了更改，我們不能再稱自己為開源，因此我們使用了「自由和開放」的術語。如你所知，我們這樣做是有非常具體的原因的。自那時起，很多事情都改變了。

There is AWS sort of forked and created OpenSearch and our own competitive differentiation against not only OpenSearch, but everything that's out there in the market has been just growing. And so that's been very, very positive for us. And the big opportunity that we see ahead of us is gen-AI, and what it means to be the vector database of choice that is embedded and used in every modern gen-AI application that's being built. We see a tremendous opportunity.

AWS 在某種程度上分叉並創建了 OpenSearch，我們與 OpenSearch 以及市場上所有產品的競爭差異化一直在不斷成長。這對我們來說是非常非常正面的事情。我們看到的巨大機會是人工智慧，它意味著成為嵌入和使用在正在建立的每個現代人工智慧應用程式中的首選向量資料庫。我們看到了一個巨大的機會。

You saw from the data that I shared that we're already seeing a lot of success and we want to keep accelerating that. So the addition of AGPL as a license now means that in all the forums, in all the places where developers typically go to get access to open-source software, we can now proudly have Elastic Search as an open-source option available for them. And the more adoption we see of Elastic Search for these vector database, vector search use cases, the greater our ability to capitalize on the gen-AI market in the years to come. So it is key to us. It is very strategic and I'm very excited about it.

從我分享的數據中您可以看到，我們已經取得了巨大成功，並且我們希望繼續加速這一進程。因此，添加 AGPL 作為授權意味著，在所有論壇、所有開發人員通常會存取開源軟體的地方，我們現在都可以自豪地將 Elastic Search 作為可供他們使用的開源選項。而且，我們看到 Elastic Search 在向量資料庫和向量搜尋用例中的應用越多，我們在未來幾年利用通用人工智慧市場的能力就越強。所以這對我們來說很關鍵。這是非常具有戰略意義的，我對此感到非常興奮。

Thank you.

謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Thank you. You commented on the earlier part of the call already, Ash, about like the S3 and how people are working with that. What do you see in terms of those initial trials starting to convert over? And how is that helping -- could that help you with kind of second half, kind of reacquiring of new workloads, like is that already a factor that kind of could help us there? Then I had a follow-up for you guys.

完美的。謝謝。Ash，您已經對通話的早期部分進行了評論，例如 S3 以及人們如何使用它。就這些初步試驗開始轉變而言，您看到了什麼改變？這有什麼幫助——這能幫助你在下半年重新獲得新的工作量嗎？然後我對你們進行了跟進。

Yeah. No, thanks for the question, Raimo. Look, one of the things that I mentioned even in the prepared remarks is the fact that we saw our search business accelerate this quarter. And when I think about all the factors that are behind that, the reality is that search is seeing a resurgence of interest because of generative-AI. We are seeing a lot of customers implement these semantic search and RAG use cases. And we've talked about it in the past that the important early steps is to be incorporated in the design of these applications and then these use cases and workloads grow.

是的。不，謝謝你的提問，Raimo。你看，我在準備好的發言中提到的一件事是，我們的搜尋業務本季加速發展。當我思考背後的所有因素時，現實情況是，由於生成式人工智慧，人們對搜尋的興趣正在重新燃起。我們看到很多客戶實現了這些語義搜尋和 RAG 用例。我們過去曾討論過，重要的早期步驟是將其納入這些應用程式的設計中，然後這些用例和工作負載就會增加。

And you saw this quarter, as I mentioned, that we are seeing acceleration in our search use cases and that is very heartening. That makes me feel very good about our strategy, that makes me feel very good about our competitive differentiation, and the fact that we are succeeding. And so we are leaning in. And in the long-term, I feel that this is going to be incredibly valuable for us as a company.

正如我所提到的，本季我們看到搜尋使用案例正在加速發展，這是非常令人振奮的。這讓我對我們的策略感到非常滿意，這讓我對我們的競爭差異以及我們正在取得成功的事實感到非常滿意。因此我們正在傾向這一方向。從長遠來看，我認為這對我們公司來說將具有極其重要的價值。

Okay, perfect. And then one for Janesh. Look, if you think about it, a lot of your sales guys will kind of probably need to restart the year or if you have to think about that. Like what are you thinking about cost and investments for the year and how that will flow out in the different quarters as well? Thank you.

好的，完美。最後再為 Janesh 獻上一篇。看，如果你仔細想想，你的許多銷售人員可能需要重新開始新的一年，或者如果你必須考慮這一點。例如，您對今年的成本和投資有何想法，以及這些成本和投資在各個季度的支出如何？謝謝。

Yeah, Raimo. As I mentioned earlier, we've always maintained the view that we will balance revenue growth with investments and today we are taking steps to do that. But since the issues we are facing are near-term issues, we want to be measured in the approach that we're taking on expenses. So as I think about the investments that we're making in the business, we're going to stay focused on areas where we can continue to stay invested and make investments to drive growth both in the near-term as well as longer term.

是的，雷莫。正如我之前提到的，我們始終堅持平衡收入成長和投資的觀點，今天我們正在採取措施來實現這一目標。但由於我們面臨的問題是短期問題，因此我們希望在採取開支方式時能夠有所衡量。因此，當我考慮我們在業務上進行的投資時，我們將繼續專注於可以繼續投資的領域，並進行投資以推動短期和長期成長。

And a big part of that investment goes into R&D, particularly in everything associated with gen-AI. And then on the sales and marketing side, we're going to make investments in areas, where we can target specific growth. And I think we will make, go a little bit slower in areas that were not directly impacting growth. So for example, some non-selling roles or other kinds of investments, for example, investments in the brand program and so forth. And then we will continue to drive efficiencies on the G&A side as we always do. I think that's just a continuing journey.

這些投資的很大一部分投入了研發，特別是與人工智慧相關的所有領域。然後在銷售和行銷方面，我們將在可以實現特定成長的領域進行投資。我認為，我們會在那些不會直接影響成長的領域中稍微放慢腳步。例如一些非銷售角色或其他類型的投資，例如對品牌計畫的投資等等。然後，我們將一如既往地繼續提高 G&A 方面的效率。我認為這只是一段持續的旅程。

And so through all of that, we're expecting to actually reduce our spending for the year on a full-year basis, by more than the revenue reduction, which then leads to a slight increase in non-GAAP operating income and margin. And that's the approach we've taken.

因此，透過所有這些，我們預計全年支出實際上會減少，減少的幅度將超過收入的減少，導致非公認會計準則營業收入和利潤率略有增加。這就是我們採取的方法。

And as we navigate through the rest of this year, as we see ourselves returning to stronger execution over the course of the next couple of quarters, then we will develop a view on the investment philosophy beyond that. But looking ahead, I do continue to see room for us to expand operating margins in future years because there is operating leverage inherent in the business model.

隨著我們度過今年剩餘的時間，隨著我們看到自己在接下來的幾季中恢復更強勁的執行力，我們將在此基礎上形成對投資理念的看法。但展望未來，我確實繼續看到我們未來幾年擴大營業利潤率的空間，因為商業模式中存在固有的營業槓桿。

Okay. Perfect. Makes sense. Thanks for that.

好的。完美的。有道理。謝謝。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yes. Hey, guys. Thanks for taking the questions. To go back to the sales execution part of the equation, I know, there's been a lot of focus on the Americas side, but you do have a pretty big international business too. And so the question is on the international go-to-market strategy, specifically, was there a similar strategy that was going to happen in international? And was that put on pause or were the learnings that you've learned -- that you've seen over the past few months within the Americas, are you taking those learnings and maybe implementing a similar change internationally? Just trying to understand what to anticipate from a international go-to-market strategy.

是的。嘿，大家好。感謝您回答這些問題。回到銷售執行部分，我知道，人們把重點放在美洲地區，但你們的國際業務也相當大。所以問題在於國際市場進入策略，具體來說，是否有類似的策略將在國際上實施？這項舉措是暫停了還是根據您過去幾個月在美洲看到的經驗，您是否會吸取這些經驗並在國際上實施類似的變革？只是想了解國際市場進入策略能帶來什麼。

Yeah, Koji. Thanks for the question. And so the way we have organized our international teams is largely by countries, right. So we have teams in different large countries and then we sort of bucket some of them into regions. Given the size of the business in the Americas, the changes that we felt were needed for the long-term were a lot more relevant in the Americas because you have a very -- a much larger scale. In international regions, in countries, the way they were organized, we felt pretty good about the way things were. And so no changes were planned and no changes were made.

是的，Koji。謝謝你的提問。因此，我們組織國際團隊的方式主要是按國家組織，對吧。我們在不同的大國都有團隊，然後我們將其中一些團隊劃分到不同的地區。考慮到美洲業務的規模，我們認為長期所需的變革在美洲更為重要，因為美洲的規模非常大。在國際地區、國家，以及它們的組織方式，我們對現狀感到十分滿意。因此沒有計劃任何變更，也沒有做出任何變更。

Even in the Americas, in the public sector, given that public sector tends to be very different in terms of how things are organized between state and local versus Federal. And in Federal, you have Civilian, DoD, et cetera, those were not touched. It was all-in Americas, outside of public sector where we have the strategic segment, the enterprise segment, and the commercial segment.

即使在美洲，在公共部門，鑑於公共部門在州、地方和聯邦之間的組織方式方面往往存在很大差異。在聯邦，有民事部門、國防部等等，這些都沒有受到影響。這些業務全部集中在美洲，除了公共部門外，我們還包括策略部門、企業部門和商業部門。

And in those we expanded the strategic segment. We brought more focus to larger customers in the enterprise segment by reducing the number of accounts per rep and then we created distinct greenfield opportunities to drive better new logo acquisition. Those were the changes and it was largely in the Americas as opposed to in EMEA or APJ.

我們在其中擴大了戰略部分。我們透過減少每個代表的帳戶數量，將更多的注意力放在企業領域的大客戶身上，然後我們創造了獨特的綠地機會來推動更好的新標誌獲取。這些是變化，主要發生在美洲，而不是 EMEA 或 APJ。

And Koji I'll just add as we mentioned earlier in the remarks that, to a lesser extent, we did see some deals push out in EMEA towards the end of the quarter because of customer budget constraints. But that was to a lesser extent and it's too early to say if that's related to the macro or anything of the sort.

Koji，我只想補充一點，正如我們之前的評論中提到的那樣，由於客戶預算限制，我們確實看到本季末 EMEA 地區的一些交易被推遲，但程度較輕。但影響程度較小，現在判斷這是否與宏觀或任何類似的東西有關還為時過早。

Got it. Thank you. And then just a follow-up for Janesh. When I look at the RPO sequential growth in the first quarter, down from the fourth quarter. And when I look historically, when the first quarter starts off down, the self-managed portion of subscription does follow somewhat of a predictable pattern. So just curious if you could add some color to how we should be thinking about RPO in relation to self-managed revenue. Thank you.

知道了。謝謝。接下來是對 Janesh 的後續報導。當我查看第一季的 RPO 連續成長時，發現比第四季有所下降。當我回顧歷史時，當第一季開始下滑時，訂閱的自我管理部分確實遵循某種可預測的模式。我很好奇您是否可以解釋一下我們應該如何看待 RPO 與自我管理收入之間的關係。謝謝。

Yeah, Koji, it's a good question. I mean, if I look at the RPO overall, I think that just reflects the issues that we've talked about in terms of our overall Q1 performance. And as we said, there's nothing that's fundamentally changed about our longer-term opportunity or our approach to the market, so we look forward to returning to that stronger execution.

是的，Koji，這是個好問題。我的意思是，如果我整體看一下 RPO，我認為這只是反映了我們在第一季整體表現方面討論過的問題。正如我們所說，我們的長期機會或市場方針沒有根本性的改變，因此我們期待恢復更強勁的執行力。

Specifically thinking about what that means around self-managed, there isn't a particular connection that I would draw. As I mentioned, the issues that we saw here in Q1 related both to cloud and to self-managed. And over time, as we return to a stronger execution, I would expect to see recovery in both of those.

具體思考這與自我管理有何意義，我沒有得到什麼特別的連結。正如我所提到的，我們在第一季看到的問題既與雲端有關，也與自我管理有關。隨著時間的推移，當我們恢復到更強勁的執行力時，我預計這兩項都會恢復。

If you think about the revenue recognition patterns, the upfront component of a self-managed subscription is a relatively small piece of our overall revenue at this point in time. So it doesn't draw -- it doesn't drive any big shifts for us in terms of lumpiness and revenue recognition.

如果你考慮收入確認模式，那麼自我管理訂閱的前期部分目前只占我們總收入的一小部分。因此，它不會為我們帶來任何重大的轉變，無論是在塊度或收入確認方面。

Got it. Thanks, Ash. Thanks, Janesh. Thank you.

知道了。謝謝，Ash。謝謝，Janesh。謝謝。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Hi. This is Joe Vandrick on for Patrick Colville. Ash, you mentioned that search accelerated in the quarter. So I'm wondering, does that mean security and observability performed slightly worse than expected?

你好。這是 Patrick Colville 的喬·範德里克 (Joe Vandrick)。Ash，您提到本季搜尋速度加快。所以我想知道，這是否意味著安全性和可觀察性的表現比預期略差？

Well, I think the way I would think about it is effectively all businesses, all areas of our business, search, observability, and security were affected by the fact that the total number of customer commitments was lower in the quarter.

嗯，我認為我的想法是，實際上所有業務，我們業務的所有領域，搜索，可觀察性和安全性都受到本季度客戶承諾總數較低的事實的影響。

So the sales segmentation changes affected everything. It was not just for certain use cases versus others, everything was impacted. In spite of that, we saw an acceleration in our search business and that's largely because of the success that we've been seeing in gen-AI use cases.

因此銷售細分的變化影響了一切。這不只是針對某些用例而言的，而是所有事物都受到了影響。儘管如此，我們的搜尋業務仍在加速發展，這主要是因為我們在通用人工智慧用例中看到的成功。

That makes sense. And for my follow-up, I guess, can you just talk a little bit about the competitive environment in AI Enterprise Search, why Elastic tends to win? And then also what will it take to more significantly penetrate your customer base for these kind of gen-AI search use cases? Thanks.

這很有道理。我的後續問題是，您能否簡單談談 AI 企業搜尋的競爭環境，為什麼 Elastic 往往會贏？那麼，對於此類通用人工智慧搜尋用例，如何更深入地滲透到您的客戶群中？謝謝。

Yeah. Thank you. No, absolutely. So first of all, like this is an area that we have an extremely strong brand reputation in, right? We are known as search-experts and we are known as the Search AI company. And so from that perspective like this is a very natural area for us.

是的。謝謝。不，絕對不是。首先，在這個領域我們擁有極強的品牌聲譽，對嗎？我們被稱為搜尋專家，我們也被稱為搜尋人工智慧公司。從這個角度來看，這對我們來說是一個非常自然的領域。

What's exciting is the area where we have the greatest brand recognition is the area that is really seeing a tremendous resurgence of interest, a growth of interest because of GenAI. A lot of the data that ends up getting used in these kinds of GenAI RAG-style applications is already sitting in Elastic Search, which means that it's very easy for customers to leverage our vector database functionality to turn that data into vector embeddings and then use it in semantic search or RAG kinds of use cases. So there's a real strength that comes from incumbency.

令人興奮的是，我們品牌認知度最高的領域正是人們興趣真正復甦的領域，而這種興趣因 GenAI 而增長。許多最終用於這類 GenAI RAG 風格應用程式的資料已經儲存在 Elastic Search 中，這意味著客戶可以非常輕鬆地利用我們的向量資料庫功能將這些資料轉換為向量嵌入，然後將其用於語義搜尋或 RAG 類型的用例。因此，任職確實能帶來力量。

But we also have what I would consider to be one of the best vector databases out there just in terms of the performance, the scalability, and what our customers tell us is: one, we have a really strong vector database product; second, we have a lot of enterprise features. Just the overall set of capabilities around hybrid search, reciprocal rank fusion, everything that we've added, and the developer-focused capabilities that make it easier for developers to adopt and use our product in this space, all of this tends to give us the kind of competitive differentiation that we believe is going to be a very sustained differentiation over time.

但就效能和可擴展性而言，我們也擁有我認為最好的向量資料庫之一，我們的客戶告訴我們：第一，我們擁有非常強大的向量資料庫產品；第二，我們有很多企業特徵。僅圍繞著混合搜尋、相互排序融合的整體功能集、我們添加的所有內容以及以開發人員為中心的功能，這些功能使開發人員更容易在此領域採用和使用我們的產品，所有這些都傾向於為我們帶來一種競爭差異化，我們相信這種差異化將隨著時間的推移變得非常持久。

Got it. Thank you.

知道了。謝謝。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Yeah. Thanks for taking my question. Want to drill down a little bit more on the security side and the Elastic Express Migration. And just what you're seeing competitively, especially since I think a decent chunk of that Splunk base is potentially up for grabs what you're seeing competitively and customers' willingness to switch? Thanks.

是的。感謝您回答我的問題。想要更深入地了解安全性方面和 Elastic Express Migration。那麼您所看到的競爭情況如何，特別是因為我認為 Splunk 基礎的很大一部分可能會被爭奪，您所看到的競爭情況以及客戶的轉換意願如何？謝謝。

Yeah. Thanks for the question, Rob. So the competitive environment is -- hasn't really seen any changes in that in terms of our ability to win and there is a lot of interest that customers have been showing to sort of move away from incumbents. And what the Express Migration is designed to do is bring together not just the technologies I talked about in the past, I've talked about ES|QL, I've talked about Attack Discovery, but the capabilities that we recently have announced around Automatic Import are designed to make it easier for customers to bring those data flows, those data sources onto Elastic. And then the program also includes customer incentives.

是的。謝謝你的提問，羅布。因此，競爭環境——就我們獲勝的能力而言，並沒有真正看到任何變化，而且客戶對擺脫現有企業表現出了濃厚的興趣。快速遷移的目的是整合我過去談到的技術，包括 ES|QL、攻擊發現，以及我們最近宣布的自動導入功能，旨在讓客戶更輕鬆地將這些資料流、這些資料來源帶入 Elastic。該計劃還包括客戶激勵。

So what we want to do is reduce the risk, reduce the effort, and make it easier for customers to switch over and that's what we've been leaning in. And this then gives our sales teams also a lot to go and talk to customers about. It's just a very natural thing for them to lead with. And so I'm very confident that this momentum is going to continue. And like I said, the impacts -- the near-term impacts that we saw from some of the segmentation changes, the fixes are within our control. We are already acting on it. And with these kinds of things that we are doing for driving migrations and consolidation onto our platform, I particularly am very confident and excited.

因此，我們希望降低風險，減少努力，並使客戶更容易轉換，這就是我們一直以來所傾向於的。這也為我們的銷售團隊提供了許多與客戶溝通的機會。這對他們來說是一件很自然的事。因此我非常有信心這種勢頭將會持續下去。正如我所說的，我們看到的一些細分變化帶來的近期影響以及修復都在我們的控制範圍內。我們已開始採取行動。對於我們為推動平台遷移和整合而進行的這些工作，我感到特別有信心和興奮。

Any thoughts on mirroring this on the observability side as well?

您對在可觀察性方面也反映這一點有什麼想法嗎？

We are doing it for both security and observability. Now obviously, in observability, the focus is on log analytics, and in security, the focus is on SIEM, but this is not just restricted to security. And the same patterns we are seeing them apply across both, Rob. So it's a great question, and that's exactly how we are approaching it.

我們這樣做是為了安全性和可觀察性。現在顯然，在可觀察性方面，重點是日誌分析，而在安全性方面，重點是 SIEM，但這不僅限於安全性。我們看到相同的模式適用於兩者，羅布。這是一個很好的問題，這正是我們的處理方式。

Thank you.

謝謝。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Thanks. I'll just keep it quick. Can you guys quantify how many deals or the quantity or the magnitude of the deals that slipped out of the quarter? Just trying to get an understanding of maybe what the quarter could have looked like and what kind of cushion you have going into next quarter.

謝謝。我會盡快完成。你們能否量化本季發生的交易數量、交易規模或交易規模？只是想了解本季的情況可能如何，以及下個季度你們有什麼樣的緩衝。

Yeah, Andy, I'll take that. So just as a general matter, we tend not to disaggregate the amounts of customer commitments and orders and so forth. But I'll just say it was significant, as you can see that it obviously caused us to move the revenue amount here quite meaningfully. And while these deals are progressing nicely through the sales funnel, I would not expect all of them to close in Q2. Many of these will take a while to close out.

是的，安迪，我接受。因此，一般來說，我們傾向於不分解客戶承諾和訂單等的數量。但我只想說，這非常重要，正如你所看到的，這顯然導致我們在這裡的收入金額發生了相當大的變化。儘管這些交易在銷售過程中進展順利，但我預計它們不會全部在第二季完成。其中許多都需要一段時間才能結束。

And we're also continuing to work through the corrective actions, while we've seen a lot of encouraging signs initially. As we said, it will take a couple of quarters for us to get back to a stronger level of execution that we've seen in the past. And so, as I think about the revenue guide for the year, it considers that period of time as well. So those are some of the things that went into how I thought about the impact of the miss that we had here in Q1.

我們也在繼續採取糾正措施，同時我們最初已經看到了許多令人鼓舞的跡象。正如我們所說，我們還需要幾個季度的時間才能恢復到過去更強勁的執行水準。因此，當我考慮年度收入指南時，也會考慮那段時期。所以這些就是我對我們在第一季的失誤的影響的看法的一些事情。

Thank you. And just as a follow-up, I guess, if you're worried these deals aren't going to close over the next take more than a couple -- more than one quarter to close, it sounds like it may be somewhat out of your control. It's not necessarily self-inflicted with the simple salesperson change to the account. I mean is there -- are you concerned about competition of any of these accounts with the deals that slipped?

謝謝。我想，作為後續問題，如果您擔心這些交易不會在接下來的幾個季度內完成，或者需要超過一個季度的時間才能完成，這聽起來可能有點超出了您的控制範圍。這並不一定是由於簡單的銷售人員對帳戶的變更而造成的。我的意思是——您是否擔心這些帳戶與那些失敗的交易產生競爭？

No. So this is not about competition. Let me describe it this way, every time there is an account transition, the incoming rep has to now establish those relationships and sort of pick up, the handoff needs to be clean and that's where we had the stumble and that's what we've been focusing on now.

不。所以與競爭無關。讓我這樣描述一下，每次有帳戶轉換時，新代表必須建立這些關係並進行接手，交接必須乾淨利落，這就是我們遇到的困難，也是我們現在一直關注的重點。

So when we say that it's -- we expect to be back to our -- back to full strength in terms of the sales execution, what we're really talking about is just that time that it takes for a rep to establish, pick up, and continue to drive. It is not about competition because we haven't seen any of these deals vanish or turn into losses. It's just been about bringing them over the line in Q1 and we are actively working on that now.

因此，當我們說 - 我們希望恢復到銷售執行的全部實力時，我們真正談論的只是銷售代表建立、接受並繼續推動所需的時間。這與競爭無關，因為我們沒有看到任何交易消失或變成虧損。我們只是想在第一季就讓他們實現這一目標，現在我們正在積極努力。

Okay, got it. Thank you.

好的，明白了。謝謝。

Joel Fishbein, Truist Securities.

Truist Securities 的 Joel Fishbein。

Thanks for taking the question. I guess, Janesh, just as a follow-up to Andy's question, how did you go about formulating the guidance and what confidence that you can give us that the numbers are achievable for the 2Q and the full year?

感謝您回答這個問題。我想，Janesh，作為對 Andy 問題的後續回答，您是如何制定指導方針的，以及您能給我們什麼信心，相信第二季度和全年的數字是可以實現的？

Yeah, Joel. So in terms of the approach that we took to guidance, first off, we obviously considered the impact of all of the transactions that we were expecting in Q1 that did not close. That's all reflected in the revenue guide.

是的，喬爾。因此，就我們採取的指導方法而言，首先，我們顯然考慮了我們預計在第一季完成的所有未完成的交易的影響。這些都反映在收入指南中。

And now that we are aware of this issue and started to put the corrective actions in place in July, we've obviously reflected that in a more conservative view internally in terms of how we expect deals to close. I referenced that in some of my earlier comments as well, where I talked about prudent assumptions on deal closures for the rest of this year. And we factor that in accordingly into the guidance.

現在我們已經意識到了這個問題，並在7月開始採取糾正措施，在對交易完成的預期方面，我們顯然在內部以更保守的觀點反映了這一點。我也在之前的一些評論中提到過這一點，當時我談到了今年剩餘時間交易完成的審慎假設。我們會將此考慮進指導中。

So I think about the overall approach to building guidance, that has not changed. We've continued to maintain a prudent approach to it; not fundamentally changed the philosophy. But across the actions that we've taken, we are seeing encouraging signs where deals are progressing nicely through the sales funnel. We're seeing lots of deep customer engagements as people focus on enterprise accounts.

所以我認為建立指導的整體方法並沒有改變。我們一直對此保持審慎態度；並沒有從根本上改變哲學。但從我們採取的行動來看，我們看到了令人鼓舞的跡象，交易在銷售管道中進展順利。隨著人們逐漸關注企業帳戶，我們看到大量的深入客戶參與。

And as Ash said, reps are settling now nicely into their territories and building those relationships. But despite that, we are not assuming an immediate return to normal in terms of our overall performance. We are assuming that this will take a couple of quarters to fix and that's the approach we've taken in terms of how we've built the guide.

正如阿什所說，銷售代表現在已經很好地適應了他們的領域並建立了關係。但儘管如此，我們並不認為我們的整體表現會立即恢復正常。我們預計這個問題需要幾個季度才能解決，這就是我們制定指南時所採取的方法。

Great. Thank you so much.

偉大的。太感謝了。

All right. Thank you very much for joining our call today. We are extremely focused on improving our sales execution, and this will remain my number one priority in the coming months. We remain confident in our growth potential and market opportunity. Thank you very much and have a good evening.

好的。非常感謝您今天參加我們的電話會議。我們非常注重提高我們的銷售執行力，這在未來幾個月仍將是我的首要任務。我們對我們的成長潛力和市場機會仍然充滿信心。非常感謝，祝您晚上愉快。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。