Elastic NV (ESTC) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Elastic 2025 財年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Mr. Anthony Luscri, Vice President in Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係副總裁 Anthony Luscri 先生。先生，請繼續。

Thank you. Good afternoon, and thank you for joining us on today's conference call to discuss Elastic's third-quarter fiscal 2025 financial results. On the call, we have Ash Kulkarni, Chief Executive Officer; and Eric Prengel, Interim CFO and GVP of Finance. Following their prepared remarks, we will take questions.

謝謝。下午好，感謝您參加今天的電話會議，討論 Elastic 2025 財年第三季的財務業績。參加電話會議的有執行長 Ash Kulkarni；以及臨時財務長兼財務副總裁 Eric Prengel。在他們發表準備好的發言後，我們將回答問題。

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 in the Elastic Investor Relations website at ir.elastic.co.

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 of 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已知的因素，僅代表本次電話會議發布之日的觀點，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 disclaim 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，我們不承擔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 fourth quarter fiscal 2025 quiet period begins at the close of business on Wednesday, April 16, 2025. We will be participating in the Morgan Stanley Technology, Media and Telecom Conference on March 5 and the Wells Fargo Software Symposium on April 10.

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 財年第四季靜默期從 2025 年 4 月 16 日星期三營業結束時開始。我們將參加 3 月 5 日的摩根士丹利科技、媒體和電信會議以及 4 月 10 日的富國銀行軟體研討會。

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. Our Q3 results reflect ongoing momentum across all aspects of our business, led by our strong sales execution continued market demand for our products, and our relentless pace of innovation. With strong contributions across all solution areas, search, observability and security, we delivered an outstanding quarter outperforming our guidance metrics.

謝謝你，安東尼，也謝謝大家今天的到來。我們的第三季業績反映了我們業務各個方面的持續發展勢頭，這得益於我們強勁的銷售執行力、市場對我們產品的持續需求以及我們不懈的創新步伐。憑藉在所有解決方案領域、搜尋、可觀察性和安全性的強大貢獻，我們在本季度取得了超越預期的出色成績。

Total revenue grew 17% year over year with cloud revenue growing 26% year over year, and our non-GAAP operating margin represented 17% of revenue. The number of customers spending over $100,000 with us increased to over 1,460 during the quarter, demonstrating the strength of our land and expand motion. Consolidation and Generative AI are powerful tailwinds driving momentum at Elastic and at the forefront of our interactions with customers and prospects, especially as customers continue to prioritize innovation and efficiency across their businesses.

總營收年增 17%，其中雲端收入年增 26%，我們的非 GAAP 營業利潤率佔營收的 17%。本季度，在我們這裡消費超過 10 萬美元的客戶數量增加到 1,460 多名，彰顯了我們土地和擴張計畫的實力。整合和生成性人工智慧是推動 Elastic 發展勢頭的強大順風，也是我們與客戶和潛在客戶互動的最前沿，特別是當客戶繼續優先考慮其業務的創新和效率時。

During the quarter, we saw continued progress in our go-to-market motion. At the start of this fiscal year, we implemented field segmentation changes that increased our focus on landing and expanding enterprise and high-potential mid-market customers. These changes resulted in some unanticipated sales execution issues in Q1 that we have since been addressing. Our performance in Q3 demonstrates that we are now back to the levels of sales execution that we have seen in the past, and we are even starting to see the expected positive impact from the earlier segmentation changes.

在本季度，我們的市場進入行動繼續取得進展。在本財年開始時，我們實施了領域細分變革，更加重視吸引和拓展企業和高潛力的中端市場客戶。這些變化導致第一季出現了一些意料之外的銷售執行問題，我們一直在解決這些問題。我們第三季的表現表明，我們現在已恢復到過去的銷售執行水平，甚至開始看到早期細分變化帶來的預期正面影響。

Q3 performance benefited from our maniacal focus on these customer segments and deal flow remained strong during the quarter as we grew commitments from new and existing customers across all of our solutions. To that point, we have already added significantly more customers spending over $1 million with us through the first three quarters of this fiscal year versus all of last year.

第三季的業績得益於我們對這些客戶群的狂熱關注，隨著我們所有解決方案中新舊客戶的承諾不斷增加，本季交易流保持強勁。到目前為止，與去年全年相比，本財年前三個季度在我們這裡消費超過 100 萬美元的客戶數量已經大幅增加。

Generative AI is enabling organizations to extract value from unstructured data, documents and logs. Search is core to value extraction. And we saw outperformance from Search in Q3 with our Search business once again accelerating year over year.

生成式人工智慧使組織能夠從非結構化資料、文件和日誌中提取價值。搜尋是價值提取的核心。我們在第三季的搜尋業務表現出色，我們的搜尋業務再次實現年比成​​長。

We are seeing an evolution of Search with customers moving from textual search to semantic search and then building conversational applications using Retrieval Augmented Generation or RAG. As enterprises experiment with and adopt agentic workflows to automate multi-step business processes, the importance of Search for powering AI will continue to grow. Customers are choosing the Elastic Search AI platform as an essential layer on which to build all of these flavors of new Search-powered applications, and we expect this momentum will continue to form a tailwind for our business for many years to come.

我們看到搜尋技術的演變，客戶從文字搜尋轉向語義搜索，然後使用檢索增強生成或 RAG 建立對話式應用程式。隨著企業嘗試並採用代理工作流程來自動化多步驟業務流程，搜尋對於支援人工智慧的重要性將持續成長。客戶選擇 Elastic Search AI 平台作為建立所有這些新型搜尋應用程式的重要層，我們預計這種勢頭將在未來許多年繼續為我們的業務帶來推動力。

Our vector database resonates with customers. In addition to our best-in-class vector database, we are taking a distinct approach, offering customers an efficient way to create, store and search vector embeddings beyond those provided by point solution vector databases. In Q3, we signed a seven-figure deal with a digital native career platform, displacing a competitor's vector database as the company scales their business globally and creates new GenAI-based customer experiences.

我們的向量資料庫引起了客戶的共鳴。除了我們一流的向量資料庫之外，我們還採取了一種獨特的方法，為客戶提供一種有效的方法來創建、儲存和搜尋向量嵌入，而不僅僅是點解決方案向量資料庫所提供的向量嵌入。在第三季度，我們與一個數位原生職業平台簽署了一份七位數的協議，取代了競爭對手的向量資料庫，因為該公司在全球範圍內擴展了業務並創造了基於 GenAI 的新客戶體驗。

The Elastic Search AI platform provides a complete search experience within a single platform, allowing the customer to evolve and deploy critical functionality without the complications of managing third-party APIs. We are seeing a positive impact from our leadership position in Gen AI on our business. In the quarter, we signed five deals of greater than $1 million in annual contract value. And customers are building Gen AI applications using Elastic, building upon our momentum in Q2.

Elastic Search AI 平台在單一平台內提供了完整的搜尋體驗，使客戶能夠開發和部署關鍵功能，而無需管理第三方 API 的複雜性。我們看到我們在 Gen AI 中的領導地位對我們的業務產生了積極的影響。本季度，我們簽署了五份年度合約價值超過 100 萬美元的協議。客戶正在使用 Elastic 建立 Gen AI 應用程序，延續我們第二季的發展勢頭。

Now over 1,750 Elastic Cloud customers are using us for Gen AI use cases with over 270 of these customers spending $100,000 or more with us annually. We believe that as more companies leverage large language models to create new customer experiences, automate business processes involving unstructured information, and evolve work streams toward agentic AI use cases, we will benefit. Elastic has the power to bring all these pieces together to be the runtime platform for GenAI applications that simplifies developer experiences and drives greater efficiency and accuracy.

目前，超過 1,750 個 Elastic Cloud 客戶正在使用我們的 Gen AI 用例，其中超過 270 個客戶每年在我們這裡花費 100,000 美元或更多。我們相信，隨著越來越多的公司利用大型語言模型來創造新的客戶體驗、自動化涉及非結構化資訊的業務流程以及將工作流程發展為代理 AI 用例，我們將從中受益。Elastic 能夠將所有這些部分整合在一起，成為 GenAI 應用程式的運行時平台，從而簡化開發人員的體驗並提高效率和準確性。

Outside of Gen AI, we also see strength with our observability and security solutions as customers continue to consolidate onto our platform. In observability, our strategy centers on logs, knowing that they are a rich data source for monitoring mission-critical systems and often represent the messiest data that is challenging to analyze. Elastic excels at transforming logs into understandable, searchable, and analyzable formats, a key reason for why we win with customers. Our unified data store with our emphasis on extremely efficient storage makes it possible for customers to correlate log data with metrics, APM traces, and other absorbability signals at a massive scale, making our solution incredibly compelling for enterprises.

除了 Gen AI 之外，隨著客戶不斷整合到我們的平台上，我們的可觀察性和安全性解決方案也表現出色。在可觀察性方面，我們的策略以日誌為中心，因為我們知道日誌是監控關鍵任務系統的豐富資料來源，並且通常代表最難分析的最混亂的資料。Elastic 擅長將日誌轉換為可理解、可搜尋和可分析的格式，這是我們贏得客戶青睞的關鍵原因。我們的統一資料儲存強調極其高效的存儲，這使得客戶能夠大規模地將日誌資料與指標、APM 追蹤和其他吸收能力訊號關聯起來，這使得我們的解決方案對企業來說極具吸引力。

Our investments in pattern analysis, machine learning, and GenAI reflect an evolution from traditional monitoring to a modern approach that reveals the unknowns in complex systems. New product releases like Logsdb index mode continue to differentiate our solution from competitors.

我們對模式分析、機器學習和 GenAI 的投資反映了從傳統監控向揭示複雜系統中未知因素的現代方法的演變。Logsdb 索引模式等新產品的發布繼續使我們的解決方案與競爭對手區分開來。

In another competitive win from the quarter, we signed a seven-figure deal with an industry leader in smart water management. The customer expanded its use of Elasticsearch and Elastic Observability to enhance operational efficiency and customer service. We power their analytics and billing platform which ingests millions of water meter readings daily, enabling them to proactively identify anomalies and resolve issues to ensure their systems run effectively.

在本季度的另一個競爭勝利中，我們與智慧水管理領域的行業領導者簽署了一份七位數的協議。客戶擴大了對 Elasticsearch 和 Elastic Observability 的使用，以提高營運效率和客戶服務。我們為他們的分析和計費平台提供支持，該平台每天接收數百萬個水錶讀數，使他們能夠主動識別異常並解決問題，確保他們的系統有效運作。

Logsdb index mode was a key factor in how we outperformed two competitors with features that optimize data, ordering, and storage and reduced query latency, showcasing our scalability and ability to deliver accurate results. Additionally, they have now started to build a RAG-powered conversational app on our Search AI platform to strengthen customer service.

Logsdb 索引模式是我們超越兩個競爭對手的關鍵因素，它具有優化資料、排序和儲存以及降低查詢延遲的功能，展示了我們的可擴展性和提供準確結果的能力。此外，他們現在已經開始在我們的搜尋 AI 平台上建立由 RAG 驅動的對話應用程序，以加強客戶服務。

In security, AI-driven security and information management, or SIM, transforms the modern SOC by automating and simplifying processes, helping practitioners work more efficiently and effectively than traditional SIM solutions. In 2024, we released our Attack Discovery solution, leveraging large language models to automate threat discovery. I'm pleased to report that we are seeing strong interest from customers looking to enhance their SOC operations, and we have received positive feedback from industry analysts around this groundbreaking functionality.

在安全領域，人工智慧驅動的安全和資訊管理 (SIM) 透過自動化和簡化流程改變了現代 SOC，幫助從業者比傳統 SIM 解決方案更有效率、更有效地工作。2024 年，我們發布了攻擊發現解決方案，利用大型語言模型來自動化威脅發現。我很高興地報告，我們看到客戶對增強其 SOC 營運表現出濃厚興趣，並且我們也收到了產業分析師對此突破性功能的正面回饋。

In a new seven-figure deal, a military unit responsible for overseeing software capabilities and development for US government use shows Elastic Security's SIEM and endpoint capabilities to support military operation centers. Elastic was selected over competitors for a compelling total cost of ownership. These SOC environments ingest terabytes worth of logs per day and Elastic's cross-cluster search and replication capabilities facilitate efficient workflows for the customer.

在一項新的七位數交易中，負責監督美國政府使用的軟體功能和開發的軍事部門展示了 Elastic Security 的 SIEM 和端點功能，以支援軍事行動中心。在眾多競爭對手中，Elastic 因其極具吸引力的整體擁有成本而被選中。這些 SOC 環境每天會提取數 TB 的日誌，而 Elastic 的跨叢集搜尋和複製功能可為客戶提供高效的工作流程。

The customer intends to implement Attack Discovery to streamline alerts once their Elastic Security deployments are fully operational. Customer consolidation onto our platform drove multiple wins during the quarter as we continue to benefit from the secular tailwind. By helping customers reduce complexity and drive efficiency at a lower total cost of ownership, we are securing solid commitments in becoming an increasingly strategic part of their IT infrastructure.

一旦 Elastic Security 部署全面投入運營，客戶就打算實施攻擊發現來簡化警報。由於我們繼續受益於長期的順風，客戶整合到我們的平台上在本季度推動了多項勝利。透過協助客戶降低複雜性並以較低的整體擁有成本提高效率，我們確保成為其 IT 基礎架構中越來越具有策略意義的組成部分。

Madrid Digital, a government agency responsible for the digital transformation of one of Europe's largest capital cities, signed a new agreement with Elastic in a seven-figure multiyear deal for Elastic Observability. The customer moved from an open source version to Elastic Cloud to consolidate multiple tools onto a single platform and modernize its infrastructure.

馬德里數位政府機構 (Madrid Digital) 負責歐洲最大首都之一的數位轉型，該機構與 Elastic 簽署了一項新的協議，即一項價值七位數的 Elastic Observability 多年協議。客戶從開源版本轉向 Elastic Cloud，以將多種工具整合到單一平台上並實現其基礎設施的現代化。

Madrid Digital provides diverse services for its 7 million constituents requiring a solution to effectively monitor over 3 terabytes of logs per day and reduced the average resolution times for technical incidents. They chose Elastic Observability over competitors due to our scalability and product features like cross-cluster search and our AI system.

馬德里數位組織為其 700 萬選民提供多樣化的服務，需要一種解決方案來有效監控每天超過 3 TB 的日誌，並減少技術事故的平均解決時間。他們之所以選擇 Elastic Observability，而不是競爭對手，是因為我們具有可擴展性以及跨集群搜尋和 AI 系統等產品特性。

Now turning to product innovations during the third quarter. We released Elastic Cloud Serverless, which is now in general availability on AWS and technical preview on Azure with general availability expected in March. Though in the early stages of our journey, we are starting to see momentum with customers, Elastic Cloud Serverless is the fastest way to access Elasticsearch, Elastic Observability, and Elastic Security. We offer customers a dedicated offering for each solution with distinct pricing and experiences to match different underlying personas.

現在來談談第三季的產品創新。我們發布了 Elastic Cloud Serverless，目前已在 AWS 上全面推出，並在 Azure 上提供技術預覽版，預計 3 月全面推出。儘管我們還處於旅程的早期階段，但我們已經開始看到客戶的勢頭，Elastic Cloud Serverless 是訪問 Elasticsearch、Elastic Observability 和 Elastic Security 的最快方式。我們為每種解決方案的客戶提供專門的產品，具有不同的價格和體驗，以配合不同的底層角色。

One Elastic Serverless customer, SAP Concur, highlighted that it takes virtually no time to set up a new project, emphasizing its auto-scaling capabilities. Our industry-first Search AI Lake serves as the foundation of our serverless architecture, allowing for low latency querying across all data with the precision of search. As a fully managed offering, Elastic Cloud Serverless reduces the configuration burden for our customers so that they can run faster to their desired end state. We will launch support for Google Cloud instances as we continue to expand this offering to all three major hyperscalers in the coming months.

Elastic Serverless 的一位客戶 SAP Concur 強調，建立新專案幾乎不需要時間，並強調了其自動擴展功能。我們業界首創的 Search AI Lake 是我們無伺服器架構的基礎，可以實現所有資料的低延遲查詢和搜尋的精確度。作為一款完全託管的產品，Elastic Cloud Serverless 減輕了客戶的配置負擔，使他們能夠更快地運行到所需的最終狀態。我們將推出對 Google Cloud 執行個體的支持，並在未來幾個月內繼續將此項服務擴展到所有三大超大規模企業。

The general availability of Elasticsearch Logsdb index mode, which is available in our enterprise tier was another milestone release during the quarter. Logsdb index mode makes Elasticsearch more efficient and encourages customers to do more with Elastic. By optimizing data storage, indexing, and management, we help our customers extract more value from logs while reducing the total cost of ownership.

Elasticsearch Logsdb 索引模式在我們的企業層中普遍可用，這是本季度的另一個里程碑版本。Logsdb 索引模式使 Elasticsearch 更有效率，並鼓勵客戶使用 Elastic 做更多的事情。透過優化資料儲存、索引和管理，我們幫助客戶從日誌中提取更多價值，同時降低整體擁有成本。

Similar to our release of searchable snapshots in 2020, the cost savings of Logsdb index mode pushes customers towards enterprise tier, incentivizing customers to move over workloads from competitor products and consolidate more onto our platform. Data consolidation onto Elasticsearch AI platform unlocks more value from the underlying data as customers leverage Search AI across our solutions.

與我們在 2020 年發布的可搜尋快照類似，Logsdb 索引模式的成本節省將客戶推向企業層，激勵客戶將工作負載從競爭對手的產品轉移並整合到我們的平台上。隨著客戶在我們的解決方案中利用 Search AI，將資料整合到 Elasticsearch AI 平台上可以從底層資料中釋放更多價值。

Customers are expanding their use of Elasticsearch due to Logsdb index mode. During the quarter, a global software company and long-time Elasticsearch customer upgraded to Elastic Cloud Enterprise from the platinum tier to access all capabilities of Logsdb index mode in a seven-figure deal. The customer's previous logging estate was fragmented with multiple tools and inconsistent standards hindering efficient analysis and troubleshooting.

由於 Logsdb 索引模式，客戶正在擴大對 Elasticsearch 的使用。在本季度，一家全球軟體公司和長期 Elasticsearch 客戶以七位數的價格從白金級升級到 Elastic Cloud Enterprise，以存取 Logsdb 索引模式的所有功能。客戶先前的日誌記錄資產分散，包含多種工具且標準不一致，阻礙了有效的分析和故障排除。

Elasticsearch will be providing better logging infrastructure at a compelling total cost of ownership, allowing them to consolidate tools and modernize the observability stack. The customer also chose Elasticsearch as their end-to-end RAG solution to jump start their AI journey and accelerate their ability to ship GenAI features rapidly to their customers.

Elasticsearch 將以極具吸引力的整體擁有成本提供更好的日誌記錄基礎設施，使他們能夠整合工具並實現可觀察性堆疊的現代化。客戶還選擇 Elasticsearch 作為其端到端 RAG 解決方案，以啟動他們的 AI 之旅並加速他們快速向客戶交付 GenAI 功能的能力。

Our Rerank model differentiated our platform from competitors, improving accuracy, and reducing latency while remaining affordable. We released the Elastic Rerank model in tech preview during the quarter. Our Rerank model boosts search results with more relevance for RAG. Providing precise context from the users' data to large language models helps ensure accuracy of responses and reduces costs by improving the semantic relevance of each query.

我們的 Rerank 模型使我們的平台有別於競爭對手，提高了準確性，減少了延遲，同時保持了可負擔的價格。我們在本季發布了 Elastic Rerank 模型的技術預覽版。我們的 Rerank 模型可以提升與 RAG 更相關的搜尋結果。將使用者資料中的精確上下文提供給大型語言模型有助於確保回應的準確性，並透過提高每個查詢的語義相關性來降低成本。

Similar to the blueprint of our ELSER model, we designed Rerank to be high-performing with relatively low resource requirements. While our architecture supports integration with third-party models, we are also building our own embedding and reranking models, up-leveling our platform to a holistic solution that customers can adopt certified components from Elastic into their infrastructure.

與我們的 ELSER 模型的藍圖類似，我們將 Rerank 設計為高效能且資源需求相對較低。雖然我們的架構支援與第三方模型的集成，但我們也在建立自己的嵌入和重新排名模型，將我們的平台升級為整體解決方案，客戶可以在其基礎設施中採用 Elastic 認證的元件。

Q3 brought several major opportunities to connect with and learn from our customers, developers, IT professionals, and partners. We continued our ElasticON Conference in Amsterdam, Paris, and London, where our team and I were on the ground engaging with thousands of customers and prospects interested in learning more about how to get the most from Elastic Search AI platform.

Q3 帶來了幾個與客戶、開發人員、IT 專業人士和合作夥伴建立聯繫並向他們學習的重要機會。我們繼續在阿姆斯特丹、巴黎和倫敦舉辦 ElasticON 大會，我和我的團隊在當地與數千名有興趣了解如何充分利用 Elastic Search AI 平台的客戶和潛在客戶進行交流。

In November, we attended AWS re:Iinvent, where we were honored with the AWS Global Generative AI Infrastructure and Data Partner of the Year Award, a testament to our strong partnership with AWS and recognition of our work to help customers develop and scale their Gen AI capabilities.

11 月，我們參加了 AWS re:Iinvent，並榮獲 AWS 全球年度生成式 AI 基礎設施和數據合作夥伴獎，證明了我們與 AWS 的緊密合作關係，以及對我們幫助客戶開發和擴展其 Gen AI 功能的工作的認可。

Today, we are also announcing that Navam Welihinda will be joining Elastic as our CFO starting February 28. Navam was most recently the CFO of Grammarly and prior to that, spent seven years at HashiCorp, where he helped lead them through many milestones, including their IPO and successful growth to over $650 million in revenue run rate.

今天，我們也宣布 Navam Welihinda 將於 2 月 28 日起加入 Elastic 擔任我們的財務長。Navam 最近擔任 Grammarly 的財務官，在此之前，他在 HashiCorp 工作了七年，幫助帶領公司實現了許多里程碑，包括 IPO 和成功增長至超過 6.5 億美元的收入運行率。

Prior to HashiCorp, Navam spent time in finance leadership roles at IBM and Deem before which he spent time in venture capital at Sierra Ventures and Inside Venture Partners. I am very excited to have Navam join our senior leadership team, especially given his experience with open source and consumption-based businesses. We have an incredible finance team here at Elastic, and I am confident that together with Navam, they will help guide Elastic forward to newer and greater business milestones towards becoming a generational company.

在加入 HashiCorp 之前，Navam 曾在 IBM 和 Deem 擔任財務領導職務，之後又曾在 Sierra Ventures 和 Inside Venture Partners 從事創投工作。我很高興 Navam 加入我們的高階領導團隊，尤其是考慮到他在開源和消費型業務方面的經驗。Elastic 擁有一支出色的財務團隊，我相信，他們將與 Navam 一起，幫助 Elastic 邁向更新、更大的業務里程碑，成為一家世代相傳的公司。

I would also like to thank Eric Prengel, who has done a tremendous job as Interim CFO these past several months and who continues to be a trusted senior leader within the company. Eric will now report to Navam and continue leading finance strategy and FP&A in addition to some new responsibilities. I'm looking forward to working very closely with both him and Navam in the years ahead.

我還要感謝 Eric Prengel，他過去幾個月作為臨時財務長做出了巨大貢獻，並且繼續成為公司值得信賴的高級領導者。Eric 現在將向 Navam 匯報工作，並繼續領導財務策略和 FP&A，此外還承擔一些新職責。我期待在未來的幾年裡與他和 Navam 密切合作。

In closing, I am energized by the momentum building in our business and our strong performance this quarter. Thank you to all of our employees for their dedicated execution and to our customers, partners, and investors for their ongoing support and confidence.

最後，我對我們本季業務的強勁發展勢頭和強勁表現感到振奮。感謝我們所有員工的辛勤工作，感謝我們的客戶、合作夥伴和投資者的持續支持和信任。

I'll turn it over to Eric to review our financial results in more detail.

我將把這個交給埃里克來更詳細地審查我們的財務結果。

Thank you, Ash, for your kind words, and the trust you placed me as interim CFO. I had the opportunity to work with Navam while he was at HashiCorp, and I was at JPMorgan, and I think very highly of him and all that he will bring to Elastic.

謝謝您，Ash，感謝您的善意言辭，以及對我擔任臨時財務長的信任。當 Navam 在 HashiCorp 工作時，我有機會與他共事，而我當時在摩根大通工作，我對他以及他將為 Elastic 帶來的一切評價很高。

Now let's get into the numbers. We were pleased that we outperformed against the high end of both our revenue and profitability guidance ranges, driven by another quarter of strong execution bolstered by strong customer commitments and ongoing tailwinds from our solutions for GenAI.

現在讓我們來看看數字。我們很高興，我們的營收和獲利能力均超出預期範圍的高端，這得益於另一個季度的強勁執行力，以及強大的客戶承諾和 GenAI 解決方案的持續推動。

Total revenue in the third quarter was $382 million, up 17% year over year on both an as reported and constant currency basis. Subscription revenue in the third quarter totaled $358 million, up 16% year over year on an as-reported basis and 17% in constant currency. Within subscriptions, revenue from Elastic Cloud was $180 million, growing 26% year over year on both an as-reported and constant currency basis. Elastic Cloud represented 47% of total revenue and for the first time ever, crossed 50% of total subscription revenue in the quarter.

第三季總營收為 3.82 億美元，按報告和固定匯率計算年增 17%。第三季訂閱營收總計 3.58 億美元，以報告基礎計算年增 16%，以固定匯率計算成長 17%。在訂閱業務中，來自 Elastic Cloud 的營收為 1.8 億美元，按報告和固定匯率計算年增 26%。Elastic Cloud 佔總營收的 47%，並在本季首次超過總訂閱營收的 50%。

Aggregate consumption trends in the third quarter remained healthy with stronger-than-expected consumption revenue coming from some of our larger customers. Revenue from our Elastic Cloud month-to-month motion, which is driven mainly by self-service SMB customers, was consistent with our expectations and remained flattish in dollar terms coming in at 13% of total revenue.

第三季的整體消費趨勢依然健康，來自一些較大客戶的消費收入強於預期。我們的 Elastic Cloud 月收入主要由自助式 SMB 客戶推動，這與我們的預期一致，以美元計算保持平穩，佔總收入的 13%。

Professional services revenue was $24 million, growing 18% year-over-year on both an as reported and constant currency basis. As a reminder, professional services revenue may fluctuate across quarters depending on the timing of service delivery.

專業服務收入為 2,400 萬美元，按報告和固定匯率計算年增 18%。提醒一下，專業服務收入可能會根據服務交付的時間而跨季度波動。

We saw strong field execution and healthy growth across our solutions where Search saw ongoing momentum from GenAI and continued to be the fastest growing of our three solutions. The quarter's strength is also balanced across geographies, where the Americas grew the fastest followed by EMEA and APJ. We saw customers make strong multiyear commitments this quarter, reflecting their long-term commitment to standardize on Elastic as their platform of choice.

我們看到了解決方案中強大的現場執行力和健康的成長，其中搜尋從 GenAI 中看到了持續的發展勢頭，並繼續成為我們三種解決方案中成長最快的。本季各地區表現也較為均衡，其中美洲地區成長最快，其次是歐洲、中東和非洲地區 (EMEA) 和亞太及日本地區 (APJ)。我們看到客戶本季做出了堅定的多年期承諾，反映了他們長期致力於將 Elastic 作為其首選平台進行標準化的承諾。

Turning to customer metrics, we ended the third quarter with over 1,460 customers with annual contract values more than $100,000. We continue to focus on customers with a higher propensity for growth and target these types of customers in the enterprise and commercial segments, providing a strong foundation for our land and expand motion as we continue to scale.

談到客戶指標，截止第三季度，我們擁有超過 1,460 名客戶，年度合約價值超過 10 萬美元。我們繼續專注於具有更高成長傾向的客戶，並在企業和商業領域瞄準這些類型的客戶，為我們的土地和擴張行動提供堅實的基礎，讓我們繼續擴大規模。

Looking at customer additions more broadly, we ended the quarter with 4,540 customers above $10,000 in ACV and approximately 21,350 total subscription customers. Our net expansion rate was approximately 112%, consistent with last quarter and in line with our expectations.

從更廣泛的角度來看客戶增量，本季結束時，我們擁有 4,540 名 ACV 超過 10,000 美元的客戶，總訂閱客戶數約為 21,350 名。我們的淨擴張率約為 112%，與上一季一致，符合我們的預期。

Now turning to profitability and cash flow, for which I'll discuss non-GAAP measures. Gross margin in the quarter was 76.7%, consistent with the past several quarters. Our operating margin in the quarter was 16.8%, which was better than expected, driven primarily by our strong revenue outperformance as well as our continued discipline in spending. Diluted earnings per share in the third quarter was $0.63.

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76.7%，與過去幾季一致。本季我們的營業利潤率為 16.8%，優於預期，這主要得益於我們強勁的營收表現以及我們在支出方面的持續約束。第三季每股攤薄收益為 0.63 美元。

Adjusted free cash flow was approximately $99 million in the third quarter, which translated to a 26% adjusted free cash flow margin. Cash flow can fluctuate on a quarterly basis, given timing issues and seasonality, so we continue to look at this primarily on a full-year basis.

第三季調整後的自由現金流約為 9,900 萬美元，調整後自由現金流利潤率為 26%。考慮到時間問題和季節性，現金流可能會按季度波動，因此我們繼續主要從全年角度來看待這個問題。

Although we don't formally guide to cash flow, given the performance in the business through the first three quarters, we now expect adjusted free cash flow margin for fiscal '25 to be a few points above the non-GAAP operating margin for fiscal '25. As you know, our adjusted free cash flow is on an unlevered basis.

雖然我們沒有正式指導現金流，但考慮到前三個季度的業務表現，我們現在預計 25 財年的調整後自由現金流利潤率將比 25 財年非 GAAP 營業利潤率高出幾個點。如您所知，我們的調整後自由現金流是無槓桿的。

Now turning to guidance, we were pleased with the continued improvements in our sales execution in the third quarter. Our guidance philosophy remains unchanged, and we continue to be prudent in the near term. We are actively monitoring the many moving parts in the markets in which we operate, including the US public sector. We remain focused on execution and believe that with our highly differentiated platform and the cost of functionality value we offer to our customers, we are well positioned for long-term growth and profitability. Given the revenue outperformance and continued strong go-to-market execution in the third quarter, we are raising our full-year total revenue outlook.

現在談到指導，我們對第三季銷售執行的持續改善感到滿意。我們的指導理念保持不變，短期內我們將繼續謹慎。我們正在積極監控我們營運所在市場中的許多活動因素，其中包括美國公共部門。我們仍然專注於執行，並相信憑藉我們高度差異化的平台和我們為客戶提供的功能價值成本，我們完全有能力實現長期成長和獲利。鑑於第三季的營收優異表現和持續強勁的市場執行力，我們上調了全年總收入預期。

I'll highlight some of the factors we considered in our guidance. While our performance in Q2 and Q3 gives us increased confidence in our sales execution, the shortfall in customer commitments that we experienced in the first quarter of this year will remain a headwind to year-over-year revenue growth in the fourth quarter. Also, keep in mind in Q4, we have three fewer days than we had in each of the first three quarters of the year, which will create a sequential headwind of roughly $10 million to revenue in Q4.

我將重點介紹我們在指導中考慮的一些因素。雖然我們在第二季和第三季的表現讓我們對銷售執行力增強了信心，但今年第一季客戶承諾的不足仍將成為第四季同比營收成長的阻力。另外，請記住，在第四季度，我們的營業天數比今年前三個季度少了三天，這將對第四季度的收入造成約 1000 萬美元的連續不利影響。

We are estimating a revenue headwind versus Q3 related to the recent strength of the US dollar of about $1 million to $2 million. We continue to expect revenue from our month-to-month motion on Elastic Cloud will remain flat. Given the consumption revenue on both annual and month-to-month terms can fluctuate and taking into account all of the facts I just mentioned, we have been prudent in our assumptions on cloud revenue in Q4.

我們估計，受近期美元走強影響，與第三季相比，營收將減少約 100 萬至 200 萬美元。我們繼續預計 Elastic Cloud 的月度營運收入將保持穩定。考慮到年度和月度的消費收入都會波動，並考慮到我剛才提到的所有事實，我們對第四季度的雲端收入的假設是謹慎的。

With the strong operating margin we have seen so far this year and the leverage inherent in our business model, we are also raising our profitability guidance for the full year. Given the opportunity in front of us, and the improvements we have been seeing in our sales execution, we will continue to invest in our business in Q4 while balancing revenue growth and profitability for the long term.

憑藉今年迄今強勁的營業利潤率和我們商業模式固有的槓桿作用，我們也上調了全年盈利預期。鑑於我們面前的機會以及我們在銷售執行中看到的改進，我們將在第四季度繼續對我們的業務進行投資，同時平衡長期收入成長和獲利能力。

Additionally, as is typical with prior Q4 periods, we expect to see seasonally higher expenses related to the timing of employee benefit costs. These expenses were already part of the guidance that we initially laid out for the year.

此外，與先前的第四季一樣，我們預計與員工福利成本時間相關的季節性費用將增加。這些費用已經是我們最初為今年制定的指導方針的一部分。

So with all that as backdrop, for the fourth quarter of fiscal '25, we expect total revenue in the range of $379 million to $381 million. This represents 13% year-over-year growth at the midpoint on an as-reported basis and 15% year-over-year growth at the midpoint in constant currency.

因此，基於以上所有背景，我們預計 25 財年第四季的總營收將在 3.79 億美元至 3.81 億美元之間。以報告基礎計算，中間值年增 13%，以固定匯率計算，中間值年增 15%。

We expect non-GAAP operating margin for the fourth quarter of fiscal '25 to be approximately 13.5% and non-GAAP diluted earnings per share in the range of $0.36 to $0.37, using between 107.5 million and 108.5 million diluted weighted average ordinary shares outstanding.

我們預計 25 財年第四季的非 GAAP 營業利潤率約為 13.5%，非 GAAP 稀釋每股收益在 0.36 美元至 0.37 美元之間，流通在外的稀釋加權平均普通股數量在 1.075 億至 1.085 億股之間。

For full fiscal '25, we expect total revenue in the range of $1.474 billion to $1.476 billion. This represents 16% year-over-year growth at the midpoint and 17% year-over-year growth at the midpoint in constant currency. We expect non-GAAP operating margin for full fiscal '25 to be approximately 14.7%, and non-GAAP diluted earnings per share in the range of $1.91 to $1.96, using between 106 million and 108 million diluted weighted average ordinary shares outstanding.

就整個 25 財年而言，我們預計總營收將在 14.74 億美元至 14.76 億美元之間。以固定匯率計算，中間值年增 16%，以固定匯率計算，中間值年增 17%。我們預計 25 財年全年非公認會計準則營業利潤率約為 14.7%，非公認會計準則攤薄每股收益在 1.91 美元至 1.96 美元之間，攤薄加權平均普通股在 1.06 億至 1.08 億股之間。

Finally, looking ahead to fiscal '26, our market opportunity remains large. The Elasticsearch AI platform is highly differentiated. Our GenAI traction is strong and customers are continuing to consolidate workloads onto our platform. As we go through our planning process, we expect to continue to balance investing for revenue growth with profitability. We will prioritize investments towards areas intended to drive growth, particularly in GenAI.

最後，展望26財年，我們的市場機會仍然很大。Elasticsearch AI平台具有很強的差異化。我們的 GenAI 吸引力很強，客戶正在繼續將工作負載整合到我們的平台上。在我們的規劃過程中，我們希望繼續平衡收入成長和獲利投資。我們將優先投資於旨在推動成長的領域，特別是 GenAI。

We will provide guidance for FY26 on the Q4 call. But in the meantime, let me share our preliminary thoughts on how we are approaching next year from an investment perspective. Over the past several years, we have demonstrated that our business model has inherent operating leverage as we have expanded non-GAAP operating margin while maintaining strong top-line growth.

我們將在第四季電話會議上提供 26 財年的指導。但同時，讓我從投資角度分享我們對明年的初步想法。過去幾年來，我們已經證明我們的商業模式具有固有的經營槓桿，因為我們擴大了非公認會計準則營業利潤率，同時保持了強勁的營收成長。

Given the Gen AI opportunity ahead of us, we intend to continue to make investments across the business to drive revenue growth over the longer term. As such, we expect to expand non-GAAP operating margin only modestly in fiscal '26 relative to our current non-GAAP operating margin guidance for fiscal '25. We expect these investments to be more front-end loaded in fiscal '26 as our sales kick-off and Engineering Global All Hands will both be in Q1 of FY26. We will provide more detail on our Q4 earnings call.

鑑於我們面臨的 Gen AI 機遇，我們打算繼續在整個業務上進行投資，以推動長期收入成長。因此，我們預計，相對於我們目前對 25 財年的非 GAAP 營業利潤率指引，26 財年的非 GAAP 營業利潤率將僅小幅擴大。我們預計這些投資將在26財年更多地投入前端，因為我們的銷售啟動和工程全球全體會議都將在26財年第一季進行。我們將在第四季度收益電話會議上提供更多詳細資訊。

In summary, we are pleased with our performance in the third quarter and remain confident in our ability to continue to drive profitable growth going forward. And with that, let's go ahead and take questions. Operator?

總而言之，我們對第三季的表現感到滿意，並對我們未來繼續推動獲利成長的能力充滿信心。現在，我們開始回答問題。操作員？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Thank you so much for taking the question, and congrats on a spectacular quarter here. I wanted to understand the cloud strength a bit, because when we were going into the second half, I guess you were talking about the potential moderation given the Q1 execution issues. But seems like the sequential growth was higher than even the quarter a year ago.

偉大的。非常感謝您回答這個問題，並祝賀您度過了一個精彩的季度。我想了解雲的強度，因為當我們進入下半年時，我想您正在談論考慮到第一季的執行問題而可能出現的緩和。但似乎連續的成長甚至比去年同期還要高。

So it sounds like Elastic found a new gear somewhere. So trying to understand what surprised you positively, specifically on the cloud strength? And how should we think of the sustainability of that strength?

聽起來 Elastic 好像在某處找到了新的齒輪。那麼，您想了解什麼讓您感到驚喜，特別是在雲強度方面嗎？我們該如何看待這種實力的可持續性？

Yeah, thanks, Pinjalim. We were happy with the Q3 outperformance, which was driven by both strong customer commitments and healthy consumption levels in the cloud. In terms of the cloud, we saw healthy consumption from both enterprise and commercial accounts in Q3, and then there was strength from some larger customers.

是的，謝謝，Pinjalim。我們對第三季的出色表現感到滿意，這得益於強大的客戶承諾和健康的雲端消費水準。在雲端方面，我們看到第三季企業和商業帳戶的消費都很健康，而且一些較大客戶的消費也表現強勁。

We've seen -- obviously, in addition to that, we've seen -- as we think about month-to-month, we've seen that be flash, and we don't think that that's necessarily going to change going forward. But that strength from the enterprise and from the commercial was really powerful in Q3, and it was great.

我們已經看到——顯然，除此之外，我們還看到——當我們考慮逐月變化時，我們已經看到這是閃光的，並且我們認為這不一定會在未來發生改變。但企業和商業的實力在第三季確實非常強大，而且非常棒。

As we think about looking forward to Q4, we don't think that we've tried to be appropriately prudent, and we don't anticipate that we want to bake into our guide that we're going to see that same sequential strength that we saw between Q2 and Q3. And so the Q4 guide is appropriately prudent based on that.

在展望第四季時，我們認為我們並沒有試圖保持適當的謹慎，我們也不認為我們的指南中會包含我們將在第二季和第三季之間看到的相同的連續強勁表現。因此，基於此，第四季的指南是適當審慎的。

Yeah, understood. Thanks, Eric. And one for Ash. Ash, the Serverless product, I want to understand something from a long-term perspective. What is the vision around that?

嗯，明白了。謝謝，埃里克。還有一個是給 Ash 的。Ash，Serverless這個產品，我想從長遠的角度去理解一些東西。對此有何看法？

I'm trying to think -- Serverless obviously dramatically improves kind of the ease of use, aligns resources cost to usage more linearly. So is the long-term vision to essentially have Serverless as the core product with kind of a set of migration plan for existing customers over multiple years, or will it just exist as a choice across your self-managed as well as cloud? And help us understand kind of the impact on the P&L, how should we see it as Serverless becomes a bigger part of the mix.

我試著思考——無伺服器顯然大大提高了易用性，使資源成本與使用情況更加線性地一致。那麼，長期願景是否本質上是以無伺服器作為核心產品，並為現有客戶提供多年內的一套遷移計劃，還是它只是作為您自我管理和雲端的一種選擇而存在？並幫助我們理解對損益表的影響，當無伺服器成為組合中更重要的一部分時，我們應該如何看待它。

Yeah. Thanks for the question, Pinjalim. So as you think about Serverless, there are a few things about it that we are really excited about. The first and foremost, like you said, it's a much better user experience, much faster for users to get started. And there is almost no management effort involved, right? You don't have to worry about setting up the cluster, managing it, scaling it; everything is done automatically for you.

是的。感謝 Pinjalim 的提問。因此，當您考慮無伺服器時，我們對它的一些事情感到非常興奮。首先，就像你說的，它提供了更好的使用者體驗，使用者可以更快地開始使用。而且幾乎不需要任何管理工作，對嗎？您不必擔心設定叢集、管理叢集、擴展叢集；一切都自動為您完成。

The second thing is the pricing model like you talked about. The third thing is for Elastic, we are able to manage that environment much more efficiently, because of how it's architected because of the Search AI Lake architecture that underpins Serverless. So our long-term vision is if I look ahead a few years, Serverless is going to be the primary way in which our customers experience Elastic Cloud.

第二件事就是您所談到的定價模式。第三件事是對於 Elastic 而言，我們能夠更有效地管理該環境，因為它的架構是基於支援無伺服器的 Search AI Lake 架構而設計的。因此，我們的長期願景是，如果展望未來幾年，無伺服器將成為我們的客戶體驗 Elastic Cloud 的主要方式。

And over time, we're going to provide migration tools. There's more functionality that we are adding to Serverless right now. We need to have it available in all the three hyperscalers. We want to build it out in multiple regions across these hyperscalers. But as we do that and we deliver migration tools, our expectation is that more and more of the workloads will move there. And eventually, that will be the thing. And like we've talked about in the past, there are lots of values even to our business in terms of how we can better capture some of the gross margin benefit from it.

隨著時間的推移，我們將提供遷移工具。我們現在正在為 Serverless 添加更多功能。我們需要讓它在所有三個超大規模器中可用。我們希望在這些超大規模的多個地區建造它。但隨著我們這樣做並提供遷移工具，我們期望越來越多的工作負載將轉移到那裡。最終，這就是事實。正如我們過去所談論過的，如何更好地從中獲取部分毛利率效益，這對我們的業務也具有很大的價值。

So now to talk about how to think about the financial model, Eric?

那麼現在來談談如何思考財務模型，艾瑞克？

Thanks, Ash, and I'll just add a few things. Obviously, it's going to take time to feel the financial impact as we're still in the early days. We just went into GA with AWS and Azure is in a tech preview. We're going to be live on all three of the hyperscalers in the near term.

謝謝，Ash，我只想補充幾點。顯然，由於我們仍處於早期階段，因此需要一段時間才能感受到財務影響。我們剛進入 AWS 的 GA 階段，Azure 還在技術預覽階段。我們將在近期內在所有三家超大規模公司上線。

We think that Serverless can be a growth driver for the cloud business as it's going to make it easier to get up and running on Elastic. And then one last thing -- Ash touched on this a little bit -- but we do think there's going to be an uplift to our gross margin as it's a more efficient way for us to utilize cloud resources.

我們認為 Serverless 可以成為雲端業務的成長動力，因為它將使在 Elastic 上啟動和運行變得更加容易。最後還有一件事——Ash 稍微談到了這一點——但我們確實認為我們的毛利率將會提升，因為這是我們利用雲端資源的更有效的方式。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey, thank you. Congrats for me as well. The two questions I have. One is on the -- if you think about the self-service part of the business, like how do you think about what you saw this quarter? How does that kind of relate also for what we saw -- how the sales change at the beginning of the year kind of impact things there? Can you speak to that part of the business? And I have one follow-up.

嘿，謝謝你。我也祝賀你。我有兩個問題。一是—如果您考慮業務的自助服務部分，那麼您如何看待本季的情況？這與我們所見的情況有什麼關係——年初的銷售變化對那裡的情況有何影響？您能談談這部分業務嗎？我還有一個後續問題。

Yeah. Maybe I'll touch upon that. So if you think about the self-service cloud business, that is targeted towards largely the SMB segment, right? And our sales-led motion focuses on our enterprise and mid-market customers. And for the SMB segment, we've targeted through this self-service, monthly cloud motion, that monthly cloud motion, that self-service cloud motion remained pretty much consistent with what we've seen in recent quarters. It was flattish. And that's far more correlated in our view with what's happening in that segment of the market, the SMB segment, as opposed to anything else.

是的。也許我會談及這一點。所以如果你考慮自助雲端業務，它主要針對的是 SMB 領域，對嗎？我們的銷售主導行動主要針對企業和中端市場客戶。對於 SMB 領域，我們透過這種自助服務、每月的雲端遷移來定位，這種每月的雲端遷移、這種自助服務雲端遷移與我們最近幾季看到的情況基本一致。它有點平坦。我們認為，這與市場中小型企業領域發生的情況比其他任何事情都更相關。

And on the sales-led motion, like I mentioned in my prepared remarks, I'm very happy with the performance that we've seen through our sales execution and everything in terms of building pipeline, progressing pipeline, and closing deals and securing commitments, all of that is back to the kind of pace that we've seen in the past. So very happy about that.

關於銷售主導的動議，正如我在準備好的發言中提到的那樣，我對我們的銷售執行以及在建立渠道、推進渠道、達成交易和獲得承諾等方面所看到的表現感到非常滿意，所有這些都回到了我們過去所看到的那種速度。我對此感到非常高興。

Perfect. And then a more technical one on the security and events management space, you talked about the evolution there. What are you seeing there in terms of willingness of customers to think about kind of moving not just the logs to you, but kind of going there as well. Obviously, it's a legacy player that is now part of a bigger entity were -- like the discussion becomes like, well, actually, do you need to continue to pay the higher price there. What are you seeing there on the SIEM space? Thank you.

完美的。然後，您在安全和事件管理領域更技術性的問題上談到了那裡的演變。就客戶願意考慮不僅將原木運送給您，而且還將其運送到那裡這一點而言，您看到了什麼？顯然，它是一家老牌企業，現在是一家更大實體的一部分——討論的焦點是，好吧，實際上，你是否需要繼續支付更高的價格。您在 SIEM 空間中看到了什麼？謝謝。

Yeah, we are seeing a lot of interest in customers that are looking for two things. One, they're looking for more AI-led automation. Security is at the end of the day, a data problem. And as attacks are becoming more and more sophisticated, it's becoming very clear that, A, you need to be able to look across all of your data sets very fast. And second, you need to be able to go back in time and see data that you might have retained over a period of years to understand whether those patterns were ever seen before.

是的，我們看到很多顧客對兩件事很感興趣。一方面，他們正在尋求更多由人工智慧主導的自動化。安全性歸根結底是一個數據問題。隨著攻擊變得越來越複雜，很明顯，A，你需要能夠非常快速地查看所有資料集。其次，您需要能夠回顧過去並查看多年來可能保留的數據，以了解這些模式是否曾經出現過。

And we can do that at massive scale. A lot of the innovations that we have driven to make our -- the way we store information more efficiently, the way we analyze it using machine learning, our AI functionality like Attack Discovery, all of those are big differentiators. And then obviously, like we've talked about, the value for cost that we are able to deliver is a tremendous advantage. So those two things taken together are helping us secure wins and a lot of customers are sort of looking at those two things with a view of consolidating onto our platform.

我們可以大規模地做到這一點。我們推動的許多創新——我們更有效地儲存資訊的方式、我們使用機器學習分析資訊的方式、我們的人工智慧功能（如攻擊發現），所有這些都是巨大的差異化因素。顯然，正如我們所討論的，我們能夠提供的成本價值是一個巨大的優勢。所以，這兩件事結合起來幫助我們獲得勝利，許多客戶也將這兩件事視為整合到我們的平台上的途徑。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

Yeah. Thank you for taking the questions and congrats on Q4. Just talking about the stronger growth in cloud, I wonder if you just get a sense of how much of it has been driven by sort of consolidation opportunities, whether it's on the security side or the observability side versus, let's say, Gen AI -- is Gen AI and ESRE starting to move the needle when we think about either year-over-year or sequential dollar growth?

是的。感謝您回答問題，並祝賀您取得第四季度的成績。只是談論雲端運算的更強勁成長，我想知道您是否了解其中有多少是由整合機會推動的，無論是在安全性方面還是可觀察性方面，還是比如說 Gen AI - 當我們考慮同比或連續的美元增長時，Gen AI 和 ESRE 是否開始產生影響？

Yeah, Sanjit, thanks for the question. So the strength that we've seen has been across the entire business, across all parts of our business. And in search, it's obviously a lot of GenAI but then also observability and security, where we continue to see consolidation onto our platform.

是的，Sanjit，謝謝你的提問。所以，我們看到的優勢遍及整個業務，遍及我們業務的所有部分。在搜尋方面，顯然有很多 GenAI，但同時可觀察性和安全性也不斷在我們的平台上整合。

I talked in our prepared remarks about some of the customer wins, where Logsdb index mode has been a factor in helping customers consolidate onto our platform, bring more workloads onto our platform. And at the same time, we've also seen some really wonderful wins on the GenAI side, customers choosing us as an entire runtime platform and using not just our vector database, but a lot of the other functionalities that we've delivered, things like our ELSER embedding model, our Reranking model, which we recently introduced our Playground. So we are seeing customers use us more and more as a run time for building these RAG applications, but the strength was broad-based.

我在準備好的演講中談到了一些客戶的勝利，其中 Logsdb 索引模式成為幫助客戶整合到我們的平台、為我們的平台帶來更多工作負載的一個因素。同時，我們也看到 GenAI 方面取得了一些非常出色的成績，客戶選擇我們作為整個運行時平台，不僅使用我們的向量資料庫，還使用我們提供的許多其他功能，例如我們的 ELSER 嵌入模型、我們的 Reranking 模型，以及我們最近在 Playground 中引入的模型。因此，我們看到客戶越來越多地使用我們作為建立這些 RAG 應用程式的運行時，但其優勢是廣泛的。

Eric, anything to add to that?

艾瑞克，還有什麼要補充嗎？

Yeah. I would just say the same that Ash said, I think we had a healthy consumption across the board. We saw an acceleration sequentially in some of the larger customers. And it was -- we talked about that in Q2, and they were actually a different set of customers in Q2 and Q3. But overall, we were happy with what we saw in the consumption business.

是的。我只是想說阿什說的同樣的話，我認為我們的消費總體上是健康的。我們看到一些較大的客戶的成長速度連續加速。而且我們在第二季討論過這個問題，他們在第二季和第三季實際上是一組不同的客戶。但總體而言，我們對消費業務的表現感到滿意。

Understood. And then just a follow-up on sort of the vector search opportunity. A lot of this has been focused on early RAG-style use cases, chatbots, and the like. As we sort of move to agentic architectures sort of serving as a memory for agents, is that a bigger opportunity? Is that more sort of compute intensive in some sense than what we've seen thus far in terms of some of these early RAG use cases? I just want to get a sense of if the team has a point of view on what supporting agents from a memory perspective -- what that opportunity looks like for Elastic?

明白了。然後只是對向量搜尋機會的後續關注。其中許多都集中在早期的 RAG 風格的用例、聊天機器人等。當我們轉向代理架構作為代理的記憶時，這是一個更大的機會嗎？從某種意義上來說，這是否比我們迄今為止在一些早期 RAG 用例中看到的需要更多的計算？我只是想了解團隊是否對從記憶體角度支援代理有自己的看法——對於 Elastic 來說，這個機會是什麼樣的？

Yeah. Sanjit, the way I would think about it is it's creating more kinds of applications and more applications that require a retriever. So it's just increasing the total addressable domain for us. What we are seeing is that customer has started to -- that our traditional customers have always started with us with textual search, and those customers first started moving towards semantic search, then they started building conversational apps. Now customers are looking at how they can automate business processes with these agentic workflows.

是的。Sanjit，我的想法是，它正在創建更多種類的應用程式和更多需要檢索器的應用程式。因此，這只是增加了我們的總可尋址域。我們看到的是，我們的傳統客戶一直與我們一起進行文字搜索，這些客戶首先開始轉向語義搜索，然後他們開始建立對話應用程式。現在，客戶正在研究如何利用這些代理商工作流程來實現業務流程的自動化。

But effectively, what those genetic workflows end up being is, like you said, they are multi-step processes that these agentic models are orchestrating and each of those steps in those workflow effectively need some way to ground your large language models, your inference models, and that's where we come in. That's where our retrieval engine comes in. And that just means that there's more utilization and more usage for Elastic in the coming years. And that's what's really exciting about what's happening with GenAI.

但實際上，這些遺傳工作流程最終會是這樣的，就像你說的，它們是這些代理模型所協調的多步驟過程，而這些工作流程中的每一步都需要某種方式來有效地支撐你的大型語言模型、推理模型，這就是我們的用武之地。這就是我們的檢索引擎發揮作用的地方。這意味著未來幾年 Elastic 的使用率和使用量將進一步增加。這正是 GenAI 正在發生的事情真正令人興奮的地方。

Matt Hedberg, RBC Capital Markets.

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

Great. Thanks for taking my question. Congrats from me on the quarter as well. Really great to see the momentum, especially after Q1. Ash, for you, Gen AI continues to resonate, vector continues to resonate. I guess I'm wondering, to me, it feels like that's now the tip of the spear. I'm kind of curious, is that the case for like a lot of new customer inbound? And then ultimately, how does that help the other aspects of your business like observability and security?

偉大的。感謝您回答我的問題。我也對本季的業績表示祝賀。很高興看到這樣的勢頭，特別是在第一季之後。Ash，對你來說，Gen AI 繼續產生共鳴，向量繼續產生共鳴。我想我是在疑惑，對我來說，感覺這就像是矛尖一樣。我有點好奇，對很多新客戶來說都是這樣嗎？那麼最終，這對您業務的其他方面（如可觀察性和安全性）有何幫助？

Yeah, it's a great question. And absolutely, GenAI is probably one of the most leading discussions that we tend to have in the field with our customers. There is a lot of interest in -- because there's a demand within the customer base building all these kinds of different AI applications that we talked about agentic workloads are a topic of discussion and a lot of organizations. And what that means is more opportunities for us to come and position not only what we can do with our vector database and our runtime platform for RAG, but then also talk about how we can, with that same platform, help our customers consolidate more of their workloads onto Elastic, reduce their overall spend by displacing incumbents that might not be innovating as well, not as focused on AI and ML and so on.

是的，這是一個很好的問題。毫無疑問，GenAI 可能是我們與客戶在該領域進行的最主要的討論之一。人們對此很感興趣——因為客戶群中存在著建立所有這些不同類型的人工智慧應用程式的需求，我們討論的代理工作負載是許多組織討論的主題。這意味著我們有更多的機會來定位我們可以使用向量資料庫和 RAG 運行時平台做什麼，還可以討論如何利用同一平台幫助我們的客戶將更多的工作負載整合到 Elastic 上，透過取代那些可能沒有創新、不那麼專注於 AI 和 ML 等的現有企業來減少他們的總體支出。

And so you have seen us come up with functionality in the area of observability, in the area of security, be that our AI Assistants, things like Attack Discovery on security side. All of those are helping us compete better, take more share in these other business spaces as well. So absolutely, AI is the tip of the spear, but it's helping all parts of our business.

所以您已經看到我們在可觀察性領域、安全領域提出了一些功能，例如我們的人工智慧助理、安全性方面的攻擊發現等。所有這些都有助於我們更好地競爭，並在其他商業領域佔據更多的份額。所以毫無疑問，人工智慧是先鋒，但它正在幫助我們業務的各個部分。

The one thing I'd add to that is that as you think about GenAI and how it impacts our business, it's really a strong tailwind across all three of the solution areas. It makes the TAM bigger for Search, and we're a leader in that space. And then in terms of security and observability, given that there's so much Gen AI really embedded in our platform, it makes us much more competitive in those spaces.

我想補充的一點是，當你考慮 GenAI 以及它如何影響我們的業務時，它確實對這三個解決方案領域產生了強勁的推動作用。它使搜尋的 TAM 變得更大，而我們成為該領域的領導者。然後在安全性和可觀察性方面，考慮到我們的平台中嵌入瞭如此多的人工智慧，這使得我們在這些領域更具競爭力。

Well, that's kind of what I'm hearing from some of the field work that we're doing, just makes the entire Elastic platform more relevant. And I guess, maybe just as a follow-up, I know especially now with Elastic Cloud more than 50% of the mix, you have a better sense for usage on the platform.

嗯，這就是我從我們正在做的一些實地工作中聽到的，這使得整個 Elastic 平台更具相關性。我想，也許只是作為後續行動，我知道特別是現在 Elastic Cloud 佔據了超過 50% 的份額，您對平台的使用情況有了更好的了解。

Do you have a rough approximation just given how really it feels like all kind of three aspects of the business are growing fast, what the rough mix is these days between search, observability, and security? Thanks again for the questions, guys.

鑑於目前業務的三個方面似乎都在快速增長，您是否能粗略地估計一下，目前搜尋、可觀察性和安全性之間的大致組合是怎樣的？再次感謝大家的提問。

Yeah. Historically, we've shared some metrics around what that's looked like from a commitment level. And what we've shared is that it's -- about 40% of that business is coming from observability, about a quarter of the business comes from security, and the rest comes from search. Over the last couple of quarters, we've seen search grow really nicely, and it has been the fastest-growing part of our business. And that's really been driven by GenAI, but nothing that we'd call out to date that's fundamentally a change from what we've said historically.

是的。從歷史上看，我們已經分享了一些關於承諾層面的指標。我們所分享的是——大約 40% 的業務來自可觀察性，大約四分之一的業務來自安全性，其餘來自搜尋。在過去的幾個季度中，我們看到搜尋業務成長非常好，它是我們業務中成長最快的部分。這確實是由 GenAI 推動的，但到目前為止，我們認為這與我們過去所說的話並沒有什麼根本性的改變。

And what I'd say is -- keep in mind that like we said this quarter, like the strength was pretty broad-based. And we are seeing the obvious benefits of GenAI on the search side, but it's also helping us drive more competitively on the observability and security side. And this was the bet that we had made that AI was going to help us across the board. And so we invested early, and we are seeing the benefits of that.

我想說的是 - 請記住，就像我們本季所說的那樣，實力相當廣泛。我們在搜尋方面看到了 GenAI 的明顯優勢，它也幫助我們在可觀察性和安全性方面更具競爭力。我們已經打賭，人工智慧將會全面幫助我們。因此我們很早就進行了投資，並且看到了其帶來的好處。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great, thanks for taking my question. In your prepared remarks, you did talk about your progress from a go-to-market perspective around land and expand. Clearly, the larger deals are showing momentum. But I was curious from a land perspective, the customer count was a little weaker than you had seen previously. So any color you could add would be helpful. Thanks.

太好了，感謝您回答我的問題。在您準備好的發言中，您確實從市場進入的角度談到了圍繞土地和擴張的進展。顯然，規模較大的交易正顯示出發展動能。但從土地角度來看，我很好奇，客戶數量比你之前看到的少。因此，添加的任何顏色都會有幫助。謝謝。

Yeah. So let me maybe take that and then invite Eric if he wants to add anything more. From our perspective, our focus has been on our enterprise and mid-market high-propensity customers. That's really what we focus most on internally within the company. Our sales-driven motion is all tuned towards that. And that's why, as you think about our land and expand motion, the metrics that we really care about are the number of customers spending over $100,000 with us. And we are going to continue focusing on that area.

是的。因此，我可能要先討論這些，然後請 Eric 補充一些內容。從我們的角度來看，我們的重點一直是企業和中端市場高傾向客戶。這確實是我們公司內部最關注的事項。我們的銷售驅動動作都是朝著這個方向調整的。這就是為什麼，當您考慮我們的土地和擴張動向時，我們真正關心的指標是在我們這裡消費超過 100,000 美元的客戶數量。我們將繼續關注該領域。

I think one of the things that I also shared was that in the first three quarters of this year, we significantly added more $1 million customers than we did in all of last fiscal year. So you're seeing the benefits of the work that we've been doing in this area. And I'm really happy about that.

我想我分享的一件事是，今年前三個季度，我們新增的 100 萬美元客戶數量比去年全年增加的多得多。所以，您看到了我們在這個領域所做工作的成果。我對此感到非常高興。

I'd just reiterate what Ash said. We're less focused on total customers and more focused on those higher-value customers with a higher propensity to spend with us. And so as we think about those $100,000 customers and $1 million-plus customers, that's where our focus is. And we're really happy with the way that our go-to-market is executed in Q3 and also as well as Q2. We're really driving penetration into these larger customer accounts. And so we're happy with the way it's been working.

我只是重申 Ash 所說的話。我們不太關注整體客戶，而更加關注那些在我們這裡消費傾向較高的高價值客戶。因此，當我們考慮那些收入 10 萬美元和收入 100 萬美元以上的客戶時，這就是我們的重點。我們對第三季和第二季的行銷執行方式感到非常滿意。我們確實在推動這些較大客戶帳戶的滲透。我們對它的運作方式很滿意。

Howard Ma, Guggenheim Securities.

古根漢證券的 Howard Ma。

Great. Thanks so much, And I want to add my congratulations as well on the strong quarter. I have two questions. The first is how would you describe the number and the average deal size of potential displacement of competing better databases within your pipeline? And are you baking in any uptick in vector database displacements in your Q4 guide?

偉大的。非常感謝，我也想對本季的強勁表現表示祝賀。我有兩個問題。首先，您如何描述您的管道中競爭更好的資料庫的潛在置換數量和平均交易規模？在您的 Q4 指南中，您是否考慮了向量資料庫位移的任何上升？

Yeah. Let me maybe touch upon that. So whenever we displace an incumbent, it just depends upon the kind of workload where things were in terms of the implementation. And with a lot of the vector database situations, these tend to be -- if we displace somebody, that implementation is not likely to be very massive, because GenAI is relatively young to begin with. So we are not baking in anything specific related to that.

是的。也許我可以談談這一點。因此，每當我們更換現任者時，這取決於實施過程中的工作量。對於許多向量資料庫的情況，如果我們取代某個人，那麼這種實作可能不會非常大規模，因為 GenAI 相對來說還比較年輕。因此，我們不會烘焙任何與此相關的具體東西。

Our entire focus when it comes to GenAI is to win as many deals as possible, right? That's why we focus on land -- the 1,750 customers on Elastic Cloud that are using us for GenAI. That's where customers are baking us -- there's a design win that we are getting; they're baking us into their design. That's something that we really focus on.

當談到 GenAI 時，我們全部的重點是贏得盡可能多的交易，對嗎？這就是我們專注於陸地的原因——Elastic Cloud 上有 1,750 名客戶使用我們的 GenAI。這就是客戶為我們烘焙的地方——我們獲得了設計勝利；他們把我們融入他們的設計中。這是我們真正關注的事情。

And then getting those commitments, getting them to start to implement is really, really important. I'm not looking at -- the market is so young in a way, and there is so much opportunity that the focus in this area is not necessarily on displacements. We'll often displace somebody that might have been selected by the customer earlier, but that's more just a situational thing as opposed to a strategy.

然後獲得這些承諾，讓它們開始實施，這是非常非常重要的。我沒有考慮過——從某種意義上說，這個市場還很年輕，有太多的機會，所以這個領域的重點不一定放在置換上。我們經常會替換掉客戶之前可能選中的某個人，但這只是一種情況，而不是一種策略。

Okay. That makes sense. Thanks, Ash. And as a follow-up for Eric, could you help us understand what caused the sequential growth decline in the other subscription revenue line? Is there anything to call out in terms of renewal timing that could impact this line in Q4? And more broadly, just how we should think about the sustainable growth rate of the self-managed business? Thanks.

好的。這很有道理。謝謝，Ash。作為對 Eric 的後續提問，您能否幫助我們了解導致其他訂閱營收線連續成長下滑的原因是什麼？在續約時間方面，有什麼需要注意的會對第四季的這條產品線產生影響嗎？更廣泛地說，我們究竟該如何看待自主經營企業的永續成長率？謝謝。

Yeah. Thanks for the question. I really appreciate it. As we think about the self-managed and cloud business, we're actually pleased with the growth that we saw in both of them. And of course, there are some variances here and there, but we thought it was a strong performance from both of them. And that came in the guise of both the commitments that we saw, which were strong in Q3 as well as the consumption that we saw. So overall, we're very happy with both the self-managed or the other subscription and the cloud business.

是的。謝謝你的提問。我非常感激。當我們考慮自我管理和雲端業務時，我們實際上對兩者所看到的成長感到滿意。當然，這裡和那裡也存在一些差異，但我們認為他們兩人的表現都很出色。這是從我們看到的承諾（第三季表現強勁）和消費（表現強勁）表現出來的。因此總的來說，我們對自主管理或其他訂閱以及雲端業務都非常滿意。

If you think about it (multiple speakers) I was just going to say one more thing, sorry. As you just think about those businesses in Q4, we're guiding to $380 million at the midpoint. So there's not a lot of moving parts between self-managed and the cloud. And the reason why our guidance is where it is, is a couple of reasons.

如果你考慮一下（多位發言者），我只是想再說一件事，抱歉。當您考慮第四季度的這些業務時，我們預計中間值將達到 3.8 億美元。因此，自我管理和雲端之間沒有太多的移動部件。我們的指導之所以如此，有幾個原因。

You've got three less days in Q4 relative to Q1 through Q3, and that's about a $10 million headwind on a sequential basis. And there's also about $1 million to $2 million of FX impact. So as you think about the different moving pieces, there's not a ton of variation expected.

與第一季至第三季相比，第四季的營業時間減少了三天，相當於連續造成約 1,000 萬美元的虧損。且外匯影響約為100萬至200萬美元。因此，當您考慮不同的移動部件時，預計不會有大量的變化。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey, guys. Thanks so much for taking the question. Maybe just one for me in the interest of time. A question for you, Ash. And I recall we had a conversation a couple of months ago about customers that were seeing multiples of ACV uplift on adopting certain AI features from Elastic, which it can be great from a revenue perspective, but maybe not so much from a long-term customer cost perspective.

嘿，大家好。非常感謝您回答這個問題。也許出於時間原因，我只想提一個。問你一個問題，阿什。我記得幾個月前我們進行過一次對話，客戶在採用 Elastic 的某些 AI 功能後，ACV 提升了數倍，從收入角度來看，這可能很棒，但從長期客戶成本角度來看，可能並非如此。

So I guess the question here is how much of the revenue upside was driven by bursting ACV from customers adopting AI features? And how are you managing the long-term value proposition for your customers?

所以我想這裡的問題是，有多少收入成長是由採用 AI 功能的客戶帶來的 ACV 激增所推動的？您如何為您的客戶管理長期價值主張？

Yeah, it's a great question. Let me -- the AI area for us is young enough that if you think about the revenue performance and so on, I wouldn't correlate it to that. The strength in our revenue was pretty broad-based, like I mentioned, Koji.

是的，這是一個很好的問題。對我來說，人工智慧領域還很年輕，如果你考慮收入表現等等，我不會將其與之聯繫起來。正如我之前提到的，Koji，我們的營收成長勢頭十分強勁。

The point that you called out, this is something that I've talked about in the past. It's really important for us to continue to add functionality that brings down the cost over time for people to do things in a much more efficient way. And that's true, not just in AI, but across the board.

您所指出的觀點，我過去已經談過。對我們來說，繼續添加功能以降低成本並讓人們以更有效率的方式完成工作確實非常重要。事實確實如此，不僅在人工智慧領域，而是在各個領域。

And with AI, what it does is it just motivates more and more workloads to come to Elastic. The capabilities like better binary quantization that we introduced that allows somebody to store these vector embeddings in a much more efficient way and do their Gen AI, their RAG retrievals in a much more efficient way, that is one of the reasons, one of the many reasons why those kinds of features are why we are winning kinds of success that we are winning. That's why customers are increasingly choosing us as the platform of choice for building runtime AI applications.

而藉助人工智慧，它能激勵越來越多的工作負載轉移到 Elastic。我們引入的更好的二進制量化等功能允許人們以更有效率的方式儲存這些向量嵌入，並以更有效率的方式進行他們的 Gen AI 和 RAG 檢索，這就是這些功能能夠讓我們成功的眾多原因之一。這就是為什麼越來越多的客戶選擇我們作為建立運行時 AI 應用程式的首選平台。

And our focus is on continually doing that. Because the more we can win these workloads, the bigger role that we can play in the world AI ecosystem over time, and that's going to be the key to long-term success. So we're going to keep doing that, and we're going to keep managing it. And because it's early enough, there is no factor there that is affecting revenue per se.

我們的重點是持續這樣做。因為我們贏得的工作量越多，隨著時間的推移，我們在世界人工智慧生態系統中就能發揮更大的作用，而這將是長期成功的關鍵。因此，我們會繼續這樣做，並繼續進行管理。而且由於時間還早，還不存在影響收入的因素。

Michael Cikos, Needham and Company

Michael Cikos，Needham and Company

Hey, guys. Thanks for taking the questions here. I wanted to cycle back. I believe it was Rob Owens, who was asking about the customer count. And I just wanted to get a better understanding. I would have thought that the customer count in some way would be benefiting from industry M&A out there.

嘿，大家好。感謝您在這裡回答問題。我想騎車回去。我相信是 Rob Owens，他正在詢問顧客數量。我只是想更好地理解。我原本以為客戶數量會在某種程度上受益於產業併購。

So are you guys benefiting from industry M&A at this point? And maybe is it more mixed because previous -- customers who were previously dual-sourcing their solution are now bringing more of their estate to you? Like how do we think about how industry M&A might be benefiting you guys where we sit today?

那麼你們現在從產業併購中獲益了嗎？也許情況更加複雜，因為以前—以前採用雙重採購解決方案的客戶現在將更多的資產帶給您？例如，我們如何看待產業併購在今天會為你們帶來哪些好處？

Yeah. So if you think about the total customer adds, in the past, a lot of it has also come from the SMB side, if you will. And the SMB segment has been generally flat, like we've talked about for many quarters now. And our focus really is on the enterprise and mid-market customers. That's where we are really driving our energy; our sales-driven motion is all there.

是的。因此，如果您考慮過去的整體客戶增加情況，其中很大一部分也來自中小企業方面。正如我們已經討論過的許多季度那樣，中小企業領域總體持平。我們的重點確實是企業和中端市場客戶。這正是我們真正發揮能量的地方；我們的銷售驅動動力就在這裡。

And in that segment, we obviously, like we've talked about in the past, are seeing the benefit of customers wanting to consolidate onto our platform, because some of the incumbents that either because of M&A reasons or other factors are starting to fall behind on the capabilities that they're delivering on the innovation that they're driving. And it's just becoming a greater and greater reason for customers to look for alternatives like Elastic, and we are definitely seeing the benefit of that.

在這一領域，正如我們過去談到的那樣，我們顯然看到了客戶希望整合到我們的平台上的好處，因為一些現有企業由於併購原因或其他因素，在他們推動的創新方面的能力開始落後。這正成為客戶尋找 Elastic 等替代品的越來越重要的理由，而我們也確實看到了它的好處。

And so if that's the case, is it fair to think, hey, an existing customer, Mike Cikos, is already using Elastic for search and a consolidation takes place, but it's not necessarily going to benefit that customer count because that was already with you in the first place? Is that a fair conclusion (multiple speakers) ?

如果情況確實如此，那麼是否可以這樣想：嘿，現有客戶 Mike Cikos 已經在使用 Elastic 進行搜索，並且進行了合併，但這不一定會對客戶數量產生影響，因為這些客戶一開始就已經與您合作了？這是一個公平的結論嗎（多位發言者）？

Yeah. Exactly. Because a lot of it ends up being effectively expansion, right? It's new workloads that are coming on to Elastic. And if you just think about that cohort of enterprise and high propensity mid-market customers, many of them are already customers of Elastic.

是的。確切地。因為很多最終都實現了有效擴張，對嗎？這是 Elastic 即將面臨的新工作負載。如果您只考慮企業和高傾向中端市場客戶群，他們中的許多人已經是 Elastic 的客戶。

And it's not a numbers game in that area, right? It's not the long tail of small customers; that's not where our focus is. It's on those larger customers, many of them have existing relationships with us, and they just add more workloads. If they were a search user, now they might be adding us for security or for observability or vice versa. And that's what's driving the expansion. And that motion is working very well for us.

在那個領域這不是數字遊戲，對嗎？這不是小客戶的長尾問題；這不是我們的重點。這是針對那些較大的客戶，其中許多客戶已經與我們有關係，並且他們增加了更多的工作量。如果他們是搜尋用戶，現在他們可能會為了安全性或可觀察性而添加我們，反之亦然。這就是推動擴張的動力。這項動議對我們來說非常有效。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Hey, thank you very much. Congrats on the quarter. Ash, I'm just curious to get your perspective on the whole lot of generative AI, if it moves from training to post training and inference, how does the opportunity set change or not change for Elastic? Thank you so much.

嘿，非常感謝。恭喜本季取得佳績。Ash，我只是好奇你對整個生成式人工智慧的看法，如果它從訓練轉向後訓練和推理，那麼對於 Elastic 來說，機會集會發生怎樣的變化或不會發生變化？太感謝了。

So where we play in, Kash, in the whole ecosystem is when customers are deploying their inference models and other things in an environment where they're building these GenAI applications and need retrieval. And pretty much anything that you do, whether it's semantic search or building of conversational apps or building these agentic workflows, as long as you are doing it for the purpose of providing some connection to an organization's data, you are going to need retrieval; you're going to need a retrievable augmented generation model, and that's where we come in.

因此，Kash，在整個生態系統中，我們發揮作用的地方是當客戶在構建這些 GenAI 應用程式並需要檢索的環境中部署他們的推理模型和其他東西時。幾乎你所做的任何事情，無論是語義搜尋、建立對話應用程式或建立這些代理工作流程，只要你這樣做是為了提供與組織資料的某種連接，你就需要檢索；您將需要一個可檢索的增強生成模型，這就是我們的用武之地。

So all of these phases of different types of agentic applications, it just increases our TAM. It increases our TAM. It increases the amount of cycles that somebody spins on our platform, because these ML jobs tend to be more intensive and that's the benefit, which is why we are so focused on the whole AI area.

因此，不同類型的代理應用的所有這些階段都增加了我們的 TAM。它增加了我們的TAM。它增加了某人在我們的平台上旋轉的周期數量，因為這些 ML 工作往往更加密集，這就是好處，這就是我們如此關注整個 AI 領域的原因。

Got it. And in this world -- that's fascinating -- as we move into agentic applications being deployed at run time or inference time, how does Elastic differentiate in that marketplace where you have companies with MongoDB and others that are likely to embed RAG capabilities in their architecture? What is the unique proposition that Elastic will have at that point in time? Thank you so much, and that's it for me.

知道了。在這個令人著迷的世界裡，當我們進入在運行時或推理時部署的代理應用程式時，Elastic 如何在擁有 MongoDB 的公司和其他可能在其架構中嵌入 RAG 功能的公司這樣的市場中脫穎而出？Elastic 屆時將有何獨特主張？非常感謝，對我來說就這樣了。

Yeah. Great question, Kash. So it's really important to be a complete platform. And you are seeing that others are now trying to catch up with where we have been for some time. We saw this very early on, which is why over four years ago, we invested in building our own vector database. And since then, you've seen that we also invested in building our own embedding models, building our Reranking model. We've built things like our Playground for evaluation and so on.

是的。很好的問題，卡什。因此，成為一個完整的平台確實非常重要。你會發現其他人現在正努力追趕我們已有的水平。我們很早就看到了這一點，這就是為什麼四年多前我們就投資建立了自己的向量資料庫。從那時起，您將看到，我們還投資建立了自己的嵌入模型，建立了我們的重新排名模型。我們已經建造了諸如遊樂場之類的東西以供評估等。

There's so much functionality that we have delivered that not only has this -- at the center of it all, this very, very efficient vector database, but then everything else that you need to build a GenAI application soup to nuts. And we give you the choice to connect with whatever large language inference model you want to connect to, whether that is OpenAI or Anthropic or Cohere or even if you want to use something that's open source base, right? You're seeing the tremendous amount of innovation in open source.

我們提供的功能非常多，不僅包括這個——作為這一切的核心，這個非常非常高效的向量資料庫，還包括建立 GenAI 應用程式所需的一切。我們讓您選擇連接任何您想要的大型語言推理模型，無論是 OpenAI 還是 Anthropic 或 Cohere，或者即使您想使用一些開源基礎的東西，對嗎？您會看到開源領域出現了大量的創新。

So that's why our platform is as popular as it is, because we are way ahead in terms of the functionality, just how efficient and scalable and complete our platform is for this kind of purpose. So we intend to keep racing ahead and being ahead of the pack.

這就是我們的平台如此受歡迎的原因，因為我們在功能方面遙遙領先，我們的平台在實現此類用途方面的效率、可擴展性和完整性都很高。因此，我們打算繼續領先並保持領先地位。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Thank you. I wanted to ask a question on the $100,000-plus customers. So it looks like GenAI added about 30 out of the 40 large new customers. And I'm wondering, are those existing customers that brought on a new GenAI workload and subsequently pushed their spend to over $100,000, are those new customers coming to Elastic, and they're just starting at a much larger scale than your non-GenAI customers?

謝謝。我想問一個有關 100,000 美元以上的客戶的問題。因此看起來 GenAI 增加了 40 個大型新客戶中的約 30 個。我想知道，那些現有客戶是否帶來了新的 GenAI 工作負載，隨後將其支出推高至 100,000 美元以上，那些新客戶是否剛開始使用 Elastic，並且他們的規模比非 GenAI 客戶大得多？

Thanks, Andrew. Just to clarify that a little bit, as you think about that 270 customers who are using Gen AI, who are $100,000-plus customers at Elastic, it doesn't necessarily mean that those are new customers. It could be that they're new to Gen AI. So if you think about the population of 1,460 customers, and we added about 40 relative to last quarter, the 30 or so that were added that are specific to Gen AI don't have -- the 40 and the 30 are not necessarily aligned. It could be that those 30 were a subset of the 1,460.

謝謝，安德魯。稍微澄清一下，當您想到使用 Gen AI 的 270 位客戶時，他們是 Elastic 的 100,000 美元以上的客戶，這並不一定意味著他們是新客戶。他們可能對 Gen AI 還很陌生。因此，如果您考慮 1,460 名客戶的數量，並且我們相對於上一季度增加了約 40 名，那麼專門針對 Gen AI 而增加的約 30 名客戶就沒有——40 名和 30 名不一定是一致的。這 30 人可能是 1,460 人中的子集。

But I think what you're getting at and what I think is really important is that we are seeing significant traction with GenAI across the board and with our larger customers using it. We talked -- Ash talked about those $5 million-plus customers that we landed in GenAI and the three that we landed last quarter. So clearly, we're seeing a lot of momentum with people adopting GenAI, both who are already using Elastic and now they're adding GenAI to their use cases and also with some of these new use cases from customers where they're adding GenAI. So, overall, it's been a strong tailwind to the business.

但我認為您所要表達的以及我認為真正重要的是我們看到 GenAI 在各個領域以及我們的大型客戶中都獲得了顯著的發展。我們談論了——Ash 談論了我們在 GenAI 獲得的那些價值 500 多萬美元的客戶以及上個季度獲得的三位客戶。顯然，我們看到人們採用 GenAI 的勢頭強勁，既有已經在使用 Elastic 的人，現在他們正在將 GenAI 添加到他們的用例中，也有客戶的一些新用例添加了 GenAI。所以，總的來說，這對業務來說是一股強勁的推動力。

Okay, thank you. And then as it relates to those GenAI customers, do you see the cross-sell opportunity to sell them Observability as a higher percentage maybe of versus a non-GenAI customer, just given that how much they've invested in these GenAI workload? I would think they'd want to monitor those more so than maybe any other workloads they had in their environment. And that's it for me. Thanks.

好的，謝謝。然後，就那些 GenAI 客戶而言，您是否認為存在交叉銷售機會，可以向他們出售的可觀察性比例可能比非 GenAI 客戶更高，考慮到他們在這些 GenAI 工作負載上投入了多少？我認為他們更希望監控這些內容，而不是他們環境中的任何其他工作負載。對我來說這就是全部了。謝謝。

Yeah, that's a great question. And I don't know if GenAI applications are deserving of more monitoring or not. At the end of the day, and with the way most customers look at it is they think about the application. If it's an important application, they want to make sure that they monitor it, so they can ensure it's uptime. They can detect failure conditions quickly.

是的，這是一個很好的問題。我不知道 GenAI 應用程式是否值得更多監控。歸根結底，大多數客戶看待這個問題的方式是考慮應用程式。如果它是一個重要的應用程序，他們希望確保對其進行監控，這樣就可以確保其正常運作。他們可以快速檢測到故障情況。

And from our perspective, our focus is always on cross-selling and upselling, right? Like we've talked about the land and expand motion. So if we talk to a customer about building a RAG-based application, and they use us as their vector database and more, we'll absolutely talk to them about, hey, how can we help you in terms of monitoring it? How can we help you in terms of securing?

從我們的角度來看，我們的重點始終是交叉銷售和追加銷售，對嗎？就像我們談論過的土地和擴張運動一樣。因此，如果我們與客戶談論建立基於 RAG 的應用程序，並且他們將我們用作向量資料庫等等，我們絕對會與他們討論，嘿，我們如何在監控方面為您提供幫助？在安全方面我們能提供您什麼協助？

And just the fact that we are having a much more strategic conversation with them allows us to open more doors with all of our solutions. So we do that all time. I don't know if GenAI necessarily drives it more than others, but it's definitely a nice momentum for us.

事實上，我們正​​在與他們進行更具策略性的對話，這使我們能夠透過所有解決方案打開更多的大門。所以我們一直都是這麼做的。我不知道 GenAI 是否一定會比其他公司更能推動這一進程，但這對我們來說絕對是一個很好的動力。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yeah. Thanks for taking questions. Ash, sounds like the go-to-market transition is going pretty smoothly at this point. What were some of the changes that you were able to make to really stabilize that motion after Q1? And how are you thinking about the opportunity that new model unlocks for you moving forward?

是的。感謝您的提問。Ash，聽起來目前的市場轉型進展得相當順利。Q1 之後，您能夠做出哪些改變來真正穩定這項動議？您如何看待新模式為您未來發展帶來的機會？

Yeah. It's a great question. So the thing that we really doubled down on was the focus with which we we're managing the pipeline and the pipeline progression. And the metrics that we look at, is pipeline getting created at the right pace that we have been used to the past. And is it progressing at the same pace that it used to in the past?

是的。這是一個很好的問題。因此，我們真正加倍關注的是我們對管道和管道進展的管理。我們所關注的指標是，管道的創建速度與我們過去習慣的一樣正確。它是否以與過去相同的速度發展？

And that extra inspection, the effort that we put into it is now sort of part of what we do on a regular basis. And the goal is to continue driving that. So that's what's allowed us to recover as quickly as we have, and I feel really good about where we are.

我們為額外的檢查所付出的努力現在已經成為我們日常工作的一部分。我們的目標是繼續推動這項進程。這就是我們能夠如此迅速恢復的原因，我對我們現在的狀況感到非常滿意。

Now in terms of the benefits of the changes that we had made to begin with, a lot of the changes were about creating greater focus on our highest propensity customers, both in enterprise and in mid-market. And that is allowing us to effectively have better conversations, richer conversations with customers, and grow the deals in a much nicer way.

現在，就我們一開始所做的改變所帶來的好處而言，許多改變都是為了更關注我們最有傾向的客戶，無論是在企業還是在中端市場。這使我們能夠有效地與客戶進行更好、更豐富的對話，並以更好的方式增加交易。

And one data point that I'm particularly pleased about is the fact that in the first three quarters of this year, we've already added more $1 million customers than we did in all of FY24. So to me, that's a really good sign about how our expand motion is working. And these are good sort of early data points of what we can continue to do as we focus on our execution.

令我特別高興的一個數據是，今年前三個季度，我們新增的 100 萬美元客戶數量已經超過了 2024 財年全年的新增數量。所以對我來說，這是一個很好的跡象，表明我們的擴張行動正在發揮作用。這些都是很好的早期數據點，告訴我們在專注於執行的同時，我們可以繼續做些什麼。

That's helpful. And then I know you recently moved the licensing model back to more of an open source model. Can you talk about how that shift has impacted recent top-of-funnel activity, especially as it relates to the vector search and database opportunity?

這很有幫助。然後我知道您最近將許可模式轉回了開源模式。您能談談這種轉變對最近的漏斗頂端活動產生了什麼影響嗎，尤其是與向量搜尋和資料庫機會相關的變化？

Yeah. It's still really early, but what I'll say is the reason for the change was because we wanted to make sure that we are visible and discoverable in all the places where developers go to find open source options for various technologies. And because we didn't have an OSI compliant license until we adopted the AGPL license a couple of quarters ago, that kept us out of some of those places. So that has been a big reason why we did it.

是的。現在還為時過早，但我要說的是，我們之所以做出這項改變，是因為我們想確保在開發人員尋找各種技術的開源選項的所有地方，我們都是可見的和可發現的。而且由於直到幾個季度前我們採用 AGPL 許可證時才擁有符合 OSI 要求的許可證，因此我們無法進入這些地方。這就是我們這樣做的一個重要原因。

And just the level of excitement in the community suggests that we are on the right path; we are on the right track. So in the overall open source world, these kinds of payoffs happen over a period of time. But I'm very excited about what this means, because the more customers adopt our vector database today, the more the opportunity for us to continue to drive this business with the tailwind of GenAI for many years to come.

社區的興奮程度顯示我們走在正確的道路上；我們走在正確的道路上。所以在整個開源世界中，這種回報會在一段時間內發生。但我對此感到非常興奮，因為今天採用我們的向量資料庫的客戶越多，我們在未來許多年裡借助 GenAI 的順風繼續推動這項業務的機會就越大。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（TD Cowen）

Great. Thanks. Thanks for squeezing me in, and congrats on the quarter. Eric, maybe just -- Ash and Eric, sales and marketing growth of 9% was -- it's below revenue growth, clearly. And the head count adds sequentially were a bit down versus the past couple of quarters.

偉大的。謝謝。感謝您抽空給我，並祝賀本季取得佳績。埃里克，也許只是——阿什和埃里克，銷售和營銷增長 9%——顯然低於收入增長。與過去幾季相比，員工人數增加的數量較上季略有下降。

Maybe just talk about where you stand from a sales capacity standpoint as you close out this year and head into next year. How do you make sure you have enough capacity to keep this level of revenue growth higher? Thanks.

也許只是談談您在結束今年並邁向明年時從銷售能力的角度所處的狀況。您如何確保擁有足夠的能力來維持這較高的收入成長水準？謝謝。

Yeah, it's a great question and one that's particularly relevant given that we saw Q2 and Q3 were strong quarters. We're happy with the way the field is executing, and it gives us confidence to continue to invest in the business.

是的，這是一個很好的問題，而且鑑於我們看到第二季和第三季表現強勁，這個問題尤其重要。我們對該領域的執行方式感到滿意，這給了我們繼續投資該業務的信心。

We talked a little bit about it in the prepared remarks, but we do plan it on investing in the business as we get into FY26. And as we think about those investments, we expect that they're going to come in the field as well as marketing and product. They're all places that we can grow.

我們在準備好的演講中談到了這一點，但我們確實計劃在進入 26 財年時對該業務進行投資。當我們考慮這些投資時，我們預計它們將投入現場、行銷和產品方面。這些都是我們可以成長的地方。

And so field capacity is something that we actively monitor and track. We track it almost as closely as we track our pipeline. We know that it's going to drive our growth, and it's something that's important. We're still hiring heads into the field in Q4. But overall, the way you should feel is that we feel comfortable with the head count we have and that we need to drive FY26.

因此，我們會積極監測和追蹤現場容量。我們對它的跟踪幾乎與對管道的跟踪一樣密切。我們知道這將推動我們的成長，這是一件非常重要的事情。我們仍在第四季度招募該領域的人才。但總的來說，您應該感覺到，我們對現有的員工人數感到滿意，並且我們需要推動 FY26 的發展。

Shrenik Kothari, Robert Baird.

Shrenik Kothari、Robert Baird。

Hey, yeah, thanks for taking my question and congrats for the great quarter. Hey, Ash. So you mentioned the advanced AI features, you mentioned Logsdb mode index, Rerank, vector search, are driving upgrades from lower-tier subscription to enterprise tier, and it's not all kind of consumption and expansion driven.

嘿，是的，感謝您回答我的問題，並祝賀本季取得如此出色的成績。嘿，阿什。所以您提到了高級 AI 功能，您提到了 Logsdb 模式索引、Rerank、向量搜索，正在推動從低層訂閱到企業層的升級，而這並不是全部由消費和擴展驅動。

Can you provide any insights into how these up-tier expansions you're seeing, especially this quarter or the last few quarters compared to some of the historical rates? And between AI observative functionalities, could you help us unpack that? What are the most consistent catalyst for customers moving up the tiering? And then I had a follow-up for Eric.

您能否提供一些見解，說明您所看到的這些上層擴張情況，尤其是本季或最近幾季與一些歷史比率相比的情況？在 AI 觀察功能之間，您能幫助我們解開這個謎團嗎？促使客戶提升層級最主要的催化劑是什麼？然後我對 Eric 進行了跟進。

Yeah, that's a great question. And the motion for us has consistently been to grow along a few vectors. One is, obviously, as more data grows, that drives more consumption, so we grow with that. The second is to get more workloads onto our platform. So that's the expand motion, where we're always talking to customers about how they can use us for additional, different kinds of use cases. We've talked about that on this call.

是的，這是一個很好的問題。我們的行動一直是沿著幾個向量發展。一是，顯然，隨著數據的成長，消費也會隨之增加，因此我們也隨之增加。第二是把更多的工作量放到我們的平台上。這就是擴展動議，我們總是與客戶討論如何將我們用於更多不同類型的用例。我們在這次通話中已經討論過這個問題。

And the third, like you talked about here, is getting customers to higher tiers. And the motion to get customers to the enterprise tier has been something that's worked really, really well for us even in the past. And they don't normally upgrade to a higher tier just for one feature, right? There are all kinds of different interesting capabilities that we have in the product that encourage customers to step up to higher tiers.

第三，就像您在這裡談到的，就是將客戶吸引到更高的層級。讓客戶進入企業層的舉措在過去對我們來說一直非常有效。而且他們通常不會只為了一個功能就升級到更高的級別，對嗎？我們的產品具有各種不同的有趣功能，可以鼓勵客戶升級到更高的層級。

Searchable snapshots is a perfect example. That was a big driver. The Logsdb index mode that you mentioned that we just came out with recently we feel really good about that. That's going to be another feature that we believe is going to drive similar kinds of upgrades.

可搜尋的快照就是一個很好的例子。這是一個巨大的推動力。您提到的我們最近剛推出的 Logsdb 索引模式我們對此感到非常滿意。我們相信，這將是推動類似升級的另一個功能。

And then for all the AI functionality, whether it's the AI Assistant or Attack Discovery for even things like our ML nodes and so on, all of those have been areas that have convinced customers to move up to higher tiers. So it's not one thing but it's this combination. And our goal is to always give customers more reasons to move up.

對於所有 AI 功能，無論是 AI 助理還是攻擊發現，甚至是我們的 ML 節點等等，所有這些都是說服客戶升級到更高層級的領域。所以這不是一件事，而是這種組合。我們的目標始終是給客戶更多選擇的理由。

Got it. And just a quick follow-up, Ash and Eric, can chime in. On the segmentation changes, the go-to-market, right? Have those affected the time lines for these up-tier transitions compared to trends or have you established any kind of internal success metrics, incentives, constructing around that, which helps kind of drive faster up-tiering? Are you seeing that?

知道了。只需簡短跟進一下，Ash 和 Eric 就可以加入。關於細分市場的變化，進入市場的方式，對嗎？與趨勢相比，這些是否影響了這些向上層轉變的時間表，或者您是否建立了任何內部成功指標、激勵措施並圍繞此進行構建，以幫助推動更快的上上層轉變？你看到了嗎？

Yeah. The way I think about it is something that we put into place in Q1. And it took -- obviously, we had some issues with our execution in Q1 as we're going through the transition. But as we've gone through the transition, I think that we've been happy with what we saw in Q2 and Q3. And the incentives that our people have is really to focus on enterprise and commercial, and that's where our business is focused.

是的。我的想法是我們在第一季就已實施的。顯然，在我們經歷轉型的過程中，我們在第一季的執行上遇到了一些問題。但隨著我們經歷了轉型，我認為我們對第二季和第三季的表現感到滿意。我們的員工真正關注的是企業和商業，這也是我們的業務重點。

We've talked about it a lot that that's the part of the customer segmentation that we're focused on. And we think that we've done a really good job with that based on the incentive structure that we have for our reps.

我們已經多次討論過這一點，這是我們關注的客戶細分的部分。我們認為，基於我們為銷售代表制定的激勵機制，我們在這方面做得非常好。

Joel Fishbein, Truist Securities.

Truist Securities 的 Joel Fishbein。

Thanks for squeezing me in. Eric, you've touched on this a few times, but I really wanted to home in a little bit on Q4 renewals. Can you just remind us how big the renewal cohort is in 4Q? And with your -- it seems like your capacity is there and the pipelines are there, so I'd just love to get a little bit more color around that. That would be helpful.

謝謝你擠進我。艾瑞克，你已經多次提到這一點，但我真正想深入討論第四季的續約情況。您能否提醒我們一下第四季的續約群體有多大？而且——看起來你的產能就在那裡，管道也在那裡，所以我很想對此獲得更多詳細資訊。那將會很有幫助。

Yeah. The way I think about it is -- actually, this is a good time to mention this, in Q4 -- we're not going to give specific color around the dollars of renewals or otherwise. But one thing that's important to note is that as you will recall from Q4 '24, there was about $15 million of pull-forward business that was higher than seasonally normal. And so it's not specific to this topic, but there were $15 million that pulled forward and as you think about that in the year-on-year compare, we're probably not going to see that same volume of pull forward in Q4. And that's something just to call out as I know a lot of people look at some of the metrics that are either balance sheet or backlog metrics.

是的。我的想法是——實際上，現在是提及這一點的好時機，在第四季度——我們不會給出有關續約金額或其他方面的具體信息。但要注意的一點是，您會記得，24 年第四季的提前業務額約為 1500 萬美元，高於季節性正常水平。因此，這並不是針對這個主題的，但有 1500 萬美元被提前提取，當你考慮與去年同期相比時，我們可能不會在第四季度看到相同數量的提前提取。需要指出的是，我知道很多人都會關註一些資產負債表或積壓指標。

But we continue throughout the year, our renewal rates have stayed where you think they would have and we're happy with that. Just generally giving you a sense of how we're modeling Q4. There's still going to be a slight overhang from the commitments that were a shortfall in Q1.

但我們全年都會繼續這樣做，我們的續約率一直保持在您認為的水平，我們對此感到滿意。只是總體讓您了解我們如何模擬 Q4。第一季的承諾缺口仍將略有增加。

We talked about the three-day headwind and how that's about a $10 million headwind in total. And as you compare with last year, FY24, it's about a -- there's one day less in FY25, because we don't have the leap year. And so that's about a 1% headwind. There's also $1 million to $2 million on FX, and we've talked about how we're modeling consumption. And given that we saw a few larger customers drive an acceleration in consumption that we don't necessarily expect in Q4, we're not modeling that in our guidance.

我們討論了三天的逆風以及總計約 1000 萬美元的逆風。與去年（2024 財年）相比，2025 財年少了一天，因為沒有閏年。因此，這大約是 1% 的逆風。外匯方面也有 100 萬到 200 萬美元，我們已經討論瞭如何模擬消費。鑑於我們看到一些較大的客戶推動了消費加速，而這在第四季度並不一定是我們所預期的，因此我們沒有在我們的指導中對此進行建模。

But is there a pretty big large customer renewal in 4Q?

但是第四季有比較大的大型客戶續約嗎？

There's nothing that's out of whack abnormal with what we'd normally see in the fourth quarter of any year.

與我們通常每年第四季看到的情況相比，並沒有什麼異常。

This concludes our question-and-answer session. I would like to turn the conference back over to Ash Kulkarni for any closing remarks. Please go ahead.

我們的問答環節到此結束。我想將會議交還給 Ash Kulkarni 並請他作最後發言。請繼續。

All right. Thank you all for joining us today. I'm excited to welcome Navam as our CFO for this next phase of our growth. I'm encouraged by the continued strong momentum across all aspects of our business and we look forward to giving you an update next quarter. Thank you, all.

好的。感謝大家今天的參與。我很高興歡迎 Navam 擔任我們下一階段發展的財務長。我們業務各個方面持續保持強勁勢頭令我感到鼓舞，我們期待下個季度向您提供最新進展。謝謝大家。

The 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。