Elastic NV (ESTC) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to the Elastic NV fourth quarter fiscal 2025 earnings results conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Anthony Luscri, Vice President of Investor Relations. Please go ahead.

下午好，歡迎參加 Elastic NV 2025 財年第四季收益結果電話會議。（操作員指示）請注意，此事件正在被記錄。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 fourth quarter fiscal 2025 financial results. On the call, we have Ash Kulkarni, Chief Executive Officer; and Navam Welihinda, Chief Financial Officer. 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 財年第四季的財務業績。參加電話會議的有執行長 Ash Kulkarni 和財務長 Navam Welihinda。在他們發表完準備好的發言後，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 on the Elastic Investor Relations website at ir.elastic.co. Our discussion will include forward-looking statements, which may include predictions, estimates or expectations regarding the demand of our products and solutions in 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. We disclaim any obligation to update or revise these forward-looking statements unless required by law.

我們的新聞稿於今天收盤後發布，並發佈在我們的網站上。作為本次電話會議的補充，幻燈片也可在 Elastic 投資者關係網站 ir.elastic.co 上找到。我們的討論將包含前瞻性陳述，其中可能包括對我們產品和解決方案的需求對我們未來收入及其他資訊的預測、估計或預期。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。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。

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. 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. Unless specifically noted otherwise, all results and comparisons are on a fiscal year-over-year basis.

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，這些新聞稿包含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。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 (non-GAAP) 指標的揭露資訊（包括與最具可比性的公認會計準則 (GAAP) 指標的對帳）可在新聞稿和幻燈片中找到。除非另有特別說明，所有結果和比較均按財政年度同比計算。

The webcast replay of this call will be available on our company website under the Investor Relations link. Our first quarter fiscal 2026 quiet period begins at the close of business on July 17. We will be participating in the Bank of America Technology Conference on June 5 and the Rosenblatt Virtual AI conference on June 11. Also Elastic will host a Financial Analyst Day in combination with our New York City Elasticon on October 9, and we hope many of you will join us there in person.

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 2026 財年第一季靜默期從 7 月 17 日營業結束時開始。我們將參加 6 月 5 日的美國銀行技術會議和 6 月 11 日的 Rosenblatt 虛擬 AI 會議。此外，Elastic 將於 10 月 9 日與紐約市 Elasticon 聯合舉辦金融分析師日活動，我們希望你們中的許多人能親自參加。

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

說完這些，我就把它交給 Ash。

Thank you, Anthony. Good afternoon, everyone, and welcome to our Q4 earnings call. Elastic achieved a strong quarter, culminating in a solid finish to the fiscal year. Building on our momentum, we delivered strong growth, fueled by our sales execution and the persistent demand for our solutions and our innovation velocity thrived. We exceeded guidance across all revenue and profitability metrics, demonstrating our platform strength and the extraordinary efforts of our team.

謝謝你，安東尼。大家下午好，歡迎參加我們的第四季財報電話會議。Elastic 本季業績表現強勁，為本財年畫下了圓滿的句點。憑藉著良好的發展勢頭，我們實現了強勁成長，這得益於我們的銷售表現、對我們解決方案的持續需求以及我們的創新速度的蓬勃發展。我們在所有收入和獲利指標上都超越了預期，展現了我們的平台實力和團隊的非凡努力。

In Q4, revenue grew 16%. Elastic Cloud revenue grew 23%, and we delivered a non-GAAP operating margin of 15%. We ended FY25 with more than 1,510 customers spending over $100,000. Q4 was a great quarter and a great close to a pivotal year in driving customer adoption of the Elasticsearch AI platform. In Q4, we continue to benefit from our sales strategy of landing and expanding enterprise and high potential mid-market customers. We ended the fiscal year with more than 210 customers over $1 million in committed annual contract value, representing more additions to this cohort than ever before.

第四季度，營收成長了16%。Elastic Cloud 營收成長了 23%，非 GAAP 營業利潤率為 15%。截至 25 財年，我們有超過 1,510 名客戶消費超過 10 萬美元。第四季表現優異，為推動客戶採用 Elasticsearch AI 平台的關鍵一年畫上了圓滿的句號。第四季度，我們持續受惠於吸引和擴大企業和高潛力中端市場客戶的銷售策略。在本財年結束時，我們已擁有超過 210 名客戶，承諾的年度合約價值超過 100 萬美元，這群人的新增數量比以往任何時候都多。

The sales segmentation changes we implemented at the start of the fiscal year have started to pay off. We saw progress in enterprise and commercial accounts and significant breakthroughs in our strategic segment, where we are helping our largest customers leverage our technology for consolidation and generative AI application development. For example, we closed an eight figure expansion deal this quarter with a global financial institution for Elastic Observability, displacing a competitor.

我們在本財年開始實施的銷售細分變革已開始產生效果。我們在企業和商業帳戶方面取得了進展，並在策略領域取得了重大突破，我們正在幫助我們最大的客戶利用我們的技術進行整合和產生人工智慧應用程式開發。例如，本季我們與一家全球金融機構就 Elastic Observability 達成了八位數的擴張協議，取代了競爭對手。

With our real-time alerting and monitoring features, we addressed critical feature gaps for the customer. giving them deeper insights into system performance. This deal also led to an expansion of Elasticsearch for GenAI applications as part of an internal efficiency initiative, positioning Elastic as a strategic partner in their GenAI journey. GenAI and Consolidation remained powerful drivers, accelerating our momentum and influencing customers and prospects to choose Elastic for their search, observability and security needs.

透過我們的即時警報和監控功能，我們解決了客戶的關鍵功能差距，讓他們更深入地了解系統效能。作為內部效率計劃的一部分，這筆交易還促使 Elasticsearch 擴展到 GenAI 應用程序，將 Elastic 定位為其 GenAI 之旅的戰略合作夥伴。GenAI 和 Consolidation 仍然是強大的驅動力，加速了我們的發展勢頭，並影響了客戶和潛在客戶選擇 Elastic 來滿足他們的搜尋、可觀察性和安全性需求。

Now more than ever before, enterprises are scrutinizing their solution investments as they look to control costs and prioritize expenditures that drive productivity and ROI at scale, leveraging AI to automate business processes and drive innovation and efficiency is a big priority for customers. We provide mission-critical technology able to flex to data complexities and accommodate diverse use cases for every industry. We continue to strengthen our position as the platform of choice for customers building GenAI applications as our pace of innovation drives superior performance, scalability and ease of use. Enterprises remain committed to GenAI investments as a key business strategy. We continued our strong GenAI momentum in Q4.

現在，企業比以往任何時候都更加嚴格地審查其解決方案投資，因為他們希望控製成本並優先考慮能夠大規模提高生產力和投資回報率的支出，利用人工智慧實現業務流程自動化並推動創新和效率是客戶的首要任務。我們提供能夠靈活應對資料複雜性並適應各行業不同用例的關鍵任務技術。隨著我們的創新步伐推動卓越的效能、可擴展性和易用性，我們將繼續加強作為建立 GenAI 應用程式的客戶的首選平台的地位。企業仍然致力於將 GenAI 投資作為一項關鍵的商業策略。我們在第四季度延續了強勁的 GenAI 勢頭。

Now over 2,000 Elastic Cloud customers are using Elastic for GenAI use cases, with over 310 of these customers spending 100,000 or more annually. Of our customers with over $1 million in committed ACV, more than 25% are utilizing Elastic for GenAI initiatives. Over the course of FY25, we saw customers progress from GenAI application ideation to implementation. As GenAI evolves, the importance of relevance and context increases. Criteria where Elasticsearch leads as the industry's most used vector database. This drove continued strength in our overall search business in Q4 and all of FY25. We recently announced the general availability of our better binary quantization, or BBQ technology, our pioneering technology that compresses vectors for lightning faster travel.

目前，超過 2,000 名 Elastic Cloud 客戶正在使用 Elastic 實現 GenAI 用例，其中超過 310 名客戶每年花費 100,000 美元或更多。在承諾 ACV 超過 100 萬美元的客戶中，超過 25% 正在使用 Elastic 進行 GenAI 計畫。在 25 財年期間，我們看到客戶從 GenAI 應用程式構思到實施取得了進展。隨著 GenAI 的發展，相關性和背景的重要性日益增加。Elasticsearch 作為業界使用最廣泛的向量資料庫的領先標準。這推動了我們第四季和整個25財年整體搜尋業務的持續強勁成長。我們最近宣布全面推出更好的二進位量化技術（BBQ技術），這是我們的一項開創性技術，可以壓縮向量，實現更快的傳輸速度。

Since its debut, we have improved its performance and accuracy, now achieving even more relevance gains, making it appealing for enterprise customers with large-scale production workflows. Elasticsearch is the first and only vector database with this quantization technique on the market. This feature helped us upgrade an international defense agency from a free version of Elasticsearch in a 7-figure deal to leverage our vector database. They require a solution capable of ingesting diverse data types for their intelligence applications, one able to handle immense data volumes without sacrificing performance or accuracy. BBQ is the solution for their needs.

自推出以來，我們不斷提高其性能和準確性，現在實現了更高的相關性，使其對具有大規模生產工作流程的企業客戶具有吸引力。Elasticsearch是市場上第一個也是唯一一個採用這種量化技術的向量資料庫。此功能可協助我們以 7 位數的價格將一家國際防禦機構從 Elasticsearch 免費版本升級到利用我們的向量資料庫。他們需要一種能夠為其智慧應用程式提取多種資料類型的解決方案，能夠在不犧牲效能或準確性的情況下處理大量資料。BBQ 可以滿足他們的需求。

In Q4, we continued to drive consolidation onto our search AI platform as our core value proposition is built on our industry-leading innovation at a very attractive cost to value ratio. For instance, we secured a multiyear 7-figure expansion deal with a leading international banking group in 50 plus global markets. Elastic was selected as one of the key platforms in their centralized observability strategy, spanning across all business units. This move supported a broader technology initiative aimed at consolidating multiple monitoring and observability tools into a streamlined ecosystem. As part of the expansion, the customer upgraded to an enterprise license to cost effectively manage their environment with features such as the frozen tier, AI assistant and synthetic source for logsDB indices.

在第四季度，我們繼續推動搜尋 AI 平台的整合，因為我們的核心價值主張建立在我們行業領先的創新之上，並且具有極具吸引力的成本價值比。例如，我們與全球 50 多個市場的領先國際銀行集團達成了一項為期多年的七位數擴張協議。Elastic 被選為其集中可觀察性策略中涵蓋所有業務部門的關鍵平台之一。此舉支持了一項更廣泛的技術舉措，旨在將多種監控和可觀察性工具整合到一個精簡的生態系統中。作為擴充的一部分，客戶升級到企業許可證，以便使用凍結層、AI 助理和 logsDB 索引合成來源等功能以經濟高效的方式管理他們的環境。

They also recently deployed our AI assistant, which has already demonstrated value by identifying anomalies in retail banking data. Globally, our business performed well overall though we saw some pressure in the US public sector, where agencies face constraints. Our team executed effectively and our compelling value to cost proposition was key to driving traction with these customers with features like LogsDB and frozen tier storage, motivating them to move more workloads to Elastic. We are utilizing this focus on efficiency as a catalyst as the US administration seeks to transform processes and drive efficiency, areas where Elastic truly excels.

他們最近還部署了我們的人工智慧助手，該助手已經透過識別零售銀行數據中的異常證明了其價值。在全球範圍內，我們的業務整體表現良好，儘管我們看到美國公共部門面臨一些壓力，因為這些部門的機構面臨限制。我們的團隊執行力強，我們極具吸引力的成本價值主張是吸引這些客戶的關鍵，這些客戶使用 LogsDB 和凍結層儲存等功能，激勵他們將更多工作負載轉移到 Elastic。我們正在利用這種對效率的關注作為催化劑，因為美國政府正在尋求轉變流程並提高效率，而這正是 Elastic 真正擅長的領域。

Looking to FY26, we are projecting continued growth and strong margins as we continue to drive leverage across the business. Navam will dig more into our assumptions here momentarily. While we acknowledge that there is potential uncertainty, amidst evolving macro conditions, our pipeline remains healthy. Our business model also incentivizes customers to move more data to Elastic by offering competitive pricing and features to optimize infrastructure usage, thus enabling them to do more and realize the full potential of unlimited data on one unified platform.

展望 26 財年，隨著我們繼續推動整個業務的槓桿作用，我們預計業務將繼續成長並實現強勁利潤。Navam 馬上就會深入探討我們的假設。儘管我們承認在不斷變化的宏觀條件下存在潛在的不確定性，但我們的管道仍然保持健康。我們的商業模式還透過提供具有競爭力的價格和功能來優化基礎設施的使用，從而激勵客戶將更多資料遷移到 Elastic，從而使他們能夠在統一的平台上做更多的事情並充分發揮無限數據的潛力。

Finally, as we continue to innovate and develop highly differentiated solutions with features that effortlessly migrate customers to Elastic, we are generating significant forward sales opportunities from competitive displacements in security and observability, meeting customers where they are, differentiates Elastic in the marketplace. With the flexibility of our solutions, we unlock new opportunities across every industry and vertical offering architecture able to accommodate both cloud and self-managed environments. Last quarter, our cloud business eclipsed 50% of our subscription revenue and growth remained strong in Q4.

最後，隨著我們不斷創新和開發高度差異化的解決方案，其功能可輕鬆將客戶遷移到 Elastic，我們正在從安全性和可觀察性的競爭性替代中創造重要的遠期銷售機會，滿足客戶的需求，使 Elastic 在市場上脫穎而出。憑藉我們解決方案的靈活性，我們在每個行業和垂直領域都釋放了新的機遇，提供能夠同時適應雲端和自我管理環境的架構。上個季度，我們的雲端業務超過了訂閱收入的 50%，且第四季的成長依然強勁。

In cloud, we are seeing significant adoption of AI, and it continues to be a favorite choice for customers looking to eliminate operational burden. We've also been seeing strong AI traction in our self-managed business. we announced an integration with the new NVIDIA AI factory for Elasticsearch to be a recommended vector database for enterprises to build and deploy AI applications on their own infrastructure. We will also collaborate to build a plug-in to accelerate vector indexing and search using NVIDIA cuVS on top of NVIDIA GPUs and CPUs. This will allow NVIDIA and Elastic to bring all enterprise data to AI at blazing speeds for customers looking to build AI native applications.

在雲端，我們看到人工智慧的廣泛應用，它仍然是希望消除營運負擔的客戶的首選。我們在自主管理業務中也看到了強大的人工智慧吸引力。我們宣布與新的 NVIDIA AI 工廠集成，使 Elasticsearch 成為推薦的向量資料庫，供企業在自己的基礎架構上建置和部署人工智慧應用程式。我們還將合作建立一個插件，以在 NVIDIA GPU 和 CPU 上使用 NVIDIA cuVS 加速向量索引和搜尋。這將使 NVIDIA 和 Elastic 能夠以極快的速度將所有企業資料帶入 AI，以滿足希望建立 AI 原生應用程式的客戶的需求。

We will continue to deliver innovative capabilities to both cloud and self-managed architectures for our customers in FY26. Security is a prime area where we see customers from every vertical industry and geo, putting our AI features into use so that their security teams realize the benefits of advanced threat detection, investigation and response. Attack discovery is now generally available to customers.

我們將在 2026 財年繼續為客戶提供雲端和自管理架構的創新功能。安全是一個主要領域，我們看到來自各個垂直行業和地區的客戶都在使用我們的人工智慧功能，以便他們的安全團隊能夠實現高級威脅檢測、調查和回應的好處。攻擊發現現已普遍向客戶開放。

Notably, we improved the technology's efficacy since launching in technical preview. We have better aligned attack discovery to our customers' use cases reducing hallucinations and improving the overall customer experience. Customer interest for our AI assistant grows with active users growing steadily over the course of FY25. We predicted that GenAI advancements would fundamentally change the security landscape, and our solutions are at the forefront of this transformation.

值得注意的是，自從技術預覽版推出以來，我們已經提高了該技術的功效。我們更好地將攻擊發現與客戶的使用案例結合起來，減少了幻覺並改善了整體客戶體驗。隨著 2025 財年活躍用戶穩定成長，客戶對我們 AI 助理的興趣也日益增長。我們預測 GenAI 的進步將從根本上改變安全格局，而我們的解決方案處於這一轉變的前沿。

In Q4, Siemens, a global technology company, with over 1,300 cybersecurity experts protecting more than 120 factories worldwide has enhanced its comprehensive defense in depth strategy by incorporating Elastic's SIEM platform into their global cyber defense center services. Siemens chose Elastic for its integration flexibility and AI-related capabilities for a multiyear collaboration. During FY25, we consistently delivered new capabilities and improved product features further differentiating Elastic in search, observability and security.

第四季度，擁有 1,300 多名網路安全專家、保護全球 120 多家工廠的全球科技公司西門子透過將 Elastic 的 SIEM 平台納入其全球網路防禦中心服務，增強了其全面的縱深防禦戰略。西門子選擇 Elastic 是因為其整合靈活性和 AI 相關功能，並與其建立了多年的合作關係。在 25 財年，我們不斷提供新功能並改進產品特性，進一步使 Elastic 在搜尋、可觀察性和安全性方面脫穎而出。

During the fourth quarter, we continued to make progress with Elastic Cloud serverless now in general availability on AWS and Google Cloud. As a fully managed offering, serverless allows customers to quickly launch and scale, giving them flexibility to manage workloads without managing the underlying infrastructure. In one expansion deal from the quarter, a leading cloud-based content and productivity platform, selected Elastic to deliver mission-critical search capabilities and consolidate their security tools to achieve operational efficiency, accelerate their go-to-market and reduce costs with a scalable solution, the customer opted for Elastic Cloud serverless, further enabling their modernization initiatives.

在第四季度，我們持續推進 Elastic Cloud 無伺服器技術，目前該技術已在 AWS 和 Google Cloud 上全面推出。作為一個完全託管的產品，無伺服器允許客戶快速啟動和擴展，使他們能夠靈活地管理工作負載而無需管理底層基礎設施。在本季度的一項擴展交易中，一家領先的基於雲端的內容和生產力平台選擇 Elastic 來提供關鍵任務搜尋功能並整合其安全工具，以實現營運效率、加速其上市速度並透過可擴展的解決方案降低成本，客戶選擇了 Elastic Cloud 無伺服器，進一步支援其現代化計劃。

Elastic emerged as the preferred choice against three competitors with serverless and our GenAI features, specifically AI assistant and attack discovery, differentiating us from the other vendors. We believe that our serverless offering will benefit Elastic Cloud revenue over the long term and early customer adoption is tracking to our expectations. In the area of security, we released a new SIEM migration tool, Automatic Migration, similar to automatic import, which streamlines user migration to AI-driven security analytics and expedites SecOps workflows with automatic migration, customers can transfer detection rules from legacy providers onto Elastic, lowering the barrier to entry and helping us win new enterprise customers. Informed by our belief that bringing workflow automation features will strengthen all of our solution areas we acquired to keep an open source leader in AI Ops, a platform that unifies alerts behind a single pane of glass and provides workflow automation capabilities for incident remediation.

Elastic 憑藉無伺服器和 GenAI 功能（特別是 AI 助理和攻擊發現）在與三家競爭對手的競爭中脫穎而出，成為首選，使我們有別於其他供應商。我們相信，我們的無伺服器產品將長期有利於 Elastic Cloud 的收入，而早期客戶的採用也符合我們的預期。在安全領域，我們發布了新的 SIEM 遷移工具“自動遷移”，類似於自動導入，它簡化了用戶向 AI 驅動的安全分析的遷移，並通過自動遷移加快了 SecOps 工作流程，客戶可以將檢測規則從傳統提供商轉移到 Elastic，從而降低進入門檻並幫助我們贏得新的企業客戶。我們相信，引入工作流程自動化功能將加強我們收購的所有解決方案領域，以保持我們在 AI Ops 領域的開源領先地位，該平台將警報統一在單一玻璃窗格後面，並為事件補救提供工作流程自動化功能。

We are delighted to join forces with the key team to drive innovation across our serach AI platform. This quarter, we celebrated some significant wins and initiatives with our partners. For years, we have invested in partnerships, prioritizing hyperscalers through technical integrations and they continue to drive new business at Elastic. Earlier this week, we announced a new five year strategic collaboration agreement with AWS, which deepens our partnership through solution integrations, joint go-to-market and marketing initiatives, ultimately simplifying Elastic adoption on the AWS marketplace.

我們很高興與核心團隊攜手推動我們的搜尋 AI 平台的創新。本季度，我們與合作夥伴一起慶祝了一些重大勝利和舉措。多年來，我們一直投資於合作夥伴關係，透過技術整合優先考慮超大規模企業，他們繼續推動 Elastic 的新業務。本週早些時候，我們宣布與 AWS 達成一項新的五年策略合作協議，該協議透過解決方案整合、聯合上市和行銷計劃深化我們的合作夥伴關係，最終簡化 Elastic 在 AWS 市場上的採用。

Working together, we believe our collaboration will accelerate AI innovation as the integrations will make it easier for customers to build GenAI applications with Elastic on AWS. Our partnership with Google grows stronger, too. At Google Cloud Next, we announced that Elasticsearch is the first third-party native grounding engine on Google Cloud's Vertex AI platform and Google's Gemini models.

我們相信，透過合作，我們的合作將加速人工智慧創新，因為這些整合將使客戶更容易在 AWS 上使用 Elastic 建立 GenAI 應用程式。我們與 Google 的合作關係也變得更加牢固。在 Google Cloud Next 上，我們宣布 Elasticsearch 是 Google Cloud Vertex AI 平台和 Google Gemini 模型上首個第三方原生落地引擎。

Now our joint customers can seamlessly build GenAI experiences grounded in their enterprise data powered by Elasticsearch AI capabilities. As proof of our continued partnership with Google, we won two Google Cloud Partner of the Year Awards in the AI category at Google Cloud Next. I'm delighted to see our partnerships thriving as they are key to helping us market and deliver our products globally. On the go-to-market front, we recently wrapped our annual sales kickoff meeting. I spent an incredibly productive week with the team. We believe our value proposition has never been clearer to customers and prospects.

現在，我們的共同客戶可以無縫建立基於由 Elasticsearch AI 功能提供支援的企業資料的 GenAI 體驗。作為我們與 Google 持續合作的證明，我們在 Google Cloud Next 上贏得了 AI 類別的兩項 Google Cloud 年度合作夥伴獎。我很高興看到我們的合作關係蓬勃發展，因為它們對於幫助我們在全球範圍內行銷和交付產品至關重要。在市場推廣方面，我們最近結束了年度銷售啟動會議。我和團隊度過了非常有成效的一周。我們相信，我們的價值主張對於客戶和潛在客戶來說從未如此清晰。

With the FY25 sales segmentation changes, validated by recent financial performance, we are not bringing any major changes to our sales strategy this year. We enter FY26 with our team fully energized, ready to keep driving our momentum forward. We are motivated and ready to win. To close, I'm deeply proud of what our team has achieved this fiscal year and our exceptional performance this quarter. The continuous innovation in our Search AI platform, the accelerating adoption of generative AI and the growing trend of customer consolidation all reinforce my confidence in Elastic's future and our ability to create a generational company.

隨著 2025 財年銷售細分的變化，並由最近的財務業績證實，我們今年不會對銷售策略做出任何重大改變。進入 26 財年，我們的團隊充滿活力，準備繼續推動我們前進的勢頭。我們充滿動力並準備好贏得勝利。最後，我為我們團隊在本財年所取得的成就以及本季的出色表現深感自豪。我們的搜尋 AI 平台的不斷創新、產生 AI 的加速採用以及客戶整合的成長趨勢都增強了我對 Elastic 的未來以及我們創建世代公司的信心。

Thank you to our employees for their hard work and dedication as well as to our customers, partners and investors for their continued support and trust. I'll turn it over to Navam to review our financial results in more detail.

感謝我們員工的辛勤工作和奉獻精神，感謝我們的客戶、合作夥伴和投資者的持續支持和信任。我將把它交給 Navam 來更詳細地審查我們的財務結果。

Thank you, Ash. Echoing Ash's comments, I would like to thank our team for their hard work in fiscal year 2025, delivering strong Q4 results across all areas of the business. I am delighted to join Elastic at this pivotal time. The company's leadership in GenAI and our business momentum, both reflected in our Q4 print were key reasons why I came on board. We finished the year strong and outperformed against the high end of both our revenue and profitability guidance.

謝謝你，阿什。與 Ash 的評論一致，我要感謝我們的團隊在 2025 財年的辛勤工作，在所有業務領域都取得了強勁的第四季度業績。我很高興在這個關鍵時刻加入 Elastic。公司在 GenAI 領域的領導地位以及我們的業務發展勢頭（均反映在我們的第四季度業績中）都是我加入公司的關鍵原因。我們以強勁的勢頭結束了這一年度，並且超出了我們的收入和盈利預期的上限。

So let's get to the numbers. Our total revenue in the fourth quarter was $388 million, growing 16% on an as-reported and constant currency basis. Subscription revenue in the fourth quarter totaled $362 million, growing 16% as reported and 17% in constant currency. The Elastic Cloud, which sits within subscription revenue grew 23% on an as-reported basis and constant currency basis.

讓我們來看看數字。我們第四季的總營收為 3.88 億美元，按報告和固定匯率計算成長 16%。第四季訂閱收入總計 3.62 億美元，報告成長 16%，以固定匯率計算成長 17%。屬於訂閱收入的 Elastic Cloud 按報告基礎和固定匯率計算成長了 23%。

As we mentioned last quarter, Q4 has three fewer days than the other quarters, creating a sequential headwind. We also faced a less straightforward year-over-year comparison as we lap a leap year. Still, revenue remains strong across the business, bolstered by strong customer commitments and ongoing tailwinds from GenAI. We had a solid quarter in our self-managed business. and we achieved significant wins across both our cloud and self-managed environments. This go-to-market progress is a direct outcome of the sales strategy we put in place at the start of the fiscal year. You can measure revenue from our sales-led motion by excluding monthly cloud revenue from subscription revenue.

正如我們上個季度所提到的，第四季比其他季度少三天，造成了連續的阻力。由於是閏年，我們也面臨著較不直接的同比比較。儘管如此，在強大的客戶承諾和 GenAI 持續推動下，整個業務的收入仍然強勁。我們的自我管理業務本季表現穩健，並且在雲端和自我管理環境中都取得了重大勝利。這個市場進入進度是我們在財政年度開始時所製定的銷售策略的直接成果。您可以透過從訂閱收入中排除每月雲端收入來衡量我們以銷售為主導的行動所產生的收入。

Subscription revenue, excluding monthly cloud was $315 million, growing 19% in Q4 as reported and in constant currency. For fiscal year 2025, subscription revenue, excluding monthly cloud was $1.195 billion growing 20% as reported and 21% in constant currency. This momentum is a positive sign of our go-to-market success, and we expect to disclose our progress on this metric quarterly as we believe it best captures the results of our sales team whose focus is on securing commitments from our enterprise and high potential mid-market customers.

不包括月度雲端服務的訂閱收入為 3.15 億美元，按報告和固定匯率計算，第四季度增長了 19%。2025 財年的訂閱收入（不包括每月雲端服務）為 11.95 億美元，按報告成長 20%，以固定匯率計算成長 21%。這一勢頭是我們進入市場成功的積極信號，我們預計每季度披露這一指標的進展，因為我們相信它最能反映我們銷售團隊的成果，我們的銷售團隊專注於獲得企業和高潛力中端市場客戶的承諾。

Additionally, our current remaining performance obligations, or CRPO in Q4, which is the portion of RPO that we expect to recognize as revenue within the next 12 months, was approximately $1 billion and grew 18% year-over-year and 17% in constant currency. To support this further, we saw strong growth, particularly among our largest customers. Our customers with more than $1 million in annual contract value, grew approximately 27% where we added approximately 45 net new customers this year and our customers with more than $100,000 in annual contract value, grew approximately 14% this year, where we added approximately 180 net new customers.

此外，我們目前剩餘的履約義務，即第四季度的 CRPO，即我們預計將在未來 12 個月內確認為收入的 RPO 部分，約為 10 億美元，同比增長 18%，按固定匯率計算增長 17%。為了進一步支持這一點，我們看到了強勁的成長，特別是在我們最大的客戶中。我們年合約價值超過 100 萬美元的客戶今年成長了約 27%，增加了約 45 個淨新客戶；我們年合約價值超過 10 萬美元的客戶今年成長了約 14%，增加了約 180 個淨新客戶。

We saw strong field execution across all geographies and where APJ grew the fastest, followed by EMEA and the Americas. We saw some pressure in the US public sector, which caused sales cycle elongation, specifically in the federal civilian side of our business as agencies face personnel and budget constraints. Even though we saw an impact in the quarter, given the strategic importance of our solutions to the agencies we serve and our compelling value for cost proposition, we believe our solutions are well aligned with the efficiency focus in Washington.

我們看到所有地區的現場執行都十分強勁，其中亞太及日本地區成長最快，其次是歐洲、中東和非洲地區和美洲地區。我們看到美國公共部門面臨一些壓力，這導致銷售週期延長，特別是在我們業務的聯邦民事方面，因為機構面臨人員和預算限制。儘管我們在本季度看到了影響，但考慮到我們的解決方案對我們服務的機構的戰略重要性以及我們引人注目的成本價值主張，我們相信我們的解決方案與華盛頓的效率重點是一致的。

Turning to Q4 margins and profitability. I will discuss all measures on a non-GAAP basis. We delivered a strong gross margin in Q4, representing 77% of revenue and a solid operating margin of 15%. For the fiscal year, we delivered approximately 400 basis points of operating margin improvement to end the year at 15%. This was a result of our concentrated discipline to deliver profitable growth. Our business has achieved a scale that allows us to maintain a strong and consistent free cash flow generation as we continue our operational discipline. We grew our adjusted free cash flow margin by approximately 600 basis points in fiscal year '25 to end the year with 19% adjusted free cash flow margin. We are actively focused on this metric and believe we have the potential to maintain and expand on the strong free cash flow margin percentage over the long term.

轉向第四季度的利潤率和盈利能力。我將以非公認會計準則為基礎討論所有措施。我們在第四季實現了強勁的毛利率，佔營收的 77%，營業利潤率達到 15%。在本財政年度，我們的營業利潤率提高了約 400 個基點，年底達到 15%。這是我們集中精力實現獲利成長的結果。我們的業務已達到一定規模，使我們能夠在繼續保持營運紀律的同時保持強勁而持續的自由現金流產生。25 財年，我們的調整後自由現金流利潤率成長了約 600 個基點，年底調整後自由現金流利潤率為 19%。我們積極關注這項指標，並相信我們有潛力長期維持和擴大強勁的自由現金流利潤率百分比。

Looking ahead to fiscal year 2026, I would like to lay out several assumptions that relate to how we model the business before going into guidance. First, historically, our sales-led bookings ramp throughout the year, with the second half bookings greater than the first half. This is a typical pattern within an enterprise sales force, and we expect this pattern to continue.

展望 2026 財年，在提供指導之前，我想提出幾個與我們如何建立業務模型相關的假設。首先，從歷史上看，我們的銷售主導型預訂量全年都在增加，下半年的預訂量高於上半年。這是企業銷售團隊中的典型模式，我們預期這種模式將會持續下去。

Second, as our cloud business has been getting bigger, we've seen modest seasonal revenue patterns emerge. And for the last couple of years, once we normalize for the number of days in the quarter, we've seen slower sequential cloud growth in our fiscal Q1 period with more ramp typically occurring in fiscal Q2 and Q3 in conjunction with the back half of the calendar year.

其次，隨著我們的雲端業務規模越來越大，我們看到適度的季節性收入模式正在出現。而在過去幾年中，一旦我們將季度天數標準化，我們就會發現第一財季的雲量連續增長速度較慢，而第二財季和第三財季以及下半年的雲量通常會有更大的增長。

Now on to guidance. We are in a very dynamic macro environment. And as such, we are approaching our guidance with prudence. Although we did not see macro impacts beyond the US public sector in Q4, we extrapolated constraints that we saw in the US public sector to potentially extend to our broader business. This is the largest factor affecting our revenue guidance range. The lower end of our guidance range also assumes we see headwinds to consumption from Q2 to Q4, though we did not see them in Q4 of FY25. We believe we have adequately derisked our revenue guidance with the conservatism largely reflecting the external uncertainty of the full fiscal year.

現在開始指導。我們處在一個非常動態的宏觀環境。因此，我們以謹慎的態度對待我們的指導。儘管我們在第四季度沒有看到美國公共部門以外的宏觀影響，但我們推斷，美國公共部門的限制可能會擴展到我們更廣泛的業務。這是影響我們收入指導範圍的最大因素。我們的指導範圍的下限也假設我們會看到從第二季到第四季的消費面臨阻力，儘管我們在 2025 財年第四季沒有看到這種阻力。我們相信，我們已經充分降低了收入預期的風險，其保守性在很大程度上反映了整個財政年度的外部不確定性。

We expect to continue delivering year-over-year margin improvements in fiscal year 2026, though the rate of improvement may moderate if we prioritize investment to support higher top line growth. If revenue trends are more modest, we expect to outperform our non-GAAP operating margin guidance and should growth exceed our expectations, we will adjust our investments accordingly to capture any upside while maintaining a balance between growth and profitability. Though we do not formally guide to adjusted free cash flow, we expect to sustain the fiscal year 2025 level of adjusted free cash flow margins in fiscal 2026.

我們預計 2026 財年利潤率將繼續同比提高，但如果我們優先投資以支持更高的營收成長，則提高的速度可能會放緩。如果收入趨勢更加溫和，我們預計將超過非公認會計準則營業利潤率指引，如果增長超過我們的預期，我們將相應地調整投資，以獲取任何上行空間，同時保持增長和盈利之間的平衡。雖然我們沒有正式指導調整後的自由現金流，但我們預計在 2026 財年維持 2025 財年的調整後自由現金流利潤率水準。

With these assumptions in mind, for the first quarter of fiscal year 2026, we expect total revenue in the range of $396 million to $398 million, representing 14% year-over-year growth at the midpoint or 13% year-over-year constant currency growth at the midpoint. We expect non-GAAP operating margin for the first quarter of fiscal '26 to be approximately 11.5%. We expect non-GAAP diluted earnings per share in the range of $0.41 to $0.43 using between $107.5 million and $108.5 million diluted weighted average ordinary shares outstanding. For fiscal year '26, we expect total revenue in the range of $1.655 billion to $1.67 billion, representing 12% year-over-year growth at the midpoint or 11% year-over-year constant currency growth at the midpoint.

基於這些假設，我們預計 2026 財年第一季的總營收將在 3.96 億美元至 3.98 億美元之間，中間值年增 14%，或以中間值計算年增 13%。我們預計 26 財年第一季非 GAAP 營業利潤率約為 11.5%。我們預計非公認會計準則稀釋每股收益將在 0.41 美元至 0.43 美元之間，採用 1.075 億美元至 1.085 億美元的稀釋加權平均普通股。對於 26 財年，我們預計總營收將在 16.55 億美元至 16.7 億美元之間，相當於同比增長 12%（按中間值計算）或同比增長 11%（以固定匯率計算）。

We expect non-GAAP operating margin for the full fiscal '26 to be approximately 16%. We expect non-GAAP diluted earnings per share in the range of $2.24 to $2.32 using between $109 million and $111 million diluted weighted average ordinary shares outstanding.

我們預計整個 26 財年的非 GAAP 營業利潤率約為 16%。我們預計非公認會計準則稀釋每股收益將在 2.24 美元至 2.32 美元之間，採用 1.09 億美元至 1.11 億美元的稀釋加權平均普通股。

In summary, while we have taken a measured approach to guidance, there are multiple paths to meeting and exceeding the top end of our guidance. We are committed to maintaining and expanding upon our success and are aiming to build a generational company and sustain profitable growth at scale. We will continue to provide updates as we move through the year and look forward to hosting an Analyst Day on October 9 in New York City, where we will showcase the power of Elasticsearch AI platform and the business opportunity ahead.

總而言之，雖然我們採取了審慎的指導方法，但仍有多種途徑可以達到並超越我們指導的最高限度。我們致力於維持和擴大我們的成功，並致力於建立一家世代相傳的公司並保持大規模的獲利成長。我們將在今年繼續提供更新，並期待於 10 月 9 日在紐約市舉辦分析師日，屆時我們將展示 Elasticsearch AI 平台的強大功能和未來的商業機會。

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

好了，讓我們繼續回答問題。操作員？

(Operator Instructions)

（操作員指示）

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Great. Navam, just on the guidance, trying to kind of learn what are you seeing in the real time here, but it seems very conservative. So I wanted to ask you one, would you say it's incrementally more conservative than how Elastic has guided in the past. And two, since your new reset, I would ask you, when I look across the metrics, CRPO grew 17%, I think you said, in constant currency, billings grew 16%. I think that's USD constant currency, deferred revenues in the 20s. So from your perspective, what do you think is kind of the better leading indicator of the business at this point?

偉大的。Navam，只是根據指導，試圖了解您在這裡即時看到的情況，但這似乎非常保守。所以我想問您一個問題，您是否認為它比 Elastic 過去指導的方式更加保守。第二，自從您重新設定以來，我想問您，當我查看指標時，CRPO 增長了 17%，我想您說過，按固定匯率計算，賬單增長了 16%。我認為這是美元不變貨幣，遞延收入在 20 左右。那麼從您的角度來看，您認為目前業務的更好的領先指標是什麼？

Thanks for the question. So look, we came off a very good Q4 despite pressure from the US public sector. Our sales-led motion is going well. And given the pipeline and demand signals we're seeing, we feel good about the Q1 guide, right? And there's no doubt we're in a very dynamic macro environment, but I am new to the business, and I need to be prudent about the first guide. So what I've done is I balance the positive demand signals that we're seeing now, the positive demand signals and the positive pipeline that we're seeing now with broadly macro uncertainty, and I think I've been clear on the assumptions that I've made on what's influencing those guidance numbers that I provided, meaning beyond what we're seeing, we're extrapolating the US public sector pressure to the entire business.

謝謝你的提問。所以，儘管面臨美國公共部門的壓力，我們的第四季仍然表現良好。我們的銷售主導行動進展順利。鑑於我們看到的管道和需求訊號，我們對第一季的指南感到滿意，對嗎？毫無疑問，我們正處於一個非常動態的宏觀環境中，但我對這個行業還很陌生，我需要對第一個指南保持謹慎。因此，我所做的就是平衡我們現在看到的積極需求信號、積極需求信號和積極管道與廣泛的宏觀不確定性，我認為我已經清楚地說明了我對影響我提供的指導數字的因素所做的假設，這意味著除了我們所看到的之外，我們還將美國公共部門的壓力推斷到整個業務。

And I'm assuming more consumption headwinds in Q2 through Q4 even though we haven't seen macro consumption headwinds in Q4. So I'm not entirely sure I can calibrate myself to Elastic in the prior quarters. But I think what I'm attempting to do is to give you clarity on what I'm putting into the guidance. And all things considered, we've taken a very measured approach. And like I said, there are multiple pads on exceeding and -- meeting and exceeding that top end, especially if macro doesn't play out the way we modeled. So what I wanted to do and what I've done in my prepared remarks is tell you exactly what's in that guidance number that I provided.

儘管我們在第四季沒有看到宏觀消費逆風，但我預計第二季至第四季的消費逆風會更大。因此，我並不完全確定我是否能在前幾個季度適應 Elastic。但我認為我試圖做的是讓你清楚地了解我在指導中提出的內容。綜合考慮所有因素，我們採取了非常謹慎的做法。正如我所說的那樣，有多個墊子可以超越並達到並超過最高限度，特別是如果宏觀經濟沒有按照我們建模的方式發揮作用的話。所以我想要做的以及我在準備好的發言中所做的就是準確地告訴你們我提供的指導數字中的內容。

On the CRPO, look, I think I spoke to you as well. I spoke to a number of analysts and investors, and I heard loud and clear that there was incremental metrics that they would like to hear on the health of the business. And I think there's a couple that are very useful for you to consider. First, being the subscription revenue less monthly cloud number that I provided and the other one is CRPO, as you mentioned. I think both of these are supplemental measures. You have to look at them in conjunction with the revenue number. And I'm trying to be more open on disclosing these items for you to consider.

關於 CRPO，看，我想我也跟你談過了。我與許多分析師和投資者進行了交談，我清楚地聽到他們希望聽到有關業務健康狀況的增量指標。我認為有幾個是非常有用的，值得你考慮一下。首先，是我提供的訂閱收入減去每月雲數，另一個是 CRPO，正如您所提到的。我認為這兩個都是補充措施。您必須結合收入數字來看待它們。我正嘗試以更公開的方式揭露這些事項，供大家考慮。

So the best measure of how our business is doing continues to be revenue. The best measure of how our sales team is doing is subscription revenue less monthly cloud and CRPO is a useful metric as well, and it's showing the positive momentum we're seeing, specifically on the subsequent revenue less monthly cloud number and how much we have in terms of coverage for that number from a forward basis? So overall, we're going to give you continued visibility into how the revenue number is going through guidance. But both these metrics are going to be useful for you to consider as well.

因此，衡量我們業務表現的最佳指標仍然是收入。衡量我們銷售團隊表現的最佳指標是訂閱收入減去每月雲端收入，而 CRPO 也是一個有用的指標，它顯示了我們看到的積極勢頭，特別是後續收入減去每月雲端收入的數字，以及從遠期來看我們對該數字的覆蓋率是多少？總的來說，我們將透過指導讓您持續了解收入數字的進展。但這兩個指標對您來說也是有用的。

And just to net it out, Pinjalim, just the strength that we saw in the business in Q4, the visibility that we have into the pipeline in Q1 just makes us feel really good about the business overall. And what you're seeing reflected in the guide is really the conservatism around the fact that we are guiding for the next 12 months and given the dynamic nature of the external environment, we just wanted to take that into account.

總而言之，Pinjalim，我們在第四季度看到的業務實力以及我們在第一季對通路的了解讓我們對整體業務感到非常滿意。您在指南中看到的實際上是我們對未來 12 個月的指導的保守態度，考慮到外部環境的動態性質，我們只是想考慮到這一點。

Yes. Understood. One quick follow-up, Ash. There has been a slew of partnership kind of news releases from Elastic. I think most interest -- or most recently is the strategic partnership with AWS had also seen your kind of the default vector search on, I think, the Microsoft semantic Kernel and then obviously, the NVIDIA and AI. Maybe talk about some of these partnerships? How do we think about the opportunity unlock driven by some of these relationships and specifically on kind of the go-to-market portion of it with AWS.

是的。明白了。再快速跟進一下，Ash。Elastic 發布了一系列合作方面的新聞稿。我認為最有趣的——或者最近最有趣的是與 AWS 的戰略合作夥伴關係，也看到了你們的預設向量搜索，我認為，是微軟語義內核，然後顯然是 NVIDIA 和 AI。也許可以談談這些合作關係？我們如何看待這些關係所帶來的機遇，特別是與 AWS 合作的市場進入部分。

Yes. I think the best way to describe it would be that we are seeing a real change in the market where we are being accepted as one of the most appropriate and favored vector databases out there, right? So when you think about it from the perspective of the hyperscalers. We are working very well with them to become sort of the top of the third-party services that they provide in terms of vector database. They all have their own vector database functionality, but when you look beyond their own, we want to be number one. And all of these relationships that we are forming, it's all sort of indicating that we are getting that pull position.

是的。我認為最好的描述方式是，我們看到了市場真正的變化，我們被接受為最合適和最受歡迎的向量資料庫之一，對嗎？因此，當您從超大規模者的角度考慮這個問題時。我們與他們合作非常愉快，在向量資料庫方面，我們成為他們所提供的第三方服務中的佼佼者。它們都有自己的向量資料庫功能，但是當你超越它們自身時，我們希望成為第一名。我們正在建立的所有這些關係都表明我們正在獲得這種拉動地位。

Now the relationship with NVIDIA, like that's -- fundamentally, that's beyond just the cloud, right? Because what they're trying to do is also make sure that they can take these AI factory, these blueprints to their enterprise customers, where these customers want to deploy AI solutions, agents within their own data center, within their own environment because often, that data is one that they don't want to put in external environments. And we want to be everywhere. We want to be in all of these places.

現在與 NVIDIA 的關係，從根本上來說，不僅僅是雲端運算，對吧？因為他們試圖做的也是確保他們可以將這些 AI 工廠、這些藍圖帶給他們的企業客戶，這些客戶希望在他們自己的資料中心、自己的環境中部署 AI 解決方案和代理，因為通常他們不想將這些資料放在外部環境中。我們希望無所不在。我們希望進入所有這些地方。

And from a go-to-market perspective, as you've heard from us in the past, the marketplace, all three marketplaces or the three hyperscalers are amazing places for us to conduct business. Customers are able to use their EDP commitments to purchase Elastic Cloud through those marketplaces. And we work very actively with these hyperscaler partners for incentive programs and so on to work together to get customers to move to the cloud where the customer is trying to move to the cloud. and adopt Elastic Cloud as their solution, whether it's for GenAI or observability or security. So these are very important partnerships for us, and you're seeing the momentum continue to grow.

從市場進入的角度來看，正如您過去聽到的那樣，市場、所有三個市場或三個超大規模企業都是我們開展業務的絕佳場所。客戶可以使用他們的 EDP 承諾透過這些市場購買 Elastic Cloud。我們與這些超大規模合作夥伴積極合作，制定激勵計劃等，共同努力讓客戶遷移到他們試圖遷移到雲端的地方，並採用 Elastic Cloud 作為他們的解決方案，無論是用於 GenAI 還是可觀察性或安全性。所以這些對我們來說都是非常重要的合作關係，而且你會看到這種勢頭持續成長。

Sanjit Singh, Morgan Stanley.

摩根士丹利的 Sanjit Singh。

I had an overall question, Ash, on the state of retreival augmented generation. There's a debate in the industry whether RAG is going to prove durable in terms of an access pattern. What's your latest thinking on customers adopting RAG architectures and Elastic sort of positioning within overall RAG.

阿什，我有一個關於檢索增強生成的狀態的總體問題。業界存在爭論，RAG 是否能夠在訪問模式方面證明其持久性。您對客戶採用 RAG 架構以及 Elastic 在整體 RAG 中的定位有何最新想法。

Yes. What we are seeing, Sanjeet, is that RAG is being acknowledged as the solution that always makes sense irrespective of your data and your environment and your use case, unless your data is absolutely static, the reality is that enterprise data is constantly changing, enterprise data is significant in size, and so it's impractical to assume that you're ever going to be able to take a language model of any kind, large or midsize and train it entirely on your data, which means that effectively, you need some way to provide in real time context or grounding to the large language model from your data, and that's where RAG, whether you're building conversational apps, whether you are building agents and automating entire workflows, retrieval is absolutely critical, and that's where we are seeing this adoption of our vector database in all of these use cases. And so I think it's here to stay, we feel very confident. We feel that it's going to be something that benefits us both in the cloud and in our self-managed business. And we are starting to see the adoption really go in the right direction for us. So I'm very excited about this.

是的。Sanjeet，我們看到的是，RAG 被公認為是一種始終有意義的解決方案，無論您的數據、環境和用例如何，除非您的數據是絕對靜態的，現實情況是企業數據在不斷變化，企業數據的規模很大，因此，假設您能夠採用任何類型的語言模型（大型或中型）並完全基於您的數據進行實時訓練是不切實際的實際方法，這意味著您需要某種從您的數據基礎進行實時訓練模型是不切實際的相同語言，這意味著您需要某種類型的 RAG 數據或實時模型從您的數據進行實時訓練”的作用所在，無論您是在建立對話應用程序，還是建立代理和自動化整個工作流程，檢索都是絕對關鍵的，這就是我們在所有這些用例中看到採用向量資料庫的地方。所以我認為它會繼續存在，我們非常有信心。我們認為這將使我們在雲端運算和自主管理業務方面受益。我們開始看到採用確實朝著正確的方向發展。所以我對此感到非常興奮。

I appreciate the response, Ash. And then, Navam, on the cloud performance this quarter, the sequential dollar adds were definitely smaller than they were last year. Do I just chalk that up to the sort of leap year impact? Or did you see any sort of consumption hesitation in the quarter? I imagine the public sector weakness wouldn't necessarily factor into the cloud growth. So I just wanted to get -- make sure I understand the sequential growth in cloud correctly.

我很感謝你的回复，Ash。然後，Navam，就本季的雲端運算表現而言，連續的美元成長肯定比去年要少。我是否只能將其歸結為閏年的影響？還是您看到本季出現任何形式的消費猶豫？我認為公共部門的疲軟不一定會影響雲端運算的成長。所以我只是想確保我正確理解雲端運算的連續成長。

Got it. Thanks for the question, Sanjay. It's a good question. So look, the fourth quarter total revenue, we did a really good job. It's a solid bookings quarter, and we had a really good self-managed bookings quarter in Q4 as well. So on the performance on the bookings, it was very strong. We're biased towards cloud, obviously, on the revenue growth side. But if you dig into the cloud revenue number a little bit more, you exactly hit the nail on the head. There is a leap year impact year-over-year. But specifically to the quarter, this is the one quarter with three fewer days than the other quarters.

知道了。謝謝你的提問，桑傑。這是個好問題。所以看，第四季的總收入，我們做得非常好。這是一個穩健的預訂季度，我們在第四季度的自主管理預訂也表現得非常好。因此，就預訂表現而言，它非常強勁。顯然，在營收成長方面，我們偏向雲端運算。但如果你進一步深入研究雲端收入數字，你會發現答案非常正確。閏年的影響與前一年相比有所差異。但具體到這個季度，這是比其他季度少三天的一個季度。

So Q4 has three fewer days than Q1, two and three, and that is a consumption headwind as you think about the daily consumption rate. So when you think about the sequential adds, you really have to normalize for the number of days and when you normalize for the number of days, the cloud growth rate is in the mid-20s and quite healthy. So we're happy about the cloud performance in Q4 and just a note, I mentioned in my prepared remarks as well, the cloud number is getting bigger. So there are some seasonal patterns that are emerging.

因此，第四季比第一季少三天，兩天加三天，從每日消費率來看，這是一個消費阻力。因此，當您考慮連續增加時，您確實必須根據天數進行標準化，而當您根據天數進行標準化時，雲端成長率在 1920 年代中期並且非常健康。因此，我們對第四季度的雲端運算表現感到滿意，需要注意的是，我在準備好的發言中也提到過，雲端運算的數量正在變得越來越大。因此，一些季節性模式正在出現。

Now these are patterns we're seeing now, it may change. But the current pattern is that Q1 tends to be a lower sequential growth quarter because people are consuming what they brought in the back half of the year. Q2 and three are higher in terms of sequential growth and Q4 is variable compared to Q3 and that is essentially what we saw in the business with cloud.

現在這些是我們現在看到的模式，它可能會改變。但目前的模式是，第一季往往是連續成長較低的一個季度，因為人們消費的是下半年生產的產品。從連續成長來看，第二季和第三季更高，而第四季與第三季相比有所變化，基本上就是我們在雲端業務中看到的情況。

Matt Hedberg, RBC Capital Markets.

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

This is Simon on for Matt Hedberg. Congrats on a solid finish to the year. Just thinking about this past fiscal year, you made some pretty big changes on the go-to-market side. As we think about fiscal year '26, is the majority of the heavy lifting of these larger transformation changes done and can you just talk a bit about the next steps from here and speak more on the strategy that continues to resonate with enterprise customers.

這是 Simon 代替 Matt Hedberg 上場的。恭喜您今年取得了圓滿的成績。想想過去的財政年度，你們在市場進入方面做出了一些相當大的改變。當我們考慮 26 財年時，這些更大的轉型變革的大部分重任是否已經完成？您能否談談接下來的步驟，並多談談繼續引起企業客戶共鳴的策略。

The question in terms of the territory changes that we made at the beginning of last fiscal year, look, not only have those fully settled, but they are really starting to pay off in a meaningful way. One of the data points that both Navam and I shared was the fact that we grew our $1 million cohort more than we ever have in the past, 45 net new adds in that particular category. We are seeing a real meaningful expansion in our strategic accounts. That's where the largest tier of our customer base. in our high propensity mid-market customer base and an enterprise customer base. So all that focus that we drove through that territory change last year is really helping. It's paying off.

關於我們在上個財政年度初做出的領土變更的問題，看起來，這些問題不僅已經完全解決，而且還開始以有意義的方式產生回報。我和 Navam 都分享的一個數據點是，我們的 100 萬美元客戶群的成長速度比過去任何時候都要快，該類別淨新增了 45 名客戶。我們看到我們的策略帳戶出現了真正有意義的擴張。這是我們客戶群中最大的層級，也就是我們高傾向的中端市場客戶群和企業客戶群。因此，我們去年透過領土變革所採取的所有措施確實起到了幫助作用。它正在獲得回報。

So at this point, as we go into FY26, we are not planning to make any changes, like I called out in my prepared remarks. Now there are a couple of small things that I did want to call out. One is that we have been continuing to hire sales capacity, and that's going to continue because we see the growth opportunity ahead of us. So we will keep doing that. And every time you bring on new sales reps, there are some minor changes that you always make to make sure that there is sufficient coverage and appropriate coverage across all accounts. But that's very common. That's something that's typical across every enterprise company.

因此，在進入 26 財年之際，我們不打算做出任何改變，就像我在準備好的演講中所說的那樣。現在我確實想指出幾件小事。一是我們一直持續招募銷售人員，而且這種情況還會持續下去，因為我們看到了未來的成長機會。因此我們會繼續這樣做。每次您引入新的銷售代表時，您總是會做一些小的改變，以確保所有帳戶都有足夠的覆蓋範圍和適當的覆蓋範圍。但這很常見。這是每個企業公司的典型情況。

The second thing that I'll call out is that this year, this is something that's new, we are incrementally adding security sales specialists. And it's a small team, but this is a team that's going to act as overlays to help our broader field organization capture an even bigger share of the security platform consolidation opportunity that we see ahead of us and I'm personally very excited about that. Traditionally, we've had a security technical specialist team. Last year, we added a technical GenAI specialist team. And now this is a security specialist sales team.

我要說的第二件事是，今年有一件新事情，我們正在逐步增加安全銷售專家。這是一個很小的團隊，但它將充當覆蓋層，幫助我們更廣泛的現場組織抓住我們所看到的更大的安全平台整合機會，我個人對此感到非常興奮。傳統上，我們有一個安全技術專家團隊。去年，我們增加了GenAI技術專家團隊。現在這是一個安全專家銷售團隊。

And with all of this, what we're really trying to do is double down on that motion of our sales-led go-to-market being all about our enterprise and mid-market high potential customers and driving our SMB purely through the self-service motion of monthly cloud. So very excited about that, and we are going to continue on this.

有了這些，我們真正想要做的就是加倍努力，以銷售為主導的行銷方式完全針對我們的企業和中端市場高潛力客戶，並透過每月雲端運算的自助服務方式純粹推動我們的中小企業。對此我們感到非常興奮，我們將繼續這樣做。

Great. That's very helpful. And then just one follow-up. Could you speak a bit to GenAI and your positioning into fiscal '26 and how you would like to see this trajectory throughout the year? And then just more broadly touching on the agentic AI opportunity in use cases that you're seeing emerge on that end?

偉大的。這非常有幫助。然後只需進行一次跟進。您能否簡單談談 GenAI 和您對 26 財年的定位，以及您希望全年看到怎樣的發展軌跡？然後，您能否更廣泛地談談您在用例中看到的代理 AI 機會？

Yes. So we are seeing customers sort of progress along the continuum of first, they were going from just lexical or tech space search to Symantec search. We've seen them go from there to conversational, building conversational labs using RAG and now we are seeing them building agentic workflows using model context protocol, or MCP, or agent-to-agent interactions. And this is an attempt where they're trying to automate entire workflows using AI.

是的。因此，我們看到客戶在第一階段不斷取得進步，他們從詞彙或技術領域搜尋轉向賽門鐵克搜尋。我們已經看到他們從那裡走向對話，使用 RAG 建立對話實驗室，現在我們看到他們使用模型上下文協定或 MCP 或代理到代理交互構建代理工作流程。這是他們嘗試利用人工智慧實現整個工作流程自動化的嘗試。

In all of these, what is critical is retrieval, being able to connect that large language model to the -- just the right internal data in real time. And that's where accuracy matters, speed and scale matter and being able to do it in an efficient way really matters. And that's what we've been putting our focus on. So in terms of efficiency, we've talked about things like better binary quantization. We've been doing a lot of work around making things more and more accurate in the algorithms that we have. We've provided capabilities like our AI playground where customers can -- as they develop, test out things, reduce hallucinations, work on getting the most accurate results.

在所有這些中，至關重要的是檢索，能夠將大型語言模型即時連接到正確的內部數據。這就是準確性、速度和規模以及能夠以有效的方式完成任務真正重要的地方。這正是我們一直在關注的重點。因此，就效率而言，我們討論了諸如更好的二進制量化之類的問題。我們一直在做大量工作來使我們的演算法越來越準確。我們提供了像我們的人工智慧遊樂場這樣的功能，客戶可以在開發過程中測試事物、減少幻覺、努力獲得最準確的結果。

And speed and scale, like that's something that we've always been known for. So our mission is to be the vector database of choice in every GenAI application that gets built, and we are just getting started. If you think about the total addressable opportunity most enterprise organizations are still in the early part of the journey on things that they're trying to automate using AI. So I think the path ahead is really exciting, but we have a long ways to go. And that's something that we are really leaning into.

速度和規模是我們一直為人所知的。因此，我們的使命是成為每個 GenAI 應用程式中首選的向量資料庫，而我們才剛剛起步。如果你考慮整體可尋址機會，大多數企業組織仍處於嘗試使用人工智慧實現自動化的早期階段。所以我認為未來的道路確實令人興奮，但我們還有很長的路要走。這正是我們真正傾向的事。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Could I stay on that subject, please Ash, how do I have to think about the revenue -- the change in revenue contribution from the different parts? Obviously, like there's still a lot of activity in the field and we see that as well around vector database and all the stuff that they're doing there. How do you think that will impact where revenue is coming from going forward?

我可以繼續討論這個主題嗎，Ash，我該如何考慮收入——不同部分的收入貢獻變化？顯然，該領域仍有許多活動，我們也看到圍繞向量資料庫以及他們在那裡所做的所有事情。您認為這將如何影響未來的收入來源？

And then the second question I had was like on the monthly side, thanks for breaking that out on the extra disclosure there, like how should we think about that line going forward when we model it? Because it does look like you're deemphasizing it and we just all need to make sure that we have that fully covered in the model.

然後我的第二個問題是，關於月度方面，感謝您對額外披露的詳細說明，例如我們在建模時應該如何考慮這條線路的未來發展？因為看起來你在淡化它，我們只需要確保模型完全涵蓋了這一點。

Yes, absolutely. I'll talk about it and then also ask Navam to maybe weigh in. So maybe I can touch upon the monthly cloud stuff first. And on the monthly cloud, look, like I've said, that is a self-service-driven motion. We believe what we've seen is that, that's largely SMB customers that show up there. Our goal is to really drive our sales-led motion towards the enterprise and high propensity mid-market customer base and that's where we feel that we are seeing great success.

是的，絕對是。我會談論這個問題，然後也會請 Navam 發表意見。所以也許我可以先談談每個月的雲端事情。至於月度雲，正如我所說的，這是一個自助服務驅動的動議。我們相信，我們看到的是，出現在那裡的主要是中小企業客戶。我們的目標是真正推動以銷售為主導的運動，面向企業和高傾向的中端市場客戶群，我們認為我們在這方面取得了巨大的成功。

That number gives you a real sense of how our sales-driven go-to-market motion is actually working. And that's the focus within the company because look, for us to become a multibillion-dollar company, it's the enterprise and the high potential mid-market customers, that adoption is going to be what matters most. That's the reason why we give data points around 100,000 plus customers and so on. So that's one part.

這個數字讓您真正感受到我們以銷售為導向的行銷策略的實際效果。這也是公司關注的重點，因為對我們來說，要成為一家價值數十億美元的公司，企業和高潛力的中階市場客戶，採用才是最重要的。這就是我們提供超過 100,000 個客戶等數據點的原因。這是其中一部分。

The second part is on the AI piece. As you know, the way our model works is customers first build us into their applications, so they adopt our platform, and we've given the metrics around it, just on Elastic Cloud, over 2,000 customers using us. And we also give metrics on the percentage of our 100,000 cohort that uses -- that has been using us for GenAI. That is all about adoption, but then we also have customers that have been making commitments, and those commitments have now been translating. They've been contributing to revenue. So we've started to see that. But like I also said and just the prior question, we are still in the very early days. You take any organization, they are still in a phase where they have maybe dozens of these AI applications and projects that they're working on. You think about the total number of enterprise workflows, they're in the thousands. So we've got a long ways to go.

第二部分是關於人工智慧的部分。如您所知，我們的模型的工作方式是客戶首先將我們構建到他們的應用程式中，因此他們採用我們的平台，並且我們給出了圍繞它的指標，僅在 Elastic Cloud 上，就有超過 2,000 名客戶使用我們的平台。我們還提供了使用 GenAI 的 100,000 名用戶的百分比指標。這都是關於採用的問題，但我們也有一些客戶做出了承諾，而這些承諾現在已經兌現。他們一直在為收入做出貢獻。所以我們已經開始看到這一點。但就像我之前說的話以及之前的問題一樣，我們還處於非常早期的階段。就拿任何一個組織來說，他們仍然處於這樣一個階段，可能有幾十個這樣的人工智慧應用程式和專案正在進行中。想想企業工作流程的總數，有數千個。所以我們還有很長的路要走。

And as that grows, as the revenue contribution from AI continues to evolve, I would expect that search will become a bigger and bigger part of our business because this is expanding the search time. Having said that, we are seeing AI benefit all parts of our business. Our AI assistance, things like Attack Discovery are helping us become much more competitive in our SIEM and security analytics product, it's helping us drive better adoption of AI Ops in our Observability product.

隨著這一增長，隨著人工智慧的收入貢獻不斷演變，我預計搜尋將成為我們業務中越來越重要的一部分，因為這延長了搜尋時間。話雖如此，我們看到人工智慧正在使我們業務的各個部分受益。我們的 AI 輔助，例如攻擊發現，正在幫助我們在 SIEM 和安全分析產品中變得更具競爭力，它幫助我們在可觀察性產品中更好地採用 AI Ops。

So from that sense, I would expect all parts of the business to grow, but over time, I would expect that search as it's growing sort of the fastest within the business will eventually continue to see more benefit from AI.

因此從這個意義上來說，我預計業務的所有部分都會成長，但隨著時間的推移，我預計搜尋作為業務中成長最快的部分最終將繼續從人工智慧中獲得更多好處。

Yes, it's Navam. I'll add to the monthly cloud point that Ash made. In 2026, we expect the monthly cloud revenue to be roughly flat. This quarter, it was about 12% of the total.

是的，是 Navam。我將添加 Ash 製作的每月雲點。到 2026 年，我們預計每月的雲端收入將大致持平。本季度，這一比例約為12%。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

I wanted to ask you about the AI commitments. I think you talked about the 100,000 additions there. But I wanted to double-click on the $1 million commitments and just clarify the disclosure that you gave around the 25% using AI. Is that 25% of your 1 million customers have $1 million AI commitments? Or just help us understand a little bit more what you saw on the larger customers for AI commitments. And then I would just be curious on some of the emerging use cases. Are you seeing stuff on the agentic front, what are some of the emerging use cases that might be different from prior quarters?

我想問您有關人工智慧承諾的問題。我想您談到了那裡增加的 100,000 個。但我想再次強調 100 萬美元的承諾，並澄清您關於使用人工智慧的 25% 的披露。您的 100 萬客戶中是否有 25% 承諾投資 100 萬美元的 AI？或者只是幫助我們更多地了解您對大型客戶對 AI 承諾的看法。然後我只是對一些新興的用例感到好奇。您是否看到了代理方面的一些情況，哪些新興用例可能與前幾季有所不同？

Right. Thanks, Tyler. So the metric on the -- the 25% metric that we were talking about, that was -- if you take the total number of [$1 million customers] that we have, 25% of them are using us for some kind of AI workload, right? So it's the adoption within that high-growth propensity cohort of customers. That -- and in the past, we've given a similar metric around the 100,000 cohort. This is also giving you a sense of what it's like in the $1 million cohort. Hopefully, that makes sense.

正確的。謝謝，泰勒。所以，我們討論的 25% 指標是這樣的——如果你把我們擁有的 [100 萬美元客戶] 總數算出來，其中 25% 的人正在使用我們的某種 AI 工作負載，對嗎？因此，它是高成長傾向客戶群的採用。過去，我們對 10 萬人左右的群體給了類似的指標。這也讓你了解 100 萬美元群體的情況。希望這是有意義的。

Yes. And then the second part around the emerging use cases?

是的。那麼第二部分圍繞著新興用例？

Yes. And in terms of emerging use cases, like, look, what we are seeing is people are now starting because of things like model context protocol because of people sort of getting beyond ideation to early implementation, we are seeing more and more sophisticated use cases across pretty much every industry. And whether this is -- it's not just around customer support now, we are seeing use cases that involve sales, that involve sales automation, that involve marketing automation. We are seeing use cases in legal eDiscovery. We are seeing conversational apps that are being built for interactions with partners.

是的。就新興用例而言，我們看到人們現在開始使用諸如模型上下文協議之類的東西，因為人們已經超越了構思階段，進入了早期實施階段，我們在幾乎每個行業都看到了越來越複雜的用例。無論這是否——現在它不僅僅圍繞客戶支持，我們還看到涉及銷售、銷售自動化、行銷自動化的用例。我們在法律電子發現中看到了用例。我們看到，對話式應用程式正在為與合作夥伴的互動而建構。

So there's a lot of different use cases that we're seeing across the board. But the pattern seems to be that customers have gone -- have gotten much more comfortable and are now extending beyond just the semantic search kind of use cases that we started with maybe about 1.5 years ago and are now actually building these kinds of automated agents to automate parts of their workflow. And it's pretty broad. Even in public sector, we are seeing it. And then obviously, you know about our AI assistance and those are continuing to see traction.

因此，我們在各個方面都看到了很多不同的用例。但模式似乎是，客戶已經變得更加舒適，現在已經超越了我們大約 1.5 年前開始的語義搜尋類型的用例，現在實際上正在建立這些類型的自動化代理來自動化部分工作流程。而且它的範圍相當廣泛。即使在公共部門，我們也看到了這種情況。顯然，您知道我們的人工智慧輔助正在繼續受到關注。

Great. And Navam, on the public sector comments. I appreciate all the breakdown and moving pieces on the guide too, those are helpful. But on the public sector comments, the choppiness you saw in the quarter, I assume that was all kind of in self-managed. But where did you see that show up most? Would we see that more in billings and RPO, I imagine there's some in-period rev rec headwinds that you saw just as a result of lower bookings, but any way to sort of dimensionalize it and quantify the shortfall that you saw in public sector would be helpful.

偉大的。Navam，關於公共部門的評論。我也很欣賞指南中的所有細分和移動部分，它們很有幫助。但就公共部門的評論而言，您在本季度看到的波動，我認為這都是自我管理的。但是你最常在哪裡看到這種情況呢？我們是否會在帳單和 RPO 中看到更多這種情況，我想您會看到由於預訂量較低而導致的期間內收入逆風，但任何能夠對其進行維度化並量化您在公共部門看到的缺口的方法都會有所幫助。

Yes. So look, we saw the pressure in public sector. But it's important to remember that we are a well-diversified business with many verticals and public sector is an important one. It's one of our top five verticals. But the reason we had a strong Q4 was APJ, EMEA and North America performed well and because of our diversified business, we were able to still have a strong fourth quarter despite the pressure we saw in the public sector. So I guess it's very hard to quantify the counterfactual of what would have happened had public sector stayed the same. But the point is we're well diversified and we have the ability to make up for one with other sides of the business.

是的。所以，我們看到了公共部門的壓力。但重要的是要記住，我們是一家多元化的企業，涉及許多垂直領域，公共部門是其中一個重要領域。這是我們五大垂直領域之一。但我們在第四季度表現強勁的原因是亞太及日本地區、歐洲、中東和非洲地區以及北美地區表現良好，而且由於我們的業務多元化，儘管公共部門面臨壓力，但我們仍然能夠在第四季度表現強勁。因此，我認為，如果公共部門保持不變，就很難量化將會發生什麼反事實的情況。但重點是，我們的業務多元化程度很高，我們有能力透過業務的其他方面來彌補一個方面的不足。

The other thing I'll also say is to Navam -- to the point that Navam made, we saw some pressure in the federal civilian agencies. But Department of Defense, other parts of US public sector remains strong. Also, we are seeing continued strength in the public sector business that we do outside of the US. And as with everything going on geopolitically. That is something that we believe as we continue to drive our business in global markets that, that will continue to be a source of strength for us.

我還要對納瓦姆說的另一件事是──正如納瓦姆所說，我們看到聯邦民事機構面臨一些壓力。但國防部和美國公共部門的其他部分依然強勁。此外，我們在美國以外的公共部門業務也持續保持強勁勢頭。正如地緣政治上發生的一切。我們相信，隨著我們繼續在全球市場推動業務，這將繼續成為我們的力量來源。

Howard Ma, Guggenheim Securities.

古根漢證券公司的 Howard Ma。

Given the AI search momentum that Elastic has been seeing, especially exiting Q3, we were hoping that Q4 cloud growth would have been stable or perhaps even accelerate a little bit. And I understand the leap day adjustment. So I'm talking on a days adjusted basis, but it downtick a little bit. And I was hoping Ash or Navam or ideally both of you, can you help us understand the components a little bit more? And the premise is if AI search is pumping on all cylinders, and I believe it is, is the contribution each month higher than the last? And if that's the case, can you talk a little bit more about the offsets? I mean we hit on the the monthly cloud segment a bit, right, that remains weak. But can you talk the Observability and SIEM use cases perhaps underperformed your expectations a little? Are there optimizations in larger customers or I guess, lesser over consumption versus recent quarters. Anything more on the mix in the quarter would be tremendously helpful.

鑑於 Elastic 所看到的 AI 搜尋勢頭，尤其是在第三季之後，我們希望第四季度的雲端成長能夠保持穩定，甚至可能略有加速。我了解閏日的調整。所以我是在按天數調整的基礎上談論的，但它略有下降。我希望 Ash 或 Navam 或最好是你們兩個，能幫助我們更多地了解這些組件嗎？前提是，如果人工智慧搜尋全速運轉，我相信是這樣，那麼每個月的貢獻是否都比上一個更高？如果是這樣的話，您能否再多談談補償問題？我的意思是，我們對月度雲部分進行了一點衝擊，對，它仍然很弱。但是您能否談談可觀察性和 SIEM 用例可能略低於您的預期？大客戶是否有優化，或者我猜，與最近幾季相比，消費量有所減少。本季的任何進一步舉措都將帶來極大的幫助。

Yes, Howard, I think the -- probably the most important point that I'll make is that it is, in our opinion, not the right way to think about it to associate AI just with cloud because we are seeing demand for AI workloads on both cloud and our self-managed business. And if you saw our self-managed business did well, we are seeing customers adopt AI and adopt our vector database, not just in the cloud environments, but we are seeing use cases like in, I gave in my prepared remarks, the example of one of our customers, a public sector customer, an international public sector customer that shows us for some of the enhancements that we've done in better binary quantization, so that's an example of a customer that is doing something with AI in their own environment, in their own data center. And so it's important to understand that AI is helping us both in cloud and in self-managed, number one.

是的，霍華德，我想——也許我要說的最重要的一點是，我們認為，將人工智慧僅與雲端聯繫起來並不是正確的思考方式，因為我們看到雲端和我們的自我管理業務對人工智慧工作負載的需求。如果您看到我們的自我管理業務表現良好，我們看到客戶採用人工智慧並採用我們的向量資料庫，不僅僅是在雲端環境中，而且我們看到了類似的用例，我在準備好的發言中給出了我們的一個客戶的例子，一個公共部門客戶，一個國際公共部門客戶向我們展示了我們在更好的二進制量化方面所做的一些改進，所以這是一個客戶在自己的環境中使用人工智慧的例子。因此，重要的是要了解人工智慧在雲端和自我管理方面都為我們提供幫助，這是第一點。

Second, what I'd say is, look, in terms of consumption, we saw very steady consumption. We didn't see any challenges like Navam talked about even in his prepared remarks. So -- but let me turn it to Navam, if he has anything to add to that.

其次，我想說的是，就消費而言，我們看到消費非常穩定。我們沒有看到納瓦姆在準備好的演講中談到的任何挑戰。那麼——但如果他還有什麼要補充的話，請讓我把話題轉到 Navam 身上。

No. I mean I'd reinforce Ash's point that our expectation is both cloud and self-managed continue to be drivers of growth. And the metric we look at is how is our sales team doing against those two metrics and the new disclosure around subscription revenue less monthly Cloud, $1.195 million, growing 20% year-over-year and 21% constant currency is meant to reflect that expectation that both those lines grow.

不。我的意思是，我要強調 Ash 的觀點，即我們的期望是雲端和自我管理將繼續成為成長的動力。我們關注的指標是我們的銷售團隊在這兩個指標方面的表現如何，而新披露的訂閱收入減去每月雲端服務收入為 119.5 萬美元，同比增長 20%，按固定匯率計算增長 21%，旨在反映這兩條業務線均會增長的預期。

And as a quick follow-up, and Tyler just hit on this, but on the US public sector, can you help us perhaps quantify the headwind in Q4 and how much you're baking in? How much of the public sector headwind that is you're baking into FY26 guidance?

作為一個快速的後續問題，泰勒剛剛談到了這一點，但對於美國公共部門，您能否幫助我們量化第四季度的逆風以及您承受的壓力有多大？您在 2026 財政年度指引中考慮了多少公共部門的不利因素？

Yes. I mean, I'll reiterate that there is a diversity in our verticals that allows us to not be reliant on a single vertical or a single customer because we have a diversity of customers as well. Public cloud was the one macro impact we saw in Q4, but the rest of the teams rallied well. And the -- like I said, the APJMEA and US sorry, Americas businesses did well in Q4. So there was strength in one side of the business. We've been prudent in extrapolating US public sector pressure into the rest of the year, Q1 through Q4. And like I said, beyond the USPS segment into the broader business, which is what informs the revenue range we gave you in our guidance. So that's how we factored it in.

是的。我的意思是，我要重申，我們的垂直產業具有多樣性，這使得我們不能依賴單一的垂直產業或單一的客戶，因為我們也有多樣化的客戶。公有雲是我們在第四季度看到的宏觀影響，但其餘團隊也表現良好。而且 — — 就像我說的，APJMEA 和美國，抱歉，美洲的企業在第四季表現良好。因此，我們的業務在某一方面是具有優勢的。我們謹慎地推斷美國公共部門的壓力將持續到今年剩餘時間，即第一季至第四季。正如我所說的，除了 USPS 部門之外，還有更廣泛的業務，這就是我們在指導中給出的收入範圍。這就是我們將其考慮進去的方式。

I wouldn't disaggregate it further beyond that. It's a holistic view of the impact of macro, should it play out in the ways we've laid out and how the range would turn out. But like I said, we're going to execute on it quarter by quarter. We feel good about the Q1 guide. And we've got multiple paths to get to and exceed the guidance.

我不會對此進行進一步的細分。這是對宏觀影響的整體看法，它是否應該按照我們所規劃的方式發揮作用以及範圍將如何發展。但就像我說的，我們將逐季執行。我們對 Q1 指南感覺良好。我們有多種途徑來達到甚至超越指導目標。

Got it. Navam, that's helpful. And I appreciate looking at the business on a combined basis, so thanks again.

知道了。Navam，這很有幫助。我很高興能從綜合的角度看待這項業務，再次感謝。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Congratulations, Navam. I think this is your first call as CFO of Elastic. So welcome to the call and Ash, a question for you. As you wrap up this fiscal year, last fiscal year was when we got started with that experimentation. Now it seems to be in production mode. That is the segmentation of how you go to market, a large enterprise and who's going to pay you that sort of thing. So one year into the new segmentation, what are the big takeaways. One of the things that kind of surprised you? And what are the tweaks you're going to be making? Because I think we agree that Elastic has the potential to be a multibillion-dollar generation company, really, really cool stuff right from the early days.

恭喜你，納瓦姆。我想這是您作為 Elastic 財務長的第一次通話。歡迎參加電話會議，Ash，我想問你一個問題。當您結束本財政年度時，上個財政年度就是我們開始進行該實驗的年份。現在它似乎處於生產模式。這就是你如何進入市場、大型企業以及誰會向你支付費用之類的細分。那麼，新的細項市場實施一年後，我們最大的收穫是什麼？有哪件事令您感到驚訝？您將要做出哪些調整？因為我認為我們都同意 Elastic 有潛力成為一家價值數十億美元的公司，從早期開始它就真的非常酷。

But in order to achieve that vision, at some point, the net new revenue, the net new business, the net new ACV, all that stuff has to kind of be up and to the right, we need to start to see some level of acceleration. Granted that Navam's guidance is rightly, it should be, it's conservative. But in order to get that vision of a multibillion-dollar generation company, we need to start to see some level of acceleration.

但為了實現這個願景，在某個時候，淨新收入、淨新業務、淨新 ACV 等所有東西都必須向上和向右發展，我們需要開始看到一定程度的加速。假設 Navam 的指導是正確的，那麼它應該是保守的。但為了實現價值數十億美元的發電公司的願景，我們需要開始看到一定程度的加速。

So as you apply your learnings from the segmentation as to what your aspirations for Elastic are? How do you change go-about, not dramatically altering things disrupting necessarily, but how are you -- how do you refine the go-to-market approach going forward to achieve your potential?

那麼，當您將從細分中學到的知識應用到 Elastic 中時，您對 Elastic 的期望是什麼？您如何改變做法，不一定要徹底改變現狀，而是如何改進未來的行銷方法以實現您的潛力？

Yes. Thanks, Kash. I think the first thing I'll start with is by saying that, as Navam mentioned, the right way to look at the business is the way we look at it, which is subscription revenue less monthly cloud because subscription -- the monthly cloud business, that is largely SMB. It correlates very much with SMB. When SMB starts to really tick up in that segment, we will benefit from it, but we're not counting on it. What we are really pushing for is our sales that go-to-market motion, which is all targeted towards the enterprise and high potential mid-market base. And that's where we spent a lot of time and energy, as you know, at the beginning of last year to do the territory changes, the segment changes and start to create more focus. So we are seeing the benefits of that focus paying off. We are seeing larger deals.

是的。謝謝，卡什。我認為首先要說的是，正如 Navam 提到的，看待業務的正確方式就是我們看待它的方式，即訂閱收入減去每月雲端收入，因為訂閱——每月雲端業務，主要是 SMB。它與 SMB 密切相關。當中小企業開始真正在這個領域崛起時，我們將從中受益，但我們並不指望它。我們真正推動的是我們的銷售進入市場行動，這一切都是針對企業和高潛力的中端市場群體。如你所知，去年年初我們花了大量的時間和精力來進行區域變革、細分市場變革，並開始創造更多的焦點。因此，我們看到了這種關注所帶來的好處。我們看到的是更大的交易。

We are seeing more interactions with senior level buyers. We are seeing better platform consolidation opportunities that we are not only participating in, but closing and winning and so all of that, to me, feels like we've got the right motion now. Now we just need to continue scaling. So part of what we've been working on is adding that sales capacity that we need to continue to move the business in the right direction because what you stated is exactly our aspiration to keep building the growth momentum.

我們看到與高級買家的互動越來越多。我們看到了更好的平台整合機會，我們不僅參與其中，而且結束並贏得勝利，所以對我來說，所有這一切感覺我們現在有了正確的行動。現在我們只需要繼續擴大規模。因此，我們一直在努力的部分工作是增加銷售能力，我們需要繼續推動業務朝著正確的方向發展，因為您所說的正是我們繼續保持成長勢頭的願望。

And in terms of what we are doing in addition to all of that, One of the things that I touched upon earlier is the security specialization. Look, we have an amazing set of capabilities in all of these areas, not just in search and GenAI, but also in observability and security. But in security, as we go higher as we do larger and larger deals, what we want to do is really double down on that opportunity to capture share from some of the incumbents that, as you know, have seen some disruption in the market. And so we are really putting more gasoline on that fire to see how we can go even faster. And again, I'll reiterate, like what's that metric about subscription revenue less monthly cloud? I think I've talked about that to many of you in the past. And that's one that we will keep sharing more details on as we go.

就我們除此之外所做的事情而言，我之前提到的其中一件事就是安全專業化。你看，我們在所有這些領域都擁有令人驚嘆的能力，不僅在搜尋和 GenAI 方面，而且在可觀察性和安全性方面。但在安全領域，隨著我們進行的交易越來越大，我們真正想要做的是加倍抓住機會，從一些已經看到市場混亂的現有企業手中奪取市場份額。因此，我們確實在火上澆油，看看如何走得更快。我再重申一遍，訂閱收入減去每月雲端費用的指標又是多少？我想我以前已經和你們中的許多人談過這個問題了。我們將持續分享更多有關此問題的詳細資訊。

Excellent, Ash. One quick one for you, Navam. As you bring your new mindset into the Elastic business model, what are the opportunities you see to uncover leverage in your own unique lens.

太棒了，Ash。給你一個簡單的答案，Navam。當您將新的思維方式融入 Elastic 商業模式時，您會看到哪些機會可以從您自己獨特的視角中發掘槓桿作用。

Yes. Thanks, Kash. Look, I mean, Kash, not Ash, sorry. Look, I think that -- last Kash, not Ash, exactly. I think that Elastic is an amazing company, and that's one of the main reasons I joined and it's got so much going for it in terms of the momentum it has behind GenAI. So I'm really excited to be part of that journey over the next several -- many years, actually. So in terms of what I can provide to the business is help with more visibility into how the business is going with all of you is the first one. And to be a partner to Ash to invest in the business appropriately to actually gain the share that we deserve in that GenAI space. And that's why we've been investing appropriately in R&D and in our GTM motion as we have over the past couple of quarters, and we think that that's the right thing to do given the opportunity ahead. So that's what I'm going to be helping Ash with over the next several quarters.

是的。謝謝，卡什。瞧，我的意思是 Kash，而不是 Ash，抱歉。瞧，我認為——最後一個是 Kash，確切地說不是 Ash。我認為 Elastic 是一家了不起的公司，這也是我加入的主要原因之一，而且它在 GenAI 背後的發展勢頭非常強勁。因此，我真的很高興能夠在接下來的幾年——實際上是很多年——參與這段旅程。因此，就我能為企業提供的幫助而言，首先就是幫助大家更清楚地了解業務進度。並成為 Ash 的合作夥伴，對業務進行適當的投資，以真正獲得我們在 GenAI 領域應得的份額。這就是為什麼我們在過去幾個季度中一直在對研發和 GTM 動議進行適當的投資，我們認為，考慮到未來的機遇，這是正確的做法。這就是我將在接下來的幾季裡幫助 Ash 的事情。

Otherwise, I said (inaudible). So we love Ash.

否則，我說（聽不清楚）。所以我們愛 Ash。

George Iwanyc, Oppenheimer.

喬治·伊凡尼克，奧本海默。

Ash, maybe digging into what you just kind of alluded to with the security specialist team. When you're looking at your $1 million customers, how many of them are using the entire portfolio? And can you kind of compare that to your $100,000 customers and how broadly they are exposed to the overall portfolio?

阿什，也許可以深入研究你剛才與安全專家團隊提到的內容。當您查看價值 100 萬美元的客戶時，其中有多少人正在使用整個產品組合？您能否將其與您的 100,000 美元客戶進行比較，看看他們在整個投資組合中的曝光程度如何？

We haven't broken that out. And that's one of the things that Navam mentioned was the financial Investor Day that we're going to have in October, and we'll provide a lot of those details there. What I will say though is that our largest customers typically tend to use us for more than just a single use case, right? We have a platform approach where when they purchase Elastic, we don't have separate SKUs for absorbability or security or search or AI, they're purchasing the platform.

我們還沒有揭曉這一點。Navam 提到的事情之一就是我們將在十月份舉辦的金融投資者日，我們將在那裡提供很多細節。不過我想說的是，我們最大的客戶通常傾向於將我們用於多種用途，對嗎？我們採用平台方法，當他們購買 Elastic 時，我們沒有針對吸收性、安全性、搜尋或 AI 的單獨 SKU，他們購買的是平台。

And when they purchase the platform, then they get to use whatever they want to use. In cloud, the meters spin differently for some of these uses, but there's a lot of value in being able to put all your data in one environment and then leverage that data for Observability or for cybersecurity or for other purposes. And so that's a very, very common pattern. But that also means that if you look at the $1 million account or the $100,000 account, it's still a fraction of our overall customer base. So the land and expand motion is working very well for us. And we just want to keep doubling down on it because that's what we see as the opportunity for continued growth.

當他們購買平台後，他們就可以使用任何他們想使用的東西。在雲端中，對於某些用途，計量表的旋轉方式有所不同，但能夠將所有數據放在一個環境中，然後利用這些數據實現可觀察性、網路安全或其他目的，具有很大的價值。這是一種非常非常常見的模式。但這也意味著，如果你看一下 100 萬美元的帳戶或 10 萬美元的帳戶，它仍然只是我們整體客戶群的一小部分。因此，土地和擴張行動對我們來說非常有效。我們只是想繼續加倍努力，因為我們認為這是持續成長的機會。

And Navam, maybe just looking at linearity from April into May, I know you talked about generally solid regional trends, but are there any differences with respect to verticals or customer size?

Navam，也許只看一下從四月到五月的線性，我知道您談到了總體上穩固的區域趨勢，但垂直或客戶規模方面是否存在差異？

No, not really. I mean our verticals are very diversified, and I don't think that month-over-month, there's much -- there's always puts and takes, but in terms of linearity of what happens. I don't think there's much difference between those two months in particular. At this point in time, the macro remains what we've seen in Q4 around US public sector and no real incremental changes on the consumption side or incremental pressure beyond what we've seen in US public sector.

不，不是真的。我的意思是，我們的垂直產業非常多樣化，我不認為月環比變化會有很多——總是有投入和產出，但就發生的事情的線性而言。我認為這兩個月之間沒有太大的區別。目前，宏觀經濟仍然保持著我們在第四季度看到的美國公共部門的狀況，消費方面沒有出現真正的增量變化，也沒有出現超出我們在美國公共部門所看到的增量壓力。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Ash, just on the sales productivity, when you mentioned there's no changes. Can you just bring us up to speed on where productivity is today? Are you happy? Are they fully at peak capacity? And I guess with the age of AI, a sales team that's running closer to peak capacity, not making big changes. I think most would have thought you'd see a little more healthy backlog and growth, but maybe just help reconcile what's happening with productivity to your pipeline.

阿什，就銷售效率而言，您提到沒有變化。您能否向我們簡單介紹一下當今的生產效率水準？你開心嗎？它們是否已達到最大產能？我想，隨著人工智慧時代的到來，銷售團隊的運作能力將更接近峰值，不會做出重大的改變。我想大多數人會認為你會看到更健康的積壓和成長，但也許只是有助於協調生產力與管道的協調。

Yes. So in terms of the sales capacity, the sales teams that we have, the productivity that we saw in FY25. We were very happy with it. Obviously, the changes, like I said, that we made at the beginning of the year caused us some issues in Q1, but then we started to see the benefits accrue in Q4 was just wonderful to see how the output that we got from the team. So in terms of productivity, and by the way, the use of AI, we use AI internally even for our own purposes in terms of how our SDRs, our sales development reps, and even our account executives use the information that we have about our customers and our prospects with AI to be able to do better targeting to have better conversations to sort of follow and satisfy our customers better. So productivity, I believe, is something that we have always paid attention to and we will continue to pay attention to, that's a big focus. But I feel really good about where we are. I'll let Navam, I don't know if you have anything to add to that.

是的。因此，就銷售能力、我們擁有的銷售團隊以及我們在 25 財年看到的生產力而言。我們對此感到非常高興。顯然，正如我所說，我們在年初所做的改變為我們在第一季帶來了一些問題，但隨後我們開始看到在第四季度產生的好處，看到我們從團隊中獲得的成果真是太好了。因此，就生產力而言，順便說一下，就人工智慧的使用而言，我們在內部使用人工智慧，甚至用於我們自己的目的，就我們的 SDR、銷售開發代表甚至客戶經理如何使用我們掌握的有關客戶和潛在客戶的資訊而言，利用人工智慧能夠更好地定位，進行更好的對話，更好地追蹤和滿足我們的客戶。因此，我相信生產力是我們一直關注的問題，我們將繼續關注，這是一個重點。但我對我們的現狀感到非常滿意。我會讓 Navam，我不知道您是否還有什麼要補充的。

No, I think you got it mostly, yes.

不，我想你基本上明白了，是的。

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

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

Thank you all for joining us today. As I said, I'm extremely proud of what we accomplished in FY25 and more excited than ever about the opportunity ahead as we build a truly generational company. Thank you all, and have a good day.

感謝大家今天的參與。正如我所說，我對我們在 2025 財年取得的成就感到非常自豪，並且對我們在打造一家真正具有時代意義的公司時面臨的機會比以往任何時候都更加興奮。謝謝大家，祝大家有個愉快的一天。

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。