Elastic NV (ESTC) 2026 Q1 法說會逐字稿

Good day, and welcome to the Elastic NV first-quarter fiscal 2026 earnings results conference call. (Operator Instructions)

大家好，歡迎參加 Elastic NV 2026 財年第一季財報業績電話會議。（操作說明）

Please note, this event is being recorded. I would now like to turn the conference over to Eric Prengel, Global Vice President of Finance. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給全球財務副總裁艾瑞克‧普倫格爾。請繼續。

Good afternoon, and thank you for joining us on today's conference call to discuss Elastic's first quarter fiscal 2026 financial results. My name is Eric Prengel, Global Vice President of Finance. On the call, we have Ash Kulkarni, Chief Executive Officer; and Navan Welihinda, Chief Financial Officer. Following their prepared remarks, we will take questions.

下午好，感謝各位參加今天的電話會議，共同探討 Elastic 2026 財年第一季的財務表現。我是 Eric Prengel，全球財務副總裁。參與電話會議的有執行長 Ash Kulkarni 和財務長 Navan Welihinda。在他們發言結束後，我們將接受提問。

Our press release was issued today after market close 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, our expectations regarding the demand for our products and solutions and our future revenue and other information.

我們的新聞稿已於今日收盤後發布，並已發佈在我們的網站上。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，其中可能包括預測、估計、我們對產品和解決方案需求的預期、未來收入以及其他資訊。

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.

這些前瞻性陳述是基於我們目前已知的因素，僅代表截至本次電話會議之日的情況，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與預期結果有重大差異。除非法律要求，否則我們不承擔更新或修改這些前瞻性聲明的任何義務。

Please refer to the risks and uncertainties included in the press release issued earlier today, including the slides posted on the Investor Relations website, and those more fully described in our filings with the Securities and Exchange Commission.

請參閱今天稍早發布的新聞稿中包含的風險和不確定性，包括投資者關係網站上發布的幻燈片，以及我們在提交給美國證券交易委員會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. Unless specifically noted otherwise, all results and comparisons are on a fiscal year-over-year basis.

我們也將討論一些非GAAP財務指標。有關非GAAP指標的披露信息，包括與最可比較GAAP指標的調節表，可在新聞稿和幻燈片中找到。除非另有特別說明，所有結果和比較均以財政年度同比為基礎。

The webcast replay of this call will be available on our company website under the Investor Relations link. Our second quarter fiscal 2026 quiet period begins at the close of business on Friday, October 17. We will be participating in the Citi Global TMT Conference on September 4, the Goldman Sachs Communacopia and Technology Conference on September 8, and the Piper Sandler Growth Frontiers Conference on September 11.

本次電話會議的網路直播回放將在公司網站的「投資者關係」連結下提供。我們 2026 財年第二季靜默期從 10 月 17 日星期五營業結束時開始。我們將參加 9 月 4 日的花旗全球 TMT 大會、9 月 8 日的高盛通訊與科技大會以及 9 月 11 日的 Piper Sandler 成長前沿大會。

Finally, Elastic will host a Financial Analyst Day in combination with our New York City ElasticCon event on October 9, and we hope many of you will join us in person. With that, I'll turn it over to Ash.

最後，Elastic 將於 10 月 9 日在紐約市舉辦 ElasticCon 活動的同時，舉辦金融分析師日活動，我們希望你們中的許多人能夠親自參加。這樣，我就把麥克風交給阿什了。

Thank you, Eric, and thank you all for joining us today. Elastic had an excellent Q1 and a strong start to the fiscal year, delivering 20% revenue growth for the first quarter, surpassing the high end of our guidance. Sales-led subscription revenue, calculated as subscription revenue excluding monthly Elastic Cloud, grew by 22% and was driven by strength in both our cloud and self-managed offerings.

謝謝你，艾瑞克，也謝謝今天各位的到來。Elastic 第一季表現出色，財年開局強勁，第一季營收成長 20%，超過了我們預期的上限。以銷售為主導的訂閱收入（不包括每月 Elastic Cloud 的收入）成長了 22%，這主要得益於我們在雲端服務和自助管理產品方面的強勁表現。

Our growth was supported by ongoing demand for our highly differentiated Search AI platform and our sales team solid execution. The inherent leverage in our business model and our disciplined execution continues to fuel our profitability, resulting in a non-GAAP operating margin of 16%.

我們的成長得益於市場對我們高度差異化的搜尋人工智慧平台的持續需求，以及我們銷售團隊的出色執行。我們商業模式中固有的槓桿作用和我們嚴謹的執行力不斷推動著我們的獲利能力，從而實現了 16% 的非 GAAP 營業利潤率。

We ended the quarter with more than 1,550 customers spending over $100,000, as enterprises continue to choose Elastic for their search, observability, and security needs. Amidst today’s rapidly changing global landscape, and with AI now clearly shaping technology decisions, our Q1 performance directly demonstrates the value that the Elasticsearch AI platform delivers to customers.

本季末，超過 1,550 位客戶消費超過 10 萬美元，企業繼續選擇 Elastic 來滿足其搜尋、可觀測性和安全性需求。在當今瞬息萬變的全球格局中，人工智慧正日益深刻地影響著技術決策，我們第一季的業績直接證明了 Elasticsearch AI 平台為客戶帶來的價值。

Market demand for our solutions has strengthened, contributing to our overall success this quarter. Our strong market position is further deepened by the operational strength of our sales team, with the territory changes we made now fully benefiting our execution.

市場對我們解決方案的需求不斷增強，這為我們本季的整體成功做出了貢獻。我們強大的市場地位得益於我們銷售團隊的營運實力，我們所做的區域調整現在已充分惠及我們的執行力。

Our go-to-market momentum is building across the Board. In the US public sector, we are seeing signs of stabilization. In one US public sector win from the quarter, an intelligence agency adopted Elasticsearch and Observability for their AI-powered enterprise services, consolidating onto Elastic due to our reputation as a trusted mission partner and owing to the strength of our AI capabilities.

我們的市場拓展動能正在全面增強。美國公共部門出現了趨於穩定的跡象。本季美國公共部門的一項成功案例是，一家情報機構採用了 Elasticsearch 和 Observability 來支援其人工智慧驅動的企業服務，並整合到 Elastic 平台，這得益於我們作為值得信賴的任務合作夥伴的聲譽以及我們強大的人工智慧能力。

Our strategic agreement with the US General Services Administration or GSA, which we signed in Q1, and ongoing progress on FedRAMP High certification for Elastic Cloud are helping build positive momentum. Both initiatives are boosting interest among US civilian and defense agencies who aim to modernize with scalable, productive, and efficient technology. With our sales team fully primed for this environment, we are well-positioned to execute and capitalize on the federal government’s efforts to digitally transform and advance its infrastructure with our innovative platform.

我們與美國總務管理局 (GSA) 於第一季簽署的戰略協議，以及 Elastic Cloud 在 FedRAMP High 認證方面取得的持續進展，都有助於形成積極的勢頭。這兩項舉措都激發了美國民用和國防機構的興趣，他們希望透過可擴展、高效且富有成效的技術實現現代化。我們的銷售團隊已為這種環境做好充分準備，我們有能力利用我們創新的平台，執行並掌握聯邦政府為數位轉型和推動基礎設施建設所做的努力。

A year ago, we revamped our sales segmentation model to build for the future, focusing our team on expanding enterprise accounts and landing high-potential mid-market customers, measures which are proving very effective today. This tactical alignment continues to drive progress in our strategic segment, where we enable generative AI application development and consolidation for our largest customers.

一年前，我們改進了銷售細分模型，為未來發展奠定了基礎，使團隊專注於拓展企業客戶和贏得高潛力的中端市場客戶，這些措施如今已被證明非常有效。這種戰術調整持續推動我們在策略領域的進步，我們為最大的客戶提供生成式人工智慧應用開發和整合服務。

For example, a global professional services organization expanded their commitment by choosing to migrate to Elastic Cloud in Q1. They rely on Elasticsearch as their vector database to power 40 different internal and client-facing applications.

例如，一家全球專業服務機構在第一季選擇遷移到 Elastic Cloud，擴大了其投資。他們依靠 Elasticsearch 作為向量資料庫來支援 40 個不同的內部和麵向客戶的應用程式。

The transition to Elastic Cloud will enable them to achieve greater operational efficiencies and seamlessly access our more advanced search features. Critically, as they advance generative AI initiatives for their clients, Elastic’s advanced search technology will be instrumental in unlocking insights from unstructured data at scale.

過渡到 Elastic Cloud 將使他們能夠實現更高的營運效率，並無縫存取我們更高級的搜尋功能。至關重要的是，隨著 Elastic 為客戶推進生成式 AI 計劃，其先進的搜尋技術將在大規模地從非結構化資料中挖掘洞察方面發揮重要作用。

In Q1, we saw significant activity around GenAI, with many customers choosing Elastic as a runtime platform for building GenAI applications, using our vector database, embedding and re-ranking models, MCP server, and other platform capabilities for building conversational AI and agentic applications.

第一季度，我們看到 GenAI 領域出現了顯著的活動，許多客戶選擇 Elastic 作為建立 GenAI 應用程式的執行時間平台，使用我們的向量資料庫、嵌入和重排序模型、MCP 伺服器以及其他平台功能來建立對話式 AI 和代理應用程式。

Now, over 2,200 Elastic Cloud customers are using Elastic for GenAI use cases. With over 330 of these customers spending $100,000 or more annually. In Q1, we added more million dollar ACV Elastic Cloud customers using Elastic for GenAI use cases than the prior two quarters combined.

目前，已有超過 2200 家 Elastic Cloud 客戶正在使用 Elastic 進行 GenAI 用例。其中超過 330 位客戶每年消費 10 萬美元或以上。第一季度，我們新增的百萬美元級 ACV Elastic Cloud 客戶數量超過了前兩個季度的總和，這些客戶使用 Elastic 來實現 GenAI 用例。

We are also excited to witness AI-native businesses being built on Elastic to introduce entirely new business models. In Q1, an AI-native music company expanded their use of Elasticsearch, upgrading from a monthly cloud subscription to an annual agreement as they see growing adoption of their applications. They leveraged Elastic to manage vast amounts of song data, supporting full-text and semantic search for millions of users as they continue to grow and launch new products. The company chose our Search AI technology for its performance, speed, and ability to scale alongside their rapid growth, which in turn drives their Elastic consumption.

我們也很欣喜地看到基於 Elastic 建構的 AI 原生企業正在引入全新的商業模式。第一季度，一家人工智慧音樂公司擴大了對 Elasticsearch 的使用，從按月訂閱雲端服務升級到按年付費協議，因為他們看到自己的應用程式得到了越來越多的採用。他們利用 Elastic 管理大量的歌曲數據，為數百萬用戶提供全文和語義搜尋支持，同時不斷發展並推出新產品。該公司選擇我們的搜尋 AI 技術，是因為它的性能、速度和能夠隨著其快速增長而擴展的能力，這反過來又推動了其彈性消費。

Our customers' requirements for speed, scale, and relevance drives our continued investment in product features to ensure that every query happens in real time with accuracy and reliability. This quarter, we launched new capabilities to improve performance and cost efficiency of our vector database, now making our Better Binary Quantization, or BBQ, and ACORN-1, a smart filtering algorithm, available to all users by default.

客戶對速度、規模和相關性的要求促使我們持續投資於產品功能，以確保每個查詢都能即時、準確、可靠地完成。本季度，我們推出了新的功能，以提高向量資料庫的效能和成本效益，現在所有用戶預設都可以使用我們的 Better Binary Quantization（BBQ）和智慧過濾演算法 ACORN-1。

BBQ and vector search with ACORN-1 helped us land a seven-figure expansion deal with a global wholesale provider of machinery parts for Elasticsearch in observability. They rely on Elastic to drive their e-commerce platform, which consists of over 1 million stock items and a database of nearly 50 million SKUs. The retailer is implementing a hybrid search system which required a platform capable of interpreting natural language queries and performing exact and semantic matches to deliver more accurate and relevant search results. They chose Elastic due to our extensive experience in retail search transformation and our customizable Search AI functionalities, all within one platform.

BBQ 和向量搜尋與 ACORN-1 的結合幫助我們與一家全球機械零件批發供應商達成了一項七位數的擴展協議，用於 Elasticsearch 在可觀測性方面的應用。他們依靠 Elastic 來驅動其電子商務平台，該平台包含超過 100 萬件庫存商品和近 5,000 萬個 SKU 的資料庫。該零售商正在實施混合搜尋系統，該系統需要一個能夠解釋自然語言查詢並執行精確和語義匹配的平台，以提供更準確、更相關的搜尋結果。他們選擇 Elastic 是因為我們在零售搜尋轉型方面擁有豐富的經驗，並且我們的可自訂搜尋 AI 功能都整合在一個平台上。

AI is reshaping the software stack, and LLMs are becoming the new operating system for defining business logic. In the past, most software relied on data and data platforms optimized for structured data. Today, LLMs operate on all data and need a data platform optimized for all forms of data, structured and unstructured, text in spoken and programming languages, audio, video, graphs, vectors, and more.

人工智慧正在重塑軟體堆疊，LLM 正在成為定義業務邏輯的新作業系統。過去，大多數軟體依賴針對結構化資料最佳化的資料和資料平台。如今，LLM 需要處理所有數據，因此需要一個針對所有形式的數據（結構化和非結構化數據、口語和程式語言的文字、音訊、視訊、圖表、向量等）進行最佳化的數據平台。

Elastic is the world's leading vector database. Crucially, our continued leadership stems from the foresight that what matters most is relevance in data retrieval, irrespective of the language, type, and messiness of the data. When you get relevance right, you provide accurate context to LLMs to do their job, and this accuracy matters even more as agentic AI gets used for automating increasingly more complex business tasks.

Elastic是全球領先的向量資料庫。至關重要的是，我們持續保持領先地位源自於我們的遠見卓識，即資料檢索中最重要的是相關性，而與資料的語言、類型和混亂程度無關。如果相關性處理得當，就能為LLM提供準確的上下文訊息，以便更好地完成工作。隨著智慧AI被用於自動化越來越複雜的業務任務，這種準確性就顯得更加重要了。

With Elasticsearch, relevance is our true competitive advantage, fortifying a defensible moat around our business. As enterprises build more agents and develop software in new ways, the importance of getting context and search relevance right will only grow. This is why we have invested for years in developing our own embedding models, re-ranker models, data chunking strategies and more, all with the goal of being the absolute best at search relevance.

借助 Elasticsearch，相關性是我們真正的競爭優勢，為我們的業務建構了一道堅固的護城河。隨著企業建立更多代理商並以新的方式開發軟體，正確獲取上下文和搜尋相關性的重要性只會越來越大。這就是為什麼我們多年來一直致力於開發我們自己的嵌入模型、重新排序模型、資料分塊策略等等，所有這些都是為了在搜尋相關性方面做到絕對最好。

It is this innovation that gives us the confidence to be the leading data retrieval and context engineering platform for the AI era. This also forms our asymmetric advantage in the other markets we play in, including observability and security.

正是這項創新使我們有信心成為人工智慧時代領先的資料檢索和情境工程平台。這也構成了我們在所涉足的其他市場（包括可觀測性和安全性）中的不對稱優勢。

In anchoring our observability and security solutions on Elasticsearch, we fuse the immense power of Search AI into both, and automate the observability and security processes of our users with our AI capabilities like attack discovery, auto import, and our AI assistance for observability and security.

我們將可觀測性和安全性解決方案錨定在 Elasticsearch 上，將強大的搜尋 AI 功能融入其中，並利用攻擊發現、自動導入以及 AI 輔助可觀測性和安全性等 AI 功能，實現用戶可觀測性和安全性流程的自動化。

It is precisely these advanced capabilities that contributed to our security business achieving strong results this quarter. As AI reshapes the SIEM landscape, Elastic Security unifies SIEM and XDR into a single AI-powered platform, extending protection across customers' data infrastructure and eliminating the need for multiple stand-alone tools.

正是這些先進的能力，促成了我們安全業務在本季取得強勁的業績。隨著人工智慧重塑 SIEM 格局，Elastic Security 將 SIEM 和 XDR 統一到一個由人工智慧驅動的平台中，擴展了對客戶資料基礎設施的保護，並消除了對多個獨立工具的需求。

In Q1, a third of our new and expansion wins in security involved competitive displacements. In one such deal from the quarter, one of the largest integrated academic health systems in the US selected Elastic Security to replace its existing SIEM solution. This seven-figure expansion deal marks the customer making a strategic shift from an incumbent solution towards a more scalable AI-driven security approach, driven by their need for a flexible platform to unify data.

第一季度，我們在安防領域新增和擴張的項目中，有三分之一是透過競爭對手的取代來實現的。在本季的一項交易中，美國最大的綜合學術醫療系統之一選擇 Elastic Security 來取代其現有的 SIEM 解決方案。這項七位數的擴張協議標誌著客戶正在從現有解決方案向更具可擴展性的 AI 驅動型安全方法進行策略轉變，其驅動力在於他們需要一個靈活的平台來統一資料。

Elastic stood out due to our ability to support a broad set of data sources and our market-leading AI features, including attack discovery, demonstrating our leadership in defining the future of SIEM. Our consistent vision of solving security as a data problem while driving innovation in AI positions Elastic at the forefront of the market. In doing so, we are being rightly recognized by independent research, and we are delighted that Elastic has been named a Leader in the Forrester Wave Security Analytics Platform in Q1.

Elastic之所以脫穎而出，是因為我們能夠支援廣泛的資料來源，並且擁有市場領先的AI功能，包括攻擊發現，這證明了我們在定義SIEM未來方面的領導地位。我們始終堅持將安全視為資料問題來解決，同時推動人工智慧領域的創新，這使得 Elastic 處於市場前沿。這樣做，我們得到了獨立研究的認可，我們很高興 Elastic 在第一季被 Forrester Wave 安全分析平台評為領導者。

Our prowess in security is further demonstrated by Elastic Security’s 100% score in AV Comparatives business security test for endpoint security, where we were the sole participant among 17 vendors to achieve a perfect score in both the real-world protection and malware protection tests. In pairing Elastic’s anti-malware prevention with our ransomware defense and leading SIEM features, we achieved world-class XDR.

Elastic Security 在 AV Comparatives 的端點安全商業安全測試中獲得了 100% 的分數，進一步證明了我們在安全方面的實力。在 17 家供應商中，我們是唯一一家在實際防護和惡意軟體防護測試中都獲得滿分的供應商。透過將 Elastic 的反惡意軟體預防與我們的勒索軟體防禦和領先的 SIEM 功能相結合，我們實現了世界一流的 XDR。

And our innovation has not stopped. Earlier this month, we introduced the Elastic AI SoC Engine or EASE. Many SOC teams today rely on SIEM and endpoint detection and response or EDR solutions that generate valuable alerts but lack mature built-in AI capabilities to conduct investigations. EASE integrates with existing SIEM and EDR platforms to connect our advanced AI tools into their environment, allowing for AI-powered alert correlation with attack discovery and access to our AI assistant. Architected as an agentless integration on top of a customer's existing stack, EASE is an on-ramp to Elastic Security.

我們的創新從未停止。本月初，我們推出了彈性人工智慧SoC引擎（EASE）。如今許多安全營運中心 (SOC) 團隊依賴安全資訊和事件管理 (SIEM) 以及端點檢測和回應 (EDR) 解決方案，這些解決方案可以產生有價值的警報，但缺乏成熟的內建人工智慧功能來進行調查。EASE 與現有的 SIEM 和 EDR 平台集成，將我們先進的 AI 工具連接到它們的環境中，從而實現 AI 驅動的警報關聯、攻擊發現以及訪問我們的 AI 助手。EASE 的架構是在客戶現有技術棧之上進行無代理集成，是通往 Elastic Security 的入口。

This commitment to AI-driven innovation extends beyond security. Our AI capabilities and powerful analytics also earned us recognition as a Leader in the 2025 Gartner Magic Quadrant for Observability. Elastic’s leadership reflects how we are transforming observability from a reactive tool into a solution for real-time investigations through the power of our Search AI platform.

對人工智慧驅動創新的這種承諾不僅限於安全領域。我們的人工智慧能力和強大的分析能力也使我們獲得了 Gartner 2025 年可觀測性魔力像限領導者的頭銜。Elastic 的領導地位體現了我們如何透過我們的搜尋 AI 平台的強大功能，將可觀測性從被動工具轉變為即時調查的解決方案。

We are shipping new tools like EASE and our recently announced Logs Essentials, a new low-price tier of Elastic Observability within Elastic Cloud Serverless for customers wanting a fully managed offering. Serverless is now generally available on all three cloud hyperscalers, including on Microsoft Azure. Serverless is gaining traction, with contributions surpassing our Q1 targets as more customers adopt this deployment.

我們正在推出 EASE 等新工具，以及我們最近發布的 Logs Essentials，這是 Elastic Cloud Serverless 中面向希望獲得完全託管服務的客戶推出的全新低價 Elastic Observability 層級。目前，包括微軟 Azure 在內的所有三大雲端超大規模雲端平台均已全面推出無伺服器模式。無伺服器架構正獲得越來越多的認可，隨著越來越多的客戶採用這種部署方式，其貢獻金額已超過我們第一季的目標。

The Elastic Search AI platform meets customers where they are with deployment options for cloud, hosted and serverless and self-managed environments. This quarter, I visited India, Australia, Singapore and Japan to meet with customers across numerous industries despite vastly different businesses, every conversation I had revealed the common desire to do more with their data. Enterprises are all looking to leverage their information more effectively. This consistent feedback reinforces the universal need for powerful data solutions like ours, especially one that is optimized to address the need for search relevance and context in an LLM-centric world.

Elastic Search AI 平台提供雲端、主機、無伺服器和自管理環境等多種部署選項，滿足客戶的不同需求。本季度，我造訪了印度、澳洲、新加坡和日本，與來自眾多產業的客戶會面。儘管他們的業務千差萬別，但每一次談話都揭示了他們共同的願望，那就是更好地利用他們的數據。企業都在尋求更有效地利用資訊的方法。這種持續的回饋強化了對像我們這樣強大的數據解決方案的普遍需求，尤其是針對LLM中心世界中搜尋相關性和上下文需求而優化的解決方案。

In closing, Q1 was an outstanding quarter fueled by focused execution and strong demand. Our platform is more differentiated than ever, providing us a competitive advantage in GenAI and platform consolidation across all industries. We have the ability to win in every market where we are playing, and I'm excited to see our progress unfold. This quarter's performance highlights the talent and dedication of our team.

總之，第一季業績出色，這得益於專注的執行和強勁的市場需求。我們的平台比以往任何時候都更具差異化，為我們在全產業的 GenAI 和平台整合方面提供了競爭優勢。我們有能力在我們涉足的每個市場都取得成功，我很興奮地看到我們的進步。本季的業績凸顯了我們團隊的才華和奉獻精神。

Navam and I are truly grateful for the continuous hard work Elasticians put in daily. Thank you as well to our customers, partners, and investors for their ongoing support and trust. I'll now turn it over to Navam to review our financial results in more detail.

Navam 和我衷心感謝 Elasticians 每天付出的辛勤努力。同時感謝我們的客戶、合作夥伴和投資者一直以來的支持與信任。現在我將把發言權交給納瓦姆，讓他更詳細地審查我們的財務表現。

Thank you, Ash. Q1 was an excellent quarter with solid execution across the business. We exceeded the revenue and profitability metrics we set out to achieve, and our go-to-market team is executing well on all fronts. Our Q1 results provided a promising start to the year. This performance positioned Elastic to enter Q2 and the remainder of fiscal 2026 from a position of strength.

謝謝你，阿什。第一季業績出色，公司各部門執行力強勁。我們超額完成了既定的收入和獲利指標，我們的市場推廣團隊在各方面都表現出色。我們第一季的業績為今年開了個好頭。這一業績使 Elastic 以強勁的勢頭進入 2026 財年第二季及剩餘時間。

Our total revenue in the first quarter was $415 million. We grew 20% as reported and 18% on a constant currency basis. Our sales-led subscription revenue, calculated as subscription revenue excluding monthly Elastic Cloud, was $339 million, growing 22% as reported and 20% on a constant currency basis.

我們第一季的總營收為 4.15 億美元。以報告數據計算，我們成長了 20%；以固定匯率計算，成長了 18%。我們以銷售為主導的訂閱收入（不包括每月 Elastic Cloud 的訂閱收入）為 3.39 億美元，按報告匯率計算增長了 22%，按固定匯率計算增長了 20%。

Q1 '26 marked the fourth consecutive quarter of strong performance since we made the sales segmentation changes last year. Our sales-led subscription revenue grew 22% in Q2 '25, 18% in Q3 '25, 19% in Q4 '25, and now 22% this quarter. These consistent results demonstrate the durability of our team's execution.

自去年進行銷售細分調整以來，2026 年第一季是連續第四個季度業績強勁成長。我們的銷售驅動型訂閱收入在 2025 年第二季度增長了 22%，在 2025 年第三季度增長了 18%，在 2025 年第四季度增長了 19%，而本季度又增長了 22%。這些持續穩定的成績證明了我們團隊執行的持久性。

The revenue performance we saw this quarter was broad-based across both our cloud and self-managed environments. We saw strong customer commitments with key wins across all our solution areas. Both generative AI and platform consolidation continued to be powerful tailwinds benefiting search, observability, and security.

本季我們在雲端和自託管環境中都實現了全面的營收成長。我們看到客戶給予了強有力的支持，並在我們所有解決方案領域都取得了關鍵性的成功。生成式人工智慧和平台整合持續成為推動搜尋、可觀測性和安全性發展的強大助力。

As Ash mentioned, we saw competitive success in security, with one-third of new and expansion deals in security coming from replacing an incumbent solution. Our traction is further supported by new product releases, including our Elastic AI SOC engine, or EASE, which uses AI to enhance threat detection.

正如 Ash 所提到的，我們在安全領域取得了競爭優勢，安全領域的新交易和擴展交易中有三分之一來自替換現有解決方案。我們不斷推出新產品，進一步鞏固了市場地位，其中包括我們的 Elastic AI SOC 引擎（簡稱 EASE），該引擎利用人工智慧來增強威脅偵測能力。

As you heard from Ash, our team continued to operate effectively in all areas, and we saw strength across all our geos. In the US public sector, we're seeing stabilization, and the team is fully primed to execute. Even with ongoing shifts in select civilian agencies, the Elastic cost-to-value proposition remains a compelling incentive for public sector customers to consider our products as they look to consolidate mission-critical tools and increase efficiency.

正如 Ash 所說，我們的團隊在各個領域繼續高效運作，我們在所有地區都展現了強勁的實力。美國公共部門正在趨於穩定，團隊已做好充分準備執行任務。即使部分民間機構不斷變化，Elastic 的性價比仍然是公共部門客戶考慮我們產品的一個強大激勵，因為他們需要整合關鍵任務工具並提高效率。

Our current remaining performance obligations, or CRPO, which is the portion of RPO that we expect to recognize as revenue within the next 12 months, remains solid. At the end of Q1, CRPO was approximately $956 million and grew 18% year over year and 17% in constant currency. CRPO is a useful supplemental measure of commitments when evaluated in conjunction with sales-led subscription revenue.

我們目前的剩餘履約義務（CRPO），即我們預計在未來 12 個月內確認為收入的 RPO 部分，仍然穩健。第一季末，CRPO約9.56億美元，年增18%，以固定匯率計算成長17%。CRPO 與銷售主導的訂閱收入結合評估時，可作為衡量承諾的有用補充指標。

During the quarter, our $100,000 annual contract value customer count grew approximately 13% year over year, representing approximately 180 net new customers over the past four quarters. Quarter-over-quarter, we added approximately 40 net new customers and continued to see strong expansion from our existing customer base.

本季度，我們年合約價值 10 萬美元的客戶數量年增約 13%，在過去四個季度中淨增約 180 位客戶。與上一季相比，我們新增了約 40 位淨客戶，現有客戶群持續保持強勁成長動能。

Our total customer count reached approximately 21,550 at the end of July. Approximately 80% of our annual recurring revenue comes from $100,000 annual contract value customers. Moving forward, we will only disclose our total customer count annually, as this metric does not fully represent our quarterly total revenue performance.

截至7月底，我們的客戶總數達到約21,550人。我們年度經常性收入的約 80% 來自年合約價值 10 萬美元的客戶。今後，我們將隻公佈年度客戶總數，因為該指標不能完全反映我們季度總收入的表現。

On the consumption front, we are happy to see that consumption remains strong. In May, we increased prices on our cloud and self-managed environments, and demand for our solutions remained high as we continue to deliver more value to our customers through new product features and functionality.

消費方面，我們很高興看到消費依然強勁。5 月份，我們提高了雲端服務和自管理環境的價格，隨著我們不斷透過新產品特性和功能為客戶創造更多價值，市場對我們解決方案的需求仍然強勁。

Now turning to Q1 margins and profitability, I will discuss all measures on a non-GAAP basis. We delivered strong profitability across the Board, with a gross margin of 79% and an operating margin of 16%. In Q1, we recognized a one-time credit of approximately $4 million related to our cloud infrastructure costs. The credit caused a one-time gross margin benefit of 1%.

現在來看第一季的利潤率和獲利能力，我將以非GAAP準則討論所有指標。我們實現了全面強勁的獲利能力，毛利率為 79%，營業利益率為 16%。第一季度，我們確認了一筆與雲端基礎設施成本相關的約 400 萬美元的一次性抵免。該信貸帶來了一次性毛利率收益 1%。

Additional margin expansion is representative of the inherent leverage in our model. Our disciplined approach to costs, combined with increasing revenue, underpins our strong profitability, further supported by our cash generation. In Q1, we achieved an adjusted free cash flow margin of 28%. Historically, we experienced quarter-over-quarter seasonality related to the magnitude of the prior quarter's bookings and the collection of those bookings.

利潤率的進一步擴張體現了我們模型中固有的槓桿效應。我們嚴格的成本控制方法，加上不斷增長的收入，支撐了我們強勁的獲利能力，而我們的現金流也進一步鞏固了這一優勢。第一季度，我們實現了28%的調整後自由現金流利潤率。從歷史上看，我們經歷了與上一季預訂量和這些預訂款項的收取相關的季度環比季節性波動。

Keeping these fluctuations in mind, we expect Q2 to follow normal seasonal patterns, representing a sequential decline in FCF. We manage and view adjusted free cash flow on a full-year basis and believe we have the potential to maintain and expand our free cash flow margin over time.

考慮到這些波動，我們預計第二季將遵循正常的季節性模式，自由現金流將逐季下降。我們以全年為基礎管理和查看調整後的自由現金流，並相信我們有潛力隨著時間的推移保持和擴大我們的自由現金流利潤率。

Now for our outlook for the second quarter and the remainder of fiscal 2026. We are pleased with our strong execution in the quarter and the momentum we've built heading into the balance of fiscal 2026. While we continue to operate in a complex macro environment, conditions did not deteriorate to the degree we had factored into our guidance in May. As such, we are raising our fiscal 2026 revenue guidance.

接下來，我們展望一下2026財年第二季及剩餘時間的業績。我們對本季強勁的業績表現以及在 2026 財年剩餘時間內所取得的良好勢頭感到滿意。儘管我們仍在複雜的宏觀環境下運營，但情況並沒有像我們在 5 月的指導方針中預測的那樣惡化。因此，我們提高了 2026 財年的營收預期。

Note that our Q2 2026 assumptions factor in benefit from our price increase, which I discussed earlier. We do not formally guide to adjusted free cash flow. Still, for fiscal 2026, we expect to sustain the level of adjusted free cash flow margins that we achieved in fiscal 2025.

請注意，我們 2026 年第二季的假設考慮了價格上漲帶來的收益，我之前已經討論過這一點。我們不正式提供調整後自由現金流指引。不過，我們預期 2026 財年將維持 2025 財年調整後自由現金流利潤率的水準。

With these assumptions in mind, for the second quarter of fiscal 2026, we expect total revenue in the range of $415 million to $417 million, representing 14% growth at the midpoint or 14% constant currency growth at the midpoint. We expect non-GAAP operating margin to be approximately 16%.

基於這些假設，我們預計 2026 財年第二季總營收將在 4.15 億美元至 4.17 億美元之間，以中間值計算成長 14%，以固定匯率計算成長 14%。我們預計非GAAP營業利潤率約為16%。

We expect non-GAAP diluted earnings per share in the range of $0.56 to $0.58, using between 108.5 million and 109.5 million diluted weighted average ordinary shares outstanding. For fiscal 2026, we are raising our total revenue, which improves our expected non-GAAP diluted EPS. We expect total revenue in the range of $1.679 billion to $1.689 billion, representing approximately 14% growth at the midpoint, or 13% constant currency growth at the midpoint.

我們預計，根據 1.085 億至 1.095 億股稀釋加權平均流通普通股計算，非 GAAP 稀釋後每股收益將在 0.56 美元至 0.58 美元之間。2026 財年，我們的總收入有所提高，這將改善我們預期的非 GAAP 稀釋後每股盈餘。我們預計總收入將在 16.79 億美元至 16.89 億美元之間，以中間值計算，成長率約為 14%，以固定匯率計算，成長率約為 13%。

We expect non-GAAP operating margin for the full fiscal 2026 to be approximately 16%. We expect non-GAAP diluted earnings per share in the range of $2.29 to $2.35, using between $109 million and $111 million diluted weighted average ordinary shares outstanding.

我們預計 2026 財年全年非 GAAP 營業利潤率約為 16%。我們預計，根據 1.09 億至 1.11 億股稀釋加權平均流通普通股計算，非 GAAP 稀釋每股收益將在 2.29 美元至 2.35 美元之間。

We will continue to provide updates as we move throughout the year. This quarter's performance is a testament to the dedication of our team. Ash and I are thankful for the hard work of our employees to deliver these strong results. As a reminder, we are hosting our Financial Analyst Day on October 9 in New York City, where we will showcase the power of the Elasticsearch AI platform and the business opportunity ahead. With that, I'll open it up for Q&A.

我們將全年持續提供最新資訊。本季的業績證明了我們團隊的奉獻精神。Ash 和我非常感謝員工們的辛勤工作，才取得了這些優異的成績。再次提醒大家，我們將於 10 月 9 日在紐約市舉辦金融分析師日活動，屆時我們將展示 Elasticsearch AI 平台的強大功能以及未來的商業機會。接下來，我將開放問答環節。

(Operator Instructions) Matt Hedberg, RBC Capital Markets.

（操作員說明）馬特·赫德伯格，加拿大皇家銀行資本市場。

Great, thanks for taking my questions, guys. Congrats on the results, really good to see early in the fiscal year. I guess maybe the first one for you, Ash, it's really good to hear about AI relevancy with Elastic Cloud and even the progress on serverless thus far.

太好了，謝謝各位回答我的問題。恭喜能取得這樣的成績，在財年初期就能看到這樣的成績，真是太好了。我想這可能是你的第一個問題，Ash，很高興聽到人工智慧與 Elastic Cloud 的相關性，以及迄今為止無伺服器架構的進展。

I guess I'm wondering, is there a way to think about what customers' -- the uplift of customer spend is when they start to think about growing usage of Elastic to support AI? It really does feel like you guys are becoming a bit of a center of gravity for that. But any way to kind of think about what this is doing to customer spend or usage, and maybe it becomes even more evident with serverless.

我想知道的是，有沒有辦法衡量客戶——也就是客戶支出成長——是在他們開始考慮增加使用 Elastic 來支援 AI 的時候？感覺你們真的正在成為這件事的中心。但無論如何，我們都可以思考這會對客戶的支出或使用情況產生什麼影響，而無伺服器架構可能會讓這一點更加明顯。

Yeah, Matt, thanks for the question. And like you said, our GenAI momentum is something that we feel really good about. The customer adoption has been strong. 2,200 customers in Elastic Cloud now using us for GenAI use cases.

是的，馬特，謝謝你的提問。正如你所說，我們對 GenAI 的發展勢頭感到非常滿意。客戶採納率很高。目前，Elastic Cloud 上已有 2200 位客戶使用我們的 GenAI 服務。

What we are seeing is as customers start to use us for all of these AI applications, these workloads tend to be more compute-intensive, and that obviously means that the growth sort of helps and that and when we've described it as a tailwind, that's really what it is.

我們看到，隨著客戶開始使用我們的產品和服務來處理所有這些人工智慧應用，這些工作負載往往計算密集度更高，這顯然意味著增長會有所幫助，當我們將其描述為順風時，它確實就是順風。

Now the extent to which that growth manifests itself, the workload cost, depends upon the kind of data, depends upon the kind of use case, because these AI computations tend to take up more CPU, tend to take up more memory, and as our consumption model is biased towards that. So it's hard to give a precise number, but what we can say is that there is definitely an improvement in sort of the overall consumption that we see as customers use us for AI.

現在，這種成長表現出來的程度，即工作負載成本，取決於資料類型和用例類型，因為這些 AI 計算往往會佔用更多 CPU，佔用更多內存，而我們的消費模式也傾向於這樣做。因此很難給出一個確切的數字，但我們可以肯定的是，隨著客戶使用我們的人工智慧服務，整體消費水準確實有所提高。

Now let me repeat that fundamentally we're still early in the AI journey. So we are seeing some contribution from AI, but we are very early. And I see a long path here whereby being the core foundation for AI for our customers as they're making multi-year decisions here, this is going to be a tailwind for us for many years to come.

現在讓我重申一下，從根本上講，我們仍處於人工智慧發展歷程的早期階段。所以我們看到人工智慧做出了一些貢獻，但這還處於非常早期的階段。我看到一條漫長的道路，那就是成為客戶在製定多年決策時人工智慧的核心基礎，這將在未來許多年成為我們的順風。

Really good to hear. And then maybe just a quick one for Navam. You mentioned the May price increase, which is now reflected in the guide. Is there any way that you could help us think about how that's benefiting the year, just any sort of quantification that would be helpful. Thanks, guys.

聽到這個消息真好。然後也許可以給納瓦姆快速寫一篇。您提到了五月的價格上漲，現在價格指南中已經反映了這一點。您能否幫助我們思考這對今年有何益處？任何量化分析都將有所幫助。謝謝各位。

Sure thing. Thanks, Matt. So first of all, just starting with Q1, you look at the performance. It was a broad-based overperformance across consumption and across commitments from both our cloud customers and our self-managed customers. When you think about our normal course of business, from time to time we do price increases, and we've done one last year for self-managed. We did one this year for self-managed and cloud.

當然可以。謝謝你，馬特。首先，就從第一季開始，看看業績表現。無論是雲端客戶還是自管客戶，在消費和承諾方面都實現了全面超額收益。想想我們正常的業務流程，我們會不時地提高價格，去年我們就對自管式服務提價過一次。我們今年針對自託管和雲端服務做了一次。

The increase in Q1 was mostly related to consumption, performance, and the goodness of our business. But we did have a benefit from the price increase, and the way you should think about it is a price increase lifts the floor year over year, so you get a benefit year over year as you think about the growth from year over year. But the majority comes from performance rather than price increase.

第一季的成長主要與消費、業績以及我們業務的良好發展有關。但我們也確實從價格上漲中受益。你應該這樣理解：價格上漲提高了年度最低收益，因此，從年度成長的角度來看，你會從中獲益。但大部分成長來自於性能提升，而不是價格上漲。

And then quarter-over-quarter you'd see a more muted effect of prices as you've now got a floor that you will grow from. So that's how I think about the price increase. Overall, Q1 was, like I said, broad-based from a performance perspective, and macro was in a much better spot than where we had originally assumed, so feeling good about the year.

然後，從季度環比來看，價格波動的影響會更加緩和，因為你現在已經有了一個可以向上增長的底線。這就是我對價格上漲的看法。總的來說，正如我所說，第一季從業績角度來看是全面發展的，宏觀經濟狀況也比我們最初預想的要好得多，因此我對今年的前景感到樂觀。

Thanks a lot.

多謝。

Koji Ikeda, Bank of America Securities.

池田浩二，美國銀行證券。

Hey, this is George McGreehan for Koji. I really appreciate it. I had one. I wanted to ask on the growth mix, just understanding, obviously there's a lot of momentum with GenAI in search, but if you could maybe stack rank or give us a framework to think about how growth across the business is kind of playing out in observability and security as well.

大家好，我是George McGreehan，為您報道Koji。我非常感謝。我有一個。我想問一下成長組合方面的問題，只是想了解一下，顯然 GenAI 在搜尋領域發展勢頭強勁，但如果您能對各個領域的成長進行排名，或者給我們一個框架來思考整個業務的成長是如何在可觀測性和安全性方面體現出來的，那就太好了。

Yeah, George, thanks for the question. So you know this was a really strong quarter with a very broad performance trend that we saw across all solution areas. Search, driven by GenAI, continues to be a very strong tailwind for us, but this quarter we also saw security. It's in the platform consolidation motion that we've been describing, work very nicely for us.

是的，喬治，謝謝你的提問。所以你知道，這是一個非常強勁的季度，我們在所有解決方案領域都看到了非常廣泛的業績成長趨勢。在 GenAI 的推動下，搜尋業務繼續為我們帶來強勁的成長動力，但本季我們也看到了安全業務的成長。它正是我們一直在描述的平台整合趨勢的一部分，這對我們來說非常有利。

I think one of the stats that I talked about was the fact that a third of the business in security this quarter came from competitive displacements. And you know these deals take some time to build, but we are starting to see that momentum. And this is primarily because customers are looking to consolidate onto platforms that tend to see security and observability as a data problem. And we've always done that incredibly well.

我認為我提到的一個數據是，本季安全業務的三分之一來自競爭的衝擊。你也知道，這些交易需要一些時間才能達成，但我們開始看到這種勢頭了。這主要是因為客戶希望整合到那些將安全性和可觀測性視為資料問題的平台上。我們一直都做得非常出色。

And as the amount of data, the complexity of data is growing, it's becoming more and more important to use AI techniques to try and drive automation. Even in security and observability, we are seeing our ability to compete and take share really improve, and that's something that we see as a very exciting thing for the future.

隨著資料量和資料複雜性的成長，利用人工智慧技術推動自動化變得越來越重要。即使在安全性和可觀測性方面，我們也看到我們的競爭力和市場份額確實在提高，我們認為這對未來來說是一件非常令人興奮的事情。

Appreciate it. And if I could ask another question here, Navam, since you joined, how would you describe maybe the predictability of the model today versus when you joined? Has it changed much, and if so, why?

謝謝。Navam，如果我可以再問一個問題，自從你加入以來，你覺得這個模型現在的可預測性與你剛加入時相比有什麼不同？它變化大嗎？如果變化大，原因是什麼？

Yeah, now I'm about two quarters in since I joined. I think the big learning for me is on the sales-led subscription side. And I think I mentioned this during my prepared remarks, the execution there and the durability of execution was very strong, right?

是的，我加入至今已經兩個季度了。我認為我最大的學習收穫在於銷售主導的訂閱模式。我想我在事先準備好的發言稿中也提到過，那裡的執行力和執行力都非常強，對吧？

We had 22% growth a year ago, followed by 18%, 19%, and 22% again this year. This is a testament to the consistency of growth we're seeing from our sales-led motion across both cloud and self-managed. So I'd say that the underlying execution from the team remains very good and very -- and predictable on the sales-led side. We're a consumption business, and that's the one place where there is a little bit of unpredictability on what could happen on a quarter-over-quarter basis. Overall, we had a good quarter in Q1 and given what we expected, so I feel like we have more data now than we did a quarter ago.

一年前我們實現了 22% 的成長，今年又分別成長了 18%、19% 和 22%。這證明了我們在雲端和自託管領域以銷售為主導的策略所帶來的持續成長。所以我覺得，團隊在銷售上的執行力依然非常出色，而且非常可預測。我們是一家消費型企業，而消費領域恰恰是每季業績都存在一定不確定性的領域。整體而言，我們第一季的業績不錯，符合預期，所以我覺得我們現在掌握的數據比上個季度要多。

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Great. Thanks for taking my question. Really want to drill down in the success that you're seeing on the security front. I think you said a third of it was coming from competitive displacements. And obviously, we're seeing a lot of success, I think, across the board from vendors that are competing for this next-generation SIEM opportunity.

偉大的。謝謝您回答我的問題。我很想深入了解您在安全方面的成功。我想你說過，其中三分之一是因為競爭性替代造成的。顯然，我認為，所有競相爭取下一代 SIEM 機會的供應商都取得了巨大的成功。

So I guess relative to the unlock that happened this quarter, was there anything in particular that drove that momentum? Was it more just how the pipeline set up? And as we look forward, maybe what are some of the different key ingredients to further unlock customers that have been with some of those legacy vendors for some time? Thanks.

所以我想問的是，相對於本季發生的解封，有什麼特別的因素推動了這一勢頭嗎？問題更多出在管道的設定嗎？展望未來，或許我們可以探討一些關鍵要素，以進一步挖掘那些長期以來一直與傳統供應商保持合作關係的客戶？謝謝。

Yeah, that's a great question. And what's driving that unlock is really a greater and greater appreciation for the fact that security really is a data problem. In the modern landscape today, with attacks getting more and more sophisticated, it is becoming incredibly important to make sure that you're bringing in all of the data, all of the security-related signals, analyzing all of them, correlating across all of them, and then using AI automation to really try and make it easier for the SOC analysts to identify what the issues might be.

是的，這是一個很好的問題。而推動這項變革的真正動力，是人們越來越深刻地認識到，安全本質上是一個數據問題。在當今的現代環境中，隨著攻擊手段越來越複雜，確保收集所有數據、所有安全相關訊號，分析所有這些數據，並將它們關聯起來，然後利用人工智慧自動化來真正幫助安全營運中心分析師更容易識別可能存在的問題，這一點變得極為重要。

And the way we think about it is you miss 100% of the threats and attacks in the data that you don't see. And for that reason, we've always had this mentality of thinking of security from a data-first perspective. Our backend is designed for that. Our AI capabilities are designed for that. And as customers are appreciating this, we are seeing them make multi-year decisions to consolidate onto our platform. And that's driving the momentum and we're really leaning in.

我們的想法是，如果你看不到數據，就會錯過 100% 的威脅和攻擊。正因如此，我們一直秉持著以數據為先的理念來思考安全問題。我們的後端就是為此設計的。我們的人工智慧技術正是為此而設計的。隨著客戶對這一點的認可，我們看到他們正在做出多年期的決定，將業務整合到我們的平台上。這就是推動發展勢頭的原因，我們正在全力以赴。

So one of the announcements that we made, the Elastic Security, the AI SOC engine or EASE as we call it, what it lets you do is, even if you're using an incumbent different SIEM solution, it allows you to take all of the alerts that might be generated in that solution and then use our AI capabilities to identify attacks within that alert data, which is incredibly powerful because what that means is you don't have to change your current infrastructure. You can use Elastic on top of it to get significantly more incremental value. And that becomes a steppingstone, sort of, an on-ramp for customers to then eventually displace, completely take out their existing incumbent, and move completely to our solution. So it's things like that that we've been working on that give me a lot of confidence on how this is going to progress in the coming years.

因此，我們發布的公告之一，Elastic Security AI SOC 引擎或我們稱為 EASE 的產品，其功能在於，即使您使用的是現有的其他 SIEM 解決方案，它也能讓您獲取該解決方案中可能生成的所有警報，然後使用我們的 AI 功能來識別這些警報資料中的攻擊。這非常強大，因為這意味著您不必更改當前的基礎架構。您可以在此基礎上使用 Elastic，從而獲得更多增量價值。這也成為了一種墊腳石，一種讓客戶最終取代現有供應商、徹底放棄現有供應商並完全轉向我們解決方案的途徑。所以，正是諸如此類的事情讓我們對未來幾年的發展充滿信心。

I'll hold to the one question. Thank you very much.

我只問一個問題。非常感謝。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Perfect. For me as well, it's nice to see the cloud acceleration, but the bigger upside in my model was actually on self-service. Can you speak to the factors there that drove that reacceleration of growth and what drove that? Was that like -- you mentioned several times, I take broad-based but like it still was a very decent step up on that growth right there. Thank you.

完美的。對我來說，看到雲端加速固然令人欣喜，但就我的模型而言，更大的優勢實際上在於自助服務。您能否談談推動成長再次加速的因素以及驅動因素是什麼？那是不是就像——你多次提到過，我採取的是廣泛增長，但那仍然是增長方面一個非常不錯的進步。謝謝。

Yeah, thank you, Raimo. I'll take that. Just a reiteration that this is the second quarter now where we had very strong self-managed growth. And the combination of self-managed growth and cloud growth is what we are going for to reinforce our subscription, sales-led subscription revenue, right? That's the core piece that the company is focused on to drive growth.

是的，謝謝你，雷莫。我接受。再次重申一下，這已經是我們連續第二季實現非常強勁的自主成長了。而我們追求的，正是自主成長和雲端成長的結合，以鞏固我們的訂閱模式和銷售驅動的訂閱收入，對吧？這是公司為推動成長而重點關注的核心部分。

So the growth in self-managed this quarter was truly, as I mentioned, broad-based. When you think about where it came from geographically, where it came from the solutions, it -- pretty much most of the geographies and solutions contributed to the self-managed cloud, and that's sort of the main benefits of it.

因此，正如我之前提到的，本季自主管理的成長確實是廣泛的。當你思考它的地理來源，以及它的解決方案來源時，你會發現，幾乎所有的地理區域和解決方案都對自管理雲端做出了貢獻，而這正是它的主要優勢。

Okay, and -- yeah, I don't know if you were also referring to self-service cloud or monthly cloud business. I think that, as you know, it's generally been trending around the same way. But to Navam's point, our focus really is on the sales-led subscription revenue, which we're very excited about.

好的，還有——是的，我不知道你指的是自助式雲端服務還是按月付費的雲端業務。我認為，正如你所知，總體趨勢一直大致相同。但正如納瓦姆所說，我們的重點確實在於銷售驅動的訂閱收入，對此我們感到非常興奮。

Yeah, okay. And then Ash, one follow-up. It's like all the other vendors, a lot of the other vendors struggling around AI with kind of how to price it properly, etc., but you guys have been on consumption for a long time. How does that help you at the moment in customer conversations and driving that AI message from you guys forward? Thank you. Congrats again.

好的。然後是 Ash，一個後續問題。就像其他供應商一樣，許多其他供應商都在努力解決人工智慧定價等問題，但你們在消費領域已經耕耘多年了。目前，這如何幫助您與客戶溝通，並推動貴公司人工智慧理念的傳播？謝謝。再次恭喜。

Thank you. So the reason why consumption as a metric works incredibly well in AI is fundamentally because it makes it very easy for customers to sort of connect the dots between their usage of our platform and the value that they're getting out of it. So as opposed to a per-user price or something that's a flat fee, this really is completely dependent on how much of the AI functionality they use. And from our experience, that's been something that customers really like.

謝謝。因此，消費量作為衡量指標在人工智慧領域表現非常出色，其根本原因在於，它使客戶能夠非常輕鬆地將他們對我們平台的使用與他們從中獲得的價值聯繫起來。因此，與按用戶付費或固定費用不同，這完全取決於他們使用了多少人工智慧功能。根據我們的經驗，顧客們真的很喜歡這一點。

As their usage grows, as they get more value from the usage of the platform, they need to pay more and they're more than happy to pay more. And so we feel that we've got exactly the right mix when it comes to the pricing model. And you can see some of that in terms of just the adoption and the growth that we're seeing.

隨著用戶使用量的增加，他們從平台的使用中獲得更多價值，他們需要支付更多費用，而且他們也非常樂意支付更多費用。因此，我們覺得在定價模式方面，我們已經找到了最適合的組合。從我們所看到的普及率和成長速度來看，這一點就顯而易見了。

Okay, perfect. Thank you.

好的，完美。謝謝。

Mike Cikos, Needham & Co.

Mike Cikos，Needham & Co.

Great, thanks for taking the questions, guys, and congrats on the strong quarter here. The first question I wanted to ask was for Ash, and coming back again, I think people are hanging on the one-third of the new and expansion wins in security were competitive displacements. But if I could try to drive at that slightly differently.

太好了，謝謝各位回答問題，也恭喜你們本季業績優異。我首先想問 Ash 的問題是，再說一遍，我認為人們都在關注安全領域新增和擴展勝利的三分之一是競爭性取代。但如果我能嘗試用稍微不同的方式去駕駛就好了。

I think all of us are aware of the industry M&A that's out there. You're also talking about the sustained execution on the go-to-market front. So I wanted to ask, what is the thought around how durable these competitive displacements are when thinking about what's taking place on the security front? I think about the amount of time that these deals might be sitting in your pipeline, they might mature. What is the durability for these continuing to convert on a go-forward basis from where we sit today?

我想我們都了解目前存在的產業併購活動。你也在談論市場推廣的持續執行力。所以我想問的是，考慮到安全領域正在發生的事情，人們認為這些競爭性取代的持久性如何？我會考慮這些交易可能會在你的待辦事項清單中停留多久，它們可能最終會成熟。從我們目前的情況來看，這些轉換在未來持續進行的可持續性如何？

Yeah, that's a great question. And generally what I'd say is that in the last few years we've been seeing a constant steady drumbeat, and it's been growing, of customers that are really looking for a change from their incumbent solutions. Most of the incumbent solutions that have been around really thought about the SIEM as sort of just the dashboards and the alerts. They didn't think about the effort that is involved in automating the job of the SOC analyst and things that need to be done to really make it easier to spot the attacks as opposed to just the alerts.

是的，這是一個很好的問題。總的來說，我想說的是，在過去的幾年裡，我們看到越來越多的客戶真正希望改變他們現有的解決方案，而且這種趨勢還在不斷增長。現有的大多數解決方案實際上都把 SIEM 看作是儀錶板和警報而已。他們沒有考慮到實現 SOC 分析師工作自動化所涉及的工作量，以及為了真正更容易發現攻擊（而不僅僅是發出警報）需要做哪些工作。

And for that reason, we are seeing sort of a secular shift in the migration onto, you know, what I would describe as the next generation of SIEM platforms and SIEM technologies that tend to have a bias towards treating security as a data problem. So we are seeing more and more of these conversations happening. That's the reason why we introduced capabilities like attack discovery.

正因如此，我們看到一種長期的轉變，即向下一代 SIEM 平台和 SIEM 技術遷移，這些平台和技術往往傾向於將安全視為資料問題。所以我們看到這類對話越來越多。這就是我們引入攻擊發現等功能的原因。

We introduced capabilities like automatic import, which make it easier for people to migrate their workflows over onto Elastic. And most recently, we introduced our Elastic Security AI SOC engine, so you can get started by using our AI functionality on top of your existing SIEM and making that sort of an easy on-ramp to eventually replace your SIEM provider. We feel very good about this being a tailwind for us for many years to come, and I see this as a really good ongoing motion, and our sales team is leaning into it.

我們引入了自動導入等功能，使用戶能夠更輕鬆地將工作流程遷移到 Elastic 上。最近，我們推出了 Elastic Security AI SOC 引擎，因此您可以開始在現有的 SIEM 之上使用我們的 AI 功能，從而輕鬆過渡到最終替換您的 SIEM 提供者。我們對此感到非常樂觀，認為這將在未來很多年裡成為我們的順風，我認為這是一個非常好的持續發展趨勢，我們的銷售團隊也正在積極應對。

Terrific. And for the follow-up here, just wanted to cycle back to the net expansion rate for a second. Great to hear in Q1 how you guys outperformed across both consumption and commitments, right? I guess can you help us think about what's embedded in the guide today for how net expansion's expected to play out over the rest of the year? Are we still assuming relatively stable net expansion, or are we starting to get an inkling that this might actually begin picking up?

了不起。最後，我想再簡單回顧一下淨擴張率。很高興聽到你們在第一季在消費和承諾方面都表現出色，對吧？我想請您幫我們思考一下，今天的指南中蘊含了哪些關於今年剩餘時間淨擴張預期走向的信息？我們是否仍然假設淨擴張相對穩定，還是開始隱約感覺到這種情況可能真的會加速？

Yeah, thanks for the question, Mike. So look, we had a good start to the year, a great Q1, with going in macro was in a better position than what we thought in the beginning of the year when we issued our first guidance. Consumption was strong and the commitments were strong from our customers.

是的，謝謝你的提問，麥克。所以你看，我們今年開局不錯，第一季表現出色，宏觀經濟狀況比我們年初發布第一份業績指引時預想的要好。消費強勁，客戶的承諾也很堅定。

So overall, as you think about where those commitments come from, a lot of it comes from existing customers as they expand usage from us. And that's driven by our net expansion rate. We don't guide to future net expansion, but as we think about the full year, what we've baked in is more visibility into the year and a better macro situation, and also the quarter-over-quarter impacts of price as well as the year-over-year impacts of price have been baked into the guide.

所以總的來說，當你思考這些承諾來自哪裡時，你會發現很多都來自現有客戶，因為他們不斷擴大對我們產品的使用。而這主要受我們的淨擴張率所驅動。我們不預測未來的淨擴張，但考慮到全年情況，我們已經將全年的可見性提高、宏觀形勢好轉以及價格的季度環比影響和年度同比影響都納入了預測中。

We felt good about performance, which is what led to the raise for the full year, and we'd expect net expansion to perform well over the next several quarters as well.

我們對業績感到滿意，因此提高了全年業績預期，我們也預計未來幾季的淨擴張也將表現良好。

Great, thank you, guys.

太好了，謝謝各位。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Thank you for taking the questions and congrats on the stronger start to the fiscal year. Ash, I wanted to get some help in terms of understanding the impact on some of your most exciting opportunities. And I want to sort of compare and contrast the sort of AI search opportunity which you guys have been very clear, right, like we've come from POC and evals, initial applications in the production, and then you have to sort of get in -- increase the penetration rate in terms of the customers' application real estate to do that long multi-year journey. You guys have been very clear about that.

感謝您回答問題，並祝賀本財年開局強勁。Ash，我想請教你一些問題，以了解這對你一些最令人興奮的機會會產生什麼影響。我想對比一下你們已經非常明確地提到的那種人工智慧搜尋機會，對吧？我們已經從概念驗證和評估，到生產環境中的初始應用，然後你必須進入——提高客戶應用程式的滲透率，才能完成這個漫長的多年歷程。你們在這方面已經表達得非常清楚了。

When it comes to the SIEM opportunity though, is the right way to think about it because it's a more established category, because there's a lot of brownfield replacement opportunities, can that be a more immediate impact on growth and self-managed and cloud growth? I just would love to get your comments on doing the compare and contrast between those two specific opportunities.

但就 SIEM 的機會而言，正確的思考方式是，因為它是一個更成熟的類別，因為有很多棕地替換機會，這能否對成長、自管理和雲端成長產生更直接的影響？我非常希望能聽聽您對如何比較和對比這兩個具體機會的看法。

Yeah, thanks for the question, Sanjit. So the way to think about displacements that happen, whether it's in security or observability, whenever somebody consolidates onto our platform, the first thing to keep in mind is that they have to migrate those workflows over. So typically that takes a little bit of time.

是的，謝謝你的提問，桑吉特。因此，對於發生的遷移，無論是安全還是可觀測性方面的遷移，每當有人整合到我們的平台上時，首先要記住的是，他們必須將這些工作流程遷移過來。所以通常這需要一些時間。

The fastest migrations that we've seen happen within a quarter. The longest that we've seen take multiple quarters just because there's actual engineering work involved in moving all of those data streams over. But like you said, these are better understood techniques and these are better understood templates for that. So we have invested a fair bit both from the product side. I talked about automatic import, but also from our services team that has experience and expertise doing these kinds of migrations.

我們看過最快的遷移發生在一個季度之內。我們見過最長的遷移過程耗時好幾個季度，因為遷移所有這些資料流需要實際的工程工作。但正如你所說，這些技術更容易被理解，這些模板也更容易被理解。因此，我們在產品方面投入了相當多的資金。我談到了自動導入，也談到了我們服務團隊在進行此類遷移方面擁有豐富的經驗和專業知識。

I think the most important thing to think about though is we are seeing ourselves as a beneficiary of this wave of migrations and sort of moving to the next generation of SIEM that's happening within the broad market. And our goal is to take as much of that share as possible. And so I don't see this as just a one-time thing, but this is, I believe, something that we should benefit from for not just several quarters but several years to come.

不過，我認為最重要的是要考慮，我們正在將自己視為這波遷移浪潮的受益者，並且正在向整個市場正在發生的下一代 SIEM 邁進。我們的目標是盡可能佔據這部分市場。因此，我不認為這只是一次性的事情，而是我認為我們應該在未來幾年甚至幾季內從中受益的事情。

That's great color. I had a question on just the federal business, and that was a source of weakness last quarter. It sounds like things are stabilizing. As Fed comes into its fiscal year end, what are some of the assumptions that you're baking in for fiscal Q2 and the government's fiscal year end coming up next year?

顏色真好看。我有一個關於聯邦業務的問題，而這正是上個季度的一個弱點。聽起來情況正在趨於穩定。隨著聯準會即將結束本財年，您對第二財季和明年政府的財年結束時有哪些假設？

Maybe let me just touch upon that and then I'll ask Navam to add to it. The first thing I'd say is we're definitely seeing sort of stabilization in the US public sector. Six months ago what we saw was with the new administration settling in with [Dodge] and everything, like there was a lot of movement. The environment was very dynamic. That has settled.

或許我先簡單提一下，然後我會請納瓦姆補充。首先我想說的是，我們確實看到美國公共部門正在趨於穩定。六個月前，我們看到的是新政府與[道奇]等人一起步入正軌，一切都在發生很大的變化。環境瞬息萬變。這件事已經解決了。

It's a much more stable environment. And our sales team knows how to execute very well within that environment, especially given that, you know, the value that we offer for our platform is incredibly high and it's very well received by our customers in the public sector. So we are really excited about that.

這是一個穩定得多的環境。我們的銷售團隊非常了解如何在這種環境下出色地執行任務，尤其是考慮到我們平台提供的價值非常高，並且深受公共部門客戶的歡迎。我們對此感到非常興奮。

I will say that, you know, Q2 has typically -- like we, even in past years, have not seen like a big federal flush or anything of that sort. So from a public sector standpoint, Q2 hasn't necessarily been sort of an outlying quarter for us. So just keep that in mind. But let me -- Navam, I don't know if you have anything else to add to that.

我想說的是，你知道，第二季度通常——就像我們過去幾年一樣——沒有看到聯邦政府大規模的資金外流或類似的事情發生。因此，從公共部門的角度來看，第二季對我們來說並不算是個例外季度。所以請記住這一點。但是，納瓦姆，我不知道你是否還有什麼要補充的。

I think Ash got most of my points, but when we gave our initial guide in May, there was a lot of uncertainty around what would happen with the US public sector, specifically the civilian agencies. Would it expand to more of the public sector and the rest of the geo's?

我認為 Ash 基本上理解了我的意思，但是當我們在 5 月發布最初的指南時，美國公共部門，特別是民事機構，將會發生什麼，存在著許多不確定性。它會擴展到更多公共部門和其他地區嗎？

It clearly did not occur, and the US public sector, while there's some ongoing impacts, has mostly stabilized. And as Ash said, our team's executing well there and our products are a good fit for what they're trying to achieve. So we've factored that into our second quarter guide. And as Ash mentioned, there's no real flush that we're factoring in there and that's not something we'd expect.

顯然，這種情況並沒有發生，美國公共部門雖然仍有一些持續的影響，但總體上已經穩定下來。正如 Ash 所說，我們的團隊在那裡執行得很好，我們的產品也非常適合他們想要實現的目標。因此，我們已將此因素納入第二季業績預期。正如 Ash 所提到的，我們並沒有考慮任何真正的沖水，而且這也不是我們所期望的。

Appreciate the thoughts.

感謝你的建議。

Kash Rangan, Goldman Sachs.

Kash Rangan，高盛集團。

Hi, thank you very much. I'll add my congrats on the quarter. Looks like everything is coming back together for you guys, just the way you would like it. Pardon me, Ash, this feels like a redux from a few years ago, but I have to ask you this, that, listening to the call, there is an AI search aspect to it, there's a security aspect to it, there's an observability aspect to it. What is it that makes Elastic tick at the end of the day? What is the message to your customer base? And what is the unifying thread that makes this machine a predictable growth machine that is ready for the next four to five years?

您好，非常感謝。我謹向你們表示祝賀，祝賀你們本季取得佳績。看來你們的一切都在朝著你們希望的方向發展。對不起，Ash，這感覺像是幾年前的問題重提，但我必須問你，聽了通話內容，這其中既有人工智能搜索方面的問題，也有安全方面的問題，還有可觀測性方面的問題。歸根究底，是什麼讓 Elastic 持續運作？你想向你的客戶群傳達什麼訊息？那麼，是什麼共同點使得這台機器成為一台可預測的成長機器，並為未來四到五年做好準備呢？

That's a great question, Kash, and that's the kind of redux question that I always appreciate. Fundamentally, we think of ourselves as a Search AI company and like I've described in the past, our secret sauce is our ability to take in any and all kinds of data, especially messy, unstructured data, and really get you the most correct, the most relevant information out of it.

Kash，你問得好，這正是我一直很欣賞的關於 Redux 的問題。從根本上講，我們把自己視為一家搜尋人工智慧公司，正如我過去所描述的那樣，我們的秘訣在於我們能夠接收任何類型的數據，尤其是混亂的、非結構化的數據，並從中真正為你提供最正確、最相關的資訊。

And as we've described in the context of AI, as you think about companies, enterprises, government agencies, what have you -- building agentic applications, the criticality of getting the context right is so high, especially as you are building more and more sophisticated agents, and that search relevance is absolutely critical. And we're seeing that across the Board. And it's not just about having a vector database. It's about so much more than that.

正如我們在人工智慧的背景下所描述的那樣，當你思考公司、企業、政府機構等等——建立代理應用程式時，正確理解上下文的重要性非常高，尤其是在建立越來越複雜的代理時，搜尋相關性更是至關重要。而且這種情況普遍存在。這不僅僅是擁有一個向量資料庫的問題。它的意義遠不止於此。

So the way we think about our role in this ecosystem is to be that data retrieval and context engineering platform, making it possible to get exactly the accurate context in real time to these large language models. That's helping us in our search business. But if you then think about security and you think about observability, you really recognize that these are fundamentally at the end of the day, data problems.

因此，我們認為我們在這個生態系統中的角色是成為資料檢索和情境工程平台，使這些大型語言模型能夠即時獲得完全準確的上下文。這對我們的搜尋業務很有幫助。但如果你再想想安全性和可觀測性，你就會真正意識到，歸根結底，這些都是數據問題。

You're dealing with complex logs, you're dealing with complex traces. Application logs are incredibly messy. And if you have to analyze them at scale in real time using AI, we have the best platform for that. So for us, that core Search AI piece is the secret sauce. That's what's going to continue to drive our progress and our growth. And that's why I'm very confident in the long-term growth and strength of our business.

你處理的是複雜的日誌，你處理的是複雜的追蹤資訊。應用程式日誌非常混亂。如果您需要使用人工智慧即時大規模分析這些數據，我們擁有最好的平台。所以對我們來說，核心搜尋人工智慧部分就是致勝法寶。這將繼續推動我們的進步和發展。正因如此，我對我們業務的長期成長和實力充滿信心。

Thank you to Ash from Kash. Thank you.

感謝Kash的Ash。謝謝。

Howard Ma, Guggenheim Securities.

Howard Ma，古根漢證券。

Great, thanks and excellent quarter, guys. I guess building on Kash's question on use cases, when you analyze your quarterly performance by use case, did growth in search continue to accelerate because I believe that's been the trend? And part two is, as GenAI use cases become more mature, they also require more data to be monitored. So is that leading to more observability cross-sell or not necessarily?

太好了，謝謝，夥計們，這季度表現很棒。我想，基於 Kash 關於用例的問題，當您按用例分析季度業績時，搜尋業務的成長是否繼續加速？因為我相信這已經成為一種趨勢。第二部分是，隨著 GenAI 應用案例的日益成熟，也需要監測更多的數據。那麼，這是否會導致更多可觀察性交叉銷售？

Yeah, so that's a great question. So what I'd say is that our search business continues to be incredibly strong because of the GenAI tailwinds, and that's what's so exciting about what's happening here. Like I said, this quarter, we also saw a lot of platform consolidation and in security. I gave some of the examples because at the end of the day, our strength in AI is helping us compete better and take more share in observability and security, and that's the nice part about it.

是的，這是一個很好的問題。所以我想說的是，由於人工智慧時代的到來，我們的搜尋業務依然非常強勁，這正是目前情況令人興奮之處。正如我所說，本季我們也看到了許多平台整合以及安全方面的改進。我舉了一些例子，因為歸根結底，我們在人工智慧方面的優勢正在幫助我們更好地參與競爭，並在可觀測性和安全性方面取得更大的份額，這才是它的好處所在。

So fundamentally, AI expands the TAM for our search business, and in the other areas it allows us to compete better. Now to your point about what's happening overall in the market, we absolutely see that more and more applications, especially these AI-centric applications, are being built, but we're still in the early days. You take any enterprise, you're talking about a handful or at most dozens of applications. And you compare that to the total application landscape that exists in any organization, it's in the hundreds or thousands.

因此，從根本上講，人工智慧擴大了我們搜尋業務的潛在市場規模，並且在其他領域使我們能夠更好地參與競爭。關於您提到的市場整體發展趨勢，我們確實看到越來越多的應用程序，尤其是以人工智慧為中心的應用程序，正在被開發出來，但我們仍處於早期階段。以任何一家企業為例，你談論的通常也就幾個，最多幾十個應用程式。而任何組織中存在的整個應用程式環境，都可能達到數百甚至數千個。

So we are still in the early days. AI has a lot of legs ahead of it. I think this is a multi-year journey where there's a lot of excitement for the future. And the fact that we're getting baked into the platform, into the infrastructure where our customers are using us as this core context engine, just makes me feel very good about the long-term prospects for our business.

所以我們還處於早期階段。人工智慧還有很長的路要走。我認為這將是一段長達數年的旅程，未來充滿無限可能。我們被整合到平台和基礎設施中，客戶將我們用作核心情境引擎，這一事實讓我對我們業務的長期前景感到非常樂觀。

Great. Thank you, Ash. And as a follow-up, you've made some significant go-to-market improvements over the last year. It's a question for Navam. So Navam, you were not at Elastic this time last year, obviously, but when you look at your data on key metrics like sales capacity and productivity and coverage ratios, the number of large deals in the pipelines, things like that, I'm curious how you would characterize your optimism for the rest of the year versus the stellar quarter you just posted. Thank you.

偉大的。謝謝你，阿什。此外，在過去一年裡，你們在市場推廣方面也取得了一些重大改進。這是納瓦姆的問題。所以 Navam，很顯然，你去年這個時候不在 Elastic，但是當你查看銷售能力、生產力、覆蓋率、待售大單數量等關鍵指標的數據時，我很好奇你如何看待今年剩餘時間的樂觀情緒，以及你剛剛公佈的這個出色的季度業績。謝謝。

Yeah, thanks for the question, Howard. So, like I said, I feel good about the year and the reason I feel good about the year is about the durability of our team's execution. And that is reinforced by the underlying data we're seeing in terms of how the sales team has been able to perform from a subscription revenue -- a sales-led subscription revenue perspective. And the reason they're able to do that is they've had strong performance from a productivity perspective and our capacity additions are working.

是的，謝謝你的提問，霍華德。所以，就像我說的，我對今年感覺很好，我對今年感覺良好的原因是我們團隊執行力的持久性。這一點也得到了我們所看到的底層數據的佐證，即銷售團隊在訂閱收入方面的表現——從銷售主導的訂閱收入角度來看。他們之所以能夠做到這一點，是因為他們在生產力方面表現出色，而我們增加的產能也發揮了作用。

So that's sort of the underlying drivers as to why our sales-led growth has been durable. And you know, we've had a great start of the year and I feel optimistic about the rest of the year.

這就是我們以銷售為主導的成長能夠持續下去的根本原因。你知道，我們今年開局很棒，我對今年剩下的時間也感到樂觀。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Yeah, thank you, thanks for taking the question. You saw pretty good current RPO bookings this quarter and you also talked about some pretty impressive million-dollar customer adds on AI. Can you just talk about the use cases you're seeing and sort of what drove that step up versus the last couple quarters?

是的，謝謝，謝謝你回答這個問題。本季 RPO 預訂情況相當不錯，您還談到了一些令人印象深刻的、價值百萬美元的 AI 客戶新增項目。您能否談談您看到的用例，以及是什麼因素推動了這一成長，使其與過去幾季相比有所提升？

Yeah, fundamentally what we're seeing is that our customers are making meaningful commitments to us. Tyler, I think that sales-led motion, as Navam mentioned, has been continuing to do well. On the AI side, it's an area that we've been focused on to make sure that our largest customers, our highest propensity-to-grow customers, are really adopting our AI technology. And as we've been driving that, you're seeing some of this momentum.

是的，從根本上來說，我們看到的是我們的客戶正在對我們做出有意義的承諾。泰勒，我認為正如納瓦姆所提到的那樣，以銷售為主導的策略一直表現良好。在人工智慧方面，我們一直專注於確保我們最大的客戶、最有成長潛力的客戶真正採用我們的人工智慧技術。在我們推動這項事業的過程中，你們已經看到了這種勢頭。

So from my perspective, like my goal is to make sure that every single one of our customers, existing customers and new customers, we lead with our AI functionality. We are getting better and better at it. And my belief is that as more of our customers adopt, as they build more complex applications, these complex applications don't have just one call to a vector database, but they have like multiple different interactions. There are multiple moments where they have to do retrieval and context engineering, and each of those drives consumption, as you know.

所以從我的角度來看，我的目標是確保我們每一位客戶，包括現有客戶和新客戶，都能以我們的人工智慧功能為先導。我們在這方面越來越做得好了。我的信念是，隨著越來越多的客戶採用，隨著他們建立更複雜的應用程序，這些複雜的應用程式不僅會呼叫向量資料庫一次，而是會有多種不同的互動。如你所知，他們有很多時候需要進行檢索和情境工程，而每一次檢索和情境工程都會影響消費。

So for our consumption-based model, the more we are embedded into every one of their AI applications, the better the traction that we see. And that's what we're focused on. That's what we're starting to see.

因此，對於我們這種基於消費的模式而言，我們越深入地融入他們的每一個人工智慧應用中，我們所看到的吸引力就越大。這就是我們關注的重點。我們現在開始看到這種情況了。

And follow-up on the pricing side, I think based on the list price that we saw out there, it looked like the monthly cloud price went up by about 5%. Was that similar across the rest of the business? I think there's price increases on the annual as well as the self-managed side of the equation.

至於定價方面，我認為根據我們看到的標價來看，每月雲端服務的價格似乎上漲了約 5%。公司其他部門的情況也類似嗎？我認為無論是年度費用還是自管費用，價格都會上漲。

Yes, so we did a price increase at the beginning of the year. Tyler, as our business model is such that we don't sell discrete products. So for us, the way -- as we add more and more functionality, from time to time, we will increase our prices.

是的，所以我們在年初進行了一次漲價。泰勒，因為我們的商業模式決定了我們不銷售獨立產品。因此，對我們來說，隨著我們不斷增加功能，我們會不時提高價格。

Just to remind you, we did something similar for our self-managed products last year. We had talked about it at the beginning of last year, and we also did a price increase at the beginning of this year like you mentioned. So for us, this is just the normal course of business to do these from time to time, but it was across both cloud and self-managed.

提醒一下，我們去年對自主管理的產品也做了類似的事。去年年初我們就討論過這個問題，而且正如您所提到的，今年年初我們也確實提價了。對我們來說，這只是正常的業務流程，我們會不時地進行這些操作，但這次的操作既包括雲端部署，也包括自託管部署。

Brian Essex, JP Morgan.

Brian Essex，摩根大通。

Yeah. Hi, thank you for taking the question and congratulations from me on the strong results. Maybe one for you, Ash. We're hearing particularly on the security side the focus on AI and leveraging enhanced visibility, real-time detection on streaming data, which I think you addressed. But what we're also hearing is a focus on more efficient data ingestion leveraging AI and more efficient storage of data. And I'm wondering are you seeing that at all competitively and how you might be positioned to address that need?

是的。您好，感謝您回答我的問題，也祝賀您取得了優異的成績。或許這本適合你，阿什。我們尤其聽到安全性方面關注人工智慧和利用增強的可見性、對流資料進行即時檢測，我認為您已經談到了這一點。但我們也聽到一種說法，那就是要利用人工智慧更有效地攝取數據，並更有效地儲存數據。我想知道您是否在競爭中看到了這一點，以及您如何定位自己來滿足這種需求？

Yeah, I mean we have been driving that for many years, right? So one of our greatest strengths is our ability to ingest in massive amounts of data at scale and then store that data incredibly efficiently. So several years ago we introduced capabilities that allow us to take advantage of object storage, really, really cheap storage, and through lifecycle management sort of manage how much data you retain on disk versus how much you store in object storage and really bring down the costs of both data storage and data analysis.

是的，我的意思是，我們已經這樣開了好多年了，對吧？因此，我們最大的優勢之一就是能夠大規模地攝取大量數據，然後以極高的效率儲存這些數據。因此，幾年前我們引入了一些功能，使我們能夠利用物件儲存（一種非常非常便宜的儲存方式），並透過生命週期管理來管理您在磁碟上保留多少資料以及在物件儲存中儲存多少數據，從而真正降低資料儲存和資料分析的成本。

That's been one of the biggest drivers for customers to move onto our platform because they see that kind of efficiency gain and that efficiency improvement. Even two quarters ago we introduced a capability called Logsdb that allows you to do even more aggressive data compression and management of log data to bring down the cost of what it takes to store log data.

這是促使客戶遷移到我們平台的最大動力之一，因為他們看到了這種效率提升和效率提升。早在兩個季度前，我們就推出了一項名為 Logsdb 的功能，它允許您對日誌資料進行更積極的資料壓縮和管理，從而降低儲存日誌資料的成本。

And these kinds of capabilities are a constant stream of innovations from us. So it's been a reason why we keep winning. And we're not going to stop on this area. Like, my firm belief is that given the rate at which data grows, continuing to drive these kinds of innovations is going to be a reason why we'll continue to win.

而這類能力正是我們不斷創新的成果。這就是我們不斷獲勝的原因之一。我們不會止步於此。我堅信，鑑於數據成長的速度，繼續推動這類創新將是我們繼續成功的原因之一。

That's very helpful. Thank you very much.

那很有幫助。非常感謝。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Yeah, thanks for taking the questions. I just wanted to follow up on the go-to-market front. You talked about execution improving and the changes starting to bear more fruit. Just in terms of the go-forward, where do you see the largest opportunities remaining, and what inning do you feel like we're in with that overall transition?

謝謝你回答這些問題。我只是想跟進一下市場推廣的進展。你談到執行力有所提高，而這些改變開始取得更多成效。就未來發展而言，您認為最大的機會在哪裡？您覺得我們目前處於整體轉型的哪個階段？

Yeah, I mean, maybe I'll address this and then Navam might want to add to it. From our perspective, there is so much opportunity in the enterprise and mid-market segment where our sales teams are focused. The changes in territory alignment that we made, segmentation that we made a little over a year ago, what they were all about was to have our teams more focused on the enterprise and strategic segment and then to go after greenfield territories more effectively.

是的，我的意思是，也許我會談談這個問題，然後 Navam 可能會補充一些內容。從我們的角度來看，我們銷售團隊重點關注的企業和中端市場領域蘊藏著巨大的機會。一年多前，我們對市場區域劃分和市場區隔進行了調整，其目的在於讓我們的團隊更專注於企業和策略市場，然後更有效地開拓新市場。

And we are really starting to see the benefits of that. Those are the kinds of changes that are really important as you get from $1 million in revenue to $2 million and $3 million and so on. And now we are starting to see the benefits. So we've got a long ways to go. Like, I grew up in India, so not much of a baseball player. But what I'd say is that we have the ability to build a true generational company here, keep driving strong growth for many years to come, and our current sales model, our current sales segmentation gives us the ability to continue to do that.

我們確實開始看到這樣做的好處了。當收入從 100 萬美元成長到 200 萬美元、300 萬美元等等時，這些變化就顯得尤為重要。現在我們開始看到好處了。所以我們還有很長的路要走。我在印度長大，所以不太擅長棒球。但我想說的是，我們有能力在這裡打造一家真正的世代傳承的公司，在未來很多年裡保持強勁增長，而我們目前的銷售模式和銷售細分使我們能夠繼續做到這一點。

Yeah, and I would add to that. I mean, we are playing in exceptionally large TAM markets in observability, security, and search, and we're just starting to see AI tailwinds that are taking root in those markets, right? So to Ash's point, hard to put an inning on it, but it is early days in the journey.

是的，我還要補充一點。我的意思是，我們在可觀測性、安全性和搜尋領域都處於非常大的潛在市場規模，而且我們才剛開始看到人工智慧的順風在這些市場生根發芽，對吧？所以正如 Ash 所說，現在下結論還為時過早，但這只是旅程的開始。

Okay, that's helpful. And then I know it's still early, but can you talk about the early feedback you've gotten for the new serverless solutions and just how that migration process has been progressing this year?

好的，這很有幫助。我知道現在還為時過早，但您能否談談您目前收到的關於新的無伺服器解決方案的早期回饋，以及今年的遷移過程進展如何？

Yeah, so you know we obviously have internal milestones that we set for ourselves, and we have been running ahead of those milestones, so that makes me feel really good. The early feedback in terms of the product itself has been really good.

是的，你知道，我們顯然為自己設定了內部里程碑，而且我們一直超額完成這些里程碑，這讓我感覺非常好。就產品本身而言，早期回饋非常好。

Now where we are is, I'll remind everybody, still pretty early in the overall movement here when it comes to serverless. We are now GA in all three hyperscalers. But the total data center footprint that we have for serverless is still relatively small compared to our Elastic Cloud hosted footprint. And our goal through this fiscal year is to do the buildout of our serverless, make it available in all the data centers, in the majority of the data centers—where we do cloud business today.

我要提醒大家，就無伺服器架構而言，我們目前仍處於整個運動的早期階段。我們現在已在所有三個超大規模資料中心實現 GA。但與我們 Elastic Cloud 託管的資料中心規模相比，我們用於無伺服器架構的資料中心總規模仍然相對較小。本財年我們的目標是完成無伺服器架構的建設，使其在所有資料中心，以及我們目前開展雲端業務的大部分資料中心中可用。

So as we do that, we continue -- we expect to continue to see more and more adoption of serverless because customers prefer to have their data in local data centers, if you will. And in the coming years, I'm very confident that serverless is going to be the primary way in which our customers use Elastic Cloud.

因此，隨著我們這樣做，我們將繼續進行——我們預計無伺服器架構的採用率將繼續上升，因為客戶更喜歡將資料儲存在本地資料中心。在未來幾年，我非常有信心，無伺服器架構將成為我們的客戶使用 Elastic Cloud 的主要方式。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Thanks, Navam. Just on the guide in the 20% growth in Q1 and in guiding the below mid-teens growth or mid-teens growth for the year, I guess that drop-off in the growth, I guess what are you factoring in? Are there other factors that you're unclear about that you're not putting in, or more conservatism? Just trying to bridge the great start to the tail-off in the growth throughout the year.

謝謝，納瓦姆。僅就第一季 20% 的成長預期以及全年低於 15% 或 15% 的成長預期而言，我想，成長放緩的原因是什麼？還有其他你不清楚又沒有考慮的因素嗎？還是你比較傾向保守主義？只是想彌補年初的良好開局與全年成長放緩之間的銜接問題。

Yeah, Brent, here's how I would consume the guide. It was a great start to the year. Coming into the year, we'd laid out the assumptions around the dynamics of macro that we'd baked into the guide, which led to the low end and the high end of the guide that we gave last quarter. Clearly, we are in a much more stable macro environment. While it's still uncertain -- while there's still a complex environment out there, it feels much more stable than we anticipated compared to Q1.

是的，布倫特，我會這樣閱讀這份指南。今年開局很棒。年初，我們制定了宏觀經濟動態方面的假設，並將這些假設融入指導方針中，從而得出了上個季度發布的指導方針的低端和高端。顯然，我們身處在一個更穩定的宏觀環境。雖然情況仍不明朗——雖然外部環境依然複雜，但與第一季相比，感覺比我們預期的要穩定得多。

And you add to that that there was a broad-based, good execution-led Q1 number that came to us this last quarter. So overall, we beat the Q1 number by a good amount and we raised the full year. And that raise is meant to signify the better position we're in and the more confidence that we have in the year.

此外，上個季度我們還收到了一個基礎廣泛、執行力良好的第一季業績數據。所以總的來說，我們大幅超過了第一季的業績，並且實現了全年業績成長。這次加薪旨在表明我們所處的地位越來越好，我們對今年的前景越來越有信心。

Okay, great, thanks for the color on that. And Ash, maybe I'm mistaking this, but you seem to be pretty excited about the security business -- you mentioned it many times. I guess was there something in the quarter that triggered in terms of breadth of transactions, some big deals? Was there something that maybe -- or maybe I'm misreading this and reading into the number of times you mentioned security too much, but just curious if you could pull that thread.

好的，太好了，謝謝你提供的配色。阿什，也許是我弄錯了，但你似乎對安保行業非常感興趣——你多次提到它。我猜想本季是否發生了什麼事情，導致交易範圍擴大，或者出現了一些大宗交易？是不是有什麼事——或者也許是我誤解了你的意思，過度解讀了你多次提到安全問題，但我只是好奇你能不能就此展開討論一下。

I wouldn't call out. Obviously in any given quarter there are the deal flow, there might be more deals in one solution area versus another. You know, that kind of happens from quarter to quarter. What I'd say is that my enthusiasm in security has been high for a while now. We've been seeing a lot of traction with customers moving onto our platform, consolidating onto our platform. We've been doing competitive displacements for some time.

我不會大聲喊叫。顯然，在任何一個季度都會有交易量，一個解決方案領域的交易量可能會比其他領域多。你知道，這種情況每季都會發生。我想說的是，我對安全領域的熱情已經持續了一段時間。我們看到越來越多的客戶遷移到我們的平台，並將業務整合到我們的平台上。我們進行競爭性人員調配已經有一段時間了。

One of the things to be aware of is competitive displacement like these deals take time. It's not a one- to two-quarter motion. It typically takes several quarters. But that's also why we've been investing in capabilities like automatic import. We recently announced our AI SOC engine that can be used on top of other SIEM products.

需要注意的一點是，像這樣的交易需要時間才能實現競爭性置換。這不是一到二季的運動。通常需要幾個季度。但這也是我們一直在投資自動導入等功能的原因。我們最近發布了可與其他 SIEM 產品配合使用的 AI SOC 引擎。

So we're doing a lot to make it easier for customers to make that migration journey as easy as possible. So I expect that the momentum that we're seeing on the security side is one that will continue to build over time, and I feel really good about it. And if there was just a higher count this quarter, it was just because I'm truly excited about the business across the board.

因此，我們正在做很多工作，讓客戶盡可能輕鬆地完成遷移過程。因此，我預計我們在安全方面看到的這種勢頭會隨著時間的推移而持續增強，我對此感到非常樂觀。如果本季業績有所成長，那是因為我對公司的整體業務發展感到非常興奮。

Okay, good to hear. Thanks.

好的，很高興聽到這個消息。謝謝。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

Thank you so much for taking my question and squeezing me in. I guess I just want to circle back to the price increase because in our fieldwork heading into the quarter, what we were picking up was it was about a 5% price increase across cloud and self-managed. And so I guess is that quantum roughly right?

非常感謝您抽空回答我的問題。我想再回到價格上漲的話題上來，因為在進入本季之前，我們在實地調查中發現，雲端和自架產品的價格上漲了約 5%。所以，我猜量子力學大致上就是這樣吧？

Does it apply to all customers? And if we exclude the price increase, is that like to work out an underlying number, is that logic correct, or should we not be thinking about the business that way? Thank you, Ash. Thank you, Navam.

適用於所有客戶嗎？如果我們排除價格上漲的影響，這樣計算出來的基本數字是否正確？這種邏輯是否正確？或者我們不應該這樣考慮業務？謝謝你，阿什。謝謝你，納瓦姆。

Yeah, I'd start off by sort of thinking about the business slightly differently, which is, from time to time the business increases prices. This is something we did last year and it's somewhat ordinary course of business. As we add more features to our product. And to Ash's point earlier, we don't have distinct SKUs. We just add more functionality to the product and that leads to a more valuable product to our customers.

是的，我會從稍微不同的角度思考這個產業，那就是，企業會不時地提高價格。這是我們去年做過的事情，也算是比較正常的業務流程。隨著我們不斷為產品添加更多功能。正如 Ash 之前提到的，我們沒有不同的 SKU。我們只是為產品增加了更多功能，這使得產品對我們的客戶更有價值。

And we reflect that by, from time to time, evaluating prices and increasing as necessary. There's discounting that factors in as well, so you can't really say it was a 10% increase across the board on every customer. But roughly that quantum would be, on the rough order of magnitude, accurate as you portrayed it.

我們會不時評估價格，並在必要時提高價格，以反映這一點。此外，還有折扣因素需要考慮，所以不能說所有顧客的價格都普遍上漲了 10%。但大致上，這個量子數在數量級上與你所描述的基本一致。

Now how it relates to the performance, as you think about it, is price increases offer a durable baseline that you grow from. So as you go from one year to the next, you're lifting that baseline that you'll grow from there. So you'll see a year-over-year benefit, but quarter-over-quarter you're just going to see a normal benefit and not something that's related to prices.

現在，從業績的角度來看，價格上漲提供了一個穩定的基準，你可以以此為基礎實現成長。所以，隨著一年年過去，你的基準線也會提高，你會在此基礎上成長。所以你會看到年比收益，但季度環比收益只會是正常的收益，與價格無關。

So that's how you should think about price increases. The Q1 performance, like I said, was broad-based. So while we did have benefits to price increase, and price increase is something we do from time to time, a lot of the performance, in fact, the majority of the performance, came from good solid execution and good consumption from our customers.

所以你應該這樣看待價格上漲。正如我所說，第一季業績是全面成長的。因此，雖然漲價確實為我們帶來了好處，而且我們也會不時提價，但實際上，大部分業績都來自於我們客戶的良好執行和良好的消費。

Crystal clear. Thank you, Navam, and thank you, Ash, and congrats on a strong start to fiscal first quarter.

晶瑩剔透。謝謝 Navam，謝謝 Ash，恭喜你們第一財季開局強勁。

Thanks. 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.

謝謝。我們的問答環節到此結束。我謹將會議交還給阿什·庫爾卡尼先生，請他作總結發言。請繼續。

Thank you, and thank you all for joining us today. I'm extremely proud of our excellent results and more excited than ever about the opportunity ahead as we build a generational company. Thank you.

謝謝大家，也謝謝各位今天蒞臨現場。我為我們所取得的優異成績感到無比自豪，也對未來打造世代傳承的公司充滿期待。謝謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。