Elastic NV (ESTC) 2026 Q2 法說會逐字稿

Good day, and welcome to the Elastic N.V. second quarter fiscal 2026 earnings results conference call. (Operator Instructions)

大家好，歡迎參加 Elastic N.V. 2026 財年第二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, GVP 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財務副總裁艾瑞克‧普倫格爾。請繼續。

Thank you. Good afternoon, and thank you for joining us on today's conference call to discuss Elastic's second quarter fiscal 2026 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，感謝各位參加今天的電話會議，共同討論 Elastic 2026 財年第二季的財務表現。參與電話會議的有執行長 Ash Kulkarni 和財務長 Navam Welihinda。在他們發言結束後，我們將接受提問。

Our press release was issued today after the close of market and is posted on our website. Slides, which are supplemental for the call can also be found in the Elastic Investor Relations website at ir.elastic.co. Our discussion will include forward-looking statements, which may include predictions, estimates our expectations regarding 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、估計以及我們對產品和解決方案需求、未來收入和其他資訊的預期。

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 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.

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，這些風險和不確定性也包含在投資者關係網站上發布的幻燈片中，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 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 third quarter fiscal 2026 quiet period begins at the close of business on Friday, January 16, 2026. We will be participating in Barclays Global Technology Conference on December 10 and the Needham Growth Conference on January 14.

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 財年第三季靜默期從 2026 年 1 月 16 日星期五營業結束時開始。我們將參加 12 月 10 日的巴克萊全球科技大會和 1 月 14 日的尼德姆成長大會。

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

這樣，我就把麥克風交給阿什了。

Thank you, Eric, and thank you, everyone, for joining us on today's call. Q2 was an outstanding quarter for Elastic, driven by robust growth across the company with AI positively impacting all areas of our business. We beat the high end of our guidance across all metrics, delivering revenue growth of 16% and a non-GAAP operating margin of 16.5%.

謝謝艾瑞克，也謝謝各位參加今天的電話會議。第二季度是 Elastic 的一個出色季度，這得益於公司整體的強勁成長，人工智慧對我們業務的各個領域都產生了積極影響。我們在所有指標上都超過了預期上限，實現了 16% 的營收成長和非 GAAP 營業利潤率 16.5%。

Our team drove strong execution, achieving sales-led subscription revenue growth of 18%, with strength in both Elastic Cloud and our self-managed offerings. We also increased the number of customers spending over $100,000 with us to more than 1,600 at quarter end.

我們的團隊執行力強勁，實現了以銷售為主導的訂閱收入成長 18%，Elastic Cloud 和我們的自管理產品都表現出色。截至季末，我們消費金額超過 10 萬美元的客戶數量也增加到 1,600 多人。

The importance of data, especially unstructured data is growing at an unprecedented rate, as enterprises continue to expand their use of AI. The Elastic platform, with its ability to shift through and find relevant insights in terabytes of structured and unstructured data in real time, is uniquely suited to address the need for context in this age of AI.

隨著企業不斷擴大人工智慧的應用，資料（尤其是非結構化資料）的重要性正以前所未有的速度成長。Elastic 平台能夠即時處理 TB 級的結構化和非結構化數據，並從中發現相關的見解，因此非常適合滿足人工智慧時代對上下文的需求。

This ability is driving the acceleration and adoption of the Elastic platform by organizations for their search, AI, absorbability and security needs.

這種能力正在推動各組織加速採用 Elastic 平台，以滿足其搜尋、人工智慧、吸收能力和安全需求。

In Q2, we secured significant customer commitments across all solution areas. We maintained strong momentum in search and AI while also seeing an uptick in platform consolidation for security and observability, with an increasing number of customers migrating from legacy products to our platform. These factors led to an acceleration in the number of large deals we were able to secure this quarter.

第二季度，我們在所有解決方案領域都獲得了重要的客戶承諾。我們在搜尋和人工智慧領域保持了強勁的發展勢頭，同時，我們也看到安全性和可觀測性的平台整合有所增加，越來越多的客戶從傳統產品遷移到我們的平台。這些因素導致我們本季達成的大宗交易數量加速成長。

In Q2, we signed over 30 commitments valued over $1 million in annual commitment value with five representing over $10 million in total contract value. Of these five deals, two were greater than $20 million, a new record this quarter.

第二季度，我們簽署了 30 多份年度承諾價值超過 100 萬美元的合同，其中五份合約總價值超過 1000 萬美元。這五筆交易中有兩筆超過 2000 萬美元，創下本季新紀錄。

In Q1 2025, we strategically realigned our sales team to focus capacity on our highest value opportunities. This quarter marked the fifth consecutive quarter of disciplined sales execution, demonstrating our continued commitment to driving enhanced performance and consistency across the field. These increasingly larger commitments are exemplified by an eight-figure new logo deal where Elastic Security was chosen by one of the largest chemical manufacturers in the world.

2025 年第一季度，我們對銷售團隊進行了策略調整，將資源集中投入最有價值的商機。本季是我們連續第五個季度保持嚴謹的銷售執行力，這反映了我們持續致力於提升整個銷售團隊的表現和穩定性。這些日益增長的投資體現在一項價值數千萬美元的新標誌交易中，Elastic Security 被全球最大的化學品製造商之一選中。

The company initiated a competitive search to replace its fragmented security tools and simplify its IT infrastructure, seeking an XDR platform that could deliver advanced threat protection and a 35% increase in operational efficiency. Elastic prevailed against multiple competitors.

該公司發起了一場競爭性搜索，旨在替換其分散的安全工具並簡化其 IT 基礎設施，尋求一種能夠提供高級威脅防護並提高 35% 運營效率的 XDR 平台。Elastic戰勝了眾多競爭對手，最終勝出。

We demonstrated superior capabilities by detecting threats, overlooked by all other solutions. The customer chose Elastic due to the proven effectiveness of our technology, our open ecosystem and ability to scale across their global operations. With the customer now progressing towards an AI-driven SOC, we believe our AI features will enable them to realize even more ambitious efficiency targets.

我們展現了卓越的能力，偵測到了其他所有解決方案都忽略的威脅。客戶選擇 Elastic 是因為我們的技術已被證明有效，我們的生態系統開放，並且能夠擴展到他們的全球業務。隨著客戶向人工智慧驅動的SOC邁進，我們相信我們的人工智慧功能將使他們能夠實現更雄心勃勃的效率目標。

Building on our momentum in security, our leadership in next gen SIEM led to a $26 million commitment with CISA the US federal agency responsible for safeguarding critical civilian infrastructure. CISA selected Elastic Security and Elastic Cloud for a unified SIEM as a service offering that will help to secure US federal civilian agencies.

憑藉我們在安全領域的良好勢頭，我們在下一代 SIEM 領域的領先地位促成了美國聯邦機構 CISA（負責保護關鍵民用基礎設施）承諾提供 2600 萬美元的資金。CISA 選擇 Elastic Security 和 Elastic Cloud 作為統一的 SIEM 即服務產品，以協助保護美國聯邦民事機構的安全。

This program will standardize security data collection, enabling real-time threat detection and rapid incident response across agencies, while leveraging our standards-based highly efficient platform to significantly reduce costs associated with data access and retention.

該計劃將規範安全資料收集，實現跨機構的即時威脅檢測和快速事件回應，同時利用我們基於標準的高效平台，顯著降低與資料存取和保留相關的成本。

We architected our next-gen SIEM solution knowing that security is fundamentally a data problem, one our search AI platform is uniquely suited to solve. Capabilities like attack discovery, ESQL and cross-cluster search help analysts investigate incidents and correlate events across environments without manually aggregating data or switching context, accelerating detection, response and forensic analysis.

我們在設計下一代 SIEM 解決方案時，深知安全性從根本上來說是一個資料問題，而我們的搜尋 AI 平台恰好能夠完美地解決這個問題。攻擊發現、ESQL 和跨叢集搜尋等功能可協助分析人員調查事件並關聯不​​同環境中的事件，而無需手動聚合資料或切換上下文，從而加快偵測、回應和取證分析速度。

Our ability to overcome complex data challenges by unlocking the value of unstructured data is directly linked to our continuing success in generative AI. In Q2, we saw strong demand for our platform, as an increasing number of customers adopted Elastic for developing semantic search and agenetic applications.

我們透過挖掘非結構化資料的價值來克服複雜資料挑戰的能力，與我們在生成式人工智慧領域持續取得成功直接相關。第二季度，我們看到市場對我們平台的需求強勁，越來越多的客戶採用 Elastic 來開發語義搜尋和人工智慧應用程式。

Our deep expertise in managing unstructured data, combined with our clear product differentiation and context engineering leadership, positions Elastic as the natural choice for building GenAI applications. This has led to widespread adoption and successful deal closures across numerous industries, addressing a wide variety of use cases.

我們在管理非結構化資料方面的深厚專業知識，加上我們清晰的產品差異化和情境工程領導地位，使 Elastic 成為建立 GenAI 應用的自然之選。這促成了眾多行業的廣泛採用和交易成功達成，滿足了各種各樣的使用場景。

For example, a global financial institution operating in over 100 countries expanded its use of Elastic Search in a seven-figure deal. This customer leverages the full Elastic platform in a self-managed environment for hundreds of use cases. Their search capabilities continue to grow as they centralized unstructured data to power insights for customer and employee-facing applications.

例如，一家業務遍及 100 多個國家的全球金融機構斥資七位數擴大了其對 Elastic Search 的使用。該客戶在自主管理的環境中充分利用 Elastic 平台，滿足數百種使用情境的需求。隨著他們將非結構化資料集中起來，為面向客戶和員工的應用程式提供洞察力，他們的搜尋能力也在不斷增強。

Previously, they attempted to leverage a hyperscalers co-pilot product, but it did not surface sufficient relevant results. Now they are using Elastic Search as their context engineering platform, paired with an LLM for their internal AI applications.

此前，他們曾嘗試利用超大規模資料中心營運商的合作試點產品，但並未取得足夠的成果。現在他們使用 Elastic Search 作為其上下文工程平台，並搭配 LLM 用於其內部 AI 應用。

Elastic's ability to ensure accurate context and relevance has improved their results, and they are preparing to move the application into production. Our leadership in context engineering and relevance is translating directly into significant GenAI customer adoption.

Elastic 確保上下文準確和相關性的能力提高了他們的業績，他們正準備將應用程式投入生產環境。我們在情境工程和相關性方面的領先地位正直接轉化為 GenAI 客戶群的顯著成長。

In Q2, new customer commitments with GenAI continue to grow. We signed four GenAI deals that included new business of greater than $1 million in annual contract value. We now have over 2,450 customers on Elastic Cloud using us for GenAI use cases, with over 370 of these amongst our cohort of customers spending $100,000 or more with us annually, representing nearly one-fourth of our greater than $100,000 ACV customer cohort leveraging Elastic for GenAI use cases.

第二季度，GenAI 的新客戶簽約量持續成長。我們與 GenAI 簽署了四項協議，其中包括年度合約價值超過 100 萬美元的新業務。目前，Elastic Cloud 上有超過 2450 位客戶使用我們的服務進行 GenAI 用例，其中超過 370 位客戶每年在我們這裡消費 10 萬美元或以上，占我們年消費額超過 10 萬美元且利用 Elastic 進行 GenAI 用例的客戶群的近四分之一。

In another GenAI win from Q2, a global supply chain software provider expanded its use of Elastic Search in an eight-figure deal to leverage our AI and vector search features in an embedded fashion in their key products. The customer is now also expanding the use of our platform to support future agentic use cases.

GenAI 在第二季度取得的另一項勝利是，一家全球供應鏈軟體供應商以八位數的價格擴大了其對 Elastic Search 的使用，以在其關鍵產品中以嵌入式方式利用我們的 AI 和向量搜尋功能。客戶目前也在擴展我們平台的使用範圍，以支援未來的代理用例。

We are seeing customers expanded use of Elasticsearch to develop their own agentic workflows and to further empower enterprises in adopting AI agents, we've recently introduced Agent Builder. This new product builds on the Elastic inference service and provides an out-of-the-box conversational experience, allowing users to interact directly with any data in Elasticsearch and extends our technology into a new frontier beyond the Vector database.

我們看到客戶越來越多地使用 Elasticsearch 來開發自己的代理工作流程，為了進一步幫助企業採用 AI 代理，我們最近推出了 Agent Builder。這款新產品基於 Elastic 推理服務，提供開箱即用的對話體驗，使用戶能夠直接與 Elasticsearch 中的任何資料進行交互，並將我們的技術擴展到 Vector 資料庫之外的新領域。

It embodies a truly relevant centric approach rooted in context engineering by enabling users to explore their data and assemble the necessary tools for quickly building AI agents with robust workflow capabilities. Agent Builder dramatically simplifies the entire operational life cycle of agents, including their development, configuration, execution, customization and observability, all directly within Elasticsearch.

它體現了一種真正以情境工程為基礎的相關中心方法，使用戶能夠探索自己的資料並組裝必要的工具，從而快速建立具有強大工作流程能力的 AI 代理程式。Agent Builder 大大簡化了代理程式的整個操作生命週期，包括代理程式的開發、配置、執行、自訂和可觀測性，所有這些都直接在 Elasticsearch 中完成。

This powerful capability strengthens our moat of broader GenAI differentiation, which is also helping us land deals in observability and security, as customers grow with Elastic because of our AI features. An increase in AI-based security threats fueled the large expansion deal with one of the world's leading investment management companies.

這項強大的功能增強了我們在更廣泛的 GenAI 差異化方面的護城河，這也有助於我們在可觀測性和安全性方面達成交易，因為客戶會因為我們的 AI 功能而與 Elastic 一起成長。人工智慧安全威脅的增加促成了與世界領先的投資管理公司之一達成的大規模擴張協議。

They are deploying our AI capabilities to proactively combat evolving attacks. This customer expanded its use of Elastic security to enhance runtime protection with integrated AI, a critical need for securing applications. Default LLM security controls alone were insufficient.

他們正在運用我們的人工智慧技術，主動應對不斷演變的攻擊。該客戶擴展了 Elastic Security 的使用範圍，透過整合 AI 來增強運行時保護，這對於保護應用程式至關重要。單靠預設的LLM安全控制措施是不夠的。

The customer required a security solution capable of evolving with their unique requirements. Elastic's automation-first architecture provided them the ability to rapidly evolve to keep up with ever-changing security challenges.

客戶需要一種能夠隨著其獨特需求而不斷發展的安全解決方案。Elastic 的自動化優先架構使其能夠快速發展，以應對不斷變化的安全挑戰。

As bad actors grow in sophistication, leveraging Elastic's attack discovery and AI assistant allows their SOC to scale their capabilities and proactively address issues. We are seeing similar success and adoption of our platform capabilities across our observability solution.

隨著不法分子手段日益高明，利用 Elastic 的攻擊發現和 AI 助手，他們的安全營運中心 (SOC) 可以擴展其能力並主動解決問題。我們看到，我們的平台功能在可觀測性解決方案中也取得了類似的成功並且得到了廣泛應用。

In one observability win from the quarter, a leading US municipal technology and innovation agency signed a seven-figure expansion deal for Elastic observability. The agency is staffed with providing infrastructure-as-a-service to all municipality offices. They launched a new project to unify the city's data in a first-class data environment to modernize operations and decision-making.

本季在可觀測性方面取得的一項勝利是，美國一家領先的市政技術和創新機構與 Elastic observability 簽署了一份價值七位數的擴展協議。該機構負責向所有市政辦公室提供基礎設施即服務。他們啟動了一個新項目，旨在將城市數據統一到一個一流的數據環境中，以實現營運和決策的現代化。

They chose Elastic observability as the foundational technology due to our flexibility, open architecture and ability to deliver cost savings at scale through features like searchable snapshots. The agency is now leveraging our AI assistant, which helps them remediate and triage issues reducing their reliance on external consultant services.

他們選擇 Elastic observability 作為基礎技術，是因為我們具有靈活性、開放式架構，並且能夠透過可搜尋快照等功能大規模地節省成本。該機構目前正在利用我們的人工智慧助手，幫助他們解決問題和進行分類，從而減少對外部顧問服務的依賴。

Building on foundational components for working with observability data, we introduced streams this quarter. Streams is an agentic AI solution that simplifies working with logs to help SRE teams rapidly understand the why behind an issue for faster resolution. Streams can automatically organize logs, find meaning and problems in logs by applying AI and the power of Elasticsearch to this unstructured messy log data.

本季度，我們在處理可觀測性資料的基礎元件基礎上引入了資料流。Streams 是一款智慧 AI 解決方案，它簡化了日誌處理，幫助 SRE 團隊快速了解問題背後的原因，從而更快地解決問題。Streams 可以透過應用 AI 和 Elasticsearch 的強大功能來自動整理日誌，並找出日誌中的含義和問題，從而處理這些非結構化的混亂日誌資料。

In Q2, we introduced a steady set of new AI capabilities, including a number of features that improve our performance as a vector database. We introduced a managed inference service natively through Elastic Cloud. Inference at scale is incredibly important for vector search, semantic search and GenAI workflow, and we provide our customers with an API-based influence service using NVIDIA GPUs with our vector database for low latency, high throughput inference.

第二季度，我們穩步推出了一系列新的 AI 功能，其中包括一些可以提高我們作為向量資料庫效能的功能。我們透過 Elastic Cloud 原生引入了託管推理服務。大規模推理對於向量搜尋、語義搜尋和 GenAI 工作流程至關重要，我們為客戶提供基於 API 的影響服務，該服務使用 NVIDIA GPU 和我們的向量資料庫，以實現低延遲、高吞吐量的推理。

We also continue to improve our vector database performance with new functionality, including the release of disk BBQ. This BBQ is a new disk friendly vector similarity search algorithm that delivers more efficient vector search at scale than traditional industry standard search techniques used in many other vector databases.

我們也透過推出磁碟 BBQ 等新功能，不斷改進向量資料庫的效能。這款 BBQ 演算法是一種新型的磁碟友善向量相似性搜尋演算法，與許多其他向量資料庫中使用的傳統行業標準搜尋技術相比，它能夠更有效率地進行大規模向量搜尋。

And finally, we announced our acquisition of Jina AI. Jina AI has developed leading frontier class multilingual and multimodal embedding and reranker models, helping businesses and developers build powerful search applications. As enterprises build AI agents and develop software in new ways, defining context and grounding LLM remains essential.

最後，我們宣布收購了 Jina AI。Jina AI 開發了領先的前沿多語言和多模態嵌入和重排序模型，幫助企業和開發者建立強大的搜尋應用程式。隨著企業以新的方式建立人工智慧代理和開發軟體，定義上下文和奠定LLM基礎仍然至關重要。

This is why we have invested for years in developing our own embedding models, reranker models, data chunking strategies and more. Jina AI extends and accelerates this strategy. These advancements in AI and vector search are not isolated they are integral to our overarching strategy of delivering a powerful and flexible platform.

這就是為什麼我們多年來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。Jina AI 擴展並加速了這項策略。人工智慧和向量搜尋領域的這些進步並非孤立存在的，它們是我們打造強大而靈活的平台這一整體策略不可或缺的一部分。

This commitment to innovation extends across our diverse deployment options, ensuring our customers can leverage the full potential of Elastic regardless of their preferred architecture. Elastic Cloud or self-managed. We continue to innovate, making our platform more capable across both cloud and self-managed deployment profiles.

我們對創新的承諾體現在我們多樣化的部署選項中，確保我們的客戶無論採用何種架構，都能充分發揮 Elastic 的潛力。彈性雲或自架。我們不斷創新，使我們的平台在雲端和自架部署模式中都更加強大。

As part of this, we made AutoOps available for the first time to our self-managed customers. AutoOps simplifies cluster management through a cloud-powered service that processes telemetry for real-time issue detection and resolution, all while ensuring the underlying customer data remains within the self-managed deployment.

為此，我們首次向自主管理的客戶推出了 AutoOps 服務。AutoOps 透過雲端服務簡化叢集管理，該服務處理遙測資料以進行即時問題偵測和解決，同時確保底層客戶資料保留在自管理部署中。

It is these organic innovations and strategic acquisitions that gives us the confidence to be the leading data retrieval and context engineering platform for the AI era. Just last week, IDC recognized Elastic as a leader in multiple marketscape reports, including in the worldwide observability platforms report and in the worldwide general-purpose knowledge discovery for search report.

正是這些自主創新和策略性收購，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。就在上週，IDC 在多份市場概覽報告中將 Elastic 評為領導者，其中包括全球可觀測性平台報告和全球通用搜尋知識發現報告。

In the general purpose knowledge discovery report, we had the strongest position of any vendor in the analysis. We are proud of this recognition, which affirms our unique ability to deliver a unified platform that solves the most complex data and AI challenges.

在通用知識發現報告中，我們的分析結果在所有供應商中處於最強地位。我們為獲得此項認可感到自豪，這肯定了我們獨特的能力，即提供一個統一的平台，以解決最複雜的數據和人工智慧挑戰。

In closing, our market opportunity is stronger than ever, driven by robust growth, clear GenAI leadership and a unique platform built for this moment. Our foundational investments in search uniquely position Elastic to deliver AI to enterprises everywhere. I would like to thank our customers, our partners and our shareholders for their continued trust and confidence in Elastic and to our employees, thank you for your tireless spirit of innovation.

總而言之，在強勁成長、GenAI 的明確領導地位以及為當下打造的獨特平台的推動下，我們的市場機會比以往任何時候都更加強勁。我們在搜尋領域的基礎性投資使 Elastic 擁有獨特的優勢，能夠為世界各地的企業提供人工智慧服務。我要感謝我們的客戶、合作夥伴和股東們對 Elastic 的持續信任和信心，也要感謝我們的員工，感謝你們孜孜不倦的創新精神。

And now I'll turn it over to Navam to go through our financial results in more detail.

現在我將把麥克風交給納瓦姆，讓他更詳細地介紹一下我們的財務表現。

Thank you, Ash. Good afternoon, everyone. As you may recall, we raised our guidance for the quarter during Analyst Day on October 9, and I am pleased to report that we exceeded both the top line and profitability of that improved guidance.

謝謝你，阿什。大家下午好。您可能還記得，我們​​在 10 月 9 日的分析師日上調了本季業績預期，我很高興地報告，我們實現了營收和獲利能力雙雙超過預期目標。

We saw continued broad-based demand and notable strength and commitments across all geos, supported by healthy consumption trends. As GenAI adoption and platform consolidation continue to be top priorities for enterprises, we are seeing sustained momentum in demand for our platform reflected in the continued customer momentum and expansion in our sales pipeline during the quarter.

我們看到，在健康的消費趨勢的支持下，各地區的需求持續廣泛，市場表現強勁且承諾力度顯著。由於 GenAI 的採用和平台整合仍然是企業的首要任務，我們看到對我們平台的需求持續成長，這反映在本季客戶的持續成長動能和銷售管道的擴張上。

Our total revenue in the second quarter was $423 million, representing growth of 16% as reported and 15% on a constant currency basis. Our sales-led subscription revenue in the second quarter was $349 million, growing 18% as reported and 17% on a constant currency basis. This strong performance reflects the strategic advantages of the Elasticsearch AI platform in addressing critical consolidation and generative AI use cases.

第二季總營收為 4.23 億美元，按報告匯率計算成長 16%，以固定匯率計算成長 15%。第二季度，我們以銷售為主導的訂閱收入為 3.49 億美元，按報告匯率計算增長了 18%，按固定匯率計算增長了 17%。這一強勁表現體現了 Elasticsearch AI 平台在解決關鍵整合和生成式 AI 用例方面的策略優勢。

Our current remaining performance obligation, or CRPO, which is a portion of RPO that we expect to recognize as revenue over the next 12 months, remains solid. At the end of Q2, CRPO was approximately $971 million and grew 17% as reported and 15% in constant currency over Q2 of the prior year.

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 的一部分——仍然穩固。第二季末，CRPO 約為 9.71 億美元，按報告匯率計算成長 17%，以固定匯率計算成長 15%。

Our top line metrics were driven by strong consumption, deal momentum and traction with greater than 100,000 ACV customers, all three drivers supported by GenAI tailwinds. First, the primary driver of revenue was healthy consumption across solution areas.

我們的營收指標主要得益於強勁的消費、交易勢頭以及超過 10 萬 ACV 客戶的成長勢頭，而這三大驅動因素都得到了 GenAI 順風的支持。首先，收入的主要驅動因素是各個解決方案領域的健康消費。

We saw steady consumption growth throughout the quarter, fueled by a strong demand environment, driven by solid organic consumption growth from existing customers as well as revenue from new customers. Second. Deal momentum during the quarter was significant.

本季我們看到消費穩定成長，這得益於強勁的需求環境，而強勁的需求環境又是由現有客戶的穩健內生消費成長以及新客戶的收入所推動的。第二。本季交易勢頭強勁。

As Ash referenced, we saw an uptick in consolidation and GenAI use cases, which led to overall strength in large deals. We closed over 30 commitments greater than $1 million in annual contract value, with five of them representing greater than $10 million in total contract value and two of those greater than $20 million in total contract value.

正如 Ash 所提到的，我們看到整合和 GenAI 應用案例有所增加，這帶動了大型交易的整體強勁增長。我們達成了 30 多份年度合約價值超過 100 萬美元的承諾，其中 5 份合約總價值超過 1000 萬美元，2 份合約總價值超過 2000 萬美元。

The strength of this can be seen through RPO, which grew 19% in the quarter as reported and 17% in constant currency. Our deal momentum occurred globally in both Enterprise and Public Sector segments. Despite the US government shutdown in October, the team closed a notable win with CISA, as Ash noted earlier.

從 RPO 可以看出這一趨勢，按報告匯率計算，該季度 RPO 增長了 19%，按固定匯率計算增長了 17%。我們的交易勢頭在全球範圍內，涵蓋企業和公共部門領域。儘管美國政府在 10 月停擺，但正如 Ash 之前指出的那樣，該團隊還是取得了 CISA 的重大勝利。

In the second quarter, deal momentum continued and supported our expansion of enterprise accounts and high-propensity commercial accounts. During the quarter, our greater than $100,000 annual contract value customer count grew approximately 13%, representing approximately 180 net new customers over the past four quarters.

第二季度，交易勢頭持續強勁，支持了我們拓展企業客戶和高潛力商業客戶。本季度，年合約價值超過 10 萬美元的客戶數量成長了約 13%，在過去四個季度中淨增約 180 位客戶。

Quarter-over-quarter, we added approximately 50 net new customers, and we continue to see strong expansion from our existing customer base. GenAI is proving to be a powerful catalyst for customer expansion. 23% of our greater than 100,000 cohort now utilizes Elastic for GenAI use cases, an increase from 17% just one-year ago. We see significant headroom for customers to initiate their GenAI journey and scale into our $100,000 annual contract value cohort. Even with our existing $100,000-plus GenAI customers, adoption is in its early stages.

與上一季相比，我們新增了約 50 位淨客戶，且我們現有客戶群也持續強勁成長。GenAI 已被證明是客戶拓展的強大催化劑。在我們超過 10 萬的用戶群中，目前有 23% 的用戶使用 Elastic 來實現 GenAI 用例，高於一年前的 17%。我們看到客戶有很大的空間來開啟他們的 GenAI 之旅，並擴展到我們年度合約價值 10 萬美元的客戶群。即使是我們現有的消費超過 10 萬美元的 GenAI 客戶，其採用仍處於早期階段。

Now turning to second quarter margins and profitability. I will discuss all measures on a non-GAAP basis. Our commitment to balancing growth with disciplined spending translated to robust operating leverage and strong bottom line results.

現在來看第二季的利潤率和獲利能力。我將討論所有非GAAP指標。我們致力於在成長和嚴格支出之間取得平衡，這轉化為強勁的營運槓桿和良好的獲利績效。

We continue to focus on costs and efficiency in our business. We delivered subscription gross margins of 82%, total gross margins of 78% and an operating margin of 16.5%. Our disciplined approach to costs combined with increasing revenue underpins our strong profitability and free cash flow generation.

我們將繼續專注於業務中的成本控制和效率提升。我們實現了 82% 的訂閱毛利率、78% 的總毛利率和 16.5% 的營業毛利率。我們嚴格的成本控制方法，加上不斷增長的收入，為我們強勁的獲利能力和自由現金流的產生提供了保障。

Regarding cash flow, adjusted free cash flow was approximately $26 million in Q2, representing a margin of 6%. The second quarter is typically a seasonally low free cash flow margin quarter for us, and we manage and view adjusted free cash flow on a full year basis. For fiscal 2026, we expect to sustain the level of adjusted free cash flow margin that we achieved in fiscal 2025.

關於現金流，第二季調整後的自由現金流約為 2,600 萬美元，利潤率為 6%。第二季度通常是我們自由現金流利潤率較低的季度，我們以全年為基礎管理和查看調整後的自由現金流。對於 2026 財年，我們預計能夠維持 2025 財年所達到的調整後自由現金流利潤率水準。

In October, during our Analyst Day, we announced a $500 million share repurchase program, as part of our capital allocation framework. I am pleased to say that we are already underway on our program and began returning capital to shareholders during Q2. During the quarter, we returned approximately $114 million in cash to shareholders.

10 月份，在分析師日上，我們宣布了一項 5 億美元的股票回購計劃，作為我們資本配置框架的一部分。我很高興地告訴大家，我們的計畫已經啟動，並在第二季開始向股東返還資本。本季度，我們向股東返還了約 1.14 億美元現金。

This represents purchases of approximately 1.4 million shares at an average price per share of $84.45. As I mentioned at our Financial Analyst Day, we expect to use more than 50% of our $500 million authorized amount in fiscal 2026.

這相當於以每股 84.45 美元的平均價格購買了約 140 萬股股票。正如我在財務分析師日上提到的，我們預計在 2026 財年將使用超過 5 億美元授權額度的 50%。

Now for our outlook for the third quarter and the remainder of fiscal 2026. Starting this quarter, we will begin providing guidance for sales-led subscription revenue. As we detailed during our recent Analyst Day and in the past two quarters, sales-led subscription revenue is a key metric for measuring our success with larger strategic and enterprise accounts and high propensity commercial accounts.

接下來，我們展望一下2026財年第三季及剩餘時間的業績。從本季開始，我們將開始提供以銷售為主導的訂閱收入的預期。正如我們在最近的分析師日和過去兩個季度中詳細闡述的那樣，銷售主導的訂閱收入是衡量我們在大型策略客戶、企業客戶和高潛力商業客戶方面取得成功的關鍵指標。

Sales-led subscription revenue is the fundamental driver of our financial framework and we incentivize our sales team to meet customers where they are in cloud or in self-managed departments. The momentum we are building in this quarter is evident. Our sales pipeline is very healthy, and it has grown throughout the year. Given the strength of our business, we are raising our full fiscal year 2026 revenue guidance.

以銷售為主導的訂閱收入是我們財務框架的根本驅動力，我們激勵銷售團隊在客戶身處雲端或自主管理部門時，積極滿足他們的需求。本季我們取得的勢頭十分明顯。我們的銷售管道非常健康，並且全年都在成長。鑑於我們業務的強勁勢頭，我們上調了 2026 財年全年營收預期。

For the third quarter of fiscal 2026, we expect total revenue in the range of $437 million to $439 million, representing 15% growth at the midpoint or 13% in constant currency growth at the midpoint. We expect sales-led subscription revenue in the range of $364 million to $366 million, representing 17% growth at the midpoint or 16% in constant currency growth at the midpoint.

我們預計 2026 財年第三季總營收將在 4.37 億美元至 4.39 億美元之間，以中間值計算成長 15%，以固定匯率計算成長 13%。我們預計以銷售為主導的訂閱收入將在 3.64 億美元至 3.66 億美元之間，以中間值計算成長 17%，以固定匯率計算成長 16%。

We expect non-GAAP operating margin to be approximately 17.5%. We expect non-GAAP diluted earnings per share in the range of $0.63 to $0.65, using between 108 million and 109 million diluted weighted average ordinary shares outstanding.

我們預計非GAAP營業利潤率約為17.5%。我們預計，根據 1.08 億至 1.09 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 0.63 美元至 0.65 美元之間。

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 $1.715 billion to $1.721 billion, representing approximately 16% growth at the midpoint or 15% constant currency growth at the midpoint. We expect sales-led subscription revenue in the range of $1.417 billion to $1.423 billion, representing 18% growth at the midpoint or 17% in constant currency growth at the midpoint.

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 17.15 億美元至 17.21 億美元之間，以中間值計算，成長率約為 16%，以固定匯率計算，成長率約為 15%。我們預計以銷售為主導的訂閱收入將在 14.17 億美元至 14.23 億美元之間，以中間值計算成長 18%，以固定匯率計算成長 17%。

We expect non-GAAP operating margin for the full fiscal '26 to be approximately 16.25%. We expect non-GAAP diluted earnings per share in the range of $2.40 to $2.46, using between 108 million and 110 million diluted weighted average ordinary shares outstanding. The diluted weighted average shares outstanding reflect only share buybacks completed as of October 31, 2025.

我們預計 2026 財年全年非 GAAP 營業利益率約為 16.25%。我們預計，根據 1.08 億至 1.1 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 2.40 美元至 2.46 美元之間。稀釋加權平均流通股數僅反映截至 2025 年 10 月 31 日完成的股份回購。

In summary, I am pleased with our second quarter results. we remain on track on our execution this fiscal year and on track to achieve the medium-term sales-led subscription revenue target growth rate we laid out during our Financial Analyst Day. Elastic stands uniquely positioned as we bring relevance to unstructured data and allow enterprises to transform data into value. Our opportunity continues to grow.

總而言之，我對我們第二季的業績感到滿意。我們本財年的各項計畫執行進展順利，並有望實現我們在財務分析師日上所製定的中期銷售驅動型訂閱收入成長率目標。Elastic 的獨特優勢在於，我們能夠賦予非結構化資料意義，並協助企業將資料轉化為價值。我們的機會不斷成長。

With that, I'll open it up for Q&A.

接下來，我將開放問答環節。

(OpFerator Instructions)

（OpFerator 指令）

Matt Hedberg, RBC Capital Markets.

Matt Hedberg，加拿大皇家銀行資本市場。

Great. Thanks for taking my question, guys. Ash, I want to start with you. I assume you're seeing strong consumption trends from your AI native customer base, but I'm curious if you could talk about the performance of your non-AI native customers. Are they seeing an increase or an acceleration in consumption due to sort of an increased AI focus within that customer base?

偉大的。謝謝各位回答我的問題。阿什，我想先從你開始。我假設您從您的 AI 原生客戶群中看到了強勁的消費趨勢，但我很好奇您是否可以談談您的非 AI 原生客戶的表現。他們是否觀察到，由於客戶群對人工智慧的關注度提高，消費量增加或加速成長？

Yeah, that's a great question. And yes, we are seeing that it's not just the AI native cohort, but we are seeing strong consumption across the board, even in our traditional businesses and not just in search, but also in observability and security. And part of this is also that we are winning more and more commitments like I talked about in my prepared remarks.

是的，這是一個很好的問題。是的，我們看到的不僅僅是人工智慧原生群體，而是各個領域的強勁消費，甚至包括我們的傳統業務，而且不僅僅是搜索，還包括可觀測性和安全性。部分原因還在於，正如我在準備好的演講稿中所提到的，我們正在贏得越來越多的承諾。

This was a remarkable quarter in terms of the number of commitments that we were able to secure, large commitments where customers are consolidating onto our platform for security, for observability. And the five deals that we mentioned that were all greater than $10 million in total contract value are all.

就我們能夠獲得的承諾數量而言，這是一個非凡的季度，這些承諾規模龐大，客戶為了安全性和可觀測性而將資源整合到我們的平台上。我們提到的五筆交易，合約總價值都超過 1000 萬美元，全部都是。

So I would expect that as deals like those, as customers start to consume, we are going to start to see the benefit of that in our cloud revenue and our total revenue. And just to bring everybody's attention to the fact that when we think about our business, we think about both cloud and self-managed and that's the reason why sales-led subscription revenue is such an important metric and it came in at 18% this year.

因此，我預計隨著此類交易的進行，隨著客戶開始消費，我們將開始在雲端收入和總收入中看到其帶來的好處。需要提醒大家的是，當我們考慮業務時，我們會同時考慮雲端服務和自主管理，這就是為什麼銷售驅動的訂閱收入是一個如此重要的指標，而今年它的佔比達到了 18%。

So very happy about it, continuing to drive the momentum. Consumption is strong, commitments are strong, and we feel really good about the rest of the year.

對此我感到非常高興，並將繼續保持這種勢頭。消費強勁，承諾力道大，我們對今年剩餘時間的前景感到非常樂觀。

That's really good to hear. And then maybe for Navam, just a follow-up. All of your reported growth metrics were strong, including both CRPO and RPO, all kind of growing in the mid-teens or better. I'm curious though, billings isn't a key metric for you guys, but it did lag some of those focus metrics. Wondering if you could talk a little bit about why that was the case? Thanks.

聽到這個消息真是太好了。然後或許可以寫個後續報道給納瓦姆。你們報告的所有成長指標都很強勁，包括 CRPO 和 RPO，都達到了十幾個百分點或更高。不過我很好奇，帳單金額對你們來說並不是一個關鍵指標，但它的確落後於一些重點指標。能否請您談談造成這種情況的原因？謝謝。

Yeah. Thanks for the question, Matt. And I agree with you. Q2 to us was a great quarter. We saw strength across the business and what matters to us is commitments in consumption and both commitments and consumption was strong.

是的。謝謝你的提問，馬特。我同意你的看法。對我們來說，第二季是個非常棒的季度。我們看到公司各方面都表現出強勁的勢頭，而對我們來說重要的是消費方面的承諾，而消費和承諾都表現強勁。

You noted correctly, CRPO grew 17% in Q2 compared to 16% last year. And also RPO grew 19%, and that was because of the strength of the multiyear commitments that we laid out. So overall, the commitment side of the business was very, very strong.

您指出得沒錯，第二季 CRPO 成長了 17%，而去年同期成長了 16%。RPO 也成長了 19%，這是因為我們所製定的多年期承諾的力度很大。所以總的來說，這家公司的承諾度非常非常高。

Now as it pertains to your specific question on the year-over-year compare. Going into the quarter, we expected variability in the second quarter for a few reasons, and one of the main reasons is seasonality. And you have to keep in mind that last year was anomalous because of a weaker Q1 commitments that we saw. So the billings distribution, the revenue distribution in the last year throughout the year was just atypical.

現在回到您提出的關於同比比較的具體問題。進入第二季時，我們預計第二季會出現波動，原因有幾個，其中一個主要原因是季節性因素。你必須記住，去年的情況比較特殊，因為我們看到第一季的承諾強度較弱。因此，去年全年的帳單分配和收入分配都屬於非典型情況。

So you can't overindex on the quarterly seasonality this year. And as a matter of fact, when you think about sort of the ACV, which doesn't have the crosscurrents of billings, the ACV growth this year-to-date is stronger than what it was last year-to-date, right? And that's a great sign.

所以今年你不能過度依賴季度季節性因素。事實上，如果你考慮 ACV（年度合約價值），它不受帳單金額的影響，那麼今年迄今為止的 ACV 成長比去年迄今為止的成長更為強勁，對吧？這是一個好兆頭。

And then the second point I want to make was, you all know there was a government shutdown that impacted our third month of the quarter, impacted everybody. And that caused a few renewals, specifically self-managed renewals, to slip from Q2 to Q3. But net of all that, from a commitment perspective, the business is seeing really strong commitments, consumption is going good. And also the pipeline side is seeing strong growth as well.

其次，我想說的第二點是，大家都知道，政府停擺影響了我們季度中的第三個月，影響了所有人。這導致一些續約，特別是自主續約，從第二季推遲到第三季。但總的來說，從承諾的角度來看，企業獲得了非常強烈的承諾，消費狀況良好。此外，管道運輸方面也呈現強勁成長。

And that's what gave us confidence to raise the guidance for the back half of the year meaningfully. And keep in mind, since Q1, we've raised FY26 by $34 million or 2% year-over-year, and that's mainly because of the commitment strength of the business.

正是這一點讓我們有信心大幅提升下半年的業績預期。請記住，自第一季以來，我們已將 2026 財年預算提高了 3,400 萬美元，年增 2%，這主要是因為業務的堅定承諾。

Great to hear. Thanks guys.

聽到這個消息真是太好了。謝謝各位。

Koji Ikeda, Bank of America Securities.

池田浩二，美國銀行證券。

Yeah, hey guys, thanks so much for taking the question, And so -- definitely appreciate the newly introduced guidance for sales subscription or sales-led subscription revenue. And so I wanted to ask kind of the compositions of that. I know underlying assumptions around monthly cloud, should we assume that's roughly flat with where it was in the fiscal second quarter? And that really leaves cloud and self-managed as the other inputs.

是的，嘿，各位，非常感謝你們回答這個問題。另外，我非常感謝你們新推出的關於銷售訂閱或銷售主導型訂閱收入的指導方針。所以我想問這些作品的構成。我知道關於月度雲量的基本假設，我們是否應該假設它與第二財季的水平大致持平？這樣一來，剩下的選擇就只剩下雲端服務和自架服務了。

And I do think cloud is probably the more watched metric of the two, and so I'll focus there. And so what should we assume as implied in the guide there? Is cloud growth higher, the same or lower in the -- compared to the fiscal second quarter to get to that sales-led sub guide?

而且我認為雲端服務可能是這兩項指標中更受關注的指標，所以我將專注於雲端服務。那麼，我們該如何理解指南中的暗示呢？與第二財季相比，雲端業務成長是更高、持平還是更低？ （以銷售為主導的子指標為參考）

Sure. So this is the first time we're doing a sales-led subscription revenue guide. We are doing it because it's one of the most important metrics of the company. That's what we drive our salespeople to go and get commitments for, both cloud and self-managed. We also detailed what our medium-term targets are for sales-led subscription revenue.

當然。所以這是我們第一次製作以銷售為導向的訂閱收入指南。我們這樣做是因為這是公司最重要的指標之一。這就是我們督促銷售人員努力爭取客戶承諾的原因，包括雲端服務和自架服務。我們也詳細說明了以銷售為主導的訂閱收入的中期目標。

So because of that, we thought it was very important to start guiding to sales-led subscription revenue in addition to disclosing sales-led subscription revenue.

因此，我們認為除了揭露銷售主導的訂閱收入外，​​開始引導銷售主導的訂閱收入是非常重要的。

So in terms of what the composition of that number is, it's what our sales team drives other than the monthly cloud self-serve business, which we, as you mentioned, expected to be moving along the SMB segment, we expect it to be flat. So we're not -- if it grows, that's great. But our goal is to drive what the sales team delivers from a commitment perspective, which is the self-managed commitments and the cloud commitments.

所以，就這個數字的組成而言，它指的是我們銷售團隊推動的除每月雲端自助服務業務之外的其他業務，正如您所提到的，我們預計該業務在中小企業細分市場會有所增長，但我們預計它將保持平穩。所以，如果它發展壯大，那當然很好。但我們的目標是推動銷售團隊從承諾的角度交付成果，也就是自主管理的承諾和雲端承諾。

And our expectations for how commitments and consumption flows is detailed in the guidance side. And as I said, we're very pleased with how Q2 went and we are very pleased with being able to raise the full year by another percentage point from just a month ago.

我們對承諾和消費流動方式的預期在指導文件中有詳細說明。正如我所說，我們對第二季的業績非常滿意，也非常高興能夠比一個月前將全年業績預期再提高一個百分點。

Got it. Thank you. And maybe a follow-up, just focusing on that sales-led subscription revenue result of 18%, 17% in constant currency. Last quarter was 22%. And I know there was some cloud kind of tailwinds there, pricing tailwinds in there. So maybe excluding the pricing tailwinds, can you help us bridge the gap between the growth between the second quarter and the first quarter on sales-led sub growth?

知道了。謝謝。或許可以做個後續報道，重點關註一下以銷售為主導的訂閱收入成長18%（以固定匯率計算為17%）。上一季為22%。我知道當時有一些利多因素，像是雲層帶來的順風，以及價格方面的順風。那麼，撇開價格利好因素不談，您能否幫助我們彌合第二季度和第一季之間由銷售驅動的子用戶成長之間的差距？

And was there any GenAI revenue growth contributions in the second quarter this year that you can call out?

今年第二季度，GenAI在營收成長方面有哪些貢獻值得一提？

Yeah. Let me maybe first start by addressing this because we've talked about this at least in the last 90 days, and I think the most important thing to understand is looking at pricing in isolation is just an incorrect way to look at our overall model.

是的。或許我可以先談談這個問題，因為我們在過去至少 90 天裡一直在討論這個問題，我認為最重要的是要明白，孤立地看待定價是看待我們整體模式的錯誤方式。

When you're looking at the consumption business, there are lots of factors that lead to an increase in consumption. First is when customers bring new workloads onto the platform, when customers increase the data that's coming into the platform, all of those things increase the consumption. At the same time, we are constantly making our platform more efficient.

從消費產業的角度來看，有許多因素會導致消費成長。首先，當客戶將新的工作負載引入平台，當客戶增加進入平台的資料量時，所有這些都會增加消耗量。同時，我們也在不斷提高平台的效率。

In the past, we've reduced -- we've released functionality like searchable snapshots, we've released functionality like logs DB, like TS DB, all of these things make it possible for you to execute the same workload with fewer resources. When we come up with support for new instance types from the hyperscalers that also makes our platform more efficient and sort of access something that brings down the consumption.

過去，我們減少了資源消耗——我們發布了可搜尋快照等功能，我們發布了日誌資料庫、TS 資料庫等功能，所有這些都使您能夠以更少的資源執行相同的工作負載。當我們為超大規模資料中心提供新的實例類型支援時，這也會使我們的平台更加高效，並能以某種方式降低資源消耗。

So what we care about is when we look at the net of everything, including the pricing changes that we do from time to time, how is consumption tracking overall? And net of all of these things that push consumption up or push consumption down, the net consumption has been very strong.

因此，我們關心的是，當我們把所有因素綜合起來考慮，包括我們不時進行的價格調整，整體消費情況如何？綜合所有可能推高或降低消費的因素，淨消費一直非常強勁。

So we see our customers consuming on a really healthy way, we see them bringing new workloads onto our platform, we are capturing new commitments and new wins like the ones that we detailed, CISA is one of them.

因此，我們看到我們的客戶以非常健康的方式消費，我們看到他們將新的工作負載引入我們的平台，我們正在獲得新的承諾和新的成功，就像我們詳細介紹的那樣，CISA 就是其中之一。

But all of those large commitments are going to turn into revenue over time. So fundamentally trying to disaggregate pricing as one element is just wrong, and I would encourage you to not look at it that way, but look at the net.

但所有這些大額投入最終都會轉化為收入。因此，從根本上說，試圖將價格作為一個單獨的要素來分解是錯誤的，我建議你不要那樣看待它，而應該從整體上看待它。

I'll also add to that what I talked about earlier, which is you have to remember that not to overindex on a single quarter because the seasonality aspects of this quarter are very different from what it was last quarter, right? And the second point I want to make is that because of the renewal slips, you're seeing self-managed revenue change its shape from the second quarter to third quarter as well.

我還要補充一點我之前提到的，那就是你必須記住不要過度依賴單一季度，因為本季度的季節性因素與上季度截然不同，對吧？我想提出的第二點是，由於續約延期，您會看到自管收入從第二季到第三季的形態也發生了變化。

And by the way, one thing to say about those renewal slips, those government customers are continuing to use our software. They're very happy with our software. So we just expect those renewals to come in, in Q3. There wasn't anybody that was working during that shutdown in those agencies to be able to process those orders. So those are firm customers, firm workloads for us. It's just a shift from Q2 to Q3.

順便說一句，關於這些續訂單，有一點需要說明，那些政府客戶仍在繼續使用我們的軟體。他們對我們的軟體非常滿意。所以我們預計這些續約款項將在第三季到帳。在那次停擺期間，那些機構裡沒有人上班，所以無法處理那些訂單。所以這些都是確定的客戶，也是確定的工作量。這只是從第二季到第三季的過渡。

Sanjit Singh, Morgan Stanley.

桑吉特辛格，摩根士丹利。

Thank you for taking the question. I actually had a two-parter for you. If we can wind back to the go-to-market changes at the beginning of last fiscal year or beginning of the fiscal year, just sort of mark-to-market where we are from a productivity standpoint? It sounds like productivity is going well. And if that's the case, is there a case given the momentum you're seeing with commitments to drive more capacity on the sales side? So maybe we tackle that first and then I had a follow-up.

感謝您回答這個問題。我其實準備了一個分成兩部分的故事要講給你。如果我們能回到上個財政年度初或本財政年度初的市場進入策略調整，從生產力角度來看，我們目前的市場狀況如何？聽起來生產效率提升不錯。如果情況確實如此，鑑於目前銷售方面的承諾勢頭，是否有可能提高銷售方面的產能？所以也許我們可以先解決這個問題，然後再跟進。

Yeah, absolutely. So you're exactly right that the changes that we made six quarters ago are clearly now showing bearing fruits, right? So this is the fifth quarter of strong sales execution that we've seen. The commitments are doing incredibly well. And what that means for us is both the way our sales teams are executing, the kinds of deals they are able to get across the line and what that means for our future is very, very bright.

是的，絕對的。所以你說得完全正確，我們六個季度前做出的改變現在顯然已經開始取得成效，對吧？這是我們看到的第五個季度銷售業績強勁成長。各項承諾的執行情況非常出色。這對我們來說意味著，無論是銷售團隊的執行方式，還是他們能夠達成的交易類型，都預示著我們非常光明的未來。

So absolutely, like we've said in the past, this is an investment year for us. We are continuing to invest both in terms of our go-to-market capacity on the selling side, but also in AI where our engineering differentiation is helping us win these deals, not just on the search side, but also differentiate with things like streams and significant events and observability and with attack discovery and other capabilities in security. And so those are the areas where we will continue to invest, and we expect to see the returns as we go along.

所以，正如我們過去所說，今年對我們來說是投資之年。我們將繼續投資於銷售方面的市場推廣能力，以及人工智慧領域，我們的工程差異化正在幫助我們贏得這些交易，不僅在搜尋方面，而且在流、重大事件、可觀測性、攻擊發現以及安全方面的其他能力等方面也實現了差異化。因此，我們將繼續在這些領域進行投資，並期望隨著時間的推移獲得回報。

And then my follow-up, Ash, is sort of on RAG. As we have the industry conversation that we talked to some leading engineering departments at innovative companies, there does seem to be a friction with RAG. There still seems to be the hallucination problem. Chunking data seems to be a complicated task, if you will.

然後我的後續報道，Ash，就有點糟糕了。在我們與一些創新公司的領先工程部門進行產業對話時，似乎 RAG 確實存在一些摩擦。幻覺問題似乎仍然存在。資料分塊似乎是一項複雜的任務。

And so when it comes to like monetizing your guys' AI search capabilities, do you guys -- is there a world where you have opportunities for growth outside of RAG, maybe some of the agent builder stuff that you discussed on your script? Just to give your point of view on how durable is the RAG opportunity? And then are there other ways to monetize the company's AI search capabilities outside of RAG?

那麼，當談到如何將你們的 AI 搜尋能力貨幣化時，你們是否——除了 RAG 之外，你們是否還有其他成長機會，例如你們在腳本中討論的一些代理構建器之類的東西？請您談談對 RAG 專案永續性的看法？除了 RAG 之外，公司還有其他方式可以利用其 AI 搜尋能力獲利嗎？

Sanjit, it's really an and, not an or because the way you should think about it is, fundamentally, it's all about connecting your private data with the large language model to make that large language model actually become relevant in the context of your business and your enterprise workflows. So that's really what it's all about.

Sanjit，這其實是“和”，而不是“或”，因為你應該這樣想，從根本上講，這一切都是為了將你的私有資料與大型語言模型連接起來，使該大型語言模型在你的業務和企業工作流程的背景下真正變得相關。所以，這才是問題的關鍵。

Now your -- the thing that you're pointing out is building these kinds of agentic applications take some amount of work because getting that relevance just right. And by the way, relevance has always been our sweet spot. We specialize in messy unstructured data. We specialize in relevance. This is what we've been doing the entire existence of the company.

現在，你指出的一點是，建立這類智慧應用程式需要一些工作，因為要讓相關性恰到好處。順便說一句，相關性一直是我們的優勢。我們專長於處理雜亂無章的非結構化資料。我們專注於相關性。這是我們公司自成立以來一直在做的事情。

And so we are specialists at this, and we do this better than just about anybody else. But the complexity of this whole effort is what we are continually working to simplify, and that's what agent builder does. Agent builder under the covers uses our vector database, uses our hybrid search capabilities, but also comes with embedding models that we have tuned to make sure that they can perform incredibly well for that grounding to connect the LLM to your data that was what the acquisition of Jina AI was all about to bring multilingual and multimodal capabilities to everything that we could do. So agent builder will absolutely be yet another way for us to monetize our core strength in context engineering, but it's going to be an end.

因此，我們是這方面的專家，而且我們在這方面比幾乎任何人都做得更好。但是，我們一直在努力簡化整個工作的複雜性，而這正是代理建構器的作用。代理構建器底層使用了我們的向量資料庫和混合搜尋功能，還配備了我們調整過的嵌入模型，以確保它們能夠出色地完成這項工作，從而將 LLM 連接到您的資料。收購 Jina AI 的目的是為了將多語言和多模態功能帶到我們所能做的一切。因此，代理構建器絕對會成為我們利用自身在上下文工程方面的核心優勢來盈利的另一種方式，但這終將是一個終點。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Yeah. You talked about the slippage in the quarter, like the one question I got from a lot of people was like historically, you guys kind of beat in the quarter by a little bit more. And obviously, I appreciate we have a new CFO, so there could be a new guidance philosophy. But like -- but there also could be just a slippage situation.

是的。你談到了本季業績下滑的情況，很多人問我的一個問題是，從歷史數據來看，你們本季的業績通常會略微超出預期。顯然，我很高興我們有了新的財務官，所以可能會有新的指導理念。但是——但是也可能只是出現了疏忽的情況。

How does -- how do you think about the quarter? I appreciate the bookings, but like on kind of cloud beach on total revenue, the beat level was kind of lower than what we've seen before. Were there any kind of puts and takes there?

你覺得本季怎麼樣？我很感謝大家的預訂，但是就像在雲端海灘上一樣，總收入的節拍水平比我們以前看到的要低一些。那裡有過買賣交易嗎？

Yeah, Raimo, thanks for the question. You may remember that we guided the quarter in the beginning -- at the end of Q1, and we also updated that during Financial Analyst Day, which was just a month ago. And at the time, we gave you a much closer to the PIN number for the quarter and the year.

是的，雷莫，謝謝你的提問。您可能還記得，我們​​在第一季末對本季業績進行了預測，並在一個月前的金融分析師日上更新了該預測。當時，我們給了你一個更接近季度和年度 PIN 碼的號碼。

And as I mentioned, the second quarter was a very strong quarter. So we beat that number by $5.5 million in Q2, and we raised very, very healthily $16 million at FAD and another $34 million in total -- a total of $34 million from Q1 to Q1 for the year.

正如我之前提到的，第二季業績非常強勁。因此，我們在第二季度比這個數字高出 550 萬美元，並且在 FAD 上籌集了非常非常健康的 1600 萬美元，總共又籌集了 3400 萬美元——從第一季到今年第一季度，總共籌集了 3400 萬美元。

So we feel the business is going very well. The guidance obviously gives you a sense -- the guidance closer to the quarter gives you a sense of where the quarter is ending. So that's the first point.

所以我們認為公司業務發展得非常好。業績指引顯然能讓你有個大致了解－接近季度末的業績指引能讓你對季度末的業績有所了解。這是第一點。

The second one on the slips. This was expected variability in the quarter, like I mentioned, we don't over-rotate on a single quarter's performance. But the renewal side, obviously, is going to come in the year, and that's reflected by our strong year. and the bookings shape is just going to be different this quarter than it was last quarter.

紙條上的第二個。這是本季預期的波動，正如我之前提到的，我們不會過度依賴單一季度的業績。但續約方面，很顯然，今年將會迎來轉機，這從我們強勁的業績中就能看出來。而且，本季的預訂情況肯定會與上季有所不同。

Okay. Perfect. And then Ash, one for you. On the big win in SIEM, is that -- do I have to think about that as like -- or maybe broader like is this kind of like there is obviously a play that used to be strong in that space that is takeaways from that or like what are you seeing here in terms of the momentum? Thank you.

好的。完美的。然後是Ash，給你一杯。關於 SIEM 的重大勝利，我是否應該這樣想——或者更廣泛地說，這是否意味著曾經在這個領域佔據優勢的某種策略，我們可以從中吸取哪些經驗教訓，或者說，就目前的勢頭而言，你看到了什麼？謝謝。

Yeah. Actually, both of our -- the two largest deals this quarter were both $20-plus million security wins and what this highlights is just the level to which our security offering has evolved and matured and the AI capabilities that we offer are absolutely unmatched.

是的。事實上，本季我們最大的兩筆交易都是價值超過 2000 萬美元的安全解決方案，這充分說明了我們的安全產品已經發展成熟到何種程度，以及我們提供的 AI 功能是絕對無與倫比的。

And you're seeing an organization like CISA, the cybersecurity and infrastructure security agency of the United States, I mean this agency is responsible really for shaping the direction of cybersecurity for all federal civilian agencies in the United States government.

你會看到像 CISA 這樣的組織，即美國的網路安全和基礎設施安全局，我的意思是，這個機構實際上負責塑造美國政府所有聯邦民事機構的網路安全方向。

And them choosing Elastic to offer a SIEM-as-a-service on Elastic Cloud is an unbelievable endorsement. It just shows the strength of the platform, the flexibility and capability, the AI capabilities. And as you can imagine, these kinds of agencies have been using other incumbents in the past.

他們選擇 Elastic 在 Elastic Cloud 上提供 SIEM 即服務，這無疑是對 Elastic 的極大認可。這充分展現了該平台的實力、靈活性和功能，以及人工智慧能力。可以想像，這類機構過去也曾與其它現有機構合作過。

So this is a consolidation onto our platform. This is us taking share. This is us now really being in a place where with all the experience that we've had with our security technology, now really demonstrating what we can do, and this is very exciting, the way I look at it going forward.

所以這是對我們平台的整合。這是我們分一杯羹。現在，憑藉我們在安全技術方面累積的所有經驗，我們真正展現了我們的能力，這讓我感到非常興奮，也讓我對未來充滿期待。

Yeah, okay, perfect, congrats. Thank you.

好的，太好了，恭喜。謝謝。

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Great. Good evening and thanks for taking my question here. Ash, I wanted to build on one of your initial comments in your script about how AI is positively impacting all areas of the business, and I appreciate all of the color that you've given. And the question is really around as as a percentage, both of overall customers and of large deals and it's great to see that growing, I think it was 23% of your $100,000 deals.

偉大的。晚上好，感謝您接受我的問題。Ash，我想就你在腳本中最初提到的人工智慧如何對業務的各個方面產生積極影響這一點，進一步展開討論，我很欣賞你提供的所有細節。真正的問題在於，無論是佔總客戶數的百分比還是佔大額交易數的百分比，很高興看到這個數字在增長，我認為在 10 萬美元的交易中，這個數字達到了 23%。

But why isn't that number greater? If everyone has some level of proof of concept right now going on in GenAI, where is the unlock for Elastic relative to those types of opportunities?

但為什麼這個數字不更大呢？如果目前 GenAI 領域每個人都在進行一定程度的概念驗證，那麼 Elastic 相對於這些機會的優勢在哪裡？

Yeah. That's a great question. A couple of things to keep in mind. First of all, the number that we have given is only on Elastic Cloud because that number is something for which the telemetry that we see is very, very clear, and it's sort of indisputable. For customers that are using us on self-managed, we have many customers.

是的。這是一個很好的問題。有幾點要注意。首先，我們給出的數字僅來自 Elastic Cloud，因為我們看到的遙測數據非常非常清晰，而且幾乎是無可爭議的。對於使用我們自助管理服務的客戶，我們有許多客戶。

I gave one example of -- in my prepared remarks of a financial services institution that is using us, and they are using us in a self-managed way. So for those, those are over and above the numbers that we sort of call out. So the penetration is growing. It's meaningful, like you called out 23% in a $100,000 cohort. So we feel really good about it.

我在準備好的發言稿中舉了一個例子，就是一家金融服務機構正在使用我們的服務，而且他們是以自主管理的方式使用我們的服務。所以，這些數字是在我們通常提到的數字之外的。所以滲透率正在提高。這很有意義，就像你指出了 10 萬美元群體中的 23% 一樣。所以我們對此感到非常滿意。

As more and more companies start to deploy more and more of these kinds of applications, I would expect our penetration to grow, I would expect the breadth of revenue that we capture from each of these accounts to grow.

隨著越來越多的公司開始部署這類應用程序，我預計我們的市場滲透率會提高，我們從每個客戶那裡獲得的收入範圍也會擴大。

As Navam had outlined in our Financial Day Financial Analyst Day that happened about a month ago, in the cohort of AI users, we see them growing faster than the rest of the cohort. So that to us is a very important metric. We measure it, we track it, we are constantly looking to make sure that we win the AI workloads in every account. This is going to be something that we just keep working on and it's going to keep growing.

正如納瓦姆在大約一個月前舉行的金融分析師日上所概述的那樣，在人工智慧用戶群中，我們看到他們的成長速度比其他群體更快。所以對我們來說，這是一個非常重要的指標。我們會進行衡量，我們會跟踪，我們會不斷努力確保在每個客戶的 AI 工作負載中都取得勝利。我們會繼續努力，讓它不斷發展壯大。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Hi, good afternoon. Thank you for taking the question. I guess maybe Ash for you, I'd like to dig into the security side of the business a little bit. Would love to understand what you're seeing competitively? Whether the deal wins that you're seeing are against -- or at the expense of more observability-focused vendors? And are you starting to see maybe what I'll call some of the next-gen security platform vendors more frequently in the marketplace? And then I have a quick follow-up.

您好，下午好。感謝您回答這個問題。我想，Ash，或許你可以了解這個產業的安全面。很想了解您觀察到的競爭格局？你看到的這些交易成功，是損害了更注重可觀測性的供應商的利益，還是損害了這些供應商的利益？您是否開始在市場上更頻繁地看到一些我稱之為下一代安全平台供應商的產品？然後我還有一個簡短的後續問題。

We tend -- so when it comes to security, we tend to see all the players that you would think of. We consider ourselves to be the leading next-gen security SIEM platform out there. So from that perspective, we tend to typically be the ones displacing incumbents.

所以，說到安全問題，我們往往會想到所有你能想到的參與者。我們認為自己是目前領先的下一代安全 SIEM 平台。所以從這個角度來看，我們往往是取代現有企業的那一方。

And the reason why we see that is, first and foremost, security is a data problem. I think everybody is starting to say that now. And our back-end data platform is the best in terms of the flexibility, the scalability that it offers. We were built, first and foremost, as a data platform, and that allows us to do the kinds of analytics that others struggle to do.

我們看到這種情況的原因首先在於，安全性是一個資料問題。我覺得現在大家都開始這麼說了。我們的後端資料平台在靈活性和可擴展性方面都是最好的。我們首先是作為一個數據平台而建立的，這使我們能夠進行其他公司難以進行的各種分析。

The second thing is our AI functionality, like that, again, comes back to our core differentiation, and we are able to apply that AI depth to things like attack discovery, which are capabilities that again are very, very differentiated, which allows somebody to reduce massively the amount of time that it takes to do the actual threat detection and then remediation of that problem.

第二點是我們的人工智慧功能，這再次反映了我們的核心差異化優勢，我們能夠將這種人工智慧深度應用於攻擊發現等功能，這些功能同樣具有非常顯著的差異化優勢，能夠大幅減少實際威脅檢測和問題修復所需的時間。

So that's where we are seeing a lot of success displacing incumbents. On the observability side, we tend to lead with log analytics. And when it comes to log analytics, like that's where we land and then we expand into metrics and traces. So as you can imagine, the number of players that are able to do sophisticated log analytics at scale is a very small number.

所以，我們看到很多企業在取代現有企業方面取得了成功。在可觀測性方面，我們傾向於先進行日誌分析。而說到日誌分析，我們先從這裡入手，然後擴展到指標和追蹤。因此，你可以想像，能夠大規模進行複雜日誌分析的玩家數量非常少。

And so we have a very, very differentiated advantage, especially with new AI-related features like streams, like significant events that we talked about in the Financial Analyst Day, and that's what is helping us win these deals faster. So of the five deals that were over $10 million, like I mentioned, two were security, the largest two, two were observability and one of them was AI. So there is a really nice breadth of wins that we are seeing and each of our business area is seeing great success.

因此，我們擁有非常非常獨特的優勢，尤其是在與人工智慧相關的新功能方面，例如我們在金融分析師日上討論過的“資訊流”和“重大事件”，這些功能正在幫助我們更快地贏得這些交易。所以，正如我所提到的，在超過 1000 萬美元的五筆交易中，兩筆是安全方面的，金額最大的兩筆是安全方面的，兩筆是可觀測性方面的，還有一筆是人工智慧方面的。因此，我們看到了非常廣泛的成功，我們每個業務領域都取得了巨大的成功。

Got it. Maybe just a follow-up on that point. We've seen a couple of recent acquisitions by some of the larger platform vendors. We saw the acquisition of Chronosphere last night and then a little while earlier from CrowdStrike. Any initial thoughts on those and whether or not you see those in the marketplace? Or are they maybe responding to the capabilities that you have in that space in that regard?

知道了。或許可以就這一點做個後續補充。我們看到一些大型平台供應商最近進行了一系列收購。昨晚我們看到了 Chronosphere 被收購，而就在不久前，CrowdStrike 也收購了 Chronosphere。您對這些產品有什麼初步想法？您認為它們在市場上會有市場嗎？或者，他們可能是在回應你在該領域所具備的能力？

Yeah, it's a great question. And look, we've been talking about the fact that observability and security are two sides of the same coin. We've been saying it now for at least the last seven to eight years, and it's because fundamentally, it's all about the data. The two things I'd say is, one, we have the best data platform, like I said, in terms of our ability to scale, in terms of our flexibility.

是的，這是一個很好的問題。而且，我們一直在討論可觀測性和安全性是同一枚硬幣的兩面。我們至少在過去七、八年裡一直在強調這一點，因為從根本上講，一切都與數據有關。我想說的兩點是，第一，我們擁有最好的數據平台，就像我剛才說的，就我們的擴展能力和靈活性而言。

We can bring in all kinds of telemetry, including the telemetry from these other players that you referred to, and we are able to do analysis on them. That's not something that others are able to do. So we have a tremendous way to get into accounts and then expand that others just don't share.

我們可以匯入各種遙測數據，包括您提到的其他玩家的遙測數據，並且我們可以對這些數據進行分析。這是其他人做不到的。因此，我們擁有其他公司所不具備的、進入帳戶並進行擴展的絕佳方法。

The second thing is we've been at this for the last 8 years, and we've built out our security capabilities, our observability capabilities. So we are way ahead of everybody in terms of our AI functionality, in terms of our ability to bring in all signal types in and observability, whether it's logs, metrics, traces in one single platform.

第二點是，在過去 8 年裡，我們一直在努力，已經建立了我們的安全能力和可觀測性能力。因此，我們在人工智慧功能方面遙遙領先所有人，我們能夠將所有訊號類型和可觀測性（無論是日誌、指標還是追蹤）整合到一個平台上。

So it's a great validation, first and foremost, that others are trying to emulate us. But it also means that our advantage in terms of us being in this for so long is just showing fruits in terms of the wins that we are seeing, in terms of the customer commitments. And I expect that to continue.

首先，這無疑是對我們莫大的肯定，說明其他人都在努力效法我們。但這也意味著，我們在這個產業深耕多年所取得的優勢，正體現在我們所取得的勝利和客戶的承諾上。我預計這種情況還會持續下去。

Got it. That's helpful color. Thank you so much.

知道了。這是個很有幫助的顏色。太感謝了。

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Yeah, thank you for taking the question. You talked about, in prior quarters, how you introduced some product optimizations into the platforms like the logs DB product, which cut storage costs for customers that took advantage of that. I was just wondering if you could tie in that dynamic into sort of the cloud revenue trajectory? Because obviously, last quarter, you saw some of the pricing dynamics impacted and I imagine the optimization side impacted that as well.

是的，謝謝你回答這個問題。在前幾個季度，您曾談到如何對平台（例如日誌資料庫產品）進行一些產品優化，從而降低利用這些優化的客戶的儲存成本。我只是想知道您是否可以將這種動態與雲端收入軌跡連結起來？很顯然，上個季度的一些定價策略受到了影響，我想優化方面也對此產生了影響。

But I guess the question is, are most customers kind of through that optimization in terms of adopting the logs DB product and now you're starting to see those come on in terms of greater use cases and greater commitments and perhaps that can sort of drive an acceleration in the cloud growth sequentially just as they've been able to kind of optimize and bring on new use cases?

但我想問的是，大多數客戶是否已經完成了採用日誌資料庫產品的優化，現在開始看到更多用例和更大投入，這或許可以推動雲端成長的加速，就像他們已經能夠進行優化並引入新的用例一樣？

Yeah, that's a great question. Look, the first thing I'd say is overall data growth is just expanding at an unbelievable pace, right? So the reason why we are constantly introducing features that make the platform more and more efficient is because without us doing that, it would be just near impossible for anybody to be able to really store and analyze all the data that they're generating.

是的，這是一個很好的問題。首先，我想說的是，整體數據成長速度簡直令人難以置信，對吧？因此，我們不斷推出使平台越來越有效率的功能，是因為如果我們不這樣做，任何人幾乎都不可能真正儲存和分析他們產生的所有資料。

Data volumes in most organizations is doubling, tripling every year and it just does not make sense for them to be able to manage all of that. So making the platform more efficient does two things. One, it allows customers to keep up and continue to use our platform in more ways; and second, it makes our platform more attractive for customers to bring other workloads from other observability vendors, from other security vendors onto our platform because we become a much more efficient way for them to do all the analysis that they might have been paying somebody a lot more for.

大多數組織的資料量每年都在翻一番、三倍，他們根本無法管理所有這些資料。因此，提高平台效率可以帶來兩個好處。首先，它讓客戶能夠以更多方式跟上時代並繼續使用我們的平台；其次，它使我們的平台對客戶更具吸引力，促使他們將來自其他可觀測性供應商、其他安全供應商的其他工作負載遷移到我們的平台上，因為我們為他們提供了一種更高效的方式來進行所有分析，而他們以前可能需要為此支付更高的費用。

And that's how we grow. So you need to look at everything in the overall context of things. And what really drives consumption growth, Tyler, is the commitments. So as commitments -- as we get bigger and bigger commitments, that, as it turns into consumption is what drives our revenue. And so what I feel most excited about is not just the fact that consumption has been strong this quarter, but also the fact that commitments have just been absolutely wonderful for us.

我們就是這樣成長的。所以你需要從整體的角度來看所有事情。泰勒，真正推動消費成長的是承諾。因此，隨著承諾的增加——隨著我們獲得越來越大的承諾，這些承諾會轉化為消費，而消費正是我們收入的驅動力。因此，我最興奮的不僅是本季消費強勁，而且我們的訂單承諾也非常好。

So that is what gives us a lot of confidence, and you're seeing that reflected in the guide and the fact that we raised the guide again in such a meaningful way.

這就是我們信心的來源，你們也從指南中看到了這一點，我們以如此有意義的方式再次提高了指南的排名。

I'd add to that. I just want to add to that to what I ask said, both of our largest deals, the $20 million-plus sales that we talked about were cloud deals. So that's something we'll recognize over time.

我還要補充一點。我只想補充一下我剛才問的，我們最大的兩筆交易，也就是我們談到的超過 2000 萬美元的銷售額，都是雲端交易。所以這是我們隨著時間的推移會認識到的。

Got it. The $20 million security deals, those were all cloud?

知道了。那2000萬美元的安全交易，都是雲端服務嗎？

Not the security deals. But the two we referenced $20 million-plus TCV deals, both of those largest deals were cloud deals.

不是安全交易。但我們提到的兩筆總合約價值超過 2000 萬美元的交易，都是雲端交易。

Okay. Okay. Great. And just a quick follow-up for you, Navam. You talked about ACV growth being stronger in the first half.

好的。好的。偉大的。納瓦姆，我還有一個後續問題想問你。您曾提過上半年 ACV 成長更為強勁。

I assume net new ACV stronger as well. Is that ACV growth kind of tracking above what we see in terms of reported subscription or sales subscription growth, too?

我估計淨新增ACV也會更強。ACV 成長是否也高於我們所看到的訂閱或銷售訂閱成長？

Yes, for the reason that cloud revenue trails these subscriptions, right? So you'd have commitments that then eventually turn into revenue over time. sales-led subscription revenue is always going to trail the ACV aggregate amount that you have. So yes is the answer and also the point that I made earlier, which is that the ACV growth year-over-year has been accelerating.

是的，因為雲端收入落後於這些訂閱收入，對吧？因此，你會有一些承諾，這些承諾最終會隨著時間的推移轉化為收入。銷售驅動的訂閱收入總是會低於你的年度合約價值總額。所以答案是肯定的，這也印證了我之前的觀點，即年度合約價值 (ACV) 的同比增長一直在加速。

Okay. Very helpful. Thank you.

好的。很有幫助。謝謝。

Howard Ma, Guggenheim Securities.

Howard Ma，古根漢證券。

Hey, great, thank you for taking the question. So Navam, you mentioned the cloud strength, but you all have also called out some pretty strong data points on the self-managed side as well. So I'm just curious, like you've talked about strength across all three use cases here, like are those distributed the same when you look at the people consuming in cloud versus those consuming on self-managed or do they skew differently?

嘿，太好了，謝謝你回答這個問題。所以 Navam，你提到了雲端的優勢，但你們也都指出了自管理方面的一些非常強大的數據點。所以我很好奇，就像你剛才提到的這三種使用場景的優勢，那麼當你觀察在雲端使用的用戶和在自託管環境中使用的用戶時，這些優勢的分佈是否相同，還是存在不同的偏差？

There's going to be variability quarter-over-quarter. So some of them are going to be cloud and some of them are going to be self-managed. Like we said, we incentivized our sales team to go meet the customers where they are be it on cloud or self-managed. So some quarters, we're going to have some self-managed strength and some quarters, we're going to have some cloud mix strength.

季度之間肯定會有波動。所以其中一些將採用雲端部署，有些則會採用自主管理模式。正如我們所說，我們激勵銷售團隊去拜訪客戶，無論他們是在雲端還是在自行管理的環境中。所以有些季度，我們會有一些自主管理的優勢，而有些季度，我們會有一些雲端混合優勢。

There hasn't been any meaningful change in the mix trajectory both of those lines of business are expected to grow to reach our sales-led subscription revenue target that we laid out in the midterm.

這兩個業務線的成長軌跡沒有任何實質的變化，預計它們將繼續成長，以達到我們在中期制定的以銷售為主導的訂閱收入目標。

Okay. And then just a model question I had was looking at the monthly subscription, I know that, that's not part of the revenue you're guiding to, but it did tick down in the second quarter in each of the last two years. So is there a seasonal element to that or is there anything else to unpack in this year's downtick?

好的。然後，我舉了一個例子來說明每月訂閱收入的情況。我知道這不屬於你們預期的收入範圍，但在過去兩年的第二季度，訂閱收入確實有所下降。那麼，這其中是否存在季節性因素，還是說今年的下滑還有其他原因需要分析？

Broadly speaking, that's going to be self-serve customers that are mostly smaller SMB customers. So we'd expect that line to be flat and that's our expectation. Our revenue guide of sales-led subscription revenue is basically where we're driving the business to and which is why we separate it out and give it to you as a guidance point starting this quarter.

總的來說，這些客戶主要是自助服務客戶，而且大多是規模較小的中小企業客戶。所以我們預期這條線會是水平的，這也是我們的預期。我們以銷售為主導的訂閱收入作為收入指導，這基本上是我們推動業務發展的方向，因此我們將其單獨列出，並從本季度開始作為指導點提供給您。

Shrenik Kothari, Robert Baird.

施萊尼克·科塔里，羅伯特·貝爾德。

Yeah, thanks for taking my question. So you called out or you had called out production GenAI workloads across DocuSign, NHFC proof points at the Analyst Day. Just curious like how are you seeing these large-scale embedded use cases evolving?

謝謝你回答我的問題。所以你在分析師日上指出了 DocuSign 和 NHFC 生產環境中的 GenAI 工作負載，並提出了證據。我很好奇，您如何看待這些大規模嵌入式應用案例的發展趨勢？

And just how enterprise customers are deploying workloads involving vector search inference? Are these usage patterns proving to be more stickier, more than your traditional sort of logs metrics, which I would think are often more compressible? And how to think from an NRR point of view? Then I have a follow-up.

企業客戶究竟是如何部署涉及向量搜尋推理的工作負載的？這些使用模式是否比傳統的日誌指標更具黏性，而我認為傳統的日誌指標通常更容易壓縮？那麼，從淨再生率（NRR）的角度來看，該如何思考呢？然後我還有一個後續問題。

Yeah. Let me maybe answer the -- what's the nature of these kinds of use cases. So first of all, anybody that's using us for any of the AI use cases, it tends to be more compute intensive, Shrenik, than if it were just say textual search, that's just by nature of what these algorithms are like.

是的。讓我來回答一下——這類用例的本質是什麼。首先，Shrenik，任何將我們的產品用於人工智慧用例的人，其計算量往往比僅僅進行文字搜尋要大得多，這是這些演算法的本質決定的。

And as we described, the cohort analysis that we laid out at the Financial Analyst Day, kind of talked about the fact that those cohorts, the AI cohorts are growing faster than the other cohorts. So that's just something that is built in. If you haven't had a chance to look at that information, I'd encourage you to look at it, but we laid it out at Financial Analyst Day.

正如我們在金融分析師日上提出的群體分析所描述的那樣，人工智慧群體的成長速度比其他群體更快。所以這是內建功能。如果您還沒有機會查看這些信息，我建議您查看一下，但我們在金融分析師日上已經詳細介紹過了。

In terms of those use cases, what we're seeing is broadly across all industries, not just in AI native companies that are also customers of ours, but broadly across all kinds of enterprises, financial services companies, telcos, government agencies, automotive companies, et cetera, we are seeing broad adoption. People are not just playing around, it's not just pilots, but it's production use cases that we are seeing.

就這些應用案例而言，我們看到的是，人工智慧技術正在各個行業中廣泛應用，不僅包括我們的客戶——人工智慧原生公司，還包括各種類型的企業、金融服務公司、電信公司、政府機構、汽車公司等等。人們不是在玩鬧，不僅僅是試點項目，我們看到的是實際的生產應用案例。

So we feel really good about the stickiness of our usage. And our overall AI functionality is so broad. It's not just about vector search. It's a lot more than that. And that's really what creates that stickiness. Our ability to ensure accurate relevance.

所以我們對使用者黏性感到非常滿意。我們的人工智慧整體功能非常廣泛。這不僅僅是向量搜尋的問題。遠不止如此。而這正是造成黏性的真正原因。我們確保準確性和相關性的能力。

Very helpful, Ash. And Navam, a quick follow-up. How you're thinking about NRR dynamics broadly since you guys called out the sales side subscription? How is that trending from an NRR perspective, you can share an update? And I know it's early days, but just curious if the renewals closed in the quarter, what could have been the NRR versus now?

阿什，你幫了我大忙。Navam，請快速跟進。既然你們提到了銷售端的訂閱模式，那麼你們對淨經常性收入（NRR）的動態變化有何看法？從淨現值（NRR）的角度來看，趨勢如何？可否分享一下最新情況？我知道現在下結論還為時過早，但我只是好奇，如果續約在本季結束，那麼淨收益率 (NRR) 與現在相比會是多少？

Yeah. The net expansion rate played out roughly where we expected it to be. It's at 112%, which is stable. And that's buttressed by stable gross retention rates as well. And you may remember, we described with the underlying trends behind the NRR, which is cohort expansion of each of our individual cohorts, and we gave you some details during Financial Analyst Day.

是的。淨擴張率基本上符合我們的預期。目前佔112%，處於穩定狀態。穩定的總留存率也印證了這一點。您可能還記得，我們​​描述了 NRR 背後的潛在趨勢，即我們每個單獨隊列的隊列擴張，我們在財務分析師日上向您提供了一些細節。

All those trends remain very strong. So driven by many other things, including the cohort expansion, we're seeing very good net expansion rates today.

這些趨勢依然非常強勁。因此，在包括人口成長在內的許多因素的推動下，我們今天看到了非常好的淨成長率。

Great, thanks.

太好了，謝謝。

Ittai Kidron, Oppenheimer.

伊泰·基德隆，奧本海默。

Thanks. Ash, the large deal volume is impressive. Is there a way for you to break down the $30 million -- 30 $1 million deals into how many of them were renewals versus actually new customers? And also in that 30, how do I think about potential deals that were pushed out from 1Q into 2Q or perhaps pulled in from 3Q into 2Q? How do I think about that?

謝謝。Ash，這筆大額交易令人印象深刻。您能否將這 3000 萬美元（30 筆 100 萬美元的交易）細分為有多少是續約交易，又有多少是新客戶交易？另外，在這 30 年間，我該如何看待那些從第一季延後到第二季度，或是從第三季延後到第二季的潛在交易呢？我該如何看待這件事？

Let me answer the second one first. Just in terms of deals moving between quarters, like there's always some deals that slip a quarter, some that get pulled in naturally. This is -- now I'm talking outside of any of the government shutdown dynamics. But some of that movement happens naturally anyways. That's typically just a few deals typically that, that happens with.

讓我先回答第二個問題。就交易在不同季度之間的變動而言，總是會有一些交易推遲到一個季度，而有些交易則會自然而然地被納入其中。現在，我指的是與政府停擺無關的事。但其中一些運動本來就會自然發生。通常情況下，這種情況只會發生在少數幾筆交易中。

This quarter, Q2 was not different from prior quarters. It played out normally just as we would have expected. So there was nothing special there. In terms of the large deals, like I don't have the breakdown for the full 30-plus deals. What I will tell you is that when we look at the five deals that are greater than $10 million in total contract value, two of them were security deals, two of them were observability deals and one of them was an AI deal.

本季（第二季）與前幾季並無不同。事情進展得很順利，正如我們所預料的。所以那裡沒什麼特別的。至於大宗交易，例如我沒有全部 30 多筆交易的詳細明細。我可以告訴你們的是，當我們查看總合約價值超過 1000 萬美元的五筆交易時，其中兩筆是安全交易，兩筆是可觀測性交易，還有一筆是人工智慧交易。

And ne of those, one of the largest deals that we signed was actually a new logo for us. So we do see a good mix of expansion on existing logos, where we are cross-selling a new solution or something along those lines? And then there are ones where that are completely new logos. So I talked about, in my prepared remarks, one of the world's largest chemical manufacturers, that was a completely new logo for us, and it was a deal over $20 million.

其中一項，也是我們簽署的最大交易，實際上是為我們設計了一個新的標誌。因此，我們看到現有品牌的擴展銷售模式與交叉銷售新解決方案或類似模式相結合，效果相當不錯？還有一些是全新的標誌。因此，我在事先準備好的演講稿中談到了世界最大的化學品製造商之一，那對我們來說是一個全新的標誌，而且這是一筆超過 2000 萬美元的交易。

Very good. And maybe as a follow-up, Navam, on your sales-led guidance. I know you look at sales-led as a group, whether it be self-managed or cloud as both of them as important drivers for you. I think the challenge that investors have is that when you don't give more specific breakdowns on your expectations from cloud to self-manage, it's hard to gauge where you internally your outperformed versus underperform.

非常好。納瓦姆，或許可以作為後續，談談你以銷售為導向的指導。我知道你們把銷售主導型企業視為一個整體，無論是自主管理型企業或雲端企業，因為對你們來說，這兩者都是重要的驅動因素。我認為投資人面臨的挑戰是，如果你不更具體地細分你對雲端服務和自主管理的預期，就很難衡量你在內部哪些方面表現優異，哪些方面表現不佳。

And investors, no matter what, they're going to be very focused on cloud. So is there any color that you can give us, first of all, on 2Q that you just reported? Did you outperform on cloud or self-managed or underperform in any of them relative to your internal targets? That's question number one.

無論如何，投資者們都會非常關注雲端運算。首先，您能否就您剛公佈的第二季業績透露一些資訊？相對於內部目標，您在雲端或自主管理方面是否表現優異，或表現不佳？這是第一個問題。

And question number two, can you give us any -- some sort of a little bit more granular perspective on how to think about the breakdown of your sales-led guide for the third quarter?

第二個問題，您能否更詳細地談談您第三季銷售主導型指引的細分？

Sure thing. So Ittai, there is no internal breakdown of cloud versus self-managed for our sales team. We give them a quota and they go and hit that quota, regardless of whether it's cloud or self-managed. So we're giving you a metric in exactly the way we think about the metric, right?

當然可以。所以Ittai，對於我們的銷售團隊來說，雲端部署與自架方案之間並沒有內部差異。我們給他們設定一個配額，他們就去完成這個配額，不管是雲端管理還是自我管理。所以，我們給你的指標，正是我們理解的指標，對吧？

We don't think about a cloud number, we don't think about a self-managed number, we don't think about migrations from self-managed to cloud. One is not an old platform and the other is a new platform. This is all one platform that we sell -- one sales motion that we sell our customers to, and there are plenty of AI workloads, modern AI workloads that are self-managed.

我們不考慮雲端用戶數量，我們不考慮自託管用戶數量，我們也不考慮從自託管遷移到雲端。一個不是老平台，一個是新平台。我們銷售的是一個統一的平台——我們向客戶銷售的是一種統一的銷售模式，其中包含大量人工智慧工作負載，現代人工智慧工作負載都是可以自我管理的。

So frankly, we meet our customers where they are and we are fine with either. So this is basically us informing The Street in how we internally think about our metrics. So I think that's important to talk about.

坦白說，我們會根據客戶的實際情況提供服務，兩種方式我們都接受。所以，這基本上是我們向華爾街介紹我們內部如何看待自己的指標。所以我認為這個問題值得討論。

And the sales-led guidance that I gave you in the third quarter was primarily related to the strength we're seeing in the two things that I talked about: the commitments momentum, and we talked about the large deal momentum that we're seeing, which is also a factor in the commitments we're seeing and the consumption momentum. Both those things are the factors that lead to a strong Q3 number and also, frankly, a very strong full year number that we increased twice in a row now since the end of Q1.

我在第三季度給出的以銷售為主導的業績指引主要與我們在以下兩方面看到的強勁勢頭有關：承諾勢頭，以及我們看到的大宗交易勢頭，這也是我們看到的承諾勢頭和消費勢頭的一個因素。這兩個因素共同促成了第三季強勁的業績，坦白說，也促成了全年業績的強勁增長，自第一季末以來，我們已經連續兩次實現了全年業績的成長。

Appreciate it.

謝謝。

Jake Roberge, William Blair.

傑克‧羅伯格，威廉‧布萊爾。

Yeah, thanks for taking the question. You referenced the CISA deal during the quarter, but can you talk about how the rest of the federal business came together? And then you mentioned there was some impact to term license in the quarter from the shutdown. Would you expect that to catch back up pretty quickly during the third quarter? And any way to kind of size that impact that it was to Q2?

好的，謝謝你回答這個問題。您在本季度提到了 CISA 協議，但您能否談談其他聯邦業務是如何整合起來的？然後您提到，停工對本季的長期許可業務造成了一定影響。你認為這種情況會在第三季很快恢復嗎？有沒有辦法衡量它對第二季的影響程度？

So let me maybe start with that. So the best way to think about our overall performance in the US public sector was great. Like absolutely, we were very happy with the performance. The team, obviously, we had one less month in the quarter when the teams were able to close meaningful business, but they were able to work around it.

那我就先從這裡開始吧。因此，評價我們在美國公共部門的整體表現的最佳方法是：出色。當然，我們對演出非常滿意。很顯然，團隊在這個季度少了一個月的時間來完成有意義的業務，但他們能夠克服這一困難。

Demand remains very, very strong and the execution of the team was excellent. And the CISA deal came in, in the month of September before the shutdown happened. So all of that worked out very, very nicely.

市場需求依然非常強勁，團隊的執行力也十分出色。CISA協議是在9月達成的，也就是政府停擺之前。所以這一切都非常順利地解決了。

In terms of the renewals that slipped from Q2 to Q3, the best way to think about it is those were renewals where the customers are still using our product. So we did not take the approach of shutting them down. We just let them continue using it because we know that when we knew that when the government reopens that they will process those orders.

對於從第二季到第三季下滑的續訂情況，最好的理解方式是，這些續訂是指客戶仍在繼續使用我們的產品。所以我們沒有採取關閉它們的做法。我們只是讓他們繼續使用，因為我們知道，一旦政府重新開放，他們就會處理這些訂單。

So that's the right way to think about it. So those renewals will come through in Q3. And so it's not business that's at risk, it's just something that slipped because the government was shut down.

所以，這樣想才是正確的。所以這些續約將在第三季完成。所以，面臨風險的不是企業本身，而是因為政府停擺而耽擱了一些事情。

Very helpful. Thanks for taking the question.

很有幫助。感謝您回答這個問題。

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

我們的問答環節到此結束。我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 all for joining us today. So we here at Elastic are very proud of our strong results and are very excited about the opportunity ahead. Thank you.

感謝各位今天蒞臨。因此，Elastic 的全體員工都為我們取得的優異成績感到非常自豪，並對未來的機會感到非常興奮。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。