Elastic N.V.(ESTC) 首席执行官 Shay Banon 在 2019年 第四季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年06月07日 · 124 次阅读

Elastic N.V. (NYSE:ESTC) Q4 2019 Earnings Conference Call June 5, 2019 5:00 PM ET

[Elastic NV(纽约证券交易所股票代码:https://seekingalpha.com/symbol/ESTCESTC])2019年第四季度收益电话会议2019年6月5日)[ 东部时间下午5点

公司参与者

Shay Banon - Founder, Chief Executive Officer
Janesh Moorjani - Chief Financial Officer
Anthony Luscri - Vice President of Investor Relations

  • Shay Banon - 创始人,首席执行官
  • Janesh Moorjani - 首席财务官
  • Anthony Luscri - 投资者关系副总裁

电话会议参与者

Kash Rangan - Bank of America/Merrill Lynch
Raimo Lenschow - Barclays
John DiFucci - Jefferies
Mark Murphy - JP Morgan
Matt Hedberg - RBC Capital Markets
Mark Grant - Goldman Sachs
Tyler Radke - Citi
Ittai Kidron - Oppenheimer
Richard Davis - Canaccord Genuity

  • Kash Rangan - 美国银行/美林证券
  • Raimo Lenschow - 巴克莱
  • John DiFucci - Jefferies
  • 马克墨菲 - 摩根大通
  • 马特赫德伯格 - 加拿大皇家银行资本市场
  • 马克格兰特 - 高盛
  • Tyler Radke - 花旗
  • Ittai Kidron - 奥本海默
  • 理查德戴维斯 - Canaccord Genuity

会议主持员

Good day and welcome to the Elastic Fiscal Fourth Quarter 2019 Financial Results Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference call over to Mr. Anthony Luscri, Vice President of Investor Relations. Mr. Luscri, the floor is yours sir.

美好的一天,欢迎来到2019年弹性财政第四季度财务业绩电话会议和网络直播。 所有参与者都将处于只听模式。 [操作员说明]请注意正在记录此事件。

我现在想把电话会议转交给投资者关系副总裁Anthony Luscri先生。 卢斯克先生,地板是你的先生。

Anthony Luscri

Thank you. Good afternoon and thank you for joining us on today's conference call to discuss Elastic’s fourth quarter and fiscal 2019 financial results.
On the call we have Shay Banon, Founder and Chief Executive Officer; and Janesh Moorjani, Chief Financial Officer. Following their prepared remarks, we will take questions.
A press release was issued after the close of market and is posted on our website where this call is being simultaneously webcast. Slides which accompany this webcast can be viewed in conjunction with live remarks and can also be downloaded at the conclusion of this webcast on the Elastic Investor Relations website at ir.elastic.co.
On this call today our discussion may include predictions, estimates or other information that might be considered forward-looking statements within the Safe Harbor provisions of the U.S. federal securities laws. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially.
These risks and uncertainties include those set forth in the press release that we issued earlier today, as well as those more fully described in our filings with the Securities and Exchange Commission, including our prospectus and 10-Q as filed with the SEC and Forms 8-K and other filings we make with the SEC from time to time.
You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results and any revision to these forward-looking statements in light of new information or future events unless required by law.
In addition during today's call we will discuss certain non-GAAP financial measures. These non-GAAP financial measures which are used as measures of Elastic's performance should be considered in addition to, not as a substitute for or in isolation from GAAP measures. Our non-GAAP measures exclude the effect of our GAAP results of stock-based compensation, employer payroll taxes on employee stock transactions, amortization of acquired intangible assets, acquisition related expenses and non-GAAP tax rate adjustments.
You can find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures in the press release and on our Investor Relations website and the slides accompanying this webcast. The webcast replay of this call and slides will be available for two months on our company website under the Investor Relations link.
With that, I'll turn it over to Shay.

谢谢。下午好,感谢您参加今天的电话会议,讨论Elastic的第四季度和2019财年的财务业绩。

在电话会议上,我们有Shay Banon,创始人兼首席执行官

Shay Banon

Thank you, Anthony. Welcome everyone. It's great to be here today. Three weeks ago we held our Global All Hands event, where we kicked off the new fiscal year as a whole company. I personally have walked away from the experience, humbled and motivated by everything the team accomplish in Q4 and the full fiscal year.
In Q4, revenue grew 68% year-over-year on a constant currency basis. We have more than 8,100 subscription customers at the end of the quarter, including over 440 with annual contract value of more than $100,000. And our net expansion rate was over 130%, which we've maintained for 10 quarters in a row now.
Looking at the full fiscal year, revenue grew 72% on a constant currency basis. This strong performance was fueled by continued adoption and differentiation of our products and features, expansion to new use cases, growth across all geographies and increased mindshare at all levels of the business. I could not be more proud of the innovation and the results that our employees delivered over the past year. Janesh will dive into further detail about our financial performance. But first I'd like to cover some highlights from the quarter.
I have to say that I'm out of breath every time I look at the rate of innovation and the engineering efforts behind all we released. We dropped major features in minor releases. We shipped minor updates with major impact. We delivered over 15 releases in fiscal 2019, including 5 in Q4, and we continue to do it at the speed and at scale while maintaining relevance to our users.
We demonstrated our ability to deliver differentiated value and its fast scalable, relevant and resilient technology in several ways during the quarter, especially in our 6.7 and 7.0 releases. We shipped our next generation cluster coordination layer in Q4. These foundational feature makes Elasticsearch even easier to scale, further hardens resiliency in the face of catastrophic failure and allows for even more mission-critical data sets to find their way into Elasticsearch, expanding the use cases that it addresses. It's also backed by TLA+, which is the language for formally approving and validating distributed algorithms. We even got a nod from the TLA+ creator, which is a unique honor.
This was a multiyear journey involving tens of people looking to better help users detect failures, recover from them and present them in the first place. We also made cross-cluster replication or CCR generally available. This is the platinum level feature that further expands our resiliency story. This is also exciting because CCR better enables customers who have been asking us about working across multiple cloud providers and hybrid cloud strategies. This is a supercritical feature along with cross-cluster search that only we provide that makes this a reality.
Now if we move from resiliency to speed, we took fast and made it faster. Elasticsearch got a huge speed boost many times over in the quarter with our Top-K queries feature, which returns prioritized results to users many time faster. This feature is especially applicable to e-commerce site and app search customers, running our self manage or SaaS offering.

谢谢,安东尼。欢迎大家。很高兴今天能来到这里。三周前,我们举办了Global All Hands活动,在那里我们开始了整个公司的新财年。我个人已经离开了这个经历,在第四季度和整个财政年度团队完成的所有工作中都表现出了谦卑和积极的态度。

第四季度,按固定汇率计算,收入同比增长68%。截至本季度末,我们拥有超过8,100名订阅客户,其中440多名年度合同价值超过100,000美元。我们的净扩张率超过130%,我们现在已连续维持10个季度。

从整个财年来看,按固定汇率计算,收入增长了72%。我们的产品和功能的不断采用和差异化,新用例的扩展,所有地区的增长以及各个业务层面的更多思想共享推动了这种强劲的表现。我对员工过去一年的创新和成果感到无比自豪。 Janesh将深入探讨我们的财务业绩。但首先我要介绍本季度的一些亮点。

我不得不说,每当我看到创新的速度和我们发布的所有工程背后的工作努力时,我都会喘不过气来。我们删除了次要版本中的主要功能。我们发布了具有重大影响的小更新。我们在2019财年发布了超过15个版本,其中包括第4季度的5个版本,我们将继续以速度和规模进行,同时保持与用户的相关性。

我们展示了我们在本季度以多种方式提供差异化​​价值及其快速可扩展,相关和弹性技术的能力,特别是在我们的6.7和7.0版本中。我们在第四季度发布了下一代集群协调层。这些基础功能使Elasticsearch更容易扩展,在灾难性故障面前进一步增强了弹性,并允许更多任务关键型数据集进入Elasticsearch,扩展其解决的用例。它还得到TLA 的支持,TLA 是正式批准和验证分布式算法的语言。我们甚至得到了TLA 创作者的认可,这是一种独特的荣誉。

这是一个多年的旅程,涉及数十人希望更好地帮助用户检测故障,从中恢复并首先呈现它们。我们还通常提供跨群集复制或CCR。这是铂金级功能,进一步扩展了我们的弹性故事。这也令人兴奋,因为CCR能够更好地帮助那些一直在询问我们跨多个云提供商和混合云战略的客户。这是一个超临界功能以及跨群集搜索,只有我们提供才能实现这一目标。

现在,如果我们从弹性转变为速度,我们会加快速度并加快速度。通过我们的Top-K查询功能,Elasticsearch在本季度多次获得了巨大的速度提升,可以更快地将优先级结果返回给用户。此功能特别适用于电子商务网站和应用搜索客户,运行我们的自我管理或SaaS产品。

The U.S. Census Bureau, for example, uses Elasticsearch for their website, which will eventually release data for their 2017 economics census, the 2018 American community survey and the 2020 census. They also renewed business with us in the quarter for a separate logging use case. These improvements to Elasticsearch are also part of our recent beta release of Elastic Enterprise Search. This new self manage product offers the ability to easily search content from across common SaaS based data sources such as Google Drive, GitHub, Salesforce and Dropbox, all from a single search box.
Now if you told me seven years ago that I'd be excited about enterprise search, I probably wouldn't have believed you. What the team has done is truly amazing. We’ve taken a fresh look at this problem space and created something that slightly different than what you see in the market today. And it's only the beginning, there's more exciting work to come.
We also evolved our Geo data analysis story in the quarter. We previewed a new product called Elastic Maps, which is available through our basic subscription. Elastic Maps delivers a curated experience for users to visualize location-based data in Elasticsearch. For example, this is useful if you want to visualize a physical IT location for a bad access, looking to breach a network with a pew pew [ph] map or defining a geo fence for finding relevant land spots on a mobile app.
I'm super excited about this because customers are already expressing how these product will help them derive further value from their existing use cases and then expand into new ones. For example, Delivery, a leading logistics and delivery service based in India is a longtime Elasticsearch service customer of ours. They deliver 1 million packages a day during peak seasons and every package shipped can generate more than 50 data points about five geo-location and status information, which is captured from the field every 20 second. These visibility helps streamline operations and resolve the issues in their delivery network. They are excited about our new Elastic Maps product and are also exploring the use of Elastic APM and Canvas.
Elastic Maps is a natural progression of our ongoing efforts in this space. From recent development with BKD trees and GeoShape analysis to building our own map service with all the layers, vectors, shapes and base maps users need. Maps is also compatible with dark mode, a new feature from the quarter, which is super important to the user experience, especially those that work in network or security operation centers. And also for addressing the first rule of gremlins.
Now in the context of uptime monitoring, we’ve seen a similar progression this quarter. What started as a data shipper for monitoring internal and external services and applications, created by our own internal SRE team by the way, has evolved into a product called Elastic Uptime. This product provides a curated experience for uptime monitoring, leaving users the ability to proactively monitor and find problems before customers run into them. This is a common use case for many of our users.

例如,美国人口普查局将Elasticsearch用于他们的网站,该网站最终将发布2017年经济普查,2018年美国社区调查和2020年人口普查的数据。他们还在本季度与我们续订了一份单独的日志记录用例。对Elasticsearch的这些改进也是我们最近的Elastic Enterprise Search测试版的一部分。这款全新的自我管理产品可以从一个搜索框中轻松搜索来自基于SaaS的常见数据源(如Google Drive,GitHub,Salesforce和Dropbox)的内容。

现在,如果你七年前告诉我,我对企业搜索感到兴奋,我可能不会相信你。团队所做的真的很棒。我们重新审视了这个问题空间,并创造了一些与您今天市场上看到的略有不同的东西。而这只是一个开始,还有更多令人兴奋的工作要做。

我们还在本季度发展了我们的地理数据分析故事。我们预览了一款名为Elastic Maps的新产品,该产品可通过我们的基本订阅获得。 Elastic Maps为用户提供策划的体验,以在Elasticsearch中可视化基于位置的数据。例如,如果您想要查看物理IT位置以进行不良访问,希望使用挂图[ph]地图突破网络或定义地理围栏以在移动应用上查找相关的陆地点,则此功能非常有用。

我对此感到非常兴奋,因为客户已经在表达这些产品将如何帮助他们从现有的用例中获得更多价值,然后扩展到新的用例。例如,Delivery,一家位于印度的领先物流和配送服务公司,是我们的长期Elasticsearch服务客户。他们在旺季期间每天提供100万个包裹,每个运送的包裹可以生成超过50个关于五个地理位置和状态信息的数据点,每20秒从现场捕获一次。这些可见性有助于简化操作并解决其交付网络中的问题。他们对我们的新Elastic Maps产品感到兴奋,并且正在探索使用Elastic APM和Canvas。

弹性地图是我们在这个领域不断努力的自然进展。从最近开发的BKD树和GeoShape分析到构建我们自己的地图服务,包括用户需要的所有图层,矢量,形状和基本地图。地图还兼容暗模式,这是本季度的一项新功能,对用户体验非常重要,特别是那些在网络或安全运营中心工作的用户体验。并且还用于解决gremlins的第一条规则。

现在在正常运行时间监控的背景下,我们在本季度看到了类似的进展。最初由我们自己的内部SRE团队创建的用于监控内部和外部服务和应用程序的数据发货人已经发展成为一种名为Elastic Uptime的产品。该产品为正常运行时间监控提供策划经验,使用户能够在客户遇到问题之前主动监控和发现问题。这是我们许多用户的常见用例。

An example is Key Banc, who renewed and expanded business with us in the quarter. They use Elastic for log metric and APM data collection. They monitor all kinds of things with Elastic, their Kubernetes and OpenShift infrastructure, performance across their 1,600 branches by running Metricbeat on 10,000 workstations and uptime for their systems and services using Heartbeat.
I also understand that they're looking forward to adopting our new Uptime monitoring product. So we’re excited about this product, which is available through our basic subscription. It's our fourth pillar, if you will, in the observability space, joining logging, metrics and APM. And we continue to see improvements in those spaces as well. For example, we shipped nanosecond timestamp precision to give users a million times more granularity into their data. It's like quantum level knowledge into what’s going in logging and metrics use case. You can imagine how these can also be critical to businesses that need to know if one trade happened before the other, for example. It's a whole new scale of insight.
We've also made it simpler for users to centrally analyze logs, metrics and security events from different sources with what we call the Elastic Common Schema or ECS. ECS they've users time and makes it easier to onboard new data sources and develop analytics content using a common language. It all just works. These developments can have meaningful impact across a wide range of users, including educational institutions like Georgia Tech or telecommunication companies like Rogers Communications, both closed new business with us in the quarter.
Government institutions are another space I think about in this context. For example, the US Air Force, who recently adopted Elastic as an integral part of its defensive cyber operations. Elastic has proven to be a force multiplier for Air Force cyber teams by bringing speed and automation capabilities that deploy rapidly and at scale. Elastic also enables them to better protect networks and data in order to maintain an informational advantage.
I’ve talked about a number of solutions and how customers are using our products to solve for many use cases. An aspect of this is orchestration and management of our software. And another trend we’ve seen is the rapid adoption of Kubernetes for orchestration of Elasticsearch and Kibana. We have a history in the Kubernetes space with the release of our Helm Charge. Kubernetes continue monitoring and our partnership with CNCF.
So I’m excited to share that we previewed the release of Elastic Cloud on Kubernetes or ECK, our product for running Elasticsearch and Kibana on Kubernetes. We announced at KubeCon, Barcelona few weeks back with support from Google and Red Hat. ECK is available through our basic and enterprise subscriptions. Using the Kubernetes operator pattern, ECK is the official Elasticsearch operator and so much more. And we really doubled down on providing the best possible user experience. Security is an integral part of this, especially for shared or multitenant environments like Kubernetes.

Key Banc就是一个例子,他在本季度与我们续订并扩展了业务。他们使用Elastic进行日志度量和APM数据收集。他们通过Elasticbeat在10,000个工作站上运行Metricbeat,并使用Heartbeat为他们的系统和服务正常运行时,使用Elastic,他们的Kubernetes和OpenShift基础架构监控各种各样的事情。

我也理解他们期待采用我们新的Uptime监控产品。因此,我们对此产品感到兴奋,该产品可通过我们的基本订阅获得。这是我们的第四个支柱,如果您愿意,在可观察性领域,加入日志记录,指标和APM。我们继续看到这些空间的改进。例如,我们提供纳秒时间戳精度,为用户提供数百万倍的数据。这就像量子级知识,记录日志和指标用例。例如,您可以想象这些对于那些需要知道一笔交易是否在另一笔交易之前发生的企业来说也是至关重要的。这是一个全新的洞察力。

我们还使用户可以更简单地使用我们称之为弹性公共架构或ECS的不同来源集中分析日志,指标和安全事件。 ECS使用户有时间,可以更轻松地使用通用语言加载新数据源并开发分析内容。一切正常。这些发展可以对广泛的用户产生有意义的影响,包括乔治亚理工学院等教育机构或罗杰斯通信等电信公司,这两家公司都在本季度与我们结束了新的业务。

政府机构是我在这方面考虑的另一个空间。例如,美国空军最近将Elastic作为其防御性网络行动的一个组成部分。事实证明,弹性通过提供快速和大规模部署的速度和自动化功能,成为空军网络团队的力量倍增器。 Elastic还使他们能够更好地保护网络和数据,以保持信息优势。

我已经谈到了许多解决方案以及客户如何使用我们的产品来解决许多用例。这方面的一个方面是我们软件的编排和管理。我们看到的另一个趋势是Kubernetes迅速采用Elasticsearch和Kibana的编排。随着我们的Helm Charge的发布,我们在Kubernetes空间有了历史。 Kubernetes继续监控我们与CNCF的合作关系。

所以我很高兴地分享我们在Kubernetes或ECK上预览了Elastic Cloud的发布,这是我们用于在Kubernetes上运行Elasticsearch和Kibana的产品。几周之后,我们在巴塞罗那的KubeCon上宣布了Google和Red Hat的支持。 ECK可通过我们的基本和企业订阅获得。使用Kubernetes运算符模式,ECK是官方的Elasticsearch运算符,还有更多。我们在提供最佳用户体验方面确实倍增。安全性是其中不可或缺的一部分,特别是对于像Kubernetes这样的共享或多租户环境。

So with our 6.8 and 7.1 releases, we’ve made certain core security features available in our basic subscription. This includes native authentication encrypted communications and role-based access control at the cluster and index levels. This further differentiates our proprietary free features in our default distribution. We are also continuing to invest in advanced stage, security capabilities to enrich our existing feature portfolio. This is part of our evolving story around providing the best possible experience, from opening the [indiscernible] to where everyone can now run a fully secure cluster hassle free. As you can see, we are building on our strong foundation that provides differentiated value across a wide range of use cases in users. No matter how they choose to consume us, as a service, self managed or somewhere in between. And the capability, knowledge and experience to achieve this level of work around the Elasticsearch and the Elastic Staff, simply cannot be imitated or replicated. It's really staggering.
Looking ahead, we are doubling down on our investments in R&D. We are well positioned to capture reach opportunity across many market, such as APM and security and we are investing against that. We also saw exciting development in the partner space this quarter. We expanded our partnership with Google cloud in order to bring a more native integration of our Elasticsearch service within the Google Cloud console. This means users will have a simplified management, discovery, billing and support experience with our Elasticsearch service on GCP.
We are excited about this development for our Elasticsearch service customers running on GCP like Etsy, who closed new business with us this quarter. They’re using our unique heart warm architecture features to power their operational log analytics use case. Another notable partnership from the quarter to highlight is our expansion with semantics. Originally an advanced reseller, they are now in MSP providing small businesses in Brazil with search and data analytics solutions powered by Elastic Cloud Enterprise.
Also happened to speak at our Sao Paulo tour event, one of six global events in the quarter where we've seen great momentum and excitement. I mentioned another win from the Latin American market, Rappi [ph] an on-demand delivery startup who uses our Elasticsearch service for application search. They were also present at our Sao Paulo tour.
We announced a partnership retention, which brings the best of our Elasticsearch service to the Tencent Cloud. We were humbled by the acknowledgment of another cloud service provider in China, wanting to work with us and expand our reach to users in the region. And it's an especially exciting time now that Kibana has been localized to Chinese with our 6.7 release, a popular request from our users in China. This is a huge step for internationalizations efforts to make our products more accessible to users in their native language.
Last but not least, we are excited to announce our proposed acquisition of Endgame, an endpoint security company. This is a natural step for us as a company. Over the years, we’ve developed aging based technology with our Beats products and this is an opportunity to strengthen our satellites of agents that circle the Elastic stuff. This development helped with shipping raw security events to the Elastic Stack and also focuses on detection, prevention and remediation of threat at the endpoint level.

因此,在我们的6.8和7.1版本中,我们已经在基本订阅中提供了某些核心安全功能。这包括本地身份验证加密通信和群集和索引级别的基于角色的访问控制。这进一步区分了我们默认分发中的专有免费功能。我们还将继续投资高级阶段的安全功能,以丰富我们现有的功能组合。这是我们不断提供最佳体验的不断发展的故事的一部分,从打开[音频不清晰]到现在每个人都可以免费运行完全安全的群集。如您所见,我们正在建立强大的基础,为用户提供各种用例的差异化价值。无论他们如何选择消费我们,作为服务,自我管理或介于两者之间。而围绕Elasticsearch和Elastic Staff实现此级别工作的能力,知识和经验根本无法模仿或复制。这真是令人咋舌。

展望未来,我们正在加倍研发投资。我们有能力抓住APM和安全等众多市场的机会,我们正在投资。本季度我们在合作伙伴领域也看到了令人兴奋的发展。我们扩展了与Google云的合作伙伴关系,以便在Google Cloud控制台中实现我们的Elasticsearch服务的更原生的集成。这意味着用户可以通过GCP上的Elasticsearch服务获得简化的管理,发现,计费和支持体验。

我们对在ECP上运行的Elasticsearch服务客户的这一发展感到非常兴奋,例如Etsy,他们本季度与我们关闭了新业务。他们使用我们独特的心脏温暖架构功能来支持其运营日志分析用例。本季度另一个值得注意的合作伙伴关系是我们用语义扩展。他们最初是一家高级经销商,目前在MSP为巴西的小型企业提供由Elastic Cloud Enterprise提供支持的搜索和数据分析解决方案。

也恰好在我们的圣保罗巡回赛上发言,这是本季度六场全球赛事之一,我们看到了巨大的动力和兴奋。我提到拉丁美洲市场的另一场胜利,Rappi [ph]是一家按需交付初创公司,他使用我们的Elasticsearch服务进行应用程序搜索。他们也出席了我们的圣保罗之旅。

我们宣布建立合作伙伴关系,将最好的Elasticsearch服务带入腾讯云。我们对中国另一家云服务提供商的认可感到谦卑,希望与我们合作并扩大我们对该地区用户的影响力。现在,我们的6.7版已经将Kibana本地化为中文,这是我们在中国的用户的热门要求,这是一个特别激动人心的时刻。这是国际化努力的一大步,使用户能够以母语更容易地访问我们的产品。

最后但同样重要的是,我们很高兴地宣布我们收购终端安全公司Endgame。这对我们公司来说是一个自然的步骤。多年来,我们使用我们的Beats产品开发了基于老化的技术,这是一个加强我们围绕弹性材料的代理卫星的机会。此开发有助于将原始安全事件发送到Elastic Stack,还专注于在端点级别检测,预防和修复威胁。

I'm also very excited about the ability to bring our bottom-up adoption model to the SIEM space and we have the opportunity to do the same for the endpoint space is security. Lastly, the Endgame team feels like a wonderful cultural match with elastic. These are our team members are look forward to working shoulder to shoulder with, to bring the best security product possible to the market. We covered a lot of ground in Q4 and throughout the fiscal year, and we don't intend to slowdown. With the continued adoption of development of our products for existing and new use cases and market, we look forward to continuing to accelerate our investments across all parts of the business.
I have such trust in our company. The amazing people behind it and their ability to execute on the opportunity in front of us.
And with that, I'll hand it over to Janesh.

我也非常高兴能够将自下而上的采用模式带到SIEM空间,我们有机会为端点空间做同样的事情就是安全性。 最后,Endgame团队感觉像是一个有弹性的精彩文化搭配。 这些都是我们团队成员期待与之并肩工作,为市场带来最好的安全产品。 我们在第四季度和整个财政年度都涉及了很多方面,我们并不打算放慢速度。 随着我们的产品继续应用于现有和新的用例和市场,我们期待继续加快我们对业务的所有部分的投资。

我对我们公司有这样的信任。 背后的人和他们在我们面前抓住机会的能力。

有了它,我会把它交给Janesh。

Janesh Moorjani

Thanks, Shay. We are pleased with our performance in the fourth quarter, which reflects strong growth and crisp execution as we scale further. We once again performed well across all dimensions, robust customer growth, a high net expansion rate and strong billings and revenue growth across all geographies.
I will first go through our results for the quarter and for the full-year before discussing our outlook. Total revenue for the fourth quarter was $80.6 million growing 63% year-over-year as reported or 68% on a constant currency basis. We saw a strong growth across the Americas, EMEA, and APJ as we continue to invest against the market opportunity globally. Given our roots in open source and our globally distributed model, geographic diversity is one of the strength of our business model.
In Q4, 43% of our revenue came from outside the U.S. Since the US dollar was meaningfully stronger during the quarter compared to the year-ago period, we experienced FX related headwinds. Subscription revenue totaled $73.6 million, an increase of 59% year-over-year as reported or 65% on a constant currency basis and comprised 91% of our total revenue.
Within subscriptions, revenue from our SaaS products was also strong at $13.8 million growing 69% year-over-year as reported or 76% on a constant currency basis. Once again, faster than the growth rate and overall subscriptions. We remain very excited about the SaaS opportunity ahead of us. Professional services revenue was $7 million, an increase of 105% over the same period last year. In the quarter we saw strength and both training and our consulting business.
As a reminder, professional services revenue can fluctuate from quarter to quarter based on projects and delivery timing. We expect professional services will remain a small portion of our overall revenue as our business grows.
Moving on to calculated billings. We define calculated billing for any quarter as total revenue recognized in the quarter plus the sequential increase in deferred revenue as presented on our statement of cash flows, less the sequential increase in unbilled accounts receivable. Calculated billings in Q4 grew 57% year-over-year or 63% on a constant currency basis to $115.4 million. I will highlight that this performance was despite having a very strong fourth quarter performance a year-ago, in Q4 of fiscal 2018, when we delivered 90% year-over-year growth.
As we’ve said before, calculated billings can fluctuate from quarter-to-quarter based on the timing of renewals and billings duration for larger customers. So the trailing 12 month calculated billings growth provides an alternative longer term view of the business. Trailing 12 month activated billings growth ending Q4 were 67%. At the end of Q4, the mix of short-term deferred revenue was 93% of total deferred revenue, remaining performance obligations totaled approximately $352 million, up 66% year-over-year.
Of this, we expect to recognize 88% as revenue over the next 24 months. We were pleased with our overall momentum this quarter and the underlying demand that is driving our business. The strong growth in Q4 was driven by a broad array of growth vectors, including new customer additions, new use cases at existing customers and larger deployments of project expansions. As of the end of Q4 we had over 8,100 paying subscription customers compared to over 7,200 such customers at the end of Q3.

谢谢,谢伊。我们对第四季度的表现感到满意,这反映了我们进一步扩展的强劲增长和清晰执行。我们再次在各个方面都表现良好,客户增长强劲,净扩张率高,所有地区的账单和收入增长都很强劲。

在讨论我们的展望之前,我将首先查看本季度和全年的业绩。第四季度的总收入为8060万美元,与去年同期相比增长63%,按固定汇率计算为68%。随着我们继续投资全球市场机遇,我们看到美洲,EMEA和APJ的强劲增长。鉴于我们在开源和全球分布模型中的根源,地理多样性是我们业务模式的优势之一。

在第四季度,我们收入的43%来自美国以外的地区。由于美元在本季度与去年同期相比显着增强,我们遇到了外汇相关的逆风。认购收入总计7360万美元,按报告收入同比增长59%,按固定汇率计算增长65%,占我们总收入的91%。

在订阅中,我们的SaaS产品收入也强劲,达到1380万美元,同比增长69%,按固定汇率计算增长76%。再一次,比增长率和整体订阅更快。我们对未来的SaaS机会感到非常兴奋。专业服务收入为700万美元,比去年同期增长105%。在本季度,我们看到了实力,培训和咨询业务。

提醒一下,专业服务收入可能会因项目和交付时间而逐季波动。随着业务的增长,我们预计专业服务仍将是我们整体收入的一小部分。

继续计算账单。我们将任何季度的计算结算定义为本季度确认的总收入加上我们的现金流量表中列示的递延收入的连续增长,减去未开单应收账款的连续增加。第四季度的计算账单同比增长57%,按固定汇率计算为63%,达到1.154亿美元。我要强调的是,尽管一年前的第四季度表现非常强劲,但在2018财年第四季度,我们实现了90%的同比增长。

正如我们之前所说,计算的账单可能会根据更新的时间和大客户的账单持续时间而逐季波动。因此,过去12个月计算的账单增长提供了另一种长期业务视图。追踪12个月激活的账单增长结束第四季度为67%。截至第四季度末,短期递延收入的总和为递延收入总额的93%,剩余履约义务总额约为3.52亿美元,同比增长66%。

其中,我们预计未来24个月的收入将达到88%。我们对本季度的整体发展势头以及推动我们业务的潜在需求感到高兴。第四季度的强劲增长是由广泛的增长载体推动的,包括新增客户,现有客户的新用例以及项目扩展的更大部署。截至第四季度末,我们拥有超过8,100个付费订阅客户,而第三季度末则超过7,200个此类客户。

We saw similar strength in new customer additions in Q4 as we have in prior quarters. We also ended the quarter with more than 440 customers with an annual contract value above $100,000 compared to more than 380 such customers at the end of Q3. Our existing customers continue to expand their relationships with us reflecting increasing spend for existing use cases and adoption of new use cases.
In Q4, our net expansion rate remained over 130% for the 10th consecutive quarter. Overall, we were very pleased with the pace of customer additions and customer expansion. When viewed collectively, these metrics are indicative of our execution against the enormous market opportunity ahead of us.
Now turning to profitability, which is non-GAAP. Gross profit in the fourth quarter was $59.5 million, representing a gross margin of 73.8%. Total subscriptions gross margin was 80%, down slightly sequentially as we continue to make planned investments in the SaaS business. We are tracking well relative to our expectations. In the near-term, we will continue to invest in our SaaS business and it will remain a modest headwind to gross margin overall.
Our professional services gross margin was 9%. Since the professional services business is small, even relatively insignificant amounts can swing the gross margin in either direction. So we expect that the gross margin and professional services will fluctuate significantly from quarter-to-quarter.
Turning now to operating expenses. We remain focused on investing to drive top line growth. In Q4, I was proud of our execution related to the pace of hiring and overall scaling of the business. Sales and marketing expense for Q4 was $40.4 million, up 51% year-over-year representing 50% of total revenue. Our overall approach here remains unchanged. We will continue to add sales capacity and expand market coverage as we drive growth and expect to realize leverage gradually over the longer term as we scale the business.
R&D expense in Q4 was $25.2 million, up 60% year-over-year representing 31% of total revenue. R&D remains a major investment area as we expand our innovation advantages. Shay earlier provided a number of examples that we continue to invest heavily in both existing and new products and features. This will be a theme for fiscal 2020 as well, and I'll talk about that in a minute.
G&A expense was $11.4 million, up 32% year-over-year representing 14% of total revenue. This includes costs associated with our global expansion and continuing to build the infrastructure to scale for the future. Our operating loss in the quarter was $70.5 million with an operating margin of negative 22%, which was better than expected given the strong revenue performance in the quarter. The FX impact on operating margin was insignificant. Since we’ve natural hedges as we incur expenses globally as a distributed company. Net loss per share in Q4 was $0.28 using 72.3 million basic and diluted shares outstanding. This compares to a net loss per share in Q4 of last year of $0.54.

我们在第四季度看到的新增客户增长与前几季相似。我们还在本季度结束时拥有超过440名客户,年度合同价值超过100,000美元,而第三季度末则超过380名客户。我们现有的客户继续扩大与我们的关系,反映了现有用例的增加支出和新用例的采用。

第四季度,我们的净扩张率连续第十个季度保持在130%以上。总体而言,我们对客户增加和客户扩展的步伐感到非常满意。从集体的角度来看,这些指标表明了我们面临的巨大市场机遇。

现在转向盈利,这是非GAAP。第四季度毛利润为5950万美元,毛利率为73.8%。由于我们继续对SaaS业务进行计划投资,订阅总毛利率为80%,略有下降。我们正在追踪相对于我们的期望。在短期内,我们将继续投资于我们的SaaS业务,并将继续保持整体毛利率的适度逆风。

我们的专业服务毛利率为9%。由于专业服务业务规模较小,即使相对微不足道的数额也可以在任何一个方向上扭转毛利率。因此,我们预计毛利率和专业服务将逐季波动。

现在转到运营费用。我们仍然专注于投资以推动收入增长。在第四季度,我为与招聘步伐和整体业务规模有关的执行感到自豪。第四季度的销售和营销费用为4040万美元,同比增长51%,占总收入的50%。我们的整体方法保持不变。随着我们推动增长,我们将继续增加销售能力并扩大市场覆盖范围,并期望在我们扩展业务时逐步实现长期杠杆化。

第四季度的研发费用为2520万美元,同比增长60%,占总收入的31%。随着我们扩大创新优势,研发仍然是一个重要的投资领域。 Shay早些时候提供了一些例子,我们继续大量投资于现有产品和新产品。这也是2020财年的主题,我将在一分钟内谈到这一点。

G&A费用为1140万美元,同比增长32%,占总收入的14%。这包括与我们的全球扩张相关的成本,并继续构建基础设施以扩展未来。我们本季度的经营亏损为7050万美元,经营利润率为负22%,由于本季度业绩强劲,这一预期好于预期。外汇对经营利润率的影响微不足道。由于我们有自然对冲,因为我们作为分布式公司在全球范围内产生费用。第四季度每股净亏损为0.28美元,使用了7230万股基本和稀释后的流通股。相比之下,去年第四季度的每股净亏损为0.54美元。

Turning to free cash flow. Free cash flow was negative $20.9 million in Q4 compared to a negative $25 million in the same period a year-ago. We look at free cash flow and free cash flow margin, primarily on an annual basis. Since there are both seasonal and timing effects in any quarter. They can also be some lumpiness to inflows and outflows. Full-year fiscal 2019 free cash flow margin improved five percentage points year-over-year to negative 10%. We've demonstrated free cash flow margin improvement of a few percentage points each year for a couple of years now indicating the leverage in our business model as we scale.
We ended the fourth quarter with approximately $298 million in cash and cash equivalents. We remain comfortable with our cash position from an operating perspective. Lastly, we ended the quarter with 1,442 employees adding 195 people in the quarter across all functions. As I had mentioned in our last call, we accelerated head count related investments quite meaningfully and are adding people across the board to support the growth of the business.
Before I turn to guidance, let me talk about Endgame. As you know we announced today that we have signed an agreement to acquire Endgame. For total consideration of approximately $234 million, we expect the purchase price to be paid largely in stock in the assumption of equity awards with a small amount paid in cash towards the repayment of outstanding debt, which currently stands at $40 million.
We expect the transaction will close in fiscal Q3 of this year, since the subject to regulatory approvals and other closing conditions. If we seek your approval sooner of the transaction may close earlier. Endgame have trailing 12 month Billings of approximately $20 million. However, our primary investment thesis is to integrate their product into the Elastic Stack and apply our go-to-market model to it. Therefore, the revenue opportunity for us is longer term in nature.
Our guidance includes the anticipated financial impact for the second half of the fiscal year, in particular, for the rest of this fiscal year we are forecasting insignificant revenue impact given the effects of purchase price accounting on the timing of the transaction closed. We're also anticipating an approximate two percentage point negative impact of full-year operating margin. We are looking forward to welcoming the Endgame team to Elastic and are excited to further accelerate our ability to address security market opportunity.
Turning to guidance for the first quarter and the full-year fiscal 2020, we expect to maintain a disciplined approach to investing across the entire business in order to drive future revenue growth as we continue to scale globally. As mentioned in our last call, we plan to accelerate head count related investments in R&D and sales capacity and coverage globally to drive growth.
Some of these investments will be intended to secure growth this year, while others particularly in R&D will help drive growth over the long-term. Innovation remains a top priority for us and we will continue to invest significantly in R&D, while driving modest leverage in sales and marketing and G&A.

谈到自由现金流。第四季度自由现金流为负2090万美元,而去年同期为负2500万美元。我们主要关注每年的自由现金流和自由现金流利润率。由于任何季度都有季节性和时间效应。它们也可能是流入和流出的一些块状物。 2019财年全年自由现金流利润率同比增长5个百分点至负10%。我们已经证明了几年内每年几个百分点的自由现金流利润率改善,这表明我们的业务模式在我们扩展时具有杠杆作用。

我们在第四季度结束时的现金和现金等价物约为2.98亿美元。从运营角度来看,我们对现金状况感到满意。最后,我们在本季度结束时,有1,442名员工在本季度增加了195名员工。正如我在上次电话会议中提到的那样,我们非常有意义地加快了与人头数相关的投资,并且正在全面增加人员以支持业务的增长。

在我转向指导之前,让我谈谈Endgame。如您所知,我们今天宣布已签署收购Endgame的协议。总代价约为2.34亿美元,我们预计在假设股权奖励的情况下,购买价格主要以股票形式支付,其中少量现金支付以偿还未偿还债务,目前为4,000万美元。

我们预计该交易将在今年第三季度完成,因为需要获得监管机构的批准和其他成交条件。如果我们尽快寻求您的批准,交易可能会提前结束。 Endgame已落后12个月Billings约2000万美元。然而,我们的主要投资理念是将他们的产品集成到弹性堆栈中,并将我们的上市模型应用于其中。因此,我们的收入机会本质上是长期的。

我们的指导意见包括本财政年度下半年的预期财务影响,特别是本财年剩余时间,由于采购价格会计对交易时间的影响,我们预测收入影响不大。我们还预计全年营业利润率将产生约两个百分点的负面影响。我们期待欢迎Endgame团队加入Elastic,并很高兴能够进一步加快我们应对安全市场机遇的能力。

谈到第一季度和2020财年全年的指导,我们期望在整个业务中保持严谨的投资方式,以便在我们继续扩大全球规模的同时推动未来的收入增长。正如我们在上次电话会议中所提到的,我们计划加快人员在研发方面的投资,以及全球销售能力和覆盖范围,以推动增长。

其中一些投资旨在确保今年的增长,而其他一些特别是研发投资将有助于推动长期增长。创新仍然是我们的首要任务,我们将继续大力投资研发,同时在销售和营销以及G&A方面实现适度的杠杆作用。

For first quarter of fiscal 2020, we expect revenue in the range of $82 million to $84 million, representing a growth rate of 47% year-over-year at the midpoint. We expect non-GAAP operating margin in the range of negative 34% to negative 32% and non-GAAP net loss per share in the range of $0.44 to $0.42 using between 74 and 75 million ordinary shares outstanding.
As a reminder, in fiscal 2020 expenses are more heavily weighted towards Q1 then in our prior years. We change the timing of certain internal corporate events and holds our global all hands meeting in Orlando and May. The shift in timing does not impact the full-year expense total. For the full-year fiscal 2020 we expect revenue in the range of $397 million to $403 million, representing a growth rate of 47% year-over-year at the midpoint.
We expect non-Operating margin in the range of negative 25% to negative 23%, which includes approximately 2% operating margin dilution from Endgame and Non-GAAP net loss per share in the range of $1.49 to $1.33 using between 76 and 80 million ordinary shares outstanding. Finally as we have demonstrated over the past two years, we’ve improved free cash flow margins and we expect to do the same in fiscal 2020. Although we expect free cash flow margin in fiscal 2020 to still be negative, we expect modest improvement compared to fiscal 2019.
In closing, Q4 was a strong finish to a terrific year. We delivered revenue growth of 70% for the full fiscal year with non-GAAP operating margin of negative 21%. We continue to show improvement in free cash flow margin. We're executing well and delivering growth while investing to address the rich market opportunity ahead of us in so many different use cases. I look forward to sharing our progress with you as we move forward.
With that, let's open it up for questions. Operator?

对于2020财年第一季度,我们预计收入在8200万美元至8400万美元之间,中间点同比增长率为47%。我们预计非GAAP运营利润率为负34%至负32%,非GAAP每股净亏损在0.44至0.42美元之间,使用74至7500万股已发行普通股。

提醒一下,在2020财年,在我们的前几年,费用对第一季度的影响更大。我们改变了某些内部企业活动的时间安排,并在奥兰多和五月举行了全球所有人的会议。时间的变化不会影响全年的费用总额。对于2020财年全年,我们预计营收将在3.97亿美元至4.03亿美元之间,同比增长率为47%。

我们预计非经营利润率在负25%至负23%的范围内,其中包括Endgame和非GAAP每股净亏损的约2%运营利润率,在1.49美元至1.33美元之间,使用7600万至8000万普通股票已发行。最后,正如我们在过去两年中所展示的那样,我们已经改善了自由现金流利润率,我们预计在2020财年也会这样做。虽然我们预计2020财年的自由现金流利润率仍然是负值,但我们预计相比之下会有适度的改善到2019财年。

最后,第四季度是一个非常棒的一年。我们在整个财政年度实现了70%的收入增长,非GAAP运营利润率为负21%。我们继续显示自由现金流利润率有所改善。我们在投资方面表现良好并实现增长,以便在众多不同的用例中解决我们面前的丰富市场机遇。我期待着在我们前进的过程中与您分享我们的进步。

有了它,让我们打开它来提问。操作?

问答环节

Thank you, sir. [Operator Instructions] The first question we have will come from Kash Rangan of Bank of America. Please go ahead.

谢谢你,先生。 [操作员说明]我们的第一个问题将来自美国银行的Kash Rangan。 请继续。

Q - Kash Rangan

Thank you very much. Congratulations on a strong quarter, gentlemen. I was curious if you could to talk to the distribution of use cases. And if it that was a change relative to the historical norm, are you seeing in your pipeline shift maybe more towards search or away from search, towards IT operations, security etcetera. Any trend of note, in particular. And Janesh one for you. Actually I will wait till you get through the first one, then I will come back for the second. Thank you so much.

非常感谢你。 先生,恭喜一个强大的季度。 如果你能谈谈用例的分布,我很好奇。 如果这是相对于历史规范的变化,您是否在管道中看到更多的转向搜索或远离搜索,转向IT运营,安全等等。 特别是任何趋势。 而Janesh则适合你。 实际上我会等到你通过第一个,然后我会回来第二个。 非常感谢。

Shay Banon

Hi, Kash. Thanks for the question and the compliment. This is Shay here. First of all, I’m coming in from the Endgame officers here at Arlington and I can't wait to go out and talk to the team and share the news and be happy with then. Answering your question, we haven't seen a significant shift between the various use cases that we have. Our various app search, site search and enterprise search use cases remain strong as our logging and APM and metric staff use cases in the observability space. And obviously we remain excited about the opportunity that we have in the security space. Obviously, also following our announcement of the Endgame news.

嗨,卡什。 谢谢你的问题和赞美。 这是Shay。 首先,我是从阿灵顿的Endgame官员那里进来的,我迫不及待地想出去与团队交谈,分享新闻并对此表示满意。 回答你的问题,我们没有看到我们拥有的各种用例之间的重大转变。 我们的各种应用程序搜索,站点搜索和企业搜索用例仍然很强大,因为我们的日志记录和APM和度量标准工作人员在可观察性空间中使用案例。 显然,我们对安全领域的机遇感到兴奋。 显然,也是在我们宣布Endgame新闻之后。

Kash Rangan

Terrific. And I guess maybe it's either Shay or Janesh who wants to answer it. What is your plan to grow the worker and sales head count? And tell me, you don’t have to give specific number, but just percentage growth rate that you are planning for this fiscal year and beyond. Thank you so much. That’s it from me.

了不起。 我想也许Shay或Janesh想要回答它。 你计划增加工人和销售人员的计划是什么? 并且告诉我,您不必提供具体的数字,而只需要计算本财年及以后的百分比增长率。 非常感谢。 这就是我的意思。

Janesh Moorjani

Hey, Kash. This is Janesh. Happy to take that one. So I think broadly when you look at the numbers that we’ve laid out, I think we will invest quite aggressively in R&D, but that also as we said in the prepared remarks. He will also invest quite heavily in building out sales coverage globally. And I think you can expect that to be at a rate that’s consistent for the rate we’ve done in the past.

嘿,卡什。 这是Janesh。 很高兴拿那一个。 所以我认为,当你看到我们已经列出的数字时,我认为我们将在研发方面投入相当大的资金,但正如我们在准备好的评论中所说的那样。 他还将在全球范围内大力投资建立销售覆盖范围。 而且我认为你可以期望这个速度与我们过去所做的速度一致。

会议主持员

Next we have Raimo Lenschow of Barclays.

接下来我们有巴克莱的Raimo Lenschow。

Raimo Lenschow

Hey, congrats on a great quarter. And couple of questions for me, if you may. Shay, first one is on we saw this quarter like new announcement around security and giving more to the security and he opens for us. I mean, can you just kind of frame that what’s your thinking where and just to picture it for you, I got a lot of questions from investors around like DBS, obviously doing open source with its reaction. How do I have to think about that in a gross -- bigger context. And then I have a follow-up.

嘿,恭喜一个伟大的季度。 如果可能的话,还有几个问题。 谢伊,第一个是在我们看到这个季度,就像关于安全的新公告和更多的安全性,他为我们开放。 我的意思是,你能想象一下你的想法在哪里以及为你想象一下,我从DBS这样的投资者那里得到了很多问题,显然是做了开源的反应。 我如何在更大的背景下思考这个问题。 然后我有一个后续行动。

Shay Banon

Yes, of course. Happy to you talk about it, Raimo. So a few points that we’ve made. We announced our Elastic Cloud on Kubernetes product and which we are very excited about is, you probably aware of Kubernetes, that is one of the most successful open-sourced project out there, dealing with orchestration. And we’re seeing more and more users deploying Elasticsearch and Kibana on Kubernetes. So we’re happy to be a head of the curve here and providing an official product. In part of this official product, especially when it comes to the multi tenancy aspects of a users expect to get security features as part of it. Some foundational ones, things like encryption or authentication and authorization.
These things, including our Kubernetes product, are part of our basic license. They’re not open source. So they are free, but there are still proprietary features that we provide. We strongly believe in these go-to-market motion that will develop over the past few quarters. And this allows us to build differentiation from open source specifically and obviously Cloud vendors that provide only the open-source version. Follow-up on that, I’m excited about the fact that we are going to have more security features, the core ones that have not played a significant role, obviously in our go-to-market and our sales motion. And increasing the mode and making it bigger and bigger and bigger, what’s it come to comparing, first of all, our SaaS service, but also just a product on top of Kubernetes compared to anything else that other vendors do.

当然是。 Raimo,很高兴你谈谈它。所以我们已经做了几点。我们在Kubernetes产品上宣布了我们的Elastic Cloud,我们非常高兴的是,您可能知道Kubernetes,这是最成功的开源项目之一,处理编排问题。我们看到越来越多的用户在Kubernetes上部署Elasticsearch和Kibana。因此,我们很高兴能成为这里的一员,并提供官方产品。在这个官方产品的一部分,特别是当涉及多租户方面的用户期望获得安全功能作为其一部分。一些基础的,如加密或身份验证和授权。

这些东西,包括我们的Kubernetes产品,都是我们基本许可的一部分。他们不是开源的。所以它们是免费的,但我们仍然提供专有功能。我们坚信这些将在过去几个季度中发展的市场动态。这使我们能够明确地与开源构建差异化,显然只提供开源版本的云供应商。对此进行跟进,我很高兴我们将拥有更多的安全功能,其中核心功能没有发挥重要作用,显然在我们的上市和销售动作中。增加模式并使其变得更大,更大,更大,首先要比较的是我们的SaaS服务,而且还只是Kubernetes上的产品与其他供应商的其他产品相比。

Raimo Lenschow

Perfect. Okay. That makes total sense. And then on Endgame,
so that’s like another expansion of the kind of platform opportunity for me, like how do I have to think about the sales motion? You mentioned you’re kind of want to go with the Elastic approach, but like you also kind of probably need kind of experts in that area. Do you -- how do you kind of handle it from your child's positive economy like an overlay and everyone in Elastic can sell it, or how do you plan to kind of get them go to market going there.

完善。 好的。 这完全有道理。 然后在Endgame上,

这就像是我对平台机会的另一种扩展,比如如何考虑销售动作? 你提到你有点想采用弹性方法,但是你也可能需要那个领域的专家。 你是否 - 你如何从孩子的积极经济中处理它,就像覆盖物一样,Elastic的每个人都可以卖掉它,或者你打算如何让它们去市场去那里。

Shay Banon

Yes, I mean, we haven't made detailed plans here. Obviously, we need to wait until it closes. So I could share some initial thoughts that I have. The first part is that this -- as joining forces with Endgame, just feel very natural. What comes down people don’t realize is how much we’ve been used in the context of agent base technology, using our Beats products and our sales people have been selling agent based technology for years now, whether it's collecting logs of metrics. And other type of security events. So I think, from that event, this would be a relatively smooth go-to-market motion and I don't see a reason why our salespeople will be able to pick it up and sell it. On top of that there is always the Endpoint aspect of which is the ability to go and directly and immediately protect and prevent and remediate any top of effort on the endpoint to tell. That will require some training and some efforts to try to got us get up to speed. But I don’t know suspect significant one on that and as well as it is a very natural extension to our efforts in the security space specifically in the SIEM market.

是的,我的意思是,我们这里没有制定详细的计划。显然,我们需要等到它关闭。所以我可以分享一些我最初的想法。第一部分是 - 作为与Endgame的联合,感觉非常自然。人们没有意识到的是,我们在代理商基础技术的背景下使用了多少,使用我们的Beats产品,我们的销售人员多年来一直在销售基于代理的技术,无论是收集指标的日志。和其他类型的安全事件。所以我认为,从这个事件来看,这将是一个相对顺利的上市动议,我没有看到为什么我们的销售人员能够拿起并出售它的原因。除此之外,总有一个端点方面是能够直接并立即保护,防止和修复端点上的任何努力工作。这将需要一些培训和一些努力,试图让我们加快速度。但我不知道在这方面存在重大意义,而且这是我们在SIEM市场特别是安全领域的努力的一个非常自然的延伸。

Raimo Lenschow

Perfect. Congrats. Thank you.

完善。 恭喜。 谢谢。

Shay Banon

Thank you.

谢谢。

会议主持员

Next we have John DiFucci of Jefferies.

接下来我们有Jefferies的John DiFucci。

John DiFucci

I just had a question a little bit on the guidance guys, really strong annual revenue guidance but it implies sort of constant revenue growth throughout the year, which you sort of seen sort of a large numbers as crew comes down over time and as you get bigger and bigger. I’m just curious as to why we should expect something like that. Is it -- the acquisition playing into that and then I have the follow-up on the acquisition.

我刚刚对指导人员提出了一些问题,非常强劲的年度收入指导,但这意味着全年收入的不断增长,随着时间的推移,随着时间的推移,你会看到一些大量的收入 越来越大。 我只是好奇为什么我们应该期待这样的事情。 是这样 - 收购正在进行,然后我对收购采取后续行动。

Janesh Moorjani

Hey, John. This is Janesh. So let me take that one. In terms of the acquisition itself, I think we're expecting relatively insignificant revenue in the back half of the year. So that doesn't have meaningful impact. There is a couple of factors that play into it. One is we continue to make investments to drive growth. So that’s obviously fueling some of what we see here, but some of that growth as I mentioned will also be longer term in nature. And so as I think about the way we approach guidance more broadly, it's consistent with the way we've done in the past where we look at a number of inputs including our own sales pipeline, which is obviously one of the main drivers. But then appropriately balance against that the risks that we see, I think that may not be in our control. And so that's the way we approach it here for both Q1 as well as the full fiscal year. And then as we go through the year, we will obviously update you over the course there with every quarter.

嘿,约翰。 这是Janesh。 所以,让我拿一个。 就收购本身而言,我认为我们期望在今年下半年收入相对微不足道。 所以这没有有意义的影响。 有几个因素可以发挥作用。 一是我们继续投资以推动增长。 所以这显然激发了我们在这里看到的一些东西,但正如我所提到的那些增长也将是更长期的。 因此,当我考虑我们更广泛地处理指导的方式时,它与我们过去的方式一致,我们看待包括我们自己的销售渠道在内的一些投入,这显然是主要驱动因素之一。 但是,然后适当地平衡我们看到的风险,我认为这可能不在我们的控制之下。 所以这就是我们在Q1以及整个财政年度处理它的方式。 然后,当我们度过这一年时,我们显然会在每个季度更新您的课程。

John DiFucci

I just maybe a little bit to that to generous, this cunning you’re sort of accelerating this span this year and we understand -- certainly understand to go after the opportunity and to drive growth. But it is a little unexpected at least from us I think and I think just consensus numbers that were out there. So I was curious like is it something you see out there? How should we be thinking of that? Is that more of an offensive? You see the opportunity, you’re going to just grab it. That’s greater than you thought it was at this time or is it a little bit more to the sense, its remarkably competition out there. What’s driving that increased growth?

我可能还有点慷慨,这个狡猾的你今年有点加速这个跨度而且我们理解 - 当然明白要抓住机会并推动增长。 但至少从我们这里看起来有点出乎意料,我认为只有那里的共识数字。 所以我很好奇,就像你在那里看到的一样? 我们该怎么想呢? 那更令人反感吗? 你看到了机会,你只是抓住它。 这比你现在想象的还要大,或者说它的意义是什么,它的竞争非常激烈。 是什么促使增长增长?

Shay Banon

Yes, broadly, John, I would say that nothing is really changed from where we saw the market opportunity 90 days ago. We were quite excited about it 90 days ago. We believe we need to invest, capture that market opportunity. So certainly more on the offensive side and we’re pretty confident in terms of the overall model where as we ad sales capacity and coverage and prosecute that large market opportunity ahead of us. There's room for us to grow. So that's what we said, we would do and that's exactly what we're committing to doing over here. And that's the approach. We are not seeing anything fundamentally different in terms of the market opportunity then we saw 90 days ago with this of course the exception that the guy and given the acquisition that we announced.

是的,从广义上讲,约翰,我会说,从90天前我们看到市场机会的地方看,没有什么改变。 90天前我们对它感到非常兴奋。 我们认为我们需要投资,抓住市场机遇。 在进攻方面肯定更多,我们对整体模式非常有信心,因为我们在广告销售能力和覆盖范围以及起诉我们面前的巨大市场机会。 我们有成长的空间。 这就是我们所说的,我们会这样做,而这正是我们承诺在这里做的事情。 这就是方法。 我们在90天前看到的市场机会方面没有看到任何根本不同的东西,当然这是一个例外,那个人和我们宣布的收购。

John DiFucci

Fair enough. And I guess just quickly on ending. It just seems to me, anyway a little bit of an odd acquisition just given what they do. They kind of brings you into sort of a very competitive and something like, call it crowded space. And I suppose we are already some like new players in there disrupting in a very nature way, at least it appears to be. So I’m just -- I don’t know, I’m just trying to -- I mean, there's a lot of things you could have done and to do something like this. I’m just trying to figure out why this was what you did, I guess, if you can shed a little light on it.

很公平。 而且我想快速结束。 在我看来,无论如何,只要给出他们所做的一些奇怪的收购。 它们会带给你一种非常有竞争力的东西,称之为拥挤的空间。 而且我想我们已经有些像新球员那样以一种非常自然的方式破坏,至少看起来是这样。 所以我只是 - 我不知道,我只是想 - 我的意思是,你可以做很多事情并做这样的事情。 我只想弄清楚为什么这就是你所做的,我想,如果你能对它有所了解。

Shay Banon

Maybe I can -- I could take that. Hi, John. So a few points in that area. The first one is that as I mentioned before the endpoint market and endpoint as a product is a very natural extension for us. We have been investing quite heavily in our -- in the security opportunity that we have in front of us. I mentioned some of these efforts like the Elastic Schema, creating the community around it and starting to work on shipping security events into The elastic stop. Obviously, a big part of being able to capture security events is endpoint. So we’re excited about our ability to go and join forces with an endpoint company that has one of the best, if not the best product out there in the market today when it comes to capturing a security events, what we call raw security events and shipping them into Elastic Stack. So that's one point that just makes a lot of sense. It means that we don't have to go and investments early in capturing this event and using the endgame product to be able to do that. The second part is a natural extension that once you have the security events, once you perform all the threat hunting capabilities that our SIEM product provides, there's a natural extensions towards being able to action it. So the part of that mediation and prevention that the endgame product provides and the ability to reach out to the endpoint from operations there. That’s another natural feature set that you would expect us to provide over time. Some excited about the ability to pull forward the future and getting into these market. I will say that I admit that these market is quite crowded. But this is not something new to us as a company we’ve been playing in a very crowded market in the enterprise search space in the logging space and in outer spaces. I think that the combination of an amazing product or great product which we share we have with Endgame, and our go-to-market creates a pretty differentiated approach towards markets and am excited to see how this unfolds.

也许我可以 - 我可以接受。你好,约翰。所以该领域的几点。第一个是,正如我之前提到的那样,端点市场和端点作为产品是我们非常自然的延伸。我们在我们面前的安全机会中投入了大量资金。我提到了一些像Elastic Sc​​hema这样的工作,创建了它周围的社区,并开始将安全事件发送到弹性停止。显然,能够捕获安全事件的很大一部分是端点。因此,我们很高兴能够与一家终端公司合作,该公司拥有当今市场上最好的,即使不是最好的产品,当涉及捕获安全事件时,我们称之为原始安全事件并将它们运送到Elastic Stack。所以这一点非常有意义。这意味着我们不必尽早投资以捕获此事件并使用最终产品来实现这一目标。第二部分是自然扩展,一旦您拥有安全事件,一旦您执行我们的SIEM产品提供的所有威胁搜索功能,就可以自然地扩展以实现它。因此,最终产品提供的调解和预防部分以及从那里的运营中接触端点的能力。这是您希望我们随着时间的推移提供的另一个自然特征集。有些人对能够推动未来并进入这些市场感到兴奋。我会说我承认这些市场非常拥挤。但对于我们来说,这对我们来说并不是什么新鲜事,因为我们一直在日志空间和外部空间的企业搜索领域的一个非常拥挤的市场中玩游戏。我认为,我们与Endgame共享的令人惊叹的产品或优质产品的组合,以及我们的市场营销为市场创造了一种非常差异化的方法,我很高兴看到它如何展开。

John DiFucci

Fair enough. Okay. Thanks a lot guys.

很公平。 好的。 非常感谢你们。

Shay Banon

Thanks, John.

谢谢,约翰。

会议主持员

Next we’ve Mark Murphy of JP Morgan.

接下来我们是摩根大通的Mark Murphy。

Mark Murphy

Yes, thank you. And I will add my congrats. Shay, you’ve taken some of the core Elasticsearch security features million you made them freely available to everyone. I guess, I'm interested in how we should think about that from the context of any customer renewals, for customers who have been paying for those security features in the past, I believe that they had required a gold subscription. So maybe you could help us understand how that mass might work one direction or the other?

是的,谢谢。 我将恭喜你。 谢谢,你已经采用了一些核心的Elasticsearch安全功能,你可以免费向所有人提供这些功能。 我想,对于我们应该如何从任何客户续订环境中考虑这一点感兴趣,对于过去为这些安全功能付费的客户,我相信他们需要黄金订阅。 那么也许你可以帮助我们理解这个质量如何在一个方向或另一个方向上运作?

Shay Banon

Yes, happy to cover that. So as I mentioned before, we’ve taken this, what I would say like fundamental security features. These are basic things like encryption and authentication or authorization and put them into our basic tier. which is free at proprietary. Based on our high-level analysis, we don't expect that you expect our renewal numbers. We have been engaging with our customers at a much higher level, both in terms of the commercial features that they’ve been using like our anomaly detection and machine learning features as well as more advanced enterprise-level security features like active director real LDAP capabilities. So we’re -- we don't expect that to affect our renewal rates, our renewal business significantly or anything at all.

是的,很乐意报道。 正如我之前提到的,我们已经采取了这种方式,我会说基本的安全功能。 这些是基本的东西,如加密和身份验证或授权,并将它们放入我们的基本层。 这是专有的免费。 根据我们的高级分析,我们预计您不会期望我们的续订数字。 我们一直在与客户进行更高层次的合作,包括他们一直使用的商业功能,如我们的异常检测和机器学习功能,以及更高级的企业级安全功能,如主动导向器真正的LDAP功能。 所以我们 - 我们不希望这会影响我们的续订率,我们的续约业务或任何事情。

Mark Murphy

Okay. And as a follow-up, have you noticed any tangible changes in the business again either positive or negative since Amazon announced its open distro for Elasticsearch, which I believe was back in March. It looks like you had a very strong finish to the year. But is there any difference in the top of funnel activity or developer embrace on AWS or just any kind of noticeable difference in customer buying intense one way or the other?

好的。 作为后续行动,自从亚马逊宣布推出Elasticsearch的开放发行版之后,您是否已经注意到业务中的任何实质性变化,无论是正面还是负面,我相信这是3月份发布的。 看起来你今年的成绩非常强劲。 但是,在AWS上的漏斗活动或开发人员拥抱的顶端是否存在任何差异,或者客户购买方式的任何一种显着差异都是强烈的?

Shay Banon

I know we haven't seen any significant movement one way or another. Our distribution of our products are download numbers and our usage are as we expect them to be. We are very excited about what we call our default distribution that includes our basic features out-of-the-box. This means that every time someone goes and download and uses this product or this distribution, they see the value that they can get with our full feature set of our stack including our free and proprietary features. For now we have not seen any type of effect as a result of it.

我知道我们没有看到任何重大的运动。 我们的产品分销是下载编号,我们的使用情况与我们预期的一样。 我们对我们称之为默认分发的内容感到非常兴奋,其中包括我们的开箱即用的基本功能。 这意味着,每当有人下载并使用此产品或此发行版时,他们都会看到我们的完整功能集(包括我们的免费和专有功能)可以获得的价值。 目前我们还没有看到任何类型的影响。

Mark Murphy

Okay. One last one. Janesh, are you now fully caught up in headcount at this point to feel like you're fully properly staffed for this fiscal year?

好的。 最后一个。 Janesh,你现在完全陷入了人数,觉得你在这个财政年度的工作人员配备齐全吗?

Janesh Moorjani

So in terms of the investment profile, we will obviously keep hiring and adding people. I would expect to continue to add a significant number of people as the year evolves. And you can see that we've effectively build that into the guidance model as you sort of look at the spending profile, it increases every quarter and you can do the math there, marketing back into sort of what the anticipated numbers are embedded in the guidance model.

因此,就投资情况而言,我们显然会继续招聘和增加人才。 随着这一年的发展,我希望继续增加相当多的人。 您可以看到我们已经有效地将其构建到指导模型中,因为您可以查看支出配置文件,它每季度都会增加,您可以在那里进行数学运算,将营销回溯到预期数字嵌入到 指导模型。

Mark Murphy

Yes, I’m sorry, I wasn’t clear on that. I understand that you will be adding more people throughout the year. I think you’re a little behind on hiring last quarter. And I guess, I'm just curious whether you feel like you were kind of caught up and back to plan since that period.

是的,对不起,我不清楚。 我知道你将全年增加更多人。 我认为你在上个季度的招聘方面有点落后。 而且我想,我很好奇你是否觉得自从那个时期以来你有点陷入困境并重新做好计划。

Janesh Moorjani

Yes, it's being -- our recruiting time I think has done a marvelous job in the last few months of bringing in a number of people. And that blip which we experienced over the holidays was just that. We've not seen any significant challenges in attracting talent. So we feel like we’re fully caught up now, but obviously we’ve got a lot more hiring to do as the year progresses as well.

是的,这是 - 我认为我们的招聘时间在引入一些人的最后几个月里做了出色的工作。 我们在假期中经历的那种昙花一现。 我们在吸引人才方面没有遇到任何重大挑战。 所以我们觉得我们现在已经完全陷入困境,但显然随着时间的推移,我们还有更多的招聘工作要做。

Mark Murphy

Thank you.

谢谢。

会议主持员

Next we’ve Matt Hedberg with RBC Capital Markets.

接下来我们与RBC Capital Markets的Matt Hedberg合作。

Matt Hedberg

Hey, guys. Thanks for taking my questions. Shay, I wanted to start with you on Endgame, another question there. It looks like great technology though. I’m wondering -- obviously, the deal hasn't closed yet, but your intentions on what you do with the code base. I mean, do you plan to open source all of it, some of it? Just sort of a general, sort of how do you kind of think about the code base going forward.

大家好。 谢谢你回答我的问题。 谢谢,我想在Endgame上与你开始,那是另一个问题。 虽然它看起来很棒。 我很想知道 - 很明显,这笔交易还没有结束,但是你对你用代码库做什么的意图。 我的意思是,你是否打算开源所有这些,其中一些? 只是一般的,你如何考虑未来的代码库。

Shay Banon

Yes, it's a good question. So first of all the deal hasn’t closed as you said and we haven't had a chance to really sit down with the Endgame team and start to plot our way forward here. So we don't -- I don't have anything concrete to be able to honestly to share with you. I would say that, you can plot the past and see the future. We have made significant investments in our basic, which is the free proprietary features in order to drive the bottom-up adoption. But obviously our expectations is the ability to go and convert to paying customers when it comes to the self managed part of the house. Obviously on SaaS and anybody that uses our product ends up paying us, so that's unrelated to whether we have a commercial self managed feature or not.

是的,这是一个很好的问题。 所以首先这笔交易还没有像你说的那样关闭,我们没有机会真正坐下来与Endgame团队一起开始在这里开始前进。 所以我们没有 - 我没有任何具体的内容可以诚实地与您分享。 我会说,你可以绘制过去并看到未来。 我们已经对我们的基础进行了大量投资,这是免费的专有功能,以推动自下而上的采用。 但显然我们的期望是能够在房子的自我管理部分转向付费客户。 显然,在SaaS上,任何使用我们产品的人都会向我们支付费用,这与我们是否拥有商业自我管理功能无关。

Matt Hedberg

Sure. Got it. Okay. And then one more. In your prepared remarks, you talked a little bit about APM, some of the success you are having there. I wonder if you can give us a bit more detail there on sort of the progress of that module inside your base. I don't believe you are really selling it as a -- you're leading with APM per se, but I’m sort of curious on the progress of that. Any notable cross-selling efforts this quarter?

当然。 得到它了。 好的。 然后还有一个。 在你准备好的评论中,你谈了一些APM,你在那里取得了一些成功。 我想知道你是否可以在我们基础上的那个模块的进展中给我们更多细节。 我不相信你真的把它当作一个 - 你在APM本身领先,但我对它的进展感到好奇。 本季度有哪些值得注意的交叉销售活动?

Shay Banon

Yes. So over the past quarter the team has made an amazing progress. We mentioned the support that we’ve for what is more advanced APM features already, like the distributed tracing. But also we’ve made significant investments in supporting more programming language and the languages in the APM space. I feel like we're getting to a point we're slowly, but surely getting to a point where this is a fully featured APM product definitely for the self managed space. We are still -- the way that we sell our APM product is as a second act to logging or to security use cases. So we're mostly targeting our existing customer base and just giving them an additional value if they’re already using us for logging, then they -- we are happy for them to now start to use us for APM. And then in the future we will definitely update you when we start to move to start to lead with APM, but it's definitely our intent to get at that point.

是。 所以在过去的一个季度里,团队取得了惊人的进步。 我们已经提到了我们已经支持的更高级的APM功能,例如分布式跟踪。 但我们也在支持更多的编程语言和APM领域的语言方面做了大量投资。 我觉得我们已经达到了一个缓慢的程度,但肯定会达到这一点,这是一个功能齐全的APM产品,绝对是自我管理的空间。 我们仍然 - 我们出售APM产品的方式是记录日志或安全用例的第二步。 因此,我们主要针对现有的客户群,如果他们已经在使用我们进行日志记录,那么只需给他们一个额外的价值,然后他们 - 我们很高兴他们现在开始使用我们的APM。 然后在未来,当我们开始开始领导APM时,我们肯定会更新你,但这绝对是我们在这一点上的意图。

Matt Hedberg

Great. Well done, guys.

非常好。 做的好各位。

Shay Banon

Thank you.

谢谢。

Janesh Moorjani

Thanks, Matt.

谢谢,马特。

会议主持员

And the next question we have will come from Heather Bellini with Goldman Sachs.

我们接下来的问题将来自Heather Bellini与Goldman Sachs。

马克格兰特

Hey, thanks. Its Mark Grant on for Heather. Just one for me. So when you think about the investment priorities in fiscal '20, can you talk about where you think the greatest opportunities are from a product or use case standpoint? You obviously had a strong pace of releases in fiscal '19. Do you see this coming fiscal is just a continuation of that cadence or are there additional use cases where you think you could be particularly competitive?

嘿,谢谢。 它的马克格兰特为希瑟。 对我来说只有一个。 因此,当您考虑到20财年的投资重点时,您是否可以从产品或用例角度谈论您认为最佳机会的位置? 在19财政年度,你显然有很强的发布速度。 您是否认为即将到来的财政只是该节奏的延续,还是存在您认为自己可能特别具有竞争力的其他用例?

Shay Banon

Yes. I’m happy to take that. So, first of all, I’m very proud of the investments that we made over the past year as you can see our engineering team is basically constantly on thrive. It keeps on releasing either a new versions of our products or new products like the Elastic Cloud and Kubernetes that has been a major efforts that I think positions us well for FY '20. I'm excited about every single use case that we have and I think that the opportunity in front of us in all of these use cases is impressive. That is one of the reason why we’ve been guiding and that's what how we've been guiding towards the future terms of our R&D investments. Whether it’s the app, sites, and enterprise search product, I mentioned that we just released an enterprise search product like early innings and early stages, but this is a whole fresh look on the enterprise search market, especially when it comes to bringing together all the SaaS services that any company today uses. So that’s an area of investments I believe that we have opportunity and investments to doing the observability space when it comes to logging, metrics and APM. And obviously, the security space, being able to now go-to-market and build the foundations to build the community of security products around our stack with Elastic Common Schema and various data shippers getting to a point to where we start to develop an Elastic SIEM product and obviously bringing together that emerging it and marrying it with the -- an Elastic endpoint product in Endgame.

是。我很乐意接受这一点。所以,首先,我为我们过去一年的投资感到自豪,因为你可以看到我们的工程团队基本上一直在蓬勃发展。它不断发布我们产品的新版本或新产品,如Elastic Cloud和Kubernetes,这些都是我认为20世纪50年代的优势。我对我们拥有的每一个用例感到兴奋,我认为在所有这些用例中我们面前的机会令人印象深刻。这就是我们一直在指导的原因之一,也就是我们如何指导我们研发投资的未来条款。无论是应用程序,网站还是企业搜索产品,我都提到我们刚刚发布了早期局和早期阶段的企业搜索产品,但这对企业搜索市场来说是一个全新的面貌,特别是在整合所有产品时任何公司今天使用的SaaS服务。所以这是一个投资领域,我相信在日志记录,指标和APM方面,我们有机会和投资来做可观察性空间。显然,安全领域,现在能够进入市场并建立基础,在我们的堆栈周围构建安全产品社区,使用弹性通用架构和各种数据托运人到达我们开始开发弹性的地方SIEM产品,显然将它与新兴产品结合在一起,并与Endgame中的Elastic终端产品结合使用。

马克格兰特

Thanks. That’s helpful.

谢谢。 这很有帮助。

会议主持员

Next we have Tyler Radke of Citi.

接下来我们有花旗的Tyler Radke。

Tyler Radke

Hey, thank you. And I apologize if my question has been asked already. I’m hopping around earnings calls here, but, Shay, I think one of the things that you’ve talked about the -- around the time of IPO and one of the things you were looking to avoid is kind of pigeonholing yourself in the too narrow of a market. And with that in mind, how are you thinking about just the overall focus on security here. Obviously, this is a relatively sizable acquisition and it's a pretty big investment area. But how are you just balancing investment priorities in security relative to the other areas that that still seem to be doing quite well.

嘿,谢谢。 如果我的问题已被提出,我会道歉。 我在这里跳过收益电话会议,但是,谢谢,我认为你所谈到的事情之一 - 在IPO时期和你想要避免的事情之一就是把自己放在 太狭隘的市场。 考虑到这一点,您如何考虑在这里全面关注安全性。 显然,这是一个相对规模的收购,这是一个相当大的投资领域。 但是,您如何平衡安全方面的投资优先级相对于其他仍然表现良好的领域。

Shay Banon

Yes, happy to take that. So the first part is that within Elastic even before our -- us joining forces with Endgame, we have a team that focuses on building security features and eventual SIEM products. So we are making investments today. As we do things at Elastic and it comes to our go-to-market, when it comes to bottom-up, we are trying to think about these features on a more foundational level. We know that our community of people that use this in the context of security and developers is enormous and we want to build features in a foundational level that allows to bring all of them and basically allow them to circulate the Elastic Stack. That's why we've invested for a few months now in basic and foundational things like the Elastic Common Schema. So whether networking data comes from Palo Alto networks, firewalls, nginx [ph] or Cisco firewalls all of it looks and moves and seems like the same thing. Exactly the same efforts that we done on the host level integration, but then we are also moving up and you should expect us to see over the next year a more curated experience when it comes to the SIEM product and the SIEM market and are starting to release a concrete product in that space. I’m also excited about the -- I will mention it again, I am excited about the endpoint market and our Endgame opportunity. We've been developing the ability to shift some security events obviously not at the scale of what the Endgame product has into the Elastic Stack because we know once you put all of this type of information in a search engine, you really empower security researchers and security users across the world. And to be honest, you bring security capabilities to dev ops and ops people out there. So we’re excited about doing that. And when you really look at these two markets, you start to see that there really the work wonderfully together and it's a compounding effect that you can give to any type of security user out there by merging together SIEM and endpoint. And that's our goal moving forward with this acquisition is to be able to provide the best product to market and asking tough questions like why do you have new products for the single user experience that any security user out there deserves.

是的,很高兴接受。所以第一部分就是在Elastic中,甚至在我们与Endgame合作之前,我们的团队专注于构建安全功能和最终的SIEM产品。所以我们今天正在进行投资。当我们在Elastic做事时,它涉及到我们的上市,当谈到自下而上时,我们试图在更基础的层面上考虑这些功能。我们知道在安全和开发人员的环境中使用它的人们社区是巨大的,我们希望在基础级别构建功能,允许带来所有这些功能,并基本上允许它们循环弹性堆栈。这就是为什么我们现在投资了几个月的基本和基础的东西,如弹性通用模式。因此,网络数据是来自Palo Alto网络,防火墙,nginx [ph]还是思科防火墙,所有这些都看起来和移动,看起来是一样的。我们在主机级集成上所做的工作完全相同,但随后我们也在向上移动,您应该期待我们在明年看到更多的SIEM产品和SIEM市场的经验并开始在那个空间释放混凝土产品。我也很兴奋 - 我会再次提到它,我对端点市场和我们的Endgame机会感到兴奋。我们一直在开发能够将一些安全事件转移到Endgame产品所具有的范围内,因为我们知道,一旦你把所有这类信息都放到了搜索引擎中,你真正赋予了安全研究人员和世界各地的安全用户。说实话,你将安全功能带到了开发人员和操作人员那里。所以我们很高兴这样做。当你真正看到这两个市场时,你会开始看到真正的工作真的在一起,这是一种复合效应,你可以通过将SIEM和端点合并在一起来为任何类型的安全用户提供。我们追求此次收购的目标是,能够向市场提供最好的产品,并提出棘手的问题,例如为什么有新产品可以满足任何安全用户应有的单一用户体验。

Tyler Radke

Great. And then maybe a follow-up. As we think about the guidance for next year, maybe just help us understand your expectation for the SaaS revenue business. I know you made some changes with the one hot architecture, which I think offered more favorable pricings, customer based on their memory usage. But just help us understand the context of that as we think about the growth in that line for next year.

非常好。 然后可能是一个后续行动。 当我们考虑明年的指导时,也许只是帮助我们了解您对SaaS收入业务的期望。 我知道你在一个热门架构上做了一些改变,我认为它提供了更有利的价格,客户根据他们的内存使用情况。 但是,当我们考虑明年该线的增长时,只是帮助我们了解这一背景。

Janesh Moorjani

Hey, so this is Janesh. Happy to do that. Overall, we remain very bullish about the SaaS opportunity that we see ahead of us. You will see that for the past few quarters our SaaS business has continued to grow faster than the self managed business. Broadly, I would say we would expect that trend to continue in the future. We don't do anything that tries to influence customer behavior one way or another. We are relatively agnostic when it comes to customer preference in that regard. And so we will continue to serve the customer in the best way that makes sense for them, but we do expect that that business will grow a little bit faster than what we've seen before. The other piece, I will just take the opportunity here to point out is that we made the architecture changes that you talked about around three quarters ago. And in conjunction with that, we had launched our revised pricing model, and so we’ve still got one quarter of that pricing headwind to go before we lap that at the start of Q2 of this fiscal.

嘿,所以这是Janesh。很高兴这样做。总的来说,我们仍然看好我们面前的SaaS机会。您将看到,在过去的几个季度中,我们的SaaS业务继续以比自我管理业务更快的速度增长。从广义上讲,我认为我们预计这种趋势将来会持续下去。我们不做任何试图以这种或那种方式影响客户行为的事情。在这方面,当涉及到客户偏好时,我们是相对不可知的。因此,我们将继续以对他们有意义的最佳方式为客户提供服务,但我们确实希望该业务的增长速度比我们之前看到的要快一些。另一篇,我将借此机会指出,我们在四分之三前提出了你所谈论的架构变化。与此同时,我们推出了修订后的定价模型,因此在本财年第二季度开始之前,我们仍有四分之一的定价逆转。

Tyler Radke

Thank you. It's helpful.

谢谢。 这很有帮助。

会议主持员

Next we have Ittai Kidron of Oppenheimer.

接下来我们有奥本海默的Ittai Kidron。

Ittai Kidron

Thanks. Congrats, guys. Good quarter. Couple of questions for me. Janesh, first of all, on the expansion rate clearly stable, above the 130%, but is there any directional color you can give us on a year-over-year basis? How we did the level of stability or slight deterioration year-over-year basis?

谢谢。 恭喜,伙计们。 好季度。 几个问题对我来说。 Janesh,首先,关于扩张速度明显稳定,高于130%,但是你可以给我们提供多年的定向颜色吗? 我们如何实现稳定水平或同比略有恶化?

Janesh Moorjani

Happy to Ittai. Nice to speak with you again. So broadly the overall renewal and expansion economics in the business continue to be quite strong. So we’re very pleased with that net expansion rate remaining above 130%. I will say broadly it was at similar levels in Q4 compared to prior quarters in Q3 and earlier, so we’ve not really seen any significant shift over there. The overall customer expansion patterns continue to be consistent and with the expansion of use cases and the expansion of projects themselves you’ve got multiple vectors of growth within the customer -- within that customers expense base, if you will, or the amount that they spend with us. And so we’ve seen all of that play out. So no significant shifts. It hasn't moved meaningfully up or down.

对Ittai感到高兴。 很高兴再次与您交谈。 从广义上讲,整体业务的更新和扩张经济性仍然非常强劲。 因此,我们对净扩张率保持在130%以上感到非常满意。 我会说第四季度的水平与第三季度及之前几个季度的水平相当,所以我们并没有真正看到那里的重大转变。 整体客户扩展模式继续保持一致,随着用例的扩展和项目本身的扩展,您在客户中有多种增长方式 - 在客户支出基础内,如果您愿意,或者他们的数量 和我们一起度过 所以我们已经看到了所有这些。 所以没有重大转变。 它没有有意义地向上或向下移动。

Ittai Kidron

Very good. And then as a follow-up for you, Shay, in the last I guess year we’ve seen many of the performance monitoring guys, like Datadog [ph] and even I guess New Relic most recently moving to the log market itself. So now they also offer a quite comprehensive metrics logs what have you. I guess the question is how do you think about the market fragmentation here? How do you think about the breadth of solutions out there? How do you think about customers making sense out of the noise and picking the past by which they are going to go above this, because it seems like there is many, many options. How do you think about customers making sense out of the noise?

很好。 然后作为你的后续行动,Shay,在我猜到的最后一年,我们已经看到许多性能监控人员,比如Datadog [ph]甚至我认为New Relic最近都转向了原木市场。 所以现在他们还提供了一个非常全面的指标日志。 我想问题是你如何看待这里的市场分割? 您如何看待那里的解决方案的广度? 您如何看待客户从噪音中理解并选择他们将要超越的过去,因为看起来有很多很多选择。 您如何看待客户从噪音中理解?

Shay Banon

Yes, great questions. So in the first part I will say that we’ve been -- I'm excited about the fact that our company has been there from the start to realize the fact that collapsing these three use cases APM, metrics and logging actually makes a lot of sense and leading the way when it comes to the observability use case. So we've been there from the starting, if not one of the first ones. One of the things that I’m really proud about what the team has done is the ability to actually use exactly the same product line for all three use cases. So the ability to go and weave questions between APM, logs and metrics is something that is very natural when you’re using the same UI in Kibana and the same data storage in Elasticsearch. I think that's one of the first differentiated features on the product level that we’ve as a company. On top of the fact that we’ve been one of the first to market when it comes to it. The second part is the optionality that we provide to our users, which I'm really happy about. So you mentioned two vendors that have only a SaaS business. We provide our users with the ability to go and have self-managed or on-prem solutions all the way to our SaaS offering, and we’ve exposed APM capabilities over the last quarter as well. So I’m excited about that and we -- that resonates really well with our user base. That optionality of being able to store things either on-prem, on cloud vendors or between cloud vendors, that’s something that that we can provide. And lastly that I would say is that it doesn't end there. I think that the level of features that we can provide once you can combine all of these three use cases together gets compounded as you materialize your investments in the core features that they have and expect us to be able to have that moving into FY '20. A good example of that is our machine learning features and the ability to make even better decisions. Thanks to the fact that we have access to all three data streams in these context.

是的,很棒的问题。所以在第一部分我会说我们已经 - 我很高兴我们的公司从一开始就认识到这样一个事实,即崩溃这三个用例APM,指标和日志记录实际上做了很多事情在可观察性用例方面的感觉和引导方式。所以我们从一开始就一直在那里,如果不是第一个。我对团队所做的事情感到非常自豪的一件事就是能够在所有三个用例中实际使用完全相同的产品线。因此,当您在Kibana中使用相同的UI并在Elasticsearch中使用相同的数据存储时,能够在APM,日志和指标之间编写问题是非常自然的。我认为这是我们作为一家公司在产品层面上的第一个差异化功能之一。除此之外,我们是最先推出市场的公司之一。第二部分是我们为用户提供的选择性,我非常高兴。所以你提到了两家只有SaaS业务的供应商。我们为用户提供了自助管理或本地解决方案以及SaaS产品的能力,并且我们也在上一季度公开了APM功能。所以我很高兴和我们一起 - 这与我们的用户群产生了很好的共鸣。能够在本地,云供应商或云供应商之间存储东西的选择性,这是我们可以提供的东西。最后我要说的是它并没有就此结束。我认为,一旦您将所有这三个用例组合在一起,我们可以提供的功能级别就会变得复杂,因为您实现了对其拥有的核心功能的投资,并期望我们能够将其转变为20财年。一个很好的例子就是我们的机器学习功能和做出更好决策的能力。由于我们可以在这些上下文中访问所有三个数据流。

Ittai Kidron

Very good. Good luck, guys.

很好。 祝大家好运。

Shay Banon

Thank you.

谢谢。

会议主持员

Next we have Richard Davis of Canaccord.

接下来我们有Canaccord的Richard Davis。

理查德戴维斯

Hey, speaking of machine learning. I mean, one of the things it seems pretty slick about what you guys do is you can easily run unsupervised learning queries on logging and security analytics and APM. And I think that's pretty interesting and -- but is that functionality maybe you found that that your user base finds that attractive or the workloads kind of moved in that direction or how is that going?

嘿,谈到机器学习。 我的意思是,你们所做的事情看起来非常光滑的一件事是你可以轻松地在日志和安全分析以及APM上运行无监督的学习查询。 而且我认为这很有意思 - 但是这个功能可能是你发现你的用户群发现那个有吸引力的或工作负载在这个方向上移动了或者是怎么回事?

Shay Banon

Yes, it's a great question. So in the first part I would say that and this is a bit about how we are thinking about machine learning maybe the company, we are building the foundation to integrate with any type of machine learning implementation on product out there from Tencent Flow to other tools and we’re seeing this integrations being built by our community every day. So I’m excited about that where our foundational capabilities are just exposes a very strong search engine that can be used by any type of machine learning algorithm. Our focus in machine learning then extends to trying to bring machine learning capabilities to the -- while we'd say the common people and I definitely count myself as one of them. So -- and you mentioned on supervised machine learning which is basically just the ability to go point and algorithm like an anomaly detection of data and then not have to go and supervise that they can just rid of that wonderful results as the result of it. We have -- this is by the way this is a feature that will call it a commercial feature. It is exposed in our SaaS service, but if you are a self managed on all brand customer, you need to engage with us in a subscription to get it, and we have seen users in this context increase quarter-over-quarter and using more and more our machine learning features, especially as they weave themselves into more and more unique capabilities that we have in the context of each use cases. And that ties by the way into what I mentioned in our security features and making some of them free, we feel good about the fact that features like our anomaly detection, our machine learning are there to help convert and retain our customers.

是的,这是一个很好的问题。所以在第一部分我会说,这是关于我们如何思考机器学习可能是公司,我们正在建立基础,以便从腾讯流程到其他工具的任何类型的机器学习实现集成我们每天都会看到这种集成是由我们的社区建立的。所以我很兴奋,我们的基础功能只是暴露了一个非常强大的搜索引擎,可以被任何类型的机器学习算法使用。我们对机器学习的关注延伸到试图将机器学习能力带到了 - 虽然我们说普通人和我自己也算是其中之一。所以 - 你提到了有监督的机器学习,它基本上只是能够像点数据的异常检测一样去点和算法,然后不必去监督它们可以摆脱那些奇妙的结果。我们有 - 这是一个将其称为商业功能的功能。它在我们的SaaS服务中暴露,但如果您是所有品牌客户的自我管理,您需要与我们订阅以获得它,并且我们已经看到这种情况下的用户比上一季度增加并使用更多以及我们的机器学习功能,尤其是当它们将自己编织到我们在每个用例的上下文中具有的越来越多的独特功能时。顺便说一句,这与我在安全功能中提到的内容相关联,并使其中的一些免费,我们感觉良好的事实是我们的异常检测,我们的机器学习等功能可以帮助转换和留住我们的客户。

理查德戴维斯

Perfect. Thank you very much.

完善。 非常感谢你。

会议主持员

Well sir, no further questions at this time. We will go ahead and conclude our question-and-answer session. I would now like to turn the conference call back over to Mr. Shay Banon, for any closing remarks. Sir?

先生,此时没有其他问题。 我们将继续并完成我们的问答环节。 我现在想把电话会议转回Shay Banon先生的任何结束语。 先生?

Shay Banon

Yes, thank you. Yes, thank you and thank you all for joining the call. Q4 was a great ending to a strong financial 2019. We look forward to continuing the momentum in fiscal 2020. We look forward to updating you next quarter. Thank you very much and good bye.

是的,谢谢。 是的,谢谢,谢谢大家加入电话会议。 第四季度是2019年强劲财务的一个伟大结局。我们期待在2020财年继续保持这一势头。我们期待下个季度更新您。 非常感谢你,再见。

会议主持员

And we thank you sir for your time today and also to the rest of the management team. Again, the conference call is now concluded. At this time, you may disconnect your lines. Thank you everyone. Take care and have a wonderful day.

我们感谢先生您今天的时间以及管理团队的其他成员。 电话会议现在又结束了。 此时,您可以断开线路。 谢谢大家。 保持健康,度过美好的一天。

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