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Koji Akira

Senior Equity Analyst at Bank of America

Koji Akira is a Senior Equity Analyst at Bank of America, specializing in Japanese equity research with a focus on financial services and technology sectors. He has covered major companies such as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and SoftBank Group, consistently delivering high-impact investment recommendations. Akira has maintained a strong performance track record, with a success rate of approximately 70% on investment calls and has been recognized among top analysts in Japan by platforms like TipRanks. He began his career in equity research at Nomura Securities before joining Bank of America in 2013, bringing over a decade of experience in Japanese market analysis. Akira holds FINRA Series 7 and 63 licenses, underscoring his professional credentials in securities analysis.

Koji Akira's questions to Elastic (ESTC) leadership

Question · Q2 2026

Koji Akira asked for clarification on the composition of Elastic's new sales-led subscription revenue guidance, particularly the implied growth rate for cloud revenue compared to the fiscal second quarter.

Answer

CFO Navam Welihinda explained that sales-led subscription revenue encompasses both self-managed and cloud commitments driven by the sales team, excluding the flat-expected monthly cloud self-serve business. CEO Ash Kulkarni further clarified that disaggregating pricing changes from overall consumption is misleading, emphasizing that net consumption, driven by new workloads and data, remains strong, and commitments are robust. Navam added that seasonality and renewal slips influenced the quarter's revenue shape.

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Question · Q2 2026

Koji Akira inquired about the composition of the newly introduced sales-led subscription revenue guidance, specifically the implied cloud growth rate compared to fiscal Q2. He also asked for a bridge between Q1's 22% and Q2's 18% sales-led subscription growth, considering pricing tailwinds and GenAI revenue contributions.

Answer

CFO Navam Welihinda stated that sales-led subscription revenue includes both self-managed and cloud commitments driven by the sales team, with monthly cloud self-serve expected to be flat. CEO Ash Kulkarni advised against isolating pricing, emphasizing that net consumption is strong due to new workloads, data increases, and platform efficiency features. Welihinda added that Q2 seasonality differed from Q1, and self-managed revenue shape changed due to renewal slips, which Kulkarni confirmed are firm and expected in Q3.

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