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    Elastic NV (ESTC)

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    Business Description

    Elastic N.V. (ESTC) is a company that specializes in providing a platform for search-powered solutions. The company primarily generates revenue through the sale of subscriptions to its platform, which includes various paid subscription tiers offering different levels of access to proprietary features and support. Elastic also offers consulting and training services to complement its subscription offerings.

    1. Subscription - Offers access to Elastic's platform through various paid tiers, providing different levels of proprietary features and support. Subscriptions are available on both term-based and consumption-based models, with Elastic Cloud being a significant component.

      • Elastic Cloud - Provides cloud-based access to Elastic's platform, allowing customers to utilize its services on a consumption basis.

    2. Services - Provides consulting and training services to help customers effectively implement and utilize Elastic's platform.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Ashutosh KulkarniChief Executive OfficerJanuary 2022Ashutosh Kulkarni has served as the Chief Executive Officer of Elastic N.V. since January 2022. He was elected to the board of directors in March 2022. Prior to becoming CEO, Mr. Kulkarni was the Chief Product Officer (CPO) from January 2021 to January 2022. He held significant roles at McAfee Corp. and Akamai Technologies .
    Janesh MoorjaniChief Financial Officer (until December 13, 2024)August 2017Janesh Moorjani served as the Chief Financial Officer (CFO) of Elastic N.V. since August 2017 and as the Chief Operating Officer (COO) since May 2022. He will resign from his positions at Elastic on December 13, 2024 .
    Eric PrengelInterim Chief Financial OfficerDecember 14, 2024Eric Prengel was appointed as the interim Chief Financial Officer of Elastic, effective December 14, 2024. He served as the Group Vice President of Finance at Elastic since January 2023 and held various finance leadership roles at J.P. Morgan .
    Shay BanonChief Technology OfficerJanuary 2022Shay Banon is the Chief Technology Officer (CTO) at Elastic. He co-founded the company and has been a member of the board of directors since July 2012. Banon served as the CEO from May 2017 to January 2022 and is the creator of the Elasticsearch product .
    Ken ExnerChief Product OfficerAugust 2022Ken Exner is the Chief Product Officer (CPO) at Elastic. He has been with the company since August 2022. Before joining Elastic, he was the head of Developer Tools at Amazon and held various senior roles at Amazon Web Services .
    Mark DoddsChief Revenue OfficerDecember 2023Mark Dodds serves as the Chief Revenue Officer (CRO) at Elastic. He joined the company in December 2023, bringing extensive global sales leadership experience from his 23-year tenure at Cisco .
    Carolyn HerzogChief Legal OfficerMay 2022Carolyn Herzog has served as the Chief Legal Officer of Elastic N.V. since May 2022. Before joining Elastic, she was the Executive Vice President and General Counsel at Arm and held various roles at Symantec .

    Questions to Ask Management

    1. Given that customer commitments related to generative AI almost doubled quarter-over-quarter and you have over 1,550 customers using Elastic for GenAI use cases , but you don't have a separate SKU or a way to parse out GenAI revenue , how can investors track your progress in this critical area? Will you consider providing more detailed metrics or disclosures on the financial contribution of GenAI to your business?

    2. Despite improved sales execution in Q2 with pipeline creation and progression returning to normal levels , your guidance implies an exit growth rate of 11% in fiscal Q4 , suggesting conservatism or lingering impacts from earlier sales challenges. Can you elaborate on the factors influencing your guidance and the confidence you have in sustaining the improved sales momentum?

    3. As competition intensifies in both the GenAI space, with pure-play vector databases and other data platforms developing vector functionality , and in SIEM, with incumbent vendors and market disruptions , how do you plan to differentiate Elastic and maintain your competitive edge? What are the key risks you see in these markets?

    4. You observed stronger-than-expected consumption among larger customers in Q2 , but you are not factoring this into future guidance due to prudence and historical fluctuations . Is there a risk that you are being overly conservative and potentially underestimating your growth potential, especially if these consumption trends continue?

    5. With plans to increase investments in the second half of the year, particularly in GenAI , how do you balance the need for increased investment to capture growth opportunities with your commitment to improving operating margins? Do you believe your current level of investment is sufficient to capitalize on the significant market opportunity in GenAI without sacrificing future growth?