Elastic NV at Piper Sandler Growth Frontiers Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Rob Owens - Piper Sandler & Co. - Analyst : Let's go back and chat a little bit about Q1. And I think in the Mongo meeting just before you, Brent pointed out a lot of the inflection that's happening within the space, and I think it happened within your guys' numbers if we look at revenue or subscription revenue. But parsing that there was a price increase, which, by the way, does happen with software companies in there, we'd love to just kind of understand the different components of success that you guys saw, how you're setting up for the rest of the year? And maybe, Eric, a little discussion on pricing as well.

Question: Rob Owens - Piper Sandler & Co. - Analyst : Sure. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 2:30PM, ESTC.N - Elastic NV at Piper Sandler Growth Frontiers Conference

Question: Rob Owens - Piper Sandler & Co. - Analyst : Now it was a little bit of an easier comp given Q1 of last year and some of the different sales changes, but I think that we're seeing a lot of things accelerate here in the space from an infrastructure standpoint. Do you feel we're nearing that tipping point? And I'd love Ken to weigh in, in terms of where we're at and why?

Question: Rob Owens - Piper Sandler & Co. - Analyst : Yes.

Question: Rob Owens - Piper Sandler & Co. - Analyst : So what are the parallels? And what are the proof points we should be -- you live this ground level at AWS. What are those proof points we should be looking for? Because from an investment perspective, we see cycle times compressing, right? We look at adoption of ChatGPT versus go back to previous cycles, just people using the Internet. It's crazy the momentum these things have upfront, but then there's always that expectation that carries with it, and there's kind of that period of disappointment. So to that end, if you're drawing parallels with what you went through that first time and what we're seeing now, what do you think those proof points are going to be then?

Question: Rob Owens - Piper Sandler & Co. - Analyst : And what is Elastic's role in all this? Near term, long term?

Question: Rob Owens - Piper Sandler & Co. - Analyst : Excellent. It seems to be translating into other areas. So maybe you can touch on the security opportunity, which seemingly is improving around your SIEM offering, even observability as well. And why customers are looking to consolidate these areas? Because typically, it can be one buying center, but I think historically, it's been multiple buying centers in an organization, different users and just different use cases. So why do you think you're seeing the consolidation and the success that you're seeing there?

Question: Rob Owens - Piper Sandler & Co. - Analyst : And Ash loves to say security is a data problem. Can you expand on that?

Question: Rob Owens - Piper Sandler & Co. - Analyst : And maybe shifting gears a little bit, touch on the serverless opportunity. Maybe help explain it to the audience to start and where you guys are at in that journey? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 2:30PM, ESTC.N - Elastic NV at Piper Sandler Growth Frontiers Conference

Question: Rob Owens - Piper Sandler & Co. - Analyst : Apparently it is.

Question: Rob Owens - Piper Sandler & Co. - Analyst : Excellent. Eric, if I think about the last couple of years relative to Elastic, this is a story that has flirted with inflection many times. And I know investors get excited, and it's been a pretty volatile business. And if we look at your recent success, especially this first quarter, are you finding more predictability within the model at this point? Are you seeing more visibility relative to those opportunities, especially with the changes in go-to-market that happened a year ago? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 2:30PM, ESTC.N - Elastic NV at Piper Sandler Growth Frontiers Conference

Question: Rob Owens - Piper Sandler & Co. - Analyst : Great. We've got time for one or two questions if there are. Go ahead, Ethan. Unidentified Participant Yeah, just on serverless, can you talk kind of about the process the customer would go to kind of migrating existing cloud workload or use case on to serverless, like how hard you view that quickly (inaudible)

Question: Rob Owens - Piper Sandler & Co. - Analyst : I'd love to ask about eating your own dog food or finding (inaudible) where are you finding efficiencies, leveraging AI and some of the different tools and some of the different capabilities Elastic has?

Question: Rob Owens - Piper Sandler & Co. - Analyst : Has it resulted in tangible cost savings or lower head count in any of these functional areas that you're starting to use it?

Question: Rob Owens - Piper Sandler & Co. - Analyst : Great. Well, I think we'll end it there. Thank you, guys.