The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Matthew George Hedberg - RBC Capital Markets, Research Division - Analyst
: Great. Great quarter. I mean there's lots of positives. Obviously, the Elastic cloud growth, the -- I think what was a record new customer add and
now this -- the $1 billion fiscal '23 or $1 billion-plus fiscal '23 target.
I guess when we start thinking about the progress to that target, Shay, it seems to me that Security is going to be an increasingly important part
of your business. And I guess following all these breaches, it really seems like we have a data problem. With all the security solutions out there, can
you talk about your ability to perhaps consolidate some spend, help customers feel even more secure, really harnessing the power of data to maybe
make smarter security decisions?
Question: Matthew George Hedberg - RBC Capital Markets, Research Division - Analyst
: That's super helpful. And then I guess, maybe to sort of double click on that a little further. With your success in Enterprise Search, it strikes me also
that you're in a really good position to help organizations with a data governance risk. Really, your search engine, being able to identify sensitive
information, monitor access to this, wherever that might sit, whether it's on-premise or in cloud data stores. Am I right in thinking that this could
be a growing trend for you looking forward?
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: One for Shay, one for Janesh. Shay, with respect to the cloud as a future of the company, do you believe that pivoting to the cloud is ultimately the
-- I don't want to use the word end game, but the strategic outcome for the company, granted that your cloud business is doing well, it was up
77%.
So what kind of opportunity do you see in your installed base to get everybody on the cloud platform ultimately in the future? And I'll stop with
that question before I ask Janesh's question.
Question: Kasthuri Gopalan Rangan - Goldman Sachs Group, Inc., Research Division - Analyst
: Wonderful. And one for you, Janesh. As the company transitions to the cloud, how should we think about how you're going to be managing --
you've been fantastic as a public company, managing your expenses and what not, proving that the guidance has good visibility. How should we
think about how you'll be managing through the business model transition, if there is any transition at all as part of the consideration? Congrats
on the quarter.
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