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Comment與引號【】內的文字屬於個人評論，請勿當成交易建議。
會議內容盡可能中性紀錄，如有錯誤煩請不吝更正。
FY2021Q4 = 2021Q1 ; Q1 = Feb. - Apr.

Comment

都快要Q2 Earnings Call了，現在才發Q1 Earnings Call。為什麼呢？~~一定是版主偷懶~~，我原本在Notion的筆記只差一點點就可以完成，一直拖到今天想說月底來發一下文章，結果檔案怎麼找都找不到... (Notion：怪我囉？)
Revenue QoQ +13.0% ; YoY +43.7% : 比上一季還要強勁 Backlog QoQ + 7.3% ; YoY +44.5% off balance sheet的收入增速仍大於營收增幅，預期下一Q成長應可以維持，先抓公司長期成長率+29%。
基本上以open source為核心，打造平台的模式已經有好幾個案例。MongoDB、Elastic、Confluent、Databricks...等。平台的前提是連結串接，我覺得search就是很好連結的工具，CEO也深知這點，所以我認為Elastic很有機會。但是串接能力是不是這麼強，我不是這麼確定。
Elastic Search已經獨霸資料庫搜尋了，利用search衍生出來的應用，才是下一步成長的關鍵。Elastic現階段鎖定資安，這是一個商機龐大但是競爭激烈的市場，幾乎所有有關APM的玩家都已經投入這個領域，再加上原本資安的玩家，各家提出不同的方案，一番廝殺在所難免，誰能勝出目前很難選擇。
相對來說，考慮Net Expansion Rate與營收成長性，我認為目前Elastic仍是被低估的。但是絕對來說，如果能用RPO與成長性反推出，目前市場願意給SaaS各大公司PS Ratio超過30的原因(或者說絕對估值模型與理由是什麼)，我想會更有信心。

Operation

【營運三隻腳的業務比例：Observability帶動Security，CEO認為兩個市場對Elastic來說將會converge】 Observability represents north of 40%; Enterprise Search, less than 33%; and Security represents around 20% of our business now. ... we believe that all the Observability data can be heavily used and harness toward better protecting companies as well

I find interesting in the security market is that when you grow up within the security space, you reach the CISO faster than you would reach the CIO in the observability space. We believe, by the way, that these two markets are going to converge over the next few years while you observe, why not protect them

【談License Change : 基本上就是沒影響】 ...just in terms of overall how our license changes are going, they're going very well from our perspective. We made this change to protect our products, brand, and IP, and we feel confident about our ability to execute against it. I'll remind you that none of our customers were impacted due to the licensing change.
【談產品：我覺得最後就是希望打造一個從search當核心的平台，透過search，連接企業所有的節點】 We like to say at Elastic that we don't build technology suites or Observability suites, we build a single product with a single cohesive user experience.

And in order to be able to protect against that, you need to be able to store data for much longer, obviously, and be able to connect the dot.And search is the best way to connect these dots.

【談SIEM：下一個成長來源，CEO說已經逐步成熟，但是我覺得還在work around】 We feel our SIEM solution is mature by now. And as we see other SIEM players in the market, the set of features that we have out there to be able to go and replace them, I'm very excited about the progress that we made in the -- in our SIEM solution When it comes to the endpoint security, we're still in the process of folding the Endgame technology that, as a reminder, was always like at the top when it comes to its ability to provide EDR capabilities. We folded malware and now ransomware into the system. We're planning to do more in the next quarter.