Q2 Revenue of $311 million, up 17%
year-over-year (16% in constant currency)
Q2 Elastic Cloud Revenue of $135 million, up
31% year-over-year (30% in constant currency)
Elastic (NYSE: ESTC) (“Elastic”), the company behind
Elasticsearch®, announced financial results for its second quarter
of fiscal 2024 ended October 31, 2023.
Second Quarter Fiscal 2024 Financial Highlights
- Total revenue was $311 million, an increase of 17%
year-over-year, or 16% on a constant currency basis
- Elastic Cloud revenue was $135 million, an increase of 31%
year-over-year, or 30% on a constant currency basis
- GAAP operating loss was $22 million; GAAP operating margin was
-7%
- Non-GAAP operating income was $41 million; non-GAAP operating
margin was 13%
- GAAP net loss per share was $0.25; non-GAAP diluted earnings
per share was $0.37
- Operating cash flow was -$2 million with adjusted free cash
flow of -$3 million
- Cash, cash equivalents, and marketable securities were $966
million as of October 31, 2023
“We exceeded our expectations across both revenue and non-GAAP
operating margin,” said Ash Kulkarni, CEO, Elastic. “Our thoughtful
investments and innovation in AI has continued to drive customer
excitement and engagement with Elastic, and this was visible in our
business in Q2. Generative AI is driving a resurgence of interest
in search as customers use semantic search, vector search, and
hybrid search to ground large language models with their private
business context, and Elasticsearch Relevance Engine provides the
most comprehensive and enterprise-ready platform for these use
cases.”
Second Quarter Fiscal 2024 Key Metrics and Recent Business
Highlights
Key Customer Metrics
- Total subscription customer count was approximately 20,700
compared to approximately 20,500 in Q1 FY24, and over 19,700 in Q2
FY23
- Total customer count with Annual Contract Value (ACV) greater
than $100,000 was over 1,220 compared to over 1,190 in Q1 FY24, and
over 1,050 in Q2 FY23
- Net Expansion Rate was approximately 110%
Product Innovations and Updates
- Announced general availability of the updated Elastic Learned
Sparse EncodeR (ELSER), a retrieval model trained by Elastic that
enables customers to retrieve more relevant search results using
semantic search
- Introduced Elasticsearch Query Language (ES|QL), a new piped
query language designed to enable site reliability engineers
(SREs), developers and security professionals to perform data
aggregation and analysis across a variety of data sources from a
single query
- Launched Universal Profiling into general availability for
Elastic Observability, adding a new signal while eliminating the
need for code instrumentation, recompilation, on-host debug
symbols, or service restarts
- Collaborated with LangChain to deliver a set of reference
architectures to build production-ready generative AI
applications
- Delivered several updates to vector database capabilities to
expand our use cases and support dense vectors with up to 4K
dimensions, higher than what embedding models require
- Delivered Cloud Security Posture Management for Google Cloud,
so customers can use Elastic to secure their workloads on Google
Cloud
- Provided out of the box integrations with Wiz and Palo Alto
Prisma Cloud to make it easier to get a view of the entire threat
landscape in the Elastic platform
Other Business Highlights
- Acquired Opster, the creators of AutoOps, a platform for
monitoring, managing and troubleshooting Elasticsearch and
OpenSearch
- Signed a new global Strategic Collaboration Agreement (SCA)
with Amazon Web Services (AWS) to accelerate the integration of
Amazon Bedrock into the Elastic AI Assistant
- Recognized as a Leader in the IDC MarketScape: Worldwide
General-Purpose Knowledge Discovery Software 2023 Vendor Assessment
(doc #US49988523, October 2023)
- Published the second annual Elastic Global Threat Report, which
reveals several trends on the expansion and diversification of
ransomware
- Elected Paul Auvil to the Elastic Board of Directors and as
Audit Committee Chair. Mr. Auvil brings more than 35 years of
finance, technology, and corporate leadership experience to
Elastic
Financial Outlook
The Company is providing the following guidance:
For the third quarter of fiscal 2024 (ending January 31,
2024):
- Total revenue is expected to be between $319 million and $321
million, representing 17% year-over-year growth at the midpoint
(16% year-over-year constant currency growth at the midpoint)
- Non-GAAP operating margin is expected to be between 11.5% and
12.0%
- Non-GAAP earnings per share is expected to be between $0.30 and
$0.32, assuming between 103.0 million and 104.0 million diluted
weighted average ordinary shares outstanding
For fiscal 2024 (ending April 30, 2024):
- Total revenue is expected to be between $1.247 billion and
$1.253 billion, representing 17% year-over-year growth at the
midpoint (16% year-over-year constant currency growth at the
midpoint)
- Non-GAAP operating margin is expected to be between 10.25% and
10.75%
- Non-GAAP earnings per share is expected to be between $1.06 and
$1.15, assuming between 102.0 million and 104.0 million diluted
weighted average ordinary shares outstanding
The guidance assumes, among others, the following exchange
rates: 1 Euro = 1.089 US Dollars; and 1 Great British Pound = 1.249
US Dollars.
See the section titled “Forward-Looking Statements” below for
information on the factors that could cause our actual results to
differ materially from those expressed or implied in our
forward-looking statements. We present historical and
forward-looking non-GAAP financial measures in addition to, and not
as a substitute for, or superior to, financial measures calculated
in accordance with GAAP. See the section entitled “Statement
Regarding Use of Non-GAAP Financial Measures” for an explanation of
these non-GAAP measures. A reconciliation of forward-looking
non-GAAP measures to the corresponding GAAP measures for operating
margin and net loss per share is not available without unreasonable
effort due to the uncertainty regarding, and the potential
variability of, many of the costs and expenses that may be incurred
in the future. These items necessary to reconcile such non-GAAP
measures could be material and have a significant impact on the
Company’s results computed in accordance with GAAP.
Conference Call and Webcast
Elastic’s executive management team will host a conference call
today at 2:00 p.m. PT/5:00 p.m. ET to discuss the Company’s
financial results and business outlook. A live audio webcast of the
conference call will be available through Elastic’s Investor
Relations website at ir.elastic.co. A presentation containing
financial and operating information will be available at the same
website. The replay of the webcast will also be available on the
investor relations website.
About Elastic
Elastic (NYSE: ESTC) is a leading platform for search-powered
solutions. Elastic understands it’s the answers, not just the data.
The Elasticsearch platform enables anyone to find the answers they
need in real-time using all their data, at scale. Elastic delivers
complete, cloud-based, AI-powered solutions for enterprise
security, observability and search built on the Elasticsearch
platform, the development platform used by thousands of companies,
including more than 50% of the Fortune 500. Learn more at
elastic.co.
Elastic and associated marks are trademarks or registered
trademarks of Elastic N.V. and its subsidiaries. All other company
and product names may be trademarks of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, which include, but are
not limited to, statements regarding our expected financial results
for the fiscal quarter ending January 31, 2024, and the fiscal year
ending April 30, 2024, the expected performance or benefits of our
offerings, and expected market opportunities. Actual outcomes and
results may differ materially from those contemplated by these
forward-looking statements due to uncertainties, risks, and changes
in circumstances, including but not limited to those related to:
our future financial performance, including our expectations
regarding our revenue, cost of revenue, gross profit or gross
margin, operating expenses (which include changes in sales and
marketing, research and development and general and administrative
expenses), and our ability to achieve and maintain future
profitability; our ability to continue to deliver and improve our
offerings and develop new offerings (including innovations around
AI use cases); customer acceptance and purchase of our new and
existing offerings; the expansion and adoption of our Elastic Cloud
offerings; our ability to realize value from investments in the
business; our ability to maintain and expand our user and customer
base; the impact of the evolving macroeconomic and geopolitical
environments on our business, operations, hiring and financial
results, and on businesses and spending priorities of our customers
and partners; the impact of our pricing model strategies on our
business; the impact of foreign currency exchange rate fluctuations
and the uncertain inflation and interest rate environment on our
results; our international expansion strategy; our operating
results and cash flows; the sufficiency of our capital resources;
our ability to successfully execute our go-to-market strategy, our
forecasts regarding our business; and general market, political,
economic and business conditions.
Any additional or unforeseen effect from the evolving
macroeconomic and geopolitical environments may exacerbate these
risks. Additional risks and uncertainties that could cause actual
outcomes and results to differ materially from those expressed or
implied in our forward-looking statements are included in our
filings with the Securities and Exchange Commission (the “SEC”),
including our Annual Report on Form 10-K for the fiscal year ended
April 30, 2023 and subsequent reports filed with the SEC. SEC
filings are available on the Investor Relations section of
Elastic’s website at ir.elastic.co and the SEC’s website at
www.sec.gov. Elastic assumes no obligation to, and does not
currently intend to, update any such forward-looking statements,
except as required by law.
Statement Regarding Use of Non-GAAP Financial
Measures
In addition to our results determined in accordance with U.S.
GAAP, we believe the non-GAAP measures listed below are useful in
evaluating our operating performance. We use these non-GAAP
financial measures to evaluate our ongoing operations and for
internal planning and forecasting purposes. We believe that
non-GAAP financial information, when taken collectively, may be
helpful to investors because it provides consistency and
comparability with past financial performance. However, non-GAAP
financial information is presented for supplemental informational
purposes only, has limitations as an analytical tool and should not
be considered in isolation or as a substitute for financial
information presented in accordance with U.S. GAAP. In addition,
other companies, including companies in our industry, may calculate
similarly-titled non-GAAP measures differently or may use other
measures to evaluate their performance, all of which could reduce
the usefulness of our non-GAAP financial measures as tools for
comparison. Investors are cautioned that there are a number of
limitations associated with the use of non-GAAP financial measures
and key metrics as analytical tools. Investors are encouraged to
review the differences between GAAP financial measures and the
corresponding non-GAAP financial measures, and not to rely on any
single financial measure to evaluate our business.
Reconciliations of historical GAAP financial measures to their
respective historical non-GAAP financial measures are included
below. In relation to constant currency non-GAAP financial
measures, the only reconciling item between GAAP financial measures
and non-GAAP financial measures is the effect of foreign currency
rate fluctuations. Further details on how we calculate such effects
can be found in the definition of “Constant Currency” below.
Non-GAAP Gross Profit and Non-GAAP Gross Margin
We define non-GAAP gross profit and non-GAAP gross margin as
GAAP gross profit and GAAP gross margin, respectively, excluding
stock-based compensation expense and related employer taxes and
amortization of acquired intangible assets. We believe non-GAAP
gross profit and non-GAAP gross margin provide our management and
investors consistency and comparability with our past financial
performance and facilitate period-to-period comparisons of
operations, as these metrics generally eliminate the effects of
certain variables from period to period for reasons unrelated to
overall operating performance.
Non-GAAP Operating Income and Non-GAAP Operating
Margin
We define non-GAAP operating income and non-GAAP operating
margin as GAAP operating loss and GAAP operating margin,
respectively, excluding stock-based compensation expense and
related employer taxes, amortization of acquired intangible assets,
acquisition-related expenses, and restructuring and other related
charges. We believe non-GAAP operating income and non-GAAP
operating margin provide our management and investors consistency
and comparability with our past financial performance and
facilitate period-to-period comparisons of operations, as these
metrics generally eliminate the effects of certain variables from
period to period for reasons unrelated to overall operating
performance.
Non-GAAP Earnings Per Share
We define non-GAAP earnings per share as GAAP net loss per
share, excluding stock-based compensation expense and related
employer taxes, amortization of acquired intangible assets,
acquisition-related expenses, restructuring and other related
charges, and the tax effects related to the foregoing. We believe
non-GAAP earnings per share provides our management and investors
consistency and comparability with our past financial performance
and facilitates period-to-period comparisons of operations, as this
metric generally eliminates the effects of certain variables from
period to period for reasons unrelated to overall operating
performance.
Adjusted Free Cash Flow and Adjusted Free Cash Flow
Margin
Adjusted free cash flow is a non-GAAP financial measure that we
define as net cash provided by (used in) operating activities
adjusted for cash paid for interest less cash used for investing
activities for purchases of property and equipment. Adjusted free
cash flow margin is calculated as adjusted free cash flow divided
by total revenue. Adjusted free cash flow does not represent
residual cash flow available for discretionary expenditures since,
among other things, we have mandatory debt service
requirements.
Constant Currency
We compare the percent change in certain results from one period
to another period using constant currency information to provide a
framework for assessing how our business performed excluding the
effect of foreign currency rate fluctuations. In presenting this
information, current and comparative prior period results are
converted into United States dollars at the exchange rates in
effect on the last day of our prior fiscal year, rather than the
actual exchange rates in effect during the respective periods.
Contact Information
Anthony Luscri Elastic Investor Relations
ir@elastic.co
Madge Miller Elastic Corporate Communications
PR-Team@elastic.co
Elastic N.V.
Condensed Consolidated
Statements of Operations
(in thousands, except share and
per share data)
(unaudited)
Three Months Ended October
31,
Six Months Ended October
31,
2023
2022
2023
2022
Revenue
Subscription
$
287,743
$
241,211
$
557,990
$
473,025
Services
22,869
23,190
46,375
41,457
Total revenue
310,612
264,401
604,365
514,482
Cost of revenue
Subscription
59,996
55,101
117,262
108,652
Services
20,093
19,656
40,304
39,084
Total cost of revenue
80,089
74,757
157,566
147,736
Gross profit
230,523
189,644
446,799
366,746
Operating expenses
Research and development
80,108
75,568
160,798
154,217
Sales and marketing
133,230
128,179
266,399
253,185
General and administrative
38,695
34,925
76,634
69,013
Restructuring and other related
charges
29
—
754
—
Total operating expenses
252,062
238,672
504,585
476,415
Operating loss
(21,539
)
(49,028
)
(57,786
)
(109,669
)
Other income, net
Interest expense
(6,349
)
(6,209
)
(12,655
)
(12,610
)
Other income, net
8,239
14,975
15,539
15,314
Loss before income taxes
(19,649
)
(40,262
)
(54,902
)
(106,965
)
Provision for income taxes
5,147
7,043
18,402
9,891
Net loss
$
(24,796
)
$
(47,305
)
$
(73,304
)
$
(116,856
)
Net loss per share attributable to
ordinary shareholders, basic and diluted
$
(0.25
)
$
(0.50
)
$
(0.74
)
$
(1.23
)
Weighted-average shares used to compute
net loss per share attributable to ordinary shareholders, basic and
diluted
99,073,401
95,307,146
98,507,725
94,964,423
Elastic N.V.
Condensed Consolidated Balance
Sheets
(in thousands, except share and
per share data)
(unaudited)
As of October 31,
2023
As of April 30,
2023
Assets
Current assets:
Cash and cash equivalents
$
589,685
$
644,167
Restricted cash
2,807
2,473
Marketable securities
376,674
271,041
Accounts receivable, net of allowance for
credit losses of $3,569 and $3,409 as of October 31, 2023 and April
30, 2023, respectively
232,250
260,919
Deferred contract acquisition costs
62,733
55,813
Prepaid expenses and other current
assets
37,620
39,867
Total current assets
1,301,769
1,274,280
Property and equipment, net
4,996
5,092
Goodwill
303,494
303,642
Operating lease right-of-use assets
18,236
19,997
Intangible assets, net
21,008
29,104
Deferred contract acquisition costs,
non-current
95,627
95,879
Deferred tax assets
6,824
7,412
Other assets
5,892
8,076
Total assets
$
1,757,846
$
1,743,482
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
35,382
$
35,151
Accrued expenses and other liabilities
63,873
63,532
Accrued compensation and benefits
65,407
76,483
Operating lease liabilities
11,588
12,749
Deferred revenue
510,981
528,704
Total current liabilities
687,231
716,619
Deferred revenue, non-current
25,096
34,248
Long-term debt, net
568,072
567,543
Operating lease liabilities,
non-current
12,160
13,942
Other liabilities, non-current
10,151
12,233
Total liabilities
1,302,710
1,344,585
Shareholders’ equity:
Preference shares, €0.01 par value;
165,000,000 shares authorized, 0 shares issued and outstanding as
of October 31, 2023 and April 30, 2023
—
—
Ordinary shares, par value €0.01 per
share: 165,000,000 shares authorized; 99,599,262 shares issued and
outstanding as of October 31, 2023 and 97,366,947 shares issued and
outstanding as of April 30, 2023
1,048
1,024
Treasury stock
(369
)
(369
)
Additional paid-in capital
1,604,896
1,471,584
Accumulated other comprehensive loss
(23,808
)
(20,015
)
Accumulated deficit
(1,126,631
)
(1,053,327
)
Total shareholders’ equity
455,136
398,897
Total liabilities and shareholders’
equity
$
1,757,846
$
1,743,482
Elastic N.V.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended October
31,
Six Months Ended October
31,
2023
2022
2023
2022
Cash flows from operating
activities
Net loss
$
(24,796
)
$
(47,305
)
$
(73,304
)
$
(116,856
)
Adjustments to reconcile net loss to cash
provided by (used in) operating activities:
Depreciation and amortization
4,728
5,216
9,781
10,430
Amortization of discounts or premiums on
marketable securities
(1,178
)
—
(3,646
)
—
Amortization of deferred contract
acquisition costs
18,380
18,230
35,952
35,674
Amortization of debt issuance costs
266
254
529
506
Non-cash operating lease cost
2,618
2,644
5,270
5,649
Stock-based compensation expense
56,455
47,287
113,582
94,170
Deferred income taxes
35
(747
)
427
(80
)
Foreign currency transaction (gain)
loss
(778
)
(1,731
)
422
48
Other
16
45
(18
)
67
Changes in operating assets and
liabilities:
Accounts receivable, net
(48,899
)
(20,798
)
26,972
25,193
Deferred contract acquisition costs
(22,276
)
(23,893
)
(43,421
)
(43,569
)
Prepaid expenses and other current
assets
(2,753
)
3,180
2,143
7,909
Other assets
876
2,695
1,556
4,809
Accounts payable
19,351
2,447
118
12,320
Accrued expenses and other liabilities
(982
)
15,096
(1,393
)
(1,645
)
Accrued compensation and benefits
(6,888
)
5,574
(10,773
)
(5,947
)
Operating lease liabilities
(3,094
)
(2,369
)
(6,194
)
(5,573
)
Deferred revenue
6,532
4,817
(22,578
)
(22,168
)
Net cash provided by (used in) operating
activities
(2,387
)
10,642
35,425
937
Cash flows from investing
activities
Purchases of property and equipment
(896
)
(343
)
(1,528
)
(822
)
Purchases of marketable securities
(94,722
)
—
(178,301
)
—
Maturities of marketable securities
46,176
—
75,292
—
Net cash used in investing activities
(49,442
)
(343
)
(104,537
)
(822
)
Cash flows from financing
activities
Proceeds from issuance of ordinary shares
under employee stock purchase plan
9,111
—
9,111
—
Proceeds from issuance of ordinary shares
upon exercise of stock options
6,800
4,327
10,643
7,724
Net cash provided by financing
activities
15,911
4,327
19,754
7,724
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(4,832
)
(7,152
)
(4,790
)
(12,854
)
Net decrease in cash, cash equivalents,
and restricted cash
(40,750
)
7,474
(54,148
)
(5,015
)
Cash, cash equivalents, and restricted
cash, beginning of period
633,242
851,148
646,640
863,637
Cash, cash equivalents, and restricted
cash, end of period
$
592,492
$
858,622
$
592,492
$
858,622
Elastic N.V.
Revenue by Type
(in thousands, except
percentages)
(unaudited)
Three Months Ended October
31,
Six Months Ended October
31,
2023
2022
2023
2022
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Elastic Cloud
$
134,989
43
%
$
103,237
39
%
$
256,161
42
%
$
200,966
39
%
Other subscription
152,754
50
%
137,974
52
%
301,829
50
%
272,059
53
%
Total subscription
287,743
93
%
241,211
91
%
557,990
92
%
473,025
92
%
Services
22,869
7
%
23,190
9
%
46,375
8
%
41,457
8
%
Total revenue
$
310,612
100
%
$
264,401
100
%
$
604,365
100
%
$
514,482
100
%
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
Supplementary
Information
(in thousands, except
percentages)
(unaudited)
Three Months Ended
October 31, 2023
% Change Year Over
Year
% Change Year Over Year
Excluding Currency Changes
% Change Quarter Over
Quarter
% Change Quarter Over
Quarter Excluding Currency Changes
Revenue
Elastic Cloud
$
134,989
31
%
30
%
11
%
11
%
Other subscription
$
152,754
11
%
9
%
2
%
3
%
Total subscription
$
287,743
19
%
18
%
6
%
7
%
Total revenue
$
310,612
17
%
16
%
6
%
6
%
Total deferred revenue
$
536,077
24
%
22
%
—
%
1
%
Total remaining performance
obligations
$
1,117,496
24
%
21
%
—
%
1
%
Six Months Ended
October 31, 2023
% Change Year Over
Year
% Change Year Over Year
Excluding Currency Changes
Revenue
Elastic Cloud
$
256,161
27
%
27
%
Other subscription
$
301,829
11
%
10
%
Total subscription
$
557,990
18
%
17
%
Total revenue
$
604,365
17
%
17
%
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
Adjusted Free Cash
Flow
(in thousands, except
percentages)
(unaudited)
Three Months Ended October
31,
Six Months Ended October
31,
2023
2022
2023
2022
Net cash provided by (used in) operating
activities
$
(2,387
)
$
10,642
$
35,425
$
937
Less: Purchases of property and
equipment
(896
)
(343
)
(1,528
)
(822
)
Add: Interest paid on long-term debt
—
—
11,859
11,859
Adjusted free cash flow (1)
$
(3,283
)
$
10,299
$
45,756
$
11,974
Net cash used in investing activities
$
(49,442
)
$
(343
)
$
(104,537
)
$
(822
)
Net cash provided by financing
activities
$
15,911
$
4,327
$
19,754
$
7,724
Net cash provided by (used in) operating
activities (as a percentage of total revenue)
(1
)%
4
%
6
%
—
%
Less: Purchases of property and equipment
(as a percentage of total revenue)
—
%
—
%
—
%
—
%
Add: Interest paid on long-term debt (as a
percentage of total revenue)
—
%
—
%
2
%
2
%
Adjusted free cash flow margin
(1
)%
4
%
8
%
2
%
(1) Adjusted free cash flow includes less
than $0.1 million and $0.8 million of cash paid for restructuring
and other charges during the three and six months ended October 31,
2023.
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands, except
percentages, share and per share data)
(unaudited)
Three Months Ended October
31,
Six Months Ended October
31,
2023
2022
2023
2022
Gross Profit Reconciliation:
GAAP gross profit
$
230,523
$
189,644
$
446,799
$
366,746
Stock-based compensation expense and
related employer taxes
5,187
4,425
10,581
9,177
Amortization of acquired intangibles
2,977
2,961
5,953
5,925
Non-GAAP gross profit
$
238,687
$
197,030
$
463,333
$
381,848
Gross Margin Reconciliation(1):
GAAP gross margin
74.2
%
71.7
%
73.9
%
71.3
%
Stock-based compensation expense and
related employer taxes
1.7
%
1.6
%
1.8
%
1.8
%
Amortization of acquired intangibles
1.0
%
1.1
%
1.0
%
1.2
%
Non-GAAP gross margin
76.8
%
74.5
%
76.7
%
74.2
%
Operating Income
Reconciliation:
GAAP operating loss
$
(21,539
)
$
(49,028
)
$
(57,786
)
$
(109,669
)
Stock-based compensation expense and
related employer taxes
58,103
48,087
117,717
97,352
Amortization of acquired intangibles
3,888
4,193
8,096
8,388
Acquisition-related expenses
778
1,684
1,558
4,201
Restructuring and other related
charges
29
—
754
—
Non-GAAP operating income
$
41,259
$
4,936
$
70,339
$
272
Operating Margin
Reconciliation(1):
GAAP operating margin
(6.9
)%
(18.5
)%
(9.6
)%
(21.3
)%
Stock-based compensation expense and
related employer taxes
18.7
%
18.2
%
19.5
%
18.9
%
Amortization of acquired intangibles
1.3
%
1.6
%
1.3
%
1.6
%
Acquisition-related expenses
0.3
%
0.6
%
0.3
%
0.8
%
Restructuring and other related
charges
—
%
—
%
—
%
—
%
Non-GAAP operating margin
13.3
%
1.9
%
11.6
%
0.1
%
Net Income (Loss)
Reconciliation:
GAAP net loss
$
(24,796
)
$
(47,305
)
$
(73,304
)
$
(116,856
)
Stock-based compensation expense and
related employer taxes
58,103
48,087
117,717
97,352
Amortization of acquired intangibles
3,888
4,193
8,096
8,388
Acquisition-related expenses
778
1,684
1,558
4,201
Restructuring and other related
charges
29
—
754
—
Litigation settlement
—
(10,150
)
—
(10,150
)
Income tax(2)
183
3,676
8,768
3,528
Non-GAAP net income (loss)
$
38,185
$
185
$
63,589
$
(13,537
)
Non-GAAP earnings (loss) per share
attributable to ordinary shareholders, basic(1)
$
0.39
$
—
$
0.65
$
(0.14
)
Non-GAAP earnings (loss) per share
attributable to ordinary shareholders, diluted(1)
$
0.37
$
—
$
0.62
$
(0.14
)
Weighted-average shares used to compute
earnings (loss) per share attributable to ordinary shareholders,
basic
99,073,401
95,307,146
98,507,725
94,964,423
Weighted-average shares used to compute
earnings (loss) per share attributable to ordinary shareholders,
diluted
102,493,070
98,764,660
102,066,719
94,964,423
(1) Totals may not sum, due to rounding.
Gross margin, operating margin, and earnings (loss) per share are
calculated based upon the respective underlying, non-rounded
data.
(2) Non-GAAP financial information for the
quarter is adjusted for a tax rate equal to our annual estimated
tax rate on non-GAAP income. This rate is based on our estimated
annual GAAP income tax rate forecast, adjusted to account for items
excluded from GAAP income in calculating the non-GAAP financial
measures presented above as well as other significant tax
adjustments. Our estimated tax rate on non-GAAP income is
determined annually and may be adjusted during the year to take
into account events or trends that we believe materially impact the
estimated annual rate including, but not limited to, significant
changes resulting from tax legislation, material changes in the
geographic mix of revenue and expenses and other significant
events. Due to the differences in the tax treatment of items
excluded from non-GAAP earnings, as well as the methodology applied
to our estimated annual tax rates as described above, our estimated
tax rate on non-GAAP income may differ from our GAAP tax rate and
from our actual tax liabilities.
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands)
(unaudited)
Three Months Ended October
31,
Six Months Ended October
31,
2023
2022
2023
2022
Cost of revenue reconciliation:
GAAP subscription
$
59,996
$
55,101
$
117,262
$
108,652
Stock-based compensation expense and
related employer taxes
(2,208
)
(2,059
)
(4,589
)
(4,442
)
Amortization of acquired intangibles
(2,977
)
(2,961
)
(5,953
)
(5,925
)
Non-GAAP subscription
$
54,811
$
50,081
$
106,720
$
98,285
GAAP services
$
20,093
$
19,656
$
40,304
$
39,084
Stock-based compensation expense and
related employer taxes
(2,979
)
(2,366
)
(5,992
)
(4,735
)
Non-GAAP services
$
17,114
$
17,290
$
34,312
$
34,349
Operating expenses
reconciliation:
GAAP research and development expense
$
80,108
$
75,568
$
160,798
$
154,217
Stock-based compensation expense and
related employer taxes
(22,562
)
(19,086
)
(45,967
)
(38,758
)
Acquisition-related expenses
(395
)
(1,684
)
(1,175
)
(4,164
)
Non-GAAP research and development
expense
$
57,151
$
54,798
$
113,656
$
111,295
GAAP sales and marketing expense
$
133,230
$
128,179
$
266,399
$
253,185
Stock-based compensation expense and
related employer taxes
(18,730
)
(16,279
)
(38,399
)
(32,701
)
Amortization of acquired intangibles
(911
)
(1,232
)
(2,143
)
(2,463
)
Non-GAAP sales and marketing expenses
$
113,589
$
110,668
$
225,857
$
218,021
GAAP general and administrative
expense
$
38,695
$
34,925
$
76,634
$
69,013
Stock-based compensation expense and
related employer taxes
(11,624
)
(8,297
)
(22,770
)
(16,716
)
Acquisition-related expenses
(383
)
—
(383
)
(37
)
Non-GAAP general and administrative
expense
$
26,688
$
26,628
$
53,481
$
52,260
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231129529223/en/
Anthony Luscri Elastic Investor Relations
ir@elastic.co
Madge Miller Elastic Corporate Communications
PR-Team@elastic.co
Elastic NV (NYSE:ESTC)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Elastic NV (NYSE:ESTC)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024