Q1 Revenue of $193.1 million, Up 50% year-over-year
Q1 Elastic Cloud Revenue of $61.5 million, Up 89% year-over-year
MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Elastic (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch and the Elastic Stack, announced strong results for its first quarter of fiscal 2022 (ended July 31, 2021).
First Quarter Fiscal 2022 Financial Highlights
- Total revenue was $193.1 million, an increase of 50% year-over-year, or 45% on a constant currency basis
- Elastic Cloud revenue was $61.5 million, an increase of 89% year-over-year, or 85% on a constant currency basis
- Calculated billings was $165.0 million, an increase of 27% year-over-year, or 23% on a constant currency basis
- Deferred revenue was $364.4 million, an increase of 31% year-over-year
- GAAP operating loss was $31.0 million; GAAP operating margin was -16%
- Non-GAAP operating profit was $7.2 million; non-GAAP operating margin was 4%
- GAAP net loss per share was $0.38; non-GAAP earnings per share was $0.04
- Operating cash flow was $14.1 million with free cash flow of $12.4 million
- Cash and cash equivalents were $991.3 million as of July 31, 2021
“The first quarter was a strong start to the fiscal year driven by crisp execution, the continued robust growth of Elastic Cloud, and our investments against the rich market opportunity ahead of us,” said Shay Banon, Elastic founder, and chief executive officer. “Our release of Elastic Limitless XDR is a significant milestone in our efforts to bring actionable security to every organization, powered by our unified search platform.”
First Quarter Fiscal 2022 Key Metrics and Recent Business Highlights
Key Customer Metrics:
- Total subscription customer count was over 16,000, compared to over 15,000 in Q4 FY21, and over 12,100 in Q1 FY21
- Total customer count with Annual Contract Value (ACV) greater than $100,000 was over 780, compared to over 730 in Q4 FY21, and over 630 in Q1 FY21
- Net Expansion Rate was consistent with Q4 FY21 and slightly below 130%
Product Releases and Other Business Highlights
In Q1 Elastic continued to accelerate its pace of innovation, with the launch of Elastic 7.14, featuring new capabilities across the company’s enterprise search, observability, and security solutions. Designed to offer new levels of integration, 7.14 provides customers with greater levels of visibility, control, and security across their organizations, all with a single platform.
A key component of Elastic 7.14 was the general availability of the industry’s first free and open, Limitless Extended Detection and Response (XDR). Part of Elastic Security, Elastic Limitless XDR modernizes security operations by unifying the capabilities of security information and event management (SIEM) for detecting threats and endpoint security for protecting and remediating issues on all endpoints, including in the cloud, all in a single platform.
Elastic 7.14 also featured the general availability of Elastic Agent — a single, unified agent that simplifies the management and monitoring of data from a growing volume of diverse sources, centrally managed in Fleet to give users broad visibility and control over their environments. With Elastic Agent, customers can simplify data onboarding, enable faster telemetry collection, reduce mean time to resolution and detection, and even respond to threats. All through unified and centralized agent management that is fully integrated across Elastic Observability and Security.
Expanded capabilities within 7.14 include:
Elastic Enterprise Search
- Announced centralized management of Elastic Enterprise Search, delivering optimized search experiences and deeper search experience insights for customers through Kibana
- Introduced precision tuning in App Search for customized web and application search results
- Provided customers with synonym support in Workplace Search as well as data ingestion flexibility with out-of-the-box content sources
Elastic Observability
- Announced the general availability of Elastic Agent for optimized data onboarding and simple and fast telemetry collection with secure centralized agent management
- Allowed customers to seamlessly deploy endpoint security across their infrastructure with Fleet, without slowing down application development
- Enhanced APM correlations to enable customers to further reduce mean-time-to-resolution (MTTR) with automated root cause analysis of application issues
Elastic Security
- Introduced the industry’s first free and open Limitless Extended Detection and Response (XDR) in Elastic Security to modernize security operations
- Extended visibility across any environment to bring native endpoint security to every host with a single agent to eliminate security blind spots and stop threats at cloud scale on a single platform
- Automated prevention to stop fast-evolving ransomware and malware with an extra layer of ransomware protection for Windows systems and data, defending organizations from opportunistic adversaries like DarkSide and REvil
Elastic Cloud
- Announced general availability of support for Microsoft Azure Private link providing secure connectivity between Elastic Cloud and Azure environments
- Launched new Google cloud region: Asia Pacific Northeast 3 (Seoul) region
Other Business Highlights
- Announced agreement to acquire Cmd, a leader in infrastructure detection and response for cloud workloads
- Announced agreement to acquire build.security, a policy definition and enforcement platform
- Issued $575 million of senior unsecured notes, due 2029
- Named a Leader by Forrester Research in The Forrester Wave™: Cognitive Search, Q3, 2021
- Announced virtual ElasticON Global conference will take place October 5th-7th, 2021
- Delivered 16 regional virtual ElasticON events, sponsored and exhibited at Google Cloud Retail and CPG Summit, and Black Hat
- Received the Microsoft U.S. Partner Award in Business Excellence in the Commercial Marketplace this quarter
- Named the 2020 Google Cloud Technology Partner of the Year in the data management category
Financial Outlook
The Company is providing the following guidance:
For the second quarter of fiscal 2022 (ending October 31, 2021):
- Total revenue is expected to be between $193 million and $195 million
- Non-GAAP operating margin is expected to be between -4.0% and -3.0%
- Non-GAAP net loss per share is expected to be between $0.19 and $0.15, assuming between 92.0 million and 93.0 million weighted average ordinary shares outstanding
For fiscal 2022 (ending April 30, 2022):
- Total revenue is expected to be between $808 million and $814 million
- Non-GAAP operating margin is expected to be between -4.0% and -3.0%
- Non-GAAP net loss per share is expected to be between $0.67 and $0.57, assuming between 92.0 million and 94.0 million weighted average ordinary shares outstanding
See the section titled “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis 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. Slides will accompany the webcast. The replay of the webcast and slides will be available for two months.
About Elastic
Elastic is a search company built on a free and open heritage. Anyone can use Elastic products and solutions to get started quickly and frictionlessly. Elastic offers three solutions for enterprise search, observability, and security, built on one technology stack that can be deployed anywhere. From finding documents to monitoring infrastructure to hunting for threats, Elastic makes data usable in real time and at scale. Founded in 2012, Elastic is a distributed company with Elasticians around the globe. 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.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to Elastic’s financial results as determined in accordance with U.S. GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of this press release titled “About Non-GAAP Financial Measures.”
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risk and uncertainties, which include, but are not limited to, statements regarding our expected financial results for the fiscal quarter ending October 31, 2021 and the fiscal year ending April 30, 2022, our expectations regarding demand for our products and solutions and our future revenue, our assessments of the strength of our solutions and products, the expected performance or benefits of our offerings, our expectations regarding market opportunities, and our expectations regarding the benefits of our investments. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Our expectations and beliefs in light of currently available information regarding these matters may not materialize. 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 security-related product and Elastic Cloud offerings; customer acceptance and purchase of our existing offerings and new offerings, including the expansion and adoption of our Elastic Cloud offerings; our inability to realize value from investments in the business, including R&D investments; our ability to maintain and expand our user and customer base; the impact of the COVID-19 pandemic, including any variants, on the macroeconomic environment, on our business, operations, hiring and financial results, and on businesses of our customers and partners, including their spending priorities, the effect of lockdowns, restrictions and new regulations; the impact of our licensing model on the use and adoption of our software; the impact of foreign currency exchange rate and interest rate fluctuations on our results; our international expansion strategy; our operating results and cash flows; our beliefs and objectives for future operations; the sufficiency of our capital resources; our ability to successfully execute our go-to-market strategy, including by expanding our relationships with our partners, and expand in our existing markets and into new markets, and our ability to forecast customer retention and expansion; and general market, political, economic and business conditions.
Any additional or unforeseen effect from the COVID-19 pandemic may exacerbate these risks. Additional risks and uncertainties that could cause actual outcomes and results to differ materially 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, 2021 and any 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.
Contact Information
Anthony Luscri
Elastic Investor Relations
ir@elastic.co
(650) 695-1055
Lisa Boughner
Elastic Corporate Communications
lisa.boughner@elastic.co
|
Elastic N.V. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except share and per share amounts) (Unaudited) |
|||||||||
|
|
|
||||||||
|
|
Three Months Ended July 31, |
||||||||
|
|
2021 |
|
|
2020 |
|
||||
|
Revenue |
|
|
|
||||||
|
License – self-managed |
$ |
16,221 |
|
|
|
$ |
14,879 |
|
|
|
Subscription – self-managed and SaaS |
160,964 |
|
|
|
106,463 |
|
|
||
|
Total subscription revenue |
177,185 |
|
|
|
121,342 |
|
|
||
|
Professional services |
15,910 |
|
|
|
7,528 |
|
|
||
|
Total revenue |
193,095 |
|
|
|
128,870 |
|
|
||
|
Cost of revenue |
|
|
|
||||||
|
Cost of license – self-managed |
346 |
|
|
|
346 |
|
|
||
|
Cost of subscription – self-managed and SaaS |
37,174 |
|
|
|
25,890 |
|
|
||
|
Total cost of revenue – subscription |
37,520 |
|
|
|
26,236 |
|
|
||
|
Cost of professional services |
12,142 |
|
|
|
8,595 |
|
|
||
|
Total cost of revenue |
49,662 |
|
|
|
34,831 |
|
|
||
|
Gross profit |
143,433 |
|
|
|
94,039 |
|
|
||
|
Operating expenses |
|
|
|
||||||
|
Research and development |
59,382 |
|
|
|
45,678 |
|
|
||
|
Sales and marketing |
88,033 |
|
|
|
56,151 |
|
|
||
|
General and administrative |
27,052 |
|
|
|
21,729 |
|
|
||
|
Total operating expenses |
174,467 |
|
|
|
123,558 |
|
|
||
|
Operating loss |
(31,034 |
) |
|
|
(29,519 |
) |
|
||
|
Other income (expense), net |
|
|
|
||||||
|
Interest expense |
(1,820 |
) |
|
|
(9 |
) |
|
||
|
Other income, net (1) |
1,018 |
|
|
|
10,894 |
|
|
||
|
Loss before income taxes |
(31,836 |
) |
|
|
(18,634 |
) |
|
||
|
Provision for income taxes |
2,653 |
|
|
|
367 |
|
|
||
|
Net loss |
$ |
(34,489 |
) |
|
|
$ |
(19,001 |
) |
|
|
Net loss per share attributable to ordinary shareholders, basic and diluted |
$ |
(0.38 |
) |
|
|
$ |
(0.23 |
) |
|
|
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted |
91,201,372 |
|
|
|
84,175,287 |
|
|
||
(1) Includes foreign currency transaction gains of $1.0 million and $10.1 million for the three months ended July 31, 2021 and July 31, 2020, respectively, arising primarily from foreign exchange remeasurement and settlement of intercompany balances. Intercompany balances are eliminated on consolidation.
|
Elastic N.V. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share amounts) (Unaudited) |
||||||||||
|
|
As of July 31, |
As of April 30, |
||||||||
|
Assets |
2021 |
|
2021 |
|||||||
|
Current assets: |
|
|
|
|||||||
|
Cash and cash equivalents |
$ |
991,342 |
|
|
|
$ |
400,814 |
|
|
|
|
Restricted cash |
2,339 |
|
|
|
2,894 |
|
|
|||
|
Accounts receivable, net of allowance for credit losses of $2,574 and $2,344 as of July 31, 2021 and April 30, 2021, respectively |
110,805 |
|
|
|
160,415 |
|
|
|||
|
Deferred contract acquisition costs |
34,433 |
|
|
|
36,089 |
|
|
|||
|
Prepaid expenses and other current assets |
41,068 |
|
|
|
37,002 |
|
|
|||
|
Total current assets |
1,179,987 |
|
|
|
637,214 |
|
|
|||
|
Property and equipment, net |
8,310 |
|
|
|
8,881 |
|
|
|||
|
Goodwill |
198,526 |
|
|
|
198,851 |
|
|
|||
|
Operating lease right-of-use assets |
24,993 |
|
|
|
25,464 |
|
|
|||
|
Intangible assets, net |
32,845 |
|
|
|
36,286 |
|
|
|||
|
Deferred contract acquisition costs, non-current |
52,185 |
|
|
|
50,263 |
|
|
|||
|
Deferred tax assets |
3,664 |
|
|
|
3,697 |
|
|
|||
|
Other assets |
19,375 |
|
|
|
12,516 |
|
|
|||
|
Total assets |
$ |
1,519,885 |
|
|
|
$ |
973,172 |
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|||||||
|
Current liabilities: |
|
|
|
|||||||
|
Accounts payable |
$ |
17,591 |
|
|
|
$ |
7,248 |
|
|
|
|
Accrued expenses and other liabilities |
28,906 |
|
|
|
28,909 |
|
|
|||
|
Accrued compensation and benefits |
50,580 |
|
|
|
52,525 |
|
|
|||
|
Operating lease liabilities |
9,324 |
|
|
|
8,528 |
|
|
|||
|
Deferred revenue |
328,286 |
|
|
|
352,805 |
|
|
|||
|
Total current liabilities |
434,687 |
|
|
|
450,015 |
|
|
|||
|
Deferred revenue, non-current |
36,074 |
|
|
|
44,895 |
|
|
|||
|
Long-term debt, net |
565,842 |
|
|
|
— |
|
|
|||
|
Operating lease liabilities, non-current |
18,281 |
|
|
|
19,649 |
|
|
|||
|
Other liabilities, non-current |
9,338 |
|
|
|
7,782 |
|
|
|||
|
Total liabilities |
1,064,222 |
|
|
|
522,341 |
|
|
|||
|
Commitments and contingencies |
|
|
|
|||||||
|
Shareholders’ equity: |
|
|
|
|||||||
|
Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of July 31, 2021 and April 30, 2021 |
— |
|
|
|
— |
|
|
|||
|
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 91,770,228 and 90,533,985 shares issued and outstanding as of July 31, 2021 and April 30, 2021, respectively |
963 |
|
|
|
948 |
|
|
|||
|
Treasury stock |
(369 |
) |
|
|
(369 |
) |
|
|||
|
Additional paid-in capital |
1,112,845 |
|
|
|
1,071,675 |
|
|
|||
|
Accumulated other comprehensive loss |
(9,969 |
) |
|
|
(8,105 |
) |
|
|||
|
Accumulated deficit |
(647,807 |
) |
|
|
(613,318 |
) |
|
|||
|
Total shareholders’ equity |
455,663 |
|
|
|
450,831 |
|
|
|||
|
Total liabilities and shareholders’ equity |
$ |
1,519,885 |
|
|
|
$ |
973,172 |
|
|
|
|
Elastic N.V. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (Unaudited) |
|||||||||
|
|
|
||||||||
|
|
Three Months Ended July 31, |
||||||||
|
|
2021 |
|
|
2020 |
|
||||
|
Cash flows from operating activities |
|
|
|
||||||
|
Net loss (1) |
$ |
(34,489 |
) |
|
|
$ |
(19,001 |
) |
|
|
Adjustments to reconcile net loss to cash provided by operating activities: |
|
|
|
||||||
|
Depreciation and amortization |
4,481 |
|
|
|
4,256 |
|
|
||
|
Amortization of deferred contract acquisition costs |
13,878 |
|
|
|
9,013 |
|
|
||
|
Non-cash operating lease cost |
1,854 |
|
|
|
1,674 |
|
|
||
|
Stock-based compensation expense, net of amounts capitalized |
30,178 |
|
|
|
18,591 |
|
|
||
|
Deferred income taxes |
(143 |
) |
|
|
(367 |
) |
|
||
|
Foreign currency transaction gains (2) |
(1,127 |
) |
|
|
(10,050 |
) |
|
||
|
Other |
98 |
|
|
|
— |
|
|
||
|
Changes in operating assets and liabilities: |
|
|
|
||||||
|
Accounts receivable, net |
48,324 |
|
|
|
45,211 |
|
|
||
|
Deferred contract acquisition costs |
(14,781 |
) |
|
|
(16,463 |
) |
|
||
|
Prepaid expenses and other current assets |
(4,597 |
) |
|
|
341 |
|
|
||
|
Other assets |
(6,097 |
) |
|
|
1,693 |
|
|
||
|
Accounts payable |
10,660 |
|
|
|
(612 |
) |
|
||
|
Accrued expenses and other liabilities |
(170 |
) |
|
|
(5,099 |
) |
|
||
|
Accrued compensation and benefits |
(1,454 |
) |
|
|
(7,204 |
) |
|
||
|
Operating lease liabilities |
(1,945 |
) |
|
|
(1,716 |
) |
|
||
|
Deferred revenue |
(30,619 |
) |
|
|
1,731 |
|
|
||
|
Net cash provided by operating activities (3) |
14,051 |
|
|
|
21,998 |
|
|
||
|
Cash flows from investing activities |
|
|
|
||||||
|
Purchases of property and equipment |
(660 |
) |
|
|
(379 |
) |
|
||
|
Capitalization of internal-use software costs |
(974 |
) |
|
|
— |
|
|
||
|
Net cash used in investing activities |
(1,634 |
) |
|
|
(379 |
) |
|
||
|
Cash flows from financing activities |
|
|
|
||||||
|
Proceeds from the issuance of senior notes |
575,000 |
|
|
|
— |
|
|
||
|
Proceeds from issuance of ordinary shares upon exercise of stock options |
10,979 |
|
|
|
29,252 |
|
|
||
|
Payments of debt issuance costs |
(7,188 |
) |
|
|
— |
|
|
||
|
Net cash provided by financing activities |
578,791 |
|
|
|
29,252 |
|
|
||
|
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
(1,235 |
) |
|
|
2,472 |
|
|
||
|
Net increase in cash, cash equivalents, and restricted cash |
589,973 |
|
|
|
53,343 |
|
|
||
|
Cash, cash equivalents, and restricted cash, beginning of period |
403,708 |
|
|
|
299,389 |
|
|
||
|
Cash, cash equivalents, and restricted cash, end of period |
$ |
993,681 |
|
|
|
$ |
352,732 |
|
|
(1) Includes foreign currency transaction gains of $1.1 million and $10.1 million for the three months ended July 31, 2021 and July 31, 2020, respectively, arising primarily from foreign exchange remeasurement of intercompany balances. Intercompany balances are eliminated on consolidation.
(2) Removes the foreign currency transaction gains of $1.1 million and $10.1 million for the three months ended July 31, 2021 and July 31, 2020, respectively, included in net loss.
(3) Unaffected by foreign currency transaction gains.
|
Elastic N.V. REVENUE BY TYPE (amounts in thousands, except percentages) (Unaudited) |
|||||||||||||
|
|
|
||||||||||||
|
|
Three Months Ended July 31, |
||||||||||||
|
|
2021 |
|
2020 |
||||||||||
|
|
Amount |
|
% of Total Revenue |
|
Amount |
|
% of Total Revenue |
||||||
|
Elastic Cloud |
$ |
61,530 |
|
|
32 |
% |
|
$ |
32,627 |
|
|
25 |
% |
|
Other subscription |
115,655 |
|
|
60 |
% |
|
88,715 |
|
|
69 |
% | ||
|
Total subscription revenue |
177,185 |
|
|
92 |
% |
|
121,342 |
|
|
94 |
% | ||
|
Professional services |
15,910 |
|
|
8 |
% |
|
7,528 |
|
|
6 |
% | ||
|
Total revenue |
$ |
193,095 |
|
|
100 |
% |
|
$ |
128,870 |
|
|
100 |
% |
|
Elastic N.V. RECONCILIATION OF GAAP TO NON-GAAP DATA CALCULATED BILLINGS (amounts in thousands) (Unaudited) |
|||||||||
|
|
|
||||||||
|
|
Three Months Ended July 31, |
||||||||
|
|
2021 |
|
|
2020 |
|
||||
|
Total revenue |
$ |
193,095 |
|
|
|
$ |
128,870 |
|
|
|
Add: Increase (decrease) in deferred revenue |
(30,619 |
) |
|
|
1,731 |
|
|
||
|
Less: Decrease (increase) in unbilled accounts receivable |
2,573 |
|
|
|
(575 |
) |
|
||
|
Calculated billings |
$ |
165,049 |
|
|
|
$ |
130,026 |
|
|
|
Elastic N.V. RECONCILIATION OF GAAP TO NON-GAAP DATA FREE CASH FLOW (amounts in thousands, except percentages) (Unaudited) |
|||||||||
|
|
Three Months Ended July 31, |
||||||||
|
|
2021 |
|
|
2020 |
|
||||
|
Net cash provided by operating activities |
$ |
14,051 |
|
|
|
$ |
21,998 |
|
|
|
Less: Purchases of property and equipment |
(660 |
) |
|
|
(379 |
) |
|
||
|
Less: Capitalization of internal-use software |
(974 |
) |
|
|
$ |
— |
|
|
|
|
Free cash flow |
$ |
12,417 |
|
|
|
$ |
21,619 |
|
|
|
Net cash used in investing activities |
$ |
(1,634 |
) |
|
|
$ |
(379 |
) |
|
|
Net cash provided by financing activities |
$ |
578,791 |
|
|
|
$ |
29,252 |
|
|
|
Net cash provided by operating activities (as a percentage of total revenue) |
7 |
|
% |
|
17 |
|
% |
||
|
Less: Purchases of property and equipment (as a percentage of total revenue) |
— |
|
% |
|
— |
|
% |
||
|
Less: Capitalization of internal-use software (as a percentage of total revenue) |
(1 |
) |
% |
|
— |
|
% |
||
|
Free cash flow margin |
6 |
|
% |
|
17 |
|
% |
||
|
Elastic N.V. RECONCILIATION OF GAAP TO NON-GAAP DATA (amounts in thousands, except percentages, share and per share amounts) (Unaudited) |
|||||||||
|
|
|||||||||
|
|
Three Months Ended July 31, |
||||||||
|
|
2021 |
|
|
2020 |
|
||||
|
Gross Profit Reconciliation: |
|
|
|
||||||
|
GAAP gross profit |
$ |
143,433 |
|
|
|
$ |
94,039 |
|
|
|
Stock-based compensation expense |
3,709 |
|
|
|
2,318 |
|
|
||
|
Employer payroll taxes on employee stock transactions |
626 |
|
|
|
220 |
|
|
||
|
Amortization of acquired intangibles |
2,012 |
|
|
|
2,109 |
|
|
||
|
Non-GAAP gross profit |
$ |
149,780 |
|
|
|
$ |
98,686 |
|
|
|
Gross Margin Reconciliation(1): |
|
|
|
||||||
|
GAAP gross margin |
74.3 |
|
% |
|
73.0 |
|
% |
||
|
Stock-based compensation expense |
1.9 |
|
% |
|
1.8 |
|
% |
||
|
Employer payroll taxes on employee stock transactions |
0.3 |
|
% |
|
0.2 |
|
% |
||
|
Amortization of acquired intangibles |
1.0 |
|
% |
|
1.6 |
|
% |
||
|
Non-GAAP gross margin |
77.6 |
|
% |
|
76.6 |
|
% |
||
|
Operating Loss Reconciliation: |
|
|
|
||||||
|
GAAP operating loss |
$ |
(31,034 |
) |
|
|
$ |
(29,519 |
) |
|
|
Stock-based compensation expense |
30,178 |
|
|
|
18,591 |
|
|
||
|
Employer payroll taxes on employee stock transactions |
4,399 |
|
|
|
3,108 |
|
|
||
|
Amortization of acquired intangibles |
3,441 |
|
|
|
3,550 |
|
|
||
|
Acquisition-related expenses |
226 |
|
|
|
— |
|
|
||
|
Non-GAAP operating income (loss) |
$ |
7,210 |
|
|
|
$ |
(4,270 |
) |
|
|
Operating Margin Reconciliation(1): |
|
|
|
||||||
|
GAAP operating margin |
(16.1 |
) |
% |
|
(22.9 |
) |
% |
||
|
Stock-based compensation expense |
15.6 |
|
% |
|
14.4 |
|
% |
||
|
Employer payroll taxes on employee stock transactions |
2.3 |
|
% |
|
2.4 |
|
% |
||
|
Amortization of acquired intangibles |
1.8 |
|
% |
|
2.8 |
|
% |
||
|
Acquisition-related expenses |
0.1 |
|
% |
|
0.0 |
|
% |
||
|
Non-GAAP operating margin |
3.7 |
|
% |
|
(3.3 |
) |
% |
||
|
Net Loss Reconciliation: |
|
|
|
||||||
|
GAAP net loss |
$ |
(34,489 |
) |
|
|
$ |
(19,001 |
) |
|
|
Stock-based compensation expense |
30,178 |
|
|
|
18,591 |
|
|
||
|
Employer payroll taxes on employee stock transactions |
4,399 |
|
|
|
3,108 |
|
|
||
|
Amortization of acquired intangibles |
3,441 |
|
|
|
3,550 |
|
|
||
|
Acquisition-related expenses |
226 |
|
|
|
— |
|
|
||
|
Income tax(2) |
(269 |
) |
|
|
(92 |
) |
|
||
|
Non-GAAP net income |
$ |
3,486 |
|
|
|
$ |
6,156 |
|
|
|
Non-GAAP net earnings per share attributable to ordinary shareholders, basic |
$ |
0.04 |
|
|
|
$ |
0.07 |
|
|
|
Non-GAAP net earnings per share attributable to ordinary shareholders, diluted |
$ |
0.04 |
|
|
|
$ |
0.06 |
|
|
|
Weighted-average shares used to compute net earnings per share attributable to ordinary shareholders, basic |
91,201,372 |
|
|
|
84,175,287 |
|
|
||
|
Weighted-average shares used to compute net earnings per share attributable to ordinary shareholders, diluted |
98,157,087 |
|
|
|
96,059,560 |
|
|
||
(1) Totals may not sum, due to rounding. Gross margin, operating margin, and earnings 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.
Contacts
Anthony Luscri
Elastic Investor Relations
ir@elastic.co
(650) 695-1055
Lisa Boughner
Elastic Corporate Communications
lisa.boughner@elastic.co
