Q4 Revenue of $335 million, up 20%
year-over-year (20% in constant currency)
Q4 Elastic Cloud Revenue of $148 million, up
32% year-over-year (32% in constant currency)
FY24 Revenue of $1.267 billion, up 19%
year-over-year (18% in constant currency)
Elastic (NYSE: ESTC) (“Elastic”), the Search AI Company,
announced financial results for its fourth quarter and full fiscal
year ended April 30, 2024.
Fourth Quarter Fiscal 2024 Financial Highlights
- Total revenue was $335 million, an increase of 20%
year-over-year, as reported and on a constant currency basis
- Elastic Cloud revenue was $148 million, an increase of 32%
year-over-year, as reported and on a constant currency basis
- GAAP operating loss was $46 million; GAAP operating margin was
-14%
- Non-GAAP operating income was $29 million; non-GAAP operating
margin was 9%
- GAAP net loss per share was $0.41; non-GAAP diluted earnings
per share was $0.21
- Operating cash flow was $61 million with adjusted free cash
flow of $60 million
- Cash, cash equivalents, and marketable securities were $1.084
billion as of April 30, 2024
Full Fiscal 2024 Financial Highlights
- Total revenue was $1.267 billion, an increase of 19%
year-over-year, or 18% on a constant currency basis
- Elastic Cloud revenue was $548 million, an increase of 29%
year-over-year as reported and on a constant currency basis
- GAAP operating loss was $130 million; GAAP operating margin was
-10%
- Non-GAAP operating income was $142 million; non-GAAP operating
margin was 11%
- GAAP diluted earnings per share was $0.59(1); non-GAAP diluted
earnings per share was $1.19
- Operating cash flow was $149 million with adjusted free cash
flow of $169 million
“Elastic delivered another strong quarter and a great finish to
the fiscal year,” said Ash Kulkarni, CEO, Elastic. “The strong and
sustained adoption we are seeing for our Generative AI capabilities
and our continued ability to differentiate and win in search,
security and observability with our Search AI Platform reinforces
our confidence in the enduring strength of our business.”
Fourth Quarter Fiscal 2024 Key Metrics and Recent Business
Highlights
Key Customer Metrics
- Total customer count with Annual Contract Value (ACV) greater
than $100,000 was over 1,330 compared to over 1,270 in Q3 FY24, and
over 1,160 in Q4 FY23
- Total subscription customer count was approximately 21,000
compared to approximately 20,800 in Q3 FY24, and approximately
20,200 in Q4 FY23
- Net Expansion Rate was approximately 110%
Product Innovations and Updates
- Introduced first-of-its-kind Search AI Lake, a cloud native
architecture to scale low latency search with all of Elastic’s AI
capabilities
- Launched the technical preview of Elastic Cloud Serverless for
search, including retrieval augmented generation, observability,
and security workloads
- Announced Attack Discovery, an AI-driven security analytics
solution for the modern SOC, combining search and retrieval
augmented generation to prioritize attacks, not alerts
- Added support for Cohere high-performance vector embeddings and
Rerank 3 model
- Delivered native support for the Elasticsearch vector database
on Azure AI Studio
- Expanded Azure Open AI support with chat completions and
embeddings support
- Introduced new detection rules to help customers protect
against LLM risks and delivered an LLM Safety Assessment: The
Definitive Guide on Avoiding Risk and Abuses guide, which explores
LLM safety and provides attack mitigation best practices and
suggested countermeasures
Other Business Highlights
- Awarded Google Cloud Partner of the Year for the fourth
time
- Named one of Fast Company's Most Innovative Companies in the
enterprise category for the AI-enabled Elasticsearch Relevance
Engine
- Engaged with thousands of customers and partners at Google
Cloud Next, RSA, Microsoft Build and hosted ElasticON events at
Chicago, New York, Sao Paulo, Singapore, Toronto, and Washington
DC
Financial Outlook
The Company is providing the following guidance:
For the first quarter of fiscal 2025 (ending July 31, 2024):
- Total revenue is expected to be between $343 million and $345
million, representing 17% year-over-year growth at the midpoint
(17% year-over-year constant currency growth at the midpoint)
- Non-GAAP operating margin is expected to be between 9.2% and
9.4%
- Non-GAAP diluted earnings per share is expected to be between
$0.24 and $0.26, assuming between 105.5 million and 106.5 million
diluted weighted average ordinary shares outstanding
For fiscal 2025 (ending April 30, 2025):
- Total revenue is expected to be between $1.468 billion and
$1.480 billion, representing 16% 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 11.7% and
12.3%
- Non-GAAP diluted earnings per share is expected to be between
$1.35 and $1.47, assuming between 107.0 million and 109.0 million
diluted weighted average ordinary shares outstanding
The guidance assumes, among others, the following exchange
rates: 1 Euro = 1.081 US Dollars; and 1 Great British Pound = 1.270
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 earnings/(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.
(1) GAAP diluted earnings per share includes the impact of an
income tax benefit of approximately $211 million related to the
release of a valuation allowance against certain deferred tax
assets. There was no impact to operating results, non-GAAP diluted
earnings per share, adjusted free cash flow or cash and cash
equivalents.
About Elastic
Elastic (NYSE: ESTC), the Search AI Company, enables everyone to
find the answers they need in real-time using all their data, at
scale. Elastic’s solutions for search, observability and security
are built on the Elastic Search AI 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 July 31, 2024 and the fiscal year
ending April 30, 2025, the expected performance or benefits of our
offerings, expected market opportunities, and our ability to
execute on those 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 Net Income and Non-GAAP Earnings Per Share
We define non-GAAP net income as GAAP income/(loss), excluding
stock-based compensation expense and related employer taxes,
amortization of acquired intangible assets, acquisition-related
expenses, restructuring and other related charges, one-time
litigation settlements, the related income tax effect of the
foregoing adjustments, and the income tax benefit from the release
of any valuation allowance against deferred tax assets. We define
non-GAAP earnings per share, basic, as non-GAAP net income divided
by weighted average shares outstanding and non-GAAP earnings per
share, diluted, as non-GAAP net income divided by weighted average
diluted shares outstanding, which includes the potentially dilutive
effect of the company’s employee equity incentive plan awards. 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 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 April
30,
Year Ended April 30,
2024
2023
2024
2023
Revenue
Subscription
$
310,984
$
256,124
$
1,176,606
$
984,762
Services
24,015
23,817
90,715
84,227
Total revenue
334,999
279,941
1,267,321
1,068,989
Cost of revenue
Subscription
65,047
54,508
246,285
219,306
Services
22,824
19,174
83,794
77,320
Total cost of revenue
87,871
73,682
330,079
296,626
Gross profit
247,128
206,259
937,242
772,363
Operating expenses
Research and development
93,951
81,765
341,951
313,454
Sales and marketing
151,628
123,635
559,648
503,537
General and administrative
43,098
39,523
160,628
143,247
Restructuring and other related
charges
4,163
1,492
4,917
31,297
Total operating expenses
292,840
246,415
1,067,144
991,535
Operating loss
(45,712
)
(40,156
)
(129,902
)
(219,172
)
Other income, net
Interest expense
(7,109
)
(6,284
)
(26,132
)
(25,159
)
Other income, net
9,171
6,680
33,278
27,454
Loss before income taxes
(43,650
)
(39,760
)
(122,756
)
(216,877
)
(Benefit from) provision for income
taxes
(2,550
)
6,971
(184,476
)
19,284
Net (loss) income
$
(41,100
)
$
(46,731
)
$
61,720
$
(236,161
)
Net (loss) earnings per share attributable
to ordinary shareholders
Basic
$
(0.41
)
$
(0.48
)
$
0.62
$
(2.47
)
Diluted
$
(0.41
)
$
(0.48
)
$
0.59
$
(2.47
)
Weighted-average shares used to compute
net (loss) earnings per share attributable to ordinary
shareholders
Basic
101,323,761
96,978,043
99,646,231
95,729,844
Diluted
101,323,761
96,978,043
103,980,132
95,729,844
Elastic N.V.
Condensed Consolidated Balance
Sheets
(in thousands, except share and
per share data)
(unaudited)
As of April 30,
2024
As of April 30,
2023
Assets
Current assets:
Cash and cash equivalents
$
540,397
$
644,167
Restricted cash
2,692
2,473
Marketable securities
544,002
271,041
Accounts receivable, net of allowance for
credit losses of $4,979 and $3,409 as of April 30, 2024 and April
30, 2023, respectively
323,011
260,919
Deferred contract acquisition costs
78,030
55,813
Prepaid expenses and other current
assets
42,765
39,867
Total current assets
1,530,897
1,274,280
Property and equipment, net
5,453
5,092
Goodwill
319,380
303,642
Operating lease right-of-use assets
20,506
19,997
Intangible assets, net
20,620
29,104
Deferred contract acquisition costs,
non-current
114,509
95,879
Deferred tax assets
225,544
7,412
Other assets
5,657
8,076
Total assets
$
2,242,566
$
1,743,482
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
26,075
$
35,151
Accrued expenses and other liabilities
75,292
63,532
Accrued compensation and benefits
93,691
76,483
Operating lease liabilities
12,187
12,749
Deferred revenue
663,846
528,704
Total current liabilities
871,091
716,619
Deferred revenue, non-current
30,293
34,248
Long-term debt, net
568,612
567,543
Operating lease liabilities,
non-current
12,898
13,942
Other liabilities, non-current
21,487
12,233
Total liabilities
1,504,381
1,344,585
Shareholders’ equity:
Preference shares, €0.01 par value;
165,000,000 shares authorized, 0 shares issued and outstanding as
of April 30, 2024 and April 30, 2023
—
—
Ordinary shares, par value €0.01 per
share: 165,000,000 shares authorized; 101,705,935 shares issued and
outstanding as of April 30, 2024 and 97,366,947 shares issued and
outstanding as of April 30, 2023
1,070
1,024
Treasury stock
(369
)
(369
)
Additional paid-in capital
1,750,729
1,471,584
Accumulated other comprehensive loss
(21,638
)
(20,015
)
Accumulated deficit
(991,607
)
(1,053,327
)
Total shareholders’ equity
738,185
398,897
Total liabilities and shareholders’
equity
$
2,242,566
$
1,743,482
Elastic N.V.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended April
30,
Year Ended April 30,
2024
2023
2024
2023
Cash flows from operating
activities
Net (loss) income
$
(41,100
)
$
(46,731
)
$
61,720
$
(236,161
)
Adjustments to reconcile net (loss) income
to cash provided by operating activities:
Depreciation and amortization
4,146
4,758
17,999
20,233
Amortization of premium and accretion of
discount on marketable securities, net
(2,412
)
(772
)
(8,808
)
(772
)
Amortization of deferred contract
acquisition costs
22,157
17,405
78,549
68,900
Amortization of debt issuance costs
271
260
1,069
1,023
Non-cash operating lease cost
2,862
2,526
11,010
10,880
Asset impairment charges
—
—
—
6,242
Stock-based compensation expense
62,793
55,413
239,137
204,039
Deferred income taxes
(6,917
)
(2,075
)
(217,195
)
(2,007
)
Foreign currency transaction (loss)
gains
(337
)
(3,647
)
1,930
(1,386
)
Other
—
(23
)
(34
)
44
Changes in operating assets and
liabilities, net of impact of business acquisitions:
Accounts receivable, net
(94,563
)
(60,403
)
(63,519
)
(46,353
)
Deferred contract acquisition costs
(45,745
)
(33,833
)
(119,834
)
(102,017
)
Prepaid expenses and other current
assets
2,637
(6,348
)
(2,875
)
1,323
Other assets
1,267
1,419
1,906
8,525
Accounts payable
15,214
5,793
(9,998
)
6,304
Accrued expenses and other liabilities
16,716
10,582
18,144
4,310
Accrued compensation and benefits
15,848
8,485
17,357
8,324
Operating lease liabilities
(3,295
)
(3,001
)
(12,391
)
(11,405
)
Deferred revenue
111,406
77,747
134,595
95,616
Net cash provided by operating
activities
60,948
27,555
148,762
35,662
Cash flows from investing
activities
Purchases of property and equipment
(845
)
(1,665
)
(3,450
)
(2,684
)
Business acquisitions, net of cash
acquired
(149
)
—
(19,100
)
—
Purchases of marketable securities
(178,560
)
(270,268
)
(536,833
)
(270,268
)
Maturities and redemptions of marketable
securities
121,200
—
271,423
—
Net cash used in investing activities
(58,354
)
(271,933
)
(287,960
)
(272,952
)
Cash flows from financing
activities
Proceeds from issuance of ordinary shares
under employee stock purchase plan
10,024
—
19,135
—
Proceeds from issuance of ordinary shares
upon exercise of stock options
1,429
5,237
20,919
17,471
Net cash provided by financing
activities
11,453
5,237
40,054
17,471
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
(625
)
5,736
(4,407
)
2,822
Net increase (decrease) in cash, cash
equivalents, and restricted cash
13,422
(233,405
)
(103,551
)
(216,997
)
Cash, cash equivalents, and restricted
cash, beginning of period
529,667
880,045
646,640
863,637
Cash, cash equivalents, and restricted
cash, end of period
$
543,089
$
646,640
$
543,089
$
646,640
Elastic N.V.
Revenue by Type
(in thousands, except
percentages)
(unaudited)
Three Months Ended April
30,
Year Ended April 30,
2024
2023
2024
2023
Amount
% of
Total
Revenue
Amount
% of
Total
Revenue
Amount
% of
Total
Revenue
Amount
% of
Total
Revenue
Elastic Cloud
$ 147,980
44 %
$ 112,344
40 %
$ 547,520
43 %
$ 424,053
40 %
Other subscription
163,004
49 %
143,780
51 %
629,086
50 %
560,709
52 %
Total subscription
310,984
93 %
256,124
91 %
1,176,606
93 %
984,762
92 %
Services
24,015
7 %
23,817
9 %
90,715
7 %
84,227
8 %
Total revenue
$ 334,999
100 %
$ 279,941
100 %
$ 1,267,321
100 %
$ 1,068,989
100 %
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
Supplementary
Information
(in thousands, except
percentages)
(unaudited)
Three Months Ended
April 30, 2024
% 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
$
147,980
32
%
32
%
3
%
3
%
Other subscription
$
163,004
13
%
13
%
(1
)%
(1
)%
Total subscription
$
310,984
21
%
21
%
1
%
1
%
Total revenue
$
334,999
20
%
20
%
2
%
2
%
Total deferred revenue
$
694,139
23
%
24
%
19
%
19
%
Total remaining performance
obligations
$
1,351,109
22
%
24
%
15
%
15
%
Year Ended April 30,
2024
% Change Year Over
Year
% Change
Year Over Year Excluding
Currency Changes
Revenue
Elastic Cloud
$
547,520
29
%
29
%
Other subscription
$
629,086
12
%
11
%
Total subscription
$
1,176,606
19
%
19
%
Total revenue
$
1,267,321
19
%
18
%
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
Adjusted Free Cash
Flow
(in thousands, except
percentages)
(unaudited)
Three Months Ended April
30,
Year Ended April 30,
2024
2023
2024
2023
Net cash provided by operating
activities
$
60,948
$
27,555
$
148,762
$
35,662
Less: Purchases of property and
equipment
(845
)
(1,665
)
(3,450
)
(2,684
)
Add: Interest paid on long-term debt
—
—
23,719
23,719
Adjusted free cash flow (1)
$
60,103
$
25,890
$
169,031
$
56,697
Net cash used in investing activities
$
(58,354
)
$
(271,933
)
$
(287,960
)
$
(272,952
)
Net cash provided by financing
activities
$
11,453
$
5,237
$
40,054
$
17,471
Net cash provided by operating activities
(as a percentage of total revenue)
18
%
10
%
12
%
3
%
Less: Purchases of property and equipment
(as a percentage of total revenue)
—
%
(1
)%
—
%
—
%
Add: Interest paid on long-term debt (as a
percentage of total revenue)
—
%
—
%
1
%
2
%
Adjusted free cash flow margin
18
%
9
%
13
%
5
%
(1) Adjusted free cash flow includes cash
paid for restructuring and other charges of $0.6 million and $2.1
million during the three months and year ended April 30, 2024,
respectively, and $4.8 million and $22.8 million during the three
months and year ended April 30, 2023, respectively.
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands, except
percentages, share and per share data)
(unaudited)
Three Months Ended April
30,
Year Ended April 30,
2024
2023
2024
2023
Gross Profit Reconciliation:
GAAP gross profit
$
247,128
$
206,259
$
937,242
$
772,363
Stock-based compensation expense and
related employer taxes
6,260
4,464
22,743
18,588
Amortization of acquired intangibles
3,214
2,879
12,353
11,781
Non-GAAP gross profit
$
256,602
$
213,602
$
972,338
$
802,732
Gross Margin Reconciliation(1):
GAAP gross margin
73.8
%
73.7
%
74.0
%
72.3
%
Stock-based compensation expense and
related employer taxes
1.9
%
1.6
%
1.8
%
1.8
%
Amortization of acquired intangibles
1.0
%
1.0
%
1.0
%
1.1
%
Non-GAAP gross margin
76.6
%
76.3
%
76.7
%
75.1
%
Operating Income
Reconciliation:
GAAP operating loss
$
(45,712
)
$
(40,156
)
$
(129,902
)
$
(219,172
)
Stock-based compensation expense and
related employer taxes
66,895
57,665
250,459
211,172
Amortization of acquired intangibles
3,214
4,071
14,496
16,668
Acquisition-related expenses
210
878
2,450
5,978
Restructuring and other related
charges
4,163
1,492
4,917
31,297
Non-GAAP operating income
$
28,770
$
23,950
$
142,420
$
45,943
Operating Margin
Reconciliation(1):
GAAP operating margin
(13.6
)%
(14.3
)%
(10.3
)%
(20.5
)%
Stock-based compensation expense and
related employer taxes
20.0
%
20.6
%
19.8
%
19.8
%
Amortization of acquired intangibles
1.0
%
1.5
%
1.1
%
1.6
%
Acquisition-related expenses
0.1
%
0.3
%
0.2
%
0.6
%
Restructuring and other related
charges
1.2
%
0.5
%
0.4
%
2.9
%
Non-GAAP operating margin
8.6
%
8.6
%
11.2
%
4.3
%
Net Income (Loss)
Reconciliation:
GAAP net (loss) income
$
(41,100
)
$
(46,731
)
$
61,720
$
(236,161
)
Stock-based compensation expense and
related employer taxes
66,895
57,665
250,459
211,172
Amortization of acquired intangibles
3,214
4,071
14,496
16,668
Acquisition-related expenses
210
878
2,450
5,978
Restructuring and other related
charges
4,163
1,492
4,917
31,297
Litigation settlement
(350
)
(250
)
(350
)
(10,400
)
Income tax effects related to the above
adjustments(2)
(6,770
)
4,770
1,218
6,699
Income tax benefit from the release of a
valuation allowance against deferred tax assets
(3,886
)
—
(211,342
)
—
Non-GAAP net income
$
22,376
$
21,895
$
123,568
$
25,253
Non-GAAP earnings per share
attributable to ordinary
shareholders, basic(1)
$
0.22
$
0.23
$
1.24
$
0.26
Non-GAAP earnings per share
attributable to ordinary
shareholders, diluted(1)
$
0.21
$
0.22
$
1.19
$
0.25
Weighted-average shares used to compute
earnings per share attributable to ordinary shareholders, basic
101,323,761
96,978,043
99,646,231
95,729,844
Weighted-average shares used to compute
earnings per share attributable to ordinary shareholders,
diluted
105,380,793
100,076,763
103,980,132
99,273,692
(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. 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 April
30,
Year Ended April 30,
2024
2023
2024
2023
Cost of revenue reconciliation:
GAAP subscription
$
65,047
$
54,508
$
246,285
$
219,306
Stock-based compensation expense and
related employer taxes
(2,389
)
(1,997
)
(9,378
)
(8,730
)
Amortization of acquired intangibles
(3,214
)
(2,879
)
(12,353
)
(11,781
)
Non-GAAP subscription
$
59,444
$
49,632
$
224,554
$
198,795
GAAP services
$
22,824
$
19,174
$
83,794
$
77,320
Stock-based compensation expense and
related employer taxes
(3,871
)
(2,467
)
(13,365
)
(9,858
)
Non-GAAP services
$
18,953
$
16,707
$
70,429
$
67,462
Operating expenses
reconciliation:
GAAP research and development expense
$
93,951
$
81,765
$
341,951
$
313,454
Stock-based compensation expense and
related employer taxes
(26,218
)
(22,408
)
(98,174
)
(82,628
)
Acquisition-related expenses
(210
)
(841
)
(1,385
)
(5,875
)
Non-GAAP research and development
expense
$
67,523
$
58,516
$
242,392
$
224,951
GAAP sales and marketing expense
$
151,628
$
123,635
$
559,648
$
503,537
Stock-based compensation expense and
related employer taxes
(22,482
)
(18,779
)
(82,023
)
(71,363
)
Amortization of acquired intangibles
—
(1,192
)
(2,143
)
(4,887
)
Non-GAAP sales and marketing expenses
$
129,146
$
103,664
$
475,482
$
427,287
GAAP general and administrative
expense
$
43,098
$
39,523
$
160,628
$
143,247
Stock-based compensation expense and
related employer taxes
(11,935
)
(12,014
)
(47,519
)
(38,593
)
Acquisition-related expenses
—
(37
)
(1,065
)
(103
)
Non-GAAP general and administrative
expense
$
31,163
$
27,472
$
112,044
$
104,551
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240529385414/en/
Anthony Luscri Elastic Investor Relations ir@elastic.co
Madge Miller Elastic Corporate Communications
PR-Team@elastic.co
Elastic NV (NYSE:ESTC)
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