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Section 1: 8-K (8-K)

estc-8k_20190227.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8‑K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

 

 

Date of Report (Date of earliest event reported): February 27, 2019

 

Elastic N.V.

(Exact name of registrant as specified in its charter)

 

The Netherlands

001-38675

Not Applicable

(State or other jurisdiction
of incorporation)

(Commission File Number)

(I.R.S. Employer
Identification Number)

800 West El Camino Real, Suite 350

Mountain View, California 94040

(Address of principal executive offices) (Zip Code))

 

 

 

Registrant’s telephone number, including area code: (650) 458-2620

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 


Item 2.02. Results of Operations and Financial Condition.

 

On February 27, 2019, Elastic N.V. (the “Company”) issued a press release announcing its financial results for its fiscal quarter ended January 31, 2019. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

 

The information contained herein and in the accompanying exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits

 

Exhibit

 

Description

99.1

 

Press Release dated February 27, 2019.

 

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 27, 2019

 

ELASTIC N.V.

 

By:

/s/ Janesh Moorjani

Name:

 

Janesh Moorjani

Title:

 

Chief Financial Officer

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

estc-ex991_6.htm

Exhibit 99.1

Elastic N.V. Reports Strong Third Quarter Fiscal 2019 Financial Results

 

Total Revenue of $70.8 million, Growing 70% year-over-year

Calculated Billings of $79.8 million, Growing 68% year-over-year

 

MOUNTAIN VIEW, Calif. and AMSTERDAM, The Netherlands, February 27, 2019 -- Elastic N.V. (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch and the Elastic Stack, today announced strong results for its fiscal third quarter ended January 31, 2019.

 

Third Quarter Fiscal 2019 Financial Highlights

 

 

Total revenue was $70.8 million, growing 70% year-over-year.

 

Calculated billings was $79.8 million, growing 68% year-over-year.

 

Deferred revenue was $137.8 million, growing 73% year-over-year.

 

GAAP operating loss was $23.8 million; GAAP operating margin was -33.6%.

 

Non-GAAP operating loss was $11.7 million; Non-GAAP operating margin was -16.6%.

 

GAAP net loss per share was $0.30; Non-GAAP net loss per share was $0.16.

 

Operating cash flow was -$8.7 million with free cash flow of -$9.9 million.

 

Cash and cash equivalents were $305.8 million as of January 31, 2019.

 

“We’re very pleased with our strong revenue growth of 70% year-over-year in Q3,” said Shay Banon, founder and chief executive officer at Elastic. “Our users and customers continue to embrace our search products that address an expanding set of use cases. Given the incredible customer and user demand that we are seeing, we are further accelerating investments across all parts of the business.”

 

Third Quarter Fiscal 2019 Key Metrics and Recent Business Highlights

 

 

Total subscription customer count was over 7,200.

 

Total customer count with ACV greater than $100,000 was over 380.

 

Subscription revenue represented 91% of total revenue.

 

Net Expansion Rate remained over 130% for the ninth consecutive quarter.

 

Released version 6.6 of the Elastic Stack with better storage efficiency and performance improvements. New features include frozen indices and index lifecycle management for more efficient data retention; Bkd-backed geoshapes for significantly faster geoshape data analysis; and new Elasticsearch SQL functionality to easily build time series charts in Canvas.

 

Made Elastic APM generally available in Elastic’s Elasticsearch Service and on Elastic Cloud Enterprise. Distributed tracing is also available in Elastic APM.


 

Released version 2.1 of Elastic Cloud Enterprise (ECE) making it easier to centralize APM, logs, and metrics data and furthering our hybrid cloud capabilities with cross-cluster search.

 

Introduced the Auditbeat System Module to make it easier to detect unusual events in audit data, especially security-related anomalies.

 

Joined the Cloud Native Computing Foundation (CNCF), to support and promote the use of open technologies and standards, like Kubernetes, open tracing and metrics. Elastic APM is now compatible with OpenTracing standards.

 

The Elastic Stack was named in InfoWorld’s 2019 Technology of the Year Awards.

 

Held seven successful Elastic{ON} Tour events to engage with our community of users, customers, and partners in Anaheim, Atlanta, Dallas, Madrid, New York City, Paris, and Seoul, with waitlists driven by strong demand.

 

Launched the inaugural Elastic Search Awards Program. An evolution from the Elastic Cause Awards, this new program recognizes and celebrates community members and organizations that are using Elastic technology to improve lives.

 

Commemorated the new, expanded Elastic Amsterdam office with community members, customers, and partners, along with Prince Constantijn van Oranje, who is Special Envoy of Startup Delta, a Dutch startup accelerator.

 

Financial Outlook

 

The Company is providing the following guidance:

 

For its fourth quarter of fiscal 2019 (ending April 30, 2019):

 

 

Total revenue is expected to be between $74 million and $76 million.

 

Non-GAAP operating margin is expected to be between -26% and -24%.

 

Non-GAAP net loss per share is expected to be between $0.30 and $0.28, assuming approximately 74 million weighted average ordinary shares outstanding.

 

For its fiscal year 2019 (ending April 30, 2019):

 

 

Total revenue is expected to be between $265 million and $267 million.

 

Non-GAAP operating margin is expected to be between -22% and -21%.

 

Non-GAAP net loss per share is expected to be between $1.13 and $1.11, assuming approximately 56 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 these costs and expenses that may be incurred in the future.


 

Conference Call and Webcast

 

Elastic’s executive management team will host a conference call today beginning at 2:00 p.m. PT/ 5:00 p.m. ET/ 11 p.m. CET 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.

 

Lock-Up Release Date and Extension

 

Pursuant to the lock-up agreements executed in connection with the Company’s initial public offering, provided the closing price of Elastic’s ordinary shares on March 4, 2019 is at least 33% greater than the IPO price of Elastic’s ordinary shares, 25% of the shares subject to the lock-up agreements will be released from lock-up, and such shares will become eligible for immediate sale in the public market, at the open of trading on March 6, 2019, subject to trading limitations on shares held by affiliates of Elastic and applicable securities laws, restrictions under Elastic’s insider trading policy and continued vesting of any unvested equity awards as of such date.

 

The lock-up restrictions with respect to all remaining shares are scheduled to expire after the close of the market on April 2, 2019. However, since the Company will be in its standard quarterly trading blackout period on that date, insiders will be restricted from selling shares until the start of the third trading day following the end of this blackout period. The Company expects to announce its earnings results for its fiscal year ending April 30, 2019 in early June 2019.

About Elastic

 

Elastic is a search company. As the creators of the Elastic Stack (Elasticsearch, Kibana, Beats, and Logstash), Elastic builds self-managed and SaaS offerings that make data usable in real time and at scale for search, logging, security, and analytics use cases. Elastic is a distributed company with Elasticians working in countries around the world. 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 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 which include, but are not limited to, expected financial results for the fiscal quarter and the fiscal year ending April 30, 2019. These


forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Our expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: our ability to continue to deliver and improve our offerings and successfully develop new offerings; customer acceptance and purchase of our existing offerings and new offerings; our ability to maintain and expand our customer base; the market for our products not continuing to develop; competition from other products; the impact of foreign currency exchange rate and interest rate fluctuations on our results; our business strategy and our plan to build our business; our ability to effectively manage our growth; the pace of change and innovation in the markets in which we participate and the competitive nature of those markets; our international expansion strategy; our service performance and security, including the resources and costs required to prevent, detect and remediate potential security breaches; our operating results and cash flows; our strategy of acquiring complementary businesses and our ability to successfully integrate acquired businesses and technologies; our relationships with third parties, including partners; our ability to protect our intellectual property rights; our ability to develop our brands; our ability to attract and retain qualified employees and key personnel; the impact of expensing stock options and other equity awards; the sufficiency of our capital resources; and general market, political, economic and business conditions. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SEC”), including our prospectus filed with the SEC pursuant to Rule 424(b)(4) dated October 4, 2018 and our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2018. 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 after the date of this release, except as required by law.

 

Contact Information

 

Anthony Luscri

Elastic Investor Relations

[email protected]

(650) 695-1055

 

Deborah Wiltshire

Elastic Corporate Communications

[email protected]


Elastic N.V.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

Three Months Ended January 31,

 

 

Nine Months Ended January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License - self-managed

 

$

9,406

 

 

$

5,815

 

 

$

26,850

 

 

$

16,920

 

Subscription - self-managed and SaaS

 

 

55,180

 

 

 

33,218

 

 

 

147,781

 

 

 

86,286

 

Total subscription revenue

 

 

64,586

 

 

 

39,033

 

 

 

174,631

 

 

 

103,206

 

Professional services

 

 

6,249

 

 

 

2,648

 

 

 

16,423

 

 

 

7,157

 

Total revenue

 

 

70,835

 

 

 

41,681

 

 

 

191,054

 

 

 

110,363

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-managed

 

 

96

 

 

 

96

 

 

 

290

 

 

 

290

 

Cost of subscription - self-managed and SaaS

 

 

13,941

 

 

 

7,382

 

 

 

37,012

 

 

 

18,618

 

Total cost of revenue - subscription

 

 

14,037

 

 

 

7,478

 

 

 

37,302

 

 

 

18,908

 

Cost of professional services

 

 

6,387

 

 

 

3,288

 

 

 

17,266

 

 

 

8,232

 

Total cost of revenue

 

 

20,424

 

 

 

10,766

 

 

 

54,568

 

 

 

27,140

 

Gross profit

 

 

50,411

 

 

 

30,915

 

 

 

136,486

 

 

 

83,223

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

25,850

 

 

 

15,092

 

 

 

70,163

 

 

 

38,098

 

Sales and marketing

 

 

37,196

 

 

 

20,727

 

 

 

102,252

 

 

 

54,679

 

General and administrative

 

 

11,151

 

 

 

7,555

 

 

 

33,342

 

 

 

19,205

 

Total operating expenses

 

 

74,197

 

 

 

43,374

 

 

 

205,757

 

 

 

111,982

 

Operating loss

 

 

(23,786

)

 

 

(12,459

)

 

 

(69,271

)

 

 

(28,759

)

Other income (expense), net

 

 

1,877

 

 

 

(175

)

 

 

2,737

 

 

 

(813

)

Loss before income taxes

 

 

(21,909

)

 

 

(12,634

)

 

 

(66,534

)

 

 

(29,572

)

Provision for (benefit from) income taxes

 

 

(558

)

 

 

696

 

 

 

934

 

 

 

1,752

 

Net loss

 

$

(21,351

)

 

$

(13,330

)

 

$

(67,468

)

 

$

(31,324

)

Net loss per share attributable to ordinary

   shareholders, basic and diluted

 

$

(0.30

)

 

$

(0.41

)

 

$

(1.37

)

 

$

(0.98

)

Weighted-average shares used to compute net loss

   per share attributable to ordinary shareholders,

   basic and diluted

 

 

70,725,336

 

 

 

32,392,894

 

 

 

49,261,240

 

 

 

31,838,690

 

 


Elastic N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share and per share amounts)

(Unaudited)

 

 

 

January 31,

2019

 

 

April 30,

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

305,826

 

 

$

50,941

 

Restricted cash

 

 

2,664

 

 

 

668

 

Accounts receivable, net of allowance for doubtful accounts of $2,122

   and $776 as of January 31, 2019 and April 30, 2018, respectively

 

 

54,518

 

 

 

53,233

 

Deferred contract acquisition costs

 

 

15,795

 

 

 

12,125

 

Prepaid expenses and other current assets

 

 

22,881

 

 

 

15,261

 

Total current assets

 

 

401,684

 

 

 

132,228

 

Property and equipment, net

 

 

4,663

 

 

 

4,536

 

Goodwill

 

 

19,970

 

 

 

19,182

 

Intangible assets, net

 

 

7,417

 

 

 

8,297

 

Deferred contract acquisition costs, non-current

 

 

7,657

 

 

 

5,954

 

Deferred offering costs

 

 

-

 

 

 

242

 

Deferred tax assets

 

 

3,058

 

 

 

3,946

 

Other assets

 

 

6,549

 

 

 

8,628

 

Total assets

 

$

450,998

 

 

$

183,013

 

Liabilities, Redeemable Convertible Preferred Shares and Shareholders’ Equity (Deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,772

 

 

$

2,176

 

Accrued expenses and other liabilities

 

 

16,716

 

 

 

11,816

 

Accrued compensation and benefits

 

 

16,992

 

 

 

15,191

 

Deferred revenue

 

 

126,171

 

 

 

95,929

 

Total current liabilities

 

 

161,651

 

 

 

125,112

 

Deferred revenue, non-current

 

 

11,632

 

 

 

6,632

 

Other liabilities, non-current

 

 

5,616

 

 

 

3,877

 

Total liabilities

 

 

178,899

 

 

 

135,621

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Redeemable convertible preference shares, par value €0.001 per share;

   No shares authorized, issued, or outstanding as of January 31, 2019;

   29,026,193 shares authorized; 28,939,466 shares issued and

   outstanding as of April 30, 2018

 

 

-

 

 

 

200,921

 

Shareholders’ (deficit) equity:

 

 

 

 

 

 

 

 

Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares

   issued and outstanding as of January 31, 2019; 0 shares authorized, issued and

   outstanding as of April 30, 2018

 

 

-

 

 

 

-

 

Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized;

   71,334,105 shares issued and outstanding as of January 31, 2019

 

 

727

 

 

 

-

 

Ordinary shares, par value of €0.001 per share; 72,000,000 shares authorized;

   0 and 33,232,955 shares issued and outstanding as of January 31, 2019

   and April 30, 2018, respectively

 

 

-

 

 

 

33

 

Treasury stock; 35,937 shares (repurchased at an average price of $10.30

   per share)

 

 

(369

)

 

 

(369

)

Additional paid-in capital

 

 

556,143

 

 

 

62,542

 

Accumulated other comprehensive loss

 

 

(2,160

)

 

 

(961

)

Accumulated deficit

 

 

(282,242

)

 

 

(214,774

)

Total shareholders’ (deficit) equity

 

 

272,099

 

 

 

(153,529

)

Total liabilities, redeemable convertible preference shares and shareholders’ equity (deficit)

 

$

450,998

 

 

$

183,013

 

 


Elastic N.V.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended

January 31,

 

 

Nine Months Ended

January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(21,351

)

 

$

(13,330

)

 

$

(67,468

)

 

$

(31,324

)

Adjustments to reconcile net loss to cash (used in) provided by

   operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,378

 

 

 

1,470

 

 

 

4,386

 

 

 

3,565

 

Amortization of deferred contract acquisition costs

 

 

5,870

 

 

 

3,200

 

 

 

14,718

 

 

 

8,798

 

Stock-based compensation expense

 

 

11,111

 

 

 

3,554

 

 

 

28,015

 

 

 

8,578

 

Other

 

 

51

 

 

 

-

 

 

 

66

 

 

 

2

 

Changes in operating assets and liabilities, net of impact of

   business acquisition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

396

 

 

 

(1,088

)

 

 

(2,228

)

 

 

(3,180

)

Deferred contract acquisition costs

 

 

(6,278

)

 

 

(3,856

)

 

 

(20,414

)

 

 

(11,109

)

Prepaid expenses and other current assets

 

 

(4,741

)

 

 

(2,192

)

 

 

(9,598

)

 

 

(4,109

)

Other assets

 

 

988

 

 

 

(695

)

 

 

2,631

 

 

 

(2,522

)

Accounts payable

 

 

(5,233

)

 

 

4,728

 

 

 

(366

)

 

 

5,126

 

Accrued expenses and other liabilities

 

 

(925

)

 

 

935

 

 

 

6,730

 

 

 

5,721

 

Accrued compensation and benefits

 

 

404

 

 

 

(525

)

 

 

2,070

 

 

 

1,856

 

Deferred revenue

 

 

9,633

 

 

 

5,951

 

 

 

37,311

 

 

 

21,686

 

Net cash (used in) provided by operating activities

 

 

(8,697

)

 

 

(1,848

)

 

 

(4,147

)

 

 

3,088

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,187

)

 

 

(945

)

 

 

(2,359

)

 

 

(1,841

)

Maturities of short-term investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,000

 

Business acquisitions, net of cash acquired

 

 

-

 

 

 

-

 

 

 

(1,986

)

 

 

(3,702

)

Net cash (used in) provided by investing activities

 

 

(1,187

)

 

 

(945

)

 

 

(4,345

)

 

 

9,457

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from issuance of common stock in initial

   public offering

 

 

-

 

 

 

-

 

 

 

269,514

 

 

 

-

 

Proceeds from issuance of ordinary shares upon exercise of

   stock options

 

 

755

 

 

 

414

 

 

 

3,537

 

 

 

1,742

 

Proceeds from the issuance of ordinary shares related to early

    exercise of stock options

 

 

-

 

 

 

500

 

 

 

-

 

 

 

500

 

Repurchase of ordinary shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(344

)

Repurchase of early exercised options

 

 

-

 

 

 

-

 

 

 

(500

)

 

 

-

 

Repayment of notes payable

 

 

(53

)

 

 

(31

)

 

 

(73

)

 

 

(90

)

Payments of deferred offering costs

 

 

(3,371

)

 

 

-

 

 

 

(5,673

)

 

 

-

 

Net cash (used in) provided by financing activities

 

 

(2,669

)

 

 

883

 

 

 

266,805

 

 

 

1,808

 

Effect of exchange rate changes on cash, cash equivalents,

   and restricted cash

 

 

196

 

 

 

1,853

 

 

 

(1,432

)

 

 

1,269

 

Net (decrease) increase in cash, cash equivalents, and restricted

    cash

 

 

(12,357

)

 

 

(57

)

 

 

256,881

 

 

 

15,622

 

Cash, cash equivalents, and restricted cash, beginning of period

 

 

320,847

 

 

 

75,569

 

 

 

51,609

 

 

 

59,890

 

Cash, cash equivalents, and restricted cash, end of period

 

$

308,490

 

 

$

75,512

 

 

$

308,490

 

 

$

75,512

 

 


Elastic N.V.

REVENUE BY TYPE

(amounts in thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended January 31,

 

 

Nine Months Ended January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

Self-managed subscription

 

$

52,846

 

 

 

74

%

 

$

32,024

 

 

 

77

%

 

$

142,564

 

 

 

74

%

 

$

85,855

 

 

 

78

%

License

 

 

9,406

 

 

 

13

%

 

 

5,815

 

 

 

14

%

 

 

26,850

 

 

 

14

%

 

 

16,920

 

 

 

15

%

Subscription

 

 

43,440

 

 

 

61

%

 

 

26,209

 

 

 

63

%

 

 

115,714

 

 

 

60

%

 

 

68,935

 

 

 

63

%

SaaS

 

 

11,740

 

 

 

17

%

 

 

7,009

 

 

 

17

%

 

 

32,067

 

 

 

17

%

 

 

17,351

 

 

 

16

%

Total subscription revenue

 

 

64,586

 

 

 

91

%

 

 

39,033

 

 

 

94

%

 

 

174,631

 

 

 

91

%

 

 

103,206

 

 

 

94

%

Professional services

 

 

6,249

 

 

 

9

%

 

 

2,648

 

 

 

6

%

 

 

16,423

 

 

 

9

%

 

 

7,157

 

 

 

6

%

Total revenue

 

$

70,835

 

 

 

100

%

 

$

41,681

 

 

 

100

%

 

$

191,054

 

 

 

100

%

 

$

110,363

 

 

 

100

%


Elastic N.V.

RECONCILIATION OF GAAP TO NON-GAAP DATA

CALCULATED BILLINGS

(amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended January 31,

 

 

Nine Months Ended January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Total revenue

 

$

70,835

 

 

$

41,681

 

 

$

191,054

 

 

$

110,363

 

Add: Increase in total deferred revenue

 

 

9,633

 

 

 

5,951

 

 

 

37,311

 

 

 

21,686

 

Less: (Increase) decrease in unbilled

   accounts receivable

 

 

(639

)

 

 

(151

)

 

 

(794

)

 

 

357

 

Calculated billings

 

$

79,829

 

 

$

47,481

 

 

$

227,571

 

 

$

132,406

 


Elastic N.V.

RECONCILIATION OF GAAP TO NON-GAAP DATA

FREE CASH FLOW

(amounts in thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended January 31,

 

 

Nine Months Ended January 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net cash (used in) provided by operating activities

 

$

(8,697

)

 

$

(1,848

)

 

$

(4,147

)

 

$

3,088

 

Less: Purchases of property and equipment

 

 

(1,187

)

 

 

(945

)

 

 

(2,359

)

 

 

(1,841

)

Free cash flow

 

$

(9,884

)

 

$

(2,793

)

 

$

(6,506

)

 

$

1,247

 

Net cash (used in) provided by investing activities

 

$

(1,187

)

 

$

(945

)

 

$

(4,345

)

 

$

9,457

 

Net cash (used in) provided by financing activities

 

$

(2,669

)

 

$

883

 

 

$

266,805

 

 

$

1,808

 

Net cash (used in) provided by operating activities

   (as a percentage of total revenue)

 

 

(12

)%

 

 

(5

)%

 

 

(2

)%

 

 

3

%

Less: Purchases of property and equipment

   (as a percentage of total revenue)

 

 

(2

)%

 

 

(2

)%

 

 

(1

)%

 

 

(2

)%

Free cash flow margin

 

 

(14

)%

 

 

(7

)%

 

 

(3

)%

 

 

1

%

 


Elastic N.V.

RECONCILIATION OF GAAP TO NON-GAAP DATA

For the three months ended January 31, 2019

(amounts in thousands, except percentages, share and per share amounts)

(Unaudited)

 

 

 

GAAP

 

 

Stock-Based

Compensation

Expense

 

 

Amortization

of Acquired

Intangibles

 

 

Acquisition

Related

Expenses

 

 

Tax

Adjustment (1)

 

 

Non-GAAP (2)

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-managed

 

$

96

 

 

$

-

 

 

$

(96

)

 

$

-

 

 

$

-

 

 

$

-

 

Cost of subscription - self-managed

   and SaaS

 

$

13,941

 

 

$

(1,095

)

 

$

(638

)

 

$

-

 

 

$

-

 

 

$

12,208

 

Total cost of revenue - subscription

 

$

14,037

 

 

$

(1,095

)

 

$

(734

)

 

$

-

 

 

$

-

 

 

$

12,208

 

Cost of professional services

 

$

6,387

 

 

$

(364

)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

6,023

 

Total cost of revenue

 

$

20,424

 

 

$

(1,459

)

 

$

(734

)

 

$

-

 

 

$

-

 

 

$

18,231

 

Gross profit

 

$

50,411

 

 

$

1,459

 

 

$

734

 

 

$

-

 

 

$

-

 

 

$

52,604

 

  Gross margin (2)

 

 

71.2

%

 

 

2.1

%

 

 

1.0

%

 

 

0.0

%

 

 

 

 

 

 

74.3

%

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

25,850

 

 

$

(4,604

)

 

$

-

 

 

$

(173

)

 

$

-

 

 

$

21,073

 

Sales and marketing

 

$

37,196

 

 

$

(3,471

)

 

$

(38

)

 

$

-

 

 

$

-

 

 

$

33,687

 

General and administrative

 

$

11,151

 

 

$

(1,577

)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

9,574

 

Total operating expenses

 

$

74,197

 

 

$

(9,652

)

 

$

(38

)

 

$

(173

)

 

$

-

 

 

$

64,334

 

Operating loss

 

$

(23,786

)

 

$

11,111

 

 

$

772

 

 

$

173

 

 

$

-

 

 

$

(11,730

)

  Operating margin (2)

 

 

(33.6

)%

 

 

15.7

%

 

 

1.1

%

 

 

0.2

%

 

 

 

 

 

 

(16.6

)%

Other income, net

 

$

1,877

 

 

$

-