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Section 1: 8-K (8-K)

estc-8k_20190605.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): June 5, 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

 

N/A

(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:

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))

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange of which registered

Ordinary Shares, €0.01 Par Value

ESTC

The New York Stock Exchange

 

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 June 5, 2019, Elastic N.V. issued a press release announcing its financial results for its fourth quarter and fiscal year ended April 30, 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 are “furnished” and 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 June 5, 2019.

 

 

-2-


 

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: June 5, 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 Fourth Quarter and Fiscal 2019 Financial Results


Q4 Revenue of $80.6 million; Up 63% year-over-year (68% in constant currency)

FY19 Revenue of $271.7 million; Up 70% year-over-year (72% in constant currency)

Announced proposed acquisition of Endgame, an endpoint security company


MOUNTAIN VIEW, Calif. and AMSTERDAM, The Netherlands, June 5, 2019 -- Elastic N.V. (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch and the Elastic Stack, today announced strong results for the fourth quarter and full fiscal year ended April 30, 2019.


Fourth Quarter Fiscal 2019 Financial Highlights


 

Total revenue was $80.6 million, an increase of 63% year-over-year, or 68% on a constant currency basis.

 

Calculated billings was $115.4 million, an increase of 57% year-over-year, or 63% on a constant currency basis.

 

Deferred revenue was $170.7 million, growing 66% year-over-year.

 

GAAP operating loss was $32.1 million; GAAP operating margin was -40%.

 

Non-GAAP operating loss was $17.5 million; Non-GAAP operating margin was -22%.

 

GAAP net loss per share was $0.48; Non-GAAP net loss per share was $0.28.

 

Operating cash flow was -$19.8 million with free cash flow of -$20.9 million.

 

Cash and cash equivalents were $298.0 million as of April 30, 2019.


Full Fiscal 2019 Financial Highlights


 

Total revenue was $271.7 million, an increase of 70% year-over-year, or 72% on a constant currency basis.

 

GAAP operating loss was $101.4 million; GAAP operating margin was -37%.

 

Non-GAAP operating loss was $55.7 million; Non-GAAP operating margin was -21%.

 

GAAP net loss per share was $1.86; Non-GAAP net loss per share was $1.11.

 

Operating cash flow was -$23.9 million with free cash flow of -$27.4 million, or -10% free cash flow margin.



“Q4 was an incredible ending to a strong fiscal year,” said Shay Banon, founder and chief executive officer at Elastic. “We are seeing strong demand across our products and solutions worldwide. We continue to invest heavily across all parts of the business to drive growth and we look forward to continued momentum in fiscal 2020.”


In a separate news release issued today, we announced the proposed acquisition of Endgame, Inc. (“Endgame”), a security company focused on endpoint protection, detection, and response.


Fourth Quarter Fiscal 2019 Key Metrics and Recent Business Highlights


 

Total subscription customer count was over 8,100.

 

Total customer count with ACV greater than $100,000 was over 440.

 

Subscription revenue represented 91% of total revenue.

 

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

 

Released version 6.7 of the Elastic Stack introducing two new solutions: Elastic Maps, for advanced, layered visualization of geospatial data on a map, and Elastic Uptime, for real-time monitoring and availability of systems and services.

 

Version 6.7 of the Elastic Stack made many proprietary features generally available, including cross-cluster replication, index lifecycle management, Elasticsearch SQL (including ODBC and JDBC clients), Canvas, and Functionbeat.

 

Released version 7.0 of the Elastic Stack delivering improvements to query speed and relevance with the introduction of new query types in Elasticsearch, a fully revamped cluster coordination framework that hardens resiliency, and a completely redesigned Kibana interface that simplifies the user experience and navigation.

 

Released version 2.2 of Elastic Cloud Enterprise (ECE) adding many of the recent Elastic Stack features in a native way to ECE, and providing better security and management in multitenant environments.

 

Announced an expanded partnership with Google Cloud (GCP) and a new global partnership with Tencent Cloud.

 

Made certain core security features free, further differentiating our proprietary, free features in the Basic version of the Elastic Stack. Users can now encrypt network traffic, create and manage users, define roles that protect index and cluster level access, and fully secure Kibana with Spaces.


 

Released Elastic Cloud on Kubernetes (ECK) in the Basic version of the Elastic Stack. ECK is an orchestration product based on the Kubernetes Operator pattern that lets users provision, manage, and operate Elasticsearch clusters on Kubernetes.

 

Announced the Beta version of Elastic Enterprise Search, a product that allows teams and organizations to search all the data scattered across the many tools that power the productivity of their workforce.

 

Announced SOC 2 Type 2 and CSA Star Level 2 Attestation for Elastic Cloud.

 

Held six successful Elastic{ON} Tour events to engage with our community of users, customers, and partners in Beijing, Seattle, San Francisco, São Paolo, Tokyo, and Zurich with waitlists driven by strong demand.

 

Appointed Caryn Marooney to the Elastic Board of Directors. Caryn recently led global communications for Facebook. Prior to joining Facebook, Caryn co-founded OutCast Communications.



Financial Outlook


The Company is providing the following guidance:

For its first quarter of fiscal 2020 (ending July 31, 2019):


 

Total revenue is expected to be between $82 million and $84 million.

 

Non-GAAP operating margin is expected to be between -34% and -32%.

 

Non-GAAP net loss per share is expected to be between $0.44 and $0.42, assuming between 74 and 75 million weighted average ordinary shares outstanding.


For its fiscal year 2020 (ending April 30, 2020):

 

Total revenue is expected to be between $397 million and $403 million.

 

Non-GAAP operating margin is expected to be between -25% and -23%, including approximately -2% related to the proposed acquisition of Endgame.

 

Non-GAAP net loss per share is expected to be between $1.49 and $1.33, assuming between 76 and 80 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.


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/ 11:00 p.m. CEST 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. 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 use cases like application search, site search, enterprise search, logging, APM, metrics, security, business analytics, and many more.


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 ending July 31, 2019 and the fiscal year ending April 30, 2020. 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; our proposed acquisition of Endgame, including the potential impact on our operating margin; the impact of the transaction on Elastic’s future product offerings, 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 Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2019 and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K 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 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 April 30,

 

 

Year Ended April 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License - self-managed

 

$

12,624

 

 

$

8,839

 

 

$

39,474

 

 

$

25,759

 

Subscription - self-managed and SaaS

 

 

60,999

 

 

 

37,337

 

 

 

208,780

 

 

 

123,623

 

Total subscription revenue

 

 

73,623

 

 

 

46,176

 

 

 

248,254

 

 

 

149,382

 

Professional services

 

 

6,976

 

 

 

3,396

 

 

 

23,399

 

 

 

10,553

 

Total revenue

 

 

80,599

 

 

 

49,572

 

 

 

271,653

 

 

 

159,935

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-managed

 

 

97

 

 

 

97

 

 

 

387

 

 

 

387

 

Cost of subscription - self-managed and SaaS

 

 

16,548

 

 

 

9,302

 

 

 

53,560

 

 

 

27,920

 

Total cost of revenue - subscription

 

 

16,645

 

 

 

9,399

 

 

 

53,947

 

 

 

28,307

 

Cost of professional services

 

 

6,797

 

 

 

4,201

 

 

 

24,063

 

 

 

12,433

 

Total cost of revenue

 

 

23,442

 

 

 

13,600

 

 

 

78,010

 

 

 

40,740

 

Gross profit

 

 

57,157

 

 

 

35,972

 

 

 

193,643

 

 

 

119,195

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

31,004

 

 

 

17,543

 

 

 

101,167

 

 

 

55,641

 

Sales and marketing

 

 

45,044

 

 

 

27,927

 

 

 

147,296

 

 

 

82,606

 

General and administrative

 

 

13,194

 

 

 

9,737

 

 

 

46,536

 

 

 

28,942

 

Total operating expenses

 

 

89,242

 

 

 

55,207

 

 

 

294,999

 

 

 

167,189

 

Operating loss

 

 

(32,085

)

 

 

(19,235

)

 

 

(101,356

)

 

 

(47,994

)

Other income (expense), net

 

 

704

 

 

 

(544

)

 

 

3,441

 

 

 

(1,357

)

Loss before income taxes

 

 

(31,381

)

 

 

(19,779

)

 

 

(97,915

)

 

 

(49,351

)

Provision for income taxes

 

 

3,454

 

 

 

1,624

 

 

 

4,388

 

 

 

3,376

 

Net loss

 

$

(34,835

)

 

$

(21,403

)

 

$

(102,303

)

 

$

(52,727

)

Net loss per share attributable to ordinary

   shareholders, basic and diluted

 

$

(0.48

)

 

$

(0.66

)

 

$

(1.86

)

 

$

(1.65

)

Weighted-average shares used to compute net loss

   per share attributable to ordinary shareholders,

   basic and diluted

 

 

72,307,990

 

 

 

32,638,830

 

 

 

54,893,365

 

 

 

32,033,792

 

 


Elastic N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

 

 

 

April 30,

 

Assets

 

2019

 

 

2018

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

298,000

 

 

$

50,941

 

Restricted cash

 

 

2,280

 

 

 

668

 

Accounts receivable, net of allowance for doubtful accounts of $1,411

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

 

 

81,274

 

 

 

53,233

 

Deferred contract acquisition costs

 

 

17,215

 

 

 

12,125

 

Prepaid expenses and other current assets

 

 

30,872

 

 

 

15,261

 

Total current assets

 

 

429,641

 

 

 

132,228

 

Property and equipment, net

 

 

5,448

 

 

 

4,536

 

Goodwill

 

 

19,846

 

 

 

19,182

 

Intangible assets, net

 

 

6,723

 

 

 

8,297

 

Deferred contract acquisition costs, non-current

 

 

8,935

 

 

 

5,954

 

Deferred offering costs

 

 

-

 

 

 

242

 

Deferred tax assets

 

 

1,748

 

 

 

3,946

 

Other assets

 

 

13,397

 

 

 

8,628

 

Total assets

 

$

485,738

 

 

$

183,013

 

Liabilities, Redeemable Convertible Preferred Shares and

   Shareholders’ Equity (Deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

4,450

 

 

$

2,176

 

Accrued expenses and other liabilities

 

 

18,740

 

 

 

11,816

 

Accrued compensation and benefits

 

 

22,147

 

 

 

15,191

 

Deferred revenue

 

 

158,243

 

 

 

95,929

 

Total current liabilities

 

 

203,580

 

 

 

125,112

 

Deferred revenue, non-current

 

 

12,423

 

 

 

6,632

 

Other liabilities, non-current

 

 

6,723

 

 

 

3,877

 

Total liabilities

 

 

222,726

 

 

 

135,621

 

Commitments and contingencies

 

 

 

 

 

 

 

 

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

   No shares authorized, issued, or outstanding as of April 30, 2019;

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

   outstanding as of April 30, 2018

 

 

-

 

 

 

200,921

 

Shareholders’ equity (deficit):

 

 

 

 

 

 

 

 

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

   shares issued and outstanding as of April 30, 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;

    73,675,083 shares issued and outstanding as of April 30, 2019

 

 

754

 

 

 

-

 

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 April 30, 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

 

 

581,135

 

 

 

62,542

 

Accumulated other comprehensive loss

 

 

(1,431

)

 

 

(961

)

Accumulated deficit

 

 

(317,077

)

 

 

(214,774

)

Total shareholders’ equity (deficit)

 

 

263,012

 

 

 

(153,529

)

Total liabilities, redeemable convertible preference shares and shareholders’ equity

    (deficit)

 

$

485,738

 

 

$

183,013

 


Elastic N.V.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended

April 30,

 

 

Year Ended

April 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(34,835

)

 

$

(21,403

)

 

$

(102,303

)

 

$

(52,727

)

Adjustments to reconcile net loss to cash used in

   operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

1,309

 

 

 

1,501

 

 

 

5,695

 

 

 

5,066

 

Amortization of deferred contract acquisition costs

 

 

6,656

 

 

 

3,933

 

 

 

21,374

 

 

 

12,731

 

Stock-based compensation expense

 

 

11,927

 

 

 

4,164

 

 

 

39,942

 

 

 

12,742

 

Other

 

 

3

 

 

 

(1

)

 

 

69

 

 

 

1

 

Changes in operating assets and liabilities, net of impact of

   business acquisition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(27,576

)

 

 

(18,426

)

 

 

(29,804

)

 

 

(21,606

)

Deferred contract acquisition costs

 

 

(9,592

)

 

 

(9,388

)

 

 

(30,006

)

 

 

(20,497

)

Prepaid expenses and other current assets

 

 

(8,451

)

 

 

(2,811

)

 

 

(18,049

)

 

 

(6,920

)

Other assets

 

 

(3,725

)

 

 

(5,320

)

 

 

(1,094

)

 

 

(7,842

)

Accounts payable

 

 

2,592

 

 

 

(5,149

)

 

 

2,226

 

 

 

(23

)

Accrued expenses and other liabilities

 

 

1,998

 

 

 

(1,324

)

 

 

8,728

 

 

 

4,397

 

Accrued compensation and benefits

 

 

5,339

 

 

 

6,189

 

 

 

7,409

 

 

 

8,045

 

Deferred revenue

 

 

34,565

 

 

 

24,128

 

 

 

71,876

 

 

 

45,814

 

Net cash used in operating activities

 

 

(19,790

)

 

 

(23,907

)

 

 

(23,937

)

 

 

(20,819

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(1,088

)

 

 

(1,127

)

 

 

(3,447

)

 

 

(2,968

)

Maturities of short-term investments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

15,000

 

Business acquisitions, net of cash acquired

 

 

-

 

 

 

-

 

 

 

(1,986

)

 

 

(3,702

)

Other

 

 

(2,850

)

 

 

-

 

 

 

(2,850

)

 

 

-

 

Net cash (used in) provided by investing activities

 

 

(3,938

)

 

 

(1,127

)

 

 

(8,283

)

 

 

8,330

 

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

 

 

15,015

 

 

 

595

 

 

 

18,552

 

 

 

2,337

 

Proceeds from the issuance of ordinary shares related to early

    exercise of stock options

 

 

-

 

 

 

1,066

 

 

 

-

 

 

 

1,566

 

Repurchase of ordinary shares

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(344

)

Repurchase of early exercised options

 

 

-

 

 

 

-

 

 

 

(500

)

 

 

-

 

Repayment of notes payable

 

 

(33

)

 

 

(42

)

 

 

(106

)

 

 

(132

)

Payments of deferred offering costs

 

 

1

 

 

 

-

 

 

 

(5,672

)

 

 

-

 

Net cash provided by financing activities

 

 

14,983

 

 

 

1,619

 

 

 

281,788

 

 

 

3,427

 

Effect of exchange rate changes on cash, cash equivalents,

   and restricted cash

 

 

535

 

 

 

(488

)

 

 

(897

)

 

 

781

 

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

    cash

 

 

(8,210

)

 

 

(23,903

)

 

 

248,671

 

 

 

(8,281

)

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

 

 

308,490

 

 

 

75,512

 

 

 

51,609

 

 

 

59,890

 

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

 

$

300,280

 

 

$

51,609

 

 

$

300,280

 

 

$

51,609

 

 


Elastic N.V.

REVENUE BY TYPE

(amounts in thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended April 30,

 

 

Year Ended April 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

Self-managed subscription

 

$

59,855

 

 

 

74

%

 

$

38,043

 

 

 

77

%

 

$

202,419

 

 

 

74

%

 

$

123,898

 

 

 

77

%

License

 

 

12,624

 

 

 

16

%

 

 

8,839

 

 

 

18

%

 

 

39,474

 

 

 

14

%

 

 

25,759

 

 

 

16

%

Subscription

 

 

47,231

 

 

 

58

%

 

 

29,204

 

 

 

59

%

 

 

162,945

 

 

 

60

%

 

 

98,139

 

 

 

61

%

SaaS

 

 

13,768

 

 

 

17

%

 

 

8,133

 

 

 

16

%

 

 

45,835

 

 

 

17

%

 

 

25,484

 

 

 

16

%

Total subscription revenue

 

 

73,623

 

 

 

91

%

 

 

46,176

 

 

 

93

%

 

 

248,254

 

 

 

91

%

 

 

149,382

 

 

 

93

%

Professional services

 

 

6,976

 

 

 

9

%

 

 

3,396

 

 

 

7

%

 

 

23,399

 

 

 

9

%

 

 

10,553

 

 

 

7

%

Total revenue

 

$

80,599

 

 

 

100

%

 

$

49,572

 

 

 

100

%

 

$

271,653

 

 

 

100

%

 

$

159,935

 

 

 

100

%


Elastic N.V.

RECONCILIATION OF GAAP TO NON-GAAP DATA

CALCULATED BILLINGS

(amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended April 30,

 

 

Year Ended April 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Total revenue

 

$

80,599

 

 

$

49,572

 

 

 

271,653

 

 

$

159,935

 

Add: Increase in total deferred revenue

 

 

34,565

 

 

 

24,128

 

 

 

71,876

 

 

 

45,814

 

Less: Decrease (increase) in unbilled

   accounts receivable

 

 

223

 

 

 

(382

)

 

 

(571

)

 

 

(25

)

Calculated billings

 

$

115,387

 

 

$

73,318

 

 

$

342,958

 

 

$

205,724

 


Elastic N.V.

RECONCILIATION OF GAAP TO NON-GAAP DATA

FREE CASH FLOW

(amounts in thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended April 30,

 

 

Year Ended April 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net cash used in operating activities

 

$

(19,790

)

 

$

(23,907

)

 

$

(23,937

)

 

$

(20,819

)

Less: Purchases of property and equipment

 

 

(1,088

)

 

 

(1,127

)

 

 

(3,447

)

 

 

(2,968

)

Free cash flow

 

$

(20,878

)

 

$

(25,034

)

 

$

(27,384

)

 

$

(23,787

)

Net cash (used in) provided by investing activities

 

$

(3,938

)

 

$

(1,127

)

 

$

(8,283

)

 

$

8,330

 

Net cash provided by financing activities

 

$

14,983

 

 

$

1,619

 

 

$

281,788

 

 

$

3,427

 

Net cash used in operating activities (as a

    percentage of total revenue)

 

 

(25

)%

 

 

(48

)%

 

 

(9

)%

 

 

(13

)%

Less: Purchases of property and equipment

   (as a percentage of total revenue)

 

 

(1

)%

 

 

(3

)%

 

 

(1

)%

 

 

(2

)%

Free cash flow margin

 

 

(26

)%

 

 

(51

)%

 

 

(10

)%

 

 

(15

)%

 


Elastic N.V.

RECONCILIATION OF GAAP TO NON-GAAP DATA

For the three months ended April 30, 2019

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

(Unaudited)

 

 

 

GAAP

 

 

Stock-Based

Compensation

Expense

 

 

Employer Payroll Taxes on Employee Stock Transactions

 

 

Amortization

of Acquired

Intangibles

 

 

Acquisition

Related

Expenses

 

 

Tax

Adjustment(1)

 

 

Non-GAAP(2)

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-

    managed

 

$

97

 

 

 

-

 

 

 

-

 

 

 

(97

)

 

 

-

 

 

 

-

 

 

$

-

 

Cost of subscription - self-

    managed and SaaS

 

$

16,548

 

 

 

(1,195

)

 

 

(28

)

 

 

(570

)

 

 

-

 

 

 

-

 

 

$

14,755

 

Total cost of revenue -

    subscription

 

$

16,645

 

 

 

(1,195

)

 

 

(28

)

 

 

(667

)

 

 

-

 

 

 

-

 

 

$

14,755

 

Cost of professional

    services

 

$

6,797

 

 

 

(440

)

 

 

(10

)

 

 

-

 

 

 

-

 

 

 

-

 

 

$

6,347

 

Total cost of revenue

 

$

23,442

 

 

 

(1,635

)

 

 

(38

)

 

 

(667

)

 

 

-

 

 

 

-

 

 

$

21,102

 

Gross profit

 

$

57,157

 

 

 

1,635

 

 

 

38

 

 

 

667

 

 

 

-

 

 

 

-

 

 

$

59,497

 

  Gross margin (2)

 

 

70.9

%

 

 

2.0

%

 

 

0.0

%

 

 

0.8

%

 

 

0.0

%

 

 

0.0

%

 

 

73.8

%

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

31,004

 

 

 

(4,714

)

 

 

(939

)

 

 

-

 

 

 

(168

)

 

 

-

 

 

$

25,183

 

Sales and marketing

 

$

45,044

 

 

 

(3,911

)

 

 

(747

)

 

 

(33

)

 

 

-