0001564590-20-028226.txt : 20200603 0001564590-20-028226.hdr.sgml : 20200603 20200603161057 ACCESSION NUMBER: 0001564590-20-028226 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200603 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200603 DATE AS OF CHANGE: 20200603 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Elastic N.V. CENTRAL INDEX KEY: 0001707753 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: P7 FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38675 FILM NUMBER: 20940103 BUSINESS ADDRESS: STREET 1: KEIZERSGRACHT 281 CITY: AMSTERDAM STATE: P7 ZIP: 1016 ED BUSINESS PHONE: (650) 458-2620 MAIL ADDRESS: STREET 1: 800 WEST EL CAMINO REAL SUITE 350 CITY: MOUNTAIN VIEW STATE: CA ZIP: 94040 FORMER COMPANY: FORMER CONFORMED NAME: Elastic B.V. DATE OF NAME CHANGE: 20180612 FORMER COMPANY: FORMER CONFORMED NAME: Elasticsearch Global BV DATE OF NAME CHANGE: 20170605 FORMER COMPANY: FORMER CONFORMED NAME: ELasticsearch Global BV DATE OF NAME CHANGE: 20170526 8-K 1 estc-8k_20200603.htm 8-K estc-8k_20200603.htm
false 0001707753 00-0000000 0001707753 2020-06-03 2020-06-03

 

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 3, 2020

 

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 3, 2020, Elastic N.V. issued a press release announcing its financial results for its fourth quarter and fiscal year ended April 30, 2020. 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 3, 2020.

    104  

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

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 3, 2020

 

ELASTIC N.V.

 

By:

/s/ Janesh Moorjani

Name:

 

Janesh Moorjani

Title:

 

Chief Financial Officer

 

 

 EX-99.1 2 estc-ex991_6.htm EX-99.1 estc-ex991_6.htm

Exhibit 99.1

Elastic N.V. Reports Strong Fourth Quarter and Fiscal 2020 Financial Results

 

Q4 Revenue of $123.6 million, Up 53% year-over-year (57% in constant currency)

Q4 SaaS Revenue of $29.0 million, Up 110% year-over-year (120% in constant currency)

FY20 Revenue of $427.6 million, Up 57% year-over-year (60% in constant currency)

 

MOUNTAIN VIEW, Calif. & AMSTERDAM, The Netherlands, June 3, 2020 -- Elastic N.V. (NYSE: ESTC) (“Elastic”), the company behind Elasticsearch and the Elastic Stack, announced strong results for its fourth quarter and full fiscal year (ended April 30, 2020).

 

Fourth Quarter Fiscal 2020 Financial Highlights

 

 

●

Total revenue was $123.6 million, an increase of 53% year-over-year, or 57% on a constant currency basis.

 

●

SaaS revenue was $29.0 million, an increase of 110% year-over-year, or 120% on a constant currency basis.

 

●

Calculated billings was $175.1 million, an increase of 52% year-over-year, or 55% on a constant currency basis.

 

●

Deferred revenue was $259.7 million, an increase of 52% year-over-year.

 

●

GAAP operating loss was $34.6 million; GAAP operating margin was -28%.

 

●

Non-GAAP operating loss was $12.7 million; non-GAAP operating margin was -10%.

 

●

GAAP net loss per share was $0.38; non-GAAP net loss per share was $0.12.

 

●

Operating cash flow was -$5.9 million with free cash flow of -$6.8 million.

 

●

Cash and cash equivalents were $297.1 million as of April 30, 2020.

 

Full Fiscal 2020 Financial Highlights

 

 

●

Total revenue was $427.6 million, an increase of 57% year-over-year, or 60% on a constant currency basis.

 

●

SaaS revenue was $92.3 million, an increase of 101% year-over-year, or 109% on a constant currency basis.

 

●

GAAP operating loss was $171.1 million; GAAP operating margin was -40%.

 

●

Non-GAAP operating loss was $75.6 million; Non-GAAP operating margin was -18%.

 

●

GAAP net loss per share was $2.12; Non-GAAP net loss per share was $0.93.

 

●

Operating cash flow was -$30.6 million with free cash flow of -$35.6 million, or

-8% free cash flow margin.

 

“Despite a challenging environment, Q4 was an amazing ending to a strong fiscal year,” said Shay Banon, Elastic’s founder and chief executive officer. “I am extremely proud of how Elastic employees continue to support our community of users, partners, and customers, and my heart goes out to those impacted by the COVID-19 situation. Our distributed-by-design approach, rapid pace of innovation, development of customer-focused solutions, our large and geographically diverse customer base, efficient go-to-market, solid customer expansion, and strong balance sheet give us confidence as we address the rich market opportunity ahead of us.”

 

 

Fourth Quarter Fiscal 2020 Key Metrics and Recent Business Highlights

 

Key Customer Metrics:

 

●

Total subscription customer count was over 11,300, compared to over 10,500 in Q3 FY20, and over 8,100 in Q4 FY19.

 

●

Total customer count with Annual Contract Value (ACV) greater than $100,000 was over 610, compared to over 570 in Q3 FY20, and over 440 in Q4 FY19.

 

●

Subscription revenue represented 92% of total revenue.

 

●

Net Expansion Rate continued to be greater than 130%.

 

Product Releases and Other Business Highlights:

 

●

Released version 7.7 of the Elastic Stack, bringing strong enhancements and integrations across the Elastic solutions portfolio, including:

 

○

General availability of Elastic Workplace Search, a modern, unified search experience built to enable organizations of all sizes with a clean, simple, and easily deployable enterprise search solution.

 

○

Integrated alerting features across the Elastic Stack, bringing alerting workflows directly to the user, tailored to their context and use case.

 

○

Asynchronous search, enabling users to run long queries in the background, letting teams track progress and retrieve partial results as they become available.

 

○

Embedded case management, helping security teams develop standard operating procedures for incident investigation and response.

 

○

Service maps to Elastic APM, for full visibility of live data and system dependencies to speed the troubleshooting of issues in today’s distributed and cloud-native environments.

 

 

●

Released Elastic Cloud Enterprise (ECE) 2.5, including:

 

○

Dedicated coordinating layer, driving increased performance and scalability.

 

○

Support for snapshot lifecycle management (SLM) in ECE-hosted deployments.

 

○

Automated migration from index curation to index lifecycle management (ILM), using a one-click migration path.

 

 

●

Released Elastic Cloud on Kubernetes (ECK) 1.1.0, including:

 

○

Support for remote clusters, enabling cross-cluster search and replication across multiple global Kubernetes environments.

 

○

Out-of-the-box Elastic APM instrumentation of the ECK operator.

 

 

●

Introduced expanded capabilities on Elastic Cloud, including:  

 

○

General availability of Elasticsearch Service public API, which includes an easy-to-use, programmatic way to provision and configure Elasticsearch Service deployments.

 

○

FedRAMP “In Process” status for FedRAMP Moderate, signifying the addition of Elastic Cloud to the FedRAMP marketplace.

 

○

Beta availability of our new government region, AWS GovCloud (US East), for the Elasticsearch Service on Elastic Cloud.

 

○

Ability for Google customers to purchase annual subscriptions of Elasticsearch Service on Elastic Cloud through Google Cloud Marketplace.

 

○

Availability of Elasticsearch Service on Google Cloud in South Carolina, Finland, Taiwan, the Netherlands, São Paulo, and Singapore; Microsoft Azure in London and Ireland; AWS in Ohio.

 

 

●

Held four successful Elastic{ON} Tour events to educate and engage with Elastic’s community of users, customers, and partners in San Francisco, Brazil, US Gov Summit, and Americas East.

 

 

●

Ranked #4 in the Fast Company enterprise technology category on its 2020 Most Innovative Companies list.

 

 

Financial Outlook

 

The Company is providing the following guidance:

For its first quarter of fiscal 2021 (ending July 31, 2020):

 

 

●

Total revenue is expected to be between $119 million and $122 million.

 

●

Non-GAAP operating margin is expected to be between -12% and -11%.

 

●

Non-GAAP net loss per share is expected to be between $0.19 and $0.17, assuming between 83 million and 84 million weighted average ordinary shares outstanding.

 

For its fiscal year 2021 (ending April 30, 2021):

 

●

Total revenue is expected to be between $530 million and $540 million.

 

●

Non-GAAP operating margin is expected to be between -15% and -13%.

 

●

Non-GAAP net loss per share is expected to be between $0.98 and $0.85, assuming between 85 million and 87 million weighted average ordinary shares outstanding.

We believe it is prudent to expect some near-term business headwinds as the economic impact from the COVID-19 situation further unfolds. As such, our guidance includes the expected impact of COVID‑19 on our business and results of operations based on information available to us today.

 

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/ 11:00 p.m. Amsterdam time 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. Everyone can get started with Elastic products and solutions 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, our expected financial results for the fiscal quarter ending July 31, 2020 and the fiscal year ending April 30, 2021, our expectations regarding the impact of the COVID-19 pandemic, our customer base, potential market and growth opportunities, and our go-to-market strategy. 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: the impact of COVID-19 on our business, operations, hiring and financial results, and on businesses of our customers and partners, including the effect of governmental lockdowns, restrictions and new regulations; 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 successfully develop new offerings,

including security-related product offerings and SaaS offerings; customer acceptance and purchase of our existing offerings and new offerings, including the expansion and adoption of our SaaS offerings; our ability to maintain and expand our user and customer base; 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 and expand in our existing markets and into new markets; and general market, political, economic and business conditions (including developments and volatility arising from the COVID-19 pandemic).

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 the quarterly report on Form 10-Q for the quarter ended January 31, 2020 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 April 30,

 

 

Year Ended April 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

License - self-managed

 

$

16,862

 

 

$

12,624

 

 

$

53,536

 

 

$

39,474

 

Subscription - self-managed and SaaS

 

 

97,041

 

 

 

60,999

 

 

 

338,634

 

 

 

208,780

 

Total subscription revenue

 

 

113,903

 

 

 

73,623

 

 

 

392,170

 

 

 

248,254

 

Professional services

 

 

9,720

 

 

 

6,976

 

 

 

35,450

 

 

 

23,399

 

Total revenue

 

 

123,623

 

 

 

80,599

 

 

 

427,620

 

 

 

271,653

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of license - self-managed

 

 

346

 

 

 

97

 

 

 

948

 

 

 

387

 

Cost of subscription - self-managed and SaaS

 

 

23,987

 

 

 

16,548

 

 

 

84,819

 

 

 

53,560

 

Total cost of revenue - subscription

 

 

24,333

 

 

 

16,645

 

 

 

85,767

 

 

 

53,947

 

Cost of professional services

 

 

9,940

 

 

 

6,797

 

 

 

36,923

 

 

 

24,063

 

Total cost of revenue

 

 

34,273

 

 

 

23,442

 

 

 

122,690

 

 

 

78,010

 

Gross profit

 

 

89,350

 

 

 

57,157

 

 

 

304,930

 

 

 

193,643

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

45,591

 

 

 

31,004

 

 

 

165,370

 

 

 

101,167

 

Sales and marketing

 

 

58,180

 

 

 

45,044

 

 

 

219,040

 

 

 

147,296

 

General and administrative

 

 

20,153

 

 

 

13,194

 

 

 

91,625

 

 

 

46,536

 

Total operating expenses

 

 

123,924

 

 

 

89,242

 

 

 

476,035

 

 

 

294,999

 

Operating loss

 

 

(34,574

)

 

 

(32,085

)

 

 

(171,105

)

 

 

(101,356

)

Other income, net

 

 

687

 

 

 

704

 

 

 

1,963

 

 

 

3,441

 

Loss before income taxes

 

 

(33,887

)

 

 

(31,381

)

 

 

(169,142

)

 

 

(97,915

)

Provision for (benefit from) income taxes

 

 

(2,736

)

 

 

3,454

 

 

 

(1,968

)

 

 

4,388

 

Net loss

 

$

(31,151

)

 

$

(34,835

)

 

$

(167,174

)

 

$

(102,303

)

Net loss per share attributable to ordinary

   shareholders, basic and diluted

 

$

(0.38

)

 

$

(0.48

)

 

$

(2.12

)

 

$

(1.86

)

Weighted-average shares used to compute net loss

   per share attributable to ordinary shareholders,

   basic and diluted

 

 

82,123,381

 

 

 

72,307,990

 

 

 

78,799,732

 

 

 

54,893,365

 

 

Elastic N.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

 

 

 

April 30,

 

Assets

 

2020

 

 

2019

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

297,081

 

 

$

298,000

 

Restricted cash

 

 

2,308

 

 

 

2,280

 

Accounts receivable, net of allowance for doubtful accounts of $1,247

   and $1,411 as of April 30, 2020 and April 30, 2019, respectively

 

 

128,690

 

 

 

81,274

 

Deferred contract acquisition costs

 

 

19,537

 

 

 

17,215

 

Prepaid expenses and other current assets

 

 

32,623

 

 

 

30,872

 

Total current assets

 

 

480,239

 

 

 

429,641

 

Property and equipment, net

 

 

7,760

 

 

 

5,448

 

Goodwill

 

 

197,877

 

 

 

19,846

 

Operating lease right-of-use assets

 

 

32,783

 

 

 

-

 

Intangible assets, net

 

 

50,455

 

 

 

6,723

 

Deferred contract acquisition costs, non-current

 

 

24,012

 

 

 

8,935

 

Deferred tax assets

 

 

3,164

 

 

 

1,748

 

Other assets

 

 

7,621

 

 

 

13,397

 

Total assets

 

$

803,911

 

 

$

485,738

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

11,485

 

 

$

4,450

 

Accrued expenses and other liabilities

 

 

22,210

 

 

 

18,740

 

Accrued compensation and benefits

 

 

48,409

 

 

 

22,147

 

Operating lease liabilities

 

 

7,639

 

 

 

-

 

Deferred revenue

 

 

231,681

 

 

 

158,243

 

Total current liabilities

 

 

321,424

 

 

 

203,580

 

Deferred revenue, non-current

 

 

28,021

 

 

 

12,423

 

Operating lease liabilities, non-current

 

 

27,827

 

 

 

-

 

Other liabilities, non-current

 

 

12,992

 

 

 

6,723

 

Total liabilities

 

 

390,264

 

 

 

222,726

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

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

   shares issued and outstanding as of April 30, 2020 and April 30, 2019

 

 

-

 

 

 

-

 

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

    82,856,978 shares issued and outstanding as of April 30, 2020 and

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

 

 

856

 

 

 

754

 

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

   per share)

 

 

(369

)

 

 

(369

)

Additional paid-in capital

 

 

898,788

 

 

 

581,135

 

Accumulated other comprehensive loss

 

 

(1,377

)

 

 

(1,431

)

Accumulated deficit

 

 

(484,251

)

 

 

(317,077

)

Total shareholders’ equity

 

 

413,647

 

 

 

263,012

 

Total liabilities and shareholders’ equity

 

$

803,911

 

 

$

485,738

 

Elastic N.V.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(Unaudited)

 

 

 

Three Months Ended

April 30,

 

 

Year Ended

April 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(31,151

)

 

$

(34,835

)

 

$

(167,174

)

 

$

(102,303

)

Adjustments to reconcile net loss to cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,286

 

 

 

1,309

 

 

 

12,859

 

 

 

5,695

 

Amortization of deferred contract acquisition costs

 

 

7,733

 

 

 

6,656

 

 

 

28,314

 

 

 

21,374

 

Non-cash operating lease cost

 

 

2,252

 

 

 

-

 

 

 

7,422

 

 

 

-

 

Stock-based compensation expense

 

 

17,232

 

 

 

11,927

 

 

 

60,007

 

 

 

39,942

 

Non-cash acquisition expense settled with shares

 

 

-

 

 

 

-

 

 

 

8,834

 

 

 

-

 

Deferred income taxes

 

 

(918

)

 

 

2,733

 

 

 

(1,539

)

 

 

3,621

 

Other

 

 

(9

)

 

 

3

 

 

 

1,123

 

 

 

69

 

Changes in operating assets and liabilities, net of impact of business

   acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(57,626

)

 

 

(27,576

)

 

 

(46,753

)

 

 

(29,804

)

Deferred contract acquisition costs

 

 

(19,776

)

 

 

(9,592

)

 

 

(46,217

)

 

 

(30,006

)

Prepaid expenses and other current assets

 

 

1,395

 

 

 

(8,451

)

 

 

(2,950

)

 

 

(18,049

)

Other assets

 

 

1,823

 

 

 

(5,035

)

 

 

5,603

 

 

 

(3,292

)

Accounts payable

 

 

(1,136

)

 

 

2,592

 

 

 

5,968

 

 

 

2,226

 

Accrued expenses and other liabilities

 

 

3,700

 

 

 

4,142

 

 

 

5,220

 

 

 

10,872

 

Accrued compensation and benefits

 

 

16,333

 

 

 

1,772

 

 

 

19,710

 

 

 

3,842

 

Operating lease liabilities

 

 

(2,075

)

 

 

-

 

 

 

(6,661

)

 

 

-

 

Deferred revenue

 

 

52,004

 

 

 

34,565

 

 

 

85,670

 

 

 

71,876

 

Net cash used in operating activities

 

 

(5,933

)

 

 

(19,790

)

 

 

(30,564

)

 

 

(23,937

)

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(826

)

 

 

(1,088

)

 

 

(5,063

)

 

 

(3,447

)

Business acquisitions, net of cash acquired

 

 

-

 

 

 

-

 

 

 

(24,373

)

 

 

(1,986

)

Other

 

 

249

 

 

 

(2,850

)

 

 

249

 

 

 

(2,850

)

Net cash used in investing activities

 

 

(577

)

 

 

(3,938

)

 

 

(29,187

)

 

 

(8,283

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from issuance of ordinary shares in initial public offering

 

 

-

 

 

 

-

 

 

 

-

 

 

 

269,514

 

Proceeds from issuance of ordinary shares upon exercise of

   stock options

 

 

10,841

 

 

 

15,015

 

 

 

61,463

 

 

 

18,552

 

Repurchase of early exercised options

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(500

)

Repayment of notes payable

 

 

-

 

 

 

(33

)

 

 

(90

)

 

 

(106

)

Payment of deferred offering costs

 

 

-

 

 

 

1

 

 

 

-

 

 

 

(5,672

)

Payment of withholding taxes related to acquisition expense settled in

   shares

 

 

-

 

 

 

-

 

 

 

(2,834

)

 

 

-

 

Net cash provided by financing activities

 

 

10,841

 

 

 

14,983

 

 

 

58,539

 

 

 

281,788

 

Effect of exchange rate changes on cash, cash equivalents, and

   restricted cash

 

 

(1,309

)

 

 

535

 

 

 

321

 

 

 

(897

)

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

 

 

3,022

 

 

 

(8,210

)

 

 

(891

)

 

 

248,671

 

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

 

 

296,367

 

 

 

308,490

 

 

 

300,280

 

 

 

51,609

 

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

 

$

299,389

 

 

$

300,280

 

 

$

299,389

 

 

$

300,280

 

Elastic N.V.

REVENUE BY TYPE

(amounts in thousands, except percentages)

(Unaudited)

 

 

 

Three Months Ended April 30,

 

 

Year Ended April 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

% of

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

 

 

 

Total

 

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

 

Amount

 

 

Revenue

 

Self-managed subscription

 

$

84,933

 

 

 

69

%

 

$

59,855

 

 

 

74

%

 

$

299,880

 

 

 

70

%

 

$

202,419

 

 

 

74

%

License

 

 

16,862

 

 

 

14

%

 

 

12,624

 

 

 

16

%

 

 

53,536

 

 

 

12

%

 

 

39,474

 

 

 

14

%

Subscription

 

 

68,071

 

 

 

55

%

 

 

47,231

 

 

 

58

%

 

 

246,344

 

 

 

58

%

 

 

162,945

 

 

 

60

%

SaaS

 

 

28,970

 

 

 

23

%

 

 

13,768

 

 

 

17

%

 

 

92,290

 

 

 

22

%

 

 

45,835

 

 

 

17

%

Total subscription revenue

 

 

113,903

 

 

 

92

%

 

 

73,623

 

 

 

91

%

 

 

392,170

 

 

 

92

%

 

 

248,254

 

 

 

91

%

Professional services

 

 

9,720

 

 

 

8

%

 

 

6,976

 

 

 

9

%

 

 

35,450

 

 

 

8

%

 

 

23,399

 

 

 

9

%

Total revenue

 

$

123,623

 

 

 

100

%

 

$

80,599

 

 

 

100

%

 

$

427,620

 

 

 

100

%

 

$

271,653

 

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Total revenue

 

$

123,623

 

 

$

80,599

 

 

$

427,620

 

 

$

271,653

 

Add: Increase in total deferred revenue

 

 

52,004

 

 

 

34,565

 

 

 

85,670

 

 

 

71,876

 

Less: Decrease (increase) in unbilled

   accounts receivable

 

 

(528

)

 

 

223

 

 

 

(592

)

 

 

(571

)

Calculated billings

 

$

175,099

 

 

$

115,387

 

 

$

512,698

 

 

$

342,958

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net cash used in operating activities

 

$

(5,933

)

 

$

(19,790

)

 

$

(30,564

)

 

$

(23,937

)

Less: Purchases of property and equipment

 

 

(826

)

 

 

(1,088

)

 

 

(5,063

)

 

 

(3,447

)

Free cash flow

 

$

(6,759

)

 

$

(20,878

)

 

$

(35,627

)

 

$

(27,384

)

Net cash used in investing activities

 

$

(577

)

 

$

(3,938

)

 

$

(29,187

)

 

$

(8,283

)

Net cash provided by financing activities

 

$

10,841

 

 

$

14,983

 

 

$

58,539

 

 

$

281,788

 

Net cash used in operating activities (as a

    percentage of total revenue)

 

 

(5

)%

 

 

(25

)%

 

 

(7

)%

 

 

(9

)%

Less: Purchases of property and equipment

   (as a percentage of total revenue)

 

 

0

%

 

 

(1

)%

 

 

(1

)%

 

 

(1

)%

Free cash flow margin

 

 

(5

)%

 

 

(26

)%

 

 

(8

)%

 

 

(10

)%

 

Elastic N.V.

RECONCILIATION OF GAAP TO NON-GAAP DATA

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

(Unaudited)

 

 

 

Three Months Ended April 30,

 

 

Year Ended April 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Gross Profit Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit

 

$

89,350

 

 

$

57,157

 

 

$

304,930

 

 

$

193,643

 

    Stock-based compensation expense

 

 

2,180

 

 

 

1,635

 

 

 

7,127

 

 

 

4,591

 

    Employer payroll taxes on employee stock transactions

 

 

70

 

 

 

38

 

 

 

527

 

 

 

38

 

    Amortization of acquired intangibles

 

 

2,109

 

 

 

667

 

 

 

6,768

 

 

 

2,808

 

Non-GAAP gross profit

 

$

93,709

 

 

$

59,497

 

 

$

319,352

 

 

$

201,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin Reconciliation(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

 

72.3

%

 

 

70.9

%

 

 

71.3

%

 

 

71.3

%

    Stock-based compensation expense

 

 

1.8

%

 

 

2.0

%

 

 

1.7

%

 

 

1.7

%

    Employer payroll taxes on employee stock transactions

 

 

0.1

%

 

 

0.0

%

 

 

0.1

%

 

 

0.0

%

    Amortization of acquired intangibles

 

 

1.7

%

 

 

0.8

%

 

 

1.6

%

 

 

1.0

%

Non-GAAP gross margin

 

 

75.8

%

 

 

73.8

%

 

 

74.7

%

 

 

74.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Loss Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating loss

 

$

(34,574

)

 

$

(32,085

)

 

$

(171,105

)

 

$

(101,356

)

    Stock-based compensation expense

 

 

17,232

 

 

 

11,927

 

 

 

60,007

 

 

 

39,942

 

    Employer payroll taxes on employee stock transactions

 

 

845

 

 

 

1,814

 

 

 

7,493

 

 

 

1,814

 

    Amortization of acquired intangibles

 

 

3,550

 

 

 

700

 

 

 

10,068

 

 

 

2,956

 

    Acquisition-related expenses

 

 

212

 

 

 

168

 

 

 

17,974

 

 

 

948

 

Non-GAAP operating loss

 

$

(12,735

)

 

$

(17,476

)

 

$

(75,563

)

 

$

(55,696

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Margin Reconciliation(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

(28.0

)%

 

 

(39.8

)%

 

 

(40.0

)%

 

 

(37.3

)%

    Stock-based compensation expense

 

 

13.9

%

 

 

14.8

%

 

 

14.0

%

 

 

14.7

%

    Employer payroll taxes on employee stock transactions

 

 

0.7

%

 

 

2.3

%

 

 

1.8

%

 

 

0.7

%

    Amortization of acquired intangibles

 

 

2.9

%

 

 

0.9

%

 

 

2.4

%

 

 

1.1

%

    Acquisition-related expenses

 

 

0.2

%

 

 

0.2

%

 

 

4.2

%

 

 

0.3

%

Non-GAAP operating margin

 

 

(10.3

)%

 

 

(21.7

)%

 

 

(17.7

)%

 

 

(20.5

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss

 

$

(31,151

)

 

$

(34,835

)

 

$

(167,174

)

 

$

(102,303

)

    Stock-based compensation expense

 

 

17,232

 

 

 

11,927

 

 

 

60,007

 

 

 

39,942

 

    Employer payroll taxes on employee stock transactions

 

 

845

 

 

 

1,814

 

 

 

7,493

 

 

 

1,814

 

    Amortization of acquired intangibles

 

 

3,550

 

 

 

700

 

 

 

10,068

 

 

 

2,956

 

    Acquisition-related expenses

 

 

212

 

 

 

168

 

 

 

17,974

 

 

 

948

 

    Income tax(2)

 

 

(458

)

 

 

(246

)

 

 

(1,623

)

 

 

(4,384

)

Non-GAAP net loss

 

$

(9,770

)

 

$

(20,472

)

 

$

(73,255

)

 

$

(61,027

)

Non-GAAP net loss per share attributable to ordinary

    shareholders, basic and diluted(1)

 

$

(0.12

)

 

$

(0.28

)

 

$

(0.93

)

 

$

(1.11

)

Weighted-average shares used to compute net loss per

    share attributable to ordinary shareholders, basic

    and diluted

 

 

82,123,381

 

 

 

72,307,990

 

 

 

78,799,732

 

 

 

54,893,365

 

 

(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 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

(amounts in thousands)

(Unaudited)

 

 

 

 

Three Months Ended April 30,

 

 

Year Ended April 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Cost of revenue reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of license - self-managed

 

$

346

 

 

$

97

 

 

$

948

 

 

$

387

 

Amortization of acquired intangibles

 

 

(346

)

 

 

(97

)

 

 

(948

)

 

 

(387

)

Non-GAAP cost of license - self -managed

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of subscription - self-managed and SaaS

 

$

23,987

 

 

$

16,548

 

 

$

84,819

 

 

$

53,560

 

Stock-based compensation expense

 

 

(1,278

)

 

 

(1,195

)

 

 

(4,147

)

 

 

(3,383

)

Employer payroll taxes on employee stock transactions

 

 

(28

)

 

 

(28

)

 

 

(349

)

 

 

(28

)

Amortization of acquired intangibles

 

 

(1,763

)

 

 

(570

)

 

 

(5,820

)

 

 

(2,421

)

Non-GAAP cost of subscription - self-managed and SaaS

 

$

20,918

 

 

$

14,755

 

 

$

74,503

 

 

$

47,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP cost of professional services

 

$

9,940

 

 

$

6,797

 

 

$

36,923

 

 

$

24,063

 

Stock-based compensation expense

 

 

(902

)

 

 

(440

)

 

 

(2,980

)

 

 

(1,208

)

Employer payroll taxes on employee stock transactions

 

 

(42

)

 

 

(10

)

 

 

(178

)

 

 

(10

)

Non-GAAP cost of professional services

 

$

8,996

 

 

$

6,347

 

 

$

33,765

 

 

$

22,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses reconciliation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP research and development expense

 

$

45,591

 

 

$

31,004

 

 

$

165,370

 

 

$

101,167

 

Stock-based compensation expense

 

 

(6,534

)

 

 

(4,714

)

 

 

(23,621

)

 

 

(16,100

)

Employer payroll taxes on employee stock transactions

 

 

(293

)

 

 

(939

)

 

 

(2,179

)

 

 

(939

)

Acquisition-related expenses

 

 

-

 

 

 

(168

)

 

 

(34

)

 

 

(689

)

Non-GAAP research and development expense

 

$

38,764

 

 

$

25,183

 

 

$

139,536

 

 

$

83,439

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP sales and marketing expense

 

$

58,180

 

 

$

45,044

 

 

$

219,040

 

 

$

147,296

 

Stock-based compensation expense

 

 

(5,828

)

 

 

(3,911

)

 

 

(19,334

)

 

 

(11,996

)

Employer payroll taxes on employee stock transactions

 

 

(421

)

 

 

(747

)

 

 

(3,237

)

 

 

(747

)

Amortization of acquired intangibles

 

 

(1,441

)

 

 

(33

)

 

 

(3,300

)

 

 

(148

)

Acquisition-related expenses

 

 

(14

)

 

 

-

 

 

 

(522

)

 

 

-

 

Non-GAAP sales and marketing expenses

 

$

50,476

 

 

$

40,353

 

 

$

192,647

 

 

$

134,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP general and administrative expense

 

$

20,153

 

 

$

13,194

 

 

$

91,625

 

 

$

46,536

 

Stock-based compensation expense

 

 

(2,690

)

 

 

(1,667

)

 

 

(9,925

)

 

 

(7,255

)

Employer payroll taxes on employee stock transactions

 

 

(61

)

 

 

(90

)

 

 

(1,550

)

 

 

(90

)

Acquisition-related expenses

 

 

(198

)

 

 

-

 

 

 

(17,418

)

 

 

(259

)

Non-GAAP general and administrative expense

 

$

17,204

 

 

$

11,437

 

 

$

62,732

 

 

$

38,932

 

 

 

About 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 particular, free cash flow is not a substitute for cash used in operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. 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. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measure stated in accordance with U.S. GAAP has been provided in the financial statement tables included in this press release. 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 these reconciliations, and not to rely on any single financial measure to evaluate our business.

 

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, employer payroll taxes on employee stock transactions, 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 Loss and Non-GAAP Operating Margin

We define non-GAAP operating loss and non-GAAP operating margin as GAAP operating loss and GAAP operating margin, respectively, excluding stock-based compensation expense, employer payroll taxes on employee stock transactions, amortization of acquired intangible assets, and acquisition-related expenses. We believe non-GAAP operating loss 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 Loss Per Share

We define non-GAAP net loss per share as GAAP net loss per share, excluding stock-based compensation expense, employer payroll taxes on employee stock transactions, amortization of acquired intangible assets, acquisition-related expenses and the tax

effects related to the foregoing. We believe non-GAAP net loss 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.

 

Free Cash Flow and Free Cash Flow Margin

Free cash flow is a non-GAAP financial measure that we define as net cash (used in) provided by operating activities less purchases of property and equipment. Free cash flow margin is calculated as free cash flow divided by total revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our core operations that, after the purchases of property and equipment, can be used for strategic initiatives, including investing in our business and selectively pursuing acquisitions and strategic investments.

 

Calculated Billings

We define calculated billings as total revenue plus the increase in total deferred revenue as presented on or derived from our consolidated statements of cash flows less the (increase) decrease in total unbilled accounts receivable in a given period. Calculated billings exclude the effects of deferred revenue and unbilled accounts receivable acquired through acquisitions. We typically invoice our customers annually in advance, and to a lesser extent multi-year in advance, quarterly in advance, monthly in advance, monthly in arrears or upon delivery. Our management uses calculated billings to understand and evaluate our near-term cash flows and operating results.

 

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.

 

 


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Document and Entity Information
Jun. 03, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 03, 2020
Entity Registrant Name Elastic N.V.
Entity Central Index Key 0001707753
Entity Emerging Growth Company false
Entity File Number 001-38675
Entity Tax Identification Number 00-0000000
Entity Incorporation, State or Country Code P7
Entity Address, Address Line One 800 West El Camino Real
Entity Address, Address Line Two Suite 350
Entity Address, City or Town Mountain View
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94040
City Area Code (650)
Local Phone Number 458-2620
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Ordinary Shares, €0.01 Par Value
Trading Symbol ESTC
Security Exchange Name NYSE
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