Q1 Revenue of $347 million, up 18%
year-over-year (18% in constant currency)
Q1 Elastic Cloud Revenue of $157 million, up
30% year-over-year (30% in constant currency)
Elastic (NYSE: ESTC) (“Elastic”), the company behind
Elasticsearch®, announced financial results for its first quarter
of fiscal 2025 ended July 31, 2024.
First Quarter Fiscal 2025 Financial Highlights
- Total revenue was $347 million, an increase of 18%
year-over-year, as reported and on a constant currency basis
- Elastic Cloud revenue was $157 million, an increase of 30%
year-over-year, as reported and on a constant currency basis
- GAAP operating loss was $34 million; GAAP operating margin was
-10%
- Non-GAAP operating income was $37 million; non-GAAP operating
margin was 11%
- GAAP net loss per share was $0.48; non-GAAP diluted earnings
per share was $0.35
- Operating cash flow was $53 million with adjusted free cash
flow of $64 million
- Cash, cash equivalents, and marketable securities were $1.147
billion as of July 31, 2024
“We delivered solid first quarter results, outperforming the
high end of our guidance for both revenue and profitability, and we
continued to see strong adoption of our GenAI offerings. However,
we had a slower start to the year with the volume of customer
commitments impacted by segmentation changes that we made at the
beginning of the year, which are taking longer than expected to
settle. We have been taking steps to address this, but it will
impact our revenue this year,” said Ash Kulkarni, Chief Executive
Officer, Elastic. “We are excited by our significant momentum in
GenAI as customers build real-time GenAI applications on Elastic,
and by our opportunity to drive platform consolidation across a
number of use cases. We bring incredible value to our customers
through our Search AI platform and we remain confident in our
market opportunity and growth potential.”
First Quarter Fiscal 2025 Key Metrics and Recent Business
Highlights
Key Customer Metrics
- Total customer count with Annual Contract Value (ACV) greater
than $100,000 was over 1,370 compared to over 1,330 in Q4 FY24, and
over 1,190 in Q1 FY24
- Total subscription customer count was approximately 21,200
compared to approximately 21,000 in Q4 FY24, and approximately
20,500 in Q1 FY24
- Net Expansion Rate was approximately 112%
Product Innovations and Updates
- Introduced Automatic Import to automate SIEM data onboarding,
enabling custom data sources to be added to Elastic Security in
record time
- Launched Playground to accelerate RAG development with
Elasticsearch
- Expanded LLM options on the Elastic Search AI Platform with
support for Google Cloud Vertex AI and the LangChain chat model
ecosystem
- Announced that the Elasticsearch Open Inference API now
supports integration with additional partners, including Amazon
Bedrock, Mistral AI, and Anthropic
- Integrated Elasticsearch vector database and broad retrieval
capabilities into LangChain and Red Hat OpenShift AI
- Announced Elastic Distributions of OpenTelemetry, a portfolio
of OpenTelemetry components designed to improve infrastructure and
application monitoring with Elastic Observability
Other Business Highlights
- Announced intent to add AGPL as an option to license the free
part of our source code that is available under the SSPL license
today
- Recognized as a Leader in the Gartner MQ for Observability
Platforms
- Awarded Microsoft US Partner of the Year 2024
- Launched Elastic Express Migration, a new incentive program to
help organizations adopt Search AI quickly and efficiently
- Released the third Annual Elastic Sustainability Report
- Engaged with thousands of customers and partners at Black Hat,
WSJ Tech Live Cybersecurity, and InfoSec Europe
Financial Outlook
The Company is providing the following guidance:
For the second quarter of fiscal 2025 (ending October 31,
2024):
- Total revenue is expected to be between $353 million and $355
million, representing 14% year-over-year growth at the midpoint
(14% year-over-year constant currency growth at the midpoint)
- Non-GAAP operating margin is expected to be approximately
13%
- Non-GAAP diluted earnings per share is expected to be between
$0.37 and $0.39, assuming between 105.5 million and 106.5 million
diluted weighted average ordinary shares outstanding
For fiscal 2025 (ending April 30, 2025):
- Total revenue is expected to be between $1.436 billion and
$1.444 billion, representing 14% year-over-year growth at the
midpoint (14% year-over-year constant currency growth at the
midpoint)
- Non-GAAP operating margin is expected to be approximately
12.5%
- Non-GAAP diluted earnings per share is expected to be between
$1.52 and $1.56, assuming between 106.0 million and 108.0 million
diluted weighted average ordinary shares outstanding
The guidance assumes, among others, the following exchange
rates: 1 Euro = 1.100 US Dollars; and 1 Great British Pound = 1.290
US Dollars.
See the section titled “Forward-Looking Statements” below for
information on the factors that could cause our actual results to
differ materially from those expressed or implied in our
forward-looking statements. We present historical and
forward-looking non-GAAP financial measures in addition to, and not
as a substitute for, or superior to, financial measures calculated
in accordance with GAAP. See the section entitled “Statement
Regarding Use of Non-GAAP Financial Measures” for an explanation of
these non-GAAP measures. A reconciliation of forward-looking
non-GAAP measures to the corresponding GAAP measures for operating
margin and net loss per share is not available without unreasonable
effort due to the uncertainty regarding, and the potential
variability of, many of the costs and expenses that may be incurred
in the future. These items necessary to reconcile such non-GAAP
measures could be material and have a significant impact on the
Company’s results computed in accordance with GAAP.
Conference Call and Webcast
Elastic’s executive management team will host a conference call
today at 2:00 p.m. PT/5:00 p.m. ET to discuss the Company’s
financial results and business outlook. A live audio webcast of the
conference call will be available through Elastic’s Investor
Relations website at ir.elastic.co. A presentation containing
financial and operating information will be available at the same
website. The replay of the webcast will also be available on the
investor relations website.
About Elastic
Elastic (NYSE: ESTC), the Search AI Company, enables everyone to
find the answers they need in real-time using all their data, at
scale. Elastic’s solutions for search, observability and security
are built on the Elastic Search AI Platform, the development
platform used by thousands of companies, including more than 50% of
the Fortune 500. Learn more at elastic.co.
Elastic and associated marks are trademarks or registered
trademarks of Elastic N.V. and its subsidiaries. All other company
and product names may be trademarks of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties, which include, but are
not limited to, statements regarding our expected financial results
for the fiscal quarter ending October 31, 2024 and the fiscal year
ending April 30, 2025, the expected performance or benefits of our
offerings, our sales strategies, expected market opportunities, and
our ability to execute on those market opportunities. Actual
outcomes and results may differ materially from those contemplated
by these forward-looking statements due to uncertainties, risks,
and changes in circumstances, including but not limited to those
related to: our future financial performance, including our
expectations regarding our revenue, cost of revenue, gross profit
or gross margin, operating expenses (which include changes in sales
and marketing, research and development and general and
administrative expenses), and our ability to achieve and maintain
future profitability; our ability to continue to deliver and
improve our offerings and develop new offerings (including
innovations around AI use cases); customer acceptance and purchase
of our new and existing offerings; the expansion and adoption of
our Elastic Cloud offerings; our ability to realize value from
investments in the business; our ability to maintain and expand our
user and customer base; the impact of the evolving macroeconomic
and geopolitical environments on our business, operations, hiring
and financial results, and on businesses and spending priorities of
our customers and partners; the impact of our pricing model
strategies on our business; the impact of our licensing model on
the use and adoption of our software; the impact of foreign
currency exchange rate fluctuations and the uncertain inflation and
interest rate environment on our results; our international
expansion strategy; our operating results and cash flows; the
sufficiency of our capital resources; our ability to successfully
execute our go-to-market strategy, our forecasts regarding our
business; and general market, political, economic and business
conditions.
Any additional or unforeseen effect from the evolving
macroeconomic and geopolitical environments may exacerbate these
risks. Additional risks and uncertainties that could cause actual
outcomes and results to differ materially from those expressed or
implied in our forward-looking statements are included in our
filings with the Securities and Exchange Commission (the “SEC”),
including our Annual Report on Form 10-K for the fiscal year ended
April 30, 2024 and subsequent reports filed with the SEC. SEC
filings are available on the Investor Relations section of
Elastic’s website at ir.elastic.co and the SEC’s website at
www.sec.gov. Elastic assumes no obligation to, and does not
currently intend to, update any such forward-looking statements,
except as required by law.
Statement Regarding Use of Non-GAAP Financial
Measures
In addition to our results determined in accordance with U.S.
GAAP, we believe the non-GAAP measures listed below are useful in
evaluating our operating performance. We use these non-GAAP
financial measures to evaluate our ongoing operations and for
internal planning and forecasting purposes. We believe that
non-GAAP financial information, when taken collectively, may be
helpful to investors because it provides consistency and
comparability with past financial performance. However, non-GAAP
financial information is presented for supplemental informational
purposes only, has limitations as an analytical tool and should not
be considered in isolation or as a substitute for financial
information presented in accordance with U.S. GAAP. In addition,
other companies, including companies in our industry, may calculate
similarly-titled non-GAAP measures differently or may use other
measures to evaluate their performance, all of which could reduce
the usefulness of our non-GAAP financial measures as tools for
comparison. Investors are cautioned that there are a number of
limitations associated with the use of non-GAAP financial measures
and key metrics as analytical tools. Investors are encouraged to
review the differences between GAAP financial measures and the
corresponding non-GAAP financial measures, and not to rely on any
single financial measure to evaluate our business.
Reconciliations of historical GAAP financial measures to their
respective historical non-GAAP financial measures are included
below. In relation to constant currency non-GAAP financial
measures, the only reconciling item between GAAP financial measures
and non-GAAP financial measures is the effect of foreign currency
rate fluctuations. Further details on how we calculate such effects
can be found in the definition of “Constant Currency” below.
Non-GAAP Gross Profit and Non-GAAP Gross Margin
We define non-GAAP gross profit and non-GAAP gross margin as
GAAP gross profit and GAAP gross margin, respectively, excluding
stock-based compensation expense and related employer taxes and
amortization of acquired intangible assets. We believe non-GAAP
gross profit and non-GAAP gross margin provide our management and
investors consistency and comparability with our past financial
performance and facilitate period-to-period comparisons of
operations, as these metrics generally eliminate the effects of
certain variables from period to period for reasons unrelated to
overall operating performance.
Non-GAAP Operating Income and Non-GAAP Operating
Margin
We define non-GAAP operating income and non-GAAP operating
margin as GAAP operating loss and GAAP operating margin,
respectively, excluding stock-based compensation expense and
related employer taxes, amortization of acquired intangible assets,
acquisition-related expenses, and restructuring and other related
charges. We believe non-GAAP operating income and non-GAAP
operating margin provide our management and investors consistency
and comparability with our past financial performance and
facilitate period-to-period comparisons of operations, as these
metrics generally eliminate the effects of certain variables from
period to period for reasons unrelated to overall operating
performance.
Non-GAAP Net Income and Non-GAAP Earnings Per Share
We define non-GAAP net income as GAAP loss, excluding
stock-based compensation expense and related employer taxes,
amortization of acquired intangible assets, acquisition-related
expenses, restructuring and other related charges, and the related
income tax effect of these adjustments as well as other significant
tax adjustments. We define non-GAAP earnings per share, basic, as
non-GAAP net income divided by weighted average shares outstanding
and non-GAAP earnings per share, diluted, as non-GAAP net income
divided by weighted average diluted shares outstanding, which
includes the potentially dilutive effect of the company’s employee
equity incentive plan awards. We believe non-GAAP earnings per
share provides our management and investors consistency and
comparability with our past financial performance and facilitates
period-to-period comparisons of operations, as this metric
generally eliminates the effects of certain variables from period
to period for reasons unrelated to overall operating
performance.
Adjusted Free Cash Flow and Adjusted Free Cash Flow
Margin
Adjusted free cash flow is a non-GAAP financial measure that we
define as net cash provided by operating activities adjusted for
cash paid for interest less cash used for investing activities for
purchases of property and equipment. Adjusted free cash flow margin
is calculated as adjusted free cash flow divided by total revenue.
Adjusted free cash flow does not represent residual cash flow
available for discretionary expenditures since, among other things,
we have mandatory debt service requirements.
Constant Currency
We compare the percent change in certain results from one period
to another period using constant currency information to provide a
framework for assessing how our business performed excluding the
effect of foreign currency rate fluctuations. In presenting this
information, current and comparative prior period results are
converted into United States dollars at the exchange rates in
effect on the last day of our prior fiscal year, rather than the
actual exchange rates in effect during the respective periods.
Contact Information
Anthony Luscri Elastic Investor Relations
ir@elastic.co
Madge Miller Elastic Corporate Communications
PR-Team@elastic.co
Elastic N.V.
Condensed Consolidated
Statements of Operations
(in thousands, except share and
per share data)
(unaudited)
Three Months Ended July
31,
2024
2023
Revenue
Subscription
$
323,774
$
270,247
Services
23,646
23,506
Total revenue
347,420
293,753
Cost of revenue
Subscription
68,347
57,266
Services
23,410
20,211
Total cost of revenue
91,757
77,477
Gross profit
255,663
216,276
Operating expenses
Research and development
89,332
80,690
Sales and marketing
157,357
133,169
General and administrative
42,673
37,939
Restructuring and other related
charges
139
725
Total operating expenses
289,501
252,523
Operating loss
(33,838
)
(36,247
)
Other income, net
Interest expense
(6,526
)
(6,306
)
Other income, net
11,208
7,300
Loss before income taxes
(29,156
)
(35,253
)
Provision for income taxes
20,071
13,255
Net loss
$
(49,227
)
$
(48,508
)
Net loss per share attributable to
ordinary shareholders, basic and diluted
$
(0.48
)
$
(0.50
)
Weighted-average shares used to compute
net loss per share attributable to ordinary shareholders, basic and
diluted
102,284,435
97,942,049
Elastic N.V.
Condensed Consolidated Balance
Sheets
(in thousands, except share and
per share data)
(unaudited)
As of July 31,
2024
As of April 30,
2024
Assets
Current assets:
Cash and cash equivalents
$
594,871
$
540,397
Restricted cash
3,436
2,692
Marketable securities
552,459
544,002
Accounts receivable, net of allowance for
credit losses of $4,370 and $4,979 as of July 31, 2024 and April
30, 2024, respectively
196,474
323,011
Deferred contract acquisition costs
76,265
78,030
Prepaid expenses and other current
assets
42,643
42,765
Total current assets
1,466,148
1,530,897
Property and equipment, net
4,953
5,453
Goodwill
319,417
319,380
Operating lease right-of-use assets
17,758
20,506
Intangible assets, net
17,341
20,620
Deferred contract acquisition costs,
non-current
107,467
114,509
Deferred tax assets
210,809
225,544
Other assets
6,580
5,657
Total assets
$
2,150,473
$
2,242,566
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
9,337
$
26,075
Accrued expenses and other liabilities
72,408
75,292
Accrued compensation and benefits
76,080
93,691
Operating lease liabilities
11,143
12,187
Deferred revenue
599,251
663,846
Total current liabilities
768,219
871,091
Deferred revenue, non-current
27,724
30,293
Long-term debt, net
568,887
568,612
Operating lease liabilities,
non-current
10,714
12,898
Other liabilities, non-current
15,511
21,487
Total liabilities
1,391,055
1,504,381
Shareholders’ equity:
Preference shares, €0.01 par value;
165,000,000 shares authorized, 0 shares issued and outstanding as
of July 31, 2024 and April 30, 2024
—
—
Ordinary shares, par value €0.01 per
share: 165,000,000 shares authorized; 102,724,366 shares issued and
outstanding as of July 31, 2024 and 101,705,935 shares issued and
outstanding as of April 30, 2024
1,081
1,070
Treasury stock
(369
)
(369
)
Additional paid-in capital
1,819,006
1,750,729
Accumulated other comprehensive loss
(19,466
)
(21,638
)
Accumulated deficit
(1,040,834
)
(991,607
)
Total shareholders’ equity
759,418
738,185
Total liabilities and shareholders’
equity
$
2,150,473
$
2,242,566
Elastic N.V.
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended July
31,
2024
2023
Cash flows from operating
activities
Net loss
$
(49,227
)
$
(48,508
)
Adjustments to reconcile net loss to cash
provided by operating activities:
Depreciation and amortization
4,173
5,053
Amortization of premium and accretion of
discount on marketable securities, net
(2,200
)
(2,468
)
Amortization of deferred contract
acquisition costs
23,181
17,572
Amortization of debt issuance costs
275
263
Non-cash operating lease cost
2,838
2,652
Stock-based compensation expense
63,543
57,127
Deferred income taxes
14,723
392
Unrealized foreign currency transaction
(gain) loss
(181
)
1,200
Other
—
(34
)
Changes in operating assets and
liabilities:
Accounts receivable, net
127,203
75,871
Deferred contract acquisition costs
(13,900
)
(21,145
)
Prepaid expenses and other current
assets
176
4,896
Other assets
(1,939
)
680
Accounts payable
(16,400
)
(19,233
)
Accrued expenses and other liabilities
(9,028
)
(411
)
Accrued compensation and benefits
(17,789
)
(3,885
)
Operating lease liabilities
(3,374
)
(3,100
)
Deferred revenue
(69,320
)
(29,110
)
Net cash provided by operating
activities
52,754
37,812
Cash flows from investing
activities
Purchases of property and equipment
(747
)
(632
)
Purchases of marketable securities
(95,163
)
(83,579
)
Sales, maturities, and redemptions of
marketable securities
92,390
29,116
Net cash used in investing activities
(3,520
)
(55,095
)
Cash flows from financing
activities
Proceeds from issuance of ordinary shares
upon exercise of stock options
4,745
3,843
Net cash provided by financing
activities
4,745
3,843
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
1,239
42
Net increase (decrease) in cash, cash
equivalents, and restricted cash
55,218
(13,398
)
Cash, cash equivalents, and restricted
cash, beginning of period
543,089
646,640
Cash, cash equivalents, and restricted
cash, end of period
$
598,307
$
633,242
Elastic N.V.
Revenue by Type
(in thousands, except
percentages)
(unaudited)
Three Months Ended July
31,
2024
2023
Amount
% of Total
Revenue
Amount
% of Total
Revenue
Elastic Cloud
$
157,281
45
%
$
121,172
41
%
Other subscription
166,493
48
%
149,075
51
%
Total subscription
323,774
93
%
270,247
92
%
Services
23,646
7
%
23,506
8
%
Total revenue
$
347,420
100
%
$
293,753
100
%
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
Supplementary
Information
(in thousands, except
percentages)
(unaudited)
Three Months Ended July
31, 2024
% Change Year Over
Year
% Change Year Over Year
Excluding Currency Changes
% Change Quarter Over
Quarter
% Change Quarter Over
Quarter Excluding Currency Changes
Revenue
Elastic Cloud
$
157,281
30
%
30
%
6
%
6
%
Other subscription
$
166,493
12
%
12
%
2
%
2
%
Total subscription
$
323,774
20
%
20
%
4
%
4
%
Total revenue
$
347,420
18
%
18
%
4
%
4
%
Total deferred revenue
$
626,975
17
%
18
%
(10
)%
(10
)%
Total remaining performance
obligations
$
1,258,813
13
%
13
%
(7
)%
(7
)%
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
Adjusted Free Cash
Flow
(in thousands, except
percentages)
(unaudited)
Three Months Ended July
31,
2024
2023
Net cash provided by operating
activities
$
52,754
$
37,812
Less: Purchases of property and
equipment
(747
)
(632
)
Add: Interest paid on long-term debt
11,859
11,859
Adjusted free cash flow (1)
$
63,866
$
49,039
Net cash used in investing activities
$
(3,520
)
$
(55,095
)
Net cash provided by financing
activities
$
4,745
$
3,843
Net cash provided by operating activities
(as a percentage of total revenue)
15
%
13
%
Less: Purchases of property and equipment
(as a percentage of total revenue)
—
%
—
%
Add: Interest paid on long-term debt (as a
percentage of total revenue)
3
%
4
%
Adjusted free cash flow margin
18
%
17
%
(1)
Adjusted free cash flow includes cash paid
for restructuring and other charges of $3.0 million and $0.5
million during the three months ended July 31, 2024 and 2023,
respectively.
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands, except
percentages, share and per share data)
(unaudited)
Three Months Ended July
31,
2024
2023
Gross Profit Reconciliation:
GAAP gross profit
$
255,663
$
216,276
Stock-based compensation expense and
related employer taxes
6,309
5,394
Amortization of acquired intangibles
3,275
2,976
Non-GAAP gross profit
$
265,247
$
224,646
Gross Margin Reconciliation(1):
GAAP gross margin
73.6
%
73.6
%
Stock-based compensation expense and
related employer taxes
1.8
%
1.8
%
Amortization of acquired intangibles
0.9
%
1.0
%
Non-GAAP gross margin
76.3
%
76.5
%
Operating (Loss) Income
Reconciliation:
GAAP operating loss
$
(33,838
)
$
(36,247
)
Stock-based compensation expense and
related employer taxes
67,567
59,614
Amortization of acquired intangibles
3,275
4,208
Acquisition-related expenses
48
780
Restructuring and other related
charges
139
725
Non-GAAP operating income
$
37,191
$
29,080
Operating Margin
Reconciliation(1):
GAAP operating margin
(9.7
)%
(12.3
)%
Stock-based compensation expense and
related employer taxes
19.4
%
20.3
%
Amortization of acquired intangibles
0.9
%
1.4
%
Acquisition-related expenses
—
%
0.3
%
Restructuring and other related
charges
—
%
0.2
%
Non-GAAP operating margin
10.7
%
9.9
%
Net (Loss) Income
Reconciliation:
GAAP net loss
$
(49,227
)
$
(48,508
)
Stock-based compensation expense and
related employer taxes
67,567
59,614
Amortization of acquired intangibles
3,275
4,208
Acquisition-related expenses
48
780
Restructuring and other related
charges
139
725
Income tax effects related to the above
adjustments(2)
15,314
8,585
Non-GAAP net income
$
37,116
$
25,404
Non-GAAP earnings per share
attributable to ordinary shareholders, basic(1)
$
0.36
$
0.26
Non-GAAP earnings per share
attributable to ordinary shareholders, diluted(1)
$
0.35
$
0.25
Weighted-average shares used to compute
non-GAAP earnings per share attributable to ordinary shareholders,
basic
102,284,435
97,942,049
Weighted-average shares used to compute
non-GAAP earnings per share attributable to ordinary shareholders,
diluted
105,964,740
101,334,074
(1)
Totals may not sum, due to rounding. Gross
margin, operating margin, and earnings per share are calculated
based upon the respective underlying, non-rounded data.
(2)
Non-GAAP financial information for the
quarter is adjusted for a tax rate equal to our annual estimated
tax rate on non-GAAP income. This rate is based on our estimated
annual GAAP income tax rate forecast, adjusted to account for items
excluded from GAAP income in calculating the non-GAAP financial
measures presented above as well as other significant tax
adjustments. Our estimated tax rate on non-GAAP income is
determined annually and may be adjusted during the year to take
into account events or trends that we believe materially impact the
estimated annual rate including, but not limited to, significant
changes resulting from tax legislation, material changes in the
geographic mix of revenue and expenses and other significant
events. Due to the differences in the tax treatment of items
excluded from non-GAAP earnings, as well as the methodology applied
to our estimated annual tax rates as described above, our estimated
tax rate on non-GAAP income may differ from our GAAP tax rate and
from our actual tax liabilities.
Elastic N.V.
Reconciliation of GAAP to
Non-GAAP Data
(in thousands)
(unaudited)
Three Months Ended July
31,
2024
2023
Cost of revenue reconciliation:
GAAP subscription
$
68,347
$
57,266
Stock-based compensation expense and
related employer taxes
(2,520
)
(2,381
)
Amortization of acquired intangibles
(3,275
)
(2,976
)
Non-GAAP subscription
$
62,552
$
51,909
GAAP services
$
23,410
$
20,211
Stock-based compensation expense and
related employer taxes
(3,789
)
(3,013
)
Non-GAAP services
$
19,621
$
17,198
Operating expenses
reconciliation:
GAAP research and development expense
$
89,332
$
80,690
Stock-based compensation expense and
related employer taxes
(25,722
)
(23,405
)
Acquisition-related expenses
(48
)
(780
)
Non-GAAP research and development
expense
$
63,562
$
56,505
GAAP sales and marketing expense
$
157,357
$
133,169
Stock-based compensation expense and
related employer taxes
(22,449
)
(19,669
)
Amortization of acquired intangibles
—
(1,232
)
Non-GAAP sales and marketing expenses
$
134,908
$
112,268
GAAP general and administrative
expense
$
42,673
$
37,939
Stock-based compensation expense and
related employer taxes
(13,087
)
(11,146
)
Non-GAAP general and administrative
expense
$
29,586
$
26,793
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240828810610/en/
Anthony Luscri Elastic Investor Relations
ir@elastic.co
Madge Miller Elastic Corporate Communications
PR-Team@elastic.co
Elastic NV (NYSE:ESTC)
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