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June 4, 2020

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

MOUNTAIN VIEW, Calif. and AMSTERDAM, The Netherlands, June 4, 2020 — Elastic N.V. 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.

For the full announcement and graphics, visit https://ir.elastic.co/news-events/press-releases/press-releases-details/2020/Elastic-NV-Reports-Strong-Fourth-Quarter-and-Fiscal-2020-Financial-Results/default.aspx

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.


Source: Elastic

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