Elastic NV
For the period ended Apr 30, 2024. Filed Jun 14, 2024.
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FY2024 · Filed Jun 14, 2024
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Balance Sheet Components
- Balance Sheet Components
Property and Equipment, Net
The cost and accumulated depreciation of property and equipment were as follows (in thousands):
| Useful Life (in years) | As ofApril 30, 2024 | As ofApril 30, 2023 | |
|---|---|---|---|
| Leasehold improvements | Lesser of estimated useful life or remaining lease term | $12,683 | $10,081 |
| Computer hardware and software | 3 | 3,464 | 2,220 |
| Furniture and fixtures | 3-5 | 7,395 | 6,093 |
| Assets under construction | 428 | 1,734 | |
| Total property and equipment | 23,970 | 20,128 | |
| Less: accumulated depreciation | (18,517) | (15,036) | |
| Property and equipment, net | $5,453 | $5,092 |
Depreciation expense related to property and equipment was $3.5 million, $3.6 million, and $3.9 million for the years ended April 30, 2024, 2023, and 2022, respectively. During the year ended April 30, 2023, the Company recorded asset impairment charges related to the exit from leased office space, which included $1.1 million of furniture, equipment, and leasehold improvements. See Note 16 for further details.
Intangible Assets, Net
Intangible assets consisted of the following as of April 30, 2024 (in thousands):
| Gross Fair Value · Accumulated Amortization · Net Book Value · Weighted AverageRemainingUseful Life(in years) | |||||
|---|---|---|---|---|---|
| Developed technology | $76,130 | $55,489 | $20,641 | 2.7 | |
| Customer relationships | 19,598 | 19,598 | — | 0.0 | |
| Trade names | 2,872 | 2,872 | — | 0.0 | |
| Total | $98,600 | $77,959 | $20,641 | 2.7 | |
| Foreign currency translation adjustment | (21) | ||||
| Total | $20,620 | ||||
Intangible assets consisted of the following as of April 30, 2023 (in thousands):
| Gross Fair Value · Accumulated Amortization · Net Book Value · Weighted AverageRemainingUseful Life(in years) | |||||
|---|---|---|---|---|---|
| Developed technology | $70,130 | $43,136 | $26,994 | 2.7 | |
| Customer relationships | 19,598 | 17,641 | 1,957 | 0.4 | |
| Trade names | 2,872 | 2,686 | 186 | 0.4 | |
| Total | $92,600 | $63,463 | $29,137 | 2.5 | |
| Foreign currency translation adjustment | (33) | ||||
| Total | $29,104 | ||||
Amortization expense for the intangible assets for the years ended April 30, 2024, 2023, and 2022 was as follows (in thousands):
| Year Ended April 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cost of revenue – subscription | $12,353 | $11,781 | $10,503 |
| Sales and marketing | 2,143 | 4,887 | 5,280 |
| Total amortization of acquired intangible assets | $14,496 | $16,668 | $15,783 |
The expected future amortization expense related to the intangible assets as of April 30, 2024 was as follows (in thousands, by fiscal year):
| 2025 | $9,215 |
| 2026 | 6,256 |
| 2027 | 3,244 |
| 2028 | 1,202 |
| 2029 | 703 |
| Total | $20,620 |
Goodwill
The following table represents the changes to goodwill (in thousands):
| Carrying Amount | |
|---|---|
| Balance as of April 30, 2022 | $303,906 |
| Foreign currency translation adjustment | (264) |
| Balance as of April 30, 2023 | 303,642 |
| Addition from acquisition | 15,854 |
| Foreign currency translation adjustment | (116) |
| Balance as of April 30, 2024 | $319,380 |
There wasno impairment of goodwill during the years ended April 30, 2024, 2023, and 2022.
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
| As ofApril 30, 2024 | As ofApril 30, 2023 | |
|---|---|---|
| Accrued expenses | $34,779 | $24,163 |
| Income taxes payable | 10,596 | 9,738 |
| Value added taxes payable | 8,849 | 9,403 |
| Accrued interest | 6,918 | 6,918 |
| Other | 14,150 | 13,310 |
| Total accrued expenses and other liabilities | $75,292 | $63,532 |
Accrued Compensation and Benefits
Accrued compensation and benefits consisted of the following (in thousands):
| As ofApril 30, 2024 | As ofApril 30, 2023 | |
|---|---|---|
| Accrued vacation | $35,005 | $30,026 |
| Accrued commissions | 34,339 | 26,175 |
| Accrued payroll and withholding taxes | 9,830 | 6,586 |
| Other | 14,517 | 13,696 |
| Total accrued compensation and benefits | $93,691 | $76,483 |
Allowance for Credit Losses
The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):
| Year Ended April 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Beginning balance | $3,409 | $2,700 | $2,344 |
| Bad debt expense | 3,864 | 2,722 | 2,980 |
| Accounts written off | (2,294) | (2,013) | (2,624) |
| Ending balance | $4,979 | $3,409 | $2,700 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.