Elastic NV
For the period ended Apr 30, 2024. Filed Jun 14, 2024.
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FY2024 · Filed Jun 14, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Leases
- Leases
The Company’s leases provide for rental of corporate office space under non-cancelable operating lease agreements that expire at various dates through fiscal 2030. The Company does not have any finance leases.
Lease Costs
Components of lease costs included in the consolidated statements of operations were as follows (in thousands):
| Year Ended April 30, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Operating lease cost | $12,114 | $12,411 | $9,894 |
| Short-term lease cost | 1,921 | 2,217 | 2,448 |
| Variable lease cost | 1,342 | 726 | 857 |
| Total lease cost | $15,377 | $15,354 | $13,199 |
Lease term and discount rate information are summarized as follows:
| As ofApril 30, 2024 | |
|---|---|
| Weighted average remaining lease term (in years) | 2.7 |
| Weighted average discount rate | 5.0% |
Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of April 30, 2024 were as follows (in thousands, by fiscal year):
| 2025 | $13,017 |
| 2026 | 7,543 |
| 2027 | 2,684 |
| 2028 | 2,341 |
| 2029 | 1,022 |
| Thereafter | 66 |
| Total minimum lease payments | 26,673 |
| Less imputed interest | (1,588) |
| Present value of future minimum lease payments | 25,085 |
| Less current lease liabilities | (12,187) |
| Operating lease liabilities, non-current | $12,898 |
Future minimum lease payments as of April 30, 2024 include future cash payments on leases with corresponding right-of-use assets which were written down for impairment due to facilities-related cost optimization actions during the year ended April 30, 2023. During the year ended April 30, 2023, the Company recorded an impairment charge of $5.1 million related to the exit from leased office space. See Note 16 for further details.
Subsequent to April 30, 2024, the Company executed an operating lease agreement for an office space with an expected commencement date in the third quarter of fiscal 2025. The lease term is approximately 11 years with undiscounted future minimum lease payments of approximately $12.4 million.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.