Elastic NV
For the period ended Jul 31, 2024. Filed Aug 30, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2024 · Filed Aug 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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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 ofJuly 31, 2024 | As ofApril 30, 2024 | |
|---|---|---|---|
| Leasehold improvements | Lesser of estimated useful life or remaining lease term | $13,125 | $12,683 |
| Computer hardware and software | 3 | 3,670 | 3,464 |
| Furniture and fixtures | 3-5 | 7,420 | 7,395 |
| Assets under construction | 241 | 428 | |
| Total property and equipment | 24,456 | 23,970 | |
| Less: accumulated depreciation | (19,503) | (18,517) | |
| Property and equipment, net | $4,953 | $5,453 |
Depreciation expense related to property and equipment was $0.9 million and $0.8 million for the three months ended July 31, 2024 and 2023, respectively.
Intangible Assets, Net
Intangible assets consisted of the following as of July 31, 2024 (in thousands):
| Gross Fair Value · Accumulated Amortization · Net Book Value · Weighted AverageRemainingUseful Life(in years) | |||||
|---|---|---|---|---|---|
| Developed technology | $76,130 | $58,764 | $17,366 | 2.7 | |
| Foreign currency translation adjustment | (25) | ||||
| Total | $17,341 | ||||
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 | |
| Foreign currency translation adjustment | (21) | ||||
| Total | $20,620 | ||||
Amortization expense for the intangible assets for the three months ended July 31, 2024 and 2023 was as follows (in thousands):
| Three Months Ended July 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cost of revenue – subscription | $3,275 | $2,976 |
| Sales and marketing | — | 1,232 |
| Total amortization of acquired intangible assets | $3,275 | $4,208 |
The expected future amortization expense related to the intangible assets as of July 31, 2024 was as follows (in thousands, by fiscal year):
| Remainder of 2025 | $5,936 |
| 2026 | 6,256 |
| 2027 | 3,244 |
| 2028 | 1,202 |
| 2029 | 703 |
| Total | $17,341 |
Goodwill
The following table represents the changes to goodwill (in thousands):
| Carrying Amount | |
|---|---|
| Balance as of April 30, 2024 | $319,380 |
| Foreign currency translation adjustment | 37 |
| Balance as of July 31, 2024 | $319,417 |
There wasno impairment of goodwill during the three months ended July 31, 2024 and 2023.
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
| As ofJuly 31, 2024 | As ofApril 30, 2024 | |
|---|---|---|
| Accrued expenses | $36,548 | $34,779 |
| Income taxes payable | 13,276 | 10,596 |
| Value added taxes payable | 4,906 | 8,849 |
| Accrued interest | 988 | 6,918 |
| Other | 16,690 | 14,150 |
| Total accrued expenses and other liabilities | $72,408 | $75,292 |
Accrued Compensation and Benefits
Accrued compensation and benefits consisted of the following (in thousands):
| As ofJuly 31, 2024 | As ofApril 30, 2024 | |
|---|---|---|
| Accrued vacation | $36,305 | $35,005 |
| Accrued commissions | 11,243 | 34,339 |
| Accrued payroll and withholding taxes | 10,225 | 9,830 |
| Other | 18,307 | 14,517 |
| Total accrued compensation and benefits | $76,080 | $93,691 |
Allowance for Credit Losses
The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):
| Three Months Ended July 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Beginning balance | $4,979 | $3,409 |
| Bad debt expense | 786 | 628 |
| Accounts written off | (1,395) | (704) |
| Ending balance | $4,370 | $3,333 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.