Elastic NV
For the period ended Jul 31, 2024. Filed Aug 30, 2024.
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Jul 31, 2024 · Filed Aug 30, 2024
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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 condensed consolidated statements of operations were as follows (in thousands):
| Three Months Ended July 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Operating lease cost | $3,137 | $2,855 |
| Short-term lease cost | 540 | 474 |
| Variable lease cost | 402 | 237 |
| Total lease cost | $4,079 | $3,566 |
Lease term and discount rate information are summarized as follows:
| As ofJuly 31, 2024 | |
|---|---|
| Weighted average remaining lease term (in years) | 2.5 |
| Weighted average discount rate | 5.1% |
Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of July 31, 2024 were as follows (in thousands, by fiscal year):
| Remainder of 2025 | $9,548 |
| 2026 | 7,586 |
| 2027 | 2,711 |
| 2028 | 2,369 |
| 2029 | 1,042 |
| Thereafter | 69 |
| Total minimum lease payments | 23,325 |
| Less imputed interest | (1,468) |
| Present value of future minimum lease payments | 21,857 |
| Less current lease liabilities | (11,143) |
| Operating lease liabilities, non-current | $10,714 |
Future minimum lease payments as of July 31, 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 fiscal 2023.
During the three months ended July 31, 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.
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