Elastic NV
For the period ended Jul 31, 2024. Filed Aug 30, 2024.
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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
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Revenue
- Revenue
Disaggregation of Revenue
The following table presents revenue by category (in thousands):
| Three Months Ended July 31, | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Amount | % ofTotalRevenue | Amount | % ofTotalRevenue | |
| Elastic Cloud | $157,281 | 45% | $121,172 | 41% |
| Other subscription | 166,493 | 48% | 149,075 | 51% |
| Total subscription | 323,774 | 93% | 270,247 | 92% |
| Services | 23,646 | 7% | 23,506 | 8% |
| Total revenue | $347,420 | 100% | $293,753 | 100% |
Concentration of Credit Risk
One customer, a channel partner, accounted for 15% and 13% of net accounts receivable as of July 31, 2024 and April 30, 2024, respectively. The same customer accounted for 12% and 10% of total revenue during the three months ended July 31, 2024 and 2023, respectively.
Deferred Revenue
The Company recognized revenue of $261.4 million and $210.3 million during the three months ended July 31, 2024 and 2023, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.
Unbilled Accounts Receivable
Unbilled accounts receivable is recorded as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. As of July 31, 2024 and April 30, 2024, unbilled accounts receivable was $2.7 million and $2.5 million, respectively.
Remaining Performance Obligations
As of July 31, 2024, the Company had $1.259 billion of remaining performance obligations. As of July 31, 2024, the Company expects to recognize approximately 90% of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter.
Deferred Contract Acquisition Costs
Amortization expense with respect to deferred contract acquisition costs was $23.2 million and $17.6 million for the three months ended July 31, 2024 and 2023, respectively. The Company didnot recognize any impairment of deferred contract acquisition costs for the three months ended July 31, 2024 and 2023.
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