Elastic NV
For the period ended Apr 30, 2025. Filed Jun 10, 2025.
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FY2025 · Filed Jun 10, 2025
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Fair Value Measurements
- Fair Value Measurements
Financial Assets
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2025 (in thousands):
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Financial Assets: | ||||
| Cash equivalents: | ||||
| Money market funds | $197,710 | $— | $— | $197,710 |
| U.S. treasury securities | 90,642 | — | — | 90,642 |
| U.S. agency securities | — | 20,001 | — | 20,001 |
| Commercial paper | — | 9,462 | — | 9,462 |
| Certificates of deposit | — | 6,020 | — | 6,020 |
| Corporate debt securities | — | 3,128 | — | 3,128 |
| Total included in cash equivalents | 288,352 | 38,611 | — | 326,963 |
| Marketable securities: | ||||
| U.S. treasury securities | 113,440 | — | — | 113,440 |
| Corporate debt securities | — | 390,077 | — | 390,077 |
| Certificates of deposit | — | 63,377 | — | 63,377 |
| International treasuries | — | 40,135 | — | 40,135 |
| Municipal securities | — | 34,966 | — | 34,966 |
| Commercial paper | — | 17,739 | — | 17,739 |
| U.S. agency securities | — | 9,983 | — | 9,983 |
| Total marketable securities | 113,440 | 556,277 | — | 669,717 |
| Mutual fund investments (1) | 2,646 | — | — | 2,646 |
| Total financial assets | $404,438 | $594,888 | $— | $999,326 |
(1)Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s consolidated balance sheets.
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2024 (in thousands):
| Level 1 | Level 2 | Level 3 | Total | |
|---|---|---|---|---|
| Financial Assets: | ||||
| Cash equivalents: | ||||
| Money market funds | $180,248 | $— | $— | $180,248 |
| U.S. treasury securities | 35,407 | — | — | 35,407 |
| Corporate debt securities | — | 699 | — | 699 |
| Total included in cash equivalents | 215,655 | 699 | — | 216,354 |
| Marketable securities: | ||||
| U.S. treasury securities | 112,471 | — | — | 112,471 |
| Corporate debt securities | — | 269,168 | — | 269,168 |
| Commercial paper | — | 43,051 | — | 43,051 |
| Certificates of deposit | — | 42,972 | — | 42,972 |
| U.S. agency securities | — | 35,892 | — | 35,892 |
| Municipal securities | — | 27,806 | — | 27,806 |
| International treasuries | — | 12,642 | — | 12,642 |
| Total marketable securities | 112,471 | 431,531 | — | 544,002 |
| Mutual fund investments (1) | 461 | — | — | 461 |
| Total financial assets | $328,587 | $432,230 | $— | $760,817 |
(1)Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of other assets in the Company’s consolidated balance sheets.
Interest income from the Company’s cash, cash equivalents, and marketable securities was $48.3 million, $28.1 million, and $17.7 million for the years ended April 30, 2025, 2024, and 2023, respectively, and is included in other income, net in the consolidated statements of operations.
As of April 30, 2025 and April 30, 2024, gross unrealized gains and losses on the marketable securities were insignificant. The fluctuations in market interest rates impacted the unrealized losses or gains on these securities.
The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands):
| As of April 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Due within 1 year | $368,374 | $298,876 |
| Due between 1 year and 3 years | 299,522 | 245,126 |
| Due between 3 years and 5 years | 1,821 | — |
| Total marketable securities | $669,717 | $544,002 |
Financial Liabilities
In July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 (the “Senior Notes”) in a private placement. Based on the trading prices of the Senior Notes, the fair value of the Senior Notes as of April 30, 2025 was approximately $543.3 million. While the Senior Notes are recorded at cost, the fair value of the Senior Notes was determined based on quoted prices in markets that are not active; accordingly, the Senior Notes are categorized as Level 2 for purposes of the fair value measurement hierarchy.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.