Elastic N.V.
For the period ended Oct 31, 2025. Filed Nov 24, 2025.
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Oct 31, 2025 · Filed Nov 24, 2025
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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 2036. 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 October 31, | Six Months Ended October 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Operating lease cost | $2,483 | $2,880 | $5,117 | $6,017 |
| Short-term lease cost | 654 | 660 | 1,324 | 1,200 |
| Variable lease cost | 510 | 325 | 985 | 727 |
| Total lease cost | $3,647 | $3,865 | $7,426 | $7,944 |
Lease term and discount rate information are summarized as follows:
| As ofOctober 31, 2025 | |
|---|---|
| Weighted average remaining lease term (in years) | 5.7 |
| Weighted average discount rate | 5.5% |
Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of October 31, 2025 were as follows (in thousands, by fiscal year):
| Remainder of 2026 | $4,491 |
| 2027 | 5,661 |
| 2028 | 3,396 |
| 2029 | 2,438 |
| 2030 | 1,347 |
| Thereafter | 7,006 |
| Total minimum lease payments | 24,339 |
| Less imputed interest | (3,938) |
| Present value of future minimum lease payments | 20,401 |
| Less current lease liabilities | (6,716) |
| Operating lease liabilities, non-current | $13,685 |
Future minimum lease payments as of October 31, 2025 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 six months ended October 31, 2025, the Company executed an operating lease agreement for an office space with an expected commencement date in the fourth quarter of fiscal 2026 and a lease term of approximately 8.5 years. The undiscounted future minimum lease payments as of October 31, 2025 are approximately $8.0 million.
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