Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________________________________________________________________________________________________________

FORM 10-Q

____________________________________________________________________________________________________________________________________________________________________________________________


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-38675

_____________________________________________________________________________________________________________________________________________________________________________________________

Elastic N.V.

(Exact name of registrant as specified in its charter)

____________________________________________________________________________________________________________________________________________________________________________________________


The Netherlands			98-1756035
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Not Applicable1

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: Not Applicable1

____________________________________________________________________________________________________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary shares, Par Value €0.01 Per Share

ESTC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 18, 2024, the registrant had 103,631,586 ordinary shares, par value €0.01 per share, outstanding.

1 We are a distributed company. Accordingly, we do not have a principal executive office. For purposes of compliance with applicable requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, any shareholder communication required to be sent to our principal executive offices may be directed to the email address ir@elastic.co or to Elastic N.V., 88 Kearny St., Floor 19, San Francisco, CA 94108.

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		Page
	Note Regarding Forward-Looking Statements	3
PART I.	FINANCIAL INFORMATION	5

Item 1.	Financial Statements (Unaudited)	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Loss	7
	Condensed Consolidated Statements of Shareholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows	10
	Notes to Condensed Consolidated Financial Statements (Unaudited)	11
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	40

PART II.	OTHER INFORMATION	41

Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	42
Signatures		43

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Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:

•our business strategy and our plan to build our business;

•the impact of macroeconomic conditions, including declining rates of economic growth, inflationary pressures, changing interest rates, and other conditions discussed in this report, on information technology spending, sales cycles, and other factors affecting the demand for our offerings and our results of operations;

•our initiatives and investments involving artificial intelligence (“AI”);

•our future financial performance, including our expectations regarding our revenue, cost of revenue, gross profit or gross margin, operating expenses (which include changes in sales and marketing, research and development and general and administrative expenses), and our ability to achieve and maintain future profitability;

•our ability to continue to deliver and improve our offerings and successfully develop new offerings;

•customer acceptance and purchase of our existing offerings and new offerings, including the expansion and adoption of our cloud-based offerings;

•the impact of geopolitical turmoil, such as the evolving conflict in Israel and Gaza and Russia’s war with Ukraine, on our business and on the businesses of our customers and partners, including their spending priorities;

•impacts of the 2024 U.S. elections;

•the impact that increased adoption of consumption-based arrangements could have on our revenue or operating results;

•the impact of changes to our licensing of our products, particularly Elasticsearch and Kibana;

•our assessments of the strength of our solutions and products;

•our service performance and security, including the resources and costs required to prevent, detect and remediate potential security breaches or incidents, including by threat actors;

•our ability to maintain and expand our user and customer base;

•continued development of the market for our products;

•competition from other products and companies with more resources, recognition and presence in our industry;

•the impact of foreign currency exchange rate and interest rate fluctuations on our results;

•the pace of change and innovation in the markets in which we operate and the competitive nature of those markets;

•our ability to effectively manage our growth, including any changes to our pace of hiring;

•our international expansion strategy;

•our strategy of acquiring complementary businesses and our ability to successfully integrate acquired businesses and technologies;

•the impact of acquisitions on our future product offerings;

•our objectives and expectations for future operations;

•our relationships with and reliance on third parties, including partners;

•our ability to protect our intellectual property rights;

•our ability to develop our brands;

•the impact on our results of operations of expensing stock options and other equity awards;

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•the sufficiency of our capital resources;

•our ability to successfully defend litigation brought against us;

•our ability to successfully execute our go-to-market strategy, including the positioning of our solutions and products, and to expand in our existing markets and into new markets;

•sufficiency of our liquidity sources to meet our cash needs for at least the next 12 months;

•our ability to comply with laws and regulations that currently apply or may become applicable to our business both in the United States and internationally;

•our ability to attract and retain qualified employees and key personnel;

•the effect of the loss of key personnel;

•our expectations about the impact of natural disasters and public health epidemics and pandemics on our business, results of operations and financial condition;

•the seasonality of our business;

•the future trading prices of our ordinary shares; and

•our ability to service our debt obligations.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe this information forms a reasonable basis for such statements, the information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and subject to the risks and other factors described in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on June 14, 2024. Among other limitations, our forward-looking statements may not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments that we may make. As a result, investors are cautioned not to place undue reliance on any forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events or circumstances on the date as of which such statements are made. We undertake no obligation to update any forward-looking statements after the date as of which they are made or to conform such statements to actual results or revised expectations, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements.

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PART I—FINANCIAL INFORMATION

Item 1. Financial Statements

Elastic N.V.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)
(unaudited)


	As of October 31, 2024		As of April 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	658,508	$	540,397
Restricted cash	3,320		2,692
Marketable securities	539,062		544,002
Accounts receivable, net of allowance for credit losses of $4,992 and $4,979 as of October 31, 2024 and April 30, 2024, respectively	256,068		323,011
Deferred contract acquisition costs	77,129		78,030
Prepaid expenses and other current assets	41,667		42,765
Total current assets	1,575,754		1,530,897
Property and equipment, net	5,005		5,453
Goodwill	319,417		319,380
Operating lease right-of-use assets	16,433		20,506
Intangible assets, net	14,506		20,620
Deferred contract acquisition costs, non-current	106,120		114,509
Deferred tax assets	187,204		225,544
Other assets	7,061		5,657
Total assets	$	2,231,500	$	2,242,566
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	23,557	$	26,075
Accrued expenses and other liabilities	75,979		75,292
Accrued compensation and benefits	72,511		93,691
Operating lease liabilities	10,525		12,187
Deferred revenue	608,157		663,846
Total current liabilities	790,729		871,091
Deferred revenue, non-current	37,548		30,293
Long-term debt, net	569,165		568,612
Operating lease liabilities, non-current	9,621		12,898
Other liabilities, non-current	12,919		21,487
Total liabilities	1,419,982		1,504,381
Commitments and contingencies (Notes 8 and 9)
Shareholders’ equity:
Preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2024 and April 30, 2024	—		—
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 103,631,086 shares issued and outstanding as of October 31, 2024 and 101,705,935 shares issued and outstanding as of April 30, 2024	1,091		1,070
Treasury stock	(369)		(369)
Additional paid-in capital	1,895,307		1,750,729
Accumulated other comprehensive loss	(18,227)		(21,638)
Accumulated deficit	(1,066,284)		(991,607)
Total shareholders’ equity	811,518		738,185
Total liabilities and shareholders’ equity	$	2,231,500	$	2,242,566

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Elastic N.V.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)
(unaudited)


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Revenue
Subscription	$	340,807	$	287,743	$	664,581	$	557,990
Services	24,554		22,869		48,200		46,375
Total revenue	365,361		310,612		712,781		604,365
Cost of revenue
Subscription	69,941		59,996		138,288		117,262
Services	23,238		20,093		46,648		40,304
Total cost of revenue	93,179		80,089		184,936		157,566
Gross profit	272,182		230,523		527,845		446,799
Operating expenses
Research and development	88,163		80,108		177,495		160,798
Sales and marketing	144,274		133,230		301,631		266,399
General and administrative	44,085		38,695		86,758		76,634
Restructuring and other related charges	86		29		225		754
Total operating expenses	276,608		252,062		566,109		504,585
Operating loss	(4,426)		(21,539)		(38,264)		(57,786)
Other income, net
Interest expense	(6,462)		(6,349)		(12,988)		(12,655)
Other income, net	9,106		8,239		20,314		15,539
Loss before income taxes	(1,782)		(19,649)		(30,938)		(54,902)
Provision for income taxes	23,668		5,147		43,739		18,402
Net loss	$	(25,450)	$	(24,796)	$	(74,677)	$	(73,304)
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.25)	$	(0.25)	$	(0.73)	$	(0.74)


Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted	103,238,740		99,073,401		102,761,588		98,507,725

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Elastic N.V.

Condensed Consolidated Statements of Comprehensive Loss

(in thousands)
(unaudited)


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Net loss	$	(25,450)	$	(24,796)	$	(74,677)	$	(73,304)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net of taxes	638		(196)		3,089		(1,607)
Foreign currency translation adjustments	601		(3,961)		322		(2,186)
Other comprehensive income (loss)	1,239		(4,157)		3,411		(3,793)
Total comprehensive loss	$	(24,211)	$	(28,953)	$	(71,266)	$	(77,097)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Elastic N.V.

Condensed Consolidated Statements of Shareholders’ Equity

(in thousands, except share data)
(unaudited)


	Ordinary Shares		Treasury Shares Amount			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Shareholders' Equity
		Shares			Amount



















Balances as of July 31, 2024		102,724,366	$	1,081		$	(369)	$	1,819,006	$	(19,466)	$	(1,040,834)	$	759,418
Issuance of ordinary shares upon exercise of stock options		110,768	2			—		1,780		—		—		1,782
Issuance of ordinary shares upon release of restricted stock units		629,190	6			—		(6)		—		—		—
Issuance of ordinary shares under employee stock purchase plan		166,762	2			—		10,462		—		—		10,464
Stock-based compensation		—	—			—		64,065		—		—		64,065
Net loss		—	—			—		—		—		(25,450)		(25,450)
Other comprehensive income		—	—			—		—		1,239		—		1,239
Balances as of October 31, 2024		103,631,086	$	1,091		$	(369)	$	1,895,307	$	(18,227)	$	(1,066,284)	$	811,518


	Ordinary Shares		Treasury Shares Amount			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Shareholders' Equity
		Shares			Amount
Balances as of July 31, 2023		98,377,727	$	1,035		$	(369)	$	1,532,543	$	(19,651)	$	(1,101,835)	$	411,723

Issuance of ordinary shares upon exercise of stock options		451,558	4			—		6,796		—		—		6,800
Issuance of ordinary shares upon release of restricted stock units		575,872	7			—		(7)		—		—		—
Issuance of ordinary shares under employee stock purchase plan		194,105	2			—		9,109		—		—		9,111
Stock-based compensation		—	—			—		56,455		—		—		56,455
Net loss		—	—			—		—		—		(24,796)		(24,796)
Other comprehensive loss		—	—			—		—		(4,157)		—		(4,157)
Balances as of October 31, 2023		99,599,262	$	1,048		$	(369)	$	1,604,896	$	(23,808)	$	(1,126,631)	$	455,136

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Elastic N.V.

Condensed Consolidated Statements of Shareholders’ Equity

(in thousands, except share data)
(unaudited)


	Ordinary Shares		Treasury Shares Amount			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Shareholders' Equity
		Shares			Amount













Balances as of April 30, 2024		101,705,935	$	1,070		$	(369)	$	1,750,729	$	(21,638)	$	(991,607)	$	738,185
Issuance of ordinary shares upon exercise of stock options		423,576	5			—		6,522		—		—		6,527
Issuance of ordinary shares upon release of restricted stock units		1,334,813	14			—		(14)		—		—		—
Issuance of ordinary shares under employee stock purchase plan		166,762	2			—		10,462		—		—		10,464
Stock-based compensation		—	—			—		127,608		—		—		127,608
Net loss		—	—			—		—		—		(74,677)		(74,677)
Other comprehensive income		—	—			—		—		3,411		—		3,411
Balances as of October 31, 2024		103,631,086	$	1,091		$	(369)	$	1,895,307	$	(18,227)	$	(1,066,284)	$	811,518


	Ordinary Shares		Treasury Shares Amount			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total Shareholders' Equity
		Shares			Amount
Balances as of April 30, 2023		97,366,947	$	1,024		$	(369)	$	1,471,584	$	(20,015)	$	(1,053,327)	$	398,897

Issuance of ordinary shares upon exercise of stock options		715,386	7			—		10,636		—		—		10,643
Issuance of ordinary shares upon release of restricted stock units		1,322,824	15			—		(15)		—		—		—
Issuance of ordinary shares under employee stock purchase plan		194,105	2			—		9,109		—		—		9,111
Stock-based compensation		—	—			—		113,582		—		—		113,582
Net loss		—	—			—		—		—		(73,304)		(73,304)
Other comprehensive loss		—	—			—		—		(3,793)		—		(3,793)
Balances as of October 31, 2023		99,599,262	$	1,048		$	(369)	$	1,604,896	$	(23,808)	$	(1,126,631)	$	455,136

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Elastic N.V.

Condensed Consolidated Statements of Cash Flows

(in thousands)
(unaudited)


	Six Months Ended October 31,
	2024		2023
Cash flows from operating activities
Net loss	$	(74,677)	$	(73,304)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	7,738		9,781
Amortization of premium and accretion of discount on marketable securities, net	(4,126)		(3,646)
Amortization of deferred contract acquisition costs	47,175		35,952
Amortization of debt issuance costs	553		529
Non-cash operating lease cost	5,455		5,270

Stock-based compensation expense	127,608		113,582

Deferred income taxes	38,376		427
Unrealized foreign currency transaction loss	2,216		422
Other	(14)		(18)
Changes in operating assets and liabilities:
Accounts receivable, net	68,081		26,972
Deferred contract acquisition costs	(37,178)		(43,421)
Prepaid expenses and other current assets	1,174		2,143
Other assets	(1,452)		1,556
Accounts payable	(2,335)		118
Accrued expenses and other liabilities	(8,136)		(1,393)
Accrued compensation and benefits	(21,480)		(10,773)
Operating lease liabilities	(6,407)		(6,194)
Deferred revenue	(51,440)		(22,578)
Net cash provided by operating activities	91,131		35,425
Cash flows from investing activities
Purchases of property and equipment	(1,462)		(1,528)

Purchases of marketable securities	(166,253)		(178,301)
Sales, maturities, and redemptions of marketable securities	178,482		75,292


Net cash provided by (used in) investing activities	10,767		(104,537)
Cash flows from financing activities

Proceeds from issuance of ordinary shares under employee stock purchase plan	10,464		9,111
Proceeds from issuance of ordinary shares upon exercise of stock options	6,527		10,643



Net cash provided by financing activities	16,991		19,754
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(150)		(4,790)
Net increase (decrease) in cash, cash equivalents, and restricted cash	118,739		(54,148)
Cash, cash equivalents, and restricted cash, beginning of period	543,089		646,640
Cash, cash equivalents, and restricted cash, end of period	$	661,828	$	592,492
Supplemental disclosures of cash flow information
Cash paid for interest	$	12,436	$	12,127
Cash paid for income taxes, net	$	12,587	$	14,990
Cash paid for operating lease liabilities	$	7,052	$	6,790
Supplemental disclosures of non-cash investing and financing information
Property and equipment included in accounts payable	$	88	$	79
Operating lease right-of-use assets for new lease obligations	$	1,348	$	3,584

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Elastic N.V.

Notes to Condensed Consolidated Financial Statements
(unaudited)


Note		Page
1.	Organization and Description of Business	12
2.	Summary of Significant Accounting Policies	12
3.	Revenue	13
4.	Fair Value Measurements	14
5.	Acquisitions	17
6.	Balance Sheet Components	17
7.	Senior Notes	19
8.	Commitments and Contingencies	20
9.	Leases	20
10.	Ordinary Shares	21
11.	Equity Incentive Plans	22
12.	Net Loss Per Share Attributable to Ordinary Shareholders	24
13.	Income Taxes	24
14.	Employee Benefit Plans	25
15.	Segment Information	25

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1. Organization and Description of Business

Elastic N.V. (individually and together with its consolidated subsidiaries, “Elastic” or the “Company”) was incorporated under the laws of the Netherlands in 2012. The Company created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization on that data. Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems. The Company offers three software solutions built into the Elastic Stack: Search, Observability, and Security. The Elastic Stack and the Company’s solutions are designed to run across hybrid clouds, public or private clouds, and multi-cloud environments.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying interim condensed consolidated balance sheet as of October 31, 2024, interim condensed consolidated statements of operations, comprehensive loss, and shareholders’ equity for the three and six months ended October 31, 2024 and 2023, and interim condensed consolidated statements of cash flows for the six months ended October 31, 2024 and 2023 are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all normal recurring adjustments necessary to fairly state the Company’s financial position as of October 31, 2024; results of the Company’s operations for the three and six months ended October 31, 2024 and 2023; statements of shareholders’ equity for the three and six months ended October 31, 2024 and 2023; and statements of cash flows for the six months ended October 31, 2024 and 2023. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three and six month periods are also unaudited. The results for the three and six months ended October 31, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2025, or any other future period.

The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation.

Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet data as of April 30, 2024 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on June 14, 2024 (the “Company’s Annual Report on Form 10-K”).

Fiscal Year

The Company’s fiscal year ends on April 30. References to fiscal 2025, for example, refer to the fiscal year ending April 30, 2025.

Use of Estimates and Judgments

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions include, but are not limited to, standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.

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Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements.

Significant Accounting Policies

There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K that have had a material impact on its condensed consolidated financial statements and related notes.

Recently Adopted Accounting Pronouncements

The Company did not adopt any accounting pronouncements during the six months ended October 31, 2024.

New Accounting Pronouncements Not Yet Adopted

Segment Reporting: In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2024 and interim periods within fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

Income Taxes: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures. The new guidance requires consistent categories and greater disaggregation of information in the tax rate reconciliation and information about income taxes paid disaggregated by jurisdiction. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

Comprehensive Income: In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring more detailed disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027 and interim periods within fiscal years beginning after April 30, 2028. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

3. Revenue

Disaggregation of Revenue

The following table presents revenue by category (in thousands):


	Three Months Ended October 31,								Six Months Ended October 31,
	2024				2023				2024				2023
	Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue
Elastic Cloud	$	168,835	46	%	$	134,989	43	%	$	326,116	46	%	$	256,161	42	%
Other subscription	171,972		47	%	152,754		50	%	338,465		47	%	301,829		50	%
Total subscription	340,807		93	%	287,743		93	%	664,581		93	%	557,990		92	%
Services	24,554		7	%	22,869		7	%	48,200		7	%	46,375		8	%
Total revenue	$	365,361	100	%	$	310,612	100	%	$	712,781	100	%	$	604,365	100	%

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Concentration of Credit Risk

One customer, a channel partner, accounted for 16% and 13% of net accounts receivable as of October 31, 2024 and April 30, 2024, respectively. The same customer accounted for 12% of total revenue during the three and six months ended October 31, 2024 and 10% of total revenue during the three and six months ended October 31, 2023.

Deferred Revenue

The Company recognized revenue of $459.7 million and $371.2 million during the six months ended October 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 October 31, 2024 and April 30, 2024, unbilled accounts receivable was $3.3 million and $2.5 million, respectively.

Remaining Performance Obligations

As of October 31, 2024, the Company had $1.266 billion of remaining performance obligations. As of October 31, 2024, the Company expects to recognize approximately 91% 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 $24.0 million and $47.2 million for the three and six months ended October 31, 2024, respectively, and $18.4 million and $36.0 million for the three and six months ended October 31, 2023, respectively. The Company did not recognize any impairment of deferred contract acquisition costs for the three and six months ended October 31, 2024 and 2023.

4. Fair Value Measurements

Financial Assets

The Company measures financial assets and liabilities that are measured at fair value on a recurring basis at each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company considers all highly liquid investments, including money market funds with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company’s marketable securities are classified as available for sale and considered to be available for use in current operations and, therefore, the Company classifies them within current assets on the condensed consolidated balance sheet.

The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments. For Level 2 investments, the Company uses inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.

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The following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	204,327	$	—	$	—	$	204,327
U.S. treasury securities	29,891		—		—		29,891


Certificates of deposit	—		4,475		—		4,475
Commercial paper	—		1,991		—		1,991
Total included in cash equivalents	234,218		6,466		—		240,684

Marketable securities:
Certificates of deposit	—		35,595		—		35,595
Commercial paper	—		30,049		—		30,049
Municipal securities	—		25,394		—		25,394
U.S. treasury securities	107,730		—		—		107,730
International treasuries	—		21,912		—		21,912
Corporate debt securities	—		287,154		—		287,154
U.S. agency bonds	—		31,228		—		31,228
Total marketable securities	107,730		431,332		—		539,062

Mutual fund investments (1)	1,609		—		—		1,609
Total financial assets	$	343,557	$	437,798	$	—	$	781,355

(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 condensed consolidated balance sheets.

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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:
Certificates of deposit	—		42,972		—		42,972
Commercial paper	—		43,051		—		43,051
Municipal securities	—		27,806		—		27,806
U.S. treasury securities	112,471		—		—		112,471
International treasuries	—		12,642		—		12,642
Corporate debt securities	—		269,168		—		269,168
U.S. agency bonds	—		35,892		—		35,892
Total marketable securities	112,471		431,531		—		544,002

Mutual fund investments (1)	461		—		—		461
Total financial assets	$	328,587	$	432,230	$	—	$	760,817

Interest income from the Company’s cash, cash equivalents, and marketable securities was $10.9 million and $22.2 million for the three and six months ended October 31, 2024, respectively, and $7.1 million and $13.2 million for the three and six months ended October 31, 2023, respectively, and is included in Other income, net in the condensed consolidated statements of operations.

As of October 31, 2024 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 October 31, 2024		As of April 30, 2024
Due within 1 year	$	316,778	$	298,876
Due between 1 year and 3 years	222,284		245,126

Total marketable securities	$	539,062	$	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 October 31, 2024 was approximately $531.5 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.

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5. Acquisitions

Opster Ltd.

On November 30, 2023, the Company acquired 100% of the share capital of Opster Ltd. (“Opster”) for a total purchase consideration of $23.0 million. The purchase consideration includes $3.0 million held back by the Company for indemnity obligations which will be released upon the 18-month anniversary of the acquisition.

The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, and, accordingly, the total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The total purchase price allocated to developed technology and goodwill was $6.0 million and $15.9 million, respectively. The fair value assigned to developed technology was determined using the cost to recreate approach. The developed technology asset is being amortized on a straight-line basis over the useful life of 5 years, which approximates the pattern in which the developed technology is utilized. Goodwill resulted primarily from the expectation of enhancing the efficiency and management of the Elastic Stack and is not deductible for income tax purposes.

The financial results of Opster have been included in the Company’s condensed consolidated results of operations since the acquisition date. Pro forma and historical results of operations for this acquisition have not been presented as they were not material to the condensed consolidated results of operations.

6. 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 of October 31, 2024		As of April 30, 2024
Leasehold improvements	Lesser of estimated useful life or remaining lease term	$	13,041	$	12,683
Computer hardware and software	3	3,889		3,464
Furniture and fixtures	3-5	7,363		7,395
Assets under construction		572		428
Total property and equipment		24,865		23,970
Less: accumulated depreciation		(19,860)		(18,517)
Property and equipment, net		$	5,005	$	5,453

Depreciation expense related to property and equipment was $0.7 million and $1.6 million for the three and six months ended October 31, 2024, respectively, and $0.8 million and $1.7 million for the three and six months ended October 31, 2023, respectively.

Intangible Assets, Net

Intangible assets consisted of the following as of October 31, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life (in years)
Developed technology	$	76,130	$	61,599	$	14,531	2.6



Foreign currency translation adjustment					(25)
Total					$	14,506

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Intangible assets consisted of the following as of April 30, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful 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 and six months ended October 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue – subscription	$	2,835	$	2,977	$	6,110	$	5,953
Sales and marketing	—		911		—		2,143
Total amortization of acquired intangible assets	$	2,835	$	3,888	$	6,110	$	8,096

The expected future amortization expense related to the intangible assets as of October 31, 2024 was as follows (in thousands, by fiscal year):


Remainder of 2025	$	3,101
2026	6,256
2027	3,244
2028	1,202
2029	703

Total	$	14,506

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 October 31, 2024	$	319,417

There was no impairment of goodwill during the six months ended October 31, 2024 and 2023.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of October 31, 2024		As of April 30, 2024
Accrued expenses	$	39,815	$	34,779
Income taxes payable	8,365		10,596
Value added taxes payable	5,816		8,849
Accrued interest	6,918		6,918
Other	15,065		14,150
Total accrued expenses and other liabilities	$	75,979	$	75,292

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Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following (in thousands):


	As of October 31, 2024		As of April 30, 2024
Accrued vacation	$	36,478	$	35,005
Accrued commissions	13,146		34,339
Accrued payroll and withholding taxes	8,026		9,830
Other	14,861		14,517
Total accrued compensation and benefits	$	72,511	$	93,691

Allowance for Credit Losses

The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):


	Six Months Ended October 31,
	2024		2023
Beginning balance	$	4,979	$	3,409
Bad debt expense	1,991		1,660
Accounts written off	(1,978)		(1,500)
Ending balance	$	4,992	$	3,569

7. Senior Notes

In July 2021, the Company issued $575.0 million aggregate principal amount of Senior Notes in a private placement.

Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year. The Company received net proceeds from the offering of the Senior Notes of $565.7 million after deducting underwriting commissions of $7.2 million and incurred additional issuance costs of $2.1 million. Total debt issuance costs of $9.3 million are being amortized to interest expense using the effective interest method over the term of the Senior Notes. The Company may at its election redeem all or a part of the Senior Notes on or after July 15, 2024, on any one or more occasions, at the redemption prices set forth in the indenture governing the Senior Notes (the “Indenture”), plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. The Company may also at its election redeem the Senior Notes in whole, but not in part, at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, if certain changes in tax law occur as set forth in the Indenture.

If the Company experiences a change of control triggering event (as defined in the Indenture), the Company must offer to repurchase the Senior Notes at a repurchase price equal to 101% of the principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to the repurchase date.

The Indenture contains covenants limiting the Company’s ability and the ability of certain subsidiaries to create liens on certain assets to secure debt; grant a subsidiary guarantee of certain debt without also providing a guarantee of the Senior Notes; and consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to, another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the Senior Notes are rated investment grade by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services.

The net carrying amount of the Senior Notes was as follows (in thousands):


	As of October 31, 2024		As of April 30, 2024
Principal	$	575,000	$	575,000
Unamortized debt issuance costs	(5,835)		(6,388)
Net carrying amount	$	569,165	$	568,612

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The following table sets forth the interest expense recognized related to the Senior Notes (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Contractual interest expense	$	5,930	$	5,930	$	11,859	$	11,859
Amortization of debt issuance costs	278		266		553		529
Total interest expense related to the Senior Notes	$	6,208	$	6,196	$	12,412	$	12,388

8. Commitments and Contingencies

Cloud Hosting Commitments

During the six months ended October 31, 2024, there were no material changes, outside the ordinary course of business, to the Company’s contractual obligations and commitments reported in the Company's Annual Report on Form 10-K.

Letters of Credit

The Company had a total of $3.1 million in letters of credit outstanding as of October 31, 2024, primarily in favor of certain landlords for office space.

Legal Matters

From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, results of operations, financial position or cash flows.

The Company accrues estimates for resolution of legal and other contingencies when losses are probable and reasonably estimable.

Indemnification

The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company to date has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions.

In addition, the Company indemnifies its officers, directors and certain key employees against certain liabilities that may arise as a result of their affiliation with the Company. To date, there have been no claims under any indemnification provisions.

9. 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 October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Operating lease cost	$	2,880	$	2,985	$	6,017	$	5,840
Short-term lease cost	660		500		1,200		974
Variable lease cost	325		285		727		522
Total lease cost	$	3,865	$	3,770	$	7,944	$	7,336

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Lease term and discount rate information are summarized as follows:


	As of October 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 October 31, 2024 were as follows (in thousands, by fiscal year):


Remainder of 2025	$	5,892
2026	8,618
2027	3,461
2028	2,383
2029	1,053
Thereafter	70
Total minimum lease payments	21,477
Less imputed interest	(1,331)
Present value of future minimum lease payments	20,146
Less current lease liabilities	(10,525)
Operating lease liabilities, non-current	$	9,621

Future minimum lease payments as of October 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 six months ended October 31, 2024, the Company executed an operating lease agreement for an office space with an expected commencement date in the fourth quarter of fiscal 2025. The lease term is approximately 11 years with undiscounted future minimum lease payments of approximately $12.4 million.

10. Ordinary Shares

The Company’s authorized ordinary share capital pursuant to its articles of association amounts to 165 million ordinary shares at a par value per ordinary share of €0.01.

Each holder of ordinary shares has the right to one vote per ordinary share. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when proposed by the Company’s board of directors and adopted by the general meeting of shareholders, subject to the prior rights of holders of all classes of shares outstanding having priority rights to dividends. No dividends have been declared from the Company’s inception through October 31, 2024.

The board of directors has been authorized by the general meeting of shareholders, on the Company’s behalf, to issue the Company’s ordinary shares and grant rights to acquire the Company’s ordinary shares in an amount up to 20% of the issued share capital of the Company as of August 21, 2024. This authorization is valid for a period of 18 months from October 1, 2024, the date of such general meeting of shareholders, until April 1, 2026.

Ordinary Shares Reserved for Issuance

The Company has reserved ordinary shares for issuance as follows:


	As of October 31, 2024	As of April 30, 2024
Stock options issued and outstanding	2,211,460	2,640,423
RSUs issued and outstanding	6,152,185	7,076,836
Available for future grants	24,933,247	20,252,732
Available for 2022 ESPP	5,488,073	5,654,835
Total ordinary shares reserved	38,784,965	35,624,826

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Preference Shares

The Company’s authorized preference share capital pursuant to its articles of association amounts to 165 million preference shares at a par value per preference share of €0.01. Each holder of preference shares has rights and preferences, including the right to one vote per preference share. As of October 31, 2024, there were no preference shares issued or outstanding.

Preference shares in the capital of the Company may currently only be issued pursuant to a resolution adopted by the general meeting of shareholders at the proposal of the board of directors.

11. Equity Incentive Plans

2022 Employee Stock Purchase Plan

In August 2022, the Company’s board of directors adopted and, in October 2022, the Company’s shareholders approved the 2022 Employee Stock Purchase Plan (“2022 ESPP”). The Company reserved 6.0 million of the Company’s ordinary shares for future purchase and issuance under the 2022 ESPP in January 2023. The 2022 ESPP allows eligible employees to acquire ordinary shares of the Company at a discount at periodic intervals through accumulated payroll deductions. Eligible employees purchase ordinary shares of the Company during a purchase period at 85% of the market value of the Company’s ordinary shares at either the beginning or end of an offering period, whichever is lower. Offering periods under the 2022 ESPP are approximately six months long and begin on each of March 16 or September 16 or the next trading day thereafter.

For the three and six months ended October 31, 2024, there were 166,762 ordinary shares purchased under the 2022 ESPP. Stock-based compensation expense recognized related to the 2022 ESPP was $2.3 million and $4.5 million for the three and six months ended October 31, 2024, respectively, and $1.8 million and $3.6 million for the three and six months ended October 31, 2023, respectively.

2012 Stock Option Plan

In September 2012, the Company’s board of directors adopted and the Company’s shareholders approved the 2012 Stock Option Plan, which was amended and restated in September 2018 and further amended in December 2021 (as amended and restated, the “2012 Plan”). Under the 2012 Plan, the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as restricted stock units (“RSUs”) (which include some performance share units) to eligible employees, directors, and consultants to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors and consultants, and to promote the success of the Company’s business.

The Company’s board of directors, compensation committee, or other duly authorized committee determines the vesting schedule for all equity-based awards. Stock options and RSUs granted to employees generally vest over four years, subject to the employees’ continued service to the Company. The Company’s compensation committee may explicitly deviate from the general vesting schedules in its approval of an equity-based award as it may deem appropriate. Stock options expire ten years after the date of grant. Stock options and RSUs that are canceled under certain conditions become available for future grant or sale under the 2012 Plan unless the 2012 Plan is terminated.

The equity awards available for grant were as follows:


			Six Months Ended October 31, 2024
Available at beginning of fiscal year			20,252,732
Shares authorized			5,085,297

Options canceled			5,380
RSUs granted			(884,162)
RSUs canceled			474,000

Available at end of period			24,933,247

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Stock Options

The following table summarizes stock option activity:


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted- Average Exercise Price		Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)






Balance as of April 30, 2024	2,640,423	$	38.23	4.67	$	178,081

Stock options exercised	(423,576)	$	15.41
Stock options canceled	(5,380)	$	13.20
Stock options assumed in acquisition canceled	(7)	$	76.82
Balance as of October 31, 2024	2,211,460	$	42.66	4.31	$	97,998
Exercisable as of October 31, 2024	2,048,279	$	38.84	4.10	$	97,614

Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase the Company’s ordinary shares and the fair value of the Company’s ordinary shares. No stock options were granted during the three and six months ended October 31, 2024 and 2023.

As of October 31, 2024, the Company had unrecognized stock-based compensation expense of $7.7 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 1.26 years.

RSUs

The following table summarizes RSU activity under the 2012 Plan:


	Number of Awards	Weighted-Average Grant Date Fair Value




Outstanding and unvested at April 30, 2024	7,076,836	$	85.38
RSUs granted	884,162	$	101.51
RSUs released	(1,334,813)	$	87.56
RSUs canceled	(474,000)	$	84.18
Outstanding and unvested at October 31, 2024	6,152,185	$	87.31

As of October 31, 2024, the Company had unrecognized stock-based compensation expense of $490.6 million related to RSUs that the Company expects to recognize over a weighted-average period of 2.49 years.

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue
Subscription	$	2,244	$	2,117	$	4,541	$	4,300
Services	3,422		2,853		6,889		5,649
Research and development	24,223		21,964		48,244		44,400
Sales and marketing	20,822		18,175		41,901		37,014
General and administrative	13,354		11,346		26,033		22,219


Total stock-based compensation expense	$	64,065	$	56,455	$	127,608	$	113,582

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12. Net Loss Per Share Attributable to Ordinary Shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Numerator:
Net loss	$	(25,450)	$	(24,796)	$	(74,677)	$	(73,304)
Denominator:
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted	103,238,740		99,073,401		102,761,588		98,507,725


Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.25)	$	(0.25)	$	(0.73)	$	(0.74)

The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive:


	Three Months Ended October 31,		Six Months Ended October 31,
	2024	2023	2024	2023
Stock options	2,211,460	3,225,368	2,211,460	3,225,368
RSUs	6,152,185	6,593,346	6,152,185	6,593,346
2022 ESPP	214,690	159,142	214,690	159,142

Total	8,578,335	9,977,856	8,578,335	9,977,856

13. Income Taxes

The Company is incorporated in the Netherlands but operates in various countries with differing tax laws and rates. The Company recorded a provision for income taxes of $23.7 million and $43.7 million for the three and six months ended October 31, 2024, respectively, and $5.1 million and $18.4 million for the three and six months ended October 31, 2023, respectively. The Company’s effective tax rate is affected by recurring items, such as tax rates in jurisdictions outside the Netherlands and the relative amounts of income that is earned in those jurisdictions, non-deductible stock-based compensation as well as one-time tax benefits or charges and Base Erosion and Anti-abuse Tax (the “BEAT”) legislation in the U.S. For the six months ended October 31, 2024, the provision for income taxes includes a one-time charge of $2.2 million associated with acquisition-related integration. The calculation of income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income before tax plus the tax effect of any significant unusual items, discrete events, or changes in tax law.

The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax. The Company anticipates that the amount of reasonably possible unrecognized tax benefits that could decrease over the next twelve months due to the expiration of certain statutes of limitations and settlement of tax audits is not material to the Company’s condensed consolidated financial statements.

In 2021, the Organization for Economic Cooperation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules concerning the implementation of the Pillar Two global minimum tax. A number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. Pillar Two did not have a significant impact on the Company’s condensed consolidated financial statements for the three and six months ended October 31, 2024. Although the Company is monitoring developments and evaluating the potential impact on future periods, the Company does not expect Pillar Two to have a significant impact on its consolidated financial statements for the fiscal year ending April 30, 2025. The Company continues to monitor the impact of proposed and enacted global tax legislation.

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14. Employee Benefit Plans

The Company has a defined-contribution plan in the United States intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company has contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all the expenses incurred for administering the 401(k) Plan are paid by the Company. The 401(k) Plan covers substantially all U.S. employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company makes contributions to the 401(k) Plan of up to 6% of the participating employee’s W-2 earnings and wages. The Company recorded $4.6 million and $9.8 million of expense for the three and six months ended October 31, 2024, respectively, and $4.3 million and $9.1 million for the three and six months ended October 31, 2023, respectively, related to the 401(k) Plan.

The Company also has defined-contribution plans in certain other countries for which the Company recorded $3.4 million and $7.4 million of expense for the three and six months ended October 31, 2024, respectively, and $2.8 million and $5.9 million for the three and six months ended October 31, 2023, respectively.

15. Segment Information

The following table summarizes the Company’s total revenue by geographic area based on the location of customers (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
United States	$	206,614	$	180,976	$	404,903	$	351,215
Rest of world	158,747		129,636		307,878		253,150
Total revenue	$	365,361	$	310,612	$	712,781	$	604,365

Other than the United States, no individual country accounted for 10% or more of total revenue during the periods presented.

The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands):


	As of October 31, 2024		As of April 30, 2024
United States	$	7,442	$	10,571
The Netherlands	3,173		3,716
United Kingdom	3,019		3,470
India	2,566		2,167
Rest of world	5,238		6,035
Total long-lived assets	$	21,438	$	25,959

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our Management’s Discussion and Analysis of Financial Condition and Results of Operations and audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2024. As discussed in the section titled “Note Regarding Forward-Looking Statements,” the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed below. Factors that could cause or contribute to such difference include, but are not limited to, those identified below and those discussed in our risk factors disclosed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on June 14, 2024 (the “Company’s Annual Report on Form 10-K”).

Our fiscal year end is April 30, and our fiscal quarters end on July 31, October 31, January 31, and April 30. Our fiscal year ended April 30, 2024 is referred to as fiscal 2024, and our fiscal year ending April 30, 2025 is referred to as fiscal 2025.

Overview

Elastic, the Search AI Company, enables our customers to find the answers they need in real time, using all of their data, at scale. Our platform combines the power of search with AI to help companies solve real-time business problems, unlock potential value, and achieve better outcomes. Our platform, available as both a hosted, managed service across public clouds as well as self-managed software, allows our customers to find insights and drive AI and machine learning use cases from large amounts of data.

We offer three search-powered solutions – Search, Observability, and Security – that are built on the platform. We help organizations, their employees, and their customers find what they need faster, while keeping mission-critical applications running smoothly, and protecting against cyber threats.

Our platform is built on the Elastic Stack, a powerful set of software products that ingest data from any source, in any format, and perform search, analysis, and visualization of that data. At the core of the Elastic Stack is Elasticsearch - a highly scalable document store and search engine, and the unified data store for all of our solutions and use cases. Our platform also includes the Elasticsearch Relevance EngineTM (“ESRE”), which combines advanced AI with Elastic’s text search to give developers a full suite of sophisticated retrieval algorithms and the ability to integrate with large language models. The Elastic Stack can be used by developers and IT decision makers to power a variety of use cases. It is a distributed, real-time vector search and analytics engine and data store for all types of data, including textual, numerical, geospatial, structured, and unstructured.

We make our platform available as a hosted, managed service across major cloud providers. Customers can also deploy our platform across hybrid clouds, public or private clouds, and multi-cloud environments. As digital transformation drives mission-critical business functions to the cloud, we believe that every company must incorporate search AI capabilities across IT and line-of-business organizations to find the answers that matter from all of its data in real-time and at scale.

Our business model is based primarily on a combination of a paid Elastic-managed hosted service offering and paid and free proprietary self-managed software. Our paid offerings for our platform are sold via subscription through resource-based pricing, and all customers and users have access to varying levels of features across all solutions. In Elastic Cloud, our family of cloud-based offerings, we offer various subscription tiers tied to different features. For users who download our software, we make some of the features of our software available free of charge, allowing us to engage with a broad community of developers and practitioners and introduce them to the value of the Elastic Stack. We believe in the importance of an open software development model, and we develop the majority of our software in public repositories as open code under a proprietary license. Unlike some companies, we do not build an enterprise version that is separate from our free distribution. We maintain a single code base across both our self-managed software and Elastic-hosted services. All of these actions help us build a powerful commercial business model that we believe is optimized for product-driven growth.

We generate revenue primarily from sales of subscriptions to our platform. We offer various paid subscription tiers that provide different levels of rights to use proprietary features and access to support. We do not sell support separately. Our subscription agreements typically range from one to three years and are usually billed annually in advance. Our subscription agreements are both term-based and consumption-based, with the vast majority of Elastic Cloud subscriptions being consumption-based. We sell subscriptions in various currencies, with the majority of our subscriptions contracted in U.S. dollars, and a smaller portion contracted in Euro, British Pound Sterling, and other currencies. Elastic Cloud customers may also purchase subscriptions on a month-to-month basis without a commitment, with usage billed at the end of each month. Subscriptions accounted for 93% and 92% of total revenue for the six months ended October 31, 2024 and 2023, respectively. We also generate revenue from consulting and training services.

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We make it easy for users to begin using our products in order to drive rapid adoption. Users can either sign up for a free trial on Elastic Cloud or download our software directly from our website without any sales interaction, and immediately begin using the full set of features. Users can also sign up for Elastic Cloud through public cloud marketplaces. We conduct low-touch campaigns to keep users and customers engaged once they have begun using Elastic Cloud or have downloaded our software. As of October 31, 2024, we had approximately 21,300 customers compared to approximately 20,700 customers as of October 31, 2023. The majority of our new customers use Elastic Cloud. We define a customer as an entity that generated revenue in the quarter ending on the measurement date from an annual or month-to-month subscription. Affiliated entities are typically counted as a single customer.

Many of these customers start with limited initial spending on our products but can significantly increase their spending over time. We drive high-touch engagement with qualified prospects and customers to drive further awareness, adoption, and expansion of our products with paid subscriptions. Expansion includes increasing the number of developers and practitioners using our products, increasing the utilization of our products for a particular use case, and utilizing our products to address new use cases. The number of customers who represented greater than $100,000 in annual contract value (“ACV”) was over 1,420 and over 1,220 as of October 31, 2024 and 2023, respectively. The ACV of a customer’s commitments is calculated based on the terms of that customer’s subscriptions, and represents the total committed annual subscription amount as of the measurement date. Month-to-month subscriptions are not included in the calculation of ACV.

Our sales teams are organized primarily by geography and secondarily by customer segments. They focus on both seeking to obtain new customers and on pursuing additional sales to existing customers. In addition to our direct sales efforts, we maintain partnerships to further extend our reach and awareness of our products around the world.

We continue to make substantial investments in developing the Elastic Stack and expanding our global sales and marketing footprint. With a distributed team spanning over 35 countries, we are able to recruit, hire, and retain high-quality, experienced technical and sales personnel and operate at a rapid pace to drive product releases, fix bugs, and create and market new products. We had 3,372 employees as of October 31, 2024.

Current Economic Conditions

Macroeconomic events, including a possible resurgence in inflation, fluctuations in economic growth, and political unrest, continue to evolve and impact worldwide economic activity. Governmental and corporate responses to these factors, including changing interest rates and unpredictable and decreased spending, will continue to affect the macroeconomic conditions. We have experienced and, if economic conditions deteriorate, may continue to experience longer and more unpredictable sales cycles, increased scrutiny of deals, slowing consumption and overall customer expenditures, and the impacts of changing foreign exchange rates with a strengthening or weakening U.S. dollar. We continue to closely monitor the macroeconomic environment and its effects on our business and on global economic activity, including customer spending behavior. For a discussion of these risks, see “Item 1A. Risk Factors” of the Company's Annual Report on Form 10-K.

Key Factors Affecting our Performance

We believe that the growth and future success of our business depends on many factors, including those described below. While each of these factors presents significant opportunities for our business, they also pose important challenges that we must successfully address in order to sustain our growth and improve our results of operations.

Increasing adoption of Elastic Cloud. Elastic Cloud, our family of cloud-based offerings, is an important growth opportunity for our business. Organizations are increasingly looking for hosted deployment alternatives with reduced administrative burdens. In some cases, users of our source available software that have been self-managing deployments of the Elastic Stack subsequently become paying subscribers of Elastic Cloud. For the six months ended October 31, 2024 and 2023, Elastic Cloud contributed 46% and 42% of our total revenue, respectively. We believe that offering Elastic Cloud is important for achieving our long-term growth potential, and we expect Elastic Cloud’s contribution to our subscription revenue to continue to increase over time. However, we expect that an increase in the relative contribution of Elastic Cloud to our business will continue to have a modest adverse impact on our gross margin as a result of the associated third-party hosting costs.

Growing the Elastic community. Our strategy consists of providing access to source available software, on both a paid and free-of-charge basis, and fostering a community of users and developers. Our strategy is designed to pursue what we believe to be significant untapped potential for the use of our technology. After developers begin to use our software and start to participate in our developer community, they become more likely to apply our technology to additional use cases and promote our technology within their organizations. This reduces the time required for our sales force to educate potential customers on our solutions. To capitalize on our opportunity, we intend to make further investments to keep the Elastic Stack accessible and well known to software developers around the world. We intend to continue to invest in our products and support and engage our user base and developer community through content, events, and conferences in the United States and internationally. Our results of operations may fluctuate as we make these investments.

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Developing new features for the Elastic Stack. The Elastic Stack is applied to various use cases by customers, including through the solutions we offer. Our revenue is derived primarily from subscriptions of Search, Observability and Security built into the Elastic Stack. We believe that releasing additional features of the Elastic Stack, including our solutions, drives usage of our products and ultimately drives our growth. To that end, we plan to continue to invest in building new features and solutions that expand the capabilities of the Elastic Stack. These investments may adversely affect our operating results prior to generating benefits, to the extent that they ultimately generate benefits at all.

Growing our customer base by converting users of our software to paid subscribers. Our financial performance depends on growing our paid customer base by converting free users of our software into paid subscribers. Our distribution model has resulted in rapid adoption by developers around the world. We have invested, and expect to continue to invest, heavily in sales and marketing efforts to convert additional free users to paid subscribers. Our investment in sales and marketing is significant given our large and diverse user base. These investments are likely to occur before we realize the anticipated benefits of such investments, such that they may adversely affect our operating results in the near term.

We recently added the Affero General Public License (“AGPL”) as an option to license the free part of our Elasticsearch and Kibana source code that has been available under the Elastic License 2.0 and Server Side Public License Version 1.0 (“SSPL”). AGPL is an Open Source Initiative approved open-source license. We anticipate that the addition of this license will drive further engagement and adoption of our software in areas such as vector search within our large community, further increasing our appeal for driving AI and machine learning use cases from large amounts of data. Subject to compliance with the conditions of AGPL, anyone may also redistribute our software in modified or unmodified form or use it to provide a competitive product or service offering.

Expanding within our current customer base. Our future growth and profitability depend on our ability to drive additional sales to existing customers. Customers often expand the use of our software within their organizations by increasing the number of developers using our products, increasing the utilization of our products for a particular use case, and expanding use of our products to additional use cases. We focus some of our direct sales efforts on encouraging these types of expansion within our customer base.

We believe that a useful indication of how our customer relationships have expanded over time is through our Net Expansion Rate, which is based upon trends in the rate at which customers increase their spend with us. To calculate an expansion rate as of the end of a given month, we start with the annualized spend from all such customers as of twelve months prior to that month end, or Prior Period Value. A customer’s annualized spend is measured as its ACV, or in the case of customers charged on usage-based arrangements, by annualizing the usage for that month. We then calculate the annualized spend from these same customers as of the given month end, or Current Period Value, which includes any growth in the value of their subscriptions or usage and is net of contraction or attrition over the prior twelve months. We then divide the Current Period Value by the Prior Period Value to arrive at an expansion rate. The Net Expansion Rate at the end of any period is the weighted average of the expansion rates as of the end of each of the trailing twelve months. The Net Expansion Rate includes the dollar-weighted value of our subscriptions or usage that expand, renew, contract, or experience attrition. For instance, if each customer had a one-year subscription and renewed its subscription for the same amount, the Net Expansion Rate would be 100%. Customers who reduced their annual subscription dollar value (contraction) or did not renew their annual subscription (attrition) would adversely affect the Net Expansion Rate. Our Net Expansion Rate was approximately 112% as of October 31, 2024.

As large organizations expand their use of the Elastic Stack across multiple use cases, projects, divisions and users, they often begin to require centralized provisioning, management and monitoring across multiple deployments. To satisfy these requirements, our Enterprise subscription tier provides access to key orchestration and deployment management capabilities. We will continue to focus some of our direct sales efforts on driving adoption of our paid offerings.

Components of Results of Operations

Revenue

Subscription. Our revenue is primarily generated through the sale of subscriptions to software, which is either self-managed by the user or hosted and managed by us in the cloud. Subscriptions provide the right to use paid proprietary software features and access to support for our paid and unpaid software. Our subscription agreements are either term-based or consumption-based, with the vast majority of Elastic Cloud subscriptions being consumption-based.

A portion of the revenue from self-managed subscriptions is generally recognized up front at the point in time when the license is delivered and the remainder is recognized ratably over the subscription term. Revenue from subscriptions that require access to the cloud or that are hosted and managed by us is recognized ratably over the subscription term or on a usage basis for consumption-based arrangements. Both are presented within Subscription revenue in our condensed consolidated statements of operations.

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Services. Services is composed of implementation and other consulting services as well as public and private training. Revenue for services is recognized as these services are delivered.

Cost of Revenue

Subscription. Cost of subscription consists primarily of personnel and related costs for employees associated with supporting our subscription arrangements, certain third-party expenses, and amortization of certain intangible and other assets. Personnel and related costs comprise cash compensation, benefits and stock-based compensation to employees, costs of third-party contractors, and allocated overhead costs. Third-party expenses consist of cloud hosting costs and other expenses directly associated with our customer support. We expect our cost of subscription to increase in absolute dollars as our subscription revenue increases.

Services. Cost of services revenue consists primarily of personnel costs directly associated with delivery of training, implementation and other services, costs of third-party contractors, facility rental charges and allocated overhead costs. We expect our cost of services to increase in absolute dollars as we invest in our business and as services revenue increases.

Gross profit and gross margin. Gross profit represents revenue less cost of revenue. Gross margin, or gross profit as a percentage of revenue, has been and will continue to be affected by a variety of factors, including the timing of our acquisition of new customers and our renewals with existing customers, the average sales price of our subscriptions and services, the amount of our revenue represented by hosted services, the mix of subscriptions sold, the mix of revenue between subscriptions and services, the mix of services between consulting and training, transaction volume growth and support case volume growth. We expect our gross margin to fluctuate over time depending on the factors described above. We expect our revenue from Elastic Cloud to continue to increase as a percentage of total revenue, which we expect will continue to have a modest unfavorable impact on our gross margin as a result of the associated third-party hosting costs.

Operating Expenses

Research and development. Research and development expense primarily consists of personnel and related costs and allocated overhead costs. We expect our research and development expense to increase in absolute dollars for the foreseeable future as we continue to develop new technology and invest further in our existing products.

Sales and marketing. Sales and marketing expense primarily consists of personnel and related costs, commissions, allocated overhead costs and costs related to marketing programs and user events. Marketing programs consist of advertising, events, brand-building and customer acquisition and retention activities. We expect our sales and marketing expense to increase in absolute dollars as we expand our sales force and increase our investments in marketing resources. We capitalize sales commissions and associated payroll taxes paid to internal sales personnel that are related to the acquisition of certain customer contracts. Deferred contract acquisition costs are amortized over the expected benefit period.

General and administrative. General and administrative expense primarily consists of personnel and related costs for our management, finance, legal, human resources, and other administrative employees. Our general and administrative expense also includes professional fees, accounting fees, audit fees, tax services and legal fees, as well as insurance, allocated overhead costs, and other corporate expenses. We expect our general and administrative expense to increase in absolute dollars as we increase the size of our general and administrative functions to support the growth of our business.

Restructuring and other related charges. Restructuring and other related charges primarily consist of employee-related severance and other termination benefits as well as lease impairment and other facilities-related charges.

Other Income, Net

Interest expense. Interest expense primarily consists of interest on our Senior Notes.

Other income, net. Other income, net primarily consists of interest income, gains and losses from transactions denominated in a currency other than the functional currency, and miscellaneous other non-operating gains and losses.

Provision for Income Taxes

Provision for income taxes consists primarily of income taxes related to the Netherlands, U.S. federal and state, and foreign jurisdictions in which we conduct business. Our effective tax rate is affected by recurring items, such as tax rates in jurisdictions outside the Netherlands and the relative amounts of income we earn in those jurisdictions, non-deductible stock-based compensation, and one-time tax benefits or charges as well as Base Erosion and Anti-abuse Tax (the “BEAT”) legislation in the U.S.

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Results of Operations

The following table sets forth our results of operations for the periods presented.


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023

	(in thousands)
Revenue
Subscription	$	340,807	$	287,743	$	664,581	$	557,990
Services	24,554		22,869		48,200		46,375
Total revenue	365,361		310,612		712,781		604,365
Cost of revenue (1)(2)
Subscription	69,941		59,996		138,288		117,262
Services	23,238		20,093		46,648		40,304
Total cost of revenue	93,179		80,089		184,936		157,566
Gross profit	272,182		230,523		527,845		446,799
Operating expenses (1)(2)(3)
Research and development	88,163		80,108		177,495		160,798
Sales and marketing	144,274		133,230		301,631		266,399
General and administrative	44,085		38,695		86,758		76,634
Restructuring and other related charges	86		29		225		754
Total operating expenses	276,608		252,062		566,109		504,585
Operating loss (1)(2)(3)	(4,426)		(21,539)		(38,264)		(57,786)
Other income, net
Interest expense	(6,462)		(6,349)		(12,988)		(12,655)
Other income, net	9,106		8,239		20,314		15,539
Loss before income taxes	(1,782)		(19,649)		(30,938)		(54,902)
Provision for income taxes	23,668		5,147		43,739		18,402
Net loss	$	(25,450)	$	(24,796)	$	(74,677)	$	(73,304)

(1) Includes stock-based compensation expense and related employer taxes as follows:


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023

	(in thousands)
Cost of revenue
Subscription	$	2,361	$	2,208	$	4,881	$	4,589
Services	3,547		2,979		7,336		5,992
Research and development	24,777		22,562		50,499		45,967
Sales and marketing	21,434		18,730		43,883		38,399
General and administrative	13,562		11,624		26,649		22,770
Total stock-based compensation expense and related employer taxes	$	65,681	$	58,103	$	133,248	$	117,717

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(2) Includes amortization of acquired intangible assets as follows:


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023

	(in thousands)
Cost of revenue
Subscription	$	2,835	$	2,977	$	6,110	$	5,953
Sales and marketing	—		911		—		2,143
Total amortization of acquired intangibles	$	2,835	$	3,888	$	6,110	$	8,096

(3) Includes acquisition-related expenses as follows:


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023

	(in thousands)
Research and development	$	6	$	395	$	54	$	1,175

General and administrative	98		383		98		383
Total acquisition-related expenses	$	104	$	778	$	152	$	1,558

The following table sets forth selected condensed consolidated statements of operations data for each of the periods indicated as a percentage of total revenue:


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Revenue
Subscription	93	%	93	%	93	%	92	%
Services	7	%	7	%	7	%	8	%
Total revenue	100	%	100	%	100	%	100	%
Cost of revenue (1)(2)
Subscription	19	%	19	%	19	%	19	%
Services	7	%	7	%	7	%	7	%
Total cost of revenue	26	%	26	%	26	%	26	%
Gross profit	74	%	74	%	74	%	74	%
Operating expenses (1)(2)(3)
Research and development	24	%	26	%	25	%	26	%
Sales and marketing	39	%	43	%	42	%	44	%
General and administrative	12	%	12	%	12	%	13	%
Restructuring and other related charges	—	%	—	%	—	%	—	%
Total operating expenses	75	%	81	%	79	%	83	%
Operating loss (1)(2)(3)	(1)	%	(7)	%	(5)	%	(9)	%
Other income, net
Interest expense	(2)	%	(2)	%	(2)	%	(2)	%
Other income, net	3	%	3	%	3	%	2	%
Loss before income taxes	—	%	(6)	%	(4)	%	(9)	%
Provision for income taxes	7	%	2	%	6	%	3	%
Net loss	(7)	%	(8)	%	(10)	%	(12)	%

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(1) Includes stock-based compensation expense and related employer taxes as follows:


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue
Subscription	—	%	1	%	1	%	1	%
Services	1	%	1	%	1	%	1	%
Research and development	7	%	7	%	7	%	7	%
Sales and marketing	6	%	6	%	6	%	6	%
General and administrative	4	%	4	%	4	%	4	%
Total stock-based compensation expense and related employer taxes	18	%	19	%	19	%	19	%

(2) Includes amortization of acquired intangible assets as follows:


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue
Subscription	1	%	1	%	1	%	1	%
Sales and marketing	—	%	—	%	—	%	—	%
Total amortization of acquired intangibles	1	%	1	%	1	%	1	%

(3) Includes acquisition-related expenses as follows:


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Research and development	—	%	—	%	—	%	—	%

General and administrative	—	%	—	%	—	%	—	%
Total acquisition-related expenses	—	%	—	%	—	%	—	%

Comparison of Three Months Ended October 31, 2024 and 2023

Revenue


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Revenue
Subscription	$	340,807	$	287,743	$	53,064	18	%
Services	24,554		22,869		1,685		7	%
Total revenue	$	365,361	$	310,612	$	54,749	18	%

Subscription revenue increased by $53.1 million, or 18%, for the three months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily driven by continued adoption of Elastic Cloud, which grew 25% over the same period and increased to 46% of total revenue for the three months ended October 31, 2024 from 43% for the three months ended October 31, 2023.

Services revenue increased by $1.7 million, or 7%, for the three months ended October 31, 2024 compared to the same period of the prior year. The increase in services revenue was attributable to increased adoption of our services offerings.

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Cost of Revenue and Gross Margin


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Cost of revenue
Subscription	$	69,941	$	59,996	$	9,945	17	%
Services	23,238		20,093		3,145		16	%
Total cost of revenue	$	93,179	$	80,089	$	13,090	16	%
Gross profit	$	272,182	$	230,523	$	41,659	18	%


Gross margin:
Subscription	79	%	79	%
Services	5	%	12	%
Total gross margin	74	%	74	%

Cost of subscription revenue increased by $9.9 million, or 17%, for the three months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily due to an increase of $10.7 million in cloud infrastructure costs, partially offset by decreases in other third-party costs of $0.7 million and travel costs of $0.4 million. Total subscription margin remained flat at 79% for the three months ended October 31, 2024 compared to the same period of the prior year.

Cost of services revenue increased by $3.1 million, or 16%, for the three months ended October 31, 2024 compared to the same period of the prior year. This increase was due to increases of $1.7 million in personnel and related costs and $1.5 million in subcontractor costs. Gross margin for services revenue was 5% for the three months ended October 31, 2024 compared to 12% for the same period of the prior year. The decrease in gross margin was primarily attributable to personnel and related costs and subcontractor costs growing at a higher rate than the growth in services revenue. We continue to make investments in our services organization that we believe will be needed as we continue to grow. Our gross margin for services may fluctuate or decline in the near-term as we seek to expand our services business.

Operating Expenses

Research and development


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Research and development	$	88,163	$	80,108	$	8,055	10	%

Research and development expense increased by $8.1 million, or 10%, for the three months ended October 31, 2024 compared to the same period of the prior year as we continued to invest in the development of new and existing offerings. This increase was primarily due to increases of $7.5 million in personnel and related costs and $1.4 million in cloud infrastructure costs related to our research and development activities. These increases were partially offset by a decrease of $0.9 million in consulting fees and travel costs. The increase in personnel and related costs included increases of $4.9 million in salaries and related taxes and $2.3 million in stock-based compensation.

Sales and marketing


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Sales and marketing	$	144,274	$	133,230	$	11,044	8	%

Sales and marketing expense increased by $11.0 million, or 8%, for the three months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily due to an increase of $15.8 million in personnel and related costs, partially offset by decreases of $3.6 million in marketing expenses and $0.9 million in intangible assets amortization. The increase in personnel and related costs included increases of $7.7 million in salaries and related taxes, $3.0 million in commission expense, $2.6 million in stock-based compensation, and $1.7 million in employee benefits expense.

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General and administrative


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
General and administrative	$	44,085	$	38,695	$	5,390	14	%

General and administrative expense increased by $5.4 million, or 14%, for the three months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily due to an increase of $5.6 million in personnel and related costs, including increases of $2.1 million in salaries and related taxes, $2.0 million in stock-based compensation, and $0.7 million in employee benefits expense.

Restructuring and other related charges


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Restructuring and other related charges	$	86	$	29	$	57	197	%

For the three months ended October 31, 2024, restructuring and other related charges was flat compared to the same period of the prior year. Restructuring and other related charges are primarily attributable to employee-related severance and termination benefit charges in the respective periods.

Other Income, Net

Interest expense


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Interest expense	$	(6,462)	$	(6,349)	$	(113)	2	%

Interest expense remained relatively flat for the three months ended October 31, 2024 compared to the same period of the prior year.

Other income, net


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Other income, net	$	9,106	$	8,239	$	867	11	%

Other income, net increased by $0.9 million, or 11%, for the three months ended October 31, 2024 compared to the same period of the prior year. The increase was primarily due to an increase of $1.8 million in interest and other investment income, partially offset by an increase of $0.9 million in net foreign currency exchange losses.

Provision for Income Taxes


	Three Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Provision for income taxes	$	23,668	$	5,147	$	18,521	360	%

The provision for income taxes increased by $18.5 million, or 360%, for the three months ended October 31, 2024 compared to the same period of the prior year. Our effective tax rate was (1,328)% and (26)% of our net loss before income taxes for the three months ended October 31, 2024 and 2023, respectively. Our effective tax rate is affected by recurring items, such as tax rates in jurisdictions outside the Netherlands and the relative amounts of income we earn in those jurisdictions and non-deductible stock-based compensation as well as one-time tax benefits or charges.

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The increase in tax expense during the three months ended October 31, 2024 was driven primarily by growth in business operations in jurisdictions where we generate taxable income and do not have limitations to tax credits or net operating losses to offset that income.

We maintain a full valuation allowance against our deferred tax assets in the Netherlands and the UK. To the extent sufficient positive evidence becomes available, the Company may release all or a portion of the Netherlands’ valuation allowance in one or more future periods. A release of the valuation allowance, if any, would result in the recognition of certain deferred tax assets and a material income tax benefit for the period in which such release is recorded.

Comparison of Six Months Ended October 31, 2024 and 2023

Revenue


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Revenue
Subscription	$	664,581	$	557,990	$	106,591	19	%
Services	48,200		46,375		1,825		4	%
Total revenue	$	712,781	$	604,365	$	108,416	18	%

Subscription revenue increased by $106.6 million, or 19%, for the six months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily driven by continued adoption of Elastic Cloud, which grew 27% over the prior year and increased to 46% of total revenue for the six months ended October 31, 2024 from 42% for the six months ended October 31, 2023.

Services revenue increased by $1.8 million, or 4%, for the six months ended October 31, 2024 compared to the same period of the prior year. The increase in services revenue was attributable to increased adoption of our services offerings.

Cost of Revenue and Gross Margin


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Cost of revenue
Subscription	$	138,288	$	117,262	$	21,026	18	%
Services	46,648		40,304		6,344		16	%
Total cost of revenue	$	184,936	$	157,566	$	27,370	17	%
Gross profit	$	527,845	$	446,799	$	81,046	18	%











Gross margin:
Subscription	79	%	79	%
Services	3	%	13	%
Total gross margin	74	%	74	%

Cost of subscription revenue increased by $21.0 million, or 18%, for the six months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily due to increases of $21.4 million in cloud infrastructure costs and $1.5 million in personnel and related costs. These increases were partially offset by decreases in consulting fees and other third-party costs of $1.4 million and travel costs of $0.5 million. The increase in personnel and related costs was primarily due to an increase of $1.1 million in salaries and related taxes. Subscription gross margin was flat at 79% for the six months ended October 31, 2024 compared to the same period of the prior year.

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Cost of services revenue increased by $6.3 million, or 16%, for the six months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily due to increases of $4.2 million in personnel and related costs and $2.2 million in subcontractor costs, partially offset by a net decrease of $0.1 million in miscellaneous expense categories. The increase in personnel and related costs included increases of $2.4 million in salaries and related taxes and $1.2 million in stock-based compensation. Gross margin for services revenue was 3% for the six months ended October 31, 2024 compared to 13% for the same period of the prior year. The decrease in gross margin was primarily attributable to personnel and related costs and subcontractor costs growing at a higher rate than the growth in services revenue. We continue to make investments in our services organization that we believe will be needed to support our continued growth. Our gross margin for services may fluctuate or decline in the near-term as we seek to expand our services business.

Operating Expenses

Research and development


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Research and development	$	177,495	$	160,798	$	16,697	10	%

Research and development expense increased by $16.7 million, or 10%, for the six months ended October 31, 2024 compared to the same period of the prior year as we continued to invest in the development of new and existing offerings. This increase was primarily due to increases of $14.5 million in personnel and related costs and $2.6 million in cloud infrastructure costs related to our research and development activities. These increases were partially offset by a decrease of $0.8 million in consulting fees. The increase in personnel and related costs included increases of $10.0 million in salaries and related taxes, $3.8 million in stock-based compensation, and $1.5 million in employee benefits expense, offset in part by a decrease in acquisition-related compensation of $1.2 million.

Sales and marketing


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Sales and marketing	$	301,631	$	266,399	$	35,232	13	%

Sales and marketing expense increased by $35.2 million, or 13%, for the six months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily due to increases of $35.3 million in personnel and related costs, $1.0 million in software and equipment expense, and $0.5 million in facilities related costs. These increases were partially offset by a decrease of $2.1 million in intangible assets amortization. The increase in personnel and related costs included increases of $15.1 million in salaries and related taxes, $9.5 million in commission expense, $4.9 million in stock-based compensation, and $4.0 million in employee benefits expense.

General and administrative


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
General and administrative	$	86,758	$	76,634	$	10,124	13	%

General and administrative expense increased by $10.1 million, or 13%, for the six months ended October 31, 2024 compared to the same period of the prior year. This increase was primarily due to increases of $9.6 million in personnel and related costs, $0.5 million in other miscellaneous non-income based taxes, and $0.4 million in software and equipment expense. The increase in personnel and related costs included increases of $3.8 million in stock-based compensation, $3.7 million in salaries and related taxes, $1.2 million in employee benefits expense, and $0.6 million in severance.

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Restructuring and other related charges


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Restructuring and other related charges	$	225	$	754	$	(529)	(70)	%

Restructuring and other related charges decreased by $0.5 million for the six months ended October 31, 2024 compared to the same period of the prior year due to lower employee-related severance and termination benefit charges.

Other Income, Net

Interest expense


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Interest expense	$	(12,988)	$	(12,655)	$	(333)	3	%

Interest expense remained relatively flat for the six months ended October 31, 2024 compared to the same period of the prior year.

Other income, net


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Other income, net	$	20,314	$	15,539	$	4,775	31	%

Other income, net increased by $4.8 million, or 31%, for the six months ended October 31, 2024 compared to the same period of the prior year. The increase was primarily due to an increase of $4.7 million in interest and other investment income.

Provision for Income Taxes


	Six Months Ended October 31,				Change
	2024		2023		$		%

	(in thousands)
Provision for income taxes	$	43,739	$	18,402	$	25,337	138	%

The provision for income taxes increased by $25.3 million, or 138%, for the six months ended October 31, 2024 compared to the same period of the prior year. Our effective tax rate was (141)% and (34)% of our net loss before income taxes for the six months ended October 31, 2024 and 2023, respectively. Our effective tax rate is affected by recurring items, such as tax rates in jurisdictions outside the Netherlands and the relative amounts of income we earn in those jurisdictions and non-deductible stock-based compensation as well as one-time tax benefits or charges.

The increase in tax expense during the six months ended October 31, 2024 was driven primarily by growth in business operations in jurisdictions where we generate taxable income and do not have limitations to tax credits or net operating losses to offset that income and a one-time charge of $2.2 million associated with acquisition-related integration.

See “Comparison of Three Months Ended October 31, 2024 and 2023 - Provision for Income Taxes” for discussion related to the Netherlands’ valuation allowance.

Liquidity and Capital Resources

As of October 31, 2024, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $1.198 billion. Our cash, cash equivalents and marketable securities consist of highly liquid investment-grade fixed-income securities. We believe that the credit quality of the securities portfolio is strong and diversified among industries and individual issuers.

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We have generated significant operating losses from our operations as reflected in our accumulated deficit of $1.066 billion as of October 31, 2024. We have historically incurred, and expect to continue to incur, operating losses and may generate negative cash flows from operations in the future due to the investments we intend to make. As a result, we may require additional capital resources to execute on our strategic initiatives to grow our business.

We believe that our existing cash, cash equivalents, and marketable securities and cash from our future operations will be sufficient to fund our operating and capital needs for at least the next 12 months, despite the uncertainty in the changing market and macroeconomic conditions. Our assessment of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement and involves risks and uncertainties. Our actual results could vary as a result of, and our future capital requirements, both near-term and long-term, will depend on, many factors, including our growth rate, the timing and extent of spending to support our research and development efforts, the expansion of sales and marketing activities, the timing of new introductions of solutions or features, and the continuing market acceptance of our solutions and services. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies, including intellectual property rights. We have based this estimate on assumptions that may prove to be wrong, and we could use our available capital resources sooner than we currently expect. In July 2021, we issued long-term debt of $575.0 million, represented by our Senior Notes, and we may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, or if we cannot expand our operations or otherwise capitalize on our business opportunities because we lack sufficient capital, our business, operating results and financial condition would be adversely affected.

The following table summarizes our cash flows for the periods presented:


	Six Months Ended October 31,
	2024		2023

	(in thousands)
Net cash provided by operating activities	$	91,131	$	35,425
Net cash provided by (used in) investing activities	$	10,767	$	(104,537)
Net cash provided by financing activities	$	16,991	$	19,754

Net Cash Provided By Operating Activities

Net cash provided by operating activities during the six months ended October 31, 2024 was $91.1 million, which resulted from adjustments for non-cash charges of $225.0 million, partially offset by net loss of $74.7 million and a net cash outflow of $59.2 million from changes in operating assets and liabilities. Non-cash charges primarily consisted of $127.6 million for stock-based compensation expense, $47.2 million for amortization of deferred contract acquisition costs, $38.4 million in deferred income taxes, and $7.7 million of depreciation and intangible asset amortization expense. The net cash outflow from changes in operating assets and liabilities resulted from a $51.4 million decrease in deferred revenue, a $37.2 million increase in deferred contract acquisition costs, a $32.0 million decrease in accounts payable, accrued expenses, and accrued compensation and benefits, and a $6.4 million decrease in operating lease liabilities. These outflows were partially offset by inflows from a $68.1 million decrease in accounts receivable, net.

Net cash provided by operating activities during the six months ended October 31, 2023 was $35.4 million, which resulted from adjustments for non-cash charges of $162.3 million, offset by a net loss of $73.3 million and net cash outflow of $53.6 million from changes in operating assets and liabilities. Non-cash charges primarily consisted of $113.6 million for stock-based compensation expense, $36.0 million for amortization of deferred contract acquisition costs, and $9.8 million of depreciation and intangible asset amortization expense. The net cash outflow from changes in operating assets and liabilities was the result of an increase in deferred contract acquisition costs of $43.4 million as our sales commissions increased due to increased business volume, a $22.6 million decrease in deferred revenue, a net decrease of $12.0 million in accounts payable, accrued expenses and accrued compensation and benefits, and a decrease of $6.2 million in operating lease liabilities. These outflows were partially offset by inflows from a decrease of $27.0 million in accounts receivable and a decrease of $3.7 million in prepaid expenses and other assets.

Net Cash Provided By (Used In) Investing Activities

Net cash provided by investing activities of $10.8 million during the six months ended October 31, 2024 was primarily due to sales, maturities, and redemptions of marketable securities of $178.5 million, offset by cash used for the purchase of marketable securities of $166.3 million and capital expenditures of $1.5 million.

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Net cash used in investing activities of $104.5 million during the six months ended October 31, 2023 was primarily due to the purchase of marketable securities of $178.3 million, offset by cash provided by maturities of marketable securities of $75.3 million and capital expenditures of $1.5 million.

Net Cash Provided By Financing Activities

Net cash provided by financing activities of $17.0 million during the six months ended October 31, 2024 was due to the proceeds from stock option exercises and ESPP purchases.

Net cash provided by financing activities of $19.8 million during the six months ended October 31, 2023 was due to the proceeds from stock option exercises and ESPP purchases.

Contractual Obligations and Commitments

Our principal commitments consist of obligations under our operating leases, which are primarily for office space, and purchase commitments to our cloud hosting providers. There have been no material changes to our contractual obligations and commitments discussed in the Company’s Annual Report on Form 10-K.

Recently Issued Accounting Pronouncements

See Note 2 “Summary of Significant Accounting Policies” of our accompanying Notes to Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for recently adopted accounting pronouncements and new accounting pronouncements not yet adopted as of the date of this report.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We have operations both within the United States and internationally, and we are exposed to interest rate risk and foreign currency risk in the ordinary course of our business.

Interest Rate Risk

We had cash, cash equivalents, restricted cash, and marketable securities totaling $1.201 billion as of October 31, 2024. Our cash, cash equivalents, and restricted cash are held in cash deposits and money market funds, and our marketable securities are held in time deposits and corporate and government debt securities. The primary objectives of our investment activities are the preservation of capital, the fulfillment of liquidity needs and the fiduciary control of cash and investments. We do not enter into investments for trading or speculative purposes. Due to the short-term nature of these instruments, we do not believe that an immediate 10% increase or decrease in interest rates would have a material effect on the fair value of our investment portfolio. Declines in interest rates, however, would reduce our future interest income.

In July 2021, we issued $575.0 million aggregate principal amount of Senior Notes in a private placement. The fair value of the Senior Notes is subject to market risk. In addition, the fair market value of the Senior Notes is exposed to interest rate risk. Generally, the fair market value of our fixed interest rate Senior Notes will increase as interest rates fall and decrease as interest rates rise. The interest rate and market value changes affect the fair value of the Senior Notes, but do not impact our financial position, cash flows or results of operations due to the fixed nature of the debt obligation. Additionally, we carry the Senior Notes at face value less unamortized debt issuance cost on our balance sheet, and we present the fair value for required disclosure purposes only.

Foreign Currency Risk

Our revenue and expenses are primarily denominated in U.S. dollars, and to a lesser extent the Euro, British Pound Sterling, and other currencies. To date, we have not had a formal hedging program with respect to foreign currency, but we may adopt such a program in the future if our exposure to foreign currency were to become more significant. For business conducted outside of the United States, we may have both revenue and costs incurred in the local currency of the subsidiary, creating a partial natural hedge. Although changes to exchange rates have not had a material impact on our net operating results to date, we will continue to reassess our foreign exchange exposure as we continue to grow our business globally.

We have experienced and will continue to experience fluctuations in our operating results as a result of transaction gains or losses related to remeasurement of certain asset and liability balances that are denominated in currencies other than the functional currency of the entities in which they are recorded. An immediate 10% increase or decrease in the relative value of the U.S. dollar to other currencies could have a material effect on our revenue, operating expenses, and net loss. As a component of other income, net, we recognized foreign currency transaction losses of $2.0 million and $1.1 million for the six months ended October 31, 2024 and 2023, respectively.

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As of October 31, 2024, our cash, cash equivalents, restricted cash, and marketable securities were primarily denominated in U.S. dollars, Euros, and British Pound Sterling. A 10% increase or decrease in exchange rates as of such date would have had an impact of approximately $10.7 million on our cash, cash equivalents, restricted cash, and marketable securities balances.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures,” as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of October 31, 2024, our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in the reports we file or submit under the Exchange Act (a) is recorded, processed, summarized and reported within the time periods specified by the SEC rules and forms and (b) is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) under the Exchange Act that occurred during the quarter ended October 31, 2024 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our Chief Executive Officer and Chief Financial Officer, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. However, our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

The information required by this Item is incorporated herein by reference to Part I, Item 1. “Financial Statements,” Note 8, “Commitments and Contingencies — Legal Matters” included in this Quarterly Report on Form 10-Q.

From time to time, we may be subject to legal proceedings and claims that arise in the ordinary course of business, including patent, commercial, product liability, employment, class action, whistleblower and other litigation and claims, as well as governmental and other regulatory investigations and proceedings. In addition, third parties from time to time may assert claims against us in the form of letters and other communications. We are not currently a party to any legal proceedings that, if determined adversely to us, would individually or taken together, in our opinion, have a material adverse effect on our business, results of operations, financial condition or cash flows. Future litigation may be necessary to defend ourselves, our partners and our customers by determining the scope, enforceability and validity of third-party proprietary rights, or to establish our proprietary rights. The results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, such litigation could have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K. The risks described in our Annual Report on Form 10-K and our subsequent SEC reports are not the only risks facing us. There are additional risks and uncertainties not currently known to us or that we currently deem to be immaterial that also may materially adversely affect our business, operating results, financial condition, or prospects.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Insider Trading Arrangements

During our last fiscal quarter, no director or officer, as defined in Rule 16a-1(f) under the Exchange Act, adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined for purposes of Regulation S-K Item 408.

Item 6. Exhibits

The documents listed below are incorporated by reference or are filed with this Quarterly Report on Form 10-Q, in each case as indicated therein (numbered in accordance with Item 601 of Regulation S-K).

Exhibit No.

Incorporated by Reference

Filed Herewith

Description

Form

File No.

Exhibit

Filing Date

3.1

Articles of Association of Elastic N.V. (English translation).

10-Q

001-38675

3.1

12/12/2018

31.1

Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.

32.2*

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH

Inline XBRL Taxonomy Extension Schema Document.

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

104

Cover Page Interactive Data File (formatted as Inline
XBRL and contained in Exhibit 101).

______________________


*			The certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purposes of Section 18 of the Exchange Act, except to the extent that we specifically incorporate them by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Elastic N.V.

Date: November 25, 2024	By:	/s/ Ashutosh Kulkarni
		Ashutosh Kulkarni
		Chief Executive Officer and Director (Principal Executive Officer)



Date: November 25, 2024	By:	/s/ Janesh Moorjani
		Janesh Moorjani
		Chief Financial Officer and Chief Operating Officer (Principal Financial Officer and Principal Accounting Officer)

Exhibit 31.1

Certification by the Principal Executive Officer pursuant to

Securities Exchange Act Rules 13a-14(a) and 15d-14(a)

as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Ashutosh Kulkarni, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Elastic N.V. (the “registrant”) for the fiscal quarter ended October 31, 2024;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 25, 2024	By:		/s/ Ashutosh Kulkarni
		Name:	Ashutosh Kulkarni
		Title:	Chief Executive Officer and Director
			(Principal Executive Officer)

Exhibit 31.2

Certification by the Principal Financial Officer pursuant to

Securities Exchange Act Rules 13a-14(a) and 15d-14(a)

as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Janesh Moorjani, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Elastic N.V. (the “registrant”) for the fiscal quarter ended October 31, 2024;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 25, 2024	By:		/s/ Janesh Moorjani
		Name:	Janesh Moorjani
		Title:	Chief Financial Officer and Chief Operating Officer
			(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Ashutosh Kulkarni, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Elastic N.V. for the fiscal quarter ended October 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Elastic N.V.


Date: November 25, 2024	By:		/s/ Ashutosh Kulkarni
		Name:	Ashutosh Kulkarni
		Title:	Chief Executive Officer and Director
			(Principal Executive Officer)

This certification accompanies the Annual Report, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Elastic N.V. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Quarterly Report on Form 10-Q), irrespective of any general incorporation language contained in such filing.

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Janesh Moorjani, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of Elastic N.V. for the fiscal quarter ended October 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that information contained in such Quarterly Report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Elastic N.V.


Date: November 25, 2024	By:		/s/ Janesh Moorjani
		Name:	Janesh Moorjani
		Title:	Chief Financial Officer and Chief Operating Officer
			(Principal Financial and Accounting Officer)

Cover - shares	6 Months Ended
Cover - shares	Oct. 31, 2024	Nov. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2024
Current Fiscal Year End Date	--04-30
Document Transition Report	false
Entity File Number	001-38675
Entity Registrant Name	Elastic N.V.
Entity Incorporation, State or Country Code	P7
Entity Tax Identification Number	98-1756035
Title of 12(b) Security	Ordinary shares, Par Value €0.01 Per Share
Trading Symbol	ESTC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		103,631,586
Entity Central Index Key	0001707753
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Current assets:
Cash and cash equivalents	$ 658,508	$ 540,397
Restricted cash	3,320	2,692
Marketable securities	539,062	544,002
Accounts receivable, net of allowance for credit losses of $4,992 and $4,979 as of October 31, 2024 and April 30, 2024, respectively	256,068	323,011
Deferred contract acquisition costs	77,129	78,030
Prepaid expenses and other current assets	41,667	42,765
Total current assets	1,575,754	1,530,897
Property and equipment, net	5,005	5,453
Goodwill	319,417	319,380
Operating lease right-of-use assets	16,433	20,506
Intangible assets, net	14,506	20,620
Deferred contract acquisition costs, non-current	106,120	114,509
Deferred tax assets	187,204	225,544
Other assets	7,061	5,657
Total assets	2,231,500	2,242,566
Current liabilities:
Accounts payable	23,557	26,075
Accrued expenses and other liabilities	75,979	75,292
Accrued compensation and benefits	72,511	93,691
Operating lease liabilities	10,525	12,187
Deferred revenue	608,157	663,846
Total current liabilities	790,729	871,091
Deferred revenue, non-current	37,548	30,293
Long-term debt, net	569,165	568,612
Operating lease liabilities, non-current	9,621	12,898
Other liabilities, non-current	12,919	21,487
Total liabilities	1,419,982	1,504,381
Commitments and contingencies (Notes 8 and 9)
Shareholders’ equity:
Preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2024 and April 30, 2024	0	0
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 103,631,086 shares issued and outstanding as of October 31, 2024 and 101,705,935 shares issued and outstanding as of April 30, 2024	1,091	1,070
Treasury stock	(369)	(369)
Additional paid-in capital	1,895,307	1,750,729
Accumulated other comprehensive loss	(18,227)	(21,638)
Accumulated deficit	(1,066,284)	(991,607)
Total shareholders’ equity	811,518	738,185
Total liabilities and shareholders’ equity	$ 2,231,500	$ 2,242,566

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Oct. 31, 2024 USD ($) shares	Oct. 31, 2024 € / shares	Apr. 30, 2024 USD ($) shares	Apr. 30, 2024 € / shares
Allowance for doubtful accounts \| $	$ 4,992		$ 4,979
Ordinary shares, shares authorized (in shares)	165,000,000
Convertible Preference Shares
Preference shares, par value ( in € / shares) \| € / shares		€ 0.01		€ 0.01
Preference shares, shares authorized (in shares)	165,000,000		165,000,000
Preference shares, shares issued (in shares)	0		0
Preference shares, shares outstanding (in shares)	0		0
Ordinary Shares, Par Value of €0.01
Ordinary shares, par value (in € / shares) \| € / shares		€ 0.01		€ 0.01
Ordinary shares, shares authorized (in shares)	165,000,000		165,000,000
Ordinary shares, shares issued (in shares)	103,631,086		101,705,935
Ordinary shares, shares outstanding (in shares)	103,631,086		101,705,935

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenue
Total revenue	$ 365,361	$ 310,612	$ 712,781	$ 604,365
Cost of revenue
Total cost of revenue	93,179	80,089	184,936	157,566
Gross profit	272,182	230,523	527,845	446,799
Operating expenses
Research and development	88,163	80,108	177,495	160,798
Sales and marketing	144,274	133,230	301,631	266,399
General and administrative	44,085	38,695	86,758	76,634
Restructuring and other related charges	86	29	225	754
Total operating expenses	276,608	252,062	566,109	504,585
Operating loss	(4,426)	(21,539)	(38,264)	(57,786)
Interest expense	(6,462)	(6,349)	(12,988)	(12,655)
Other income, net	9,106	8,239	20,314	15,539
Loss before income taxes	(1,782)	(19,649)	(30,938)	(54,902)
Provision for income taxes	23,668	5,147	43,739	18,402
Net loss	$ (25,450)	$ (24,796)	$ (74,677)	$ (73,304)
Net loss per share attributable to ordinary shareholders, basic and diluted
Basic (in dollars per share)	$ (0.25)	$ (0.25)	$ (0.73)	$ (0.74)
Diluted (in dollars per share)	$ (0.25)	$ (0.25)	$ (0.73)	$ (0.74)
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted
Basic (in shares)	103,238,740	99,073,401	102,761,588	98,507,725
Diluted (in shares)	103,238,740	99,073,401	102,761,588	98,507,725
Subscription
Revenue
Total revenue	$ 340,807	$ 287,743	$ 664,581	$ 557,990
Cost of revenue
Total cost of revenue	69,941	59,996	138,288	117,262
Services
Revenue
Total revenue	24,554	22,869	48,200	46,375
Cost of revenue
Total cost of revenue	$ 23,238	$ 20,093	$ 46,648	$ 40,304

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (25,450)	$ (24,796)	$ (74,677)	$ (73,304)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities, net of taxes	638	(196)	3,089	(1,607)
Foreign currency translation adjustments	601	(3,961)	322	(2,186)
Other comprehensive income (loss)	1,239	(4,157)	3,411	(3,793)
Total comprehensive loss	$ (24,211)	$ (28,953)	$ (71,266)	$ (77,097)

Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands	Total	Ordinary Shares	Treasury Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Apr. 30, 2023		97,366,947
Beginning balance at Apr. 30, 2023	$ 398,897	$ 1,024	$ (369)	$ 1,471,584	$ (20,015)	$ (1,053,327)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of stock options (in shares)		715,386
Issuance of ordinary shares upon exercise of stock options	10,643	$ 7		10,636
Issuance of ordinary shares upon release of restricted stock units (in shares)		1,322,824
Issuance of ordinary shares upon release of restricted stock units	0	$ 15		(15)
Issuance of ordinary shares under employee stock purchase plan (in shares)		194,105
Issuance of ordinary shares under employee stock purchase plan	9,111	$ 2		9,109
Stock-based compensation	113,582			113,582
Net loss	(73,304)					(73,304)
Other comprehensive income	(3,793)				(3,793)
Ending balance (in shares) at Oct. 31, 2023		99,599,262
Ending balance at Oct. 31, 2023	455,136	$ 1,048	(369)	1,604,896	(23,808)	(1,126,631)
Beginning balance (in shares) at Jul. 31, 2023		98,377,727
Beginning balance at Jul. 31, 2023	411,723	$ 1,035	(369)	1,532,543	(19,651)	(1,101,835)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of stock options (in shares)		451,558
Issuance of ordinary shares upon exercise of stock options	6,800	$ 4		6,796
Issuance of ordinary shares upon release of restricted stock units (in shares)		575,872
Issuance of ordinary shares upon release of restricted stock units	0	$ 7		(7)
Issuance of ordinary shares under employee stock purchase plan (in shares)		194,105
Issuance of ordinary shares under employee stock purchase plan	9,111	$ 2		9,109
Stock-based compensation	56,455			56,455
Net loss	(24,796)					(24,796)
Other comprehensive income	(4,157)				(4,157)
Ending balance (in shares) at Oct. 31, 2023		99,599,262
Ending balance at Oct. 31, 2023	455,136	$ 1,048	(369)	1,604,896	(23,808)	(1,126,631)
Beginning balance (in shares) at Apr. 30, 2024		101,705,935
Beginning balance at Apr. 30, 2024	738,185	$ 1,070	(369)	1,750,729	(21,638)	(991,607)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of stock options (in shares)		423,576
Issuance of ordinary shares upon exercise of stock options	6,527	$ 5		6,522
Issuance of ordinary shares upon release of restricted stock units (in shares)		1,334,813
Issuance of ordinary shares upon release of restricted stock units	0	$ 14		(14)
Issuance of ordinary shares under employee stock purchase plan (in shares)		166,762
Issuance of ordinary shares under employee stock purchase plan	10,464	$ 2		10,462
Stock-based compensation	127,608			127,608
Net loss	(74,677)					(74,677)
Other comprehensive income	3,411				3,411
Ending balance (in shares) at Oct. 31, 2024		103,631,086
Ending balance at Oct. 31, 2024	811,518	$ 1,091	(369)	1,895,307	(18,227)	(1,066,284)
Beginning balance (in shares) at Jul. 31, 2024		102,724,366
Beginning balance at Jul. 31, 2024	759,418	$ 1,081	(369)	1,819,006	(19,466)	(1,040,834)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of ordinary shares upon exercise of stock options (in shares)		110,768
Issuance of ordinary shares upon exercise of stock options	1,782	$ 2		1,780
Issuance of ordinary shares upon release of restricted stock units (in shares)		629,190
Issuance of ordinary shares upon release of restricted stock units	0	$ 6		(6)
Issuance of ordinary shares under employee stock purchase plan (in shares)		166,762
Issuance of ordinary shares under employee stock purchase plan	10,464	$ 2		10,462
Stock-based compensation	64,065			64,065
Net loss	(25,450)					(25,450)
Other comprehensive income	1,239				1,239
Ending balance (in shares) at Oct. 31, 2024		103,631,086
Ending balance at Oct. 31, 2024	$ 811,518	$ 1,091	$ (369)	$ 1,895,307	$ (18,227)	$ (1,066,284)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Cash flows from operating activities
Net loss	$ (74,677)	$ (73,304)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	7,738	9,781
Amortization of premium and accretion of discount on marketable securities, net	(4,126)	(3,646)
Amortization of deferred contract acquisition costs	47,175	35,952
Amortization of debt issuance costs	553	529
Non-cash operating lease cost	5,455	5,270
Stock-based compensation expense	127,608	113,582
Deferred income taxes	38,376	427
Unrealized foreign currency transaction loss	2,216	422
Other	(14)	(18)
Changes in operating assets and liabilities:
Accounts receivable, net	68,081	26,972
Deferred contract acquisition costs	(37,178)	(43,421)
Prepaid expenses and other current assets	1,174	2,143
Other assets	(1,452)	1,556
Accounts payable	(2,335)	118
Accrued expenses and other liabilities	(8,136)	(1,393)
Accrued compensation and benefits	(21,480)	(10,773)
Operating lease liabilities	(6,407)	(6,194)
Deferred revenue	(51,440)	(22,578)
Net cash provided by operating activities	91,131	35,425
Cash flows from investing activities
Purchases of property and equipment	(1,462)	(1,528)
Purchases of marketable securities	(166,253)	(178,301)
Sales, maturities, and redemptions of marketable securities	178,482	75,292
Net cash provided by (used in) investing activities	10,767	(104,537)
Cash flows from financing activities
Proceeds from issuance of ordinary shares under employee stock purchase plan	10,464	9,111
Proceeds from issuance of ordinary shares upon exercise of stock options	6,527	10,643
Net cash provided by financing activities	16,991	19,754
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(150)	(4,790)
Net increase (decrease) in cash, cash equivalents, and restricted cash	118,739	(54,148)
Cash, cash equivalents, and restricted cash, beginning of period	543,089	646,640
Cash, cash equivalents, and restricted cash, end of period	661,828	592,492
Supplemental disclosures of cash flow information
Cash paid for interest	12,436	12,127
Cash paid for income taxes, net	12,587	14,990
Cash paid for operating lease liabilities	7,052	6,790
Supplemental disclosures of non-cash investing and financing information
Property and equipment included in accounts payable	88	79
Operating lease right-of-use assets for new lease obligations	$ 1,348	$ 3,584

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Oct. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated balance sheet as of October 31, 2024, interim condensed consolidated statements of operations, comprehensive loss, and shareholders’ equity for the three and six months ended October 31, 2024 and 2023, and interim condensed consolidated statements of cash flows for the six months ended October 31, 2024 and 2023 are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all normal recurring adjustments necessary to fairly state the Company’s financial position as of October 31, 2024; results of the Company’s operations for the three and six months ended October 31, 2024 and 2023; statements of shareholders’ equity for the three and six months ended October 31, 2024 and 2023; and statements of cash flows for the six months ended October 31, 2024 and 2023. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three and six month periods are also unaudited. The results for the three and six months ended October 31, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2025, or any other future period. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet data as of April 30, 2024 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on June 14, 2024 (the “Company’s Annual Report on Form 10-K”). Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2025, for example, refer to the fiscal year ending April 30, 2025. Use of Estimates and Judgments The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions include, but are not limited to, standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K that have had a material impact on its condensed consolidated financial statements and related notes. Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the six months ended October 31, 2024. New Accounting Pronouncements Not Yet Adopted Segment Reporting: In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2024 and interim periods within fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. Income Taxes: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures. The new guidance requires consistent categories and greater disaggregation of information in the tax rate reconciliation and information about income taxes paid disaggregated by jurisdiction. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. Comprehensive Income: In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring more detailed disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027 and interim periods within fiscal years beginning after April 30, 2028. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

Organization and Description of Business	6 Months Ended
Organization and Description of Business	Oct. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Elastic N.V. (individually and together with its consolidated subsidiaries, “Elastic” or the “Company”) was incorporated under the laws of the Netherlands in 2012. The Company created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization on that data. Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems. The Company offers three software solutions built into the Elastic Stack: Search, Observability, and Security. The Elastic Stack and the Company’s solutions are designed to run across hybrid clouds, public or private clouds, and multi-cloud environments.

Revenue

6 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

The following table presents revenue by category (in thousands):


	Three Months Ended October 31,								Six Months Ended October 31,
	2024				2023				2024				2023
	Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue
Elastic Cloud	$	168,835	46	%	$	134,989	43	%	$	326,116	46	%	$	256,161	42	%
Other subscription	171,972		47	%	152,754		50	%	338,465		47	%	301,829		50	%
Total subscription	340,807		93	%	287,743		93	%	664,581		93	%	557,990		92	%
Services	24,554		7	%	22,869		7	%	48,200		7	%	46,375		8	%
Total revenue	$	365,361	100	%	$	310,612	100	%	$	712,781	100	%	$	604,365	100	%

Concentration of Credit Risk

Deferred Revenue

Unbilled Accounts Receivable

Remaining Performance Obligations

Deferred Contract Acquisition Costs

Fair Value Measurements

6 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Financial Assets

The following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	204,327	$	—	$	—	$	204,327
U.S. treasury securities	29,891		—		—		29,891


Certificates of deposit	—		4,475		—		4,475
Commercial paper	—		1,991		—		1,991
Total included in cash equivalents	234,218		6,466		—		240,684

Marketable securities:
Certificates of deposit	—		35,595		—		35,595
Commercial paper	—		30,049		—		30,049
Municipal securities	—		25,394		—		25,394
U.S. treasury securities	107,730		—		—		107,730
International treasuries	—		21,912		—		21,912
Corporate debt securities	—		287,154		—		287,154
U.S. agency bonds	—		31,228		—		31,228
Total marketable securities	107,730		431,332		—		539,062

Mutual fund investments (1)	1,609		—		—		1,609
Total financial assets	$	343,557	$	437,798	$	—	$	781,355

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:
Certificates of deposit	—		42,972		—		42,972
Commercial paper	—		43,051		—		43,051
Municipal securities	—		27,806		—		27,806
U.S. treasury securities	112,471		—		—		112,471
International treasuries	—		12,642		—		12,642
Corporate debt securities	—		269,168		—		269,168
U.S. agency bonds	—		35,892		—		35,892
Total marketable securities	112,471		431,531		—		544,002

Mutual fund investments (1)	461		—		—		461
Total financial assets	$	328,587	$	432,230	$	—	$	760,817

The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands):


	As of October 31, 2024		As of April 30, 2024
Due within 1 year	$	316,778	$	298,876
Due between 1 year and 3 years	222,284		245,126

Total marketable securities	$	539,062	$	544,002

Financial Liabilities

Acquisitions	6 Months Ended
Acquisitions	Oct. 31, 2024
Business Combinations [Abstract]
Acquisitions	Acquisitions Opster Ltd. On November 30, 2023, the Company acquired 100% of the share capital of Opster Ltd. (“Opster”) for a total purchase consideration of $23.0 million. The purchase consideration includes $3.0 million held back by the Company for indemnity obligations which will be released upon the 18-month anniversary of the acquisition. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, and, accordingly, the total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The total purchase price allocated to developed technology and goodwill was $6.0 million and $15.9 million, respectively. The fair value assigned to developed technology was determined using the cost to recreate approach. The developed technology asset is being amortized on a straight-line basis over the useful life of 5 years, which approximates the pattern in which the developed technology is utilized. Goodwill resulted primarily from the expectation of enhancing the efficiency and management of the Elastic Stack and is not deductible for income tax purposes. The financial results of Opster have been included in the Company’s condensed consolidated results of operations since the acquisition date. Pro forma and historical results of operations for this acquisition have not been presented as they were not material to the condensed consolidated results of operations.

Balance Sheet Components

6 Months Ended

Oct. 31, 2024

Balance Sheet Components [Abstract]

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 of October 31, 2024		As of April 30, 2024
Leasehold improvements	Lesser of estimated useful life or remaining lease term	$	13,041	$	12,683
Computer hardware and software	3	3,889		3,464
Furniture and fixtures	3-5	7,363		7,395
Assets under construction		572		428
Total property and equipment		24,865		23,970
Less: accumulated depreciation		(19,860)		(18,517)
Property and equipment, net		$	5,005	$	5,453

Intangible Assets, Net

Intangible assets consisted of the following as of October 31, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life (in years)
Developed technology	$	76,130	$	61,599	$	14,531	2.6



Foreign currency translation adjustment					(25)
Total					$	14,506

Intangible assets consisted of the following as of April 30, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful 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 and six months ended October 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue – subscription	$	2,835	$	2,977	$	6,110	$	5,953
Sales and marketing	—		911		—		2,143
Total amortization of acquired intangible assets	$	2,835	$	3,888	$	6,110	$	8,096

The expected future amortization expense related to the intangible assets as of October 31, 2024 was as follows (in thousands, by fiscal year):


Remainder of 2025	$	3,101
2026	6,256
2027	3,244
2028	1,202
2029	703

Total	$	14,506

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 October 31, 2024	$	319,417

There was no impairment of goodwill during the six months ended October 31, 2024 and 2023.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of October 31, 2024		As of April 30, 2024
Accrued expenses	$	39,815	$	34,779
Income taxes payable	8,365		10,596
Value added taxes payable	5,816		8,849
Accrued interest	6,918		6,918
Other	15,065		14,150
Total accrued expenses and other liabilities	$	75,979	$	75,292

Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following (in thousands):


	As of October 31, 2024		As of April 30, 2024
Accrued vacation	$	36,478	$	35,005
Accrued commissions	13,146		34,339
Accrued payroll and withholding taxes	8,026		9,830
Other	14,861		14,517
Total accrued compensation and benefits	$	72,511	$	93,691

Allowance for Credit Losses

The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):


	Six Months Ended October 31,
	2024		2023
Beginning balance	$	4,979	$	3,409
Bad debt expense	1,991		1,660
Accounts written off	(1,978)		(1,500)
Ending balance	$	4,992	$	3,569

Senior Notes

6 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Senior Notes

In July 2021, the Company issued $575.0 million aggregate principal amount of Senior Notes in a private placement.

The net carrying amount of the Senior Notes was as follows (in thousands):


	As of October 31, 2024		As of April 30, 2024
Principal	$	575,000	$	575,000
Unamortized debt issuance costs	(5,835)		(6,388)
Net carrying amount	$	569,165	$	568,612

The following table sets forth the interest expense recognized related to the Senior Notes (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Contractual interest expense	$	5,930	$	5,930	$	11,859	$	11,859
Amortization of debt issuance costs	278		266		553		529
Total interest expense related to the Senior Notes	$	6,208	$	6,196	$	12,412	$	12,388

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Oct. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Cloud Hosting Commitments During the six months ended October 31, 2024, there were no material changes, outside the ordinary course of business, to the Company’s contractual obligations and commitments reported in the Company's Annual Report on Form 10-K. Letters of Credit The Company had a total of $3.1 million in letters of credit outstanding as of October 31, 2024, primarily in favor of certain landlords for office space. Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, results of operations, financial position or cash flows. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and reasonably estimable. Indemnification The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company to date has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions. In addition, the Company indemnifies its officers, directors and certain key employees against certain liabilities that may arise as a result of their affiliation with the Company. To date, there have been no claims under any indemnification provisions.

Leases

6 Months Ended

Oct. 31, 2024

Leases [Abstract]

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,
	2024		2023		2024		2023
Operating lease cost	$	2,880	$	2,985	$	6,017	$	5,840
Short-term lease cost	660		500		1,200		974
Variable lease cost	325		285		727		522
Total lease cost	$	3,865	$	3,770	$	7,944	$	7,336

Lease term and discount rate information are summarized as follows:


	As of October 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 October 31, 2024 were as follows (in thousands, by fiscal year):


Remainder of 2025	$	5,892
2026	8,618
2027	3,461
2028	2,383
2029	1,053
Thereafter	70
Total minimum lease payments	21,477
Less imputed interest	(1,331)
Present value of future minimum lease payments	20,146
Less current lease liabilities	(10,525)
Operating lease liabilities, non-current	$	9,621

Ordinary Shares

6 Months Ended

Oct. 31, 2024

Equity [Abstract]

Ordinary Shares

The Company’s authorized ordinary share capital pursuant to its articles of association amounts to 165 million ordinary shares at a par value per ordinary share of €0.01.

Ordinary Shares Reserved for Issuance

The Company has reserved ordinary shares for issuance as follows:


	As of October 31, 2024	As of April 30, 2024
Stock options issued and outstanding	2,211,460	2,640,423
RSUs issued and outstanding	6,152,185	7,076,836
Available for future grants	24,933,247	20,252,732
Available for 2022 ESPP	5,488,073	5,654,835
Total ordinary shares reserved	38,784,965	35,624,826

Preference Shares

Preference shares in the capital of the Company may currently only be issued pursuant to a resolution adopted by the general meeting of shareholders at the proposal of the board of directors.

Equity Incentive Plans

6 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

2022 Employee Stock Purchase Plan

2012 Stock Option Plan

The equity awards available for grant were as follows:


			Six Months Ended October 31, 2024
Available at beginning of fiscal year			20,252,732
Shares authorized			5,085,297

Options canceled			5,380
RSUs granted			(884,162)
RSUs canceled			474,000

Available at end of period			24,933,247

Stock Options

The following table summarizes stock option activity:


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted- Average Exercise Price		Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)






Balance as of April 30, 2024	2,640,423	$	38.23	4.67	$	178,081

Stock options exercised	(423,576)	$	15.41
Stock options canceled	(5,380)	$	13.20
Stock options assumed in acquisition canceled	(7)	$	76.82
Balance as of October 31, 2024	2,211,460	$	42.66	4.31	$	97,998
Exercisable as of October 31, 2024	2,048,279	$	38.84	4.10	$	97,614

RSUs

The following table summarizes RSU activity under the 2012 Plan:


	Number of Awards	Weighted-Average Grant Date Fair Value




Outstanding and unvested at April 30, 2024	7,076,836	$	85.38
RSUs granted	884,162	$	101.51
RSUs released	(1,334,813)	$	87.56
RSUs canceled	(474,000)	$	84.18
Outstanding and unvested at October 31, 2024	6,152,185	$	87.31

Stock-Based Compensation Expense

Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue
Subscription	$	2,244	$	2,117	$	4,541	$	4,300
Services	3,422		2,853		6,889		5,649
Research and development	24,223		21,964		48,244		44,400
Sales and marketing	20,822		18,175		41,901		37,014
General and administrative	13,354		11,346		26,033		22,219


Total stock-based compensation expense	$	64,065	$	56,455	$	127,608	$	113,582

Net Loss Per Share Attributable to Ordinary Shareholders

6 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Ordinary Shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Numerator:
Net loss	$	(25,450)	$	(24,796)	$	(74,677)	$	(73,304)
Denominator:
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted	103,238,740		99,073,401		102,761,588		98,507,725


Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.25)	$	(0.25)	$	(0.73)	$	(0.74)


	Three Months Ended October 31,		Six Months Ended October 31,
	2024	2023	2024	2023
Stock options	2,211,460	3,225,368	2,211,460	3,225,368
RSUs	6,152,185	6,593,346	6,152,185	6,593,346
2022 ESPP	214,690	159,142	214,690	159,142

Total	8,578,335	9,977,856	8,578,335	9,977,856

Income Taxes	6 Months Ended
Income Taxes	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is incorporated in the Netherlands but operates in various countries with differing tax laws and rates. The Company recorded a provision for income taxes of $23.7 million and $43.7 million for the three and six months ended October 31, 2024, respectively, and $5.1 million and $18.4 million for the three and six months ended October 31, 2023, respectively. The Company’s effective tax rate is affected by recurring items, such as tax rates in jurisdictions outside the Netherlands and the relative amounts of income that is earned in those jurisdictions, non-deductible stock-based compensation as well as one-time tax benefits or charges and Base Erosion and Anti-abuse Tax (the “BEAT”) legislation in the U.S. For the six months ended October 31, 2024, the provision for income taxes includes a one-time charge of $2.2 million associated with acquisition-related integration. The calculation of income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income before tax plus the tax effect of any significant unusual items, discrete events, or changes in tax law. The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax. The Company anticipates that the amount of reasonably possible unrecognized tax benefits that could decrease over the next twelve months due to the expiration of certain statutes of limitations and settlement of tax audits is not material to the Company’s condensed consolidated financial statements. In 2021, the Organization for Economic Cooperation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules concerning the implementation of the Pillar Two global minimum tax. A number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. Pillar Two did not have a significant impact on the Company’s condensed consolidated financial statements for the three and six months ended October 31, 2024. Although the Company is monitoring developments and evaluating the potential impact on future periods, the Company does not expect Pillar Two to have a significant impact on its consolidated financial statements for the fiscal year ending April 30, 2025. The Company continues to monitor the impact of proposed and enacted global tax legislation.

Employee Benefit Plans	6 Months Ended
Employee Benefit Plans	Oct. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has a defined-contribution plan in the United States intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company has contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all the expenses incurred for administering the 401(k) Plan are paid by the Company. The 401(k) Plan covers substantially all U.S. employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company makes contributions to the 401(k) Plan of up to 6% of the participating employee’s W-2 earnings and wages. The Company recorded $4.6 million and $9.8 million of expense for the three and six months ended October 31, 2024, respectively, and $4.3 million and $9.1 million for the three and six months ended October 31, 2023, respectively, related to the 401(k) Plan. The Company also has defined-contribution plans in certain other countries for which the Company recorded $3.4 million and $7.4 million of expense for the three and six months ended October 31, 2024, respectively, and $2.8 million and $5.9 million for the three and six months ended October 31, 2023, respectively.

Segment Information

6 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Segment Information

The following table summarizes the Company’s total revenue by geographic area based on the location of customers (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
United States	$	206,614	$	180,976	$	404,903	$	351,215
Rest of world	158,747		129,636		307,878		253,150
Total revenue	$	365,361	$	310,612	$	712,781	$	604,365

Other than the United States, no individual country accounted for 10% or more of total revenue during the periods presented.

The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands):


	As of October 31, 2024		As of April 30, 2024
United States	$	7,442	$	10,571
The Netherlands	3,173		3,716
United Kingdom	3,019		3,470
India	2,566		2,167
Rest of world	5,238		6,035
Total long-lived assets	$	21,438	$	25,959

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (25,450)	$ (24,796)	$ (74,677)	$ (73,304)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying interim condensed consolidated balance sheet as of October 31, 2024, interim condensed consolidated statements of operations, comprehensive loss, and shareholders’ equity for the three and six months ended October 31, 2024 and 2023, and interim condensed consolidated statements of cash flows for the six months ended October 31, 2024 and 2023 are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all normal recurring adjustments necessary to fairly state the Company’s financial position as of October 31, 2024; results of the Company’s operations for the three and six months ended October 31, 2024 and 2023; statements of shareholders’ equity for the three and six months ended October 31, 2024 and 2023; and statements of cash flows for the six months ended October 31, 2024 and 2023. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three and six month periods are also unaudited. The results for the three and six months ended October 31, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2025, or any other future period. The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly-owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated balance sheet data as of April 30, 2024 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on June 14, 2024 (the “Company’s Annual Report on Form 10-K”).
Fiscal Year	Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2025, for example, refer to the fiscal year ending April 30, 2025.
Use of Estimates and Judgments	Use of Estimates and Judgments The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates and assumptions include, but are not limited to, standalone selling price for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements And New Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the six months ended October 31, 2024. New Accounting Pronouncements Not Yet Adopted Segment Reporting: In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2024 and interim periods within fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. Income Taxes: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures. The new guidance requires consistent categories and greater disaggregation of information in the tax rate reconciliation and information about income taxes paid disaggregated by jurisdiction. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. Comprehensive Income: In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring more detailed disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027 and interim periods within fiscal years beginning after April 30, 2028. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements.

Revenue and Performance Obligations (Tables)

6 Months Ended

Oct. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue from External Customers by Products and Services

The following table presents revenue by category (in thousands):


	Three Months Ended October 31,								Six Months Ended October 31,
	2024				2023				2024				2023
	Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue		Amount		% of Total Revenue
Elastic Cloud	$	168,835	46	%	$	134,989	43	%	$	326,116	46	%	$	256,161	42	%
Other subscription	171,972		47	%	152,754		50	%	338,465		47	%	301,829		50	%
Total subscription	340,807		93	%	287,743		93	%	664,581		93	%	557,990		92	%
Services	24,554		7	%	22,869		7	%	48,200		7	%	46,375		8	%
Total revenue	$	365,361	100	%	$	310,612	100	%	$	712,781	100	%	$	604,365	100	%

Fair Value Measurements (Tables)

6 Months Ended

Oct. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

The following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2024 (in thousands):


	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	204,327	$	—	$	—	$	204,327
U.S. treasury securities	29,891		—		—		29,891


Certificates of deposit	—		4,475		—		4,475
Commercial paper	—		1,991		—		1,991
Total included in cash equivalents	234,218		6,466		—		240,684

Marketable securities:
Certificates of deposit	—		35,595		—		35,595
Commercial paper	—		30,049		—		30,049
Municipal securities	—		25,394		—		25,394
U.S. treasury securities	107,730		—		—		107,730
International treasuries	—		21,912		—		21,912
Corporate debt securities	—		287,154		—		287,154
U.S. agency bonds	—		31,228		—		31,228
Total marketable securities	107,730		431,332		—		539,062

Mutual fund investments (1)	1,609		—		—		1,609
Total financial assets	$	343,557	$	437,798	$	—	$	781,355

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:
Certificates of deposit	—		42,972		—		42,972
Commercial paper	—		43,051		—		43,051
Municipal securities	—		27,806		—		27,806
U.S. treasury securities	112,471		—		—		112,471
International treasuries	—		12,642		—		12,642
Corporate debt securities	—		269,168		—		269,168
U.S. agency bonds	—		35,892		—		35,892
Total marketable securities	112,471		431,531		—		544,002

Mutual fund investments (1)	461		—		—		461
Total financial assets	$	328,587	$	432,230	$	—	$	760,817

The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands):


	As of October 31, 2024		As of April 30, 2024
Due within 1 year	$	316,778	$	298,876
Due between 1 year and 3 years	222,284		245,126

Total marketable securities	$	539,062	$	544,002

Balance Sheet Components (Tables)

6 Months Ended

Oct. 31, 2024

Balance Sheet Components [Abstract]

Schedule of Cost and Accumulated Depreciation of Property and Equipment

The cost and accumulated depreciation of property and equipment were as follows (in thousands):


	Useful Life (in years)	As of October 31, 2024		As of April 30, 2024
Leasehold improvements	Lesser of estimated useful life or remaining lease term	$	13,041	$	12,683
Computer hardware and software	3	3,889		3,464
Furniture and fixtures	3-5	7,363		7,395
Assets under construction		572		428
Total property and equipment		24,865		23,970
Less: accumulated depreciation		(19,860)		(18,517)
Property and equipment, net		$	5,005	$	5,453

Schedule of Intangible Assets

Intangible assets consisted of the following as of October 31, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life (in years)
Developed technology	$	76,130	$	61,599	$	14,531	2.6



Foreign currency translation adjustment					(25)
Total					$	14,506

Intangible assets consisted of the following as of April 30, 2024 (in thousands):


	Gross Fair Value		Accumulated Amortization		Net Book Value		Weighted Average Remaining Useful Life (in years)
Developed technology	$	76,130	$	55,489	$	20,641	2.7



Foreign currency translation adjustment					(21)
Total					$	20,620

Schedule of Amortization Expense for Intangible Assets

Amortization expense for the intangible assets for the three and six months ended October 31, 2024 and 2023 was as follows (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue – subscription	$	2,835	$	2,977	$	6,110	$	5,953
Sales and marketing	—		911		—		2,143
Total amortization of acquired intangible assets	$	2,835	$	3,888	$	6,110	$	8,096

Schedule of Expected Future Amortization Expense of Intangible Assets

The expected future amortization expense related to the intangible assets as of October 31, 2024 was as follows (in thousands, by fiscal year):


Remainder of 2025	$	3,101
2026	6,256
2027	3,244
2028	1,202
2029	703

Total	$	14,506

Schedule of Changes to 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 October 31, 2024	$	319,417

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of October 31, 2024		As of April 30, 2024
Accrued expenses	$	39,815	$	34,779
Income taxes payable	8,365		10,596
Value added taxes payable	5,816		8,849
Accrued interest	6,918		6,918
Other	15,065		14,150
Total accrued expenses and other liabilities	$	75,979	$	75,292

Schedule of Accrued Compensation and Benefits

Accrued compensation and benefits consisted of the following (in thousands):


	As of October 31, 2024		As of April 30, 2024
Accrued vacation	$	36,478	$	35,005
Accrued commissions	13,146		34,339
Accrued payroll and withholding taxes	8,026		9,830
Other	14,861		14,517
Total accrued compensation and benefits	$	72,511	$	93,691

Schedule of Unbilled Accounts Receivable, Deferred Contract Acquisition Costs, and Deferred Revenue from Contracts with Customers

The following is a summary of the changes in the Company’s allowance for credit losses (in thousands):


	Six Months Ended October 31,
	2024		2023
Beginning balance	$	4,979	$	3,409
Bad debt expense	1,991		1,660
Accounts written off	(1,978)		(1,500)
Ending balance	$	4,992	$	3,569

Senior Notes (Tables)

6 Months Ended

Oct. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The net carrying amount of the Senior Notes was as follows (in thousands):


	As of October 31, 2024		As of April 30, 2024
Principal	$	575,000	$	575,000
Unamortized debt issuance costs	(5,835)		(6,388)
Net carrying amount	$	569,165	$	568,612

The following table sets forth the interest expense recognized related to the Senior Notes (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Contractual interest expense	$	5,930	$	5,930	$	11,859	$	11,859
Amortization of debt issuance costs	278		266		553		529
Total interest expense related to the Senior Notes	$	6,208	$	6,196	$	12,412	$	12,388

Leases (Tables)

6 Months Ended

Oct. 31, 2024

Leases [Abstract]

Components of 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,
	2024		2023		2024		2023
Operating lease cost	$	2,880	$	2,985	$	6,017	$	5,840
Short-term lease cost	660		500		1,200		974
Variable lease cost	325		285		727		522
Total lease cost	$	3,865	$	3,770	$	7,944	$	7,336

Lease Term and Discount Rate Information

Lease term and discount rate information are summarized as follows:


	As of October 31, 2024
Weighted average remaining lease term (in years)	2.5
Weighted average discount rate	5.1	%

Future Minimum Lease Payments Based on Current Lease Accounting Standard

Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of October 31, 2024 were as follows (in thousands, by fiscal year):


Remainder of 2025	$	5,892
2026	8,618
2027	3,461
2028	2,383
2029	1,053
Thereafter	70
Total minimum lease payments	21,477
Less imputed interest	(1,331)
Present value of future minimum lease payments	20,146
Less current lease liabilities	(10,525)
Operating lease liabilities, non-current	$	9,621

Ordinary Shares (Tables)

6 Months Ended

Oct. 31, 2024

Equity [Abstract]

Summary of Ordinary Shares Reserved for Issuance

The Company has reserved ordinary shares for issuance as follows:


	As of October 31, 2024	As of April 30, 2024
Stock options issued and outstanding	2,211,460	2,640,423
RSUs issued and outstanding	6,152,185	7,076,836
Available for future grants	24,933,247	20,252,732
Available for 2022 ESPP	5,488,073	5,654,835
Total ordinary shares reserved	38,784,965	35,624,826

Equity Incentive Plans (Tables)

6 Months Ended

Oct. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Equity Awards Available for Grant

The equity awards available for grant were as follows:


			Six Months Ended October 31, 2024
Available at beginning of fiscal year			20,252,732
Shares authorized			5,085,297

Options canceled			5,380
RSUs granted			(884,162)
RSUs canceled			474,000

Available at end of period			24,933,247

Summary of Stock Option Activity

The following table summarizes stock option activity:


	Stock Options Outstanding
	Number of Stock Options Outstanding	Weighted- Average Exercise Price		Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)






Balance as of April 30, 2024	2,640,423	$	38.23	4.67	$	178,081

Stock options exercised	(423,576)	$	15.41
Stock options canceled	(5,380)	$	13.20
Stock options assumed in acquisition canceled	(7)	$	76.82
Balance as of October 31, 2024	2,211,460	$	42.66	4.31	$	97,998
Exercisable as of October 31, 2024	2,048,279	$	38.84	4.10	$	97,614

Summary of RSU Activity

The following table summarizes RSU activity under the 2012 Plan:


	Number of Awards	Weighted-Average Grant Date Fair Value




Outstanding and unvested at April 30, 2024	7,076,836	$	85.38
RSUs granted	884,162	$	101.51
RSUs released	(1,334,813)	$	87.56
RSUs canceled	(474,000)	$	84.18
Outstanding and unvested at October 31, 2024	6,152,185	$	87.31

Summary of Stock-based Compensation Expense Related to Tender Offer Included in Consolidated Statement of Operations

Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Cost of revenue
Subscription	$	2,244	$	2,117	$	4,541	$	4,300
Services	3,422		2,853		6,889		5,649
Research and development	24,223		21,964		48,244		44,400
Sales and marketing	20,822		18,175		41,901		37,014
General and administrative	13,354		11,346		26,033		22,219


Total stock-based compensation expense	$	64,065	$	56,455	$	127,608	$	113,582

Net Loss Per Share Attributable to Ordinary Shareholders (Tables)

6 Months Ended

Oct. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders

The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
Numerator:
Net loss	$	(25,450)	$	(24,796)	$	(74,677)	$	(73,304)
Denominator:
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted	103,238,740		99,073,401		102,761,588		98,507,725


Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.25)	$	(0.25)	$	(0.73)	$	(0.74)

Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders


	Three Months Ended October 31,		Six Months Ended October 31,
	2024	2023	2024	2023
Stock options	2,211,460	3,225,368	2,211,460	3,225,368
RSUs	6,152,185	6,593,346	6,152,185	6,593,346
2022 ESPP	214,690	159,142	214,690	159,142

Total	8,578,335	9,977,856	8,578,335	9,977,856

Segment Information (Tables)

6 Months Ended

Oct. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Area

The following table summarizes the Company’s total revenue by geographic area based on the location of customers (in thousands):


	Three Months Ended October 31,				Six Months Ended October 31,
	2024		2023		2024		2023
United States	$	206,614	$	180,976	$	404,903	$	351,215
Rest of world	158,747		129,636		307,878		253,150
Total revenue	$	365,361	$	310,612	$	712,781	$	604,365

Schedule of Property and Equipment, Net of Depreciation

The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands):


	As of October 31, 2024		As of April 30, 2024
United States	$	7,442	$	10,571
The Netherlands	3,173		3,716
United Kingdom	3,019		3,470
India	2,566		2,167
Rest of world	5,238		6,035
Total long-lived assets	$	21,438	$	25,959

Revenue - Schedule of Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 365,361	$ 310,612	$ 712,781	$ 604,365
Revenue \| Product
Disaggregation of Revenue [Line Items]
% of Total Revenue	100.00%	100.00%	100.00%	100.00%
Total subscription
Disaggregation of Revenue [Line Items]
Total revenue	$ 340,807	$ 287,743	$ 664,581	$ 557,990
Total subscription \| Revenue \| Product
Disaggregation of Revenue [Line Items]
% of Total Revenue	93.00%	93.00%	93.00%	92.00%
SaaS
Disaggregation of Revenue [Line Items]
Total revenue	$ 168,835	$ 134,989	$ 326,116	$ 256,161
SaaS \| Revenue \| Product
Disaggregation of Revenue [Line Items]
% of Total Revenue	46.00%	43.00%	46.00%	42.00%
Self-managed subscription
Disaggregation of Revenue [Line Items]
Total revenue	$ 171,972	$ 152,754	$ 338,465	$ 301,829
Self-managed subscription \| Revenue \| Product
Disaggregation of Revenue [Line Items]
% of Total Revenue	47.00%	50.00%	47.00%	50.00%
Services
Disaggregation of Revenue [Line Items]
Total revenue	$ 24,554	$ 22,869	$ 48,200	$ 46,375
Services \| Revenue \| Product
Disaggregation of Revenue [Line Items]
% of Total Revenue	7.00%	7.00%	7.00%	8.00%

Revenue - Additional Information (Details)	3 Months Ended		6 Months Ended		12 Months Ended
Revenue - Additional Information (Details)	Oct. 31, 2024 USD ($)	Oct. 31, 2023 USD ($)	Oct. 31, 2024 USD ($) Customer	Oct. 31, 2023 USD ($) Customer	Apr. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Deferred revenue, revenue recognized			$ 459,700,000	$ 371,200,000
Revenue, remaining performance obligation, amount	$ 1,266,000,000		$ 1,266,000,000
Revenue, remaining performance obligation, percentage	91.00%		91.00%
Revenue, remaining performance obligation, remaining duration	24 months		24 months
Amortization of deferred contract acquisition costs	$ 24,000,000	$ 18,400,000	$ 47,175,000	35,952,000
Impairment of deferred contract acquisition costs recognized	0	$ 0	0	$ 0
Contracts with Customers
Disaggregation of Revenue [Line Items]
Unbilled accounts receivable	$ 3,300,000		$ 3,300,000		$ 2,500,000
Net Accounts Receivable \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Number of customers \| Customer			1	1
Net Accounts Receivable \| Customer Concentration Risk \| Customer One
Disaggregation of Revenue [Line Items]
Concentration risk percentage			16.00%		13.00%
Revenue, Product and Service Benchmark \| Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Number of customers \| Customer			1	1
Revenue, Product and Service Benchmark \| Customer Concentration Risk \| Customer One
Disaggregation of Revenue [Line Items]
Concentration risk percentage	12.00%	10.00%	12.00%	10.00%

Fair Value Measurements - Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($)
$ in Thousands

Oct. 31, 2024

Apr. 30, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

$ 240,684

$ 216,354

Marketable securities

539,062

544,002

Total financial assets

781,355

760,817

Money market funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

42,972

U.S. treasury securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

107,730

112,471

Certificates of deposit

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

35,595

Commercial paper

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

30,049

43,051

Municipal securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

25,394

27,806

International treasuries

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

21,912

12,642

Corporate debt securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

699

Marketable securities

287,154

269,168

U.S. agency bonds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

31,228

35,892

Mutual fund investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

1,609

^[1]

461

^[2]

Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

234,218

215,655

Marketable securities

107,730

112,471

Total financial assets

343,557

328,587

Level 1 | Money market funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 1 | U.S. treasury securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

107,730

112,471

Level 1 | Certificates of deposit

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 1 | Commercial paper

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 1 | Municipal securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 1 | International treasuries

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 1 | Corporate debt securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

Marketable securities

Level 1 | U.S. agency bonds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 1 | Mutual fund investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

1,609

^[1]

461

^[2]

Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

6,466

699

Marketable securities

431,332

431,531

Total financial assets

437,798

432,230

Level 2 | Money market funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

42,972

Level 2 | U.S. treasury securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 2 | Certificates of deposit

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

35,595

Level 2 | Commercial paper

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

30,049

43,051

Level 2 | Municipal securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

25,394

27,806

Level 2 | International treasuries

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

21,912

12,642

Level 2 | Corporate debt securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

699

Marketable securities

287,154

269,168

Level 2 | U.S. agency bonds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

31,228

35,892

Level 2 | Mutual fund investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

Marketable securities

Total financial assets

Level 3 | Money market funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3 | U.S. treasury securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3 | Certificates of deposit

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3 | Commercial paper

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3 | Municipal securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3 | International treasuries

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3 | Corporate debt securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

Marketable securities

Level 3 | U.S. agency bonds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Level 3 | Mutual fund investments

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Marketable securities

Money market funds

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

204,327

180,248

Money market funds | Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

204,327

180,248

Money market funds | Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

Money market funds | Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

U.S. treasury securities

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

29,891

35,407

U.S. treasury securities | Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

29,891

35,407

U.S. treasury securities | Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

U.S. treasury securities | Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

$ 0

Certificates of deposit

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

4,475

Certificates of deposit | Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

Certificates of deposit | Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

4,475

Certificates of deposit | Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

Commercial paper

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

1,991

Commercial paper | Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

Commercial paper | Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

1,991

Commercial paper | Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Financial assets

$ 0

[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 condensed consolidated balance sheets.
[2]	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 condensed consolidated balance sheets.

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Fair Value Disclosures [Abstract]
Interest income		$ 10.9	$ 7.1	$ 22.2	$ 13.2
Proceeds from the issuance of debt	$ 575.0
Debt instrument, interest rate (in percent)	4.125%
Fair value of senior notes		$ 531.5		$ 531.5

Fair Value Measurements - Fair Value by Maturity Date (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Fair Value Disclosures [Abstract]
Due within 1 year	$ 316,778	$ 298,876
Due between 1 year and 3 years	222,284	245,126
Total marketable securities	$ 539,062	$ 544,002

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Nov. 30, 2023	Jul. 31, 2024	Oct. 31, 2024	Apr. 30, 2024
Business Acquisition [Line Items]
Goodwill			$ 319,417	$ 319,380
Developed technology
Business Acquisition [Line Items]
Acquired identifiable intangible assets amortization period		2 years 8 months 12 days	2 years 7 months 6 days
Opster
Business Acquisition [Line Items]
Share capital acquired in business combination (in percentage)	100.00%
Purchase consideration	$ 23,000
Consideration held back for idemnity obligations	3,000
Goodwill	15,900
Opster \| Developed technology
Business Acquisition [Line Items]
Intangible assets acquired	$ 6,000
Acquired identifiable intangible assets amortization period	5 years

Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 24,865	$ 23,970
Less: accumulated depreciation	(19,860)	(18,517)
Property and equipment, net	5,005	5,453
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 13,041	12,683
Computer hardware and software
Property, Plant and Equipment [Line Items]
Useful Life (in years)	3 years
Total property and equipment	$ 3,889	3,464
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 7,363	7,395
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful Life (in years)	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful Life (in years)	5 years
Assets under construction
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 572	$ 428

Balance Sheet Components - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Balance Sheet Components [Abstract]
Depreciation expense	$ 700,000	$ 800,000	$ 1,600,000	$ 1,700,000
Goodwill impairment			$ 0	$ 0

Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 31, 2024	Oct. 31, 2024	Apr. 30, 2024
Finite-Lived Intangible Assets [Line Items]
Foreign currency translation adjustment		$ (25)	$ (21)
Total		14,506	20,620
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Fair Value		76,130	76,130
Accumulated Amortization		61,599	55,489
Net Book Value		$ 14,531	$ 20,641
Weighted Average Remaining Useful Life (in years)	2 years 8 months 12 days	2 years 7 months 6 days

Balance Sheet Components - Schedule of Amortization Expense For Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total amortization of acquired intangible assets	$ 2,835	$ 3,888	$ 6,110	$ 8,096
Cost of revenue \| Subscription - self-managed and SaaS
Finite-Lived Intangible Assets [Line Items]
Total amortization of acquired intangible assets	2,835	2,977	6,110	5,953
Sales and marketing
Finite-Lived Intangible Assets [Line Items]
Total amortization of acquired intangible assets	$ 0	$ 911	$ 0	$ 2,143

Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 3,101
2026	6,256
2027	3,244
2028	1,202
2029	703
Total	$ 14,506	$ 20,620

Balance Sheet Components - Schedule of Changes to Goodwill (Details) $ in Thousands	6 Months Ended
	Oct. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 319,380
Foreign currency translation adjustment	37
Ending balance	$ 319,417

Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Balance Sheet Components [Abstract]
Accrued expenses	$ 39,815	$ 34,779
Income taxes payable	8,365	10,596
Value added taxes payable	5,816	8,849
Accrued interest	6,918	6,918
Other	15,065	14,150
Total accrued expenses and other liabilities	$ 75,979	$ 75,292

Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Balance Sheet Components [Abstract]
Accrued vacation	$ 36,478	$ 35,005
Accrued commissions	13,146	34,339
Accrued payroll and withholding taxes	8,026	9,830
Other	14,861	14,517
Total accrued compensation and benefits	$ 72,511	$ 93,691

Balance Sheet Components - Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Allowance for Doubtful Accounts Receivable [Roll Forward]
Beginning balance	$ 4,979	$ 3,409
Bad debt expense	1,991	1,660
Accounts written off	(1,978)	(1,500)
Ending balance	$ 4,992	$ 3,569

Senior Notes - Additional Information (Details) - USD ($)	1 Months Ended
	Jul. 31, 2021	Oct. 31, 2024	Apr. 30, 2024
Debt Instrument [Line Items]
Proceeds from the issuance of debt	$ 575,000,000
Long-term debt, net		$ 569,165,000	$ 568,612,000
Senior Notes
Debt Instrument [Line Items]
Proceeds from the issuance of debt	575,000,000.0
Long-term debt, net	565,700,000
underwriting commissions	7,200,000
Other issuance cost	2,100,000
Debt issuance cost	$ 9,300,000
Repurchase of debt (as a percent)	101.00%
Senior Notes \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Redemption price (as a percent)	100.00%

Senior Notes - Carrying Amount of Senior Notes And Interest Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023	Apr. 30, 2024
Debt Disclosure [Abstract]
Principal	$ 575,000		$ 575,000		$ 575,000
Unamortized debt issuance costs	(5,835)		(5,835)		(6,388)
Long-term debt, net	569,165		569,165		$ 568,612
Contractual interest expense	5,930	$ 5,930	11,859	$ 11,859
Amortization of debt issuance costs	278	266	553	529
Total interest expense related to the Senior Notes	$ 6,208	$ 6,196	$ 12,412	$ 12,388

Commitments and Contingencies - Additional Information (Details)	6 Months Ended
	Oct. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding amount	$ 3,100,000
Provision for indemnification claims	$ 0

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Leases [Abstract]
Operating lease cost	$ 2,880	$ 2,985	$ 6,017	$ 5,840
Short-term lease cost	660	500	1,200	974
Variable lease cost	325	285	727	522
Total lease cost	$ 3,865	$ 3,770	$ 7,944	$ 7,336

Leases - Lease Term and Discount Rate Information (Details)	Oct. 31, 2024
Leases [Abstract]
Weighted average remaining lease term (in years)	2 years 6 months
Weighted average discount rate	5.10%

Leases - Future Minimum Lease Based on Current Lease Accounting Standard (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Leases [Abstract]
Remainder of 2025	$ 5,892
2026	8,618
2027	3,461
2028	2,383
2029	1,053
Thereafter	70
Total minimum lease payments	21,477
Less imputed interest	(1,331)
Present value of future minimum lease payments	20,146
Less current lease liabilities	(10,525)	$ (12,187)
Operating lease liabilities, non-current	$ 9,621	$ 12,898

Leases - Additional Information (Details) $ in Millions	Oct. 31, 2024 USD ($)
Leases [Abstract]
Lease term (in years)	11 years
Undiscounted future minimum lease payments	$ 12.4

Ordinary Shares - Additional Information (Details)	6 Months Ended
Ordinary Shares - Additional Information (Details)	Oct. 31, 2024 € / shares	Oct. 31, 2024 USD ($) shares	Apr. 30, 2024 shares	Oct. 10, 2018 shares
Class of Stock [Line Items]
Ordinary shares, shares authorized (in shares)		165,000,000
Ordinary shares, voting rights	one vote per ordinary share
Dividends declared \| $		$ 0
Convertible Preference Shares
Class of Stock [Line Items]
Preference shares, shares authorized (in shares)		165,000,000	165,000,000	165,000,000
Preference shares, shares issued (in shares)		0	0
Preference shares, shares outstanding (in shares)		0	0
Maximum
Class of Stock [Line Items]
Ordinary shares, par value (in € / shares) \| € / shares	€ 0.01

Ordinary Shares - Summary of Ordinary Shares Reserved for Issuance (Details) - shares	Oct. 31, 2024	Apr. 30, 2024
Class of Stock [Line Items]
Total ordinary shares reserved (in shares)	38,784,965	35,624,826
Stock options
Class of Stock [Line Items]
Total ordinary shares reserved (in shares)	2,211,460	2,640,423
RSUs
Class of Stock [Line Items]
Total ordinary shares reserved (in shares)	6,152,185	7,076,836
2012 Plan
Class of Stock [Line Items]
Total ordinary shares reserved (in shares)	24,933,247	20,252,732
Employee Stock Purchase Plan 2022
Class of Stock [Line Items]
Total ordinary shares reserved (in shares)	5,488,073	5,654,835

Equity Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 64,065	$ 56,455	$ 127,608	$ 113,582
Unrecognized stock-based compensation expense related to unvested stock options		$ 7,700		$ 7,700
2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		0	0	0	0
2012 Plan \| New Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting term (in years)				4 years
ESPP \| Employee Stock Purchase Plan 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares reserved	$ 6,000
Purchase price of common stock, percent of market price	85.00%
Purchase period (in months)	6 months
Issuance of ordinary shares under employee stock purchase plan (in shares)		166,762		166,762
Stock-based compensation expense		$ 2,300	$ 1,800	$ 4,500	$ 3,600
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized over a weighted-average period (in years)				1 year 3 months 3 days
Equity Settled RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to unvested stock options		$ 490,600		$ 490,600
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized over a weighted-average period (in years)				2 years 5 months 26 days

Equity Incentive Plans - Summary of Equity Awards Available for Grant (Details)	6 Months Ended
	Oct. 31, 2024 shares
Equity Awards, Outstanding [Roll Forward]
Available at beginning of fiscal year (in shares)	20,252,732
Shares authorized (in shares)	5,085,297
Options cancelled (in shares)	5,380
Available at end of fiscal year (in shares)	24,933,247
RSUs
Equity Awards, Outstanding [Roll Forward]
RSUs granted (in shares)	(884,162)
RSUs cancelled (in shares)	474,000

Equity Incentive Plans - Summary of Stock Option Activity (Details) - 2012 Plan $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 30, 2024 USD ($) $ / shares shares	Oct. 31, 2024 USD ($) $ / shares shares
Options, Outstanding Number [Roll Forward]
Beginning balance (in shares) \| shares		2,640,423
Stock options exercised (in shares) \| shares		(423,576)
Stock options canceled (in shares) \| shares		(5,380)
Stock options assumed in acquisition cancelled (in shares) \| shares		(7)
Ending balance (in shares) \| shares	2,640,423	2,211,460
Exercisable (in shares) \| shares		2,048,279
Options Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (in dollars per share) \| $ / shares		$ 38.23
Stock options exercised (in dollars per share) \| $ / shares		15.41
Stock options cancelled (in dollars per share) \| $ / shares		13.20
Stock options assumed in acquisition cancelled (in dollars per share) \| $ / shares		76.82
Ending balance (in dollars per share) \| $ / shares	$ 38.23	42.66
Exercisable (in dollars per share) \| $ / shares		$ 38.84
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term Rollforward
Remaining Contractual Term (in years)	4 years 8 months 1 day	4 years 3 months 21 days
Exercisable, Remaining Contractual Term (in years)		4 years 1 month 6 days
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Aggregate Intrinsic Value Rollforward
Beginning balance \| $		$ 178,081
Ending balance \| $	$ 178,081	97,998
Exercisable \| $		$ 97,614

Equity Incentive Plans - Summary of RSU Activity (Details) - RSUs	6 Months Ended
	Oct. 31, 2024 $ / shares shares
Non-option Awards, Outstanding Number [Roll Forward]
Number of Awards, RSUs granted (in shares)	884,162
Number of Awards, RSUs cancelled (in shares)	(474,000)
2012 Plan
Non-option Awards, Outstanding Number [Roll Forward]
Number of Awards Outstanding and unvested at Beginning of Year ((in shares)	7,076,836
Number of Awards, RSUs granted (in shares)	884,162
Number of Awards, RSUs released (in shares)	(1,334,813)
Number of Awards, RSUs cancelled (in shares)	(474,000)
Number of Awards Outstanding and unvested at Year End (in shares)	6,152,185
Non-option Awards, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted-Average Grant Date Fair Value, Outstanding and unvested, Beginning of Year (in dollar per share) \| $ / shares	$ 85.38
Weighted-Average Grant Date Fair Value, RSUs granted (in dollar per share) \| $ / shares	101.51
Weighted-Average Grant Date Fair Value, RSUs released (in dollar per share) \| $ / shares	87.56
Weighted-Average Grant Date Fair Value, RSUs cancelled (in dollar per share) \| $ / shares	84.18
Weighted-Average Grant Date Fair Value, Outstanding and unvested, End of Year (in dollar per share) \| $ / shares	$ 87.31

Equity Incentive Plans - Summary of Stock-based Compensation Expense Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 64,065	$ 56,455	$ 127,608	$ 113,582
Subscription
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,244	2,117	4,541	4,300
Services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,422	2,853	6,889	5,649
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	24,223	21,964	48,244	44,400
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	20,822	18,175	41,901	37,014
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13,354	$ 11,346	$ 26,033	$ 22,219

Net Loss Per Share Attributable to Ordinary Shareholders - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Numerator:
Net loss	$ (25,450)	$ (24,796)	$ (74,677)	$ (73,304)
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted
Basic (in shares)	103,238,740	99,073,401	102,761,588	98,507,725
Diluted (in shares)	103,238,740	99,073,401	102,761,588	98,507,725
Net loss per share attributable to ordinary shareholders, basic and diluted
Basic (in dollars per share)	$ (0.25)	$ (0.25)	$ (0.73)	$ (0.74)
Diluted (in dollars per share)	$ (0.25)	$ (0.25)	$ (0.73)	$ (0.74)

Net Loss Per Share Attributable to Ordinary Shareholders - Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Details) - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	8,578,335	9,977,856	8,578,335	9,977,856
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,211,460	3,225,368	2,211,460	3,225,368
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	6,152,185	6,593,346	6,152,185	6,593,346
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	214,690	159,142	214,690	159,142

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 23,668	$ 5,147	$ 43,739	$ 18,402
Tax provision adjustment, acquisition related			$ 2,200

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
United States
Defined Contribution Plan Disclosure [Line Items]
Defined contribution expense related to plan	$ 4.6	$ 4.3	$ 9.8	$ 9.1
Other Countries
Defined Contribution Plan Disclosure [Line Items]
Defined contribution expense related to plan	$ 3.4	$ 2.8	$ 7.4	$ 5.9
Maximum \| United States
Defined Contribution Plan Disclosure [Line Items]
Percentage of defined contribution to participating employees			6.00%

Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2024	Oct. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 365,361	$ 310,612	$ 712,781	$ 604,365
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	206,614	180,976	404,903	351,215
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 158,747	$ 129,636	$ 307,878	$ 253,150

Segment Information - Schedule of Property and Equipment, Net of Depreciation (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Apr. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 21,438	$ 25,959
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	7,442	10,571
The Netherlands
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	3,173	3,716
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	3,019	3,470
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	2,566	2,167
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 5,238	$ 6,035

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