Elastic N.V. [ESTC] Filings

10-Q 1 estc-20241031.htm 10-Q estc-20241031

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.

Table of Contents


		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

Table of Contents

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;

Table of Contents

•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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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

Table of Contents

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.

Table of Contents

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	%

Table of Contents

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.

Table of Contents

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.

Table of Contents

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.

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

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	(

Elastic N.V. [ESTC] Filings
10-Q	[2024-11]
10-Q	[2024-08]
10-K	[2024-06-14]
10-Q	[2024-03-01]
10-Q	[2023-12-01]
10-Q	[2023-09-01]
10-K	[2023-06-16]
10-Q	[2023-03-03]
10-Q	[2022-12-02]
10-Q	[2022-08-29]
10-K	[2022-06-21]
10-Q	[2022-03-10]
10-Q	[2021-12-09]
10-Q	[2021-09-01]
10-K	[2021-06-25]
10-Q	[2021-03-03]
10-Q	[2020-12-07]
10-Q	[2020-09-03]
10-K	[2020-06-26]
10-Q	[2020-03-09]
10-Q	[2019-12-09]
10-Q	[2019-09-10]
10-K	[2019-06-28]
10-Q	[2019-03-01]
10-Q	[2018-12-12]
S-1	[2018-09-05]