Cover
Cover - shares | 6 Months Ended | |
Oct. 31, 2020 | Nov. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38675 | |
Entity Registrant Name | Elastic N.V. | |
Entity Incorporation, State or Country Code | P7 | |
Entity Address, Address Line One | 800 West El Camino Real | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | Mountain View | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94040 | |
City Area Code | 650 | |
Local Phone Number | 458-2620 | |
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 | 87,403,657 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Central Index Key | 0001707753 | |
Current Fiscal Year End Date | --04-30 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 348,986 | $ 297,081 |
Restricted cash | 2,325 | 2,308 |
Accounts receivable, net of allowance for credit losses of $1,505 and $1,247 as of October 31, 2020 and April 30, 2020, respectively | 132,523 | 128,690 |
Deferred contract acquisition costs | 28,487 | 19,537 |
Prepaid expenses and other current assets | 31,805 | 32,623 |
Total current assets | 544,126 | 480,239 |
Property and equipment, net | 8,004 | 7,760 |
Goodwill | 198,196 | 197,877 |
Operating lease right-of-use assets | 30,277 | 32,783 |
Intangible assets, net | 43,362 | 50,455 |
Deferred contract acquisition costs, non-current | 35,996 | 24,012 |
Deferred tax assets | 3,685 | 3,164 |
Other assets | 3,915 | 7,621 |
Total assets | 867,561 | 803,911 |
Current liabilities: | ||
Accounts payable | 9,213 | 11,485 |
Accrued expenses and other liabilities | 21,824 | 22,210 |
Accrued compensation and benefits | 46,975 | 48,409 |
Operating lease liabilities | 7,863 | 7,639 |
Deferred revenue | 262,257 | 231,681 |
Total current liabilities | 348,132 | 321,424 |
Deferred revenue, non-current | 46,959 | 28,021 |
Operating lease liabilities, non-current | 25,032 | 27,827 |
Other liabilities, non-current | 4,781 | 12,992 |
Total liabilities | 424,904 | 390,264 |
Commitments and contingencies (Note 7) | ||
Shareholders’ equity: | ||
Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2020 and April 30, 2020 | 0 | 0 |
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 87,204,991 and 82,856,978 shares issued and outstanding as of October 31, 2020 and April 30, 2020, respectively | 908 | 856 |
Treasury stock | (369) | (369) |
Additional paid-in capital | 986,075 | 898,788 |
Accumulated other comprehensive loss | (11,914) | (1,377) |
Accumulated deficit | (532,043) | (484,251) |
Total shareholders’ equity | 442,657 | 413,647 |
Total liabilities and shareholders’ equity | $ 867,561 | $ 803,911 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Oct. 31, 2020USD ($)shares | Oct. 31, 2020€ / shares | Apr. 30, 2020USD ($)shares | Apr. 30, 2020€ / shares |
Statement of Financial Position [Abstract] | ||||
Allowance for credit losses | $ | $ 1,505 | $ 1,247 | ||
Ordinary shares, par value (€ / share) | € / shares | € 0.01 | € 0.01 | ||
Ordinary shares, shares authorized (in shares) | 165,000,000 | 165,000,000 | ||
Ordinary shares, shares issued (in shares) | 87,204,991 | 82,856,978 | ||
Ordinary shares, shares outstanding (in shares) | 87,204,991 | 82,856,978 | ||
Convertible Preference Shares | ||||
Convertible preference shares, par value (€ / share) | € / shares | € 0.01 | € 0.01 | ||
Convertible preference shares authorized (in shares) | 165,000,000 | 165,000,000 | ||
Convertible preference shares issued (in shares) | 0 | 0 | ||
Convertible preference shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Revenue | ||||
Total revenue | $ 144,894 | $ 101,106 | $ 273,764 | $ 190,816 |
Cost of revenue | ||||
Total cost of revenue | 38,448 | 28,761 | 73,279 | 55,012 |
Gross profit | 106,446 | 72,345 | 200,485 | 135,804 |
Operating expenses | ||||
Research and development | 46,688 | 38,478 | 92,366 | 73,660 |
Sales and marketing | 64,474 | 54,020 | 120,625 | 106,031 |
General and administrative | 23,705 | 31,808 | 45,434 | 50,376 |
Total operating expenses | 134,867 | 124,306 | 258,425 | 230,067 |
Operating loss | (28,421) | (51,961) | (57,940) | (94,263) |
Other income (expense), net | (84) | 1,684 | 10,801 | 2,615 |
Loss before income taxes | (28,505) | (50,277) | (47,139) | (91,648) |
Provision for (benefit from) income taxes | 653 | (304) | 1,020 | 94 |
Net loss | $ (29,158) | $ (49,973) | $ (48,159) | $ (91,742) |
Net loss per share attributable to ordinary shareholders, basic and diluted (in dollars per share) | $ (0.34) | $ (0.64) | $ (0.56) | $ (1.20) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted (in shares) | 86,373,166 | 77,772,406 | 85,275,474 | 76,202,865 |
License - self-managed | ||||
Revenue | ||||
Total revenue | $ 15,514 | $ 12,272 | $ 30,393 | $ 22,179 |
Cost of revenue | ||||
Total cost of revenue | 347 | 158 | 693 | 255 |
Subscription - self-managed and SaaS | ||||
Revenue | ||||
Total revenue | 118,695 | 79,407 | 225,158 | 151,890 |
Cost of revenue | ||||
Total cost of revenue | 29,148 | 19,741 | 55,038 | 37,636 |
Total subscription | ||||
Revenue | ||||
Total revenue | 134,209 | 91,679 | 255,551 | 174,069 |
Cost of revenue | ||||
Total cost of revenue | 29,495 | 19,899 | 55,731 | 37,891 |
Professional services | ||||
Revenue | ||||
Total revenue | 10,685 | 9,427 | 18,213 | 16,747 |
Cost of revenue | ||||
Total cost of revenue | $ 8,953 | $ 8,862 | $ 17,548 | $ 17,121 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (29,158) | $ (49,973) | $ (48,159) | $ (91,742) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (479) | (1,433) | (10,537) | (1,051) |
Other comprehensive loss | (479) | (1,433) | (10,537) | (1,051) |
Total comprehensive loss | $ (29,637) | $ (51,406) | $ (58,696) | $ (92,793) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Ordinary Shares | Treasury Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment |
Beginning balance (in shares) at Apr. 30, 2019 | 73,675,083 | |||||||
Beginning balance at Apr. 30, 2019 | $ 263,012 | $ 754 | $ (369) | $ 581,135 | $ (1,431) | $ (317,077) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 4,470,226 | |||||||
Issuance of ordinary shares upon exercise of stock options | 39,568 | $ 51 | 39,517 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 53,424 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 1 | $ 1 | ||||||
Ordinary shares issued in connection with the acquisition of Endgame (in shares) | 1,983,663 | |||||||
Ordinary shares issued in connection with the acquisition of Endgame | 167,337 | $ 21 | 167,316 | |||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow (in shares) | 235,031 | |||||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow | 19,826 | $ 2 | 19,824 | |||||
Assumption of stock option plan as consideration for acquisition of Endgame | 9,309 | 9,309 | ||||||
Repurchase of unvested RSAs (in shares) | (4,585) | |||||||
Vesting of ordinary shares subject to repurchase | 1,612 | 1,612 | ||||||
Stock-based compensation | 25,284 | 25,284 | ||||||
Net loss | (91,742) | (91,742) | ||||||
Foreign currency translation | (1,051) | (1,051) | ||||||
Ending balance (in shares) at Oct. 31, 2019 | 80,412,842 | |||||||
Ending balance at Oct. 31, 2019 | 433,156 | $ 829 | (369) | 843,997 | (2,482) | (408,819) | ||
Beginning balance (in shares) at Jul. 31, 2019 | 76,259,361 | |||||||
Beginning balance at Jul. 31, 2019 | 255,050 | $ 782 | (369) | 614,532 | (1,049) | (358,846) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 1,936,335 | |||||||
Issuance of ordinary shares upon exercise of stock options | 19,456 | $ 23 | 19,433 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 3,037 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 1 | $ 1 | ||||||
Ordinary shares issued in connection with the acquisition of Endgame (in shares) | 1,983,663 | |||||||
Ordinary shares issued in connection with the acquisition of Endgame | 167,337 | $ 21 | 167,316 | |||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow (in shares) | 235,031 | |||||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow | 19,826 | $ 2 | 19,824 | |||||
Assumption of stock option plan as consideration for acquisition of Endgame | 9,309 | 9,309 | ||||||
Repurchase of unvested RSAs (in shares) | (4,585) | |||||||
Stock-based compensation | 13,583 | 13,583 | ||||||
Net loss | (49,973) | (49,973) | ||||||
Foreign currency translation | (1,433) | (1,433) | ||||||
Ending balance (in shares) at Oct. 31, 2019 | 80,412,842 | |||||||
Ending balance at Oct. 31, 2019 | 433,156 | $ 829 | (369) | 843,997 | (2,482) | (408,819) | ||
Beginning balance (in shares) at Apr. 30, 2020 | 82,856,978 | |||||||
Beginning balance at Apr. 30, 2020 | $ 413,647 | $ 367 | $ 856 | (369) | 898,788 | (1,377) | (484,251) | $ 367 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 4,035,115 | 4,035,115 | ||||||
Issuance of ordinary shares upon exercise of stock options | $ 45,230 | $ 47 | 45,183 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 312,898 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 5 | (5) | |||||
Stock-based compensation | 39,407 | 39,407 | ||||||
Reclassification of liability-classified awards | 2,702 | 2,702 | ||||||
Net loss | (48,159) | 0 | 0 | 0 | 0 | (48,159) | ||
Foreign currency translation | (10,537) | $ 0 | 0 | 0 | (10,537) | 0 | ||
Ending balance (in shares) at Oct. 31, 2020 | 87,204,991 | |||||||
Ending balance at Oct. 31, 2020 | 442,657 | $ 908 | (369) | 986,075 | (11,914) | (532,043) | ||
Beginning balance (in shares) at Jul. 31, 2020 | 85,737,645 | |||||||
Beginning balance at Jul. 31, 2020 | 432,379 | $ 890 | (369) | 946,178 | (11,435) | (502,885) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 1,379,823 | |||||||
Issuance of ordinary shares upon exercise of stock options | 15,978 | $ 16 | 15,962 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 87,523 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 2 | (2) | |||||
Stock-based compensation | 21,235 | 21,235 | ||||||
Reclassification of liability-classified awards | 2,702 | 2,702 | ||||||
Net loss | (29,158) | (29,158) | ||||||
Foreign currency translation | (479) | (479) | ||||||
Ending balance (in shares) at Oct. 31, 2020 | 87,204,991 | |||||||
Ending balance at Oct. 31, 2020 | $ 442,657 | $ 908 | $ (369) | $ 986,075 | $ (11,914) | $ (532,043) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (48,159) | $ (91,742) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 8,566 | 3,338 |
Amortization of deferred contract acquisition costs | 18,173 | 13,921 |
Non-cash operating lease cost | 3,434 | 3,014 |
Stock-based compensation expense | 40,078 | 27,187 |
Non-cash acquisition expense settled with shares | 0 | 8,834 |
Deferred income taxes | (286) | (671) |
Foreign currency transaction gain | (10,924) | 0 |
Other | (11) | 323 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 63 | 4,850 |
Deferred contract acquisition costs | (37,872) | (17,025) |
Prepaid expenses and other current assets | 1,100 | (819) |
Other assets | 4,040 | 1,906 |
Accounts payable | (2,638) | 4,204 |
Accrued expenses and other liabilities | (1,061) | 3,372 |
Accrued compensation and benefits | (691) | 16,214 |
Operating lease liabilities | (3,535) | (2,788) |
Deferred revenue | 34,432 | 24,478 |
Net cash provided by (used in) operating activities | 4,709 | (1,404) |
Cash flows from investing activities | ||
Purchases of property and equipment | (1,656) | (3,230) |
Business acquisition, net of cash acquired | 0 | (24,373) |
Other | 1,320 | 0 |
Net cash used in investing activities | (336) | (27,603) |
Cash flows from financing activities | ||
Proceeds from issuance of ordinary shares upon exercise of stock options | 45,230 | 39,568 |
Payment of withholding taxes related to acquisition expense settled in shares | 0 | (2,834) |
Repayment of notes payable | 0 | (60) |
Net cash provided by financing activities | 45,230 | 36,674 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,319 | (399) |
Net increase in cash, cash equivalents, and restricted cash | 51,922 | 7,268 |
Cash, cash equivalents, and restricted cash, beginning of period | 299,389 | 300,280 |
Cash, cash equivalents, and restricted cash, end of period | 351,311 | 307,548 |
Supplemental disclosures of cash flow information | ||
Cash paid (refund received) for income taxes | (1,708) | 1,132 |
Cash paid for operating lease liabilities | 4,363 | 3,083 |
Supplemental disclosures of non-cash investing and financing information | ||
Property and equipment included in accounts payable and accrued liabilities | 10 | 444 |
Operating lease right-of-use assets for new lease obligations | 575 | 11,296 |
Vesting of shares subject to repurchase | 0 | 1,612 |
Issuance of ordinary shares for business combination | 0 | 178,329 |
Assumption of stock option plan as consideration for business combination | $ 0 | $ 9,309 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Oct. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of BusinessElastic N.V. (“Elastic” or the “Company”) was incorporated under the laws of the Netherlands in 2012. Elastic is a search company. It 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 in milliseconds or less. Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems. The Company also offers software solutions built on the Elastic Stack: Enterprise Search, Observability, and Security. The Elastic Stack and the Company’s solutions are designed to run in public or private clouds, in hybrid environments, or in traditional on-premises environments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2020 | |
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, 2020, the interim condensed consolidated statements of operations and of comprehensive loss, interim condensed statements of shareholders’ equity for the three and six months ended October 31, 2020 and 2019 and the interim condensed consolidated statements of cash flows for the six months ended October 31, 2020 and 2019, 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 adjustments necessary to fairly state the Company’s financial position as of October 31, 2020, and the results of the Company’s operations, its statements of shareholders’ equity for the three and six months ended October 31, 2020 and 2019, and its statements of cash flows for the six months ended October 31, 2020 and 2019. 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 six months ended October 31, 2020 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2021, or any 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”). 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, 2020 filed with the SEC on June 26, 2020 (“the Company's Annual Report on Form 10-K”). Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2021, for example, refer to the fiscal year ending April 30, 2021. Use of Estimates and Judgments The preparation of the 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 include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s initial public offering, 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, the 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. In March 2020, the World Health Organization declared the 2019 novel Coronavirus Disease (“COVID-19”) a pandemic. The pandemic has resulted in a global slowdown of economic activity that is likely to decrease demand for a broad variety of goods and services, including from certain of the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time. The full extent to which COVID-19 may impact the Company’s financial condition or results of operations is uncertain. 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 financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, 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 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 financial statements. Significant Accounting Policies Other than as described below, 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 consolidated financial statements and related notes. Accounts Receivable and Allowance for Credit Losses The Company records a receivable when an unconditional right to consideration exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. If revenue recognized on a contract exceeds the billings, then the Company records an unbilled receivable for that excess amount, which is included as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. The Company is exposed to credit losses primarily through the sales of subscriptions and services, which are recorded as accounts receivable, inclusive of unbilled receivables. The Company performs initial and ongoing evaluations of its customers' financial position and generally extends credit without collateral. Accounts receivable are recorded at amortized cost, net of an allowance for credit losses, and do not bear interest. The allowance for credit losses represents the best estimate of lifetime expected credit losses against the existing accounts receivable, inclusive of unbilled receivables, based on certain factors including past collection experience, credit quality of the customer, current aging of the receivable balance, current economic conditions, reasonable and supportable forecasts, as well as specific circumstances arising with individual customers. Judgment is required in assessing these factors. Due to the short-term nature of the Company’s accounts receivable, forecasts have limited relevance to the Company’s expected credit loss estimates. Accounts receivable are written off against the allowance when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable. The Company’s estimates of the allowance for credit losses may not be indicative of the Company’s actual credit losses requiring additional charges to be incurred to reflect the actual amount collected. Recently Adopted Accounting Pronouncements Goodwill Impairment : In January 2017, the FASB issued ASU No. 2017-4, Intangibles— Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The new standard will simplify the measurement of goodwill impairment by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The Company adopted ASU No. 2017-4 on May 1, 2020. The Company's adoption of this ASU did not have a material impact on the Company's condensed consolidated financial statements. Fair Value Measurements: In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements . The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU No. 2018-13 on May 1, 2020. The Company's adoption of this ASU did not have a material impact on the Company's condensed consolidated financial statements. Intangible Assets: In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The Company adopted ASU No. 2018-15 on May 1, 2020 and applied it prospectively to implementation costs incurred after the date of adoption. The Company’s adoption of this ASU had no material impact on the Company's condensed consolidated financial statements. Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and has since issued various amendments including ASU No. 2018-19, ASU No. 2019-4, and ASU No. 2019-5. The standard and related amendments modify the accounting for credit losses for most financial assets and requires an entity to utilize a new impairment model known as current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized costs basis of the financial asset, presents the amount expected to be collected on the financial asset. Additionally, ASU No. 2016-13 amends the current available-for-sale security impairment model for debt securities held for investment. The new model requires an estimate of expected credit losses when the fair value is below the amortized cost of the asset. The credit-related impairment (and subsequent recoveries) are recognized as an allowance on the balance sheet with a corresponding adjustment to the income statement. Non-credit related losses will continue to be recognized through OCI. This guidance also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted ASU No. 2016-13 on May 1, 2020. The Company's adoption of this ASU resulted in a $0.4 million reduction to accumulated deficit. New Accounting Pronouncements Not Yet Adopted Income Taxes: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , eliminating certain exceptions to the general principles in ASC 740 related to intra-period tax allocation, deferred tax liability and general methodology for calculating income taxes. Additionally, the ASU makes other changes for matters such as franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2022. Early adoption is permitted. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements. |
Revenue and Remaining Performan
Revenue and Remaining Performance Obligations | 6 Months Ended |
Oct. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue and Remaining Performance Obligations | Revenue and Remaining Performance Obligations Disaggregation of Revenue The following table presents revenue by category (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 Amount % of Amount % of Amount % of Amount % of Self-managed subscription $ 96,781 67 % $ 71,030 71 % $ 185,496 67 % $ 135,842 71 % License 15,514 11 % 12,272 12 % 30,393 11 % 22,179 11 % Subscription 81,267 56 % 58,758 59 % 155,103 56 % 113,663 60 % SaaS 37,428 26 % 20,649 20 % 70,055 26 % 38,227 20 % Total subscription revenue 134,209 93 % 91,679 91 % 255,551 93 % 174,069 91 % Professional services 10,685 7 % 9,427 9 % 18,213 7 % 16,747 9 % Total revenue $ 144,894 100 % $ 101,106 100 % $ 273,764 100 % $ 190,816 100 % Remaining Performance Obligations As of October 31, 2020, the Company had $643.5 million of remaining performance obligations, which is composed of product and services revenue not yet delivered. As of October 31, 2020, the Company expects to recognize approximately 85% of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe 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 following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2020 and April 30, 2020 (in thousands): October 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 175,007 — — $ 175,007 April 30, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 197,314 — — $ 197,314 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 uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments in money market funds. |
Acquisitions
Acquisitions | 6 Months Ended |
Oct. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal Year Ended April 30, 2020 Endgame, Inc. On October 8, 2019, the Company acquired all outstanding shares of Endgame, a security company offering endpoint protection technology, for a total acquisition price of $234.0 million. Elastic paid the purchase price through (i) the issuance of 2,218,694 ordinary shares in respect of Endgame’s outstanding capital stock, warrants, convertible notes, and certain retention awards, (ii) the cash repayment of Endgame’s outstanding indebtedness of $20.4 million, (iii) the assumption of Endgame’s outstanding stock options, (iv) a $0.4 million cash deposit to an expense fund for the fees and expenses of the representative and agent of Endgame securityholders, (v) the cash payment of Endgame’s transaction expenses of $5.9 million, and (vi) the cash payment of withholding taxes related to acquisition expense settled in shares of $2.8 million. Approximately 11% of the ordinary shares issued, or 235,031 shares, is being held in an indemnity escrow fund for 18 months after the acquisition close date. For purposes of determining the total acquisition price of $234.0 million, the Company used the ordinary share price of $89.3836 which was determined on the basis of the volume weighted average price per share rounded to four decimal places for the twenty (20) consecutive trading days ending with the complete trading day ending five (5) trading days prior to the date upon which the acquisition was consummated. The fair value of the shares transferred as consideration was $84.12 per share and was determined on the basis of the closing stock price of the Company’s ordinary shares on the date of acquisition. The fair value of the assumed stock options was determined by using a Black-Scholes option pricing model with the applicable assumptions as of the acquisition date. The stock options assumed on the acquisition date will continue to vest as the Endgame employees provide services in the post-acquisition period. The fair value of these awards will be recorded as share-based compensation expense over the respective vesting period of each stock option. The acquisition was accounted for as a business combination and the total purchase price was allocated to the net tangible and intangible assets and liabilities based on their respective fair values on the acquisition date and the excess was recorded as goodwill. The following table summarizes the components of the U.S. GAAP purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 26,633 Ordinary shares 178,331 Assumption of stock option plan 9,309 Total consideration $ 214,273 The above U.S. GAAP purchase price consideration does not include ordinary shares of Elastic issued as part of acceleration of equity awards and participation in the retention bonus pool. The following table summarizes the preliminary estimated fair values of assets acquired and liabilities assumed (in thousands): Cash and cash equivalents $ 2,220 Restricted cash 40 Accounts receivable 2,661 Prepaid and other current assets 549 Operating lease right-of-use assets 4,363 Property and equipment 503 Intangible assets 53,800 Other assets 58 Goodwill 178,764 Accounts payable (1,112) Accrued expenses and other current liabilities (3,035) Accrued compensation and benefits (5,042) Operating lease liabilities, current (981) Deferred revenue, current (3,532) Deferred revenue, non-current (2,661) Operating lease liabilities, non-current (3,551) Other liabilities, non-current (8,771) Total purchase consideration $ 214,273 Identifiable intangible assets include (in thousands): Total Estimated life Developed technology $ 32,700 5 Customer relationships 19,200 4 Trade name 1,900 4 Total intangible assets $ 53,800 Developed technology consists of software products and security platform developed by Endgame. Customer relationships consists of contracts with platform users that purchase Endgame’s products and services that carry distinct value. Trade names represent the Company’s right to the Endgame trade names and associated design, as it exists as of the acquisition date. The fair value assigned to developed technology was determined primarily using the multi-period excess earnings model, which estimates the revenue and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets otherwise recognized. The fair value of the Company’s customer relationships was determined using the income approach, which discounts expected future cash flows to present value using estimates and assumptions determined by management. The fair value assigned to trade name was determined using the relief from royalty method, where the owner of the asset realizes a benefit from owning the intangible asset rather than paying a rental or royalty rate for use of the asset. The acquired intangible assets are being amortized on a straight-line basis over their respective useful lives, which approximates the pattern in which these assets are utilized. Recognized goodwill of $178.8 million is not deductible for tax purposes and is primarily attributed to planned growth in new markets, synergies arising from the acquisition and the value of the acquired workforce. Net tangible assets and liabilities assumed were valued at their respective carrying amounts as of the acquisition date, as the Company believes that these amounts approximate their current fair values. Endgame has been included in the Company’s consolidated results of operations since the acquisition date. Endgame’s results were immaterial to the Company’s consolidated results for the three and six months ended October 31, 2020. The following unaudited pro forma condensed consolidated financial information gives effect to the acquisition of Endgame as if it were consummated on May 1, 2018, including pro forma adjustments related to the valuation and allocation of the purchase price, primarily amortization of acquired intangible assets and deferred revenue fair value adjustments; share-based compensation expense; alignment of accounting policies; the impact of applying ASC Topic 606, Revenue From Contracts With Customers, to Endgame’s historical financial statements; and direct transaction costs reflected in the historical financial statements. This data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on May 1, 2018. It should not be taken as representative of future results of operations of the combined company. Three Months Ended October 31, 2019 Six Months Ended October 31, 2019 Pro forma revenue (1) $ 105,450 $ 200,854 Pro forma net loss (1) $ (46,309) $ (94,663) (1) As if the acquisition of Endgame were consummated on May 1, 2018. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Oct. 31, 2020 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of As of Prepaid hosting costs $ 9,842 $ 12,228 Deposits 2,167 1,857 Prepaid software subscription costs 4,312 3,104 Prepaid taxes 3,786 3,612 Prepaid value added taxes 4,181 5,167 Other 7,517 6,655 Total prepaid expenses and other current assets $ 31,805 $ 32,623 Property and Equipment, Net The cost and accumulated depreciation of property and equipment were as follows (in thousands): Useful Life (in years) As of As of Leasehold improvements Lesser of estimated useful $ 8,070 $ 8,405 Computer hardware and software 3 5,832 5,687 Furniture and fixtures 3 - 5 5,151 5,072 Assets under construction 1,852 1,661 Total property and equipment 20,905 20,825 Less: accumulated depreciation (12,901) (13,065) Property and equipment, net $ 8,004 $ 7,760 Depreciation expense related to property and equipment was $0.8 million and $0.7 million for the three months ended October 31, 2020 and 2019, respectively. Depreciation expense related to property and equipment was $1.5 million and $1.3 million for the six months ended October 31, 2020 and 2019, respectively. Intangible Assets, Net Intangible assets consisted of the following as of October 31, 2020 and April 30, 2020 (in thousands): October 31, 2020 Gross Fair Accumulated Net Book Weighted Developed technology $ 44,830 $ 16,780 $ 28,050 3.7 Customer relationships 19,598 5,653 13,945 2.9 Trade names 2,872 1,505 1,367 2.9 Total $ 67,300 $ 23,938 $ 43,362 3.4 April 30, 2020 Gross Fair Accumulated Net Book Weighted Developed technology $ 44,830 $ 12,412 $ 32,418 4.1 Customer relationships 19,598 3,210 16,388 3.4 Trade names 2,872 1,223 1,649 3.4 Total $ 67,300 $ 16,845 $ 50,455 3.9 Amortization expense for the intangible assets for the three and six months ended October 31, 2020 and 2019 was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 Cost of revenue—cost of license—self-managed $ 347 $ 158 $ 693 $ 255 Cost of revenue—cost of subscription—self-managed and SaaS 1,762 861 3,525 1,397 Sales and marketing 1,433 379 2,874 408 Total amortization of acquired intangible assets $ 3,542 $ 1,398 $ 7,092 $ 2,060 The expected future amortization expense related to the intangible assets as of October 31, 2020 was as follows (in thousands, by fiscal year): Remainder of 2021 $ 7,076 2022 12,947 2023 11,890 2024 8,715 2025 2,734 Total $ 43,362 Goodwill The following table represents the changes to goodwill (in thousands): Carrying Balance as of April 30, 2020 $ 197,877 Foreign currency translation adjustment 319 Balance as of October 31, 2020 $ 198,196 There was no impairment of goodwill during the six months ended October 31, 2020 and 2019. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): As of As of Accrued expenses $ 11,796 $ 10,864 Value added taxes payable 5,649 7,230 Other 4,379 4,116 Total accrued expenses and other liabilities $ 21,824 $ 22,210 Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): As of As of Accrued vacation $ 21,553 $ 17,971 Accrued commissions 14,919 16,259 Accrued payroll taxes and withholding taxes 5,658 7,588 Other 4,845 6,591 Total accrued compensation and benefits $ 46,975 $ 48,409 Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers. For annual contracts, the Company typically invoices customers at the time of entering into the contract. For multi-year agreements, the Company generally invoices customers on an annual basis prior to each anniversary of the contract start date. The Company records unbilled accounts receivable related to revenue recognized in excess of amounts invoiced as the Company has an unconditional right to invoice and receive payment in the future related to those fulfilled obligations. Invoicing customers prior to performance creates a contract liability, deferred revenue, which is recognized in accordance with the Company’s revenue recognition policy. The following table provides information about unbilled accounts receivable, deferred contract acquisition costs and deferred revenue from contracts with customers (in thousands): As of As of Unbilled accounts receivable, included in accounts receivable, net $ 3,046 $ 2,622 Deferred contract acquisition costs $ 64,483 $ 43,549 Deferred revenue $ 309,216 $ 259,702 Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands): Unbilled Accounts Receivable Six Months Ended October 31, 2020 2019 Beginning balance $ 2,622 $ 1,710 Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period (2,622) (1,710) Additions through acquisition — 321 Revenue recognized during the period in excess of invoices issued 3,046 2,309 Ending balance $ 3,046 $ 2,630 Deferred Revenue Six Months Ended October 31, 2020 2019 Beginning balance $ 259,702 $ 170,666 Increases due to invoices issued, excluding amounts recognized as revenue during the period 201,784 135,665 Amounts transferred to deferred revenue from accrued expenses and other liabilities upon entering into contracts with customers, net of revenue recognized during the period 5,424 — Increase from acquisition, net of revenue recognized — 6,147 Revenue recognized that was included in deferred revenue balance at beginning of period (157,694) (111,147) Ending balance $ 309,216 $ 201,331 Deferred Contract Acquisition Costs Deferred contract acquisition costs represent costs that are incremental to the acquisition of customer contracts, which consist mainly of sales commissions and associated payroll taxes. The Company determines whether costs should be deferred based on sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract. Sales commissions for renewal of a subscription contract are not considered commensurate with the commissions paid for the acquisition of the initial subscription contract given the substantive difference in commission rates in proportion to their respective contract values. Accordingly, commissions paid upon the initial acquisition of a contract are amortized over an estimated period of benefit of five years while commissions paid related to renewal contracts are amortized based on the pattern of the associated revenue recognition over the related contractual renewal period for the pool of renewal contracts. The Company determines the period of benefit for commissions paid for the acquisition of the initial subscription contract by taking into consideration its initial estimated customer life and the technological life of its software and related significant features. Deferred contract acquisition costs are expensed commensurate with the pattern of revenue recognition as performance obligations are satisfied. Commissions paid on professional services are typically amortized in accordance with the associated revenue as the commissions paid on new and renewal professional services are commensurate with each other. Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement of operations. The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. The Company did not recognize any impairment of deferred contract acquisition costs during the three months ended October 31, 2020. The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Six Months Ended October 31, 2020 2019 Beginning balance $ 43,549 $ 26,150 Capitalization of contract acquisition costs 39,107 17,005 Amortization of deferred contract acquisition costs (18,173) (13,921) Ending balance $ 64,483 $ 29,234 Allowance for Credit Losses The following is a summary of the changes in the Company’s allowance for credit losses (in thousands): Balance at April 30, 2020 $ 1,247 Cumulative-effect adjustment from adoption of ASU 2016-13 (367) Provision 1,233 Write-offs (608) Balance at October 31, 2020 $ 1,505 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Cloud Hosting Commitments During the six months ended October 31, 2020, 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 for the fiscal year ended April 30, 2020. Letters of Credit The Company had a total of $2.1 million in letters of credit outstanding in favor of certain landlords for office space as of October 31, 2020. 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. Although the results of litigation and claims are inherently unpredictable, the Company does not believe that there were any matters under litigation or claims with a reasonable possibility of the Company incurring a material loss as of October 31, 2020. 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 has never 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 while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions. |
Leases
Leases | 6 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Company’s leases are composed of corporate office spaces under non-cancelable operating lease agreements that expire at various dates through 2025. The Company does not have any finance leases. Lease Costs Components of lease costs included in the condensed consolidated statement of operations were as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 Operating lease cost $ 2,172 $ 2,184 $ 4,284 $ 3,963 Short-term lease cost 721 859 1,352 1,531 Variable lease cost (65) 189 289 308 Total lease cost $ 2,828 $ 3,232 $ 5,925 $ 5,802 Lease term and discount rate information are summarized as follows: As of October 31, 2020 Weighted average remaining lease term (years) 4.33 Weighted average discount rate 5.06 % Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of October 31, 2020 were as follows (in thousands): Years Ending April 30, 2021 (remaining six months) $ 4,546 2022 8,542 2023 8,259 2024 7,179 2025 5,870 Thereafter 2,804 Total minimum lease payments 37,200 Less imputed interest (4,305) Present value of future minimum lease payments 32,895 Less current lease liabilities (7,863) Operating lease liabilities, non-current $ 25,032 |
Ordinary Shares
Ordinary Shares | 6 Months Ended |
Oct. 31, 2020 | |
Equity [Abstract] | |
Ordinary Shares | Ordinary Shares 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 declared by the board of directors, subject to the prior rights of holders of all classes of shares outstanding having priority rights to dividends. No dividends have been declared by the Company’s board of directors from inception through October 31, 2020. Ordinary Shares Reserved for Issuance The Company had reserved shares of ordinary shares for issuance as follows: As of As of Stock options issued and outstanding 10,757,903 15,260,506 RSUs issued and outstanding 2,617,676 2,472,092 Remaining shares available for future issuance under the 2012 Plan 16,612,806 12,461,850 Total ordinary shares reserved 29,988,385 30,194,448 Convertible Preference Shares |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Oct. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans 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 (as amended and restated, the “2012 Plan”). Under the 2012 Plan, the board of directors and the compensation committee, as administrator of the 2012 Plan, may grant stock options and other equity-based awards, such as Restricted Stock Awards (“RSAs”) or Restricted Stock Units (“RSUs”), 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 or compensation committee determines the vesting schedule for all equity-based awards. Stock options granted to new employees under the 2012 Plan generally vest over four years with 25% of the option shares vesting one year from the vesting commencement date and then ratably over the following 36 months subject to the employees continued service to the Company. Refresh grants to existing employees generally vest monthly over four years subject to the employees continued service to the Company. RSUs granted to new employees generally vest over a period of four years with 25% vesting on the one-year anniversary of the vesting start date and the remainder vesting semi-annually over the next three years, subject to the grantee’s continued service to the Company. RSUs granted to existing employees generally vest semi-annually over a period of four years, subject to the grantee’s 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, RSAs 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 for the periods presented were as follows: Six Months Ended Available at beginning of period 12,461,850 Awards authorized 4,142,849 Stock options granted (40,129) Stock options cancelled 506,718 RSUs granted (668,605) RSUs cancelled 210,123 Available at end of period 16,612,806 Endgame Stock Incentive Plan Assumed in Acquisition In connection with its acquisition of Endgame, the Company assumed all in-the-money stock options issued under Endgame’s Amended and Restated 2010 Stock Incentive Plan that were outstanding on the date of acquisition. The assumed stock options will continue to be outstanding and will be governed by the provisions of their respective plan and are included in the stock option activity table below. Stock Options The following table summarizes stock option activity (in thousands, except share and per share data): Stock options Outstanding Number of Weighted- Remaining Aggregate Balance as of April 30, 2020 15,260,506 $ 14.17 7.27 $ 767,795 Stock options granted 40,129 $ 99.78 Stock options exercised (4,035,115) $ 11.25 Stock options cancelled (506,718) $ 19.19 Stock options assumed in acquisition cancelled (899) $ 75.00 Balance as of October 31, 2020 10,757,903 $ 15.33 6.93 $ 925,989 Exercisable as of October 31, 2020 5,926,542 $ 12.36 6.56 $ 527,662 Stock options exercisable include 238,994 stock options that were unvested as of October 31, 2020. Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase ordinary shares and the fair value of the Company’s ordinary shares. The weighted-average grant-date fair value of stock options granted was $56.37 for the three and six months ended October 31, 2020. The weighted-average grant-date fair value of stock options granted was $54.20 and $50.92 for the three and six months ended October 31, 2019, respectively. As of October 31, 2020, the Company had unrecognized stock-based compensation expense of $38.9 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 1.79 years. RSUs During the six months ended October 31, 2020, the Company granted 668,605 RSUs at a weighted-average grant date fair value of $88.20 per unit. During the three and six months ended October 31, 2020, the Company cancelled 80,839 cash settled RSUs and contemporaneously granted 80,839 equity settled RSUs. The modification of the awards and related change in the classification of awards from liability-classified to equity-classified was accounted under the provisions of ASC 718 - Stock Compensation . Prior to the conversion, the Company performed a final measurement of its stock-based compensation liability under the fair value method, which resulted in a non-cash stock based compensation expense of $2.5 million. Additionally, upon modification of the awards, the Company reclassified $2.7 million stock-based compensation liability to additional-paid in capital. As of October 31, 2020, the Company had unrecognized stock-based compensation expense of $165.7 million related to equity settled RSUs that the Company expects to recognize over a weighted-average period of 3.12 years. The following table summarizes RSU activity for the 2012 Plan: Number of Weighted- Outstanding and unvested at April 30, 2020 2,472,092 $ 66.78 RSUs granted 668,605 $ 88.20 RSUs released (312,898) $ 76.33 RSUs cancelled (210,123) $ 52.15 Outstanding and unvested at October 31, 2020 2,617,676 $ 72.28 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, 2020 2019 2020 2019 Cost of revenue—cost of subscription—self-managed and SaaS $ 1,860 $ 946 $ 3,226 $ 1,861 Cost of revenue—professional services 976 638 1,928 1,199 Research and development 7,663 5,870 14,793 10,831 Sales and marketing 7,955 4,658 14,147 8,966 General and administrative 3,033 2,304 5,984 4,330 Total stock-based compensation expense $ 21,487 $ 14,416 $ 40,078 $ 27,187 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Ordinary Shareholders | 6 Months Ended |
Oct. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Ordinary Shareholders | 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, 2020 2019 2020 2019 Numerator: Net loss $ (29,158) $ (49,973) $ (48,159) $ (91,742) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 86,373,166 77,772,406 85,275,474 76,202,865 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.34) $ (0.64) $ (0.56) $ (1.20) 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: Six Months Ended October 31, 2020 2019 Stock options 10,757,903 18,369,959 Equity settled RSUs 2,617,676 969,360 Shares subject to repurchase — 67,237 Contingently issuable shares 235,031 235,031 Total 13,610,610 19,641,587 |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 31, 2020 | |
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 $0.7 million for the three months ended October 31, 2020, a benefit of $0.3 million for the three months ended October 31, 2019, and a provision of $1.0 million and $0.1 million for the six months ended October 31, 2020 and 2019, respectively. The provision for income taxes was primarily due to foreign taxes. The calculation of income taxes is based upon the estimated annual effective tax rates for the year applied to the current period loss 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 interim unaudited condensed consolidated financial statements. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Oct. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit PlansThe Company has a defined-contribution plan in the U.S. 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. This 401(k) Plan covers substantially all 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 up to 6% of the participating employee’s W-2 earnings and wages. The Company recorded $2.6 million and $1.8 million of expense related to the 401(k) Plan during the three months ended October 31, 2020 and 2019, respectively and $5.4 million and $3.7 million for the six months ended October 31, 2020 and 2019, respectively.The Company also has defined-contribution plans in certain other countries for which the Company recorded $1.2 million and $0.8 million of expense during the three months ended October 31, 2020 and 2019, respectively and $2.3 million and $1.6 million for the six months ended October 31, 2020 and 2019, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Oct. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 United States $ 80,241 $ 57,501 $ 152,035 $ 106,463 Rest of world 64,653 43,605 121,729 84,353 Total revenue $ 144,894 $ 101,106 $ 273,764 $ 190,816 Other than the United States, no other individual country exceeded 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 As of United States $ 27,701 $ 30,373 United Kingdom 6,369 5,854 The Netherlands 3,147 3,529 Rest of world 1,064 787 Total long-lived assets $ 38,281 $ 40,543 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated balance sheet as of October 31, 2020, the interim condensed consolidated statements of operations and of comprehensive loss, interim condensed statements of shareholders’ equity for the three and six months ended October 31, 2020 and 2019 and the interim condensed consolidated statements of cash flows for the six months ended October 31, 2020 and 2019, 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 adjustments necessary to fairly state the Company’s financial position as of October 31, 2020, and the results of the Company’s operations, its statements of shareholders’ equity for the three and six months ended October 31, 2020 and 2019, and its statements of cash flows for the six months ended October 31, 2020 and 2019. 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 six months ended October 31, 2020 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2021, or any 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”). 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, 2020 filed with the SEC on June 26, 2020 (“the Company's Annual Report on Form 10-K”). |
Fiscal Year | Fiscal YearThe Company’s fiscal year ends on April 30. References to fiscal 2021, for example, refer to the fiscal year ending April 30, 2021. |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of the 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 include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s initial public offering, 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, the 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. In March 2020, the World Health Organization declared the 2019 novel Coronavirus Disease (“COVID-19”) a pandemic. The pandemic has resulted in a global slowdown of economic activity that is likely to decrease demand for a broad variety of goods and services, including from certain of the Company’s customers, while also disrupting sales channels and marketing activities for an unknown period of time. The full extent to which COVID-19 may impact the Company’s financial condition or results of operations is uncertain. 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 financial statements, the Company is not aware of any |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and Allowance for Credit Losses The Company records a receivable when an unconditional right to consideration exists, such that only the passage of time is required before payment of consideration is due. Timing of revenue recognition may differ from the timing of invoicing to customers. If revenue recognized on a contract exceeds the billings, then the Company records an unbilled receivable for that excess amount, which is included as part of accounts receivable, net in the Company’s condensed consolidated balance sheets. The Company is exposed to credit losses primarily through the sales of subscriptions and services, which are recorded as accounts receivable, inclusive of unbilled receivables. The Company performs initial and ongoing evaluations of its customers' financial position and generally extends credit without collateral. Accounts receivable are recorded at amortized cost, net of an allowance for credit losses, and do not bear interest. The allowance for credit losses represents the best estimate of lifetime expected credit losses against the existing accounts receivable, inclusive of unbilled receivables, based on certain factors including past collection experience, credit quality of the customer, current aging of the receivable balance, current economic conditions, reasonable and supportable forecasts, as well as specific circumstances arising with individual customers. Judgment is required in assessing these factors. Due to the short-term nature of the Company’s accounts receivable, forecasts have limited relevance to the Company’s expected credit loss estimates. Accounts receivable are written off against the allowance when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable. The Company’s estimates of the allowance for credit losses may not be indicative of the Company’s actual credit losses requiring additional charges to be incurred to reflect the actual amount collected. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Goodwill Impairment : In January 2017, the FASB issued ASU No. 2017-4, Intangibles— Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The new standard will simplify the measurement of goodwill impairment by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The Company adopted ASU No. 2017-4 on May 1, 2020. The Company's adoption of this ASU did not have a material impact on the Company's condensed consolidated financial statements. Fair Value Measurements: In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements . The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted ASU No. 2018-13 on May 1, 2020. The Company's adoption of this ASU did not have a material impact on the Company's condensed consolidated financial statements. Intangible Assets: In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The Company adopted ASU No. 2018-15 on May 1, 2020 and applied it prospectively to implementation costs incurred after the date of adoption. The Company’s adoption of this ASU had no material impact on the Company's condensed consolidated financial statements. Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and has since issued various amendments including ASU No. 2018-19, ASU No. 2019-4, and ASU No. 2019-5. The standard and related amendments modify the accounting for credit losses for most financial assets and requires an entity to utilize a new impairment model known as current expected credit loss (“CECL”) model to estimate its lifetime “expected credit loss” and record an allowance that, when deducted from the amortized costs basis of the financial asset, presents the amount expected to be collected on the financial asset. Additionally, ASU No. 2016-13 amends the current available-for-sale security impairment model for debt securities held for investment. The new model requires an estimate of expected credit losses when the fair value is below the amortized cost of the asset. The credit-related impairment (and subsequent recoveries) are recognized as an allowance on the balance sheet with a corresponding adjustment to the income statement. Non-credit related losses will continue to be recognized through OCI. This guidance also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted ASU No. 2016-13 on May 1, 2020. The Company's adoption of this ASU resulted in a $0.4 million reduction to accumulated deficit. New Accounting Pronouncements Not Yet Adopted Income Taxes: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , eliminating certain exceptions to the general principles in ASC 740 related to intra-period tax allocation, deferred tax liability and general methodology for calculating income taxes. Additionally, the ASU makes other changes for matters such as franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2022. Early adoption is permitted. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements. |
Revenue and Remaining Perform_2
Revenue and Remaining Performance Obligations (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Category | The following table presents revenue by category (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 Amount % of Amount % of Amount % of Amount % of Self-managed subscription $ 96,781 67 % $ 71,030 71 % $ 185,496 67 % $ 135,842 71 % License 15,514 11 % 12,272 12 % 30,393 11 % 22,179 11 % Subscription 81,267 56 % 58,758 59 % 155,103 56 % 113,663 60 % SaaS 37,428 26 % 20,649 20 % 70,055 26 % 38,227 20 % Total subscription revenue 134,209 93 % 91,679 91 % 255,551 93 % 174,069 91 % Professional services 10,685 7 % 9,427 9 % 18,213 7 % 16,747 9 % Total revenue $ 144,894 100 % $ 101,106 100 % $ 273,764 100 % $ 190,816 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
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, 2020 and April 30, 2020 (in thousands): October 31, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 175,007 — — $ 175,007 April 30, 2020 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 197,314 — — $ 197,314 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Components Purchase Price and Preliminary Allocation of Purchase Price at Fair Value | The following table summarizes the components of the U.S. GAAP purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 26,633 Ordinary shares 178,331 Assumption of stock option plan 9,309 Total consideration $ 214,273 |
Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimated fair values of assets acquired and liabilities assumed (in thousands): Cash and cash equivalents $ 2,220 Restricted cash 40 Accounts receivable 2,661 Prepaid and other current assets 549 Operating lease right-of-use assets 4,363 Property and equipment 503 Intangible assets 53,800 Other assets 58 Goodwill 178,764 Accounts payable (1,112) Accrued expenses and other current liabilities (3,035) Accrued compensation and benefits (5,042) Operating lease liabilities, current (981) Deferred revenue, current (3,532) Deferred revenue, non-current (2,661) Operating lease liabilities, non-current (3,551) Other liabilities, non-current (8,771) Total purchase consideration $ 214,273 |
Summary of Identifiable Intangible Assets | Identifiable intangible assets include (in thousands): Total Estimated life Developed technology $ 32,700 5 Customer relationships 19,200 4 Trade name 1,900 4 Total intangible assets $ 53,800 |
Summary of Unaudited Pro Forma Condensed Consolidated Financial Information | The following unaudited pro forma condensed consolidated financial information gives effect to the acquisition of Endgame as if it were consummated on May 1, 2018, including pro forma adjustments related to the valuation and allocation of the purchase price, primarily amortization of acquired intangible assets and deferred revenue fair value adjustments; share-based compensation expense; alignment of accounting policies; the impact of applying ASC Topic 606, Revenue From Contracts With Customers, to Endgame’s historical financial statements; and direct transaction costs reflected in the historical financial statements. This data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on May 1, 2018. It should not be taken as representative of future results of operations of the combined company. Three Months Ended October 31, 2019 Six Months Ended October 31, 2019 Pro forma revenue (1) $ 105,450 $ 200,854 Pro forma net loss (1) $ (46,309) $ (94,663) (1) As if the acquisition of Endgame were consummated on May 1, 2018. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Balance Sheet Components [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of As of Prepaid hosting costs $ 9,842 $ 12,228 Deposits 2,167 1,857 Prepaid software subscription costs 4,312 3,104 Prepaid taxes 3,786 3,612 Prepaid value added taxes 4,181 5,167 Other 7,517 6,655 Total prepaid expenses and other current assets $ 31,805 $ 32,623 |
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 As of Leasehold improvements Lesser of estimated useful $ 8,070 $ 8,405 Computer hardware and software 3 5,832 5,687 Furniture and fixtures 3 - 5 5,151 5,072 Assets under construction 1,852 1,661 Total property and equipment 20,905 20,825 Less: accumulated depreciation (12,901) (13,065) Property and equipment, net $ 8,004 $ 7,760 |
Schedule of Intangible Assets | Intangible assets consisted of the following as of October 31, 2020 and April 30, 2020 (in thousands): October 31, 2020 Gross Fair Accumulated Net Book Weighted Developed technology $ 44,830 $ 16,780 $ 28,050 3.7 Customer relationships 19,598 5,653 13,945 2.9 Trade names 2,872 1,505 1,367 2.9 Total $ 67,300 $ 23,938 $ 43,362 3.4 April 30, 2020 Gross Fair Accumulated Net Book Weighted Developed technology $ 44,830 $ 12,412 $ 32,418 4.1 Customer relationships 19,598 3,210 16,388 3.4 Trade names 2,872 1,223 1,649 3.4 Total $ 67,300 $ 16,845 $ 50,455 3.9 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense for the intangible assets for the three and six months ended October 31, 2020 and 2019 was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 Cost of revenue—cost of license—self-managed $ 347 $ 158 $ 693 $ 255 Cost of revenue—cost of subscription—self-managed and SaaS 1,762 861 3,525 1,397 Sales and marketing 1,433 379 2,874 408 Total amortization of acquired intangible assets $ 3,542 $ 1,398 $ 7,092 $ 2,060 |
Schedule of Expected Future Amortization Expense of Intangible Assets | The expected future amortization expense related to the intangible assets as of October 31, 2020 was as follows (in thousands, by fiscal year): Remainder of 2021 $ 7,076 2022 12,947 2023 11,890 2024 8,715 2025 2,734 Total $ 43,362 |
Schedule of Changes to Goodwill | The following table represents the changes to goodwill (in thousands): Carrying Balance as of April 30, 2020 $ 197,877 Foreign currency translation adjustment 319 Balance as of October 31, 2020 $ 198,196 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): As of As of Accrued expenses $ 11,796 $ 10,864 Value added taxes payable 5,649 7,230 Other 4,379 4,116 Total accrued expenses and other liabilities $ 21,824 $ 22,210 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following (in thousands): As of As of Accrued vacation $ 21,553 $ 17,971 Accrued commissions 14,919 16,259 Accrued payroll taxes and withholding taxes 5,658 7,588 Other 4,845 6,591 Total accrued compensation and benefits $ 46,975 $ 48,409 |
Schedule of Unbilled Accounts Receivable, Deferred Contract Acquisition Costs, and Deferred Revenue from Contracts with Customers | The following table provides information about unbilled accounts receivable, deferred contract acquisition costs and deferred revenue from contracts with customers (in thousands): As of As of Unbilled accounts receivable, included in accounts receivable, net $ 3,046 $ 2,622 Deferred contract acquisition costs $ 64,483 $ 43,549 Deferred revenue $ 309,216 $ 259,702 Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands): Unbilled Accounts Receivable Six Months Ended October 31, 2020 2019 Beginning balance $ 2,622 $ 1,710 Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period (2,622) (1,710) Additions through acquisition — 321 Revenue recognized during the period in excess of invoices issued 3,046 2,309 Ending balance $ 3,046 $ 2,630 Deferred Revenue Six Months Ended October 31, 2020 2019 Beginning balance $ 259,702 $ 170,666 Increases due to invoices issued, excluding amounts recognized as revenue during the period 201,784 135,665 Amounts transferred to deferred revenue from accrued expenses and other liabilities upon entering into contracts with customers, net of revenue recognized during the period 5,424 — Increase from acquisition, net of revenue recognized — 6,147 Revenue recognized that was included in deferred revenue balance at beginning of period (157,694) (111,147) Ending balance $ 309,216 $ 201,331 The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Six Months Ended October 31, 2020 2019 Beginning balance $ 43,549 $ 26,150 Capitalization of contract acquisition costs 39,107 17,005 Amortization of deferred contract acquisition costs (18,173) (13,921) Ending balance $ 64,483 $ 29,234 |
Schedule of Changes in Allowance for Credit Losses | The following is a summary of the changes in the Company’s allowance for credit losses (in thousands): Balance at April 30, 2020 $ 1,247 Cumulative-effect adjustment from adoption of ASU 2016-13 (367) Provision 1,233 Write-offs (608) Balance at October 31, 2020 $ 1,505 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Costs | Components of lease costs included in the condensed consolidated statement of operations were as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 Operating lease cost $ 2,172 $ 2,184 $ 4,284 $ 3,963 Short-term lease cost 721 859 1,352 1,531 Variable lease cost (65) 189 289 308 Total lease cost $ 2,828 $ 3,232 $ 5,925 $ 5,802 |
Lease Term and Discount Rate Information | Lease term and discount rate information are summarized as follows: As of October 31, 2020 Weighted average remaining lease term (years) 4.33 Weighted average discount rate 5.06 % |
Future Minimum Lease Payments under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of October 31, 2020 were as follows (in thousands): Years Ending April 30, 2021 (remaining six months) $ 4,546 2022 8,542 2023 8,259 2024 7,179 2025 5,870 Thereafter 2,804 Total minimum lease payments 37,200 Less imputed interest (4,305) Present value of future minimum lease payments 32,895 Less current lease liabilities (7,863) Operating lease liabilities, non-current $ 25,032 |
Ordinary Shares (Tables)
Ordinary Shares (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Equity [Abstract] | |
Summary of Ordinary Shares Reserved for Issuance | The Company had reserved shares of ordinary shares for issuance as follows: As of As of Stock options issued and outstanding 10,757,903 15,260,506 RSUs issued and outstanding 2,617,676 2,472,092 Remaining shares available for future issuance under the 2012 Plan 16,612,806 12,461,850 Total ordinary shares reserved 29,988,385 30,194,448 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Equity Awards Available for Grant | The equity awards available for grant for the periods presented were as follows: Six Months Ended Available at beginning of period 12,461,850 Awards authorized 4,142,849 Stock options granted (40,129) Stock options cancelled 506,718 RSUs granted (668,605) RSUs cancelled 210,123 Available at end of period 16,612,806 |
Summary of Stock Option Activity | The following table summarizes stock option activity (in thousands, except share and per share data): Stock options Outstanding Number of Weighted- Remaining Aggregate Balance as of April 30, 2020 15,260,506 $ 14.17 7.27 $ 767,795 Stock options granted 40,129 $ 99.78 Stock options exercised (4,035,115) $ 11.25 Stock options cancelled (506,718) $ 19.19 Stock options assumed in acquisition cancelled (899) $ 75.00 Balance as of October 31, 2020 10,757,903 $ 15.33 6.93 $ 925,989 Exercisable as of October 31, 2020 5,926,542 $ 12.36 6.56 $ 527,662 |
Summary of RSU Activity | The following table summarizes RSU activity for the 2012 Plan: Number of Weighted- Outstanding and unvested at April 30, 2020 2,472,092 $ 66.78 RSUs granted 668,605 $ 88.20 RSUs released (312,898) $ 76.33 RSUs cancelled (210,123) $ 52.15 Outstanding and unvested at October 31, 2020 2,617,676 $ 72.28 |
Summary of Stock-based Compensation Expense Recognized in Consolidated Statements 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, 2020 2019 2020 2019 Cost of revenue—cost of subscription—self-managed and SaaS $ 1,860 $ 946 $ 3,226 $ 1,861 Cost of revenue—professional services 976 638 1,928 1,199 Research and development 7,663 5,870 14,793 10,831 Sales and marketing 7,955 4,658 14,147 8,966 General and administrative 3,033 2,304 5,984 4,330 Total stock-based compensation expense $ 21,487 $ 14,416 $ 40,078 $ 27,187 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Ordinary Shareholders (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
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, 2020 2019 2020 2019 Numerator: Net loss $ (29,158) $ (49,973) $ (48,159) $ (91,742) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 86,373,166 77,772,406 85,275,474 76,202,865 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.34) $ (0.64) $ (0.56) $ (1.20) |
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders | 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: Six Months Ended October 31, 2020 2019 Stock options 10,757,903 18,369,959 Equity settled RSUs 2,617,676 969,360 Shares subject to repurchase — 67,237 Contingently issuable shares 235,031 235,031 Total 13,610,610 19,641,587 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2020 2019 2020 2019 United States $ 80,241 $ 57,501 $ 152,035 $ 106,463 Rest of world 64,653 43,605 121,729 84,353 Total revenue $ 144,894 $ 101,106 $ 273,764 $ 190,816 |
Schedule of Long-Lived Assets, Including Property and Equipment, Net and Operating Lease Right-of-Use Assets | 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 As of United States $ 27,701 $ 30,373 United Kingdom 6,369 5,854 The Netherlands 3,147 3,529 Rest of world 1,064 787 Total long-lived assets $ 38,281 $ 40,543 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Jul. 31, 2020 | May 01, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 |
Summary Of Significant Accounting Policies [Line Items] | |||||||
Decrease in accumulated deficit, from ASU 2016-13 adoption | $ 442,657 | $ 432,379 | $ 413,647 | $ 433,156 | $ 255,050 | $ 263,012 | |
Accumulated Deficit | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Decrease in accumulated deficit, from ASU 2016-13 adoption | $ (532,043) | $ (502,885) | (484,251) | $ (408,819) | $ (358,846) | $ (317,077) | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Decrease in accumulated deficit, from ASU 2016-13 adoption | 367 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit | |||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||
Decrease in accumulated deficit, from ASU 2016-13 adoption | $ 400 | $ 367 |
Revenue and Remaining Perform_3
Revenue and Remaining Performance Obligations - Schedule of Revenue by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 144,894 | $ 101,106 | $ 273,764 | $ 190,816 |
Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Self-managed subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 96,781 | $ 71,030 | $ 185,496 | $ 135,842 |
Self-managed subscription | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 67.00% | 71.00% | 67.00% | 71.00% |
License | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 15,514 | $ 12,272 | $ 30,393 | $ 22,179 |
License | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 11.00% | 12.00% | 11.00% | 11.00% |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 81,267 | $ 58,758 | $ 155,103 | $ 113,663 |
Subscription | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 56.00% | 59.00% | 56.00% | 60.00% |
SaaS | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 37,428 | $ 20,649 | $ 70,055 | $ 38,227 |
SaaS | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 26.00% | 20.00% | 26.00% | 20.00% |
Total subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 134,209 | $ 91,679 | $ 255,551 | $ 174,069 |
Total subscription | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 93.00% | 91.00% | 93.00% | 91.00% |
Professional services | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 10,685 | $ 9,427 | $ 18,213 | $ 16,747 |
Professional services | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 7.00% | 9.00% | 7.00% | 9.00% |
Revenue and Remaining Perform_4
Revenue and Remaining Performance Obligations - Additional Information (Details) $ in Millions | Oct. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 643.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-11-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation (in percentage) | 85.00% |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 24 months |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - Money market funds - Recurring - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 175,007 | $ 197,314 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 175,007 | 197,314 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 0 | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 08, 2019 | Oct. 31, 2020 | Apr. 30, 2020 |
Business Acquisition [Line Items] | |||
Number of consecutive trading days ending with complete trading day | 20 days | ||
Number of consecutive trading days, prior to acquisition consummated date | 5 days | ||
Goodwill | $ 198,196 | $ 197,877 | |
Endgame, Inc. | |||
Business Acquisition [Line Items] | |||
Total purchase price | $ 234,000 | ||
Issuance of ordinary shares (in shares) | 2,218,694 | ||
Repayment of outstanding indebtedness | $ 20,400 | ||
Cash deposit to expense fund for fees and expenses of representative and agent of securityholders | 400 | ||
Payment of transaction expenses | 5,900 | ||
Business acquisition tax withholding cash payment | $ 2,800 | ||
Percentage of shares to be held in indemnity escrow fund | 11.00% | ||
Number of shares to be held in indemnity escrow fund (in shares) | 235,031 | ||
Indemnity escrow fund holding period | 18 months | ||
Business acquisition share price (in dollars per share) | $ 89.3836 | ||
Fair value of shares, consideration transferred (in dollars per share) | $ 84.12 | ||
Goodwill | $ 178,764 |
Acquisitions - Summary of Compo
Acquisitions - Summary of Components Purchase Price and Preliminary Allocation of Purchase Price at Fair Value (Details) - Endgame, Inc. $ in Thousands | Oct. 08, 2019USD ($) |
Business Acquisition [Line Items] | |
Cash paid | $ 26,633 |
Ordinary shares | 178,331 |
Assumption of stock option plan | 9,309 |
Total consideration | $ 214,273 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 | Oct. 08, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 198,196 | $ 197,877 | |
Endgame, Inc. | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 2,220 | ||
Restricted cash | 40 | ||
Accounts receivable | 2,661 | ||
Prepaid and other current assets | 549 | ||
Operating lease right-of-use assets | 4,363 | ||
Property and equipment | 503 | ||
Intangible assets | 53,800 | ||
Other assets | 58 | ||
Goodwill | 178,764 | ||
Accounts payable | (1,112) | ||
Accrued expenses and other current liabilities | (3,035) | ||
Accrued compensation and benefits | (5,042) | ||
Operating lease liabilities, current | (981) | ||
Deferred revenue, current | (3,532) | ||
Deferred revenue, non-current | (2,661) | ||
Operating lease liabilities, non-current | (3,551) | ||
Other liabilities, non-current | (8,771) | ||
Total purchase consideration | $ 214,273 |
Acquisitions - Summary of Ident
Acquisitions - Summary of Identifiable Intangible Assets (Details) - Endgame, Inc. $ in Thousands | Oct. 08, 2019USD ($) |
Business Acquisition [Line Items] | |
Intangible assets | $ 53,800 |
Developed technology | |
Business Acquisition [Line Items] | |
Intangible assets | $ 32,700 |
Estimated life (in years) | 5 years |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 19,200 |
Estimated life (in years) | 4 years |
Trade name | |
Business Acquisition [Line Items] | |
Intangible assets | $ 1,900 |
Estimated life (in years) | 4 years |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Condensed Consolidated Financial Information (Details) - Endgame, Inc. - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Oct. 31, 2019 | Oct. 31, 2019 | |
Business Acquisition [Line Items] | ||
Pro forma revenue | $ 105,450 | $ 200,854 |
Pro forma net loss | $ (46,309) | $ (94,663) |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid hosting costs | $ 9,842 | $ 12,228 |
Deposits | 2,167 | 1,857 |
Prepaid software subscription costs | 4,312 | 3,104 |
Prepaid taxes | 3,786 | 3,612 |
Prepaid value added taxes | 4,181 | 5,167 |
Other | 7,517 | 6,655 |
Total prepaid expenses and other current assets | $ 31,805 | $ 32,623 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2020 | Apr. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 20,905 | $ 20,825 |
Less: accumulated depreciation | (12,901) | (13,065) |
Property and equipment, net | 8,004 | 7,760 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 8,070 | 8,405 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Total property and equipment | $ 5,832 | 5,687 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 5,151 | 5,072 |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Assets under construction | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,852 | $ 1,661 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Balance Sheet Components [Abstract] | ||||
Depreciation expense | $ 800,000 | $ 700,000 | $ 1,500,000 | $ 1,300,000 |
Goodwill impairment | $ 0 | $ 0 | ||
Capitalized contract cost, amortization period | 5 years | 5 years | ||
Impairment of deferred contract acquisition costs recognized | $ 0 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Apr. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 67,300 | $ 67,300 |
Accumulated Amortization | 23,938 | 16,845 |
Total | $ 43,362 | $ 50,455 |
Weighted Average Remaining Useful Life (in years) | 3 years 4 months 24 days | 3 years 10 months 24 days |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 44,830 | $ 44,830 |
Accumulated Amortization | 16,780 | 12,412 |
Total | $ 28,050 | $ 32,418 |
Weighted Average Remaining Useful Life (in years) | 3 years 8 months 12 days | 4 years 1 month 6 days |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 19,598 | $ 19,598 |
Accumulated Amortization | 5,653 | 3,210 |
Total | $ 13,945 | $ 16,388 |
Weighted Average Remaining Useful Life (in years) | 2 years 10 months 24 days | 3 years 4 months 24 days |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 2,872 | $ 2,872 |
Accumulated Amortization | 1,505 | 1,223 |
Total | $ 1,367 | $ 1,649 |
Weighted Average Remaining Useful Life (in years) | 2 years 10 months 24 days | 3 years 4 months 24 days |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Amortization Expense For Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 3,542 | $ 1,398 | $ 7,092 | $ 2,060 |
Cost of revenue | License - self-managed | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 347 | 158 | 693 | 255 |
Cost of revenue | Subscription - self-managed and SaaS | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 1,762 | 861 | 3,525 | 1,397 |
Sales and marketing | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 1,433 | $ 379 | $ 2,874 | $ 408 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 7,076 | |
2022 | 12,947 | |
2023 | 11,890 | |
2024 | 8,715 | |
2025 | 2,734 | |
Total | $ 43,362 | $ 50,455 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Changes to Goodwill (Details) $ in Thousands | 6 Months Ended |
Oct. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 197,877 |
Foreign currency translation adjustment | 319 |
Ending balance | $ 198,196 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Balance Sheet Components [Abstract] | ||
Accrued expenses | $ 11,796 | $ 10,864 |
Value added taxes payable | 5,649 | 7,230 |
Other | 4,379 | 4,116 |
Total accrued expenses and other liabilities | $ 21,824 | $ 22,210 |
Balance Sheet Components - Sc_8
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Balance Sheet Components [Abstract] | ||
Accrued vacation | $ 21,553 | $ 17,971 |
Accrued commissions | 14,919 | 16,259 |
Accrued payroll taxes and withholding taxes | 5,658 | 7,588 |
Other | 4,845 | 6,591 |
Total accrued compensation and benefits | $ 46,975 | $ 48,409 |
Balance Sheet Components - Sc_9
Balance Sheet Components - Schedule of Information About Contracts with Customers (Details)) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2019 |
Contract Balances [Line Items] | ||||
Unbilled accounts receivable, included in accounts receivable, net | $ 3,046 | $ 2,622 | $ 2,630 | $ 1,710 |
Deferred revenue | 309,216 | 259,702 | $ 201,331 | $ 170,666 |
Contracts with Customers | ||||
Contract Balances [Line Items] | ||||
Unbilled accounts receivable, included in accounts receivable, net | 3,046 | 2,622 | ||
Deferred contract acquisition costs | 64,483 | 43,549 | ||
Deferred revenue | $ 309,216 | $ 259,702 |
Balance Sheet Components - S_10
Balance Sheet Components - Schedule of Significant Changes in Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Unbilled Account Receivable [Roll Forward] | ||
Beginning balance | $ 2,622 | $ 1,710 |
Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period | (2,622) | (1,710) |
Additions through acquisition | 0 | 321 |
Revenue recognized during the period in excess of invoices issued | 3,046 | 2,309 |
Ending balance | $ 3,046 | $ 2,630 |
Balance Sheet Components - S_11
Balance Sheet Components - Schedule of Significant Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Movement in Deferred Revenue [Roll Forward] | ||
Beginning balance | $ 259,702 | $ 170,666 |
Increases due to invoices issued, excluding amounts recognized as revenue during the period | 201,784 | 135,665 |
Amounts transferred to deferred revenue from accrued expenses and other liabilities upon entering into contracts with customers, net of revenue recognized during the period | 5,424 | 0 |
Increase from acquisition, net of revenue recognized | 0 | 6,147 |
Revenue recognized that was included in deferred revenue balance at beginning of period | (157,694) | (111,147) |
Ending balance | $ 309,216 | $ 201,331 |
Balance Sheet Components - S_12
Balance Sheet Components - Schedule of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Contract Acquisition Cost [Roll Forward] | ||
Beginning balance | $ 43,549 | $ 26,150 |
Capitalization of contract acquisition costs | 39,107 | 17,005 |
Amortization of deferred contract acquisition costs | (18,173) | (13,921) |
Ending balance | $ 64,483 | $ 29,234 |
Balance Sheet Components - S_13
Balance Sheet Components - Schedule of Changes in Allowance for Doubtful Accounts (Details) $ in Thousands | 6 Months Ended |
Oct. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at April 30, 2020 | $ 1,247 |
Provision | 1,233 |
Write-offs | (608) |
Balance at October 31, 2020 | 1,505 |
Cumulative Effect, Period of Adoption, Adjustment | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Balance at April 30, 2020 | $ (367) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended |
Oct. 31, 2020USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding amount | $ 2,100,000 |
Provision for indemnification claims | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) | Oct. 31, 2020USD ($) |
Leases [Abstract] | |
Finance lease, liability | $ 0 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,172 | $ 2,184 | $ 4,284 | $ 3,963 |
Short-term lease cost | 721 | 859 | 1,352 | 1,531 |
Variable lease cost | (65) | 189 | 289 | 308 |
Total lease cost | $ 2,828 | $ 3,232 | $ 5,925 | $ 5,802 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate Information (Details) | Oct. 31, 2020 |
Leases [Abstract] | |
Weighted average remaining lease term (years) | 4 years 3 months 29 days |
Weighted average discount rate | 5.06% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Leases [Abstract] | ||
2021 (remaining six months) | $ 4,546 | |
2022 | 8,542 | |
2023 | 8,259 | |
2024 | 7,179 | |
2025 | 5,870 | |
Thereafter | 2,804 | |
Total minimum lease payments | 37,200 | |
Less imputed interest | (4,305) | |
Present value of future minimum lease payments | 32,895 | |
Less current lease liabilities | (7,863) | $ (7,639) |
Operating lease liabilities, non-current | $ 25,032 | $ 27,827 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Details) | 3 Months Ended | |
Oct. 31, 2020USD ($)voteshares | Apr. 30, 2020shares | |
Class of Stock [Line Items] | ||
Common stock, voting rights, number of votes per share | vote | 1 | |
Dividends declared | $ | $ 0 | |
Convertible Preference Shares | ||
Class of Stock [Line Items] | ||
Convertible preference shares authorized (in shares) | 165,000,000 | 165,000,000 |
Convertible preference shares issued (in shares) | 0 | 0 |
Convertible preference shares outstanding (in shares) | 0 | 0 |
Ordinary Shares - Summary of Or
Ordinary Shares - Summary of Ordinary Shares Reserved for Issuance (Details) - shares | Oct. 31, 2020 | Apr. 30, 2020 |
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 29,988,385 | 30,194,448 |
Stock options | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 10,757,903 | 15,260,506 |
RSUs | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 2,617,676 | 2,472,092 |
2012 Plan | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 16,612,806 | 12,461,850 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested stock options exercisable (in shares) | 238,994 | 238,994 | |||
Weighted average grant date fair value (in dollars per share) | $ 56.37 | $ 54.20 | $ 56.37 | $ 50.92 | |
Unrecognized stock-based compensation expense related to unvested stock options | $ 38,900 | $ 38,900 | |||
Unrecognized over a weighted-average period | 1 year 9 months 14 days | ||||
Non-cash stock based compensation expense | $ 2,500 | ||||
Reclassification of liability-classified awards | 2,702 | 2,702 | |||
Additional Paid-in Capital | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Reclassification of liability-classified awards | 2,702 | $ 2,702 | |||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs granted (in shares) | 668,605 | ||||
Grant date fair value (in dollars per share) | $ 88.20 | ||||
RSUs cancelled (in shares) | 210,123 | ||||
Equity settled RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense related to unvested stock options | $ 165,700 | $ 165,700 | |||
Unrecognized over a weighted-average period | 3 years 1 month 13 days | ||||
RSUs granted (in shares) | 80,839 | 80,839 | |||
Cash Settled Restricted Stock Units R S U | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs cancelled (in shares) | 80,839 | 80,839 | |||
2012 Plan | Existing Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation payment vesting period | 4 years | ||||
2012 Plan | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation payment vesting period | 4 years | ||||
Share-based compensation arrangement by share-based payment award expiration period | 10 years | ||||
2012 Plan | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs granted (in shares) | 668,605 | ||||
Grant date fair value (in dollars per share) | $ 88.20 | ||||
RSUs cancelled (in shares) | 210,123 | ||||
2012 Plan | RSUs | New Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation payment vesting period | 4 years | ||||
2012 Plan | RSUs | Existing Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation payment vesting period | 4 years | ||||
2012 Plan | Tranche One | New Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||
2012 Plan | Tranche One | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation payment vesting period | 1 year | ||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||
2012 Plan | Tranche One | RSUs | New Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award current year vesting period | 1 year | ||||
2012 Plan | Tranche Two | Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation payment vesting period | 36 months | ||||
2012 Plan | Tranche Two | RSUs | New Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation payment vesting period | 3 years |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Equity Awards Available For Grant (Details) | 6 Months Ended |
Oct. 31, 2020shares | |
Equity Awards, Outstanding [Roll Forward] | |
Available at beginning of period (in shares) | 12,461,850 |
Award authorized (in shares) | 4,142,849 |
Stock options granted (in shares) | (40,129) |
Stock options cancelled (in shares) | 506,718 |
Available at end of period (in shares) | 16,612,806 |
RSUs | |
Equity Awards, Outstanding [Roll Forward] | |
RSUs granted (in shares) | (668,605) |
RSUs cancelled (in shares) | 210,123 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2020USD ($)$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | |
Number of Stock Options Outstanding | ||
Balance as of April 30, 2020 (in shares) | shares | 15,260,506 | |
Stock options granted (in shares) | shares | 40,129 | |
Stock options exercised (in shares) | shares | (4,035,115) | |
Stock options cancelled (in shares) | shares | (506,718) | |
Stock options assumed in acquisition cancelled (in shares) | shares | (899) | |
Balance as of October 31, 2020 (in shares) | shares | 10,757,903 | 15,260,506 |
Exercisable as of October 31, 2020 (in shares) | shares | 5,926,542 | |
Weighted- Average Exercise Price | ||
Balance as of April 30, 2020 (in dollars per share) | $ / shares | $ 14.17 | |
Stock options granted (in dollars per share) | $ / shares | 99.78 | |
Stock options exercised (in dollars per share) | $ / shares | 11.25 | |
Stock options cancelled (in dollars per share) | $ / shares | 19.19 | |
Stock options assumed in acquisition cancelled (in dollars per share) | $ / shares | 75 | |
Balance as of October, 2020 (in dollars per share) | $ / shares | 15.33 | $ 14.17 |
Exercisable as of October 31, 2020 (in dollars per share) | $ / shares | $ 12.36 | |
Remaining Contractual Term (in years) | ||
Remaining contract term | 6 years 11 months 4 days | 7 years 3 months 7 days |
Exercisable, remaining contractual term | 6 years 6 months 21 days | |
Aggregate Intrinsic Value | ||
Balance as of April 30, 2020 | $ | $ 767,795 | |
Balance as of October 31, 2020 | $ | 925,989 | $ 767,795 |
Exercisable as of October 31, 2020 | $ | $ 527,662 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of RSU Activity (Details) - RSUs | 6 Months Ended |
Oct. 31, 2020$ / sharesshares | |
Number of Awards | |
RSUs granted (in shares) | 668,605 |
RSUs cancelled (in shares) | (210,123) |
Weighted- Average Grant Date Fair Value | |
Weighted-average grant date fair value, RSUs granted (in dollars per share) | $ / shares | $ 88.20 |
2012 Plan | |
Number of Awards | |
Outstanding and unvested at April 30, 2020 (in shares) | 2,472,092 |
RSUs granted (in shares) | 668,605 |
RSUs released (in shares) | (312,898) |
RSUs cancelled (in shares) | (210,123) |
Outstanding and unvested at October 31, 2020 (in shares) | 2,617,676 |
Weighted- Average Grant Date Fair Value | |
Weighted-average grant date fair value, outstanding and unvested at April 30, 2020 (in dollars per share) | $ / shares | $ 66.78 |
Weighted-average grant date fair value, RSUs granted (in dollars per share) | $ / shares | 88.20 |
Weighted-average grant date fair value, RSUs released (in dollars per share) | $ / shares | 76.33 |
Weighted-average grant date fair value, RSUs cancelled (in dollars per share) | $ / shares | 52.15 |
Weighted-average grant date fair value, outstanding and unvested at October 31, 2020 (in dollars per share) | $ / shares | $ 72.28 |
Equity Incentive Plans - Summ_4
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, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 21,487 | $ 14,416 | $ 40,078 | $ 27,187 |
Cost of revenue—cost of subscription—self-managed and SaaS | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 1,860 | 946 | 3,226 | 1,861 |
Cost of revenue—professional services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 976 | 638 | 1,928 | 1,199 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 7,663 | 5,870 | 14,793 | 10,831 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 7,955 | 4,658 | 14,147 | 8,966 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 3,033 | $ 2,304 | $ 5,984 | $ 4,330 |
Net Loss Per Share Attributab_3
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, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Numerator: | ||||
Net loss | $ (29,158) | $ (49,973) | $ (48,159) | $ (91,742) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted (in shares) | 86,373,166 | 77,772,406 | 85,275,474 | 76,202,865 |
Net loss per share attributable to ordinary shareholders, basic and diluted (in dollars per share) | $ (0.34) | $ (0.64) | $ (0.56) | $ (1.20) |
Net Loss Per Share Attributab_4
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 | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 13,610,610 | 19,641,587 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 10,757,903 | 18,369,959 |
Equity settled RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,617,676 | 969,360 |
Shares subject to repurchase | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 67,237 |
Contingently issuable shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 235,031 | 235,031 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Provision for (benefit from) income taxes | $ 653 | $ (304) | $ 1,020 | $ 94 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
United States | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution expense related to plan | $ 2.6 | $ 1.8 | $ 5.4 | $ 3.7 |
United States | Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of defined contribution to participating employees | 6.00% | |||
Other Countries | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution expense related to plan | $ 1.2 | $ 0.8 | $ 2.3 | $ 1.6 |
Segment Information - Schedule
Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 144,894 | $ 101,106 | $ 273,764 | $ 190,816 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 80,241 | 57,501 | 152,035 | 106,463 |
Rest of world | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 64,653 | $ 43,605 | $ 121,729 | $ 84,353 |
Segment Information - Schedul_2
Segment Information - Schedule of Long-Lived Assets, Including Property and Equipment, Net and Operating Lease Right-of-Use Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Apr. 30, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 38,281 | $ 40,543 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 27,701 | 30,373 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 6,369 | 5,854 |
The Netherlands | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3,147 | 3,529 |
Rest of world | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 1,064 | $ 787 |