Cover
Cover - shares | 9 Months Ended | |
Jan. 31, 2022 | Feb. 28, 2022 | |
Cover [Abstract] | ||
Entity Central Index Key | 0001707753 | |
Current Fiscal Year End Date | --04-30 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2022 | |
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 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 93,468,991 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Ordinary shares, Par Value €0.01 Per Share | |
Trading Symbol | ESTC | |
Security Exchange Name | NYSE | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Tax Identification Number | 00-0000000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 864,363 | $ 400,814 |
Restricted cash | 3,928 | 2,894 |
Accounts receivable, net of allowance for credit losses of $2,729 and $2,344 as of January 31, 2022 and April 30, 2021, respectively | 146,218 | 160,415 |
Deferred contract acquisition costs | 38,938 | 36,089 |
Prepaid expenses and other current assets | 39,405 | 37,002 |
Total current assets | 1,092,852 | 637,214 |
Property and equipment, net | 6,739 | 8,881 |
Goodwill | 304,155 | 198,851 |
Operating lease right-of-use assets | 21,454 | 25,464 |
Intangible assets, net | 49,948 | 36,286 |
Deferred contract acquisition costs, non-current | 62,980 | 50,263 |
Deferred tax assets | 3,765 | 3,697 |
Other assets | 17,403 | 12,516 |
Total assets | 1,559,296 | 973,172 |
Current liabilities: | ||
Accounts payable | 21,792 | 7,248 |
Accrued expenses and other liabilities | 42,110 | 28,909 |
Accrued compensation and benefits | 56,181 | 52,525 |
Operating lease liabilities | 8,983 | 8,528 |
Deferred revenue | 362,287 | 352,805 |
Total current liabilities | 491,353 | 450,015 |
Deferred revenue, non-current | 33,395 | 44,895 |
Net carrying amount | 566,271 | 0 |
Operating lease liabilities, non-current | 14,879 | 19,649 |
Other liabilities, non-current | 21,089 | 7,782 |
Total liabilities | 1,126,987 | 522,341 |
Commitments and contingencies (Note 8 and 9) | ||
Shareholders’ equity: | ||
Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of January 31, 2022 and April 30, 2021 | 0 | 0 |
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 93,420,927 and 90,533,985 shares issued and outstanding as of January 31, 2022 and April 30, 2021, respectively | 982 | 948 |
Treasury stock | (369) | (369) |
Additional paid-in capital | 1,197,570 | 1,071,675 |
Accumulated other comprehensive loss | (14,318) | (8,105) |
Accumulated deficit | (751,556) | (613,318) |
Total shareholders’ equity | 432,309 | 450,831 |
Total liabilities and shareholders’ equity | $ 1,559,296 | $ 973,172 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jan. 31, 2022USD ($)shares | Jan. 31, 2022€ / shares | Apr. 30, 2021USD ($)shares | Apr. 30, 2021€ / shares |
Statement of Financial Position [Abstract] | ||||
Allowance for credit losses | $ | $ 2,729 | $ 2,344 | ||
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) | 93,420,927 | 90,533,985 | ||
Ordinary shares, shares outstanding (in shares) | 93,420,927 | 90,533,985 | ||
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 | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Revenue | ||||
Total revenue | $ 223,944 | $ 157,115 | $ 623,019 | $ 430,879 |
Cost of revenue | ||||
Total cost of revenue | 61,284 | 41,968 | 164,830 | 115,247 |
Gross profit | 162,660 | 115,147 | 458,189 | 315,632 |
Operating expenses | ||||
Research and development | 71,749 | 51,400 | 194,894 | 143,766 |
Sales and marketing | 105,069 | 71,087 | 288,055 | 191,712 |
General and administrative | 31,691 | 27,121 | 89,298 | 72,555 |
Total operating expenses | 208,509 | 149,608 | 572,247 | 408,033 |
Operating loss | (45,849) | (34,461) | (114,058) | (92,401) |
Interest Expense | (6,175) | (65) | (14,327) | (78) |
Other income (expense), net | (861) | (2,312) | (509) | 8,502 |
Loss before income taxes | (52,885) | (36,838) | (128,894) | (83,977) |
Provision for income taxes | 3,841 | 1,136 | 9,344 | 2,156 |
Net loss | $ (56,726) | $ (37,974) | $ (138,238) | $ (86,133) |
Net loss per share attributable to ordinary shareholders, basic and diluted (in dollars per share) | $ (0.61) | $ (0.43) | $ (1.50) | $ (1) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted (in shares) | 93,015,185 | 88,341,038 | 92,140,919 | 86,296,028 |
Total subscription | ||||
Revenue | ||||
Total revenue | $ 209,614 | $ 147,249 | $ 577,056 | $ 402,800 |
Cost of revenue | ||||
Total cost of revenue | 47,577 | 31,772 | 127,339 | 87,503 |
License - self-managed | ||||
Revenue | ||||
Total revenue | 20,119 | 15,280 | 54,457 | 45,673 |
Cost of revenue | ||||
Total cost of revenue | 501 | 346 | 1,242 | 1,039 |
Subscription - self-managed and SaaS | ||||
Revenue | ||||
Total revenue | 189,495 | 131,969 | 522,599 | 357,127 |
Cost of revenue | ||||
Total cost of revenue | 47,076 | 31,426 | 126,097 | 86,464 |
Professional services | ||||
Revenue | ||||
Total revenue | 14,330 | 9,866 | 45,963 | 28,079 |
Cost of revenue | ||||
Total cost of revenue | $ 13,707 | $ 10,196 | $ 37,491 | $ 27,744 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (56,726) | $ (37,974) | $ (138,238) | $ (86,133) |
Foreign currency translation adjustments | ||||
Foreign currency translation adjustments | (4,937) | 3,346 | (6,213) | (7,190) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (4,937) | 3,346 | (6,213) | (7,190) |
Total comprehensive loss | $ (61,663) | $ (34,628) | $ (144,451) | $ (93,323) |
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, 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] | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 6,192,264 | |||||||
Issuance of ordinary shares upon exercise of stock options | 67,554 | $ 73 | 67,481 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 595,698 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 8 | (8) | |||||
Stock-based compensation | 64,634 | 64,634 | ||||||
Adjustment To Additional Paid In Capital, Reclassification Of Share-based Compensation Liability | 2,703 | |||||||
Net loss | (86,133) | (86,133) | ||||||
Foreign currency translation | (7,191) | (7,191) | ||||||
Ending balance (in shares) at Jan. 31, 2021 | 89,644,940 | |||||||
Ending balance at Jan. 31, 2021 | 455,581 | $ 937 | (369) | 1,033,598 | (8,568) | (570,017) | ||
Beginning balance (in shares) at Oct. 31, 2020 | 87,204,991 | |||||||
Beginning balance at Oct. 31, 2020 | 442,658 | $ 908 | (369) | 986,076 | (11,914) | (532,043) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 2,157,149 | |||||||
Issuance of ordinary shares upon exercise of stock options | 22,324 | $ 26 | 22,298 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 282,800 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 3 | (3) | |||||
Stock-based compensation | 25,227 | 25,227 | ||||||
Net loss | (37,974) | (37,974) | ||||||
Foreign currency translation | 3,346 | 3,346 | ||||||
Ending balance (in shares) at Jan. 31, 2021 | 89,644,940 | |||||||
Ending balance at Jan. 31, 2021 | 455,581 | $ 937 | (369) | 1,033,598 | (8,568) | (570,017) | ||
Beginning balance (in shares) at Apr. 30, 2021 | 90,533,985 | |||||||
Beginning balance at Apr. 30, 2021 | $ 450,831 | $ 948 | (369) | 1,071,675 | (8,105) | (613,318) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 2,004,188 | 2,004,188 | ||||||
Issuance of ordinary shares upon exercise of stock options | $ 27,540 | $ 24 | 27,516 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 882,754 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 10 | (10) | |||||
Stock-based compensation | 97,123 | 97,123 | ||||||
Net loss | (138,238) | (138,238) | ||||||
Foreign currency translation | (6,213) | (6,213) | ||||||
Ending balance (in shares) at Jan. 31, 2022 | 93,420,927 | |||||||
Ending balance at Jan. 31, 2022 | 432,309 | $ 982 | (369) | 1,197,570 | (14,318) | (751,556) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adjustments to Additional Paid in Capital, Replacement awards - Pre-combination | 1,266 | 1,266 | ||||||
Beginning balance (in shares) at Oct. 31, 2021 | 92,566,025 | |||||||
Beginning balance at Oct. 31, 2021 | 449,800 | $ 972 | (369) | 1,153,408 | (9,381) | (694,830) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 473,442 | |||||||
Issuance of ordinary shares upon exercise of stock options | 6,709 | $ 6 | 6,703 | |||||
Issuance of ordinary shares upon release of restricted stock unit (in shares) | 381,460 | |||||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 4 | (4) | |||||
Stock-based compensation | 37,463 | 37,463 | ||||||
Net loss | (56,726) | (56,726) | ||||||
Foreign currency translation | (4,937) | (4,937) | ||||||
Ending balance (in shares) at Jan. 31, 2022 | 93,420,927 | |||||||
Ending balance at Jan. 31, 2022 | $ 432,309 | $ 982 | $ (369) | $ 1,197,570 | $ (14,318) | $ (751,556) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (138,238,000) | $ (86,133,000) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Depreciation and amortization | 14,558,000 | 12,856,000 |
Amortization of deferred contract acquisition costs | 43,373,000 | 28,455,000 |
Amortization of debt issuance costs | 554,000 | 0 |
Non-cash operating lease cost | 6,259,000 | 5,256,000 |
Share-based Payment Arrangement, Expense | 96,971,000 | 65,305,000 |
Deferred income taxes | (219,000) | (288,000) |
Foreign currency transaction (gain) loss | 1,707,000 | (9,463,000) |
Other | 98,000 | 11,000 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 9,801,000 | 15,246,000 |
Deferred contract acquisition costs | (61,234,000) | (54,612,000) |
Prepaid expenses and other current assets | (2,650,000) | 4,817,000 |
Other assets | (803,000) | 5,237,000 |
Accounts payable | 14,452,000 | (6,321,000) |
Accrued expenses and other liabilities | 17,539,000 | 1,696,000 |
Accrued compensation and benefits | 4,686,000 | (5,859,000) |
Operating lease liabilities | (6,438,000) | (5,402,000) |
Deferred revenue | 8,306,000 | 53,309,000 |
Net cash provided by operating activities | 8,722,000 | 24,110,000 |
Cash flows from investing activities | ||
Purchases of property and equipment | (987,000) | (2,732,000) |
Capitalization of internal-use software | (4,227,000) | 0 |
Business acquisitions, net of cash acquired | (119,854,000) | 0 |
Other | 0 | (1,320,000) |
Net cash used in investing activities | (125,068,000) | (1,412,000) |
Proceeds from the issuance of debt | 575,000,000 | 0 |
Cash flows from financing activities | ||
Proceeds from issuance of ordinary shares upon exercise of stock options | 27,540,000 | 67,554,000 |
Payments of debt issuance costs | (9,283,000) | 0 |
Net cash provided by financing activities | 593,257,000 | 67,554,000 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (12,328,000) | 5,848,000 |
Net increase in cash, cash equivalents, and restricted cash | 464,583,000 | 96,100,000 |
Cash, cash equivalents, and restricted cash, beginning of period | 403,708,000 | 299,389,000 |
Cash, cash equivalents, and restricted cash, end of period | 868,291,000 | 395,489,000 |
Cash paid for interest | 12,785,000 | 0 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 12,785,000 | 0 |
Cash paid for operating lease liabilities | 7,346,000 | 6,628,000 |
Cash paid (refund received) for income taxes | 3,059,000 | (1,217,000) |
Supplemental disclosures of non-cash investing and financing information | ||
Property and equipment included in accounts payable | 30,000 | 175,000 |
Acquisition-related indemnity holdback | 6,000,000 | 0 |
Operating lease right-of-use assets for new lease obligations | $ 2,440,000 | $ 1,120,000 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Jan. 31, 2022 | |
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 | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, 2022, the interim condensed consolidated statements of operations and of comprehensive loss, interim condensed statements of shareholders’ equity for the three and nine months ended January 31, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the nine months ended January 31, 2022 and 2021, 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 January 31, 2022, and the results of the Company’s operations, its statements of shareholders’ equity for the three and nine months ended January 31, 2022 and 2021, and its statements of cash flows for the nine months ended January 31, 2022 and 2021. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three and nine month periods are also unaudited. The results for the nine months ended January 31, 2022 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2022, 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, 2021 filed with the SEC on June 25, 2021 (“the Company's Annual Report on Form 10-K”). Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2022, for example, refer to the fiscal year ending April 30, 2022. 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 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. Debt Issuance Costs Costs incurred in connection with the issuance of debt are deferred and amortized as interest expense over the term of the related debt using the effective interest method. To the extent that the debt is outstanding, these amounts are reflected in the consolidated balance sheets as direct deductions from the carrying amount of the outstanding borrowings. Recently Adopted Accounting Pronouncements 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’s adoption of this ASU had no material impact on the Company’s condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Acquisitions: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , improving consistency in accounting for acquired revenue contracts with customers in a business combination by requiring that acquirers apply ASC Topic 606 to recognize contract assets and contract liabilities as if it had originated the contracts. If the acquiree prepared its financial statements in accordance with GAAP, the resulting acquired contract assets and liabilities should generally be consistent with acquiree’s financial statements. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2024. 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 | 9 Months Ended |
Jan. 31, 2022 | |
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 product category (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Amount % of Amount % of Amount % of Amount % of Elastic Cloud $ 80,402 36 % $ 44,929 29 % $ 210,963 34 % $ 114,984 27 % Other subscription 129,212 58 % 102,320 65 % 366,093 59 % 287,816 66 % Total subscription revenue 209,614 94 % 147,249 94 % 577,056 93 % 402,800 93 % Professional services 14,330 6 % 9,866 6 % 45,963 7 % 28,079 7 % Total revenue $ 223,944 100 % $ 157,115 100 % $ 623,019 100 % $ 430,879 100 % During the first quarter of fiscal 2022, the Company updated its disaggregation of revenue breakdown to present revenue by product category. The prior period presentation for the three and nine months ended January 31, 2021, has been updated to conform to the current period presentation. Remaining Performance Obligations As of January 31, 2022, the Company had $860.6 million of remaining performance obligations. As of January 31, 2022, the Company expects to recognize approximately 86% of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures financial assets and liabilities that are measured at fair value on a recurring basis at each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial Assets The following table summarizes assets that are measured at fair value on a recurring basis as of January 31, 2022 and April 30, 2021 (in thousands): January 31, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 559,337 $ — — $ 559,337 Short-term bank deposit — 1,700 — 1,700 Total $ 559,337 $ 1,700 $ — $ 561,037 April 30, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 175,007 — — $ 175,007 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. The Company classifies its short-term bank deposit within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. Financial Liabilities In July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 (the “Senior Notes”) in a private placement. Based on the trading prices of the Senior Notes, the fair value of the Senior Notes as of January 31, 2022 was approximately $537.8 million. While the Senior Notes are recorded at cost, the fair value of the Senior Notes was determined based on quoted prices in markets that are not active; accordingly, the Senior Notes are categorized as Level 2 for purposes of the fair value measurement hierarchy. |
Acquisitions
Acquisitions | 9 Months Ended |
Jan. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Nine months ended January 31, 2022 cmdWatch Security Inc. On September 17, 2021, the Company acquired 100% of the share capital of cmdWatch Security Inc. (“Cmd”) for a total purchase consideration of $77.8 million. The purchase consideration includes an amount of $13.4 million which is being held in an indemnity escrow fund for 18 months after the acquisition close date. Pursuant to the merger agreement, Cmd’s vested stock options were paid in cash and unvested stock options held by Cmd employees were assumed by the Company. The fair value of the replacement equity awards associated with pre-acquisition service period of $4.3 million, consisting of $3.0 million paid in cash to vested option holders and $1.3 million of non-cash consideration, was included in the total purchase consideration. Approximately $6.6 million of the fair value of replacement equity awards was allocated to post-acquisition services that will be recognized as stock-based compensation expense over the remaining service period and was excluded from the total purchase consideration. Additionally, an amount of $6.5 million for post-combination services, which is payable at future dates upon completion of the underlying required service period, has been excluded from the purchase consideration. This amount will be recorded as a post-combination expense over the requisite service period. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, and accordingly, the total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The total preliminary purchase price allocated to developed technology and goodwill was $15.5 million and $59.0 million, respectively. The fair value assigned to developed technology was determined using the cost to recreate approach. The developed technology asset is being amortized on a straight-line basis over the useful life of 5 years, which approximates the pattern in which the developed technology is utilized. Goodwill resulted primarily from the expectation of enhancing the Company's current security solutions and is not deductible for income tax purposes. Cmd has been included in the Company’s consolidated results of operations since the acquisition date. Pro forma and historical results of operations for this acquisition have not been presented because they were not material to the condensed consolidated results of operations. Other Acquisitions On September 2, 2021 and November 1, 2021, the Company acquired 100% of the share capital of Build Security Ltd. (“build.security”) and Optimyze.cloud Inc. (“Optimyze”), respectively, for a combined total purchase consideration of $57.2 million. The purchase consideration includes an amount of $5.4 million held in Indemnity escrow and $6.0 million held back by the Company for indemnity and will be released upon the 18-month anniversary of the respective acquisitions. These acquisitions were accounted for as business combinations. The total preliminary purchase price allocated to developed technology and goodwill was $9.8 million and $46.9 million, respectively. The developed technology intangible assets from these acquisitions are being amortized on a straight-line basis over a useful life of 5 years which approximates the pattern in which the respective developed technologies are utilized. Goodwill resulted primarily from the expectation of enhancing the Company's current security solutions and the value of the acquired workforce. This goodwill is not deductible for income tax purposes. Build.security and Optimyze have been included in the Company’s consolidated results of operations since their respective acquisition dates. Pro forma and historical results of operations for these acquisitions have not been presented because they were not material to the condensed consolidated results of operations. Excluded from the combined purchase consideration from these two acquisitions is an amount of $6.3 million, payable in equal installments at the first and the second anniversary of each of the acquisitions, to certain employees of build.security and Optimyze. These amounts will be recorded as a post-combination expense over the requisite service periods. The purchase price allocation for the acquisitions is preliminary and is based on the best estimates of management. The Company continues to collect information with regard to its estimates and assumptions, primarily related to intangible assets and certain tax-related, contingent liability and working capital items. The Company will record adjustments to the fair value of the assets acquired, liabilities assumed and goodwill within the 12 month measurement period, if necessary. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Jan. 31, 2022 | |
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 $ 9,701 $ 11,122 Prepaid software subscription costs 7,656 5,636 Prepaid value added taxes 5,394 9,408 Deposits 2,538 2,410 Prepaid taxes 3,323 1,694 Other 10,793 6,732 Total prepaid expenses and other current assets $ 39,405 $ 37,002 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 $ 10,740 $ 10,342 Computer hardware and software 3 1,377 2,319 Furniture and fixtures 3 - 5 5,418 5,971 Assets under construction 345 707 Total property and equipment 17,880 19,339 Less: accumulated depreciation (11,141) (10,458) Property and equipment, net $ 6,739 $ 8,881 Depreciation expense related to property and equipment was $1.0 million and $0.8 million for the three months ended January 31, 2022 and 2021, respectively and $2.9 million and $2.2 million for the nine months ended January 31, 2022 and 2021, respectively. Intangible Assets, Net Intangible assets consisted of the following as of January 31, 2022 and April 30, 2021 (in thousands): January 31, 2022 Gross Fair Accumulated Net Book Weighted Developed technology $ 70,130 $ 28,406 $ 41,724 3.5 Customer relationships 19,598 12,090 7,508 2.2 Trade names 2,872 2,160 712 2.2 Total $ 92,600 $ 42,656 49,944 3.3 Foreign currency translation adjustment 4 Total $ 49,948 April 30, 2021 Gross Fair Accumulated Net Book Weighted Developed technology $ 44,830 $ 20,850 $ 23,980 3.3 Customer relationships 19,598 8,382 11,216 2.4 Trade names 2,872 1,780 1,092 2.4 Total $ 67,300 $ 31,012 36,288 3.0 Foreign currency translation adjustment (2) Total $ 36,286 Amortization expense for the intangible assets for the three and nine months ended January 31, 2022 and 2021 was as follows (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Cost of revenue—cost of license—self-managed $ 501 $ 346 $ 1,242 $ 1,039 Cost of revenue—cost of subscription—self-managed and SaaS 2,545 1,764 6,314 5,289 Sales and marketing 1,231 1,428 4,088 4,302 Total amortization of acquired intangible assets $ 4,277 $ 3,538 $ 11,644 $ 10,630 The expected future amortization expense related to the intangible assets as of January 31, 2022 was as follows (in thousands, by fiscal year): Remainder of 2022 $ 4,147 2023 16,696 2024 13,985 2025 8,017 2026 5,057 2027 2,046 Total $ 49,948 Goodwill The following table represents the changes to goodwill (in thousands): Carrying Balance as of April 30, 2021 $ 198,851 Additions from acquisitions 105,904 Foreign currency translation adjustment (600) Balance as of January 31, 2022 $ 304,155 There was no impairment of goodwill during the nine months ended January 31, 2022 and 2021. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): As of As of Accrued expenses $ 27,281 $ 12,772 Value added taxes payable 5,258 8,493 Accrued interest on Senior Notes 989 — Income taxes payable 3,519 1,596 Other 5,063 6,048 Total accrued expenses and other liabilities $ 42,110 $ 28,909 Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): As of As of Accrued vacation $ 25,532 $ 24,078 Accrued commissions 14,903 17,581 Accrued payroll taxes and withholding taxes 10,367 5,522 Other 5,379 5,344 Total accrued compensation and benefits $ 56,181 $ 52,525 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 $ 7,305 $ 5,204 Deferred contract acquisition costs $ 101,918 $ 86,352 Deferred revenue $ 395,682 $ 397,700 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. 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 nine months ended January 31, 2022. The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Nine Months Ended January 31, 2022 2021 Beginning balance $ 86,352 $ 43,549 Capitalization of contract acquisition costs 58,939 57,093 Amortization of deferred contract acquisition costs (43,373) (28,455) Ending balance $ 101,918 $ 72,187 Deferred Revenue Significant changes in the deferred revenue balances were as follows (in thousands): Nine Months Ended January 31, 2022 2021 Beginning balance $ 397,700 $ 259,702 Increases due to invoices issued, excluding amounts recognized as revenue during the period 312,581 274,292 Increase from acquisition, net of revenue recognized 1,001 — 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 Revenue recognized that was included in deferred revenue balance at beginning of period (315,600) (205,408) Ending balance $ 395,682 $ 334,010 Allowance for Credit Losses The following is a summary of the changes in the Company’s allowance for credit losses (in thousands): Nine Months Ended January 31, 2022 2021 Beginning balance $ 2,344 $ 1,247 Cumulative-effect adjustment from adoption of ASU 2016-13 — (367) Provision 2,449 3,441 Write-offs (2,064) (2,490) Ending balance $ 2,729 $ 1,831 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Cloud Hosting Commitments During the nine months ended January 31, 2022, 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, 2021. Letters of Credit The Company had a total of $3.9 million in letters of credit outstanding in favor of certain landlords for office space as of January 31, 2022. 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 January 31, 2022. 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 against certain liabilities that may arise as a result of their affiliation with the Company. To date, there have been no claims under any indemnification provisions. |
Leases
Leases | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Operating lease cost $ 2,432 $ 2,234 $ 7,203 $ 6,518 Short-term lease cost 581 507 1,571 1,859 Variable lease cost 297 182 804 471 Total lease cost $ 3,310 $ 2,923 $ 9,578 $ 8,848 Lease term and discount rate information are summarized as follows: As of January 31, 2022 Weighted average remaining lease term (years) 3.17 Weighted average discount rate 4.85 % Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of January 31, 2022 were as follows (in thousands): Years Ending April 30, 2022 (remaining three months) $ 2,516 2023 8,720 2024 6,666 2025 5,104 2026 2,803 Total minimum lease payments 25,809 Less imputed interest (1,947) Present value of future minimum lease payments 23,862 Less current lease liabilities (8,983) Operating lease liabilities, non-current $ 14,879 |
Ordinary Shares
Ordinary Shares | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, 2022. Ordinary Shares Reserved for Issuance The Company had reserved ordinary shares for issuance as follows: As of As of Stock options issued and outstanding 5,486,883 7,611,016 RSUs issued and outstanding 4,034,604 3,301,283 Remaining shares available for future issuance under the 2012 Plan 18,817,211 15,737,819 Total ordinary shares reserved 28,338,698 26,650,118 Convertible Preference Shares |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Jan. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive PlansIn September 2012, the Company’s board of directors adopted and the Company’s shareholders approved the 2012 Stock Option Plan, which was amended and restated in September 2018 and further amended in December 2021 (as amended and restated, the “2012 Plan”). Under the 2012 Plan, the board of directors, the compensation committee, as administrator of the 2012 Plan, and a duly authorized committee 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, compensation committee or a duly authorized 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 of stock options to existing employees generally vest monthly over four years subject to the employees’ continued service to the Company. RSUs granted prior to December 8, 2021 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 employee’s continued service to the Company. RSUs granted prior to December 8, 2021 to existing employees generally vest semi-annually over a period of four years, subject to the employee’s continued service to the Company. RSUs granted to both new and existing employees on and after December 8, 2021 generally vest quarterly 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 were as follows: Nine Months Ended Available at beginning of period 15,737,819 Awards authorized 4,526,699 Options granted (175,733) RSUs granted (2,136,065) Stock options cancelled 358,624 RSUs cancelled 505,867 Available at end of period 18,817,211 Stock Incentive Plans Assumed in Acquisitions In connection with its acquisitions of Cmd and build.security, the Company assumed certain unvested stock options issued under the Cmd Stock Option Plan and Build 2020 Share Incentive Plan that were outstanding on the date of the respective 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, 2021 7,611,016 $ 20.34 6.66 $ 768,517 Stock options assumed in acquisitions 63,846 $ 10.20 Stock options granted 175,733 $ 128.31 Stock options exercised (2,004,188) $ 13.70 Stock options cancelled (358,624) $ 31.70 Stock options assumed in acquisition cancelled (900) $ 39.68 Balance as of January 31, 2022 5,486,883 $ 25.37 6.03 $ 387,598 Exercisable as of January 31, 2022 4,148,435 $ 17.51 5.66 $ 316,800 Stock options exercisable include 29,167 stock options that were unvested as of January 31, 2022. 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 per share of stock options assumed related to the Cmd and build.security acquisitions was $122.13 for the nine months ended January 31, 2022. The weighted-average grant-date fair value per share of stock options granted was $71.17 for each of the three and nine months ended January 31, 2022. The weighted-average grant-date fair value of stock options granted was $83.71 and $78.06 for the three and nine months ended January 31, 2021, respectively. As of January 31, 2022, the Company had unrecognized stock-based compensation expense of $38.4 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 1.84 years. RSUs The following table summarizes RSU activity for the 2012 Plan: Number of Weighted- Outstanding and unvested at April 30, 2021 3,301,283 $ 98.74 RSUs granted 2,136,065 $ 133.30 RSUs released (896,877) $ 91.62 RSUs cancelled (505,867) $ 102.77 Outstanding and unvested at January 31, 2022 4,034,604 $ 117.60 As of January 31, 2022, the Company had unrecognized stock-based compensation expense of $438.8 million related to RSUs that the Company expects to recognize over a weighted-average period of 3.06 years. Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Cost of revenue—cost of subscription—self-managed and SaaS $ 2,064 $ 1,839 $ 6,262 $ 5,065 Cost of revenue—professional services 1,726 1,359 4,593 3,287 Research and development 16,029 9,516 41,784 24,309 Sales and marketing 12,545 8,372 30,798 22,519 General and administrative 5,029 4,141 14,116 10,125 Stock-based compensation expense, net of amounts capitalized 37,393 25,227 97,553 65,305 Capitalized stock-based compensation expense 70 — 152 — Total stock-based compensation expense $ 37,463 $ 25,227 $ 97,705 $ 65,305 Total stock-based compensation expense for the nine months ended January 31, 2022 includes a charge of $0.5 million related to an expense arising from business combinations. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Ordinary Shareholders | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Numerator: Net loss $ (56,726) $ (37,974) $ (138,238) $ (86,133) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 93,015,185 88,341,038 92,140,919 86,296,028 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.61) $ (0.43) $ (1.50) $ (1.00) 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: Nine Months Ended January 31, 2022 2021 Stock options 5,486,883 8,494,795 RSUs 4,034,604 3,345,305 Contingently issuable shares — 235,031 Total 9,521,487 12,075,131 |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 31, 2022 | |
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 $3.8 million and $1.1 million for the three months ended January 31, 2022 and 2021, respectively and $9.3 million and $2.2 million for the nine months ended January 31, 2022 and 2021, 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 | 9 Months Ended |
Jan. 31, 2022 | |
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 $3.7 million and $2.7 million of expense related to the 401(k) Plan during the three months ended January 31, 2022 and 2021, respectively and $10.8 million and $8.2 million for the nine months ended January 31, 2022 and 2021, respectively.The Company also has defined-contribution plans in certain other countries for which the Company recorded $1.8 million and $1.5 million of expense during the three months ended January 31, 2022 and 2021, respectively and $5.1 million and $3.8 million for the nine months ended January 31, 2022 and 2021, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, Nine Months Ended January 31, 2022 2021 2022 2021 United States $ 125,831 $ 83,153 $ 344,480 $ 235,188 Rest of world 98,113 73,962 278,539 195,691 Total revenue $ 223,944 $ 157,115 $ 623,019 $ 430,879 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 $ 19,724 $ 23,443 United Kingdom 5,303 7,151 The Netherlands 2,038 2,975 Rest of world 1,128 776 Total long-lived assets $ 28,193 $ 34,345 |
Debt
Debt | 9 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Senior NotesIn July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 in a private placement. Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2022. The Company received net proceeds from the offering of the Senior Notes of $565.7 million after deducting underwriting commissions of $7.2 million and incurred additional issuance costs of $2.1 million. Total debt issuance costs of $9.3 million are being amortized to interest expense using the effective interest method over the term of the Senior Notes. The Company may redeem the Senior Notes, in whole or in part, at any time prior to July 15, 2024 at a price equal to 100% of the principal amount thereof plus a “make-whole” premium and accrued and unpaid interest, if any. The Company may at its election redeem all or a part of the Senior Notes on or after July 15, 2024, on any one or more occasions, at the redemption prices set forth in the indenture governing the Senior Notes (the “Indenture”), plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to July 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Senior Notes outstanding under the Indenture with the net cash proceeds of one or more equity offerings at a redemption price equal to 104.125% of the principal amount of the Senior Notes then outstanding, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. The Company may also at its election redeem the Senior Notes in whole, but not in part, at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, if certain changes in tax law occur as set forth in the Indenture. If the Company experiences a change of control triggering event (as defined in the Indenture), the Company must offer to repurchase the Senior Notes at a repurchase price equal to 101% of the principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to the repurchase date. The indenture governing the Senior Notes contain covenants limiting the Company’s ability and the ability of certain subsidiaries to create liens on certain assets to secure debt; grant a subsidiary guarantee of certain debt without also providing a guarantee of the Senior Notes; and consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to, another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the notes are rated investment grade by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services. As of January 31, 2022, the Company was in compliance with all of its financial covenants under the Indenture associated with the Senior Notes. The net carrying amount of the Senior Notes was as follows: As of Principal $ 575,000 Unamortized debt issuance costs (8,729) Net carrying amount $ 566,271 The following table sets forth the interest expense recognized related to the Senior Notes: Nine Months Ended Contractual interest expense $ 13,441 Amortization of debt issuance costs 554 Total interest expense related to the Senior Notes $ 13,995 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated balance sheet as of January 31, 2022, the interim condensed consolidated statements of operations and of comprehensive loss, interim condensed statements of shareholders’ equity for the three and nine months ended January 31, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the nine months ended January 31, 2022 and 2021, 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 January 31, 2022, and the results of the Company’s operations, its statements of shareholders’ equity for the three and nine months ended January 31, 2022 and 2021, and its statements of cash flows for the nine months ended January 31, 2022 and 2021. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three and nine month periods are also unaudited. The results for the nine months ended January 31, 2022 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2022, 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, 2021 filed with the SEC on June 25, 2021 (“the Company's Annual Report on Form 10-K”). |
Fiscal Year | Fiscal YearThe Company’s fiscal year ends on April 30. References to fiscal 2022, for example, refer to the fiscal year ending April 30, 2022. |
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 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 | Debt Issuance Costs Costs incurred in connection with the issuance of debt are deferred and amortized as interest expense over the term of the related debt using the effective interest method. To the extent that the debt is outstanding, these amounts are reflected in the consolidated balance sheets as direct deductions from the carrying amount of the outstanding borrowings. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements 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’s adoption of this ASU had no material impact on the Company’s condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted Acquisitions: In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , improving consistency in accounting for acquired revenue contracts with customers in a business combination by requiring that acquirers apply ASC Topic 606 to recognize contract assets and contract liabilities as if it had originated the contracts. If the acquiree prepared its financial statements in accordance with GAAP, the resulting acquired contract assets and liabilities should generally be consistent with acquiree’s financial statements. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2024. 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) | 9 Months Ended |
Jan. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Category | The following table presents revenue by product category (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Amount % of Amount % of Amount % of Amount % of Elastic Cloud $ 80,402 36 % $ 44,929 29 % $ 210,963 34 % $ 114,984 27 % Other subscription 129,212 58 % 102,320 65 % 366,093 59 % 287,816 66 % Total subscription revenue 209,614 94 % 147,249 94 % 577,056 93 % 402,800 93 % Professional services 14,330 6 % 9,866 6 % 45,963 7 % 28,079 7 % Total revenue $ 223,944 100 % $ 157,115 100 % $ 623,019 100 % $ 430,879 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, 2022 and April 30, 2021 (in thousands): January 31, 2022 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 559,337 $ — — $ 559,337 Short-term bank deposit — 1,700 — 1,700 Total $ 559,337 $ 1,700 $ — $ 561,037 April 30, 2021 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 175,007 — — $ 175,007 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
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 $ 9,701 $ 11,122 Prepaid software subscription costs 7,656 5,636 Prepaid value added taxes 5,394 9,408 Deposits 2,538 2,410 Prepaid taxes 3,323 1,694 Other 10,793 6,732 Total prepaid expenses and other current assets $ 39,405 $ 37,002 |
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 $ 10,740 $ 10,342 Computer hardware and software 3 1,377 2,319 Furniture and fixtures 3 - 5 5,418 5,971 Assets under construction 345 707 Total property and equipment 17,880 19,339 Less: accumulated depreciation (11,141) (10,458) Property and equipment, net $ 6,739 $ 8,881 |
Schedule of Intangible Assets | Intangible assets consisted of the following as of January 31, 2022 and April 30, 2021 (in thousands): January 31, 2022 Gross Fair Accumulated Net Book Weighted Developed technology $ 70,130 $ 28,406 $ 41,724 3.5 Customer relationships 19,598 12,090 7,508 2.2 Trade names 2,872 2,160 712 2.2 Total $ 92,600 $ 42,656 49,944 3.3 Foreign currency translation adjustment 4 Total $ 49,948 April 30, 2021 Gross Fair Accumulated Net Book Weighted Developed technology $ 44,830 $ 20,850 $ 23,980 3.3 Customer relationships 19,598 8,382 11,216 2.4 Trade names 2,872 1,780 1,092 2.4 Total $ 67,300 $ 31,012 36,288 3.0 Foreign currency translation adjustment (2) Total $ 36,286 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense for the intangible assets for the three and nine months ended January 31, 2022 and 2021 was as follows (in thousands): Three Months Ended January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Cost of revenue—cost of license—self-managed $ 501 $ 346 $ 1,242 $ 1,039 Cost of revenue—cost of subscription—self-managed and SaaS 2,545 1,764 6,314 5,289 Sales and marketing 1,231 1,428 4,088 4,302 Total amortization of acquired intangible assets $ 4,277 $ 3,538 $ 11,644 $ 10,630 |
Schedule of Expected Future Amortization Expense of Intangible Assets | The expected future amortization expense related to the intangible assets as of January 31, 2022 was as follows (in thousands, by fiscal year): Remainder of 2022 $ 4,147 2023 16,696 2024 13,985 2025 8,017 2026 5,057 2027 2,046 Total $ 49,948 |
Schedule of Changes to Goodwill | The following table represents the changes to goodwill (in thousands): Carrying Balance as of April 30, 2021 $ 198,851 Additions from acquisitions 105,904 Foreign currency translation adjustment (600) Balance as of January 31, 2022 $ 304,155 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): As of As of Accrued expenses $ 27,281 $ 12,772 Value added taxes payable 5,258 8,493 Accrued interest on Senior Notes 989 — Income taxes payable 3,519 1,596 Other 5,063 6,048 Total accrued expenses and other liabilities $ 42,110 $ 28,909 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following (in thousands): As of As of Accrued vacation $ 25,532 $ 24,078 Accrued commissions 14,903 17,581 Accrued payroll taxes and withholding taxes 10,367 5,522 Other 5,379 5,344 Total accrued compensation and benefits $ 56,181 $ 52,525 |
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 $ 7,305 $ 5,204 Deferred contract acquisition costs $ 101,918 $ 86,352 Deferred revenue $ 395,682 $ 397,700 The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Nine Months Ended January 31, 2022 2021 Beginning balance $ 86,352 $ 43,549 Capitalization of contract acquisition costs 58,939 57,093 Amortization of deferred contract acquisition costs (43,373) (28,455) Ending balance $ 101,918 $ 72,187 |
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): Nine Months Ended January 31, 2022 2021 Beginning balance $ 2,344 $ 1,247 Cumulative-effect adjustment from adoption of ASU 2016-13 — (367) Provision 2,449 3,441 Write-offs (2,064) (2,490) Ending balance $ 2,729 $ 1,831 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Operating lease cost $ 2,432 $ 2,234 $ 7,203 $ 6,518 Short-term lease cost 581 507 1,571 1,859 Variable lease cost 297 182 804 471 Total lease cost $ 3,310 $ 2,923 $ 9,578 $ 8,848 |
Lease Term and Discount Rate Information | Lease term and discount rate information are summarized as follows: As of January 31, 2022 Weighted average remaining lease term (years) 3.17 Weighted average discount rate 4.85 % |
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 January 31, 2022 were as follows (in thousands): Years Ending April 30, 2022 (remaining three months) $ 2,516 2023 8,720 2024 6,666 2025 5,104 2026 2,803 Total minimum lease payments 25,809 Less imputed interest (1,947) Present value of future minimum lease payments 23,862 Less current lease liabilities (8,983) Operating lease liabilities, non-current $ 14,879 |
Ordinary Shares (Tables)
Ordinary Shares (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
Summary of Ordinary Shares Reserved for Issuance | The Company had reserved ordinary shares for issuance as follows: As of As of Stock options issued and outstanding 5,486,883 7,611,016 RSUs issued and outstanding 4,034,604 3,301,283 Remaining shares available for future issuance under the 2012 Plan 18,817,211 15,737,819 Total ordinary shares reserved 28,338,698 26,650,118 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Equity Awards Available for Grant | The equity awards available for grant were as follows: Nine Months Ended Available at beginning of period 15,737,819 Awards authorized 4,526,699 Options granted (175,733) RSUs granted (2,136,065) Stock options cancelled 358,624 RSUs cancelled 505,867 Available at end of period 18,817,211 |
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, 2021 7,611,016 $ 20.34 6.66 $ 768,517 Stock options assumed in acquisitions 63,846 $ 10.20 Stock options granted 175,733 $ 128.31 Stock options exercised (2,004,188) $ 13.70 Stock options cancelled (358,624) $ 31.70 Stock options assumed in acquisition cancelled (900) $ 39.68 Balance as of January 31, 2022 5,486,883 $ 25.37 6.03 $ 387,598 Exercisable as of January 31, 2022 4,148,435 $ 17.51 5.66 $ 316,800 |
Summary of RSU Activity | The following table summarizes RSU activity for the 2012 Plan: Number of Weighted- Outstanding and unvested at April 30, 2021 3,301,283 $ 98.74 RSUs granted 2,136,065 $ 133.30 RSUs released (896,877) $ 91.62 RSUs cancelled (505,867) $ 102.77 Outstanding and unvested at January 31, 2022 4,034,604 $ 117.60 |
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 January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Cost of revenue—cost of subscription—self-managed and SaaS $ 2,064 $ 1,839 $ 6,262 $ 5,065 Cost of revenue—professional services 1,726 1,359 4,593 3,287 Research and development 16,029 9,516 41,784 24,309 Sales and marketing 12,545 8,372 30,798 22,519 General and administrative 5,029 4,141 14,116 10,125 Stock-based compensation expense, net of amounts capitalized 37,393 25,227 97,553 65,305 Capitalized stock-based compensation expense 70 — 152 — Total stock-based compensation expense $ 37,463 $ 25,227 $ 97,705 $ 65,305 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Ordinary Shareholders (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, Nine Months Ended January 31, 2022 2021 2022 2021 Numerator: Net loss $ (56,726) $ (37,974) $ (138,238) $ (86,133) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 93,015,185 88,341,038 92,140,919 86,296,028 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.61) $ (0.43) $ (1.50) $ (1.00) |
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: Nine Months Ended January 31, 2022 2021 Stock options 5,486,883 8,494,795 RSUs 4,034,604 3,345,305 Contingently issuable shares — 235,031 Total 9,521,487 12,075,131 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
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 January 31, Nine Months Ended January 31, 2022 2021 2022 2021 United States $ 125,831 $ 83,153 $ 344,480 $ 235,188 Rest of world 98,113 73,962 278,539 195,691 Total revenue $ 223,944 $ 157,115 $ 623,019 $ 430,879 |
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 $ 19,724 $ 23,443 United Kingdom 5,303 7,151 The Netherlands 2,038 2,975 Rest of world 1,128 776 Total long-lived assets $ 28,193 $ 34,345 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The net carrying amount of the Senior Notes was as follows: As of Principal $ 575,000 Unamortized debt issuance costs (8,729) Net carrying amount $ 566,271 |
Interest Income and Interest Expense Disclosure | The following table sets forth the interest expense recognized related to the Senior Notes: Nine Months Ended Contractual interest expense $ 13,441 Amortization of debt issuance costs 554 Total interest expense related to the Senior Notes $ 13,995 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease in accumulated deficit, from ASU 2016-13 adoption | $ (432,309) | $ (449,800) | $ (450,831) | $ (455,581) | $ (442,658) | $ (413,647) |
Short-term deferred revenue, adjustment | 362,287 | 352,805 | ||||
Long-term deferred revenue, adjustment | (33,395) | (44,895) | ||||
Accumulated Deficit | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Decrease in accumulated deficit, from ASU 2016-13 adoption | $ 751,556 | $ 694,830 | $ 613,318 | $ 570,017 | $ 532,043 | 484,251 |
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 | $ (367) |
Revenue and Remaining Perform_3
Revenue and Remaining Performance Obligations - Schedule of Revenue by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 223,944 | $ 157,115 | $ 623,019 | $ 430,879 |
Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Total subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 209,614 | $ 147,249 | $ 577,056 | $ 402,800 |
Total subscription | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 94.00% | 94.00% | 93.00% | 93.00% |
Elastic Cloud | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 80,402 | $ 44,929 | $ 210,963 | $ 114,984 |
Elastic Cloud | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 36.00% | 29.00% | 34.00% | 27.00% |
Other subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 129,212 | $ 102,320 | $ 366,093 | $ 287,816 |
Other subscription | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 58.00% | 65.00% | 59.00% | 66.00% |
Professional services | ||||
Disaggregation of Revenue [Line Items] | ||||
Amount | $ 14,330 | $ 9,866 | $ 45,963 | $ 28,079 |
Professional services | Revenue | Product | ||||
Disaggregation of Revenue [Line Items] | ||||
% of Total Revenue | 6.00% | 6.00% | 7.00% | 7.00% |
Revenue and Remaining Perform_4
Revenue and Remaining Performance Obligations - Additional Information (Details) $ in Millions | Jan. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 860.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation (in percentage) | 86.00% |
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) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Proceeds from the issuance of debt | $ 575,000,000 | $ 575,000,000 | $ 0 | |
Interest rate | 4.125% | 4.125% | ||
Fair value of debt | $ 537,800,000 | |||
Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 561,037,000 | |||
Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 559,337,000 | |||
Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 1,700,000 | |||
Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | |||
Money market funds | Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 559,337,000 | $ 175,007,000 | ||
Money market funds | Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 559,337,000 | 175,007,000 | ||
Money market funds | Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | 0 | ||
Money market funds | Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | $ 0 | ||
Interest-bearing Deposits | Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 1,700,000 | |||
Interest-bearing Deposits | Recurring | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | |||
Interest-bearing Deposits | Recurring | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 1,700,000 | |||
Interest-bearing Deposits | Recurring | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | Sep. 17, 2021 | Jan. 31, 2022 | Apr. 30, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 304,155 | $ 198,851 | |
Deferred consideration holding period | 18 months | ||
cmdWatch Security Inc. | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 59,000 | $ 46,900 | |
Business Combination, Consideration transferred, held in Escrow | 13,400 | ||
Business Combination, Founders Holdback excluded from consideration | 6,500 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 15,500 | ||
Business Combination, Consideration Transferred | 77,800 | ||
Business Combination, Consideration Transferred, Assumed Options | 4,300 | ||
business combination, assumed options post-acquisition expense | 6,600 | ||
business combination, Fair Value of replacement awards attributable to pre-combination consideration, paid in cash | 3,000 | ||
business combination, Fair Value of replacement awards attributable to pre-combination consideration, non-cash | $ 1,300 | ||
Indemnity escrow fund holding period | 18 months | ||
Business acquisition, share capital acquired (in percentage) | 100.00% | ||
cmdWatch Security Inc. | Developed Technology Rights [Member] | |||
Business Acquisition [Line Items] | |||
Estimated useful lives of assets | 5 years | ||
Other Acquisitions | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration transferred, held in Escrow | 5,400 | ||
Business Combination, Founders Holdback excluded from consideration | 6,300 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 9,800 | ||
Business Combination, Consideration Transferred | 57,200 | ||
Business Combination, Deferred Consideration, held by company | $ 6,000 | ||
Indemnity escrow fund holding period | 18 months | ||
Business acquisition, share capital acquired (in percentage) | 100.00% | ||
Other Acquisitions | Developed Technology Rights [Member] | |||
Business Acquisition [Line Items] | |||
Estimated useful lives of assets | 5 years |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid hosting costs | $ 9,701 | $ 11,122 |
Prepaid value added taxes | 5,394 | 9,408 |
Prepaid software subscription costs | 7,656 | 5,636 |
Deposits | 2,538 | 2,410 |
Prepaid taxes | 3,323 | 1,694 |
Other | 10,793 | 6,732 |
Total prepaid expenses and other current assets | $ 39,405 | $ 37,002 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2022 | Apr. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 17,880 | $ 19,339 |
Less: accumulated depreciation | (11,141) | (10,458) |
Property and equipment, net | 6,739 | 8,881 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 10,740 | 10,342 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Total property and equipment | $ 1,377 | 2,319 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 5,418 | 5,971 |
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 | $ 345 | $ 707 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Balance Sheet Components [Abstract] | ||||
Depreciation expense | $ 1,000,000 | $ 800,000 | $ 2,900,000 | $ 2,200,000 |
Goodwill impairment | 0 | $ 0 | ||
Impairment of deferred contract acquisition costs recognized | $ 0 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Apr. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 92,600 | $ 67,300 |
Accumulated Amortization | 42,656 | 31,012 |
Total | $ 49,944 | $ 36,288 |
Weighted Average Remaining Useful Life (in years) | 3 years 3 months 18 days | 3 years |
Finite Lived Intangible Assets, Foreign Currency Translation Adjustment | $ 4 | $ (2) |
Finite Lived Intangible Assets, Foreign Currency Translation Adjustment | 49,948 | 36,286 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | 70,130 | 44,830 |
Accumulated Amortization | 28,406 | 20,850 |
Total | $ 41,724 | $ 23,980 |
Weighted Average Remaining Useful Life (in years) | 3 years 6 months | 3 years 3 months 18 days |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 19,598 | $ 19,598 |
Accumulated Amortization | 12,090 | 8,382 |
Total | $ 7,508 | $ 11,216 |
Weighted Average Remaining Useful Life (in years) | 2 years 2 months 12 days | 2 years 4 months 24 days |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 2,872 | $ 2,872 |
Accumulated Amortization | 2,160 | 1,780 |
Total | $ 712 | $ 1,092 |
Weighted Average Remaining Useful Life (in years) | 2 years 2 months 12 days | 2 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 | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 4,277 | $ 3,538 | $ 11,644 | $ 10,630 |
Cost of revenue | License - self-managed | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 501 | 346 | 1,242 | 1,039 |
Cost of revenue | Subscription - self-managed and SaaS | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 2,545 | 1,764 | 6,314 | 5,289 |
Sales and marketing | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 1,231 | $ 1,428 | $ 4,088 | $ 4,302 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 4,147 | |
2023 | 16,696 | |
2024 | 13,985 | |
2025 | 8,017 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 5,057 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 2,046 | |
Finite Lived Intangible Assets, Foreign Currency Translation Adjustment | $ 49,948 | $ 36,286 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Changes to Goodwill (Details) $ in Thousands | 9 Months Ended |
Jan. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 198,851 |
Foreign currency translation adjustment | (600) |
Ending balance | 304,155 |
Goodwill, Acquired During Period | $ 105,904 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 |
Balance Sheet Components [Abstract] | |||
Accrued expenses | $ 27,281 | $ 12,772 | |
Value added taxes payable | 5,258 | 8,493 | |
Accrued interest on Senior Notes | 989 | 0 | |
Income taxes payable | 3,519 | 1,596 | |
Other | 5,063 | 6,048 | |
Total accrued expenses and other liabilities | $ 42,110 | $ 28,909 | $ 28,909 |
Balance Sheet Components - Sc_8
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Balance Sheet Components [Abstract] | ||
Accrued vacation | $ 25,532 | $ 24,078 |
Accrued commissions | 14,903 | 17,581 |
Accrued payroll taxes and withholding taxes | 10,367 | 5,522 |
Other | 5,379 | 5,344 |
Total accrued compensation and benefits | $ 56,181 | $ 52,525 |
Balance Sheet Components - Sc_9
Balance Sheet Components - Schedule of Information About Contracts with Customers (Details)) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 |
Contract Balances [Line Items] | ||||
Deferred revenue | $ 395,682 | $ 397,700 | $ 334,010 | $ 259,702 |
Contracts with Customers | ||||
Contract Balances [Line Items] | ||||
Unbilled accounts receivable, included in accounts receivable, net | 7,305 | 5,204 | ||
Deferred contract acquisition costs | 101,918 | 86,352 | ||
Deferred revenue | $ 395,682 | $ 397,700 |
Balance Sheet Components - S_10
Balance Sheet Components - Schedule of Significant Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Movement in Deferred Revenue [Roll Forward] | ||
Contract with Customer, Liability | $ 397,700 | $ 259,702 |
Contract With Customer Increases Due To Invoices Issued Excluding Amounts Recognized As Revenue | 312,581 | 274,292 |
Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | 1,001 | 0 |
Contract with Customer, Transfer From Customer Deposits | 0 | 5,424 |
Contract with Customer, Liability, Revenue Recognized | (315,600) | (205,408) |
Contract with Customer, Liability | $ 395,682 | $ 334,010 |
Balance Sheet Components - S_11
Balance Sheet Components - Schedule of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Contract Acquisition Cost [Roll Forward] | ||
Beginning balance | $ 86,352 | $ 43,549 |
Capitalization of contract acquisition costs | 58,939 | 57,093 |
Amortization of deferred contract acquisition costs | (43,373) | (28,455) |
Ending balance | $ 101,918 | $ 72,187 |
Balance Sheet Components - S_12
Balance Sheet Components - Schedule of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 2,344 | $ 1,247 |
Provision | 2,449 | 3,441 |
Write-offs | (2,064) | (2,490) |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 2,729 | 1,831 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 0 | $ (367) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 9 Months Ended |
Jan. 31, 2022USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding amount | $ 3,900,000 |
Provision for indemnification claims | $ 0 |
Leases - Additional Information
Leases - Additional Information (Details) | Jan. 31, 2022USD ($) |
Leases [Abstract] | |
Finance lease, liability | $ 0 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,432 | $ 2,234 | $ 7,203 | $ 6,518 |
Short-term lease cost | 581 | 507 | 1,571 | 1,859 |
Variable lease cost | 297 | 182 | 804 | 471 |
Total lease cost | $ 3,310 | $ 2,923 | $ 9,578 | $ 8,848 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate Information (Details) | Jan. 31, 2022 |
Leases [Abstract] | |
Weighted average remaining lease term (years) | 3 years 2 months 1 day |
Weighted average discount rate | 4.85% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Apr. 30, 2021 |
Leases [Abstract] | ||
2022 (remaining three months) | $ 2,516 | |
2023 | 8,720 | |
2024 | 6,666 | |
2025 | 5,104 | |
2026 | 2,803 | |
Total minimum lease payments | 25,809 | |
Less imputed interest | (1,947) | |
Present value of future minimum lease payments | 23,862 | |
Less current lease liabilities | (8,983) | $ (8,528) |
Operating lease liabilities, non-current | $ 14,879 | $ 19,649 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |
Jan. 31, 2022USD ($)voteshares | Jan. 31, 2022USD ($)shares | Apr. 30, 2021shares | |
Class of Stock [Line Items] | |||
Common stock, voting rights, number of votes per share | vote | 1 | ||
Dividends declared | $ | $ 0 | $ 0 | |
Preferred Stock, share authorized, period in force | 5 years | ||
Convertible Preference Shares | |||
Class of Stock [Line Items] | |||
Convertible preference shares authorized (in shares) | 165,000,000 | 165,000,000 | 165,000,000 |
Convertible preference shares issued (in shares) | 0 | 0 | 0 |
Convertible preference shares outstanding (in shares) | 0 | 0 | 0 |
Ordinary Shares - Summary of Or
Ordinary Shares - Summary of Ordinary Shares Reserved for Issuance (Details) - shares | Jan. 31, 2022 | Apr. 30, 2021 |
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 28,338,698 | 26,650,118 |
Stock options | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 5,486,883 | 7,611,016 |
RSUs | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 4,034,604 | 3,301,283 |
2012 Plan | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 18,817,211 | 15,737,819 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested stock options exercisable (in shares) | 29,167 | 29,167 | |||
Unrecognized over a weighted-average period | 1 year 10 months 2 days | ||||
RSUs granted (in shares) | 2,136,065 | ||||
Weighted average grant date fair value (in dollars per share) | $ 71.17 | $ 83.71 | $ 71.17 | $ 78.06 | |
Stock based compensation expense related to business combinations | $ 0.5 | ||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAssumedInPeriodWeightedAverageGrantDateFairValue | $ 122.13 | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense related to unvested stock options | $ 438.8 | $ 438.8 | |||
RSUs cancelled (in shares) | 505,867 | ||||
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized over a weighted-average period | 3 years 21 days | ||||
Equity Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense related to unvested stock options | $ 38.4 | $ 38.4 | |||
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) | 2,136,065 | ||||
Grant date fair value (in dollars per share) | $ 133.30 | ||||
RSUs cancelled (in shares) | 505,867 | ||||
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) | 9 Months Ended |
Jan. 31, 2022shares | |
Equity Awards, Outstanding [Roll Forward] | |
Available at beginning of period (in shares) | 15,737,819 |
Award authorized (in shares) | 4,526,699 |
Stock options granted (in shares) | (175,733) |
Stock options cancelled (in shares) | 358,624 |
RSUs granted (in shares) | (2,136,065) |
Available at end of period (in shares) | 18,817,211 |
RSUs | |
Equity Awards, Outstanding [Roll Forward] | |
RSUs cancelled (in shares) | 505,867 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | Apr. 30, 2021 | |
Number of Stock Options Outstanding | |||
Balance as of April 30, 2020 (in shares) | 7,611,016 | ||
Stock options granted (in shares) | 175,733 | ||
Stock options exercised (in shares) | (2,004,188) | ||
Stock options cancelled (in shares) | (358,624) | ||
Stock options assumed in acquisition cancelled (in shares) | (900) | ||
Balance as of October 31, 2020 (in shares) | 5,486,883 | 7,611,016 | |
Stock options assumed in acquisition (in shares) | $ 10.20 | ||
Stock options assumed in acquisition (in shares) | 63,846 | ||
Exercisable as of October 31, 2020 (in shares) | 4,148,435 | ||
Weighted- Average Exercise Price | |||
Balance as of April 30, 2021 (in dollars per share) | $ 20.34 | ||
Stock options exercised (in dollars per share) | 13.70 | ||
Stock options cancelled (in dollars per share) | 31.70 | ||
Balance as of April 30, 2021 (in dollars per share) | 25.37 | $ 20.34 | |
Exercisable as of July 31, 2020 (in dollars per share) | $ 17.51 | ||
Remaining Contractual Term (in years) | |||
Remaining contract term | 6 years 10 days | 6 years 7 months 28 days | |
Exercisable, remaining contractual term | 5 years 7 months 28 days | ||
Aggregate Intrinsic Value | |||
Balance as of April 30, 2020 | $ 768,517 | ||
Balance as of October 31, 2020 | 387,598 | $ 768,517 | |
Exercisable as of October 31, 2020 | $ 316,800 | ||
Stock options assumed in acquisition (in shares) | 63,846 | ||
Stock options assumed in acquisition (in shares) | $ 10.20 | ||
Stock options granted (in shares) | 175,733 | ||
Stock options granted (in dollars per share) | $ 128.31 | ||
Share Based Compensation Arrangement By Share Based Payment Award Options Assumed In Acquisition Forfeitures And Expirations In Period | 900 | ||
Stock options assumed in acquisition cancelled (in dollars per share) | $ 39.68 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of RSU Activity (Details) | 9 Months Ended |
Jan. 31, 2022$ / sharesshares | |
Number of Awards | |
RSUs granted (in shares) | 2,136,065 |
Weighted- Average Grant Date Fair Value | |
Share Based Compensation Arrangement By Share Based Payment Award Options Assumed In Acquisition | (63,846) |
Stock options granted (in shares) | 175,733 |
RSUs | |
Number of Awards | |
RSUs cancelled (in shares) | (505,867) |
2012 Plan | RSUs | |
Number of Awards | |
Outstanding and unvested at April 30, 2020 (in shares) | 3,301,283 |
RSUs granted (in shares) | 2,136,065 |
RSUs released (in shares) | (896,877) |
RSUs cancelled (in shares) | (505,867) |
Outstanding and unvested at October 31, 2020 (in shares) | 4,034,604 |
Weighted- Average Grant Date Fair Value | |
Weighted-average grant date fair value, outstanding and unvested at April 30, 2020 (in dollars per share) | $ / shares | $ 98.74 |
Weighted-average grant date fair value, RSUs granted (in dollars per share) | $ / shares | 133.30 |
Weighted-average grant date fair value, RSUs released (in dollars per share) | $ / shares | 91.62 |
Weighted-average grant date fair value, RSUs cancelled (in dollars per share) | $ / shares | 102.77 |
Weighted-average grant date fair value, outstanding and unvested at October 31, 2020 (in dollars per share) | $ / shares | $ 117.60 |
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 | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, net of amounts capitalized | $ 37,393 | $ 25,227 | $ 97,553 | $ 65,305 |
Capitalized stock-based compensation expense | 70 | 0 | 152 | 0 |
Total stock-based compensation expense | 37,463 | 25,227 | 97,705 | 65,305 |
Cost of revenue—cost of subscription—self-managed and SaaS | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, net of amounts capitalized | 2,064 | 1,839 | 6,262 | 5,065 |
Cost of revenue—professional services | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, net of amounts capitalized | 1,726 | 1,359 | 4,593 | 3,287 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, net of amounts capitalized | 16,029 | 9,516 | 41,784 | 24,309 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, net of amounts capitalized | 12,545 | 8,372 | 30,798 | 22,519 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense, net of amounts capitalized | $ 5,029 | $ 4,141 | $ 14,116 | $ 10,125 |
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 | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Numerator: | ||||
Net loss | $ (56,726) | $ (37,974) | $ (138,238) | $ (86,133) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted (in shares) | 93,015,185 | 88,341,038 | 92,140,919 | 86,296,028 |
Net loss per share attributable to ordinary shareholders, basic and diluted (in dollars per share) | $ (0.61) | $ (0.43) | $ (1.50) | $ (1) |
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 | 9 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,521,487 | 12,075,131 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,486,883 | 8,494,795 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,034,604 | 3,345,305 |
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) | 0 | 235,031 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 3,841 | $ 1,136 | $ 9,344 | $ 2,156 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
United States | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution expense related to plan | $ 3.7 | $ 2.7 | $ 10.8 | $ 8.2 |
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 | $ 1.8 | $ 1.5 | $ 5.1 | $ 3.8 |
Segment Information - Schedule
Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 223,944 | $ 157,115 | $ 623,019 | $ 430,879 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 125,831 | 83,153 | 344,480 | 235,188 |
Rest of world | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 98,113 | $ 73,962 | $ 278,539 | $ 195,691 |
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 | Jan. 31, 2022 | Apr. 30, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 28,193 | $ 34,345 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 19,724 | 23,443 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 5,303 | 7,151 |
The Netherlands | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 2,038 | 2,975 |
Rest of world | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 1,128 | $ 776 |
Debt (Details)
Debt (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 36 Months Ended | ||
Jul. 31, 2021 | Jan. 31, 2022 | Jan. 31, 2021 | Jul. 15, 2024 | Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |||||
Proceeds from the issuance of debt | $ 575,000,000 | $ 575,000,000 | $ 0 | ||
Interest rate | 4.125% | 4.125% | |||
Other issuance cost | $ 2,100,000 | ||||
underwriting commissions | 7,200,000 | ||||
Debt Issuance Costs, Gross | 9,300,000 | ||||
Principal | $ 575,000,000 | ||||
Unamortized debt issuance costs | (8,729,000) | ||||
Net carrying amount | 565,700,000 | 566,271,000 | $ 0 | ||
Contractual interest expense | 13,441,000 | ||||
Amortization of debt issuance costs | 554,000 | 0 | |||
Total interest expense related to the Senior Notes | 13,995,000 | ||||
Debt Instrument, Redemption [Line Items] | |||||
Proceeds from the issuance of debt | $ 575,000,000 | $ 575,000,000 | $ 0 | ||
Debt Instrument, Redemption, Period One | Forecast | |||||
Debt Instrument, Redemption [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
Debt Instrument, Redemption, Period Two | Forecast | |||||
Debt Instrument, Redemption [Line Items] | |||||
Redemption price percentage | 104.125% | ||||
Redemption price redeemed (as a percent) | 40.00% | ||||
Debt Instrument, Redemption, Period Three | Forecast | |||||
Debt Instrument, Redemption [Line Items] | |||||
Redemption price percentage | 100.00% | ||||
Debt Instrument, Redemption, Period Four | Forecast | |||||
Debt Instrument, Redemption [Line Items] | |||||
Redemption price percentage | 101.00% |