Elastic Q1 2023 Earnings Report
Key Takeaways
Elastic reported a strong Q1 with a 30% year-over-year increase in total revenue, reaching $250.1 million. Elastic Cloud revenue grew by 59% year-over-year, representing 39% of the total revenue. The company is raising its constant-currency revenue growth guidance for the year and remains confident in achieving $2 billion in total revenue in fiscal year 2025.
Total revenue was $250.1 million, up 30% year-over-year (34% in constant currency).
Elastic Cloud revenue was $97.7 million, up 59% year-over-year (62% in constant currency).
Total subscription customer count was over 19,300.
Net Expansion Rate was just under 130%.
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Elastic Revenue by Segment
Forward Guidance
For the second quarter of fiscal 2023, total revenue is expected to be between $260 million and $262 million, representing 27% year-over-year growth at the midpoint (32% year-over-year constant currency growth at the midpoint). For fiscal 2023, total revenue is expected to be between $1,080 million and $1,086 million, representing 26% year-over-year growth at the midpoint (30% year-over-year constant currency growth at the midpoint).
Positive Outlook
- Total revenue is expected to be between $260 million and $262 million for Q2 2023.
- Revenue growth of 27% year-over-year is expected for Q2 2023.
- Constant currency revenue growth of 32% is expected for Q2 2023.
- Total revenue is expected to be between $1,080 million and $1,086 million for fiscal year 2023.
- Revenue growth of 26% year-over-year is expected for fiscal year 2023.
Challenges Ahead
- Non-GAAP operating margin is expected to be between -0.6% and -0.2% for Q2 2023.
- Non-GAAP net loss per share is expected to be between $0.11 and $0.09 for Q2 2023.
- Currency changes may negatively impact revenue.
- Uncertainty regarding costs and expenses may impact GAAP measures.
- Actual outcomes may differ materially due to various risks and uncertainties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income