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Jul 31, 2022
Elastic Q1 2023 Earnings Report
Announced strong financial results for the first quarter of fiscal 2023, with significant revenue growth and continued focus on Elastic Cloud.
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%.
Elastic
Elastic
Elastic Revenue by Segment
Revenue by Segment
Elastic Cloud Revenue
CapyFin.comOther Subscription Revenue
CapyFin.comProfessional Services Revenue
CapyFin.com 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