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Elastic
🇺🇸 NYSE:ESTC
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Jan 31, 2024

Elastic Q3 2024 Earnings Report

Achieved strong results driven by customer interest in Generative AI, platform consolidation, and stability in cloud consumption patterns.

Key Takeaways

Elastic reported a strong third quarter in fiscal year 2024, with total revenue of $328 million, up 19% year-over-year. Elastic Cloud revenue reached $143 million, a 29% increase year-over-year. GAAP EPS was $1.69, and non-GAAP EPS was $0.36. The company's momentum was driven by customer interest in Generative AI, platform consolidation, and stability in cloud consumption patterns.

Total revenue was $328 million, an increase of 19% year-over-year, or 18% on a constant currency basis.

Elastic Cloud revenue was $143 million, an increase of 29% year-over-year as reported and on a constant currency basis.

GAAP diluted earnings per share was $1.69; non-GAAP diluted earnings per share was $0.36

Operating cash flow was $52 million with adjusted free cash flow of $63 million

Total Revenue
$328M
Previous year: $275M
+19.4%
EPS
$0.36
Previous year: $0.17
+111.8%
Net Expansion Rate
109%
Previous year: 120%
-9.2%
Gross Profit
$243M
Previous year: $199M
+22.0%
Cash and Equivalents
$527M
Previous year: $878M
-40.0%
Free Cash Flow
$63M
Previous year: $19M
+231.6%
Total Assets
$2.06B
Previous year: $1.63B
+26.5%

Elastic

Elastic

Elastic Revenue by Segment

Forward Guidance

For the fourth quarter of fiscal 2024 (ending April 30, 2024): Total revenue is expected to be between $328 million and $330 million, representing 18% year-over-year growth at the midpoint (18% year-over-year constant currency growth at the midpoint). Non-GAAP operating margin is expected to be between 7.4% and 7.8%. Non-GAAP diluted earnings per share is expected to be between $0.18 and $0.20, assuming between 105.5 million and 106.5 million diluted weighted average ordinary shares outstanding

Positive Outlook

  • Total revenue is expected to be between $328 million and $330 million, representing 18% year-over-year growth at the midpoint (18% year-over-year constant currency growth at the midpoint)
  • Non-GAAP operating margin is expected to be between 7.4% and 7.8%
  • Non-GAAP diluted earnings per share is expected to be between $0.18 and $0.20, assuming between 105.5 million and 106.5 million diluted weighted average ordinary shares outstanding
  • Total revenue is expected to be between $1.260 billion and $1.262 billion, representing 18% year-over-year growth at the midpoint (17% year-over-year constant currency growth at the midpoint)
  • Non-GAAP operating margin is expected to be approximately 11%

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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