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Home > Cloud Computing > Elastic reports third quarter financial results

Elastic reports third quarter financial results

Elastic has reported strong third quarter of the fiscal year 2022 results which ended January 31, with a 43% year-over-year revenue increase.


Erdem Yasar Erdem Yasar
March 4, 2022
2 min read
Elastic reports third quarter financial results

The company behind Elasticsearch and the Elastic Stack, Elastic announced strong results for its third quarter of the fiscal year 2022. At the end of the quarter, the company’s total subscription user count was over 17,900, compared to over 17,000 previous quarter and over 13,800 year-over-year. Elastic’s total customers with Annual Contract Value higher than $100,000 was over 890, which was over 830 in the previous quarter and 670 in the third quarter of the fiscal year 2021.

Business highlights

During the third quarter, the company delivered a simplified Elastic Cloud on AWS onboarding and trial experience. Elastic also expanded cloud-native AWS integrations. The company also announced the release of Elastic 8.0 and Elastic 7.16, both including new features. At the end of the quarter:

  • Total revenue was $223.9 million, an increase of 43% year-over-year, as reported and on a constant currency basis
  • Elastic Cloud revenue was $80.4 million, an increase of 79% year-over-year, or 80% on a constant currency basis
  • GAAP operating loss was $45.8 million; GAAP operating margin was -20%
  • Non-GAAP operating profit was $0.2 million; non-GAAP operating margin was 0%
  • GAAP net loss per share was $0.61; non-GAAP loss per share was $0.12
  • Operating cash flow was $5.1 million with adjusted free cash flow of $15.8 million
  • Cash and cash equivalents were $864.4 million as of January 31, 2022

Financial outlook

For the fourth quarter of fiscal 2022 (ending April 30, 2022):

  • Total revenue is expected to be between $230 million and $232 million
  • Non-GAAP operating margin is expected to be between -5.5% and -4.5%
  • Non-GAAP net loss per share is expected to be between $0.24 and $0.20, assuming
  • between 93.1 million and 94.1 million weighted average ordinary shares outstanding

For fiscal 2022 (ending April 30, 2022):

  • Total revenue is expected to be between $853 million and $855 million
  • Non-GAAP operating margin is expected to be between -0.4% and -0.2%
  • Non-GAAP net loss per share is expected to be between $0.42 and $0.38, assuming
  • between 92.0 million and 93.0 million weighted average ordinary shares outstanding
Ash Kulkarni, CEO of Elastic
Ash Kulkarni, CEO of Elastic

Ash Kulkarni, CEO of Elastic said,

« We delivered another record quarter and exceeded our revenue expectations, fueled by. increasing consumption trends in Elastic Cloud. Our cloud business grew 79% year-over-year and now accounts for 36% of total revenue. I look forward to us executing against the large and growing market opportunity ahead of us, particularly in cloud. I am confident that our demonstrated success, combined with the relevance of our solutions, enables us to capture this sizeable opportunity. »

See more Cloud Computing News


Tags: Elastic
Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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