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 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. »