What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-06-21 compared with 2021-06-25 · 172 added, 232 removed, 357 unchanged (53% of the section changed)

Elastic is a search company.

Search is foundational to a wide variety of experiences.

Elastic makes the power of search—the ability to instantly find relevant information and insights from large amounts of data—available for a diverse set of applications and solutions, including Enterprise Search, Observability, and Security.

Elastic powers the search behind a ride sharing app to help locate nearby riders and drivers.

Elastic powers the search for finding the right products to add to your cart for an ecommerce application.

Elastic powers the search for a digital creative software company, enabling users to search across millions of digital assets to find the right photo, font, or color palette to complete a creative project.

Elastic powers the logging of billions of events per day to track and manage website performance issues and network outages of a telecommunications company with nationwide networks of mobile subscribers.

Elastic powers the processing of terabytes of daily data in real time to monitor the usage of thousands of servers for a financial services company across their entire IT environments.

Elastic powers a university’s cybersecurity operations to protect thousands of devices and critical data.

All of this is search.

Why we search remains constant:

we’re looking for insight, information, and answers.

But how and what we search changes over time, from the Dewey Decimal System for libraries to Google for the World Wide Web to conversations with virtual assistants for everyday inquiries.

Today, what we search has grown to include a rapidly increasing amount of structured and unstructured data from a multitude of sources such as databases, websites, applications, and mobile and connected devices.

While search experiences often begin with search boxes, they are not confined to them.

Dragging your finger across a map on a smartphone screen is search.

Zooming into a specific time frame in a histogram is search.

Mining log files for errors is search.

Forecasting storage capacity two weeks into the future is search.

Using natural language processing to analyze user sentiment is search.

Elastic created the Elastic Stack, a powerful set of software products that ingest and store data from any source, and in any format, and perform search, analysis, and visualization in milliseconds or less.

Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems.

We have also built software solutions on the Elastic Stack that address a wide variety of use cases:

Elastic Enterprise Search for workplace search, app search and site search, Elastic Observability for logging, metrics and application performance management (“APM”), and Elastic Security for security information and event management (“SIEM”) and endpoint security.

The Elastic Stack and our solutions are designed to run in public or private clouds, in hybrid environments, or in traditional on-premises environments.

As the technology landscape shifts, our products grow and adapt.

In that sense, we believe that our company is truly elastic.

Our origins are rooted in open source, which facilitates rapid adoption of our software and enables efficient distribution of our technology.

Developers can either download or deploy our software directly in the cloud as a managed offering on our website, for use in development and production environments.

Our offerings include both free and paid products and solutions.

Our business model is based on a combination of free and paid proprietary software.

For self-managed users who download our products, we make some of the proprietary features of our software available for free.

Other proprietary features are only available through paid subscriptions, which also include access to support on all free and paid features.

We also provide our software as a service (“SaaS”).

There is no free subscription tier in our SaaS offerings.

Unlike some open source companies, we do not build a separate enterprise version of an original open source project.

Instead, we develop and test one robust codebase, over which we maintain control.

We believe that maintaining full control over the source code enables us to develop better products for our users and customers.

Our sales and marketing efforts start with developers and other users who have already adopted our software and then evolve to departmental decision-makers and senior executives who have broad purchasing power in their organizations.

All of these actions help us build a powerful commercial business model.

Our customers often significantly expand their usage of our products over time.

Expansion includes increasing the number of developers using our products, increasing the utilization of our products for a particular use case, and applying our products to new use cases.

We focus some of our direct sales efforts on encouraging these types of expansion within our customer base.

Elastic is a data analytics company built on the power of search.

Our platform, which is available as both a hosted, managed service across public clouds as well as self-managed software, allows our customers to almost instantly find insights from large amounts of data and take action.

We offer three search-powered solutions – Enterprise Search, Observability, and Security – that are built into the platform.

We help organizations, their employees, and their customers find what they need faster, while keeping mission-critical applications running smoothly, and protecting against cyber threats.

As digital transformation and cloud adoption drive mission critical business functions online and to the cloud, we believe that every company will need to build around a search-based data analytics platform, one which brings speed, scale, and relevance to the vast volumes of data being generated.

Our platform is built on the Elastic Stack, a powerful set of software products that ingest data from any source, in any format, and perform search, analysis, and visualization of that data.

At the core of the Elastic Stack is Elasticsearch - a highly scalable document store and search engine, and the only data store for all of our solutions and use cases.

Another key component of the Elastic Stack is Kibana, which delivers a single user interface across all of our solutions, with powerful drag-and-drop visual analytics, and centralized management of the platform.

Our out-of-the-box solutions for fast time to value, paired with our developer-centric platform that is extensible and customizable, all built around a core data store and single user experience that we control, allow us to innovate fast and differentiate our offerings at every level.

We make our platform available as a hosted, managed service across major cloud providers (Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”), and Microsoft Azure) in more than 50 public cloud regions globally.

Customers can also deploy our platform across hybrid clouds, public or private clouds, and multi-cloud environments.

Our business model is based primarily on a combination of a paid Elastic-managed hosted service offering and paid and free proprietary self-managed software.

Our paid offerings for our platform are sold via subscription through resource-based pricing, and all customers and users have access to all solutions.

In Elastic Cloud, our family of cloud-based offerings under which we offer our software as a hosted, managed service, we offer various subscription tiers tied to different features.

For users who download our software, we make some of the features of our software available for free, allowing us to engage with a broad community of developers and practitioners and introduce them to the value of the Elastic Stack.

We believe in the importance of an open software development model, and we develop the majority of our software in public repositories as open code under a proprietary license.

Unlike some companies, we do not build an enterprise version that is separate from our free distribution.

We offer a single code base across both our self-managed software and Elastic-hosted services.

All of these actions help us build a powerful commercial business model that we believe is optimized for product-led growth.

Our customers often significantly expand their usage of our products and services over time.

Expansion includes increasing the number of developers and practitioners using our products, increasing the utilization of our products for a particular use case, and applying our products to new use cases.

We focus some of our direct sales efforts on encouraging this type of expansion within our customer base, both within as well as across solutions.

Because our business model provides access to all solutions with resource-based pricing, we make it easy for customers to expand across use cases.

Our business has experienced rapid growth around the world.

As of April 30, 2021, we had over 15,000 customers compared to over 11,300 customers and over 8,100 customers as of April 30, 2020 and April 30, 2019, respectively.

Our revenue was $608.5 million in the year ended April 30, 2021, $427.6 million in the year ended April 30, 2020, and $271.7 million in the year ended April 30, 2019, representing year-over-year growth of 42% and 57% for the years ended April 30, 2021 and 2020, respectively.

Subscriptions accounted for 93%, 92% and 91% of our total revenue in the years ended

April 30, 2021, 2020 and 2019, respectively.

Revenue from outside the United States accounted for 45%, 43% and 43% of our total revenue in the years ended April 30, 2021, 2020 and 2019, respectively.

In the years ended April 30, 2021, 2020 and 2019, we incurred net losses of $129.4 million, $167.2 million and $102.3 million, respectively.

For the year ended April 30, 2021, our cash provided by operating activities was $22.5 million, and for the years ended April 30, 2020 and 2019, our cash used in operating activities was $30.6 million and $23.9 million, respectively.

As of April 30, 2022, we had over 18,600 customers compared to over 15,000 customers and over 11,300 customers as of April 30, 2021 and 2020, respectively.

Our revenue was $862.4 million, $608.5 million, and $427.6 million for the years ended April 30, 2022, 2021 and 2020, respectively, representing year-over-year growth of 42% for each of the years ended April 30, 2022 and 2021.

Subscriptions accounted for 93%, 93% and 92% of our total revenue for the years ended April 30, 2022, 2021 and 2020, respectively.

Revenue from outside the United States accounted for 44%, 45% and 43% of our total revenue for the years ended April 30, 2022, 2021 and 2020, respectively.

For the years ended April 30, 2022, 2021 and 2020, we incurred net losses of $203.8 million, $129.4 million and $167.2 million, respectively.

We expect we will continue to incur net losses for the foreseeable future.

We founded Elastic to bring the power of search to a broad range of business and consumer use cases.

Our products enable our users and customers to instantly find relevant information and insights in large amounts of data.

Our net cash provided by operating activities was $5.7 million and $22.5 million for the years ended April 30, 2022 and 2021, respectively, and cash used in operating activities for the year ended April 30, 2020 was $30.6 million.

Our products enable our customers and users to instantly find relevant information and insights in large amounts of data across a broad range of business and consumer use cases.

We offer the Elastic Stack, a powerful set of software products that ingest and store data from any source, in any format, and perform search, analysis, and visualization, usually in milliseconds.

The Elastic Stack can be used by developers to power a variety of use cases.

The Elastic Stack can be used by developers to

T a b l e o f C o ntents

power a variety of use cases.

We also offer software solutions built in the Elastic Stack that address a wide variety of use cases.

The Elastic Stack and our solutions are designed to run in public or private clouds, in hybrid environments, or in traditional on-premises environments.

The Elastic Stack and our solutions are designed to run in public or private clouds, in hybrid environments, or in multi-cloud environments.

The Elastic Stack

2 unchanged sentences

Elasticsearch is the heart of the Elastic Stack.

It is a distributed, real-time search and analytics engine and datastore for all types of data, including textual, numerical, geospatial, structured, and unstructured.

It is a distributed, real-time search and analytics engine and data store for all types of data including textual, numerical, geospatial, structured, and unstructured.

Kibana is the user interface for the Elastic Stack.

2 unchanged sentences

The Elastic Stack also supports data ingest with a number of supporting products:

Logstash is the dynamic data processing pipeline for ingesting data into Elasticsearch or other storage systems from a multitude of sources simultaneously.

Beats is the family of lightweight, single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash.

• Elastic Agent.

Elastic Agent, currently in beta, is a single, unified way to add monitoring for logs, metrics, and other types of data to each host.

Elastic Agent is a single, unified way to add monitoring for logs, metrics, and other types of data to each host.

Elastic Agent includes integrated host protection and central management.

Some features of the Elastic Stack are free and open, available to users at no cost, while others require paid subscriptions.

Paid proprietary features enable capabilities such as automating anomaly detection on time series data at scale through machine learning, facilitating compliance with data security and privacy regulations, supporting search across low cost cold and frozen data tiers, and allowing real-time notifications and alerts.

The source code of both free and paid features in the Elastic Stack is visible to the public in the form of “open code.”

Beats is the family of lightweight, single-purpose data shippers for sending data from edge machines to Elasticsearch or Logstash.

Logstash is the dynamic data processing pipeline for ingesting data into Elasticsearch or other storage systems from a multitude of sources simultaneously.

Paid proprietary features in the Elastic Stack enable capabilities such as automating anomaly detection on time series data at scale through machine learning, facilitating compliance with data security and privacy regulations, supporting search across low cost cold and frozen data tiers, and allowing real-time notifications and alerts.

The source code of features in the Elastic Stack is generally visible to the public in the form of “open code.”

Our Solutions

We have built a number of solutions on top of the Elastic Stack to make it easier for organizations to use our software for common use cases.

Like the Elastic Stack, our solutions comprise a combination of free and open features, and paid proprietary features.

We have built a number of solutions into the Elastic Stack to make it easier for organizations to use our software for common use cases.

Our solutions include:

• Enterprise Search.

Our Enterprise Search solution provides powerful search for documents and results living in websites, applications and workplaces.

Enterprise Search includes:

Workplace Search, a unified search platform for the workplace that seamlessly connects to the most widely used enterprise systems and tools;

App Search, a flexible, API-driven tool for building search experiences to support websites and portals, e-commerce, mobile app search, and customer support;

and Site Search, an easy way to bring powerful search to any website.

Our Enterprise Search solution provides powerful search for documents and results living in applications, websites, and workplaces.

Key use cases for Enterprise Search include:

search applications, a foundation for building search experiences to support websites and portals, e-commerce, mobile app search, and customer support;

and workplace search, an out-of-the-box search solution for the workplace that seamlessly connects to the most widely used enterprise systems and tools.

• Observability.

3 unchanged sentences

Metrics, to search and analyze numeric and time series data;

APM, to deliver insight into application performance and health metrics and provide developers with confidence in their code;

and Uptime, to easily track and monitor the availability of hosts, websites, services and applications.

• Securit y .

application performance monitoring (“APM”), to deliver insight into application performance and health metrics and provide developers with confidence in their code;

and Synthetic Monitoring, to proactively monitor the availability and functionality of user journeys.

Our Security solution provides unified protection to prevent, detect, and respond to threats.

Security includes:

SIEM, with integrations to network, host, user, and cloud data sources, as well as workflow and

operations, shareable analytics, incident management, and investigations;

and Endpoint Security, for prevention, detection and response in a single, stack-integrated agent.

SIEM, with integrations to network, host, user, and cloud data sources, as well as workflow and operations, shareable analytics, incident management, and investigations;

Endpoint Security, for prevention, detection and response with a single, stack-integrated agent;

Extended Detection and Response (“XDR”), providing protection across infrastructure from SIEM to Endpoint;

and Cloud Security, providing cloud posture assessment and protecting cloud workloads with one integrated solution

Our Deployment Options

The Elastic Stack and our solutions generally can be deployed in public or private clouds, in hybrid environments, or in traditional on-premises environments, to satisfy various user and customer needs.

• Self-Managed.

Today, most users manage their own deployments of the Elastic Stack and our solutions.

To help with more complex deployment scenarios, we offer Elastic Cloud Enterprise and Elastic Cloud on Kubernetes, paid proprietary products, to deliver centralized provisioning, management, and monitoring across multiple deployments.

Many customers are becoming increasingly interested in SaaS deployment alternatives that reduce the burden of administration.

For these customers we have developed a family of SaaS products called Elastic Cloud, which includes Elasticsearch Service and Site Search Service.

We host and manage our Elastic Cloud products on infrastructure from multiple public cloud providers.

Our Business Model

Our business model refers to how we make our software available, including our free and open distribution and go-to-market strategy, and how we charge our customers.

We believe our business model creates significant value for our users, our customers, and our company.

Our business model is based on a combination of free and paid proprietary software.

We market and distribute the Elastic Stack and our solutions using a free and open distribution strategy.

Developers and other users are able to download our software directly from our website.

Some features of our software can be used free of charge.

Others are only available through paid subscriptions, which include access to proprietary features and support.

These paid features can be unlocked with a simple license update, without the need to re-deploy the software.

We also provide our software as a service, as part of Elastic Cloud.

There is no free subscription tier in our Elastic Cloud offerings.

The rate at which our customers purchase additional subscriptions and expand the value of existing subscriptions depends on a number of factors, including customers’ level of satisfaction with our products, the nature and size of the deployments, the desire to address additional use cases, and the perceived need for additional proprietary features.

The source code of all Elastic Stack features is visible to the public in the form of “open code.”

Our distribution model facilitates rapid and efficient adoption, particularly by empowering individual developers and other users to download and use our software without payment, registration, or the friction of a formal sales interaction.

It also fosters a vibrant developer community around our products and solutions, which drives adoption of our products and increased interaction among users.

Further, this approach enables community review of our code and products, which allows us to improve the reliability and security of our software.

We believe that the number of times our products have been downloaded and the size of our developer community are indicative of the benefits of our free and open strategy and the growth in adoption of our products.

However, we generally do not have visibility into, and cannot accurately determine how often, our downloaded products are being actively used.

We have designed our strategy to avoid some of the risks associated with an open source model.

One such risk relates to control over the direction and roadmap of our products.

We maintain full control over the source code of our products and solutions.

While community members may suggest changes to our products, only Elastic employees are able to commit changes to the codebase.

Also, many of our free features have been historically distributed under a proprietary license.

In February 2021, with the release of version 7.11 of the Elastic Stack, we changed the source code of Elasticsearch and Kibana that had previously been licensed under an open source license to be licensed under a proprietary license.

Further, unlike some open source companies, we do not build a separate enterprise edition of an original open source project.

Instead, we develop, maintain, and test a single robust codebase that is shared by our entire developer community.

Some open source companies sell only support for software that they make available at no cost.

We believe this can create misaligned incentives in that the support vendor benefits from low software quality.

Accordingly, we focus on designing high-quality software products that include proprietary features and are easy to use and reliable.

We include support only as part of our subscriptions.

We believe in building products that provide value and appeal to the people who use them, including developers, architects, DevOps personnel, IT professionals, and security analysts.

At the same time, a software company should be able to engage and build relationships with departmental or organizational leaders who make large technology purchasing decisions.

At Elastic, we do both.

The Elastic Stack and our solutions can be deployed in public or private clouds, in hybrid environments, or in multi-cloud environments, to satisfy various user and customer needs.

Elastic Cloud, our family of cloud-based offerings, is hosted on major public cloud providers.

We also partner with other cloud providers who offer our software to users on their cloud platform as a hosted offering.

Users can also download and manage their own deployments of the Elastic Stack and our solutions.

To help with more complex deployment scenarios, we offer paid proprietary products to deliver centralized provisioning, management, and monitoring across multiple deployments.

T a b l e o f C o ntents

Strengths of Our Products

14 unchanged sentences

The Elastic Stack is able to ingest, filter, store, search, and analyze data in any form, whether structured or unstructured.

These capabilities enable the Elastic Stack to generate insights from a wide variety of data sources for a range of use cases.

These capabilities enable the Elastic Stack to generate insights from a wide variety of data sources for a broad range of use cases.

The flexibility of the Elastic Stack also enables users to begin using our products along with their existing systems, which lowers barriers to adoption.

5 unchanged sentences

We intend to pursue the following growth strategies:

• Increase usage of Elastic Cloud.

We believe that Elastic Cloud represents a significant growth opportunity.

We plan to expand Elastic Cloud geographically.

We plan to continue to invest resources in increasing the adoption of Elastic Cloud.

• Increase product adoption by improving ease of use and growing our user community.

With our engineering efforts focused on the user experience, we will continue to develop software that makes our products easier to use and adopt for both developers and non-developers.

We will continue to engage with developers globally through a wide range of touch points such as community meetups, global community groups, hackathons, our global events, which we call ElasticON, and engagement on our website, user forums, and code repositories, to grow our user community.

We will continue to engage with developers globally through a wide range of touch points such as community meetups, global community groups, hackathons, our global events, our user conferences, which we call ElasticON, and engagement on our website, user forums, and code repositories, to grow our user community.

• Expand our customer base by acquiring new customers.

Through our distribution model, self-managed users can easily download our software directly from our website and access many features free of charge, which facilitates rapid adoption.

Through Elastic Cloud, our SaaS offering, we provide the fastest and easiest way to get started with a free trial.

Through Elastic Cloud, we provide the fastest and easiest way to get started with a free trial.

However, there is no free subscription tier in Elastic Cloud.

Self-managed users can easily download our software directly from our website and access many features free of charge, which also facilitates adoption.

Our sales and marketing team conducts campaigns to drive further awareness and adoption within the user community.

5 unchanged sentences

Because of the rapid success with our products, knowledge of Elastic often spreads within an organization to new teams of developers, architects, IT operations personnel, security personnel, and senior executives.

We will continue to invest in helping users and customers be successful with our products, and we view initial success with our products as a path to drive expansion to new use cases and projects and larger deployments within organizations.

We will continue to invest in helping users and customers be

T a b l e o f C o ntents

successful with our products, and we view initial success with our products as a path to drive expansion to new use cases and projects and larger deployments within organizations.

• Extend our product leadership through continued investment in our technology.

We will continue to invest in our self-managed and SaaS products to extend into new use cases, industries, geographies, and customers.

• Increase usage of Elastic Cloud.

We believe that providing our SaaS products represents a significant growth opportunity.

We plan to expand Elastic Cloud geographically and through more public cloud providers.

We plan to continue to invest resources in increasing the adoption of Elastic Cloud.

We will continue to invest in our products and services to extend into new use cases, industries, geographies, and customers.

• Expand our strategic and regional partnerships.

Our partners assist us in driving awareness of Elastic and our products, building new solutions on top of the Elastic Stack to solve customer pain points, and extending our reach in geographic areas and verticals where we do not have a formal sales presence.

Our partners assist us in driving awareness of Elastic and our products, using the Elastic Stack to solve customer pain points, and extending our reach in geographic areas and verticals where we do not have a formal sales presence.

We have a diverse range of partners and we will continue to pursue partnerships to further the development of the Elastic Stack and our customer reach.

• Selectively pursue acquisitions and strategic investments.

We have selectively pursued acquisitions and strategic investments in businesses and technologies in order to drive product and market expansion.

Since inception, we have acquired technology underlying our security offerings (formerly Endgame), Site Search and App Search offerings (formerly Swiftype), our APM offering (formerly Opbeat), our machine learning feature (formerly Prelert), our Beats product (formerly Packetbeat), our Elastic Cloud SaaS offering (formerly Found) and our Kibana and Logstash products through strategic transactions.

We intend to continue to pursue acquisitions and strategic investments selectively.

• Selectively pursue strategic acquisitions.

Since inception, we have selectively pursued strategic acquisitions to drive product and market expansion.

The focus of our most recent acquisitions has been to enhance the technology underlying our Security and Observability offerings.

We intend to continue to pursue acquisitions selectively.

Organizations of all sizes, across many industries, both private and public, purchase our products for a variety of use cases.

As of April 30, 2021, we had over 15,000 customers.

No customer represented more than 10% of our total revenue in the year ended April 30, 2021.

Our engineering organization focuses on enhancing existing products and developing new products, both open source and proprietary, that are easy to use and can be run in any environment including in public or private clouds, in hybrid environments, or in traditional on-premises environments.

As of April 30, 2022, we had over 18,600 customers compared to over 15,000 customers and over 11,300 customers as of April 30, 2021 and 2020, respectively.

No customer represented more than 10% of our total revenue for the years ended April 30, 2022, 2021, and 2020.

Our engineering organization focuses on enhancing existing products and developing new features that are easy to use and can be run in any environment including in public or private clouds, in hybrid environments, or in multi-cloud environments.

With a distributed engineering team spanning over 30 countries, we are able to recruit, hire, and retain high-quality, experienced developers, tech leads, and product managers, and operate at a rapid pace to drive product releases, fix bugs, and create new product offerings.

Our software development process is based on iterative releases across the Elastic Stack, our solutions, and Elastic Cloud.

Our software development process is based on iterative releases of the Elastic Stack.

We are organized in small functional teams with a high degree of autonomy and accountability.

1 unchanged sentence

We intend to continue to invest in our research and development capabilities to extend our products.

Research and development expense totaled $199.2 million and $165.4 million, in the years ended April 30, 2021 and 2020, respectively.

Research and development expense totaled $273.8 million and $199.2 million for the years ended April 30, 2022 and 2021, respectively.

We plan to continue to devote significant resources to research and development.

Sales and Marketing

We make it easy for individual developers to begin using our products in order to drive viral adoption.

Users can download our software directly from our website without any sales interaction, and immediately begin using the full set of free and paid features.

Access to our paid features is available for an initial trial period for both self-managed and SaaS subscriptions.

As a result of our free and open strategy, our sales prospects are often already using our technology.

Our sales and marketing efforts extend our free and open strategy in two key ways.

First, we conduct low-touch marketing campaigns to keep users and customers engaged after they download our software.

We make it easy for users to begin using our products in order to drive rapid adoption.

Users can either sign up for a free trial on Elastic Cloud or download our software directly from our website without any sales interaction, and immediately begin using the full set of features.

Users can also sign up for Elastic Cloud through public cloud marketplaces.

With our business model, where users can download and use many of our features for free, our sales prospects are often already familiar with or using our platform.

We conduct low-touch campaigns to keep users and customers engaged once they have begun using Elastic Cloud or downloaded our software.

This includes providing high-quality content, documentation, webinars, videos, and blogs through our website.

Second, we conduct high-touch virtual and field campaigns with qualified prospects and customers who have typically already deployed our software to drive further awareness, adoption, and expansion of our products and solutions.

Our sales teams are segmented primarily by geography and secondarily by employee count in relation to our prospects and customers.

We also drive high-touch engagement with qualified prospects and customers to drive further awareness, adoption, and expansion of our products with paid subscriptions.

The majority of our new customers use Elastic Cloud.

Many of these customers start with limited initial spending, but can significantly grow their spending.

Our sales teams are organized primarily by geography and secondarily by customer segments.

We rely on inside sales development representatives to qualify leads based on their likelihood to make a purchase.

We pursue sales opportunities primarily through a direct sales motion, in some cases assisted by partners.

We pursue sales opportunities both through a direct sales motion and assisted by partners, including through cloud marketplaces.

Our relationships within customer organizations often extend beyond the initial users of the technology and include technology and business decision-makers at various levels.

2 unchanged sentences

Our partner relationships include the following:

T a b l e o f C o ntents

• Cloud providers.

We work with many of the major cloud providers to increase awareness of our products and make it easy to access our software.

We partner with Google and Microsoft to offer our Elasticsearch Service (part of Elastic Cloud) on Google Cloud Platform (“GCP”), and Microsoft Azure, respectively, including direct purchase from us and through their respective marketplaces.

We also partner with other cloud providers to provide our free and paid proprietary features to users on their cloud platforms.

In addition, we make our Elasticsearch Service available on Amazon Web Services (“AWS”), for direct purchase or through the AWS marketplace.

Elastic’s Elasticsearch Service is a different offering than Amazon Elasticsearch Service.

We do not partner with Amazon, provide support for Amazon Elasticsearch Service, or provide Amazon or customers of Amazon Elasticsearch Service with access to any of our free or paid proprietary features.

We partner with Amazon, Google, and Microsoft to offer Elastic Cloud on AWS, GCP, and Microsoft Azure, through direct purchase from us or their respective marketplaces.

We also partner with other cloud providers to offer our free and paid proprietary features to users on their cloud platforms.

• Systems integrators, channel partners, and referral partners.

1 unchanged sentence

• OEM and MSP partners.

Our original equipment manufacturing (“OEM”), and managed service provider (“MSP”), partners embed an Elastic subscription into the products or services they offer to their own customers.

OEM or MSP partners are able to include Elastic’s paid and unpaid proprietary features in their product, receive ongoing support from Elastic for product development, and receive support for end customer issues related to Elastic.

Our original equipment manufacturing (“OEM”) and managed service provider (“MSP”) partners embed an Elastic subscription into the products or services they offer to their customers.

OEM or MSP partners are able to include Elastic’s proprietary features in their product, receive ongoing support from Elastic for product development, and receive support for end customer issues related to Elastic.

• Technology partners.

Our technology partners collaborate with Elastic to create a standardized solution for end users that includes technology from both Elastic and the partner.

For example, we work with Micro Focus to integrate our products with their ArcSight product.

Technology partners represent a deeper collaboration than community contributions and are distinct from distribution-oriented relationships like OEMs and MSP partners.

13 unchanged sentences

Our Technology

Our products consist of the Elastic Stack, our solutions and software that supports our various deployment alternatives.

Because our solutions are built on the Elastic Stack, innovations and new capabilities built into the Elastic Stack may benefit many of our solutions.

Our platform consists of the Elastic Stack, our solutions, and software that supports our various deployment alternatives.

Because our solutions are built into the Elastic Stack, innovations and new capabilities in the Elastic Stack may benefit many of our solutions.

Our customers can customize and extend our solutions to fit their needs by leveraging the power of the Elastic Stack and our developer capabilities.

9 unchanged sentences

The query language also includes a composable aggregation framework that enables users to summarize, slice, and analyze structured or semi-structured datasets across multiple dimensions.

Examples of these capabilities include tracking the top ten users by spend, looking at data week over week, analyzing data across geographies, and drilling down into details with specific filters all with a single search.

T a b l e o f C o ntents

these capabilities include tracking the top ten users by spend, looking at data week over week, analyzing data across geographies, and drilling down into details with specific filters all with a single search.

• Vector search.

Elastic natively supports vector search, which enables a wide range of advanced search use cases that improve relevance, including sophisticated search ranking, image search, question answering, and more.

Vector search relies on a next generation of machine learning models that can represent many types of content as vectors, including text, images, events, and more.

As data volumes and formats explode, this sophisticated approach to search and relevance is becoming important for use cases where delivering maximum relevance is critical.

• Developer friendliness.

33 unchanged sentences

• Home for Solutions.

Kibana is where our users and customers access the user interfaces for our Observability and Security solutions.

Kibana is where our users and customers access the user interfaces for our Enterprise Search, Observability, and Security solutions.

Kibana provides core services, like security, alerting, and data visualization components.

This makes it easy for users to discover all of the capabilities our solutions provide, and enables solution users to benefit from the core capabilities of the Kibana.

This makes it easy for users to discover all of the capabilities our solutions provide, and enables solution users to benefit from the core capabilities of Kibana.

• Application framework.

2 unchanged sentences

Dozens of Kibana plugins have been shared by the community via Elastic documentation and code sharing platforms such as GitHub.

Beats, Elastic Agent, and Logstash are data ingestion tools that enable users to collect and enrich any kind of data from any source for storage in Elasticsearch.

T a b l e o f C o ntents

Elastic Agent, Beats, and Logstash are data ingestion tools that enable users to collect and enrich any kind of data from any source for storage in Elasticsearch.

Beats and Logstash have an extensible modular architecture.

Elastic Agent is a single, unified way to add monitoring for logs, metrics, and other types of data to each host, and also includes integrated host protection and central management.

Beats are lightweight agents purpose-built for collecting data on devices, servers, and inside containers.

Elastic Agent, currently in beta, is a single, unified way to add monitoring for logs, metrics, and other types of data to each host, and also includes integrated host protection.

Key features of Beats and Elastic Agent include the following:

Key features include the following:

• Data shippers.

Beats are lightweight agents built for the purposes of efficient data collection at the edge for specific types of data, such as Filebeat for the collection of logging data, Metricbeat for the collection of system or service metric data, Auditbeat for the collection of security data, Packetbeat for the collection of network data, and Heartbeat for the collection of availability data.

Dozens of community Beats enable the collection of data from specialized sources.

Elastic Agent introduces a new single agent architecture across hosts that simplifies management and deployment.

Elastic Agent is based on the architecture of Beats, lightweight agents built for the purposes of efficient data collection at the edge for specific types of data, such as Filebeat for the collection of logging data, Metricbeat for the collection of system or service metric data, Auditbeat for the collection of security data, Packetbeat for the collection of network data, and Heartbeat for the collection of availability data.

Dozens of community Beats enable the collection of data from specialized sources.

• Extensibility and community Beats.

12 unchanged sentences

Logstash enriches the data via lookups against local data sources, such as a geolocation database, and remote data sources, such as relational databases.

Logstash can output events to Elasticsearch or downstream queues and other datastores.

Logstash can output events to Elasticsearch or downstream queues and other data stores.

We develop and support more than 80 plugins for many common integrations.

4 unchanged sentences

The functionality of our solutions often includes specialized data collection, through standardized APIs or custom agents, and custom user interfaces for specific data analytics, visualizations, workflows, and actions.

Most of our solutions can be self-managed or accessed through Elastic Cloud.

Enterprise Search gives users the tools to bring search experiences to customers, partners and teams quickly and scale them seamlessly.

• Search applications.

Customers can bring the focused power of Elasticsearch to their company website, ecommerce site, or applications with a refined set of APIs and intuitive dashboards.

Elastic delivers seamless scalability, tunable relevance controls, thorough documentation, well-maintained clients, and robust analytics to build a leading search experience.

Customers can build rich applications directly on top of Elasticsearch, or they can use our Application Search framework to rapidly build and customize search applications.

• Workplace search.

Workplace Search brings modern search to collaborative decisions and experiences.

It seamlessly connects to some of the world’s most widely adopted productivity tools, customer relationship management platforms, cloud storage platforms, collaboration tools, operation management platforms, and content management systems.

Customers can deploy internal workplace search to bring modern search to collaborative decisions and experiences.

Elastic seamlessly connects to some of the world’s most widely adopted productivity tools, customer relationship management platforms, cloud storage platforms, collaboration tools, operation management platforms, and content management systems.

Custom sources provide an elegant set of APIs that lets customers and users ingest any type of content from even more sources while preserving access control information.

• App Search.

App Search simplifies the process of building excellent customer-facing search experiences.

App Search also provides much of the shared, foundational technology that gives the products in Enterprise Search power within an intuitive user experience.

App Search brings the focused power of Elasticsearch to a refined set of APIs and intuitive dashboards, allowing users to leverage scalability, tunable relevance controls, thorough documentation, well-maintained clients, and robust analytics to build a leading search experience with ease.

• Site Search.

Site Search provides the tools users need to build powerful website search easily.

The maintenance-free crawler keeps content current, while intuitive customization features and robust analytics provide full control over search relevance.

All these capabilities are backed at scale by Elasticsearch.

Observability combines analysis across the IT ecosystem of IT applications, networks, and infrastructure to deliver actionable insights into performance, availability, usability, adoption, and anomalous behavior.

T a b l e o f C o ntents

Logs indexes, searches, and analyzes structured and unstructured logs at large scale to monitor the health and performance of an organization’s services, infrastructure, and applications.

1 unchanged sentence

By querying logs in ad hoc ways, users can triage, troubleshoot, and resolve performance issues.

Metrics ingests, searches, visualizes, and analyzes numeric and time series data from IT systems, including applications, datastores, hosts, containers, cloud infrastructure, and more.

Metrics ingests, searches, visualizes, and analyzes numeric and time series data from IT systems, including applications, data stores, hosts, containers, cloud infrastructure, and more.

Users can review performance and utilization trends to optimize and plan for future needs.

3 unchanged sentences

This can give developers confidence in the code they ship, and can give operational teams visibility into code-level errors and performance bottlenecks to accelerate root cause analysis and resolution during an investigation.

Customers and users leverage Uptime to track and monitor the availability of the hosts, websites, services, and application endpoints that support business operations.

• Synthetic Monitoring.

Customers and users leverage Synthetic Monitoring to track and monitor the availability of the hosts, websites, services, and application endpoints that support business operations.

Through proactive monitoring, customers can detect troublesome components before they are reported by end users.

1 unchanged sentence

Elastic SIEM automates threat detection and remediation, reducing mean time to detect (“MTTD”) and mean time to respond (“MTTR”).

With prebuilt Beats integrations, SIEM can ingest data from cloud, network, endpoints, applications, and other systems.

With prebuilt Elastic Agent and Beats integrations, SIEM can ingest data from cloud, network, endpoints, applications, and other systems.

With Elastic Common Schema (“ECS”), users can centrally analyze information like logs, flows, and contextual data from disparate data sources.

6 unchanged sentences

Endpoint Security includes protection against ransomware, malware, phishing, exploits, fileless attacks, and more.

XDR extends detection and response across the entire attack surface.

When deployed together, SIEM and Endpoint Security provide a strong security posture with broad visibility on potential threats.

Elastic Cloud, Elastic Cloud Enterprise, and Elastic Cloud on Kubernetes

The Elastic Stack and our solutions can be deployed in public or private clouds, in hybrid environments, or in traditional on-premises environments.

We divide our deployment models into two categories:

self-managed, which refers to users deploying the Elastic Stack and solutions on infrastructure they manage themselves (such as their own data center or private or public cloud environments), and Elastic Cloud, which refers to our SaaS products that we host and manage.

To help self-managed users with more complex deployment scenarios, we offer Elastic Cloud Enterprise and Elastic Cloud on Kubernetes.

• Elastic Cloud.

Elastic Cloud is our growing family of SaaS products and technologies that make it easy to deploy, operate, and scale Elastic products and solutions in the cloud.

Elastic Cloud products include Elasticsearch Service and Site Search Service and are offered by us on certain large cloud providers.

• Elastic Cloud Enterprise and Elastic Cloud on Kubernetes.

As part of building our Elastic Cloud offering, we built a comprehensive orchestration and administration infrastructure tool to easily provision, monitor, manage, secure, upgrade and backup the thousands of clusters that comprise our Elastic Cloud products.

We then packaged this infrastructure into a downloadable and easily installable proprietary product called Elastic Cloud Enterprise, which makes this tool available to customers to use with their own self-managed deployments.

Elastic Cloud Enterprise enables our customers to provision, monitor, manage, secure, upgrade and backup any number of

It also helps our customers improve their hardware utilization and operational efficiency by allowing them to leverage shared hardware resources to manage multiple clusters, while still maintaining a strong level of isolation between those clusters.

More recently, we also launched Elastic Cloud on Kubernetes, extending our cloud orchestration capabilities to Kubernetes environments via the official Elasticsearch operator for Kubernetes.

XDR delivers a unified security stack, protecting across endpoints, cloud, and the broader environment, letting customers minimize vendor sprawl, harness actionable data, and provide defense in depth to minimize time to resolution.

• Cloud Security.

Cloud Security protects cloud deployments with rich visibility into cloud posture paired with runtime protection for cloud workloads with prevention, detection, and response capabilities, all in one integrated solution.

Our team extends beyond our employee base.

10 unchanged sentences

be considerate, be patient, be respectful, be nice, communicate effectively, and ask for help when unsure.

Our market is highly competitive, rapidly evolving, fragmented, and subject to changing technology, shifting customer needs, and frequent introductions of new offerings.

T a b l e o f C o ntents

Our market is highly competitive, quickly evolving, fragmented, and subject to rapid changes in technology, shifting customer needs, and frequent introductions of new offerings.

Our principal competitors include:

• For Enterprise Search (app search, site search, and workplace search):

incumbent offerings such as Solr (open source offering), Lucidworks Fusion, search tools including Google Custom Search Engine (an advertisement-based site search tool with limited user controls), and workplace search tools including Coveo, Endeca (acquired by Oracle) and Autonomy (acquired by HP and now offered by Micro Focus).

• For Observability (logging, metrics, APM, and uptime monitoring):

• For Enterprise Search:

offerings such as Solr (open source offering) and Lucidworks Fusion, search tools including Google Programmable Search Engine, and workplace search tools including Coveo, and Endeca (owned by Oracle).

• For Observability:

software vendors with specific observability solutions to analyze logging data, metrics, APM data, or infrastructure uptime, such as Splunk, New Relic, Dynatrace, AppDynamics (owned by Cisco Systems) and Datadog.

• For Security (SIEM and endpoint security):

security analytics solutions vendors such as Splunk and Azure Sentinel (offered by Microsoft) and endpoint security vendors such as CrowdStrike, Carbon Black (acquired by VMware), McAfee and Symantec (acquired by Broadcom).

• Certain cloud hosting providers and managed service providers, including Amazon Web Services, that offer products based on older Elastic Stack releases.

• For Security:

security vendors such as Splunk, Azure Sentinel (by Microsoft), CrowdStrike, Carbon Black (owned by VMware), McAfee and Symantec (owned by Broadcom).

• Certain cloud hosting providers and managed service providers, including Amazon Web Services, that offer products based on a forked version of the Elastic Stack.

These offerings are not supported by Elastic and come without any of Elastic’s proprietary features, whether free or paid.

5 unchanged sentences

• ability to address a variety of evolving customer needs and use cases;

• strength of sales and marketing efforts;

• flexible deployment model across public or private clouds, hybrid environments, or traditional on-premises environments;

• strength and execution of sales and marketing strategies;

• flexible deployment model across public or private clouds, hybrid environments, or multi-cloud environments;

• productized solutions engineered to be rapidly adopted to address specific applications;

• mindshare with developers and IT executives;

• adoption of products by many types of users (developers, architects, DevOps personnel, IT professionals, security analysts, and departmental and organizational leaders);

• mindshare with developers and IT and security executives;

• adoption of products by many types of users and decision makers (developers, architects, DevOps personnel, IT professionals, security analysts, and departmental and organizational leaders);

• enterprise-grade technology that is secure and reliable;

8 unchanged sentences

We may also expand into new markets and encounter additional competitors in such markets.

While our products and solutions have various competitors across different use cases, such as app search, site search, workplace search, logging, metrics, APM, business analytics and security analytics, we believe that few competitors currently have the capabilities to address our entire range of use cases.

While our products and solutions have various competitors across different use cases, such as search applications and workplace search, logging, metrics, APM, business analytics and security analytics, we believe that few competitors currently have the capabilities to address our entire range of use cases.

We believe our industry requires constant change and innovation, and we plan to continue to evolve search as a foundational technology to solve the problems of today and new emerging problems in the future.

Intellectual Property

We rely on a combination of patents, patent applications, registered and unregistered trademarks, copyrights, trade secrets, license agreements, confidentiality procedures, non-disclosure agreements with third parties, and other contractual measures to safeguard our core technology and other intellectual property assets.

In addition, we maintain a policy requiring our employees, contractors, and consultants to enter into disclosure and invention assignment agreements.

As of April 30, 2021, we had 24 issued patents in the United States with expirations ranging from 2031 to 2039, 57 pending U.S.

patent applications, and 17 pending non-U.S.

patent filings.

The pending patent applications, if issued, would expire between 2032 and 2041.

In addition, as of April 30, 2021, we had 38 registered trademarks in the United States, 2 pending trademark applications in the United States, as well as 326 registered trademarks in various non-U.S.

jurisdictions and no pending trademark applications in various non-U.S.

jurisdictions.

T a b l e o f C o ntents

measures to safeguard our core technology and other intellectual property assets.

In addition, we maintain a policy requiring our employees, contractors, and consultants to enter into confidentiality and invention assignment agreements.

As of April 30, 2022, we had a number of active patents, issued in both the United States and outside of the United States, with expirations ranging from 2031 to 2039.

In addition, as of April 30, 2022, we had numerous U.S.

and international trademark registrations.

The laws, procedures and restrictions on which we rely may provide only limited protection, and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed or misappropriated.

1 unchanged sentence

For additional information, see the section titled “Risk Factors—Risks Related to the Business.”

In addition, our technology incorporates software components licensed to the general public under open source software licenses such as the Apache Software License Version 2.0.

In addition, our technology incorporates software components licensed to the general public under open source software licenses such as the Apache Software License Version 2.0 (“Apache 2.0”).

We obtain many components from software developed and released by contributors to independent open source components of our technology.

11 unchanged sentences

Our management regularly updates our board of directors and its committees on human capital trends and employee-focused activities and initiatives.

As of April 30, 2021, we had a total of 2,179 employees in over 35 countries globally, including 946 employees located outside of the United States.

In addition, approximately 30% of our workforce encompasses women and non-binary employees.

As of April 30, 2022, we had a total of 2,978 employees in over 40 countries globally.

In addition, over 30% of our workforce encompasses women and non-binary employees.

None of our employees are represented by a labor union.

17 unchanged sentences

Both are foundations of Elastic.

• I T, Depends.

• IT, Depends.

It’s pretty complicated to make some things simple, and even more complicated to make other things possible.

13 unchanged sentences

Over email and chat, doubly so.

Until we get a perpetual empathy machine, don’t assume malice.

T a b l e o f C o ntents

we get a perpetual empathy machine, don’t assume malice.

A distributed Elastic makes for a diverse Elastic, which makes for a better Elastic.

26 unchanged sentences

Our recruiting approach is underpinned by the desire to create balanced teams at Elastic, which includes considering broad aspects of diversity from race and gender mix as well as diversity of thought, experience and tenure when recruiting new team members.

In fiscal year 2021, the created-by-women-for-women workplace review site, Fairygodboss, recognized Elastic as number one in the Best Technology Company for Women category, and as one of the best workplaces for women in two additional categories:

In fiscal year 2022, the created-by-women-for-women workplace review site, Fairygodboss, once again recognized Elastic as number one in the Best Technology Company for Women category, and as one of the best workplaces for women in two additional categories:

Best Company for Women, and Best Company Where CEOs Support Gender Diversity.

1 unchanged sentence

We strive to embed DEI deep within our culture through various initiatives, projects and programs, the centerpiece of which is the Elastician Resource Groups (“ERGs”), which are organizationally sponsored, self-organized, Elastician-run groups.

Aligned to specific shared identities, interests, affinity or allyship, such as Latinx, parent(s), disability or accessibility, Black, LGBTQ+ and others, each group identifies goals and objectives with executive sponsorship to ensure that they provide tangible benefits and result in all Elasticians feeling a sense of belonging.

Aligned to specific shared identities, interests, affinity or allyship, such as Latinx, parent(s), disability or accessibility, Black, LGBTQ+ and others;

each group identifies goals and objectives with executive sponsorship to ensure that they provide tangible benefits and result in all Elasticians feeling a sense of belonging.

We have fair and consistent compensation practices through our use of local third-party market data specific to each country, where available, so that we understand local compensation and cost of labor levels.

We retain external experts to review our compensation outcomes on an ongoing basis to ensure they are bias-free and fairly reward employee performance and contributions.

We take great pride in our focus on fair pay and the positive results we’ve established.

Our external review continues to validate that we have gender-based pay parity between male and female Elasticians globally.

Code of Conduct .

7 unchanged sentences

The results of these surveys are reviewed at the company, functional, team and manager level, with action plans put in place annually.

Elasticians were highly engaged in providing feedback in fiscal year 2021, with very high participation rates for the mid-year and annual surveys as well as high engagement scores across a spectrum of questions.

Elasticians were highly engaged in providing feedback in fiscal years 2022 and 2021, with very high participation rates for the mid-year and annual surveys as well as high engagement scores across a spectrum of questions.

T a b l e o f C o ntents

Learning and Development

1 unchanged sentence

To that end, we have a variety of ways in which we support the continuous learning and development of all Elasticians, including access to on-demand video based learning.

We also conduct specific programs to develop managers and leaders at Elastic, including our flagship Leadership Performance Program , an externally-led program focused on high-performing leaders who have the potential to have a significant strategic impact on the achievement of our long-term objectives.

We also conduct specific programs to develop managers and leaders at Elastic, including our flagship leadership development program - Leading Strategically, an externally-led program focused on high-performing leaders who have the potential to have a significant strategic impact on the achievement of our long-term objectives.

Total Rewards

3 unchanged sentences

These programs include market competitive medical and dental programs, in addition to focus on mental health and holistic well-being.

We provide market competitive paid time off (“PTO”) programs, including offering 16 weeks of paid leave to all new parents.

We provide market competitive paid time off (“PTO”) programs, including offering 16 weeks of paid leave to all new parents, life-planning benefits and other travel reimbursements for certain healthcare services.

In addition, we also provide retirement and income protection plans, which include a 401k plan with a dollar-for-dollar match by Elastic up to 6% of eligible earnings up to a plan-limit maximum for U.S.-based Elasticians as well as similar competitive plans outside of the United States.

We retain external experts to review our compensation outcomes on an ongoing basis to ensure they are bias-free and fairly reward employee performance and contributions.

We take great pride in our focus on fair pay and the positive results we’ve established.

Our external review continues to validate that we have gender-based pay parity between male and female Elasticians globally.

Flexible Work Environment .

Since inception, we have provided most Elasticians with the ability to work from anywhere, as often as they would like.

We also know that being face-to-face is important too, and we have physical offices around the world to provide a space for employees to work from if they wish.

Community Involvement.

3 unchanged sentences

COVID-19 Response

During the COVID-19 pandemic, our primary focus was and continues to be on the safety and well-being of our employees and their families.

In the fourth quarter of fiscal 2020, we closed our offices globally and required our employees to

work remotely.

Additionally, due to concerns over risks related to travel and large gatherings, we have replaced our in-person events, including our internal global all-hands, annual flagship conference and other in-person marketing events, with web-based virtual events.

Given the significant personal and professional impact of the COVID-19 pandemic, we provided reimbursements for home office equipment and established specific learning opportunities for our employees that allowed teams to better connect to each other, including fun activities to help teams bond.

To allow employees to deal with and alleviate the physical, mental, and emotional effects of the pandemic on themselves and loved ones, we offered two weeks of COVID leave and implemented company-wide days off called “Shut it Down Days” twice per month.

During the COVID-19 pandemic, our primary focus was and continues to be on the safety and well-being of our employees and their families while also providing them with the flexibility and support needed for the frequently-changing COVID-19 landscape.

Given the significant personal and professional impact of the COVID-19 pandemic, we provided reimbursements for home office equipment, pandemic-specific learning opportunities for our employees, and fun activities to help teams bond.

To allow employees to deal with and alleviate the physical, mental, and emotional effects of the pandemic on themselves and loved ones, we continued offering digital mental health services, COVID leave and company-wide days off called “Shut It Down Days” twice per month.

During fiscal 2022, we gradually reopened offices and invited our employees to return to work on a voluntary basis if they wished to do so, reduced travel restrictions, and opened up small in-person events, determined on a regional basis.

Government Regulations

2 unchanged sentences

Nevertheless, compliance with existing or future governmental regulations, including, but not limited to, those pertaining to global trade, business acquisitions, consumer and data protection, and taxes, could have a material impact on our business.

Refer to Item 1A, “Risk Factors—Risks Related to Regulatory Matters” of this Annual Report on Form 10-K” for a discussion of these potential impacts.

Refer to Item 1A, “Risk Factors” of this Annual Report on Form 10-K for a discussion of these potential impacts.

Corporate Information

5 unchanged sentences

Our registered office is at Keizersgracht 281, 1016 ED Amsterdam, the Netherlands.

T a b l e o f C o ntents

Our ordinary shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “ESTC”.

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business