What changed in this filing

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Item 1. Business

2023-06-16 compared with 2022-06-21 · 97 added, 162 removed, 367 unchanged (41% of the section changed)

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.

Our platform, which is available as both a hosted, managed service across public clouds as well as self-managed software, allows our customers to find insights and drive artificial intelligence (“AI”) and machine learning use cases from large amounts of data.

We offer three search-powered solutions – 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.

As digital transformation drives mission critical business functions to the cloud, we believe that every company will need to build around a search-based relevance engine to find the answers that matter, from all of their data, in real-time, and at scale.

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.

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

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

Our platform also includes the Elasticsearch Relevance Engine™ (“ESRE”), which combines advanced AI with Elastic’s text search to give developers a full suite of sophisticated retrieval algorithms and the ability to integrate with large language models.

Our out-of-the-box solutions deliver fast time to value for common use cases and, paired with our developer-centric platform which is extensible and customizable, 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.

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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.

We maintain 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.

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

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Our business has experienced rapid growth around the world.

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.

As of April 30, 2023, we had approximately 20,200 customers compared to over 18,600 customers and over 15,000 customers as of April 30, 2022 and 2021, respectively.

Our total revenue was $1.1 billion, $862.4 million, and $608.5 million for the years ended April 30, 2023, 2022 and 2021, respectively, representing year-over-year growth of 24% for the year ended April 30, 2023 and 42% for the year ended April 30, 2022.

Subscriptions accounted for 92%, 93% and 93% of our total revenue for the years ended April 30, 2023, 2022 and 2021, respectively.

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

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.

Our net cash provided by operating activities was $35.7 million, $5.7 million, and $22.5 million for the years ended April 30, 2023, 2022, and 2021 respectively.

Our products enable our customers and users to nearly 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

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power a variety of use cases.

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

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

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It is also the management and configuration interface for all parts of the Elastic Stack.

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

Elastic has spent years infusing both Elasticsearch and Kibana with a foundation of AI and machine learning built on ESRE, from support for external machine learning models to native vector search capabilities, supervised and unsupervised machine learning, and solution capabilities that improve search relevance and identify anomalies.

Elastic enables organizations to integrate generative AI and large language models by building key capabilities into its products.

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

• Elastic Agent.

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Our solutions include:

• Enterprise Search.

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

Key use cases for Enterprise Search include:

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

Key use cases for Search include:

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

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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;

Security Information and Event Management (“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

and Cloud Security, providing cloud posture assessment, vulnerability management, and cloud workload protection with one integrated solution.

Our Deployment Options

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

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Strengths of our Products

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The Elastic Stack can find matches for search criteria in milliseconds within even the largest structured and unstructured datasets.

Its schema-less structure and inverted indices enable real-time search of high volumes of structured, unstructured, and time series data.

Its schemaless structure and inverted indices enable real-time search of high volumes of structured, unstructured, and time series data.

The Elastic Stack is a distributed system and can scale massively.

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A developer running hundreds of nodes has the same user experience as a developer running a single node on a laptop.

Elasticsearch uses multiple analytical techniques to determine the similarity between stored data and queries, generating highly relevant results reflecting a deep understanding of text and context.

Elasticsearch uses multiple analytical techniques, including both traditional and AI-powered relevance techniques, to determine the similarity between stored data and queries, generating highly relevant results reflecting a deep understanding of text and context.

Its sophisticated yet developer-friendly query language permits advanced search and analytics.

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Our Growth Strategies

We intend to pursue the following growth strategies:

We 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.

As users and customers increasingly want to consume highly-scalable cloud solutions, we believe that Elastic Cloud represents a significant growth opportunity.

We plan to continue to invest resources in driving further innovation and increasing the adoption of Elastic Cloud.

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

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• Expand within our existing customer base through new use cases and larger deployments.

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 often enter an organization through a single developer or a small team for an initial project or use case with an objective to quickly solve a technical challenge or business problem.

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

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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 successful with our products.

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

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

We regularly deliver new and enhanced capabilities to our customers through regular releases, to which everyone has access based on our subscription model.

Our technology investments within the Elastic Stack include foundational capabilities as well as solution enhancements for our target use cases.

• Expand our strategic and regional partnerships.

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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, 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.

Organizations of all sizes, across many industries, including enterprises, educational institutions and government entities, purchase our products for a variety of use cases.

As of April 30, 2023, we had approximately 20,200 customers compared to over 18,600 customers and over 15,000 customers as of April 30, 2022 and 2021, respectively.

No customer accounted for more than 10% of our total revenue for the years ended April 30, 2023, 2022, and 2021.

We have experienced quarterly fluctuations and seasonality in our sales and results of operations based on our entry into agreements with new and existing customers and the mix between annual and monthly contracts entered into in each reporting period.

Seasonality in our sales cycle generally reflects a trend toward greater sales in our second and fourth fiscal quarters and lower sales in our first and third fiscal quarters.

We believe this seasonality might become more pronounced as we continue to target large enterprise customers.

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.

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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.

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

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

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

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

We rely on inside sales development representatives to qualify leads based on the likelihood they will result in a purchase.

We pursue sales opportunities both through our direct sales force and as assisted by our 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.

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Our partner relationships include the following:

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• Cloud providers.

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

Professional Services

We offer consulting and training as part of our offerings.

To assist customers in accelerating their success with our software, our consulting team consists of engineers and architects who bring hands-on experience and deep technical knowledge to a project.

We offer consulting and training as part of our offerings to assist customers in accelerating their success with our software.

Our consulting team consists of engineers and architects who bring hands-on experience and deep technical knowledge to a project.

Our training offerings enable our users to gain the necessary skills to develop, deploy, and manage our software.

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Accordingly, we include support as part of the subscriptions we sell for our products.

Our global support organization consists of highly technical support engineers who provide support experiences including troubleshooting, technical audits, cluster tuning, and upgrade assistance.

Our global support organization consists of engineers who provide technical support services including troubleshooting, technical audits, cluster tuning, and upgrade assistance.

Our support team is distributed across over 20 countries and provides coverage 24 hours per day, 365 days per year, across multiple languages.

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With sensible defaults, and no upfront schema definition necessary, Elasticsearch makes it easy to start simple and fine-tune as datasets grow.

• Vector search.

Elastic natively supports vector search as part of ESRE, 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.

ESRE also supports integration with large language models.

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.

• Machine learning, AI, and alerting.

Machine learning capabilities such as anomaly detection, forecasting, and categorization are tightly integrated with the Elastic Stack to automatically model the behavior of data, such as trends and periodicity, in real time in order to identify issues faster, streamline root cause analysis, and reduce false positives.

Without these capabilities, it can be very difficult to identify issues such as infrastructure problems or intruders in real time across complex, high-volume, fast-moving datasets.

In the last few years, we have also added native support for vector search and model management for advanced machine learning models.

• Powerful query languages.

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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.

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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.

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

• Developer friendliness.

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• High speed.

Everything stored in Elasticsearch is indexed by default, such that users do not need to decide in advance what queries they will want to run.

Everything stored in Elasticsearch is indexed by default, so that users do not need to decide in advance what queries they will want to run.

Our architecture optimizes throughput, time-to-data availability and query latency.

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Elasticsearch also detects node failures and hardware or network issues and automatically protects user data by ejecting the failing or inaccessible nodes and creating new replicas of the data.

• Machine learning and alerting.

Without these capabilities, it can be very difficult to identify issues such as infrastructure problems or intruders in real time across complex, high-volume, fast-moving datasets.

Security features give administrators the rights to grant specific levels of access to their various types of users, such as IT, operations, and application teams.

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Kibana presents a broad user interface showing the health of Elastic Stack components and provides cluster alerts to notify administrators of problems.

Its central management user interfaces (UIs) make it easier to operate the Elastic Stack at scale.

Its central management user interfaces (“UI”) make it easier to operate the Elastic Stack at scale.

• Home for Solutions.

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

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

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

• Application framework.

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

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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.

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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.

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

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

• Search applications.

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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.

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

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.

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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.

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

Metrics helps users deliver on infrastructure service level objectives (“SLOs”), and resolve downtime or performance issues by understanding how the state of individual components fits into the bigger picture.

Metrics helps users deliver on infrastructure service level objectives (“SLO”), and resolve downtime or performance issues by understanding how the state of individual components fits into the bigger picture.

APM delivers insight into application performance at the code level.

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It is designed for ease of use and for speed, and can help stop threats in early stages of an attack.

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

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

XDR extends detection and response across the entire attack surface.

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It includes all the users who download our software.

Our users interact with us on our website forums and on Twitter, GitHub, Stack Overflow, Quora, Facebook, Weibo, WeChat, and more.

Our users interact with us on our website forums and on Twitter, GitHub, Stack Overflow, Quora, Facebook, Weibo, WeChat, and other platforms.

In order to build products that best meet our users’ needs, we focus on, and invest in, building a strong community.

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Community is core to our identity, binding our products closely together with our users.

Community gives us an ability to get their candid feedback, creating a direct line of communication between our users and the builders of our products across all of our features—including both free and paid capabilities —enabling us to make our products simpler and better.

The Elastic community has a Code of Conduct.

It covers the behaviors of the Elastic community in any forum, mailing list, wiki, website, code repository, IRC channel, private correspondence, or public meeting.

Community gives us an ability to get their candid feedback, creating a direct line of communication between our users and the builders of our products across all of our features — including both free and paid capabilities — and enabling us to make our products simpler and better.

The Elastic community has a code of conduct that covers the behaviors of the Elastic community in any forum, mailing list, wiki, website, code repository, Slack channel, private correspondence, or public meeting.

It is designed to ensure that the Elastic community is a space where members and users can freely and openly communicate, collaborate, and contribute both ideas and code.

It also covers our community ground rules:

This Elastic Community code of conduct also covers our community ground rules:

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

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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:

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 Search and other platform use cases:

offerings such as Solr (open source offering) and Lucidworks Fusion, search tools including Google, Coveo, and Algolia.

• For Observability:

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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.

• Certain cloud hosting providers and managed service providers, including AWS, that offer products or services 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.

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They may be able to leverage these resources to gain business in a manner that discourages customers from purchasing our offerings.

Furthermore, we expect that our industry will continue to attract new companies, including smaller emerging companies, which could introduce new offerings.

We expect that our industry will continue to attract new companies, including smaller emerging companies, which could introduce new offerings.

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

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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

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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.

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In addition, the laws of certain countries do not protect proprietary rights to the same extent as the laws of the United States or other jurisdictions, and we therefore may be unable to protect our proprietary technology in certain jurisdictions.

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 (“Apache 2.0”).

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As a result, open source development and licensing practices can limit the value of our software copyright assets.

For additional information about risks relating to our intellectual property, see the section titled “Risk Factors—Risks Related to our Business and Industry.”

Human Capital Management

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As of April 30, 2023, we had a total of 2,886 employees in over 40 countries globally.

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

Over 30% of our workforce consists of women and employees who self-identify as non-binary.

None of our employees are represented by a labor union.

In certain countries in which we operate, such as France and Spain, we are subject to, and comply with, local labor law requirements which may automatically make our employees subject to industry-wide collective bargaining agreements.

In certain countries in which we operate, such as France and Spain, we are subject to local labor law requirements that may automatically make our employees subject to industry-wide collective bargaining agreements.

We have not experienced any work stoppages.

We describe our culture by the Elastic “source code,” the things that make Elastic, Elastic.

Our source code guides our culture, business, product development, people practices and brand.

The guiding ideas are:

• Home, Dinner.

There is no such thing as work-life balance.

We are successful if we find balance in life.

Elastic empowers its employees with the flexibility to do so.

Be home for dinner, go for a run midday, care for a sick child, or visit a parent.

Finding balance means being more innovative and efficient at work.

Which makes for a better Elastic.

• Space, Time.

It’s easy to get stuck in a day-to-day work pattern.

Allowing for the space and time to dream requires conscious effort.

Embracing a high failure rate does, too.

Fulfillment comes from doing the obvious and dreaming up the un-obvious.

Both are foundations of Elastic.

• IT, Depends.

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

We embrace and value the knowledge required to do both.

When a question is asked, buckle up.

Sh*t is about to get real.

Your journey will likely start with “it depends.”

• Progress, SIMPLE Perfection.

Perfection is not a destination.

Color inside the lines or color outside the lines.

Just pick a color.

It’s as simple as 2048.

An Elastic that moves is an Elastic that survives, thrives, and stands the test of time.

• 01.02, /FORMAT.

Our products are distributed by design, our company is distributed by intention.

With many languages, perspectives, and cultures, it’s easy to lose something in translation.

Over email and chat, doubly so.

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

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

• As YOU, Are.

We all come in different shapes with different interests and skills.

We all have an accent.

Celebrate it.

Just come as you are.

No need to invest neurons trying to fit an arbitrary mold.

We’d rather you put them to work shaping Elastic.

• HUMBLE, Ambitious.

Ambition drives us to challenge ourselves and the people around us to do better.

It is not an excuse to be an *sshole.

Be ambitious.

At Elastic, we are both.

• Speed , SCALE, Relevance.

Elastic is a search company.

We focus on value to users by producing fast results that operate at scale and are relevant.

This is our DNA.

We believe search is an experience.

It is what defines us, binds us, and makes us unique.

Elastic was born a distributed company and continues to be distributed by design.

Distributed Workforce

Elastic originated as a distributed company and continues to be distributed by design.

We have designed our processes, systems, and teams so that employees can generally perform their jobs without needing to be physically present in the same room or even in the same time zone.

Just as distributed systems are more resilient, we believe that being distributed helps build a strong company that can scale and adapt as new challenges arise.

Having a distributed workforce gives us a global candidate pool, which gives us the opportunity to cast a wider recruiting net, a critical aspect of helping open our pipelines to a broader set of diverse talent.

Having a distributed workforce gives us a global candidate pool, which provides us the opportunity to cast a wider recruiting net, a critical aspect of helping open our pipelines to a broader set of diverse talent.

Diversity, Equity and Inclusion

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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 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.

The created-by-women-for-women workplace review site, Fairygodboss, recognized Elastic as one of the best workplaces for women in three categories:

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

Elastician Resource Groups.

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.

We strive to embed DEI deep within our culture through various initiatives, projects and programs, the centerpiece of which is the Elastician Resource Groups (“ERG”), 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.

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 pursue 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 in seeking 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 .

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Engagement Surveys.

We maintain a regular pulse on how our employees are feeling through two primary feedback mechanisms – an annual employee engagement survey and a mid-year pulse survey check-in.

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 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

We monitor employee morale and attitudes through two primary feedback mechanisms – an annual employee engagement survey and a mid-year pulse survey check-in.

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

Elasticians were highly engaged in providing feedback in fiscal years 2023, 2022 and 2021, with high participation rates for the mid-year and annual surveys as well as high engagement scores across a spectrum of questions.

Learning and Development

Our Learning & Organizational Development team’s mission to enable Elasticians to pursue their purpose, in work and life, makes for a better Elastic.

Our Learning & Organizational Development team’s mission is to enable Elasticians to pursue their purpose, in work and life.

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 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.

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 possess the potential to have a significant strategic impact on the achievement of our long-term objectives.

Total Rewards

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Reflecting our interest in the whole person, we provide programs designed to enable Elasticians to meet their well-being goals, from starting a family to being at their physical and emotional best.

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, life-planning benefits and other travel reimbursements for certain healthcare services.

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

We provide market competitive paid time off programs, which feature 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.

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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.

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 to do so.

Community Involvement.

Through Elastic Cares, employees can support the charitable organizations that matter the most to them on a local and global level.

Elastic Cares is a program consisting of donation matching, our nonprofit organization program which provides our technology for free to certain nonprofit organizations, and our volunteer time off (“VTO”) initiative.

Employees are encouraged to volunteer for these organizations throughout the year using our VTO program which provides our employees with 40 hours of volunteer time each year.

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 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.

Through our Elastic Cares program, employees can support the charitable organizations that matter the most to them on a local and global level.

This program encompasses donation matching, our nonprofit organization program which provides our technology for free to certain nonprofit organizations, and our volunteer time off initiative.

Employees are encouraged to volunteer for these organizations throughout the year using our volunteer time off program which provides our employees with 40 hours of volunteer time each year.

Government Regulations

Our worldwide business activities are subject to various laws, rules, and regulations of the United States as well as of foreign governments.

Compliance with these laws, rules, and regulations has not had, and is not expected to have, a material effect upon our capital expenditures, results of operations, or competitive position.

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” of this Annual Report on Form 10-K for a discussion of these potential impacts.

Our 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 material impacts on our business.

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

Corporate Information

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Immediately prior to the completion of our initial public offering (“IPO”) on October 10, 2018, we converted into a public company with limited liability ( naamloze vennootschap ) under Dutch law and changed our name to Elastic N.V.

Our principal executive offices are located at 800 West El Camino Real, Suite 350, Mountain View, California 94040, and our telephone number is (650) 458-2620.

We are a distributed company, which means our workforce is distributed globally.

Accordingly, we do not have a principal executive office.

We are registered with the trade register of the Dutch Chamber of Commerce under number 54655870.

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”.

Our website address is www.elastic.co.

Information contained on, or that can be accessed through, our website does not constitute part of this Annual Report on Form 10-K and inclusions of our website address in this Annual Report on Form 10-K are inactive textual references only.

Information contained on, or that can be accessed through, our website does not constitute part of this Annual Report on Form 10-K and references to our website address in this Annual Report on Form 10-K are inactive textual references only.

We announce material information to the public about us, our products and services and other matters through a variety of means, including filings with the U.S.

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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