−Removed: Elastic is a data analytics company built on the power of search.
−Removed: 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.
−Removed: We offer three search-powered solutions – Search, Observability, and Security – that are built into the platform.
+Added: Elastic, the Search AI Company, enables our customers to find the answers they need in real time, using all of their data, at scale.
+Added: The Elastic Search AI Platform (“our platform”), combines the power of search with AI to help companies solve real-time business problems, unlock potential value, and achieve better outcomes.
+Added: Our platform, available as both a hosted, managed service across public clouds as well as self-managed software, allows our customers to find insights and drive AI and machine learning use cases from large amounts of data.
+Added: We offer three search-powered solutions – Search, Observability, and Security – that are built on 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.
−Removed: 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.
+Added: As digital transformation drives mission-critical business functions to the cloud, we believe that every company must incorporate search AI capabilities across IT and line-of-business organizations to find the answers that matter from all of its 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.
6 unchanged sentences
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.
−Removed: Our paid offerings for our platform are sold via subscription through resource-based pricing, and all customers and users have access to all solutions.
−Removed: 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.
−Removed: 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.
+Added: Our paid offerings for our platform are sold via subscription through resource-based pricing, and all customers and users have access to varying levels of features across all solutions.
+Added: In Elastic Cloud, our family of cloud-based offerings, we offer various subscription tiers tied to different features.
+Added: For users who download our software, we make some of the features of our software available free of charge, 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.
1 unchanged sentence
We maintain a single code base across both our self-managed software and Elastic-hosted services.
−Removed: All of these actions help us build a powerful commercial business model that we believe is optimized for product-led growth.
+Added: All of these actions help us build a powerful commercial business model that we believe is optimized for product-driven growth.
Our customers often significantly expand their usage of our products and services over time.
3 unchanged sentences
Our business has experienced rapid growth around the world.
−Removed: 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.
−Removed: 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.
+Added: As of April 30, 2024, we had approximately 21,000 customers compared to approximately 20,200 customers and over 18,600 customers as of April 30, 2023 and 2022, respectively.
+Added: Our total revenue was $1.267 billion, $1.069 billion, and $862.4 million for the years ended April 30, 2024, 2023 and 2022, respectively, representing year-over-year growth of 19% for the year ended April 30, 2024 and 24% for the year ended April 30, 2023.
Subscriptions accounted for 93%, 92% and 93% of our total revenue for the years ended April 30, 2024, 2023 and 2022, respectively.
Revenue from outside the United States accounted for 42%, 41% and 44% of our total revenue for the years ended April 30, 2024, 2023 and 2022, respectively.
−Removed: For the years ended April 30, 2023, 2022 and 2021, we incurred net losses of $236.2 million, $203.8 million and $129.4 million, respectively.
−Removed: We expect we will continue to incur net losses for the foreseeable future.
+Added: While we recorded net income of $61.7 million for the year ended April 30, 2024, we incurred net losses of $236.2 million and $203.8 million for the years ended April 30, 2023 and 2022, respectively.
+Added: Although we recorded net income for the year ended April 30, 2024, we expect to incur net losses for the foreseeable future.
Our net cash provided by operating activities was $148.8 million, $35.7 million, and $5.7 million for the years ended April 30, 2024, 2023, and 2022 respectively.
−Removed: 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.
+Added: Our products enable our customers and users to find relevant information and insights nearly instantly 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.
−Removed: The Elastic Stack can be used by developers to power a variety of use cases.
+Added: The Elastic Stack can be used by developers and IT decision makers 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.
4 unchanged sentences
Elasticsearch is the heart of the Elastic Stack.
−Removed: 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.
+Added: It is a distributed, real-time vector 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.
13 unchanged sentences
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.
−Removed: Our solutions include:
−Removed: Our Search solution provides powerful search for documents and results living in applications, websites, and workplaces.
+Added: Our solutions include the following:
+Added: Our Search solution provides a powerful search platform for building search AI applications.
Key use cases for Search include:
−Removed: search applications, a foundation for building search experiences to support websites and portals, e-commerce, mobile app search, and customer support;
−Removed: 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.
+Added: generative AI and retrieval-augmented generation, search applications, and foundational capabilities for building search experiences to support websites and portals, e-commerce, mobile app search, customer support, and workplace search.
• Observability.
6 unchanged sentences
Our Security solution provides unified protection to prevent, detect, and respond to threats.
−Removed: Security includes:
+Added: Our AI-driven security analytics solution includes:
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;
−Removed: Endpoint Security, for prevention, detection and response with a single, stack-integrated agent;
−Removed: Extended Detection and Response (“XDR”), providing protection across infrastructure from SIEM to Endpoint;
−Removed: and Cloud Security, providing cloud posture assessment, vulnerability management, and cloud workload protection with one integrated solution.
+Added: extended protection with both third party integrations as well as first party protections for both Endpoint Security (prevention, detection, and response) and Cloud Security (cloud posture assessment, vulnerability management, and cloud workload protection).
Our Deployment Options
16 unchanged sentences
The Elastic Stack is engineered to take a user from data to dashboard or inquiry to insight in minutes.
−Removed: It offers an easy getting-started experience, featuring streamlined download and deployment, sensible defaults, a simple and intuitive query language that just works, and no need to define a schema up front.
+Added: It offers an easy getting-started experience, featuring streamlined download and deployment, sensible defaults, a simple and intuitive query language, and no need to define a schema up front.
Administrative tasks such as securing the Elastic Stack are intuitive and integrated into the user experience, as are investigative tasks such as data visualization.
12 unchanged sentences
We plan to continue to invest resources in driving further innovation and increasing the adoption of Elastic Cloud.
+Added: We recently launched a new Elastic Cloud Serverless offering in technical preview that simplifies operational management of our platform, delivering easier onboarding and autoscaling across security, observability, and search solutions.
• 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.
−Removed: 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.
+Added: We will continue to engage with developers globally to grow our user community 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.
• Expand our customer base by acquiring new customers.
+Added: We will continue to engage our community and our partners to drive awareness and to invest in our sales and marketing team to grow our customer base.
Through Elastic Cloud, we provide the fastest and easiest way to get started with a free trial.
4 unchanged sentences
Additionally, we leverage our network of partners to drive awareness and expand our sales and marketing reach to target new customers.
−Removed: We will continue to engage our community and our partners to drive awareness and to invest in our sales and marketing team to grow our customer base.
• Expand within our existing customer base through new use cases and larger deployments.
+Added: We will continue to invest in helping users and customers be successful with our products.
We view initial success with our products as a path to drive expansion to new use cases and projects and larger deployments within organizations.
1 unchanged sentence
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.
−Removed: 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.
3 unchanged sentences
• Expand our strategic and regional partnerships.
−Removed: 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.
−Removed: 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.
+Added: We will continue to pursue partnerships to further the development of the Elastic Stack and our customer reach.
+Added: Our partners assist us in driving awareness of Elastic and our products, using the Elastic Stack to address customer requirements, and extending our reach in geographic areas and verticals where we do not have a formal sales presence.
• Selectively pursue strategic acquisitions.
+Added: We intend to continue to pursue acquisitions selectively.
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.
−Removed: We intend to continue to pursue acquisitions selectively.
Organizations of all sizes, across many industries, including enterprises, educational institutions and government entities, purchase our products for a variety of use cases.
−Removed: 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.
−Removed: No customer accounted for more than 10% of our total revenue for the years ended April 30, 2023, 2022, and 2021.
−Removed: 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.
−Removed: 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.
+Added: As of April 30, 2024, we had approximately 21,000 customers compared to approximately 20,200 customers and over 18,600 customers as of April 30, 2023 and 2022, respectively.
+Added: One customer, a channel partner, accounted for 11% of total revenue for the year ended April 30, 2024.
+Added: No customer accounted for 10% or more of our total revenue for the years ended April 30, 2023 and 2022.
+Added: 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, customer usage patterns for our consumption-based arrangements, and the mix between annual and monthly contracts entered into in each reporting period.
+Added: Seasonality in our sales cycle generally reflects a trend toward the highest sales in our fourth fiscal quarter and lowest sales in our first fiscal quarter.
We believe this seasonality might become more pronounced as we continue to target large enterprise customers.
−Removed: 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.
−Removed: 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.
−Removed: Our software development process is based on iterative releases of the Elastic Stack.
−Removed: We are organized in small functional teams with a high degree of autonomy and accountability.
−Removed: Our distributed and highly modular team structure and well-defined software development processes also allow us to successfully incorporate technologies that we have acquired.
+Added: Research and Development
We intend to continue to invest in our research and development capabilities to extend our products.
1 unchanged sentence
We plan to continue to devote significant resources to research and development.
+Added: 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.
+Added: With a globally distributed engineering team, we are able to recruit, hire, and retain high-quality, experienced developers, technology leads, and product managers, and operate at a rapid pace to drive product releases, fix bugs, and create new product offerings.
+Added: Our software development process is based on iterative releases of the Elastic Stack.
+Added: We are organized in small functional teams with a high degree of autonomy and accountability.
+Added: Our distributed and highly modular team structure and well-defined software development processes also allow us to successfully incorporate acquired technologies.
Sales and Marketing
2 unchanged sentences
Users can also sign up for Elastic Cloud through public cloud marketplaces.
−Removed: 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.
+Added: With our business model, where users can download and use many of our features free of charge, 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 have downloaded our software.
2 unchanged sentences
The majority of our new customers use Elastic Cloud.
−Removed: Many of these customers start with limited initial spending, but can significantly grow their spending.
+Added: Many of these customers start with limited initial spending on our products but can significantly increase their spending over time.
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 the likelihood they will result in a purchase.
−Removed: We pursue sales opportunities both through our direct sales force and as assisted by our partners, including through cloud marketplaces.
+Added: We pursue sales opportunities both through our direct sales force and with the assistance of 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.
−Removed: We also engage with our customers on an ongoing basis through a customer success team, to ensure customer satisfaction and expand their usage of our technology.
+Added: We also engage with our customers on an ongoing basis through a customer success team, to ensure customer satisfaction and expand their use of our technology.
We maintain partner relationships that help us market and deliver our products to our customers and complement our community.
5 unchanged sentences
• Systems integrators, channel partners, and referral partners.
−Removed: We have a global network of systems integrators, channel partners, and referral partner relationships that help deliver our products to various business and government customers around the world.
+Added: We have a global network of systems integrators, channel partners, and referral partner relationships that help deliver our products to business and government customers around the world.
• OEM and MSP partners.
4 unchanged sentences
Technology partners represent a deeper collaboration than community contributions and are distinct from distribution-oriented relationships like OEMs and MSP partners.
−Removed: We offer consulting and training as part of our offerings to assist customers in accelerating their success with our software.
+Added: We offer consulting and training 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.
−Removed: Our training offerings enable our users to gain the necessary skills to develop, deploy, and manage our software.
+Added: Our training offerings enable our users to gain the skills necessary to develop, deploy, and manage our software.
Customer Support
We endeavor to make it easy for users to download, install, deploy and use the Elastic Stack and our solutions.
−Removed: To this end, our user community functions as a source of support and enables users to engage in self-help and collaboration.
+Added: Our user community enables users to engage in self-help and collaboration.
However, in many situations, such as those involving complex enterprise IT environments, large deployments and novel use cases, our users require our support.
1 unchanged sentence
Our global support organization consists of engineers who provide technical support services including troubleshooting, technical audits, cluster tuning, and upgrade assistance.
−Removed: Our support team is distributed across over 20 countries and provides coverage 24 hours per day, 365 days per year, across multiple languages.
−Removed: We believe that software companies should not have incentives to build low-quality software.
−Removed: In that connection, we do not sell support separately from our software subscriptions.
+Added: Our support team is globally distributed and provides coverage 24 hours per day, 365 days per year, across multiple languages.
+Added: We do not sell support separately and, as such, it is only available for customers who license one or more of our product offerings.
Our Technology
5 unchanged sentences
Key features of Elasticsearch include the following:
−Removed: • Store any type of data.
+Added: • Storage of any type of data.
Elasticsearch combines powerful parts of traditional search engines, such as an inverted index to power fast full-text search and a column store for analytics, with native support for a wide range of data types, including text, dates, numbers, geospatial data, date/numeric ranges, and IP addresses.
−Removed: With sensible defaults, and no upfront schema definition necessary, Elasticsearch makes it easy to start simple and fine-tune as datasets grow.
+Added: With sensible defaults, and no upfront schema definition necessary, Elasticsearch makes it easy to start with simple storage solutions and fine-tune them as datasets grow.
• Vector search.
2 unchanged sentences
ESRE also supports integration with large language models.
−Removed: 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.
+Added: As data volumes and formats proliferate, this sophisticated approach to search and relevance is becoming important for use cases where delivering maximum relevance is critical.
• Machine learning, AI, and alerting.
−Removed: 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.
+Added: 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 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.
3 unchanged sentences
From simple Boolean operators to custom relevance functions, users can articulate exactly what they are looking for and bring their own definition of relevance.
−Removed: 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.
−Removed: 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.
+Added: The query language also includes a composable aggregation framework that enables users to summarize, disaggregate, and analyze structured or semi-structured datasets across multiple dimensions.
+Added: Examples of these capabilities, all with a single search, 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.
• Developer friendliness.
−Removed: Elasticsearch has consistent, well-documented APIs that work the same way on one node during initial development as on a hundred nodes in production.
+Added: Elasticsearch has consistent, well-documented application programming interfaces (“APIs”) that work the same way on one node during initial development as on a hundred nodes in production.
Elasticsearch also ships with a number of language clients that provide a natural way to integrate with a variety of popular programming frameworks, reducing the learning curve, and leading to a shorter time to realizing value.
• High speed.
−Removed: 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.
+Added: Everything stored in Elasticsearch is indexed by default, so 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.
−Removed: Elasticsearch can easily index millions of events per second, and newly added data can be available for search nearly instantly.
+Added: Elasticsearch can index millions of events per second, and newly added data can be available for search nearly instantly.
• High scale and availability.
2 unchanged sentences
This makes it easy to add hardware to increase indexing throughput or improve query throughput.
−Removed: 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.
+Added: Elasticsearch also detects node failures and hardware or network issues and automatically protects user data by eliminating the failing or inaccessible nodes and creating new replicas of the data.
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.
9 unchanged sentences
Key features of Kibana include the following:
−Removed: • Explore and visualize data stored in Elasticsearch.
+Added: • Exploration and visualization of data stored in Elasticsearch.
Kibana provides interactive data views, visualizations, and dashboards powered by structured filtering and unstructured search to enable users to get to answers more quickly.
−Removed: A variety of data visualization types, such as simple line and bar charts, purpose-built geospatial and time series visualizations, tree diagrams, network diagrams, heatmaps, scatter plots, and histograms, support diverse user needs.
−Removed: • Incorporate advanced analytics and machine learning from Elasticsearch.
+Added: Diverse user needs are supported by a variety of data visualization types, such as simple line and bar charts, purpose-built geospatial and time series visualizations, tree diagrams, network diagrams, heatmaps, scatter plots, and histograms.
+Added: • Incorporation of advanced analytics and machine learning from Elasticsearch.
Kibana’s query, filtering, and data summarization capabilities reflect Elasticsearch’s powerful query domain specific language and aggregation framework while making it interactive.
−Removed: • Manage the Elastic Stack.
+Added: • Management of the Elastic Stack.
Kibana presents a broad user interface showing the health of Elastic Stack components and provides cluster alerts to notify administrators of problems.
−Removed: Its central management user interfaces (“UI”) make it easier to operate the Elastic Stack at scale.
+Added: Its central management user interfaces make it easier to operate the Elastic Stack at scale.
• Home for solutions.
26 unchanged sentences
Logstash has a powerful and flexible configuration language that allows users to create data stream acquisition and transformation logic without having to write code.
−Removed: This greatly extends and accelerates the ability to create data management pipelines to a wide variety of organizations and individuals.
+Added: This capability greatly extends and accelerates the ability to create data management pipelines to a wide variety of organizations and individuals.
Logstash collects data from a variety of sources, such as network devices, queues, endpoints, and public cloud services.
9 unchanged sentences
• Search applications.
−Removed: 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.
−Removed: Elastic delivers seamless scalability, tunable relevance controls, thorough documentation, well-maintained clients, and robust analytics to build a leading search experience.
+Added: Customers can bring the focused power of our platform to their company website, ecommerce site, or applications with sophisticated retrieval algorithms and the ability to integrate with large language models.
+Added: Elastic delivers seamless scalability, tunable relevance controls, thorough documentation, well-maintained clients, a refined set of APIs, intuitive dashboards, 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.
2 unchanged sentences
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.
−Removed: 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.
+Added: Custom sources provide a 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.
5 unchanged sentences
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.
+Added: Events allow users to monitor and respond to real-time operational happenings, ranging from security incidents to application-specific events.
+Added: By providing a chronological view of what is happening across their infrastructure, users can identify patterns or anomalies that could signify more significant issues.
+Added: Event data can also be correlated with logs and metrics to give a more comprehensive overview of system health and performance, facilitating faster root cause analysis and proactive management of operational risks.
APM delivers insight into application performance at the code level.
12 unchanged sentences
• Endpoint Security.
−Removed: Endpoint Security combines prevention, detection, and response into a single, autonomous agent that can even run in isolated environments.
+Added: Endpoint Security combines prevention, detection, and response into a single, autonomous agent that can run even in isolated environments.
It is designed for ease of use and for speed, and can help stop threats in early stages of an attack.
−Removed: Endpoint Security includes protection against ransomware, malware, phishing, exploits, fileless attacks, and other threats.
−Removed: XDR extends detection and response across the entire attack surface.
+Added: Endpoint Security includes protection against ransomware, malware, phishing, exploits, fileless attacks, and other cybersecurity threats.
+Added: Extended Detection and Response (“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.
4 unchanged sentences
It includes all the users who download our software.
−Removed: Our users interact with us on our website forums and on Twitter, GitHub, Stack Overflow, Quora, Facebook, Weibo, WeChat, and other platforms.
+Added: Our users interact with us on our website forums and on X (formerly known as Twitter), GitHub, Stack Overflow, Quora, Facebook, and other platforms.
In order to build products that best meet our users’ needs, we focus on, and invest in, building a strong community.
1 unchanged sentence
Community is core to our identity, binding our products closely together with our users.
−Removed: 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.
+Added: Community gives us the 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.
5 unchanged sentences
• For Search and other platform use cases:
−Removed: offerings such as Solr (open source offering) and Lucidworks Fusion, search tools including Google, Coveo, and Algolia.
+Added: offerings such as Lucidworks Fusion and Apache Solr (open source offering), search tools including Algolia, Coveo, and Google.
• For Observability:
−Removed: 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.
+Added: software vendors with specific observability solutions to analyze logging data, metrics, APM data, or infrastructure uptime, such as AppDynamics (owned by Cisco Systems), Datadog, Dynatrace, New Relic, and Splunk (owned by Cisco Systems).
• For Security:
−Removed: security vendors such as Splunk, Azure Sentinel (by Microsoft), CrowdStrike, Carbon Black (owned by VMware), McAfee, and Symantec (owned by Broadcom).
+Added: security vendors such as Azure Sentinel (by Microsoft), Broadcom (which owns Carbon Black and Symantec), CrowdStrike, McAfee, and Splunk (owned by Cisco Systems).
• Certain cloud hosting providers and managed service providers, including AWS, that offer products or services based on a forked version of the Elastic Stack.
1 unchanged sentence
The principal competitive factors for companies in our industry are:
−Removed: • product capabilities, including speed, scale, and relevance, with which to power search experiences;
+Added: • product capabilities, including speed, scale, and relevance, with which to power search AI experiences;
• an extensible product “stack” that enables developers to build a wide variety of solutions;
12 unchanged sentences
• low total cost of ownership.
−Removed: We believe that we compare favorably on the basis of the factors listed above.
−Removed: However, many of our competitors have substantially greater financial, technical and other resources, greater brand recognition, larger sales forces and marketing budgets, broader distribution networks and presence, more established relationships with current or potential customers and partners, more diverse product and services offerings, and larger and more mature intellectual property portfolios.
−Removed: They may be able to leverage these resources to gain business in a manner that discourages customers from purchasing our offerings.
+Added: We believe that we compare favorably to our competitors on the basis of the factors listed above.
+Added: However, compared to us, many of our competitors have substantially greater financial, technical and other resources, greater brand recognition, larger sales forces and marketing budgets, broader distribution networks and presence, more established relationships with current or potential customers and partners, more diverse product and services offerings, and larger and more mature intellectual property portfolios.
+Added: Our competitors may be able to leverage these resources to gain business in a manner that discourages customers from purchasing our offerings.
We expect that our industry will continue to attract new companies, including smaller emerging companies, which could introduce new offerings.
11 unchanged sentences
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”).
−Removed: We obtain many components from software developed and released by contributors to independent open source components of our technology.
+Added: We obtain many components from software developed and released by contributors for independent open source components of our technology.
Open source licenses grant licensees broad permissions to use, copy, modify and redistribute our platform.
As a result, open source development and licensing practices can limit the value of our software copyright assets.
−Removed: For additional information about risks relating to our intellectual property, see the section titled “Risk Factors—Risks Related to our Business and Industry.”
+Added: For additional information about risks relating to our intellectual property, see the section titled “Risk Factors—Risks Related to our Business and Industry” in Item 1A of this Annual Report on Form 10-K.
Human Capital Management
−Removed: Our employees (whom we call “Elasticians”) and our culture are vital to Elastic’s long-term success.
−Removed: Our human capital management efforts are focused on:
−Removed: • Attracting, engaging and retaining talent
+Added: We believe that our employees (whom we call “Elasticians”) and our culture are vital to Elastic’s long-term success.
+Added: We support both with human capital management efforts focused on:
+Added: • Attracting, engaging and retaining a talented and diverse employee base
• Maintaining our strong company culture
−Removed: • Enhancing our diversity, equity and inclusion (“DEI”)
−Removed: • Continuing strong employee engagement
−Removed: • Facilitating continuous employee learning and development
−Removed: • Offering effective total rewards, including employee well-being
+Added: • Enhancing our commitment to diversity, equity, and inclusion (“DEI”)
+Added: • Facilitating strong employee engagement
+Added: • Promoting continuous employee learning and development
+Added: • Providing a comprehensive total rewards package that seeks to offer fair and consistent pay practices with an emphasis on employee well-being
Our management regularly updates our board of directors and its committees on human capital trends and employee-focused activities and initiatives.
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Over 30% of our workforce consists of women and employees who self-identify as non-binary.
−Removed: None of our employees are represented by a labor union.
−Removed: 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.
−Removed: We have not experienced any work stoppages.
+Added: None of our U.S.
+Added: employees are represented by a labor union.
+Added: In certain countries, we have works councils or follow statutory requirements for employee representation through industry-wide collective bargaining agreements.
Distributed Workforce
Elastic originated as a distributed company and continues to be distributed by design.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: We have built 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 - as their colleagues.
+Added: Just as distributed systems are more resilient, we believe that a distributed workforce helps build a strong company that can scale and adapt as new challenges arise.
+Added: Our distributed model also expands our reach to a global candidate pool, broadening our ability to attract diverse talent across regions.
Diversity, Equity and Inclusion
−Removed: Our focus on DEI is critical to how we develop, strengthen and sustain a sense of belonging and inclusion among all Elasticians.
+Added: Our focus on DEI is critical to how we develop, strengthen and sustain a sense of belonging and inclusion among all employees.
Balanced Teams.
We strive to be an employer of choice for a diverse and inclusive workforce through our talent brand, talent attraction, development, and retention efforts.
−Removed: 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.
−Removed: The created-by-women-for-women workplace review site, Fairygodboss, recognized Elastic as one of the best workplaces for women in three categories:
−Removed: Best Technology Company for Women, Best Company for Women, and Best Company Where CEOs Support Gender Diversity.
+Added: Our recruiting approach is underpinned by the desire to create balanced teams at Elastic, which includes considering broad aspects of diversity — not only race and gender, but also diversity of thought, experience and tenure.
+Added: We believe in empowering our employees to be their whole, creative selves and are proud to see this work recognized by Comparably, a workplace culture and compensation review platform, in nine major categories of its 2023 Best Place to Work series, including:
+Added: Best Company Culture, Best CEO for Diversity, and Best Company Work-Life Balance.
+Added: We also received an A+ culture score from Comparably.
Elastician Resource Groups.
−Removed: 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.
−Removed: Aligned to specific shared identities, interests, affinity or allyship, such as Latinx, parent(s), disability or accessibility, Black, LGBTQ+ and others;
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: We take great pride in our focus on fair pay and the positive results we’ve established.
+Added: We strive to embed DEI deep within our culture through various initiatives, projects, and programs, the centerpiece of which is our Elastician Resource Groups (“ERGs”), which are company-sponsored, self-organized, employee-run groups aligned with specific shared identities, interests, affinity or allyship.
+Added: Our seven ERGs encompass:
+Added: Accessibility, Black and African American, Asian and Pacific Islander+, Hispanic/Latinx, LGBTQIA+, Military/Veteran, and Women.
+Added: Fair Pay Practices.
+Added: Fair pay is the foundation of our compensation philosophy and the goal of fair pay informs our pay decisions around the globe.
+Added: This means paying people fairly for the job they perform without regard to gender, race, or ethnicity.
+Added: We partner with an external firm to conduct pay equity analysis on a regular basis using established job groupings and control factors to promote appropriate comparisons.
+Added: We look at gender globally and race and ethnicity for employees in the U.S.
+Added: Additionally, outside of the United States, we conduct supplemental country-specific analysis in accordance with local requirements.
+Added: Further recognizing that transparency is fundamental in fostering an equitable workplace where employees can trust that their compensation is based on fair and objective criteria, we provide all employees with information about the full salary range for their role.
+Added: Throughout the United States and Canada, we also include salary ranges on all job postings, in all states and provinces.
Code of Conduct .
−Removed: All of our employees must adhere to a Code of Business Conduct and Ethics (the “Code of Conduct”) that sets standards for appropriate behavior and are required to complete annual training on the Code of Conduct and training to help prevent, identify and report any type of discrimination and harassment.
+Added: To promote and reinforce our high standards of ethics and integrity throughout the entire company, we require all employees to acknowledge their compliance with our Code of Business Conduct and Ethics and complete mandatory training on this code, and on whistleblowing, anti-harassment, discrimination, anti-retaliation, and other key policies and standards.
Employee Engagement
−Removed: We are committed to ensuring that Elasticians have a voice in how we can collectively make Elastic a better place to work.
−Removed: New Employee Onboarding.
−Removed: Our new employee onboarding experience is centered around attending “X-School”, our extensive new-hire orientation program, which enables new Elasticians to meet and collaborate with other new Elasticians from around the globe and to learn about our products and solutions.
−Removed: Engagement Surveys.
−Removed: We monitor employee morale and attitudes through two primary feedback mechanisms – an annual employee engagement survey and a mid-year pulse survey check-in.
−Removed: 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.
−Removed: 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.
+Added: We are committed to ensuring that our employees have a voice and the opportunity to share their ideas and insights.
+Added: Through their collective experiences and feedback, our employees play a key role in enhancing our workplace environment.
+Added: We formally seek employee feedback through regular employee experience surveys.
+Added: We monitor employee morale and attitudes through two primary feedback mechanisms, consisting of – an annual employee engagement survey and a mid-year pulse survey check-in.
+Added: In fiscal 2024, our employees demonstrated high engagement with robust participation in the employee experience survey.
+Added: The results of these surveys are reviewed at the company, functional, team, and manager level, and are used to develop action plans.
Learning and Development
−Removed: Our Learning & Organizational Development team’s mission is to enable Elasticians to pursue their purpose, in work and life.
−Removed: 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.
−Removed: 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.
+Added: Elastic’s Learning & Organizational Development (L&OD) team’s vision is to enable purposeful growth for all employees by providing meaningful learning that can be applied in work and life.
+Added: Our L&OD team’s mission is to enable employees by providing the opportunity to pursue their purpose, in work and life.
+Added: To that end, we engage across a variety of mediums to ways in which we support the continuous learning and development of all Elasticians, including anytime access to on-demand video based learning and other opportunities.
+Added: We also conduct specific programs to develop managers and leaders at Elastic, including an externally-led leadership development 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
Compensation, Benefits and Well-being .
−Removed: We provide market competitive compensation which typically includes cash compensation as well as equity awards.
−Removed: 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.
−Removed: These programs include market competitive medical and dental programs, in addition to a focus on mental health and holistic well-being.
−Removed: 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.
−Removed: 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.
+Added: We aim to provide all employees with a total rewards package that is market-competitive, emphasizing global consistency and local relevance.
+Added: Compensation typically includes equity in the form of restricted stock units in addition to cash.
+Added: Reflecting our interest in the whole person, we provide benefit programs designed to enable employees to meet their well-being goals, from starting a family to being at their physical and emotional best.
+Added: These programs generally include core offerings of healthcare coverage and income protection plans, along with a focus on mental health and well-being.
+Added: We provide market-competitive paid time off programs, which feature 16 weeks of paid leave to all new parents, along with life-planning benefits.
+Added: In addition, we provide retirement savings plans, including a company-matched 401k plan for our U.S.-based employees.
+Added: Outside of the United States, we offer plans aligned to local market practice.
+Added: We also have adopted an employee stock purchase plan in which employees in countries are able to participate.
Flexible Work Environment .
−Removed: Since inception, we have provided most Elasticians with the ability to work from anywhere, as often as they would like.
−Removed: 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.
+Added: As a distributed company, most employees have the flexibility to work anywhere provided that we have an established structure and it aligns with the needs of the business and their role.
+Added: We also recognize the importance of face-to-face interaction and maintain physical offices around the world to provide a space for employees to work and collaborate in a manner that fits their needs and preferences.
Community Involvement.
−Removed: Through our Elastic Cares program, employees can support the charitable organizations that matter the most to them on a local and global level.
+Added: Through our Elastic Cares program, employees can support the charitable organizations that matter 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.
−Removed: 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.
+Added: Employees are encouraged to volunteer throughout the year with nonprofit organizations of their choosing using our volunteer time-off program, which provides our employees with 40 hours of paid volunteer time each year.
+Added: Employees who volunteer outside of their scheduled work day can also log their hours to earn donation credit which they can direct back to the cause of their choice.
Government Regulations
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Corporate Information
−Removed: We were incorporated in the Netherlands as a private company with limited liability ( besloten vennootschap met beperkte aansprakelijkheid ) on February 9, 2012 as SearchWorkings Global B.V.
−Removed: On June 19, 2012, we changed our name to elasticsearch global B.V., on December 11, 2013, we changed our name to Elasticsearch Global B.V., and on May 29, 2018, we changed our name to Elastic B.V.
−Removed: 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.
We are a distributed company, which means our workforce is distributed globally.
2 unchanged sentences
Our registered office is at Keizersgracht 281, 1016 ED Amsterdam, the Netherlands.
−Removed: Our ordinary shares are listed on the New York Stock Exchange (“NYSE”) under the symbol “ESTC”.
+Added: Our ordinary shares are listed on the New York Stock Exchange (“NYSE”) under the trading symbol “ESTC.”
+Added: Available Information
Our website address is www.elastic.co.
1 unchanged sentence
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.
−Removed: Securities and Exchange Commission (“SEC”), press releases, public conference calls, our website (www.elastic.co), the investor relations section of our website (https://ir.elastic.co), our blog (www.elastic.co/blog), and/or social media, including our Twitter account (https://twitter.com/elastic), Facebook page (www.facebook.com/elastic.co), and/or LinkedIn account (www.linkedin.com/company/elastic-co), in order to achieve broad, non-exclusionary distribution of information to the public.
+Added: Securities and Exchange Commission (“SEC”), press releases, public conference calls, our website (www.elastic.co), the investor relations section of our website (https://ir.elastic.co), our blog (www.elastic.co/blog), and/or social media, including our account on X (formerly known as Twitter) (https://x.com/elastic), our Facebook page (www.facebook.com/elastic.co), and/or LinkedIn account (www.linkedin.com/company/elastic-co), in order to achieve broad, non-exclusionary distribution of information to the public.
We encourage investors and others to review the information it makes public in these locations, as such information could be deemed to be material information.
Please note that this list may be updated from time to time.
−Removed: Available Information
−Removed: Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Exchange Act are filed with the SEC.
−Removed: We are subject to the informational requirements of the Exchange Act and file or furnish reports, proxy statements and other information with the SEC.
−Removed: Such reports and other information filed by us with the SEC are available free of charge on our website at www.elastic.co/ir when such reports are available on the SEC’s website.
−Removed: The SEC maintains an internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov.
+Added: We make available free of charge through our website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to these reports, as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC.
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.