5 unchanged sentences
Consolidated Statements of Operations
−Removed: Consolidated Statements of Comprehensive Income ( Loss )
+Added: Consolidated Statements of Comprehensive (Loss) Income
Consolidated Statements of Shareholders’ Equity
5 unchanged sentences
We have audited the accompanying consolidated balance sheets of Elastic N.V.
−Removed: and its subsidiaries (the “Company”) as of April 30, 2024 and 2023, and the related consolidated statements of operations, of comprehensive income (loss), of shareholders' equity and of cash flows for each of the three years in the period ended April 30, 2024, including the related notes (collectively referred to as the “consolidated financial statements”).
+Added: and its subsidiaries (the “Company”) as of April 30, 2025 and 2024, and the related consolidated statements of operations, of comprehensive (loss) income, of shareholders' equity and of cash flows for each of the three years in the period ended April 30, 2025, including the related notes (collectively referred to as the “consolidated financial statements”).
We also have audited the Company's internal control over financial reporting as of April 30, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
40 unchanged sentences
San Jose, California
−Removed: June 14, 2024
We have served as the Company’s auditor since 2018.
65 unchanged sentences
Operating loss ( 54,922 ) ( 129,902 ) ( 219,172 )
−Removed: Other income (expense), net
+Added: Other income, net
Interest expense ( 25,307 ) ( 26,132 ) ( 25,159 )
−Removed: Other income (expense), net 33,278 27,454 ( 3,393 )
+Added: Other income, net 48,660 33,278 27,454
Loss before income taxes ( 31,569 ) ( 122,756 ) ( 216,877 )
−Removed: (Benefit from) provision for income taxes ( 184,476 ) 19,284 6,059
−Removed: Net income (loss) $ 61,720 $ ( 236,161 ) $ ( 203,848 )
−Removed: Net earnings (loss) per share attributable to ordinary shareholders
+Added: Provision for (benefit from) income taxes 76,545 ( 184,476 ) 19,284
+Added: Net (loss) income $ ( 108,114 ) $ 61,720 $ ( 236,161 )
+Added: Net (loss) earnings per share attributable to ordinary shareholders
$ ( 1.04 ) $ 0.62 $ ( 2.47 )
$ ( 1.04 ) $ 0.59 $ ( 2.47 )
−Removed: Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders
+Added: Weighted-average shares used to compute net (loss) earnings per share attributable to ordinary shareholders
Basic 103,661,704 99,646,231 95,729,844
1 unchanged sentence
The accompanying notes are an integral part of these consolidated financial statements.
−Removed: Consolidated Statements of Comprehensive Income (Loss)
+Added: Consolidated Statements of Comprehensive (Loss) Income
(in thousands)
1 unchanged sentence
2025 2024 2023
−Removed: Net income (loss) $ 61,720 $ ( 236,161 ) $ ( 203,848 )
+Added: Net (loss) income $ ( 108,114 ) $ 61,720 $ ( 236,161 )
Other comprehensive loss:
−Removed: Unrealized loss on available-for-sale securities, net of taxes ( 1,728 ) ( 71 ) —
+Added: Unrealized gain (loss) on available-for-sale securities, net of taxes 3,995 ( 1,728 ) ( 71 )
Foreign currency translation adjustments ( 5,561 ) 105 ( 1,814 )
Other comprehensive loss ( 1,566 ) ( 1,623 ) ( 1,885 )
−Removed: Total comprehensive income (loss) $ 60,097 $ ( 238,046 ) $ ( 213,873 )
+Added: Total comprehensive (loss) income $ ( 109,680 ) $ 60,097 $ ( 238,046 )
The accompanying notes are an integral part of these consolidated financial statements.
10 unchanged sentences
Balances as of April 30, 2022 94,174,914 $ 990 $ ( 369 ) $ 1,250,108 $ ( 18,130 ) $ ( 817,166 ) $ 415,433
−Removed: Fair value of replacement equity awards attributable to pre-acquisition service — — — 1,266 — — 1,266
Issuance of ordinary shares upon exercise of stock options 1,127,036 12 — 17,459 — — 17,471
6 unchanged sentences
Issuance of ordinary shares upon release of restricted stock units 2,701,448 28 — ( 28 ) — — —
+Added: Issuance of ordinary shares under employee stock purchase plan 345,165 4 — 19,131 — — 19,135
Stock-based compensation — — — 239,137 — — 239,137
−Removed: Net loss — — — — — ( 236,161 ) ( 236,161 )
+Added: Net income — — — — — 61,720 61,720
Other comprehensive loss — — — — ( 1,623 ) — ( 1,623 )
4 unchanged sentences
Stock-based compensation — — — 257,782 — — 257,782
−Removed: Net income — — — — — 61,720 61,720
+Added: Net loss — — — — — ( 108,114 ) ( 108,114 )
Other comprehensive loss — — — — ( 1,566 ) — ( 1,566 )
6 unchanged sentences
Cash flows from operating activities
−Removed: Net income (loss) $ 61,720 $ ( 236,161 ) $ ( 203,848 )
−Removed: Adjustments to reconcile net income (loss) to cash provided by operating activities:
+Added: Net (loss) income $ ( 108,114 ) $ 61,720 $ ( 236,161 )
+Added: Adjustments to reconcile net (loss) income to cash provided by operating activities:
Depreciation and amortization 12,315 17,999 20,233
6 unchanged sentences
Deferred income taxes 57,431 ( 217,195 ) ( 2,007 )
−Removed: Foreign currency transaction loss (gain)
−Removed: 1,930 ( 1,386 ) 1,984
+Added: Unrealized foreign currency transaction loss (gain) 2,211 1,930 ( 1,386 )
Other 39 ( 34 ) 44
14 unchanged sentences
Purchases of marketable securities ( 549,574 ) ( 536,833 ) ( 270,268 )
−Removed: Maturities and redemptions of marketable securities 271,423 — —
−Removed: Capitalization of internal-use software — — ( 4,932 )
+Added: Sales, maturities, and redemptions of marketable securities 435,251 271,423 —
Net cash used in investing activities ( 118,668 ) ( 287,960 ) ( 272,952 )
Cash flows from financing activities
−Removed: Proceeds from the issuance of debt — — 575,000
Proceeds from issuance of ordinary shares under employee stock purchase plan
+Added: 23,093 19,135 —
Proceeds from issuance of ordinary shares upon exercise of stock options
17,854 20,919 17,471
−Removed: Payments of debt issuance costs — — ( 9,283 )
Net cash provided by financing activities 40,947 40,054 17,471
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ( 322 ) ( 4,407 ) 2,822
−Removed: Net (decrease) increase in cash, cash equivalents, and restricted cash ( 103,551 ) ( 216,997 ) 459,929
+Added: Net increase (decrease) in cash, cash equivalents, and restricted cash 188,125 ( 103,551 ) ( 216,997 )
Cash, cash equivalents, and restricted cash, beginning of period 543,089 646,640 863,637
5 unchanged sentences
Supplemental disclosures of non-cash investing and financing information
−Removed: Changes in property and equipment included in accounts payable $ 398 $ 121 $ 150
+Added: Property and equipment included in accounts payable
+Added: $ 305 $ 398 $ 121
Operating lease right-of-use assets for new lease obligations $ 11,771 $ 11,539 $ 10,902
9 unchanged sentences
Equity Incentive Plans
−Removed: Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders
+Added: Net (Loss) Earnings Per Share Attributable to Ordinary Shareholders
Employee Benefit Plans
Segment Information
−Removed: Restructuring and Other Related Charges
+Added: S ubsequent Events
Organization and Description of Business
(individually and together with its consolidated subsidiaries, “Elastic” or the “Company”) was incorporated under the laws of the Netherlands in 2012.
−Removed: The Company created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization on that data.
−Removed: Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems.
−Removed: The Company offers three software solutions built into the Elastic Stack:
−Removed: Search, Observability, and Security.
−Removed: The Elastic Stack and the Company’s solutions are designed to run across hybrid clouds, public or private clouds, and multi-cloud environments.
+Added: The Company created Elastic’s Search AI Platform, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization on that data.
+Added: Developers build on top of the Company’s platform to apply the power of search to their data and solve business problems.
+Added: The Company offers three software solutions built into its platform:
+Added: Elasticsearch, Elastic Observability, and Elastic Security.
+Added: The Company’s platform and its solutions are designed to run across hybrid clouds, public or private clouds, and multi-cloud environments.
Summary of Significant Accounting Policies
8 unchanged sentences
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.
−Removed: Such estimates and assumptions include, but are not limited to, standalone selling price (“SSP”) for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s initial public offering, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes.
+Added: Such estimates and assumptions include, but are not limited to, the standalone selling price (“SSP”) for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes.
The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment.
−Removed: As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, judgments or revise the carrying value of the Company’s assets or liabilities.
+Added: As of the date of issuance of these consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities.
These estimates may change, as new events occur and additional information is obtained, and are recognized in the consolidated financial statements as soon as they become known.
−Removed: Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
+Added: Actual results could differ from those estimates and any such differences may be material to the Company’s consolidated financial statements.
Foreign Currency
8 unchanged sentences
dollars at historical exchange rates.
−Removed: Gains or losses from foreign currency re-measurement and settlements are included in other income (expense), net in the consolidated statement of operations.
+Added: Gains or losses from foreign currency re-measurement and settlements are included in other income, net in the consolidated statements of operations.
For the years ended April 30, 2025, 2024, and 2023, the Company recognized re-measurement losses of $ 2.5 million, $ 3.4 million, and $ 0.4 million, respectively.
1 unchanged sentence
dollar, the Company uses the period-end exchange rates to translate assets and liabilities, the average monthly exchange rates to translate revenue and expenses, and historical exchange rates to translate shareholders’ equity into U.S.
−Removed: The Company records translation gains and losses in accumulated other comprehensive loss as a component of shareholders’ equity in the consolidated balance sheet.
+Added: The Company records foreign currency translation gains and losses in accumulated other comprehensive loss as a component of shareholders’ equity in the consolidated balance sheets.
Other Comprehensive Loss
−Removed: The Company’s other comprehensive loss includes net income (loss), unrealized loss on available-for-sale securities, net of taxes, and foreign currency translation adjustments.
+Added: The Company’s other comprehensive loss includes net (loss) income, unrealized gain (loss) on available-for-sale securities, net of taxes, and foreign currency translation adjustments.
Cash, Cash Equivalents, and Restricted Cash
1 unchanged sentence
The carrying amount of the Company’s cash equivalents approximates fair value due to the short maturities of these instruments.
−Removed: The Company’s restricted cash consists primarily of cash deposits with financial institutions in support of letters of credit in favor of landlords for non-cancelable lease agreements.
−Removed: Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the consolidated balance sheet.
+Added: The Company’s restricted cash consists primarily of cash deposits with financial institutions in support of letters of credit in favor of certain landlords for non-cancelable lease agreements.
+Added: Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the consolidated balance sheets.
Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows consists of the following (in thousands):
3 unchanged sentences
Cash, cash equivalents, and restricted cash
+Added: $ 731,214 $ 543,089
Marketable Securities
7 unchanged sentences
Unrealized gains and losses on these marketable securities are reported as a separate component of accumulated other comprehensive loss until realized.
−Removed: Realized gains and losses are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.
+Added: Realized gains and losses are determined based on the specific identification method and are reported in other income, net in the consolidated statements of operations.
For available-for-debt securities in an unrealized loss position, the Company first assesses whether it intends to sell the security or it is more likely than not that the Company will be required to sell the security before the recovery of its entire amortized cost basis.
−Removed: If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income (expense), net in the consolidated statements of operations.
+Added: If either of these criteria is met, the security’s amortized cost basis is written down to fair value through other income, net in the consolidated statements of operations.
If neither of these criteria are met, the Company evaluates whether the decline in fair value below amortized cost is due to credit or non-credit-related factors.
In making this assessment, the Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the security, among other factors.
−Removed: Credit related unrealized losses are recognized as an allowance for expected credit losses of available-for-sale securities on the consolidated balance sheets with a corresponding charge in other income (expense), net in the consolidated statements of operations.
−Removed: Non-credit related unrealized losses are included in accumulated other comprehensive income (loss).
+Added: Credit-related unrealized losses are recognized as an allowance for expected credit losses of available-for-sale securities on the consolidated balance sheets with a corresponding charge in other income, net in the consolidated statements of operations.
+Added: Non-credit-related unrealized losses are included in accumulated other comprehensive loss.
Fair Value of Financial Instruments
23 unchanged sentences
This allowance is for estimated losses resulting from the inability of the Company’s customers to make required payments.
−Removed: The Company determines the need for an allowance for credit losses based upon various factors, including past collection experience, credit quality of the customer, age of the receivable balance, and current economic conditions, as well as specific circumstances arising with individual customers.
+Added: The Company determines the need for an allowance for credit losses based on various factors, including past collection experience, credit quality of the customer, age of the receivable balance, and current economic conditions, as well as specific circumstances arising with individual customers.
Accounts receivables are written off against the allowance when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable.
1 unchanged sentence
The allowance for credit losses reflects the Company’s best estimate of probable losses inherent in the Company’s receivables portfolio.
−Removed: Unbilled accounts receivable represents amounts for which the Company has recognized revenue, pursuant to the Company’s revenue recognition policy, for fulfilled obligations, but not yet billed.
+Added: Unbilled accounts receivable represents amounts for which the Company has recognized revenue, pursuant to the Company’s revenue recognition policy for fulfilled obligations not yet billed.
Capitalized Software Development and Implementation Costs
2 unchanged sentences
To date, costs to develop software that is marketed externally have not been capitalized as the current software development process is essentially completed concurrently with the establishment of technological feasibility.
−Removed: As such, all related software development costs are expensed as incurred and included in research and development expense in the consolidated statement of operations.
+Added: As such, all related software development costs are expensed as incurred and included in research and development expense in the consolidated statements of operations.
Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development, and costs related to the development of web-based product are capitalized during the application development stage.
4 unchanged sentences
The Company did not capitalize any costs during the years ended April 30, 2025 and 2024.
−Removed: All previously capitalized costs are recorded in other assets, non-current on the consolidated balance sheet.
+Added: All previously capitalized costs are recorded in other assets, non-current on the consolidated balance sheets.
Property and Equipment
Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method.
−Removed: Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the financial statements and any resulting gain or loss is reflected within the consolidated statement of operations.
+Added: Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the financial statements and any resulting gain or loss is reflected within the consolidated statements of operations.
There was no material gain or loss incurred as a result of retirement or sale in the periods presented.
8 unchanged sentences
The Company accounts for lease components and non-lease components as a single lease component.
−Removed: Leases with an initial term of twelve months or less are classified as short-term leases and therefore are not recognized on the consolidated balance sheets and are expensed on a straight-line basis within the consolidated statement of operations.
+Added: Leases with an initial term of twelve months or less are classified as short-term leases and, therefore, are not recognized on the consolidated balance sheets and are expensed on a straight-line basis within the consolidated statements of operations.
The lease liability is initially measured as the present value of the remaining lease payments over the lease term.
The discount rate used to determine the present value is the Company’s incremental borrowing rate, unless the interest rate implicit in the lease is readily determinable.
−Removed: The Company estimates its incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term.
+Added: The Company estimates its incremental borrowing rate based on the information available at the lease commencement date for borrowings with a similar term.
The right-of-use asset is initially measured as the present value of the lease payments, adjusted for initial direct costs, prepaid lease payments to lessors, and lease incentives.
3 unchanged sentences
Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including, but not limited to, the selection of valuation methodologies, estimates of future revenue and cash flows, costs to rebuild developed technology, discount rates, and selection of comparable companies.
−Removed: The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.
+Added: The Company’s estimates of fair value are based on assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.
During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill.
−Removed: Upon the conclusion of the measurement period, any subsequent adjustments are recorded to other income (expense), net in the consolidated statement of operations.
+Added: Upon the conclusion of the measurement period, any subsequent adjustments are recorded to other income, net in the consolidated statements of operations.
When the Company issues stock-based or cash awards to an acquired company’s shareholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services.
3 unchanged sentences
The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.
−Removed: Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for using the acquisition method for accounting and is not amortized.
−Removed: The Company tests goodwill for impairment at least annually, in the fourth quarter of each year, or more frequently if events or changes in circumstances indicate that this asset may be impaired.
+Added: Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for using the acquisition method, and is not amortized.
+Added: The Company tests goodwill for impairment at least annually, in the fourth quarter of each year, or more frequently if events or changes in circumstances indicate that goodwill may be impaired.
For the purposes of impairment testing, the Company has determined that it has one operating segment and one reporting unit.
12 unchanged sentences
The Company evaluates the recoverability of long-lived assets, including property and equipment and amortizable acquired intangible assets, for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable.
−Removed: Such events and changes may include:
−Removed: significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy.
+Added: Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy.
Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate.
1 unchanged sentence
During the year ended April 30, 2023, the Company recorded asset impairment charges comprising impairment of operating lease right-of-use assets and the associated furniture, equipment, and leasehold improvements of $ 5.1 million and $ 1.1 million, respectively, for exited leased office spaces associated with the Company’s restructuring plan.
−Removed: See Note 16 for further details.
The Company determined that there were no events or changes in circumstances that indicated that its long-lived assets were impaired during the years ended April 30, 2025 and 2024.
4 unchanged sentences
The Company also generates revenue from services, which consist of consulting and training.
−Removed: Under ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services.
+Added: Under ASC 606, the Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods and services.
The Company’s contracts include varying terms and conditions, and identifying and evaluating the impact of these terms and conditions on revenue recognition requires significant judgment.
3 unchanged sentences
The Company determines that it has a contract with a customer when the order form has been approved, each party’s rights regarding the products or services to be transferred can be identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay, and the contract has commercial substance.
−Removed: The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit, reputation and financial or other information pertaining to the customer.
+Added: The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, the customer’s credit, reputation, and financial or other pertinent information.
At contract inception, the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation.
13 unchanged sentences
For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative SSP.
−Removed: The SSP is determined based on the prices at which the Company separately sells these products assuming the majority of these prices fall within a pricing range.
−Removed: In instances where SSP is not directly observable, such as when the Company does not sell the software license separately, the Company derives the SSP using information that may include market conditions and other observable and unobservable inputs which can require significant judgment.
−Removed: There is typically more than one SSP for individual products and services due to the stratification of those products and services by quantity, term of the subscription, sales channel and other circumstances.
+Added: The SSP is determined based on the prices at which the Company separately sells these products assuming the majority of such prices fall within a pricing range.
+Added: For instances in which the SSP is not directly observable, such as when the Company does not sell the software license separately, the Company derives the SSP using information that may include market conditions and other observable and unobservable inputs, which can require significant judgment.
+Added: Individual products and services typically have more than one SSP due to the stratification of such products and services by quantity, subscription term, sales channel, and other circumstances.
If one of the performance obligations is outside of the SSP range, the Company allocates the transaction price considering the midpoint of the SSP range.
−Removed: The Company also considers if there are any additional material rights inherent in a contract and, if so, the Company allocates a portion of the transaction price to such rights based on a relative SSP.
+Added: The Company also considers whether there are any additional material rights inherent in a contract and, if so, the Company allocates a portion of the transaction price to such rights based on the relative SSP.
(v) recognition of revenue when the Company satisfies each performance obligation;
Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product or service to the customer.
−Removed: Revenue for SaaS offerings that relate to a specified amount of services is recognized on a consumption basis as the customers utilize the services.
+Added: Revenue for SaaS offerings that relate to a specified amount of services is recognized on a consumption basis as the customer utilizes the services.
Revenue from SaaS offerings that are stand-ready arrangements is recognized ratably over the contract period as the Company satisfies the performance obligation.
20 unchanged sentences
Commissions paid on services are typically amortized in accordance with the associated revenue as the commissions paid on new and renewal services are commensurate with each other.
−Removed: Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement of operations.
+Added: Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statements of operations.
The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs.
Cost of Revenue
−Removed: Cost of revenue consists primarily of costs related to providing subscriptions and services to the Company’s customers, including personnel costs (salaries, bonuses and benefits, and stock-based compensation) and related expenses for customer support and services personnel, as well as cloud infrastructure costs, third-party expenses, depreciation of fixed assets, amortization associated with acquired intangible assets, and allocated overhead.
+Added: Cost of revenue consists primarily of costs related to providing subscriptions and services to the Company’s customers, including personnel costs (salaries, bonuses and benefits, and stock-based compensation) and related expenses for customer support and services personnel, as well as cloud infrastructure costs, third-party contractors, depreciation of fixed assets, amortization associated with acquired intangible assets, and allocated overhead.
Research and Development
1 unchanged sentence
Research and development costs also include depreciation and allocated overhead.
−Removed: Advertising costs are charged to operations as incurred and recorded in sales and marketing expense in the consolidated statement of operations.
+Added: Advertising costs are charged to operations as incurred and recorded in sales and marketing expense in the consolidated statements of operations.
Advertising costs were $ 22.5 million, $ 26.0 million, and $ 22.4 million for the years ended April 30, 2025, 2024, and 2023, respectively.
Stock-Based Compensation
−Removed: Compensation expense related to stock awards issued to employees and directors, including stock options and restricted stock units (“RSUs”) and performance share units (“PSUs”) is measured at the fair value on the date of the grant and recognized over the requisite service period.
+Added: Compensation expense related to stock awards issued to employees and directors, including stock options and restricted stock units (“RSUs”), which include performance share units (“PSUs”), is measured at the fair value on the date of the grant and recognized over the requisite service period.
The fair value of stock options and purchase rights issued to employees under the 2022 Employee Stock Purchase Plan (“2022 ESPP”) is estimated on the date of the grant using the Black-Scholes option-pricing model.
−Removed: The fair value of RSUs and PSUs is estimated on the date of the grant based on the fair value of the Company’s underlying ordinary shares.
−Removed: Compensation expense for stock options and RSUs is recognized on a straight-line basis over the requisite service period and over the six-month offering period in the case of the 2022 ESPP.
+Added: The fair value of RSUs is estimated on the date of the grant based on the fair value of the Company’s underlying ordinary shares.
+Added: Compensation expense for stock options and RSUs is recognized on a straight-line basis over the requisite service period, and over the six-month offering period for ordinary shares purchased under the 2022 ESPP.
Compensation expense relating to PSUs is recognized using the accelerated attribution method over the requisite service period when it is probable that the performance condition will be satisfied.
3 unchanged sentences
To the extent that the debt is outstanding, these amounts are reflected in the consolidated balance sheets as direct deductions from the carrying amount of the outstanding borrowings.
−Removed: Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders
−Removed: The Company calculates basic net earnings (loss) per share by dividing the net income (loss) by the weighted-average number of ordinary shares outstanding during the period, less shares subject to repurchase.
−Removed: Diluted net earnings (loss) per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period, including stock options, RSUs, and ESPP shares.
+Added: Net (Loss) Earnings Per Share Attributable to Ordinary Shareholders
+Added: The Company calculates basic net (loss) earnings per share by dividing the net (loss) income by the weighted-average number of ordinary shares outstanding during the period, less shares subject to repurchase.
+Added: Diluted net (loss) earnings per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period, including stock options, RSUs, and ESPP shares.
Treasury Shares
1 unchanged sentence
As of April 30, 2025 and 2024, the Company had 35,937 treasury shares that were repurchased at an average price of $ 10.30 per share.
−Removed: Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”).
−Removed: The Company’s Chief Executive Officer is its CODM.
−Removed: The Company’s CODM reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance.
−Removed: As such, the Company has determined that it operates in one operating and one reportable segment.
+Added: The Company’s Chief Executive Officer is its chief operating decision maker (“CODM”).
+Added: The Company’s CODM reviews discrete financial information at the consolidated level to make operating decisions, allocate resources, and evaluate financial performance.
+Added: The Company operates in one operating segment and, therefore, one reportable segment.
+Added: The CODM uses consolidated net (loss) income to measure segment profit or loss to evaluate the Company's overall performance and identify any underlying trends in the business to facilitate the allocation of resources to support strategic priorities and capital allocation needs (including personnel-related and other financial or capital resources).
+Added: Significant segment expenses that are reviewed and utilized by the CODM at the consolidated level to manage the Company’s operations include cost of revenue, research and development, sales and marketing, and general and administrative expenses, which are presented in the Company’s consolidated statements of operations.
+Added: Other segment items that impact net loss (income) include interest expense, other income, net, and the provision for (benefit from) income taxes, which are presented in the Company’s consolidated statements of operations.
The Company presents financial information about its operating segment and geographical areas in Note 15.
1 unchanged sentence
These foreign jurisdictions may have different statutory rates than the Netherlands.
−Removed: The Company records a (benefit from) provision for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method.
+Added: The Company records a provision for (benefit from) income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method.
Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and the tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards.
3 unchanged sentences
ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits.
−Removed: The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end.
+Added: The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based on the Company’s evaluation of the facts, circumstances and information available at each period end.
For those tax positions where the Company has determined there is a greater than 50 % likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information.
−Removed: For those income tax positions where it is determined there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized.
+Added: For those income tax positions where it is determined there is less than a 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized.
Although the Company believes that it has adequately reserved for its uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different.
1 unchanged sentence
The Company makes adjustments to its reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate.
−Removed: To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the (benefit from) provision for income taxes in the period in which such determination is made.
+Added: To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for (benefit from) income taxes in the period in which such determination is made.
Recently Adopted Accounting Pronouncements
−Removed: Acquisitions:
−Removed: In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No.
−Removed: 2021-08, Business Combinations (Topic 805):
−Removed: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, improving consistency in accounting for acquired revenue contracts with customers in a business combination by requiring that acquirers apply ASC 606 to recognize contract assets and contract liabilities as if they had originated the contracts.
−Removed: If the acquiree prepared its financial statements in accordance with U.S.
−Removed: GAAP, the resulting acquired contract assets and liabilities should generally be consistent with the acquiree’s financial statements.
+Added: Segment Reporting:
+Added: In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No.
+Added: 2023-07, S egment Reporting (Topic 280):
+Added: Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others.
The Company adopted ASU No.
−Removed: 2021-08 on May 1, 2023.
+Added: 2023-07 during the fiscal year ended April 30, 2025 on a retrospective basis.
The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements.
5 unchanged sentences
The new guidance requires consistent categories and greater disaggregation of information in the tax rate reconciliation and information about income taxes paid disaggregated by jurisdiction.
−Removed: The guidance becomes effective for the Company for the fiscal year ending April 30, 2026.
+Added: The guidance becomes effective for the Company for fiscal years beginning after April 30, 2025.
Early adoption is permitted.
1 unchanged sentence
The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.
−Removed: Segment Reporting:
+Added: Comprehensive Income:
In November 2024, the FASB issued ASU No.
−Removed: 2023-07, S egment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others.
+Added: 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses, requiring more detailed disclosures about specified categories of expenses included in certain expense captions presented on the face of the income statement.
The guidance becomes effective for the Company for fiscal years beginning after April 30, 2027, and interim periods within fiscal years beginning after April 30, 2028.
Early adoption is permitted.
−Removed: Upon adoption, the guidance should be applied retrospectively.
+Added: Upon adoption, the guidance may be applied prospectively or retrospectively.
The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.
11 unchanged sentences
Concentration of Credit Risk
−Removed: One customer, a channel partner, accounted for 13 % and 12 % of net accounts receivable as of April 30, 2024 and April 30, 2023, respectively.
−Removed: The same customer accounted for 11 % of total revenue during the year ended April 30, 2024.
−Removed: No customer accounted for 10% or more of the Company’s total revenue for the years ended April 30, 2023 and 2022.
+Added: No customer accounted for 10% or more of net accounts receivable as of April 30, 2025.
+Added: One customer, a channel partner, accounted for 13 % of net accounts receivable as of April 30, 2024.
+Added: The same customer accounted for 12 % and 11 % of total revenue during the years ended April 30, 2025 and 2024, respectively.
+Added: No customer accounted for 10% or more of the Company’s total revenue for the year ended April 30, 2023.
Deferred Revenue
−Removed: The Company recognized revenue of $ 522.8 million, $ 430.7 million, and $ 354.4 million during the years ended April 30, 2024, 2023, and 2022, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods .
+Added: The Company recognized revenue of $ 660.9 million, $ 522.8 million, and $ 430.7 million for the years ended April 30, 2025, 2024, and 2023, respectively, that was included in the deferred revenue balance at the beginning of each of the respective periods.
Unbilled Accounts Receivable
Unbilled accounts receivable is recorded as part of accounts receivable, net in the Company’s consolidated balance sheets.
−Removed: As of April 30, 2024 and April 30, 2023, unbilled accounts receivable was $ 2.5 million and $ 2.2 million, respectively .
+Added: As of April 30, 2025 and April 30, 2024, unbilled accounts receivable was $ 2.5 million.
Remaining Performance Obligations
−Removed: As of April 30, 2024, the Company had $ 1.351 billion of remaining performance obligations.
−Removed: As of April 30, 2024, the Company expects to recognize approximately 88 % of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter.
+Added: Remaining performance obligations (RPO) represent the amount of contracted future revenue that has not been recognized, including deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods.
+Added: The Company’s RPO excludes performance obligations from on-demand arrangements as there are no minimum purchase commitments associated with such arrangements.
+Added: As of April 30, 2025, the Company had $ 1.545 billion of RPO, of which the Company expects to recognize approximately 65 % as revenue over the next twelve months , approximately 90 % over the next twenty-four months , and the remainder thereafter.
Deferred Contract Acquisition Costs
6 unchanged sentences
Financial Assets:
−Removed: Cash and cash equivalents:
+Added: Cash equivalents:
Money market funds $ 197,710 $ — $ — $ 197,710
treasury securities 90,642 — — 90,642
+Added: agency securities — 20,001 — 20,001
+Added: Commercial paper — 9,462 — 9,462
+Added: Certificates of deposit
+Added: — 6,020 — 6,020
Corporate debt securities
−Removed: Total included in cash and cash equivalents 215,655 699 — 216,354
+Added: — 3,128 — 3,128
+Added: Total included in cash equivalents
+Added: 288,352 38,611 — 326,963
Marketable securities:
−Removed: Certificates of deposit — 42,972 — 42,972
−Removed: Commercial paper — 43,051 — 43,051
−Removed: Municipal securities — 27,806 — 27,806
treasury securities 113,440 — — 113,440
−Removed: International treasuries — 12,642 — 12,642
Corporate debt securities — 390,077 — 390,077
+Added: Certificates of deposit — 63,377 — 63,377
+Added: International treasuries — 40,135 — 40,135
+Added: Municipal securities — 34,966 — 34,966
+Added: Commercial paper — 17,739 — 17,739
+Added: agency securities
— 9,983 — 9,983
−Removed: agency bonds — 35,892 — 35,892
Total marketable securities 113,440 556,277 — 669,717
Mutual fund investments (1)
+Added: 2,646 — — 2,646
Total financial assets $ 404,438 $ 594,888 $ — $ 999,326
4 unchanged sentences
Financial Assets:
−Removed: Cash and cash equivalents:
+Added: Cash equivalents:
Money market funds $ 180,248 $ — $ — $ 180,248
−Removed: agency securities — 27,406 — 27,406
−Removed: Certificates of deposit — 21,750 — 21,750
−Removed: Commercial paper — 60,750 — 60,750
−Removed: Total included in cash and cash equivalents 194,261 109,906 — 304,167
+Added: treasury securities
+Added: 35,407 — — 35,407
+Added: Corporate debt securities
+Added: Total included in cash equivalents
+Added: 215,655 699 — 216,354
Marketable securities:
−Removed: Certificates of deposit — 31,645 — 31,645
−Removed: Commercial paper — 33,735 — 33,735
treasury securities 112,471 — — 112,471
Corporate debt securities — 269,168 — 269,168
−Removed: agency bonds — 39,806 — 39,806
+Added: Commercial paper — 43,051 — 43,051
+Added: Certificates of deposit — 42,972 — 42,972
+Added: agency securities
+Added: — 35,892 — 35,892
+Added: Municipal securities
+Added: — 27,806 — 27,806
+Added: International treasuries
+Added: — 12,642 — 12,642
Total marketable securities 112,471 431,531 — 544,002
+Added: Mutual fund investments (1)
Total financial assets $ 328,587 $ 432,230 $ — $ 760,817
−Removed: Interest income from the Company’s cash, cash equivalents and marketable securities was $ 28.1 million, $ 17.7 million, and $ 0.2 million for the years ended April 30, 2024, 2023, and 2022, respectively, and is included in other income (expense), net in the consolidated statements of operations.
+Added: (1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants.
+Added: The investments are recorded as part of other assets in the Company’s consolidated balance sheets.
+Added: Interest income from the Company’s cash, cash equivalents, and marketable securities was $ 48.3 million, $ 28.1 million, and $ 17.7 million for the years ended April 30, 2025, 2024, and 2023, respectively, and is included in other income, net in the consolidated statements of operations.
As of April 30, 2025 and April 30, 2024, gross unrealized gains and losses on the marketable securities were insignificant.
1 unchanged sentence
The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands):
−Removed: April 30, 2024 As of
−Removed: April 30, 2023
+Added: As of April 30,
Due within 1 year $ 368,374 $ 298,876
Due between 1 year and 3 years 299,522 245,126
+Added: Due between 3 years and 5 years 1,821 —
Total marketable securities $ 669,717 $ 544,002
11 unchanged sentences
The developed technology asset is being amortized on a straight-line basis over the useful life of 5 years, which approximates the pattern in which the developed technology is utilized.
−Removed: Goodwill resulted primarily from the expectation of enhancing the efficiency and management of the Elastic Stack and is not deductible for income tax purposes.
+Added: Goodwill resulted primarily from the expectation of enhancing the efficiency and management of Elastic’s Search AI Platform and is not deductible for income tax purposes.
The financial results of Opster have been included in the Company’s consolidated results of operations since the acquisition date.
3 unchanged sentences
The cost and accumulated depreciation of property and equipment were as follows (in thousands):
−Removed: Useful Life (in years) As of
−Removed: April 30, 2024 As of
−Removed: April 30, 2023
+Added: As of April 30,
+Added: Useful Life (in years) 2025 2024
Leasehold improvements Lesser of estimated useful life or remaining lease term $ 14,780 $ 12,683
7 unchanged sentences
During the year ended April 30, 2023, the Company recorded asset impairment charges related to the exit from leased office space, which included $ 1.1 million of furniture, equipment, and leasehold improvements.
−Removed: See Note 16 for further details.
Intangible Assets, Net
2 unchanged sentences
Developed technology $ 76,130 $ 64,702 $ 11,428 2.2
−Removed: Customer relationships 19,598 19,598 — 0.0
−Removed: Trade names 2,872 2,872 — 0.0
−Removed: Total $ 98,600 $ 77,959 $ 20,641 2.7
Foreign currency translation adjustment ( 24 )
3 unchanged sentences
Developed technology $ 76,130 $ 55,489 $ 20,641 2.7
−Removed: Customer relationships 19,598 17,641 1,957 0.4
−Removed: Trade names 2,872 2,686 186 0.4
−Removed: Total $ 92,600 $ 63,463 $ 29,137 2.5
Foreign currency translation adjustment ( 21 )
11 unchanged sentences
Balance as of April 30, 2023 $ 303,642
+Added: Addition from acquisition
Foreign currency translation adjustment ( 116 )
Balance as of April 30, 2024 $ 319,380
−Removed: Addition from acquisition
Foreign currency translation adjustment 37
3 unchanged sentences
Accrued expenses and other liabilities consisted of the following (in thousands):
−Removed: April 30, 2024 As of
−Removed: April 30, 2023
+Added: As of April 30,
Accrued expenses $ 36,585 $ 34,779
6 unchanged sentences
Accrued compensation and benefits consisted of the following (in thousands):
−Removed: April 30, 2024 As of
−Removed: April 30, 2023
+Added: As of April 30,
Accrued vacation $ 42,136 $ 35,005
13 unchanged sentences
Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year.
−Removed: The Company received net proceeds from the offering of the Senior Notes of $ 565.7 million after deducting underwriting commissions of $ 7.2 million and incurred additional issuance costs of $ 2.1 million.
Total debt issuance costs of $ 9.3 million are being amortized to interest expense using the effective interest method over the term of the Senior Notes.
−Removed: The Company may redeem the Senior Notes, in whole or in part, at any time prior to July 15, 2024 at a price equal to 100 % of the principal amount thereof plus a “make-whole” premium and accrued and unpaid interest, if any.
−Removed: The Company may at its election redeem all or a part of the Senior Notes on or after July 15, 2024, on any one or more occasions, at the redemption prices set forth in the indenture governing the Senior Notes (the “Indenture”), plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date.
−Removed: In addition, at any time prior to July 15, 2024, the Company may on any one or more occasions redeem up to 40 % of the aggregate principal amount of the Senior Notes outstanding under the Indenture with the net cash proceeds of one or more equity offerings at a redemption price equal to 104.125 % of the principal amount of the Senior Notes then outstanding, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date.
+Added: The Company may at its election redeem all or a part of the Senior Notes, on any one or more occasions, at the redemption prices set forth in the indenture governing the Senior Notes (the “Indenture”), plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date.
The Company may also at its election redeem the Senior Notes in whole, but not in part, at a price equal to 100 % of the principal amount thereof plus accrued and unpaid interest, if any, if certain changes in tax law occur as set forth in the Indenture.
7 unchanged sentences
The net carrying amount of the Senior Notes was as follows (in thousands):
−Removed: April 30, 2024 As of
−Removed: April 30, 2023
+Added: As of April 30,
Principal $ 575,000 $ 575,000
23 unchanged sentences
Although claims are inherently unpredictable, the Company is currently not aware of any matters that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, results of operations, financial position or cash flows.
+Added: On February 11, 2025, an alleged shareholder of the Company filed a complaint in the United States District Court for the Eastern District of New York against the Company and one of its executive officers, Ashutosh Kulkarni, as well as a former executive officer of the Company, Janesh Moorjani, on behalf of a putative class of shareholders of the Company who purchased or otherwise acquired the Company’s ordinary shares during the period from May 31, 2024 to August 29, 2024.
+Added: The complaint, captioned “In re Elastic N.V.
+Added: Securities Litigation” alleges that the defendants made materially false and misleading statements and omitted material information about the Company’s business and financial results during the foregoing period in violation of Sections 10(b) and 20(a) of the Exchange Act and Exchange Act Rule 10b-5, which allegedly resulted in artificially inflated prices of the Company’s shares.
+Added: The complaint states that plaintiffs seek damages and attorneys’ fees and costs.
+Added: The Company intends to defend this case vigorously.
+Added: At this early state of the proceedings, the Company can neither predict the ultimate outcome of the litigation nor estimate any range of possible losses.
The Company accrues estimates for resolution of legal and other contingencies when losses are probable and reasonably estimable.
3 unchanged sentences
The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable.
−Removed: The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements.
+Added: The Company to date has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements.
As a result, the Company believes the fair value of these agreements is not material.
4 unchanged sentences
From time to time the Company may realize a gain contingency, although recognition will not occur until cash is received or the gain is deemed as realizable.
−Removed: In connection with a favorable settlement of a legal claim, the Company recognized a gain of $ 0.4 million and $ 10.4 million included in other income (expense), net in the accompanying consolidated statements of operations for the years ended April 30, 2024 and 2023, respectively.
+Added: In connection with a favorable settlement of a legal claim, the Company recognized a gain of $ 0.4 million and $ 10.4 million included in other income, net in the accompanying consolidated statements of operations for the years ended April 30, 2024 and 2023, respectively.
The Company’s leases provide for rental of corporate office space under non-cancelable operating lease agreements that expire at various dates through fiscal 2036.
21 unchanged sentences
During the year ended April 30, 2023, the Company recorded an impairment charge of $ 5.1 million related to the exit from leased office space.
−Removed: See Note 16 for further details.
−Removed: Subsequent to April 30, 2024, the Company executed an operating lease agreement for an office space with an expected commencement date in the third quarter of fiscal 2025.
−Removed: The lease term is approximately 11 years with undiscounted future minimum lease payments of approximately $ 12.4 million.
Ordinary Shares
4 unchanged sentences
The board of directors has been authorized by the general meeting of shareholders, on the Company’s behalf, to issue the Company’s ordinary shares and grant rights to acquire the Company’s ordinary shares in an amount up to 20% of the issued share capital of the Company as of August 21, 2024.
−Removed: This authorization is valid for a period of 18 months from October 5, 2023.
+Added: This authorization is valid for a period of 18 months from October 1, 2024, the date of such general meeting of shareholders, until April 1, 2026.
Ordinary Shares Reserved for Issuance
2 unchanged sentences
Stock options issued and outstanding 1,775,723 2,640,423
−Removed: RSUs issued and outstanding (1)
+Added: Restricted stock units issued and outstanding
6,523,077 7,076,836
5 unchanged sentences
36,881,164 35,624,826
−Removed: (1) Includes 116,523 PSUs issued and outstanding as of April 30, 2024.
−Removed: No PSUs were issued or outstanding as of April 30, 2023.
Preference Shares
8 unchanged sentences
The 2022 ESPP allows eligible employees to acquire ordinary shares of the Company at a discount at periodic intervals through accumulated payroll deductions.
−Removed: Eligible employees purchase ordinary shares of the Company during a purchase period at 85 % of the market value of the Company’s ordinary shares at either the beginning or end of an offering period, whichever is lower.
+Added: Eligible employees purchase ordinary shares of the Company during a purchase period at 85 % of the market value of the ordinary shares at either the beginning or end of an offering period, whichever is lower.
Offering periods under the 2022 ESPP are approximately six months long and begin on each of March 16 or September 16 or the next trading day thereafter.
−Removed: Under the 2022 ESPP, 345,165 ordinary shares were purchased during the year ended April 30, 2024.
−Removed: No ordinary shares were purchased under the 2022 ESPP during the year ended April 30, 2023.
−Removed: Stock-based compensation expense recognized related to the 2022 ESPP was $ 7.1 million and $ 0.9 million for the years ended April 30, 2024 and 2023, respectively.
+Added: The Company issued 364,236 and 345,165 ordinary shares under the 2022 ESPP during the years ended April 30, 2025 and 2024, respectively.
+Added: Stock-based compensation expense recognized related to the 2022 ESPP was $ 9.2 million, $ 7.1 million, and $ 0.9 million for the years ended April 30, 2025, 2024, and 2023, respectively.
The fair value of the 2022 ESPP offerings was estimated on the offering date using the Black-Scholes option pricing model with the following assumptions:
2 unchanged sentences
Expected stock price volatility 50.4 % - 59.2 %
+Added: 47.3 % - 63.3 %
Risk-free interest rate 4.3 % - 4.6 %
+Added: 5.4 % - 5.5 %
Dividend yield — % — %
1 unchanged sentence
In September 2012, the Company’s board of directors adopted and the Company’s shareholders approved the 2012 Stock Option Plan, which was amended and restated in September 2018 and further amended in December 2021 (as amended and restated, the “2012 Plan”).
−Removed: Under the 2012 Plan, the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as restricted stock awards (“RSAs”), RSUs, and PSUs, to eligible employees, directors, and consultants to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors and consultants, and to promote the success of the Company’s business.
+Added: Under the 2012 Plan, the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as RSUs (which include PSUs) to eligible employees, directors, and consultants to attract and retain talented personnel for positions of substantial responsibility, to provide additional incentive to employees, directors, and consultants, and to promote the success of the Company’s business.
The Company’s board of directors, compensation committee, or other duly authorized committee determines the vesting schedule for all equity-based awards.
Stock options and RSUs granted to employees generally vest over four years , subject to the employees’ continued service to the Company.
−Removed: During the year ended April 30, 2024, the Company granted PSUs that vest over three years with a one-year performance period.
The Company’s compensation committee may explicitly deviate from the general vesting schedules in its approval of an equity-based award as it may deem appropriate.
Stock options expire ten years after the date of grant.
−Removed: Stock options, RSAs and RSUs (including PSUs) that are canceled under certain conditions become available for future grant or sale under the 2012 Plan unless the 2012 Plan is terminated.
+Added: Stock options and RSUs that are canceled under certain conditions become available for future grant or sale under the 2012 Plan unless the 2012 Plan is terminated.
The equity awards available for grant were as follows:
1 unchanged sentence
Available at beginning of fiscal year 20,252,732 17,564,133
−Removed: Awards authorized 4,868,347 4,708,746
−Removed: Options granted — ( 94,105 )
+Added: Shares authorized
+Added: 5,085,297 4,868,347
Options canceled
72,819 104,137
−Removed: RSUs granted (1)
( 3,177,238 ) ( 3,399,494 )
1 unchanged sentence
1,058,155 1,115,609
−Removed: Shares withheld for taxes — 667
Available at end of period 23,291,765 20,252,732
−Removed: (1) Includes 132,960 PSUs granted during the year ended April 30, 2024.
−Removed: No PSUs were granted during the year ended April 30, 2023.
−Removed: (2) Includes 16,437 PSUs canceled during the year ended April 30, 2024.
−Removed: No PSUs were canceled during the year ended April 30, 2023.
Stock Incentive Plans Assumed in Acquisitions
7 unchanged sentences
Balance as of April 30, 2023 4,038,238 $ 32.74 5.35 $ 134,778
−Removed: Stock options granted 94,105 $ 82.24
Stock options exercised ( 1,292,375 ) $ 16.19
8 unchanged sentences
Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase the Company’s ordinary shares and the fair value of the Company’s ordinary shares.
−Removed: The weighted-average grant-date fair value per share of stock options granted was $ 48.56 for the year ended April 30, 2023.
−Removed: No stock options were granted during the year ended April 30, 2024.
+Added: No stock options were granted during the years ended April 30, 2025 and 2024.
As of April 30, 2025, the Company had unrecognized stock-based compensation expense of $ 3.8 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 0.89 years.
6 unchanged sentences
Outstanding and unvested at April 30, 2024 7,076,836 $ 85.38
−Removed: RSUs granted (1)
3,177,238 $ 106.55
3 unchanged sentences
Outstanding and unvested at April 30, 2025 6,523,077 $ 93.95
−Removed: (1) Includes 132,960 PSUs granted during the year ended April 30, 2024.
−Removed: No PSUs were granted during the year ended April 30, 2023.
−Removed: (2) Includes 16,437 PSUs canceled during the year ended April 30, 2024.
−Removed: No PSUs were canceled during the year ended April 30, 2023.
−Removed: During the year ended April 30, 2024, the Company granted 132,960 PSUs subject to performance and service conditions, with a grant-date fair value of $ 9.1 million, to certain executives.
−Removed: The PSUs become eligible to vest based on the level of the Company’s achievement against a revenue-based performance goal for fiscal 2024.
−Removed: The amount that may be earned ranges from 0 % to 200 % of the eligible PSUs.
−Removed: Subject to the executives’ continued service to the Company through the applicable vesting date, one-third of the eligible PSUs will vest following the end of fiscal 2024 and, thereafter, one-eighth of the remaining eligible PSUs will vest on a quarterly basis over two years.
−Removed: In the event that an executive’s continuous service to the Company ceases, any associated unvested PSUs will immediately terminate and be forfeited.
−Removed: As of April 30, 2024, the Company had unrecognized stock-based compensation expense of $ 558.2 million related to RSUs (including PSUs) that the Company expects to recognize over a weighted-average period of 2.79 years.
+Added: As of April 30, 2025, the Company had unrecognized stock-based compensation expense of $ 564.6 million related to RSUs that the Company expects to recognize over a weighted-average period of 2.54 years.
Determination of Fair Value
2 unchanged sentences
Fair Value of Ordinary Shares:
−Removed: Subsequent to the Company’s initial public offering (“IPO”) on October 8, 2018, the fair value of the underlying ordinary shares is determined by the closing price, on the date of the grant, of the Company’s ordinary shares, which are traded publicly on the New York Stock Exchange.
−Removed: Prior to the IPO, the fair value of ordinary shares underlying the stock awards had historically been determined by the board of directors, with input from the Company’s management.
−Removed: The board of directors previously determined the fair value of the ordinary shares at the time of grant of the awards by considering a number of objective and subjective factors, including valuations of comparable companies, sales of redeemable convertible preference shares, sales of ordinary shares to unrelated third parties, operating and financial performance, the lack of liquidity of the Company’s ordinary shares, and general and industry-specific economic outlook.
+Added: The fair value of the underlying ordinary shares is determined by the closing price of the Company’s ordinary shares, which are traded publicly on the New York Stock Exchange, on the date of the grant.
Expected Term:
3 unchanged sentences
Expected Volatility:
−Removed: Since the Company has limited trading history of its ordinary shares, the expected volatility is derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the option’s expected term.
+Added: Due to the fact that the Company has limited trading history of its ordinary shares, the expected volatility is derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the option’s expected term.
Risk-Free Interest Rate:
11 unchanged sentences
60.7 % - 62.0 %
−Removed: 59.6 % - 60.2 %
Risk-free interest rate N/A
3.1 % - 3.4 %
−Removed: 1.4 % - 1.8 %
Dividend yield N/A
9 unchanged sentences
General and administrative 49,437 46,167 37,183
−Removed: Stock-based compensation expense, net of amounts capitalized 239,137 204,039 141,194
−Removed: Capitalized stock-based compensation expense — — 188
Total stock-based compensation expense $ 257,782 $ 239,137 $ 204,039
−Removed: Net Earnings (Loss) Per Share Attributable to Ordinary Shareholders
−Removed: The following table sets forth the computation of basic and diluted net earnings (loss) per share attributable to ordinary shareholders (in thousands, except share and per share data):
+Added: Net (Loss) Earnings Per Share Attributable to Ordinary Shareholders
+Added: The following table sets forth the computation of basic and diluted net (loss) earnings per share attributable to ordinary shareholders (in thousands, except share and per share data):
Year Ended April 30,
2025 2024 2023
−Removed: Net income (loss) $ 61,720 $ ( 236,161 ) $ ( 203,848 )
−Removed: Weighted-average shares used to compute net earnings (loss) per share attributable to ordinary shareholders
+Added: Net (loss) income $ ( 108,114 ) $ 61,720 $ ( 236,161 )
+Added: Weighted-average shares used to compute net (loss) earnings per share attributable to ordinary shareholders
Basic 103,661,704 99,646,231 95,729,844
Diluted 103,661,704 103,980,132 95,729,844
−Removed: Net earnings (loss) per share attributable to ordinary shareholders
+Added: Net (loss) earnings per share attributable to ordinary shareholders
Basic $ ( 1.04 ) $ 0.62 $ ( 2.47 )
Diluted $ ( 1.04 ) $ 0.59 $ ( 2.47 )
−Removed: The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net earnings (loss) per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive:
+Added: The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net (loss) earnings per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive:
Year Ended April 30,
5 unchanged sentences
The Company is incorporated in the Netherlands but operates in various countries with differing tax laws and rates.
−Removed: The geographical breakdown of loss before (benefit from) provision for income taxes is summarized as follows (in thousands):
+Added: The geographical breakdown of loss before provision for (benefit from) income taxes is summarized as follows (in thousands):
Year Ended April 30,
3 unchanged sentences
Loss before income taxes $ ( 31,569 ) $ ( 122,756 ) $ ( 216,877 )
−Removed: The components of the (benefit from) provision for income taxes were as follows (in thousands):
+Added: The components of the provision for (benefit from) income taxes were as follows (in thousands):
Year Ended April 30,
5 unchanged sentences
Foreign 54,742 ( 213,374 ) ( 597 )
−Removed: Total deferred tax income ( 213,331 ) ( 668 ) ( 3,020 )
−Removed: Total (benefit from) provision for income taxes
+Added: Total deferred tax expense (income) 55,190 ( 213,331 ) ( 668 )
+Added: Total provision for (benefit from) income taxes
$ 76,545 $ ( 184,476 ) $ 19,284
−Removed: The Company’s effective tax rate substantially differed from the Dutch statutory tax rate of 25.8% primarily due to the release of the valuation allowance for most of the United States deferred tax assets and waiver of certain deductions subject to the Base Erosion Anti-Abuse Tax (“BEAT”).
−Removed: A reconciliation of income taxes at the statutory income tax rate to the (benefit from) provision for income taxes included in the consolidated statements of operations is as follows (in thousands, except for rates):
+Added: The Company’s effective tax rate substantially differed from the Dutch statutory tax rate of 25.8% primarily due to the valuation allowance for the Netherlands and waiver of certain deductions subject to the BEAT.
+Added: A reconciliation of income taxes at the statutory income tax rate to the provision for (benefit from) income taxes included in the consolidated statements of operations is as follows (in thousands, except for rates):
Year Ended April 30,
2 unchanged sentences
Foreign income taxed at different rates ( 5,561 ) 17.6 % ( 2,406 ) 2.0 % ( 1,305 ) 0.6 %
−Removed: Stock-based compensation ( 10,296 ) 8.4 % 5,018 ( 2.3 ) % ( 31,372 ) 15.9 %
Tax credits ( 13,508 ) 42.8 % ( 10,149 ) 8.3 % ( 7,349 ) 3.4 %
+Added: Stock-based compensation ( 9,282 ) 29.4 % ( 10,296 ) 8.4 % 5,018 ( 2.3 ) %
Change in valuation allowance 48,539 ( 153.8 ) % ( 186,166 ) 151.6 % 69,271 ( 31.9 ) %
−Removed: Intellectual Property (“IP”) migration
+Added: Intellectual property migration
610 ( 1.9 ) % 7,353 ( 6.0 ) % — — %
5 unchanged sentences
6,523 ( 20.7 ) % 4,091 ( 3.3 ) % — — %
−Removed: Deferred tax asset revaluation — — % 6 — % ( 302 ) 0.2 %
Foreign withholding taxes 2,701 ( 8.6 ) % 2,864 ( 2.3 ) % 3,201 ( 1.5 ) %
+Added: 6,867 ( 21.8 ) % 1,866 ( 1.5 ) % 455 ( 0.2 ) %
+Added: Unrecognized tax benefit
+Added: 6,713 ( 21.3 ) % 1,406 ( 1.1 ) % 1,414 ( 0.7 ) %
+Added: Tax credit add-back
+Added: 1,215 ( 3.8 ) % 950 ( 0.8 ) % 809 ( 0.4 ) %
+Added: Meals and entertainment
+Added: 598 ( 1.9 ) % 566 ( 0.5 ) % 454 ( 0.2 ) %
+Added: Prior-year true-ups
+Added: ( 3,680 ) 11.7 % ( 846 ) 0.7 % 11 — %
Other ( 125 ) 0.5 % 149 ( 0.2 ) % 3,259 ( 1.5 ) %
−Removed: (Benefit from) provision for income taxes
+Added: Provision for (benefit from) income taxes
$ 76,545 ( 242.5 ) % $ ( 184,476 ) 150.3 % $ 19,284 ( 8.9 ) %
9 unchanged sentences
Accrued compensation $ 5,837 $ 5,324
−Removed: Net operating loss carryforward 547,590 533,051
+Added: Net operating loss carryforwards
+Added: 537,912 547,590
Intangible assets
10 unchanged sentences
Deferred contract acquisition costs ( 38,629 ) ( 37,005 )
−Removed: Intangible assets — ( 1,740 )
Right of use assets ( 4,133 ) ( 2,546 )
Gross deferred tax liabilities ( 42,762 ) ( 39,551 )
−Removed: Net deferred tax assets (liabilities)
+Added: Net deferred tax assets
$ 158,421 $ 213,280
2 unchanged sentences
In addition, the United Kingdom jurisdiction is also anticipated to have cumulative losses for the foreseeable future and, as such, a valuation allowance has been established for this jurisdiction.
−Removed: The valuation allowance in the Netherlands and United Kingdom increased by $ 61.2 million and decreased by $ 0.2 million, respectively, for the year ended April 30, 2024 and increased by $ 80.1 million and less than $ 0.1 million, respectively, for the year ended April 30, 2023.
−Removed: The income tax benefit was primarily due to the release of the valuation allowance for U.S.
−Removed: federal and certain state deferred tax assets of $ 250.7 million.
−Removed: The Company regularly assesses the need for a valuation allowance against its deferred tax assets.
−Removed: In making that assessment, positive and negative evidence related to the likelihood of realization of the deferred tax assets is considered to determine, based on the weight of available evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized.
−Removed: As of January 31, 2024, based on all available positive and negative evidence, having demonstrated sustained profitability which is objective and verifiable, and taking into account anticipated future earnings, the Company has concluded that it is more likely than not that the majority of its U.S.
−Removed: federal and certain states’ deferred tax assets will be realizable.
−Removed: The Company continues to maintain a valuation allowance against its California and certain other states’ deferred tax assets due to the uncertainty regarding realizability of these deferred tax assets as they have not yet met the “more likely than not” realization criteria.
−Removed: The valuation allowance in the United States decreased by $ 250.7 million for the year ended April 30, 2024 due to the valuation allowance release and decreased by $ 3.6 million for the year ended April 30, 2023.
−Removed: The valuation allowance for the Netherlands deferred tax assets as of April 30, 2024 and 2023 was $ 344.5 million and $ 283.3 million, respectively, the valuation allowance for the United States deferred tax assets as of April 30, 2024 and 2023 was $ 23.0 million and $ 272.7 million, respectively, and the valuation allowance for the United Kingdom deferred tax assets as of April 30, 2024 and 2023 was $ 19.4 million and $ 19.5 million, respectively.
−Removed: To the extent sufficient positive evidence becomes available, the Company may release all or a portion of the valuation allowance in one or more future periods.
+Added: The valuation allowance for the Netherlands deferred tax assets as of April 30, 2025 and 2024 was $ 390.5 million and $ 344.5 million, respectively, and the valuation allowance for the United Kingdom deferred tax assets as of April 30, 2025 and 2024 was $ 24.3 million and $ 19.4 million, respectively.
+Added: In addition, the Company carries a valuation allowance against certain United States state deferred tax assets, which was $ 22.7 million and $ 23.0 million as of April 30, 2025 and 2024, respectively.
+Added: To the extent sufficient positive evidence becomes available, the Company may release all or a portion of the Netherlands valuation allowance in one or more future periods.
A release of the valuation allowance, if any, would result in the recognition of certain deferred tax assets and a material income tax benefit for the period in which such release is recorded.
−Removed: As of April 30, 2024, the Company had net operating loss (“NOL”) carryforwards for Netherlands, United States (federal and state, respectively) and United Kingdom income tax purposes of $ 1.237 billion, $ 806.9 million, $ 641.7 million and $ 78.2 million, respectively, which begin to expire in the years ending April 30, 2037 and April 30, 2025 for the United States (federal and state, respectively), with Netherlands and United Kingdom losses being carried forward indefinitely.
−Removed: The Company also has research and development tax credit carryforwards for United States (federal and state, respectively), Canada, Spain, and France for income tax purposes of $ 31.7 million, $ 9.3 million, $ 1.9 million, $ 0.8 million, and $ 0.2 million, respectively, which begin to expire on April 30, 2038, April 30, 2025, April 30, 2042, April 30, 2041, and April 30, 2025, respectively.
−Removed: The deferred tax assets associated with the NOL carryforwards and other tax attributes in the Netherlands and the United Kingdom are subject to a full valuation allowance.
+Added: As of April 30, 2025, the Company had net operating loss carryforwards for Netherlands, United States (federal and state, respectively), and United Kingdom income tax purposes of $ 1.407 billion, $ 546.3 million, $ 551.2 million, and $ 97.9 million, respectively, with losses being carried forward indefinitely and beginning to expire in the year ending April 30, 2026 for the United States (federal and state, respectively), with Netherlands and United Kingdom losses being carried forward indefinitely.
+Added: The Company also has research and development tax credit carryforwards for United States (federal and state, respectively), Canada, and Spain for income tax purposes of $ 34.6 million, $ 9.3 million, $ 1.1 million, and $ 1.4 million, respectively, which begin to expire on April 30, 2039, April 30, 2026, April 30, 2042, and April 30, 2041, respectively.
+Added: The Company also has research and development tax credit carryforwards for Australia income tax purposes of $ 0.6 million being carried forward indefinitely.
+Added: The deferred tax assets associated with the net operating loss carryforwards and other tax attributes in the Netherlands and the United Kingdom are subject to a full valuation allowance.
Uncertain Tax Positions
1 unchanged sentence
ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits.
−Removed: The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end.
+Added: The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based on the Company’s evaluation of the facts, circumstances, and information available at each period end.
Although the Company believes that it has adequately reserved for its uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different.
10 unchanged sentences
Balance as of end of year $ 29,625 $ 22,691 $ 18,157
−Removed: Approximately $ 1.2 million of the increase for the year ended April 30, 2024 for tax positions taken in prior periods is due to the filing of tax returns during the fiscal year.
−Removed: Approximately $ 3.3 million of the increase in tax positions related to the current period is primarily from the research and development tax credits generated for the year ended April 30, 2024.
+Added: Approximately $ 1.6 million of the increase for the year ended April 30, 2025 for tax positions taken in prior periods is primarily due to the filing of tax returns during the fiscal year.
+Added: Approximately $ 5.4 million of the increase in tax positions related to the current period is primarily from research and development tax credits generated for the year ended April 30, 2025.
The Company’s policy is to recognize penalties and interest accrued on any unrecognized tax benefits as a component of income tax expense.
−Removed: The Company recognized interest and penalties of $ 0.2 million for both of the years ended April 30, 2024 and 2023, and $ 0.3 million for the year ended April 30, 2022.
−Removed: The amount of accrued interest and penalties recorded on the consolidated balance sheet as of April 30, 2024 and 2023 was $ 0.4 million and $ 0.2 million, respectively.
+Added: The Company recognized interest and penalties of $ 0.9 million for the year ended April 30, 2025, and $ 0.2 million for both of the years ended April 30, 2024 and 2023.
+Added: The amount of accrued interest and penalties recorded on the consolidated balance sheets as of April 30, 2025 and 2024 was $ 1.3 million and $ 0.4 million, respectively.
The Company is subject to periodic examination of income tax returns by various domestic and international tax authorities.
3 unchanged sentences
The Company’s tax filings for fiscal years starting with the year ended April 30, 2018 remain open in various tax jurisdictions.
−Removed: Dutch income taxes and non-Dutch withholding taxes associated with the repatriation of earnings or for temporary differences related to investments in non-Dutch subsidiaries, excluding the U.S subsidiaries, have not been provided for, as the Company intends to reinvest the earnings of such subsidiaries indefinitely or the Company has concluded that an immaterial additional tax liability would arise on the distribution of such earnings.
−Removed: Earnings from the Company’s U.S.
−Removed: subsidiaries are treated as being currently repatriated back to the Netherlands, even though no Dutch income taxes or U.S.
−Removed: withholding taxes regarding to such repatriations are recorded due to the Netherlands participation exemption provisions and exemption from withholding taxes under the income tax treaty between the Netherlands and the United States.
+Added: Withholding taxes associated with the repatriation of earnings or for temporary differences related to investments in non-Dutch subsidiaries have not been provided for, as the Company intends to reinvest the earnings of such subsidiaries indefinitely.
As of April 30, 2025, there were cumulative earnings of $ 213.4 million from the non-U.S.
−Removed: subsidiaries.
+Added: subsidiaries and a deficit from the U.S.
+Added: subsidiaries of $ 825.6 million.
If such earnings were to be repatriated, they would be exempt from taxation in the Netherlands and the amount of dividend withholding taxes from such foreign jurisdictions would be $ 5.7 million, due to the various income tax treaties between the Netherlands and the respective foreign jurisdictions.
+Added: In 2021, the Organization for Economic Cooperation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%.
+Added: The OECD has since issued administrative guidance providing transition and safe harbor rules concerning the implementation of the Pillar Two global minimum tax.
+Added: A number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal.
+Added: Pillar Two did not have a significant impact on the Company’s consolidated financial statements for the year ended April 30, 2025.
+Added: The Company continues to monitor the impact of proposed and enacted global tax legislation.
Employee Benefit Plans
5 unchanged sentences
The Company makes contributions to the 401(k) Plan of up to 6 % of the participating employee’s W-2 earnings and wages.
−Removed: The Company recorded $ 18.4 million, $ 17.9 million, and $ 15.2 million of expense for the years ended April 30, 2024, 2023, and 2022, respectively related to the 401(k) Plan.
−Removed: The Company also has defined-contribution plans in certain other countries for which the Company recorded $ 12.7 million, $ 9.4 million, and $ 7.2 million of expense for the years ended April 30, 2024, 2023, and 2022, respectively.
+Added: The Company recorded $ 19.6 million, $ 18.4 million, and $ 17.9 million for the years ended April 30, 2025, 2024, and 2023, respectively, related to the 401(k) Plan.
+Added: The Company also has defined-contribution and other employee benefit plans in certain other countries for which the Company recorded $ 14.6 million, $ 12.7 million, and $ 9.4 million for the years ended April 30, 2025, 2024, and 2023, respectively.
Segment Information
5 unchanged sentences
Total revenue $ 1,483,296 $ 1,267,321 $ 1,068,989
−Removed: Other than the United States, no individual country exceeded 10% or more of total revenue during the periods presented.
+Added: Other than the United States, no individual country accounted for 10% or more of total revenue during the periods presented.
The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands):
5 unchanged sentences
Total long-lived assets $ 28,923 $ 25,959
−Removed: Restructuring and Other Related Charges
−Removed: During the three months ended April 30, 2024, the Company initiated a plan to realign business and strategic priorities which resulted in a reduction of the Company’s workforce.
−Removed: In connection with this plan, the Company incurred charges of $ 4.2 million primarily consisting of employee-related severance and termination benefits during the year ended April 30, 2024.
−Removed: The execution of this plan is expected to be substantially completed during the first quarter of fiscal 2025.
−Removed: The following table presents activity related to the liability, which is recorded in accrued compensation and employee benefits in the consolidated balance sheet, for restructuring-related employee severance and benefits for the year ended April 30, 2024 (in thousands):
−Removed: April 30, 2024
−Removed: Beginning balance $ —
−Removed: Incurred during the period 4,217
−Removed: Paid during the period ( 589 )
−Removed: Foreign currency translation adjustment ( 2 )
−Removed: Ending balance $ 3,626
−Removed: On November 30, 2022, the Company announced and began implementing a plan to align its investments more closely with its strategic priorities by reducing the Company’s workforce by approximately 13 % and implementing certain facilities-related cost optimization actions.
−Removed: In connection with this restructuring plan, the Company recorded employee-related severance and other termination benefits of $ 0.8 million and $ 23.3 million during the years ended April 30, 2024 and 2023, respectively.
−Removed: The Company also recorded facilities-related charges of $ 6.2 million during the year ended April 30, 2023.
−Removed: The facilities-related charges included impairment of operating lease right-of-use assets and the associated furniture, equipment, and leasehold improvements of $ 5.1 million and $ 1.1 million, respectively, for the exited leased office spaces.
−Removed: The execution of this restructuring plan was completed during the first quarter of fiscal 2024.
+Added: Subsequent Events
+Added: On May 21, 2025, the Company acquired 100 % of the share capital of Keep Alerting Ltd., an open source AIOps company, for cash consideration of approximately $ 10.0 million.
+Added: Headquartered in Israel, Keep Alerting Ltd.
+Added: unifies alerts and automates incident remediation, helping users manage alerts to improve operational efficiency and service reliability.
+Added: The acquisition will be accounted for as a business combination and, accordingly, the purchase price will be allocated to tangible and intangible assets acquired and liabilities assumed based on their respective fair values on the acquisition date.
+Added: The Company is in the process of finalizing the purchase price allocation for the transaction.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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.