Why Elastic NV (NYSE: ESTC) Stock is Going Gangbusters Today

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Elastic NV (NYSE: ESTC) stock surged over 12.8% in the after-hours session of June 2nd, 2021 (Source: Google finance) after the company posted higher than expected results for the fourth quarter of FY 21.

The company delivered SaaS revenue of $51.3 million, which represents an increase of 77% year-over-year, or 73% on a constant currency basis. Calculated billings was $240.9 million, which represents an increase of 38% year-over-year, or 33% on a constant currency basis. Deferred revenue was $397.7 million, which represents the growth of 53% year-over-year. The company posted Non-GAAP operating loss of $1.2 million with non-GAAP operating margin of -1%. The company generated Operating cash flow of -$1.6 million with free cash flow of -$3.1 million. Cash and cash equivalents stood at $400.8 million as of April 30, 2021.

Moreover, in the fourth quarter, the total subscription customer count was more than 15,000, compared to over 13,800 in Q3 FY21, and over 11,300 in Q4 FY20. Total customer count with Annual Contract Value (ACV) greater than $100,000 was more than 730, compared to over 670 in Q3 FY21, and over 610 in Q4 FY20. Subscription revenue represented 93% of total revenue. Net Expansion Rate was consistent with Q3 FY21 and slightly below 130%.

ESTC in the fourth quarter of FY 21 has reported the adjusted loss per share of 8 cents, beating the analysts’ estimates for the adjusted loss per share of 16 cents. The company had reported the adjusted revenue growth of 44 percent to $177.6 million in the fourth quarter of FY 21, beating the analysts’ estimates for revenue of $157.94 billion.

Elastic N.V. expects first quarter of 2022 earnings per share to be in the range of ($0.13)-($0.10), versus the consensus of ($0.12). Elastic N.V. sees first quarter of 2022 revenue to be in the range of $171-173 million, versus the consensus of $168.8 million. Q1 Non-GAAP operating margin is expected to be between -5.0% and -4.0%.

Elastic N.V. sees FY2022 earnings per share to be in the range of ($0.60)-($0.51), versus the consensus of ($0.48). Elastic N.V. sees FY2022 revenue to be in the range of $782-788 million, versus the consensus of $743.3 million. FY 2022 Non-GAAP operating margin is expected to be between -5.5% and -4.5%.

Meanwhile, the company has expanded strategic integration with Microsoft enabling customers to find, deploy, and manage Elasticsearch from directly within the Microsoft Azure portal, accelerating time to value of our solutions on Elastic Cloud. In addition, the company has expanded open ecosystem of partners with the announcement of strategic integrations and partnerships with Grafana Labs, Confluent, and Swimlane.

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