Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Oct. 31, 2019 | Nov. 30, 2019 | |
Cover [Abstract] | ||
Entity Registrant Name | Elastic N.V. | |
Entity Central Index Key | 0001707753 | |
Current Fiscal Year End Date | --04-30 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 80,621,016 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38675 | |
Entity Address, Address Line One | 800 West El Camino Real | |
Entity Address, Address Line Two | Suite 350 | |
Entity Address, City or Town | Mountain View | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94040 | |
City Area Code | 650 | |
Local Phone Number | 458-2620 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Tax Identification Number | 00-0000000 | |
Entity Incorporation, State or Country Code | P7 | |
Title of 12(b) Security | Ordinary shares, Par Value €0.01 Per Share | |
Trading Symbol | ESTC | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 305,246 | $ 298,000 |
Restricted cash | 2,302 | 2,280 |
Accounts receivable, net of allowance for doubtful accounts of $1,495 and $1,411 as of October 31, 2019 and April 30, 2019, respectively | 78,920 | 81,274 |
Deferred contract acquisition costs | 14,778 | 17,215 |
Prepaid expenses and other current assets | 31,859 | 30,872 |
Total current assets | 433,105 | 429,641 |
Property and equipment, net | 8,002 | 5,448 |
Goodwill | 198,797 | 19,846 |
Operating lease right-of-use assets | 40,177 | |
Intangible assets, net | 58,463 | 6,723 |
Deferred contract acquisition costs, non-current | 14,456 | 8,935 |
Deferred tax assets | 2,255 | 1,748 |
Other assets | 11,534 | 13,397 |
Total assets | 766,789 | 485,738 |
Current liabilities: | ||
Accounts payable | 10,064 | 4,450 |
Accrued expenses and other liabilities | 21,818 | 18,740 |
Accrued compensation and benefits | 44,978 | 22,147 |
Operating lease liabilities | 7,733 | |
Deferred revenue | 180,156 | 158,243 |
Total current liabilities | 264,749 | 203,580 |
Deferred revenue, non-current | 21,175 | 12,423 |
Operating lease liabilities, non-current | 34,137 | |
Other liabilities, non-current | 13,572 | 6,723 |
Total liabilities | 333,633 | 222,726 |
Commitments and contingencies (Note 7) | ||
Shareholders’ equity: | ||
Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of October 31, 2019 and April 30, 2019 | ||
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 80,412,842 and 73,675,083 shares issued and outstanding as of October 31, 2019 and April 30, 2019, respectively | 829 | 754 |
Treasury stock | (369) | (369) |
Additional paid-in capital | 843,997 | 581,135 |
Accumulated other comprehensive loss | (2,482) | (1,431) |
Accumulated deficit | (408,819) | (317,077) |
Total shareholders’ equity | 433,156 | 263,012 |
Total liabilities and shareholders’ equity | $ 766,789 | $ 485,738 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) $ in Thousands | Oct. 31, 2019USD ($)shares | Oct. 31, 2019€ / shares | Apr. 30, 2019USD ($)shares | Apr. 30, 2019€ / shares |
Allowance for doubtful accounts | $ | $ 1,495 | $ 1,411 | ||
Ordinary shares, par value | € / shares | € 0.01 | € 0.01 | ||
Ordinary shares, shares authorized | 165,000,000 | 165,000,000 | ||
Ordinary shares, shares issued | 80,412,842 | 73,675,083 | ||
Ordinary shares, shares outstanding | 80,412,842 | 73,675,083 | ||
Convertible Preference Shares | ||||
Preference shares, par value | € / shares | € 0.01 | € 0.01 | ||
Preference shares, shares authorized | 165,000,000 | 165,000,000 | ||
Preference shares, shares issued | 0 | 0 | ||
Preference shares, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Revenue | ||||
Total revenue | $ 101,106 | $ 63,575 | $ 190,816 | $ 120,219 |
Cost of revenue | ||||
Total cost of revenue | 28,761 | 18,587 | 55,012 | 34,144 |
Gross profit | 72,345 | 44,988 | 135,804 | 86,075 |
Operating expenses | ||||
Research and development | 38,478 | 25,332 | 73,660 | 44,313 |
Sales and marketing | 54,020 | 34,634 | 106,031 | 65,056 |
General and administrative | 31,808 | 12,092 | 50,376 | 22,191 |
Total operating expenses | 124,306 | 72,058 | 230,067 | 131,560 |
Operating loss | (51,961) | (27,070) | (94,263) | (45,485) |
Other income, net | 1,684 | 264 | 2,615 | 860 |
Loss before income taxes | (50,277) | (26,806) | (91,648) | (44,625) |
Provision for (benefit from) income taxes | (304) | 733 | 94 | 1,492 |
Net loss | $ (49,973) | $ (27,539) | $ (91,742) | $ (46,117) |
Net loss per share attributable to ordinary shareholders, basic and diluted | $ (0.64) | $ (0.63) | $ (1.20) | $ (1.20) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted | 77,772,406 | 43,978,770 | 76,202,865 | 38,471,641 |
License - self-managed | ||||
Revenue | ||||
Total revenue | $ 12,272 | $ 10,204 | $ 22,179 | $ 17,444 |
Cost of revenue | ||||
Total cost of revenue | 158 | 97 | 255 | 194 |
Subscription - self-managed and SaaS | ||||
Revenue | ||||
Total revenue | 79,407 | 48,232 | 151,890 | 92,601 |
Cost of revenue | ||||
Total cost of revenue | 19,741 | 12,870 | 37,636 | 23,071 |
Total subscription | ||||
Revenue | ||||
Total revenue | 91,679 | 58,436 | 174,069 | 110,045 |
Cost of revenue | ||||
Total cost of revenue | 19,899 | 12,967 | 37,891 | 23,265 |
Professional services | ||||
Revenue | ||||
Total revenue | 9,427 | 5,139 | 16,747 | 10,174 |
Cost of revenue | ||||
Total cost of revenue | $ 8,862 | $ 5,620 | $ 17,121 | $ 10,879 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (49,973) | $ (27,539) | $ (91,742) | $ (46,117) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (1,433) | (96) | (1,051) | (834) |
Other comprehensive loss | (1,433) | (96) | (1,051) | (834) |
Total comprehensive loss | $ (51,406) | $ (27,635) | $ (92,793) | $ (46,951) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preference Shares and Shareholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Endgame | Ordinary Shares | Ordinary SharesEndgame | Ordinary SharesLambdaLab | Treasury Shares | Additional Paid-In Capital | Additional Paid-In CapitalEndgame | Accumulated Other Comprehensive Loss | Accumulated Deficit | Redeemable Convertible Preference Shares |
Temporary equity, beginning balance at Apr. 30, 2018 | $ 200,921 | ||||||||||
Temporary equity, beginning balance (in shares) at Apr. 30, 2018 | 28,939,466 | ||||||||||
Temporary equity, ending balance at Oct. 31, 2018 | $ 0 | ||||||||||
Temporary equity, ending balance (in shares) at Oct. 31, 2018 | 0 | ||||||||||
Beginning balance at Apr. 30, 2018 | $ (153,529) | $ 33 | $ (369) | $ 62,542 | $ (961) | $ (214,774) | |||||
Beginning Balance (in shares) at Apr. 30, 2018 | 33,232,955 | ||||||||||
Change in par value upon conversion from B.V. to N.V. | $ 303 | (303) | |||||||||
Conversion of redeemable convertible preference shares to ordinary shares upon initial public offering | 200,921 | $ 289 | 200,632 | $ (200,921) | |||||||
Conversion of redeemable convertible preference shares to ordinary shares upon intial public offering (in shares) | 28,939,466 | (28,939,466) | |||||||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and issuance costs | 263,842 | $ 93 | 263,749 | ||||||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and issuance costs (in shares) | 8,050,000 | ||||||||||
Issuance of ordinary shares upon exercise of stock options | 2,783 | $ 4 | 2,779 | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 635,722 | ||||||||||
Vesting of early exercised stock options | 1,019 | 1,019 | |||||||||
Vesting of ordinary shares subject to repurchase | 449 | 449 | |||||||||
Repurchase of early exercised stock options (in shares) | (43,630) | ||||||||||
Ordinary shares issued in connection with the acquisition of Endgame, shares | 134,474 | ||||||||||
Stock-based compensation | 15,352 | 15,352 | |||||||||
Net loss | (46,117) | (46,117) | |||||||||
Foreign currency translation | (834) | (834) | |||||||||
Ending balance at Oct. 31, 2018 | 283,886 | $ 722 | (369) | 546,219 | (1,795) | (260,891) | |||||
Ending balance (in shares) at Oct. 31, 2018 | 70,948,987 | ||||||||||
Temporary equity, beginning balance at Jul. 31, 2018 | $ 200,921 | ||||||||||
Temporary equity, beginning balance (in shares) at Jul. 31, 2018 | 28,939,466 | ||||||||||
Temporary equity, ending balance at Oct. 31, 2018 | $ 0 | ||||||||||
Temporary equity, ending balance (in shares) at Oct. 31, 2018 | 0 | ||||||||||
Beginning balance at Jul. 31, 2018 | (166,319) | $ 33 | (369) | 69,068 | (1,699) | (233,352) | |||||
Beginning Balance (in shares) at Jul. 31, 2018 | 33,553,263 | ||||||||||
Change in par value upon conversion from B.V. to N.V. | $ 303 | (303) | |||||||||
Conversion of redeemable convertible preference shares to ordinary shares upon initial public offering | 200,921 | $ 289 | 200,632 | $ (200,921) | |||||||
Conversion of redeemable convertible preference shares to ordinary shares upon intial public offering (in shares) | 28,939,466 | (28,939,466) | |||||||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and issuance costs | 263,842 | $ 93 | 263,749 | ||||||||
Issuance of ordinary shares upon initial public offering, net of underwriting discounts and issuance costs (in shares) | 8,050,000 | ||||||||||
Issuance of ordinary shares upon exercise of stock options | 2,134 | $ 4 | 2,130 | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 406,258 | ||||||||||
Vesting of early exercised stock options | 1,019 | 1,019 | |||||||||
Stock-based compensation | 9,924 | 9,924 | |||||||||
Net loss | (27,539) | (27,539) | |||||||||
Foreign currency translation | (96) | (96) | |||||||||
Ending balance at Oct. 31, 2018 | 283,886 | $ 722 | (369) | 546,219 | (1,795) | (260,891) | |||||
Ending balance (in shares) at Oct. 31, 2018 | 70,948,987 | ||||||||||
Beginning balance at Apr. 30, 2019 | 263,012 | $ 754 | (369) | 581,135 | (1,431) | (317,077) | |||||
Beginning Balance (in shares) at Apr. 30, 2019 | 73,675,083 | ||||||||||
Issuance of ordinary shares upon exercise of stock options | $ 39,568 | $ 51 | 39,517 | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 4,470,226 | 4,470,226 | |||||||||
Vesting of ordinary shares subject to repurchase | $ 1,612 | 1,612 | |||||||||
Issuance of ordinary shares upon release of restricted stock units | 1 | $ 1 | |||||||||
Issuance of ordinary shares upon release of restricted stock, Shares | 53,424 | ||||||||||
Ordinary shares issued in connection with the acquisition of Endgame | $ 167,337 | $ 21 | $ 167,316 | ||||||||
Ordinary shares issued in connection with the acquisition of Endgame, shares | 1,983,663 | ||||||||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow | 19,826 | $ 2 | 19,824 | ||||||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow, Shares | 235,031 | ||||||||||
Assumption of stock option plan as consideration for acquisition of Endgame | 9,309 | 9,309 | |||||||||
Repurchase of unvested RSAs, Shares | (4,585) | ||||||||||
Stock-based compensation | 25,284 | 25,284 | |||||||||
Net loss | (91,742) | (91,742) | |||||||||
Foreign currency translation | (1,051) | (1,051) | |||||||||
Ending balance at Oct. 31, 2019 | 433,156 | $ 829 | (369) | 843,997 | (2,482) | (408,819) | |||||
Ending balance (in shares) at Oct. 31, 2019 | 80,412,842 | ||||||||||
Beginning balance at Jul. 31, 2019 | 255,050 | $ 782 | (369) | 614,532 | (1,049) | (358,846) | |||||
Beginning Balance (in shares) at Jul. 31, 2019 | 76,259,361 | ||||||||||
Issuance of ordinary shares upon exercise of stock options | 19,456 | $ 23 | 19,433 | ||||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 1,936,335 | ||||||||||
Issuance of ordinary shares upon release of restricted stock units | 1 | $ 1 | |||||||||
Issuance of ordinary shares upon release of restricted stock, Shares | 3,037 | ||||||||||
Ordinary shares issued in connection with the acquisition of Endgame | 167,337 | $ 21 | 167,316 | ||||||||
Ordinary shares issued in connection with the acquisition of Endgame, shares | 1,983,663 | ||||||||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow | 19,826 | $ 2 | 19,824 | ||||||||
Ordinary shares issued in connection with the acquisition of Endgame held in escrow, Shares | 235,031 | ||||||||||
Assumption of stock option plan as consideration for acquisition of Endgame | $ 9,309 | $ 9,309 | |||||||||
Repurchase of unvested RSAs, Shares | (4,585) | ||||||||||
Stock-based compensation | 13,583 | 13,583 | |||||||||
Net loss | (49,973) | (49,973) | |||||||||
Foreign currency translation | (1,433) | (1,433) | |||||||||
Ending balance at Oct. 31, 2019 | $ 433,156 | $ 829 | $ (369) | $ 843,997 | $ (2,482) | $ (408,819) | |||||
Ending balance (in shares) at Oct. 31, 2019 | 80,412,842 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (91,742) | $ (46,117) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | ||
Depreciation and amortization | 3,338 | 3,008 |
Amortization of deferred contract acquisition costs | 13,921 | 8,848 |
Non-cash operating lease cost | 3,014 | |
Stock-based compensation expense | 27,187 | 16,904 |
Non-cash acquisition expense settled with shares | 8,834 | |
Deferred income taxes | (671) | 910 |
Other | 323 | 15 |
Changes in operating assets and liabilities, net of impact of business acquisitions: | ||
Accounts receivable, net | 4,850 | (2,624) |
Deferred contract acquisition costs | (17,025) | (14,136) |
Prepaid expenses and other current assets | (819) | (4,857) |
Other assets | 1,906 | 733 |
Accounts payable | 4,204 | 4,867 |
Accrued expenses and other liabilities | 3,372 | 7,655 |
Accrued compensation and benefits | 16,214 | 1,666 |
Operating lease liabilities | (2,788) | |
Deferred revenue | 24,478 | 27,678 |
Net cash (used in) provided by operating activities | (1,404) | 4,550 |
Cash flows from investing activities | ||
Purchases of property and equipment | (3,230) | (1,172) |
Business acquisitions, net of cash acquired | (24,373) | (1,986) |
Net cash used in investing activities | (27,603) | (3,158) |
Cash flows from financing activities | ||
Net proceeds from issuance of ordinary shares in initial public offering | 269,514 | |
Proceeds from issuance of ordinary shares upon exercise of stock options | 39,568 | 2,782 |
Payment of withholding taxes related to acquisition expense settled in shares | (2,834) | |
Repurchase of early exercised stock options | (500) | |
Repayment of notes payable | (60) | (20) |
Payment of deferred offering costs | (2,302) | |
Net cash provided by financing activities | 36,674 | 269,474 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (399) | (1,628) |
Net increase in cash, cash equivalents, and restricted cash | 7,268 | 269,238 |
Cash, cash equivalents, and restricted cash, beginning of period | 300,280 | 51,609 |
Cash, cash equivalents, and restricted cash, end of period | 307,548 | 320,847 |
Supplemental disclosures of cash flow information | ||
Cash paid for income taxes | 1,132 | 759 |
Cash paid for operating lease liabilities | 3,083 | |
Cash paid for interest | 2 | 2 |
Supplemental disclosures of non-cash investing and financing information | ||
Purchases of property and equipment included in accounts payable and accrued liabilities | 444 | 18 |
Operating lease right-of-use assets for new lease obligations | 11,296 | |
Operating lease right-of-use assets cancelled lease obligations | 590 | |
Vesting of early exercised stock options | 1,019 | |
Vesting of shares subject to repurchase | 1,612 | 449 |
Deferred offering costs accrued, unpaid | 3,371 | |
Issuance of ordinary shares for business combination | 178,329 | |
Assumption of stock option plan as consideration for business combination | $ 9,309 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Oct. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | Elastic N.V. (“Elastic” or the “Company”) was founded in 2012 and has its corporate seat in Amsterdam, the Netherlands. Elastic is a search company. It created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization in milliseconds or less. Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems. The Company also offers software solutions built on the Elastic Stack that address a wide variety of use cases including app search, site search, enterprise search, logging, metrics, uptime, application performance monitoring (“APM”), business analytics, security analytics, and maps. The Elastic Stack and the Company’s solutions are designed to run on premises, in public or private clouds, or in hybrid environments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated balance sheet as of October 31, 2019, the interim condensed consolidated statements of operations and of comprehensive loss, interim condensed statements of redeemable convertible preference shares and shareholders’ equity (deficit) for the three and six months ended October 31, 2019 and 2018 and the interim condensed consolidated statements of cash flows for the six months ended October 31, 2019 and 2018, are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary to fairly state the Company’s financial position as of October 31, 2019 and the results of the Company’s operations, its statements of redeemable convertible preference shares and shareholders’ equity (deficit) statements of cash flows for the six months ended October 31, 2019 and 2018 The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended April 30, 2019 filed with the SEC on June 28, 2019. Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2020, for example, refer to the fiscal year ending April 30, 2020. Use of Estimates and Judgments The preparation of the interim condensed consolidated financial statements in conformity with U.S. 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. Such estimates include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for doubtful accounts, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s initial public offering (“IPO”), 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, the 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. Actual results could differ from those estimates. Reclassifications Certain prior period amounts in the statement of cash flows have been reclassified in order to conform to the current period presentation. These reclassifications had no effect on the previously reported net loss. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has irrevocably elected not to avail itself of this exemption from new or revised accounting standards and, therefore, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. On the last business day of the Company’s second quarter in fiscal 2020, the aggregate market value of the Company’s ordinary shares held by its non-affiliate shareholders exceeded $700 million. As a result, as of April 30, 2020, the Company will be considered a large accelerated filer as defined in Rule 12b-2 under the Securities Exchange Act of 1934, and the Company will cease to be an emerging growth company as defined in the JOBS Act. The Company will no longer be exempt from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, and the Company’s independent registered public accounting firm will evaluate and report on the effectiveness of internal control over financial reporting. Significant Accounting Policies Other than as described below, there have been no changes to the Company’s significant accounting policies described in its Annual Report on Form 10-K that have had a material impact on its consolidated financial statements and related notes. Leases Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company determines whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. At the lease commencement date, the Company determines the lease classification between finance and operating and recognizes a right-of-use asset and corresponding lease liability for each lease component. A right-of-use asset represents the Company’s right to use an underlying asset and a lease liability represents the Company’s obligation to make payments during the lease term. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company accounts for lease components and non-lease components as a single lease component. 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. The Company estimates its incremental borrowing rate based on the information available at 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. Deferred contract acquisition costs Deferred contract acquisition costs represent costs that are incremental to the acquisition of customer contracts, which consist mainly of sales commissions and associated payroll taxes. The Company determines whether costs should be deferred based on sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract. Effective May 1, 2019, the Company updated its sales commissions plan by incorporating different commission rates for initial subscription contract sales and subsequent subscription renewals. Subsequent to this change, sales commissions for renewal of a subscription contract are not considered commensurate with the commissions paid for the acquisition of the initial subscription contract given the substantive difference in commission rates in proportion to their respective contract values. Effective May 1, 2019, commissions paid upon the initial acquisition of a contract are amortized over an estimated period of benefit of five years while commissions paid for renewal contracts are amortized . Deferred contract acquisition costs are expensed commensurate with the pattern of revenue recognition as performance obligations are satisfied. Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement 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. Further disclosures with respect to the Company’s deferred contract acquisition costs are also included in Note 6, Balance Sheet Components. Customer Deposits Certain of the Company’s contracts, acquired via the Endgame, Inc. (“Endgame”) acquisition, allow for termination at the customer’s convenience, or the Company may receive prepayments on master sales agreements. In these cases, the Company does not consider a contract to exist past the term in which enforceable rights and obligations exist. Amounts received related to these agreements are classified outside of deferred revenue in the consolidated balance sheet, and these amounts do not represent contract balances. As of October 31, 2019, the Company had $2.7 million of customer deposits included in accrued expenses and other liabilities, and $9.1 million of non-refundable customer deposits included in other liabilities, non-current on the consolidated balance sheet. Recently Adopted Accounting Pronouncements Leases: In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-02, codified as Accounting Standards Codification 842 (“ASC 842”), which requires lessees to record the assets and liabilities arising from all leases, with the exception of short-term leases, on the balance sheet. Under ASC 842, lessees recognize a liability for lease payments and a right-of-use asset. This guidance retains the distinction between finance leases and operating leases and the classification criteria for finance leases remains similar. For finance leases, a lessee recognizes the interest on a lease liability separate from amortization of the right-of-use asset. In addition, repayments of the principal amount are presented within financing activities, and interest payments are presented within operating activities in the statement of cash flows. For operating leases, a lessee recognizes a single lease cost on a straight-line basis and classifies all cash payments within operating activities in the statement of cash flows. The Company adopted the new lease accounting standard effective May 1, 2019 using the additional transition method described in ASU No. 2018-11, Leases – Targeted Improvements • the package of practical expedients which allows for not reassessing (1) whether existing contracts contain leases, (2) the lease classification for existing leases, and (3) whether existing initial direct costs meet the new definition, • the practical expedient in ASC Subtopic 842-10 to not separate non-lease components from lease components and instead account for each separate lease component and non-lease components associated with that lease component as a single lease component by class of the underlying asset, and • not to recognize right-of-use assets and lease liabilities for short-term leases, which have a lease term of twelve months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The adoption of ASC 842 resulted in recognition of right-of-use assets of $28.1 million, which included the impact of existing deferred rents of $1.0 million, prepaid rent of $0.2 million and lease liabilities of $28.9 million as of May 1, 2019. See Note 8, Leases The adoption of the new lease accounting standard had no impact on cash provided by or used in operating, investing or financing activities in the Company’s condensed consolidated statements of cash flows. The adoption of the new lease accounting standard did not impact the Company’s condensed consolidated statements of operations nor previously reported financial results. New Accounting Pronouncements Not Yet Adopted Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, , and has since issued various amendments including ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-05. The standard and related amendments modify the accounting for credit losses for most financial assets and require the use of an expected loss model, replacing the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. Goodwill Impairment : In January 2017, the FASB issued ASU No. 2017-04, . The new standard will simplify the measurement of goodwill by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company does not expect the adoption of the new accounting standard will have a material impact on its consolidated financial statements. Fair Value Measurements: In August 2018, the FASB issued ASU No. 2018-13, , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, . The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021 . Early adoption is permitted. The Company does not expect the adoption of the new accounting standard will have a material impact on its consolidated financial statements. Intangible Assets: In August 2018, the FASB issued ASU No. 2018-15, , which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. |
Revenue and Performance Obligat
Revenue and Performance Obligations | 6 Months Ended |
Oct. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue and Performance Obligations | 3. Disaggregation of Revenue The following table presents revenue by category (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 % of % of % of % of Total Total Total Total Amount Revenue Amount Revenue Amount Revenue Amount Revenue Self-managed subscription $ 71,030 71 % $ 48,406 76 % $ 135,842 71 % $ 89,718 75 % License 12,272 12 % 10,204 16 % 22,179 11 % 17,444 15 % Subscription 58,758 59 % 38,202 60 % 113,663 60 % 72,274 60 % SaaS 20,649 20 % 10,030 16 % 38,227 20 % 20,327 17 % Total subscription revenue 91,679 91 % 58,436 92 % 174,069 91 % 110,045 92 % Professional services 9,427 9 % 5,139 8 % 16,747 9 % 10,174 8 % Total revenue $ 101,106 100 % $ 63,575 100 % $ 190,816 100 % $ 120,219 100 % Remaining Performance Obligations As of October 31, 2019, the Company had $410.0 million of remaining performance obligations, which is comprised of product and services revenue not yet delivered. As of October 31, 2019, the Company expects to recognize approximately 87% of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Oct. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company measures financial assets and liabilities that are measured at fair value on a recurring basis at each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2019 and April 30, 2019 (in thousands): October 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 225,814 $ - $ - $ 225,814 April 30, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 261,864 $ - $ - $ 261,864 Money market funds consist of cash equivalents with remaining maturities of three months or less at the date of purchase. The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments in money market funds. |
Acquisitions
Acquisitions | 6 Months Ended |
Oct. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions Six Months Ended October 31, 2019 Endgame, Inc. On October 8, 2019, the Company acquired all outstanding shares of Endgame, a security company offering endpoint protection technology, for a total acquisition price of $234.0 million . Elastic paid the purchase price through (i) the issuance of 2,218,694 ordinary shares in respect of Endgame’s outstanding capital stock, warrants, convertible notes, and certain retention awards, (ii) the cash repayment of Endgame’s outstanding indebtedness of $20.4 million, (iii) the assumption of Endgame’s outstanding stock options, (iv) a $0.4 million cash deposit to an expense fund for the fees and expenses of the representative and agent of Endgame securityholders, (v) the cash payment of Endgame’s transaction expenses of $5.9 million, and (vi) the cash payment of . Approximately 11% of the ordinary shares issued, or 235,031 shares, is being held in an indemnity escrow fund for 18 months after the acquisition close date. For purposes of determining the total acquisition price of $234.0 million, the Company used the ordinary share price of $89.3836 which was determined on the basis of the volume weighted average price per share rounded to four decimal places for the twenty (20) consecutive trading days ending with the complete trading day ending five (5) trading days prior to the date upon which the acquisition was consummated. The fair value of the shares transferred as consideration was $84.12 per share and was determined on the basis of the closing stock price of the Company’s ordinary shares on the date of acquisition. The stock options assumed on the acquisition date will continue to vest as the Endgame employees provide services in the post-acquisition period. The fair value of these awards will be recorded as share-based compensation expense over the respective The Company continues to collect information with regards to its estimates and assumptions, including potential liabilities, contingencies, and the allocation of the purchase price. The Company will record adjustments to the fair value of the net assets acquired, liabilities assumed and goodwill within the measurement period, if necessary. The following table summarizes the components of the U.S. GAAP purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 26,633 Ordinary shares 178,331 Assumption of stock option plan 9,309 Total consideration $ 214,273 The above U.S. GAAP purchase price consideration does not include ordinary shares of Elastic issued as part of acceleration of equity awards and participation in the retention bonus pool. The following table summarizes the preliminary estimated fair values of assets acquired and liabilities assumed (in thousands): Cash and cash equivalents $ 2,220 Restricted cash 40 Accounts receivable 2,661 Prepaid and other current assets 549 Operating lease right-of-use assets 4,363 Property and equipment 503 Intangible assets 53,800 Other assets 58 Goodwill 179,213 Accounts payable (1,112 ) Accrued expenses and other current liabilities (3,035 ) Accrued compensation and benefits (5,042 ) Operating lease liabilities, current (981 ) Deferred revenue, current (3,532 ) Deferred revenue, non-current (2,661 ) Operating lease liabilities, non-current (3,551 ) Other liabilities, non-current (9,220 ) Total purchase consideration $ 214,273 Identifiable intangible assets include (in thousands): Total Estimated life (in years) Developed technology $ 31,200 5 Customer relationships 20,500 4 Trade name 2,100 4 Intangible assets $ 53,800 Developed technology consists of software products and security platform developed by Endgame. Customer relationships consists of contracts with platform users that purchase Endgame’s products and services that carry distinct value. Trade names represent the Company’s right to the Endgame trade names and associated design, as it exists as of the acquisition closing date. The fair value assigned to developed technology was determined primarily using the multi-period excess earnings model, which estimates the revenue and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets otherwise recognized. The fair value of the Company’s customer relationships was determined using the income approach, which discounts expected future cash flows to present value using estimates and assumptions determined by management. The fair value assigned to trade name was determined using the relief from royalty method, where the owner of the asset realizes a benefit from owning the intangible asset rather than paying a rental or royalty rate for use of the asset. Recognized goodwill of $179.2 million is not deductible for tax purposes and is primarily attributed to planned growth in new markets, synergies arising from the acquisition and the value of the acquired workforce. Net tangible assets and liabilities assumed were valued at their respective carrying amounts as of the acquisition date, as the Company believes that these amounts approximate their current fair values. Endgame has been included in the Company’s consolidated results of operations since the acquisition date. Endgame’s results were immaterial to the Company’s consolidated results for the three months ended October 31, 2019. The following unaudited pro forma condensed consolidated financial information gives effect to the acquisition of Endgame as if it were consummated on May 1, 2018 (the beginning of the comparable prior reporting period), including pro forma adjustments related to the valuation and allocation of the purchase price, primarily amortization of acquired intangible assets and deferred revenue fair value adjustments; share-based compensation expense; alignment of accounting policies; the impact of applying ASC Topic 606, Revenue From Contracts With Customers, Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 Revenue $ 105,450 $ 66,808 $ 200,854 $ 127,676 Net loss $ (46,309 ) $ (36,354 ) $ (94,663 ) $ (77,264 ) Non-recurring acquisition costs incurred by the Company of $17.0 million, including a non-cash expense settled in the Company’s ordinary shares for $8.8 million and a related cash payment of withholding taxes of $2.8 million, were charged to general and administrative expenses in the condensed consolidated statement of operations for the six months ended October 31, 2019, and are reflected in the pro forma net loss presented above for the six months ended October 31, 2018. Non-recurring acquisition costs incurred by Endgame of $1.5 million are also reflected in the pro forma net loss presented above for the six months ended October 31, 2018. Six Months Ended October 31, 2018 Lambda Lab Corp. In July 2018, the Company acquired 100% of the share capital of Lambda Lab Corp. (“Lambda Lab”), a privately held company headquartered in the United States. Lambda Lab was a code search company whose product was built on top of Elasticsearch and focused on building semantic understanding of code, exposed through powerful search features. Purchase consideration for the acquisition was $2.0 million in cash. Excluded from the purchase consideration are 134,474 ordinary shares of $2.2 million issued to certain employees of Lambda Lab. These shares are subject to repurchase until the two year anniversary of the close of the acquisition and are contingent upon these employees’ continued employment with the Company. The repurchase option lapses as to fifty percent of the ordinary shares on each anniversary of the close of the acquisition. The Company will record stock-based compensation expense of $2.2 million over the two year vesting term. During both the six months ended October 31, 2018 and 2019, the Company recorded stock-based compensation expense of $0.5 million. As of October 31, 2019, a share repurchase liability, included in accrued expenses was $1.1 million. As of October 31, 2019, the deferred stock-based compensation expense included in prepaid expenses and other current assets was $0.4 million. The following table summarizes the components of the Lambda Lab purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 1,997 Developed technology $ 1,339 Trade name 15 Goodwill 1,038 Net liabilities acquired (395 ) Total purchase consideration $ 1,997 The amount allocated to developed technology was $1.3 million. The fair value assigned to developed technology was determined primarily using the multi-period excess earnings model, which estimates the revenue and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets otherwise recognized. The acquired developed technology is being amortized on a straight-line basis over four years, which approximates the pattern in which these assets are utilized. Goodwill of $1.0 million, none of which is deductible for tax purposes, was recorded in connection with the Lambda Lab acquisition, which is primarily attributed to synergies arising from the acquisition and the value of the acquired workforce. Acquisition costs of $0.2 million were charged to general and administrative expenses in the consolidated statement of operations for the six months ended October 31, 2018. Lambda Lab has been included in the Company’s consolidated results of operations since the acquisition date. Fair Value of Ordinary Shares Used for Purchase Consideration The fair value of the ordinary shares issued as part of the consideration paid for the above acquisition was determined by the Company’s board of directors based on numerous subjective and objective factors, including, but not limited to, a contemporaneous valuation performed by an independent third-party valuation firm. Because the Company was not publicly traded at the time the acquisition was completed, the Company’s board of directors considered 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, among other factors. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Oct. 31, 2019 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | 6. Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): As of October 31, 2019 As of April 30, 2019 Prepaid hosting costs $ 12,959 $ 12,006 Deposits 1,335 1,268 Prepaid software subscription costs 4,614 4,326 Deferred stock-based compensation expense 379 784 Prepaid value added taxes 6,363 4,239 Other 6,209 8,249 Total prepaid expenses and other current assets $ 31,859 $ 30,872 Property and Equipment, Net The cost and accumulated depreciation of property and equipment were as follows (in thousands): Useful Life (in years) As of October 31, 2019 As of April 30, 2019 Leasehold improvements Lesser of estimated useful life or remaining lease term $ 6,978 $ 6,176 Computer hardware and software 3 5,612 5,393 Furniture and fixtures 3-5 3,779 3,094 Assets under construction 3,365 1,243 Total property and equipment 19,734 15,906 Less: accumulated depreciation (11,732 ) (10,458 ) Property and equipment, net $ 8,002 $ 5,448 Depreciation expense related to property and equipment was $0.7 million for both the three months ended October 31, 2019 and 2018, and $1.3 million and $1.5 million for the six months ended October 31, 2019 and 2018, respectively. Intangible Assets, Net Intangible assets consisted of the following as of October 31, 2019 and April 30, 2019 (in thousands): October 31, 2019 Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 43,330 $ 7,297 $ 36,033 4.5 Trade names 3,072 923 2,149 3.9 Customer relationships 20,898 617 20,281 3.9 Total $ 67,300 $ 8,837 $ 58,463 April 30, 2019 Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 12,130 $ 5,646 $ 6,484 2.5 Trade names 972 863 109 2.2 Customer relationships 398 268 130 2.2 Total $ 13,500 $ 6,777 $ 6,723 Amortization expense for the intangible assets for the three and six months ended October 31, 2019 and 2018 was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 Cost of revenue—cost of license—self-managed $ 158 $ 97 $ 255 $ 194 Cost of revenue—cost of subscription—self-managed and SaaS 861 637 1,397 1,213 Sales and marketing 379 40 408 77 Total amortization of acquired intangible assets $ 1,398 $ 774 $ 2,060 $ 1,484 The expected future amortization expense related to the intangible assets as of October 31, 2019 was as follows (in thousands, by fiscal year): Remainder of 2020 $ 7,270 2021 14,506 2022 13,286 2023 11,952 2024 8,715 Thereafter 2,734 Total $ 58,463 Goodwill The following table represents the changes to goodwill (in thousands): Carrying Amount Balance as of April 30, 2019 $ 19,846 Addition from acquisition 179,213 Foreign currency translation adjustment (262 ) Balance as of October 31, 2019 $ 198,797 There was no impairment of goodwill during the six months ended October 31, 2019 and 2018. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): As of October 31, 2019 As of April 30, 2019 Accrued expenses $ 9,496 $ 8,124 Income taxes payable 162 149 Value added taxes payable 3,430 4,236 Share repurchase liability 1,117 1,612 Other 7,613 4,619 Total accrued expenses and other liabilities $ 21,818 $ 18,740 Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): As of October 31, 2019 As of April 30, 2019 Accrued vacation $ 14,898 $ 9,655 Accrued commissions 8,036 6,510 Accrued payroll taxes and withholding taxes 17,279 1,868 Post-combination compensation liability - 655 Other 4,765 3,459 Total accrued compensation and benefits $ 44,978 $ 22,147 Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers. For annual contracts, the Company typically invoices customers at the time of entering into the contract. For multi-year agreements, the Company generally invoices customers on an annual basis prior to each anniversary of the contract start date. The Company records unbilled accounts receivable related to revenue recognized in excess of amounts invoiced as the Company has an unconditional right to invoice and receive payment in the future related to those fulfilled obligations. Invoicing customers prior to performance creates a contract liability, deferred revenue, which is recognized in accordance with the Company’s revenue recognition policy. The following table provides information about unbilled accounts receivable, deferred contract acquisition costs and deferred revenue from contracts with customers (in thousands): As of October 31, 2019 As of April 30, 2019 Unbilled accounts receivable, included in accounts receivable, net $ 2,630 $ 1,710 Deferred contract acquisition costs $ 29,234 $ 26,150 Deferred revenue $ 201,331 $ 170,666 Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands): Unbilled Accounts Receivable Six Months Ended October 31, 2019 2018 Beginning balance $ 1,710 $ 1,139 Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period (1,710 ) (1,139 ) Additions through acquisition 321 - Revenue recognized during the period in excess of invoices issued 2,309 1,294 Ending balance $ 2,630 $ 1,294 Deferred Revenue Six Months Ended October 31, 2019 2018 Beginning balance $ 170,666 $ 102,561 Increases due to invoices issued, excluding amounts recognized as revenue during the period 135,665 94,830 Increase from acquisition, net of revenue recognized 6,147 - Revenue recognized that was included in deferred revenue balance at beginning of period (111,147 ) (70,112 ) Ending balance $ 201,331 $ 127,279 Deferred Contract Acquisition Costs During the six months ended October 31, 2018 and the fiscal year ending April 30, 2019, sales commissions for renewal of a contract were considered commensurate with the commissions paid for the acquisition of the initial contract given there was no substantive difference in commission rates in proportion to their respective contract values. During the six months ended October 31, 2019, the Company updated its sales commissions plan by incorporating different commission rates for initial subscription contract sales and subsequent subscription renewals. Subsequent to this change, sales commissions for renewal of a subscription contract are not considered commensurate with the commissions paid for the acquisition of the initial subscription contract given the substantive difference in commission rates in proportion to their respective contract values. Accordingly, commissions paid upon the initial acquisition of a contract are now amortized over an estimated period of benefit of five years while commissions paid related to renewal contracts are now amortized . Deferred contract acquisition costs are expensed commensurate with the pattern of revenue recognition as performance obligations are satisfied. Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement 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. The Company did not recognize any impairment of deferred contract acquisition costs during the six months ended October 31, 2019. The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Six Months Ended October 31, 2019 2018 Beginning balance $ 26,150 $ 18,079 Capitalization of contract acquisition costs 17,005 13,637 Amortization of deferred contract acquisition costs (13,921 ) (8,848 ) Ending balance $ 29,234 $ 22,868 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Hosting Infrastructure Commitments In December 2017, the Company entered into non-cancelable capacity commitments with a hosting infrastructure vendor for a total minimum commitment of $12.5 million in each of the subsequent three years. In December 2018, the agreement was amended to establish total minimum commitments of $17.0 million for calendar year 2019, $20.0 million for calendar year 2020 and $23.0 million for calendar year 2021. As of October 31, 2019, the Company had paid all of the $17.0 million toward the calendar year 2019 commitment. Hosting infrastructure commitments as of October 31, 2019 were as follows (in thousands): Years Ending April 30, 2020 (remaining six months) $ 6,667 2021 21,000 2022 15,333 Total $ 43,000 Letters of Credit The Company had a total of $2.3 million in letters of credit outstanding in favor of certain landlords for office space as of October 31, 2019. Legal Matters From time to time, the Company has become involved in claims and other legal matters arising in the ordinary course of business. The Company investigates these claims as they arise. 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. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Although the results of litigation and claims are inherently unpredictable, the Company believes that there was not at least a reasonable possibility that the Company had incurred a material loss with respect to such loss contingencies, as of October 31, 2019; therefore, the Company has not recorded an accrual for such contingencies. Indemnification The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never 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. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions. In addition, the Company indemnifies its officers, directors and certain key employees while they are serving in good faith in their respective capacities. To date, there have been no claims under any indemnification provisions. |
Leases
Leases | 6 Months Ended |
Oct. 31, 2019 | |
Leases [Abstract] | |
Leases | 8. The Company’s leases are comprised of corporate office spaces and various equipment under non-cancelable operating lease agreements that expire at various dates through 2025. As of October 31, 2019, the Company had no finance leases. Lease Costs Components of lease costs included in the condensed consolidated statement of operations were as follows (in thousands): Three Months Ended October 31, 2019 Six Months Ended October 31, 2019 Operating lease cost $ 2,184 $ 3,963 Short-term lease cost 859 1,531 Variable lease cost 189 308 Total lease cost $ 3,232 $ 5,802 Lease term and discount rate information are summarized as follows: As of October 31, 2019 Weighted average remaining lease term (years) 5.38 Weighted average discount rate 4.97 % Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of October 31, 2019 were as follows (in thousands): Years Ending April 30, 2020 (remaining six months) $ 4,422 2021 9,139 2022 8,636 2023 8,765 2024 8,037 Thereafter 10,098 Total minimum lease payments 49,097 Less imputed interest (7,227 ) Present value of future minimum lease payments 41,870 Less current lease liabilities (7,733 ) Operating lease liabilities, non-current $ 34,137 Future minimum lease payments under non-cancelable operating leases, based on the previous lease accounting standard, as of April 30, 2019 were as follows (in thousands): Years Ending April 30, 2020 $ 6,455 2021 5,494 2022 5,106 2023 5,217 2024 4,602 Thereafter 7,020 Total $ 33,894 |
Ordinary Shares
Ordinary Shares | 6 Months Ended |
Oct. 31, 2019 | |
Equity [Abstract] | |
Ordinary Shares | 9. Ordinary Shares The Company’s articles of association designated and authorized the Company to issue 72 million ordinary shares with a par value of €0.001 per share up until immediately prior to the completion of the IPO at which time the authorized ordinary shares increased to 165 million. In addition, the par value per ordinary share was changed from €0.001 per share to €0.01 per share as required by Dutch law at the time of the Company’s conversion into a Dutch public limited liability company ( naamloze vennootschap Each holder of ordinary shares has the right to one vote per ordinary share. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of shares outstanding having priority rights to dividends. No dividends have been declared by the Company’s board of directors from inception through October 31, 2019. Ordinary Shares Reserved for Issuance The Company had reserved shares of ordinary shares for issuance as follows: As of October 31, 2019 As of April 30, 2019 Stock options issued and outstanding 18,369,959 22,866,438 RSUs issued and outstanding 1,101,978 740,467 Remaining shares available for future issuance under the 2012 Plan 13,193,113 9,649,123 Total ordinary shares reserved 32,665,050 33,256,028 Convertible Preference Shares The Company's board of directors has the authority, without further action by the Company's shareholders, to issue up to 165 million shares of undesignated convertible preference shares with rights and preferences, including voting rights, designated from time to time by the board of directors. As of October 31, 2019, there were no convertible preference shares issued or outstanding. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Oct. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 10. Equity Incentive Plans I n 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 (as amended and restated, the “2012 Plan”). 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 ’s board of directors or compensation committee determines the vesting schedule for all equity-based awards. Equity settled RSUs granted to new employees generally vest over a period of four years with 25% vesting on the one-year anniversary of the vesting start date and the remainder vesting semi-annually over the next three years, subject to the grantee’s continued service to the Company. Equity settled RSUs granted to existing employees generally vest semi-annually over a period of four years, subject to the grantee’s continued service to the Company. The Company’s compensation commit The equity awards available for grant for the periods presented were as follows: Six Months Ended October 31, 2019 Available at beginning of period 9,649,123 Awards authorized 3,683,754 Stock options granted (172,031 ) Stock options cancelled 443,367 RSUs granted (474,677 ) RSUs cancelled 58,992 RSAs cancelled 4,585 Available at end of period 13,193,113 Endgame Stock Incentive Plan Assumed in Acquisition In connection with its acquisition of Endgame, the Company assumed all in-the-money stock options issued under Endgame’s Amended and Restated 2010 Stock Incentive Plan that were outstanding on the date of acquisition. The assumed stock options will continue to be outstanding and will be governed by the provisions of their respective plan and are included in the stock option activity table below. Stock Options The following table summarizes stock option activity (in thousands, except share and per share data): Stock options Outstanding Number of Stock Options Outstanding Weighted- Average Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of April 30, 2019 22,866,438 $ 11.90 7.98 $ 1,684,106 Stock options granted 172,031 $ 81.39 Stock options assumed in acquisition 245,390 $ 48.99 Stock options exercised (4,470,226 ) $ 8.85 Stock options cancelled (443,674 ) $ 15.08 Balance as of October 31, 2019 18,369,959 $ 13.71 7.56 $ 1,073,648 Exercisable as of October 31, 2019 8,138,191 $ 9.93 6.78 $ 505,284 Stock options exercisable include 493,808 stock options that were unvested as of October 31, 2019. Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase ordinary shares and the fair value of the Company’s ordinary shares. The weighted-average grant-date fair value per share of stock options granted was $54.20 and $10.69 for the three months ended October 31, 2019 and 2018, respectively and $50.92 and $9.09 for the six months ended October 31, 2019 and 2018, respectively. As of October 31, 2019, the Company had unrecognized stock-based compensation expense of $73.8 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 2.52 years. RSAs I n October 2017, the Company acquired 100% of the share capital of Swiftype, Inc. (“Swiftype”), a privately-held company headquartered in the United States. As part of the transaction, t The performance-based vesting condition related to these awards was deemed probable upon the effectiveness of the Company’s IPO on October 8, 2018. On that date, the Company recorded a cumulative catch-up stock-based compensation expense using the accelerated attribution method for the RSAs that had satisfied the applicable service-based vesting condition on that date with the remaining expense to be recognized over the remaining requisite service period. As of October 31, 2019, the underlying performance-based and service-based vesting conditions were fully satisfied and none of the ordinary shares issued were subject to repurchase by the Company. Stock-based compensation expense related to the RSAs for the three and six month period ended October 31, 2019 was $0.1 million and $0.2 million, respectively. RSUs During the six months ended October 31, 2019, the Company granted 474,677 RSUs at a weighted average grant date fair value of $83.19 per unit, including 1,388 RSUs that are cash settled. Cash settled RSUs will be paid as a cash bonus based on the applicable vesting and payment terms. The cash settled RSUs vest upon the satisfaction of both service-based and performance-based vesting conditions. The service-based vesting condition is generally over four years with 25% vesting on the one-year anniversary of the award and the remainder vesting quarterly over the next 36 months, subject to the grantee’s continued service to the Company. The performance-based vesting condition is defined as (i) a change in control where the consideration paid to the Company’s equity security holders is cash, publicly traded stock, or a combination of both, or (ii) the expiration of any lock-up period of the IPO, subject in each instance to the grantee’s continued service through such date. As a result of the Company’s IPO, the performance-based vesting condition was deemed probable and the Company recorded cumulative stock-based compensation expense related to the cash settled RSUs in October 2018. As of October 31, 2019, the Company had a liability of million related to the cash settled RSUs recorded in accrued compensation and benefits on the condensed consolidated balance sheet. The following table summarizes RSU activity for the 2012 Plan : Number of Awards Weighted- Average Grant Date Fair Value Outstanding and unvested at April 30, 2019 740,467 $ 62.48 RSUs granted 474,677 $ 83.19 RSUs released (54,174 ) $ 69.20 RSUs cancelled (58,992 ) $ 65.98 Outstanding and unvested at October 31, 2019 1,101,978 $ 70.88 Stock-Based Compensation Expense Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 Cost of revenue—cost of subscription—self-managed and SaaS $ 946 $ 680 $ 1,861 $ 1,093 Cost of revenue—professional services 638 227 1,199 404 Research and development 5,870 4,685 10,831 6,782 Sales and marketing 4,658 2,762 8,966 4,614 General and administrative 2,304 2,885 4,330 4,011 Total stock-based compensation expense $ 14,416 $ 11,239 $ 27,187 $ 16,904 Total stock-based compensation expense for the three months ended October 31, 2019 and 2018 includes a charge of $1.6 million and $2.3 million, respectively and $2.1 million and $2.5 million for the six months ended October 31, 2019 and 2018, respectively, related to an expense arising from business combinations. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Ordinary Shareholders | 6 Months Ended |
Oct. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Ordinary Shareholders | 11. Net Loss Per Share Attributable to Ordinary Shareholders The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data): Three Months Ended October 31, Six Months Ended October31, 2019 2018 2019 2018 Numerator: Net loss $ (49,973 ) $ (27,539 ) $ (91,742 ) $ (46,117 ) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 77,772,406 43,978,770 76,202,865 38,471,641 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.64 ) $ (0.63 ) $ (1.20 ) $ (1.20 ) The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive: Three and Six Months Ended October 31, 2019 2018 Stock options 18,369,959 25,393,707 Equity settled RSUs 969,360 - Shares subject to repurchase 67,237 244,316 Contingently issuable shares 235,031 - RSAs - 244,498 Total 19,641,587 25,882,521 |
Income Taxes
Income Taxes | 6 Months Ended |
Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. The Company is incorporated in the Netherlands but operates in various countries with differing tax laws and rates. The Company recorded a benefit related to income taxes of $0.3 million for the three months ended October 31, 2019, a provision of $0.7 million for the three months ended 2018, and a provision of $0.1 million and $1.5 million for the six months ended October 31, 2019 and 2018, respectively. The provision related to income taxes was primarily due to foreign taxes. The calculation of income taxes is based upon the estimated annual effective tax rates for the year applied to the current period loss before tax plus the tax effect of any significant unusual items, discrete events or changes in tax law. The Company assesses uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainties in Tax The Company anticipates that the amount |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Oct. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 13. Employee Benefit Plans The Company has a defined-contribution plan in the U.S. intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company has contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all the expenses incurred for administering the 401(k) Plan are paid by the Company. This 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company makes contributions to the 401(k) Plan up to 6% of the participating employee’s W-2 earnings and wages. The Company recorded $1.8 million and $1.1 million of expense related to the 401(k) Plan during the three months ended October 31, 2019 and 2018, respectively and $3.7 million and $2.2 million for the six months ended October 31, 2019 and 2018, respectively. The Company also has defined-contribution plans in certain other countries for which the Company recorded $0.8 million and $0.5 million of expense during the three months ended October 31, 2019 and 2018, respectively and $1.6 million and $0.7 million for the six months ended October 31, 2019 and 2018, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 14. Segment Information The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 United States $ 57,501 $ 37,999 $ 106,463 $ 70,820 Rest of world 43,605 25,576 84,353 49,399 Total revenue $ 101,106 $ 63,575 $ 190,816 $ 120,219 Other than the United States, no other individual country exceeded 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): As of October 31, 2019 As of April 30, 2019 United States $ 36,092 $ 3,219 The Netherlands 4,241 1,769 United Kingdom 6,711 251 Rest of world 1,135 209 Total long-lived assets $ 48,179 $ 5,448 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated balance sheet as of October 31, 2019, the interim condensed consolidated statements of operations and of comprehensive loss, interim condensed statements of redeemable convertible preference shares and shareholders’ equity (deficit) for the three and six months ended October 31, 2019 and 2018 and the interim condensed consolidated statements of cash flows for the six months ended October 31, 2019 and 2018, are unaudited. These interim condensed consolidated financial statements have been prepared on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary to fairly state the Company’s financial position as of October 31, 2019 and the results of the Company’s operations, its statements of redeemable convertible preference shares and shareholders’ equity (deficit) statements of cash flows for the six months ended October 31, 2019 and 2018 The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the financial statements of the Company and its wholly owned subsidiaries. All intercompany transactions and accounts have been eliminated in consolidation. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). Therefore, these unaudited interim condensed consolidated financial statements and accompanying footnotes should be read in conjunction with the Company’s annual consolidated financial statements and related footnotes included in its Annual Report on Form 10-K for the fiscal year ended April 30, 2019 filed with the SEC on June 28, 2019. |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2020, for example, refer to the fiscal year ending April 30, 2020. |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of the interim condensed consolidated financial statements in conformity with U.S. 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. Such estimates include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for doubtful accounts, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s initial public offering (“IPO”), 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, the 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. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior period amounts in the statement of cash flows have been reclassified in order to conform to the current period presentation. These reclassifications had no effect on the previously reported net loss. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has irrevocably elected not to avail itself of this exemption from new or revised accounting standards and, therefore, the Company will be subject to the same new or revised accounting standards as other public companies that are not emerging growth companies. On the last business day of the Company’s second quarter in fiscal 2020, the aggregate market value of the Company’s ordinary shares held by its non-affiliate shareholders exceeded $700 million. As a result, as of April 30, 2020, the Company will be considered a large accelerated filer as defined in Rule 12b-2 under the Securities Exchange Act of 1934, and the Company will cease to be an emerging growth company as defined in the JOBS Act. The Company will no longer be exempt from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002, as amended, and the Company’s independent registered public accounting firm will evaluate and report on the effectiveness of internal control over financial reporting. |
Significant Accounting Policies | Significant Accounting Policies Other than as described below, there have been no changes to the Company’s significant accounting policies described in its Annual Report on Form 10-K that have had a material impact on its consolidated financial statements and related notes. |
Leases | Leases Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company determines whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. At the lease commencement date, the Company determines the lease classification between finance and operating and recognizes a right-of-use asset and corresponding lease liability for each lease component. A right-of-use asset represents the Company’s right to use an underlying asset and a lease liability represents the Company’s obligation to make payments during the lease term. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company accounts for lease components and non-lease components as a single lease component. 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. The Company estimates its incremental borrowing rate based on the information available at 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. |
Deferred Contract Acquisition Costs | Deferred contract acquisition costs Deferred contract acquisition costs represent costs that are incremental to the acquisition of customer contracts, which consist mainly of sales commissions and associated payroll taxes. The Company determines whether costs should be deferred based on sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract. Effective May 1, 2019, the Company updated its sales commissions plan by incorporating different commission rates for initial subscription contract sales and subsequent subscription renewals. Subsequent to this change, sales commissions for renewal of a subscription contract are not considered commensurate with the commissions paid for the acquisition of the initial subscription contract given the substantive difference in commission rates in proportion to their respective contract values. Effective May 1, 2019, commissions paid upon the initial acquisition of a contract are amortized over an estimated period of benefit of five years while commissions paid for renewal contracts are amortized . Deferred contract acquisition costs are expensed commensurate with the pattern of revenue recognition as performance obligations are satisfied. Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement 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. Further disclosures with respect to the Company’s deferred contract acquisition costs are also included in Note 6, Balance Sheet Components. |
Customer Deposits | Customer Deposits Certain of the Company’s contracts, acquired via the Endgame, Inc. (“Endgame”) acquisition, allow for termination at the customer’s convenience, or the Company may receive prepayments on master sales agreements. In these cases, the Company does not consider a contract to exist past the term in which enforceable rights and obligations exist. Amounts received related to these agreements are classified outside of deferred revenue in the consolidated balance sheet, and these amounts do not represent contract balances. As of October 31, 2019, the Company had $2.7 million of customer deposits included in accrued expenses and other liabilities, and $9.1 million of non-refundable customer deposits included in other liabilities, non-current on the consolidated balance sheet. |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements Leases: In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-02, codified as Accounting Standards Codification 842 (“ASC 842”), which requires lessees to record the assets and liabilities arising from all leases, with the exception of short-term leases, on the balance sheet. Under ASC 842, lessees recognize a liability for lease payments and a right-of-use asset. This guidance retains the distinction between finance leases and operating leases and the classification criteria for finance leases remains similar. For finance leases, a lessee recognizes the interest on a lease liability separate from amortization of the right-of-use asset. In addition, repayments of the principal amount are presented within financing activities, and interest payments are presented within operating activities in the statement of cash flows. For operating leases, a lessee recognizes a single lease cost on a straight-line basis and classifies all cash payments within operating activities in the statement of cash flows. The Company adopted the new lease accounting standard effective May 1, 2019 using the additional transition method described in ASU No. 2018-11, Leases – Targeted Improvements • the package of practical expedients which allows for not reassessing (1) whether existing contracts contain leases, (2) the lease classification for existing leases, and (3) whether existing initial direct costs meet the new definition, • the practical expedient in ASC Subtopic 842-10 to not separate non-lease components from lease components and instead account for each separate lease component and non-lease components associated with that lease component as a single lease component by class of the underlying asset, and • not to recognize right-of-use assets and lease liabilities for short-term leases, which have a lease term of twelve months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. The adoption of ASC 842 resulted in recognition of right-of-use assets of $28.1 million, which included the impact of existing deferred rents of $1.0 million, prepaid rent of $0.2 million and lease liabilities of $28.9 million as of May 1, 2019. See Note 8, Leases The adoption of the new lease accounting standard had no impact on cash provided by or used in operating, investing or financing activities in the Company’s condensed consolidated statements of cash flows. The adoption of the new lease accounting standard did not impact the Company’s condensed consolidated statements of operations nor previously reported financial results. New Accounting Pronouncements Not Yet Adopted Credit Losses: In June 2016, the FASB issued ASU No. 2016-13, , and has since issued various amendments including ASU No. 2018-19, ASU No. 2019-04, and ASU No. 2019-05. The standard and related amendments modify the accounting for credit losses for most financial assets and require the use of an expected loss model, replacing the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. Goodwill Impairment : In January 2017, the FASB issued ASU No. 2017-04, . The new standard will simplify the measurement of goodwill by eliminating step two of the two-step impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires an entity to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company does not expect the adoption of the new accounting standard will have a material impact on its consolidated financial statements. Fair Value Measurements: In August 2018, the FASB issued ASU No. 2018-13, , which modifies, removes and adds certain disclosure requirements on fair value measurements based on the FASB Concepts Statement, . The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021 . Early adoption is permitted. The Company does not expect the adoption of the new accounting standard will have a material impact on its consolidated financial statements. Intangible Assets: In August 2018, the FASB issued ASU No. 2018-15, , which align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The accounting for the service element of a hosting arrangement that is a service contract is not affected by the amendments in this ASU. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2021, though early adoption is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. |
Revenue and Performance Oblig_2
Revenue and Performance Obligations (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Text Block [Abstract] | |
Revenue from External Customers by Products and Services | The following table presents revenue by category (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 % of % of % of % of Total Total Total Total Amount Revenue Amount Revenue Amount Revenue Amount Revenue Self-managed subscription $ 71,030 71 % $ 48,406 76 % $ 135,842 71 % $ 89,718 75 % License 12,272 12 % 10,204 16 % 22,179 11 % 17,444 15 % Subscription 58,758 59 % 38,202 60 % 113,663 60 % 72,274 60 % SaaS 20,649 20 % 10,030 16 % 38,227 20 % 20,327 17 % Total subscription revenue 91,679 91 % 58,436 92 % 174,069 91 % 110,045 92 % Professional services 9,427 9 % 5,139 8 % 16,747 9 % 10,174 8 % Total revenue $ 101,106 100 % $ 63,575 100 % $ 190,816 100 % $ 120,219 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | The following table summarizes assets that are measured at fair value on a recurring basis as of October 31, 2019 and April 30, 2019 (in thousands): October 31, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 225,814 $ - $ - $ 225,814 April 30, 2019 Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents: Money market funds $ 261,864 $ - $ - $ 261,864 Money market funds consist of cash equivalents with remaining maturities of three months or less at the date of purchase. The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments in money market funds. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Endgame, Inc. | |
Business Acquisition [Line Items] | |
Summary of Components Purchase Price and Preliminary Allocation of Purchase Price at Fair Value | The following table summarizes the components of the U.S. GAAP purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 26,633 Ordinary shares 178,331 Assumption of stock option plan 9,309 Total consideration $ 214,273 |
Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimated fair values of assets acquired and liabilities assumed (in thousands): Cash and cash equivalents $ 2,220 Restricted cash 40 Accounts receivable 2,661 Prepaid and other current assets 549 Operating lease right-of-use assets 4,363 Property and equipment 503 Intangible assets 53,800 Other assets 58 Goodwill 179,213 Accounts payable (1,112 ) Accrued expenses and other current liabilities (3,035 ) Accrued compensation and benefits (5,042 ) Operating lease liabilities, current (981 ) Deferred revenue, current (3,532 ) Deferred revenue, non-current (2,661 ) Operating lease liabilities, non-current (3,551 ) Other liabilities, non-current (9,220 ) Total purchase consideration $ 214,273 |
Summary of Identifiable Intangible Assets | Identifiable intangible assets include (in thousands): Total Estimated life (in years) Developed technology $ 31,200 5 Customer relationships 20,500 4 Trade name 2,100 4 Intangible assets $ 53,800 |
Summary of Unaudited Pro Forma Condensed Consolidated Financial Information | The following unaudited pro forma condensed consolidated financial information gives effect to the acquisition of Endgame as if it were consummated on May 1, 2018 (the beginning of the comparable prior reporting period), including pro forma adjustments related to the valuation and allocation of the purchase price, primarily amortization of acquired intangible assets and deferred revenue fair value adjustments; share-based compensation expense; alignment of accounting policies; the impact of applying ASC Topic 606, Revenue From Contracts With Customers, Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 Revenue $ 105,450 $ 66,808 $ 200,854 $ 127,676 Net loss $ (46,309 ) $ (36,354 ) $ (94,663 ) $ (77,264 ) |
Lambda Lab | |
Business Acquisition [Line Items] | |
Summary of Components Purchase Price and Preliminary Allocation of Purchase Price at Fair Value | The following table summarizes the components of the Lambda Lab purchase price and the preliminary allocation of the purchase price at fair value (in thousands): Cash paid $ 1,997 Developed technology $ 1,339 Trade name 15 Goodwill 1,038 Net liabilities acquired (395 ) Total purchase consideration $ 1,997 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Balance Sheet Components [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): As of October 31, 2019 As of April 30, 2019 Prepaid hosting costs $ 12,959 $ 12,006 Deposits 1,335 1,268 Prepaid software subscription costs 4,614 4,326 Deferred stock-based compensation expense 379 784 Prepaid value added taxes 6,363 4,239 Other 6,209 8,249 Total prepaid expenses and other current assets $ 31,859 $ 30,872 |
Schedule of Cost and Accumulated Depreciation of Property and Equipment | The cost and accumulated depreciation of property and equipment were as follows (in thousands): Useful Life (in years) As of October 31, 2019 As of April 30, 2019 Leasehold improvements Lesser of estimated useful life or remaining lease term $ 6,978 $ 6,176 Computer hardware and software 3 5,612 5,393 Furniture and fixtures 3-5 3,779 3,094 Assets under construction 3,365 1,243 Total property and equipment 19,734 15,906 Less: accumulated depreciation (11,732 ) (10,458 ) Property and equipment, net $ 8,002 $ 5,448 |
Schedule of Intangible Assets | Intangible assets consisted of the following as of October 31, 2019 and April 30, 2019 (in thousands): October 31, 2019 Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 43,330 $ 7,297 $ 36,033 4.5 Trade names 3,072 923 2,149 3.9 Customer relationships 20,898 617 20,281 3.9 Total $ 67,300 $ 8,837 $ 58,463 April 30, 2019 Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Remaining Useful Life (in years) Developed technology $ 12,130 $ 5,646 $ 6,484 2.5 Trade names 972 863 109 2.2 Customer relationships 398 268 130 2.2 Total $ 13,500 $ 6,777 $ 6,723 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense for the intangible assets for the three and six months ended October 31, 2019 and 2018 was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 Cost of revenue—cost of license—self-managed $ 158 $ 97 $ 255 $ 194 Cost of revenue—cost of subscription—self-managed and SaaS 861 637 1,397 1,213 Sales and marketing 379 40 408 77 Total amortization of acquired intangible assets $ 1,398 $ 774 $ 2,060 $ 1,484 |
Schedule of Expected Future Amortization Expense of Intangible Assets | The expected future amortization expense related to the intangible assets as of October 31, 2019 was as follows (in thousands, by fiscal year): Remainder of 2020 $ 7,270 2021 14,506 2022 13,286 2023 11,952 2024 8,715 Thereafter 2,734 Total $ 58,463 |
Schedule of Changes to Goodwill | The following table represents the changes to goodwill (in thousands): Carrying Amount Balance as of April 30, 2019 $ 19,846 Addition from acquisition 179,213 Foreign currency translation adjustment (262 ) Balance as of October 31, 2019 $ 198,797 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): As of October 31, 2019 As of April 30, 2019 Accrued expenses $ 9,496 $ 8,124 Income taxes payable 162 149 Value added taxes payable 3,430 4,236 Share repurchase liability 1,117 1,612 Other 7,613 4,619 Total accrued expenses and other liabilities $ 21,818 $ 18,740 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following (in thousands): As of October 31, 2019 As of April 30, 2019 Accrued vacation $ 14,898 $ 9,655 Accrued commissions 8,036 6,510 Accrued payroll taxes and withholding taxes 17,279 1,868 Post-combination compensation liability - 655 Other 4,765 3,459 Total accrued compensation and benefits $ 44,978 $ 22,147 |
Schedule of Unbilled Accounts Receivable, Deferred Contract Acquisition Costs, and Deferred Revenue from Contracts with Customers | The following table provides information about unbilled accounts receivable, deferred contract acquisition costs and deferred revenue from contracts with customers (in thousands): As of October 31, 2019 As of April 30, 2019 Unbilled accounts receivable, included in accounts receivable, net $ 2,630 $ 1,710 Deferred contract acquisition costs $ 29,234 $ 26,150 Deferred revenue $ 201,331 $ 170,666 Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands): Unbilled Accounts Receivable Six Months Ended October 31, 2019 2018 Beginning balance $ 1,710 $ 1,139 Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period (1,710 ) (1,139 ) Additions through acquisition 321 - Revenue recognized during the period in excess of invoices issued 2,309 1,294 Ending balance $ 2,630 $ 1,294 Deferred Revenue Six Months Ended October 31, 2019 2018 Beginning balance $ 170,666 $ 102,561 Increases due to invoices issued, excluding amounts recognized as revenue during the period 135,665 94,830 Increase from acquisition, net of revenue recognized 6,147 - Revenue recognized that was included in deferred revenue balance at beginning of period (111,147 ) (70,112 ) Ending balance $ 201,331 $ 127,279 The following table summarizes the activity of the deferred contract acquisition costs (in thousands): Six Months Ended October 31, 2019 2018 Beginning balance $ 26,150 $ 18,079 Capitalization of contract acquisition costs 17,005 13,637 Amortization of deferred contract acquisition costs (13,921 ) (8,848 ) Ending balance $ 29,234 $ 22,868 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Hosting Infrastructure Commitments | Hosting infrastructure commitments as of October 31, 2019 were as follows (in thousands): Years Ending April 30, 2020 (remaining six months) $ 6,667 2021 21,000 2022 15,333 Total $ 43,000 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Costs | Components of lease costs included in the condensed consolidated statement of operations were as follows (in thousands): Three Months Ended October 31, 2019 Six Months Ended October 31, 2019 Operating lease cost $ 2,184 $ 3,963 Short-term lease cost 859 1,531 Variable lease cost 189 308 Total lease cost $ 3,232 $ 5,802 |
Lease Term and Discount Rate Information | Lease term and discount rate information are summarized as follows: As of October 31, 2019 Weighted average remaining lease term (years) 5.38 Weighted average discount rate 4.97 % |
Future Minimum Lease Payments under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of October 31, 2019 were as follows (in thousands): Years Ending April 30, 2020 (remaining six months) $ 4,422 2021 9,139 2022 8,636 2023 8,765 2024 8,037 Thereafter 10,098 Total minimum lease payments 49,097 Less imputed interest (7,227 ) Present value of future minimum lease payments 41,870 Less current lease liabilities (7,733 ) Operating lease liabilities, non-current $ 34,137 |
Future Minimum Lease Payments under Non-cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases, based on the previous lease accounting standard, as of April 30, 2019 were as follows (in thousands): Years Ending April 30, 2020 $ 6,455 2021 5,494 2022 5,106 2023 5,217 2024 4,602 Thereafter 7,020 Total $ 33,894 |
Ordinary Shares (Tables)
Ordinary Shares (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Equity [Abstract] | |
Summary of Ordinary Shares Reserved for Issuance | The Company had reserved shares of ordinary shares for issuance as follows: As of October 31, 2019 As of April 30, 2019 Stock options issued and outstanding 18,369,959 22,866,438 RSUs issued and outstanding 1,101,978 740,467 Remaining shares available for future issuance under the 2012 Plan 13,193,113 9,649,123 Total ordinary shares reserved 32,665,050 33,256,028 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of equity awards available for grant | The equity awards available for grant for the periods presented were as follows: Six Months Ended October 31, 2019 Available at beginning of period 9,649,123 Awards authorized 3,683,754 Stock options granted (172,031 ) Stock options cancelled 443,367 RSUs granted (474,677 ) RSUs cancelled 58,992 RSAs cancelled 4,585 Available at end of period 13,193,113 |
Summary of stock option activity | The following table summarizes stock option activity (in thousands, except share and per share data): Stock options Outstanding Number of Stock Options Outstanding Weighted- Average Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value Balance as of April 30, 2019 22,866,438 $ 11.90 7.98 $ 1,684,106 Stock options granted 172,031 $ 81.39 Stock options assumed in acquisition 245,390 $ 48.99 Stock options exercised (4,470,226 ) $ 8.85 Stock options cancelled (443,674 ) $ 15.08 Balance as of October 31, 2019 18,369,959 $ 13.71 7.56 $ 1,073,648 Exercisable as of October 31, 2019 8,138,191 $ 9.93 6.78 $ 505,284 |
Summary of RSU activity | The following table summarizes RSU activity for the 2012 Plan : Number of Awards Weighted- Average Grant Date Fair Value Outstanding and unvested at April 30, 2019 740,467 $ 62.48 RSUs granted 474,677 $ 83.19 RSUs released (54,174 ) $ 69.20 RSUs cancelled (58,992 ) $ 65.98 Outstanding and unvested at October 31, 2019 1,101,978 $ 70.88 |
Summary of Stock-based Compensation Expense Recognized in Consolidated Statements of Operations | Total stock-based compensation expense recognized in the Company’s condensed consolidated statements of operations was as follows (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 Cost of revenue—cost of subscription—self-managed and SaaS $ 946 $ 680 $ 1,861 $ 1,093 Cost of revenue—professional services 638 227 1,199 404 Research and development 5,870 4,685 10,831 6,782 Sales and marketing 4,658 2,762 8,966 4,614 General and administrative 2,304 2,885 4,330 4,011 Total stock-based compensation expense $ 14,416 $ 11,239 $ 27,187 $ 16,904 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Ordinary Shareholders (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders | The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data): Three Months Ended October 31, Six Months Ended October31, 2019 2018 2019 2018 Numerator: Net loss $ (49,973 ) $ (27,539 ) $ (91,742 ) $ (46,117 ) Denominator: Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted 77,772,406 43,978,770 76,202,865 38,471,641 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.64 ) $ (0.63 ) $ (1.20 ) $ (1.20 ) |
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders | The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive: Three and Six Months Ended October 31, 2019 2018 Stock options 18,369,959 25,393,707 Equity settled RSUs 969,360 - Shares subject to repurchase 67,237 244,316 Contingently issuable shares 235,031 - RSAs - 244,498 Total 19,641,587 25,882,521 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Oct. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands): Three Months Ended October 31, Six Months Ended October 31, 2019 2018 2019 2018 United States $ 57,501 $ 37,999 $ 106,463 $ 70,820 Rest of world 43,605 25,576 84,353 49,399 Total revenue $ 101,106 $ 63,575 $ 190,816 $ 120,219 |
Schedule of Long-Lived Assets, Including Property and Equipment, Net and Operating Lease Right-of-Use Assets | 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): As of October 31, 2019 As of April 30, 2019 United States $ 36,092 $ 3,219 The Netherlands 4,241 1,769 United Kingdom 6,711 251 Rest of world 1,135 209 Total long-lived assets $ 48,179 $ 5,448 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2019 | May 01, 2019 | Apr. 30, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated amortization period of initial acquisition contract | 5 years | |||
Right-of-use assets | $ 40,177,000 | $ 40,177,000 | ||
Lease liabilities for operating leases | 41,870,000 | 41,870,000 | ||
ASU No. 2016-02 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 28,100,000 | |||
Existing deferred rents | 1,000,000 | |||
Prepaid rent | 200,000 | |||
Lease liabilities for operating leases | $ 28,900,000 | |||
Accrued Expenses and Other Liabilities | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Customer deposits included in accrued expenses and other liabilities | 2,700,000 | 2,700,000 | ||
Other Non-Current Liabilities | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Customer deposits included in other liabilities, non-current | 9,100,000 | $ 9,100,000 | ||
Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Aggregate market value of ordinary shares held by non-affiliate shareholders | $ 700,000,000 |
Revenue and Performance Oblig_3
Revenue and Performance Obligations - Schedule of Revenue by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 101,106 | $ 63,575 | $ 190,816 | $ 120,219 |
Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of total revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Self-managed subscription | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 71,030 | $ 48,406 | $ 135,842 | $ 89,718 |
Self-managed subscription | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of total revenue | 71.00% | 76.00% | 71.00% | 75.00% |
License - self-managed | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 12,272 | $ 10,204 | $ 22,179 | $ 17,444 |
License - self-managed | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of total revenue | 12.00% | 16.00% | 11.00% | 15.00% |
Subscription | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 58,758 | $ 38,202 | $ 113,663 | $ 72,274 |
Subscription | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of total revenue | 59.00% | 60.00% | 60.00% | 60.00% |
SaaS | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 20,649 | $ 10,030 | $ 38,227 | $ 20,327 |
SaaS | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of total revenue | 20.00% | 16.00% | 20.00% | 17.00% |
Total subscription | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 91,679 | $ 58,436 | $ 174,069 | $ 110,045 |
Total subscription | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of total revenue | 91.00% | 92.00% | 91.00% | 92.00% |
Professional services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 9,427 | $ 5,139 | $ 16,747 | $ 10,174 |
Professional services | Revenue | Product | ||||
Disaggregation Of Revenue [Line Items] | ||||
Percentage of total revenue | 9.00% | 8.00% | 9.00% | 8.00% |
Revenue and Performance Oblig_4
Revenue and Performance Obligations - Additional Information (Details) $ in Millions | Oct. 31, 2019USD ($) |
Revenue From Contract With Customer [Abstract] | |
Revenue, remaining performance obligation, amount | $ 410 |
Revenue, remaining performance obligation, percentage | 87.00% |
Revenue, remaining performance obligation, remaining duration | 24 months |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - Money Market Funds - Recurring - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | $ 225,814 | $ 261,864 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | 225,814 | 261,864 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets | ||
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Financial assets |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 08, 2019 | Jul. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2019 |
Business Acquisition [Line Items] | |||||||
Business acquisition tax withholding cash payment | $ 2,800 | $ 2,800 | |||||
Goodwill | $ 198,797 | 198,797 | $ 19,846 | ||||
Acquisition costs | 17,000 | 17,000 | |||||
Non-cash expense | 8,800 | 8,800 | |||||
Stock-based compensation expense | 14,416 | $ 11,239 | $ 27,187 | 16,904 | |||
Endgame, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 234,000 | ||||||
Issuance of ordinary shares | 2,218,694 | ||||||
Repayment of outstanding indebtedness | $ 20,400 | ||||||
Business combination, description of purchase price payment | Elastic paid the purchase price through (i) the issuance of 2,218,694 ordinary shares in respect of Endgame’s outstanding capital stock, warrants, convertible notes, and certain retention awards, (ii) the cash repayment of Endgame’s outstanding indebtedness of $20.4 million, (iii) the assumption of Endgame’s outstanding stock options, (iv) a $0.4 million cash deposit to an expense fund for the fees and expenses of the representative and agent of Endgame securityholders, (v) the cash payment of Endgame’s transaction expenses of $5.9 million, and (vi) the cash payment of withholding taxes related to acquisition expense settled in shares of $2.8 million. | ||||||
Cash deposit to expense fund for fees and expenses of representative and agent of securityholders | 400 | ||||||
Payment of transaction expenses | 5,900 | ||||||
Business acquisition tax withholding cash payment | $ 2,800 | ||||||
Percentage of shares to be held in indemnity escrow fund | 11.00% | ||||||
Number of shares to be held in indemnity escrow fund | 235,031 | ||||||
Indemnity escrow fund holding period | 18 months | ||||||
Ordinary share price | $ 89.3836 | ||||||
Fair value of shares, consideration transferred in per share | $ 84.12 | ||||||
Goodwill | $ 179,213 | ||||||
Acquisition costs | 1,500 | ||||||
Business acquisition, purchase consideration | 26,633 | ||||||
Common shares issued | 178,331 | ||||||
Deferred stock based compensation, prepaid expense and other assets | 549 | ||||||
Intangible assets | 53,800 | ||||||
Endgame, Inc. | Developed Technology | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets | $ 31,200 | ||||||
Estimated useful lives of assets | 5 years | ||||||
Lambda Lab | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 1,038 | 1,000 | $ 1,000 | ||||
Acquisition costs | 200 | ||||||
Business acquisition, share capital acquired | 100.00% | ||||||
Business acquisition, purchase consideration | $ 1,997 | ||||||
Ordinary shares, excluded from purchase consideration | 134,474 | ||||||
Common shares issued | $ 2,200 | ||||||
Stock based compensation expense over the vesting term | $ 2,200 | ||||||
Vesting term | 2 years | ||||||
Stock-based compensation expense | 500 | $ 500 | |||||
Business combination, accrued expenses | 1,100 | 1,100 | |||||
Deferred stock based compensation, prepaid expense and other assets | 400 | 400 | |||||
Lambda Lab | Developed Technology | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets | $ 1,339 | $ 1,300 | $ 1,300 | ||||
Intangible assets amortization method | straight-line basis | ||||||
Estimated useful lives of assets | 4 years | ||||||
Lambda Lab | Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Number of years from the close of the acquisition, shares subject to repurchase | 2 years |
Acquisitions - Summary of Compo
Acquisitions - Summary of Components Purchase Price and Preliminary Allocation of Purchase Price at Fair Value (Details) - USD ($) $ in Thousands | Oct. 08, 2019 | Jul. 31, 2018 | Oct. 31, 2019 | Apr. 30, 2019 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 198,797 | $ 19,846 | ||
Endgame, Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash paid | $ 26,633 | |||
Ordinary shares | 178,331 | |||
Assumption of stock option plan | 9,309 | |||
Total consideration | 214,273 | |||
Intangible assets | 53,800 | |||
Goodwill | 179,213 | |||
Total purchase consideration | 214,273 | |||
Endgame, Inc. | Developed Technology | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 31,200 | |||
Endgame, Inc. | Trade Names | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 2,100 | |||
Lambda Lab | ||||
Business Acquisition [Line Items] | ||||
Cash paid | $ 1,997 | |||
Ordinary shares | 2,200 | |||
Goodwill | 1,038 | 1,000 | ||
Net liabilities acquired | (395) | |||
Total purchase consideration | 1,997 | |||
Lambda Lab | Developed Technology | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 1,339 | $ 1,300 | ||
Lambda Lab | Trade Names | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 15 |
Acquisitions - Summary of Preli
Acquisitions - Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Oct. 08, 2019 | Apr. 30, 2019 |
Business Acquisition [Line Items] | |||
Goodwill | $ 198,797 | $ 19,846 | |
Endgame, Inc. | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 2,220 | ||
Restricted cash | 40 | ||
Accounts receivable | 2,661 | ||
Prepaid and other current assets | 549 | ||
Operating lease right-of-use assets | 4,363 | ||
Property and equipment | 503 | ||
Intangible assets | 53,800 | ||
Other assets | 58 | ||
Goodwill | 179,213 | ||
Accounts payable | (1,112) | ||
Accrued expenses and other current liabilities | (3,035) | ||
Accrued compensation and benefits | (5,042) | ||
Operating lease liabilities, current | (981) | ||
Deferred revenue, current | (3,532) | ||
Deferred revenue, non-current | (2,661) | ||
Operating lease liabilities, non-current | (3,551) | ||
Other liabilities, non-current | (9,220) | ||
Total purchase consideration | $ 214,273 |
Acquisitions - Summary of Ident
Acquisitions - Summary of Identifiable Intangible Assets (Details) - Endgame, Inc. $ in Thousands | Oct. 08, 2019USD ($) |
Business Acquisition [Line Items] | |
Intangible assets | $ 53,800 |
Developed Technology | |
Business Acquisition [Line Items] | |
Intangible assets | $ 31,200 |
Estimated life (in years) | 5 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 20,500 |
Estimated life (in years) | 4 years |
Trade Names | |
Business Acquisition [Line Items] | |
Intangible assets | $ 2,100 |
Estimated life (in years) | 4 years |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Pro Forma Condensed Consolidated Financial Information (Details) - Endgame, Inc. - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Business Acquisition [Line Items] | ||||
Revenue | $ 105,450 | $ 66,808 | $ 200,854 | $ 127,676 |
Net loss | $ (46,309) | $ (36,354) | $ (94,663) | $ (77,264) |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid hosting costs | $ 12,959 | $ 12,006 |
Deposits | 1,335 | 1,268 |
Prepaid software subscription costs | 4,614 | 4,326 |
Deferred stock-based compensation expense | 379 | 784 |
Prepaid value added taxes | 6,363 | 4,239 |
Other | 6,209 | 8,249 |
Total prepaid expenses and other current assets | $ 31,859 | $ 30,872 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2019 | Apr. 30, 2019 | |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 19,734 | $ 15,906 |
Less: accumulated depreciation | (11,732) | (10,458) |
Property and equipment, net | $ 8,002 | 5,448 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives, description | Lesser of estimated useful life or remaining lease term | |
Total property and equipment | $ 6,978 | 6,176 |
Computer Hardware and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Total property and equipment | $ 5,612 | 5,393 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 3,779 | 3,094 |
Furniture and Fixtures | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Furniture and Fixtures | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 5 years | |
Assets Under Construction | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 3,365 | $ 1,243 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Balance Sheet Components [Abstract] | ||||
Depreciation expense | $ 700,000 | $ 700,000 | $ 1,300,000 | $ 1,500,000 |
Goodwill impairment | $ 0 | $ 0 | ||
Estimated amortization period of initial acquisition contract | 5 years | |||
Impairment of deferred contract acquisition costs recognized | $ 0 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 30, 2019 | Oct. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 13,500 | $ 67,300 |
Accumulated Amortization | 6,777 | 8,837 |
Net Book Value | 6,723 | 58,463 |
Developed Technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | 12,130 | 43,330 |
Accumulated Amortization | 5,646 | 7,297 |
Net Book Value | $ 6,484 | $ 36,033 |
Weighted Average Remaining Useful Life (in years) | 2 years 6 months | 4 years 6 months |
Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 972 | $ 3,072 |
Accumulated Amortization | 863 | 923 |
Net Book Value | $ 109 | $ 2,149 |
Weighted Average Remaining Useful Life (in years) | 2 years 2 months 12 days | 3 years 10 months 24 days |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 398 | $ 20,898 |
Accumulated Amortization | 268 | 617 |
Net Book Value | $ 130 | $ 20,281 |
Weighted Average Remaining Useful Life (in years) | 2 years 2 months 12 days | 3 years 10 months 24 days |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Amortization Expense For Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 1,398 | $ 774 | $ 2,060 | $ 1,484 |
Cost of Revenue | License - self-managed | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 158 | 97 | 255 | 194 |
Cost of Revenue | Subscription - self-managed and SaaS | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | 861 | 637 | 1,397 | 1,213 |
Sales and marketing | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Total amortization of acquired intangible assets | $ 379 | $ 40 | $ 408 | $ 77 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remainder of 2020 | $ 7,270 | |
2021 | 14,506 | |
2022 | 13,286 | |
2023 | 11,952 | |
2024 | 8,715 | |
Thereafter | 2,734 | |
Net Book Value | $ 58,463 | $ 6,723 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Changes to Goodwill (Details) $ in Thousands | 6 Months Ended |
Oct. 31, 2019USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 19,846 |
Addition from acquisition | 179,213 |
Foreign currency translation adjustment | (262) |
Ending balance | $ 198,797 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Balance Sheet Components [Abstract] | ||
Accrued expenses | $ 9,496 | $ 8,124 |
Income taxes payable | 162 | 149 |
Value added taxes payable | 3,430 | 4,236 |
Share repurchase liability | 1,117 | 1,612 |
Other | 7,613 | 4,619 |
Total accrued expenses and other liabilities | $ 21,818 | $ 18,740 |
Balance Sheet Components - Sc_8
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Balance Sheet Components [Abstract] | ||
Accrued vacation | $ 14,898 | $ 9,655 |
Accrued commissions | 8,036 | 6,510 |
Accrued payroll taxes and withholding taxes | 17,279 | 1,868 |
Post-combination compensation liability | 655 | |
Other | 4,765 | 3,459 |
Total accrued compensation and benefits | $ 44,978 | $ 22,147 |
Balance Sheet Components - Sc_9
Balance Sheet Components - Schedule of Information About Contracts with Customers (Details)) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2018 | Apr. 30, 2018 |
Contract Balances [Line Items] | ||||
Unbilled accounts receivable, included in accounts receivable, net | $ 2,630 | $ 1,710 | $ 1,294 | $ 1,139 |
Deferred revenue | 201,331 | 170,666 | $ 127,279 | $ 102,561 |
Contracts with Customers | ||||
Contract Balances [Line Items] | ||||
Unbilled accounts receivable, included in accounts receivable, net | 2,630 | 1,710 | ||
Deferred contract acquisition costs | 29,234 | 26,150 | ||
Deferred revenue | $ 201,331 | $ 170,666 |
Balance Sheet Components - S_10
Balance Sheet Components - Schedule of Significant Changes in Unbilled Accounts Receivable (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Contract With Customer Asset Net Current [Abstract] | ||
Beginning balance | $ 1,710 | $ 1,139 |
Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period | (1,710) | (1,139) |
Additions through acquisition | 321 | |
Revenue recognized during the period in excess of invoices issued | 2,309 | 1,294 |
Ending balance | $ 2,630 | $ 1,294 |
Balance Sheet Components - S_11
Balance Sheet Components - Schedule of Significant Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Contract With Customer Liability [Abstract] | ||
Beginning balance | $ 170,666 | $ 102,561 |
Increases due to invoices issued, excluding amounts recognized as revenue during the period | 135,665 | 94,830 |
Increase from acquisition, net of revenue recognized | 6,147 | |
Revenue recognized that was included in deferred revenue balance at beginning of period | (111,147) | (70,112) |
Ending balance | $ 201,331 | $ 127,279 |
Balance Sheet Components - S_12
Balance Sheet Components - Schedule of Activity of Deferred Contract Acquisition Costs (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||
Beginning balance | $ 26,150 | $ 18,079 |
Capitalization of contract acquisition costs | 17,005 | 13,637 |
Amortization of deferred contract acquisition costs | (13,921) | (8,848) |
Ending balance | $ 29,234 | $ 22,868 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Dec. 31, 2017 | Oct. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | |||
Letters of credit outstanding amount | $ 2,300,000 | ||
Loss contingency accrual | 0 | ||
Provision for indemnification claims | 0 | ||
Hosting Infrastructure Commitments | |||
Commitments And Contingencies [Line Items] | |||
Minimum commitment, amount | $ 12,500,000 | ||
Commitment period | 3 years | ||
Minimum commitment amount due 2019 | $ 17,000,000 | ||
Minimum commitment amount due 2020 | 20,000,000 | ||
Minimum commitment due amount 2021 | $ 23,000,000 | ||
Contractual obligation paid | $ 17,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Hosting Infrastructure Commitments (Details) - Hosting Infrastructure Commitments $ in Thousands | Oct. 31, 2019USD ($) |
Registration Payment Arrangement [Line Items] | |
2020 (remaining six months) | $ 6,667 |
2021 | 21,000 |
2022 | 15,333 |
Total | $ 43,000 |
Leases - Additional Information
Leases - Additional Information (Details) | Oct. 31, 2019USD ($) |
Leases [Abstract] | |
Finance lease, liability | $ 0 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Oct. 31, 2019 | Oct. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 2,184 | $ 3,963 |
Short-term lease cost | 859 | 1,531 |
Variable lease cost | 189 | 308 |
Total lease cost | $ 3,232 | $ 5,802 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate Information (Details) | Oct. 31, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term (years) | 5 years 4 months 17 days |
Weighted average discount rate | 4.97% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Leases [Abstract] | ||
2020 (remaining six months) | $ 4,422 | |
2021 | 9,139 | |
2022 | 8,636 | |
2023 | 8,765 | |
2024 | 8,037 | |
Thereafter | 10,098 | |
Total minimum lease payments | 49,097 | |
Less imputed interest | (7,227) | |
Present value of future minimum lease payments | 41,870 | |
Less current lease liabilities | (7,733) | |
Operating lease liabilities, non-current | $ 34,137 | |
2020 | 6,455 | |
2021 | 5,494 | |
2022 | 5,106 | |
2023 | 5,217 | |
2024 | 4,602 | |
Thereafter | 7,020 | |
Total | $ 33,894 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Details) | 6 Months Ended | |||||
Oct. 31, 2019USD ($)shares | Oct. 31, 2019€ / shares | Apr. 30, 2019€ / sharesshares | Oct. 08, 2018€ / shares | Oct. 07, 2018€ / shares | Sep. 30, 2018€ / sharesshares | |
Class Of Stock [Line Items] | ||||||
Ordinary shares, shares authorized | 165,000,000 | 165,000,000 | 72,000,000 | |||
Par value of shares issued | € / shares | € 0.01 | € 0.01 | € 0.01 | € 0.001 | € 0.001 | |
Ordinary shares, voting rights | one vote per ordinary share | |||||
Dividends declared | $ | $ 0 | |||||
Convertible Preference Shares | ||||||
Class Of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 165,000,000 | 165,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 |
Ordinary Shares - Summary of Or
Ordinary Shares - Summary of Ordinary Shares Reserved for Issuance (Details) - shares | Oct. 31, 2019 | Apr. 30, 2019 |
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 32,665,050 | 33,256,028 |
Stock Options | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 18,369,959 | 22,866,438 |
RSUs | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 1,101,978 | 740,467 |
2012 Plan | ||
Class Of Stock [Line Items] | ||
Total ordinary shares reserved | 13,193,113 | 9,649,123 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2018 | Oct. 31, 2017 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unvested stock options exercisable | 493,808 | 493,808 | |||||
Weighted-average grant-date fair value of stock options granted | $ 54.20 | $ 10.69 | $ 50.92 | $ 9.09 | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ 73,800 | $ 73,800 | |||||
Unrecognized over a weighted-average period | 2 years 6 months 7 days | ||||||
Stock-based compensation expense | 14,416 | $ 11,239 | $ 27,187 | $ 16,904 | |||
Liability, accrued compensation and benefits | 44,978 | 44,978 | $ 22,147 | ||||
Stock-based compensation expense related to business combinations | 1,600 | $ 2,300 | 2,100 | $ 2,500 | |||
Swiftype | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Business acquisition, share capital acquired | 100.00% | ||||||
Equity Settled RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized stock-based compensation expense related to unvested stock options | 67,200 | $ 67,200 | |||||
Unrecognized over a weighted-average period | 3 years 5 months 12 days | ||||||
RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Description of service -based vesting condition | The service-based vesting condition is satisfied based on one of two vesting schedules: (i) vesting of 50% of the shares upon the closing of the Swiftype acquisition, 25% of the shares on the one-year anniversary of the closing, and 25% of the shares on the two-year anniversary of the closing, or (ii) vesting of 50% of the shares on the one-year anniversary of the closing of the Swiftype acquisition and 50% of the shares on the two-year anniversary of the closing. | ||||||
Stock-based compensation expense | 100 | $ 200 | |||||
RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 5,200 | $ 9,900 | |||||
Granted | 474,677 | ||||||
Weighted average grant date fair value | $ 83.19 | ||||||
Tranche One | RSAs | Swiftype | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 50.00% | ||||||
Tranche One | Cash Settled RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 4 years | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
Share-based compensation arrangement by share-based payment award current year vesting period | 1 year | ||||||
Share-based compensation arrangement by share-based payment award remainder of quarterly vesting period | 36 months | ||||||
Granted | 1,388 | ||||||
Liability, accrued compensation and benefits | $ 2,900 | $ 2,900 | |||||
Tranche Two | RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 1 year | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
Tranche Three | RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 2 years | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
Tranche Four | RSAs | Swiftype | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 1 year | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 50.00% | ||||||
Tranche Five | RSAs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 2 years | ||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 50.00% | ||||||
2012 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 4 years | ||||||
Share-based compensation arrangement by share-based payment award expiration period | 10 years | ||||||
Granted | 474,677 | ||||||
Weighted average grant date fair value | $ 83.19 | ||||||
2012 Plan | Equity Settled RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 4 years | ||||||
Share-based compensation arrangement by share-based payment award current year vesting period | 1 year | ||||||
Share-based compensation arrangement by share-based payment award remainder of quarterly vesting period | 3 years | ||||||
2012 Plan | Minimum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 1 year | ||||||
2012 Plan | Maximum | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting period | 36 months | ||||||
2012 Plan | Tranche One | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% | ||||||
2012 Plan | Tranche One | Equity Settled RSUs | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award vesting rights percentage | 25.00% |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Equity Awards Available For Grant (Details) | 6 Months Ended |
Oct. 31, 2019shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Available at beginning of period | 9,649,123 |
Awards authorized | 3,683,754 |
Stock options granted | (172,031) |
Stock options cancelled | 443,367 |
Available at end of period | 13,193,113 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs granted | (474,677) |
RSUs / RSAs cancelled | 58,992 |
RSAs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
RSUs / RSAs cancelled | 4,585 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Oct. 31, 2019USD ($)$ / sharesshares | Apr. 30, 2019USD ($)$ / sharesshares | |
Number of Stock Options Outstanding | ||
Beginning balance | shares | 22,866,438 | |
Stock options granted | shares | 172,031 | |
Stock options assumed in acquisition | shares | 245,390 | |
Stock options exercised | shares | (4,470,226) | |
Stock options cancelled | shares | (443,674) | |
Ending Balance | shares | 18,369,959 | 22,866,438 |
Exercisable as of October 31, 2019 | shares | 8,138,191 | |
Weighted-Average Exercise Price | ||
Beginning balance | $ / shares | $ 11.90 | |
Stock options granted | $ / shares | 81.39 | |
Stock options assumed in acquisition | $ / shares | 48.99 | |
Stock options exercised | $ / shares | 8.85 | |
Stock options cancelled | $ / shares | 15.08 | |
Ending Balance | $ / shares | 13.71 | $ 11.90 |
Exercisable as of October 31, 2019 | $ / shares | $ 9.93 | |
Remaining Contractual Term (in years) | ||
Remaining Contractual Term (in years) | 7 years 6 months 21 days | 7 years 11 months 23 days |
Exercisable, Remaining Contractual Term (in years) | 6 years 9 months 10 days | |
Aggregate Intrinsic Value | ||
Beginning balance | $ | $ 1,684,106 | |
Ending Balance | $ | 1,073,648 | $ 1,684,106 |
Exercisable as of October 31, 2019 | $ | $ 505,284 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of RSU Activity (Details) - 2012 Plan | 6 Months Ended |
Oct. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Awards Outstanding and unvested at Beginning of Year | 740,467 |
Number of Awards, RSUs granted | 474,677 |
Number of Awards, RSUs released | (54,174) |
Number of Awards, RSUs cancelled | (58,992) |
Number of Awards Outstanding and unvested at Year End | 1,101,978 |
Weighted-Average Grant Date Fair Value, Outstanding and unvested, Beginning of Year | $ / shares | $ 62.48 |
Weighted-Average Grant Date Fair Value, RSUs granted | $ / shares | $ 83.19 |
Weighted-Average Grant Date Fair Value, RSUs released | 69.20 |
Weighted-Average Grant Date Fair Value, RSUs cancelled | $ / shares | $ 65.98 |
Weighted-Average Grant Date Fair Value, Outstanding and unvested, End of Year | $ / shares | $ 70.88 |
Equity Incentive Plans - Summ_4
Equity Incentive Plans - Summary of Stock-based Compensation Expense Recognized in Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 14,416 | $ 11,239 | $ 27,187 | $ 16,904 |
Cost of revenue-cost of subscription-self-managed and SaaS | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 946 | 680 | 1,861 | 1,093 |
Cost of revenue-professional services | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 638 | 227 | 1,199 | 404 |
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 5,870 | 4,685 | 10,831 | 6,782 |
Sales and marketing | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 4,658 | 2,762 | 8,966 | 4,614 |
General and Administrative Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,304 | $ 2,885 | $ 4,330 | $ 4,011 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Ordinary Shareholders - Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Numerator: | ||||
Net loss | $ (49,973) | $ (27,539) | $ (91,742) | $ (46,117) |
Denominator: | ||||
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | 77,772,406 | 43,978,770 | 76,202,865 | 38,471,641 |
Net loss per share attributable to ordinary shareholders, basic and diluted | $ (0.64) | $ (0.63) | $ (1.20) | $ (1.20) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Ordinary Shareholders - Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 19,641,587 | 25,882,521 | 19,641,587 | 25,882,521 |
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 18,369,959 | 25,393,707 | 18,369,959 | 25,393,707 |
Equity Settled RSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 969,360 | 969,360 | ||
Shares Subject to Repurchase | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 67,237 | 244,316 | 67,237 | 244,316 |
Contingently Issuable Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 235,031 | 235,031 | ||
RSAs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 244,498 | 244,498 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
(Benefit) provision related to income taxes | $ (304) | $ 733 | $ 94 | $ 1,492 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
United States | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution expense related to plan | $ 1.8 | $ 1.1 | $ 3.7 | $ 2.2 |
United States | Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Percentage of defined contribution to participating employees | 6.00% | |||
Other Countries | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined contribution expense related to plan | $ 0.8 | $ 0.5 | $ 1.6 | $ 0.7 |
Segment Information - Schedule
Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 101,106 | $ 63,575 | $ 190,816 | $ 120,219 |
United States | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | 57,501 | 37,999 | 106,463 | 70,820 |
Rest of world | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total revenue | $ 43,605 | $ 25,576 | $ 84,353 | $ 49,399 |
Segment Information - Schedul_2
Segment Information - Schedule of Long-Lived Assets, Including Property and Equipment, Net and Operating Lease Right-of-Use Assets (Details) - USD ($) $ in Thousands | Oct. 31, 2019 | Apr. 30, 2019 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | $ 48,179 | $ 5,448 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | 36,092 | 3,219 |
Netherlands | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | 4,241 | 1,769 |
United Kingdom | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | 6,711 | 251 |
Rest of world | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total long-lived assets | $ 1,135 | $ 209 |