Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2024 | Aug. 21, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2024 | |
Current Fiscal Year End Date | --04-30 | |
Document Transition Report | false | |
Entity File Number | 001-38675 | |
Entity Registrant Name | Elastic N.V. | |
Entity Incorporation, State or Country Code | P7 | |
Entity Tax Identification Number | 98-1756035 | |
Title of 12(b) Security | Ordinary shares, Par Value €0.01 Per Share | |
Trading Symbol | ESTC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 102,745,499 | |
Entity Central Index Key | 0001707753 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2025 | |
Document Fiscal Period Focus | FY |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 594,871 | $ 540,397 |
Restricted cash | 3,436 | 2,692 |
Marketable securities | 552,459 | 544,002 |
Accounts receivable, net of allowance for credit losses of $4,370 and $4,979 as of July 31, 2024 and April 30, 2024, respectively | 196,474 | 323,011 |
Deferred contract acquisition costs | 76,265 | 78,030 |
Prepaid expenses and other current assets | 42,643 | 42,765 |
Total current assets | 1,466,148 | 1,530,897 |
Property and equipment, net | 4,953 | 5,453 |
Goodwill | 319,417 | 319,380 |
Operating lease right-of-use assets | 17,758 | 20,506 |
Intangible assets, net | 17,341 | 20,620 |
Deferred contract acquisition costs, non-current | 107,467 | 114,509 |
Deferred tax assets | 210,809 | 225,544 |
Other assets | 6,580 | 5,657 |
Total assets | 2,150,473 | 2,242,566 |
Current liabilities: | ||
Accounts payable | 9,337 | 26,075 |
Accrued expenses and other liabilities | 72,408 | 75,292 |
Accrued compensation and benefits | 76,080 | 93,691 |
Operating lease liabilities | 11,143 | 12,187 |
Deferred revenue | 599,251 | 663,846 |
Total current liabilities | 768,219 | 871,091 |
Deferred revenue, non-current | 27,724 | 30,293 |
Long-term debt, net | 568,887 | 568,612 |
Operating lease liabilities, non-current | 10,714 | 12,898 |
Other liabilities, non-current | 15,511 | 21,487 |
Total liabilities | 1,391,055 | 1,504,381 |
Commitments and contingencies (Notes 8 and 9) | ||
Shareholders’ equity: | ||
Preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of July 31, 2024 and April 30, 2024 | 0 | 0 |
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 102,724,366 shares issued and outstanding as of July 31, 2024 and 101,705,935 shares issued and outstanding as of April 30, 2024 | 1,081 | 1,070 |
Treasury stock | (369) | (369) |
Additional paid-in capital | 1,819,006 | 1,750,729 |
Accumulated other comprehensive loss | (19,466) | (21,638) |
Accumulated deficit | (1,040,834) | (991,607) |
Total shareholders’ equity | 759,418 | 738,185 |
Total liabilities and shareholders’ equity | $ 2,150,473 | $ 2,242,566 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jul. 31, 2024 USD ($) shares | Jul. 31, 2024 € / shares | Apr. 30, 2024 USD ($) shares | Apr. 30, 2024 € / shares |
Allowance for doubtful accounts | $ | $ 4,370 | $ 4,979 | ||
Ordinary shares, shares authorized (in shares) | 165,000,000 | |||
Convertible Preference Shares | ||||
Preference shares, par value ( in € / shares) | € / shares | € 0.01 | € 0.01 | ||
Preference shares, shares authorized (in shares) | 165,000,000 | 165,000,000 | ||
Preference shares, shares issued (in shares) | 0 | 0 | ||
Preference shares, shares outstanding (in shares) | 0 | 0 | ||
Ordinary Shares, Par Value of €0.01 | ||||
Ordinary shares, par value (in € / shares) | € / shares | € 0.01 | € 0.01 | ||
Ordinary shares, shares authorized (in shares) | 165,000,000 | 165,000,000 | ||
Ordinary shares, shares issued (in shares) | 102,724,366 | 101,705,935 | ||
Ordinary shares, shares outstanding (in shares) | 102,724,366 | 101,705,935 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Revenue | ||
Total revenue | $ 347,420 | $ 293,753 |
Cost of revenue | ||
Total cost of revenue | 91,757 | 77,477 |
Gross profit | 255,663 | 216,276 |
Operating expenses | ||
Research and development | 89,332 | 80,690 |
Sales and marketing | 157,357 | 133,169 |
General and administrative | 42,673 | 37,939 |
Restructuring and other related charges | 139 | 725 |
Total operating expenses | 289,501 | 252,523 |
Operating loss | (33,838) | (36,247) |
Interest expense | (6,526) | (6,306) |
Other income, net | 11,208 | 7,300 |
Loss before income taxes | (29,156) | (35,253) |
Provision for income taxes | 20,071 | 13,255 |
Net loss | $ (49,227) | $ (48,508) |
Net loss per share attributable to ordinary shareholders, basic and diluted | ||
Basic (in dollars per share) | $ (0.48) | $ (0.50) |
Diluted (in dollars per share) | $ (0.48) | $ (0.50) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted | ||
Basic (in shares) | 102,284,435 | 97,942,049 |
Diluted (in shares) | 102,284,435 | 97,942,049 |
Subscription | ||
Revenue | ||
Total revenue | $ 323,774 | $ 270,247 |
Cost of revenue | ||
Total cost of revenue | 68,347 | 57,266 |
Services | ||
Revenue | ||
Total revenue | 23,646 | 23,506 |
Cost of revenue | ||
Total cost of revenue | $ 23,410 | $ 20,211 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (49,227) | $ (48,508) |
Other comprehensive income: | ||
Unrealized gain (loss) on available-for-sale securities, net of taxes | 2,451 | (1,411) |
Foreign currency translation adjustments | (279) | 1,775 |
Other comprehensive income | 2,172 | 364 |
Total comprehensive loss | $ (47,055) | $ (48,144) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands | Total | Ordinary Shares | Treasury Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Apr. 30, 2023 | 97,366,947 | |||||
Beginning balance at Apr. 30, 2023 | $ 398,897 | $ 1,024 | $ (369) | $ 1,471,584 | $ (20,015) | $ (1,053,327) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 263,828 | |||||
Issuance of ordinary shares upon exercise of stock options | 3,843 | $ 3 | 3,840 | |||
Issuance of ordinary shares upon release of restricted stock units (in shares) | 746,952 | |||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 8 | (8) | |||
Stock-based compensation | 57,127 | 57,127 | ||||
Net loss | (48,508) | (48,508) | ||||
Other comprehensive income | 364 | 364 | ||||
Ending balance (in shares) at Jul. 31, 2023 | 98,377,727 | |||||
Ending balance at Jul. 31, 2023 | 411,723 | $ 1,035 | (369) | 1,532,543 | (19,651) | (1,101,835) |
Beginning balance (in shares) at Apr. 30, 2024 | 101,705,935 | |||||
Beginning balance at Apr. 30, 2024 | 738,185 | $ 1,070 | (369) | 1,750,729 | (21,638) | (991,607) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of ordinary shares upon exercise of stock options (in shares) | 312,808 | |||||
Issuance of ordinary shares upon exercise of stock options | 4,745 | $ 3 | 4,742 | |||
Issuance of ordinary shares upon release of restricted stock units (in shares) | 705,623 | |||||
Issuance of ordinary shares upon release of restricted stock units | 0 | $ 8 | (8) | |||
Stock-based compensation | 63,543 | 63,543 | ||||
Net loss | (49,227) | (49,227) | ||||
Other comprehensive income | 2,172 | 2,172 | ||||
Ending balance (in shares) at Jul. 31, 2024 | 102,724,366 | |||||
Ending balance at Jul. 31, 2024 | $ 759,418 | $ 1,081 | $ (369) | $ 1,819,006 | $ (19,466) | $ (1,040,834) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (49,227) | $ (48,508) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Depreciation and amortization | 4,173 | 5,053 |
Amortization of premium and accretion of discount on marketable securities, net | (2,200) | (2,468) |
Amortization of deferred contract acquisition costs | 23,181 | 17,572 |
Amortization of debt issuance costs | 275 | 263 |
Non-cash operating lease cost | 2,838 | 2,652 |
Stock-based compensation expense | 63,543 | 57,127 |
Deferred income taxes | 14,723 | 392 |
Unrealized foreign currency transaction (gain) loss | (181) | 1,200 |
Other | 0 | (34) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 127,203 | 75,871 |
Deferred contract acquisition costs | (13,900) | (21,145) |
Prepaid expenses and other current assets | 176 | 4,896 |
Other assets | (1,939) | 680 |
Accounts payable | (16,400) | (19,233) |
Accrued expenses and other liabilities | (9,028) | (411) |
Accrued compensation and benefits | (17,789) | (3,885) |
Operating lease liabilities | (3,374) | (3,100) |
Deferred revenue | (69,320) | (29,110) |
Net cash provided by operating activities | 52,754 | 37,812 |
Cash flows from investing activities | ||
Purchases of property and equipment | (747) | (632) |
Purchases of marketable securities | (95,163) | (83,579) |
Sales, maturities, and redemptions of marketable securities | 92,390 | 29,116 |
Net cash used in investing activities | (3,520) | (55,095) |
Cash flows from financing activities | ||
Proceeds from issuance of ordinary shares upon exercise of stock options | 4,745 | 3,843 |
Net cash provided by financing activities | 4,745 | 3,843 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,239 | 42 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 55,218 | (13,398) |
Cash, cash equivalents, and restricted cash, beginning of period | 543,089 | 646,640 |
Cash, cash equivalents, and restricted cash, end of period | 598,307 | 633,242 |
Supplemental disclosures of cash flow information | ||
Cash paid for interest | 12,181 | 11,972 |
Cash paid for income taxes, net | 4,910 | 3,037 |
Cash paid for operating lease liabilities | 3,668 | 3,310 |
Supplemental disclosures of non-cash investing and financing information | ||
Property and equipment included in accounts payable | $ 43 | $ 109 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated balance sheet as of July 31, 2024 and interim condensed consolidated statements of operations, comprehensive loss, shareholders’ equity, and cash flows for the three months ended July 31, 2024 and 2023 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 normal recurring adjustments necessary to fairly state the Company’s financial position as of July 31, 2024; results of the Company’s operations for the three months ended July 31, 2024 and 2023; statements of shareholders’ equity for the three months ended July 31, 2024 and 2023; and statements of cash flows for the three months ended July 31, 2024 and 2023. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three month periods are also unaudited. The results for the three months ended July 31, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2025, or any other future period. 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”). The condensed balance sheet data as of April 30, 2024 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. 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 the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on June 14, 2024 (the “Company’s Annual Report on Form 10-K”). Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2025, for example, refer to the fiscal year ended April 30, 2025. Use of Estimates and Judgments The preparation of the 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 and assumptions include, but are not limited to, standalone selling price (“SSP”) for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in the Company’s Annual Report on Form 10-K that have had a material impact on its condensed consolidated financial statements and related notes. Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the three months ended July 31, 2024. New Accounting Pronouncements Not Yet Adopted Income Taxes: In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures. The new guidance requires consistent categories and greater disaggregation of information in the tax rate reconciliation and information about income taxes paid disaggregated by jurisdiction. The guidance becomes effective for the Company for the fiscal year ending April 30, 2026. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. Segment Reporting: In November 2023, the FASB issued ASU No. 2023-07, S egment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2024 and interim periods within fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Jul. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Elastic N.V. (individually and together with its consolidated subsidiaries, “Elastic” or the “Company”) was incorporated under the laws of the Netherlands in 2012. The Company created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization on that data. Developers build on top of the Elastic Stack to apply the power of search to their data and solve business problems. The Company offers three software solutions built into the Elastic Stack: Search, Observability, and Security. The Elastic Stack and the Company’s solutions are designed to run across hybrid clouds, public or private clouds, and multi-cloud environments. |
Revenue
Revenue | 3 Months Ended |
Jul. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Disaggregation of Revenue The following table presents revenue by category (in thousands): Three Months Ended July 31, 2024 2023 Amount % of Amount % of Elastic Cloud $ 157,281 45 % $ 121,172 41 % Other subscription 166,493 48 % 149,075 51 % Total subscription 323,774 93 % 270,247 92 % Services 23,646 7 % 23,506 8 % Total revenue $ 347,420 100 % $ 293,753 100 % Concentration of Credit Risk One customer, a channel partner, accounted for 15% and 13% of net accounts receivable as of July 31, 2024 and April 30, 2024, respectively. The same customer accounted for 12% and 10% of total revenue during the three months ended July 31, 2024 and 2023, respectively. Deferred Revenue Unbilled Accounts Receivable Remaining Performance Obligations As of July 31, 2024, the Company had $1.259 billion of remaining performance obligations. As of July 31, 2024, the Company expects to recognize approximately 90% of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter. Deferred Contract Acquisition Costs Amortization expense with respect to deferred contract acquisition costs was $23.2 million and $17.6 million for the three months ended July 31, 2024 and 2023, respectively. The Company did not recognize any impairment of deferred contract acquisition costs for the three months ended July 31, 2024 and 2023. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jul. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial Assets 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 Company considers all highly liquid investments, including money market funds with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company’s marketable securities are classified as available for sale and considered to be available for use in current operations and, therefore, the Company classifies them within current assets on the condensed consolidated balance sheet. The Company uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments. For Level 2 investments, the Company uses inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The following table summarizes assets that are measured at fair value on a recurring basis as of July 31, 2024 (in thousands): Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 200,936 $ — $ — $ 200,936 U.S. treasury securities 17,717 — — 17,717 Total included in cash equivalents 218,653 — — 218,653 Marketable securities: Certificates of deposit — 45,265 — 45,265 Commercial paper — 42,343 — 42,343 Municipal securities — 30,353 — 30,353 U.S. treasury securities 109,649 — — 109,649 International treasuries — 14,790 — 14,790 Corporate debt securities — 278,757 — 278,757 U.S. agency bonds — 31,302 — 31,302 Total marketable securities 109,649 442,810 — 552,459 Mutual fund investments (1) 1,174 — — 1,174 Total financial assets $ 329,476 $ 442,810 $ — $ 772,286 (1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of Other assets in the Company’s condensed consolidated balance sheets. The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2024 (in thousands): Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 180,248 $ — $ — $ 180,248 U.S. treasury securities 35,407 — — 35,407 Corporate debt securities — 699 — 699 Total included in cash equivalents 215,655 699 — 216,354 Marketable securities: Certificates of deposit — 42,972 — 42,972 Commercial paper — 43,051 — 43,051 Municipal securities — 27,806 — 27,806 U.S. treasury securities 112,471 — — 112,471 International treasuries — 12,642 — 12,642 Corporate debt securities — 269,168 — 269,168 U.S. agency bonds — 35,892 — 35,892 Total marketable securities 112,471 431,531 — 544,002 Mutual fund investments (1) 461 — — 461 Total financial assets $ 328,587 $ 432,230 $ — $ 760,817 (1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of Other assets in the Company’s condensed consolidated balance sheets. Interest income from the Company’s cash, cash equivalents and marketable securities was $11.4 million and $6.0 million for the three months ended July 31, 2024 and 2023, respectively, and is included in other income, net in the condensed consolidated statements of operations. As of July 31, 2024 and April 30, 2024, gross unrealized gains and losses on the marketable securities were insignificant. The fluctuations in market interest rates impacted the unrealized losses or gains on these securities. The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands): As of As of Due within 1 year $ 303,834 $ 298,876 Due between 1 year and 3 years 248,625 245,126 Total marketable securities $ 552,459 $ 544,002 Financial Liabilities In July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 (the “Senior Notes”) in a private placement. Based on the trading prices of the Senior Notes, the fair value of the Senior Notes as of July 31, 2024 was approximately $532.1 million. While the Senior Notes are recorded at cost, the fair value of the Senior Notes was determined based on quoted prices in markets that are not active; accordingly, the Senior Notes are categorized as Level 2 for purposes of the fair value measurement hierarchy. |
Acquisitions
Acquisitions | 3 Months Ended |
Jul. 31, 2024 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Opster Ltd. On November 30, 2023, the Company acquired 100% of the share capital of Opster Ltd. (“Opster”) for a total purchase consideration of $23.0 million. The purchase consideration includes $3.0 million held back by the Company for indemnity obligations which will be released upon the 18-month anniversary of the acquisition. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations, and, accordingly, the total purchase consideration was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The total purchase price allocated to developed technology and goodwill was $6.0 million and $15.9 million, respectively. The fair value assigned to developed technology was determined using the cost to recreate approach. The developed technology asset is being amortized on a straight-line basis over the useful life of 5 years, which approximates the pattern in which the developed technology is utilized. Goodwill resulted primarily from the expectation of enhancing the efficiency and management of the Elastic Stack and is not deductible for income tax purposes. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Jul. 31, 2024 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net The cost and accumulated depreciation of property and equipment were as follows (in thousands): Useful Life (in years) As of As of Leasehold improvements Lesser of estimated useful life or remaining lease term $ 13,125 $ 12,683 Computer hardware and software 3 3,670 3,464 Furniture and fixtures 3-5 7,420 7,395 Assets under construction 241 428 Total property and equipment 24,456 23,970 Less: accumulated depreciation (19,503) (18,517) Property and equipment, net $ 4,953 $ 5,453 Depreciation expense related to property and equipment was $0.9 million and $0.8 million for the three months ended July 31, 2024 and 2023, respectively. Intangible Assets, Net Intangible assets consisted of the following as of July 31, 2024 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Developed technology $ 76,130 $ 58,764 $ 17,366 2.7 Foreign currency translation adjustment (25) Total $ 17,341 Intangible assets consisted of the following as of April 30, 2024 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Developed technology $ 76,130 $ 55,489 $ 20,641 2.7 Foreign currency translation adjustment (21) Total $ 20,620 Amortization expense for the intangible assets for the three months ended July 31, 2024 and 2023 was as follows (in thousands): Three Months Ended July 31, 2024 2023 Cost of revenue – subscription $ 3,275 $ 2,976 Sales and marketing — 1,232 Total amortization of acquired intangible assets $ 3,275 $ 4,208 The expected future amortization expense related to the intangible assets as of July 31, 2024 was as follows (in thousands, by fiscal year): Remainder of 2025 $ 5,936 2026 6,256 2027 3,244 2028 1,202 2029 703 Total $ 17,341 Goodwill The following table represents the changes to goodwill (in thousands): Carrying Amount Balance as of April 30, 2024 $ 319,380 Foreign currency translation adjustment 37 Balance as of July 31, 2024 $ 319,417 There was no impairment of goodwill during the three months ended July 31, 2024 and 2023. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): As of As of Accrued expenses $ 36,548 $ 34,779 Income taxes payable 13,276 10,596 Value added taxes payable 4,906 8,849 Accrued interest 988 6,918 Other 16,690 14,150 Total accrued expenses and other liabilities $ 72,408 $ 75,292 Accrued Compensation and Benefits Accrued compensation and benefits consisted of the following (in thousands): As of As of Accrued vacation $ 36,305 $ 35,005 Accrued commissions 11,243 34,339 Accrued payroll and withholding taxes 10,225 9,830 Other 18,307 14,517 Total accrued compensation and benefits $ 76,080 $ 93,691 Allowance for Credit Losses The following is a summary of the changes in the Company’s allowance for credit losses (in thousands): Three Months Ended July 31, 2024 2023 Beginning balance $ 4,979 $ 3,409 Bad debt expense 786 628 Accounts written off (1,395) (704) Ending balance $ 4,370 $ 3,333 |
Senior Notes
Senior Notes | 3 Months Ended |
Jul. 31, 2024 | |
Debt Disclosure [Abstract] | |
Senior Notes | Senior Notes In July 2021, the Company issued $575.0 million aggregate principal amount of Senior Notes in a private placement. Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year. The Company received net proceeds from the offering of the Senior Notes of $565.7 million after deducting underwriting commissions of $7.2 million and incurred additional issuance costs of $2.1 million. Total debt issuance costs of $9.3 million are being amortized to interest expense using the effective interest method over the term of the Senior Notes. The Senior Notes were redeemable, in whole or in part, at any time prior to July 15, 2024 at a price equal to 100% of the principal amount thereof plus a “make-whole” premium and accrued and unpaid interest, if any. The Company may at its election redeem all or a part of the Senior Notes on or after July 15, 2024, on any one or more occasions, at the redemption prices set forth in the indenture governing the Senior Notes (the “Indenture”), plus, in each case, accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. In addition, up to 40% of the aggregate principal amount of the Senior Notes outstanding under the Indenture was redeemable on any one or more occasions at any time prior to July 15, 2024 with the net cash proceeds of one or more equity offerings at a redemption price equal to 104.125% of the principal amount of the Senior Notes then outstanding, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable redemption date. The Company may also at its election redeem the Senior Notes in whole, but not in part, at a price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, if certain changes in tax law occur as set forth in the Indenture. If the Company experiences a change of control triggering event (as defined in the Indenture), the Company must offer to repurchase the Senior Notes at a repurchase price equal to 101% of the principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest, if any, to the repurchase date. The Indenture contains covenants limiting the Company’s ability and the ability of certain subsidiaries to create liens on certain assets to secure debt; grant a subsidiary guarantee of certain debt without also providing a guarantee of the Senior Notes; and consolidate or merge with or into, or sell or otherwise dispose of all or substantially all of its assets to, another person. These covenants are subject to a number of limitations and exceptions. Certain of these covenants will not apply during any period in which the Senior Notes are rated investment grade by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services. The net carrying amount of the Senior Notes was as follows (in thousands): As of As of Principal $ 575,000 $ 575,000 Unamortized debt issuance costs (6,113) (6,388) Net carrying amount $ 568,887 $ 568,612 The following table sets forth the interest expense recognized related to the Senior Notes (in thousands): Three Months Ended July 31, 2024 2023 Contractual interest expense $ 5,930 $ 5,930 Amortization of debt issuance costs 275 263 Total interest expense related to the Senior Notes $ 6,205 $ 6,193 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Cloud Hosting Commitments During the three months ended July 31, 2024, there were no material changes, outside the ordinary course of business, to the Company’s contractual obligations and commitments reported in the Company's Annual Report on Form 10-K. Letters of Credit The Company had a total of $2.9 million in letters of credit outstanding in favor of certain landlords for office space as of July 31, 2024. 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 reasonably estimable. 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 to date has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. 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 against certain liabilities that may arise as a result of their affiliation with the Company. To date, there have been no claims under any indemnification provisions. |
Leases
Leases | 3 Months Ended |
Jul. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company’s leases provide for rental of corporate office space under non-cancelable operating lease agreements that expire at various dates through fiscal 2030. The Company does not have any finance leases. Lease Costs Components of lease costs included in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended July 31, 2024 2023 Operating lease cost $ 3,137 $ 2,855 Short-term lease cost 540 474 Variable lease cost 402 237 Total lease cost $ 4,079 $ 3,566 Lease term and discount rate information are summarized as follows: As of Weighted average remaining lease term (in years) 2.5 Weighted average discount rate 5.1 % Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of July 31, 2024 were as follows (in thousands, by fiscal year): Remainder of 2025 $ 9,548 2026 7,586 2027 2,711 2028 2,369 2029 1,042 Thereafter 69 Total minimum lease payments 23,325 Less imputed interest (1,468) Present value of future minimum lease payments 21,857 Less current lease liabilities (11,143) Operating lease liabilities, non-current $ 10,714 Future minimum lease payments as of July 31, 2024 include future cash payments on leases with corresponding right-of-use assets which were written down for impairment due to facilities-related cost optimization actions during fiscal 2023. During the three months ended July 31, 2024, the Company executed an operating lease agreement for an office space with an expected commencement date in the third quarter of fiscal 2025. The lease term is approximately 11 years with undiscounted future minimum lease payments of approximately $12.4 million. |
Ordinary Shares
Ordinary Shares | 3 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Ordinary Shares | Ordinary Shares The Company’s authorized ordinary share capital pursuant to its articles of association amounts to 165 million ordinary shares at a par value per ordinary share of €0.01. 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 proposed by the Company’s board of directors and adopted by the general meeting of shareholders, subject to the prior rights of holders of all classes of shares outstanding having priority rights to dividends. No dividends have been declared from the Company’s inception through July 31, 2024. The board of directors has been authorized by the general meeting of shareholders, on the Company’s behalf, to issue the Company’s ordinary shares and grant rights to acquire the Company’s ordinary shares in an amount up to 20% of the issued share capital of the Company as of August 21, 2023. This authorization is valid for a period of 18 months from October 5, 2023. Ordinary Shares Reserved for Issuance The Company has reserved ordinary shares for issuance as follows: As of As of Stock options issued and outstanding 2,322,860 2,640,423 RSUs issued and outstanding 6,775,874 7,076,836 Available for future grants 24,938,123 20,252,732 Available for 2022 ESPP 5,654,835 5,654,835 Total ordinary shares reserved 39,691,692 35,624,826 Preference Shares The Company’s authorized preference share capital pursuant to its articles of association amounts to 165 million preference shares at a par value per preference share of €0.01. Each holder of preference shares has rights and preferences, including the right to one vote per preference share. As of July 31, 2024, there were no preference shares issued or outstanding. Preference shares in the capital of the Company may currently only be issued pursuant to a resolution adopted by the general meeting of shareholders at the proposal of the board of directors. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans 2022 Employee Stock Purchase Plan In August 2022, the Company’s board of directors adopted and, in October 2022, the Company’s shareholders approved the 2022 Employee Stock Purchase Plan (“2022 ESPP”). The Company reserved 6.0 million of the Company’s ordinary shares for future purchase and issuance under the 2022 ESPP in January 2023. The 2022 ESPP allows eligible employees to acquire ordinary shares of the Company at a discount at periodic intervals through accumulated payroll deductions. Eligible employees purchase ordinary shares of the Company during a purchase period at 85% of the market value of the Company’s ordinary shares at either the beginning or end of an offering period, whichever is lower. Offering periods under the 2022 ESPP are approximately six months long and begin on each of March 16 or September 16 or the next trading day thereafter. No ordinary shares were purchased under the 2022 ESPP during the three months ended July 31, 2024 and 2023. Stock-based compensation expense recognized related to the 2022 ESPP was $2.2 million and $1.8 million for the three months ended July 31, 2024 and 2023, respectively. 2012 Stock Option Plan In September 2012, the Company’s board of directors adopted and the Company’s shareholders approved the 2012 Stock Option Plan, which was amended and restated in September 2018 and further amended in December 2021 (as amended and restated, the “2012 Plan”). Under the 2012 Plan, the board of directors, the compensation committee, as administrator of the 2012 Plan, and any other duly authorized committee may grant stock options and other equity-based awards, such as restricted stock units (“RSUs”) (which include some performance share units) to eligible employees, directors, and consultants to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors and consultants, and to promote the success of the Company’s business. The Company’s board of directors, compensation committee, or other duly authorized committee determines the vesting schedule for all equity-based awards. Stock options and RSUs granted to employees generally vest over four years, subject to the employees’ continued service to the Company. The Company’s compensation committee may explicitly deviate from the general vesting schedules in its approval of an equity-based award, as it may deem appropriate. Stock options expire ten years after the date of grant. Stock options and RSUs that are canceled under certain conditions become available for future grant or sale under the 2012 Plan unless the 2012 Plan is terminated. The equity awards available for grant were as follows: Three Months Ended Available at beginning of fiscal year 20,252,732 Shares authorized 5,085,297 Options canceled 4,755 RSUs granted (661,565) RSUs canceled 256,904 Available at end of period 24,938,123 Stock Options The following table summarizes stock option activity: Stock Options Outstanding Number of Stock Options Outstanding Weighted- Average Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balance as of April 30, 2024 2,640,423 $ 38.23 4.67 $ 178,081 Stock options exercised (312,808) $ 15.17 Stock options canceled (4,755) $ 13.22 Balance as of July 31, 2024 2,322,860 $ 41.39 4.52 $ 165,932 Exercisable as of July 31, 2024 2,118,697 $ 36.54 4.27 $ 160,969 Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase the Company’s ordinary shares and the fair value of the Company’s ordinary shares. No stock options were granted during the three months ended July 31, 2024 and 2023. As of July 31, 2024, the Company had unrecognized stock-based compensation expense of $10.3 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 1.45 years. RSUs The following table summarizes RSU activity under the 2012 Plan: Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at April 30, 2024 7,076,836 $ 85.38 RSUs granted 661,565 $ 111.95 RSUs released (705,623) $ 89.04 RSUs canceled (256,904) $ 85.79 Outstanding and unvested at July 31, 2024 6,775,874 $ 87.57 As of July 31, 2024, the Company had unrecognized stock-based compensation expense of $551.9 million related to RSUs that the Company expects to recognize over a weighted-average period of 2.67 years. 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 July 31, 2024 2023 Cost of revenue Subscription $ 2,297 $ 2,183 Services 3,467 2,796 Research and development 24,021 22,436 Sales and marketing 21,079 18,839 General and administrative 12,679 10,873 Total stock-based compensation expense $ 63,543 $ 57,127 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Ordinary Shareholders | 3 Months Ended |
Jul. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Ordinary Shareholders | 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 July 31, 2024 2023 Numerator: Net loss $ (49,227) $ (48,508) Denominator: Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted 102,284,435 97,942,049 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.48) $ (0.50) 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 Months Ended July 31, 2024 2023 Stock options 2,322,860 3,723,556 RSUs 6,775,874 6,976,012 2022 ESPP 113,055 196,399 Total 9,211,789 10,895,967 |
Income Taxes
Income Taxes | 3 Months Ended |
Jul. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is incorporated in the Netherlands but operates in various countries with differing tax laws and rates. The Company recorded a provision for income taxes of $20.1 million and $13.3 million for the three months ended July 31, 2024 and 2023, respectively. The Company’s effective tax rate is affected by recurring items, such as tax rates in jurisdictions outside the Netherlands and the relative amounts of income that is earned in those jurisdictions and non-deductible stock-based compensation as well as one-time tax benefits or charges. For the three months ended July 31, 2024, the provision for income taxes includes a one-time charge of $2.2 million associated with acquisition-related integration. The calculation of income taxes is based upon the estimated annual effective tax rates for the year applied to the current period income 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 of reasonably possible unrecognized tax benefits that could decrease over the next twelve months due to the expiration of certain statutes of limitations and settlement of tax audits is not material to the Company’s condensed consolidated financial statements. In 2021, the Organization for Economic Cooperation and Development (“OECD”) published Pillar Two Model Rules defining a global minimum tax, which calls for the taxation of large corporations at a minimum rate of 15%. The OECD has since issued administrative guidance providing transition and safe harbor rules concerning the implementation of the Pillar Two global minimum tax. A number of countries have proposed or enacted legislation to implement core elements of the Pillar Two proposal. Pillar Two did not have a significant impact on the Company’s condensed consolidated financial statements for the three months ended July 31, 2024. Although the Company is monitoring developments and evaluating the potential impact on future periods, the Company does not expect Pillar Two to have a significant impact on its consolidated financial statements for the fiscal year ending April 30, 2025. The Company continues to monitor the impact of proposed and enacted global tax legislation. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Jul. 31, 2024 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company has a defined-contribution plan in the United States 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. The 401(k) Plan covers substantially all U.S. 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 of up to 6% of the participating employee’s W-2 earnings and wages. The Company recorded $5.2 million and $4.8 million of expense for the three months ended July 31, 2024 and 2023, respectively, related to the 401(k) Plan. |
Segment Information
Segment Information | 3 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The following table summarizes the Company’s total revenue by geographic area based on the location of customers (in thousands): Three Months Ended July 31, 2024 2023 United States $ 198,289 $ 170,239 Rest of world 149,131 123,514 Total revenue $ 347,420 $ 293,753 Other than the United States, no individual country accounted for 10% or more of total revenue during the periods presented. The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands): As of As of United States $ 8,924 $ 10,571 The Netherlands 3,488 3,716 United Kingdom 3,084 3,470 Rest of world 7,215 8,202 Total long-lived assets $ 22,711 $ 25,959 |
Restructuring and Other Related
Restructuring and Other Related Charges | 3 Months Ended |
Jul. 31, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Related Charges | Restructuring and Other Related Charges |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net loss | $ (49,227) | $ (48,508) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jul. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated balance sheet as of July 31, 2024 and interim condensed consolidated statements of operations, comprehensive loss, shareholders’ equity, and cash flows for the three months ended July 31, 2024 and 2023 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 normal recurring adjustments necessary to fairly state the Company’s financial position as of July 31, 2024; results of the Company’s operations for the three months ended July 31, 2024 and 2023; statements of shareholders’ equity for the three months ended July 31, 2024 and 2023; and statements of cash flows for the three months ended July 31, 2024 and 2023. The financial data and other financial information disclosed in the notes to these interim condensed consolidated financial statements related to the three month periods are also unaudited. The results for the three months ended July 31, 2024 are not necessarily indicative of the operating results expected for the fiscal year ending April 30, 2025, or any other future period. 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”). The condensed balance sheet data as of April 30, 2024 was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. 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 the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2024 filed with the SEC on June 14, 2024 (the “Company’s Annual Report on Form 10-K”). |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on April 30. References to fiscal 2025, for example, refer to the fiscal year ended April 30, 2025. |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of the 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 and assumptions include, but are not limited to, standalone selling price (“SSP”) for each distinct performance obligation included in customer contracts with multiple performance obligations, the period of benefit for deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, discount rate used for operating leases, and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates or judgments or revise the carrying value of the Company’s assets or liabilities. These estimates may change, as new events occur and additional information is obtained, and are recognized in the condensed consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. |
Recently Adopted Accounting Pronouncements And New Accounting Pronouncements Not Yet Adopted | Recently Adopted Accounting Pronouncements The Company did not adopt any accounting pronouncements during the three months ended July 31, 2024. New Accounting Pronouncements Not Yet Adopted Income Taxes: In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures. The new guidance requires consistent categories and greater disaggregation of information in the tax rate reconciliation and information about income taxes paid disaggregated by jurisdiction. The guidance becomes effective for the Company for the fiscal year ending April 30, 2026. Early adoption is permitted. Upon adoption, the guidance may be applied prospectively or retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. Segment Reporting: In November 2023, the FASB issued ASU No. 2023-07, S egment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The guidance becomes effective for the Company for fiscal years beginning after April 30, 2024 and interim periods within fiscal years beginning after April 30, 2025. Early adoption is permitted. Upon adoption, the guidance should be applied retrospectively. The Company is currently evaluating the impact of adopting this standard on its condensed consolidated financial statements. |
Revenue and Performance Obligat
Revenue and Performance Obligations (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from External Customers by Products and Services | The following table presents revenue by category (in thousands): Three Months Ended July 31, 2024 2023 Amount % of Amount % of Elastic Cloud $ 157,281 45 % $ 121,172 41 % Other subscription 166,493 48 % 149,075 51 % Total subscription 323,774 93 % 270,247 92 % Services 23,646 7 % 23,506 8 % Total revenue $ 347,420 100 % $ 293,753 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
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 July 31, 2024 (in thousands): Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 200,936 $ — $ — $ 200,936 U.S. treasury securities 17,717 — — 17,717 Total included in cash equivalents 218,653 — — 218,653 Marketable securities: Certificates of deposit — 45,265 — 45,265 Commercial paper — 42,343 — 42,343 Municipal securities — 30,353 — 30,353 U.S. treasury securities 109,649 — — 109,649 International treasuries — 14,790 — 14,790 Corporate debt securities — 278,757 — 278,757 U.S. agency bonds — 31,302 — 31,302 Total marketable securities 109,649 442,810 — 552,459 Mutual fund investments (1) 1,174 — — 1,174 Total financial assets $ 329,476 $ 442,810 $ — $ 772,286 (1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of Other assets in the Company’s condensed consolidated balance sheets. The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2024 (in thousands): Level 1 Level 2 Level 3 Total Financial Assets: Cash equivalents: Money market funds $ 180,248 $ — $ — $ 180,248 U.S. treasury securities 35,407 — — 35,407 Corporate debt securities — 699 — 699 Total included in cash equivalents 215,655 699 — 216,354 Marketable securities: Certificates of deposit — 42,972 — 42,972 Commercial paper — 43,051 — 43,051 Municipal securities — 27,806 — 27,806 U.S. treasury securities 112,471 — — 112,471 International treasuries — 12,642 — 12,642 Corporate debt securities — 269,168 — 269,168 U.S. agency bonds — 35,892 — 35,892 Total marketable securities 112,471 431,531 — 544,002 Mutual fund investments (1) 461 — — 461 Total financial assets $ 328,587 $ 432,230 $ — $ 760,817 (1) Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of Other assets in the Company’s condensed consolidated balance sheets. The fair value of available-for-sale securities, by remaining contractual maturity, are as follows (in thousands): As of As of Due within 1 year $ 303,834 $ 298,876 Due between 1 year and 3 years 248,625 245,126 Total marketable securities $ 552,459 $ 544,002 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Balance Sheet Components [Abstract] | |
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 As of Leasehold improvements Lesser of estimated useful life or remaining lease term $ 13,125 $ 12,683 Computer hardware and software 3 3,670 3,464 Furniture and fixtures 3-5 7,420 7,395 Assets under construction 241 428 Total property and equipment 24,456 23,970 Less: accumulated depreciation (19,503) (18,517) Property and equipment, net $ 4,953 $ 5,453 |
Schedule of Intangible Assets | Intangible assets consisted of the following as of July 31, 2024 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Developed technology $ 76,130 $ 58,764 $ 17,366 2.7 Foreign currency translation adjustment (25) Total $ 17,341 Intangible assets consisted of the following as of April 30, 2024 (in thousands): Gross Fair Value Accumulated Amortization Net Book Value Weighted Average Developed technology $ 76,130 $ 55,489 $ 20,641 2.7 Foreign currency translation adjustment (21) Total $ 20,620 |
Schedule of Amortization Expense for Intangible Assets | Amortization expense for the intangible assets for the three months ended July 31, 2024 and 2023 was as follows (in thousands): Three Months Ended July 31, 2024 2023 Cost of revenue – subscription $ 3,275 $ 2,976 Sales and marketing — 1,232 Total amortization of acquired intangible assets $ 3,275 $ 4,208 |
Schedule of Expected Future Amortization Expense of Intangible Assets | The expected future amortization expense related to the intangible assets as of July 31, 2024 was as follows (in thousands, by fiscal year): Remainder of 2025 $ 5,936 2026 6,256 2027 3,244 2028 1,202 2029 703 Total $ 17,341 |
Schedule of Changes to Goodwill | The following table represents the changes to goodwill (in thousands): Carrying Amount Balance as of April 30, 2024 $ 319,380 Foreign currency translation adjustment 37 Balance as of July 31, 2024 $ 319,417 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities consisted of the following (in thousands): As of As of Accrued expenses $ 36,548 $ 34,779 Income taxes payable 13,276 10,596 Value added taxes payable 4,906 8,849 Accrued interest 988 6,918 Other 16,690 14,150 Total accrued expenses and other liabilities $ 72,408 $ 75,292 |
Schedule of Accrued Compensation and Benefits | Accrued compensation and benefits consisted of the following (in thousands): As of As of Accrued vacation $ 36,305 $ 35,005 Accrued commissions 11,243 34,339 Accrued payroll and withholding taxes 10,225 9,830 Other 18,307 14,517 Total accrued compensation and benefits $ 76,080 $ 93,691 |
Schedule of Unbilled Accounts Receivable, Deferred Contract Acquisition Costs, and Deferred Revenue from Contracts with Customers | The following is a summary of the changes in the Company’s allowance for credit losses (in thousands): Three Months Ended July 31, 2024 2023 Beginning balance $ 4,979 $ 3,409 Bad debt expense 786 628 Accounts written off (1,395) (704) Ending balance $ 4,370 $ 3,333 |
Senior Notes (Tables)
Senior Notes (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt Instruments | The net carrying amount of the Senior Notes was as follows (in thousands): As of As of Principal $ 575,000 $ 575,000 Unamortized debt issuance costs (6,113) (6,388) Net carrying amount $ 568,887 $ 568,612 The following table sets forth the interest expense recognized related to the Senior Notes (in thousands): Three Months Ended July 31, 2024 2023 Contractual interest expense $ 5,930 $ 5,930 Amortization of debt issuance costs 275 263 Total interest expense related to the Senior Notes $ 6,205 $ 6,193 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Leases [Abstract] | |
Components of Lease Costs | Components of lease costs included in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended July 31, 2024 2023 Operating lease cost $ 3,137 $ 2,855 Short-term lease cost 540 474 Variable lease cost 402 237 Total lease cost $ 4,079 $ 3,566 |
Lease Term and Discount Rate Information | Lease term and discount rate information are summarized as follows: As of Weighted average remaining lease term (in years) 2.5 Weighted average discount rate 5.1 % |
Future Minimum Lease Payments Based on Current Lease Accounting Standard | Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of July 31, 2024 were as follows (in thousands, by fiscal year): Remainder of 2025 $ 9,548 2026 7,586 2027 2,711 2028 2,369 2029 1,042 Thereafter 69 Total minimum lease payments 23,325 Less imputed interest (1,468) Present value of future minimum lease payments 21,857 Less current lease liabilities (11,143) Operating lease liabilities, non-current $ 10,714 |
Ordinary Shares (Tables)
Ordinary Shares (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Equity [Abstract] | |
Summary of Ordinary Shares Reserved for Issuance | The Company has reserved ordinary shares for issuance as follows: As of As of Stock options issued and outstanding 2,322,860 2,640,423 RSUs issued and outstanding 6,775,874 7,076,836 Available for future grants 24,938,123 20,252,732 Available for 2022 ESPP 5,654,835 5,654,835 Total ordinary shares reserved 39,691,692 35,624,826 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Equity Awards Available for Grant | The equity awards available for grant were as follows: Three Months Ended Available at beginning of fiscal year 20,252,732 Shares authorized 5,085,297 Options canceled 4,755 RSUs granted (661,565) RSUs canceled 256,904 Available at end of period 24,938,123 |
Summary of Stock Option Activity | The following table summarizes stock option activity: Stock Options Outstanding Number of Stock Options Outstanding Weighted- Average Exercise Price Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Balance as of April 30, 2024 2,640,423 $ 38.23 4.67 $ 178,081 Stock options exercised (312,808) $ 15.17 Stock options canceled (4,755) $ 13.22 Balance as of July 31, 2024 2,322,860 $ 41.39 4.52 $ 165,932 Exercisable as of July 31, 2024 2,118,697 $ 36.54 4.27 $ 160,969 |
Summary of RSU Activity | The following table summarizes RSU activity under the 2012 Plan: Number of Awards Weighted-Average Grant Date Fair Value Outstanding and unvested at April 30, 2024 7,076,836 $ 85.38 RSUs granted 661,565 $ 111.95 RSUs released (705,623) $ 89.04 RSUs canceled (256,904) $ 85.79 Outstanding and unvested at July 31, 2024 6,775,874 $ 87.57 |
Summary of Stock-based Compensation Expense Related to Tender Offer Included in Consolidated Statement 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 July 31, 2024 2023 Cost of revenue Subscription $ 2,297 $ 2,183 Services 3,467 2,796 Research and development 24,021 22,436 Sales and marketing 21,079 18,839 General and administrative 12,679 10,873 Total stock-based compensation expense $ 63,543 $ 57,127 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Ordinary Shareholders (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
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 July 31, 2024 2023 Numerator: Net loss $ (49,227) $ (48,508) Denominator: Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted 102,284,435 97,942,049 Net loss per share attributable to ordinary shareholders, basic and diluted $ (0.48) $ (0.50) |
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 Months Ended July 31, 2024 2023 Stock options 2,322,860 3,723,556 RSUs 6,775,874 6,976,012 2022 ESPP 113,055 196,399 Total 9,211,789 10,895,967 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Jul. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Geographic Area | The following table summarizes the Company’s total revenue by geographic area based on the location of customers (in thousands): Three Months Ended July 31, 2024 2023 United States $ 198,289 $ 170,239 Rest of world 149,131 123,514 Total revenue $ 347,420 $ 293,753 |
Schedule of Property and Equipment, Net of Depreciation | 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 As of United States $ 8,924 $ 10,571 The Netherlands 3,488 3,716 United Kingdom 3,084 3,470 Rest of world 7,215 8,202 Total long-lived assets $ 22,711 $ 25,959 |
Revenue - Schedule of Revenue b
Revenue - Schedule of Revenue by Category (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 347,420 | $ 293,753 |
Revenue | Product | ||
Disaggregation of Revenue [Line Items] | ||
% of Total Revenue | 100% | 100% |
Total subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 323,774 | $ 270,247 |
Total subscription | Revenue | Product | ||
Disaggregation of Revenue [Line Items] | ||
% of Total Revenue | 93% | 92% |
SaaS | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 157,281 | $ 121,172 |
SaaS | Revenue | Product | ||
Disaggregation of Revenue [Line Items] | ||
% of Total Revenue | 45% | 41% |
Self-managed subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 166,493 | $ 149,075 |
Self-managed subscription | Revenue | Product | ||
Disaggregation of Revenue [Line Items] | ||
% of Total Revenue | 48% | 51% |
Professional services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 23,646 | $ 23,506 |
Professional services | Revenue | Product | ||
Disaggregation of Revenue [Line Items] | ||
% of Total Revenue | 7% | 8% |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2024 USD ($) Customer | Jul. 31, 2023 USD ($) Customer | Apr. 30, 2024 USD ($) | |
Disaggregation of Revenue [Line Items] | |||
Deferred revenue, revenue recognized | $ 261,400 | $ 210,300 | |
Revenue, remaining performance obligation, amount | $ 1,259,000 | ||
Revenue, remaining performance obligation, percentage | 90% | ||
Revenue, remaining performance obligation, remaining duration | 24 months | ||
Amortization of deferred contract acquisition costs | $ 23,181 | 17,572 | |
Impairment of deferred contract acquisition costs recognized | 0 | $ 0 | |
Contracts with Customers | |||
Disaggregation of Revenue [Line Items] | |||
Unbilled accounts receivable | $ 2,700 | $ 2,500 | |
Net Accounts Receivable | Customer Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Number of customers | Customer | 1 | 1 | |
Net Accounts Receivable | Customer Concentration Risk | Customer One | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk percentage | 15% | 13% | |
Revenue, Product and Service Benchmark | Customer Concentration Risk | |||
Disaggregation of Revenue [Line Items] | |||
Number of customers | Customer | 1 | 1 | |
Revenue, Product and Service Benchmark | Customer Concentration Risk | Customer One | |||
Disaggregation of Revenue [Line Items] | |||
Concentration risk percentage | 12% | 10% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | $ 218,653 | $ 216,354 | ||
Marketable securities | 552,459 | 544,002 | ||
Total financial assets | 772,286 | 760,817 | ||
Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 42,972 | |||
U.S. treasury securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 109,649 | 112,471 | ||
Certificates of deposit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 45,265 | |||
Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 42,343 | 43,051 | ||
Municipal securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 30,353 | 27,806 | ||
International treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 14,790 | 12,642 | ||
Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 699 | |||
Marketable securities | 278,757 | 269,168 | ||
U.S. agency bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 31,302 | 35,892 | ||
Mutual fund investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 1,174 | [1] | 461 | [2] |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 218,653 | 215,655 | ||
Marketable securities | 109,649 | 112,471 | ||
Total financial assets | 329,476 | 328,587 | ||
Level 1 | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | |||
Level 1 | U.S. treasury securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 109,649 | 112,471 | ||
Level 1 | Certificates of deposit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | |||
Level 1 | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 1 | Municipal securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 1 | International treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 1 | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | |||
Marketable securities | 0 | 0 | ||
Level 1 | U.S. agency bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 1 | Mutual fund investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 1,174 | [1] | 461 | [2] |
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | 699 | ||
Marketable securities | 442,810 | 431,531 | ||
Total financial assets | 442,810 | 432,230 | ||
Level 2 | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 42,972 | |||
Level 2 | U.S. treasury securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 2 | Certificates of deposit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 45,265 | |||
Level 2 | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 42,343 | 43,051 | ||
Level 2 | Municipal securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 30,353 | 27,806 | ||
Level 2 | International treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 14,790 | 12,642 | ||
Level 2 | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 699 | |||
Marketable securities | 278,757 | 269,168 | ||
Level 2 | U.S. agency bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 31,302 | 35,892 | ||
Level 2 | Mutual fund investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Level 3 | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | |||
Level 3 | U.S. treasury securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 3 | Certificates of deposit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | |||
Level 3 | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 3 | Municipal securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 3 | International treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 3 | Corporate debt securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | |||
Marketable securities | 0 | 0 | ||
Level 3 | U.S. agency bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Level 3 | Mutual fund investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 200,936 | 180,248 | ||
Money market funds | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 200,936 | 180,248 | ||
Money market funds | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | 0 | ||
Money market funds | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | 0 | ||
U.S. treasury securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 17,717 | 35,407 | ||
U.S. treasury securities | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 17,717 | 35,407 | ||
U.S. treasury securities | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | 0 | 0 | ||
U.S. treasury securities | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financial assets | $ 0 | $ 0 | ||
[1]Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of Other assets in the Company’s condensed consolidated balance sheets.[2]Mutual fund investments are held in an irrevocable rabbi trust for payment obligations to non-qualified deferred compensation plan participants. The investments are recorded as part of Other assets in the Company’s condensed consolidated balance sheets. |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2024 | Jul. 31, 2023 | |
Fair Value Disclosures [Abstract] | |||
Interest income | $ 11.4 | $ 6 | |
Proceeds from the issuance of debt | $ 575 | ||
Debt instrument, interest rate (in percent) | 4.125% | ||
Fair value of senior notes | $ 532.1 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value by Maturity Date (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Fair Value Disclosures [Abstract] | ||
Due within 1 year | $ 303,834 | $ 298,876 |
Due between 1 year and 3 years | 248,625 | 245,126 |
Total marketable securities | $ 552,459 | $ 544,002 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Nov. 30, 2023 | Jul. 31, 2024 | Apr. 30, 2024 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 319,417 | $ 319,380 | |
Developed technology | |||
Business Acquisition [Line Items] | |||
Acquired identifiable intangible assets amortization period | 2 years 8 months 12 days | 2 years 8 months 12 days | |
Opster | |||
Business Acquisition [Line Items] | |||
Share capital acquired in business combination (in percentage) | 100% | ||
Purchase consideration | $ 23,000 | ||
Consideration held back for idemnity obligations | 3,000 | ||
Goodwill | 15,900 | ||
Opster | Developed technology | |||
Business Acquisition [Line Items] | |||
Intangible assets acquired | $ 6,000 | ||
Acquired identifiable intangible assets amortization period | 5 years |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 24,456 | $ 23,970 |
Less: accumulated depreciation | (19,503) | (18,517) |
Property and equipment, net | 4,953 | 5,453 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 13,125 | 12,683 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 3 years | |
Total property and equipment | $ 3,670 | 3,464 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 7,420 | 7,395 |
Furniture and fixtures | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 3 years | |
Furniture and fixtures | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years | |
Assets under construction | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 241 | $ 428 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Balance Sheet Components [Abstract] | ||
Depreciation expense | $ 900,000 | $ 800,000 |
Goodwill impairment | $ 0 | $ 0 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 31, 2024 | Apr. 30, 2024 | |
Finite-Lived Intangible Assets [Line Items] | ||
Foreign currency translation adjustment | $ (25) | $ (21) |
Total | 17,341 | 20,620 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | 76,130 | 76,130 |
Accumulated Amortization | 58,764 | 55,489 |
Net Book Value | $ 17,366 | $ 20,641 |
Weighted Average Remaining Useful Life (in years) | 2 years 8 months 12 days | 2 years 8 months 12 days |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Amortization Expense For Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangible assets | $ 3,275 | $ 4,208 |
Cost of revenue | Subscription - self-managed and SaaS | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangible assets | 3,275 | 2,976 |
Sales and marketing | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total amortization of acquired intangible assets | $ 0 | $ 1,232 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2025 | $ 5,936 | |
2026 | 6,256 | |
2027 | 3,244 | |
2028 | 1,202 | |
2029 | 703 | |
Total | $ 17,341 | $ 20,620 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Changes to Goodwill (Details) $ in Thousands | 3 Months Ended |
Jul. 31, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 319,380 |
Foreign currency translation adjustment | 37 |
Ending balance | $ 319,417 |
Balance Sheet Components - Sc_6
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Balance Sheet Components [Abstract] | ||
Accrued expenses | $ 36,548 | $ 34,779 |
Income taxes payable | 13,276 | 10,596 |
Value added taxes payable | 4,906 | 8,849 |
Accrued interest | 988 | 6,918 |
Other | 16,690 | 14,150 |
Total accrued expenses and other liabilities | $ 72,408 | $ 75,292 |
Balance Sheet Components - Sc_7
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Balance Sheet Components [Abstract] | ||
Accrued vacation | $ 36,305 | $ 35,005 |
Accrued commissions | 11,243 | 34,339 |
Accrued payroll and withholding taxes | 10,225 | 9,830 |
Other | 18,307 | 14,517 |
Total accrued compensation and benefits | $ 76,080 | $ 93,691 |
Balance Sheet Components - Liab
Balance Sheet Components - Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Beginning balance | $ 4,979 | $ 3,409 |
Bad debt expense | 786 | 628 |
Accounts written off | (1,395) | (704) |
Ending balance | $ 4,370 | $ 3,333 |
Senior Notes - Additional Infor
Senior Notes - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2024 | Apr. 30, 2024 | |
Debt Instrument [Line Items] | |||
Proceeds from the issuance of debt | $ 575,000,000 | ||
Long-term debt, net | $ 568,887,000 | $ 568,612,000 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Proceeds from the issuance of debt | 575,000,000 | ||
Long-term debt, net | 565,700,000 | ||
underwriting commissions | 7,200,000 | ||
Other issuance cost | 2,100,000 | ||
Debt issuance cost | $ 9,300,000 | ||
Repurchase of debt (as a percent) | 101% | ||
Senior Notes | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Redemption price (as a percent) | 100% | ||
Redemption price of principal (as a percent) | 40% | ||
Senior Notes | Debt Instrument, Redemption, Period Two | |||
Debt Instrument [Line Items] | |||
Redemption price (as a percent) | 104.125% | ||
Senior Notes | Debt Instrument, Redemption, Period Three | |||
Debt Instrument [Line Items] | |||
Redemption price (as a percent) | 100% |
Senior Notes - Carrying Amount
Senior Notes - Carrying Amount of Senior Notes And Interest Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2024 | Jul. 31, 2023 | Apr. 30, 2024 | |
Debt Disclosure [Abstract] | |||
Principal | $ 575,000 | $ 575,000 | |
Unamortized debt issuance costs | (6,113) | (6,388) | |
Long-term debt, net | 568,887 | $ 568,612 | |
Contractual interest expense | 5,930 | $ 5,930 | |
Amortization of debt issuance costs | 275 | 263 | |
Total interest expense related to the Senior Notes | $ 6,205 | $ 6,193 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended |
Jul. 31, 2024 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Letters of credit outstanding amount | $ 2,900,000 |
Provision for indemnification claims | $ 0 |
Leases - Components of Lease Co
Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Leases [Abstract] | ||
Operating lease cost | $ 3,137 | $ 2,855 |
Short-term lease cost | 540 | 474 |
Variable lease cost | 402 | 237 |
Total lease cost | $ 4,079 | $ 3,566 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate Information (Details) | Jul. 31, 2024 |
Leases [Abstract] | |
Weighted average remaining lease term (in years) | 2 years 6 months |
Weighted average discount rate | 5.10% |
Leases - Future Minimum Lease B
Leases - Future Minimum Lease Based on Current Lease Accounting Standard (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Leases [Abstract] | ||
Remainder of 2025 | $ 9,548 | |
2026 | 7,586 | |
2027 | 2,711 | |
2028 | 2,369 | |
2029 | 1,042 | |
Thereafter | 69 | |
Total minimum lease payments | 23,325 | |
Less imputed interest | (1,468) | |
Present value of future minimum lease payments | 21,857 | |
Less current lease liabilities | (11,143) | $ (12,187) |
Operating lease liabilities, non-current | $ 10,714 | $ 12,898 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Jul. 31, 2024 USD ($) |
Leases [Abstract] | |
Lease term (in years) | 11 years |
Undiscounted future minimum lease payments | $ 12.4 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Details) | 3 Months Ended | |||
Jul. 31, 2024 € / shares | Jul. 31, 2024 USD ($) shares | Apr. 30, 2024 shares | Oct. 10, 2018 shares | |
Class of Stock [Line Items] | ||||
Ordinary shares, shares authorized (in shares) | 165,000,000 | |||
Ordinary shares, voting rights | one vote per ordinary share | |||
Dividends declared | $ | $ 0 | |||
Convertible Preference Shares | ||||
Class of Stock [Line Items] | ||||
Preference shares, shares authorized (in shares) | 165,000,000 | 165,000,000 | 165,000,000 | |
Preference shares, shares issued (in shares) | 0 | 0 | ||
Preference shares, shares outstanding (in shares) | 0 | 0 | ||
Maximum | ||||
Class of Stock [Line Items] | ||||
Ordinary shares, par value (in € / shares) | € / shares | € 0.01 |
Ordinary Shares - Summary of Or
Ordinary Shares - Summary of Ordinary Shares Reserved for Issuance (Details) - shares | Jul. 31, 2024 | Apr. 30, 2024 |
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 39,691,692 | 35,624,826 |
Stock options | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 2,322,860 | 2,640,423 |
RSUs | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 6,775,874 | 7,076,836 |
2012 Plan | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 24,938,123 | 20,252,732 |
Employee Stock Purchase Plan 2022 | ||
Class of Stock [Line Items] | ||
Total ordinary shares reserved (in shares) | 5,654,835 | 5,654,835 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Aug. 31, 2022 | Jul. 31, 2024 | Jul. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 63,543 | $ 57,127 | |
Unrecognized stock-based compensation expense related to unvested stock options | $ 10,300 | ||
2012 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options granted (in shares) | 0 | 0 | |
2012 Plan | New Employee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting term (in years) | 4 years | ||
ESPP | Employee Stock Purchase Plan 2022 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of shares reserved | $ 6,000 | ||
Purchase price of common stock, percent of market price | 85% | ||
Purchase period (in months) | 6 months | ||
Issuance of ordinary shares under employee stock purchase plan (in shares) | 0 | 0 | |
Stock-based compensation expense | $ 2,200 | $ 1,800 | |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized over a weighted-average period (in years) | 1 year 5 months 12 days | ||
Equity Settled RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense related to unvested stock options | $ 551,900 | ||
RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized over a weighted-average period (in years) | 2 years 8 months 1 day |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Equity Awards Available for Grant (Details) | 3 Months Ended |
Jul. 31, 2024 shares | |
Equity Awards, Outstanding [Roll Forward] | |
Available at beginning of fiscal year (in shares) | 20,252,732 |
Shares authorized (in shares) | 5,085,297 |
Options cancelled (in shares) | 4,755 |
Available at end of fiscal year (in shares) | 24,938,123 |
RSUs | |
Equity Awards, Outstanding [Roll Forward] | |
RSUs granted (in shares) | (661,565) |
RSUs cancelled (in shares) | 256,904 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Option Activity (Details) - 2012 Plan - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jul. 31, 2024 | Apr. 30, 2024 | |
Options, Outstanding Number [Roll Forward] | ||
Beginning balance (in shares) | 2,640,423 | |
Stock options assumed in acquisition (in shares) | (312,808) | |
Stock options exercised (in shares) | (4,755) | |
Ending balance (in shares) | 2,322,860 | 2,640,423 |
Exercisable (in shares) | 2,118,697 | |
Options Outstanding, Weighted Average Exercise Price [Abstract] | ||
Beginning balance (in dollars per share) | $ 38.23 | |
Stock options exercised (in dollars per share) | 15.17 | |
Stock options cancelled (in dollars per share) | 13.22 | |
Ending balance (in dollars per share) | 41.39 | $ 38.23 |
Exercisable (in dollars per share) | $ 36.54 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term Rollforward | ||
Remaining Contractual Term (in years) | 4 years 6 months 7 days | 4 years 8 months 1 day |
Exercisable, Remaining Contractual Term (in years) | 4 years 3 months 7 days | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Aggregate Intrinsic Value Rollforward | ||
Beginning balance | $ 178,081 | |
Ending balance | 165,932 | $ 178,081 |
Exercisable | $ 160,969 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of RSU Activity (Details) - RSUs | 3 Months Ended |
Jul. 31, 2024 $ / shares shares | |
Non-option Awards, Outstanding Number [Roll Forward] | |
Number of Awards, RSUs granted (in shares) | 661,565 |
Number of Awards, RSUs cancelled (in shares) | (256,904) |
2012 Plan | |
Non-option Awards, Outstanding Number [Roll Forward] | |
Number of Awards Outstanding and unvested at Beginning of Year ((in shares) | 7,076,836 |
Number of Awards, RSUs granted (in shares) | 661,565 |
Number of Awards, RSUs released (in shares) | (705,623) |
Number of Awards, RSUs cancelled (in shares) | (256,904) |
Number of Awards Outstanding and unvested at Year End (in shares) | 6,775,874 |
Non-option Awards, Weighted Average Grant Date Fair Value [Roll Forward] | |
Weighted-Average Grant Date Fair Value, Outstanding and unvested, Beginning of Year (in dollar per share) | $ / shares | $ 85.38 |
Weighted-Average Grant Date Fair Value, RSUs granted (in dollar per share) | $ / shares | 111.95 |
Weighted-Average Grant Date Fair Value, RSUs released (in dollar per share) | $ / shares | 89.04 |
Weighted-Average Grant Date Fair Value, RSUs cancelled (in dollar per share) | $ / shares | 85.79 |
Weighted-Average Grant Date Fair Value, Outstanding and unvested, End of Year (in dollar per share) | $ / shares | $ 87.57 |
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 | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 63,543 | $ 57,127 |
Subscription | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2,297 | 2,183 |
Services | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 3,467 | 2,796 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 24,021 | 22,436 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 21,079 | 18,839 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 12,679 | $ 10,873 |
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 | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Numerator: | ||
Net loss | $ (49,227) | $ (48,508) |
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted | ||
Basic (in shares) | 102,284,435 | 97,942,049 |
Diluted (in shares) | 102,284,435 | 97,942,049 |
Net loss per share attributable to ordinary shareholders, basic and diluted | ||
Basic (in dollars per share) | $ (0.48) | $ (0.50) |
Diluted (in dollars per share) | $ (0.48) | $ (0.50) |
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 | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 9,211,789 | 10,895,967 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,322,860 | 3,723,556 |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 6,775,874 | 6,976,012 |
ESPP | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 113,055 | 196,399 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 20,071 | $ 13,255 |
Tax provision adjustment, acquisition related | $ 2,200 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
United States | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined contribution expense related to plan | $ 5.2 | $ 4.8 |
Other Countries | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined contribution expense related to plan | $ 3.9 | $ 3.1 |
Maximum | United States | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Percentage of defined contribution to participating employees | 6% |
Segment Information - Schedule
Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 347,420 | $ 293,753 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | 198,289 | 170,239 |
Rest of world | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenue | $ 149,131 | $ 123,514 |
Segment Information - Schedul_2
Segment Information - Schedule of Property and Equipment, Net of Depreciation (Details) - USD ($) $ in Thousands | Jul. 31, 2024 | Apr. 30, 2024 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 22,711 | $ 25,959 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 8,924 | 10,571 |
The Netherlands | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3,488 | 3,716 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 3,084 | 3,470 |
Rest of world | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 7,215 | $ 8,202 |
Restructuring and Other Relat_2
Restructuring and Other Related Charges - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2024 | Jul. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges | $ 139 | $ 725 |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and other related charges | $ 100 | $ 700 |
Restructuring and Other Relat_3
Restructuring and Other Related Charges - Summary of Restructuring Activities (Details) - Employee Severance $ in Thousands | Jul. 31, 2024 USD ($) |
Restructuring Cost and Reserve [Line Items] | |
Beginning balance | $ 3,600 |
Ending balance | $ 800 |