ESTC reported today.
Total revenue - increase of 53% year-over-year, or 57% on a constant currency basis.
SaaS revenue - increase of 110% year-over-year, or 120% on a constant currency basis.
Calculated billings - increase of 52% year-over-year
Deferred revenue - increase of 52% year-over-year.
RPO up 52% (he said on the call) - contract duration went up slightly over 18 months
Non-GAAP operating margin was -10%.
Free cash flow margin -5.5% (-8% for the year)
Huge improvement in margins and good customer metrics much better than MDB, SMAR, FSLY and NET - it used to be -20%.
Total subscription customer count over 11,300 vs 8,100 in Q4 FY19.
Total customer count with ACV) greater than $100,000 - over 610 vs 440 in Q4 FY19.
Subscription revenue represented 92% of total revenue.
Net Expansion Rate continued to be greater than 130%.
50 customers with >$1 Million in rev vs 30 customers in Q4 FY19!
It is all about the outlook
At the midpoint, they are projecting 34% for Q1 FY21 and 25% for FY21. With their usual beats, we should see at least 40% for Q1 and 33% for full year. But this is still a sharp slow down!
When asked by analysts management just said they are being conservative. Their new customer lands are still the same; they did no see slow down in renewals and new business. Their exposure to SMB is only 15% and the impacted verticals is only 15%. So, increased churn there is offset by more consumption by companies doing ecommerce, gaming etc. They see the search, observability and security as the mission-critical to companies. After a brief period in March they saw normal sales activity in April and May. They did say May being the first month of their FY is the slowest and hard to project out of.
So what to make of their guidance? Just for comparison AYX had to do just 30% for the rest of the year but they even pulled that. OKTA has to do only 30% for the rest of the year and they did not raise guidance. I had to say the call sounded more positive than the guidance.