Last Q they improved on the operating margins and cash flow metrics. If I recall they talked about break-even CF by 2022. SBC was only 1.7% QOQ which is quite reasonable. Previous Qs they had the impact of the Endpoint acquisition so that may explain the higher SBC. But yes something to be watched. EMEA recovered from Covid faster. So, that bodes well. FWIW Poffringa thinks ESTC is sticky due to its platform approach and companies putting in so much effort on learning it and building their products on it.
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