Elastic Non-GAAP EPS of $0.00 beats by $0.10, revenue of $264.4M beats by $2.76M

• Elastic press release (NYSE:ESTC): Q2 Non-GAAP EPS of $0.00 beats by $0.10.
• Revenue of $264.4M (+28.4% Y/Y) beats by $2.76M.
• Elastic Cloud revenue was $103.2 million, an increase of 50% year-over-year, or 52% on a constant currency basis
• GAAP operating loss was $49.0 million; GAAP operating margin was -18%
• Non-GAAP operating income was $4.9 million; non-GAAP operating margin was 2%.
• Operating cash flow was $10.6 million with adjusted free cash flow of $10.3 million
• Cash and cash equivalents were $856.2 million as of October 31, 2022.
• Total subscription customer count was approximately 19,700 compared to over 19,300 in Q1 FY23, and over 17,000 in Q2 FY22
• Total customer count with Annual Contract Value greater than $100,000 was over 1,050, compared to over 1,010 in Q1 FY23, and over 830 in Q2 FY22
• Net Expansion Rate was approximately 125%.
• Q3 Outlook: Total revenue is expected to be between $272 million and $274 million (vs. consensus $277.69M), representing 22% year-over-year growth at the midpoint (26% year-over-year constant currency growth at the midpoint)
• Non-GAAP operating margin is expected to be between 4.3% and 4.7%
• Non-GAAP earnings per share is expected to be between $0.04 and $0.07 (vs. consensus -$0.03), assuming between 98.5 million and 99.5 million diluted weighted average ordinary shares outstanding
• 2023 Outlook: Total revenue is expected to be between $1,067 million and $1,073 million (vs. consensus $1.08B), representing 24% year-over-year growth at the midpoint (28% year-over-year constant currency growth at the midpoint)
• Non-GAAP operating margin is expected to be between 2.2% and 2.6%
• Non-GAAP earnings per share is expected to be between -$0.03 and $0.03 (vs. consensus -$0.28), assuming between 95.0 million and 97.0 million basic weighted average ordinary shares outstanding and 98.5 million and 100.5 million diluted weighted average ordinary shares outstanding
• Shares -18.34%.