ELASTIC N.V., 10-K filed on 6/21/2022
Annual Report
v3.22.2
Cover - USD ($)
$ in Billions
 12 Months Ended
Apr. 30, 2022
Jun. 16, 2022
Oct. 31, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Entity File Number 001-38675    
Entity Registrant Name Elastic N.V.    
Entity Incorporation, State or Country Code P7    
Entity Address, Address Line One 800 West El Camino Real    
Entity Address, Address Line Two Suite 350    
Entity Address, City or Town Mountain View    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94040    
City Area Code (650)    
Local Phone Number 458-2620    
Title of 12(b) Security Ordinary shares, Par Value €0.01 Per Share    
Trading Symbol ESTC    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
ICFR Auditor Attestation Flag true    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 16.1
Entity Common Stock, Shares Outstanding   94,857,635  
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement relating to the registrant’s 2022 annual general meeting of shareholders (the “2022 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The 2022 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended April 30, 2022.
    
Entity Central Index Key 0001707753    
Current Fiscal Year End Date --04-30    
Amendment Flag false    
Document Period End Date Apr. 30, 2022    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
v3.22.2
Audit Information
 12 Months Ended
Apr. 30, 2022
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location San Jose, California
Auditor Firm ID 238
v3.22.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Current assets:    
Cash and cash equivalents $ 860,949 $ 400,814
Restricted cash 2,688 2,894
Accounts receivable, net of allowance for credit losses of $2,700 and $2,344 as of April 30, 2022 and April 30, 2021, respectively 215,228 160,415
Deferred contract acquisition costs 43,628 36,089
Prepaid expenses and other current assets 41,215 37,002
Total current assets 1,163,708 637,214
Property and equipment, net 7,207 8,881
Goodwill 303,906 198,851
Operating lease right-of-use assets 25,437 25,464
Intangible assets, net 45,800 36,286
Deferred contract acquisition costs, non-current 74,419 50,263
Deferred tax assets 5,811 3,697
Other assets 16,643 12,516
Total assets 1,642,931 973,172
Current liabilities:    
Accounts payable 28,403 7,248
Accrued expenses and other liabilities 53,930 28,909
Accrued compensation and benefits 68,002 52,525
Operating lease liabilities 11,219 8,528
Deferred revenue 431,776 352,805
Total current liabilities 593,330 450,015
Deferred revenue, non-current 33,518 44,895
Long-term debt, net 566,520 0
Operating lease liabilities, non-current 16,482 19,649
Other liabilities, non-current 17,648 7,782
Total liabilities 1,227,498 522,341
Commitments and contingencies (Note 8 and 9)
Shareholders’ equity:    
Convertible preference shares, €0.01 par value; 165,000,000 shares authorized, 0 shares issued and outstanding as of April 30, 2022 and April 30, 2021 0 0
Ordinary shares, par value €0.01 per share: 165,000,000 shares authorized; 94,174,914 shares issued and outstanding as of April 30, 2022 and 90,533,985 shares issued and outstanding as of April 30, 2021 990 948
#REF! (369) (369)
Additional paid-in capital 1,250,108 1,071,675
Accumulated other comprehensive loss (18,130) (8,105)
Accumulated deficit (817,166) (613,318)
Total shareholders’ equity 415,433 450,831
Total liabilities and shareholders’ equity 1,642,931 973,172
Long-term debt, net $ 566,520 $ 0
v3.22.2
Consolidated Balance Sheets (Parenthetical)
$ in Thousands
Apr. 30, 2022
USD ($)
$ / shares
shares
Apr. 30, 2022
€ / shares
Apr. 30, 2021
USD ($)
shares
Apr. 30, 2021
€ / shares
Allowance for doubtful accounts | $ $ 2,700   $ 2,344  
Ordinary shares, shares authorized (in shares) 165,000,000      
Treasury stock, shares (in shares) 35,937      
Average treasury stock repurchase price ( in $ / shares) | $ / shares $ 10.30      
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) 94,174,914   90,533,985  
Ordinary shares, shares outstanding (in shares) 94,174,914   90,533,985  
v3.22.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Revenue      
Total revenue $ 862,374 $ 608,489 $ 427,620
Cost of revenue      
Total cost of revenue 232,194 161,054 122,690
Gross profit 630,180 447,435 304,930
Operating expenses      
Research and development 273,761 199,203 165,370
Sales and marketing 406,658 273,877 219,040
General and administrative 123,441 103,833 91,625
Total operating expenses 803,860 576,913 476,035
Operating loss (173,680) (129,478) (171,105)
Interest Expense (20,716) (185) 0
Other Nonoperating Income (Expense) (3,393) 7,949 1,963
Loss before income taxes (197,789) (121,714) (169,142)
Provision for (benefit from) income taxes 6,059 7,720 (1,968)
Net loss $ (203,848) $ (129,434) $ (167,174)
Net loss per share attributable to ordinary shareholders, basic (in dollars per share) $ (2.20) $ (1.48) $ (2.12)
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) $ (2.20) $ (1.48) $ (2.12)
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, diluted (in shares) 92,547,145 87,207,094 78,799,732
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted (in shares) 92,547,145 87,207,094 78,799,732
Total subscription      
Revenue      
Total revenue $ 798,770 $ 567,339 $ 392,170
Cost of revenue      
Total cost of revenue 178,204 122,513 85,767
License - self-managed      
Revenue      
Total revenue 76,964 67,994 53,536
Cost of revenue      
Total cost of revenue 1,548 1,386 948
Subscription - self-managed and SaaS      
Revenue      
Total revenue 721,806 499,345 338,634
Cost of revenue      
Total cost of revenue 176,656 121,127 84,819
Professional services      
Revenue      
Total revenue 63,604 41,150 35,450
Cost of revenue      
Total cost of revenue $ 53,990 $ 38,541 $ 36,923
v3.22.2
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Statement of Comprehensive Income [Abstract]      
Net loss $ (203,848) $ (129,434) $ (167,174)
Other comprehensive income (loss):      
Foreign currency translation adjustments (10,025) (6,728) 54
Other comprehensive income (loss) (10,025) (6,728) 54
Total comprehensive loss $ (213,873) $ (136,162) $ (167,120)
v3.22.2
Consolidated Statements of Redeemable Convertible Preference Shares and Shareholders' Equity (Deficit) - USD ($)
$ in Thousands
Total
Cumulative Effect, Period of Adoption, Adjustment
Ordinary Shares
Treasury Shares
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Accumulated Deficit
Cumulative Effect, Period of Adoption, Adjustment
Endgame
Endgame
Ordinary Shares
Endgame
Additional Paid-In Capital
Beginning balance (in shares) at Apr. 30, 2019     73,675,083                
Beginning balance at Apr. 30, 2019 $ 263,012   $ 754 $ (369) $ 581,135 $ (1,431) $ (317,077)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Issuance of ordinary shares upon exercise of stock options (in shares)     6,815,098                
Stock Issued During Period, Value, Stock Options Exercised 61,463   $ 77   61,386            
Conversion of redeemable convertible preference shares to ordinary shares upon initial public offering (in shares)     152,688                
Stock Issued During Period, Value, Conversion of Convertible Securities 2   $ 2                
Ordinary shares issued in connection with the acquisition (in shares)                   1,983,663  
Ordinary shares issued in connection with the acquisition                 $ 167,337 $ 21 $ 167,316
Ordinary shares issued in connection with the acquisition of Endgame held in escrow (in shares)     235,031                
Ordinary shares issued in connection with the acquisition of Endgame held in escrow                 19,826 $ 2 19,824
Assumption of stock option plan as consideration for acquisition of Endgame                 $ 9,309   $ 9,309
Repurchase of unvested RSAs (in shares)     (4,585)                
Vesting of ordinary shares subject to repurchase 2,730       2,730            
Stock-based compensation 57,088       57,088            
Net loss (167,174)           (167,174)        
Foreign currency translation 54         54          
Ending balance (in shares) at Apr. 30, 2020     82,856,978                
Ending balance at Apr. 30, 2020 $ 413,647   $ 856 (369) 898,788 (1,377) (484,251)        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13 [Member]                    
Issuance of ordinary shares upon exercise of stock options (in shares)     6,989,222                
Stock Issued During Period, Value, Stock Options Exercised $ 77,258   $ 83   77,175            
Conversion of redeemable convertible preference shares to ordinary shares upon initial public offering (in shares)     687,785                
Stock Issued During Period, Value, Conversion of Convertible Securities 0   $ 9   (9)            
Stock-based compensation 93,018       93,018            
Net loss (129,434)           (129,434)        
Foreign currency translation (6,728)         (6,728)          
Reclassification of liability-classified awards 2,703       2,703            
Ending balance (in shares) at Apr. 30, 2021     90,533,985                
Ending balance at Apr. 30, 2021 450,831 $ 367 $ 948 (369) 1,071,675 (8,105) (613,318) $ 367      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Adjustments to Additional Paid in Capital, Replacement awards - Pre-combination fair value. 1,266       1,266            
Issuance of ordinary shares upon exercise of stock options (in shares)     2,563,287                
Stock Issued During Period, Value, Stock Options Exercised 36,410   $ 29   36,381            
Conversion of redeemable convertible preference shares to ordinary shares upon initial public offering (in shares)     1,077,642                
Stock Issued During Period, Value, Conversion of Convertible Securities 0   $ 13   (13)            
Stock-based compensation 140,799       140,799            
Net loss (203,848)           (203,848)        
Foreign currency translation (10,025)         (10,025)          
Reclassification of liability-classified awards         2,700            
Ending balance (in shares) at Apr. 30, 2022     94,174,914                
Ending balance at Apr. 30, 2022 $ 415,433   $ 990 $ (369) $ 1,250,108 $ (18,130) $ (817,166)        
v3.22.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Cash flows from operating activities      
Net loss $ (203,848,000) $ (129,434,000) $ (167,174,000)
Adjustments to reconcile net loss to cash used in operating activities:      
Depreciation and amortization 19,728,000 17,237,000 12,859,000
Amortization of deferred contract acquisition costs 60,738,000 40,991,000 28,314,000
Amortization of debt issuance costs 803,000 0 0
Non-cash operating lease cost 8,636,000 7,927,000 7,422,000
Stock-based compensation expense, net of amounts capitalized 140,612,000 93,680,000 60,007,000
Non-cash acquisition expense settled with shares 0 0 8,834,000
Deferred income taxes (2,430,000) 33,000 (1,539,000)
Foreign currency transaction (gain) loss (1,984,000) 9,507,000 0
Other 98,000 (142,000) 1,123,000
Changes in operating assets and liabilities, net of impact of business acquisitions:      
Accounts receivable, net (62,187,000) (24,037,000) (46,753,000)
Deferred contract acquisition costs (96,755,000) (81,137,000) (46,217,000)
Prepaid expenses and other current assets (3,427,000) (4,192,000) (2,950,000)
Other assets 825,000 (4,107,000) 5,603,000
Accounts payable 21,036,000 (4,775,000) 5,968,000
Accrued expenses and other liabilities 27,192,000 8,118,000 5,220,000
Accrued compensation and benefits 17,775,000 3,867,000 19,710,000
Operating lease liabilities (8,888,000) (7,914,000) (6,661,000)
Deferred revenue 83,780,000 115,937,000 85,670,000
Net cash provided by (used in) operating activities 5,672,000 22,545,000 (30,564,000)
Cash flows from investing activities      
Purchases of property and equipment (2,485,000) (3,912,000) (5,063,000)
Business acquisitions, net of cash acquired (119,854,000) 0 (24,373,000)
Capitalization of internal-use software (4,932,000) (317,000) 0
Other 0 2,711,000 249,000
Net cash used in investing activities (127,271,000) (1,518,000) (29,187,000)
Cash flows from financing activities      
Proceeds from Issuance of Senior Long-term Debt 575,000,000 0 0
Proceeds from issuance of ordinary shares upon exercise of stock options 36,410,000 77,258,000 61,463,000
Repayment of notes payable 0 0 (90,000)
Payments of Debt Issuance Costs (9,283,000) 0 0
Payment of withholding taxes related to acquisition expense settled in shares 0 0 (2,834,000)
Net cash provided by financing activities 602,127,000 77,258,000 58,539,000
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (20,599,000) 6,034,000 321,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 459,929,000 104,319,000 (891,000)
Cash, cash equivalents, and restricted cash, beginning of period 403,708,000 299,389,000 300,280,000
Cash, cash equivalents, and restricted cash, end of period 863,637,000 403,708,000 299,389,000
Supplemental disclosures of cash flow information      
Interest Paid, Excluding Capitalized Interest, Operating Activities 12,995,000 0 0
Cash paid (refunds) for income taxes, net 3,979,000 (423,000) 3,497,000
Cash paid for operating lease liabilities 10,101,000 8,957,000 7,371,000
Supplemental disclosures of non-cash investing and financing information      
Purchases of property and equipment included in accounts payable 150,000 10,000 101,000
Operating lease right-of-use assets for new lease obligations 8,992,000 1,120,000 12,332,000
Acquisition-related indemnity holdback 6,000,000 0 0
Vesting of shares subject to repurchase 0 0 2,730,000
Issuance of ordinary shares for business acquisition 0 0 178,329,000
Assumption of stock option plan as consideration for business combination $ 0 $ 0 $ 9,309,000
v3.22.2
Organization and Description of Business
 12 Months Ended
Apr. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business Elastic N.V. (“Elastic” or the “Company”) was incorporated under the laws of the Netherlands in 2012. It created the Elastic Stack, a powerful set of software products that ingest and store data from any source and in any format, and perform search, analysis, and visualization 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: Enterprise Search, Observability, and Security. The Elastic Stack and the Company’s solutions are designed to run in public or private clouds, in hybrid environments, or in multi-cloud environments.
v3.22.2
Summary of Significant Accounting Policies
 12 Months Ended
Apr. 30, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The 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.
Fiscal Year
The Company’s fiscal year ends on April 30. References to fiscal 2022, for example, refer to the fiscal year ending April 30, 2022.
Use of Estimates and Judgments
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s initial public offering, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, the discount rate used for operating leases and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
In March 2020, the World Health Organization declared the 2019 novel Coronavirus Disease (“COVID-19”) a pandemic. The continuing COVID-19 pandemic has resulted in a global slowdown of economic activity and its impact has varied significantly across different industries with certain industries experiencing increased demand for their products and services, while others have struggled to maintain demand for their products and services consistent with historical levels. The full extent to which COVID-19 may impact the Company’s financial condition or results of operations is uncertain.
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, 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 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.
Foreign Currency
The reporting currency of the Company is the U.S. dollar. The Company determines the functional currency of each subsidiary in accordance with ASC 830, Foreign Currency Matters, based on the currency of the primary economic environment in which each subsidiary operates. Items included in the financial statements of such subsidiaries are measured using that functional currency. The Company periodically re-assesses its operations to determine if previous conclusions are still valid. Changes in functional currencies are applied prospectively if the operations encounter a significant and permanent change.
For the subsidiaries where the U.S. dollar is the functional currency, foreign currency denominated monetary assets and liabilities are re-measured into U.S. dollars at current exchange rates and foreign currency denominated nonmonetary assets and liabilities are re-measured into U.S. dollars at historical exchange rates. Gains or losses from foreign currency re-measurement and settlements are included in other income (expense), net in the consolidated statement of operations. For the years ended April 30, 2022, 2021 and 2020, the Company recognized a re-measurement loss of $3.6 million, a gain of $7.7 million, and a loss of $2.2 million, respectively.
For subsidiaries where the functional currency is other than the U.S. dollar, the Company uses the period-end exchange rates to translate assets and liabilities, the average monthly exchange rates to translate revenue and expenses, and historical exchange rates to translate shareholders’ equity, into U.S. dollars. The Company records translation gains and losses in accumulated other comprehensive loss as a component of shareholders’ equity in the consolidated balance sheet.
Comprehensive Loss
The Company’s comprehensive loss includes net loss and unrealized gains and losses on foreign currency translation adjustments.
Cash, Cash Equivalents and Restricted Cash
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 carrying amount of the Company’s cash equivalents approximates fair value, due to the short maturities of these instruments. Our restricted cash consists primarily of cash deposits with financial institutions in support of letters of credit in favor of landlords for non-cancelable lease agreements.
Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the consolidated balance sheet. Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows consists of the following (in thousands):
As of April 30,
20222021
Cash and cash equivalents$860,949 $400,814 
Restricted cash2,688 2,894 
Cash, cash equivalents and restricted cash$863,637 $403,708 
Short-Term Investments
Investments with an original maturity of three months or less at the date of purchase are considered cash equivalents, while all other investments are classified as short-term or long-term based on the nature of the investments, their maturities, and their availability for use in current operations. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. Bank deposits with original maturities greater than three months but less than twelve months and are classified as short-term investments within current assets in the consolidated balance sheet. The Company had no short-term investments as of April 30, 2022 and April 30, 2021.
Fair Value of Financial Instruments
The Company’s financial instruments consist of cash equivalents, accounts receivable, accounts payable, and accrued liabilities. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.
Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheet consisting primarily of cash equivalents are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company measures its financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value:
•Level 1:   Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
•Level 2:   Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3:   Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short period of time to maturity, receipt or payment.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, restricted cash, short-term investments, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company maintains its cash accounts with financial institutions where, at times, deposits exceed federal insurance limits. The Company invests its excess cash in highly-rated money market funds and in short-term investments. The Company extends credit to customers in the normal course of business. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Management performs ongoing credit evaluations of customers and maintains allowances for potential credit losses on customers’ accounts when deemed necessary.
No customer represented 10% or more of net accounts receivable as of April 30, 2022 and 2021. No customer accounted for more than 10% of the Company’s total revenue for the years ended April 30, 2022, 2021 and 2020.
Accounts Receivable, Unbilled Accounts Receivable and Allowance for Credit Losses
Accounts receivable primarily consists of amounts billed currently due from customers. The Company’s accounts receivable are subject to collection risk. Gross accounts receivable are reduced for this risk by an allowance for credit losses. This allowance is for estimated losses resulting from the inability of the Company’s customers to make required payments. The Company determines the need for an allowance for credit losses based upon various factors, including past collection experience, credit quality of the customer, age of the receivable balance, and current economic conditions, as well as specific circumstances arising with individual customers. Accounts receivables are written off against the allowance when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable.
The Company does not typically offer right of refund in its contracts. The allowance for credit losses reflects the Company’s best estimate of probable losses inherent in the Company’s receivables portfolio. As of April 30, 2022 and 2021, the allowance for credit losses was $2.7 million and $2.3 million, respectively. Activity related to the Company’s allowance for credit losses was as follows (in thousands):
Year Ended April 30,
202220212020
Beginning balance$2,344 $1,247 $1,411 
Cumulative-effect adjustment from adoption of ASU 2016-13— (367)— 
Bad debt expense2,980 5,095 193 
Accounts written off(2,624)(3,631)(357)
Ending balance$2,700 $2,344 $1,247 
Unbilled accounts receivable represents amounts for which the Company has recognized revenue, pursuant to the Company’s revenue recognition policy, for fulfilled obligations, but not yet billed. The unbilled accounts receivable balance was $9.2 million and $5.2 million as of April 30, 2022 and 2021, respectively.
Capitalized Software Development and Implementation Costs
Software development costs for software to be sold, leased, or otherwise marketed are expensed as incurred until the establishment of technological feasibility, at which time those costs are capitalized until the product is available for general release to customers and amortized over the estimated life of the product. Technological feasibility is established upon the completion of a working prototype that has been certified as having no critical bugs and is a release candidate. To date, costs to develop software that is marketed externally have not been capitalized as the current software development process is essentially completed concurrently with the establishment of technological feasibility. As such, all related software development costs are expensed as incurred and included in research and development expense in the consolidated statement of operations.
Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development and costs related to the development of web-based product are capitalized during the application development stage. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the project are capitalized.
The Company also capitalizes qualifying implementation costs incurred in a hosting arrangement that is a service contract. These costs are amortized on a straight-line basis over the expected life of the service contract, including consideration of the reasonably certain renewal periods, and are presented in the same income statement line items as the service for the related hosting arrangement. The Company capitalized $5.1 million and $0.3 million of such costs in the years ended April 30, 2022 and 2021, respectively, and these costs are recorded in the other assets, non-current on the consolidated balance sheets. Amortization expense for the fiscal year ended April 30, 2022 was $0.2 million. No amortization expense related to capitalized implementation costs was recorded during the fiscal years ended April 30, 2021 and 2020 as the underlying implementation activities were not complete.
Property and Equipment
Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the financial statements and any resulting gain or loss is reflected within the consolidated statement of operations. There was no material gain or loss incurred as a result of retirement or sale in the periods presented. Repair and maintenance costs are expensed as incurred.
Leases
Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company determines whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. At the lease commencement date, the Company determines the lease classification between finance and operating and recognizes a right-of-use asset and corresponding lease liability for each lease component. A right-of-use asset represents the Company’s right to use an underlying asset and a lease liability represents the Company’s obligation to make payments during the lease term. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company accounts for lease components and non-lease components as a single lease component.
The lease liability is initially measured as the present value of the remaining lease payments over the lease term. The discount rate used to determine the present value is the Company’s incremental borrowing rate unless the interest rate implicit in the lease is readily determinable. The Company estimates its incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term. The right-of-use asset is initially measured as the present value of the lease payments, adjusted for initial direct costs, prepaid lease payments to lessors and lease incentives.
Acquisitions
When the Company acquires a business, the Company allocates the purchase price, which is the sum of the consideration provided and may consist of cash, equity or a combination of the two, in a business combination to the identifiable assets and liabilities of the acquired business at their estimated respective fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including, but not limited to, the selection of valuation methodologies, estimates of future revenue and cash flows, costs to rebuild developed technology, discount rates and selection of comparable companies. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to other income, net in the consolidated statement of operations.
When the Company issues stock-based or cash awards to an acquired company’s shareholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services. The evaluation includes, among other things, whether the vesting of the awards is contingent on the continued employment of the acquired company’s shareholders beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post- acquisition services and recognized as expense over the requisite service period.
Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred, but are accounted for as an operating expense in the period in which the costs are incurred.
The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for using the acquisition method for accounting and is not amortized. The Company tests goodwill for impairment at least annually, in the fourth quarter of each year, or more frequently if events or changes in circumstances indicate that this asset may be impaired. For the purposes of impairment testing, the Company has determined that it has one operating segment and one reporting unit. The Company’s test of goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. However, if the fair value of the reporting unit is less than book value, then goodwill will be impaired by the amount that the carrying amount exceeds the implied fair value. There was no impairment of goodwill recorded for the years ended April 30, 2022, 2021 and 2020.
Acquired Intangible Assets
Acquired amortizable intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets.
Useful life
(in years)
Developed technology
4-5
Customer relationships
4
Trade names
4
Impairment of Long-Lived Assets
The Company evaluates the recoverability of long-lived assets, including property and equipment and amortizable acquired intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Such events and changes may include: significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. The Company determined that there were no events or changes in circumstances that indicated that its long-lived assets were impaired during the years ended April 30, 2022, 2021 and 2020.
In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of property and equipment and amortizable intangible assets. If the estimated useful life assumption for any asset is changed, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis.
Revenue Recognition
The Company generates revenue primarily from the sale of self-managed subscriptions (which include licenses for proprietary features, support, and maintenance) and from the sale of SaaS subscriptions. The Company also generates revenue from professional services, which consist of consulting and training.
Under ASC Topic 606, Revenue from Contracts with Customers, the Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company’s contracts include varying terms and conditions, and identifying and evaluating the impact of these terms and conditions on revenue recognition requires significant judgment. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps:
(i)    identification of the contract with a customer;
The Company contracts with its customers through order forms, which in some cases are governed by master sales agreements. The Company determines that it has a contract with a customer when the order form has been approved, each party’s rights regarding the products or services to be transferred can be identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit, reputation and
financial or other information pertaining to the customer. At contract inception the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company has concluded that its contracts with customers generally do not contain warranties that give rise to a separate performance obligation.
(ii)    identification of the performance obligations in the contract;
Performance obligations promised in a contract are identified based on the products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the products or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products and services is separately identifiable from other promises in the contract.
The Company’s self-managed subscriptions include both license providing the right to use proprietary features in its software, as well as an obligation to provide support (on both open source and proprietary features) and maintenance. The Company’s SaaS products provide access to hosted software as well as support, which the Company considers to be a single performance obligation.
Services-related performance obligations relate to the provision of consulting and training services. These services are distinct from subscriptions and do not result in significant customization of the software.
(iii)    determination of the transaction price;
The transaction price is the total amount of consideration we expect to be entitled to in exchange for the subscriptions and services in a contract. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of the Company’s contracts contain a significant financing component.
(iv)    allocation of the transaction price to the performance obligations; and
If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price (‘SSP”). The SSP is determined based on the prices at which the Company separately sells these products assuming the majority of these fall within a pricing range. In instances where SSP is not directly observable, such as when we do not sell the software license separately, we derive the SSP using information that may include market conditions and other observable and unobservable inputs which can require significant judgment. There is typically more than one SSP for individual products and services due to the stratification of those products and services by quantity, term of the subscription, sales channel and other circumstances. If one of the performance obligations is outside of the SSP range, the Company allocates the transaction price considering the midpoint of the SSP range. The Company also considers if there are any additional material rights inherent in a contract, and if so, the Company allocates a portion of the transaction price to such rights based on a relative SSP.
(v)    recognition of revenue when the Company satisfies each performance obligation;
Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product or service to the customer. Revenue for SaaS offerings that relate to a specified amount of services is recognized on a consumption basis as the customers utilize the services. Revenue from SaaS offerings that are stand-ready arrangements is recognized ratably over the contract period as we satisfy the performance obligation. The Company’s self-managed subscriptions include both upfront revenue recognition when the license is delivered as well as revenue recognized ratably over the contract period for support and maintenance based on the stand-ready nature of these subscription elements.
Professional services comprise consulting services as well as public and private training. Revenue from professional services is recognized as these services are delivered.
The Company generates sales directly through its sales team and through its channel partners. Sales to channel partners are made at a discount and revenues are recorded at this discounted price once all the revenue recognition criteria above are met. To the extent that the Company offers rebates, incentives or joint marketing funds to such channel partners, recorded revenues are reduced by this amount. Channel partners generally receive an order from an end-customer prior to placing an order with the Company. Payment from channel partners is not contingent on the partner’s collection from end-customers.
Contract Balances
The timing of revenue recognition may differ from the timing of invoicing to customers. For annual contracts, the Company typically invoices customers at the time of entering into the contract. For multi-year agreements, the Company generally invoices customers on an annual basis prior to each anniversary of the contract start date. The Company records
unbilled accounts receivable related to revenue recognized in excess of amounts invoiced as the Company has an unconditional right to invoice and receive payment in the future related to those fulfilled obligations. Contract liabilities consist of deferred revenue which is recognized over the contractual period.
Deferred Contract Acquisition Costs
Deferred contract acquisition costs represent costs that are incremental to the acquisition of customer contracts, which consist mainly of sales commissions and associated payroll taxes. The Company determines whether costs should be deferred based on sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract.
Sales commissions for renewal of a subscription contract are not considered commensurate with the commissions paid for contracts with new customers and incremental sales to existing customers given the substantive difference in commission rates in proportion to their respective contract values. Commissions paid for contracts with new customers and incremental sales to existing customers are amortized over an estimated period of benefit of five years while commissions paid for renewal contracts are amortized based on the pattern of the associated revenue recognition over the related contractual renewal period for the pool of renewal contracts. The Company determines the period of benefit for commissions paid for contracts with new customers and incremental sales to existing customers by taking into consideration its initial estimated customer life and the technological life of its software and related significant features. Commissions paid on professional services are typically amortized in accordance with the associated revenue as the commissions paid on new and renewal professional services are commensurate with each other. Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement of operations.
The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs.
Further disclosures with respect to the Company’s deferred contract acquisition costs are also included in Note 6, Balance Sheet Components.
Cost of Revenue
Cost of revenue consists primarily of costs related to providing subscription and professional services to the Company’s customers, including personnel costs (salaries, bonuses and benefits, and stock-based compensation) and related expenses for customer support and services personnel, as well as cloud infrastructure costs, third-party expenses, depreciation of fixed assets, amortization associated with acquired intangible assets, and allocated overhead.
Research and Development
Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation. Research and development costs also include depreciation and allocated overhead.
Advertising
Advertising costs are charged to operations as incurred and recorded in sales and marketing expense in the consolidated statement of operations. Advertising costs were $19.7 million, $16.7 million and $7.7 million for the years ended April 30, 2022, 2021 and 2020 respectively.
Stock-Based Compensation
Compensation expense related to stock awards issued to employees, including stock options and restricted stock units (“RSUs”) is measured at the fair value on the date of the grant and recognized over the requisite service period. The fair value of stock options is estimated on the date of the grant using the Black-Scholes option-pricing model. The fair value of RSUs is estimated on the date of the grant based on the fair value of the Company’s underlying ordinary shares. Compensation expense for stock options and RSUs is recognized on a straight-line basis over the requisite service period. The Company recognizes forfeitures as they occur.
Debt Issuance Costs
Costs incurred in connection with the issuance of debt are deferred and amortized as interest expense over the term of the related debt using the effective interest method. To the extent that the debt is outstanding, these amounts are reflected in the consolidated balance sheets as direct deductions from the carrying amount of the outstanding borrowings.
Net Loss per Share Attributable to Ordinary Shareholders
The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of ordinary shares outstanding during the period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period, including stock options and restricted stock units.
Treasury Shares
Ordinary shares of the Company that are repurchased are recorded as treasury shares at cost and are included as a component of shareholders’ equity. As of April 30, 2022 and 2021, the Company had 35,937 treasury shares that were repurchased at an average price of $10.30 per share.
Segments
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”). The Company’s Chief Executive Officer is its CODM. The Company’s CODM reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment. The Company presents financial information about its operating segment and geographical areas in Note 15 to the consolidated financial statements.
Income Taxes
The Company is subject to income taxes in the Netherlands and numerous foreign jurisdictions. These foreign jurisdictions may have different statutory rates than the Netherlands. The Company records a provision for (benefit from) income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and the tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized.
The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than fifty percent likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is determined there is less than fifty percent likelihood that a tax benefit will be sustained, no tax benefit has been recognized.
Although the Company believes that it has adequately reserved for its uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. As the Company expands internationally, it will face increased complexity, and the Company’s unrecognized tax benefits may increase in the future. The Company makes adjustments to its reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for (benefit from) income taxes in the period in which such determination is made.
Customer Deposits
Certain of the Company’s contracts allow for termination at the customer’s convenience, or the Company may receive prepayments on master sales agreements. In these cases, the Company does not consider a contract to exist past the term in which enforceable rights and obligations exist. Amounts received related to these agreements are classified outside of deferred revenue in the consolidated balance sheet, and these amounts do not represent contract balances. The Company had $3.9 million and $3.2 million of customer deposits included in accrued expenses and other liabilities as of April 30, 2022 and 2021, respectively.
Recently Adopted Accounting Pronouncements
Income Taxes: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, eliminating certain exceptions to the general principles in ASC 740 related to intra-period tax allocation, deferred tax liability and general methodology for calculating income taxes. Additionally, the ASU makes other changes for matters such as franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company adopted ASU No.2019-12 on May 1, 2021. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted
Equity Awards: In May 2021, the FASB issued ASU No. 2021-4, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies the accounting for modifications or exchanges of a freestanding equity-classified written call option that is not within the scope of another Topic. It addresses how an entity should treat, measure the effect of, and recognize the effect of a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2023. Early adoption is permitted, including in interim periods. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements.
Acquisitions:  In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, improving consistency in accounting for acquired revenue contracts with customers in a business combination by requiring that acquirers apply ASC Topic 606 to recognize contract assets and contract liabilities as if it had originated the contracts. If the acquiree prepared its financial statements in accordance with GAAP, the resulting acquired contract assets and liabilities should generally be consistent with acquiree’s financial statements. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2024. Early adoption is permitted. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements.
v3.22.2
Revenue and Performance Obligations
 12 Months Ended
Apr. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue and Performance Obligations Revenue and Remaining Performance Obligations
Disaggregation of Revenue
The following table presents revenue by category (in thousands):
Year Ended April 30,
202220212020
Amount% of
Total
Revenue		Amount% of
Total
Revenue		Amount% of
Total
Revenue
Elastic Cloud$298,615 35 %$166,319 27 %$92,290 22 %
Other subscription500,155 58 %401,020 66 %299,880 70 %
Total subscription revenue798,770 93 %567,339 93 %392,170 92 %
Professional services63,604 7 %41,150 7 %35,450 8 %
Total revenue$862,374 100 %$608,489 100 %$427,620 100 %
During fiscal 2022, the Company updated its disaggregation of revenue breakdown to present revenue by product category. The prior period presentation for the years ended April 30, 2021 and 2020, has been updated to conform to the current year presentation.
Remaining Performance Obligations
As of April 30, 2022, the Company had $932.3 million of remaining performance obligations. As of April 30, 2022, the Company expects to recognize approximately 87% of its remaining performance obligations as revenue over the next 24 months and the remainder thereafter.
v3.22.2
Fair Value Measurements
 12 Months Ended
Apr. 30, 2022
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 following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2022 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash and cash equivalents:
Money market funds$559,462 $— $— $559,462 
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2021 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash and cash equivalents:
Money market funds$175,007 $— $— $175,007 
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 uses quoted prices in active markets for identical assets to determine the fair value of its Level 1 investments in money market funds.
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 April 30, 2022 was approximately $502.2 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.
v3.22.2
Acquisitions
 12 Months Ended
Apr. 30, 2022
Business Combinations [Abstract]  
Acquisitions Acquisitions
Fiscal 2022 Acquisitions
cmdWatch Security Inc.
On September 17, 2021, the Company acquired 100% of the share capital of cmdWatch Security Inc. (“Cmd”) for a total purchase consideration of $77.8 million. The purchase consideration includes an amount of $13.4 million which is being held in an indemnity escrow fund for 18 months after the acquisition close date. Pursuant to the merger agreement, Cmd’s vested stock options were paid in cash and unvested stock options held by Cmd employees were assumed by the Company. The fair value of the replacement equity awards associated with pre-acquisition service period of $4.3 million, consisting of $3.0 million paid in cash to vested option holders and $1.3 million of non-cash consideration, was included in the total purchase consideration. Approximately $6.6 million of the fair value of replacement equity awards was allocated to post-acquisition services that will be recognized as stock-based compensation expense over the remaining service period and was excluded from the total purchase consideration. Additionally, an amount of $6.5 million for post-combination services, which is payable at future dates upon completion of the underlying required service period, has been excluded from the purchase consideration. This amount will be recorded as a post-combination expense over the requisite service period.
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 preliminary purchase price allocated to developed technology and goodwill was $15.5 million and $58.7 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 Company's current security solutions and is not deductible for income tax purposes.
Cmd has been included in the Company’s consolidated results of operations since the acquisition date. Pro forma and historical results of operations for this acquisition have not been presented because they were not material to the consolidated results of operations.
Other Acquisitions
On September 2, 2021 and November 1, 2021, the Company acquired 100% of the share capital of Build Security Ltd. (“build.security”) and Optimyze.cloud Inc. (“Optimyze”), respectively, for a combined total purchase consideration of $57.2 million. The purchase consideration includes an amount of $5.4 million held in Indemnity escrow and $6.0 million held back by the Company for indemnity and will be released upon the 18-month anniversary of the respective acquisitions. These acquisitions were accounted for as business combinations. The total preliminary purchase price allocated to developed technology and goodwill was $9.8 million and $46.7 million, respectively. The developed technology intangible assets from these acquisitions are being amortized on a straight-line basis over a useful life of 5 years which approximates the pattern in which the respective developed technologies are utilized. Goodwill resulted primarily from the expectation of enhancing the Company's current security solutions and the value of the acquired workforce. This goodwill is not deductible for income tax purposes. Build.security and Optimyze have been included in the Company’s consolidated results of operations since their respective acquisition dates. Pro forma and historical results of operations for these acquisitions have not been presented because they were not material to the consolidated results of operations.
Excluded from the combined purchase consideration from these two acquisitions is an amount of $6.3 million, payable in equal installments at the first and the second anniversary of each of the acquisitions, to certain employees of build.security and Optimyze. These amounts are for post-combination services and will be recorded as a post-combination expense over the requisite service periods.
The purchase price allocation for the acquisitions is preliminary and is based on the best estimates of management. The Company continues to collect information with regard to its estimates and assumptions, primarily related to intangible assets and certain tax-related, contingent liability and working capital items. The Company will record adjustments to the fair value of the assets acquired, liabilities assumed and goodwill within the 12 month measurement period, if necessary.
Fiscal 2020 Acquisition
Endgame, Inc.
On October 8, 2019, the Company acquired all outstanding shares of Endgame, a security company offering endpoint protection technology, for a total acquisition price of $234.0 million. Elastic paid the purchase price through (i) the issuance of 2,218,694 ordinary shares in respect of Endgame’s outstanding capital stock, warrants, convertible notes, and certain retention awards, (ii) the cash repayment of Endgame’s outstanding indebtedness of $20.4 million, (iii) the assumption of Endgame’s outstanding stock options, (iv) a $0.4 million cash deposit to an expense fund for the fees and expenses of the representative and agent of Endgame securityholders, (v) the cash payment of Endgame’s transaction expenses of $5.9 million, and (vi) the cash payment of withholding taxes related to acquisition expense settled in shares of $2.8 million. Approximately 11% of the ordinary shares issued, or 235,031 shares, were being held in an indemnity escrow fund for 18 months after the acquisition close date and were released in April 2021. For purposes of determining the total acquisition price of $234.0 million, the Company used the ordinary share price of $89.3836 which was determined on the basis of the volume weighted average price per share rounded to four decimal places for the twenty (20) consecutive trading days ending with the complete trading day ending five (5) trading days prior to the date upon which the acquisition was consummated.
The fair value of the shares transferred as consideration was $84.12 per share and was determined on the basis of the closing stock price of the Company’s ordinary shares on the date of acquisition. The fair value of the assumed stock options was determined by using a Black-Scholes option pricing model with the applicable assumptions as of the acquisition date.
The stock options assumed on the acquisition date will continue to vest as the Endgame employees provide services in the post-acquisition period. The fair value of these awards will be recorded as share-based compensation expense over the respective vesting period of each stock option.
The acquisition was accounted for as a business combination and the total purchase price was allocated to the net tangible and intangible assets and liabilities based on their respective fair values on the acquisition date and the excess was recorded as goodwill.
The following table summarizes the components of the U.S. GAAP purchase price and the allocation of the purchase price at fair value (in thousands):
Cash paid $26,633 
Ordinary shares178,331 
Assumption of stock option plan9,309 
Total consideration$214,273 
The above U.S. GAAP purchase price consideration does not include ordinary shares of Elastic issued as part of acceleration of equity awards and participation in the retention bonus pool.
The following table summarizes the fair values of assets acquired and liabilities assumed (in thousands):
Cash and cash equivalents$2,220 
Restricted cash40 
Accounts receivable2,661 
Prepaid and other current assets549 
Operating lease right-of-use assets4,363 
Property and equipment503 
Intangible assets53,800 
Other assets58 
Goodwill178,764 
Accounts payable(1,112)
Accrued expenses and other current liabilities(3,035)
Accrued compensation and benefits(5,042)
Operating lease liabilities, current(981)
Deferred revenue, current(3,532)
Deferred revenue, non-current(2,661)
Operating lease liabilities, non-current(3,551)
Other liabilities, non-current(8,771)
Total purchase consideration$214,273 
Identifiable intangible assets include (in thousands):
TotalUseful life
(in years)
Developed technology$32,700 5
Customer relationships19,200 4
Trade name1,900 4
Intangible assets$53,800 
Developed technology consists of software products and security platform developed by Endgame. Customer relationships consists of contracts with platform users that purchase Endgame’s products and services that carry distinct value. Trade names represent the Company’s right to the Endgame trade names and associated design, as it exists as of the acquisition date.
The fair value assigned to developed technology was determined primarily using the multi-period excess earnings model, which estimates the revenue and cash flows derived from the asset and then deducts portions of the cash flow that can be attributed to supporting assets otherwise recognized. Management applied significant judgment in estimating the fair value of the developed technology intangible asset, which involved the use of significant estimates related to the revenue growth rate assumption for both existing and any future product offerings. The fair value of the Company’s customer relationships was determined using the income approach, which discounts expected future cash flows to present value using estimates and assumptions related to revenue and customer growth rate as determined by management. The fair value assigned to trade name was determined using the relief from royalty method, where the owner of the asset realizes a benefit from owning the intangible asset rather than paying a rental or royalty rate for use of the asset. The acquired intangible assets are being amortized on a straight-line basis over their respective useful lives, which approximates the pattern in which these assets are utilized.
Recognized goodwill of $178.8 million is not deductible for tax purposes and is primarily attributed to planned growth in new markets, synergies arising from the acquisition and the value of the acquired workforce.
Net tangible assets and liabilities assumed were valued at their respective carrying amounts as of the acquisition date, as the Company believes that these amounts approximate their current fair values.
Endgame was included in the Company’s consolidated results of operations since the acquisition date. Endgame’s results were immaterial to the Company’s consolidated results for the year ended April 30, 2020.
v3.22.2
Balance Sheet Components
 12 Months Ended
Apr. 30, 2022
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):
As of April 30,
Useful Life (in years)20222021
Leasehold improvementsLesser of estimated useful life or remaining lease term$10,863 $10,342 
Computer hardware and software31,473 2,319 
Furniture and fixtures
3-5
5,753 5,971 
Assets under construction1,119 707 
Total property and equipment19,208 19,339 
Less: accumulated depreciation(12,001)(10,458)
Property and equipment, net$7,207 $8,881 
Depreciation expense related to property and equipment was $3.9 million, $3.1 million and $2.8 million for the years ended April 30, 2022, 2021 and 2020, respectively.
Intangible Assets, Net
Intangible assets consisted of the following as of April 30, 2022 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$70,130 $31,355 $38,775 3.9
Customer relationships19,598 13,177 6,421 3.3
Trade names2,872 2,263 609 3.3
Total$92,600 $46,795 $45,805 3.8
Foreign currency translation adjustment(5)
Total$45,800 
Intangible assets consisted of the following as of April 30, 2021 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$44,830 $20,850 $23,980 3.3
Customer relationships19,598 8,382 11,216 2.4
Trade names2,872 1,780 1,092 2.4
Total$67,300 $31,012 $36,288 3.0
Foreign currency translation adjustment(2)
Total$36,286 
Amortization expense for the intangible assets for the years ended April 30, 2022, 2021 and 2020 was as follows (in thousands):
Year Ended April 30,
202220212020
Cost of revenue—cost of license—self-managed$1,548 $1,386 $948 
Cost of revenue—cost of subscription—self-managed and SaaS8,955 7,051 5,820 
Sales and marketing5,280 5,730 3,300 
Total amortization of acquired intangible assets$15,783 $14,167 $10,068 
The expected future amortization expense related to the intangible assets as of April 30, 2022 was as follows (in thousands, by fiscal year):
2023$16,696 
202413,985 
20258,018 
20265,057 
20272,044 
Thereafter— 
Total$45,800 
Goodwill
The following table represents the changes to goodwill (in thousands):
Carrying Amount
Balance as of April 30, 2020$197,877 
Foreign currency translation adjustment974 
Balance as of April 30, 2021198,851 
Addition from acquisitions105,428 
Foreign currency translation adjustment(373)
Balance as of April 30, 2022$303,906 
There was no impairment of goodwill during the years ended April 30, 2022, 2021 and 2020.
Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
As of April 30,
20222021
Accrued expenses$24,066 $12,772 
Value added taxes payable8,926 8,493 
Accrued interest6,918 — 
Income taxes payable4,286 1,596 
Other9,734 6,048 
Total accrued expenses and other liabilities$53,930 $28,909 
Accrued Compensation and Benefits
Accrued compensation and benefits consisted of the following (in thousands):
As of April 30,
20222021
Accrued vacation$27,280 $24,078 
Accrued commissions23,806 17,581 
Accrued payroll and withholding taxes9,030 5,522 
Other7,886 5,344 
Total accrued compensation and benefits$68,002 $52,525 
Contract Balances
The following table provides information about unbilled accounts receivable, deferred contract acquisition costs, and deferred revenue from contracts with customers (in thousands):
As of April 30,
20222021
Unbilled accounts receivable, included in accounts receivable, net$9,244 $5,204 
Deferred contract acquisition costs$118,047 $86,352 
Deferred revenue$465,294 $397,700 
Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands):
Unbilled Accounts Receivable
Year Ended April 30,
202220212020
Beginning balance$5,204 $2,622 $1,710 
Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period
(5,204)(2,622)(1,710)
Revenue recognized during the period in excess of invoices issued9,244 5,204 2,622 
Ending balance$9,244 $5,204 $2,622 
Deferred Revenue
Year Ended April 30,
202220212020
Beginning balance$397,700 $259,702 $170,666 
Increases due to invoices issued, excluding amounts recognized as
    revenue during the period		421,552 364,093 242,136 
Amounts transferred to deferred revenue from accrued expenses and other
    liabilities upon entering into contracts with customers, net of revenue
    recognized during the period 		— 5,424 — 
Increase from acquisitions, net of revenue recognized439 — 6,192 
Revenue recognized that was included in deferred revenue balance at
   beginning of period		(354,397)(231,519)(159,292)
Ending balance$465,294 $397,700 $259,702 
Deferred Contract Acquisition Costs
The following table summarizes the activity of the deferred contract acquisition costs (in thousands):
Year Ended April 30,
202220212020
Beginning balance$86,352 $43,549 $26,150 
Capitalization of contract acquisition costs92,433 83,794 45,713 
Amortization of deferred contract acquisition costs(60,738)(40,991)(28,314)
Ending balance$118,047 $86,352 $43,549 
Deferred contract acquisition costs, current43,628 36,089 19,537 
Deferred contract acquisition costs, non- current74,419 50,263 24,012 
Total deferred contract acquisition costs$118,047 $86,352 $43,549 
The Company did not recognize any impairment of deferred contract acquisition costs during the years ended April 30, 2022, 2021 and 2020.
v3.22.2
Debt
 12 Months Ended
Apr. 30, 2022
Debt Disclosure [Abstract]  
Senior Notes Disclosure Senior Notes
In July 2021, the Company issued $575.0 million aggregate principal amount of 4.125% Senior Notes due July 15, 2029 in a private placement.
Interest on the Senior Notes is payable semi-annually in arrears on January 15 and July 15 of each year, commencing on January 15, 2022. 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 Company may redeem the Senior Notes, 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, at any time prior to July 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Senior Notes outstanding under the Indenture 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 governing the Senior Notes contain 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 notes are rated investment grade by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services. As of April 30, 2022, the Company was in compliance with all of its financial covenants under the Indenture associated with the Senior Notes.
The net carrying amount of the Senior Notes was as follows:
As of
April 30, 2022
Principal$575,000 
Unamortized debt issuance costs(8,480)
Net carrying amount$566,520 
The following table sets forth the interest expense recognized related to the Senior Notes:
Year Ended
April 30, 2022
Contractual interest expense$19,370 
Amortization of debt issuance costs803 
Total interest expense related to the Senior Notes$20,173 
v3.22.2
Commitments and Contingencies
 12 Months Ended
Apr. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Cloud Hosting Commitments
The table below reflects the Company’s future minimum purchase obligations relating to non-cancellable agreements for cloud hosting as of April 30, 2022 (in thousands):
Years Ending April 30,Purchase Obligations
2023$97,390 
2024106,736 
202592,587 
202687,000 
202732,000 
Total$415,713 
Actual timing may vary depending on services used and total payments under these capacity commitments may be higher than the total minimum depending on services used.
Other Purchase Commitments
The Company has future purchase obligations related to subscription software and sales and marketing contracts. As of April 30, 2022, the Company had purchase commitments of $36.2 million related to these contracts, primarily due within the next twelve months.
Letters of Credit
The Company had a total of $2.5 million in letters of credit outstanding in favor of certain landlords for office space as of April 30, 2022.
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.
Although the results of litigation and claims are inherently unpredictable, the Company does not believe that there were any matters under litigation or claims with a reasonable possibility of the Company incurring a material loss as of April 30, 2022.
Indemnification
The Company enters into indemnification provisions under its agreements with other companies in the ordinary course of business, including business partners, landlords, contractors and parties performing its research and development. Pursuant to these arrangements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for certain losses suffered or incurred by the indemnified party as a result of the Company’s activities. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material. The Company maintains commercial general liability insurance and product liability insurance to offset certain of the Company’s potential liabilities under these indemnification provisions.
In addition, the Company indemnifies its officers, directors and certain key employees 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.
v3.22.2
Leases
 12 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Leases Leases
The Company’s leases are composed of corporate office spaces under non-cancelable operating lease agreements that expire at various dates through 2025. The Company does not have any finance leases.
Lease Costs
Components of lease costs included in the consolidated statement of operations were as follows (in thousands):
Year Ended April 30,
20222021
Operating lease cost$9,894 $8,825 
Short-term lease cost2,448 2,319 
Variable lease cost857 527 
Total lease cost$13,199 $11,671 
Lease term and discount rate information are summarized as follows:

As of
April 30, 2022
Weighted average remaining lease term (years)2.95
Weighted average discount rate5.00 %
Future minimum lease payments under non-cancelable operating leases on an undiscounted cash flow basis as of April 30, 2022 were as follows (in thousands):
Years Ending April 30,
2023$11,595 
20248,788 
20255,924 
20263,523 
2027— 
Thereafter— 
Total minimum lease payments29,830 
Less imputed interest(2,129)
Present value of future minimum lease payments27,701 
Less current lease liabilities(11,219)
Operating lease liabilities, non-current$16,482 
v3.22.2
Ordinary Shares
 12 Months Ended
Apr. 30, 2022
Equity [Abstract]  
Ordinary Shares Ordinary Shares
The Company’s articles of association designated and authorized the Company to issue 165 million ordinary shares at a par value per ordinary share of €0.01 per share.
Each holder of ordinary shares has the right to one vote per ordinary share. The holders of ordinary shares are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to the prior rights of holders of all classes of shares outstanding having priority rights to dividends. No dividends have been declared by the Company’s board of directors from inception through the year ended April 30, 2022.
Ordinary Shares Reserved for Issuance
The Company had reserved ordinary shares for issuance as follows:
As of April 30,
20222021
Stock options issued and outstanding5,219,124 7,611,016 
RSUs issued and outstanding
4,717,548 3,301,283 
Remaining shares available for future issuance under the 2012 Plan
17,647,684 15,737,819 
Total ordinary shares reserved
27,584,356 26,650,118 
Convertible Preference Shares
The Company’s board of directors has the authority, for a period of five years from October 10, 2018, without further action by the Company’s shareholders, to issue up to 165 million shares of undesignated convertible preference shares with rights and preferences, including voting rights, designated from time to time by the board of directors. As of April 30, 2022, there were no convertible preference shares issued or outstanding.
v3.22.2
Equity Incentive Plans
 12 Months Ended
Apr. 30, 2022
Share-based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
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 a duly authorized committee may grant stock options and other equity-based awards, such as Restricted Stock Awards (“RSAs”) or Restricted Stock Units (“RSUs”), 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 a duly authorized committee determines the vesting schedule for all equity-based awards. Stock options granted to new employees under the 2012 Plan generally vest over four years with 25% of the option shares vesting one year from the vesting commencement date and then ratably over the following 36 months subject to the employees’ continued service to the Company. Refresh grants of stock options to existing employees generally vest monthly over four years subject to the employees’ continued service to the Company. RSUs granted prior to December 8, 2021 to new employees generally vest over a period of four years with 25% vesting on the one-year anniversary of the vesting start date and the remainder vesting semi-annually over the next 36 months, subject to the employee’s continued service to the Company. RSUs granted prior to December 8, 2021 to existing employees generally vest semi-annually over a period of four years, subject to the employee’s continued service to the Company. RSUs granted to both new and existing employees on and after December 8, 2021 generally vest quarterly over a period of four years, subject to the grantee’s 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, RSAs 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: 
Year Ended April 30,
20222021
Available at beginning of fiscal year15,737,819 12,461,850 
Awards authorized4,526,699 4,142,849 
Options granted(495,460)(232,075)
Options cancelled386,656 890,561 
RSUs granted(3,224,256)(1,965,644)
RSUs cancelled715,870 440,278 
Shares withheld for taxes356 — 
Available at end of period17,647,684 15,737,819 
Stock Incentive Plans Assumed in Acquisitions
In connection with its acquisition of Endgame, the Company assumed all in-the-money stock options issued under Endgame’s Amended and Restated 2010 Stock Incentive Plan that were outstanding on the date of acquisition. In connection
with its acquisitions of Cmd and build.security, the Company assumed certain unvested stock options issued under the Cmd Stock Option Plan and Build 2020 Share Incentive Plan that were outstanding on the date of the respective acquisition.
The assumed stock options will continue to be outstanding and will be governed by the provisions of their respective plan and are included in the stock option activity table below.
Stock Options
The following table summarizes stock option activity (in thousands, except share and per share data):
Stock Options Outstanding
Number of
Stock Options
Outstanding
Weighted-
Average
Exercise
Price
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
Balance as of April 30, 202015,260,506 $14.17 7.27$767,795 
Stock options granted232,075 $139.68 
Stock options exercised(6,989,222)$11.08 
Stock options cancelled(890,561)$18.15 
Stock options assumed in acquisition cancelled(1,782)$72.75 
Balance as of April 30, 20217,611,016 $20.34 6.66$768,517 
Stock options granted495,460 $94.46 
Stock options assumed in acquisitions63,846 $10.20 
Stock options exercised(2,563,287)$14.18 
Stock options cancelled(386,656)$32.04 
Stock options assumed in acquisition cancelled(1,255)$40.35 
Balance as of April 30, 20225,219,124 $29.41 6.22$266,021 
Exercisable as of April 30, 20223,929,577 $18.84 5.70$230,199 
Stock options exercisable include 16,667 stock options that were unvested as of April 30, 2022.
Aggregate intrinsic value represents the difference between the exercise price of the stock options to purchase ordinary shares and the fair value of the Company’s ordinary shares. The weighted-average grant-date fair value per share of stock options assumed related to the Cmd and build.security acquisitions was $122.13 for the year ended April 30, 2022. The weighted-average grant-date fair value per share of stock options granted was $52.43 and $80.01 for the years ended April 30, 2022 and 2021, respectively.
As of April 30, 2022, the Company had unrecognized stock-based compensation expense of $46.0 million related to unvested stock options that the Company expects to recognize over a weighted-average period of 2.16 years.
RSUs
The following table summarizes RSU activity under the 2012 Plan:
Number of AwardsWeighted-Average Grant Date Fair Value
Outstanding and unvested at April 30, 20202,472,092 $66.78 
RSUs granted1,965,644 $123.48 
RSUs released(696,175)$71.18 
RSUs cancelled(440,278)$73.31 
Outstanding and unvested at April 30, 20213,301,283 $98.74 
RSUs granted3,224,256 $113.91 
RSUs released(1,092,121)$96.65 
RSUs cancelled(715,870)$106.34 
Outstanding and unvested at April 30, 20224,717,548 $108.44 
During the year ended April 30, 2021, the Company cancelled 80,839 cash settled RSUs and contemporaneously granted 80,839 equity settled RSUs. The modification of the awards and related change in the classification of awards from liability-classified to equity-classified was accounted for under the provisions of ASC 718 - Stock Compensation. Prior to the conversion, the Company performed a final measurement of its stock-based compensation liability under the fair value method, which resulted in a non-cash stock-based compensation expense of $2.5 million. Additionally, upon modification of the awards, the Company reclassified $2.7 million stock-based compensation liability to additional-paid in capital.
As of April 30, 2022, the Company had unrecognized stock-based compensation expense of $459.1 million related to RSUs that the Company expects to recognize over a weighted-average period of 2.77 years.
Determination of Fair Value
The determination of the fair value of stock-based options on the date of grant using an option pricing model is affected by the fair value of the Company’s ordinary shares, as well as assumptions regarding a number of complex and subjective variables. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options, which requires the use of assumptions including actual and projected employee stock option exercise behaviors, expected price volatility of the Company’s ordinary shares, the risk-free interest rate and expected dividends.
Fair Value of Ordinary Shares:    Subsequent to the IPO on October 8, 2018, the fair value of the underlying ordinary shares is determined by the closing price, on the date of the grant, of the Company’s ordinary shares, which are traded publicly on the New York Stock Exchange. Prior to the IPO, the fair value of ordinary shares underlying the stock awards had historically been determined by the board of directors, with input from the Company’s management. The board of directors previously determined the fair value of the ordinary shares at the time of grant of the awards by considering a number of objective and subjective factors, including valuations of comparable companies, sales of redeemable convertible preference shares, sales of ordinary shares to unrelated third parties, operating and financial performance, the lack of liquidity of the Company’s ordinary shares, and general and industry-specific economic outlook.
Expected Term:    The expected term represents the period that options are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options.
Expected Volatility:    Since the Company has limited trading history of its ordinary shares, the expected volatility is derived from the average historical stock volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the option’s expected term.
Risk-Free Interest Rate:    The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the option’s expected term.
Dividend Rate:    The expected dividend is assumed to be zero as the Company has never paid dividends and has no current plans to do so.
The Company’s expected volatility and expected term involve management’s best estimates, both of which impact the fair value of the option calculated under the Black-Scholes option pricing model and, ultimately, the expense that will be recognized over the life of the option.
The fair value of stock options granted and assumed was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Year Ended April 30,
202220212020
Expected term (in years)
5.52 - 6.08
6.02 - 6.08
2.00 - 7.27
Expected stock price volatility
59.6% - 60.2%
62.6% - 63.9%
54.8%
Risk-free interest rate
1.4% - 1.8%
0.4% - 1.1%
1.4% - 2.0%
Dividend yield0%0%0%
Stock-Based Compensation Expense
Total stock-based compensation expense recognized in the Company’s consolidated statements of operations was as follows (in thousands):
Year Ended April 30,
202220212020
Cost of revenue—cost of subscription—self-managed and SaaS$8,368 $7,105 $4,147 
Cost of revenue—professional services6,463 4,824 2,980 
Research and development59,911 35,267 23,621 
Sales and marketing45,798 31,581 19,334 
General and administrative20,654 14,903 9,925 
Stock-based compensation expense, net of amounts capitalized141,194 93,680 60,007 
Capitalized stock-based compensation expense188 10 — 
Total stock-based compensation expense$141,382 $93,690 $60,007 
v3.22.2
Net Loss Per Share Attributable to Ordinary Shareholders
 12 Months Ended
Apr. 30, 2022
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Ordinary Shareholders Net Loss Per Share Attributable to Ordinary Shareholders
The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data):
Year Ended April 30,
202220212020
Numerator:
Net loss$(203,848)$(129,434)$(167,174)
Denominator:
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted
92,547,145 87,207,094 78,799,732 
Net loss per share attributable to ordinary shareholders, basic and diluted$(2.20)$(1.48)$(2.12)
Since the Company is in a net loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods. The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive:
Year Ended April 30,
202220212020
Stock options5,219,124 7,611,016 15,260,506 
RSUs4,717,548 3,301,283 2,368,740 
Contingently issuable shares— — 235,031 
Total9,936,672 10,912,299 17,864,277 
v3.22.2
Income Taxes
 12 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is incorporated in the Netherlands but operates in various countries with differing tax laws and rates. The geographical breakdown of income (loss) before provision for (benefit from) income taxes is summarized as follows (in thousands):
Year Ended April 30,
202220212020
Dutch$(261,097)$(163,770)$(173,338)
Foreign63,308 42,056 4,196 
Loss before income taxes$(197,789)$(121,714)$(169,142)
The components of the provision for (benefit from) income taxes were as follows (in thousands):
Year Ended April 30,
202220212020
Current:
Dutch$2,187 $1,125 $518 
Foreign6,892 3,896 (560)
Total current tax expense (income)$9,079 $5,021 $(42)
Deferred:
Dutch$(105)$— $— 
Foreign(2,915)2,699 (1,926)
Total deferred tax expense (income)(3,020)2,699 (1,926)
Total provision for (benefit from) income taxes$6,059 $7,720 $(1,968)
The Company’s effective tax rate substantially differed from the Dutch statutory tax rate of 25% primarily due to the valuation allowance on the Dutch, United States and United Kingdom deferred tax assets, partially offset by a tax benefit from stock-based compensation. A reconciliation of income taxes at the statutory income tax rate to the provision for (benefit from) income taxes included in the consolidated statement of operations is as follows (in thousands, except for rates):
Year Ended April 30,
202220212020
Tax
Rate
Tax
Rate
Tax
Rate
Dutch statutory income tax$(49,448)25.0 %$(30,428)25.0 %$(42,286)25.0 %
Foreign income taxed at different rates(2,197)1.1 %(486)0.4 %313 (0.2)%
Stock-based compensation(31,372)15.9 %(100,931)82.9 %(53,050)31.4 %
Research and development credits(10,834)5.5 %(11,020)9.0 %(7,771)4.6 %
Change in valuation allowance91,841 (46.4)%146,571 (120.4)%97,734 (57.8)%
Deferred tax asset revaluation(302)0.2 %(256)0.2 %1,991 (1.2)%
Other8,371 (4.4)%4,270 (3.4)%1,101 (0.6)%
Provision for (benefit from) income taxes$6,059 (3.1)%$7,720 (6.3)%$(1,968)1.2 %
Deferred Income Taxes
Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities. Management assesses whether it is more likely than not that some portion or all of the deferred tax assets will be realized. Deferred tax assets are reduced by a valuation allowance where management has concluded it is more likely than not that the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Management makes estimates and judgments about future taxable income based on assumptions that are consistent with the Company’s plans and estimates.
Significant components of the Company’s deferred tax assets and liabilities are summarized as follows (in thousands):
As of April 30,
20222021
Deferred tax assets:
Accrued compensation$2,883 $— 
Net operating loss carryforward458,733 385,443 
Deferred revenue8,780 4,609 
Stock-based compensation12,063 11,614 
Research and development credits28,467 22,988 
Lease liabilities5,139 4,956 
Other9,239 3,156 
Gross deferred tax assets525,304 432,766 
Less valuation allowance(498,996)(409,756)
Total deferred tax assets$26,308 $23,010 
Deferred tax liabilities:
Accrued compensation$— $(41)
Deferred contract acquisition costs(17,244)(13,173)
Intangible assets(6,752)(8,191)
Right of use assets(4,673)(4,523)
Gross deferred tax liabilities(28,669)(25,928)
Net deferred tax liabilities$(2,361)$(2,918)
The valuation allowance for deferred tax assets as of April 30, 2022 and 2021 was $499.0 million and $409.8 million, respectively. As the Company has generated losses since inception in the Netherlands and California (United States) jurisdictions, management maintains a full valuation allowance against the net deferred tax assets in these jurisdictions. In addition, the United States and the United Kingdom jurisdictions are anticipated to have cumulative losses for the foreseeable future, and as such a valuation allowance has been established for these regions. The valuation allowance in the Netherlands, the United States and the United Kingdom jurisdictions increased by $53.8 million, $30.3 million and $5.1 million, respectively, during the year ended April 30, 2022 and $61.0 million, $113.1 million and $10.5 million, respectively, for the year ended April 30, 2021. The valuation allowance for the Dutch deferred tax assets as of April 30, 2022 and 2021 was $203.2 million and $149.4 million, respectively, the valuation allowance for the United States deferred tax assets as of April 30, 2022 and 2021 was $276.3 million and $246.0 million, respectively, and the valuation allowance for the United Kingdom deferred tax assets as of April 30, 2022 and April 30, 2021 was $19.5 million and $14.4 million, respectively.
As of April 30, 2022, the Company had net operating loss (“NOL”) carryforwards for Dutch, United States (Federal and State, respectively) and United Kingdom income tax purposes of $758.4 million, $1,002.5 million, $651.8 million and $67.5 million, respectively, which begin to expire in the year ending, April 30, 2031 and April 30, 2025 in the United States (Federal and State, respectively), with Dutch and United Kingdom losses being carried forward indefinitely. The Company also has research and development tax credit carryforwards for United States (Federal and State, respectively) and Canada, income tax purposes of $20.0 million, $5.3 million and $0.7 million respectively, which begin to expire April 30, 2033, April 30, 2023, and April 30, 2039, respectively. Research and development tax credit carryforwards related to the UK of $0.6 million have an indefinite life. The deferred tax assets associated with the NOL carryforwards and other tax attributes in the Netherlands, the United States, and the United Kingdom are subject to a full valuation allowance.
Uncertain Tax Positions
The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end.
Although the Company believes that it has adequately reserved for its uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. As the Company expands, it
will face increased complexity, and the Company’s unrecognized tax benefits may increase in the future. The Company makes adjustments to its reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for (benefit from) income taxes in the period in which such determination is made.
The Company had unrecognized tax benefits of $16.6 million as of April 30, 2022, of which none would impact the effective tax rate before consideration of any valuation allowance. The activity within the Company’s unrecognized gross tax benefits is summarized as follows (in thousands):
As of April 30,
202220212020
Balance as of beginning of year$13,656 $9,706 $3,870 
Increase (decrease) related to tax positions taken in prior periods(1,029)432 2,283 
Increase related to tax positions taken in the current period3,995 3,518 3,553 
Balance as of end of year$16,622 $13,656 $9,706 
Approximately $1.0 million of the decrease in fiscal 2022 for tax positions taken in prior periods is due to the filing of tax returns during the current fiscal year and lapse of statute of limitations. Approximately $4.0 million of the increase in tax positions related to the current period is primarily from the research and development tax credits generated for fiscal 2022.
The Company’s policy is to recognize penalties and interests accrued on any unrecognized tax benefits as a component of income tax expense. For the years ended April 30, 2022, 2021 and 2020 the Company recognized interest and penalties of $0.3 million, less than $0.1 million and less than $0.1 million, respectively. The amount of accrued interest and penalties recorded on the consolidated balance sheet as of April 30, 2022 and 2021 was $0.3 million and $0.1 million, respectively.
The Company is subject to periodic examination of income tax returns by various domestic and international tax authorities. During the fiscal year, the Company was not subject to any new audits. The Company is currently under examination with the Internal Revenue Service for foreign withholding taxes for the calendar year 2018.
The Company does not anticipate any significant increases or decreases in its uncertain tax positions within the next twelve months. The Company files tax returns in multiple jurisdictions, including the Netherlands and United States. The Company’s tax filings for fiscal years starting with the year ended April 30, 2017 remain open in various tax jurisdictions.
Dutch income taxes and non-Dutch withholding taxes associated with the repatriation of earnings or for temporary differences related to investments in non-Dutch subsidiaries, excluding the U.S subsidiaries, have not been provided for, as the Company intends to reinvest the earnings of such subsidiaries indefinitely or the Company has concluded that an immaterial additional tax liability would arise on the distribution of such earnings. Earnings from the Company’s U.S. subsidiaries are being treated as being currently repatriated back to the Netherlands though no Dutch income taxes nor U.S. withholding taxes in regard to such repatriations are being recorded due to the Dutch participation exemption provisions and exemption from withholding taxes under the income tax treaty between the Netherlands and the United States. As of April 30, 2022, there were cumulative earnings of $104.8 million, from the non-U.S. subsidiaries. If such earnings were to be repatriated they would be exempt from taxation in the Netherlands and the amount of dividend withholding taxes from such foreign jurisdictions would be $2.4 million, due to the various income tax treaties between the Netherlands and the respective foreign jurisdictions.
The Company is subject to Global Intangible Low Taxed Income (“GILTI”). Due to the Company’s net operating loss, GILTI provision was zero, $1.0 million and zero for the years ended April 30, 2022, 2021 and 2020, respectively. The GILTI provision did not have a material impact on the Company’s results for any of the years presented.
v3.22.2
Employee Benefit Plans
 12 Months Ended
Apr. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company has a defined-contribution plan in the U.S. intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company has contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all the expenses incurred for administering the 401(k) Plan are paid by the Company. This 401(k) Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis The Company makes contributions to the 401(k) Plan up to 6% of the participating employee’s W-2 earnings and wages. The Company recorded $15.2 million, $11.4 million and $8.3 million of expense related to the 401(k) Plan during the years ended April 30, 2022, 2021 and 2020, respectively.
The Company also has defined-contribution plans in certain other countries for which the Company recorded $7.2 million, $5.1 million and $3.6 million of expense during the years ended April 30, 2022, 2021 and 2020, respectively.
v3.22.2
Segment Information
 12 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands):
Year Ended April 30,
202220212020
United States$481,589 $331,769 $241,648 
Rest of world380,785 276,720 185,972 
Total revenue$862,374 $608,489 $427,620 
Other than the United States, no other individual country exceeded 10% or more of total revenue during the periods presented.
The following table presents the Company’s long-lived assets, including property and equipment, net, and operating lease right-of-use assets, by geographic region (in thousands):
As of April 30,
20222021
United States$22,112 $23,443 
United Kingdom4,478 7,151 
India3,407 — 
Rest of world2,647 3,751 
Total long-lived assets$32,644 $34,345 
v3.22.2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Apr. 30, 2022
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The 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.
Fiscal Year
Fiscal Year
The Company’s fiscal year ends on April 30. References to fiscal 2022, for example, refer to the fiscal year ending April 30, 2022.
Use of Estimates and Judgments
Use of Estimates and Judgments
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Such estimates include, but are not limited to, allocation of revenue between recognized and deferred amounts, deferred contract acquisition costs, allowance for credit losses, valuation of stock-based compensation, fair value of ordinary shares in periods prior to the Company’s initial public offering, fair value of acquired intangible assets and goodwill, useful lives of acquired intangible assets and property and equipment, whether an arrangement is or contains a lease, the discount rate used for operating leases and valuation allowance for deferred income taxes. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events.
In March 2020, the World Health Organization declared the 2019 novel Coronavirus Disease (“COVID-19”) a pandemic. The continuing COVID-19 pandemic has resulted in a global slowdown of economic activity and its impact has varied significantly across different industries with certain industries experiencing increased demand for their products and services, while others have struggled to maintain demand for their products and services consistent with historical levels. The full extent to which COVID-19 may impact the Company’s financial condition or results of operations is uncertain.
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, 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 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.
Foreign Currency
Foreign Currency
The reporting currency of the Company is the U.S. dollar. The Company determines the functional currency of each subsidiary in accordance with ASC 830, Foreign Currency Matters, based on the currency of the primary economic environment in which each subsidiary operates. Items included in the financial statements of such subsidiaries are measured using that functional currency. The Company periodically re-assesses its operations to determine if previous conclusions are still valid. Changes in functional currencies are applied prospectively if the operations encounter a significant and permanent change.
For the subsidiaries where the U.S. dollar is the functional currency, foreign currency denominated monetary assets and liabilities are re-measured into U.S. dollars at current exchange rates and foreign currency denominated nonmonetary assets and liabilities are re-measured into U.S. dollars at historical exchange rates. Gains or losses from foreign currency re-measurement and settlements are included in other income (expense), net in the consolidated statement of operations. For the years ended April 30, 2022, 2021 and 2020, the Company recognized a re-measurement loss of $3.6 million, a gain of $7.7 million, and a loss of $2.2 million, respectively.
For subsidiaries where the functional currency is other than the U.S. dollar, the Company uses the period-end exchange rates to translate assets and liabilities, the average monthly exchange rates to translate revenue and expenses, and historical exchange rates to translate shareholders’ equity, into U.S. dollars. The Company records translation gains and losses in accumulated other comprehensive loss as a component of shareholders’ equity in the consolidated balance sheet.
Comprehensive Loss
Comprehensive Loss
The Company’s comprehensive loss includes net loss and unrealized gains and losses on foreign currency translation adjustments.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
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 carrying amount of the Company’s cash equivalents approximates fair value, due to the short maturities of these instruments. Our restricted cash consists primarily of cash deposits with financial institutions in support of letters of credit in favor of landlords for non-cancelable lease agreements.
Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the consolidated balance sheet. Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows consists of the following (in thousands):
As of April 30,
20222021
Cash and cash equivalents$860,949 $400,814 
Restricted cash2,688 2,894 
Cash, cash equivalents and restricted cash$863,637 $403,708 
Short-Term Investments
Short-Term Investments
Investments with an original maturity of three months or less at the date of purchase are considered cash equivalents, while all other investments are classified as short-term or long-term based on the nature of the investments, their maturities, and their availability for use in current operations. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. Bank deposits with original maturities greater than three months but less than twelve months and are classified as short-term investments within current assets in the consolidated balance sheet. The Company had no short-term investments as of April 30, 2022 and April 30, 2021.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company’s financial instruments consist of cash equivalents, accounts receivable, accounts payable, and accrued liabilities. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Accounts receivable, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.
Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheet consisting primarily of cash equivalents are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The Company measures its financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value:
•Level 1:   Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date.
•Level 2:   Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3:   Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The carrying values of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their respective fair values due to the short period of time to maturity, receipt or payment.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, restricted cash, short-term investments, and accounts receivable. The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company maintains its cash accounts with financial institutions where, at times, deposits exceed federal insurance limits. The Company invests its excess cash in highly-rated money market funds and in short-term investments. The Company extends credit to customers in the normal course of business. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. Trade accounts receivable are recorded at the invoiced amount and do not bear interest. Management performs ongoing credit evaluations of customers and maintains allowances for potential credit losses on customers’ accounts when deemed necessary.
No customer represented 10% or more of net accounts receivable as of April 30, 2022 and 2021. No customer accounted for more than 10% of the Company’s total revenue for the years ended April 30, 2022, 2021 and 2020.
Accounts Receivable, Unbilled Accounts Receivable and Allowance for Credit Losses
Accounts Receivable, Unbilled Accounts Receivable and Allowance for Credit Losses
Accounts receivable primarily consists of amounts billed currently due from customers. The Company’s accounts receivable are subject to collection risk. Gross accounts receivable are reduced for this risk by an allowance for credit losses. This allowance is for estimated losses resulting from the inability of the Company’s customers to make required payments. The Company determines the need for an allowance for credit losses based upon various factors, including past collection experience, credit quality of the customer, age of the receivable balance, and current economic conditions, as well as specific circumstances arising with individual customers. Accounts receivables are written off against the allowance when management determines a balance is uncollectible and the Company no longer actively pursues collection of the receivable.
The Company does not typically offer right of refund in its contracts. The allowance for credit losses reflects the Company’s best estimate of probable losses inherent in the Company’s receivables portfolio. As of April 30, 2022 and 2021, the allowance for credit losses was $2.7 million and $2.3 million, respectively. Activity related to the Company’s allowance for credit losses was as follows (in thousands):
Year Ended April 30,
202220212020
Beginning balance$2,344 $1,247 $1,411 
Cumulative-effect adjustment from adoption of ASU 2016-13— (367)— 
Bad debt expense2,980 5,095 193 
Accounts written off(2,624)(3,631)(357)
Ending balance$2,700 $2,344 $1,247 
Unbilled accounts receivable represents amounts for which the Company has recognized revenue, pursuant to the Company’s revenue recognition policy, for fulfilled obligations, but not yet billed. The unbilled accounts receivable balance was $9.2 million and $5.2 million as of April 30, 2022 and 2021, respectively.
Capitalized Software Development and Implementation Costs
Capitalized Software Development and Implementation Costs
Software development costs for software to be sold, leased, or otherwise marketed are expensed as incurred until the establishment of technological feasibility, at which time those costs are capitalized until the product is available for general release to customers and amortized over the estimated life of the product. Technological feasibility is established upon the completion of a working prototype that has been certified as having no critical bugs and is a release candidate. To date, costs to develop software that is marketed externally have not been capitalized as the current software development process is essentially completed concurrently with the establishment of technological feasibility. As such, all related software development costs are expensed as incurred and included in research and development expense in the consolidated statement of operations.
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost and depreciated over their estimated useful lives using the straight-line method. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the financial statements and any resulting gain or loss is reflected within the consolidated statement of operations. There was no material gain or loss incurred as a result of retirement or sale in the periods presented. Repair and maintenance costs are expensed as incurred.
Leases
Leases
Leases arise from contractual obligations that convey the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company determines whether an arrangement is or contains a lease at inception, based on whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. At the lease commencement date, the Company determines the lease classification between finance and operating and recognizes a right-of-use asset and corresponding lease liability for each lease component. A right-of-use asset represents the Company’s right to use an underlying asset and a lease liability represents the Company’s obligation to make payments during the lease term. The operating lease right-of-use asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company accounts for lease components and non-lease components as a single lease component.
The lease liability is initially measured as the present value of the remaining lease payments over the lease term. The discount rate used to determine the present value is the Company’s incremental borrowing rate unless the interest rate implicit in the lease is readily determinable. The Company estimates its incremental borrowing rate based on the information available at lease commencement date for borrowings with a similar term. The right-of-use asset is initially measured as the present value of the lease payments, adjusted for initial direct costs, prepaid lease payments to lessors and lease incentives.
Acquisitions
Acquisitions
When the Company acquires a business, the Company allocates the purchase price, which is the sum of the consideration provided and may consist of cash, equity or a combination of the two, in a business combination to the identifiable assets and liabilities of the acquired business at their estimated respective fair values. The excess of the purchase price over the amount allocated to the identifiable assets and liabilities, if any, is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates, including, but not limited to, the selection of valuation methodologies, estimates of future revenue and cash flows, costs to rebuild developed technology, discount rates and selection of comparable companies. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. During the measurement period, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to other income, net in the consolidated statement of operations.
When the Company issues stock-based or cash awards to an acquired company’s shareholders, the Company evaluates whether the awards are consideration or compensation for post-acquisition services. The evaluation includes, among other things, whether the vesting of the awards is contingent on the continued employment of the acquired company’s shareholders beyond the acquisition date. If continued employment is required for vesting, the awards are treated as compensation for post- acquisition services and recognized as expense over the requisite service period.
Acquisition-related transaction costs incurred by the Company are not included as a component of consideration transferred, but are accounted for as an operating expense in the period in which the costs are incurred.
The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for using the acquisition method for accounting and is not amortized. The Company tests goodwill for impairment at least annually, in the fourth quarter of each year, or more frequently if events or changes in circumstances indicate that this asset may be impaired. For the purposes of impairment testing, the Company has determined that it has one operating segment and one reporting unit. The Company’s test of goodwill impairment starts with a qualitative assessment to determine whether it is necessary to perform a quantitative goodwill impairment test. If qualitative factors indicate that the fair value of the reporting unit is more likely than not less than its carrying amount, then a quantitative goodwill impairment test is performed. For the quantitative analysis, the Company compares the fair value of its reporting unit to its carrying value. If the estimated fair value exceeds book value, goodwill is considered not to be impaired and no additional steps are necessary. However, if the fair value of the reporting unit is less than book value, then goodwill will be impaired by the amount that the carrying amount exceeds the implied fair value. There was no impairment of goodwill recorded for the years ended April 30, 2022, 2021 and 2020.
Acquired Intangible Assets
Acquired Intangible Assets
Acquired amortizable intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets.
Useful life
(in years)
Developed technology
4-5
Customer relationships
4
Trade names
4
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The Company evaluates the recoverability of long-lived assets, including property and equipment and amortizable acquired intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Such events and changes may include: significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in the Company’s business strategy. Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, the carrying amount of such assets is reduced to fair value. The Company determined that there were no events or changes in circumstances that indicated that its long-lived assets were impaired during the years ended April 30, 2022, 2021 and 2020.
In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of property and equipment and amortizable intangible assets. If the estimated useful life assumption for any asset is changed, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis.
Revenue Recognition
Revenue Recognition
The Company generates revenue primarily from the sale of self-managed subscriptions (which include licenses for proprietary features, support, and maintenance) and from the sale of SaaS subscriptions. The Company also generates revenue from professional services, which consist of consulting and training.
Under ASC Topic 606, Revenue from Contracts with Customers, the Company recognizes revenue when its customer obtains control of promised goods or services in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company’s contracts include varying terms and conditions, and identifying and evaluating the impact of these terms and conditions on revenue recognition requires significant judgment. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps:
(i)    identification of the contract with a customer;
The Company contracts with its customers through order forms, which in some cases are governed by master sales agreements. The Company determines that it has a contract with a customer when the order form has been approved, each party’s rights regarding the products or services to be transferred can be identified, the payment terms for the services can be identified, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit, reputation and
financial or other information pertaining to the customer. At contract inception the Company evaluates whether two or more contracts should be combined and accounted for as a single contract and whether the combined or single contract includes more than one performance obligation. The Company has concluded that its contracts with customers generally do not contain warranties that give rise to a separate performance obligation.
(ii)    identification of the performance obligations in the contract;
Performance obligations promised in a contract are identified based on the products and services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the products or services either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products and services is separately identifiable from other promises in the contract.
The Company’s self-managed subscriptions include both license providing the right to use proprietary features in its software, as well as an obligation to provide support (on both open source and proprietary features) and maintenance. The Company’s SaaS products provide access to hosted software as well as support, which the Company considers to be a single performance obligation.
Services-related performance obligations relate to the provision of consulting and training services. These services are distinct from subscriptions and do not result in significant customization of the software.
(iii)    determination of the transaction price;
The transaction price is the total amount of consideration we expect to be entitled to in exchange for the subscriptions and services in a contract. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. None of the Company’s contracts contain a significant financing component.
(iv)    allocation of the transaction price to the performance obligations; and
If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. For contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation based on a relative standalone selling price (‘SSP”). The SSP is determined based on the prices at which the Company separately sells these products assuming the majority of these fall within a pricing range. In instances where SSP is not directly observable, such as when we do not sell the software license separately, we derive the SSP using information that may include market conditions and other observable and unobservable inputs which can require significant judgment. There is typically more than one SSP for individual products and services due to the stratification of those products and services by quantity, term of the subscription, sales channel and other circumstances. If one of the performance obligations is outside of the SSP range, the Company allocates the transaction price considering the midpoint of the SSP range. The Company also considers if there are any additional material rights inherent in a contract, and if so, the Company allocates a portion of the transaction price to such rights based on a relative SSP.
(v)    recognition of revenue when the Company satisfies each performance obligation;
Revenue is recognized at the time the related performance obligation is satisfied by transferring the promised product or service to the customer. Revenue for SaaS offerings that relate to a specified amount of services is recognized on a consumption basis as the customers utilize the services. Revenue from SaaS offerings that are stand-ready arrangements is recognized ratably over the contract period as we satisfy the performance obligation. The Company’s self-managed subscriptions include both upfront revenue recognition when the license is delivered as well as revenue recognized ratably over the contract period for support and maintenance based on the stand-ready nature of these subscription elements.
Professional services comprise consulting services as well as public and private training. Revenue from professional services is recognized as these services are delivered.
The Company generates sales directly through its sales team and through its channel partners. Sales to channel partners are made at a discount and revenues are recorded at this discounted price once all the revenue recognition criteria above are met. To the extent that the Company offers rebates, incentives or joint marketing funds to such channel partners, recorded revenues are reduced by this amount. Channel partners generally receive an order from an end-customer prior to placing an order with the Company. Payment from channel partners is not contingent on the partner’s collection from end-customers.
Contract Balances
Contract Balances
The timing of revenue recognition may differ from the timing of invoicing to customers. For annual contracts, the Company typically invoices customers at the time of entering into the contract. For multi-year agreements, the Company generally invoices customers on an annual basis prior to each anniversary of the contract start date. The Company records
unbilled accounts receivable related to revenue recognized in excess of amounts invoiced as the Company has an unconditional right to invoice and receive payment in the future related to those fulfilled obligations. Contract liabilities consist of deferred revenue which is recognized over the contractual period.
Deferred Contract Acquisition Costs
Deferred Contract Acquisition Costs
Deferred contract acquisition costs represent costs that are incremental to the acquisition of customer contracts, which consist mainly of sales commissions and associated payroll taxes. The Company determines whether costs should be deferred based on sales compensation plans, if the commissions are in fact incremental and would not have occurred absent the customer contract.
Sales commissions for renewal of a subscription contract are not considered commensurate with the commissions paid for contracts with new customers and incremental sales to existing customers given the substantive difference in commission rates in proportion to their respective contract values. Commissions paid for contracts with new customers and incremental sales to existing customers are amortized over an estimated period of benefit of five years while commissions paid for renewal contracts are amortized based on the pattern of the associated revenue recognition over the related contractual renewal period for the pool of renewal contracts. The Company determines the period of benefit for commissions paid for contracts with new customers and incremental sales to existing customers by taking into consideration its initial estimated customer life and the technological life of its software and related significant features. Commissions paid on professional services are typically amortized in accordance with the associated revenue as the commissions paid on new and renewal professional services are commensurate with each other. Amortization of deferred contract acquisition costs is recognized in sales and marketing expense in the consolidated statement of operations.
The Company periodically reviews the carrying amount of deferred contract acquisition costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs.
Further disclosures with respect to the Company’s deferred contract acquisition costs are also included in Note 6, Balance Sheet Components.
Cost of Revenue
Cost of Revenue
Cost of revenue consists primarily of costs related to providing subscription and professional services to the Company’s customers, including personnel costs (salaries, bonuses and benefits, and stock-based compensation) and related expenses for customer support and services personnel, as well as cloud infrastructure costs, third-party expenses, depreciation of fixed assets, amortization associated with acquired intangible assets, and allocated overhead.
Research and Development
Research and Development
Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses and benefits, and stock-based compensation. Research and development costs also include depreciation and allocated overhead.
Advertising AdvertisingAdvertising costs are charged to operations as incurred and recorded in sales and marketing expense in the consolidated statement of operations. Advertising costs were $19.7 million, $16.7 million and $7.7 million for the years ended April 30, 2022, 2021 and 2020 respectively.
Stock-Based Compensation
Stock-Based Compensation
Compensation expense related to stock awards issued to employees, including stock options and restricted stock units (“RSUs”) is measured at the fair value on the date of the grant and recognized over the requisite service period. The fair value of stock options is estimated on the date of the grant using the Black-Scholes option-pricing model. The fair value of RSUs is estimated on the date of the grant based on the fair value of the Company’s underlying ordinary shares. Compensation expense for stock options and RSUs is recognized on a straight-line basis over the requisite service period. The Company recognizes forfeitures as they occur.
Net Loss per Share Attributable to Ordinary Shareholders
Net Loss per Share Attributable to Ordinary Shareholders
The Company calculates basic net loss per share by dividing the net loss by the weighted-average number of ordinary shares outstanding during the period, less shares subject to repurchase. Diluted net loss per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period, including stock options and restricted stock units.
Treasury Shares
Treasury Shares
Ordinary shares of the Company that are repurchased are recorded as treasury shares at cost and are included as a component of shareholders’ equity. As of April 30, 2022 and 2021, the Company had 35,937 treasury shares that were repurchased at an average price of $10.30 per share.
Segments
Segments
Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”). The Company’s Chief Executive Officer is its CODM. The Company’s CODM reviews financial information presented on a consolidated basis for the purposes of making operating decisions, allocating resources and evaluating financial performance. As such, the Company has determined that it operates in one operating and one reportable segment. The Company presents financial information about its operating segment and geographical areas in Note 15 to the consolidated financial statements.
Income Taxes
Income Taxes
The Company is subject to income taxes in the Netherlands and numerous foreign jurisdictions. These foreign jurisdictions may have different statutory rates than the Netherlands. The Company records a provision for (benefit from) income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and the tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. The Company records a valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized.
The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon the Company’s evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than fifty percent likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is determined there is less than fifty percent likelihood that a tax benefit will be sustained, no tax benefit has been recognized.
Although the Company believes that it has adequately reserved for its uncertain tax positions, the Company can provide no assurance that the final tax outcome of these matters will not be materially different. As the Company expands internationally, it will face increased complexity, and the Company’s unrecognized tax benefits may increase in the future. The Company makes adjustments to its reserves when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for (benefit from) income taxes in the period in which such determination is made.
Customer Deposits Customer DepositsCertain of the Company’s contracts allow for termination at the customer’s convenience, or the Company may receive prepayments on master sales agreements. In these cases, the Company does not consider a contract to exist past the term in which enforceable rights and obligations exist. Amounts received related to these agreements are classified outside of deferred revenue in the consolidated balance sheet, and these amounts do not represent contract balances. The Company had $3.9 million and $3.2 million of customer deposits included in accrued expenses and other liabilities as of April 30, 2022 and 2021, respectively.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements Not Yet Adopted Recently Adopted Accounting Pronouncements
Income Taxes: In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, eliminating certain exceptions to the general principles in ASC 740 related to intra-period tax allocation, deferred tax liability and general methodology for calculating income taxes. Additionally, the ASU makes other changes for matters such as franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The Company adopted ASU No.2019-12 on May 1, 2021. The Company’s adoption of this ASU did not have a material impact on its consolidated financial statements.
New Accounting Pronouncements Not Yet Adopted
Equity Awards: In May 2021, the FASB issued ASU No. 2021-4, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, which clarifies the accounting for modifications or exchanges of a freestanding equity-classified written call option that is not within the scope of another Topic. It addresses how an entity should treat, measure the effect of, and recognize the effect of a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2023. Early adoption is permitted, including in interim periods. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements.
Acquisitions:  In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, improving consistency in accounting for acquired revenue contracts with customers in a business combination by requiring that acquirers apply ASC Topic 606 to recognize contract assets and contract liabilities as if it had originated the contracts. If the acquiree prepared its financial statements in accordance with GAAP, the resulting acquired contract assets and liabilities should generally be consistent with acquiree’s financial statements. The new guidance becomes effective for the Company for the fiscal year ending April 30, 2024. Early adoption is permitted. The Company does not expect the adoption of the new accounting standard to have a material impact on its consolidated financial statements.
Interest Expense, Policy
Debt Issuance Costs
Costs incurred in connection with the issuance of debt are deferred and amortized as interest expense over the term of the related debt using the effective interest method. To the extent that the debt is outstanding, these amounts are reflected in the consolidated balance sheets as direct deductions from the carrying amount of the outstanding borrowings.
Internal Use Software, Policy Costs related to software acquired, developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development and costs related to the development of web-based product are capitalized during the application development stage. Costs incurred during the preliminary planning and evaluation stage of the project and during the post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the project are capitalized. The Company also capitalizes qualifying implementation costs incurred in a hosting arrangement that is a service contract. These costs are amortized on a straight-line basis over the expected life of the service contract, including consideration of the reasonably certain renewal periods, and are presented in the same income statement line items as the service for the related hosting arrangement. The Company capitalized $5.1 million and $0.3 million of such costs in the years ended April 30, 2022 and 2021, respectively, and these costs are recorded in the other assets, non-current on the consolidated balance sheets. Amortization expense for the fiscal year ended April 30, 2022 was $0.2 million. No amortization expense related to capitalized implementation costs was recorded during the fiscal years ended April 30, 2021 and 2020 as the underlying implementation activities were not complete.
v3.22.2
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Apr. 30, 2022
Accounting Policies [Abstract]  
Schedule of Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents, and restricted cash as reported in the Company’s consolidated statements of cash flows consists of the following (in thousands):
As of April 30,
20222021
Cash and cash equivalents$860,949 $400,814 
Restricted cash2,688 2,894 
Cash, cash equivalents and restricted cash$863,637 $403,708 
Schedule of Activity Related to Allowance for Doubtful Accounts Activity related to the Company’s allowance for credit losses was as follows (in thousands):
Year Ended April 30,
202220212020
Beginning balance$2,344 $1,247 $1,411 
Cumulative-effect adjustment from adoption of ASU 2016-13— (367)— 
Bad debt expense2,980 5,095 193 
Accounts written off(2,624)(3,631)(357)
Ending balance$2,700 $2,344 $1,247 
Schedule of Acquired Amortizable Intangible Assets Amortized Over Estimated Useful Lives of Assets
Acquired amortizable intangible assets are amortized on a straight-line basis over the estimated useful lives of the assets.
Useful life
(in years)
Developed technology
4-5
Customer relationships
4
Trade names
4
v3.22.2
Revenue and Performance Obligations (Tables)
 12 Months Ended
Apr. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from External Customers by Products and Services
The following table presents revenue by category (in thousands):
Year Ended April 30,
202220212020
Amount% of
Total
Revenue		Amount% of
Total
Revenue		Amount% of
Total
Revenue
Elastic Cloud$298,615 35 %$166,319 27 %$92,290 22 %
Other subscription500,155 58 %401,020 66 %299,880 70 %
Total subscription revenue798,770 93 %567,339 93 %392,170 92 %
Professional services63,604 7 %41,150 7 %35,450 8 %
Total revenue$862,374 100 %$608,489 100 %$427,620 100 %
v3.22.2
Fair Value Measurements (Tables)
 12 Months Ended
Apr. 30, 2022
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 April 30, 2022 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash and cash equivalents:
Money market funds$559,462 $— $— $559,462 
The following table summarizes assets that are measured at fair value on a recurring basis as of April 30, 2021 (in thousands):
Level 1Level 2Level 3Total
Financial Assets:
Cash and cash equivalents:
Money market funds$175,007 $— $— $175,007 
v3.22.2
Acquisitions (Tables) - Endgame, Inc.
 12 Months Ended
Apr. 30, 2022
Business Acquisition [Line Items]  
Summary of Components of Purchase Price and Preliminary Allocation of Purchase Price at Fair Value The following table summarizes the components of the U.S. GAAP purchase price and the allocation of the purchase price at fair value (in thousands):
Cash paid $26,633 
Ordinary shares178,331 
Assumption of stock option plan9,309 
Total consideration$214,273 
Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed
The following table summarizes the fair values of assets acquired and liabilities assumed (in thousands):
Cash and cash equivalents$2,220 
Restricted cash40 
Accounts receivable2,661 
Prepaid and other current assets549 
Operating lease right-of-use assets4,363 
Property and equipment503 
Intangible assets53,800 
Other assets58 
Goodwill178,764 
Accounts payable(1,112)
Accrued expenses and other current liabilities(3,035)
Accrued compensation and benefits(5,042)
Operating lease liabilities, current(981)
Deferred revenue, current(3,532)
Deferred revenue, non-current(2,661)
Operating lease liabilities, non-current(3,551)
Other liabilities, non-current(8,771)
Total purchase consideration$214,273 
Schedule of Components of Identifiable Intangible Assets Acquired and Estimated Useful Lives
Identifiable intangible assets include (in thousands):
TotalUseful life
(in years)
Developed technology$32,700 5
Customer relationships19,200 4
Trade name1,900 4
Intangible assets$53,800 
v3.22.2
Balance Sheet Components (Tables)
 12 Months Ended
Apr. 30, 2022
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):
As of April 30,
Useful Life (in years)20222021
Leasehold improvementsLesser of estimated useful life or remaining lease term$10,863 $10,342 
Computer hardware and software31,473 2,319 
Furniture and fixtures
3-5
5,753 5,971 
Assets under construction1,119 707 
Total property and equipment19,208 19,339 
Less: accumulated depreciation(12,001)(10,458)
Property and equipment, net$7,207 $8,881 
Schedule of Intangible Assets
Intangible assets consisted of the following as of April 30, 2022 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$70,130 $31,355 $38,775 3.9
Customer relationships19,598 13,177 6,421 3.3
Trade names2,872 2,263 609 3.3
Total$92,600 $46,795 $45,805 3.8
Foreign currency translation adjustment(5)
Total$45,800 
Intangible assets consisted of the following as of April 30, 2021 (in thousands):
Gross Fair ValueAccumulated AmortizationNet Book ValueWeighted Average
Remaining
Useful Life
(in years)
Developed technology$44,830 $20,850 $23,980 3.3
Customer relationships19,598 8,382 11,216 2.4
Trade names2,872 1,780 1,092 2.4
Total$67,300 $31,012 $36,288 3.0
Foreign currency translation adjustment(2)
Total$36,286 
Schedule of Amortization Expense for Intangible Assets
Amortization expense for the intangible assets for the years ended April 30, 2022, 2021 and 2020 was as follows (in thousands):
Year Ended April 30,
202220212020
Cost of revenue—cost of license—self-managed$1,548 $1,386 $948 
Cost of revenue—cost of subscription—self-managed and SaaS8,955 7,051 5,820 
Sales and marketing5,280 5,730 3,300 
Total amortization of acquired intangible assets$15,783 $14,167 $10,068 
Schedule of Expected Future Amortization Expense of Intangible Assets
The expected future amortization expense related to the intangible assets as of April 30, 2022 was as follows (in thousands, by fiscal year):
2023$16,696 
202413,985 
20258,018 
20265,057 
20272,044 
Thereafter— 
Total$45,800 
Schedule of Changes to Goodwill
The following table represents the changes to goodwill (in thousands):
Carrying Amount
Balance as of April 30, 2020$197,877 
Foreign currency translation adjustment974 
Balance as of April 30, 2021198,851 
Addition from acquisitions105,428 
Foreign currency translation adjustment(373)
Balance as of April 30, 2022$303,906 
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consisted of the following (in thousands):
As of April 30,
20222021
Accrued expenses$24,066 $12,772 
Value added taxes payable8,926 8,493 
Accrued interest6,918 — 
Income taxes payable4,286 1,596 
Other9,734 6,048 
Total accrued expenses and other liabilities$53,930 $28,909 
Schedule of Accrued Compensation and Benefits
Accrued compensation and benefits consisted of the following (in thousands):
As of April 30,
20222021
Accrued vacation$27,280 $24,078 
Accrued commissions23,806 17,581 
Accrued payroll and withholding taxes9,030 5,522 
Other7,886 5,344 
Total accrued compensation and benefits$68,002 $52,525 
Schedule of Unbilled Accounts Receivable, Deferred Contract Acquisition Costs, and Deferred Revenue from Contracts with Customers
The following table provides information about unbilled accounts receivable, deferred contract acquisition costs, and deferred revenue from contracts with customers (in thousands):
As of April 30,
20222021
Unbilled accounts receivable, included in accounts receivable, net$9,244 $5,204 
Deferred contract acquisition costs$118,047 $86,352 
Deferred revenue$465,294 $397,700 
Significant changes in the unbilled accounts receivable and the deferred revenue balances were as follows (in thousands):
Unbilled Accounts Receivable
Year Ended April 30,
202220212020
Beginning balance$5,204 $2,622 $1,710 
Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period
(5,204)(2,622)(1,710)
Revenue recognized during the period in excess of invoices issued9,244 5,204 2,622 
Ending balance$9,244 $5,204 $2,622 
Deferred Revenue
Year Ended April 30,
202220212020
Beginning balance$397,700 $259,702 $170,666 
Increases due to invoices issued, excluding amounts recognized as
    revenue during the period		421,552 364,093 242,136 
Amounts transferred to deferred revenue from accrued expenses and other
    liabilities upon entering into contracts with customers, net of revenue
    recognized during the period 		— 5,424 — 
Increase from acquisitions, net of revenue recognized439 — 6,192 
Revenue recognized that was included in deferred revenue balance at
   beginning of period		(354,397)(231,519)(159,292)
Ending balance$465,294 $397,700 $259,702 
The following table summarizes the activity of the deferred contract acquisition costs (in thousands):
Year Ended April 30,
202220212020
Beginning balance$86,352 $43,549 $26,150 
Capitalization of contract acquisition costs92,433 83,794 45,713 
Amortization of deferred contract acquisition costs(60,738)(40,991)(28,314)
Ending balance$118,047 $86,352 $43,549 
Deferred contract acquisition costs, current43,628 36,089 19,537 
Deferred contract acquisition costs, non- current74,419 50,263 24,012 
Total deferred contract acquisition costs$118,047 $86,352 $43,549 
v3.22.2
Leases (Tables)
 12 Months Ended
Apr. 30, 2022
Leases [Abstract]  
Components of Lease Costs
Components of lease costs included in the consolidated statement of operations were as follows (in thousands):
Year Ended April 30,
20222021
Operating lease cost$9,894 $8,825 
Short-term lease cost2,448 2,319 
Variable lease cost857 527 
Total lease cost$13,199 $11,671 
Lease Term and Discount Rate Information
Lease term and discount rate information are summarized as follows:

As of
April 30, 2022
Weighted average remaining lease term (years)2.95
Weighted average discount rate5.00 %
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 April 30, 2022 were as follows (in thousands):
Years Ending April 30,
2023$11,595 
20248,788 
20255,924 
20263,523 
2027— 
Thereafter— 
Total minimum lease payments29,830 
Less imputed interest(2,129)
Present value of future minimum lease payments27,701 
Less current lease liabilities(11,219)
Operating lease liabilities, non-current$16,482 
v3.22.2
Ordinary Shares (Tables)
 12 Months Ended
Apr. 30, 2022
Equity [Abstract]  
Summary of Ordinary Shares Reserved for Issuance
The Company had reserved ordinary shares for issuance as follows:
As of April 30,
20222021
Stock options issued and outstanding5,219,124 7,611,016 
RSUs issued and outstanding
4,717,548 3,301,283 
Remaining shares available for future issuance under the 2012 Plan
17,647,684 15,737,819 
Total ordinary shares reserved
27,584,356 26,650,118 
v3.22.2
Equity Incentive Plans (Tables)
 12 Months Ended
Apr. 30, 2022
Share-based Payment Arrangement [Abstract]  
Summary of Equity Awards Available for Grant
The equity awards available for grant were as follows: 
Year Ended April 30,
20222021
Available at beginning of fiscal year15,737,819 12,461,850 
Awards authorized4,526,699 4,142,849 
Options granted(495,460)(232,075)
Options cancelled386,656 890,561 
RSUs granted(3,224,256)(1,965,644)
RSUs cancelled715,870 440,278 
Shares withheld for taxes356 — 
Available at end of period17,647,684 15,737,819 
Summary of Stock Option Activity
The following table summarizes stock option activity (in thousands, except share and per share data):
Stock Options Outstanding
Number of
Stock Options
Outstanding
Weighted-
Average
Exercise
Price
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
Balance as of April 30, 202015,260,506 $14.17 7.27$767,795 
Stock options granted232,075 $139.68 
Stock options exercised(6,989,222)$11.08 
Stock options cancelled(890,561)$18.15 
Stock options assumed in acquisition cancelled(1,782)$72.75 
Balance as of April 30, 20217,611,016 $20.34 6.66$768,517 
Stock options granted495,460 $94.46 
Stock options assumed in acquisitions63,846 $10.20 
Stock options exercised(2,563,287)$14.18 
Stock options cancelled(386,656)$32.04 
Stock options assumed in acquisition cancelled(1,255)$40.35 
Balance as of April 30, 20225,219,124 $29.41 6.22$266,021 
Exercisable as of April 30, 20223,929,577 $18.84 5.70$230,199 
Summary of RSU Activity
The following table summarizes RSU activity under the 2012 Plan:
Number of AwardsWeighted-Average Grant Date Fair Value
Outstanding and unvested at April 30, 20202,472,092 $66.78 
RSUs granted1,965,644 $123.48 
RSUs released(696,175)$71.18 
RSUs cancelled(440,278)$73.31 
Outstanding and unvested at April 30, 20213,301,283 $98.74 
RSUs granted3,224,256 $113.91 
RSUs released(1,092,121)$96.65 
RSUs cancelled(715,870)$106.34 
Outstanding and unvested at April 30, 20224,717,548 $108.44 
Assumptions Used to Estimated Fair Value of Stock Options Granted
The fair value of stock options granted and assumed was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Year Ended April 30,
202220212020
Expected term (in years)
5.52 - 6.08
6.02 - 6.08
2.00 - 7.27
Expected stock price volatility
59.6% - 60.2%
62.6% - 63.9%
54.8%
Risk-free interest rate
1.4% - 1.8%
0.4% - 1.1%
1.4% - 2.0%
Dividend yield0%0%0%
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 consolidated statements of operations was as follows (in thousands):
Year Ended April 30,
202220212020
Cost of revenue—cost of subscription—self-managed and SaaS$8,368 $7,105 $4,147 
Cost of revenue—professional services6,463 4,824 2,980 
Research and development59,911 35,267 23,621 
Sales and marketing45,798 31,581 19,334 
General and administrative20,654 14,903 9,925 
Stock-based compensation expense, net of amounts capitalized141,194 93,680 60,007 
Capitalized stock-based compensation expense188 10 — 
Total stock-based compensation expense$141,382 $93,690 $60,007 
v3.22.2
Net Loss Per Share Attributable to Ordinary Shareholders (Tables)
 12 Months Ended
Apr. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share Attributable to Ordinary Shareholders
The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders (in thousands, except share and per share data):
Year Ended April 30,
202220212020
Numerator:
Net loss$(203,848)$(129,434)$(167,174)
Denominator:
Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted
92,547,145 87,207,094 78,799,732 
Net loss per share attributable to ordinary shareholders, basic and diluted$(2.20)$(1.48)$(2.12)
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Computation of Diluted Net Loss Per Share Attributable to Ordinary Shareholders The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because the impact of including them would have been antidilutive:
Year Ended April 30,
202220212020
Stock options5,219,124 7,611,016 15,260,506 
RSUs4,717,548 3,301,283 2,368,740 
Contingently issuable shares— — 235,031 
Total9,936,672 10,912,299 17,864,277 
v3.22.2
Income Taxes (Tables)
 12 Months Ended
Apr. 30, 2022
Income Tax Disclosure [Abstract]  
Summary of Geographical Breakdown of Income (Loss) Before Provision for Income Taxes The geographical breakdown of income (loss) before provision for (benefit from) income taxes is summarized as follows (in thousands):
Year Ended April 30,
202220212020
Dutch$(261,097)$(163,770)$(173,338)
Foreign63,308 42,056 4,196 
Loss before income taxes$(197,789)$(121,714)$(169,142)
Summary of Provision for (Benefit from) Income Taxes
The components of the provision for (benefit from) income taxes were as follows (in thousands):
Year Ended April 30,
202220212020
Current:
Dutch$2,187 $1,125 $518 
Foreign6,892 3,896 (560)
Total current tax expense (income)$9,079 $5,021 $(42)
Deferred:
Dutch$(105)$— $— 
Foreign(2,915)2,699 (1,926)
Total deferred tax expense (income)(3,020)2,699 (1,926)
Total provision for (benefit from) income taxes$6,059 $7,720 $(1,968)
Summary of Reconciliation of Income Taxes Statutory Income Tax Rate to Provision for Income Taxes A reconciliation of income taxes at the statutory income tax rate to the provision for (benefit from) income taxes included in the consolidated statement of operations is as follows (in thousands, except for rates):
Year Ended April 30,
202220212020
Tax
Rate
Tax
Rate
Tax
Rate
Dutch statutory income tax$(49,448)25.0 %$(30,428)25.0 %$(42,286)25.0 %
Foreign income taxed at different rates(2,197)1.1 %(486)0.4 %313 (0.2)%
Stock-based compensation(31,372)15.9 %(100,931)82.9 %(53,050)31.4 %
Research and development credits(10,834)5.5 %(11,020)9.0 %(7,771)4.6 %
Change in valuation allowance91,841 (46.4)%146,571 (120.4)%97,734 (57.8)%
Deferred tax asset revaluation(302)0.2 %(256)0.2 %1,991 (1.2)%
Other8,371 (4.4)%4,270 (3.4)%1,101 (0.6)%
Provision for (benefit from) income taxes$6,059 (3.1)%$7,720 (6.3)%$(1,968)1.2 %
Summary of Components of Deferred Tax Assets
Significant components of the Company’s deferred tax assets and liabilities are summarized as follows (in thousands):
As of April 30,
20222021
Deferred tax assets:
Accrued compensation$2,883 $— 
Net operating loss carryforward458,733 385,443 
Deferred revenue8,780 4,609 
Stock-based compensation12,063 11,614 
Research and development credits28,467 22,988 
Lease liabilities5,139 4,956 
Other9,239 3,156 
Gross deferred tax assets525,304 432,766 
Less valuation allowance(498,996)(409,756)
Total deferred tax assets$26,308 $23,010 
Deferred tax liabilities:
Accrued compensation$— $(41)
Deferred contract acquisition costs(17,244)(13,173)
Intangible assets(6,752)(8,191)
Right of use assets(4,673)(4,523)
Gross deferred tax liabilities(28,669)(25,928)
Net deferred tax liabilities$(2,361)$(2,918)
Summary of Unrecognized Gross Tax Benefits The activity within the Company’s unrecognized gross tax benefits is summarized as follows (in thousands):
As of April 30,
202220212020
Balance as of beginning of year$13,656 $9,706 $3,870 
Increase (decrease) related to tax positions taken in prior periods(1,029)432 2,283 
Increase related to tax positions taken in the current period3,995 3,518 3,553 
Balance as of end of year$16,622 $13,656 $9,706 
v3.22.2
Segment Information (Tables)
 12 Months Ended
Apr. 30, 2022
Segment Reporting [Abstract]  
Schedule of Revenue by Geographic Area
The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands):
Year Ended April 30,
202220212020
United States$481,589 $331,769 $241,648 
Rest of world380,785 276,720 185,972 
Total revenue$862,374 $608,489 $427,620 
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 April 30,
20222021
United States$22,112 $23,443 
United Kingdom4,478 7,151 
India3,407 — 
Rest of world2,647 3,751 
Total long-lived assets$32,644 $34,345 
v3.22.2
Summary of Significant Accounting Policies - Additional Information (Details)
 12 Months Ended
Apr. 30, 2022
USD ($)
Customer
segment
Apr. 30, 2021
USD ($)
Customer
Apr. 30, 2020
USD ($)
Customer
Apr. 30, 2019
USD ($)
Summary Of Significant Accounting Policies [Line Items]        
Foreign currency transaction (gain) loss $ (1,984,000) $ 9,507,000 $ 0  
Allowance for doubtful accounts 2,700,000 2,344,000 1,247,000 $ 1,411,000
Unbilled accounts receivable $ 9,244,000 5,204,000 2,622,000 1,710,000
Number of operating segments | segment 1      
Number of reportable segments | segment 1      
Impairment of goodwill $ 0 0 0  
Estimated amortization period of sales commissions 5 years      
Advertising costs $ 19,700,000 16,700,000 7,700,000  
Stock-based compensation expense, net of amounts capitalized 141,194,000 93,680,000 60,007,000  
Short-term deferred revenue, adjustment (33,518,000) (44,895,000)    
Reduction in accumulated deficit (415,433,000) (450,831,000) (413,647,000) (263,012,000)
long-term deferred revenue, adjustment 431,776,000 352,805,000    
Capitalized Computer Software, Additions 5,100,000 300,000    
Capitalized Computer Software, Amortization 200,000 0    
Other Income (Expense)        
Summary Of Significant Accounting Policies [Line Items]        
Foreign currency transaction (gain) loss (3,600,000) 7,700,000 (2,200,000)  
Accumulated Deficit        
Summary Of Significant Accounting Policies [Line Items]        
Reduction in accumulated deficit $ 817,166,000 613,318,000 484,251,000 317,077,000
Cumulative Effect, Period of Adoption, Adjustment        
Summary Of Significant Accounting Policies [Line Items]        
Allowance for doubtful accounts   0 $ (367,000) $ 0
Reduction in accumulated deficit   (367,000)    
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Deficit        
Summary Of Significant Accounting Policies [Line Items]        
Reduction in accumulated deficit   $ (367,000)    
Minimum        
Summary Of Significant Accounting Policies [Line Items]        
Percentage of likelihood that a tax benefit will be sustained 50.00%      
Customer Concentration Risk | Net Accounts Receivable        
Summary Of Significant Accounting Policies [Line Items]        
Number of customers | Customer 0      
Customer Concentration Risk | Revenue        
Summary Of Significant Accounting Policies [Line Items]        
Number of customers | Customer 0 0 0  
v3.22.2
Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Accounting Policies [Abstract]        
Cash and cash equivalents $ 860,949 $ 400,814    
Restricted cash 2,688 2,894    
Cash, cash equivalents and restricted cash $ 863,637 $ 403,708 $ 299,389 $ 300,280
v3.22.2
Summary of Significant Accounting Policies - Schedule of Activity Related to Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Summary Of Significant Accounting Policies [Line Items]        
Beginning balance $ 2,344 $ 1,247 $ 1,411  
Bad debt expense 2,980 5,095 193  
Accounts written off (2,624) (3,631) (357)  
Ending balance 2,700 2,344 1,247  
Unbilled accounts receivable 9,244 5,204 2,622 $ 1,710
Contracts with Customers        
Summary Of Significant Accounting Policies [Line Items]        
Unbilled accounts receivable 9,244 5,204    
Cumulative Effect, Period of Adoption, Adjustment        
Summary Of Significant Accounting Policies [Line Items]        
Beginning balance $ 0 (367) 0  
Ending balance   $ 0 $ (367)  
v3.22.2
Summary of Significant Accounting Policies - Schedule of Acquired Amortizable Intangible Assets Amortized Over Estimated Useful Lives of Assets (Details)
 12 Months Ended
Apr. 30, 2022
Developed technology | Minimum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful lives of assets 4 years
Developed technology | Maximum  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful lives of assets 5 years
Customer relationships  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful lives of assets 4 years
Trade names  
Finite-Lived Intangible Assets [Line Items]  
Estimated useful lives of assets 4 years
v3.22.2
Summary of Significant Accounting Policies - Treasury Shares (Details) - USD ($)
$ / shares in Units, $ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Accounting Policies [Abstract]    
Treasury stock, shares (in shares) 35,937  
Treasury Stock, Value $ 369 $ 369
Average treasury stock repurchase price ( in $ / shares) $ 10.30  
v3.22.2
Summary of Significant Accounting Policies - Customer Deposits (Details) - USD ($)
$ in Millions
Apr. 30, 2022
Apr. 30, 2021
Accounting Policies [Abstract]    
Total Customer Deposits $ 3.9 $ 3.2
v3.22.2
Revenue and Performance Obligations - Schedule of Revenue by Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Disaggregation of Revenue [Line Items]      
Total revenue $ 862,374 $ 608,489 $ 427,620
Revenue | Product      
Disaggregation of Revenue [Line Items]      
% of Total Revenue 100.00% 100.00% 100.00%
Total subscription      
Disaggregation of Revenue [Line Items]      
Total revenue $ 798,770 $ 567,339 $ 392,170
Total subscription | Revenue | Product      
Disaggregation of Revenue [Line Items]      
% of Total Revenue 93.00% 93.00% 92.00%
SaaS      
Disaggregation of Revenue [Line Items]      
Total revenue $ 298,615 $ 166,319 $ 92,290
SaaS | Revenue | Product      
Disaggregation of Revenue [Line Items]      
% of Total Revenue 35.00% 27.00% 22.00%
Self-managed subscription      
Disaggregation of Revenue [Line Items]      
Total revenue $ 500,155 $ 401,020 $ 299,880
Self-managed subscription | Revenue | Product      
Disaggregation of Revenue [Line Items]      
% of Total Revenue 58.00% 66.00% 70.00%
Professional services      
Disaggregation of Revenue [Line Items]      
Total revenue $ 63,604 $ 41,150 $ 35,450
Professional services | Revenue | Product      
Disaggregation of Revenue [Line Items]      
% of Total Revenue 7.00% 7.00% 8.00%
v3.22.2
Revenue and Performance Obligations - Additional Information (Details)
$ in Millions
Apr. 30, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue, remaining performance obligation, amount $ 932.3
Revenue, remaining performance obligation, percentage 87.00%
Revenue, remaining performance obligation, remaining duration 24 months
v3.22.2
Fair Value Measurements - Schedule of Assets are Measured at Fair Value on Recurring Basis (Details) - Money market funds - Recurring - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 559,462 $ 175,007
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 559,462 175,007
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets $ 0 $ 0
v3.22.2
Fair Value Measurements - Additional Information (Details) - USD ($)
$ in Thousands
Sep. 17, 2021
Apr. 30, 2022
Jul. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Long-term Debt, Fair Value   $ 502,200  
Debt Instrument, Interest Rate, Stated Percentage   4.125% 4.125%
cmdWatch Security Inc.      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
business combination, replacement awards post-acquisition expense $ 6,600    
v3.22.2
Acquisitions - Additional Information (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Sep. 17, 2021
USD ($)
Oct. 08, 2019
USD ($)
$ / shares
shares
Apr. 30, 2022
USD ($)
Apr. 30, 2021
USD ($)
Apr. 30, 2020
USD ($)
Business Acquisition [Line Items]          
Goodwill     $ 303,906 $ 198,851 $ 197,877
Stock-based compensation expense, net of amounts capitalized     141,194 93,680 60,007
General and administrative          
Business Acquisition [Line Items]          
Stock-based compensation expense, net of amounts capitalized     20,654 $ 14,903 $ 9,925
Endgame, Inc.          
Business Acquisition [Line Items]          
Total consideration   $ 234,000      
Issuance of ordinary shares (in shares) | shares   2,218,694      
Repayment of assumed debt   $ 20,400      
Cash deposit to an expense fund   400      
Cash payment of transaction expenses   5,900      
Cash payment of withholding taxes   $ 2,800      
Percentage of shares to be held in indemnity escrow fund   0.11      
Number of shares to be held in indemnity escrow fund (in shares) | shares   235,031      
Indemnity escrow fund holding period   18 months      
Ordinary share price | $ / shares   $ 89.3836      
Fair value of shares, consideration transferred (in dollars per share) | $ / shares   $ 84.12      
Goodwill   $ 178,764      
Cash paid   26,633      
Intangible assets   $ 53,800      
cmdWatch Security Inc.          
Business Acquisition [Line Items]          
Total consideration $ 77,800        
Indemnity escrow fund holding period 18 months        
Goodwill $ 58,700   46,700    
Share capital acquired in business combination (in percentage) 100.00%        
Intangible assets $ 15,500        
business combination, Fair Value of replacement awards attributable to pre-combination consideration, paid in cash 3,000        
business combination, Fair Value of replacement awards attributable to pre-combination consideration, non-cash 1,300        
Business Combination, Consideration transferred, held in Escrow 13,400        
Business Combination, Founders Holdback excluded from consideration 6,500        
business combination, replacement awards post-acquisition expense $ 6,600        
cmdWatch Security Inc. | Developed technology          
Business Acquisition [Line Items]          
Estimated useful lives of assets 5 years        
Other Acquisitions          
Business Acquisition [Line Items]          
Total consideration     $ 57,200    
Indemnity escrow fund holding period     18 months    
Share capital acquired in business combination (in percentage)     100.00%    
Intangible assets     $ 9,800    
Deferred consideration holding period     18 months    
Business Combination, Consideration transferred, held in Escrow     $ 5,400    
Business Combination, Deferred Consideration, held by company     6,000    
Business Combination, Founders Holdback excluded from consideration     $ 6,300    
Other Acquisitions | Developed technology          
Business Acquisition [Line Items]          
Estimated useful lives of assets     5 years    
v3.22.2
Acquisitions - Summary of Components Purchase Price and Preliminary Allocation of Purchase Price at Fair Value (Details) - Endgame, Inc.
$ in Thousands
Oct. 08, 2019
USD ($)
Business Acquisition [Line Items]  
Cash paid $ 26,633
Ordinary shares 178,331
Assumption of stock option plan 9,309
Total consideration $ 214,273
v3.22.2
Acquisitions -Summary of Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Oct. 08, 2019
Business Acquisition [Line Items]        
Goodwill $ 303,906 $ 198,851 $ 197,877  
Endgame, Inc.        
Business Acquisition [Line Items]        
Cash and cash equivalents       $ 2,220
Restricted cash       40
Accounts receivable       2,661
Prepaid and other current assets       549
Operating lease right-of-use assets       4,363
Property and equipment       503
Intangible assets       53,800
Other assets       58
Goodwill       178,764
Accounts payable       (1,112)
Accrued expenses and other current liabilities       (3,035)
Accrued compensation and benefits       (5,042)
Operating lease liabilities, current       (981)
Deferred revenue, current       (3,532)
Deferred revenue, non-current       (2,661)
Operating lease liabilities, non-current       (3,551)
Other liabilities, non-current       (8,771)
Total purchase consideration       $ 214,273
v3.22.2
Acquisitions - Schedule of Components of Identifiable Intangible Assets Acquired and Estimated Useful Lives (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 08, 2019
Apr. 30, 2022
Apr. 30, 2021
Business Acquisition [Line Items]      
Weighted Average Remaining Useful Life (in years)   3 years 9 months 18 days 3 years
Developed technology      
Business Acquisition [Line Items]      
Weighted Average Remaining Useful Life (in years)   3 years 10 months 24 days 3 years 3 months 18 days
Customer relationships      
Business Acquisition [Line Items]      
Weighted Average Remaining Useful Life (in years)   3 years 3 months 18 days 2 years 4 months 24 days
Trade names      
Business Acquisition [Line Items]      
Weighted Average Remaining Useful Life (in years)   3 years 3 months 18 days 2 years 4 months 24 days
Endgame, Inc.      
Business Acquisition [Line Items]      
Intangible assets $ 53,800    
Endgame, Inc. | Developed technology      
Business Acquisition [Line Items]      
Intangible assets $ 32,700    
Weighted Average Remaining Useful Life (in years) 5 years    
Endgame, Inc. | Customer relationships      
Business Acquisition [Line Items]      
Intangible assets $ 19,200    
Weighted Average Remaining Useful Life (in years) 4 years    
Endgame, Inc. | Trade names      
Business Acquisition [Line Items]      
Intangible assets $ 1,900    
Weighted Average Remaining Useful Life (in years) 4 years    
v3.22.2
Acquisitions - Schedule of Components of the Lambda Lab Purchase Price and Preliminary Allocation of Purchase Price (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Business Acquisition [Line Items]      
Goodwill $ 303,906 $ 198,851 $ 197,877
v3.22.2
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation of Property and Equipment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 19,208 $ 19,339
Less: accumulated depreciation (12,001) (10,458)
Property and equipment, net $ 7,207 8,881
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, estimated useful lives, description Lesser of estimated useful life or remaining lease term  
Total property and equipment $ 10,863 10,342
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, estimated useful lives 3 years  
Total property and equipment $ 1,473 2,319
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 5,753 5,971
Furniture and fixtures | Minimum    
Property, Plant and Equipment [Line Items]    
Property and equipment, estimated useful lives 3 years  
Furniture and fixtures | Maximum    
Property, Plant and Equipment [Line Items]    
Property and equipment, estimated useful lives 5 years  
Assets under construction    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 1,119 $ 707
v3.22.2
Balance Sheet Components - Additional Information (Details) - USD ($)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Balance Sheet Components [Abstract]      
Depreciation expense $ 3,900,000 $ 3,100,000 $ 2,800,000
Goodwill impairment 0 0 0
Impairment of deferred contract acquisition costs recognized $ 0 $ 0 $ 0
v3.22.2
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Finite-Lived Intangible Assets [Line Items]    
Gross Fair Value $ 92,600 $ 67,300
Accumulated Amortization 46,795 31,012
Net Book Value $ 45,805 $ 36,288
Weighted Average Remaining Useful Life (in years) 3 years 9 months 18 days 3 years
Foreign currency translation adjustment $ (5) $ (2)
Total 45,800 36,286
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Fair Value 70,130 44,830
Accumulated Amortization 31,355 20,850
Net Book Value $ 38,775 $ 23,980
Weighted Average Remaining Useful Life (in years) 3 years 10 months 24 days 3 years 3 months 18 days
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Fair Value $ 19,598 $ 19,598
Accumulated Amortization 13,177 8,382
Net Book Value $ 6,421 $ 11,216
Weighted Average Remaining Useful Life (in years) 3 years 3 months 18 days 2 years 4 months 24 days
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross Fair Value $ 2,872 $ 2,872
Accumulated Amortization 2,263 1,780
Net Book Value $ 609 $ 1,092
Weighted Average Remaining Useful Life (in years) 3 years 3 months 18 days 2 years 4 months 24 days
v3.22.2
Balance Sheet Components - Schedule of Amortization Expense For Intangible Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Finite-Lived Intangible Assets [Line Items]      
Total amortization of acquired intangible assets $ 15,783 $ 14,167 $ 10,068
Foreign currency translation adjustment (5) (2)  
Total 45,800 36,286  
Cost of revenue | License - self-managed      
Finite-Lived Intangible Assets [Line Items]      
Total amortization of acquired intangible assets 1,548 1,386 948
Cost of revenue | Subscription - self-managed and SaaS      
Finite-Lived Intangible Assets [Line Items]      
Total amortization of acquired intangible assets 8,955 7,051 5,820
Sales and marketing      
Finite-Lived Intangible Assets [Line Items]      
Total amortization of acquired intangible assets $ 5,280 $ 5,730 $ 3,300
v3.22.2
Balance Sheet Components - Schedule of Expected Future Amortization Expense of the Intangible Assets (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
2023 $ 16,696  
2024 13,985  
2025 8,018  
2026 5,057  
2027 2,044  
Thereafter 0  
Total $ 45,800 $ 36,286
v3.22.2
Balance Sheet Components - Schedule of Changes to Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Goodwill [Roll Forward]    
Beginning balance $ 198,851 $ 197,877
Goodwill, Acquired During Period 105,428  
Foreign currency translation adjustment (373) 974
Ending balance $ 303,906 $ 198,851
v3.22.2
Balance Sheet Components - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Balance Sheet Components [Abstract]    
Accrued expenses $ 24,066 $ 12,772
Income taxes payable 4,286 1,596
Value added taxes payable 8,926 8,493
Other 9,734 6,048
Total accrued expenses and other liabilities 53,930 28,909
Accrued interest on Senior Notes $ 6,918 $ 0
v3.22.2
Balance Sheet Components - Schedule of Accrued Compensation and Benefits (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Balance Sheet Components [Abstract]    
Accrued vacation $ 27,280 $ 24,078
Accrued commissions 23,806 17,581
Accrued payroll and withholding taxes 9,030 5,522
Other 7,886 5,344
Total accrued compensation and benefits $ 68,002 $ 52,525
v3.22.2
Balance Sheet Components - Schedule of Information About Contracts with Customers (Details)) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Contract Balances [Line Items]        
Unbilled accounts receivable, included in accounts receivable, net $ 9,244 $ 5,204 $ 2,622 $ 1,710
Deferred revenue 465,294 397,700 $ 259,702 $ 170,666
Contracts with Customers        
Contract Balances [Line Items]        
Unbilled accounts receivable, included in accounts receivable, net 9,244 5,204    
Deferred contract acquisition costs 118,047 86,352    
Deferred revenue $ 465,294 $ 397,700    
v3.22.2
Balance Sheet Components - Schedule of Significant Changes in Unbilled Accounts Receivable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Unbilled Account Receivable [Roll Forward]      
Beginning balance $ 5,204 $ 2,622 $ 1,710
Amounts transferred to accounts receivable from unbilled accounts receivable presented at the beginning of the period (5,204) (2,622) (1,710)
Revenue recognized during the period in excess of invoices issued 9,244 5,204 2,622
Ending balance $ 9,244 $ 5,204 $ 2,622
v3.22.2
Balance Sheet Components - Schedule of Significant Changes in Deferred Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Movement in Deferred Revenue [Roll Forward]      
Beginning balance $ 397,700 $ 259,702 $ 170,666
Amounts transferred to deferred revenue from accrued expenses and other liabilities upon entering into contracts with customers, net of revenue recognized during the period 421,552 364,093 242,136
Amounts transferred to deferred revenue from accrued expenses and other liabilities upon entering into contracts with customers, net of revenue recognized during the period 0 5,424 0
Increases due to invoices issued, excluding amounts recognized as     revenue during the period 439 0 6,192
Revenue recognized that was included in deferred revenue balance at    beginning of period (354,397) (231,519) (159,292)
Ending balance $ 465,294 $ 397,700 $ 259,702
v3.22.2
Balance Sheet Components - Schedule of Activity of Deferred Contract Acquisition Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Contract Acquisition Cost [Roll Forward]      
Beginning balance $ 86,352 $ 43,549 $ 26,150
Capitalization of contract acquisition costs 92,433 83,794 45,713
Amortization of deferred contract acquisition costs (60,738) (40,991) (28,314)
Ending balance 118,047 86,352 43,549
Deferred contract acquisition costs 43,628 36,089 19,537
Deferred contract acquisition costs, non-current 74,419 50,263 24,012
Total deferred contract acquisition costs $ 118,047 $ 86,352 $ 43,549
v3.22.2
Debt (Details) - USD ($)
 1 Months Ended 12 Months Ended 36 Months Ended
Sep. 17, 2021
Jul. 31, 2021
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Jul. 15, 2024
Debt Disclosure [Abstract]            
Proceeds from Issuance of Senior Long-term Debt   $ 575,000,000 $ 575,000,000 $ 0 $ 0  
Debt Instrument, Interest Rate, Stated Percentage   4.125% 4.125%      
Long-term debt, net   $ 565,700,000 $ 566,520,000 0    
underwriting commissions   7,200,000        
Other issuance cost   2,100,000        
Debt Issuance Costs, Gross   9,300,000        
Long-term Debt, Gross     575,000,000      
Debt Issuance Costs, Net     (8,480,000)      
Interest Expense, Debt, Excluding Amortization     19,370,000      
Amortization of debt issuance costs     803,000 0 0  
Interest Expense, Debt     20,173,000      
Debt Instrument [Line Items]            
Proceeds from Issuance of Senior Long-term Debt   $ 575,000,000 $ 575,000,000 0 0  
Debt Instrument, Interest Rate, Stated Percentage   4.125% 4.125%      
Long-term debt, net   $ 565,700,000 $ 566,520,000 0    
underwriting commissions   7,200,000        
Other issuance cost   2,100,000        
Debt Issuance Costs, Gross   $ 9,300,000        
Long-term Debt, Gross     575,000,000      
Debt Issuance Costs, Net     8,480,000      
Interest Expense, Debt, Excluding Amortization     19,370,000      
Amortization of debt issuance costs     803,000 $ 0 $ 0  
Interest Expense, Debt     $ 20,173,000      
cmdWatch Security Inc.            
Debt Instrument [Line Items]            
Business Combination, Consideration Transferred for Outstanding Options $ 4,300,000          
Forecast | Debt Instrument, Redemption, Period Four            
Debt Disclosure [Abstract]            
Debt Instrument, Redemption Price, Percentage           101.00%
Debt Instrument [Line Items]            
Debt Instrument, Redemption Price, Percentage           101.00%
Forecast | Debt Instrument, Redemption, Period One            
Debt Disclosure [Abstract]            
Debt Instrument, Redemption Price, Percentage           100.00%
Debt Instrument [Line Items]            
Debt Instrument, Redemption Price, Percentage           100.00%
Forecast | Debt Instrument, Redemption, Period Two            
Debt Disclosure [Abstract]            
Debt Instrument, Redemption Price, Percentage           104.125%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed           40.00%
Debt Instrument [Line Items]            
Debt Instrument, Redemption Price, Percentage           104.125%
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed           40.00%
Forecast | Debt Instrument, Redemption, Period Three            
Debt Disclosure [Abstract]            
Debt Instrument, Redemption Price, Percentage           100.00%
Debt Instrument [Line Items]            
Debt Instrument, Redemption Price, Percentage           100.00%
v3.22.2
Commitments and Contingencies - Schedule of Purchase Obligations (Details)
$ in Thousands
Apr. 30, 2022
USD ($)
Hosting Infrastructure Commitments  
Long-term Purchase Commitment [Line Items]  
2023 $ 97,390
2024 106,736
2025 92,587
2026 87,000
2027 32,000
Contractual Obligation 415,713
Other Purchase Commitments  
Long-term Purchase Commitment [Line Items]  
Contractual Obligation $ 36,200
v3.22.2
Commitments and Contingencies - Additional Information (Details)
 12 Months Ended
Apr. 30, 2022
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Letters of credit outstanding amount $ 2,500,000
Provision for indemnification claims $ 0
v3.22.2
Leases - Components of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Leases [Abstract]    
Operating lease cost $ 9,894 $ 8,825
Short-term lease cost 2,448 2,319
Variable lease cost 857 527
Total lease cost $ 13,199 $ 11,671
v3.22.2
Leases - Lease Term and Discount Rate Information (Details)
Apr. 30, 2022
Leases [Abstract]  
Weighted average remaining lease term (years) 2 years 11 months 12 days
Weighted average discount rate 5.00%
v3.22.2
Leases - Future Minimum Lease Based on Current Lease Accounting Standard (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Leases [Abstract]    
2023 $ 11,595  
2024 8,788  
2025 5,924  
2026 3,523  
2027 0  
Thereafter 0  
Total minimum lease payments 29,830  
Less imputed interest (2,129)  
Present value of future minimum lease payments 27,701  
Less current lease liabilities (11,219) $ (8,528)
Operating lease liabilities, non-current $ 16,482 $ 19,649
v3.22.2
Ordinary Shares - Additional Information (Details)
 12 Months Ended
Oct. 10, 2018
shares
Apr. 30, 2022
€ / shares
Apr. 30, 2022
USD ($)
shares
Apr. 30, 2021
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]        
Preferred stock, shares authorized term 5 years      
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]        
Par value of shares issued ( in € / shares) | € / shares   € 0.01    
v3.22.2
Ordinary Shares - Summary of Ordinary Shares Reserved for Issuance (Details) - shares
Apr. 30, 2022
Apr. 30, 2021
Class of Stock [Line Items]    
Total ordinary shares reserved (in shares) 27,584,356 26,650,118
Stock options    
Class of Stock [Line Items]    
Total ordinary shares reserved (in shares) 5,219,124 7,611,016
RSUs    
Class of Stock [Line Items]    
Total ordinary shares reserved (in shares) 4,717,548 3,301,283
2012 Plan    
Class of Stock [Line Items]    
Total ordinary shares reserved (in shares) 17,647,684 15,737,819
v3.22.2
Equity Incentive Plans - Additional Information (Details) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 30, 2018
Apr. 30, 2022
Apr. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unvested options exercisable (in shares)   16,667  
Weighted-average grant-date fair value of options granted (in dollar per share)   $ 52.43 $ 80.01
Unrecognized stock-based compensation expense related to unvested stock options   $ 46,000,000  
Unrecognized over a weighted-average period (in years)   2 years 1 month 28 days  
Share-based payment arrangement, noncash expense   $ 2,500,000  
Reclassification of liability-classified awards     $ 2,703,000
Additional Paid-In Capital      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Reclassification of liability-classified awards   2,700,000 $ 2,703,000
Equity Settled RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized stock-based compensation expense related to unvested stock options   $ 459,100,000  
Unrecognized over a weighted-average period (in years)   2 years 9 months 7 days  
Number of awards, RSUs granted (in shares)   80,839  
RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of awards, RSUs granted (in shares)   3,224,256 1,965,644
RSUs cancelled (in shares)   715,870 440,278
2012 Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock options assumed in acquisition (in dollars per share)   $ 10.20  
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAssumedInPeriodWeightedAverageGrantDateFairValue   $ 122.13  
2012 Plan | New Employee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based payment award vesting period 4 years    
2012 Plan | RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of awards, RSUs granted (in shares)   3,224,256 1,965,644
Grant date fair value (in dollars per share)   $ 113.91 $ 123.48
RSUs cancelled (in shares)   715,870 440,278
2012 Plan | Tranche One | New Employee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based payment award vesting period 1 year    
Share-based compensation arrangement by share-based payment award vesting rights percentage 25.00%    
2012 Plan | Tranche Two | New Employee      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based payment award vesting period 36 months    
v3.22.2
Equity Incentive Plans - Summary of Equity Awards Available for Grant (Details) - shares
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Equity Awards, Outstanding [Roll Forward]    
Available at beginning of fiscal year (in shares) 15,737,819 12,461,850
Awards authorized (in shares) 4,526,699 4,142,849
Options granted (in shares) (495,460) (232,075)
Options cancelled (in shares) 386,656 890,561
Available at end of fiscal year (in shares) 17,647,684 15,737,819
RSUs    
Equity Awards, Outstanding [Roll Forward]    
RSUs granted (in shares) (3,224,256) (1,965,644)
RSUs cancelled (in shares) 715,870 440,278
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 356 0
v3.22.2
Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Options, Outstanding Number [Roll Forward]      
Stock options granted (in shares) 495,460 232,075  
2012 Plan      
Options, Outstanding Number [Roll Forward]      
Beginning balance (in shares) 7,611,016 15,260,506  
Stock options granted (in shares) 495,460 232,075  
Stock options assumed in acquisition (in dollars per share) $ 10.20    
Stock options assumed in acquisition (in shares) 63,846    
Stock options exercised (in shares) (2,563,287) (6,989,222)  
Stock options cancelled (in shares) (386,656) (890,561)  
Stock options assumed in acquisition cancelled (in shares) (1,255) (1,782)  
Ending balance (in shares) 5,219,124 7,611,016 15,260,506
Exercisable as of April 30, 2021 (in shares) 3,929,577    
Options Outstanding, Weighted Average Exercise Price [Abstract]      
Beginning balance (in dollars per share) $ 20.34 $ 14.17  
Stock options granted (in dollar per share) 94.46 139.68  
Stock options exercised (in dollars per share) 14.18 11.08  
Stock options cancelled (in dollars per share) 32.04 18.15  
Stock options assumed in acquisition cancelled (in dollars per share) 40.35 72.75  
Ending balance (in dollars per share) 29.41 $ 20.34 $ 14.17
Exercisable as of April 30, 2021 (in dollars per share) $ 18.84    
Remaining Contractual Term (in years)      
Remaining Contractual Term (in years) 6 years 2 months 19 days 6 years 7 months 28 days 7 years 3 months 7 days
Exercisable, Remaining Contractual Term (in years) 5 years 8 months 12 days    
Aggregate Intrinsic Value      
Beginning balance $ 768,517 $ 767,795  
Ending balance 266,021 $ 768,517 $ 767,795
Exercisable as of April 30, 2021 $ 230,199    
v3.22.2
Equity Incentive Plans - Summary of RSU Activity (Details) - RSUs - $ / shares
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Non-option Awards, Outstanding Number [Roll Forward]    
Number of Awards, RSUs granted (in shares) 3,224,256 1,965,644
Number of Awards, RSUs cancelled (in shares) (715,870) (440,278)
2012 Plan    
Non-option Awards, Outstanding Number [Roll Forward]    
Number of Awards Outstanding and unvested at Beginning of Year ((in shares) 3,301,283 2,472,092
Number of Awards, RSUs granted (in shares) 3,224,256 1,965,644
Number of Awards, RSUs released (in shares) (1,092,121) (696,175)
Number of Awards, RSUs cancelled (in shares) (715,870) (440,278)
Number of Awards Outstanding and unvested at Year End (in shares) 4,717,548 3,301,283
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) $ 98.74 $ 66.78
Weighted-Average Grant Date Fair Value, RSUs granted (in dollar per share) 113.91 123.48
Weighted-Average Grant Date Fair Value, RSUs released (in dollar per share) 96.65 71.18
Weighted-Average Grant Date Fair Value, RSUs cancelled (in dollar per share) 106.34 73.31
Weighted-Average Grant Date Fair Value, Outstanding and unvested, End of Year (in dollar per share) $ 108.44 $ 98.74
v3.22.2
Equity Incentive Plans - Assumptions Used to Estimated Fair Value of Stock Options Granted (Details)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected stock price volatility (in percentage)   62.60%  
Expected stock price volatility, minimum (in percentage) 59.60%   54.80%
Expected stock price volatility, maximum (in percentage) 60.20%    
Risk-free interest rate, minimum 1.40% 0.40% 1.40%
Risk-free interest rate, maximum 1.80% 1.10% 2.00%
Dividend yield (in percentage) 0.00% 0.00% 0.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 5 years 6 months 7 days 6 years 7 days 2 years
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 6 years 29 days 6 years 29 days 7 years 3 months 7 days
v3.22.2
Equity Incentive Plans - Summary of Stock-based Compensation Expense Recognized in Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 141,194 $ 93,680 $ 60,007
Capitalized stock-based compensation expense 188 10 0
Total stock-based compensation expense 141,382 93,690 60,007
Cost of revenue—cost of subscription—self-managed and SaaS      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 8,368 7,105 4,147
Cost of revenue—professional services      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 6,463 4,824 2,980
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 59,911 35,267 23,621
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 45,798 31,581 19,334
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 20,654 $ 14,903 $ 9,925
v3.22.2
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
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Numerator:      
Net loss $ (203,848) $ (129,434) $ (167,174)
Denominator:      
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, basic and diluted (in shares) 92,547,145 87,207,094 78,799,732
Weighted-average shares used to compute net loss per share attributable to ordinary shareholders, diluted (in shares) 92,547,145 87,207,094 78,799,732
Net loss per share attributable to ordinary shareholders, diluted (in dollars per share) $ (2.20) $ (1.48) $ (2.12)
Net loss per share attributable to ordinary shareholders, basic (in dollars per share) $ (2.20) $ (1.48) $ (2.12)
v3.22.2
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
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 9,936,672 10,912,299 17,864,277
Stock options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 5,219,124 7,611,016 15,260,506
RSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 4,717,548 3,301,283 2,368,740
Contingently issuable shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 0 235,031
v3.22.2
Income Taxes - Summary of Geographical Breakdown of Income (Loss) Before Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Income Tax Disclosure [Abstract]      
Dutch $ (261,097) $ (163,770) $ (173,338)
Foreign 63,308 42,056 4,196
Loss before income taxes $ (197,789) $ (121,714) $ (169,142)
v3.22.2
Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Current:      
Dutch $ 2,187 $ 1,125 $ 518
Foreign 6,892 3,896 (560)
Total current tax expense (income) 9,079 5,021 (42)
Deferred:      
Dutch (105) 0 0
Foreign (2,915) 2,699 (1,926)
Total deferred tax expense (income) (3,020) 2,699 (1,926)
Total provision for (benefit from) income taxes $ 6,059 $ 7,720 $ (1,968)
v3.22.2
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Apr. 30, 2019
Income Tax Disclosure [Line Items]        
Valuation allowance for deferred tax assets $ 498,996,000 $ 409,756,000    
Net operating loss carryforward 458,733,000 385,443,000    
Research and development tax credit carryforwards 28,467,000 22,988,000    
Unrecognized tax benefits 16,622,000 13,656,000 $ 9,706,000 $ 3,870,000
Unrecognized tax benefits that would impact the effective tax rate before consideration of valuation allowance 0      
Unrecognized tax benefit acquired from CARES Act 1,000,000      
Unrecognized tax benefit acquired from research and development tax credits 4,000,000      
Recognize penalties and interests accrued on unrecognized tax benefits (less than) 300,000 300,000 300,000  
Accrued interest and penalties, amount 300,000 100,000    
Dividend withholding tax from foreign jurisdictions 2,400,000      
GILTI provision 0 1,000,000 $ 0  
Canada Revenue Agency        
Income Tax Disclosure [Line Items]        
Research and development tax credit carryforwards 700,000      
Dutch | Tax and Customs Administration, Netherlands        
Income Tax Disclosure [Line Items]        
Net operating loss carryforward 758,400,000      
U.S. Federal | IRS        
Income Tax Disclosure [Line Items]        
Net operating loss carryforward 1,002,500,000      
Research and development tax credit carryforwards 20,000,000      
U.S. Federal | Her Majesty's Revenue and Customs (HMRC)        
Income Tax Disclosure [Line Items]        
Net operating loss carryforward 67,500,000      
U.S. Federal | Her Majesty's Revenue and Customs (HMRC) | Tax Credit Carryforwards, Expiration Year Unlimited        
Income Tax Disclosure [Line Items]        
Research and development tax credit carryforwards 600,000      
U.S. State Income Tax        
Income Tax Disclosure [Line Items]        
Net operating loss carryforward 651,800,000      
Research and development tax credit carryforwards 5,300,000      
NETHERLANDS        
Income Tax Disclosure [Line Items]        
Valuation allowance for deferred tax assets 203,200,000 149,400,000    
Valuation allowance, net deferred tax assets, jurisdictions increased 53,800,000 61,000,000    
United States        
Income Tax Disclosure [Line Items]        
Valuation allowance for deferred tax assets 276,300,000 246,000,000    
Valuation allowance, net deferred tax assets, jurisdictions increased 30,300,000 113,100,000    
United Kingdom        
Income Tax Disclosure [Line Items]        
Valuation allowance for deferred tax assets 19,500,000 14,400,000    
Valuation allowance, net deferred tax assets, jurisdictions increased 5,100,000 $ 10,500,000    
Non-U.S. Subsidiaries        
Income Tax Disclosure [Line Items]        
Cumulative earnings $ 104,800,000      
v3.22.2
Income Taxes - Summary of Reconciliation of Income Taxes Statutory Income Tax Rate to Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Income Tax Disclosure [Abstract]      
Dutch statutory income tax $ (49,448) $ (30,428) $ (42,286)
Foreign income taxed at different rates (2,197) (486) 313
Stock-based compensation (31,372) (100,931) (53,050)
Research and development credits (10,834) (11,020) (7,771)
Change in valuation allowance 91,841 146,571 97,734
Deferred tax asset revaluation (302) (256) 1,991
Other 8,371 4,270 1,101
Total provision for (benefit from) income taxes $ 6,059 $ 7,720 $ (1,968)
Dutch statutory income tax, percentage 25.00% 25.00% 25.00%
Foreign income taxed at different rates (in percentage) 1.10% 0.40% (0.20%)
Stock-based compensation (in percentage) 15.90% 82.90% 31.40%
Research and development credits (in percentage) 5.50% 9.00% 4.60%
Change in valuation allowance (in percentage) (46.40%) (120.40%) (57.80%)
Deferred tax asset revaluation (in percentage) 0.20% 0.20% (1.20%)
Other (in percentage) (4.40%) (3.40%) (0.60%)
Provision for income taxes (in percentage) (3.10%) (6.30%) 1.20%
v3.22.2
Income Taxes - Summary of Components of Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Deferred tax assets:    
Accrued compensation $ 2,883 $ 0
Net operating loss carryforward 458,733 385,443
Deferred revenue 8,780 4,609
Stock-based compensation 12,063 11,614
Research and development credits 28,467 22,988
Lease liabilities 5,139 4,956
Other 9,239 3,156
Gross deferred tax assets 525,304 432,766
Less valuation allowance (498,996) (409,756)
Total deferred tax assets 26,308 23,010
Deferred tax liabilities:    
Accrued compensation 0 (41)
Deferred contract acquisition costs (17,244) (13,173)
Intangible assets (6,752) (8,191)
Right of use assets (4,673) (4,523)
Gross deferred tax liabilities (28,669) (25,928)
Net deferred tax liabilities $ (2,361) $ (2,918)
v3.22.2
Income Taxes - Summary of Unrecognized Gross Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance as of beginning of year $ 13,656 $ 9,706 $ 3,870
Increase (decrease) related to tax positions taken in prior periods   432 2,283
Increase related to tax positions taken in the current period 3,995 3,518 3,553
Balance as of end of year 16,622 $ 13,656 $ 9,706
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions $ (1,029)    
v3.22.2
Employee Benefit Plans - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
United States      
Defined Contribution Plan Disclosure [Line Items]      
Defined contribution expense related to plan $ 15.2 $ 11.4 $ 8.3
United States | Maximum      
Defined Contribution Plan Disclosure [Line Items]      
Percentage of defined contribution to participating employees 6.00%    
Other Countries      
Defined Contribution Plan Disclosure [Line Items]      
Defined contribution expense related to plan $ 7.2 $ 5.1 $ 3.6
v3.22.2
Segment Information - Schedule of Revenue by Geographic Area (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 862,374 $ 608,489 $ 427,620
United States      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue 481,589 331,769 241,648
Rest of world      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Total revenue $ 380,785 $ 276,720 $ 185,972
v3.22.2
Segment Information - Schedule of Property and Equipment, Net of Depreciation (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Apr. 30, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 32,644 $ 34,345
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 22,112 23,443
United Kingdom    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 4,478 7,151
Rest of world [Member]    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 2,647 3,751
INDIA    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 3,407 $ 0