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Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"Elastic has a credible route from search and AI workloads to profitable subscription growth if larger contracts translate into durable usage and efficient delivery. The cash test must retain interest and restructuring payments: adjusted FCF is higher than cash after PP&E because it adds debt interest back. Acquisitions expand the product set while consuming capital.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Track sales-led revenue, annual versus monthly Cloud, gross margin and net expansion together. Reassess if customer commitments fail to become usage, restructuring disrupts execution, or interest and acquisition cash weaken the cash available after operations."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1707753/000170775326000054/estc-20260731.htm","title":"August 28 quarterly filing and subsequent acquisition","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1707753/000170775326000035/a27q1erex991.htm","title":"August 27 results, guidance and adjusted FCF definition","retrieved":"2026-09-19"},{"url":"https://ir.elastic.co/News--Events/news/news-details/2026/Elastic-Introduces-Serverless-Vector-Database-Ship-in-Minutes-Scale-Affordably-to-Hundreds-of-Billions-of-Vectors/default.aspx","title":"September 11 serverless vector database availability","retrieved":"2026-09-19"}],"business":{"drivers":["Sales-led subscriptions versus monthly cloud consumption","Cloud delivery costs, selling expense and equity compensation","Contract cash timing, debt interest and acquisition spending"],"description":"Elastic sells search, observability and security software through cloud and self-managed subscriptions, with services alongside them. Annual cloud contracts, monthly consumption and other subscriptions have different recognition and cash patterns. AI workloads can increase demand, while hosting costs, selling expense, commissions and product investment determine profitability."},"earnings":{"source":"estimated from 10-Q filed 2026-08-28 plus 90 days","next_report_date":"2026-11-26"},"identity":{"cik":1707753,"sic":"7372","name":"Elastic N.V.","symbol":"ESTC","cluster":"Software & internet","exchange":"NYSE"},"research":{"risks":["Cloud usage and customer optimization can diverge from contract growth.","AI search and observability face intense platform competition.","Hosting costs and service losses can pressure gross margins.","SBC and employer award taxes remain material expenses.","Restructuring and acquired-product integration can disrupt execution.","Debt interest, commissions and discretionary repurchases constrain retained cash."],"title":"Subscription growth with the interest bill left in view","question":"How much cash does search and cloud growth generate after commissions, debt interest and acquisitions?","economics":"Q1 FY2027 revenue was $478.113M: annual Cloud $185.003M, Monthly Cloud $50.202M, other subscription $213.530M and services $29.378M. Sales-led subscription equals $398.533M, excluding Monthly Cloud. Non-GAAP operating income $77.262M contrasts with a $23.574M GAAP loss after SBC, related cash payroll taxes, amortization, acquisition costs and $19.920M restructuring expense. CFO $132.004M less $0.590M capex leaves $131.414M; company adjusted FCF $143.273M adds $11.859M senior-note interest. July liquidity was about $1.461B with $575M notes outstanding. The June workforce plan targets $22M-$25M cash charges; $13.016M was paid and $6.919M accrued at July. Deductive AI closed August 21 for approximately $70M cash. FY2027 guidance is $1.998B-$2.010B revenue, 19.4% non-GAAP operating margin and approximately 21.5% adjusted FCF margin with company exclusions.","change_note":"First sales-led/cloud operating model with debt coupon timing, restructuring cash and the closed August acquisition.","checkpoints":[{"event":"Q2 conversion","watch":"Compare $486M-$487M total and $407.5M-$408.5M sales-led guidance.","timing":"Quarter ending October 31","date_status":"estimated"},{"event":"Restructuring and acquisition","watch":"Reconcile reserve payments and completed Deductive purchase accounting.","timing":"Through FY2027 Q3","date_status":"estimated"},{"event":"Cash definitions","watch":"Show CFO less capex both before and after the company interest addback.","timing":"Each cash-flow release","date_status":"estimated"}],"countercase":"Strong contract metrics can coexist with slower consumption, rising cloud costs and continued GAAP equity expense. Removing debt interest changes the meaning of a cash metric. A leaner workforce and a new AI acquisition can also create integration and customer-support risks before efficiency gains arrive.","limitations":["Sales-led, RPO and total Cloud are different measures.","Cash timing is calibrated near the annual cash guide; forecast and company one-time exclusions can differ.","No complete dilution or valuation model."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q2","revenue":486500000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q3","revenue":504500000.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2027Q4","revenue":534886999.99999994},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario. Revenue basis: Revenue ($M). Calculated from the operating-model inputs below; not consensus or company guidance.","class":"estimate","period":"2028Q1","revenue":562723141.5999999}],"basis":"Desk base scenario from the operating model; not consensus. Revenue basis: Revenue ($M).","consensus":null,"revisions":[]},"scorecard":{"inside_5d":null,"notes_scored":0,"band_coverage_5d":null},"disclosure":"All positions in the Research Model Portfolio are simulated. No real money is invested in this model. Our research is free and is not tailored to any reader's financial circumstances.","operating_model":{"cells":[{"id":"q1_revenue","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q1 revenue","value":478.113,"period":"2027Q1","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1707753/000170775326000054/estc-20260731.htm","source_date":"2026-08-28"},{"id":"q1_annual_cloud","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q1 annual cloud","value":185.003,"period":"2027Q1","formula":null,"source_url":"https://www.sec.gov/Archives/edgar/data/1707753/000170775326000054/estc-20260731.htm","source_date":"2026-08-28"},{"id":"q1_other_subscription","case":"shared","kind":"reported","unit":"USD_millions","basis":"Reported consolidated amount, converted from thousands to millions.","label":"Q1 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