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Elastic Reports Strong Third Quarter Fiscal 2021 Financial Results Q3 Revenue of $ 157.1 million , Up 39 % year - over - year Q3 SaaS Revenue of $ 44.9 million , Up 79 % year - over - year MOUNTAIN VIEW , Calif . , February 24 , 2021 -- ( BUSINESS WIRE ) -- Elastic ( NYSE : ESTC ) ( " Elastic " ) , the company behind Elasticsearch and the Elastic Stack , announced strong results for its third quarter of fiscal 2021 ( ended January 31 , 2021 ) . Third Quarter Fiscal 2021 Financial Highlights Total revenue was $ 157.1 million , an increase of 39 % year - over - year , or 36 % on a constant currency basis SaaS revenue was $ 44.9 million , an increase of 79 % year - over - year , or 76 % on a constant currency basis Calculated billings was $ 173.2 million , an increase of 41 % year - over - year , or 37 % on a constant currency basis ● Deferred revenue was $ 334.0 million , an increase of 59 % year - over - year GAAP operating loss was $ 34.5 million ; GAAP operating margin was -22 % Non - GAAP operating loss was $ 0.0 million ; non - GAAP operating margin was 0 % GAAP net loss per share was $ 0.43 ; non - GAAP net loss per share was $ 0.04 Operating cash flow was $ 19.4 million with free cash flow of $ 18.3 million Cash and cash equivalents were $ 393.1 million as of January 31 , 2021 " We had an excellent third quarter , and once again showed strong execution , " said Shay Banon , Elastic founder and chief executive officer . " We believe continued innovation across our three solutions is critical to global enterprises as they look to build resilience and adapt to the distributed environment of 2021. " Third Quarter Fiscal 2021 Key Metrics and Recent Business Highlights Key Customer Metrics : Total subscription customer count was over 13,800 , compared to over 12,900 in Q2 FY21 , and over 10,500 in Q3 FY20 Total customer count with Annual Contract Value ( ACV ) greater than $ 100,000 was over 670 , compared to over 650 in Q2 FY21 , and over 570 in Q3 FY20 Subscription revenue represented 94 % of total revenue Net Expansion Rate continued to be greater than 130 % Product Releases and Other Business Highlights Elastic released new innovations with version 7.11 across its enterprise search , observability and security solutions that enable customers to optimize for cost , performance , insight and flexibility . Foundational features in 7.11 that can be leveraged across all three solutions include the general availability of searchable snapshots and the cold data tier to help customers store and search more data while maintaining control over cost and performance . Additional features