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Elastic Reports Strong First Quarter Fiscal 2022 Financial Results Q1 Revenue of $ 193.1 million , Up 50 % year - over - year Q1 Elastic Cloud Revenue of $ 61.5 million , Up 89 % year - over - year MOUNTAIN VIEW , Calif . , August 25 , 2021 -- ( BUSINESS WIRE ) -- Elastic ( NYSE : ESTC ) ( " Elastic " ) , the company behind Elasticsearch and the Elastic Stack , announced strong results for its first quarter of fiscal 2022 ( ended July 31 , 2021 ) . First Quarter Fiscal 2022 Financial Highlights Total revenue was $ 193.1 million , an increase of 50 % year - over - year , or 45 % on a constant currency basis Elastic Cloud revenue was $ 61.5 million , an increase of 89 % year - over - year , or 85 % on a constant currency basis Calculated billings was $ 165.0 million , an increase of 27 % year - over - year , or 23 % on a constant currency basis Deferred revenue was $ 364.4 million , an increase of 31 % year - over - year GAAP operating loss was $ 31.0 million ; GAAP operating margin was -16 % Non - GAAP operating profit was $ 7.2 million ; non - GAAP operating margin was 4 % GAAP net loss per share was $ 0.38 ; non - GAAP earnings per share was $ 0.04 Operating cash flow was $ 14.1 million with free cash flow of $ 12.4 million Cash and cash equivalents were $ 991.3 million as of July 31 , 2021 " The first quarter was a strong start to the fiscal year driven by crisp execution , the continued robust growth of Elastic Cloud , and our investments against the rich market opportunity ahead of us , " said Shay Banon , Elastic founder , and chief executive officer . " Our release of Elastic Limitless XDR is a significant milestone in our efforts to bring actionable security to every organization , powered by our unified search platform . " First Quarter Fiscal 2022 Key Metrics and Recent Business Highlights Key Customer Metrics : Total subscription customer count was over 16,000 , compared to over 15,000 in Q4 FY21 , and over 12,100 in Q1 FY21 Total customer count with Annual Contract Value ( ACV ) greater than $ 100,000 was over 780 , compared to over 730 in Q4 FY21 , and over 630 in Q1 FY21 Net Expansion Rate was consistent with Q4 FY21 and slightly below 130 % Product Releases and Other Business Highlights In Q1 Elastic continued to accelerate its pace of innovation , with the launch of Elastic 7.14 , featuring new capabilities across the company's enterprise search , observability , and security solutions . Designed to offer new levels of integration , 7.14 provides customers with greater levels of visibility , control , and security across their organizations , all with a single platform .