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MOUNTAIN VIEW , Calif . , December 1 , 2021 -- ( BUSINESS WIRE ) -- Elastic ( NYSE : ESTC ) ( " Elastic " ) , the company behind Elasticsearch and the Elastic Stack , announced strong results for its second quarter of fiscal 2022 ( ended October 31 , 2021 ) . Second Quarter Fiscal 2022 Financial Highlights ● ● ● ● Elastic Reports Strong Second Quarter Fiscal 2022 Financial Results Q2 Revenue of $ 206.0 million , Up 42 % year - over - year Q2 Elastic Cloud Revenue of $ 69.0 million , Up 84 % year - over - year ● Total revenue was $ 206.0 million , an increase of 42 % year - over - year , or 41 % on a constant currency basis Elastic Cloud revenue was $ 69.0 million , an increase of 84 % year - over - year , as reported and on a constant currency basis Calculated billings was $ 231.2 million , an increase of 30 % year - over - year , or 29 % on a constant currency basis Deferred revenue was $ 390.3 million , an increase of 26 % year - over - year GAAP operating loss was $ 37.2 million ; GAAP operating margin was -18 % Non - GAAP operating profit was $ 1.4 million ; non - GAAP operating margin was 1 % GAAP net loss per share was $ 0.51 ; non - GAAP loss per share was $ 0.09 Operating cash flow was - $ 10.4 million with free cash flow of - $ 12.2 million Cash and cash equivalents were $ 876.1 million as of October 31 , 2021 " Our strong second - quarter results were fueled by the rapid adoption of Elastic Cloud , the increased strategic relevance of our solutions , and continued expansion across our customer base , " said Shay Banon , Elastic founder and chief executive officer . “ Customers are increasingly choosing Elastic Cloud to reduce complexity , automate operations , and make faster , data - driven decisions . Given the ongoing momentum , we expect Elastic Cloud revenue to exceed 50 % of our total revenue in the next three years . " Second Quarter Fiscal 2022 Key Metrics and Recent Business Highlights Key Customer Metrics : Total subscription customer count was over 17,000 , compared to over 16,000 in Q1 FY22 , and over 12,900 in Q2 FY21 Total customer count with Annual Contract Value ( ACV ) greater than $ 100,000 was over 830 , compared to over 780 in Q1 FY22 , and over 650 in Q2 FY21 Net Expansion Rate was consistent with Q1 FY22 and slightly below 130 % Product Releases and Recent Business Highlights In Q2 , Elastic continued to deliver enhancements to the Elastic Search Platform with the launch of Elastic 7.15 , featuring cloud - first innovations and new capabilities across the company's observability , security , and enterprise search solutions . In addition , the company expanded native integration with Google Cloud to provide customers with faster data ingestion in Elastic Cloud .