Investor Presentation

and Company Overview

Third Quarter Fiscal 2021

 This presentation and the accompanying oral presentation contain forward-looking statements that involve substantial risk and
uncertainties, which include, but are not limited to, statements regarding our future results of operations and financial position,
including our expected financial results for the fiscal year ending April 30, 2021; financial targets; business strategy; plans and
objectives for future operations; our expectations regarding the impact of the COVID19 pandemic; our licensing model; our
assessments of the strength of our solutions and products; the effectiveness of our go-to-market and growth strategies,
including the positioning of our solutions and products, assessments of new and existing customers' spending priorities or
reasons for selecting our solutions and products, and anticipated benefits from our strategic partnerships; new enhancements to
our existing products and services or plans for future products; the expected performance or benefits of our offerings; our
customer base; estimates of our potential addressable market and growth opportunities and our ability to address those
opportunities; and our expectations regarding revenue mix, our ability to grow our business, the drivers of growth and the
benefits of our investments. These forward-looking statements are subject to the safe harbor provisions under the Private
Securities Litigation Reform Act of 1995. Our expectations and beliefs in light of currently available information regarding these
matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these
forward-looking statements due to uncertainties, risks, and changes in circumstances, including but not limited to those related

Forward Looking
to: the impact of the COVID19 pandemic on the macroeconomic environment, on our business, operations, hiring and financial
results, and on businesses of our customers and partners, including their spending priorities, the effect of lockdowns,
restrictions and new regulations; our future financial performance, including our expectations regarding our revenue, cost of
revenue, gross profit or gross margin, operating expenses (which include changes in sales and marketing, research and

Statements and development and general and administrative expenses), and our ability to achieve and maintain future profitability; our ability to
continue to deliver and improve our offerings and develop new offerings, including security-related product and SaaS offerings;
customer acceptance and purchase of our existing offerings and new offerings, including the expansion and adoption of our

Non-GAAP SaaS offerings; our inability to realize value from investments in the business, including R&D investments; our ability to maintain
and expand our user and customer base; the impact of our licensing model on the use and adoption of our software; the impact
of foreign currency exchange rate and interest rate fluctuations on our results; our international expansion strategy; our

Disclaimer
operating results and cash flows; our beliefs and objectives for future operations; the sufficiency of our capital resources; our
ability to successfully execute our go-to-market strategy and expand in our existing markets and into new markets, and our
ability to forecast customer retention and expansion; and general market, political, economic and business conditions.

Additional risks and uncertainties that could cause actual outcomes and results to differ materially are included in our filings with
the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10K for the fiscal year ended April
30, 2020 and any subsequent reports filed with the SEC. SEC filings are available on the Investor Relations section of Elastic’s
website at ir.elastic.co and the SEC’s website at www.sec.gov. Elastic assumes no obligation to, and does not currently intend to,
update any such forward-looking statements, except as required by law.

In addition to GAAP financial information, this presentation and the accompanying oral presentation include certain non-GAAP
financial measures. See the Appendix for a reconciliation of all historical non-GAAP financial measures to their nearest GAAP
equivalent.
We are a search company.
We all know search as a search box that we
see on our favorite app or website ...
 but search is so much more

Search finds insights across your Search discovers insights from Search correlates insights within
enterprise apps and content within your enterprise systems, your security data, networks, and
repositories to improve applications, and infrastructure to endpoints to protect your
employee productivity and drive operational efficiencies organization and thwart attacks
satisfaction
 $78B
$78B
2021

our TAM
$45B
Source: IDC
2018
WW AI-enabled Search Software Forecast 20202024
WW Business Analytics Software Forecast 20202024
WW IT Operations Management Software Forecast 20202024
WW Device Vulnerability Management Forecast 20202024
WW Security-as-a-Service Forecast 20202024
WW Corporate Endpoint Security Software Forecast 20202024
WW SIEM Forecast 20202024
WW Business Analytics Software Forecast 20202024
 Customers across various industries, segments, and geographies

Automotive/ Retail/
Technology Finance Telco Consumer Healthcare Public Sector
Transportation Ecommerce

K
 Powerful Business Model with Strong Network Effects

Multiple Expansion Levers Technology Differentiation

- Solving problems from a
- More data sources & volume unified search lens
- More projects for the same solution - Speed, scale, and relevance
across an enterprise - 3 solutions, a single stack
- More solutions adopted

Compelling Commercial Massive Adoption

Model
- Basic tier drives massive
- Proprietary features deliver significant value adoption of proprietary, free
- Low-friction, resource-based pricing model features
- Strong new customer acquisition
- Open Source and Basic features become paid
in Cloud
Large Market Opportunity with Many Growth Levers

Demonstrated track record of

Large Total Addressable Market strong expansion: more data, more
projects, more solutions

Rapid pace of new customer

Solutions driving expansion with
additions driven by paid
significant growth opportunity
features and support

Robust growth in Elastic Cloud

 Powerful Engine for New Customer Growth

Massive frictionless adoption Nurture campaigns in Self-service on-ramp for SaaS

through free and open tier marketing Monthly payments
(proprietary features) No commitment

Paid features and Support Expanding sales coverage Single pricing model
drive customer growth driving annual subscriptions -
All features monetized in Cloud and Self-managed
SaaS (no free tier)
 Levers to Drive Expansion

Projects More Projects for More Solutions

Grow Same Solution
● More data ● Expand across the ● Extend across Enterprise
● More sources of data enterprise Search, Observability, Security
● Upsell to higher tiers ● Upsell to higher tiers ● Upsell to higher tiers
power of search

We aim to enable every

organization in the world to
utilize the power of search
across their data to instantly
find relevant insights and
take action.
power of
community
● Millions of developers; drives a
developer mindshare movement

● Creates a strong top of the funnel

foundation

● Facilitates bottom up adoption within

enterprises

● Generates an entry point into new

markets and geos

● 150K meetup members, 263 global

groups
power of a
single stack
● Organizations get leverage across multiple
use cases and teams

● A unified foundation for solutions

● Accelerates feature velocity

power of open
● Apache 2.0-licensed
source code is now
dual-licensed (Elastic
License v2 or SSPL

● Elastic License v2 is
simplified and more
permissive

● Our community and

customers continue to
have free and open
access to use, modify,
redistribute, and
collaborate on the code

● Further protects our

continued investments
and extends our
competitive differentiation

● Does not impact

customers or the vast
majority of users
power of cloud
and hybrid
● Ease of use, turnkey SaaS,
consumption-based

● Provides customers with data gravity and

locality

● Support for customer data privacy regulations

● Multi-cloud support with native integration

(billing/marketplace)

● 43 cloud regions; 3x from FY19

● Support for cloud and on-premises

deployments with ECE an ECK
Elastic Cloud is
available and
integrated with every
major cloud provider
 Growth Drivers for Elastic Cloud

Customer Differentiated Rich Proprietary

Preference Solutions Features

Partnerships Expanding Investments,

Locations
 Investing in Global Cloud Regions Coverage

Americas
16 regions

EMEA
14 regions

APJ
13 regions
GCP

Azure

AWS

As of Q3FY21
 Observability

power of
solutions
● Solves specific business problems with
ease of use

● Built into the Elastic Stack

● Single, unified experience across all

solutions Security

Enterprise Search
 Enterprise Search
Search everything, anywhere.

Site Search
Workplace Search
Application Search
Ecommerce Search
Customer Support Search
 Every business today is Customers want …
an online business. Powerful, fast, and relevant search experiences.
Out-of-the-box. Open APIs. Capability to have pre-tuned
search for any website, application, or workplace app.
Search drives improved Complete visibility into the search analytics, results and
Website

user experiences and user behavior.

increased conversions

“
Application

Search enables new

monetization models
and app stickiness Elasticsearch is not only a powerful search engine,
but it also a powerful analytics engine for making
product recommendations and alerting on order
Workplace

Search increases thresholds, powering our e-commerce business.

employee productivity
across internal docs
Leading E-commerce Company
and applications
 Observability
Unified observability for your entire
digital ecosystem.

Logs
Metrics / Monitoring
APM / Tracing
Uptime / Synthetics
Managing systems Customers want …
is complex. A single pane of glass across their observability data — logs,
metrics, APM traces, and more. Easy ingestion. Accessible
machine learning and anomaly detection. Automated alerts
and workflow. Operational simplicity. Collaboration between
Search enables
correlation of logs,
Dev, Ops, and Security teams.
metrics, and APM traces

“
Search improves IT
operations efficiency and
reduces MTTR
We’re really happy with Elastic Observability and we’ve
been able to dramatically reduce our operations cost by
50% and free up 95% of devops time.
Search provides
actionable insights to
meet business objectives Fortune 500 Auto Manufacturer
 Security
Prevent, detect, and protect
your organization from attacks.

Security Information and Event Monitoring (SIEM

Security Analytics
Endpoint Security (EPP/EDR
Threat Hunting
SecOps/Cloud Monitoring
Stopping attack at scale Customers want …
is hard.
Threat protection at scale across their systems, networks,
and endpoints. Out-of-the-box detection rules with machine
learning, integration with MITRE ATT&CK, automated alerts
Search facilitates
and workflow to stop an attack in real-time, collaboration
real-time detection and
protection from endpoints between ITOps, DevOps, and SecOps teams.
to the data center

“
Search enables
real-time, holistic
visibility for all SecOps
The dream was to automate a 247 protection system
that works on its own. With our Elastic powered security
platform, we save millions of dollars.
Search reduces
dwell times to
minimize or avoid Fortune 100 Retailer
damage
power of
the customer
 Customers Among the Top 10 Companies of Each Industry

46%
Fortune 500 10/10 9/10 8/10 8/10
Customers Computer
Services
Software
Companies
Broadcast &
Cable
Telecom
Services

31%
Forbes 2000 7/10 7/10 7/10 7/10
Aerospace & Auto Diversified Pharmaceutical
Customers Defense Manufacturers Insurance Companies
Companies

As of FY20
As of FY20
 power of single pricing
Resource-based Pricing | Pay for the data you use

Elastic Enterprise Search Elastic Observability Elastic Security

Site Search APM SIEM

No query-based pricing No agent/user-based pricing No user/ingest-based pricing

App Search Logs Endpoint Security

No docs-based pricing No ingest-based pricing No endpoint-based pricing

Workplace Search Metrics

No user-based pricing No host-based pricing
 Developer to CXO Motion
Developer &
Practitioners

● Initial use case or project

● Champions Elastic across their

team and department

Line of Business (LOB

Executive
and CXOs ● Multiple use cases or projects

● Adoption of Elastic across a single

● Adoption of Elastic across multiple line of business or BU
lines of business or BUs
● Champions Elastic to other LOB
● Enterprise-wide adoption, Center of leaders and executives
Excellence

● Executive/CXO endorsement
 Customer Journey

High Volume, Frictionless Warm Touch, Value-Focused

User Engagement Customer Engagement

ENGAGE & ADOPT ONBOARD & EXPAND

● Sales Development ● Support

● Meetups ● Training
● Field Sales ● Training
● Website ● Cloud Trials (SaaS
● Solution Architects ● Customer Success
● ElasticON ● Download
● Inside Sales ● Renewals
● Documentation ● Basic Feature Usage

● Forums ● Trial to Paid Features

 Globally Distributed Sales Coverage

47%
of revenue
from outside
the U.S.
As of Q3FY21 Enterprise Commercial Public Sector
Rapid customer growth and increasing strategic commitments

Total Customers Customers with ACV  $100K Customers with

ACV  $1M
11,300
50
610
8,100

30
` 440
Q3FY21 Q3FY21

13,800 670

FY19 FY20 FY19 FY20 FY19 FY20

Continued Expansion Across Cohorts

2.1x in 2 years

2.2x in 3 years

3.2x in 4 years
Net Expansion Rate >130%

Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20

FY13 FY14 FY15 FY16 FY17 FY18 FY18 FY20

Annual contract value (ACV represents the customer’s total committed annual subscription amount. Cohorts arranged by year of customers’ first annual contract.
 Solutions Driving Expansion with Significant Growth Opportunity

$100K ACV Customers $1M ACV Customers

1 Solution 50% 1 Solution 25%

2 Solutions 30% 2 Solutions 30%

3 Solutions 20% 3 Solutions 45%

As presented at the Financial Analyst Meeting on Oct 14, 2020

Solutions represent Enterprise Search, Observability and Security. For instance, if a customer uses logging
and APM, that counts as one solution (Observability), not two.
 Why We Win

Search Technology Pricing

 Value  Versatility  Transparency

Search drives immediate A single technology that is Resource-based pricing

value core to a customer’s versatile enables customers ensures there are no
business and critical use to have economies of scale hidden costs and that
cases in a way that is across multiple projects, customers can grow over
continuous. teams, and use cases. time with transparency.
 Our Leadership Team

Shay Banon Janesh Moorjani Paul Appleby Ash Kulkarni Sally Jenkins
Founder & CEO CFO President, Worldwide Chief Product Officer Chief Marketing
Field Operations Officer

Justin Hoffman Kevin Kluge W.H. Baird Garrett Leah Sutton

Senior VP, Sales Senior VP of Senior VP, Legal Senior VP, Global
Engineering General Counsel Human Resources
and Secretary
 Commitment to Social Responsibility is a Key Component to Elastic’s Culture

Employee and Environmental

Community Governance
Health and
Engagement Safety

● Diversity and inclusion are core to our source code ● Elastic’s workforce is “Distributed by Design”. ● Board of Directors: independent majority board and
○ Employ anti-bias interviewer training and a Leveraging a globally distributed workforce an independent pay committee; 7 of 8 directors are
structured hiring process with regards to D&I enables: independent, the board has a lead independent
○ Maintain global targets for percentage of women ○ Less transportation: minimizes traffic congestion director and all members of our board committees
in management, engineering, and across the and overall carbon footprint are independent
company ○ Lower energy usage, emissions and waste: ● Diversity: 25% of our directors are female and the
● Conduct regular employee engagement surveys much smaller office portfolio than most board is California AB 979 (underrepresented
and pay equity analyses to drive pay equity across comparable organizations minimizes waste and community) compliant
gender globally energy consumption ● Term limits: Initial term of three years and a
● Offer wide range of equitable benefits across areas ● Supply chain environmental and social maximum term of 12 years for non-executive
such as health, family, community, and time away responsibility management: Developing programs directors
● Drive employee learning and organizational using several industry standards such as ISO ● Corporate policies and mandatory employee
development via Linkedin Learning and other (International Standards Organization), RBA training: Strong policies such as “Corporate
internal initiatives (Responsible Business Alliance, formerly EICC - Governance Guidelines”, “Code of Business
● Employee resource groups to support employee Electronic Industry Citizenship Coalition) and Conduct and Ethics”, “Anti-Corruption Policy and
engagement and foster an inclusive environment others. Whistleblowing Policy” and mandatory ethics and
● “Elastic Cares” program drives all year around compliance trainings for all employees
community and giving campaigns
Building a Culture of Success
Financial Overview
 92%
Subscription
revenue mix

70% 58% Y/Y

Self-managed
High Recurring
48% Y/Y
Revenue Model with
Robust SaaS Growth
22%
SaaS

101% Y/Y

As of FY20
Strong Track Record of Driving Growth $334

$157 $309
$145 $10 $278
Total Revenue $124 $129 Deferred Revenue
$11 $260
$ millions $10 $8 $ millions
$113 $147
$101 $9 $134
$121 $210
$90 $9
$114 $201
$81 $7
$104
$71 $7 $171 $170
$6 $92
$138
$82
$74
$65

$52

Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Q321

70% 63% 58% 59% 60% 53% 44% 43% 39% 73% 66% 64% 58% 52% 52% 63% 54% 59%

Y/Y Growth % Y/Y Growth %

Subscription Services

Sums may not add to totals due to rounding.

Operating Leverage Inherent in Model Visible As We Scale

Total Revenue Non-GAAP Operating Margin %

$589.5M

$428M
FY19 FY20 FY21*

$272M
20.5% 17.7% 3.15%

FY19 FY20 FY21*

*FY21 data based on midpoint of guidance provided on February 24, 2021

 Continued Expansion in Gross Profit As We Scale

Non-GAAP Gross Profit and Margin %

$319 Elastic Cloud is dilutive to gross margin % but

accretive to gross profit dollars.

74.7%
74.0% Maintained Non-GAAP Gross Margin % through
$201
efficiencies despite increase in SaaS mix

Anticipate modest continued headwind to

Non-GAAP Gross Margin as SaaS mix increases

FY19 FY20 FY19 FY20

Investing in Proprietary Innovation Increases Competitive Advantage

Non-GAAP R&D Expense and % of Revenue High velocity of releases with mainly proprietary
features drives competitive advantage

$140
Rapid adoption delivers value early; paid features
drive monetization
32.6%
30.7%
$83 Endgame acquired in Q2 FY20

Operating leverage through:

Single code base across Stack and Solutions

Power Plays in Stack leveraged across Solutions

Top line growth > investment growth

FY19 FY20 FY19 FY20
 Rapidly Scaling Efficient Go-to-Market Model

Non-GAAP S&M Expense and Margin % Efficient distribution model drives efficiency in
go-to-market motions with strong productivity

$193
Investing globally in coverage and capacity
across roles
49.5%
$134 45.1%
Operating leverage through:

Productivity Gains

Growth in Cloud

Moving further up within the enterprise

Scaling velocity model

FY19 FY20 FY19 FY20
Partnerships
 Financial Framework

Drive recurring revenue growth: Subscriptions mix at 90% or more

Grow Elastic Cloud faster than overall business: Gradual increase in SaaS mix

Balance profitability and growth: Disciplined reinvestment

Target <5% annual share dilution (excluding acquisitions)

Q3 FY21  Revenue Highlights

Q3 FY21 Y/Y
$ millions Q3 FY21 Q3 FY21 Y/Y
CC
Total Revenue $157.1 39% 36%

Total Subscription Revenue $147.2 41% 38%

SaaS Revenue $44.9 79% 76%

Subscription % of Total Revenue 94%

Professional Services Revenue $9.9 10% 7%

CC  Constant Currency
Q3 FY21  Strong Billings and Customer Metrics

Q3 FY21 Y/Y
$ millions Q3 FY21 Q3 FY21 Y/Y
CC

Calculated Billings1 $173.2 41% 37%

Q3 FY21 CUSTOMER METRICS

Total Subscription Customers  13,800

Subscription Customers with ACV  $100,000  670

Net Expansion Rate  130%

1
Calculated Billings represents total revenue plus the sequential increase in deferred revenue as presented on the statement of
cash flows, less the increase in unbilled accounts receivable. See appendix for reconciliation to GAAP.

CC  Constant Currency
Q3 FY21  Non-GAAP Income Statement Highlights

$ millions, except per share amounts Q3 FY21 % OF REVENUE

Total Revenue $157.1 100%

Gross Profit/Margin $121.0 77%

Research & Development Expense $40.6 26%

Sales & Marketing Expense $59.6 38%

General & Administrative Expense $20.9 13%

Operating Income/Margin $0.0 0.0%

Earnings per share $0.04

See appendix for reconciliation to GAAP

Q3 FY21  Select Financial Measures

$ millions, except employees Q3 FY21

Free Cash Flow $18.3

Cash & Cash Equivalents $393.1

Total Deferred Revenue $334.0

Remaining Performance Obligations $705.7

Employees 2,084

See appendix for reconciliation to GAAP

Appendix
 Elastic Release 7.11 Continued rapid pace of innovation
Powerful foundational features in the Elastic Stack included:
searchable snapshots (GA and the cold data tier (GA, schema on read
(beta)
Elastic Enterprise Elastic Observability Elastic Security Elastic Cloud
Search
• Launched the beta of a new • Introduced a new service • Automated detection and • Enhanced cross-cluster
web crawler for Elastic App health overview in Elastic operationalized analytics replication and
Search APM to accelerate root with prebuilt machine cross-cluster search
cause analysis and learning jobs and between regions and cloud
• Added Box as a content
troubleshooting. detection rules providers
source to Elastic Workplace
Search • Launched a new host • Streamlined SOC • Scaled and streamlined
details view in the Elastic workflows and cloud operations with
• Extended granular access
Metrics app to troubleshoot accelerated response autoscaling of data and
controls for Elastic
infrastructure issues faster times machine learning nodes
Workplace Search with
document level permissions • Added new logging libraries • Updated the Timeline • Launched support for the
for Atlassian Jira Cloud and in Elastic Common Schema workspace to drive more new cold data tier to retain
Confluence Cloud efficiency more data for longer
Remaining Performance Obligations (RPO
Historical Trend

Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21

$ millions

Remaining Performance
$426.0 $535.6 $576.4 $643.5 $705.7
Obligations (RPO
 GAAP to Non-GAAP Reconciliation

Gross Profit, Gross Margin and Operating Margin

$ in millions) FY19 FY20
GAAP gross profit $193.6 $304.9
 Stock based compensation 4.6 7.1
 Amortization of acquired intangibles 2.8 6.8
 Employer payroll taxes on employee stock transactions 0.0 0.5
Non-GAAP gross profit $201.1 $319.4

GAAP gross margin 71.3% 71.3%

 Stock based compensation 1.7% 1.7%
 Amortization of acquired intangibles 1.0% 1.6%
 Employer payroll taxes on employee stock transactions 0.0% 0.1%
Non-GAAP gross margin % 74.0% 74.7%

GAAP operating margin % 37.3% 40.0%

 Stock based compensation 14.7% 14.0%
 Amortization of acquired intangibles 1.1% 2.4%
 Acquisition and related expenses 0.3% 4.2%
 Employer payroll taxes on employee stock transactions 0.7% 1.8%
Non-GAAP operating margin % 20.5% 17.7%

Sums may not add to totals due to rounding

 GAAP to Non-GAAP Reconciliation
Research & Development and Sales & Marketing Expenses
$ in millions) FY19 FY20 FY19 FY20
% Revenue % Revenue
GAAP research & development expenses $101.2 $165.4 37.2% 38.7%
 Stock based compensation 16.1 23.6 5.9% 5.5%
 Acquisition and related expenses 0.7 0.0 0.3% 0.0%
 Employer payroll taxes on employee stock transactions 0.9 2.2 0.3% 0.5%
Non-GAAP research & development expenses $83.4 $139.5 30.7% 32.6%

GAAP sales & marketing expenses $147.3 $219.0 54.2% 51.2%

 Stock based compensation 12.0 19.3 4.4% 4.5%
 Amortization of acquired intangibles 0.1 3.3 0.1% 0.8%
 Acquisition and related expenses 0.0 0.5 0.0% 0.1%
 Employer payroll taxes on employee stock transactions 0.7 3.2 0.3% 0.8%
Non-GAAP sales & marketing expenses $134.4 $192.6 49.5% 45.1%

Free Cash Flow

$ in millions) FY18 FY19 FY20
Net cash used in operating activities $20.8 $23.9 $30.6
Less: Purchase of property and equipment $3.0 $3.4 $5.1
Free cash flow $23.8 $27.4 $35.6
Free cash flow margin* 15% 10% 8%
*Free cash flow margin represents free cash flow divided by total revenue
Sums may not add to totals due to rounding
GAAP to Non-GAAP Reconciliations
Gross Profit and Gross Margin

Sums may not add to totals due to rounding

GAAP to Non-GAAP Reconciliations
Operating Expenses

Sums may not add to totals due to rounding

GAAP to Non-GAAP Reconciliations
Operating Loss, Operating Margin and Net Loss per share

Sums may not add to totals due to rounding

GAAP to Non-GAAP Reconciliations
Calculated Billings

Free Cash Flow

*Free cash flow margin represents free cash flow divided by total revenue
Sums may not add to totals due to rounding
 Definitions

Customers: We define a customer as an entity that generated revenue in the quarter ending on the
measurement date from an annual or month-to-month subscription. All affiliated entities are typically
counted as a single customer.

Customers >$100K ACV and Customers >$1M ACV The annual contract value, or ACV, of a customer’s
commitments is calculated based on the terms of that customer’s subscriptions, and represents the total
committed annual subscription amount as of the measurement date. Month-to-month subscriptions are
not included in the calculation of ACV.

Net Expansion Rate: To calculate an expansion rate as of the end of a given month, we start with the ACV
from all customers as of twelve months prior to that month end, or Prior Period Value. We then calculate
the ACV from these same customers as of the given month end, or Current Period Value, which includes
any growth in the value of their subscriptions and is net of contraction or attrition over the prior twelve
months. We then divide the Current Period Value by the Prior Period Value to arrive at an expansion rate.
The Net Expansion Rate at the end of any period is the weighted average of the expansion rates as of the
end of each of the trailing twelve months.