NEW RELIC, INC.

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NEW RELIC, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K)

05/17/2022 | 04:13pm EDT
The following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our consolidated financial
statements and related notes appearing elsewhere in this Annual Report on Form
10-K. The following discussion and analysis contains forward-looking statements
that involve risks and uncertainties. When reviewing the discussion below, you
should keep in mind the substantial risks and uncertainties that could impact
our business. In particular, we encourage you to review the risks and
uncertainties described in Part I, Item 1A "Risk Factors" included elsewhere in
this report. These risks and uncertainties could cause actual results to differ
materially from those projected in forward-looking statements contained in this
report or implied by past results and trends. Forward-looking statements are
statements that attempt to forecast or anticipate future developments in our
business, financial condition or results of operations. See the section titled
"Special Note Regarding Forward-Looking Statements" in this report. These
statements, like all statements in this report, speak only as of their date
(unless another date is indicated), and we undertake no obligation to update or
revise these statements in light of future developments, except as required by
law.

Overview

New Relic delivers a software platform for customers to land all of their
telemetry data quickly and affordably in one place and derive actionable
insights from that data in a unified front-end application. This category of
software products is generally referred to as observability. Our customers use
our software platform to ensure that they can observe and operate all of the
components of their digital infrastructure and provide a quality digital
experience for their customers. With a unified front end, purpose built on top
of the world's most powerful telemetry data platform, the New Relic platform
helps our users get a comprehensive and consistent view of their digital estate.

At present, most observability software is targeted at a small subset of the
developer community that works in the "operate" phase of the developer
lifecycle. These engineers are primarily concerned with the availability of the
applications and infrastructure that are the primary components of a customer's
digital environment. However, a key component of our multi-year strategy is to
help all software developers realize the largely dormant value of telemetry
data. We fundamentally believe that telemetry data is valuable in all of the
phases of the developer lifecycle: plan, build, deploy and operate.

To deliver on this strategy, we make data ingest so affordable that customers
have no reservations about populating our data platform with their growing
amounts of telemetry data. We believe that engineers are attracted to very large
data sets, and over time we intend to introduce ways for engineers in the plan,
build and deploy phases of the developer lifecycle to realize significant value
from that data.

We believe we offer the lowest prices for data ingest in the industry; we can do
this because we have built a massively scalable proprietary telemetry data
platform, which is a unique competitive advantage and we are able to leverage
that scale to offer more cost-effective solutions. Our unified front end and
data-centric approach to observability gives our users a consistent and
comprehensive view of their digital environment. This is in contrast to most
other vendors we compete against that take an application-centric approach that
forces users to toggle between a variety of stand-alone applications on top of
purpose-built databases, effectively creating silos of data.

Our customers span the continuum from startups to the world's largest
corporations; the common thread among all of the users of our products is a
desire to offer their constituents a top-tier digital experience. We primarily
sell our platform on a consumption model; customers on this pricing model only
pay for data ingest and provisioned users. We engage with prospects and
customers directly through our field, inside sales teams and on our website, as
well as indirectly through channel partners. The majority of our customers are
on either "Pay as You Go" contracts where they are charged for usage in arrears,
or commitment contracts where they commit to a minimum spend over their
contracted period in exchange for a discount on their usage pricing. The
majority of our commitment contracts are one year in duration and are invoiced
upfront. When a customer consumes either data or users in excess of their
aggregate commitment, they are charged the same rate they negotiated in the
commitment, and are invoiced for incremental charges when their consumption
exceeds their commitment. When we enter into multi-year commitment contracts, we
typically invoice the customer on an annual basis.

We offer a free tier of our New Relic platform. As a result, our direct sales
prospects may be familiar with our platform and may already be using it in a
limited fashion. A core component of our growth strategy is to provide a
friction-free environment for developers to familiarize themselves with our
solutions, and then offer incremental opportunities to derive more value from
our products either by in-product support, or engaging with our technically
oriented customer adoption team.

We also generate revenue from services, which consist primarily of fees
associated with consulting and training services. Revenue from services accounts
for a de minimis amount of our total revenue. We expect to continue to invest in
our
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product and go-to-market organizations as we believe both the self-serve nature
of our products, and the customer specific attention from our technologists,
play an important role in accelerating our customers' realization of the
benefits of our platform, which helps drive customer retention and expansion.

Our revenue for the fiscal years ended March 31, 2022 and 2021 was $785.5
million and $667.6 million, respectively, representing year-over-year growth of
18%. We continue to make significant expenditures and investments, including in
personnel-related costs, sales and marketing, infrastructure and operations, and
have incurred net losses in each period since our inception, including net
losses attributable to New Relic of $250.4 million and $192.6 million for the
fiscal years ended March 31, 2022 and 2021, respectively. Our accumulated
deficit as of March 31, 2022 was $783.3 million.

Internationally, we currently offer our products in Europe, the Middle East, and
Africa, ("EMEA"); Asia-Pacific, ("APAC"); and other non-U.S. locations, as
determined based on the billing address of our customers, and our revenue from
those regions constituted 15%, 10%, and 7%, respectively, of our revenue for the
fiscal year ended March 31, 2022, and 16%, 9%, and 6%, respectively, of our
revenue for the fiscal year ended March 31, 2021. We believe there is an
opportunity to increase our international revenue overall and as a proportion of
our revenue, and we are increasingly investing in our international operations
and intend to invest in further expanding our footprint in international
markets.

Our employee headcount has increased to 2,217 employees as of March 31, 2022
from 2,168 as of March 31, 2021, and we plan to continue to invest aggressively
in the growth of our business to take advantage of our market opportunity.

                    Impact of the Ongoing COVID-19 Pandemic

The COVID-19 pandemic continues to affect the U.S. and the world and has
resulted in authorities implementing numerous and changing measures to contain
the virus. The extent of the impact of the COVID-19 pandemic on our operational
and financial performance will continue to depend on certain developments,
including the duration of the pandemic, the successful rollout of vaccines and
the efficacy and durability of such vaccines, especially in light of the
emergence of new variant strains; impact on our customers and our sales cycles;
impact on our customer, employee, and industry events; impact on our employee
recruitment and attrition; and effect on our vendors, all of which remain
uncertain and cannot be predicted at this time.

Since July 1, 2021, a number of our offices in certain locations were re-opened
in limited capacities. As our offices reopen, we expect to incur incremental
expenses as we resume onsite services and related in-office costs. While certain
travel bans and other restrictions that were implemented by federal, state, or
local authorities at the beginning of the pandemic were relaxed earlier in the
year, recently, due to the proliferation of the Omicron variant, among other
developments, some of these restrictions have been re-imposed, and new
restrictions may be implemented. We are continuing to actively monitor the
situation and have taken and may take further actions that alter our business
operations as may be required or recommended by federal, state, or local
authorities, or that we determine are in the best interests of our employees,
customers, partners, suppliers, and stockholders. As the development,
distribution and public acceptance of treatments and vaccines progress, we
continue to evaluate and refine our operational strategies. Our revenue and
deferred revenue have been, in part, negatively impacted by the slowdown in
activity associated with the COVID-19 pandemic, but at this point, the extent of
any continuing impact to our financial condition or results of operations,
including cash flows, is uncertain, particularly as the COVID-19 pandemic
continues to persist for an extended period of time. Other factors affecting our
performance are discussed below, although we caution you that the COVID-19
pandemic may also further impact these factors.

Factors Affecting Our Performance


Market Adoption of Our Platform. Our success, including our rate of customer
expansions and renewals, is dependent on the market adoption of our platform.
With the introduction of new technologies, the evolution of our platform and new
market entrants, competition has intensified and we expect competition to
further intensify in the future. We employ a land and expand business model
centered around offering a platform that is open, connected and programmable. We
believe that we have built a highly differentiated platform and we intend to
continue to invest in building additional offerings, features and functionality
that expand our capabilities and facilitate the extension of our platform to new
use cases. We also intend to continue to evaluate strategic acquisitions and
investments in businesses and technologies to drive product and market
expansion. Our ability to improve market adoption of our platform will also
depend on a number of other factors, including the competitiveness and pricing
of our products, offerings of our competitors, success of international
expansion, and effectiveness of our sales and marketing efforts. With the shift
in our pricing strategy, which now relies primarily upon a per-user license fee
and payment based on the quantity of data ingested, we have more closely tied
our revenue to the usage of our platform. Together with this pricing strategy,
we also launched a new, robust free tier and improved self-service capabilities,
which we expect to result in a material increase in our ability to attract and
convert free users into new paying customers.
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Retention and Expansion. A key factor in our success is the retention and
expansion of our platform usage with our existing customers. In order for us to
continue to grow our business, it is important to generate additional revenue
from our existing customers, and we intend to do this in several ways. As we
improve our existing products and platform capabilities and introduce new
products, we believe that the demand for our products will generally grow. We
also believe that there is a significant opportunity for us to increase our
revenue from sales to our current customers as they become more familiar with
our products and adopt our products to address additional business use cases. In
addition, we believe the shift in our pricing strategy will allow sales
resources to focus energy on helping customers increase their data ingestion and
the number of users and use cases.

Key Operating Metrics


We review the following key metrics to evaluate our business, measure our
performance, identify trends affecting our business, formulate business plans,
and make key strategic decisions. The calculation of the key operating metrics
discussed below may differ from other similarly titled metrics used by other
companies, securities analysts, or investors.

Number of Active Customer Accounts. We believe that the number of Active
Customer Accounts is an important indicator of the growth of our business, the
market adoption of our platform and future revenue trends. We define an Active
Customer Account at the end of any period as an individual account, as
identified by a unique account identifier, aggregated at the parent hierarchy
level, for which we have recognized any revenue in the fiscal quarter. As our
customers grow their businesses and extend the use of our platform, they
sometimes create multiple customer accounts with us for operational or other
reasons. As such, when we identify a parent organization that has created a new
Active Customer Account, this new Active Customer Account is combined with, and
revenue from this new Active Customer Account is included with, the original
Active Customer Account. In addition, our Active Customer Accounts metric is
subject to adjustments for acquisitions, consolidations, spin-offs, and other
market activity. We round the number of Active Customer Accounts that we report
as of a particular date down to the nearest hundred.

For the three-month period ended March 31, 2022, we had 14,800 Active Customer
Accounts, which is up from 14,100 Active Customer Accounts for the three-month
period ended March 31, 2021 and is up sequentially from 14,600 Active Customer
Accounts for the three-month period ended December 31, 2021.

                            Mar 31, 2022      Dec 31, 2021      Sep 30, 2021      Jun 30, 2021
Active Customer Accounts     14,800            14,600            14,300            14,100


Number of Active Customer Accounts with Revenue Greater than $100,000. Large
customer relationships generally lead to scale and operating leverage in our
business model. Compared with smaller customers, large customers present a
greater opportunity for us to sell additional capacity because they often have
larger budgets, a wider range of potential use cases, and greater potential for
migrating new workloads to our platform over time. As a measure of our ability
to scale with our customers and attract large enterprises to our platform, we
count the number of Active Customer Accounts for which we have recognized
greater than $100,000 in revenue in the trailing 12-months.

For the three-month period ended March 31, 2022, we had 1,099 Active Customer
Accounts with trailing 12-month revenue over $100,000, which was a 16% increase
compared to 945 for the three-month period ended as of March 31, 2021 and a 3%
increase compared to 1,064 for the three-month period ended December 31, 2021.

                                               Mar 31, 2022            Dec 31, 2021            Sep 30, 2021            Jun 30, 2021
Active Customer Accounts > $100,000                1,099                   1,064                   1,011                     964


Percentage of Revenue from Active Customer Accounts Greater than $100,000. In
addition to the number of Active Customer Accounts with revenue greater than
$100,000, we also look at our percentage of overall revenue we receive from
those accounts in any given quarter as an indicator of our relative performance
when selling to our large customer relationships compared to our smaller revenue
accounts. An increase in the percentage of revenue reflects relative higher
growth in our large customer relationships, whereas a decrease in the percentage
reflects relative higher growth in our performance with smaller revenue
customers.

Our percentage of revenue from Active Customers with trailing 12-month revenue
greater than $100,000 was 82% for the three-month period ended March 31, 2022,
compared to 79% for the three-month period ended March 31, 2021 and 81% for the
three-month period ended December 31, 2021.
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                                               Mar 31, 2022        Dec 31, 2021        Sep 30, 2021        Jun 30, 2021
Percentage of Active Customer Accounts >
$100,000                                               82  %               81  %               81  %               79  %


Net Revenue Retention Rate. We believe the growth in use of our platform by our
existing Active Customer Accounts is an important measure of the health of our
business and our future growth prospects. We monitor our net revenue retention
rate ("NRR") to measure this growth. We expect our NRR to increase when Active
Customer Accounts increase their usage of a product, extend their usage of a
product to new applications or adopt a new product. We expect our NRR to
decrease when Active Customer Accounts cease or reduce their usage of a product.

To calculate NRR, we first identify the cohort of Active Customer Accounts that
were Active Customer Accounts in the same quarter of the prior fiscal year.
Next, we identify the measurement period as the 12-month period ending with the
period reported and the prior comparison period as the corresponding period in
the prior year. NRR is the quotient obtained by dividing the revenue generated
from a cohort of Active Customer Accounts in the measurement period by the
revenue generated from that same cohort in the prior comparison period.

Our NRR increased year-over-year to 119% for the period ended March 31, 2022 compared to 112% for the period ended March 31, 2021 and increased quarter-over-quarter from 116% for the period ended December 31, 2021.

                               Mar 31, 2022      Dec 31, 2021      Sep 30, 2021      Jun 30, 2021
Net Revenue Retention Rate            119  %            116  %            112  %            111  %

Key Components of Results of Operations

Revenue


For the periods presented, we offered access to our products and/or platform
under subscription and consumption-based plans that include service and support
for one or more of our products. For our paying customers, we offer a variety of
pricing plans based on the particular product purchased. Our commitment plans
typically have terms of one year, although some of our customers commit for
shorter or longer periods; our Pay as You Go plans do not have a commitment.

Most of our revenue comes from contracts that are non-cancellable over the
contract term. Our shift to a consumption-based model allows our customers to
choose lower up-front commitments and to instead pay for their consumption in
excess of their commitments. Meanwhile, if consumption by our users exceeds
their up-front commitments, we would see an increase in the amount of revenue
that we recognize from those customers.

We have and may continue to experience volatility for our remaining performance
obligations and deferred revenue as a result of our shift to our consumption
pricing model. We had remaining performance obligations in the amount of $706.1
million and $726.8 million as of March 31, 2022 and March 31, 2021,
respectively, consisting of both billed and unbilled consideration. Deferred
revenue consists of billings or payments received in advance of revenue being
recognized, and can fluctuate with changes in billing frequency and other
factors. As a result of these factors, as well as our mix of subscription plans
and billing frequencies, we do not believe that changes in our remaining
performance obligations and deferred revenue in a given period are directly
correlated with our revenue growth in that period. The year over year decline in
remaining performance obligations is consistent with our transition from a
subscription to a consumption model.

Historically, we have received a higher volume of orders in the fourth fiscal
quarter of each year, and to a lesser extent our third fiscal quarter of each
year. As a result, we have historically seen higher cash collections in the
first and fourth fiscal quarters of each year, and our sequential growth in
remaining performance obligations has historically been highest in the fourth
fiscal quarter of each year, and to a lesser extent our third fiscal quarter of
each year. With our shift to a consumption based pricing model, we expect over
time that our revenue will more closely approximate our customer usage of our
products and services, and thereby our revenue may experience seasonal
fluctuations based upon our customer consumption patterns.

Cost of Revenue


Cost of revenue consists of expenses relating to hosting-related costs, salaries
and benefits of operations and global customer support personnel, data center
operations, depreciation and amortization, consulting costs, and payment
processing fees. Personnel related costs consist of salaries, benefits, bonuses
and stock-based compensation. We plan to continue increasing the capacity,
capability, and reliability of our infrastructure to support the growth of our
customer adoption and the number of products we offer, as customer usage
continues to grow. Additionally, we are continuing to build out services and
functionality in the public cloud with a view to migrating our entire platform
over time from third-party data center hosting
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facilities to public cloud hosting providers. We are continuing to decrease the
amount of capital expenditures on hosting equipment for use in our data center
hosting facilities as we transition to greater dependence on cloud hosting
providers. This public cloud migration has resulted and will continue to result
in significant increased costs in the short term as we are incurring cloud
migration costs, increased data ingest costs, as well as costs to maintain our
data center operations.

Gross Profit and Margin

Gross profit is revenue less cost of revenue. Gross margin is gross profit
expressed as a percentage of revenue. Our gross margin has been, and will
continue to be, affected by a number of factors, including the timing and extent
of our investments in our hosting-related costs, operations and global customer
support personnel, and the amortization of capitalized software. Although we
expect our gross margin to fluctuate from period to period as a result of these
factors, our recent public cloud migration and, to a lesser extent, our pricing
transition, have contributed to lower gross margins.

Operating Expenses

Personnel costs, which consist of salaries, benefits, bonuses, stock-based compensation and, with regard to sales and marketing expenses, sales commissions, are the most significant component of our operating expenses.


Research and Development. Research and development expenses consist primarily of
personnel costs and an allocation of our general overhead expenses. We continue
to focus our research and development efforts on adding new features and
products, and increasing the functionality and enhancing the ease of use of our
existing products. We capitalize the portion of our software development costs
that meets the criteria for capitalization.

We plan to continue to hire employees for our engineering, product management,
and design teams to support our research and development efforts. As a result,
we expect our research and development expenses to continue to increase in
absolute dollars for the foreseeable future, although our research and
development expenses may fluctuate from period to period depending on
fluctuations in our revenue and the timing and extent of our research and
development expenses.

Sales and Marketing. Sales and marketing expenses consist of personnel costs for
our sales, marketing, and business development employees and executives. With
our shift to a consumption model pricing strategy, a significant majority of
commissions are no longer capitalized and will instead mostly be expensed as
incurred. Previously commissions attributable to acquiring new customer
contracts were capitalized and amortized on a straight-line basis over the
anticipated period of benefit. Therefore, commission expenses will be larger
until we have fully recognized the remaining capitalized commissions expenses
from prior periods under our subscription model. Sales and marketing expenses
also include the costs of our marketing and brand awareness programs, including
our free tier offering.

We expect that go-to-market operations in our consumption-based business model
will be more efficient, and require less investment, than in our former more
traditional subscription model. In furtherance of this strategy shift, we have
reallocated some spending from sales and marketing to increase our investment on
research and development. While we expect our sales and marketing expenses to
decrease as a percentage of our revenue over the long term, our sales and
marketing expenses, both in absolute dollars and as a percentage of our revenue,
may fluctuate from period to period depending on fluctuations in our revenue and
the timing and extent of our sales and marketing expenses.

General and Administrative. General and administrative expenses consist
primarily of personnel costs for our administrative, legal, human resources,
information technology, finance and accounting employees, and executives. Also
included are non-personnel costs, such as legal and other professional fees.

We plan to continue to expand our business both domestically and
internationally, and we expect to increase the size of our general and
administrative function to support the growth of our business. As a result, we
expect our general and administrative expenses to continue to increase in
absolute dollars for the foreseeable future. However, we expect our general and
administrative expenses to remain flat or decrease modestly as a percentage of
our revenue over the long term, although our general and administrative expense,
as a percentage of our revenue, may fluctuate from period to period depending on
the timing and extent of our general and administrative expenses, such as
litigation or accounting costs.

Other Income (Expense)

Other income (expense) consists primarily of interest income, interest expense, foreign exchange gains and losses, and gains on lease modifications.

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Results of Operations For Fiscal Years Ended March 31, 2022 and 2021


The following tables summarize our consolidated statements of operations data
for the fiscal years ended March 31, 2022 and March 31, 2021 and as a percentage
of our revenue for those periods. For a discussion of our consolidated statement
of operations data for the fiscal year ended March 31, 2020 and as a percentage
of revenue for that period, see "Results of Operations for Fiscal Years Ended
March 31, 2020, 2019, and 2018" in Part II, Item 7 of our Annual Report on Form
10-K for the fiscal year ended March 31, 2021, filed with the SEC on May 14,
2021, or our Fiscal 2021 Annual Report. For a discussion of our liquidity and
capital resources for the fiscal year ended March 31, 2020, see "Liquidity and
Capital Resources" in Part II, Item 7 of our Fiscal 2021 Annual Report. The
period to period comparison of results is not necessarily indicative of results
for future periods.
                                                                        Fiscal Year Ended March 31,
                                                                        2022                    2021
                                                                               (in thousands)
Consolidated Statements of Operations Data:
Revenue                                                          $       785,521          $      667,648
Cost of revenue (1)                                                      256,279                 181,564
Gross profit                                                             529,242                 486,084
Operating expenses:
Research and development (1)                                             211,856                 174,851
Sales and marketing (1)                                                  394,027                 361,702
General and administrative (1)                                           151,912                 120,931
Total operating expenses                                                 757,795                 657,484
Loss from operations                                                    (228,553)               (171,400)
Other income (expense):
Interest income                                                            2,862                   7,888
Interest expense                                                          (4,921)                (24,901)
Other expense, net                                                        (1,170)                 (1,918)
Loss before income taxes                                                (231,782)               (190,331)
Income tax provision                                                         323                     559
Net loss                                                         $     

(232,105) $ (190,890) Net loss and adjustment attributable to redeemable non-controlling interest

                                         $       (18,297)         $       (1,720)
Net loss attributable to New Relic                               $      

(250,402) $ (192,610)

(1)Includes stock-based compensation expense as follows:

                                                   Fiscal Year Ended March 31,
                                                       2022                  2021
                                                          (in thousands)
Cost of revenue                              $        5,042               $   5,939
Research and development                             48,355                  40,964
Sales and marketing                                  48,986                  54,695
General and administrative (2)                       50,656                 

33,545

Total stock-based compensation expense (3)   $      153,039               $ 

135,143



(2) Includes $9.6 million acceleration of share-based payment expense for the
fiscal year ended March 31, 2022 for one of our executives due to his departure
at the end of June 2021.

(3) Includes $0.5 million expense for the fiscal year ended March 31, 2022 due to the restructuring activities commenced in April 2021. Refer to Note 18. Restructuring for more information.

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                                                                                 Fiscal Year Ended March 31,
                                                                              2022                             2021
                                                                                (as a percentage of revenue)
Revenue                                                                                  100   %                     100   %
Cost of revenue (1)                                                                       33                          27
Gross profit                                                                              67                          73
Operating expenses:
Research and development (1)                                                              27                          26
Sales and marketing (1)                                                                   50                          54
General and administrative (1)                                                            19                          18
Total operating expenses                                                                  96                          98
Loss from operations                                                                     (29)                        (25)
Other income (expense):
Interest income                                                                            -                           1
Interest expense                                                                          (1)                         (4)
Other income (expense), net                                                                -                           -
Loss before income taxes                                                                 (30)                        (28)
Income tax provision                                                                       -                           -
Net loss                                                                                 (30  %)                     (28  %)

Net loss and adjustment attributable to redeemable non-controlling interest

                                                                  (2)                          -
Net loss attributable to New Relic                                                       (32  %)                     (28  %)



(1)Includes stock-based compensation expense as follows:

                                                                                 Fiscal Year Ended March 31,
                                                                               2022                              2021
                                                                                (as a percentage of revenue)
Cost of revenue                                                                                1  %                      1  %
Research and development                                                                       6                         6
Sales and marketing                                                                            6                         8
General and administrative                                                                     6                         5
Total stock-based compensation expense                                                        19  %                     20  %


Revenue
                      Fiscal Year Ended March 31,                   Change
                          2022                  2021          Amount          %
                                      (dollars in thousands)
United States   $      528,922               $ 460,944      $  67,978        15  %
EMEA                   121,301                 104,184         17,117        16  %
APAC                    79,940                  62,590         17,350        28  %
Other                   55,358                  39,930         15,428        39  %
Total revenue   $      785,521               $ 667,648      $ 117,873        18  %


Revenue increased $117.9 million, or 18%, in the fiscal year ended March 31,
2022 compared to the fiscal year ended March 31, 2021. Our revenue from the
United States increased $68.0 million, or 15%, our revenue from EMEA increased
$17.1 million, or 16%, our revenue from APAC increased $17.4 million, or 28%,
and our revenue from other regions increased $15.4 million, or 39% in the fiscal
year ended March 31, 2022 compared to the fiscal year ended March 31, 2021,
primarily as a result of growth in our customer base and increase in consumption
which resulted in an increase of revenue recognized from variable consideration.
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Cost of Revenue
                        Fiscal Year Ended March 31,                  Change
                            2022                  2021          Amount         %
                                       (dollars in thousands)
Cost of revenue   $      256,279               $ 181,564      $ 74,715        41  %


Cost of revenue increased $74.7 million, or 41%, in the fiscal year ended
March 31, 2022 compared to the fiscal year ended March 31, 2021. The increase
was a result of an increase in hosting-related costs of $75.9 million as a
result of the additional expenses incurred in connection with our public cloud
migration and an increase in travel expenses of $1.0 million. This was partially
offset by a $2.2 million decrease in depreciation and amortization expenses
primarily as a result of the reduction of site equipment and acquired
technology. This public cloud migration has resulted and will continue to result
in significant increased costs in the short term as we are incurring cloud
migration costs, increased data ingest costs, as well as costs to maintain our
data center operations.

Research and Development
                                 Fiscal Year Ended March 31,                  Change
                                     2022                  2021          Amount         %
                                                (dollars in thousands)
Research and development   $      211,856               $ 174,851      $ 37,005        21  %


Research and development expenses increased $37.0 million, or 21%, in the fiscal
year ended March 31, 2022 compared to the fiscal year ended March 31, 2021. The
increase was primarily the result of an increase in personnel-related costs of
$30.0 million, driven by an increase in headcount and compensation-related
expenses. The remaining increase was due to a $4.4 million increase in
facilities and depreciation expenses and a $2.1 million increase in software
subscription and consulting expenses.

Sales and Marketing
                            Fiscal Year Ended March 31,                 Change
                                2022                  2021          Amount        %
                                          (dollars in thousands)
Sales and marketing   $      394,027               $ 361,702      $ 32,325       9  %


Sales and marketing expenses increased $32.3 million, or 9%, in the fiscal year
ended March 31, 2022 compared to the fiscal year ended March 31, 2021. The
increase was primarily a result of an increase in personnel-related costs of
$20.5 million, driven by an increase in sales commissions expense as a result of
our shift to a consumption-business model, where the majority of commissions are
expensed as incurred, in addition to historical amortization expense for
commissions paid under our subscription-business model. The remaining increase
was due to a $4.9 million increase in consulting and software, a $4.5 million
increase in marketing programs, and a $4.5 million increase in travel and other
expenses. This was partially offset by a $2.2 million decrease in facilities and
depreciation expenses.

General and Administrative

                                   Fiscal Year Ended March 31,                  Change
                                       2022                  2021          Amount         %
                                                  (dollars in thousands)
General and administrative   $      151,912               $ 120,931      $ 

30,981 26 %



General and administrative expenses increased $31.0 million, or 26%, in the
fiscal year ended March 31, 2022 compared to the fiscal year ended March 31,
2021. The increase was primarily a result of an increase in personnel-related
costs of $25.5 million, driven by an increase in headcount and
compensation-related expenses. The remaining increase was due to a $3.1 million
increase in software subscription and consulting expenses, a $2.5 million
increase in other miscellaneous expenses, and a $1.1 million increase in legal,
accounting and travel expenses. This was partially offset by a $1.0 million
decrease in allocated costs, including facilities and depreciation expenses.
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Other Income (Expense)
                                Fiscal Year Ended March 31,                  Change
                                    2022                  2021          Amount         %
                                               (dollars in thousands)
Other income (expense)   $       (3,229)               $ (18,931)     $ 15,702        83  %


Other expense decreased by $15.7 million, or 83%, in the fiscal year ended
March 31, 2022 compared to the fiscal year ended March 31, 2021. The decrease
was primarily due to a $20.0 million decrease in interest expense for our
convertible debt due to the adoption of ASU 2020-06, Accounting for Convertible
Instruments and Contract on an Entity's Own Equity ("ASU 2020-06") in the first
quarter of fiscal 2022. This decrease was partially offset by a $5.0 million
decrease in interest income.

Provision for Income Tax
                               Fiscal Year Ended March 31,                   Change
                                     2022                    2021       Amount        %
                                             (dollars in thousands)
Income tax provision   $          323                       $ 559      $ (236)       42  %

Income tax expense decreased $0.2 million, or 42%, from $0.6 million in the fiscal year ended March 31, 2021 to $0.3 million in the fiscal year ended March 31, 2022. The decrease was mostly due to a decrease in U.S. tax expense offset by an increase in foreign tax expense.

Net Loss and Adjustment Attributable to Redeemable Non-controlling Interest

                                                                  Fiscal Year Ended March 31,                      Change
                                                                     2022                 2021              Amount             %
                                                                           

(dollars in thousands)

Net loss and adjustment attributable to redeemable non-controlling interest

                                      $       (18,297)         $ (1,720)         $ (16,577)           964  %


Net loss and adjustment attributable to redeemable non-controlling interest
increased by $16.6 million or 964%, in the fiscal year ended March 31, 2022
compared to the fiscal year ended March 31, 2021. The increase in loss and
adjustment was related to the redeemable non-controlling interest's adjustment
to estimated redemption value of our joint venture in New Relic K.K., partially
offset by share of associated losses.
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Non-GAAP Financial Measures

Non-GAAP Income (Loss) From Operations


To supplement our consolidated financial statements presented in accordance with
GAAP, we provide investors with certain non-GAAP financial measures, including
non-GAAP income (loss) from operations and non-GAAP net income (loss)
attributable to New Relic. We define non-GAAP income (loss) from operations and
non-GAAP net income (loss) attributable to New Relic as the respective GAAP
balance, adjusted for, as applicable: (1) stock-based compensation expense, (2)
amortization of stock-based compensation capitalized in software development
costs, (3) the amortization of purchased intangibles, (4) employer payroll tax
expense on equity incentive plans, (5) amortization of debt discount and
issuance costs, (6) the transaction costs related to acquisitions, (7) lawsuit
litigation cost and other expense, (8) gain or loss from lease modification, (9)
adjustment to redeemable non-controlling interest, and (10) restructuring
charges. We use non-GAAP financial measures, including non-GAAP income (loss)
from operations and non-GAAP net income (loss) attributable to New Relic,
internally to understand and compare operating results across accounting
periods, for internal budgeting and forecasting purposes, for short- and
long-term operating plans, and to evaluate our financial performance. In
addition, our bonus opportunity for eligible employees and executives is based
in part on non-GAAP income (loss) from operations.

We believe these measures are useful to investors, as a supplement to GAAP
measures, in evaluating our operational performance. We have provided below a
reconciliation of GAAP loss from operations to non-GAAP income (loss) from
operations and a reconciliation of GAAP net loss attributable to New Relic to
non-GAAP net income (loss) attributable to New Relic. We believe non-GAAP income
(loss) from operations and non-GAAP net income (loss) attributable to New Relic
are useful to investors and others in assessing our operating performance due to
the following factors:

Stock-based compensation expense and amortization of stock-based compensation
capitalized in software development costs. We utilize share-based compensation
to attract and retain employees. It is principally aimed at aligning their
interests with those of our stockholders and at long-term retention, rather than
to address operational performance for any particular period. As a result,
share-based compensation expenses vary for reasons that are generally unrelated
to financial and operational performance in any particular period.

Amortization of purchased intangibles. We view amortization of purchased
intangible assets as items arising from pre-acquisition activities determined at
the time of an acquisition. While these intangible assets are evaluated for
impairment regularly, amortization of the cost of purchased intangibles is an
expense that is not typically affected by operations during any particular
period.

Employer payroll tax expense on equity incentive plans. We exclude employer
payroll tax expense on equity incentive plans as these expenses are tied to the
exercise or vesting of underlying equity awards and the price of our common
stock at the time of vesting or exercise. As a result, these taxes may vary in
any particular period independent of the financial and operating performance of
our business.

Amortization of debt discount and issuance costs. In May 2018, we issued $500.25
million of our 0.50% convertible senior notes due 2023 (the "Notes"), which bear
interest at an annual fixed rate of 0.5%. The effective interest rate of the
Notes was 5.74%. Effective April 1, 2021 we adopted ASU No. 2020-06, Accounting
for Convertible Instruments and Contract on an Entity's Own Equity. As a result
of the adoption, the debt conversion option and debt issuance costs previously
attributable to the equity component are no longer presented in equity.
Similarly, the debt discount, which was equal to the carrying value of the
embedded conversion feature upon issuance, is no longer amortized into income as
interest expense over the life of the instrument. This resulted in a
$54.2 million decrease to the opening balance of accumulated deficit, a
$100.1 million decrease to the opening balance of additional paid-in capital,
and a $45.9 million increase to the opening balance of the Notes, net on the
consolidated balance sheet. The debt issuance costs were amortized as interest
expense. The expense for the amortization of debt issuance costs is a non-cash
item, and we believe the exclusion of this interest expense will provide for a
more useful comparison of our operational performance in different periods.

Transaction costs related to acquisitions. We may from time to time incur direct
transaction costs related to acquisitions. We believe it is useful to exclude
such charges because it does not consider such amounts to be part of the ongoing
operation of our business.

Lawsuit litigation cost and other expense. We may from time to time incur charges or benefits related to litigation that are outside of the ordinary course of our business. We believe it is useful to exclude such charges or benefits because we do not consider such amounts to be part of the ongoing operation of our business and because of the singular nature of the claims underlying the matter.

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Gain or loss from lease modification. We may incur a gain or loss from
modification related to lease agreements. We believe it is useful to exclude
such charges or benefits because we do not consider such amounts to be part of
the ongoing operation of our business and because of the singular nature of
benefit or charge from such events.

Adjustment to redeemable non-controlling interest. We adjust the value of redeemable non-controlling interest in connection with our joint venture in New Relic K.K. We believe it is useful to exclude the adjustment to redeemable non-controlling interest because it may not be indicative of our future operating results and that investors benefit from an understanding of our operating results without giving effect to this adjustment.


Restructuring charges. In April 2021, we commenced a restructuring plan to
realign our cost structure to better reflect significant product and business
model innovation over the past 12 months. As a result of the restructuring plan,
we incurred charges of approximately $12.6 million for employee terminations and
other costs associated with the restructuring plan. Most of these charges
consisted of cash expenditures and stock-based compensation expense and were
recognized in the first quarter of fiscal 2022. We believe it is appropriate to
exclude the restructuring charges because they are not indicative of our future
operating results.

Non-GAAP financial measures should not be considered in isolation from, or as a
substitute for, financial information prepared in accordance with GAAP. In
addition, there are limitations in using non-GAAP financial measures because the
non-GAAP financial measures are not prepared in accordance with GAAP and may
differ from non-GAAP financial measures used by other companies in our industry
and exclude expenses that may have a material impact on our reported financial
results.

The following tables present our non-GAAP income (loss) from operations and our
non-GAAP net income (loss) attributable to New Relic and reconcile our GAAP loss
from operations to non-GAAP income (loss) from operations and our GAAP net loss
attributable to New Relic to our non-GAAP net income (loss) attributable to New
Relic for the three months ended and fiscal year ended March 31, 2022 and 2021
(in thousands):
                                                             Three Months Ended March 31,                 Fiscal Year Ended March 31,
                                                                2022                  2021                  2022                  2021
GAAP loss from operations                                $       (55,747)  

$ (54,308) $ (228,553) $ (171,400) Plus: Stock-based compensation expense

                            35,490             32,099                  153,039             135,143

Plus: Amortization of purchased intangibles                        2,291              1,676                    7,649               5,505
Plus: Transaction costs related to acquisitions                        -                  -                      361                 885
Plus: Amortization of stock-based compensation
capitalized in software development costs                            722                379                    2,402               1,222
Plus: Lawsuit litigation cost and other expense                      (69)                 -                      (10)                254

Plus: Employer payroll tax on employee equity incentive plans

                                                              1,359              1,680                    3,911               3,800
Plus: Restructuring charges (1)                                        -                  -                   12,119                   -
Non-GAAP loss from operations                            $       (15,954)         $ (18,474)         $       (49,082)         $  (24,591)


                                                               Three Months Ended March 31,                 Fiscal Year Ended March 31,
                                                                  2022                  2021                  2022                  2021
GAAP net loss attributable to New Relic                    $       (55,513) 

$ (61,677) $ (250,402) $ (192,610) Plus: Stock-based compensation expense

                              35,490             32,099                  153,039             135,143

Plus: Amortization of purchased intangibles                          2,291              1,676                    7,649               5,505
Plus: Transaction costs related to acquisitions                          -                  -                      361                 885

Plus: Amortization of stock-based compensation capitalized in software development costs

                                          722                379                    2,402               1,222
Plus: Lawsuit litigation cost and other expense                        (69)                 -                      (10)                254

Plus: Employer payroll tax on employee equity incentive plans

                                                                1,359              1,680                    3,911               3,800
Plus: Amortization of debt discount and issuance costs                 591              5,704                    2,357              22,336
Plus: Adjustment to redeemable non-controlling interest               (871)             3,141                   18,579               3,141
Plus: Restructuring charges (1)                                          -                  -                   12,119                   -

Non-GAAP net loss attributable to New Relic                $       (16,000) 

$ (16,998) $ (49,995) $ (20,324)

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(1) Restructuring related charge for the stock-based compensation expense of $0.5 million is included on its respective line items.


Non-GAAP loss from operations and non-GAAP net loss attributable to New Relic
for the periods presented reflects the same trends discussed above in "Results
of Operations." Although we have generated non-GAAP income from operations and
non-GAAP net income attributable to New Relic in past quarters, we expect to
remain in a loss position in the near future as we continue to incur additional
expenses during our public cloud migration.

Liquidity and Capital Resources

                                                                      Fiscal Year Ended March 31,
                                                                       2022                   2021
                                                                             (in thousands)
Cash provided by operating activities                            $        3,624          $    69,866
Cash used in investing activities                                       (19,757)            (142,857)
Cash provided by financing activities                                    44,140               21,290

Net increase (decrease) in cash, cash equivalents and restricted cash

                                                             $       

28,007 $ (51,701)

Sources of Cash and Material Cash Requirements


To date, we have financed our operations primarily through the issuance of the
Notes, private and public equity financings and customer payments. As disclosed
in Note 7. Senior Convertible Debt, our 0.5% Convertible Senior Notes and Capped
Call will mature on May 1, 2023. We believe that our existing cash, cash
equivalents, and short-term investment balances, together with cash generated
from operations, will be sufficient to meet our working capital, capital
expenditure requirements, and debt retirement obligations for at least the next
12 months.

We believe we will meet longer-term expected future cash requirements and
obligations through a combination of cash flows from operating activities,
available cash balances, and issuance of equity or debt securities. Our future
capital requirements will depend on many factors, including our growth rate, the
timing and extent of spending to support research and development efforts, the
timing of our public cloud migration and the related decreased spending on
capital expenditures, the introduction of new and enhanced products, seasonality
of our billing activities, the timing and extent of spending to support our
growth strategy, the continued market acceptance of our products, and
competitive pressures. We may in the future enter into arrangements to acquire
or invest in complementary businesses, services, technologies and intellectual
property rights. We may need or choose to raise additional funds from equity or
debt securities in order to meet those capital requirements. In the event that
additional financing is required from outside sources, we may not be able to
raise such financing on terms acceptable to us or at all. If we are unable to
raise additional capital when desired, our business, operating results, and
financial condition would be adversely affected.

As of March 31, 2022, material cash requirements for future periods were as
follows:
                                                                              Payments due by period
                                                                   Less than            1 to 3             3 to 5            After
                                                 Total               1 year             years              years            5 years
                                                                                  (in thousands)
Principal amount payable on the Notes (1)    $   500,250          $       - 

$ 500,250 $ - $ - Operating lease obligations (2)

                   72,971             14,750             25,710             24,175            8,336
Purchase obligations (3)                         549,358             29,715            221,431            298,212                -
Total                                        $ 1,122,579          $  44,465          $ 247,141          $ 322,387          $ 8,336



(1)For additional information regarding the Notes, refer to Note 7 of Notes to
Consolidated Financial Statements included in Part II, Item 8 of this Annual
Report on Form 10-K.

(2)Consists of future minimum lease payments under non-cancelable operating leases for office space.

(3)Consists of future minimum payments under non-cancelable purchase commitments primarily related to hosting services and software subscriptions.


As of March 31, 2022, we had accrued liabilities related to uncertain tax
positions, which are reflected on our consolidated balance sheet. These accrued
liabilities are not reflected in the table above, as it is unclear when these
liabilities will be paid.
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Operating Activities


During the fiscal year ended March 31, 2022, cash provided by operating
activities was $3.6 million as a result of a net loss of $232.1 million,
adjusted by non-cash charges of $242.9 million and a change of $7.2 million in
our operating assets and liabilities. The change in our operating assets and
liabilities was primarily the result of a $53.3 million increase in accounts
receivable due to increased sales, a $5.8 million increase in prepaid expenses
and other assets, a $6.9 million decrease in lease liabilities, and a $2.3
million decrease in deferred contract acquisition costs. This was partially
offset by a $23.6 million increase in deferred revenue as a result of timing of
renewals, a $19.6 million increase in accrued compensation and benefits and
other liabilities due to increased headcount, bonus and merit-based compensation
increases, a $9.7 million increase in accounts payable, and a $8.3 million
decrease in lease right-of-use assets.

During the fiscal year ended March 31, 2021, cash provided by operating
activities was $69.9 million as a result of a net loss of $190.9 million,
adjusted by non-cash charges of $250.4 million and a change of $10.4 million in
our operating assets and liabilities. The change in our operating assets and
liabilities was primarily the result of a $47.0 million increase in deferred
contract acquisition costs due to increased sales, a $27.1 million increase in
accounts receivable due to increased sales, and a 1.5 million decrease in lease
liabilities. This was partially offset by a $58.9 million increase in deferred
revenue as a result of the timing of renewals, a $1.0 million decrease in lease
right-of-use assets, an $11.8 million increase in accounts payable, an $18.8
million increase in accrued compensation and benefits and other liabilities due
to increased headcount and merit-based compensation increases as well as
deferred social security taxes, and a $7.6 million decrease in prepaid expenses
and other assets.

Investing Activities

Cash used in investing activities during the fiscal year ended March 31, 2022
was $19.8 million, primarily as a result of purchases of short-term investments
of $301.1 million, increases in capitalization of software development costs of
$12.7 million, cash paid for acquisitions of $7.2 million, and purchases of
property and equipment of $5.8 million. These were offset by proceeds from the
maturity of short-term investments of $305.9 million and sale of property and
equipment of $1.0 million.

Cash used in investing activities during the fiscal year ended March 31, 2021
was $142.9 million, primarily as a result of purchases of short-term investments
of $405.1 million, purchases of property and equipment of $18.7 million,
increases in capitalization of software development costs of $13.5 million, and
cash paid for acquisitions of $41.5 million. These were partially offset by
proceeds from the sale and maturity of short-term investments of $336.0 million.

Financing Activities


Cash provided by financing activities during the fiscal year ended March 31,
2022 was $44.1 million, primarily as a result of proceeds from exercise of
employee stock options of $31.9 million and proceeds from our employee stock
purchase plan of $12.3 million.

Cash provided by financing activities during the fiscal year ended March 31, 2021 was $21.3 million, primarily as a result of proceeds from our employee stock purchase plan of $14.4 million and proceeds from exercise of employee stock options of $6.9 million.

Critical Estimates


We prepare our consolidated financial statements in accordance with United
States generally accepted accounting principles, ("GAAP"). In the preparation of
these consolidated financial statements, we make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of income and expenses during the reporting
period. These estimates are based on information available as of the date of the
consolidated financial statements; therefore, actual results could differ from
our estimates. To the extent that there are material differences between these
estimates and actual results, our financial condition or results of operations
would be affected. We base our estimates on past experience and other
assumptions that we believe are reasonable under the circumstances, and we
evaluate these estimates on an ongoing basis. We refer to accounting estimates
of this type as critical accounting policies and estimates.

We believe that accounting policies requiring estimates, assumptions, and judgments have the most significant impact on our consolidated financial statements are described below.

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Revenue Recognition

We generate revenue from subscription-based arrangements and usage-based arrangements that allow customers to access our products and/or platform. Our sales agreements have contract terms typically for one year.


Revenue from subscription-based arrangements is recognized on a ratable basis
over the contractual subscription period of the arrangement beginning when or as
control of the promised goods or services is transferred to the customer.
Deferred revenue consists of billings or payments received in advance of revenue
being recognized.

Beginning in the second quarter of fiscal 2021, we started offering usage-based
pricing to our customers. Customers have the option to be charged upon their
incurred usage in arrears ("Pay as You Go"), or they may commit to a minimum
spend over their contracted period. Revenue related to Pay as You Go contracts
are recognized based on the customers' actual usage. Revenue related to
commitment contracts are recognized on a ratable basis over the contract period
including an estimate of the usage above the minimum commitment. The usage above
minimum commitment is considered variable consideration and is estimated by
looking at usage in previous months and other factors and projecting out for the
rest of the contract. The estimated usage-based revenues are constrained to the
amount we expect to be entitled to receive in exchange for providing access to
our platform.

Business Combinations

We make certain judgments to determine whether transactions should be accounted
for as acquisitions of assets or as business combinations. While we use our best
estimates and assumptions as a part of the purchase price allocation process to
accurately value assets acquired and liabilities assumed at the acquisition
date, our estimates are inherently uncertain and subject to refinement.
Significant estimates in valuing certain identifiable assets and liabilities
include, but are not limited to, future expected cash flows from acquired
contracts, technology, useful lives, and discount rates. As a result, during the
measurement period, which may be up to one year from the acquisition date, we
record adjustments to the assets acquired and liabilities assumed, with the
corresponding offset to goodwill to the extent that we identify adjustments to
the preliminary purchase price allocation. Upon the conclusion of the
measurement period or final determination of the values of assets acquired or
liabilities assumed, whichever comes first, any subsequent adjustments are
recorded to our consolidated statements of operations.

Software Development Costs


We capitalize certain development costs incurred in connection with our internal
use software and website. These capitalized costs are primarily related to our
software tools that are hosted by us and accessed by our customers on a
subscription basis. Costs incurred in the preliminary stages of development are
expensed as incurred. Once an application has reached the development stage,
internal and external costs, if direct and incremental, are capitalized until
the software is substantially complete and ready for its intended use.
Capitalization ceases upon completion of all substantial testing. We also
capitalize costs related to specific upgrades and enhancements when it is
probable the expenditures will result in additional features and functionality.
Maintenance costs are expensed as incurred. Internal use software is amortized
on a straight-line basis over its estimated useful life, generally three years.

We exercise judgment in determining the point at which various projects may be
capitalized, in assessing the ongoing value of the capitalized costs, and in
determining the estimated useful lives over which the costs are amortized. To
the extent that we change the manner in which we develop and test new features
and functionalities related to our platform, assess the ongoing value of
capitalized assets, or determine the estimated useful lives over which the costs
are amortized, the amount of internal-use software development costs we
capitalize and amortize could change in future periods.

Recent Accounting Pronouncements

See Note 1, Description of Business and Summary of Significant Accounting Policies, of our accompanying Notes to Consolidated Financial Statements included in Part II, Item 8.

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