• Elastic average gross margin for 2023 was 72.58%, a 0.18% increase from 2022.
• Elastic average gross margin for 2022 was 72.71%, a 0.98% decline from 2021.
• Elastic average gross margin for 2021 was 73.43%, a 2.83% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.