HashiCorp Announces Fourth Quarter and Fiscal Year 2022


  • Fourth quarter revenue totaled $96.5 million, representing an increase of 56% year-over-year; fiscal 2022 revenue totaled $320.8 million, representing an increase of 51% year-over-year.
  • Trailing four quarter average Net Dollar Revenue Retention rate was 131% at the end of the fourth quarter fiscal 2022, up from 123% in the fourth quarter of fiscal 2021.
  • Fourth quarter total GAAP RPO totaled $428.8 million, representing an increase of 62% year-over-year; fourth quarter current GAAP RPO totaled $268.9 million, representing an increase of 62% year-over-year.
  • Fourth quarter total non-GAAP RPO totaled $452.2 million, representing an increase of 58% year-over-year; fourth quarter current non-GAAP RPO totaled $289.2 million, representing an increase of 55% year-over-year.

SAN FRANCISCO, March 10, 2022 (GLOBE NEWSWIRE) — HashiCorp, Inc. (NASDAQ: HCP), a leading provider of multi-cloud infrastructure automation software, today announced financial results for its fourth quarter and fiscal 2022, ended January 31, 2022.

“The fourth quarter of fiscal 2022 saw strong results for HashiCorp as we continue to deliver our cloud operating model vision to the marketplace, enabling the largest enterprises to execute on their multi-cloud strategies,” said Dave McJannet, CEO, HashiCorp.

“We see enterprises looking for consistent workflows and a system of record for operating their cloud infrastructure, and it’s gratifying to see them turning to HashiCorp’s offerings as a result. We added 323 new customers during the fourth quarter, including 60 customers with equal to or greater than $100K in ARR, now totaling 655, up from 500 in the fourth quarter of fiscal 2021,” said McJannet. “We continue to focus on our adopt, land, expand, and extend sales model that leverages the power of our vendor-controlled open source software to drive licensing of our primary commercial products: HashiCorp Terraform, Vault, and Consul.”

Fiscal 2022 Fourth Quarter Financial Results

Revenue: Total revenue was $96.5 million in the fourth quarter of fiscal 2022, up 56% from $61.8 million in the same period last year. Total revenue was $320.8 million for fiscal 2022, up 51% from $211.9 million in fiscal 2021.

Gross Profit: GAAP gross profit was $69.8 million in the fourth quarter of fiscal 2022, representing a 72% gross margin, compared to a GAAP gross profit of $50.4 million and a 81% gross margin in the same period last year. Non-GAAP gross profit was $83.7 million in the fourth quarter fiscal 2022, representing an 87% non-GAAP gross margin, compared to a non-GAAP gross profit of $50.5 million and an 82% non-GAAP gross margin in the same period last year.

Operating Loss: GAAP operating loss was $227.3 million in the fourth quarter of fiscal 2022, compared to GAAP operating loss of $7.1 million in the same period last year. Non-GAAP operating loss was $31.1 million in the fourth quarter of fiscal 2022, compared to a non-GAAP operating loss of $5.5 million in the same period last year.

Net Loss: GAAP net loss was $227.7 million in the fourth quarter of fiscal 2022, compared to a GAAP net loss of $6.9 million in the same period last year. Non-GAAP net loss was $31.5 million in the fourth quarter of fiscal 2022, compared to a non-GAAP net loss of $5.2 million in the same period last year.

Net Loss per Share: GAAP net loss per share was $1.70 based on 133.6 million weighted-average shares outstanding in the fourth quarter of fiscal 2022, compared to a GAAP net loss per share of $0.11 based on 65.2 million weighted-average shares outstanding in the same period last year. Non-GAAP net loss per share was $0.24 in the fourth quarter of fiscal 2022, compared to a non-GAAP net loss per share of $0.08 in the same period last year.

Remaining Performance Obligation (RPO): Total RPO was $428.8 million in the fourth quarter of fiscal 2022, up from $263.9 million in the same period last year. The current portion of RPO was $268.9 million in the fourth quarter of fiscal 2022, up from $165.8 million in the same period last year. Total non-GAAP RPO was $452.2 million in the fourth quarter of fiscal 2022, up from $286.1 million in the same period last year. The current portion of non-GAAP RPO was $289.2 million in the fourth quarter of fiscal 2022, up from $186.2 million in the same period last year.

Cash: Net cash used in operating activities was $7.0 million in the fourth quarter of fiscal 2022, compared to $6.5 million used in operating activities in the same period last year. Cash and cash equivalents totaled $1,355.8 million in the fourth quarter of fiscal 2022, compared to $270.8 million in the same period last year.

Reconciliations of GAAP to non-GAAP financial measures have been provided in the tables included in this release.

Fiscal 2022 Fourth Quarter and Recent Operating Highlights

Key Metrics:

  • HashiCorp ended the fourth quarter of fiscal 2022 with 2,715 customers, up from 2,392 customers at the end of the previous fiscal quarter and 1,473 at the end of the fourth quarter of fiscal 2021.
  • The company ended the fourth quarter of fiscal 2022 with 655 customers with equal or greater than $100,000 in ARR, up from  595 customers at the end of the previous fiscal quarter and 500 at the end of the fourth quarter of fiscal 2021.
  • Customers equal to or greater than $100,000 in ARR represented 89% of total revenue in the fourth quarter of fiscal 2022 compared to 87% in the previous fiscal quarter and 87% in the fourth quarter of fiscal 2021.
  • Quarterly subscription revenue from HCP reached $6.9 million in the fourth quarter of fiscal 2022, up from $5.4 million in the previous fiscal quarter and $1.5 million in the fourth quarter of fiscal 2021.
  • Total GAAP RPO reached $428.8 million at the end of the fourth quarter of fiscal 2022, up from $349.0 million in the previous fiscal quarter and $263.9 million in the fourth quarter of fiscal 2021. GAAP RPO to be recognized within one year was 63% of total GAAP RPOs in the fourth quarter of fiscal 2022 compared to 63% in the fourth quarter of fiscal 2021.
  • Total Non-GAAP RPO reached $452.2 million at the end of the fourth quarter of fiscal 2022, up from $368.0 million in the previous fiscal quarter and $286.1 million in the fourth quarter of fiscal 2021. Non-GAAP RPO to be recognized within a year was 64% of total non-GAAP RPOs in the fourth quarter of fiscal 2022 compared to 65% in the fourth quarter of fiscal 2021.
  • The company’s trailing four quarter average Net Dollar Revenue Retention rate was 131% at the end of the fourth quarter of fiscal 2022, up from 127% in the previous fiscal quarter.

Fourth Quarter Highlights

  • The company released HashiCorp Consul API Gateway, which helps users consistently manage access to service mesh applications; released Consul service mesh on Amazon ECS which enables users to deploy Consul in a secure configuration on Amazon ECS; expanded support for the HashiCorp Cloud Platform, which became available across the Asia-Pacific region; released new GA versions of HashiCorp Terraform, Vault, Consul, and Nomad.
  • HashiCorp continued to see growing demand for HashiCorp Cloud Engineer Certifications, with more than 4,000 certification tests taken in Q4.
  • The company announced two new HCP Vault verified integrations from Denodo and Servicenow, and 10 new self-managed HashiCorp Vault integrations from Confluent, Elastic, JFrog, and others, adding to the existing list of more than 100 Vault partner integrations.
  • HashiCorp Terraform Cloud won the 2021 CRN Tech Innovators Award in the DevOps Platforms category.

Financial Outlook

For the first quarter of fiscal 2023, the Company currently expects:

  • Total revenue of $92 – $96 million
  • Non-GAAP operating loss of $55 – $52 million
  • Non-GAAP EPS loss of $0.30 – $0.28
  • Weighted Average Fully Diluted Shares of 182 million

For the full fiscal year 2023, the Company currently expects:

  • Total revenue of $413 – $423 million
  • Non-GAAP operating loss of $239 – $231 million
  • Non-GAAP EPS loss of $1.30 – $1.26
  • Weighted Average Fully Diluted Shares of 184 million

HashiCorp has not reconciled its expectations as to non-GAAP operating loss and non-GAAP earnings per share to its most directly comparable GAAP measures due to the limited public trading history and significant volatility in the price of HashiCorp’s common stock and therefore certain items, which could be material, cannot be reasonably predicted. Accordingly, reconciliations for forward-looking non-GAAP operating loss and non-GAAP earnings per share are not available without unreasonable effort.

Conference Call Information
HashiCorp will host a conference call at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) today, March 10, 2022 to discuss its financial results and business highlights. The conference call can be accessed by dialing (877) 814-9989 from the United States and Canada or (409) 216-0732 internationally with conference ID 1497589. A live webcast of the call will also be available on the HashiCorp investor relations website at ir.hashicorp.com.

About HashiCorp, Inc.
HashiCorp is a leader in multi-cloud infrastructure automation software. The HashiCorp software suite enables organizations to adopt consistent workflows and create a system of record for automating the cloud for infrastructure provisioning, security, networking, and application deployment. HashiCorp’s portfolio of products includes Vagrant™, Packer™, Terraform®, Vault™, Consul®, Nomad™, Boundary, and Waypoint™. HashiCorp offers products as open source, enterprise, and as managed cloud services. The company is headquartered in San Francisco, though most of HashiCorp employees work remotely, strategically distributed around the globe. For more information, visit hashicorp.com or follow HashiCorp on Twitter @HashiCorp.

All product and company names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements

This press release and the accompanying conference call contain forward-looking statements including, among others, statements about our financial outlook for the first quarter and full year of fiscal 2023. In some cases you can identify forward- looking statements because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to our ability to enable the largest enterprises to execute on their multi-cloud strategies, our ability to focus on our adopt, land, expand and extend sales model and leverage the power of our vendor-controlled open-source software to drive commercial licensing of our primary products of Terraform, Vault and Consul, and our outlook related to the first quarter and fiscal year 2023. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to risks and uncertainties related to market conditions, HashiCorp and its business as set forth in the prospectus filed with the Securities and Exchange Commission (“SEC”) pursuant to 424(b)(4) dated December 9, 2021 and our future reports that we may file from time to time with the SEC. These documents contain and identify important factors that could cause the actual results for HashiCorp to differ materially from those contained in HashiCorp’s forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and HashiCorp specifically disclaims any obligation to update any forward-looking statement, except as required by law. 

Use of Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we have disclosed non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per share, and non-GAAP RPOs, which are all non-GAAP financial measures. We have provided tabular reconciliations of each non-GAAP financial measure to its most directly comparable GAAP financial measure at the end of this release.

We calculate non-GAAP gross profit as GAAP gross profit before amortization of stock-based compensation of capitalized internal-use software, stock-based compensation expense, and the amortization of acquired intangibles included in cost of revenue. We calculate non-GAAP gross margin as GAAP gross margin before the impact of stock-based compensation of capitalized internal-use software, stock-based compensation expense, and the amortization of acquired intangibles included in cost of revenue as a percentage of revenue.

We calculate non-GAAP operating loss as GAAP operating loss before amortization of stock-based compensation of capitalized internal-use software, stock-based compensation expense, amortization of acquired intangibles, and goodwill impairments. We calculate non-GAAP net loss as GAAP net loss before amortization of stock-based compensation of capitalized internal-use software, stock-based compensation expense, amortization of acquired intangibles, and goodwill impairments.

We calculate non-GAAP net loss per share as non-GAAP net loss divided by weighted average shares outstanding.

We calculate non-GAAP RPOs as RPOs plus customer deposits, which are refundable pre-paid amounts, based on the timing of when these customer deposits are expected to be recognized as revenue in future periods.

Our management team uses these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share, free cash flow or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, as presented below. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of our website at https://ir.hashicorp.com.

HashiCorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share amounts)
(unaudited)

    Three Months Ended
January 31,
    Twelve Months Ended
January 31,
 
    2022     2021     2022     2021  
                         
Revenue:                        
License   $ 15,654     $ 11,638     $ 47,504     $ 36,208  
Support     71,784       47,132       247,566       165,607  
Cloud-hosted services     6,914       1,733       18,613       4,092  
Subscription revenue     94,352       60,503       313,683       205,907  
Professional services     2,171       1,317       7,086       5,947  
Total revenue     96,523       61,820       320,769       211,854  
Cost of revenue:                        
Cost of license     54       134       221       536  
Cost of support     14,512       7,214       38,080       27,194  
Cost of cloud-hosted services     6,308       1,897       14,031       4,811  
Cost of subscription revenue     20,874       9,245       52,332       32,541  
Cost of professional services     5,832       2,219       11,108       8,511  
Total cost of revenue     26,706       11,464       63,440       41,052  
Gross profit     69,817       50,356       257,329       170,802  
Operating expenses:                        
Sales and marketing     127,124       33,163       269,504       141,018  
Research and development     96,328       15,882       165,031       65,248  
General and administrative     73,630       8,456       112,108       48,545  
Total operating expenses     297,082       57,501       546,643       254,811  
Loss from operations     (227,265 )     (7,145 )     (289,314 )     (84,009 )
Other income, net     72       129       162       756  
Loss before income taxes     (227,193 )     (7,016 )     (289,152 )     (83,253 )
Provision for (benefit from) income taxes     507       (138 )     986       262  
Net loss   $ (227,700 )   $ (6,878 )   $ (290,138 )   $ (83,515 )
Net loss per share attributable to common stockholders, basic and diluted   $ (1.70 )   $ (0.11 )   $ (3.48 )   $ (1.32 )
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted     133,610,849       65,195,719       83,276,526       63,375,470  
                                 

HashiCorp, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share amounts)
(unaudited)

    As of January 31,  
    2022     2021  
             
Assets            
Current assets            
Cash and cash equivalents   $ 1,355,828     $ 270,793  
Accounts receivable, net of allowance of $20 and $36, respectively     126,812       93,462  
Deferred contract acquisition costs     32,205       15,275  
Prepaid expenses and other current assets     17,744       4,574  
Total current assets     1,532,589       384,104  
Property and equipment, net     15,897       8,235  
Operating lease right-of-use assets     15,420       15,766  
Deferred contract acquisition costs, non-current     57,126       34,970  
Other assets, non-current     2,643       2,189  
Total assets   $ 1,623,675     $ 445,264  
Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit)            
Current liabilities:            
Accounts payable   $ 14,267     $ 5,203  
Accrued expenses and other current liabilities     4,542       2,138  
Accrued compensation and benefits     56,939       19,213  
Operating lease liabilities     3,130       2,389  
Deferred revenue     206,416       136,091  
Customer deposits     23,383       22,219  
Total current liabilities     308,677       187,253  
Deferred revenue, non-current     16,873       11,206  
Operating lease liabilities, non-current     15,483       16,755  
Other liabilities, non-current     351       2,741  
Total liabilities     341,384       217,955  
Commitments and contingencies            
Redeemable convertible preferred stock            
Redeemable convertible preferred stock; $0.000015 par value; 0 and 94,127,984 shares authorized as of January 31, 2022 and 2021, respectively; 0 and 94,127,984 shares issued and outstanding as of January 31, 2022 and 2021, respectively; aggregate liquidation preference of $0 and $349,760 as of January 31, 2022 and 2021, respectively           349,113  
Stockholders’ equity (deficit)            
Preferred stock; $0.000015 par value; 100,000,000 and 0 shares authorized as of January 31, 2022 and 2021, respectively; 0 and 0 shares issued and outstanding as of January 31, 2022 and 2021, respectively            
Class A common stock, par value of $0.000015 per share; 1,000,000,000 and 0 shares authorized as of January 31, 2022 and 2021, respectively; 31,153,375 and 0 shares issued and outstanding as of January 31, 2022 and 2021, respectively     1        
Class B common stock, par value of $0.000015 per share; 200,000,000 and 192,000,000 shares authorized as of January 31, 2022 and 2021, respectively; 151,013,185 and 65,577,877 shares issued and outstanding as of January 31, 2022 and 2021, respectively     2       1  
Additional paid-in capital     1,788,390       94,159  
Accumulated deficit     (506,102 )     (215,964 )
Total stockholders’ equity (deficit)     1,282,291       (121,804 )
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)   $ 1,623,675     $ 445,264  
                 

HashiCorp, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
(unaudited)

    Three Months Ended
January 31,
    Twelve Months Ended
January 31,
 
    2022     2021     2022     2021  
                         
Cash flows from operating activities                        
Net loss   $ (227,700 )   $ (6,878 )   $ (290,138 )   $ (83,515 )
Adjustments to reconcile net loss to cash from operating activities:                        
Stock-based compensation expense     195,802       1,691       200,568       39,223  
Depreciation and amortization expense     1,020       265       2,498       888  
Non-cash operating lease cost     697       535       2,382       2,098  
Other     (55 )     10       14       57  
Changes in operating assets and liabilities:                        
Accounts receivable     (41,283 )     (42,016 )     (33,364 )     (41,407 )
Deferred contract acquisition costs     (16,689 )     (10,664 )     (39,086 )     (19,984 )
Prepaid expenses and other assets     (9,299 )     437       (13,626 )     2,653  
Accounts payable     4,646       1,324       8,464       1,093  
Accrued expenses and other liabilities     (554 )     767       (895 )     3,277  
Accrued compensation and benefits     19,541       6,029       32,379       7,536  
Operating lease liabilities     (746 )     (567 )     (2,567 )     (1,789 )
Deferred revenue     63,222       39,137       75,992       46,911  
Customer deposits     4,400       3,393       1,164       3,336  
Net cash used in operating activities     (6,998 )     (6,537 )     (56,215 )     (39,623 )
Cash flows from investing activities                        
Purchases of property and equipment     (128 )     (123 )     (214 )     (4,304 )
Capitalized internal-use software     (1,730 )     (1,025 )     (6,382 )     (2,920 )
Purchase of short-term investments                       (50,000 )
Proceeds from maturities of short-term investments                       80,000  
Net cash provided by (used in) investing activities     (1,858 )     (1,148 )     (6,596 )     22,776  
Cash flows from financing activities                        
Proceeds from initial public offering, net of underwriting discounts and commissions     1,252,974             1,252,974        
Taxes paid related to net share settlement of equity awards     (105,642 )           (105,642 )      
Payments of loan issuance costs           (229 )           (229 )
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs                       174,724  
Proceeds from issuance of common stock upon exercise of stock options     1,660       323       5,036       2,629  
Payments of deferred offering costs     (2,494 )           (4,522 )      
Net cash provided by financing activities     1,146,498       94       1,147,846       177,124  
Net increase (decrease) in cash, cash equivalents, and restricted cash     1,137,642       (7,591 )     1,085,035       160,277  
Cash, cash equivalents, and restricted cash beginning of period     219,969       280,167       272,576       112,299  
Cash, cash equivalents, and restricted cash end of period   $ 1,357,611     $ 272,576     $ 1,357,611     $ 272,576  
Supplemental disclosure of cash flow information                        
Cash paid for income taxes   $ 84     $ 73     $ 739     $ 452  
Cash paid for operating lease liabilities   $ 927     $ 757     $ 3,291     $ 2,479  
Supplemental disclosure of noncash investing and financing activities                        
Operating lease right-of-use assets obtained in exchange for new lease obligations   $ 2,036     $     $ 2,036     $  
Unpaid deferred offering costs   $ 1,527     $     $ 1,527     $  
Unpaid taxes related to net share settlement of equity awards   $ 5,347     $     $ 5,347     $  
Conversion of convertible preferred stock to common stock upon initial public offering   $ 349,113     $     $ 349,113     $  
Capitalized stock-based compensation expense   $ 3,562     $     $ 3,562     $  
Vesting of early exercised stock options   $ 3     $ 16     $ 18     $ 99  
                                 

HashiCorp, Inc.
RECONCILIATION OF GAAP TO NON-GAAP DATA
(amounts in thousands, except share and per share amounts)
(unaudited)

    Three Months Ended
January 31,
    Twelve Months Ended
January 31,
 
    2022     2021     2022     2021  
                         
Revenue   $ 96,523     $ 61,820     $ 320,769     $ 211,854  
                         
Non-GAAP Gross Profit and Non-GAAP Gross Margin                        
GAAP gross profit   $ 69,817     $ 50,356     $ 257,329     $ 170,802  
Add:                        
Amortization of stock-based compensation of capitalized internal-use software     371             371        
Stock-based compensation expense     13,502       123       13,922       1,364  
Non-GAAP gross profit   $ 83,690     $ 50,479     $ 271,622     $ 172,166  
                         
GAAP gross margin     72 %     81 %     80 %     81 %
Non-GAAP gross margin     87 %     82 %     85 %     81 %
                         
Non-GAAP Income from Operations and Non-GAAP Operating Margin                        
GAAP loss from operations   $ (227,265 )   $ (7,145 )   $ (289,314 )   $ (84,009 )
Add:                        
Amortization of stock-based compensation of capitalized internal-use software     371             371        
Stock-based compensation expense     195,802       1,691       200,568       39,223  
Non-GAAP loss from operations   $ (31,092 )   $ (5,454 )   $ (88,375 )   $ (44,786 )
                         
GAAP operating margin     -235 %     -12 %     -90 %     -40 %
Non-GAAP operating margin     -32 %     -9 %     -28 %     -21 %
                         
Non-GAAP Net Loss                        
GAAP net loss   $ (227,700 )   $ (6,878 )   $ (290,138 )   $ (83,515 )
Amortization of stock-based compensation of capitalized internal-use software     371             371        
Stock-based compensation expense     195,802       1,691       200,568       39,223  
Non-GAAP net loss   $ (31,527 )   $ (5,187 )   $ (89,199 )   $ (44,292 )
                         
GAAP net loss per share, diluted   $ (1.70 )   $ (0.11 )   $ (3.48 )   $ (1.32 )
Amortization of stock-based compensation of capitalized internal-use software                        
Stock-based compensation expense     1.47       0.03       2.41       0.62  
Adjustment to total fully diluted earnings per share     (0.01 )                  
Non-GAAP net income per share, diluted   $ (0.24 )   $ (0.08 )   $ (1.07 )   $ (0.70 )
                         
Denominator:                        
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted     133,610,849       65,195,719       83,276,526       63,375,470  
                         
Non-GAAP Free Cash Flow and Adjusted Free Cash Flow                        
GAAP net cash used in operating activities   $ (6,998 )   $ (6,537 )   $ (56,215 )   $ (39,623 )
Add: purchases of property and equipment     (128 )     (123 )     (214 )     (4,304 )
Add: capitalized internal-use software     (1,730 )     (1,025 )     (6,382 )     (2,920 )
Non-GAAP free cash flow   $ (8,856 )   $ (7,685 )   $ (62,811 )   $ (46,847 )
Non-GAAP free cash flow as a % of revenue     -9 %     -12 %     -20 %     -22 %
                         

HashiCorp, Inc.
RECONCILIATION OF GAAP TO NON-GAAP RPOS
(amounts in thousands)
(unaudited)

  As of  
  January 31, 2021     January 31, 2022  
GAAP RPOs          
GAAP short-term RPOs $ 165,798     $ 268,911  
GAAP long-term RPOs   98,131       159,923  
Total GAAP RPOs $ 263,929     $ 428,834  
Add:          
Customer deposits          
Customer deposits expected to be recognized within the next 12 months $ 20,421     $ 20,324  
Customer deposits expected to be recognized after the next 12 months   1,798       3,058  
Total customer deposits $ 22,219     $ 23,382  
Non-GAAP RPOs          
Non-GAAP short-term RPOs   186,219       289,235  
Non-GAAP long-term RPOs   99,929       162,981  
Total Non-GAAP RPOs $ 286,148     $ 452,216  
               

HashiCorp, Inc.
PRESENTATION OF KEY BUSINESS METRICS
(dollars in million)
(unaudited)

  Three Months Ended  
    January 31,
2021
    April 30,
2021
    July 31,
2021
    October 31,
2021
    January 31,
2022
 
Number of customers (as of end of period)     1,473       1,736       2,101       2,392       2,715  
Number of customers equal or greater than $100,000 in ARR     500       523       558       595       655  
Non-GAAP Remaining Performance Obligations ($M)   $ 286.1     $ 307.7     $ 335.8     $ 368.0     $ 452.2  
Quarterly subscription revenue from HCP ($M)   $ 1.5     $ 2.5     $ 3.7     $ 5.4     $ 6.9  
Trailing four quarters average Net Dollar Revenue Retention Rate     123 %     122 %     124 %     127 %     131 %
Trailing twelve months Non-GAAP free cash flow as a % of revenue     (22 %)     (11 %)     (18 %)     (22 %)     (20 %)
                                         

HashiCorp, Inc.
PRESENTATION OF KEY HISTORICAL FINANCIAL DATA
(amounts in thousands)
(unaudited)

    Three Months Ended  
    January 31,
2021
    April 30,
2021
    July 31,
2021
    October 31,
2021
    January 31,
2022
 
Revenue   $ 61,820     $ 66,912     $ 75,113     $ 82,221     $ 96,523  
Non-GAAP free cash flow   $ (7,685 )   $ 971     $ (29,994 )   $ (24,932 )   $ (8,856 )
                                         

Investor Contact

Alex Kurtz
HashiCorp
ir@hashicorp.com
Media Contact
Kate Lehman
HashiCorp
media@hashicorp.com

HashiCorp Inc



Source link

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy