HashiCorp Announces Third Quarter Financial Results of


  • Third quarter revenue totaled $125.3 million, representing an increase of 52% year-over-year;
  • Trailing four quarter average Net Dollar Retention rate was 134% at the end of the third quarter of fiscal 2023, up from 127% in the third quarter of fiscal 2022.
  • Third quarter total GAAP RPO totaled $531.8 million, representing an increase of 52% year-over-year; third quarter current GAAP RPO totaled $322.4 million, representing an increase of 46% year-over-year.
  • Third quarter total non-GAAP RPO totaled $553.4 million, representing an increase of 50% year-over-year; third quarter current non-GAAP RPO totaled $341.5 million, representing an increase of 44% year-over-year.

SAN FRANCISCO, Dec. 07, 2022 (GLOBE NEWSWIRE) — HashiCorp, Inc. (NASDAQ: HCP), a leading provider of multi-cloud infrastructure automation software, today announced financial results for its third quarter of fiscal 2023, ended October 31, 2022.

“As organizations move to the cloud, they are standardizing on our products, which provide a consistent operating model across their infrastructure stack. Our third quarter results highlight how our products are a strategic investment for the Global 2000 as they make that transition,” said Dave McJannet, CEO, HashiCorp. “This quarter we made exciting progress across our portfolio, as we expanded our product suite with new zero trust security capabilities and new high-value enterprise capabilities for infrastructure automation.”

“I am pleased with our solid overall performance in Q3. Existing customers are seeing immense value and continue to expand and extend their relationships with us at a healthy rate, as shown by our high net retention rate of 134%,” said Navam Welihinda, CFO, HashiCorp. “We have concluded our accelerated investment cycle that has been underway for several quarters, and reaffirm our commitment to our goals for operating leverage in fiscal 2024.”

Fiscal 2023 Third Quarter Financial Results

Revenue: Total revenue was $125.3 million in the third quarter of fiscal 2023, up 52% from $82.2 million in the same period last year.

Gross Profit: GAAP gross profit was $102.8 million in the third quarter of fiscal 2023, representing an 82% gross margin, compared to a GAAP gross profit of $71.1 million and an 86% gross margin in the same period last year. Non-GAAP gross profit was $106.7 million in the third quarter fiscal 2023, representing an 85% non-GAAP gross margin, compared to a non-GAAP gross profit of $71.3 million and an 87% non-GAAP gross margin in the same period last year.

Operating Loss: GAAP operating loss was $77.3 million in the third quarter of fiscal 2023, compared to GAAP operating loss of $21.5 million in the same period last year. Non-GAAP operating loss was $30.4 million in the third quarter of fiscal 2023, compared to a non-GAAP operating loss of $20.0 million in the same period last year.

Net Loss: GAAP net loss was $72.0 million in the third quarter of fiscal 2023, compared to a GAAP net loss of $22.0 million in the same period last year. Non-GAAP net loss was $25.0 million in the third quarter of fiscal 2023, compared to a non-GAAP net loss of $20.4 million in the same period last year.

Net Loss per Share: GAAP net loss per share was $0.38 based on 187.1 million weighted-average shares outstanding in the third quarter of fiscal 2023, compared to a GAAP net loss per share of $0.33 based on 66.8 million weighted-average shares outstanding in the same period last year. Non-GAAP net loss per share was $0.13 in the third quarter of fiscal 2023, compared to a non-GAAP net loss per share of $0.31 in the same period last year.

Remaining Performance Obligation (RPO): Total GAAP RPO was $531.8 million at the end of the third quarter of fiscal 2023, up from $349.0 million at the end of the same period last year. The current portion of GAAP RPO was $322.4 million at the end of the third quarter of fiscal 2023, up from $220.7 million at the end of the same period last year. Total non-GAAP RPO was $553.4 million at the end of the third quarter of fiscal 2023, up from $368.0 million at the end of the same period last year. The current portion of non-GAAP RPO was $341.5 million at the end of the third quarter of fiscal 2023, up from $237.7 million at the end of the same period last year.

Cash: Net cash used in operating activities was $15.2 million in the third quarter of fiscal 2023, compared to $23.1 million used in operating activities in the same period last year. Cash and cash equivalents totaled $1,274.9 million at the end of the third quarter of fiscal 2023, compared to $218.2 million at the end of the same period last year.

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

Fiscal 2023 Third Quarter and Recent Operating Highlights

Key Metrics:

  • HashiCorp ended the third quarter of fiscal 2023 with 3,899 customers, up from 3,612 customers at the end of the previous fiscal quarter and 2,392 customers at the end of the third quarter of fiscal 2022.
  • The Company ended the third quarter of fiscal 2023 with 760 customers with equal or greater than $100,000 in ARR, up from 734 customers at the end of the previous fiscal quarter and 595 customers at the end of the third quarter of fiscal 2022.
  • Customers equal to or greater than $100,000 in ARR represented 89% of total revenue in the third quarter of fiscal 2023 compared to 88% in the previous fiscal quarter and 87% in the third quarter of fiscal 2022.
  • Quarterly subscription revenue from HashiCorp Cloud Platform (HCP) reached $12.9 million in the third quarter of fiscal 2023, increased from $10.6 million in the previous fiscal quarter and increased from $5.4 million in the third quarter of fiscal 2022.
  • The Company’s trailing four quarter average Net Dollar Retention rate was 134% at the end of the third quarter of fiscal 2023, compared to 127% at the end of the third quarter of fiscal 2022.

Third Quarter Highlights:

During the third quarter, HashiCorp continued to invest across its product portfolio, including the following products enhancements:

  • HashiConf Global: over ten thousand attendees in person and on the virtual platform; the event included multiple product announcements:
    • HCP Boundary (generally available): expands zero trust security on the HashiCorp Cloud Platform with secure remote access
    • HashiCorp Terraform Cloud: delivers enhanced functionality, including continuous validation for infrastructure configurations, no-code provisioning, and native Open Policy Agent support
    • HCP Vault on Azure (beta): streamlines secrets management for workloads running on Azure
    • HCP Waypoint (beta): enables developers to easily deploy, manage, and observe applications across their infrastructure or platforms
    • HashiCorp Consul: delivers enhancements designed to improve operational efficiency, scalability, and resiliency, including support for AWS Lambda functions.
  • New and enhanced technology integrations with our partners including: Cockroach Labs, Dynatrace, F5, ForgeRock, New Relic, Snyk, Torq, Palo Alto Networks, and more.
  • HashiCorp and Intel collaboration: to accelerate migration to the cloud with HashiCorp Terraform, Intel Xeon-based platforms, and supporting services from Intel’s extensive global ecosystem.
  • Q3 Awards: Datadog Partner Network Integration Developer Partner of the Year Award, Insight Integrated Solution Partner of the Year, Australia Reseller News Innovation Award for Software, Comparably Best Work-Life Balance.

Financial Outlook

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

  • Total revenue of $123 – $125 million
  • Non-GAAP operating loss of $54 – $51 million
  • Non-GAAP EPS loss of $0.23 – $0.21
  • Weighted Average Fully Diluted Shares of 189.1 million

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

  • Total revenue of $463 – $465 million
  • Non-GAAP operating loss of $152 – $149 million
  • Non-GAAP EPS loss of $0.71 – $0.69
  • Weighted Average Fully Diluted Shares of 186.2 million

HashiCorp has not reconciled its expectations as to fourth quarter and fiscal year 2023 non-GAAP operating loss and non-GAAP earnings per share to the most directly comparable GAAP measures. Due to the limited public trading history and significant volatility in the price of HashiCorp’s common stock, certain items, which could be material, cannot be calculated without unreasonable efforts. In particular, the measures and effects of our stock-based compensation expense specific to our equity compensation awards and employer payroll tax-related items on employee stock transactions are directly impacted by the timing of employee stock transactions and unpredictable fluctuations in our stock price, which we expect to have a significant impact on our future GAAP financial results.

Conference Call Information

HashiCorp will host a conference call Wednesday, December 7, 2022 at 2 p.m. PST to discuss HashiCorp’s financial results and financial guidance. The live conference call may be accessed by registering using the link available on our investor relations site at ir.hashicorp.com.

Upon registration, all telephone participants will receive the dial-in number along with a unique PIN that can be used to access the call. A webcast replay will be available following the conclusion of the live broadcast and will be accessible on HashiCorp’s investor relations site 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 fourth 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 market opportunity and our ability to benefit from it, market and customer trends, including continued adoption by our customers of their multi-cloud strategies, our customers’ confidence in our products, and our outlook related to the fourth 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 our filings with the Securities and Exchange Commission (“SEC”) pursuant to our Quarterly Report on Form 10-Q dated September 1, 2022 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 of subscription revenue and non-GAAP gross profit of professional services and other, non-GAAP gross margin of subscription revenue and non-GAAP gross margin of professional services and other, non-GAAP operating expenses (research and development, sales and marketing, general and administrative), non-GAAP operating loss, non-GAAP net loss, non-GAAP net loss per share, non-GAAP free cash flow and total and current 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 for subscription revenue and professional services and other as GAAP gross profit before amortization of stock-based compensation of capitalized internal-use software, and stock-based compensation expense included in cost of revenue.

We calculate non-GAAP gross margin for subscription revenue and professional services and other as GAAP gross margin before the impact of stock-based compensation of capitalized internal-use software, and stock-based compensation expense included in cost of revenue as a percentage of revenue.

We calculate non-GAAP operating expenses (research and development, sales and marketing, general and administrative) as GAAP operating expenses (research and development, sales and marketing, general and administrative) before the impact of stock-based compensation of capitalized internal-use software, and stock-based compensation expense 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, and stock-based compensation expense. We calculate non-GAAP net loss as GAAP net loss before amortization of stock-based compensation of capitalized internal-use software, and stock-based compensation expense.

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

We calculated non-GAAP free cash flow as net cash provided by (used in) operating activities less purchases of property and equipment and capitalized internal-use software costs. Non-GAAP free cash flow as a % of revenue is calculated as non-GAAP free cash flow divided by total revenue.

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. The current portion of non-GAAP RPO represents the amount to be recognized as revenue over the next 12 months.

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 operating expenses (research and development, sales and marketing, general and administrative), 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 per share amounts)
(unaudited)

    Three Months Ended
October 31,
    Nine Months Ended
October 31,
 
    2022     2021     2022     2021  
                         
Revenue:                        
License   $ 17,823     $ 9,892     $ 43,505     $ 31,850  
Support     89,500       64,894       252,965       175,782  
Cloud-hosted services     12,875       5,357       32,344       11,699  
Subscription revenue     120,198       80,143       328,814       219,331  
Professional services and other     5,143       2,078       11,287       4,915  
Total revenue     125,341       82,221       340,101       224,246  
Cost of revenue:                        
Cost of license     393       37       1,146       167  
Cost of support     12,149       6,884       35,259       23,568  
Cost of cloud-hosted services     5,849       2,526       16,378       7,723  
Cost of subscription revenue     18,391       9,447       52,783       31,458  
Cost of professional services and other     4,157       1,692       10,694       5,276  
Total cost of revenue     22,548       11,139       63,477       36,734  
Gross profit     102,793       71,082       276,624       187,512  
Operating expenses:                        
Sales and marketing     92,872       53,511       260,798       142,380  
Research and development     53,887       25,655       148,947       68,703  
General and administrative     33,372       13,450       101,278       38,478  
Total operating expenses     180,131       92,616       511,023       249,561  
Loss from operations     (77,338 )     (21,534 )     (234,399 )     (62,049 )
Interest income     8,584       17       13,126       216  
Other expenses, net     (2,882 )     (16 )     (2,922 )     (126 )
Loss before income taxes     (71,636 )     (21,533 )     (224,195 )     (61,959 )
Provision for income taxes     322       418       744       479  
Net loss   $ (71,958 )   $ (21,951 )   $ (224,939 )   $ (62,438 )
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted   $ (0.38 )   $ (0.33 )   $ (1.22 )   $ (0.94 )
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted     187,080       66,782       185,124       66,313  
                                 

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

  As of  
  October 31, 2022     January 31, 2022  
           
Assets          
Current assets          
Cash and cash equivalents $ 1,274,901     $ 1,355,828  
Accounts receivable, net   115,279       126,812  
Deferred contract acquisition costs   37,317       32,205  
Prepaid expenses and other current assets   14,437       17,744  
Total current assets   1,441,934       1,532,589  
Deferred contract acquisition costs, non-current   73,505       57,126  
Other assets, non-current   37,926       33,960  
Total assets $ 1,553,365     $ 1,623,675  
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable $ 16,367     $ 14,267  
Accrued expenses and other current liabilities   7,309       7,672  
Accrued compensation and benefits   53,204       56,939  
Deferred revenue   220,579       206,416  
Customer deposits   21,569       23,383  
Total current liabilities   319,028       308,677  
Deferred revenue, non-current   13,603       16,873  
Other liabilities, non-current   13,528       15,834  
Total liabilities   346,159       341,384  
Commitments and contingencies          
Stockholders’ equity          
Class A common stock, par value of $0.000015 per share; 1,000,000 and 1,000,000 shares authorized as of October 31, 2022 and January 31, 2022, respectively; 77,447 and 30,597 shares issued and outstanding as of October 31, 2022 and January 31, 2022, respectively   1       1  
Class B common stock, par value of $0.000015 per share; 200,000 and 200,000 shares authorized as of October 31, 2022 and January 31, 2022, respectively; 110,394 and 151,570 shares issued and outstanding as of October 31, 2022 and January 31, 2022, respectively   2       2  
Additional paid-in capital   1,938,244       1,788,390  
Accumulated deficit   (731,041 )     (506,102 )
Total stockholders’ equity   1,207,206       1,282,291  
Total liabilities and stockholders’ equity $ 1,553,365     $ 1,623,675  
               

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

    Nine Months Ended
October 31,
 
    2022     2021  
             
Cash flows from operating activities            
Net loss   $ (224,939 )   $ (62,438 )
Adjustments to reconcile net loss to cash from operating activities:            
Stock-based compensation expense, net of amounts capitalized     135,372       4,766  
Depreciation and amortization expense     3,178       1,478  
Non-cash operating lease cost     2,135       1,685  
Other     (8 )     69  
Changes in operating assets and liabilities:            
Accounts receivable     11,541       7,919  
Deferred contract acquisition costs     (21,491 )     (22,397 )
Prepaid expenses and other assets     3,391       (4,327 )
Accounts payable     2,100       3,818  
Accrued expenses and other liabilities     (2,663 )     (2,162 )
Accrued compensation and benefits     (3,735 )     12,838  
Deferred revenue     10,893       12,770  
Customer deposits     (1,814 )     (3,236 )
Net cash used in operating activities     (86,040 )     (49,217 )
Cash flows from investing activities            
Purchases of property and equipment     (140 )     (86 )
Capitalized internal-use software     (6,174 )     (4,652 )
Net cash used in investing activities     (6,314 )     (4,738 )
Cash flows from financing activities            
Taxes paid related to net share settlement of equity awards     (222 )      
Proceeds from issuance of common stock upon exercise of stock options     3,155       3,376  
Proceeds from issuance of common stock under employee stock purchase plan     8,501        
Payments of deferred offering costs           (2,028 )
Net cash provided by financing activities     11,434       1,348  
Net decrease in cash, cash equivalents, and restricted cash     (80,920 )     (52,607 )
Cash, cash equivalents, and restricted cash beginning of period     1,357,613       272,576  
Cash, cash equivalents, and restricted cash end of period   $ 1,276,693     $ 219,969  
Supplemental disclosure of cash flow information            
Cash paid for income taxes   $ 1,090     $ 655  
Cash paid for operating lease liabilities   $ 2,827     $ 2,364  
Supplemental disclosure of noncash investing and financing activities            
Operating lease right-of-use assets obtained in exchange for new lease obligations   $     $ 2,036  
Unpaid deferred offering costs   $     $ 1,818  
Capitalized stock-based compensation expense   $ 3,042     $  
                 

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

  Three Months Ended October 31,     Nine Months Ended October 31  
  2022     2021     2022     2021  
Reconciliation of cost of revenue:                      
GAAP cost of subscription revenue $ 18,391     $ 9,447     $ 52,783     $ 31,458  
Less: Amortization of stock-based compensation of capitalized internal-use software   (267 )           (658 )      
Less: Stock-based compensation expense   (2,944 )     (194 )     (8,450 )     (384 )
Non-GAAP cost of subscription revenue $ 15,180     $ 9,253     $ 43,675     $ 31,074  
GAAP cost of professional services and other $ 4,157     $ 1,692     $ 10,694     $ 5,276  
Less: Stock-based compensation expense   (722 )     (12 )     (2,102 )     (36 )
Non-GAAP cost of professional services and other $ 3,435     $ 1,680     $ 8,592     $ 5,240  
GAAP cost of revenue $ 22,548     $ 11,139     $ 63,477     $ 36,734  
Less: Amortization of stock-based compensation of capitalized internal-use software   (267 )           (658 )      
Less: Stock-based compensation expense   (3,666 )     (206 )     (10,552 )     (420 )
Non-GAAP cost of revenue $ 18,615     $ 10,933     $ 52,267     $ 36,314  
Reconciliation of gross profit:                      
GAAP gross profit of subscription revenue $ 101,807     $ 70,696     $ 276,031     $ 187,873  
Add: Amortization of stock-based compensation of capitalized internal-use software   267             658        
Add: Stock-based compensation expense   2,944       194       8,450       384  
Non-GAAP gross profit of subscription revenue $ 105,018     $ 70,890     $ 285,139     $ 188,257  
GAAP gross margin of subscription revenue   85 %     88 %     84 %     86 %
Non-GAAP gross margin of subscription revenue   87 %     88 %     87 %     86 %
GAAP gross profit of professional services and other $ 986     $ 386     $ 593     $ (361 )
Add: Stock-based compensation expense   722       12       2,102       36  
Non-GAAP gross profit of professional services and other $ 1,708     $ 398     $ 2,695     $ (325 )
GAAP gross margin of professional services and other   19 %     19 %     5 %     (7 %)
Non-GAAP gross margin of professional services and other   33 %     19 %     24 %     (7 %)
GAAP gross profit $ 102,793     $ 71,082     $ 276,624     $ 187,512  
Add: Amortization of stock-based compensation of capitalized internal-use software   267             658        
Add: Stock-based compensation expense   3,666       206       10,552       420  
Non-GAAP gross profit $ 106,726     $ 71,288     $ 287,834     $ 187,932  
GAAP gross margin   82 %     86 %     81 %     84 %
Non-GAAP gross margin   85 %     87 %     85 %     84 %
Reconciliation of operating expenses:                      
GAAP sales and marketing expense $ 92,872     $ 53,511     $ 260,798     $ 142,380  
Less: Stock-based compensation expense   (15,398 )     (525 )     (44,212 )     (1,748 )
Non-GAAP sales and marketing expense $ 77,474     $ 52,986     $ 216,586     $ 140,632  
GAAP research and development $ 53,887     $ 25,655     $ 148,947     $ 68,703  
Less: Stock-based compensation expense   (14,988 )     (436 )     (40,233 )     (1,272 )
Non-GAAP research and development $ 38,899     $ 25,219     $ 108,714     $ 67,431  
GAAP general and administrative $ 33,372     $ 13,450     $ 101,278     $ 38,478  
Less: Stock-based compensation expense   (12,658 )     (375 )     (40,375 )     (1,326 )
Non-GAAP general and administrative $ 20,714     $ 13,075     $ 60,903     $ 37,152  
Reconciliation of loss from operations:                      
GAAP loss from operations $ (77,338 )   $ (21,534 )   $ (234,399 )   $ (62,049 )
Add: Amortization of stock-based compensation of capitalized internal-use software   267             658        
Add: Stock-based compensation expense   46,710       1,542       135,372       4,766  
Non-GAAP loss from operations $ (30,361 )   $ (19,992 )   $ (98,369 )   $ (57,283 )
GAAP operating margin   (62 %)     (26 %)     (69 %)     (28 %)
Non-GAAP operating margin   (24 %)     (24 %)     (29 %)     (26 %)
                               
  Three Months Ended October 31,     Nine Months Ended October 31  
  2022     2021     2022     2021  
Reconciliation of net loss and net loss per share:                      
GAAP net loss $ (71,958 )   $ (21,951 )   $ (224,939 )   $ (62,438 )
Add: Amortization of stock-based compensation of capitalized internal-use software   267             658        
Add: Stock-based compensation expense   46,710       1,542       135,372       4,766  
Non-GAAP net loss $ (24,981 )   $ (20,409 )   $ (88,909 )   $ (57,672 )
                       
GAAP net loss per share, basic and diluted $ (0.38 )   $ (0.33 )   $ (1.22 )   $ (0.94 )
                       
GAAP net loss per share, basic and diluted $ (0.38 )   $ (0.33 )   $ (1.22 )   $ (0.94 )
Add: Amortization of stock-based compensation capitalized in software development costs               0.01        
Add: Stock-based compensation expense   0.25       0.02       0.73       0.07  
Non-GAAP net loss per share, basic and diluted $ (0.13 )   $ (0.31 )   $ (0.48 )   $ (0.87 )
                       
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted   187,080       66,782       185,124       66,313  
                       
Non-GAAP free cash flow                      
GAAP net cash used in operating activities $ (15,171 )   $ (23,051 )   $ (86,040 )   $ (49,217 )
Add: purchases of property and equipment   (68 )     (41 )     (140 )     (86 )
Add: capitalized internal-use software   (2,658 )     (1,840 )     (6,174 )     (4,652 )
Non-GAAP free cash flow $ (17,897 )   $ (24,932 )   $ (92,354 )   $ (53,955 )
Non-GAAP free cash flow as a % of revenue   (14 %)     (30 %)     (27 %)     (24 %)
                       
TTM Total Revenue $ 436,624     $ 286,066     $ 436,624     $ 286,066  
TTM Free Cash flow   (101,210 )     (61,640 )     (101,210 )     (61,640 )
TTM Non-GAAP free cash flow as a % of revenue   (23 %)     (22 %)     (23 %)     (22 %)
                               

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

  As of  
  October 31, 2022     January 31, 2022  
GAAP RPOs          
GAAP short-term RPOs $ 322,406     $ 268,911  
GAAP long-term RPOs   209,383       159,923  
Total GAAP RPOs $ 531,789     $ 428,834  
Add:          
Customer deposits          
Customer deposits expected to be recognized within the next 12 months $ 19,102     $ 20,324  
Customer deposits expected to be recognized after the next 12 months   2,467       3,059  
Total customer deposits $ 21,569     $ 23,383  
Non-GAAP RPOs          
Non-GAAP short-term RPOs $ 341,508     $ 289,235  
Non-GAAP long-term RPOs   211,850       162,982  
Total Non-GAAP RPOs $ 553,358     $ 452,217  
               

HashiCorp, Inc.
PRESENTATION OF KEY BUSINESS METRICS
(dollars in millions, except customers and percentages)
(unaudited)

  Three Months Ended  
  October 31,
2021

  January 31,
2022

  April 30,
2022
  July 31,
2022
  October 31,
2022
 
Number of customers (as of end of period)     2,392       2,715     3,240     3,612     3,899  
Number of customers equal or greater than $100,000 in ARR     595       655     704     734     760  
Non-GAAP Remaining Performance Obligations ($M)   $ 368.0     $ 452.2   $ 457.6   $ 498.4   $ 553.4  
Quarterly subscription revenue from HCP ($M)   $ 5.4     $ 6.9   $ 8.8   $ 10.6   $ 12.9  
Trailing four quarters average Net Dollar Revenue Retention Rate     127 %     131 %   133 %   134 %   134 %
Trailing twelve months Non-GAAP free cash flow as a % of revenue     (22 %)     (20 %)   (22 %)   (28 %)   (23 %)
                                   

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

  Three Months Ended  
    October 31,
2021
    January 31,
2022
  April 30,
2022
  July 31,
2022
  October 31,
2022
 
Revenue   $ 82.2     $ 96.5   $ 100.9   $ 113.9   $ 125.3  
Non-GAAP free cash flow   $ (24.9 )   $ (8.9 ) $ (15.3 ) $ (59.1 ) $ (17.9 )
                                   

Investor Contact
Alex Kurtz
HashiCorp
ir@hashicorp.com

Media Contact
Kate Lehman
HashiCorp
media@hashicorp.com 

HashiCorp Inc



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