• HashiCorp Announces Second Quarter of Fiscal Year 2024 Financial Results

    Source: Nasdaq GlobeNewswire / 31 Aug 2023 16:05:00   America/New_York

    • Second quarter revenue totaled $143.2 million, representing an increase of 26% year-over-year.
    • Trailing four quarter average Net Dollar Retention Rate was 124% at the end of the second quarter of fiscal 2024 as compared to 134% at the end of second quarter of fiscal 2023.
    • Second quarter total GAAP RPO totaled $682.5 million, representing an increase of 43% year-over-year; Second quarter current GAAP RPO totaled $398.9 million, representing an increase of 31% year-over-year.
    • Second quarter total non-GAAP RPO totaled $708.0 million, representing an increase of 42% year-over-year; Second quarter current non-GAAP RPO totaled $420.3 million, representing an increase of 30% year-over-year.

    SAN FRANCISCO, Aug. 31, 2023 (GLOBE NEWSWIRE) -- HashiCorp, Inc. (NASDAQ: HCP), a leading provider of multi-cloud infrastructure automation software, today announced financial results for its second quarter of fiscal 2024, ended July 31, 2023.

    “I’m pleased with our results in Q2 of FY24, with solid execution that led to 26% year-over-year revenue growth,” said Dave McJannet, CEO of HashiCorp. “Our team is continuing to win in the market despite a challenging purchasing environment, and our product innovation is positioning us well for the long-term opportunity before us.”

    “Our Q2 results demonstrated our focus on delivering solid top-line performance while driving improvements in our operating leverage,” said Navam Welihinda, CFO of HashiCorp. “We remain on our path toward profitability, and are focused on driving efficiency while continuing to make the most of our long-term opportunity.”

    Fiscal 2024 Second Quarter Financial Results

    Revenue: Total revenue was $143.2 million in the second quarter of fiscal 2024, up 26% from $113.9 million in the same period last year.

    Gross Profit: GAAP gross profit was $113.9 million in the second quarter of fiscal 2024, representing an 80% gross margin, compared to a GAAP gross profit of $92.3 million and an 81% gross margin in the same period last year. Non-GAAP gross profit was $118.8 million in the second quarter fiscal 2024, representing an 83% non-GAAP gross margin, compared to a non-GAAP gross profit of $96.1 million and an 84% non-GAAP gross margin in the same period last year.

    Operating Loss: GAAP operating loss was $82.6 million in the second quarter of fiscal 2024, compared to GAAP operating loss of $78.6 million in the same period last year. Non-GAAP operating loss was $35.1 million in the second quarter of fiscal 2024, compared to a non-GAAP operating loss of $36.0 million in the same period last year.

    Net Loss: GAAP net loss was $66.3 million in the second quarter of fiscal 2024, compared to a GAAP net loss of $74.8 million in the same period last year. Non-GAAP net loss was $18.8 million in the second quarter of fiscal 2024, compared to a non-GAAP net loss of $32.1 million in the same period last year.

    Net Loss per Share: GAAP net loss per share was $0.34 based on 192.6 million weighted-average shares outstanding in the second quarter of fiscal 2024, compared to a GAAP net loss per share of $0.40 based on 185.2 million weighted-average shares outstanding in the same period last year. Non-GAAP net loss per share was $0.10 in the second quarter of fiscal 2024, compared to a non-GAAP net loss per share of $0.17 in the same period last year.

    Remaining Performance Obligation (RPO) Total RPO was $682.5 million in the second quarter of fiscal 2024, up from $476.0 million in the same period last year. The current portion of GAAP RPO was $398.9 million at the end of the second quarter of fiscal 2024, up from $304.3 million at the end of the same period last year. Total non-GAAP RPO was $708.0 million at the end of the second quarter of fiscal 2024, up from $498.4 million at the end of the same period last year. The current portion of non-GAAP RPO was $420.3 million at the end of the second quarter of fiscal 2024, up from $324.3 million at the end of the same period last year.

    Cash, cash equivalents, and investments: Net cash used by operating activities was $33.7 million in the second quarter of fiscal 2024, compared to $57.2 million used in operating activities in the same period last year. Cash, cash equivalents and investments totaled $1,244.1 million at the end of the second quarter of fiscal 2024, compared to $1,291.8 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 2024 Second Quarter and Recent Operating Highlights

    • HashiCorp ended the second quarter of fiscal 2024 with 4,217 customers, up from 4,153 customers at the end of the previous fiscal quarter, and up from 3,364 customers at the end of the second quarter of fiscal 2023.
    • The Company ended the second quarter of fiscal 2024 with 851 customers with equal or greater than $100,000 in Annual Recurring Revenue (“ARR”), up from 830 customers at the end of the previous fiscal quarter and 734 customers at the end of the second quarter of fiscal 2023.
    • Customers with equal to or greater than $100,000 in ARR represented 89% of total revenue in the second quarter of fiscal 2024 compared to 89% in the previous fiscal quarter and 88% in the second quarter of fiscal 2023.
    • Quarterly subscription revenue from HashiCorp Cloud Platform (HCP) reached $18.4 million in the second quarter of fiscal 2024, up from $16.5 million in the previous fiscal quarter and up from $10.6 million in the second quarter of fiscal 2023.
    • The Company's trailing four quarter average Net Dollar Retention rate was 124% at the end of the second quarter of fiscal 2024, compared to 134% at the end of the second quarter of fiscal 2023.

    Other Highlights

    During the second quarter, HashiCorp continued to invest across its product portfolio and expand its ecosystem, including the following:

    • Company news:
      • Announced the acquisition of BluBracket, a security startup whose functionality will complement HashiCorp Vault’s secrets management by helping prevent accidental leaks and fighting secret sprawl.
      • Held HashiDays, HashiCorp’s European user conference, which sold out in three separate in-person locations: London, Paris, and Munich.
      • Released the third annual HashiCorp State of Cloud Strategy Survey in collaboration with Forrester Research, with new data showing how cloud maturity drives operational efficiency.
      • Added to the broad-market Russell 3000® Index at the conclusion of the 2023 Russell indexes annual reconstitution.
    • Awards:
      • Won Microsoft Global OSS on Azure Partner of the Year, and named as a Finalist for U.S. Partner OSS on Azure.
      • Comparably's Best CEOs for Diversity.
    • Product Updates and Improvements:
      • Terraform
        • General availability of HashiCorp Terraform 1.5, featuring a config-driven import workflow and a new language primitive for infrastructure validations.
        • New capabilities for HashiCorp Terraform Cloud, making it easier to import, view, validate, and manage resources across customers’ entire infrastructure.
      • Vault
        • General availability of the HashiCorp Vault Secrets Operator for Kubernetes, along with CRDs responsible for synchronizing Vault secrets to Kubernetes Secrets.
        • Public Beta of HCP Vault Secrets, a new SaaS-based secrets management platform that enables developers to centrally store, access, and sync secrets when and where they need them.
      • Consul
        • HashiCorp Consul 1.16, which adds new reliability, scalability, security, service mesh UX, extensibility, and service discovery capabilities.
        • New features for the HCP Consul management plane, with deeper insights to Consul deployments via cloud-based observability.
      • Boundary
        • General availability of self-managed HashiCorp Boundary Enterprise, which enables organizations to deploy HashiCorp Boundary in their desired public or private clouds.
        • Boundary 0.13, which adds new functionality including SSH session recording capability.

    Financial Outlook

    For the third quarter of fiscal 2024, the Company currently expects:

    • Total revenue of $142 - $144 million
    • Non-GAAP operating loss of $26 - $23 million
    • Non-GAAP EPS loss of $0.05 - $0.03
    • Weighted Average Fully Diluted Shares of 195.3 million

    For the full fiscal year 2024, the Company currently expects:

    • Total revenue of $571 - $575 million
    • Non-GAAP operating loss of $108 - $105 million
    • Non-GAAP EPS loss of $0.23 - $0.21
    • Weighted Average Fully Diluted Shares of 192.7 million
    • Non-GAAP Free Cash Flow Margin of approximately (5)%

    HashiCorp has not reconciled its expectations as to third quarter and fiscal year 2024 non-GAAP operating loss, non-GAAP loss per share, and non-GAAP free cash flow margin 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, each of which we expect to have a significant impact on our future GAAP financial results.

    Conference Call Information

    HashiCorp will host a conference call on Thursday, August 31, 2023 at 2 p.m. PDT 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. HashiCorp's software suite enables organizations to adopt consistent workflows and create a system of record for automating the cloud: 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 community, enterprise, and as managed cloud services. The company is headquartered in San Francisco, though most HashiCorp employees work remotely, strategically distributed around the globe. For more information, visit hashicorp.com.

    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 within the meaning of the Private Securities Litigation Act of 1995, as amended, including, among others, statements about HashiCorp’s business strategy, HashiCorp’s performance in the market in light of the current purchasing environment, long-term opportunity related to HashiCorp’s product innovation, HashiCorp’s path toward profitability, and HashiCorp’s financial outlook for the second quarter and full year of fiscal 2024. 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.

    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 Annual Report on Form 10-K dated March 27, 2023 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, 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 as GAAP gross profit before amortization of stock-based compensation included in the amortized expenses of capitalized internal-use software, stock-based compensation expense, and 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 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 acquisition-related expenses. 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 acquisition-related expenses.

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

    We calculate 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 loss from operations, non-GAAP net loss, non-GAAP net loss per share, non-GAAP free cash flow, non-GAAP RPOs 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 July 31,  Six Months Ended July 31,
      2023   2022   2023   2022 
    Revenue:       
    License$16,724  $15,338  $31,882  $25,682 
    Support 103,997   84,257   205,910   163,465 
    Cloud-hosted services 18,372   10,637   34,916   19,469 
    Subscription revenue 139,093   110,232   272,708   208,616 
    Professional services and other 4,153   3,631   8,521   6,144 
    Total revenue 143,246   113,863   281,229   214,760 
    Cost of revenue:       
    Cost of license 498   360   1,083   753 
    Cost of support 16,304   12,272   31,147   23,110 
    Cost of cloud-hosted services 7,619   5,699   14,647   10,529 
    Cost of subscription revenue 24,421   18,331   46,877   34,392 
    Cost of professional services and other 4,913   3,209   9,245   6,537 
    Total cost of revenue 29,334   21,540   56,122   40,929 
    Gross profit 113,912   92,323   225,107   173,831 
    Operating expenses:       
    Sales and marketing 101,134   87,674   191,698   167,926 
    Research and development 59,962   47,885   114,155   95,060 
    General and administrative 35,412   35,383   69,660   67,906 
    Total operating expenses 196,508   170,942   375,513   330,892 
    Loss from operations (82,596)  (78,619)  (150,406)  (157,061)
    Interest income 16,300   3,926   31,280   4,542 
    Other expenses, net (105)  66   (225)  (40)
    Loss before income taxes (66,401)  (74,627)  (119,351)  (152,559)
    Provision (benefit) for income taxes (86)  137   222   422 
    Net loss$(66,315) $(74,764) $(119,573) $(152,981)
    Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(0.34) $(0.40) $(0.62) $(0.83)
    Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 192,610   185,212   191,723   184,114 


     
    HashiCorp, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (amounts in thousands, except per share amounts)
    (unaudited)
     
     As of
     July 31, 2023 January 31, 2023
    Assets   
    Current assets:   
    Cash and cash equivalents$830,018  $1,286,134 
    Short-term investments 414,094   — 
    Accounts receivable, net of allowance 122,385   162,369 
    Deferred contract acquisition costs 45,329   42,812 
    Prepaid expenses and other current assets 28,526   17,683 
    Total current assets 1,440,352   1,508,998 
    Deferred contract acquisition costs, non-current 82,921   81,286 
    Acquisition-related intangible assets, net 13,028   — 
    Goodwill 12,265   — 
    Other assets, non-current 42,037   38,056 
    Total assets$1,590,603  $1,628,340 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Accounts payable$7,693  $12,450 
    Accrued expenses and other current liabilities 10,376  $10,163 
    Accrued compensation and benefits 53,505   58,628 
    Deferred revenue 264,639   272,909 
    Customer deposits 25,564   26,699 
    Total current liabilities 361,777   380,849 
    Deferred revenue, non-current 28,802   29,335 
    Other liabilities, non-current 15,112   12,806 
    Total liabilities 405,691   422,990 
    Commitments and contingencies (Note 11)   
    Stockholders’ equity:   
    Class A common stock, par value of $0.000015 per share; 1,000,000 and 1,000,000 shares authorized as of July 31, 2023 and January 31, 2023, respectively; 109,085 and 88,823 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively 1   1 
    Class B common stock, par value of $0.000015 per share; 200,000 and 200,000 shares authorized as of July 31, 2023 and January 31, 2023, respectively; 84,561 and 101,145 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively 2   2 
    Additional paid-in capital 2,085,910   1,985,747 
    Accumulated other comprehensive loss (1,028)  — 
    Accumulated deficit (899,973)  (780,400)
    Total stockholders’ equity 1,184,912   1,205,350 
    Total liabilities and stockholders’ equity$1,590,603  $1,628,340 


     
    HashiCorp, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (amounts in thousands)
    (unaudited)
     
     Six Months Ended July 31,
      2023   2022 
    Cash flows from operating activities   
    Net loss$(119,573) $(152,981)
    Adjustments to reconcile net loss to cash from operating activities:   
    Stock-based compensation expense, net of amounts capitalized 86,282   88,662 
    Depreciation and amortization expense 3,876   1,947 
    Non-cash operating lease cost 1,474   1,416 
    Accretion of discounts on marketable securities (4,196)  — 
    Deferred income taxes (482)  — 
    Other 68   (19)
    Changes in operating assets and liabilities:   
    Accounts receivable 39,914   15,227 
    Deferred contract acquisition costs (4,152)  (19,688)
    Prepaid expenses and other assets (11,161)  (1,175)
    Accounts payable (5,007)  (3,044)
    Accrued expenses and other liabilities (1,776)  (1,741)
    Accrued compensation and benefits (5,123)  (1,961)
    Deferred revenue (8,803)  3,523 
    Customer deposits (1,135)  (1,035)
    Net cash used in operating activities (29,794)  (70,869)
    Cash flows from investing activities   
    Business combination, net of cash acquired (20,859)  — 
    Purchases of property and equipment (417)  (72)
    Capitalized internal-use software (5,669)  (3,516)
    Purchases of short-term investments (469,704)  — 
    Proceeds from sales of short-term investments 26,372   — 
    Proceeds from maturities of short-term investments 32,529   — 
    Net cash used in investing activities (437,748)  (3,588)
    Cash flows from financing activities   
    Taxes paid related to net share settlement of equity awards (224)  (202)
    Proceeds from issuance of common stock upon exercise of stock options 1,455   2,166 
    Proceeds from issuance of common stock under employee stock purchase plan 10,195   8,501 
    Net cash provided by financing activities 11,426   10,465 
    Net decrease in cash and cash equivalents, and restricted cash (456,116)  (63,992)
    Cash and cash equivalents, and restricted cash beginning of period 1,286,134   1,357,613 
    Cash and cash equivalents, and restricted cash end of period$830,018  $1,293,621 


     
    HashiCorp, Inc.
    RECONCILIATION OF GAAP TO NON-GAAP DATA
    (amounts in thousands, except per share amounts and percentages)
    (unaudited)
     
     Three Months Ended July 31, Six Months Ended July 31,
      2023   2022   2023   2022 
    Reconciliation of gross profit       
    GAAP gross profit$113,912  $92,323  $225,107  $173,831 
    Add: Amortization of stock-based compensation of capitalized internal-use software 444   222   832   391 
    Add: Stock-based compensation expense 4,048   3,559   7,479   6,886 
    Add: Amortization of acquired intangibles$417  $—  $417  $— 
    Non-GAAP gross profit$118,821  $96,104  $233,835  $181,108 
    GAAP gross margin 80%  81%  80%  81%
    Non-GAAP gross margin 83%  84%  83%  84%
    Reconciliation of loss from operations       
    GAAP loss from operations$(82,596) $(78,619) $(150,406) $(157,061)
    Add: Amortization of stock-based compensation of capitalized internal-use software 444   222   832   391 
    Add: Stock-based compensation expense 46,119   42,403   86,281   88,662 
    Add: Amortization of acquired intangibles 472   —   472   — 
    Add: Acquisition-related expenses 459   —   459   — 
    Non-GAAP loss from operations$(35,102) $(35,994) $(62,362) $(68,008)
    GAAP operating margin (58)%  (69)%  (53)%  (73)%
    Non-GAAP operating margin (25)%  (32)%  (22)%  (32)%


     
     Three Months Ended July 31, Six Months Ended July 31,
      2023   2022   2023   2022 
    Reconciliation of net loss and net loss per share       
    GAAP net loss$(66,315) $(74,764) $(119,573) $(152,981)
    Add: Amortization of stock-based compensation of capitalized internal-use software 444   222   832   391 
    Add: Stock-based compensation expense 46,119   42,403   86,281   88,662 
    Add: Amortization of acquired intangibles 472   —   472   — 
    Add: Acquisition-related expenses 459   —   459   — 
    Non-GAAP net loss$(18,821) $(32,139) $(31,529) $(63,928)
            
    GAAP net loss per share, basic and diluted$(0.34) $(0.40) $(0.62) $(0.83)
            
    GAAP net loss per share, basic and diluted$(0.34) $(0.40) $(0.62) $(0.83)
    Add: Amortization of stock-based compensation capitalized in software development costs —   —   —   0.01 
    Add: Stock-based compensation expense 0.24   0.23   0.45   0.48 
    Add: Amortization of acquired intangibles —   —   —   — 
    Add: Acquisition-related expenses —   —   —   — 
    Non-GAAP net loss per share, basic and diluted$(0.10) $(0.17) $(0.16) $(0.34)
    Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted 192,610   185,212   191,723   184,114 
            
    Reconciliation of free cash flow       
    GAAP net cash used in operating activities$(33,669) $(57,150) $(29,794) $(70,869)
    Add: purchases of property and equipment (26)  (59)  (417)  (72)
    Add: capitalized internal-use software (2,930)  (1,924)  (5,669)  (3,516)
    Non-GAAP free cash flow$(36,625) $(59,133) $(35,880) $(74,457)
    GAAP net cash used in operating activities as a % of revenue (24)%  (50)%  (11)%  (33)%
    Non-GAAP free cash flow as a % of revenue (26)%  (52)%  (13)%  (35)%
            
    Trailing twelve months ("TTM") Total Revenue$542,357  $393,504  $542,357  $393,504 
    TTM cash used in operating activities (43,387)  (100,918)  (43,387)  (100,918)
    TTM free cash flow (54,883)  (108,245)  (54,883)  (108,245)
    TTM cash used in operating activities as a % of revenue (8)%  (26)%  (8)%  (26)%
    TTM free cash flow as a % of revenue (10)%  (28)%  (10)%  (28)%


     
    HashiCorp, Inc.
    RECONCILIATION OF GAAP TO NON-GAAP RPOS
    (amounts in thousands)
    (unaudited)
     
     As of
     July 31, 2023 January 31, 2023
    GAAP RPOs   
    GAAP short-term RPOs$398,915 $375,072
    GAAP long-term RPOs 283,537  271,992
    Total GAAP RPOs$682,452 $647,064
    Add:   
    Customer deposits   
    Customer deposits expected to be recognized within the next 12 months$21,412 $22,657
    Customer deposits expected to be recognized after the next 12 months 4,152  4,042
    Total customer deposits$25,564 $26,699
    Non-GAAP RPOs   
    Non-GAAP short-term RPOs$420,327 $397,729
    Non-GAAP long-term RPOs 287,689  276,034
    Total Non-GAAP RPOs$708,016 $673,763


     
    HashiCorp, Inc.
    PRESENTATION OF KEY HISTORICAL BUSINESS METRICS
    (dollars in millions, except customers and percentages)
    (unaudited)
     Three Months Ended
     July 31, 2023 April 30, 2023 January 31, 2023 October 31, 2022 July 31, 2022 
    Number of customers (as of end of period) 4,217 (2) 4,153 (2) 3,870 (2) 3,648 (2) 3,364 (2)
    Number of customers equal or greater than $100,000 in ARR 851   830   798   760   734  
    GAAP Remaining Performance Obligations ($M)$682.5  $635.3  $647.1  $531.8  $476.0  
    Non-GAAP Remaining Performance Obligations ($M)(1)$708.0  $660.2  $673.8 (1)$553.4 (1)$498.4 (1)
    Quarterly subscription revenue from HCP ($M)$18.4  $16.5  $14.5  $12.9  $10.6  
    Trailing four quarters average Net Dollar Revenue Retention Rate 124%  127%  131%  134%  134% 
    Trailing twelve months cash used in operating activities as a % of revenue (8)%  (13)%  (18)%  (21)%  (26)% 
    Trailing twelve months Non-GAAP free cash flow as a % of revenue(1) (10)%  (15)%  (20)%(1) (23)%(1) (28)%(1)

    (1) For the reconciliation of GAAP to non-GAAP for the historical periods presented, refer to our prior earning releases.

    (2) Subsequent to the issuance of our Form 10-K for the fiscal year ended January 31, 2023, we identified an immaterial error in the calculation of our total customers count related to our self-service, or "pay as you use," customers, which we have corrected accordingly.


     
    HashiCorp, Inc.
    PRESENTATION OF KEY HISTORICAL FINANCIAL DATA
    (amounts in thousands)
    (unaudited)
     Three Months Ended
     July 31, 2023 April 30, 2023 January 31, 2023 October 31, 2022 July 31, 2022
    Revenue$143,246  $137,983 $135,788  $125,341  $113,863 
    GAAP net cash provided by (used in) operating activities$(29,794) $3,874 $1,578  $(15,171) $(57,150)
    Non-GAAP free cash flow$(36,625) $744(1)$(1,106)(1)$(17,897)(1)$(59,133)

    (1) For the reconciliation of GAAP to non-GAAP for the historical periods presented, refer to our prior earning releases.


    Investor Contact
    Alex Kurtz
    HashiCorp
    ir@hashicorp.com

    Media Contact
    Kate Lehman
    HashiCorp
    media@hashicorp.com


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