HashiCorp Announces Second Quarter of Fiscal Year 2025 Financial Results
HashiCorp reported solid financial results for Q2 FY2025, with revenue reaching $165.1 million, a 15% year-over-year increase. The company's Net Dollar Retention Rate was 110%, down from 124% in Q2 FY2024. GAAP RPO totaled $771.5 million, up 13% year-over-year, while non-GAAP RPO reached $793.3 million, a 12% increase. HashiCorp's customer base grew to 4,709, with 934 customers contributing over $100,000 in ARR. The company achieved non-GAAP operating income of $0.7 million, compared to a loss of $35.1 million in the same period last year. HashiCorp's proposed merger with IBM for $35.00 per share in cash is expected to close by the end of 2024, subject to regulatory approvals.
HashiCorp ha riportato risultati finanziari solidi per il secondo trimestre dell'anno fiscale 2025, con ricavi che hanno raggiunto $165,1 milioni, un aumento del 15% rispetto all'anno precedente. Il Net Dollar Retention Rate dell'azienda si è attestato al 110%, in calo rispetto al 124% del secondo trimestre dell'anno fiscale 2024. Il GAAP RPO ha totalizzato $771,5 milioni, con un incremento del 13% anno su anno, mentre il non-GAAP RPO ha raggiunto $793,3 milioni, un aumento del 12%. La base clienti di HashiCorp è cresciuta fino a 4.709, con 934 clienti che hanno contribuito con oltre $100.000 in ARR. L'azienda ha registrato un reddito operativo non-GAAP di $0,7 milioni, rispetto a una perdita di $35,1 milioni nello stesso periodo dell'anno scorso. La fusione proposta di HashiCorp con IBM, per $35,00 per azione in contante, dovrebbe chiudere entro la fine del 2024, soggetta ad approvazioni normative.
HashiCorp reportó resultados financieros sólidos para el segundo trimestre del año fiscal 2025, con ingresos que alcanzaron $165.1 millones, un aumento del 15% en comparación con el año anterior. La Tasa de Retención de Dólares Netos de la compañía fue del 110%, por debajo del 124% en el segundo trimestre del año fiscal 2024. El GAAP RPO totalizó $771.5 millones, un increment del 13% interanual, mientras que el non-GAAP RPO alcanzó $793.3 millones, con un aumento del 12%. La base de clientes de HashiCorp creció a 4,709, con 934 clientes que contribuyeron con más de $100,000 en ARR. La compañía logró un ingreso operativo non-GAAP de $0.7 millones, en comparación con una pérdida de $35.1 millones en el mismo período del año pasado. Se espera que la fusión propuesta de HashiCorp con IBM, a $35.00 por acción en efectivo, se cierre a finales de 2024, sujeta a aprobaciones regulatorias.
HashiCorp는 2025 회계연도 2분기에 대해 견고한 재무 결과를 보고했으며, 수익은 $165.1 백만에 도달하여 전년 대비 15% 증가했습니다. 회사의 순 달러 유지율은 110%로, 2024 회계연도 2분기 124%에서 감소했습니다. GAAP RPO는 $771.5 백만에 이르며, 전년 대비 13% 증가했으며, 비GAAP RPO는 $793.3 백만에 도달해 12% 증가했습니다. HashiCorp의 고객 기반은 4,709로 성장했으며, 934명의 고객이 연간 반복 수익(ARR)에서 $100,000 이상을 기여했습니다. 회사는 비GAAP 운영 수익으로 $0.7 백만을 달성했으며, 이는 작년 같은 기간의 $35.1 백만 손실과 비교됩니다. HashiCorp의 IBM과의 제안된 합병은 주당 현금 $35.00에 대해 2024년 말까지 종료될 것으로 예상되며, 규제 승인을 받을 예정입니다.
HashiCorp a rapporté des résultats financiers solides pour le deuxième trimestre de l'exercice fiscal 2025, avec un chiffre d'affaires atteignant 165,1 millions de dollars, soit une augmentation de 15 % d'une année sur l'autre. Le Taux de Rétention de D Dollars Nets de la société était de 110 %, en baisse par rapport à 124 % au deuxième trimestre de l'exercice fiscal 2024. Le GAAP RPO totalisait 771,5 millions de dollars, en hausse de 13 % d'une année sur l'autre, tandis que le non-GAAP RPO a atteint 793,3 millions de dollars, soit une augmentation de 12 %. La base de clients de HashiCorp a atteint 4 709, avec 934 clients contribuant plus de 100 000 $ en ARR. La société a réalisé un revenu opérationnel non-GAAP de 0,7 million de dollars, contre une perte de 35,1 millions de dollars pendant la même période l'année dernière. La fusion proposée de HashiCorp avec IBM pour 35,00 $ par action en espèces devrait se conclure d'ici la fin de 2024, sous réserve des approbations réglementaires.
HashiCorp berichtete über solide finanzielle Ergebnisse für das 2. Quartal des Geschäftsjahres 2025, mit einem Umsatz von $165,1 Millionen, was einem Anstieg von 15% im Vergleich zum Vorjahr entspricht. Die Net Dollar Retention Rate des Unternehmens lag bei 110%, ein Rückgang von 124% im 2. Quartal des Geschäftsjahres 2024. GAAP RPO belief sich auf $771,5 Millionen, ein Anstieg um 13% im Jahresvergleich, während der non-GAAP RPO $793,3 Millionen erreichte, ein Anstieg von 12%. Die Kundenbasis von HashiCorp wuchs auf 4.709, wobei 934 Kunden über $100.000 in ARR beitrugen. Das Unternehmen erzielte ein non-GAAP Betriebsergebnis von $0,7 Millionen, verglichen mit einem Verlust von $35,1 Millionen im gleichen Zeitraum des Vorjahres. Die vorgeschlagene Fusion von HashiCorp mit IBM zu $35,00 pro Aktie in bar wird voraussichtlich bis Ende 2024 abgeschlossen, vorbehaltlich regulatorischer Genehmigungen.
- Revenue increased by 15% year-over-year to $165.1 million
- Non-GAAP gross profit margin improved to 85% from 83% year-over-year
- Achieved non-GAAP operating income of $0.7 million, compared to a loss of $35.1 million last year
- Customer base grew to 4,709, up from 4,217 in Q2 FY2024
- Customers with $100,000+ in ARR increased to 934, up from 851 in Q2 FY2024
- HCP quarterly subscription revenue reached $26.5 million, up from $18.4 million in Q2 FY2024
- Net Dollar Retention Rate decreased to 110% from 124% year-over-year
- GAAP net loss of $26.5 million, though improved from $66.3 million loss last year
- Net cash used in operating activities was $8.6 million, compared to $33.7 million provided last year
Insights
HashiCorp's Q2 FY2025 results show mixed signals. Revenue growth of
HashiCorp's product suite remains important in the evolving cloud infrastructure landscape. The company's focus on multi-cloud management aligns well with enterprise needs. However, the slower growth might indicate market saturation or increased competition. The success of HashiDays events in multiple locations suggests continued developer interest. The pending IBM acquisition for
HashiCorp's performance reflects broader trends in the infrastructure software market. The slowing growth rate aligns with the overall tech sector cooldown, as companies optimize spending. The improving profitability suggests successful cost management, important in the current economic climate. The decline in Net Dollar Retention Rate to
- Second quarter revenue totaled
$165.1 million , representing an increase of15% year-over-year. - Trailing four quarter average Net Dollar Retention Rate was
110% at the end of the second quarter of fiscal 2025 as compared to124% at the end of second quarter of fiscal 2024. - Second quarter GAAP RPO totaled
$771.5 million , representing an increase of13% year-over-year; second quarter current GAAP RPO totaled$473.4 million , representing an increase of19% year-over-year. - Second quarter non-GAAP RPO totaled
$793.3 million , representing an increase of12% year-over-year; second quarter current non-GAAP RPO totaled$492.4 million , representing an increase of17% year-over-year.
SAN FRANCISCO, Aug. 29, 2024 (GLOBE NEWSWIRE) -- HashiCorp, Inc. (NASDAQ: HCP), The Infrastructure Cloud™ company, today announced financial results for its second quarter of fiscal 2025, ended July 31, 2024.
“The HashiCorp team delivered another solid performance in Q2 of FY25, with revenue growth of
Proposed Merger with International Business Machines ("IBM")
As announced on April 24, 2024, HashiCorp and IBM have entered into a merger agreement under which IBM will acquire HashiCorp for
In light of the proposed transaction with IBM, HashiCorp will not be holding a conference call to discuss financial results or providing financial guidance in conjunction with its second quarter of fiscal 2025 earnings release.
Fiscal 2025 Second Quarter Financial Results
Revenue: Total revenue was
Gross Profit: GAAP gross profit was
Operating Income (Loss): GAAP operating loss was
Net Income (Loss): GAAP net loss was
Net Income (Loss) per Share: GAAP basic and diluted net loss per share was
Remaining Performance Obligation (RPO): Total RPO was
Cash, cash equivalents, and investments: Net cash used in operating activities was
Reconciliations of GAAP financial measures to the most comparable non-GAAP financial measures have been provided in the tables included in this release.
Fiscal 2025 Second Quarter and Recent Operating Highlights
- HashiCorp ended the second quarter of fiscal 2025 with 4,709 customers, up from 4,558 customers at the end of the previous fiscal quarter, and up from 4,217 customers at the end of the second quarter of fiscal 2024.
- The Company ended the second quarter of fiscal 2025 with 934 customers with equal or greater than
$100,000 in Annual Recurring Revenue (“ARR”), up from 918 customers at the end of the previous fiscal quarter and 851 customers at the end of the second quarter of fiscal 2024. - Customers with equal to or greater than
$100,000 in ARR represented89% of total revenue in the second quarter of fiscal 2025 compared to90% in the previous fiscal quarter and89% in the second quarter of fiscal 2024. - Quarterly subscription revenue from HashiCorp Cloud Platform (HCP) reached
$26.5 million in the second quarter of fiscal 2025, up from$24.6 million in the previous fiscal quarter and up from$18.4 million in the second quarter of fiscal 2024. - The Company's trailing four quarter average Net Dollar Retention Rate was
110% at the end of the second quarter of fiscal 2025, compared to113% in the previous quarter and124% at the end of the second quarter of fiscal 2024.
About HashiCorp, Inc.
HashiCorp is The Infrastructure Cloud™ company, helping organizations automate multi-cloud and hybrid environments with Infrastructure Lifecycle Management and Security Lifecycle Management. HashiCorp offers The Infrastructure Cloud on the HashiCorp Cloud Platform (HCP) for managed cloud services, as well as self-hosted enterprise offerings and community source-available products. The company is headquartered in San Francisco, California. 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 contains 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, go-to-market initiatives, revenue growth, and long-term opportunity related to HashiCorp’s product innovation. 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 20, 2024, Quarterly Report on Form 10-Q dated August 29, 2024, 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 merger and acquisition-related expenses. We calculate non-GAAP net income (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 merger and acquisition-related expenses, which comprise one-time costs associated with advisory, legal, and other professional fees, net of tax adjustments.
We calculate non-GAAP net income (loss) per share as non-GAAP net income (loss) divided by weighted average shares outstanding (basic and diluted).
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 income (loss), non-GAAP net income (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, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| License | $ | 16,488 | $ | 16,724 | $ | 32,837 | $ | 31,882 | |||||||
| Support | 116,166 | 103,997 | 229,798 | 205,910 | |||||||||||
| Cloud-hosted services | 26,534 | 18,372 | 51,124 | 34,916 | |||||||||||
| Subscription revenue | 159,188 | 139,093 | 313,759 | 272,708 | |||||||||||
| Professional services and other | 5,950 | 4,153 | 11,958 | 8,521 | |||||||||||
| Total revenue | 165,138 | 143,246 | 325,717 | 281,229 | |||||||||||
| Cost of revenue: | — | — | |||||||||||||
| Cost of license | 470 | 498 | 1,007 | 1,083 | |||||||||||
| Cost of support | 14,817 | 16,304 | 30,016 | 31,147 | |||||||||||
| Cost of cloud-hosted services | 8,930 | 7,619 | 17,828 | 14,647 | |||||||||||
| Cost of subscription revenue | 24,217 | 24,421 | 48,851 | 46,877 | |||||||||||
| Cost of professional services and other | 5,992 | 4,913 | 11,671 | 9,245 | |||||||||||
| Total cost of revenue | 30,209 | 29,334 | 60,522 | 56,122 | |||||||||||
| Gross profit | 134,929 | 113,912 | 265,195 | 225,107 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 87,623 | 101,134 | 180,765 | 191,698 | |||||||||||
| Research and development | 54,981 | 59,962 | 113,816 | 114,155 | |||||||||||
| General and administrative | 35,623 | 35,412 | 81,625 | 69,660 | |||||||||||
| Total operating expenses | 178,227 | 196,508 | 376,206 | 375,513 | |||||||||||
| Loss from operations | (43,298 | ) | (82,596 | ) | (111,011 | ) | (150,406 | ) | |||||||
| Interest income | 17,745 | 16,300 | 34,952 | 31,280 | |||||||||||
| Other expenses, net | (258 | ) | (105 | ) | (219 | ) | (225 | ) | |||||||
| Loss before income taxes | (25,811 | ) | (66,401 | ) | (76,278 | ) | (119,351 | ) | |||||||
| Provision (benefit) for income taxes | 651 | (86 | ) | 1,312 | 222 | ||||||||||
| Net loss | $ | (26,462 | ) | $ | (66,315 | ) | $ | (77,590 | ) | $ | (119,573 | ) | |||
| Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.13 | ) | $ | (0.34 | ) | $ | (0.39 | ) | $ | (0.62 | ) | |||
| Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 201,872 | 192,610 | 200,982 | 191,723 | |||||||||||
| HashiCorp, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share amounts) (unaudited) | |||||||
| As of | |||||||
| July 31, 2024 | January 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 797,224 | $ | 763,414 | |||
| Short-term investments | 512,066 | 515,163 | |||||
| Accounts receivable, net of allowance | 147,750 | 182,614 | |||||
| Deferred contract acquisition costs | 50,194 | 50,285 | |||||
| Prepaid expenses and other current assets | 28,433 | 30,075 | |||||
| Total current assets | 1,535,667 | 1,541,551 | |||||
| Deferred contract acquisition costs, non-current | 73,230 | 80,055 | |||||
| Acquisition-related intangible assets, net | 10,194 | 11,611 | |||||
| Goodwill | 12,197 | 12,197 | |||||
| Other assets, non-current | 47,512 | 46,533 | |||||
| Total assets | $ | 1,678,800 | $ | 1,691,947 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 12,882 | $ | 9,081 | |||
| Accrued expenses and other current liabilities | 19,417 | 15,143 | |||||
| Accrued compensation and benefits | 48,537 | 56,007 | |||||
| Deferred revenue | 311,462 | 334,894 | |||||
| Customer deposits | 21,753 | 25,627 | |||||
| Total current liabilities | 414,051 | 440,752 | |||||
| Deferred revenue, non-current | 21,425 | 26,659 | |||||
| Other liabilities, non-current | 9,392 | 11,543 | |||||
| Total liabilities | 444,868 | 478,954 | |||||
| Stockholders’ equity: | |||||||
| Class A common stock, par value of | 2 | 1 | |||||
| Class B common stock, par value of | 1 | 2 | |||||
| Additional paid-in capital | 2,282,604 | 2,184,451 | |||||
| Accumulated other comprehensive loss | (17 | ) | (393 | ) | |||
| Accumulated deficit | (1,048,658 | ) | (971,068 | ) | |||
| Total stockholders’ equity | 1,233,932 | 1,212,993 | |||||
| Total liabilities and stockholders’ equity | $ | 1,678,800 | $ | 1,691,947 | |||
| HashiCorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (unaudited) | |||||||
| Six Months Ended July 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (77,590 | ) | $ | (119,573 | ) | |
| Adjustments to reconcile net loss to cash from operating activities: | |||||||
| Stock-based compensation expense, net of amounts capitalized | 87,116 | 86,282 | |||||
| Depreciation and amortization expense | 6,436 | 3,876 | |||||
| Non-cash operating lease cost | 1,857 | 1,474 | |||||
| Accretion of discounts on marketable securities | (7,103 | ) | (4,196 | ) | |||
| Deferred income taxes | — | (482 | ) | ||||
| Other | 113 | 68 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 34,791 | 39,914 | |||||
| Deferred contract acquisition costs | 6,916 | (4,152 | ) | ||||
| Prepaid expenses and other assets | 1,783 | (11,161 | ) | ||||
| Accounts payable | 3,767 | (5,007 | ) | ||||
| Accrued expenses and other liabilities | 1,500 | (1,776 | ) | ||||
| Accrued compensation and benefits | (7,470 | ) | (5,123 | ) | |||
| Deferred revenue | (28,666 | ) | (8,803 | ) | |||
| Customer deposits | (3,874 | ) | (1,135 | ) | |||
| Net cash provided by (used in) operating activities | 19,576 | (29,794 | ) | ||||
| Cash flows from investing activities | |||||||
| Business combination, net of cash acquired | — | (20,859 | ) | ||||
| Purchases of property and equipment | (422 | ) | (417 | ) | |||
| Capitalized internal-use software | (4,964 | ) | (5,669 | ) | |||
| Purchases of short-term investments | (565,075 | ) | (469,704 | ) | |||
| Proceeds from sales of short-term investments | 71,515 | 26,372 | |||||
| Proceeds from maturities of short-term investments | 503,959 | 32,529 | |||||
| Net cash provided by (used in) investing activities | 5,013 | (437,748 | ) | ||||
| Cash flows from financing activities | |||||||
| Taxes paid related to net share settlement of equity awards | (52 | ) | (224 | ) | |||
| Payments related to acquisition holdback | (54 | ) | — | ||||
| Proceeds from issuance of common stock upon exercise of stock options | 2,666 | 1,455 | |||||
| Proceeds from issuance of common stock under employee stock purchase plan | 6,661 | 10,195 | |||||
| Net cash provided by financing activities | 9,221 | 11,426 | |||||
| Net increase (decrease) in cash and cash equivalents | 33,810 | (456,116 | ) | ||||
| Cash and cash equivalents at beginning of period | 763,414 | 1,286,134 | |||||
| Cash and cash equivalents at end of period | $ | 797,224 | $ | 830,018 | |||
| 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, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of gross profit | |||||||||||||||
| GAAP gross profit | $ | 134,929 | $ | 113,912 | $ | 265,195 | $ | 225,107 | |||||||
| Add: Amortization of stock-based compensation of capitalized internal-use software | 673 | 444 | 1,301 | 832 | |||||||||||
| Add: Stock-based compensation expense | 3,587 | 4,048 | 8,657 | 7,479 | |||||||||||
| Add: Amortization of acquired intangibles | 625 | 417 | 1,250 | 417 | |||||||||||
| Non-GAAP gross profit | $ | 139,814 | $ | 118,821 | $ | 276,403 | $ | 233,835 | |||||||
| GAAP gross margin | 82 | % | 80 | % | 81 | % | 80 | % | |||||||
| Non-GAAP gross margin | 85 | % | 83 | % | 85 | % | 83 | % | |||||||
| Reconciliation of loss from operations | |||||||||||||||
| GAAP loss from operations | $ | (43,298 | ) | $ | (82,596 | ) | $ | (111,011 | ) | $ | (150,406 | ) | |||
| Add: Amortization of stock-based compensation of capitalized internal-use software | 673 | 444 | 1,301 | 832 | |||||||||||
| Add: Stock-based compensation expense | 38,299 | 46,119 | 87,116 | 86,281 | |||||||||||
| Add: Amortization of acquired intangibles | 708 | 472 | 1,417 | 472 | |||||||||||
| Add: Acquisition and merger related expense | 4,323 | 459 | 17,090 | 459 | |||||||||||
| Non-GAAP loss from operations | $ | 705 | $ | (35,102 | ) | $ | (4,087 | ) | $ | (62,362 | ) | ||||
| GAAP operating margin | (26)% | (58)% | (34)% | (53)% | |||||||||||
| Non-GAAP operating margin | — | % | (1) | (25)% | (1)% | (22)% | |||||||||
(1) Amount is less than
| Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of net loss and net loss per share | |||||||||||||||
| GAAP net loss | $ | (26,462 | ) | $ | (66,315 | ) | $ | (77,590 | ) | $ | (119,573 | ) | |||
| Add: Amortization of stock-based compensation of capitalized internal-use software | 673 | 444 | 1,301 | 832 | |||||||||||
| Add: Stock-based compensation expense | 38,299 | 46,119 | 87,116 | 86,281 | |||||||||||
| Add: Amortization of acquired intangibles | 708 | 472 | 1,417 | 472 | |||||||||||
| Add: Acquisition-related expenses | 4,323 | 459 | 17,090 | 459 | |||||||||||
| Less: Tax adjustments (1) | $ | (753 | ) | $ | — | $ | (1,355 | ) | $ | — | |||||
| Non-GAAP net income (loss) | $ | 16,788 | $ | (18,821 | ) | $ | 27,979 | $ | (31,529 | ) | |||||
| GAAP net loss per share, basic and diluted | $ | (0.13 | ) | $ | (0.34 | ) | $ | (0.39 | ) | $ | (0.62 | ) | |||
| Non-GAAP net income (loss) per share, basic | $ | 0.08 | $ | (0.10 | ) | $ | 0.14 | $ | (0.16 | ) | |||||
| Non-GAAP net income (loss) per share, diluted | $ | 0.08 | $ | (0.10 | ) | $ | 0.13 | $ | (0.16 | ) | |||||
| Weighted-average shares used in computing GAAP net loss per share, basic and diluted | 201,872 | 192,610 | 200,982 | 191,723 | |||||||||||
| Weighted-average shares used to compute Non-GAAP net income (loss) per share, basic | 201,872 | 192,610 | 200,982 | 191,723 | |||||||||||
| Weighted-average shares used to compute Non-GAAP net income (loss) per share, diluted | 210,193 | 192,610 | 208,843 | 191,723 | |||||||||||
| Reconciliation of free cash flow | |||||||||||||||
| GAAP net cash provided by (used in) operating activities | $ | (8,573 | ) | $ | (33,669 | ) | $ | 19,576 | $ | (29,794 | ) | ||||
| Add: purchases of property and equipment | (189 | ) | (26 | ) | (422 | ) | (417 | ) | |||||||
| Add: capitalized internal-use software | (2,441 | ) | (2,930 | ) | (4,964 | ) | (5,669 | ) | |||||||
| Non-GAAP free cash flow | $ | (11,203 | ) | $ | (36,625 | ) | $ | 14,190 | $ | (35,880 | ) | ||||
| GAAP net cash provided by (used in) operating activities as a % of revenue | (5)% | (24)% | 6 | % | (11)% | ||||||||||
| Non-GAAP free cash flow as a % of revenue | (7)% | (26)% | 4 | % | (13)% | ||||||||||
| Trailing twelve months ("TTM") Total Revenue | $ | 627,625 | $ | 542,357 | $ | 627,625 | $ | 542,357 | |||||||
| TTM cash provided by (used in) operating activities | 38,518 | (43,387 | ) | 38,518 | (43,387 | ) | |||||||||
| TTM free cash inflow (outflow) | 27,189 | (54,883 | ) | 27,189 | (54,883 | ) | |||||||||
| TTM cash provided by (used in) operating activities as a % of revenue | 6 | % | (8)% | 6 | % | (8)% | |||||||||
| TTM free cash inflow (outflow) as a % of revenue | 4 | % | (10)% | 4 | % | (10)% | |||||||||
(1) The adjustments relate to the tax impact of stock-based compensation expense and amortization of acquired intangibles.
| HashiCorp, Inc. RECONCILIATION OF GAAP TO NON-GAAP RPOS (amounts in thousands) (unaudited) | |||||
| As of | |||||
| July 31, 2024 | January 31, 2024 | ||||
| GAAP RPOs | |||||
| GAAP short-term RPOs | $ | 473,354 | $ | 460,170 | |
| GAAP long-term RPOs | 298,144 | 315,580 | |||
| Total GAAP RPOs | $ | 771,498 | $ | 775,750 | |
| Add: | |||||
| Customer deposits | |||||
| Customer deposits expected to be recognized within the next 12 months | $ | 19,052 | $ | 22,882 | |
| Customer deposits expected to be recognized after the next 12 months | 2,701 | 2,745 | |||
| Total customer deposits | $ | 21,753 | $ | 25,627 | |
| Non-GAAP RPOs | |||||
| Non-GAAP short-term RPOs | $ | 492,406 | $ | 483,052 | |
| Non-GAAP long-term RPOs | 300,845 | 318,325 | |||
| Total Non-GAAP RPOs | $ | 793,251 | $ | 801,377 | |
| HashiCorp, Inc. PRESENTATION OF KEY HISTORICAL BUSINESS METRICS (dollars in millions, except customers and percentages) (unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| July 31, 2024 | April 30, 2024 | January 31, 2024 | October 31, 2023 | July 31, 2023 | |||||||||||||||
| Number of customers (as of end of period) | 4,709 | 4,558 | 4,423 | 4,354 | 4,217 | ||||||||||||||
| Number of customers equal or greater than | 934 | 918 | 897 | 877 | 851 | ||||||||||||||
| GAAP Remaining Performance Obligations ($M) | $ | 771.5 | $ | 748.5 | $ | 775.8 | $ | 678.2 | $ | 682.5 | |||||||||
| Non-GAAP Remaining Performance Obligations ($M)(1) | $ | 793.3 | $ | 770.9 | (1) | $ | 801.4 | (1) | $ | 700.4 | (1) | $ | 708.0 | ||||||
| Quarterly subscription revenue from HCP ($M) | $ | 26.5 | $ | 24.6 | $ | 21.3 | $ | 19.9 | $ | 18.4 | |||||||||
| Trailing four quarters average Net Dollar Revenue Retention Rate | 110 | % | 113 | % | 115 | % | 119 | % | 124 | % | |||||||||
| Trailing twelve months cash provided by (used in) operating activities as a % of revenue | 6 | % | 3 | % | (2)% | (3)% | (8)% | ||||||||||||
| Trailing twelve months Non-GAAP free cash flow as a % of revenue(1) | 4 | % | — | % | (1)(2) | (4)% | (1) | (6)% | (1) | (10)% | |||||||||
(1) For the reconciliation of GAAP to non-GAAP for the historical periods presented, refer to our prior earning releases.
(2) Amount is less than
| HashiCorp, Inc. PRESENTATION OF KEY HISTORICAL FINANCIAL DATA (amounts in thousands) (unaudited) | ||||||||||||||||
| Three Months Ended | ||||||||||||||||
| July 31, 2024 | April 30, 2024 | January 31, 2024 | October 31, 2023 | July 31, 2023 | ||||||||||||
| Revenue | $ | 165,138 | $ | 160,579 | $ | 155,783 | $ | 146,125 | $ | 143,246 | ||||||
| GAAP net cash provided by (used in) operating activities | $ | (8,573 | ) | $ | 28,148 | $ | 10,286 | $ | 8,657 | $ | (29,794 | ) | ||||
| Non-GAAP free cash flow | $ | (11,203 | ) | $ | 25,393 | (1) | $ | 7,283 | (1) | $ | 5,716 | (1) | $ | (36,625 | ) | |
(1) For the reconciliation of GAAP to non-GAAP for the historical periods presented, refer to our prior earning releases.
FAQ
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