HashiCorp Announces Third Quarter of Fiscal Year 2025 Financial Results
HashiCorp (NASDAQ: HCP) reported strong Q3 FY2025 financial results with revenue reaching $173.4 million, up 19% year-over-year. The company achieved a non-GAAP operating income of $11.0 million, compared to a loss of $10.5 million in the same period last year.
Key highlights include: HashiCorp Cloud Platform revenue reached $29.0 million, representing over 17% of total subscription revenue; customer base grew to 4,856, with 946 customers generating over $100,000 in Annual Recurring Revenue. The Net Dollar Retention Rate was 109%, down from 119% year-over-year.
The company is proceeding with its previously announced merger with IBM at $35.00 per share, representing an enterprise value of $6.4 billion, expected to close in Q1 2025.
HashiCorp (NASDAQ: HCP) ha riportato risultati finanziari solidi per il terzo trimestre dell'anno fiscale 2025, con un fatturato che ha raggiunto $173,4 milioni, in crescita del 19% rispetto all'anno precedente. L'azienda ha registrato un utile operativo non GAAP di $11,0 milioni, rispetto a una perdita di $10,5 milioni nello stesso periodo dell'anno scorso.
I punti salienti includono: il fatturato della HashiCorp Cloud Platform ha raggiunto $29,0 milioni, rappresentando oltre il 17% del fatturato totale da abbonamenti; il numero di clienti è cresciuto a 4.856, con 946 clienti che generano oltre $100.000 in ricavi ricorrenti annuali. Il tasso di ritenzione netta del dollaro è stato del 109%, in calo rispetto al 119% rispetto all'anno precedente.
L'azienda sta procedendo con la fusione precedentemente annunciata con IBM a $35,00 per azione, rappresentando un valore aziendale di $6,4 miliardi, che si prevede si concluderà nel primo trimestre del 2025.
HashiCorp (NASDAQ: HCP) reportó resultados financieros sólidos para el tercer trimestre del año fiscal 2025, con ingresos que alcanzaron $173.4 millones, un aumento del 19% en comparación con el año anterior. La compañía logró un ingreso operativo no GAAP de $11.0 millones, en comparación con una pérdida de $10.5 millones en el mismo período del año pasado.
Los aspectos destacados incluyen: los ingresos de la HashiCorp Cloud Platform alcanzaron $29.0 millones, representando más del 17% de los ingresos totales por suscripciones; la base de clientes creció a 4,856, con 946 clientes generando más de $100,000 en Ingresos Anuales Recurrentes. La Tasa de Retención de Dólares Netos fue del 109%, en disminución desde el 119% año tras año.
La compañía está avanzando con su fusión previamente anunciada con IBM a $35.00 por acción, lo que representa un valor empresarial de $6.4 mil millones, que se espera se cierre en el primer trimestre de 2025.
HashiCorp (NASDAQ: HCP)는 2025 회계연도 3분기 강력한 재무 결과를 보고했으며, 매출은 $173.4백만에 도달하여 전년 대비 19% 증가했습니다. 회사는 비-GAAP 운영 이익 $11.0백만을 달성했으며, 지난해 같은 기간에 비해 $10.5백만의 손실을 보였습니다.
주요 하이라이트로는 HashiCorp Cloud Platform의 매출이 $29.0백만에 도달하여 총 구독 수익의 17% 이상을 차지했으며, 고객 수는 4,856명으로 증가하고, 946명의 고객이 연간 반복 수익에서 $100,000 이상을 생성했습니다. 순달러 유지율은 109%로, 전년 대비 119%에서 감소했습니다.
회사는 IBM과의 이전에 발표된 합병을 주당 $35.00에 진행하고 있으며, 이는 64억 달러의 기업 가치를 나타내며, 2025년 1분기에 마감될 것으로 예상됩니다.
HashiCorp (NASDAQ: HCP) a annoncé des résultats financiers solides pour le troisième trimestre de l'exercice 2025, avec un chiffre d'affaires atteignant $173,4 millions, en hausse de 19 % par rapport à l'année précédente. L'entreprise a enregistré un bénéfice d'exploitation non-GAAP de 11,0 millions de dollars, contre une perte de 10,5 millions de dollars au cours de la même période l'année dernière.
Les points saillants incluent : le chiffre d'affaires de la HashiCorp Cloud Platform a atteint $29,0 millions, représentant plus de 17 % du chiffre d'affaires total des abonnements ; la base de clients a augmenté à 4 856, avec 946 clients générant plus de 100 000 $ de revenus récurrents annuels. Le taux de rétention net des dollars était de 109 %, en baisse par rapport à 119 % d'une année sur l'autre.
L'entreprise poursuit sa fusion précédemment annoncée avec IBM à 35,00 $ par action, représentant une valeur d'entreprise de 6,4 milliards de dollars, dont la clôture est attendue au premier trimestre 2025.
HashiCorp (NASDAQ: HCP) hat starke Ergebnisse für das dritte Quartal des Geschäftsjahres 2025 berichtet, mit einem Umsatz von $173,4 Millionen, was einem Anstieg von 19 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein operatives Einkommen nach Non-GAAP von $11,0 Millionen, im Vergleich zu einem Verlust von $10,5 Millionen im gleichen Zeitraum des Vorjahres.
Zu den wichtigsten Highlights gehören: Der Umsatz der HashiCorp Cloud Platform erreichte $29,0 Millionen, was über 17 % des gesamten Abonnementumsatzes ausmacht; die Kundenbasis wuchs auf 4.856, wobei 946 Kunden mehr als $100.000 an jährlich wiederkehrenden Einnahmen generierten. Die Nettodollar-Retention-Rate lag bei 109 %, ein Rückgang von 119 % im Jahresvergleich.
Das Unternehmen setzt die zuvor angekündigte Fusion mit IBM zu einem Preis von $35,00 pro Aktie fort, was einem Unternehmenswert von $6,4 Milliarden entspricht und voraussichtlich im ersten Quartal 2025 abgeschlossen wird.
- Revenue increased 19% YoY to $173.4 million
- Non-GAAP operating income improved to $11.0 million from -$10.5 million YoY
- Cloud revenue grew to $29.0 million, representing 17% of subscription revenue
- Customer base expanded to 4,856, with 946 customers generating >$100K in ARR
- GAAP gross margin improved to 83% from 82% YoY
- Net Dollar Retention Rate declined to 109% from 119% YoY
- GAAP operating loss of $29.9 million despite improvement from previous year
- GAAP net loss of $13.0 million in Q3 FY2025
Insights
- Third quarter revenue totaled
$173.4 million , representing an increase of19% year-over-year. - Trailing four quarter average Net Dollar Retention Rate was
109% at the end of the third quarter of fiscal 2025 as compared to119% at the end of third quarter of fiscal 2024. - Third quarter GAAP RPO totaled
$775.4 million , representing an increase of14% year-over-year; third quarter current GAAP RPO totaled$481.4 million , representing an increase of20% year-over-year. - Third quarter non-GAAP RPO totaled
$795.6 million , representing an increase of14% year-over-year; third quarter current non-GAAP RPO totaled$499.4 million , representing an increase of19% year-over-year.
SAN FRANCISCO, Dec. 05, 2024 (GLOBE NEWSWIRE) -- HashiCorp, Inc. (NASDAQ: HCP), The Infrastructure Cloud™ company, today announced financial results for its third quarter of fiscal 2025, ended October 31, 2024.
“The HashiCorp team delivered strong performance during the third quarter of fiscal 2025, with revenue growth of
"HashiCorp continued to see promising growth in adoption of the HashiCorp Cloud Platform, with cloud revenues exceeding
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 third quarter of fiscal 2025 earnings release.
Fiscal 2025 Third 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 provided by 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 Third Quarter and Recent Operating Highlights
- HashiCorp ended the third quarter of fiscal 2025 with 4,856 customers, up from 4,709 customers at the end of the previous fiscal quarter, and up from 4,354 customers at the end of the third quarter of fiscal 2024.
- The Company ended the third quarter of fiscal 2025 with 946 customers with equal or greater than
$100,000 in Annual Recurring Revenue (“ARR”), up from 934 customers at the end of the previous fiscal quarter and 877 customers at the end of the third quarter of fiscal 2024. - Customers with equal to or greater than
$100,000 in ARR represented89% of total revenue in the third quarter of fiscal 2025 compared to89% in the previous fiscal quarter and89% in the third quarter of fiscal 2024. - Quarterly subscription revenue from HashiCorp Cloud Platform (HCP) reached
$29.0 million in the third quarter of fiscal 2025, up from$26.5 million in the previous fiscal quarter and up from$19.9 million in the third quarter of fiscal 2024. - The Company's trailing four quarter average Net Dollar Retention Rate was
109% at the end of the third quarter of fiscal 2025, compared to110% in the previous quarter and119% at the end of the third 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, and the proposed merger with IBM. 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 December 5, 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 October 31, | Nine Months Ended October 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| License | $ | 21,202 | $ | 15,973 | $ | 54,039 | $ | 47,855 | |||||||
| Support | 117,656 | 106,098 | 347,455 | 312,008 | |||||||||||
| Cloud-hosted services | 28,962 | 19,863 | 80,086 | 54,779 | |||||||||||
| Subscription revenue | 167,820 | 141,934 | 481,580 | 414,642 | |||||||||||
| Professional services and other | 5,569 | 4,191 | 17,527 | 12,712 | |||||||||||
| Total revenue | 173,389 | 146,125 | 499,107 | 427,354 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Cost of license | 525 | 293 | 1,532 | 1,376 | |||||||||||
| Cost of support | 14,748 | 13,356 | 44,764 | 44,503 | |||||||||||
| Cost of cloud-hosted services | 9,183 | 7,692 | 27,011 | 22,339 | |||||||||||
| Cost of subscription revenue | 24,456 | 21,341 | 73,307 | 68,218 | |||||||||||
| Cost of professional services and other | 5,332 | 4,264 | 17,002 | 13,509 | |||||||||||
| Total cost of revenue | 29,788 | 25,605 | 90,309 | 81,727 | |||||||||||
| Gross profit | 143,601 | 120,520 | 408,798 | 345,627 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 86,422 | 87,320 | 267,187 | 279,019 | |||||||||||
| Research and development | 53,365 | 54,349 | 167,181 | 168,504 | |||||||||||
| General and administrative | 33,696 | 34,424 | 115,321 | 104,083 | |||||||||||
| Total operating expenses | 173,483 | 176,093 | 549,689 | 551,606 | |||||||||||
| Loss from operations | (29,882 | ) | (55,573 | ) | (140,891 | ) | (205,979 | ) | |||||||
| Interest income | 17,387 | 16,765 | 52,339 | 48,045 | |||||||||||
| Other income (expenses), net | 100 | (407 | ) | (121 | ) | (632 | ) | ||||||||
| Loss before income taxes | (12,395 | ) | (39,215 | ) | (88,673 | ) | (158,566 | ) | |||||||
| Provision (benefit) for income taxes | 611 | 258 | 1,923 | 480 | |||||||||||
| Net loss | $ | (13,006 | ) | $ | (39,473 | ) | $ | (90,596 | ) | $ | (159,046 | ) | |||
| Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.06 | ) | $ | (0.20 | ) | $ | (0.45 | ) | $ | (0.83 | ) | |||
| Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 203,526 | 194,600 | 201,836 | 192,693 | |||||||||||
| HashiCorp, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share amounts) (unaudited) | |||||||
| As of | |||||||
| October 31, 2024 | January 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 923,627 | $ | 763,414 | |||
| Short-term investments | 422,774 | 515,163 | |||||
| Accounts receivable, net of allowance | 129,352 | 182,614 | |||||
| Deferred contract acquisition costs | 50,858 | 50,285 | |||||
| Prepaid expenses and other current assets | 26,215 | 30,075 | |||||
| Total current assets | 1,552,826 | 1,541,551 | |||||
| Deferred contract acquisition costs, non-current | 71,392 | 80,055 | |||||
| Acquisition-related intangible assets, net | 9,486 | 11,611 | |||||
| Goodwill | 12,197 | 12,197 | |||||
| Other assets, non-current | 47,016 | 46,533 | |||||
| Total assets | $ | 1,692,917 | $ | 1,691,947 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 21,052 | $ | 9,081 | |||
| Accrued expenses and other current liabilities | 14,293 | 15,143 | |||||
| Accrued compensation and benefits | 44,126 | 56,007 | |||||
| Deferred revenue | 310,431 | 334,894 | |||||
| Customer deposits | 20,217 | 25,627 | |||||
| Total current liabilities | 410,119 | 440,752 | |||||
| Deferred revenue, non-current | 16,580 | 26,659 | |||||
| Other liabilities, non-current | 8,553 | 11,543 | |||||
| Total liabilities | 435,252 | 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 | 2,318,947 | 2,184,451 | |||||
| Accumulated other comprehensive income (loss) | 379 | (393 | ) | ||||
| Accumulated deficit | (1,061,664 | ) | (971,068 | ) | |||
| Total stockholders’ equity | 1,257,665 | 1,212,993 | |||||
| Total liabilities and stockholders’ equity | $ | 1,692,917 | $ | 1,691,947 | |||
| HashiCorp, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (amounts in thousands) (unaudited) | |||||||
| Nine Months Ended October 31, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (90,596 | ) | $ | (159,046 | ) | |
| Adjustments to reconcile net loss to cash from operating activities: | |||||||
| Stock-based compensation expense, net of amounts capitalized | 121,572 | 130,048 | |||||
| Depreciation and amortization expense | 9,907 | 6,586 | |||||
| Non-cash operating lease cost | 2,823 | 2,222 | |||||
| Accretion of discounts on marketable securities | (10,236 | ) | (8,505 | ) | |||
| Deferred income taxes | — | (482 | ) | ||||
| Other | 101 | 67 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 53,155 | 54,116 | |||||
| Deferred contract acquisition costs | 8,090 | (1,086 | ) | ||||
| Prepaid expenses and other assets | 3,987 | (11,843 | ) | ||||
| Accounts payable | 11,970 | (6,589 | ) | ||||
| Accrued expenses and other liabilities | (1,197 | ) | (3,403 | ) | |||
| Accrued compensation and benefits | (11,881 | ) | (6,654 | ) | |||
| Deferred revenue | (34,542 | ) | (12,042 | ) | |||
| Customer deposits | (5,410 | ) | (4,526 | ) | |||
| Net cash provided by (used in) operating activities | 57,743 | (21,137 | ) | ||||
| Cash flows from investing activities | |||||||
| Business combination, net of cash acquired | — | (20,860 | ) | ||||
| Purchases of property and equipment | (434 | ) | (491 | ) | |||
| Capitalized internal-use software | (7,394 | ) | (8,536 | ) | |||
| Purchases of short-term investments | (612,520 | ) | (691,220 | ) | |||
| Proceeds from sales of short-term investments | 80,159 | 26,372 | |||||
| Proceeds from maturities of short-term investments | 635,769 | 146,662 | |||||
| Net cash provided by (used in) investing activities | 95,580 | (548,073 | ) | ||||
| Cash flows from financing activities | |||||||
| Taxes paid related to net share settlement of equity awards | (79 | ) | (236 | ) | |||
| Payments related to acquisition holdback | (3,511 | ) | — | ||||
| Proceeds from issuance of common stock upon exercise of stock options | 3,817 | 2,943 | |||||
| Proceeds from issuance of common stock under employee stock purchase plan | 6,661 | 10,195 | |||||
| Net cash provided by financing activities | 6,888 | 12,902 | |||||
| Net increase (decrease) in cash and cash equivalents | 160,211 | (556,308 | ) | ||||
| Cash and cash equivalents at beginning of period | 763,414 | 1,286,134 | |||||
| Cash and cash equivalents at end of period | $ | 923,625 | $ | 729,826 | |||
| 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, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of gross profit | |||||||||||||||
| GAAP gross profit | $ | 143,601 | $ | 120,520 | $ | 408,798 | $ | 345,627 | |||||||
| Add: Amortization of stock-based compensation of capitalized internal-use software | 717 | 511 | 2,017 | 1,343 | |||||||||||
| Add: Stock-based compensation expense | 3,468 | 3,746 | 12,126 | 11,225 | |||||||||||
| Add: Amortization of acquired intangibles | 625 | 625 | 1,875 | 1,042 | |||||||||||
| Non-GAAP gross profit | $ | 148,411 | $ | 125,402 | $ | 424,816 | $ | 359,237 | |||||||
| GAAP gross margin | 83 | % | 82 | % | 82 | % | 81 | % | |||||||
| Non-GAAP gross margin | 86 | % | 86 | % | 85 | % | 84 | % | |||||||
| Reconciliation of loss from operations | |||||||||||||||
| GAAP loss from operations | $ | (29,882 | ) | $ | (55,573 | ) | $ | (140,891 | ) | $ | (205,979 | ) | |||
| Add: Amortization of stock-based compensation of capitalized internal-use software | 717 | 511 | 2,017 | 1,343 | |||||||||||
| Add: Stock-based compensation expense | 34,455 | 43,766 | 121,572 | 130,048 | |||||||||||
| Add: Amortization of acquired intangibles | 708 | 709 | 2,125 | 1,181 | |||||||||||
| Add: Acquisition and merger related expense | 5,029 | 46 | 22,119 | 502 | |||||||||||
| Non-GAAP income (loss) from operations | $ | 11,027 | $ | (10,541 | ) | $ | 6,942 | $ | (72,905 | ) | |||||
| GAAP operating margin | (17 | )% | (38 | )% | (28 | )% | (48 | )% | |||||||
| Non-GAAP operating margin | 6 | % | (7 | )% | 1 | % | (17 | )% | |||||||
| Three Months Ended October 31, | Nine Months Ended October 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Reconciliation of net loss and net loss per share | |||||||||||||||
| GAAP net loss | $ | (13,006 | ) | $ | (39,473 | ) | $ | (90,596 | ) | $ | (159,046 | ) | |||
| Add: Amortization of stock-based compensation of capitalized internal-use software | 717 | 511 | 2,017 | 1,343 | |||||||||||
| Add: Stock-based compensation expense | 34,455 | 43,766 | 121,572 | 130,048 | |||||||||||
| Add: Amortization of acquired intangibles | 708 | 709 | 2,125 | 1,181 | |||||||||||
| Add: Acquisition-related expenses | 5,029 | 46 | 22,119 | 502 | |||||||||||
| Less: Tax adjustments (1) | $ | (1,017 | ) | $ | — | $ | (2,371 | ) | $ | — | |||||
| Non-GAAP net income (loss) | $ | 26,887 | $ | 5,559 | $ | 54,866 | $ | (25,972 | ) | ||||||
| GAAP net loss per share, basic and diluted | $ | (0.06 | ) | $ | (0.20 | ) | $ | (0.45 | ) | $ | (0.83 | ) | |||
| Non-GAAP net income (loss) per share, basic | $ | 0.13 | $ | 0.03 | $ | 0.27 | $ | (0.13 | ) | ||||||
| Non-GAAP net income (loss) per share, diluted | $ | 0.13 | $ | 0.03 | $ | 0.26 | $ | (0.13 | ) | ||||||
| Weighted-average shares used in computing GAAP net loss per share, basic and diluted | 203,526 | 194,600 | 201,836 | 192,693 | |||||||||||
| Weighted-average shares used to compute Non-GAAP net income (loss) per share, basic | 203,526 | 194,600 | 201,836 | 192,693 | |||||||||||
| Weighted-average shares used to compute Non-GAAP net income (loss) per share, diluted | 211,659 | 203,874 | 209,931 | 192,693 | |||||||||||
| Reconciliation of free cash flow | |||||||||||||||
| GAAP net cash provided by (used in) operating activities | $ | 38,168 | $ | 8,657 | $ | 57,743 | $ | (21,137 | ) | ||||||
| Add: purchases of property and equipment | (12 | ) | (74 | ) | (434 | ) | (491 | ) | |||||||
| Add: capitalized internal-use software | (2,431 | ) | (2,867 | ) | (7,394 | ) | (8,536 | ) | |||||||
| Non-GAAP free cash flow | $ | 35,725 | $ | 5,716 | $ | 49,915 | $ | (30,164 | ) | ||||||
| GAAP net cash provided by (used in) operating activities as a % of revenue | 22 | % | 6 | % | 12 | % | (5 | )% | |||||||
| Non-GAAP free cash flow as a % of revenue | 21 | % | 4 | % | 10 | % | (7 | )% | |||||||
| Trailing twelve months ("TTM") Total Revenue | $ | 654,889 | $ | 563,142 | $ | 654,889 | $ | 563,142 | |||||||
| TTM cash provided by (used in) operating activities | 68,029 | (19,559 | ) | 68,029 | (19,559 | ) | |||||||||
| TTM free cash inflow (outflow) | 57,198 | (31,153 | ) | 57,198 | (31,153 | ) | |||||||||
| TTM cash provided by (used in) operating activities as a % of revenue | 10 | % | (3 | )% | 10 | % | (3 | )% | |||||||
| TTM free cash inflow (outflow) as a % of revenue | 9 | % | (6 | )% | 9 | % | (6 | )% | |||||||
(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 | |||||
| October 31, 2024 | January 31, 2024 | ||||
| GAAP RPOs | |||||
| GAAP short-term RPOs | $ | 481,442 | $ | 460,170 | |
| GAAP long-term RPOs | 293,941 | 315,580 | |||
| Total GAAP RPOs | $ | 775,383 | $ | 775,750 | |
| Add: | |||||
| Customer deposits | |||||
| Customer deposits expected to be recognized within the next 12 months | $ | 17,920 | $ | 22,882 | |
| Customer deposits expected to be recognized after the next 12 months | 2,297 | 2,745 | |||
| Total customer deposits | $ | 20,217 | $ | 25,627 | |
| Non-GAAP RPOs | |||||
| Non-GAAP short-term RPOs | $ | 499,362 | $ | 483,052 | |
| Non-GAAP long-term RPOs | 296,238 | 318,325 | |||
| Total Non-GAAP RPOs | $ | 795,600 | $ | 801,377 | |
| HashiCorp, Inc. PRESENTATION OF KEY HISTORICAL BUSINESS METRICS (dollars in millions, except customers and percentages) (unaudited) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| October 31, 2024 | July 31, 2024 | April 30, 2024 | January 31, 2024 | October 31, 2023 | ||||||||||||||||
| Number of customers (as of end of period) | 4,856 | 4,709 | 4,558 | 4,423 | 4,354 | |||||||||||||||
| Number of customers equal or greater than | 946 | 934 | 918 | 897 | 877 | |||||||||||||||
| GAAP Remaining Performance Obligations ($M) | $ | 775.4 | $ | 771.5 | $ | 748.5 | $ | 775.8 | $ | 678.2 | ||||||||||
| Non-GAAP Remaining Performance Obligations ($M)(1) | $ | 795.6 | $ | 793.3 | (1) | $ | 770.9 | (1) | $ | 801.4 | (1) | $ | 700.4 | |||||||
| Quarterly subscription revenue from HCP ($M) | $ | 29.0 | $ | 26.5 | $ | 24.6 | $ | 21.3 | $ | 19.9 | ||||||||||
| Trailing four quarters average Net Dollar Revenue Retention Rate | 109 | % | 110 | % | 113 | % | 115 | % | 119 | % | ||||||||||
| Trailing twelve months cash provided by (used in) operating activities as a % of revenue | 10 | % | 6 | % | 3 | % | (2 | )% | (3 | )% | ||||||||||
| Trailing twelve months Non-GAAP free cash flow as a % of revenue(1) | 9 | % | 4 | % | (1) | — | % | (1) (2) | (4 | )% | (1) | (6 | )% | (1) | ||||||
(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 | ||||||||||||||||
| October 31, 2024 | July 31, 2024 | April 30, 2024 | January 31, 2024 | October 31, 2023 | ||||||||||||
| Revenue | $ | 173,389 | $ | 165,138 | $ | 160,579 | $ | 155,783 | $ | 146,125 | ||||||
| GAAP net cash provided by (used in) operating activities | $ | 38,168 | $ | (8,573 | ) | $ | 28,148 | $ | 10,286 | $ | 8,657 | |||||
| Non-GAAP free cash flow | $ | 35,725 | $ | (11,203 | ) | (1) | $ | 25,393 | (1) | $ | 7,283 | (1) | $ | 5,716 | (1) | |
(1) For the reconciliation of GAAP to non-GAAP for the historical periods presented, refer to our prior earning releases.
Investor Contact
HashiCorp
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HashiCorp
media@hashicorp.com
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