false000172067100017206712022-03-102022-03-10

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 10, 2022

 

 

HashiCorp, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-41121	32-0410665
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
101 Second Street Suite 700
San Francisco, California				94105
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 415 301-3227

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, par value $0.000015 per share		HCP		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

 

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Item 2.02 Results of Operations and Financial Condition.

On March 10, 2022, HashiCorp, Inc. issued a press release announcing its financial results for the fourth quarter ended January 31, 2022. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

The information contained in this Item 2.02 and Item 9.01 in this Current Report on Form 8-K, including the accompanying Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit

Exhibit		Description
99.1		Press Release dated March 10, 2022
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			HashiCorp, Inc.
Date:	March 10, 2022	By:	/s/ Navam Welihinda
		Name: Title:	Navam Welihinda Chief Financial Officer

 

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Exhibit 99.1

HashiCorp Announces Fourth Quarter and Fiscal Year 2022 Financial Results

 

 

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

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

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

Fiscal 2022 Fourth Quarter Financial Results

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

Fiscal 2022 Fourth Quarter and Recent Operating Highlights

Key Metrics:

Fourth Quarter Highlights

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Financial Outlook

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

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

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

Conference Call Information

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

About HashiCorp, Inc.

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

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

 

Forward-Looking Statements

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

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

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Use of Non-GAAP Financial Measures

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

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

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

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

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

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

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

 

 

 

 

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HashiCorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(amounts in thousands, except share and per share amounts)

(unaudited)

 

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

 

 

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HashiCorp, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands, except share and per share amounts)

(unaudited)

 

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

 

 

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HashiCorp, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(amounts in thousands)

(unaudited)

 

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

 

 

 

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HashiCorp, Inc.

RECONCILIATION OF GAAP TO NON-GAAP DATA

(amounts in thousands, except share and per share amounts)

(unaudited)

 

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

 

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HashiCorp, Inc.

RECONCILIATION OF GAAP TO NON-GAAP RPOS

(amounts in thousands)

(unaudited)

 

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

 

 

 

 

 

 

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HashiCorp, Inc.

PRESENTATION OF KEY BUSINESS METRICS

(dollars in million)

(unaudited)

 

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

 

 

 

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HashiCorp, Inc.

PRESENTATION OF KEY Historical Financial Data

(amounts in thousands)

(unaudited)

 

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

 

 

 

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Investor Contact

Alex Kurtz

HashiCorp

ir@hashicorp.com

Media Contact

Kate Lehman

HashiCorp

media@hashicorp.com

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