HashiCorp Announces Fourth Quarter and Fiscal Year 2022 Financial Results
- Fourth quarter revenue totaled $96.5 million, representing an increase of 56% year-over-year; fiscal 2022 revenue totaled $320.8 million, representing an increase of 51% year-over-year.
- Trailing four quarter average Net Dollar Revenue Retention rate was 131% at the end of the fourth quarter fiscal 2022, up from 123% in the fourth quarter of fiscal 2021.
- Fourth quarter total GAAP RPO totaled $428.8 million, representing an increase of 62% year-over-year; fourth quarter current GAAP RPO totaled $268.9 million, representing an increase of 62% year-over-year.
- Fourth quarter total non-GAAP RPO totaled $452.2 million, representing an increase of 58% year-over-year; fourth quarter current non-GAAP RPO totaled $289.2 million, representing an increase of 55% year-over-year.
SAN FRANCISCO, March 10, 2022 (GLOBE NEWSWIRE) -- 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.
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:
- HashiCorp ended the fourth quarter of fiscal 2022 with 2,715 customers, up from 2,392 customers at the end of the previous fiscal quarter and 1,473 at the end of the fourth quarter of fiscal 2021.
- The company ended the fourth quarter of fiscal 2022 with 655 customers with equal or greater than $100,000 in ARR, up from 595 customers at the end of the previous fiscal quarter and 500 at the end of the fourth quarter of fiscal 2021.
- Customers equal to or greater than $100,000 in ARR represented 89% of total revenue in the fourth quarter of fiscal 2022 compared to 87% in the previous fiscal quarter and 87% in the fourth quarter of fiscal 2021.
- Quarterly subscription revenue from HCP reached $6.9 million in the fourth quarter of fiscal 2022, up from $5.4 million in the previous fiscal quarter and $1.5 million in the fourth quarter of fiscal 2021.
- Total GAAP RPO reached $428.8 million at the end of the fourth quarter of fiscal 2022, up from $349.0 million in the previous fiscal quarter and $263.9 million in the fourth quarter of fiscal 2021. GAAP RPO to be recognized within one year was 63% of total GAAP RPOs in the fourth quarter of fiscal 2022 compared to 63% in the fourth quarter of fiscal 2021.
- Total Non-GAAP RPO reached $452.2 million at the end of the fourth quarter of fiscal 2022, up from $368.0 million in the previous fiscal quarter and $286.1 million in the fourth quarter of fiscal 2021. Non-GAAP RPO to be recognized within a year was 64% of total non-GAAP RPOs in the fourth quarter of fiscal 2022 compared to 65% in the fourth quarter of fiscal 2021.
- The company's trailing four quarter average Net Dollar Revenue Retention rate was 131% at the end of the fourth quarter of fiscal 2022, up from 127% in the previous fiscal quarter.
Fourth Quarter Highlights
- The company released HashiCorp Consul API Gateway, which helps users consistently manage access to service mesh applications; released Consul service mesh on Amazon ECS which enables users to deploy Consul in a secure configuration on Amazon ECS; expanded support for the HashiCorp Cloud Platform, which became available across the Asia-Pacific region; released new GA versions of HashiCorp Terraform, Vault, Consul, and Nomad.
- HashiCorp continued to see growing demand for HashiCorp Cloud Engineer Certifications, with more than 4,000 certification tests taken in Q4.
- The company announced two new HCP Vault verified integrations from Denodo and Servicenow, and 10 new self-managed HashiCorp Vault integrations from Confluent, Elastic, JFrog, and others, adding to the existing list of more than 100 Vault partner integrations.
- HashiCorp Terraform Cloud won the 2021 CRN Tech Innovators Award in the DevOps Platforms category.
Financial Outlook
For the first quarter of fiscal 2023, the Company currently expects:
- Total revenue of $92 - $96 million
- Non-GAAP operating loss of $55 - $52 million
- Non-GAAP EPS loss of $0.30 - $0.28
- Weighted Average Fully Diluted Shares of 182 million
For the full fiscal year 2023, the Company currently expects:
- Total revenue of $413 - $423 million
- Non-GAAP operating loss of $239 - $231 million
- Non-GAAP EPS loss of $1.30 - $1.26
- Weighted Average Fully Diluted Shares of 184 million
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.
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.
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 | ||||||||||||
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 | ||||
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 | ||||||||
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 | % | ||||||||
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 | |||
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 | %) | ||||||||||
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 | ) | ||||||
Investor Contact
Alex Kurtz
HashiCorp
ir@hashicorp.com
Media Contact
Kate Lehman
HashiCorp
media@hashicorp.com
