• HashiCorp Announces First Quarter of Fiscal Year 2025 Financial Results

    Источник: Nasdaq GlobeNewswire / 30 май 2024 16:50:43   America/Chicago

    • First quarter revenue totaled $160.6 million, representing an increase of 16% year-over-year.
    • Trailing four quarter average Net Dollar Retention Rate was 113% at the end of the first quarter of fiscal 2025 as compared to 127% at the end of first quarter of fiscal 2024.
    • First quarter GAAP RPO totaled $748.5 million, representing an increase of 18% year-over-year; first quarter current GAAP RPO totaled $454.0 million, representing an increase of 22% year-over-year.
    • First quarter non-GAAP RPO totaled $770.9 million, representing an increase of 17% year-over-year; first quarter current non-GAAP RPO totaled $473.6 million, representing an increase of 20% year-over-year.

    SAN FRANCISCO, May 30, 2024 (GLOBE NEWSWIRE) -- HashiCorp, Inc. (NASDAQ: HCP), a leading provider of multi-cloud infrastructure automation software, today announced financial results for its first quarter of fiscal 2025, ended April 30, 2024.

    “The HashiCorp team delivered another quarter of solid performance in Q1 of FY25, with revenue growth of 16% year-over-year,” said Dave McJannet, CEO, HashiCorp. “Additionally, the launch of the Infrastructure Cloud at the Nasdaq MarketSite in April demonstrated further progress in our efforts to expand the HashiCorp Cloud Platform and build a unified SaaS offering for the world’s largest enterprises as they mature their cloud estates.”

    Proposed Merger with International Business Machines ("IBM")

    As announced on April 24, 2024, HashiCorp and IBM have entered into a definitive agreement under which IBM will acquire HashiCorp for $35.00 per share in cash, representing an enterprise value of $6.4 billion. The transaction is currently expected to close by the end of 2024, subject to receipt of regulatory approvals, approval of the transaction by HashiCorp shareholders, and satisfaction of other customary closing conditions.

    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 first quarter 2025 earnings release.

    Fiscal 2025 First Quarter Financial Results

    Revenue: Total revenue was $160.6 million in the first quarter of fiscal 2025, up 16% from $138.0 million in the same period last year.

    Gross Profit: GAAP gross profit was $130.3 million in the first quarter of fiscal 2025, representing an 81% gross margin, compared to a GAAP gross profit of $111.2 million and an 81% gross margin in the same period last year. Non-GAAP gross profit was $136.6 million in the first quarter of fiscal 2025, representing an 85% non-GAAP gross margin, compared to a non-GAAP gross profit of $115.0 million and an 83% non-GAAP gross margin in the same period last year.

    Operating Loss: GAAP operating loss was $67.7 million in the first quarter of fiscal 2025, compared to GAAP operating loss of $67.8 million in the same period last year. Non-GAAP operating loss was $4.8 million in the first quarter of fiscal 2025, compared to a non-GAAP operating loss of $27.3 million in the same period last year.

    Net Income (Loss): GAAP net loss was $51.1 million in the first quarter of fiscal 2025, compared to a GAAP net loss of $53.3 million in the same period last year. Non-GAAP net income was $11.2 million in the first quarter of fiscal 2025, compared to a non-GAAP net loss of $12.7 million in the same period last year.

    Net Income (Loss) per Share: GAAP basic and diluted net loss per share was $0.26 based on 200.1 million weighted-average shares outstanding in the first quarter of fiscal 2025, compared to a GAAP net loss per share of $0.28 based on 190.8 million weighted-average shares outstanding in the same period last year. Non-GAAP basic and diluted net income per share was $0.06 and $0.05, respectively, in the first quarter of fiscal 2025, compared to a non-GAAP net loss per share of $0.07 in the same period last year.

    Remaining Performance Obligation (RPO): Total RPO was $748.5 million in the first quarter of fiscal 2025, up from $635.3 million in the same period last year. The current portion of GAAP RPO was $454.0 million at the end of the first quarter of fiscal 2025, up from $373.5 million at the end of the same period last year. Total non-GAAP RPO was $770.9 million at the end of the first quarter of fiscal 2025, up from $660.2 million at the end of the same period last year. The current portion of non-GAAP RPO was $473.6 million at the end of the first quarter of fiscal 2025, up from $394.6 million at the end of the same period last year.

    Cash, cash equivalents, and investments: Net cash provided by operating activities was $28.1 in the first quarter of fiscal 2025, compared to $3.9 million provided by operating activities in the same period last year. Cash, cash equivalents and short-term investments totaled $1,307.8 million at the end of the first quarter of fiscal 2025, compared to $1,289.2 million at the end of the same period last year.

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

    Fiscal 2025 First Quarter and Recent Operating Highlights

    • HashiCorp ended the first quarter of fiscal 2025 with 4,558 customers, up from 4,423 customers at the end of the previous fiscal quarter, and up from 4,153 customers at the end of the first quarter of fiscal 2024.
    • The Company ended the first quarter of fiscal 2025 with 918 customers with equal or greater than $100,000 in Annual Recurring Revenue (“ARR”), up from 897 customers at the end of the previous fiscal quarter and 830 customers at the end of the first quarter of fiscal 2024.
    • Customers with equal to or greater than $100,000 in ARR represented 90% of total revenue in the first quarter of fiscal 2025 compared to 89% in the previous fiscal quarter and 89% in the first quarter of fiscal 2024.
    • Quarterly subscription revenue from HashiCorp Cloud Platform (HCP) reached $24.6 million in the first quarter of fiscal 2025, up from $21.3 million in the previous fiscal quarter and up from $16.5 million in the first quarter of fiscal 2024.
    • The Company's trailing four quarter average Net Dollar Retention Rate was 113% at the end of the first quarter of fiscal 2025, compared to 115% in the previous quarter and 127% at the end of the first quarter of fiscal 2024.

    About HashiCorp, Inc.

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

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

    Forward-Looking Statements

    This press release 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 May 30, 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 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
    April 30,
      2024   2023 
    Revenue:   
    License$16,349  $15,158 
    Support 113,632   101,913 
    Cloud-hosted services 24,590   16,544 
    Subscription revenue 154,571   133,615 
    Professional services and other 6,008   4,368 
    Total revenue 160,579   137,983 
    Cost of revenue:   
    Cost of license 537   585 
    Cost of support 15,199   14,843 
    Cost of cloud-hosted services 8,898   7,028 
    Cost of subscription revenue 24,634   22,456 
    Cost of professional services and other 5,678   4,332 
    Total cost of revenue 30,312   26,788 
    Gross profit 130,267   111,195 
    Operating expenses:   
    Sales and marketing 93,142   90,564 
    Research and development 58,835   54,193 
    General and administrative 46,002   34,248 
    Total operating expenses 197,979   179,005 
    Loss from operations (67,712)  (67,810)
    Interest income 17,207   14,980 
    Other expenses, net 38   (120)
    Loss before income taxes (50,467)  (52,950)
    Provision (benefit) for income taxes 661   308 
    Net loss$(51,128) $(53,258)
    Net loss per share attributable to Class A and Class B common stockholders, basic and diluted$(0.26) $(0.28)
    Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted 200,073   190,806 
     


    HashiCorp, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (amounts in thousands, except per share amounts)
    (unaudited)
     As of
     April 30, 2024 January 31, 2024
    Assets   
    Current assets:   
    Cash and cash equivalents$594,738  $763,414 
    Short-term investments 713,099   515,163 
    Accounts receivable, net of allowance 106,071   182,614 
    Deferred contract acquisition costs 48,988   50,285 
    Prepaid expenses and other current assets 39,619   30,075 
    Total current assets 1,502,515   1,541,551 
    Deferred contract acquisition costs, non-current 75,263   80,055 
    Acquisition-related intangible assets, net 10,903   11,611 
    Goodwill 12,197   12,197 
    Other assets, non-current 47,695   46,533 
    Total assets$1,648,573  $1,691,947 
    Liabilities and Stockholders’ Equity   
    Current liabilities:   
    Accounts payable$17,404  $9,081 
    Accrued expenses and other current liabilities 17,087   15,143 
    Accrued compensation and benefits 48,049   56,007 
    Deferred revenue 297,302   334,894 
    Customer deposits 22,402   25,627 
    Total current liabilities 402,244   440,752 
    Deferred revenue, non-current 24,383   26,659 
    Other liabilities, non-current 10,367   11,543 
    Total liabilities 436,994   478,954 
    Stockholders’ equity:   
    Class A common stock, par value of $0.000015 per share; 1,000,000 and 1,000,000 shares authorized as of April 30, 2024 and January 31, 2024, respectively; 139,601 and 125,333 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively 2   1 
    Class B common stock, par value of $0.000015 per share; 200,000 and 200,000 shares authorized as of April 30, 2024 and January 31, 2024, respectively; 61,369 and 73,921 shares issued and outstanding as of April 30, 2024 and January 31, 2024, respectively 1   2 
    Additional paid-in capital 2,235,808   2,184,451 
    Accumulated other comprehensive loss (2,036)  (393)
    Accumulated deficit (1,022,196)  (971,068)
    Total stockholders’ equity 1,211,579   1,212,993 
    Total liabilities and stockholders’ equity$1,648,573  $1,691,947 
     


    HashiCorp, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (amounts in thousands)
    (unaudited)
     Three Months Ended April 30,
      2024   2023 
    Cash flows from operating activities   
    Net loss$(51,128) $(53,258)
    Adjustments to reconcile net loss to cash from operating activities:   
    Stock-based compensation expense, net of amounts capitalized 48,817   40,163 
    Depreciation and amortization expense 3,117   1,583 
    Non-cash operating lease cost 909   733 
    Accretion of discounts on marketable securities (3,550)  (1,345)
    Other 11   (28)
    Changes in operating assets and liabilities:   
    Accounts receivable 76,507   59,433 
    Deferred contract acquisition costs 6,088   876 
    Prepaid expenses and other assets (9,601)  (10,346)
    Accounts payable 8,187   1,020 
    Accrued expenses and other liabilities (158)  (2,243)
    Accrued compensation and benefits (7,958)  (5,075)
    Deferred revenue (39,868)  (25,830)
    Customer deposits (3,225)  (1,809)
    Net cash provided by operating activities 28,148   3,874 
    Cash flows from investing activities   
    Purchases of property and equipment (232)  (391)
    Capitalized internal-use software (2,523)  (2,739)
    Purchases of short-term investments (439,213)  (342,330)
    Proceeds from sales of short-term investments 49,071   21,239 
    Proceeds from maturities of short-term investments 194,477   — 
    Net cash used in investing activities (198,420)  (324,221)
    Cash flows from financing activities   
    Taxes paid related to net share settlement of equity awards (31)  (9)
    Payments related to acquisition holdback (54)  — 
    Proceeds from issuance of common stock upon exercise of stock options 1,681   1,013 
    Net cash provided by financing activities 1,596   1,004 
    Net decrease in cash, cash equivalents, and restricted cash (168,676)  (319,343)
    Cash, cash equivalents, and restricted cash beginning of period 763,414   1,286,134 
    Cash, cash equivalents, and restricted cash end of period$594,738  $966,791 
     


    HashiCorp, Inc.
    RECONCILIATION OF GAAP TO NON-GAAP DATA
    (amounts in thousands, except per share amounts and percentages)
    (unaudited)
     Three Months Ended April 30,
      2024   2023 
    Reconciliation of gross profit   
    GAAP gross profit$130,267  $111,195 
    Add: Amortization of stock-based compensation of capitalized internal-use software 628   388 
    Add: Stock-based compensation expense 5,070   3,431 
    Add: Amortization of acquired intangibles 625   — 
    Non-GAAP gross profit$136,590  $115,014 
    GAAP gross margin 81%  81%
    Non-GAAP gross margin 85%  83%
    Reconciliation of loss from operations   
    GAAP loss from operations$(67,712) $(67,810)
    Add: Amortization of stock-based compensation of capitalized internal-use software 628   388 
    Add: Stock-based compensation expense 48,817   40,162 
    Add: Amortization of acquired intangibles 708   — 
    Add: Merger expense 12,767   — 
    Non-GAAP loss from operations$(4,792) $(27,260)
    GAAP operating margin (42)%  (49)%
    Non-GAAP operating margin (3)%  (20)%


     Three Months Ended April 30,
      2024   2023 
    Reconciliation of net loss and net loss per share   
    GAAP net loss$(51,128) $(53,258)
    Add: Amortization of stock-based compensation of capitalized internal-use software 628   388 
    Add: Stock-based compensation expense 48,817   40,162 
    Add: Amortization of acquired intangibles 708   — 
    Add: Acquisition-related expenses 12,767   — 
    Less: Tax adjustments (1)$(602) $— 
    Non-GAAP net income (loss)$11,191  $(12,708)
    GAAP net loss per share, basic and diluted$(0.26) $(0.28)
    Non-GAAP net income (loss) per share, basic$0.06  $(0.07)
    Non-GAAP net income (loss) per share, diluted$0.05  $(0.07)
    Weighted-average shares used in computing GAAP net loss per share, basic and diluted 200,073   190,806 
    Weighted-average shares used to compute Non-GAAP net income (loss) per share, basic 200,073   190,806 
    Weighted-average shares used to compute Non-GAAP net income (loss) per share, diluted 207,326   190,806 
        
    Reconciliation of free cash flow   
    GAAP net cash provided by operating activities$28,148  $3,874 
    Add: purchases of property and equipment (232)  (391)
    Add: capitalized internal-use software (2,523)  (2,739)
    Non-GAAP free cash flow$25,393  $744 
    GAAP net cash provided by operating activities as a % of revenue 18%  3%
    Non-GAAP free cash flow as a % of revenue 16%  1%
        
    Trailing twelve months ("TTM") Total Revenue$605,733  $512,975 
    TTM cash provided by (used in) operating activities 17,297   (66,869)
    TTM free cash inflow (outflow) 1,768   (69,999)
    TTM cash provided by (used in) operating activities as a % of revenue 3% (13)%
    TTM free cash inflow (outflow) as a % of revenue —%(2)(14)%

    (1) The adjustments relate to the tax impact of stock-based compensation expense and amortization of acquired intangibles.
    (2) Amount is less than 1%.


    HashiCorp, Inc.
    RECONCILIATION OF GAAP TO NON-GAAP RPOS
    (amounts in thousands)
    (unaudited)
     As of
     April 30, 2024 January 31, 2024
    GAAP RPOs   
    GAAP short-term RPOs$454,030  $460,170 
    GAAP long-term RPOs 294,439   315,580 
    Total GAAP RPOs$748,469  $775,750 
    Add:   
    Customer deposits   
    Customer deposits expected to be recognized within the next 12 months$19,522  $22,882 
    Customer deposits expected to be recognized after the next 12 months 2,880   2,745 
    Total customer deposits$22,402  $25,627 
    Non-GAAP RPOs   
    Non-GAAP short-term RPOs$473,552  $483,052 
    Non-GAAP long-term RPOs 297,319   318,325 
    Total Non-GAAP RPOs$770,871  $801,377 
     


    HashiCorp, Inc.
    PRESENTATION OF KEY HISTORICAL BUSINESS METRICS
    (dollars in millions, except customers and percentages)
    (unaudited)
     Three Months Ended
     April 30,
    2024    		 January 31,
    2024    		 October 30,
    2023    		 July 31,
    2023    		 April 30,
    2023
    Number of customers (as of end of period) 4,558   4,423   4,354   4,217   4,153 
    Number of customers equal or greater than $100,000 in ARR 918   897   877   851   830 
    GAAP Remaining Performance Obligations ($M)$748.5  $775.8  $678.2  $682.5  $635.3 
    Non-GAAP Remaining Performance Obligations ($M)(1)$770.9  $801.4 (1)$700.4 (1)$708.0 (1)$660.2 
    Quarterly subscription revenue from HCP ($M)$24.6  $21.3  $19.9  $18.4  $16.5 
    Trailing four quarters average Net Dollar Revenue Retention Rate 113%  115%  119%  124%  127%
    Trailing twelve months cash provided by (used in) operating activities as a % of revenue 3%  (2)%  (3)%  (8)%  (13)%
    Trailing twelve months Non-GAAP free cash flow as a % of revenue(1) —%(2) (4)%(1) (6)%(1) (10)%(1) (15)%

    (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 1%.


    HashiCorp, Inc.
    PRESENTATION OF KEY HISTORICAL FINANCIAL DATA
    (amounts in thousands)
    (unaudited)
     Three Months Ended
     April 30,
    2024    		 January 31,
    2024    		 October 30,
    2023    		 July 31,
    2023    		 April 30,
    2023
    Revenue$160,579  $155,783  $146,125  $143,246  $137,983 
    GAAP net cash provided by (used in) operating activities$28,148  $10,286  $8,657  $(29,794) $3,874 
    Non-GAAP free cash flow$25,393  $7,283 (1)$5,716 (1)$(36,625)(1)$744 
              

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


    Investor Contact
    Alex Kurtz
    HashiCorp
    ir@hashicorp.com

    Media Contact
    Kate Lehman
    HashiCorp
    media@hashicorp.com


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