(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
HashiCorp, Inc. | |||||||||||
Date: | August 31, 2023 | By: | /s/ Navam Welihinda | ||||||||
Name: Title: | Navam Welihinda Chief Financial Officer |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
License | $ | 16,724 | $ | 15,338 | $ | 31,882 | $ | 25,682 | |||||||||||||||
Support | 103,997 | 84,257 | 205,910 | 163,465 | |||||||||||||||||||
Cloud-hosted services | 18,372 | 10,637 | 34,916 | 19,469 | |||||||||||||||||||
Subscription revenue | 139,093 | 110,232 | 272,708 | 208,616 | |||||||||||||||||||
Professional services and other | 4,153 | 3,631 | 8,521 | 6,144 | |||||||||||||||||||
Total revenue | 143,246 | 113,863 | 281,229 | 214,760 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of license | 498 | 360 | 1,083 | 753 | |||||||||||||||||||
Cost of support | 16,304 | 12,272 | 31,147 | 23,110 | |||||||||||||||||||
Cost of cloud-hosted services | 7,619 | 5,699 | 14,647 | 10,529 | |||||||||||||||||||
Cost of subscription revenue | 24,421 | 18,331 | 46,877 | 34,392 | |||||||||||||||||||
Cost of professional services and other | 4,913 | 3,209 | 9,245 | 6,537 | |||||||||||||||||||
Total cost of revenue | 29,334 | 21,540 | 56,122 | 40,929 | |||||||||||||||||||
Gross profit | 113,912 | 92,323 | 225,107 | 173,831 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing | 101,134 | 87,674 | 191,698 | 167,926 | |||||||||||||||||||
Research and development | 59,962 | 47,885 | 114,155 | 95,060 | |||||||||||||||||||
General and administrative | 35,412 | 35,383 | 69,660 | 67,906 | |||||||||||||||||||
Total operating expenses | 196,508 | 170,942 | 375,513 | 330,892 | |||||||||||||||||||
Loss from operations | (82,596) | (78,619) | (150,406) | (157,061) | |||||||||||||||||||
Interest income | 16,300 | 3,926 | 31,280 | 4,542 | |||||||||||||||||||
Other expenses, net | (105) | 66 | (225) | (40) | |||||||||||||||||||
Loss before income taxes | (66,401) | (74,627) | (119,351) | (152,559) | |||||||||||||||||||
Provision (benefit) for income taxes | (86) | 137 | 222 | 422 | |||||||||||||||||||
Net loss | $ | (66,315) | $ | (74,764) | $ | (119,573) | $ | (152,981) | |||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.34) | $ | (0.40) | $ | (0.62) | $ | (0.83) | |||||||||||||||
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 192,610 | 185,212 | 191,723 | 184,114 |
As of | |||||||||||
July 31, 2023 | January 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 830,018 | $ | 1,286,134 | |||||||
Short-term investments | 414,094 | — | |||||||||
Accounts receivable, net of allowance | 122,385 | 162,369 | |||||||||
Deferred contract acquisition costs | 45,329 | 42,812 | |||||||||
Prepaid expenses and other current assets | 28,526 | 17,683 | |||||||||
Total current assets | 1,440,352 | 1,508,998 | |||||||||
Deferred contract acquisition costs, non-current | 82,921 | 81,286 | |||||||||
Acquisition-related intangible assets, net | 13,028 | — | |||||||||
Goodwill | 12,265 | — | |||||||||
Other assets, non-current | 42,037 | 38,056 | |||||||||
Total assets | $ | 1,590,603 | $ | 1,628,340 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 7,693 | $ | 12,450 | |||||||
Accrued expenses and other current liabilities | 10,376 | 10,163 | |||||||||
Accrued compensation and benefits | 53,505 | 58,628 | |||||||||
Deferred revenue | 264,639 | 272,909 | |||||||||
Customer deposits | 25,564 | 26,699 | |||||||||
Total current liabilities | 361,777 | 380,849 | |||||||||
Deferred revenue, non-current | 28,802 | 29,335 | |||||||||
Other liabilities, non-current | 15,112 | 12,806 | |||||||||
Total liabilities | 405,691 | 422,990 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Stockholders’ equity: | |||||||||||
Class A common stock, par value of $0.000015 per share; 1,000,000 and 1,000,000 shares authorized as of July 31, 2023 and January 31, 2023, respectively; 109,085 and 88,823 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively | 1 | 1 | |||||||||
Class B common stock, par value of $0.000015 per share; 200,000 and 200,000 shares authorized as of July 31, 2023 and January 31, 2023, respectively; 84,561 and 101,145 shares issued and outstanding as of July 31, 2023 and January 31, 2023, respectively | 2 | 2 | |||||||||
Additional paid-in capital | 2,085,910 | 1,985,747 | |||||||||
Accumulated other comprehensive loss | (1,028) | — | |||||||||
Accumulated deficit | (899,973) | (780,400) | |||||||||
Total stockholders’ equity | 1,184,912 | 1,205,350 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,590,603 | $ | 1,628,340 |
Six Months Ended July 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (119,573) | $ | (152,981) | |||||||
Adjustments to reconcile net loss to cash from operating activities: | |||||||||||
Stock-based compensation expense, net of amounts capitalized | 86,282 | 88,662 | |||||||||
Depreciation and amortization expense | 3,876 | 1,947 | |||||||||
Non-cash operating lease cost | 1,474 | 1,416 | |||||||||
Accretion of discounts on marketable securities | (4,196) | — | |||||||||
Deferred income taxes | (482) | — | |||||||||
Other | 68 | (19) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 39,914 | 15,227 | |||||||||
Deferred contract acquisition costs | (4,152) | (19,688) | |||||||||
Prepaid expenses and other assets | (11,161) | (1,175) | |||||||||
Accounts payable | (5,007) | (3,044) | |||||||||
Accrued expenses and other liabilities | (1,776) | (1,741) | |||||||||
Accrued compensation and benefits | (5,123) | (1,961) | |||||||||
Deferred revenue | (8,803) | 3,523 | |||||||||
Customer deposits | (1,135) | (1,035) | |||||||||
Net cash used in operating activities | (29,794) | (70,869) | |||||||||
Cash flows from investing activities | |||||||||||
Business combination, net of cash acquired | (20,859) | — | |||||||||
Purchases of property and equipment | (417) | (72) | |||||||||
Capitalized internal-use software | (5,669) | (3,516) | |||||||||
Purchases of short-term investments | (469,704) | — | |||||||||
Proceeds from sales of short-term investments | 26,372 | — | |||||||||
Proceeds from maturities of short-term investments | 32,529 | — | |||||||||
Net cash used in investing activities | (437,748) | (3,588) | |||||||||
Cash flows from financing activities | |||||||||||
Taxes paid related to net share settlement of equity awards | (224) | (202) | |||||||||
Proceeds from issuance of common stock upon exercise of stock options | 1,455 | 2,166 | |||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 10,195 | 8,501 | |||||||||
Net cash provided by financing activities | 11,426 | 10,465 | |||||||||
Net decrease in cash and cash equivalents, and restricted cash | (456,116) | (63,992) | |||||||||
Cash and cash equivalents, and restricted cash beginning of period | 1,286,134 | 1,357,613 | |||||||||
Cash and cash equivalents, and restricted cash end of period | $ | 830,018 | $ | 1,293,621 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of gross profit | |||||||||||||||||||||||
GAAP gross profit | $ | 113,912 | $ | 92,323 | $ | 225,107 | $ | 173,831 | |||||||||||||||
Add: Amortization of stock-based compensation of capitalized internal-use software | 444 | 222 | 832 | 391 | |||||||||||||||||||
Add: Stock-based compensation expense | 4,048 | 3,559 | 7,479 | 6,886 | |||||||||||||||||||
Add: Amortization of acquired intangibles | $ | 417 | $ | — | $ | 417 | $ | — | |||||||||||||||
Non-GAAP gross profit | $ | 118,821 | $ | 96,104 | $ | 233,835 | $ | 181,108 | |||||||||||||||
GAAP gross margin | 80 | % | 81 | % | 80 | % | 81 | % | |||||||||||||||
Non-GAAP gross margin | 83 | % | 84 | % | 83 | % | 84 | % | |||||||||||||||
Reconciliation of loss from operations | |||||||||||||||||||||||
GAAP loss from operations | $ | (82,596) | $ | (78,619) | $ | (150,406) | $ | (157,061) | |||||||||||||||
Add: Amortization of stock-based compensation of capitalized internal-use software | 444 | 222 | 832 | 391 | |||||||||||||||||||
Add: Stock-based compensation expense | 46,119 | 42,403 | 86,281 | 88,662 | |||||||||||||||||||
Add: Amortization of acquired intangibles | 472 | — | 472 | — | |||||||||||||||||||
Add: Acquisition-related expenses | 459 | — | 459 | — | |||||||||||||||||||
Non-GAAP loss from operations | $ | (35,102) | $ | (35,994) | $ | (62,362) | $ | (68,008) | |||||||||||||||
GAAP operating margin | (58) | % | (69) | % | (53) | % | (73) | % | |||||||||||||||
Non-GAAP operating margin | (25) | % | (32) | % | (22) | % | (32) | % |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of net loss and net loss per share | |||||||||||||||||||||||
GAAP net loss | $ | (66,315) | $ | (74,764) | $ | (119,573) | $ | (152,981) | |||||||||||||||
Add: Amortization of stock-based compensation of capitalized internal-use software | 444 | 222 | 832 | 391 | |||||||||||||||||||
Add: Stock-based compensation expense | 46,119 | 42,403 | 86,281 | 88,662 | |||||||||||||||||||
Add: Amortization of acquired intangibles | 472 | — | 472 | — | |||||||||||||||||||
Add: Acquisition-related expenses | 459 | — | 459 | — | |||||||||||||||||||
Non-GAAP net loss | $ | (18,821) | $ | (32,139) | $ | (31,529) | $ | (63,928) | |||||||||||||||
GAAP net loss per share, basic and diluted | $ | (0.34) | $ | (0.40) | $ | (0.62) | $ | (0.83) | |||||||||||||||
GAAP net loss per share, basic and diluted | $ | (0.34) | $ | (0.40) | $ | (0.62) | $ | (0.83) | |||||||||||||||
Add: Amortization of stock-based compensation capitalized in software development costs | — | — | — | 0.01 | |||||||||||||||||||
Add: Stock-based compensation expense | 0.24 | 0.23 | 0.45 | 0.48 | |||||||||||||||||||
Add: Amortization of acquired intangibles | — | — | — | — | |||||||||||||||||||
Add: Acquisition-related expenses | — | — | — | — | |||||||||||||||||||
Non-GAAP net loss per share, basic and diluted | $ | (0.10) | $ | (0.17) | $ | (0.16) | $ | (0.34) | |||||||||||||||
Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted | 192,610 | 185,212 | 191,723 | 184,114 | |||||||||||||||||||
Reconciliation of free cash flow | |||||||||||||||||||||||
GAAP net cash used in operating activities | $ | (33,669) | $ | (57,150) | $ | (29,794) | $ | (70,869) | |||||||||||||||
Add: purchases of property and equipment | (26) | (59) | (417) | (72) | |||||||||||||||||||
Add: capitalized internal-use software | (2,930) | (1,924) | (5,669) | (3,516) | |||||||||||||||||||
Non-GAAP free cash flow | $ | (36,625) | $ | (59,133) | $ | (35,880) | $ | (74,457) | |||||||||||||||
GAAP net cash used in operating activities as a % of revenue | (24) | % | (50) | % | (11) | % | (33) | % | |||||||||||||||
Non-GAAP free cash flow as a % of revenue | (26) | % | (52) | % | (13) | % | (35) | % | |||||||||||||||
Trailing twelve months ("TTM") Total Revenue | $ | 542,357 | $ | 393,504 | $ | 542,357 | $ | 393,504 | |||||||||||||||
TTM cash used in operating activities | (43,387) | (100,918) | (43,387) | (100,918) | |||||||||||||||||||
TTM free cash flow | (54,883) | (108,245) | (54,883) | (108,245) | |||||||||||||||||||
TTM cash used in operating activities as a % of revenue | (8) | % | (26) | % | (8) | % | (26) | % | |||||||||||||||
TTM free cash flow as a % of revenue | (10) | % | (28) | % | (10) | % | (28) | % |
As of | |||||||||||
July 31, 2023 | January 31, 2023 | ||||||||||
GAAP RPOs | |||||||||||
GAAP short-term RPOs | $ | 398,915 | $ | 375,072 | |||||||
GAAP long-term RPOs | 283,537 | 271,992 | |||||||||
Total GAAP RPOs | $ | 682,452 | $ | 647,064 | |||||||
Add: | |||||||||||
Customer deposits | |||||||||||
Customer deposits expected to be recognized within the next 12 months | $ | 21,412 | $ | 22,657 | |||||||
Customer deposits expected to be recognized after the next 12 months | 4,152 | 4,042 | |||||||||
Total customer deposits | $ | 25,564 | $ | 26,699 | |||||||
Non-GAAP RPOs | |||||||||||
Non-GAAP short-term RPOs | $ | 420,327 | $ | 397,729 | |||||||
Non-GAAP long-term RPOs | 287,689 | 276,034 | |||||||||
Total Non-GAAP RPOs | $ | 708,016 | $ | 673,763 |
Three Months Ended | ||||||||||||||||||||||||||||||||
July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | July 31, 2022 | ||||||||||||||||||||||||||||
Number of customers (as of end of period) | 4,217 | (2) | 4,153 | (2) | 3,870 | (2) | 3,648 | (2) | 3,364 | (2) | ||||||||||||||||||||||
Number of customers equal or greater than $100,000 in ARR | 851 | 830 | 798 | 760 | 734 | |||||||||||||||||||||||||||
GAAP Remaining Performance Obligations ($M) | $682.5 | $635.3 | $647.1 | $531.8 | $476.0 | |||||||||||||||||||||||||||
Non-GAAP Remaining Performance Obligations ($M)(1) | $708.0 | $660.2 | $673.8 | (1) | $553.4 | (1) | $498.4 | (1) | ||||||||||||||||||||||||
Quarterly subscription revenue from HCP ($M) | $18.4 | $16.5 | $14.5 | $12.9 | $10.6 | |||||||||||||||||||||||||||
Trailing four quarters average Net Dollar Revenue Retention Rate | 124 | % | 127 | % | 131 | % | 134 | % | 134 | % | ||||||||||||||||||||||
Trailing twelve months cash used in operating activities as a % of revenue | (8) | % | (13) | % | (18) | % | (21) | % | (26) | % | ||||||||||||||||||||||
Trailing twelve months Non-GAAP free cash flow as a % of revenue(1) | (10) | % | (15) | % | (20) | % | (1) | (23) | % | (1) | (28) | % | (1) |
Three Months Ended | |||||||||||||||||||||||||||||
July 31, 2023 | April 30, 2023 | January 31, 2023 | October 31, 2022 | July 31, 2022 | |||||||||||||||||||||||||
Revenue | $ | 143,246 | $ | 137,983 | $ | 135,788 | $ | 125,341 | $ | 113,863 | |||||||||||||||||||
GAAP net cash provided by (used in) operating activities | $ | (29,794) | $ | 3,874 | $ | 1,578 | $ | (15,171) | $ | (57,150) | |||||||||||||||||||
Non-GAAP free cash flow | $ | (36,625) | $ | 744 | (1) | $ | (1,106) | (1) | $ | (17,897) | (1) | $ | (59,133) |
Cover |
Aug. 31, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Entity Registrant Name | HashiCorp, Inc. |
Document Period End Date | Aug. 31, 2023 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-41121 |
Entity Tax Identification Number | 32-0410665 |
Entity Address, Address Line One | 101 Second Street |
Entity Address, Address Line Two | Suite 700 |
Entity Address, City or Town | San Francisco |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94105 |
City Area Code | 415) |
Local Phone Number | 301-3250 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.000015 per share |
Trading Symbol | HCP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001720671 |
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