Delaware | 001-41121 | 32-0410665 | ||||||||||||
(State or Other Jurisdiction
of Incorporation)
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(Commission File Number) |
(IRS Employer
Identification No.)
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101 Second Street
Suite 700
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San Francisco, California |
94105 |
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(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
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Trading
Symbol(s)
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Name of each exchange on which registered
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Class A Common Stock, par value $0.000015 per share | HCP | The NASDAQ Stock Market LLC |
Exhibit | Description | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
HashiCorp, Inc. | |||||||||||
Date: | August 29, 2024 |
By: | /s/ Navam Welihinda | ||||||||
Name:
Title:
|
Navam Welihinda
Chief Financial Officer
|
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
License | $ | 16,488 | $ | 16,724 | $ | 32,837 | $ | 31,882 | |||||||||||||||
Support | 116,166 | 103,997 | 229,798 | 205,910 | |||||||||||||||||||
Cloud-hosted services | 26,534 | 18,372 | 51,124 | 34,916 | |||||||||||||||||||
Subscription revenue | 159,188 | 139,093 | 313,759 | 272,708 | |||||||||||||||||||
Professional services and other | 5,950 | 4,153 | 11,958 | 8,521 | |||||||||||||||||||
Total revenue | 165,138 | 143,246 | 325,717 | 281,229 | |||||||||||||||||||
Cost of revenue: | — | — | |||||||||||||||||||||
Cost of license | 470 | 498 | 1,007 | 1,083 | |||||||||||||||||||
Cost of support | 14,817 | 16,304 | 30,016 | 31,147 | |||||||||||||||||||
Cost of cloud-hosted services | 8,930 | 7,619 | 17,828 | 14,647 | |||||||||||||||||||
Cost of subscription revenue | 24,217 | 24,421 | 48,851 | 46,877 | |||||||||||||||||||
Cost of professional services and other | 5,992 | 4,913 | 11,671 | 9,245 | |||||||||||||||||||
Total cost of revenue | 30,209 | 29,334 | 60,522 | 56,122 | |||||||||||||||||||
Gross profit | 134,929 | 113,912 | 265,195 | 225,107 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing | 87,623 | 101,134 | 180,765 | 191,698 | |||||||||||||||||||
Research and development | 54,981 | 59,962 | 113,816 | 114,155 | |||||||||||||||||||
General and administrative | 35,623 | 35,412 | 81,625 | 69,660 | |||||||||||||||||||
Total operating expenses | 178,227 | 196,508 | 376,206 | 375,513 | |||||||||||||||||||
Loss from operations | (43,298) | (82,596) | (111,011) | (150,406) | |||||||||||||||||||
Interest income | 17,745 | 16,300 | 34,952 | 31,280 | |||||||||||||||||||
Other expenses, net | (258) | (105) | (219) | (225) | |||||||||||||||||||
Loss before income taxes | (25,811) | (66,401) | (76,278) | (119,351) | |||||||||||||||||||
Provision (benefit) for income taxes | 651 | (86) | 1,312 | 222 | |||||||||||||||||||
Net loss | $ | (26,462) | $ | (66,315) | $ | (77,590) | $ | (119,573) | |||||||||||||||
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | (0.13) | $ | (0.34) | $ | (0.39) | $ | (0.62) | |||||||||||||||
Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted | 201,872 | 192,610 | 200,982 | 191,723 |
As of |
|||||||||||
July 31, 2024 | January 31, 2024 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 797,224 | $ | 763,414 | |||||||
Short-term investments | 512,066 | 515,163 | |||||||||
Accounts receivable, net of allowance | 147,750 | 182,614 | |||||||||
Deferred contract acquisition costs | 50,194 | 50,285 | |||||||||
Prepaid expenses and other current assets | 28,433 | 30,075 | |||||||||
Total current assets | 1,535,667 | 1,541,551 | |||||||||
Deferred contract acquisition costs, non-current | 73,230 | 80,055 | |||||||||
Acquisition-related intangible assets, net | 10,194 | 11,611 | |||||||||
Goodwill | 12,197 | 12,197 | |||||||||
Other assets, non-current | 47,512 | 46,533 | |||||||||
Total assets | $ | 1,678,800 | $ | 1,691,947 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 12,882 | $ | 9,081 | |||||||
Accrued expenses and other current liabilities | 19,417 | 15,143 | |||||||||
Accrued compensation and benefits | 48,537 | 56,007 | |||||||||
Deferred revenue | 311,462 | 334,894 | |||||||||
Customer deposits | 21,753 | 25,627 | |||||||||
Total current liabilities | 414,051 | 440,752 | |||||||||
Deferred revenue, non-current | 21,425 | 26,659 | |||||||||
Other liabilities, non-current | 9,392 | 11,543 | |||||||||
Total liabilities | 444,868 | 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 July 31, 2024 and January 31, 2024, respectively; 156,819 and 125,333 shares issued and outstanding as of July 31, 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 July 31, 2024 and January 31, 2024, respectively; 46,033 and 73,921 shares issued and outstanding as of July 31, 2024 and January 31, 2024, respectively | 1 | 2 | |||||||||
Additional paid-in capital | 2,282,604 | 2,184,451 | |||||||||
Accumulated other comprehensive loss | (17) | (393) | |||||||||
Accumulated deficit | (1,048,658) | (971,068) | |||||||||
Total stockholders’ equity | 1,233,932 | 1,212,993 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,678,800 | $ | 1,691,947 |
Six Months Ended July 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (77,590) | $ | (119,573) | |||||||
Adjustments to reconcile net loss to cash from operating activities: | |||||||||||
Stock-based compensation expense, net of amounts capitalized | 87,116 | 86,282 | |||||||||
Depreciation and amortization expense | 6,436 | 3,876 | |||||||||
Non-cash operating lease cost | 1,857 | 1,474 | |||||||||
Accretion of discounts on marketable securities | (7,103) | (4,196) | |||||||||
Deferred income taxes | — | (482) | |||||||||
Other | 113 | 68 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 34,791 | 39,914 | |||||||||
Deferred contract acquisition costs | 6,916 | (4,152) | |||||||||
Prepaid expenses and other assets | 1,783 | (11,161) | |||||||||
Accounts payable | 3,767 | (5,007) | |||||||||
Accrued expenses and other liabilities | 1,500 | (1,776) | |||||||||
Accrued compensation and benefits | (7,470) | (5,123) | |||||||||
Deferred revenue | (28,666) | (8,803) | |||||||||
Customer deposits | (3,874) | (1,135) | |||||||||
Net cash provided by (used in) operating activities | 19,576 | (29,794) | |||||||||
Cash flows from investing activities | |||||||||||
Business combination, net of cash acquired | — | (20,859) | |||||||||
Purchases of property and equipment | (422) | (417) | |||||||||
Capitalized internal-use software | (4,964) | (5,669) | |||||||||
Purchases of short-term investments | (565,075) | (469,704) | |||||||||
Proceeds from sales of short-term investments | 71,515 | 26,372 | |||||||||
Proceeds from maturities of short-term investments | 503,959 | 32,529 | |||||||||
Net cash provided by (used in) investing activities | 5,013 | (437,748) | |||||||||
Cash flows from financing activities | |||||||||||
Taxes paid related to net share settlement of equity awards | (52) | (224) | |||||||||
Payments related to acquisition holdback | (54) | — | |||||||||
Proceeds from issuance of common stock upon exercise of stock options | 2,666 | 1,455 | |||||||||
Proceeds from issuance of common stock under employee stock purchase plan | 6,661 | 10,195 | |||||||||
Net cash provided by financing activities | 9,221 | 11,426 | |||||||||
Net increase (decrease) in cash and cash equivalents | 33,810 | (456,116) | |||||||||
Cash and cash equivalents at beginning of period | 763,414 | 1,286,134 | |||||||||
Cash and cash equivalents at end of period | $ | 797,224 | $ | 830,018 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Reconciliation of gross profit | |||||||||||||||||||||||
GAAP gross profit | $ | 134,929 | $ | 113,912 | $ | 265,195 | $ | 225,107 | |||||||||||||||
Add: Amortization of stock-based compensation of capitalized internal-use software | 673 | 444 | 1,301 | 832 | |||||||||||||||||||
Add: Stock-based compensation expense | 3,587 | 4,048 | 8,657 | 7,479 | |||||||||||||||||||
Add: Amortization of acquired intangibles | 625 | 417 | 1,250 | 417 | |||||||||||||||||||
Non-GAAP gross profit | $ | 139,814 | $ | 118,821 | $ | 276,403 | $ | 233,835 | |||||||||||||||
GAAP gross margin | 82 | % | 80 | % | 81 | % | 80 | % | |||||||||||||||
Non-GAAP gross margin | 85 | % | 83 | % | 85 | % | 83 | % | |||||||||||||||
Reconciliation of loss from operations | |||||||||||||||||||||||
GAAP loss from operations | $ | (43,298) | $ | (82,596) | $ | (111,011) | $ | (150,406) | |||||||||||||||
Add: Amortization of stock-based compensation of capitalized internal-use software | 673 | 444 | 1,301 | 832 | |||||||||||||||||||
Add: Stock-based compensation expense | 38,299 | 46,119 | 87,116 | 86,281 | |||||||||||||||||||
Add: Amortization of acquired intangibles | 708 | 472 | 1,417 | 472 | |||||||||||||||||||
Add: Acquisition and merger related expense | 4,323 | 459 | 17,090 | 459 | |||||||||||||||||||
Non-GAAP loss from operations | $ | 705 | $ | (35,102) | $ | (4,087) | $ | (62,362) | |||||||||||||||
GAAP operating margin | (26) | % | (58) | % | (34) | % | (53) | % | |||||||||||||||
Non-GAAP operating margin | — | % | (1) |
(25) | % | (1) | % | (22) | % |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Reconciliation of net loss and net loss per share | |||||||||||||||||||||||
GAAP net loss | $ | (26,462) | $ | (66,315) | $ | (77,590) | $ | (119,573) | |||||||||||||||
Add: Amortization of stock-based compensation of capitalized internal-use software | 673 | 444 | 1,301 | 832 | |||||||||||||||||||
Add: Stock-based compensation expense | 38,299 | 46,119 | 87,116 | 86,281 | |||||||||||||||||||
Add: Amortization of acquired intangibles | 708 | 472 | 1,417 | 472 | |||||||||||||||||||
Add: Acquisition-related expenses | 4,323 | 459 | 17,090 | 459 | |||||||||||||||||||
Less: Tax adjustments (1) |
$ | (753) | $ | — | $ | (1,355) | $ | — | |||||||||||||||
Non-GAAP net income (loss) | $ | 16,788 | $ | (18,821) | $ | 27,979 | $ | (31,529) | |||||||||||||||
GAAP net loss per share, basic and diluted | $ | (0.13) | $ | (0.34) | $ | (0.39) | $ | (0.62) | |||||||||||||||
Non-GAAP net income (loss) per share, basic | $ | 0.08 | $ | (0.10) | $ | 0.14 | $ | (0.16) | |||||||||||||||
Non-GAAP net income (loss) per share, diluted | $ | 0.08 | $ | (0.10) | $ | 0.13 | $ | (0.16) | |||||||||||||||
Weighted-average shares used in computing GAAP net loss per share, basic and diluted | 201,872 | 192,610 | 200,982 | 191,723 | |||||||||||||||||||
Weighted-average shares used to compute Non-GAAP net income (loss) per share, basic | 201,872 | 192,610 | 200,982 | 191,723 | |||||||||||||||||||
Weighted-average shares used to compute Non-GAAP net income (loss) per share, diluted | 210,193 | 192,610 | 208,843 | 191,723 | |||||||||||||||||||
Reconciliation of free cash flow | |||||||||||||||||||||||
GAAP net cash provided by (used in) operating activities | $ | (8,573) | $ | (33,669) | $ | 19,576 | $ | (29,794) | |||||||||||||||
Add: purchases of property and equipment | (189) | (26) | (422) | (417) | |||||||||||||||||||
Add: capitalized internal-use software | (2,441) | (2,930) | (4,964) | (5,669) | |||||||||||||||||||
Non-GAAP free cash flow | $ | (11,203) | $ | (36,625) | $ | 14,190 | $ | (35,880) | |||||||||||||||
GAAP net cash provided by (used in) operating activities as a % of revenue | (5) | % | (24) | % | 6 | % | (11) | % | |||||||||||||||
Non-GAAP free cash flow as a % of revenue | (7) | % | (26) | % | 4 | % | (13) | % | |||||||||||||||
Trailing twelve months ("TTM") Total Revenue | $ | 627,625 | $ | 542,357 | $ | 627,625 | $ | 542,357 | |||||||||||||||
TTM cash provided by (used in) operating activities | 38,518 | (43,387) | 38,518 | (43,387) | |||||||||||||||||||
TTM free cash inflow (outflow) | 27,189 | (54,883) | 27,189 | (54,883) | |||||||||||||||||||
TTM cash provided by (used in) operating activities as a % of revenue | 6 | % | (8) | % | 6 | % | (8) | % | |||||||||||||||
TTM free cash inflow (outflow) as a % of revenue | 4 | % | (10) | % | 4 | % | (10) | % |
As of | |||||||||||
July 31, 2024 | January 31, 2024 | ||||||||||
GAAP RPOs | |||||||||||
GAAP short-term RPOs | $ | 473,354 | $ | 460,170 | |||||||
GAAP long-term RPOs | 298,144 | 315,580 | |||||||||
Total GAAP RPOs | $ | 771,498 | $ | 775,750 | |||||||
Add: | |||||||||||
Customer deposits | |||||||||||
Customer deposits expected to be recognized within the next 12 months | $ | 19,052 | $ | 22,882 | |||||||
Customer deposits expected to be recognized after the next 12 months | 2,701 | 2,745 | |||||||||
Total customer deposits | $ | 21,753 | $ | 25,627 | |||||||
Non-GAAP RPOs | |||||||||||
Non-GAAP short-term RPOs | $ | 492,406 | $ | 483,052 | |||||||
Non-GAAP long-term RPOs | 300,845 | 318,325 | |||||||||
Total Non-GAAP RPOs | $ | 793,251 | $ | 801,377 |
Three Months Ended | |||||||||||||||||||||||||||||
July 31, 2024 | April 30, 2024 | January 31, 2024 | October 31, 2023 | July 31, 2023 | |||||||||||||||||||||||||
Number of customers (as of end of period) | 4,709 | 4,558 | 4,423 | 4,354 | 4,217 | ||||||||||||||||||||||||
Number of customers equal or greater than $100,000 in ARR | 934 | 918 | 897 | 877 | 851 | ||||||||||||||||||||||||
GAAP Remaining Performance Obligations ($M) | $ | 771.5 | $ | 748.5 | $ | 775.8 | $ | 678.2 | $ | 682.5 | |||||||||||||||||||
Non-GAAP Remaining Performance Obligations ($M)(1) |
$ | 793.3 | $ | 770.9 | (1) | $ | 801.4 | (1) | $ | 700.4 | (1) | $ | 708.0 | ||||||||||||||||
Quarterly subscription revenue from HCP ($M) | $ | 26.5 | $ | 24.6 | $ | 21.3 | $ | 19.9 | $ | 18.4 | |||||||||||||||||||
Trailing four quarters average Net Dollar Revenue Retention Rate | 110 | % | 113 | % | 115 | % | 119 | % | 124 | % | |||||||||||||||||||
Trailing twelve months cash provided by (used in) operating activities as a % of revenue | 6 | % | 3 | % | (2) | % | (3) | % | (8) | % | |||||||||||||||||||
Trailing twelve months Non-GAAP free cash flow as a % of revenue(1) |
4 | % | — | % | (1)(2) | (4) | % | (1) | (6) | % | (1) | (10) | % |
Three Months Ended |
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July 31, 2024 | April 30, 2024 | January 31, 2024 | October 31, 2023 | July 31, 2023 | |||||||||||||||||||||||||
Revenue | $ | 165,138 | $ | 160,579 | $ | 155,783 | $ | 146,125 | $ | 143,246 | |||||||||||||||||||
GAAP net cash provided by (used in) operating activities | $ | (8,573) | $ | 28,148 | $ | 10,286 | $ | 8,657 | $ | (29,794) | |||||||||||||||||||
Non-GAAP free cash flow | $ | (11,203) | $ | 25,393 | (1) |
$ | 7,283 | (1) |
$ | 5,716 | (1) |
$ | (36,625) | ||||||||||||||||