HashiCorp loses its Hashi, keeps the Corp as co-founder waves goodbye

HashiCorp Terraform Cloud Operator for Kubernetes Improves Scalability and Performance

HashiCorp has released v2 of their Terraform Cloud Operator for Kubernetes. The Operator enables managing Terraform Cloud workspaces through a single Kubernetes custom resource. The release adds support for multiple customer resources, setting the watch scope to specific namespaces, improved synchronization, and newly exposed metrics.

With the Terraform Cloud Operator for Kubernetes, it is possible to provision infrastructure, both internal and external to Kubernetes, directly from the Kubernetes control plane. As noted by John Houston, senior software engineer at HashiCorp, and Vishnu Ravindra, product manager at HashiCorp, "[p]latform teams can now provide application developers with Kubernetes-native workflows, while ensuring the use of approved Terraform modules."

With the version 2 release, there are now multiple custom resources, each with its own separate controllers for different Terraform Cloud resources. It is now possible to modify the number of worker threads assigned to each controller. By default, each controller has one worker, but more can be added to increase the number of custom resources the controller can handle concurrently.

The Operator can be used to manage Terraform Cloud agent pools and Terraform Cloud agent tokens via the AgentPool. Module is used to implement API-driven run workflows and Workspace can be used to manage Terraform Cloud workspaces. The following example creates an agent pool named agent-pool-development and generates a token named token-red:

When run, the token-red agent token is stored in the my-agent-pool-token-red Kubernetes secret. The autoscaling portion enables the operator to ensure at least one agent pod is running with a maximum of 3 based on resource needs. This exam is done by monitoring the load of the workspaces listed under targetWorkspaces.

The Operator now manages a Terraform Cloud client for each Custom Resource. With this improvement, a single Operator deployment can be used across multiple Terraform Cloud organizations.

The release also exposes standard Prometheus format metrics for each controller available at the standard /metrics path over HTTPS port 8443. The Operator exports all metrics provided by the controller-runtime. A full list of exposed metrics can be found within the Kubebuilder documentation.

The release also adds a new --namespace option to focus the Operator's watch scope to specific namespaces. The new --sync-period option improves the synchronization between custom resources and Terraform Cloud.

The Terraform Cloud Operator for Kubernetes is available for users of Terraform Cloud. There is a migration guide available for users moving from version 1 to version 2. More details can be found in the release blog post or within the Terraform discussion forums. The Terraform Cloud Operator for Kubernetes is available on GitHub.

HashiCorp Announces Third Quarter of Fiscal Year 2024 Financial Results

HashiCorp, Inc.

SAN FRANCISCO, Dec. 07, 2023 (GLOBE NEWSWIRE) -- HashiCorp, Inc. (NASDAQ: HCP), a leading provider of multi-cloud infrastructure automation software, today announced financial results for its third quarter of fiscal 2024, ended October 31, 2023.

“I’m pleased with our solid third quarter results including 17% year-over-year revenue growth,” said Dave McJannet, CEO of HashiCorp. “Our teams continue to demonstrate consistent execution despite ongoing macroeconomic challenges. We are focused on near-term performance and meeting our long-term opportunity, which includes investment in our go-to-market efforts and our cloud offerings.”

“In Q3 of FY24, we achieved meaningful progress on our path to profitability, with our first quarter as a company with positive Non-GAAP EPS,” said Navam Welihinda, CFO of HashiCorp. “I’m pleased with our performance in improving efficiency and increasing free cash flow, and we are seeing success from the steps we’re taking to realize further operating leverage in our business.”

Fiscal 2024 Third Quarter Financial Results

Revenue: Total revenue was $146.1 million in the third quarter of fiscal 2024, up 17% from $125.3 million in the same period last year.

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Gross Profit: GAAP gross profit was $120.5 million in the third quarter of fiscal 2024, representing an 82% gross margin, compared to a GAAP gross profit of $102.8 million and an 82% gross margin in the same period last year. Non-GAAP gross profit was $125.4 million in the third quarter fiscal 2024, representing an 86% non-GAAP gross margin, compared to a non-GAAP gross profit of $106.7 million and an 85% non-GAAP gross margin in the same period last year.

Operating Loss: GAAP operating loss was $55.6 million in the third quarter of fiscal 2024, compared to GAAP operating loss of $77.3 million in the same period last year. Non-GAAP operating loss was $10.5 million in the third quarter of fiscal 2024, compared to a non-GAAP operating loss of $30.4 million in the same period last year.

Net Income (Loss): GAAP net loss was $39.5 million in the third quarter of fiscal 2024, compared to a GAAP net loss of $72.0 million in the same period last year. Non-GAAP net income was $5.6 million in the third quarter of fiscal 2024, compared to a non-GAAP net loss of $25.0 million in the same period last year.

Net Income (Loss) per Share: GAAP net loss per share was $0.20 based on 194.6 million weighted-average shares outstanding in the third quarter of fiscal 2024, compared to a GAAP net loss per share of $0.38 based on 187.1 million weighted-average shares outstanding in the same period last year. Non-GAAP net income per share was $0.03 in the third quarter of fiscal 2024, compared to a non-GAAP net loss per share of $0.13 in the same period last year.

Remaining Performance Obligation (RPO) Total RPO was $678.2 million in the third quarter of fiscal 2024, up from $531.8 million in the same period last year. The current portion of GAAP RPO was $402.1 million at the end of the third quarter of fiscal 2024, up from $322.4 million at the end of the same period last year. Total non-GAAP RPO was $700.4 million at the end of the third quarter of fiscal 2024, up from $553.4 million at the end of the same period last year. The current portion of non-GAAP RPO was $420.8 million at the end of the third quarter of fiscal 2024, up from $341.5 million at the end of the same period last year.

Cash, cash equivalents, and investments: Net cash provided by operating activities was $8.7 million in the third quarter of fiscal 2024, compared to $15.2 million used in operating activities in the same period last year. Cash, cash equivalents and short-term investments totaled $1,255.7 million at the end of the third quarter of fiscal 2024, compared to $1,274.9 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 2024 Third Quarter and Recent Operating Highlights

Other Highlights

During the third quarter, HashiCorp continued to invest across its product portfolio and expand its ecosystem, including the following announcements:

Financial Outlook

For the fourth quarter of fiscal 2024, the Company currently expects:

For the full fiscal year 2024, the Company currently expects:

HashiCorp has not reconciled its expectations as to fourth quarter and fiscal year 2024 non-GAAP operating loss, non-GAAP loss per share, and non-GAAP free cash flow margin to the most directly comparable GAAP measures. Due to the limited public trading history and significant volatility in the price of HashiCorp’s common stock, certain items, which could be material, cannot be calculated without unreasonable efforts. In particular, the measures and effects of our stock-based compensation expense specific to our equity compensation awards and employer payroll tax-related items on employee stock transactions are directly impacted by the timing of employee stock transactions and unpredictable fluctuations in our stock price, each of which we expect to have a significant impact on our future GAAP financial results.

Conference Call Information

HashiCorp will host a conference call on Thursday, December 7, 2023 at 2 p.m. PDT to discuss HashiCorp’s financial results and financial guidance. The live conference call may be accessed by registering using the link available on our investor relations site at ir.hashicorp.com.

Upon registration, all telephone participants will receive the dial-in number along with a unique PIN that can be used to access the call. A webcast replay will be available following the conclusion of the live broadcast and will be accessible on HashiCorp’s investor relations site at ir.hashicorp.com.

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 and the accompanying conference call contain 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, HashiCorp’s performance in the market in light of the current purchasing environment, long-term opportunity related to HashiCorp’s product innovation, HashiCorp’s path toward profitability, and HashiCorp’s financial outlook for the second quarter and full year of fiscal 2024. 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 27, 2023 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 acquisition-related expenses. 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 acquisition-related expenses comprise one-time costs associated with advisory, legal, and other professional fees.

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 loss, non-GAAP net 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 EndedOctober 31,

Nine Months EndedOctober 31,

2023

2022

2023

2022

Revenue:

License

$

15,973

$

17,823

$

47,855

$

43,505

Support

106,098

89,500

312,008

252,965

Cloud-hosted services

19,863

12,875

54,779

32,344

Subscription revenue

141,934

120,198

414,642

328,814

Professional services and other

4,191

5,143

12,712

11,287

Total revenue

146,125

125,341

427,354

340,101

Cost of revenue:

Cost of license

293

393

1,376

1,146

Cost of support

13,356

12,149

44,503

35,259

Cost of cloud-hosted services

7,692

5,849

22,339

16,378

Cost of subscription revenue

21,341

18,391

68,218

52,783

Cost of professional services and other

4,264

4,157

13,509

10,694

Total cost of revenue

25,605

22,548

81,727

63,477

Gross profit

120,520

102,793

345,627

276,624

Operating expenses:

Sales and marketing

87,320

92,872

279,019

260,798

Research and development

54,349

53,887

168,504

148,947

General and administrative

34,424

33,372

104,083

101,278

Total operating expenses

176,093

180,131

551,606

511,023

Loss from operations

(55,573

)

(77,338

)

(205,979

)

(234,399

)

Interest income

16,765

8,584

48,045

13,126

Other expenses, net

(407

)

(2,882

)

(632

)

(2,922

)

Loss before income taxes

(39,215

)

(71,636

)

(158,566

)

(224,195

)

Provision (benefit) for income taxes

258

322

480

744

Net loss

$

(39,473

)

$

(71,958

)

$

(159,046

)

$

(224,939

)

Net loss per share attributable to Class A and Class B common stockholders, basic and diluted

$

(0.20

)

$

(0.38

)

$

(0.83

)

$

(1.22

)

Weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders, basic and diluted

194,600

187,080

192,693

185,124

HashiCorp, Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(amounts in thousands, except per share amounts)(unaudited)

As of

October 31, 2023

January 31, 2023

Assets

Current assets:

Cash and cash equivalents

$

729,826

$

1,286,134

Short-term investments

525,825

—

Accounts receivable, net of allowance

108,183

162,369

Deferred contract acquisition costs

45,508

42,812

Prepaid expenses and other current assets

29,248

17,683

Total current assets

1,438,590

1,508,998

Deferred contract acquisition costs, non-current

79,676

81,286

Acquisition-related intangible assets, net

12,319

—

Goodwill

12,265

—

Other assets, non-current

43,419

38,056

Total assets

$

1,586,269

$

1,628,340

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

6,111

$

12,450

Accrued expenses and other current liabilities

13,210

10,163

Accrued compensation and benefits

51,974

58,628

Deferred revenue

264,422

272,909

Customer deposits

22,173

26,699

Total current liabilities

357,890

380,849

Deferred revenue, non-current

25,780

29,335

Other liabilities, non-current

10,876

12,806

Total liabilities

394,546

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 October 31, 2023 and January 31, 2023, respectively; 115,432 and 88,823 shares issued and outstanding as of October 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 October 31, 2023 and January 31, 2023, respectively; 80,096 and 101,145 shares issued and outstanding as of October 31, 2023 and January 31, 2023, respectively

2

2

Additional paid-in capital

2,132,382

1,985,747

Accumulated other comprehensive loss

(1,216

)

—

Accumulated deficit

(939,446

)

(780,400

)

Total stockholders’ equity

1,191,723

1,205,350

Total liabilities and stockholders’ equity

$

1,586,269

$

1,628,340

HashiCorp, Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(amounts in thousands)(unaudited)

Nine Months EndedOctober 31,

2023

2022

Cash flows from operating activities

Net loss

$

(159,046

)

$

(224,939

)

Adjustments to reconcile net loss to cash from operating activities:

Stock-based compensation expense, net of amounts capitalized

130,048

135,372

Depreciation and amortization expense

6,586

3,178

Non-cash operating lease cost

2,222

2,135

Accretion of discounts on marketable securities

(8,505

)

—

Deferred income taxes

(482

)

—

Other

67

(8

)

Changes in operating assets and liabilities:

Accounts receivable

54,116

11,541

Deferred contract acquisition costs

(1,086

)

(21,491

)

Prepaid expenses and other assets

(11,843

)

3,391

Accounts payable

(6,589

)

2,100

Accrued expenses and other liabilities

(3,403

)

(2,663

)

Accrued compensation and benefits

(6,654

)

(3,735

)

Deferred revenue

(12,042

)

10,893

Customer deposits

(4,526

)

(1,814

)

Net cash used in operating activities

(21,137

)

(86,040

)

Cash flows from investing activities

Business combination, net of cash acquired

(20,860

)

—

Purchases of property and equipment

(491

)

(140

)

Capitalized internal-use software

(8,536

)

(6,174

)

Purchases of short-term investments

(691,220

)

—

Proceeds from sales of short-term investments

26,372

—

Proceeds from maturities of short-term investments

146,662

—

Net cash used in investing activities

(548,073

)

(6,314

)

Cash flows from financing activities

Taxes paid related to net share settlement of equity awards

(236

)

(222

)

Proceeds from issuance of common stock upon exercise of stock options

2,943

3,155

Proceeds from issuance of common stock under employee stock purchase plan

10,195

8,501

Net cash provided by financing activities

12,902

11,434

Net decrease in cash, cash equivalents, and restricted cash

(556,308

)

(80,920

)

Cash, cash equivalents, and restricted cash beginning of period

1,286,134

1,357,613

Cash, cash equivalents, and restricted cash end of period

$

729,826

$

1,276,693

HashiCorp, Inc.RECONCILIATION OF GAAP TO NON-GAAP DATA(amounts in thousands, except per share amounts and percentages)(unaudited)

Three Months Ended October 31,

Nine Months Ended October 31,

2023

2022

2023

2022

Reconciliation of gross profit

GAAP gross profit

$

120,520

$

102,793

$

345,627

$

276,624

Add: Amortization of stock-based compensation of capitalized internal-use software

511

267

1,343

658

Add: Stock-based compensation expense

3,746

3,666

11,225

10,552

Add: Amortization of acquired intangibles

$

625

$

—

$

1,042

$

—

Non-GAAP gross profit

$

125,402

$

106,726

$

359,237

$

287,834

GAAP gross margin

82

%

82

%

81

%

81

%

Non-GAAP gross margin

86

%

85

%

84

%

85

%

Reconciliation of loss from operations

GAAP loss from operations

$

(55,573

)

$

(77,338

)

$

(205,979

)

$

(234,399

)

Add: Amortization of stock-based compensation of capitalized internal-use software

511

267

1,343

658

Add: Stock-based compensation expense

43,766

46,710

130,048

135,372

Add: Amortization of acquired intangibles

709

—

1,181

—

Add: Acquisition-related expenses

46

—

502

—

Non-GAAP loss from operations

$

(10,541

)

$

(30,361

)

$

(72,905

)

$

(98,369

)

GAAP operating margin

(38

)%

(62

)%

(48

)%

(69

)%

Non-GAAP operating margin

(7

)%

(24

)%

(17

)%

(29

)%

Three Months Ended October 31,

Nine Months Ended October 31,

2023

2022

2023

2022

Reconciliation of net loss and net loss per share

GAAP net loss

$

(39,473

)

$

(71,958

)

$

(159,046

)

$

(224,939

)

Add: Amortization of stock-based compensation of capitalized internal-use software

511

267

1,343

658

Add: Stock-based compensation expense

43,766

46,710

130,048

135,372

Add: Amortization of acquired intangibles

709

—

1181

—

Add: Acquisition-related expenses

46

—

502

—

Non-GAAP net income (loss)

$

5,559

$

(24,981

)

$

(25,972

)

$

(88,909

)

GAAP net loss per share, basic and diluted

$

(0.20

)

$

(0.38

)

$

(0.83

)

$

(1.22

)

Non-GAAP net income (loss) per share, basic

$

0.03

$

(0.13

)

$

(0.13

)

$

(0.48

)

Non-GAAP net income (loss) per share, diluted

$

0.03

$

(0.13

)

$

(0.13

)

$

(0.48

)

Weighted-average shares used to compute GAAP net loss per share, basic and diluted

194,600

187,080

192,693

185,124

Weighted-average shares used to compute Non-GAAP net income (loss) per share, basic

194,600

187,080

192,693

185,124

Weighted-average shares used to compute Non-GAAP net income (loss) per share, diluted

203,874

187,080

192,693

185,124

Reconciliation of free cash flow

GAAP net cash used in operating activities

$

8,657

$

(15,171

)

$

(21,137

)

$

(86,040

)

Add: purchases of property and equipment

(74

)

(68

)

(491

)

(140

)

Add: capitalized internal-use software

(2,867

)

(2,658

)

(8,536

)

(6,174

)

Non-GAAP free cash inflow (outflow)

$

5,716

$

(17,897

)

$

(30,164

)

$

(92,354

)

GAAP net cash provied by (used in) operating activities as a % of revenue

6

%

(12

)%

(5

)%

(25

)%

Non-GAAP free cash inflow (outflow) as a % of revenue

4

%

(14

)%

(7

)%

(27

)%

Trailing twelve months ("TTM") Total Revenue

$

563,142

$

436,624

$

563,142

$

436,624

TTM cash used in operating activities

(19,559

)

(93,038

)

(19,559

)

(93,038

)

TTM free cash inflow (outflow)

(31,153

)

(101,210

)

(31,153

)

(101,210

)

TTM cash used in operating activities as a % of revenue

(3

)%

(21

)%

(3

)%

(21

)%

TTM free cash inflow (outflow) as a % of revenue

(6

)%

(23

)%

(6

)%

(23

)%

HashiCorp, Inc.RECONCILIATION OF GAAP TO NON-GAAP RPOS(amounts in thousands)(unaudited)

As of

October 31, 2023

January 31, 2023

GAAP RPOs

GAAP short-term RPOs

$

402,056

$

375,072

GAAP long-term RPOs

276,168

271,992

Total GAAP RPOs

$

678,224

$

647,064

Add:

Customer deposits

Customer deposits expected to be recognized within the next 12 months

$

18,728

$

22,657

Customer deposits expected to be recognized after the next 12 months

3,445

4,042

Total customer deposits

$

22,173

$

26,699

Non-GAAP RPOs

Non-GAAP short-term RPOs

$

420,784

$

397,729

Non-GAAP long-term RPOs

279,613

276,034

Total Non-GAAP RPOs

$

700,397

$

673,763

HashiCorp, Inc.PRESENTATION OF KEY HISTORICAL BUSINESS METRICS(dollars in millions, except customers and percentages)(unaudited)

Three Months Ended

October 31,2023

July 31,2023

April 30,2023

January 31,2023

October 31,2022

Number of customers (as of end of period)

4,354

4,217

4,153

(2)

3,870

(2)

3,648

(2)

Number of customers equal or greater than $100,000 in ARR

877

851

830

798

760

GAAP Remaining Performance Obligations ($M)

$

678.2

$

682.5

$

635.3

$

647.1

$

531.8

Non-GAAP Remaining Performance Obligations ($M)(1)

$

700.4

$

708.0

$

660.2

(1)

$

673.8

(1)

$

553.4

(1)

Quarterly subscription revenue from HCP ($M)

$

19.9

$

18.4

$

16.5

$

14.5

$

12.9

Trailing four quarters average Net Dollar Revenue Retention Rate

119

%

124

%

127

%

131

%

134

%

Trailing twelve months cash used in operating activities as a % of revenue

(3

)%

(8

)%

(13

)%

(18

)%

(21

)%

Trailing twelve months Non-GAAP free cash flow as a % of revenue(1)

(6

)%

(10

)%

(1)

(15

)%

(1)

(20

)%

(1)

(23

)%

(1)

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

(2) Subsequent to the issuance of our Form 10-K for the fiscal year ended January 31, 2023, we identified an immaterial error in the calculation of our total customers count related to our self-service, or "pay as you use," customers, which we have corrected accordingly.

HashiCorp, Inc.PRESENTATION OF KEY HISTORICAL FINANCIAL DATA(amounts in thousands)(unaudited)

Three Months Ended

October 31,2023

July 31,2023

April 30,2023

January 31,2023

October 31,2022

Revenue

$

146,125

$

143,246

$

137,983

$

135,788

$

125,341

GAAP net cash provided by (used in) operating activities

$

8,657

$

(29,794

)

$

3,874

$

1,578

$

(15,171

)

Non-GAAP free cash flow

$

5,716

$

(36,625

)

(1)

$

744

(1)

$

(1,106

)

(1)

$

(17,897

)

(1)

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

Investor ContactAlex KurtzHashiCorpir@hashicorp.com

Media ContactKate LehmanHashiCorpmedia@hashicorp.com