HashiCorp(US:HCP)2024-12-05 21:02Revenue and Growth - Third quarter revenue totaled $173.4 million, representing a 19% increase year-over-year from $146.1 million[5] - Total revenue for the three months ended October 31, 2023, was $173,389 thousand, a 18.6% increase from $146,125 thousand in the same period last year[22] - Subscription revenue reached $167,820 thousand for the three months ended October 31, 2023, up 18.3% from $141,934 thousand year-over-year[22] - Quarterly subscription revenue from HashiCorp Cloud Platform reached $29.0 million, up from $19.9 million in Q3 FY2024[8] - Quarterly subscription revenue from HCP for the three months ended October 31, 2024, was $29.0 million, up from $26.5 million in the previous quarter[28] Customer Metrics - HashiCorp ended Q3 FY2025 with 4,856 customers, up from 4,354 customers at the end of Q3 FY2024[8] - Customers with equal to or greater than $100,000 in Annual Recurring Revenue (ARR) represented 89% of total revenue in Q3 FY2025[8] - The number of customers with annual recurring revenue (ARR) equal to or greater than $100,000 increased to 4,856 as of October 31, 2024, from 4,354 a year earlier[28] Financial Performance - GAAP net loss was $13.0 million in Q3 FY2025, an improvement from a net loss of $39.5 million in the same period last year[5] - The net loss for the nine months ended October 31, 2023, was $(90,596) thousand, an improvement from $(159,046) thousand in the prior year[24] - GAAP net loss for the three months ended October 31, 2024, was $(13,006), an improvement from $(39,473) in the same quarter last year[26] - Non-GAAP net income for the nine months ended October 31, 2024, was $54,866, compared to a loss of $(25,972) in the previous year[26] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $1,346.4 million at the end of Q3 FY2025, compared to $1,255.7 million at the end of Q3 FY2024[7] - Cash and cash equivalents increased to $923,627 thousand as of October 31, 2024, compared to $763,414 thousand at the beginning of the period[23] - GAAP net cash provided by operating activities for the three months ended October 31, 2024, was $38,168, a significant increase from $(8,573) in the previous quarter[30] - The company reported a net cash provided by operating activities of $57,743 thousand for the nine months ended October 31, 2023, compared to $(21,137) thousand in the prior year[24] - Trailing twelve months cash provided by operating activities as a percentage of revenue was 10% for the period ending October 31, 2024, compared to 6% for the same period last year[28] Performance Obligations - Total Remaining Performance Obligation (RPO) was $775.4 million at the end of Q3 FY2025, up 14% year-over-year from $678.2 million[7] - Current GAAP RPO totaled $481.4 million, representing a 20% increase year-over-year[1] - Total Remaining Performance Obligations (RPOs) as of October 31, 2024, were $775,383, slightly down from $775,750 as of January 31, 2024[27] Expenses - Research and development expenses for the three months ended October 31, 2023, were $53,365 thousand, slightly down from $54,349 thousand year-over-year[22] Stockholder Equity - Total stockholders' equity increased to $1,257,665 thousand as of October 31, 2024, from $1,212,993 thousand at the end of January 2024[23] - The weighted-average shares used to compute net loss per share attributable to Class A and Class B common stockholders increased to 203,526 for the three months ended October 31, 2023, from 194,600 in the prior year[22] Merger and Acquisition - The proposed merger with IBM is valued at $6.4 billion, with an acquisition price of $35.00 per share[4]