HashiCorp(HCP) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 FY25 was $160.6 million, representing a 16% increase year-over-year from $138.0 million[5] - GAAP gross profit was $130.3 million with an 81% gross margin, consistent with the same gross margin percentage in Q1 FY24[6] - Non-GAAP gross profit was $136.6 million, reflecting an 85% non-GAAP gross margin, up from 83% in the same period last year[6] - GAAP net loss was $51.1 million, an improvement from a net loss of $53.3 million in Q1 FY24[8] - Non-GAAP net income was $11.2 million, compared to a non-GAAP net loss of $12.7 million in the same period last year[8] - Revenue for the three months ended April 30, 2024, was $160,579 million, representing an increase of 3.9% compared to $155,783 million for the same period in 2023[42] - The trailing twelve months (TTM) total revenue reached $605,733 thousand, up from $512,975 thousand in the previous year, representing a growth of approximately 18.1%[35] Customer Growth - The number of customers increased to 4,558, up from 4,153 at the end of Q1 FY24[18] - Customers with $100,000 or more in Annual Recurring Revenue (ARR) rose to 918, representing 90% of total revenue in Q1 FY25[18] - The number of customers increased to 4,558 as of April 30, 2024, up from 4,153 a year earlier, indicating a growth of about 9.7%[40] Cash Flow and Operating Activities - Net cash provided by operating activities increased significantly to $28,148 thousand for the three months ended April 30, 2024, compared to $3,874 thousand for the same period in 2023, representing a year-over-year increase of over 625%[33] - GAAP net cash provided by operating activities was $28,148 million for the three months ended April 30, 2024, a significant increase from $10,286 million in the previous quarter[42] - The company reported a net cash used in operating activities of $(29,794) million for the three months ended April 30, 2023, indicating a substantial improvement in cash flow management[42] - Non-GAAP free cash flow for the three months ended April 30, 2024, was $25,393 thousand, a significant increase from $744 thousand in the same period of 2023[35] - The company experienced a notable increase in free cash flow from $(36,625) million in April 2023 to $25,393 million in April 2024, highlighting improved financial performance[42] Performance Obligations - Remaining Performance Obligation (RPO) totaled $748.5 million, an 18% increase year-over-year from $635.3 million[10] - Total GAAP Remaining Performance Obligations (RPOs) decreased from $775,750 thousand as of January 31, 2024, to $748,469 thousand as of April 30, 2024, a decline of approximately 3.5%[38] Subscription Revenue - Quarterly subscription revenue from HashiCorp Cloud Platform reached $24.6 million, up from $16.5 million in Q1 FY24[18] - The quarterly subscription revenue from HashiCorp Cloud Platform (HCP) increased to $24.6 million for the three months ended April 30, 2024, compared to $16.5 million in the same period of 2023, reflecting a growth of approximately 49.1%[40] Acquisition - HashiCorp has entered into a definitive agreement for IBM to acquire the company for $35.00 per share, representing an enterprise value of $6.4 billion[3] Asset Management - Total assets decreased from $1,691,947 thousand as of January 31, 2024, to $1,648,573 thousand as of April 30, 2024, a decline of approximately 2.6%[31] Operating Margin - The GAAP operating margin improved to -42% for the three months ended April 30, 2024, compared to -49% in the same period of 2023[35]