HashiCorp(NASDAQ:HCP) 
HashiCorp is a software company with a freemium business model based in San Francisco, California. HashiCorp provides open-source tools and commercial products that enable developers, operators and security professionals to provision, secure, run and connect cloud-computing infrastructure.
Website: https://www.hashicorp.com/
Founded: 2012
IPO Price: $80 (Dec 09, 2021)
Full Time Employees: 2,400 (Jan 2023)
Co-Founder: Armon Dadgar / Mitchell Hashimoto
CEO: Dave McJannet
Sector: Technology
Industry: Software
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At a glance:
- HashiCorp Positioned as Core Infrastructure Automation Vendor: HashiCorp’s products (e.g., Terraform, Vault, Consul, Nomad) are widely used to automate provisioning, security, and networking across hybrid and multi-cloud environments, supporting enterprise standardization on infrastructure-as-code.
- Monetization Driven by Enterprise Upgrades from Open Source Adoption: A key part of the business model is converting broad open-source usage into paid enterprise subscriptions via governance, security, collaboration, and compliance features, with growth tied to expansion within large accounts.
- Cloud and Security Priorities Support Demand, but Procurement Scrutiny Persists: Ongoing cloud migration, platform engineering, and secrets management needs are structural tailwinds, while macro-driven IT spend optimization and longer sales cycles can pressure near-term bookings and renewals.
- Competitive and Platform Risk from Hyperscalers and Point Solutions: HashiCorp faces competition from cloud-native alternatives (e.g., native IaC tooling, Kubernetes ecosystem) and specialized security vendors, creating pricing and differentiation pressure—especially where customers prefer integrated platform suites.
- Execution Focus: Efficiency, Retention, and Attach of Higher-Value Modules: Investors typically watch net retention/expansion, the pace of enterprise customer adds, and progress in improving operating efficiency, alongside cross-sell of adjacent products (e.g., Vault with Terraform) to deepen platform adoption.
Bull Thesis:
- Dominant Infrastructure Automation & Security Platform: HashiCorp's suite of products (Terraform, Vault, Consul) are industry standards for infrastructure as code, secrets management, and service networking. They enjoy widespread adoption across enterprises and cloud environments, making them foundational to modern IT operations.
- Accelerating Cloud & SaaS Transition: The company is successfully shifting its revenue mix towards higher-margin, recurring cloud services (HCP Cloud). This transition aligns with broader market trends towards managed services, promising improved long-term financial predictability and scalability.
- Large and Expanding Total Addressable Market (TAM): HashiCorp operates in critical and growing segments of the cloud-native ecosystem, including multi-cloud infrastructure automation, security, and networking. The continuous expansion of cloud adoption and complexity provides a significant runway for future growth.
- Strong Developer Mindshare and Ecosystem Lock-in: HashiCorp tools are deeply embedded in developer workflows and infrastructure operations, creating high switching costs. Their foundational role in modern IT environments fosters a sticky customer base and strong community support.
Bear Thesis:
- Intensifying Competition from Cloud Providers and Open Source Forks: HashiCorp faces direct competition from native cloud provider services (e.g., AWS CloudFormation, Azure Key Vault) and new open-source forks (e.g., OpenTofu) that emerged after its BSL license change, potentially fragmenting its market and diluting mindshare.
- Persistent Unprofitability and Negative Free Cash Flow: Despite robust revenue growth, HashiCorp has consistently reported net losses and negative free cash flow. This raises concerns about its path to sustainable profitability and efficient capital allocation, especially in a tighter economic environment.
- Backlash and Potential Impact of BSL License Change: The controversial shift from MPL to BSL for core products has alienated parts of the open-source community and led to significant forks. This could dilute mindshare, adoption, and enterprise sales in the long run if customers prefer truly open-source alternatives.
- Exposure to Macroeconomic Headwinds and IT Spending Slowdown: As an enterprise software provider, HashiCorp's growth is susceptible to broader economic downturns and reductions in IT spending. This can lead to longer sales cycles, slower customer expansion, and increased pressure on achieving revenue targets.
Main Competitors:
- Amazon Web Services (AWS) ($AMZN) (AWS CloudFormation, AWS Secrets Manager, Amazon EKS/ECS, AWS App Mesh), AWS offers a comprehensive suite of native cloud services that directly compete with many HashiCorp products. CloudFormation competes with Terraform for Infrastructure as Code (IaC), Secrets Manager with Vault for secrets management, App Mesh with Consul for service mesh, and EKS/ECS with Nomad for workload orchestration. AWS's integrated ecosystem and 'free tier' or bundled services can be a strong draw for customers already on their platform, often making it the default choice for AWS-centric organizations. Azure and Google Cloud Platform (GCP) offer similar competing native services.
- Pulumi (Pulumi IaC Platform), Pulumi is a direct competitor to HashiCorp Terraform in the Infrastructure as Code (IaC) space. While Terraform uses its domain-specific language (HCL), Pulumi allows developers to define infrastructure using general-purpose programming languages like Python, TypeScript, Go, and C#. This appeals to developers who prefer a more code-centric approach, existing IDEs, and familiar testing frameworks, offering a different paradigm for managing cloud resources.
- CyberArk ($CYBR) (CyberArk Privileged Access Manager (PAM), CyberArk Secrets Manager), CyberArk is a leading provider of privileged access management (PAM) and identity security solutions, directly competing with HashiCorp Vault for enterprise secrets management, identity-based access, and privileged session management. CyberArk has a strong foothold in large enterprises, particularly in highly regulated industries, offering a comprehensive suite of security products with deep integration into existing enterprise security frameworks.
- Gravitational (Teleport), Gravitational's Teleport is a direct competitor to HashiCorp Boundary, providing secure, auditable access to infrastructure (servers, Kubernetes clusters, databases, web applications) using a Zero Trust approach. Teleport offers a unified access plane, similar to Boundary's goals, focusing on identity-based access, session recording, and robust auditing capabilities for remote access to critical systems.
- Red Hat (an IBM Company) ($IBM) (OpenShift, Ansible Automation Platform, Red Hat Advanced Cluster Security for Kubernetes), Red Hat, through its OpenShift platform, competes with HashiCorp Nomad for workload orchestration and application deployment, offering a comprehensive enterprise Kubernetes distribution. Ansible Automation Platform also competes with aspects of Terraform for infrastructure provisioning and configuration management, particularly in hybrid cloud and on-premises environments, providing a powerful automation engine for IT operations.
Moat:
HashiCorp's competitive moat is built on its widely adopted open-source tools, developer-centric design, and a strong focus on multi-cloud and hybrid-cloud environments. Their integrated product suite, spanning infrastructure automation (Terraform), security (Vault, Boundary), and networking (Consul), provides a cohesive platform for modern cloud operations. However, HashiCorp faces significant competition from several fronts: major cloud providers (AWS, Azure, GCP) offering native, deeply integrated services; specialized enterprise vendors like CyberArk and Gravitational (Teleport) with deep feature sets in specific domains; and powerful open-source projects (e.g., Kubernetes, Istio, Pulumi) that offer alternative approaches or become de-facto standards in certain areas. HashiCorp differentiates by offering enterprise-grade features, commercial support, and a consistent workflow across diverse infrastructure landscapes, aiming to be the 'system of record' for infrastructure.
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue: | ||||||||||||
license | 21,202,000 | 16,488,000 | 16,349,000 | 19,757,000 | 15,973,000 | 16,724,000 | 15,158,000 | 20,768,000 | 17,823,000 | 15,338,000 | 10,344,000 | |
support | 117,656,000 | 116,166,000 | 113,632,000 | 108,940,000 | 106,098,000 | 103,997,000 | 101,913,000 | 96,890,000 | 89,500,000 | 84,257,000 | 79,208,000 | |
cloud-hosted services | 28,962,000 | 26,534,000 | 24,590,000 | 21,307,000 | 19,863,000 | 18,372,000 | 16,544,000 | 14,516,000 | 12,875,000 | 10,637,000 | 8,832,000 | |
total subscription revenue | 167,820,000 | 159,188,000 | 154,571,000 | 150,004,000 | 141,934,000 | 139,093,000 | 133,615,000 | 132,174,000 | 120,198,000 | 110,232,000 | 98,384,000 | |
professional services and other | 5,569,000 | 5,950,000 | 6,008,000 | 5,779,000 | 4,191,000 | 4,153,000 | 4,368,000 | 3,614,000 | 5,143,000 | 3,631,000 | ||
total revenue | 173,389,000 | 165,138,000 | 160,579,000 | 155,783,000 | 146,125,000 | 143,246,000 | 137,983,000 | 135,788,000 | 125,341,000 | 113,863,000 | 100,897,000 | |
yoy | 18.66% | 15.28% | 16.38% | 14.73% | 16.58% | 25.81% | 36.76% | |||||
qoq | 5.00% | 2.84% | 3.08% | 6.61% | 2.01% | 3.81% | 1.62% | 8.33% | 10.08% | 12.85% | ||
cost of revenue: | ||||||||||||
cost of license | 525,000 | 470,000 | 537,000 | 592,000 | 293,000 | 498,000 | 585,000 | 607,000 | 393,000 | 360,000 | 393,000 | |
cost of support | 14,748,000 | 14,817,000 | 15,199,000 | 13,705,000 | 13,356,000 | 16,304,000 | 14,843,000 | 12,853,000 | 12,149,000 | 12,272,000 | 10,838,000 | |
cost of cloud-hosted services | 9,183,000 | 8,930,000 | 8,898,000 | 8,108,000 | 7,692,000 | 7,619,000 | 7,028,000 | 6,211,000 | 5,849,000 | 5,699,000 | 4,830,000 | |
total cost of subscription revenue | 24,456,000 | 24,217,000 | 24,634,000 | 22,405,000 | 21,341,000 | 24,421,000 | 22,456,000 | 19,671,000 | 18,391,000 | 18,331,000 | 16,061,000 | |
cost of professional services and other | 5,332,000 | 5,992,000 | 5,678,000 | 4,567,000 | 4,264,000 | 4,913,000 | 4,332,000 | 3,821,000 | 4,157,000 | 3,209,000 | ||
total cost of revenue | 29,788,000 | 30,209,000 | 30,312,000 | 26,972,000 | 25,605,000 | 29,334,000 | 26,788,000 | 23,492,000 | 22,548,000 | 21,540,000 | 19,389,000 | |
gross profit | 143,601,000 | 134,929,000 | 130,267,000 | 128,811,000 | 120,520,000 | 113,912,000 | 111,195,000 | 112,296,000 | 102,793,000 | 92,323,000 | 81,508,000 | |
yoy | 19.15% | 18.45% | 17.15% | 14.71% | 17.25% | 23.38% | 36.42% | |||||
qoq | 6.43% | 3.58% | 1.13% | 6.88% | 5.80% | 2.44% | -0.98% | 9.24% | 11.34% | 13.27% | ||
gross margin % | 82.82% | 81.71% | 81.12% | 82.69% | 82.48% | 79.52% | 80.59% | 82.70% | 82.01% | 81.08% | 80.78% | |
operating expenses: | ||||||||||||
sales and marketing | 86,422,000 | 87,623,000 | 93,142,000 | 90,145,000 | 87,320,000 | 101,134,000 | 90,564,000 | 95,028,000 | 92,872,000 | 87,674,000 | 80,252,000 | |
research and development | 53,365,000 | 54,981,000 | 58,835,000 | 54,049,000 | 54,349,000 | 59,962,000 | 54,193,000 | 46,437,000 | 53,887,000 | 47,885,000 | 47,175,000 | |
general and administrative | 33,696,000 | 35,623,000 | 46,002,000 | 32,916,000 | 34,424,000 | 35,412,000 | 34,248,000 | 33,719,000 | 33,372,000 | 35,383,000 | 32,523,000 | |
total operating expenses | 173,483,000 | 178,227,000 | 197,979,000 | 177,110,000 | 176,093,000 | 196,508,000 | 179,005,000 | 175,184,000 | 180,131,000 | 170,942,000 | 159,950,000 | |
income from operations | -29,882,000 | -43,298,000 | -67,712,000 | -48,299,000 | -55,573,000 | -82,596,000 | -67,810,000 | -62,888,000 | -77,338,000 | -78,619,000 | -78,442,000 | |
yoy | -46.23% | -47.58% | -0.14% | -23.20% | -28.14% | 5.06% | -13.55% | |||||
qoq | -30.99% | -36.06% | 40.19% | -13.09% | -32.72% | 21.81% | 7.83% | -18.68% | -1.63% | 0.23% | ||
operating margin % | -17.23% | -26.22% | -42.17% | -31.00% | -38.03% | -57.66% | -49.14% | -46.31% | -61.70% | -69.05% | -77.74% | |
interest income | 17,387,000 | 17,745,000 | 17,207,000 | 17,114,000 | 16,765,000 | 16,300,000 | 14,980,000 | 13,241,000 | 8,584,000 | 3,926,000 | ||
other income | 100,000 | -258,000 | 38,000 | -158,000 | -407,000 | -105,000 | -120,000 | 510,000 | ||||
income before income taxes | -12,395,000 | -25,811,000 | -50,467,000 | -31,063,000 | -39,215,000 | -66,401,000 | -52,950,000 | -49,090,000 | -71,636,000 | -74,627,000 | -77,932,000 | |
benefit from income taxes | 611,000 | 651,000 | 661,000 | 559,000 | 258,000 | 308,000 | 269,000 | 322,000 | 137,000 | 285,000 | ||
net income | -13,006,000 | -26,462,000 | -51,128,000 | -31,622,000 | -39,473,000 | -66,315,000 | -53,258,000 | -49,359,000 | -71,958,000 | -74,764,000 | -78,217,000 | |
yoy | -67.05% | -60.10% | -4.00% | -35.93% | -45.14% | -11.30% | -31.91% | |||||
qoq | -50.85% | -48.24% | 61.68% | -19.89% | -40.48% | 24.52% | 7.90% | -31.41% | -3.75% | -4.41% | ||
net income margin % | -7.50% | -16.02% | -31.84% | -20.30% | -27.01% | -46.29% | -38.60% | -36.35% | -57.41% | -65.66% | -77.52% | |
net income per share | -0.06 | -0.13 | -0.26 | -0.15 | -0.2 | -0.34 | -0.28 | -0.25 | -0.38 | -0.4 | -0.43 | |
weighted-average shares used for eps calculation | 203,526 | 201,872 | 200,073 | 193,825 | 194,600 | 192,610 | 190,806 | 186,029 | 187,080 | 185,211,526 | 182,947,630 | |
benefit for income taxes | -86,000 | |||||||||||
other incomes | 557,000 | -2,882,000 | ||||||||||
other income (expenses) | 66,000 | |||||||||||
professional services | 2,513,000 | |||||||||||
cost of professional services | 3,328,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 | 2022-01-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||
current assets: | ||||||||||||
cash and cash equivalents | 923,627,000 | 797,224,000 | 594,738,000 | 763,414,000 | 729,826,000 | 830,018,000 | 966,791,000 | 1,286,134,000 | 1,274,901,000 | 1,291,834,000 | 1,340,900,000 | 1,355,828,000 |
short-term investments | 422,774,000 | 512,066,000 | 713,099,000 | 515,163,000 | 525,825,000 | 414,094,000 | 322,395,000 | |||||
accounts receivable | 129,352,000 | 147,750,000 | 106,071,000 | 182,614,000 | 108,183,000 | 122,385,000 | 102,939,000 | 162,369,000 | 115,279,000 | 111,604,000 | 89,944,000 | 126,812,000 |
deferred contract acquisition costs | 50,858,000 | 50,194,000 | 48,988,000 | 50,285,000 | 45,508,000 | 45,329,000 | 42,995,000 | 42,812,000 | 37,317,000 | 36,219,000 | 32,200,000 | 32,205,000 |
prepaid expenses and other current assets | 26,215,000 | 28,433,000 | 39,619,000 | 30,075,000 | 29,248,000 | 28,526,000 | 26,760,000 | 17,683,000 | 14,437,000 | 18,935,000 | 19,304,000 | 17,744,000 |
total current assets | 1,552,826,000 | 1,535,667,000 | 1,502,515,000 | 1,541,551,000 | 1,438,590,000 | 1,440,352,000 | 1,461,880,000 | 1,508,998,000 | 1,441,934,000 | 1,458,592,000 | 1,482,348,000 | 1,532,589,000 |
deferred contract acquisition costs, non-current | 71,392,000 | 73,230,000 | 75,263,000 | 80,055,000 | 79,676,000 | 82,921,000 | 80,227,000 | 81,286,000 | 73,505,000 | 72,800,000 | 63,205,000 | 57,126,000 |
acquisition-related intangible assets | 9,486,000 | 10,194,000 | 10,903,000 | 11,611,000 | 12,319,000 | 13,028,000 | ||||||
goodwill | 12,197,000 | 12,197,000 | 12,197,000 | 12,197,000 | 12,265,000 | 12,265,000 | ||||||
other assets, non-current | 47,016,000 | 47,512,000 | 47,695,000 | 1,092,000 | 43,419,000 | 42,037,000 | 41,242,000 | 902,000 | 37,926,000 | 35,959,000 | 34,829,000 | 2,643,000 |
total assets | 1,692,917,000 | 1,678,800,000 | 1,648,573,000 | 1,691,947,000 | 1,586,269,000 | 1,590,603,000 | 1,583,349,000 | 1,628,340,000 | 1,553,365,000 | 1,567,351,000 | 1,580,382,000 | 1,623,675,000 |
liabilities and stockholders’ equity | ||||||||||||
current liabilities: | ||||||||||||
accounts payable | 21,052,000 | 12,882,000 | 17,404,000 | 9,081,000 | 6,111,000 | 7,693,000 | 13,470,000 | 12,450,000 | 16,367,000 | 11,223,000 | 9,565,000 | 14,267,000 |
accrued expenses and other current liabilities | 14,293,000 | 19,417,000 | 17,087,000 | 11,118,000 | 13,210,000 | 10,376,000 | 8,835,000 | 6,783,000 | 7,309,000 | 7,371,000 | 10,001,000 | 4,542,000 |
accrued compensation and benefits | 44,126,000 | 48,537,000 | 48,049,000 | 56,007,000 | 51,974,000 | 53,505,000 | 53,474,000 | 58,628,000 | 53,204,000 | 54,978,000 | 50,611,000 | 56,939,000 |
deferred revenue | 310,431,000 | 311,462,000 | 297,302,000 | 334,894,000 | 264,422,000 | 264,639,000 | 249,515,000 | 272,909,000 | 220,579,000 | 213,385,000 | 204,428,000 | 206,416,000 |
customer deposits | 20,217,000 | 21,753,000 | 22,402,000 | 25,627,000 | 22,173,000 | 25,564,000 | 24,890,000 | 26,699,000 | 21,569,000 | 22,348,000 | 23,655,000 | 23,383,000 |
total current liabilities | 410,119,000 | 414,051,000 | 402,244,000 | 440,752,000 | 357,890,000 | 361,777,000 | 350,184,000 | 380,849,000 | 319,028,000 | 309,305,000 | 298,260,000 | 308,677,000 |
deferred revenue, non-current | 16,580,000 | 21,425,000 | 24,383,000 | 26,659,000 | 25,780,000 | 28,802,000 | 26,899,000 | 29,335,000 | 13,603,000 | 13,427,000 | 15,500,000 | 16,873,000 |
other liabilities, non-current | 8,553,000 | 9,392,000 | 10,367,000 | 1,535,000 | 10,876,000 | 15,112,000 | 11,970,000 | 713,000 | 13,528,000 | 14,389,000 | 15,008,000 | 351,000 |
total liabilities | 435,252,000 | 444,868,000 | 436,994,000 | 478,954,000 | 394,546,000 | 405,691,000 | 389,053,000 | 422,990,000 | 346,159,000 | 337,121,000 | 328,768,000 | 341,384,000 |
commitments and contingencies | ||||||||||||
stockholders’ equity: | ||||||||||||
class a common stock | 2,000 | 2,000 | 2,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 |
class b common stock | 1,000 | 1,000 | 1,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
additional paid-in capital | 2,318,947,000 | 2,282,604,000 | 2,235,808,000 | 2,184,451,000 | 2,132,382,000 | 2,085,910,000 | 2,028,017,000 | 1,985,747,000 | 1,938,244,000 | 1,889,310,000 | 1,835,930,000 | 1,788,390,000 |
accumulated other comprehensive income | 379,000 | |||||||||||
accumulated deficit | -1,061,664,000 | -1,048,658,000 | -1,022,196,000 | -971,068,000 | -939,446,000 | -899,973,000 | -833,658,000 | -780,400,000 | -731,041,000 | -659,083,000 | -584,319,000 | -506,102,000 |
total stockholders’ equity | 1,257,665,000 | 1,233,932,000 | 1,211,579,000 | 1,212,993,000 | 1,191,723,000 | 1,184,912,000 | 1,194,296,000 | 1,205,350,000 | 1,207,206,000 | 1,230,230,000 | 1,251,614,000 | 1,282,291,000 |
total liabilities and stockholders’ equity | 1,692,917,000 | 1,678,800,000 | 1,648,573,000 | 1,691,947,000 | 1,586,269,000 | 1,590,603,000 | 1,583,349,000 | 1,628,340,000 | 1,553,365,000 | 1,567,351,000 | 1,580,382,000 | |
accumulated other comprehensive loss | -17,000 | -2,036,000 | -393,000 | -1,216,000 | -1,028,000 | -66,000 | ||||||
current assets | ||||||||||||
property and equipment | 33,933,000 | 24,594,000 | 15,897,000 | |||||||||
operating lease right-of-use assets | 11,508,000 | 12,560,000 | 15,420,000 | |||||||||
operating lease liabilities | 4,025,000 | 3,380,000 | 3,130,000 | |||||||||
operating lease liabilities, non-current | 10,008,000 | 12,093,000 | 15,483,000 | |||||||||
stockholders’ equity | ||||||||||||
current liabilities | ||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ equity | ||||||||||||
redeemable convertible preferred stock | ||||||||||||
preferred stock; 0.000015 par value; 100,000,000 and 0 shares authorized as of january 31, 2022 and 2021, respectively; 0 and 0 shares issued and outstanding as of january 31, 2022 and 2021, respectively | ||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 1,623,675,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-10-31 | 2024-07-31 | 2024-04-30 | 2024-01-31 | 2023-10-31 | 2023-07-31 | 2023-04-30 | 2023-01-31 | 2022-10-31 | 2022-07-31 | 2022-04-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||
net income | -13,006,000 | -26,462,000 | -51,128,000 | -31,622,000 | -39,473,000 | -66,315,000 | -53,258,000 | -49,359,000 | -71,958,000 | -74,764,000 | -78,217,000 |
adjustments to reconcile net income to cash from operating activities: | |||||||||||
stock-based compensation expense, net of amounts capitalized | 34,456,000 | 38,299,000 | 48,817,000 | 40,569,000 | 43,766,000 | 46,119,000 | 40,163,000 | 35,789,000 | 46,710,000 | 42,403,000 | 46,259,000 |
depreciation and amortization expense | 3,471,000 | 3,319,000 | 3,117,000 | 2,920,000 | 2,710,000 | 2,293,000 | 1,583,000 | 1,410,000 | 1,231,000 | 1,041,000 | 906,000 |
non-cash operating lease cost | 966,000 | 948,000 | 909,000 | 832,000 | 748,000 | 741,000 | 733,000 | 725,000 | 719,000 | 711,000 | 705,000 |
accretion of discounts on marketable securities | -3,133,000 | -3,553,000 | -3,550,000 | -4,233,000 | -4,309,000 | ||||||
deferred income taxes | 68,000 | 0 | |||||||||
other | -12,000 | 102,000 | 11,000 | 71,000 | -1,000 | 96,000 | -28,000 | 7,000 | 11,000 | 0 | -19,000 |
changes in operating assets and liabilities: | |||||||||||
accounts receivable | 18,364,000 | -41,716,000 | 76,507,000 | -74,508,000 | 14,202,000 | -19,519,000 | 59,433,000 | -47,097,000 | -3,686,000 | -21,660,000 | 36,887,000 |
deferred contract acquisition costs | 1,174,000 | 828,000 | 6,088,000 | -5,156,000 | 3,066,000 | -5,028,000 | 876,000 | -13,276,000 | -1,803,000 | -13,614,000 | -6,074,000 |
prepaid expenses and other assets | 2,204,000 | 11,384,000 | -9,601,000 | -813,000 | -682,000 | -815,000 | -10,346,000 | -3,452,000 | 4,566,000 | 377,000 | -1,552,000 |
accounts payable | 8,203,000 | -4,420,000 | 8,187,000 | 2,921,000 | -1,582,000 | -6,027,000 | 1,020,000 | -3,917,000 | 5,144,000 | 1,658,000 | -4,702,000 |
accrued expenses and other liabilities | -2,697,000 | 1,658,000 | -158,000 | 3,841,000 | -1,627,000 | 467,000 | -2,243,000 | 5,272,000 | -922,000 | -3,247,000 | 1,506,000 |
accrued compensation and benefits | -4,411,000 | 488,000 | -7,958,000 | 4,033,000 | -1,531,000 | -48,000 | -5,075,000 | 5,424,000 | -1,774,000 | 4,367,000 | -6,328,000 |
deferred revenue | -5,876,000 | 11,202,000 | -39,868,000 | 71,351,000 | -3,239,000 | 17,027,000 | -25,830,000 | 68,062,000 | 7,370,000 | 6,884,000 | -3,361,000 |
customer deposits | -1,536,000 | -649,000 | -3,225,000 | 3,454,000 | -3,391,000 | 674,000 | -1,809,000 | 5,130,000 | -779,000 | -1,306,000 | 271,000 |
net cash from operating activities | 38,167,000 | -8,572,000 | 28,148,000 | 10,286,000 | 8,657,000 | -33,668,000 | 3,874,000 | 1,578,000 | -15,171,000 | -57,150,000 | -13,719,000 |
capital expenditures | -2,442,000 | -2,734,000 | -2,618,000 | -3,003,000 | -2,941,000 | -2,956,000 | -3,130,000 | -2,684,000 | -2,726,000 | -1,983,000 | -1,605,000 |
free cash flows | 35,725,000 | -11,306,000 | 25,530,000 | 7,283,000 | 5,716,000 | -36,624,000 | 744,000 | -1,106,000 | -17,897,000 | -59,133,000 | -15,324,000 |
cash flows from investing activities | |||||||||||
business combination, net of cash acquired | 0 | -1,000 | |||||||||
purchases of property and equipment | -12,000 | -190,000 | -232,000 | -206,000 | -74,000 | -26,000 | -391,000 | -112,000 | -68,000 | -59,000 | -13,000 |
capitalized internal-use software | -2,430,000 | -2,441,000 | -2,523,000 | -2,797,000 | -2,867,000 | -2,930,000 | -2,739,000 | -2,572,000 | -2,658,000 | -1,924,000 | -1,592,000 |
purchases of short-term investments | -47,445,000 | -125,862,000 | -439,213,000 | -120,618,000 | -221,516,000 | ||||||
proceeds from sales of short-term investments | 8,644,000 | 22,444,000 | 49,071,000 | 0 | 0 | ||||||
proceeds from maturities of short-term investments | 131,810,000 | 309,482,000 | 194,477,000 | 136,523,000 | 114,133,000 | ||||||
net cash from investing activities | 90,567,000 | 203,433,000 | -198,420,000 | 12,902,000 | -110,325,000 | -113,527,000 | -324,221,000 | -2,684,000 | -2,726,000 | -1,983,000 | -1,605,000 |
cash flows from financing activities | |||||||||||
taxes paid related to net share settlement of equity awards | -27,000 | -21,000 | -31,000 | -33,000 | -12,000 | -215,000 | -9,000 | -26,000 | -20,000 | -77,000 | -125,000 |
payments related to acquisition holdback | -3,457,000 | 0 | -54,000 | ||||||||
proceeds from issuance of common stock upon exercise of stock options | 1,151,000 | 985,000 | 1,681,000 | 3,060,000 | 1,488,000 | 442,000 | 1,013,000 | 1,879,000 | 989,000 | 1,645,000 | 521,000 |
proceeds from issuance of common stock under employee stock purchase plan | 0 | 7,373,000 | 0 | 8,696,000 | 0 | ||||||
net cash from financing activities | -2,333,000 | 7,625,000 | 1,596,000 | 10,400,000 | 1,476,000 | 10,422,000 | 1,004,000 | 10,549,000 | 969,000 | 10,069,000 | 396,000 |
net increase in cash and cash equivalents | 126,401,000 | ||||||||||
cash and cash equivalents at beginning of period | 0 | ||||||||||
cash and cash equivalents at end of period | 126,401,000 | ||||||||||
supplemental disclosure of cash flow information | |||||||||||
cash paid for income taxes, net of refunds received | 972,000 | 520,000 | 554,000 | 622,000 | 340,000 | 444,000 | |||||
cash paid for operating lease liabilities | 1,267,000 | 1,262,000 | 1,220,000 | 1,135,000 | 982,000 | 967,000 | 963,000 | 954,000 | 953,000 | 939,000 | 935,000 |
supplemental disclosure of noncash investing and financing activities | |||||||||||
capitalized stock-based compensation expense | 763,000 | 872,000 | 890,000 | 1,099,000 | 1,230,000 | 1,352,000 | 1,103,000 | 1,165,000 | 1,254,000 | 906,000 | 882,000 |
unpaid acquisition holdback | -3,500,000 | 0 | 4,046,000 | ||||||||
operating lease right-of-use assets obtained in exchange for new lease obligations | 0 | 0 | 608,000 | ||||||||
purchase of property and equipment included in accounts payable | -103,000 | 137,000 | |||||||||
net decrease in cash, cash equivalents, and restricted cash | -168,676,000 | -319,343,000 | -16,928,000 | ||||||||
cash, cash equivalents, and restricted cash beginning of period | 763,414,000 | 0 | 1,286,134,000 | -2,000 | 0 | 0 | 1,357,613,000 | ||||
cash, cash equivalents, and restricted cash end of period | 594,738,000 | 33,588,000 | 966,791,000 | 9,441,000 | -16,928,000 | -49,064,000 | 1,342,685,000 | ||||
operating lease liabilities | |||||||||||
proceeds from initial public offering, net of underwriting discounts and commissions | |||||||||||
payments of deferred offering costs | |||||||||||
net increase in cash, cash equivalents, and restricted cash | -14,928,000 | ||||||||||
cash paid for income taxes, net of refund received | |||||||||||
unpaid deferred offering costs | |||||||||||
unpaid taxes related to net share settlement of equity awards | |||||||||||
conversion of convertible preferred stock to common stock upon initial public offering | |||||||||||
acquisition holdback | -100,000 | ||||||||||
net decrease in cash and cash equivalents, and restricted cash | |||||||||||
cash and cash equivalents, and restricted cash beginning of period | |||||||||||
cash and cash equivalents, and restricted cash end of period | |||||||||||
amortization of (discounts) premiums on marketable securities | -1,345,000 | ||||||||||
purchases of investments | -342,330,000 | ||||||||||
proceeds from sales of investments | 21,239,000 | ||||||||||
purchase of short-term investments | |||||||||||
payments of loan issuance costs | |||||||||||
proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | |||||||||||
cash paid for income taxes | 682,000 | 193,000 | 215,000 | ||||||||
stock-based compensation expense | |||||||||||
proceeds from issuance of common stock related to early exercised stock options | |||||||||||
tenant allowance included in prepaid expenses and other current assets | |||||||||||
vesting of early exercised stock options |