#1HashiCorp HashiCorp, Inc. (Nasdaq: HCP) Copyright © 2022 HashiCorp, Inc.#2This presentation regarding HashiCorp, Inc., referred to as "HashiCorp," the "company," "we," "us" or "our," or in similar terms contains forward-looking statements about us and our industry that involve substantial risks and uncertainties, some of which cannot be predicted or quantified. All statements other than statements of historical fact contained in this presentation, including statements regarding our future results of operations or financial condition, business strategy and plans, market size and growth opportunities, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "hope," "intend," "may," "might," "objective," "ongoing," "plan," "potential," "predict," "project," "should," "target," "will," or "would" or the negative of these words or other similar terms or expressions. We have based the forward-looking statements contained in this presentation primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, prospects, strategy, and financial needs. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, assumptions, and other factors, including, among other things, our success in selling our products, our financial results, our ability to protect our intellectual property rights and any costs associated therewith, the future trading prices of shares of our Class A common stock, our ability to compete effectively with existing competitors and new market entrants, the effects of any existing or future claims or litigation, our ability to comply with modified or new laws and regulations applying to our business, and our operations, and the other risks, uncertainties, and assumptions. These risks, uncertainties, assumptions, and other factors are described in greater detail under the heading "Risk Factors" in our most recently filed Form 10-K and Form 10-Q, as well as in other documents we file from time to time with the Securities and Exchange Commission (the "SEC"). These and other important factors may cause actual results, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Moreover, we operate in a highly competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this presentation. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this presentation. While we believe that such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. Except as required by law, we undertake no obligation to update publicly or otherwise any forward-looking statements for any reason after the date hereof. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. This presentation also contains estimates and information concerning our industry, including market position, market size, and growth rates of the markets in which we participate that are based on industry publications and reports. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. This presentation includes certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), such as, among other things, non-GAAP remaining performance obligations, non-GAAP gross profit, non-GAAP gross margin, non-GAAP CRPO, TTM non-GAAP Free Cash Flow ("FCF") margin, non-GAAP operating loss, non-GAAP net loss per share, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses and non-GAAP operating margin to supplement financial information presented in accordance with GAAP. We are presenting these non-GAAP financial measures because we believe that, when taken collectively, they may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. Such measures are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute for our consolidated financial statements, and should not be construed as alternatives to financial measures determined in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measures is included in the Appendix to this presentation. The non-GAAP measures as defined by us may not be comparable to similarly-titled non-GAAP measures presented by other companies, and such companies may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. With respect to our guidance, we are not able to provide a quantitative reconciliation of non-GAAP operating loss and non-GAAP EPS to the corresponding comparable GAAP financial measures without unreasonable efforts. We are unable to provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP financial measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, we are unable to provide the probable significance of the unavailable information, which may be significant. 2#3HashiCorp Company Overview Enabling the Cloud Operating Model Copyright © 2022 HashiCorp, Inc. VM mum 2 3: aws#4Enabling the Cloud Operating Model A consistent way to Provision, Secure, Connect and Run Any Infrastructure for Any Application HashiCorp#5HashiCorp | Who are we? Cloud Infrastructure Automation Our technology represents an industry standard for infrastructure automation workflows for teams. Our products are emerging as a system of record for cloud infrastructure, security, and networking. Our growth is a function of the spend of cloud programs across the Global 2000. VM aws สั .. 2 LO 5#6O O (2) Key Takeaways Capitalizing on a large market disruption Opportunity powered by open source & ecosystem adoption flywheel Durable growth in a vast & growing market 군 Proven track record of innovation across multiple products HashiCorp Cloud Platform (HCP) is a long-term driver to the model 6#72 Q1 FY23 Highlights 704 vs. 523 in Q1 FY22 $ 100.9M 51% YoY Growth Revenue Q1 FY23 ôć >=$100K ARR Customers 133% vs. 122% in Q1 FY22 M Trailing 4 Quarter Average Net Dollar Retention Rate 3,240 vs. 1,736 in Q1 FY22 Total Customers $ 457.6M 49% YoY Growth 55% YoY CRPO Growth² Total Non-GAAP RPOs¹ ôć 1. Remaining performance obligations, or RPOs, represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. GAAP RPOS exclude customer deposits, which are refundable prepaid amounts that are expected to be recognized as revenue in future periods. Non-GAAP RPO is calculated on a Non-GAAP basis. See appendix for reconciliation for Non-GAAP financial measures. 2. Current Remaining Performance Obligations, or cRPOs, represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in the next twelve months. GAAP CRPOs exclude customer deposits, which are refundable prepaid amounts that are expected to be recognized as revenue in the next twelve months. Non-GAAP CRPO is calculated on a Non-GAAP basis. See appendix for reconciliation for Non-GAAP financial measures. 7#8HashiCorp | Q1 FY2023 Highlights HashiCorp's vision of the Cloud Operating Model for the Global Enterprises is resonating: Our Go-To-Market teams continued to execute well in Q1 FY2023 as they added a solid number of greater than or equal to $100K ARR customers (ended at 704) 2 Adopt/Land/Expand/Extend/Renew model is showing strong proof points: We closed our second $10M+ ARR customer during the quarter, showing the success of our ALEER model within one of the world's largest global financial institutions. The customer currently licenses Terraform, Vault, and Consul, and continues to make ongoing investments in its multi-cloud journey with us. Multi-Product usage among our customer base is increasing: As demonstrated in our customer stories and our second $10M + ARR customer, multi-product usage continues to drive our business model. We are winning the position of trust with our customers, giving them confidence to use more of our offerings. HashiCorp Cloud Platform (HCP) continues to demonstrate solid adoption: HCP revenue grew 255% YoY¹, and during the first quarter we launched several key updates including HCP Vault Plus SKUs, HCP Packer, HCP Vault Multi Factor Authentication. 1. HCP growth rate excludes several legacy SKUs that are included in the fully reported Cloud-Hosted Services revenue line 8#9HashiCorp Cloud Platform | Long-term driver Vagrant Packer Boundary Waypoint Nomad Consul Vault Terraform Individuals Open source products Teams HashiCorp Cloud Platform HashiCorp-Managed Enterprise Products Self-Managed Organizations 2 9#10O Ⓡ ↑₁ 22 Enabling the Cloud Operating Model Vast and growing market Leveraging a go-to-market powered by open source Proven track record of innovation 군 10#11The Shift | From static private data centers to dynamic cloud datacenters caused by digital transformation 888 Dedicated infrastructure TRADITIONAL DATACENTER Static + PRIVATE CLOUD Systems of record aws A PUBLIC CLOUD Systems of engagement MODERN DATACENTER Dynamic | 11#12The Problem | Private datacenter constructs have limitations in the cloud 8 APPLICATIONS Private datacenter Connect Networking Secure Security Provision Operations DATACENTER Host-based Static High trust IP-based Dedicated servers + PRIVATE CLOUD Systems of record aws HETEROGENEOUS APPLICATIONS CLOUD Workloads Service Identity 2 Infrastructure as Code 12#13The Solution | Dynamic infrastructure needs dynamic provisioning, security, and networking 8 e APPLICATIONS Private datacenter Connect Networking Secure Security Provision Operations + PRIVATE CLOUD Systems of record aws HETEROGENEOUS APPLICATIONS Workloads D STANDARDIZED INTERFACES C Consul Vault Terraform 13#14Our Market | A consistent cloud foundation Cost reduction Risk mitigation Revenue generation APPLICATIONS NETWORKING SECURITY INFRASTRUCTURE </> aws </2 </> VM/ Nomad Consul Vault Terraform 2 仙 HashiCorp Cloud Platform 14#15Terraform | Infrastructure Automation Provides the foundation for cloud infrastructure automation using infrastructure as code aws K O CLOUD PROVIDER SERVICES DAŤADOG Q dns ISV PROVIDER SERVICES ... C C +200 MORE TERRAFORM CORE 3⁹ OPERATIONS E TERRAFORM CONFIG TEMPLATE THE CHALLENGE Accelerating infrastructure provisioning across multiple business units and functions ■ THE SOLUTION ■ ■ Terraform TMX ■ Standardizing deployment methodologies for greater efficiency, security, and auditability Unified disparate deployment philosophies into a standardized, automated methodology Enabled reusable code templates for use across business units and use cases Decreased the time needed to deploy containers from one month to one day 2 15#16Vault | Security Automation Identity-based security 30 Authentication AD LDAP IAM okta.. 00 Client 2 Vault a 6 Token g System SAP mongoDB ORACLE aws THE CHALLENGE ■ ■ ■ Vault athenahealth ■ ■ THE SOLUTION Can securely process more than 300M requests for secrets a day Securing large volumes of patient and platform records Automating secrets management for greater productivity and efficiency Minimizing service interruptions from mismatched or outdated secrets 2 Automated secrets policy application for greater efficiency Significantly reduced operational costs 16#17Consul | Network Automation Service-based networking GCP AWS PRIVATE CLOUD AZURE C THE CHALLENGE ■ ■ THE SOLUTION ■ ■ Consul criteol. Consolidating physical infrastructure Reducing operating costs Accelerating service discovery and deployment Enabled 4,000 mission-critical services on 260,000 different service instances Accelerated existing service discovery from 4 hours to minutes 2 ■ Cut new service delivery timelines from 3 weeks to as little as 1 minute 17#18From Ad-Hoc to Industrialized Azure Active Directory aws CloudFormation AWS App Mesh STAGE 1 Tactical cloud A Engineering teams begin to make use of cloud services PC4Y STAGE 2 Cloud program aws A Operations, security, networking teams adopt a common infrastructure foundation MC4Y Fr 33 3 30 : STAGE 3 aws vmware Private estate CISCO Cloud operating model applied broadly, including private cloud & on-prem 18#19Industrialization of application delivery "DEVELOPMENT" OSS Lib Security Scanning Scanning VCS JFrog O GitHub Actions. Artifact CI/CD Repository System APP Application Networking Security Infrastructure VM "OPERATIONS" Container K8s Service Networking Identity-Based Security Provisioning [laC] Serverless Edge Device 2 19#20Customer Lifecycle GO TO MARKET CAPABILITIES CUSTOMER USE CASES Adopt OSS Usage Self-Service Customers Broad initial adoption Provisioning Cloud Operating Model - Product - Use case - Value-based outcome Land Infrastructure as Code, Compliance and Governance, Self-Service Infrastructure Expand Next logical offer - Additional use case - Further adoption Upsell - Scope & Scale - Detailed solution sales process Networking Service Registry & Discovery, Network Middleware Automation, Service Mesh # Extend Next logical offer - Use case - Product - Cross-Sell product Security Secrets Management, Encryption as a Service, Advanced Data Protection Renew Multi-dimensional expand & extend: scale, scope, across products Applications Wide Scale Adoption Workload orchestration, App-centric networking, Developer-centric app delivery 20#21The Shift | Our opportunity at each layer APPLICATION PLATFORM INFRASTRUCTURE PLATFORM go Database >_ Runtime 8 Messaging Networking Security e Infrastructure TRADITIONAL SOLUTIONS RDBMS ORACLE MESSAGE QUEUEING TIBCO APP SERVER IBM HARDWARE CISCO. paloalto NETWORKS MySQL SERVER Hewlett Packard Enterprise IBM PERIMETER-BASED Windows Juniper Check Point DELL CLOUD NATIVE SOLUTIONS CDW snowflake VMs UAP databricks CONFLUENT STREAMING HashiCorp OLTP Containers Serverless HashiCorp HashiCorp mongoDB. SCHEDULING Edge SERVICE NETWORKING IDENTITY BASED INFRASTRUCTURE AS CODE APM 395. DATADOG Nomad Consul #Vault 2 Terraform 21#22O ↑₁ 22 Enabling the Cloud Operating Model Vast and growing market Leveraging a go-to-market powered by open source With a proven track record of innovation 군 22#23Large TAM Consisting of Multiple Products Estimate HashiCorp TAM by 2026 2021-2026 CAGR 12% Estimate Global Cloud TAM by 2026 2021-2026 CAGR 15% $33B Private $607B Global Public Cloud $72.5B Total $12B 42%* Source: 650 Group, June 2021 *2021-2026 CAGR for products' TAM Infrastructure Provisioning Terraform $21B 5%* Security Vault $31B 6%* Networking C Consul $9B 66%* 2 Application Delivery Nomad 23#24O O ↑ 22 Enabling the Cloud Operating Model Vast and growing market Leveraging a go-to-market powered by open source Proven track record of innovation 군 24#25Focused On Durable Growth Enable the Customer Win the Practitioner CORE FLYWHEEL Standardize the Ecosystem 2 25#26Win the Practitioner | GitHub Stars history (Thousands) 35 30 25 20 15 10 5 0 Aug 2014 Aug 2015 Aug 2016 Aug 2017 Source: star-history.t9t.io - 2014 - 2021 - GitHub stars history for Consul, Terraform, Vault Aug 2018 Aug 2019 2 HashiCorp / Vault HashiCorp / Consul HashiCorp / Terraform Aug 2020 Aug 2021 26#27Standardize the Ecosystem AUTHENTICATION SERVICES LDAP aws IAM okta ORACLE 1. As of January 31, 2022. AD + Vault 2,000+ Providers & Integrations ¹ SYSTEMS / SECRETS ENGINE SAP P:3 DATADOG mongoDB. snowflake CISCO aws Red Hat + 00 oc CLOUD PROVIDER SERVICES aws (-) K MySQL splunk> vmware Terraform ISV PROVIDER SERVICES 2 Bili now. Pivotal S Red Hat NetApp DATADOG APACHE 2 NGUX Q 27#28Land | High Pace of Customer Acquisition Number of Customers 497 Q1 568 Q2 644 FY2020 831 Q3 Q4 940 1,081 Q1 1 Q2 1,255 FY2020 1,473 Q3 23 Q4 1,736 21 Q1 2,101 Q2 2,392 FY2020 2,715 Q3 23 Q4 2 3,240 Q1 FY2023 1. Number of customers is measured at the end of each fiscal quarter and is defined as the number of accounts with a unique account identifier for which we have an active contract in the period. 28#29HashiCorp Customers FINANCIAL SERVICES Santander KeyBank + SoftBank RBC wepay a CHASEO company Blackstone ♫ Lincoln Financial Group® BNP PARIBAS CREDICORP nab ABN AMRO Nationwide STANDARD & POOR'S ADB ENTERTAINMENT & TELCO COMCAST vodafone NBCUniversal K sky UBISOFT RED VENTURES DA ZN VINGROUP ROBLOX MANUFACTURING & LOGISTICS gm Lufthansa BHP ALD DOMIN G FREIGHT LINE NION AIRBUS AirPlus INTERNATIONAL WARE2GO KPMG SOFTWARE & TECHNOLOGY Booking.com Grab priceline.com cielo shopify SEAT GEEK H&R BLOCK ADT Shipt Q2 INSURANCE & HEALTH PROGRESSIVE co-operators gsk 2 Kansas City AXA AstraZeneca Hellume athenahealth GoodP surescripts 29#30O Ⓡ ↑₁ [2 Enabling the Cloud Operating Model Vast and growing market Leveraging a go-to-market powered by open source Proven track record of innovation 군 30#31Practitioner, Ecosystem, and Customer Trust Enables Us to Launch and Commercialize More Multi-Cloud Offerings Market, product, and HashiCorp readiness Community incubating OSS projects, no sales, community growth Emerging products Market testing, initial customers, specialized sales team 2 Ö Ready for commercial sale 3 Core products Market validation, repeatable sales, at-scale commercial product 7 2 31#32HashiCorp Cloud Platform A fully managed platform for multi-cloud HashiCorp Cloud Platform aws Faster deployments Fully managed infrastructure Standardized workflow 2 32#33HashiCorp Financial Overview Copyright © 2022 HashiCorp, Inc.#34Ô ta Durable Growth Pillars Market surface area unlocked by open source Pace of new customer additions Pricing model that drives Expansion, and Multi-Product Extensions HCP accelerating adoption 군 34#35TAM | Large Market Area to Drive Growth ~12,000 Organizations Open Source Software (OSS) Downloads (All Time)1 HCP, Inside & Partner Sales Global 2000 & Large Enterprises 기 Enterprise Sales Teams 군 1. As of January 31, 2022. 굳 기 35#36Land | High Pace of Customer Acquisition Number of Customers 497 Q1 568 Q2 644 FY2020 831 Q3 Q4 940 1,081 Q1 1 Q2 1,255 FY2021 1,473 Q3 23 Q4 1,736 2,101 Q1 21 Q2 2,392 FY2022 2,715 Q3 23 Q4 2 3,240 Q1 FY2023 1. Number of customers is measured at the end of each fiscal quarter and is defined as the number of accounts with a unique account identifier for which we have an active contract in the period. 36#37Expand + Extend | Projected Growth Driver Win the practitioner Grow new customers Expand and extend I Adopt | Land | Expand C | Extend | Renew 仙 Vault Consul Terraform 37#38Our Model | Open source to commercial scale Approximate annual recurring revenue¹ Multinational Financial Services Company Open Source journey to Commercial license Started as a Consul/Packer/Vagrant/Terraform OSS user in late 2015/2016 Use cases: Infrastructure as Code, Secrets Management, Service Mesh, Network Infrastructure Automation $245K + Terraform 2H FY2019 $1.3M Terraform 1HFY2020 Vault 2H FY2020 $1.8M 1H FY2021 $4.8M Terraform Terraform Vault 2H FY2021 $8.8M #Vault 1H FY2022 ~40x Increase in ARR over 4 years 1. Our approximation of annual recurring revenue is calculated by a simple average of annual contract values from the indicated 2H FY and the prior 2HFY. Terraform 2H FY2022 ⠀⠀ $10M+ Consul Vault 1H FY2023 2 38#39Our Model | Open source to commercial scale Approximate annual recurring revenue¹ Fortune 10 company Open Source journey to Commercial license Started as Consul OSS user in 2015 $100K 1H FY2018 2H FY2018 Nomad 1H FY2019 2H FY2019 $2M Terraform 1H FY2020 Vault 2H FY2020 1H FY2021 -100x Increase in ~ARR over 5 years $3M 2H FY2021 1. Our approximation of annual recurring revenue is calculated by a simple average of annual contract values from the indicated 1H FY and the prior 1HFY. $6.5M Terraform Terraform 1H FY2022 Vault $10M+ Terraform Vault Vault 2H FY2022 39#40Our Model | Open source to commercial scale Approximate annual recurring revenue¹ Global Automotive Manufacturer Open Source journey to Commercial license Started as a Vault and Vagrant OSS user in early 2017 $41K Vault 2H FY2018 $130K Vault 2H FY2019 Terraform $300K Vault 2H FY2020 -9.0x Increase in ARR over 3 years Terraform 1. Our approximation of annual recurring revenue is calculated by a simple average of annual contract values from the indicated 2H FY and the prior 2HFY. $370K #Vault 2H FY2021 2 Terraform 40#41Durable Growth | $100K + Customer Growth Revenue Model: Number of >=$100K Customers * TTM Revenue per >=$100K Customers/ % of Revenue from Customers >= $100K Number of Customers with > $100K in ARR 200 Q1 238 288 338 FY2020 384 Q2 Q3 Q4 Q1 419 450 499 FY2021 522 558 Q2 Q3 Q4 Q1 Q2 595 Q3 FY2022 655 Q4 704 Q1 FY2023 Total Customers Customers >= $100K in ARR Average Revenue Per Customer >=$100K in ARR³ TTM Revenue Per Customer4 >=$100K in ARR³ % of Revenue from Customers >= $100K in ARR Q1 FY2022 1,736 523 $124K $423K 1. Number of customers is measured at the end of each fiscal quarter and is defined as the number of accounts with a unique account identifier for which we have an active contract in the period. 2. Annual Recurring Revenue (ARR) is defined as the annualized value of all recurring subscription contracts with active entitlements as of the end of the applicable period, and in the case of our monthly, or consumption-based customers, the annual value of their last month's spend. 3. Revenue attributable to Customers equal to or greater than $100K in ARR divided by the number of such customers in the relevant period. 4. Trailing Twelve Month Revenue attributable to Customers equal to or greater than $100K in ARR is equal to the sum of the last four quarters of revenue from this cohort divided by the average customers for the period 88% Q1 FY2023 3,240 704 $141K $496K 88% 41#42HashiCorp Key Financial Data Copyright © 2021 HashiCorp, Inc.#43Total Revenue Annual Revenue ($ Millions) $121 FY2020 $212 FY2021 Numbers may vary due to rounding $321 FY2022 Quarterly Revenue ($ Millions) $22 $26 $33 $39 FY2020 $44 $51 $55 $62 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY2021 $67 $75 $82 Q2 Q3 FY2022 $97 2 $101 Q4 Q1 FY2023 43#44Net Dollar Retention Rate Trailing Four Quarter Average Net Dollar Retention Rate 123% Q4 FY2021 122% Q1 124% Q2 FY2022 127% Q3 131% Q4 133% Q1 FY2023 굳 44#45Customer Commitments Quarterly Total Non-GAAP RPO ($ Millions) 67% $101 Q1 of Q1 FY2023 RPO expected to be recognized in a year $110 Q2 $133 Q3 $171 Q4 $175 Q1 $198 Q2 $225 Q3 $286 Q4 $308 Q1 $336 Q2 $368 Q3 $451 Q4 $458 Q1 2 FY2020 FY2021 FY2022 FY2023 1. Remaining performance obligations, or RPOS, represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPOs exclude customer deposits, which are refundable prepaid amounts that are expected to be recognized as revenue in future periods. 2. Non-GAAP RPO is calculated on a Non-GAAP basis. See appendix for reconciliation for Non-GAAP financial measures. 45#46HCP Managed Cloud Quarterly Cloud Revenue ($ Millions) $0.2 Q1 $0.4 Q2 FY2021 $0.8 Q3 $1.5 Q4 $2.5 Q1 This chart above represents quarterly subscription revenue from HCP (and its predecessor cloud offerings) for the indicated periods. $3.7 Q2 FY2022 $5.4 Q3 $6.9 Q4 $8.8 Q1 2 FY2023 46#47Non-GAAP Gross Margin Profile¹ Quarterly Non-GAAP Gross Margin (%) Annual Non-GAAP Gross Margin (%) 81% 81% T FY2020 FY2021 85% FY2022 81% 80% 81% 81% 81% 81% 81% Q1 FY2020 1. Non-GAAP Gross Margin is calculated on a Non-GAAP basis. See appendix for a reconciliation of Non-GAAP financial measures. 82% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2021 81% 83% 2 87% 87% 84% Q3 Q4 Q1 FY2022 FY2023 47#48Non-GAAP Operating Expenses Quarterly Non-GAAP Operating Expenses¹ (% of Revenue) Annual Non-GAAP Operating Expenses¹ (% of Revenue) 16% 32% 72% FY2020 Non-GAAP Operating -39% Margin 13% 28% 61% FY2021 -21% 18% 30% 64% FY2022 -27% 72% 76% 73% 35% 34% 32% 18% 16% 15% 16% FY2020 67% -43% -46% -39% 29% 1. Non-GAAP metrics are calculated on a Non-GAAP basis. See appendix for a reconciliation of Non-GAAP financial measures. 73% Q1 Q2 Q3 Q4 Q1 32% 15% -31% -39% 66% 30% 57% 13% 12% Q2 Q3 -29% 26% 25% 26% FY2021 53% -14% 57% 13% 18% Q4 Q1 -9% -20% 66% 33% Q2 Non- GAAP G&A Non-GAAP R&D Non-GAAP S&M 64% 16% 16% -31% FY2022 66% 31% 31% 32% 2 -24% 21% 65% Q3 Q4 Q1 19% FY2023 -32% -32% 48#49HashiCorp#50Financial Summary ($ Millions, except percentages)¹ FY2020 Total Revenue Non-GAAP gross profit¹ Non-GAAP gross margin Non-GAAP S&M expense Non-GAAP R&D expense¹ Non-GAAP G&A expense¹ Non-GAAP operating loss Non-GAAP operating margin¹ Q1 Q2 Q3 Q4 $22.2 $26.4 $ 33.5 $39.2 $18.0 $ 21.0 $ 27.2 $31.6 81.0% 80.0% 81.0% 81.0% $16.1 $20.0 $24.6 $26.2 $ 7.7 $ 8.9 $ 10.7 $11.3 $ 3.9 $ 4.1 $ 4.9 $ 6.2 $(9.6) $ (12.0) $ (13.0) $ (12.1) -43.0% -46.0% -39.0% -31.0% FY2021 Q1 Q2 Q3 Q4 $ 44.3 $ 55.2 $ 61.8 $ 50.5 $ 35.8 $ 40.9 $ 45.0 $ 50.5 81.0% 81.0% 81.0% 82.0% $32.2 $ 33.6 $31.3 $32.6 $14.4 $ 15.1 $ 14.6 $15.4 $ 6.6 $ 6.8 $ 6.7 $ 7.9 $ (17.2) $ (14.5) $ (7.6) $ (5.5) -39.0% -29.0% -14.0% -9.0% 1. Non-GAAP metrics are calculated on a Non-GAAP basis. See appendix for a reconciliation of Non-GAAP financial measures. FY2022 Q1 Q2 Q3 Q4 $ 66.9 $ 75.1 $ 82.2 $ 54.4 $ 71.3 $ 96.6 $ 62.3 $83.7 81.0% 83.0% 87.0% 87.0% $38.2 $49.5 $ 53.0 $ 63.9 $ 17.7 $24.5 $ 25.3 $29.7 $ 12.2 $11.9 $ 13.1 $ 21.1 $ (13.7) $ (23.6) $ (20.0) $ (31.1) -20.0% -31.0% -24.0% -32.0% Q FY2023 Q1 $100.9 $85.0 84.2% $65.9 $32.4 $18.7 $ (32.0) -31.7% 50#51GAAP to Non-GAAP Reconciliations ($ Millions, except percentages) ¹ Total Revenue Sales and marketing (S&M) expense on a GAAP basis Less: Stock-based compensation expense¹ Non-GAAP S&M expense Non-GAAP S&M expense as a % of total revenue Research and development (R&D) expense on a GAAP basis Less: Stock-based compensation expense¹ Non-GAAP R&D expense Non-GAAP R&D expense as a % of total revenue General and Administrative (G&A) expense on a GAAP basis Less: Stock-based compensation expense¹ Non-GAAP G&A expense Non-GAAP G&A expense as a % of total revenue FY2020 Q1 Q2 Q3 Q4 $22.2 $26.4 $33.5 $39.2 $16.6 $20.8 $25.2 $26.8 $ 0.5 $ 0.8 $ 0.6 $ 0.6 $ 16.1 $20.0 $24.6 $26.2 72.0% 76.0% 73.0% 67.0% $ $ $ 8.0 $ 9.3 0.3 $ 0.3 7.7 $ 8.9 35.0% 34.0% $11.1 $ 0.4 $ 10.7 32.0% $11.7 $ 0.4 $11.3 29.0% $ 6.0 $ $ 2.1 $ 5.1 $ 5.9 $ 7.2 0.9 $ 1.0 $ 1.0 4.1 $ 4.9 $ 6.2 18.0% 16.0% 15.0% 16.0% $ 3.9 $ FY2020 $ 121.3 $ 89.3 $ 2.5 $ 86.8 72.0% $40.1 $ 1.5 $38.6 32.0% $24.1 $ 5.0 $ 19.1 16.0% FY2021 Q4 Q1 Q2 Q3 $44.3 $50.5 $ 55.2 $ 61.8 $32.9 $43.1 $31.9 $ 33.2 $ 0.6 $ 9.5 $ 0.6 $ 0.6 $32.2 $ 33.6 $ 31.3 $32.6 73.0% 66.0% 57.0% 53.0% $14.5 $19.8 $ 0.4 $ 4.7 $14.1 $ 15.1 32.0% 30.0% $15.1 $15.9 $ 0.4 $ 0.4 $ 14.6 $ 15.4 26.0% 25.0% $ 7.3 $25.5 $ 7.3 $ 8.5 $ 0.7 $18.7 $ 0.6 $ 0.5 $ 6.6 $ 6.8 $ 6.7 $ 7.9 15.0% 13.0% 12.0% 13.0% FY2021 $ 211.9 $141.0 $11.3 $ 129.7 61.0% $ 65.2 $ 6.0 $ 59.3 28.0% $ 48.5 $20.6 $ 27.9 13.0% Q1 $66.9 FY2022 Q2 Q3 Q4 $ 75.1 $82.2 $ 96.6 $38.9 $50.0 $ 53.5 $127.1 $ 0.7 $ 0.5 $ 0.5 $ 63.2 $38.2 $ 49.5 $ 53.0 $ 63.9 57.0% 66.0% 64.0% 66.0% $18.1 $24.9 $25.7 $ 96.3 $ 0.4 $ 0.4 $ 0.4 $ 66.6 $ 17.7 $ 24.5 $ 25.3 $ 29.7 26.0% 33.0% 31.0% 31.0% $ 12.6 $ 12.4 $13.5 $ 73.6 $ 0.5 $ 0.5 $ 0.4 $ 52.5 $ 12.2 $ 11.9 $ 13.1 $ 21.1 18.0% 16.0% 16.0% 22.0% 2 FY2022 $320.8 $ 269.5 $ 64.9 $ 204.6 64.0% $ 165.0 $ 67.9 $ 97.1 30.0% $112.1 $ 53.8 $ 58.3 18.0% 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. FY2023 Q1 $100.9 $ 80.3 $14.4 $65.9 65.3% $ 47.2 $14.7 $32.4 32.1% $32.5 $13.8 $18.7 18.6% 51#52GAAP to Non-GAAP Reconciliations ($ Millions)¹ Total GAAP Operating Expenses Less: Stock-based compensation expense¹ Total non-GAAP Operating Expenses FY2020 Q4 Q1 Q2 Q3 $30.6 $35.1 $42.1 $ 45.7 $ 2.9 $ 2.0 $ 2.0 $ 2.0 $27.7 $33.1 $ 40.2 $43.7 FY2020 $153.6 $ 9.0 $ 144.6 FY2021 Q1 Q4 Q2 Q3 $ 54.7 $88.4 $ 54.2 $ 57.5 $ 1.8 $32.9 $ 1.6 $ 1.6 $ 53.0 $ 55.5 $ 52.6 $ 55.9 FY2021 $254.8 $ 37.9 $ 217.0 FY2022 Q1 Q2 Q3 Q4 $69.7 $87.3 $ 92.6 $ 297.0 $ 1.6 $ 1.4 $ 1.3 $182.2 $68.0 $85.9 $91.3 $ 114.8 2 FY2022 $ 546.6 $ 186.6 $360.0 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. FY2023 Q1 $ 160.0 $42.9 $ 117.0 52#53GAAP to Non-GAAP Reconciliations (Shares in Millions) Total net loss per share on a GAAP basis Add: Stock-based compensation expense¹ Add: Adjustment to total fully diluted earnings per share² Non-GAAP net loss per share Weighted average shares, basic and diluted FY2020 Q1 Q2 Q3 Q4 $ (0.20) $ (0.23) $ (0.24) $ (0.23) $ 0.04 $ 0.04 $ 0.05 $ 0.04 $ $ $ (0.15) $ (0.19) 56.1 58.8 $ (0.01) $ (0.01) $ (0.21) $ (0.20) 59.4 60.2 FY2020 $ (0.90) $ 0.16 $ $ (0.74) 59.2 FY2021 Q1 Q2 Q3 Q4 $ (0.11) $ (0.31) $ (0.78) $ (0.14) $ 0.03 $ 0.54 $ 0.03 $ 0.03 $ 0.01 $ (0.01) $ $ $ (0.28) $ (0.23) $ (0.12) $ (0.08) 61.1 62.2 64.9 65.2 FY2021 $ (1.32) $ 0.62 $ $ (0.70) 63.4 FY2022 Q1 Q2 Q3 $ (0.33) $ $ (0.24) $ (0.37) $ 0.03 Q4 (1.70) $ 1.47 $ 0.02 $ $ 0.02 $ $ $ (0.01) $ (0.21) $ (0.35) $ (0.31) $ (0.24) 65.7 66.5 66.8 133.6 - 2 FY2022 (3.48) $ 2.41 $ $ (1.07) 83.3 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. 2. The sum of the fully diluted earnings per share impact of individual reconciling items may not total to fully diluted Non-GAAP net loss per share due to the weighted-average shares used in computing the GAAP net loss per share differs from the weighted-average shares used in computing the Non-GAAP net loss per share and due to rounding of the individual reconciling items. The GAAP net loss per share calculation uses a lower share count as it excludes potentially dilutive shares, which are included in calculating the non-GAAP loss per share. FY2023 Q1 $ (0.43) $ 0.25 $ 0.01 $ (0.17) 182.9 53#54GAAP to Non-GAAP Reconciliations ($ Millions, except percentages) Total Revenue Total gross profit on a GAAP basis Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense in cost of revenue¹ Non-GAAP gross profit Non-GAAP gross margin Total Revenue Operating Loss Add: Amortization of stock-based compensation of capitalized internal-use software Add: Stock-based compensation expense¹ Non-GAAP operating loss Non-GAAP operating margin Q1 $22.2 $17.9 $ $ 0.1 $ 18.0 81.0% - Q1 $22.2 FY2020 - Q2 Q3 Q4 $26.4 $33.5 $39.2 $20.9 $ $ 0.1 $ 21.0 80.0% - $27.1 $ $ 0.1 $ 27.2 81.0% FY2020 Q2 Q3 $26.4 $ 33.5 $31.5 $ $ 0.1 $ 31.6 81.0% - Q4 $39.2 $ (12.7) $ (14.2) $ (15.1) $ (14.3) $ $ $ $ $ 3.0 $ 2.2 $ 2.1 $ 2.1 $ (9.6) $ (12.0) $ (13.0) $ (12.1) -43.0% -46.0% -39.0% -31.0% FY2020 $ 121.3 $97.3 $ $ 0.5 $ 97.8 81.0% - FY2020 $ 121.3 $ (56.2) $ $ 9.5 $ (46.8) -39.0% Q1 $44.3 $35.6 $ $ 0.1 $35.8 81.0% - FY2021 Q2 $ 50.5 - $39.9 $ $ 1.0 $ 40.9 81.0% - Q1 $44.3 $ 50.5 Q2 Q3 Q4 $55.2 $61.8 FY2021 $44.9 $ 50.4 $ $ $ 0.1 $ 0.1 $ 45.0 $ 50.5 81.0% 82.0% - Q3 Q4 $55.2 $61.8 $ (19.1) $ (48.4) $ (9.3) $ (7.1) $ $ $ $ $ 1.9 $33.9 $ 1.7 $ 1.7 $ (17.2) $ (14.5) $ (7.6) $ (5.5) -39.0% -29.0% -14.0% -9.0% FY2021 $ 211.9 $170.8 $ $ 1.4 $ 172.2 81.0% FY2021 $211.9 $ (84.0) $ $39.2 $ (44.8) -21.0% Q1 $66.9 $ $ 0.1 $ 54.4 81.0% FY2022 $54.2 $62.2 $71.1 $ - Q2 Q3 $75.1 $82.2 $ 96.6 Q4 FY2022 69.8 $ $ $ 0.40 $ 0.1 $ 0.2 $ 13.5 $ 62.3 $71.3 $ 83.7 83.0% 87.0% 87.0% Q1 Q2 Q3 Q4 $ 66.9 $75.1 $82.2 $ 96.5 $ $ (15.4) $ (25.1) $ (21.5) $ (227.2) $ $ $ 0.4 $ 1.7 $ 1.5 $ 1.5 $195.7 $ (13.7) $ (23.6) $ (20.0) $ (31.1) -20.0% -31.0% -24.0% -32.0% 군 FY2022 $ 320.8 $ 257.3 $ 0.40 $ 13.9 $ 271.6 85.0% FY2022 $320.8 $ (289.2) $ 0.4 $ 200.4 $ (88.4) -28.0% 1. In connection with tender offers and secondary sales of our common stock, stock-based compensation expense for fiscal 2020 and fiscal 2021, included $1.5 million and $32.1 million of expense, respectively, related to the amount paid in excess of the estimated fair value of common stock as of the date of the transactions. FY2023 Q1 $ 100.9 $ 81.5 $ 0.17 $ 3.3 $ 85.0 84.2% FY2023 Q1 $100.9 $ (78.4) $ 0.2 $ 46.3 $ (32.0) -31.7% 54#55GAAP to Non-GAAP Reconciliations ($ Millions) GAAP RPOS GAAP short-term RPOS ("cRPO") GAAP long-term RPOS Total GAAP RPOS Customer Deposits Customer deposits expected to be recognized within the next 12 months Customer deposits expected to be recognized after the next 12 months Total customer deposits Total Non-GAAP RPOS Total Non-GAAP short-term RPOS ("CRPO") Total Non-GAAP long-term RPOS FY2020 Q1 Q2 $ 59.8 $26.2 $68.0 $25.4 $ 86.0 $93.4 $11.6 $13.6 $ 3.9 $ 3.5 $15.5 $ 17.1 $ 101.5 $ 110.5 $ 71.4 $81.6 $ 30.1 $28.8 Q3 Q4 $ 80.4 $97.4 $ 34.6 $ 54.7 $115.0 $ 152.1 $14.4 $ 16.0 $ 3.3 $ 2.9 $17.6 $ 18.9 $132.6 $ 171.0 $94.7 $113.4 $ 37.9 $ 57.6 FY2021 Q1 Q2 Q3 $ 100.6 $116.2 $ 131.6 $ 54.8 $ 62.3 $ 74.3 $155.4 $178.5 $206.0 $ 17.3 $ 18.1 $ 2.5 $ 1.9 $19.8 $20.0 $ 175.2 $ 198.5 Q4 $165.8 $98.1 $ 263.9 $17.5 $ 20.4 $ 1.3 $ 1.8 $18.8 $22.2 $ 224.8 $ 286.1 $117.9 $134.3 $149.1 $ 57.3 $ 64.2 $ 75.7 $ 186.2 $ 99.9 Q1 $ 178.7 $ 109.2 $ 287.9 $18.3 FY2022 $ 197.1 $ 110.6 Q2 Q3 Q4 $198.6 $220.7 $ 268.9 $ 118.8 $128.3 $ 159.9 $317.4 $ 349.0 $ 428.8 $ 17.1 $ 1.4 $ 1.3 $ 2.0 $ 3.1 $19.8 $18.4 $ 19.0 $ 23.4 $ 307.7 $335.8 $ 368.0 $ 452.2 $16.9 $ 20.3 $ 215.7 $ 120.1 $ 237.7 $289.2 $ 130.3 $ 163.0 Q FY2023 Q1 $ 284.3 $149.6 $ 433.9 $20.9 $ 2.8 $23.7 $ 457.6 $ 305.3 $152.3 55#56GAAP to Non-GAAP Non-GAAP Reconciliations ($ Millions, except percentages) Total TTM GAAP net cash from operating activities Add: Purchases of property and equipment Add: Capitalized internal-use software Non-GAAP TTM Free Cash Flow Non-GAAP TTM Free Cash Flow Margin Q1 Q2 $10.6 $ (0.3) $ (0.4) $ $ 0.1 $ $ (0.2) $ $ $ FY2020 $10.2 Q3 Q4 2.3 $ (28.4) (0.3) $ (1.0) $ 2.0 $ (29.4) FY2020 $ (28.4) $ (1.0) $ $ (29.4) -24.0% FY2021 Q2 Q1 Q3 Q4 $(45.1) $ (39.6) $ (48.7) $ (39.6) $ (4.0) $ (4.6) $ (5.1) $ (4.3) $ (0.4) $ (1.0) $ (1.9) $ (2.9) $ (49.5) $ (45.2) $ (55.6) $ (46.8) -35.0% -27.0% -29.0% -22.0% FY2021 $ (39.6) (4.3) $ (2.9) $ (46.8) -22.0% FY2022 Q1 Q2 Q3 Q4 $ (20.5) $ (40.7) $ (55.8) $ (56.2) $ (1.3) $ (0.7) $ (0.2) $ (0.2) $ (3.9) $ (4.7) $ (5.7) $ (6.4) $ (25.7) $ (46.2) $ (61.6) $ (62.8) -11.0% -18.0% -22.0% -20.0% 2 FY2022 $ (56.2) $ (0.2) $ (6.4) $ (62.8) -20.0% FY2023 Q1 $ (72.3) $ (0.2) $ (6.6) $ (79.1) -22.3% 56#57Appendix 군 57#58Revenue Model | Pricing Model D: App/Client Seat до Platform License 군 Module Add-in Aligned with Apps to Cloud Vault - per Client Terraform - per Workspace Consul - per Service Instance + + + 58#59Vendor Controlled Open Source • Individuals Core projects SELF MANAGED ... Teams Collaboration Platform Security & Patching SLAS 24x7 Enterprise Support Extended Support Window Certification (HW/SW) IP Indemnification HASHICORP CLOUD PLATFORM Organizations Policy & Governance Health Checks Customer Success Team Security Response Team Training & Services Executive Partnership Access Product Experts Partner Ecosystem Implementation Services 2 59#60HashiCorp