#1HashiCorp Q4 FY2022 Copyright © 2022 HashiCorp#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 the prospectus filed with the Securities and Exchange Commission (the "SEC") and pursuant to 424(b)(4) dated December 9, 2021, and our future reports that we may file from time to time with 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#3Enabling the Cloud Operating Model A consistent way to provision, secure, connect and run any infrastructure for any application HashiCorp 3#4HashiCorp | 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 for cloud programs across the Global 2000. VM aws สั .. 2 4#5Market Leader In Large TAMS, In Early Stages Estimate Global Cloud TAM by 2026 2021-2026 CAGR 15% $33B Private $607B Global Public Cloud Estimate HashiCorp TAM by 2026 2021-2026 CAGR 12% $73B 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 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 of the model 6#72 Q4 FY22 Highlights 655 vs. 500 in Q4 FY21 $ 96.5M 56% YoY Growth Revenue Q4 FY22 ôć >=$100K ARR Customers 131% vs. 123% in Q4 FY21 M Trailing 4 Quarter Average Net Dollar Retention Rate 2,715 vs. 1,473 in Q4 FY21 Total Customers $452.2M 58% 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 | Q4 FY2022 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 Q4 as they added a strong number of greater than or equal to $100K ARR customers (ended at 655) and greater than or equal to $1M ARR customers in the quarter (ended at 72). 2 Adopt/Land/Expand/Extend model is showing strong proof points: We reached a milestone with a Fortune 10 customer who started its commercial journey with us in 2019, and then continued to Expand and Extend their usage of our products to now reach >$10M ARR. The customer licenses Vault and Terraform, and it is continuing its multi-cloud journey with us. Multi-Product usage among our customer base is increasing: The number of greater than or equal to $100K ARR customers that have purchased multiple products increased 42% YoY. We are winning the position of trust within our customers, giving them confidence to use more of our offerings. HashiCorp Cloud Platform (HCP) continues to demonstrate solid adoption: HCP revenue grew 346% YOY, and during the fourth quarter we made HCP available in the APJ region with hosting sites in Australia and Singapore. 8#9Q4 FY2022 In Review We experienced strong demand for our products during Q4 FY2022 as more organizations globally continued to adopt the Cloud Operating Model, underpinned by our primary products Terraform, Vault, and Consul. From a demand perspective, we continued to experience improvements in Q4 with better pipeline conversion rates compared to last year, resulting in 60 customers with greater than or equal to $100K in ARR added in the quarter, and 56% revenue growth. We were also encouraged by our quarterly improvement in our trailing four quarter average Net Dollar Retention Rate, which was 131%. This strong number represents the continued value we are delivering to our existing customers. We continued to invest in the business, as part of our ongoing efforts to win a position of trust with large enterprises over the long term. In Q4 we added more than 185 net new employees to the company, amid a challenging recruiting environment. We are maintaining good scores across all core talent acquisition metrics (attract, acquire, manage cost and retain), and we are in a strong position to deliver on our plan to acquire great talent. 1. Trailing Twelve Months, or TTM, represents data from the past 12 consecutive months as of January 31, 2021 Results $96.5M Q4 FY2022 Revenue +56% YoY Growth +51% TTM YOY Growth Revenue Guidance $92M - $96M Q1 FY2023 Revenue $413M - $423M Full Year FY2023 Revenue 2 9#10Financial Overview & Highlights We are encouraged by our strong financial performance during Q4 FY22, as evidenced by our key metrics: Revenue grew 56% YoY driven by strong execution of our adopt, land, expand, and extend strategy Customers greater than or equal to $100K in ARR grew by 155 versus Q4 FY21, to end at 655. This group of customers represented 89% of revenue in Q4 FY22 We ended the quarter with 2,715 customers, versus 1,473 during Q4 FY21 We sequentially improved our trailing four quarter average Net Dollar Retention Rate this quarter to 131%, well above our target rate of 120%+ Current non-GAAP RPO³ grew 55% YoY and total non-GAAP RPO² grew 58% YoY ($M) Total Revenue Customers >=$100k in ARR Revenue from Customers >=$100k in ARR Trailing Four Quarter Average Net Dollar Retention Rate TTM Non-GAAP FCF Margin¹ Total Customers HashiCorp Cloud Platform Revenue Total Non-GAAP RPOs² % Non-GAAP RPO Recognized Within a Year³ Q4 FY22 $96.5M 655 89% 131% -20% 2,715 $6.9M $452.2M 64% >90% YoY Comparison +56% YoY vs. +58% YoY in Q4 FY21 vs. 500 in Q4 FY21 vs. 87% in Q4 FY21 vs. 123% in Q4 FY21 -22% in Q4 FY21 vs. 1,473 in Q4 FY21 vs. $1.5M in Q4 FY21 2 vs. $286.1M in Q4 FY21 vs. 65% in Q4 FY21 % of TTM recurring revenue4 1. Free Cash Flow, or FCF, represents net cash provided by operating activities in the period minus payments for property and equipment and minus amounts from capitalized internal-use software made in the period. Free cash flow is considered a non-GAAP financial measure under the SEC's rules. See appendix for reconciliation for Non-GAAP financial measures. 2. 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. 3. 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 12 months 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. 4. Trailing Twelve Months, or TTM, represents data from the past 12 consecutive months as of January 31, 2021 >90% in Q4 FY21 10#11Q4 FY2022 Highlighted Customer Wins Consumer Goods Mobile Delivery Platform Expand Land HashiCorp Vault Story Adopted Vault OSS in 2019, and Landed as Commercial Vault Enterprise User in Q4 FY2022. Vault will provide a common workflow across clouds and drive standardized authentication. AWS marketplace was a central part of sales process. Use Case: Centralizing Secrets Management HashiCorp Vault HashiCorp Consul HashiCorp Terraform Story Landed Terraform in Q1 FY2019, and Extended to Vault and Consul in subsequent fiscal years. In Q4 FY2022, the customer Expanded additional Vault and Terraform entitlements to support growth in its cloud deployments, and also Expanded its usage with Consul for Network Automation. Our products accelerated time to market with for new services and simplified the customer's compliance regime. Use Case: Network Automation, Service Registry, Secrets Management Energy Extend HashiCorp Terraform HashiCorp Vault 2 Story Landed as a Terraform customer in Q1 FY2020, and Extended to use Vault in Q4 FY2022 to help centralize and protect secrets as the customer builds out its multi-cloud estate. This customer chose Vault to enable faster development cycles while reducing costs. Use Case: Managing Secrets and Moving to the Cloud 11#12Total 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2021 $62 Q4 $67 Q1 $75 $82 2 FY2022 $97 Q2 Q3 Q4 12#13Net Dollar Retention Rate Trailing Four Quarter Average Net Dollar Retention Rate 123% Q4 FY2021 122% Q1 124% Q2 FY2022 127% Q3 131% Q4 2 13#14Customer Commitments Quarterly Total Non-GAAP RPO ($ Millions) 64% of Q4 FY2022 RPO expected to be recognized in a year $101 Q1 1 $110 Q2 $133 $171 Q3 Q4 $175 $198 Q1 Q2 $225 $286 Q3 3 Q4 $308 $336 Q1 Q2 $368 2 $452 Q3 Q4 FY2020 FY2021 FY2022 1. Remaining performance obligations, or RPOS, represent the amount of contracted future revenue that has not yet been recognized, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. RPOS exclude customer deposits, which are refundable prepaid amounts that are expected to be recognized as revenue in future periods. 2. Non-GAAP RPO is calculated on a Non-GAAP basis. See appendix for reconciliation for Non-GAAP financial measures. 14#15HCP Managed Cloud Quarterly Cloud Revenue ($ Millions) $0.2 Q1 $0.4 Q2 FY2021 $0.8 Q3 $1.5 Q4 This chart above represents quarterly subscription revenue from HCP (and its predecessor cloud offerings) for the indicated periods. $2.5 Q1 $3.7 Q2 FY2022 $5.4 Q3 $6.9 Q4 2 15#16Non-GAAP Gross Margin Profile¹ Annual Non-GAAP Gross Margin (%) 81% 81% T FY2020 FY2021 85% FY2022 Quarterly Non-GAAP Gross Margin (%) 81% 80% 81% 81% 81% 81% Q1 Q2 Q3 Q4 Q1 Q2 FY2020 1. Non-GAAP Gross Margin is calculated on a Non-GAAP basis. See appendix for a reconciliation of Non-GAAP financial measures. 81% 82% Q3 Q4 FY2021 81% 83% 87% Q1 Q2 Q3 FY2022 2 87% Q4 16#17Non-GAAP Operating Expenses Quarterly Non-GAAP Operating Expenses¹ (% of Revenue) Annual Non-GAAP Operating Expenses¹ (% of Revenue) Non-GAAP Operating Margin 16% 32% 72% 13% -39% 28% 61% 18% -21% 30% FY2020 FY2021 FY2022 64% -27% 72% 76% 73% 35% 34% 32% 18% 16% Q1 Q2 15% Q3 FY2020 -43% -46% -39% 1. Non-GAAP metrics are calculated on a Non-GAAP basis. See appendix for a reconciliation of Non-GAAP financial measures. 67% 29% 73% 32% 16% 15% Q4 Q1 -31% -39% 66% 30% 13% Q2 57% 12% 26% 25% 26% 53% FY2021 -29% -14% 13% 57% Q3 Q4 Q1 -9% 18% -20% 66% Non- GAAP G&A Non-GAAP R&D Non-GAAP S&M 33% Q2 64% 16% 16% 31% -31% 2 FY2022 66% 31% 22% Q3 Q4 -24% -32% 17#18Durable 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 Q2 288 338 Q3 Q4 FY2020 384 Q1 419 Q2 451 500 Q3 Q4 FY2021 523 Q1 558 Q2 595 655 Q3 Q4 FY2022 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 Q4 FY2021 Q4 FY2022 1,473 500 $123K $402K 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 87% 2,715 655 $147K $483K 89% 18#19Guidance We remain on track with our long-term plan of delivering durable revenue CAGR, and continue to see strong demand signals from the Global 2000, as well as our customers of greater than or equal to $100K in ARR. These signals give us confidence in the long-term secular shift that is happening in the cloud, and our place as a central part of the technology stack underpinning cloud consumption. Similar to other B2B Enterprise software companies, we experience seasonality in our business tied to enterprise purchasing cycles. Historically Q4 is our seasonally highest period, followed by a more moderate Q1 as we then build through the fiscal year. HashiCorp continues to invest appropriately in order to grow the functionality of our products, support our customers, and continue to acquire greater than or equal to $100K in ARR customers at a strong pace. Gross Margin assumes that economies of scale in our self-managed revenue is offset to a degree by continued investment in our HCP model, which carries higher costs. Non-GAAP operating margin assumes a continued level of investment in our R&D and S&M lines. (in millions, except EPS) Revenue Non-GAAP Operating Loss Non-GAAP Net Loss Per Share Weighted-average basic and diluted shares used in computing Non-GAAP net loss per share Q1 FY2023 $92 - $96 $(55) - $(52) $(0.30) - (0.28) 182 2 FY2023¹ $413 - $423 $(239) - $(231) $(1.30) - $(1.26) 184 1. With respect to our guidance, we are not able to provide a quantitative reconciliation of non-GAAP operating loss and non-GAAP EPS to the corresponding comparable GAAP financial measures without unreasonable efforts. We are unable to provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP financial measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, we are unable to provide the probable significance of the unavailable information which may be significant. 19#20Financial Summary ($ Millions except percentages) Total Revenue Non-GAAP gross profit¹ Non-GAAP gross margin¹ Non-GAAP S&M expense¹ Non-GAAP R&D expense¹ Non-GAAP G&A expense¹ Non-GAAP operating loss¹ Non-GAAP operating margin¹ Q1 $22.2 $18.0 81% FY2020 Q2 Q3 $26.4 $33.5 $21.0 $27.2 Q4 $39.2 $31.6 80% 81% 81% $16.1 $20.0 $24.6 $7.7 $8.9 $10.7 $11.3 $3.9 $4.1 $4.9 $6.2 -$9.6 -$12.0 -$13.0 -$12.1 $26.2 -43% -46% -39% -31% 1. Non-GAAP metrics are calculated on a Non-GAAP basis. See appendix for a reconciliation of Non-GAAP financial measures. FY2021 Q1 Q2 $44.3 $50.5 $35.8 $40.9 81% 81% $14.4 $15.1 $6.6 $6.8 -$17.2 -$14.5 Q3 $55.2 $32.2 $33.6 $31.3 $14.6 -39% -29% $45.0 81% 82% $6.7 Q4 $61.8 $50.5 -14% $32.6 $15.4 $7.9 -$7.6 -$5.5 -9% Q1 $66.9 81% $54.4 $62.3 $71.3 $38.2 $17.7 $12.2 -$13.7 FY2022 -20% Q2 Q3 $75.1 $82.2 83% $49.5 87% $53.0 $24.5 $25.3 2 -31% -24% Q4 $96.6 $83.7 87% $63.9 $29.7 $11.9 $13.1 $21.1 -$23.6 -$20.0 -$31.1 -32% 20#21GAAP to Non-GAAP Reconciliations ($ Millions, except percentages) 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 Q1 $22.2 $16.6 $0.5 $16.1 72% $8.0 $0.3 $7.7 35% $6.0 $2.1 $3.9 18% FY2020 Q2 $26.4 $20.8 $0.8 $20.0 76% $9.3 $0.3 $8.9 34% $5.1 $0.9 $4.1 16% Q3 $33.5 $25.2 $0.6 $24.6 73% $11.1 $0.4 $10.7 32% $5.9 $1.0 $4.9 15% Q4 $39.2 $26.8 $0.6 $26.2 67% $11.7 $0.4 $11.3 29% $7.2 $1.0 $6.2 16% FY2020 $121.3 $89.3 $2.5 $86.8 72% $40.1 $1.5 $38.6 32% $24.1 $5.0 $19.1 16% Q1 $44.3 $32.9 $0.6 $32.2 73% $14.5 $0.4 $14.1 32% $7.3 $0.7 $6.6 15% FY2021 Q2 $50.5 $43.1 $9.5 $33.6 66% $19.8 $4.7 $15.1 30% $25.5 $18.7 $6.8 13% Q3 $55.2 $31.9 $0.6 $31.3 57% $15.1 $0.4 $14.6 26% $7.3 $0.6 $6.7 12% Q4 $61.8 $33.2 $0.6 $32.6 53% $15.9 $0.4 $15.4 25% $8.5 $0.5 $7.9 13% FY2021 $211.9 $141.0 $11.3 $129.7 61% $65.2 $6.0 $59.3 28% $48.5 $20.6 $27.9 13% Q1 $66.9 $38.9 $0.7 $38.2 57% $18.1 $0.4 $17.7 26% $12.6 $0.5 $12.2 18% Q2 $75.1 FY2022 $50.0 $0.5 $49.5 66% $24.9 $0.4 $24.5 33% $12.4 $0.5 $11.9 16% Q3 $82.2 $53.5 $0.5 $53.0 64% $25.7 $0.4 $25.3 31% $13.5 $0.4 $13.1 16% Q4 $96.6 $127.1 $63.2 $63.9 66% $96.3 $66.6 $29.7 31% $73.6 $52.5 $21.1 22% 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. Q FY2022 $320.8 $269.5 $64.9 $204.6 64% $165.0 $67.9 $97.1 30% $112.1 $53.8 $58.3 18% 21#22GAAP to Non-GAAP Reconciliations ($ Millions) Total GAAP Operating Expenses Less: Stock-based compensation expense¹ Total non-GAAP Operating Expenses Q1 $30.6 $2.9 $27.7 Q2 $35.1 $2.0 $33.1 FY2020 Q3 $42.1 $2.0 $40.2 Q4 $45.7 $2.0 $43.7 FY2020 $153.6 $9.0 $144.6 Q1 $54.7 $1.8 $53.0 Q2 $88.4 $32.9 $55.5 FY2021 Q3 $54.2 $1.6 $52.6 Q4 $57.5 $1.6 $55.9 FY2021 $254.8 $37.9 $217.0 Q1 $69.7 $1.6 $68.0 Q2 $87.3 $1.4 $85.9 FY2022 Q3 $92.6 $1.3 $91.3 Q4 $297.0 $182.2 $114.8 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 FY2022 $546.6 $186.6 $360.0 22#23GAAP 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 Q1 Q2 Q3 -$0.20 -$0.23 -$0.24 $0.05 $0.00 FY2020 56.1 $0.04 $0.04 Q4 -$0.23 $0.00 -$0.01 -$0.01 -$0.15 -$0.19 -$0.21 -$0.20 58.8 $0.04 59.4 60.2 FY2020 -$0.90 $0.16 $0.00 -$0.74 59.2 Q1 -$0.31 $0.03 $0.00 FY2021 61.1 Q2 -$0.78 $0.54 $0.03 -$0.28 -$0.23 Q3 -$0.14 $0.01 -$0.01 62.2 -$0.12 64.9 Q4 -$0.11 $0.03 $0.00 -$0.08 65.2 FY2021 -$1.32 $0.62 $0.00 -$0.70 63.4 Q1 -$0.24 $0.03 $0.00 -$0.21 65.7 FY2022 Q2 -$0.37 $0.02 $0.00 -$0.35 66.5 Q3 -$0.33 $0.02 $0.00 -$0.31 66.8 Q4 -$1.70 $1.47 -$0.01 -$0.24 133.6 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. Q FY2022 -$3.48 $2.41 $0.00 -$1.07 83.3 23#24GAAP to Non-GAAP Reconciliations ($ Millions, except percentages) FY2020 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 $0.0 $0.1 $18.0 81% Q1 $22.2 -$12.7 $0.0 $3.0 -$9.6 -43% Q2 $26.4 $20.9 $0.0 $0.1 $21.0 80% FY2020 Q2 $26.4 $0.0 $2.2 Q3 $33.5 $27.1 -46% $0.0 $0.1 $27.2 -$14.2 -$15.1 81% Q3 $33.5 $0.0 $2.1 Q4 $39.2 -39% $31.5 $0.0 $0.1 $31.6 81% Q4 $39.2 -$14.3 $0.0 -$12.0 -$13.0 -$12.1 $2.1 -31% FY2020 $121.3 $97.3 $0.0 $0.5 $97.8 81% FY2020 $121.3 -$56.2 $0.0 $9.5 -$46.8 -39% Q1 $44.3 $35.6 $0.0 $0.1 $35.8 81% Q1 $44.3 $0.0 $1.9 FY2021 Q2 $50.5 -39% $39.9 $0.0 $1.0 $40.9 81% -$19.1 -$48.4 Q2 $50.5 FY2021 $0.0 $33.9 -$17.2 -$14.5 -29% Q3 $55.2 $44.9 $0.0 $0.1 $45.0 81% Q3 $55.2 -$9.3 $0.0 $1.7 -$7.6 -14% Q4 $61.8 $50.4 $0.0 $0.1 $50.5 82% Q4 $61.8 -$7.1 $0.0 $1.7 -$5.5 -9% FY2021 $211.9 $170.8 $0.0 $1.4 $172.2 81% FY2021 $211.9 -$84.0 $0.0 $39.2 -$44.8 -21% Q1 $66.9 $54.2 $0.0 $0.1 $54.4 81% Q1 $66.9 -$15.4 $0.0 $1.7 -$13.7 -20% FY2022 Q2 $75.1 $62.2 $0.0 $0.1 $62.3 83% Q2 $75.1 -$25.1 $0.0 $1.5 Q3 $82.2 $71.1 FY2022 -31% $0.0 $0.2 $71.3 87% Q3 $82.2 -$21.5 $0.0 $1.5 -$23.6 -$20.0 -24% Q4 $96.6 $69.8 $0.4 $13.5 $83.7 87% Q4 $96.5 -$227.2 $0.4 $195.7 -$31.1 -32% 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. Q FY2022 $320.8 $257.3 $0.4 $13.9 $271.6 85% FY2022 $320.8 -$289.2 $0.4 $200.4 -$88.4 -28% 24#25GAAP to Non-GAAP Reconciliations ($ 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 Q1 $59.8 $26.2 $86.0 $11.6 $3.9 $15.5 $101.5 $71.4 $30.1 Q2 FY2020 $68.0 $25.4 $93.4 $13.6 $3.5 $17.1 $110.5 $81.6 $28.8 Q3 $80.4 $34.6 $115.0 $14.4 $3.3 $17.6 $132.6 $94.7 $37.9 Q4 $97.4 $54.7 $152.1 $16.0 $2.9 $18.9 $171.0 $113.4 $57.6 Q1 $100.6 $54.8 $155.4 $17.3 $2.5 $19.8 $175.2 $117.9 $57.3 Q2 FY2021 $116.2 $62.3 $178.5 $18.1 $1.9 $20.0 $198.5 $134.3 $64.2 Q3 $131.6 $74.3 $206.0 $17.5 $1.3 $18.8 $224.8 $149.1 $75.7 Q4 $165.8 $98.1 $263.9 $20.4 $1.8 $22.2 $286.1 $186.2 $99.9 Q1 $178.7 $109.2 $287.9 $18.3 $1.4 $19.8 $307.7 $197.1 $110.6 Q2 FY2022 $198.6 $118.8 $317.4 $17.1 $1.3 $18.4 $335.8 $215.7 $120.1 Q3 $220.7 $128.3 $349.0 $16.9 $2.0 $19.0 $368.0 $237.7 $130.3 2 Q4 $268.9 $159.9 $428.8 $20.3 $3.1 $23.4 $452.2 $289.2 $163.0 25#26GAAP to Non-GAAP Reconciliations ($ 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 $10.6 -$0.4 $0.0 $10.2 FY2020 Q2 -$0.3 $0.1 $0.0 -$0.2 Q3 $2.3 -$0.3 $0.0 $2.0 Q4 -$28.4 -$1.0 $0.0 -$29.4 FY2020 -$28.4 -$1.0 $0.0 -$29.4 -24% Q1 -$45.1 -$4.0 -$0.4 -$49.5 -35% FY2021 Q2 Q4 Q3 -$39.6 -$48.7 -$39.6 -$4.6 -$1.0 -$45.2 -27% -$5.1 -$1.9 -$4.3 -29% -$2.9 -$55.6 -$46.8 -22% FY2021 -$39.6 -$4.3 -$2.9 -$46.8 -22% Q1 -$20.5 -$1.3 -$3.9 -$25.7 -11% FY2022 Q2 -$40.7 -$0.7 -$4.7 Q3 Q4 -$55.8 -$56.2 -18% -$0.2 -$5.7 -$46.2 -$61.6 -22% -$0.2 -$6.4 -$62.8 -20% 2 FY2022 -$56.2 -$0.2 -$6.4 -$62.8 -20% 26