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  "documentTitle": "HashiCorp | Investor Day Presentation Deck | 45 slides",
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  "authorName": "HashiCorp",
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  "presentationDate": "2023-10-01 00:00:00",
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      "text": "Quarterly Non-GAAP\nOI break even 2H FY25",
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      "text": "© 2023 HASHICORP",
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      "text": "1. HashiCorp has not reconciled its expectations as to mid-term and long-term non-GAAP gross margin, non-GAAP sales & marketing expense, research & development expense, non-GAAP general & administrative expense, non-GAAP operating margin, and non-GAAP TTM free cash flow margin to the most directly comparable GAAP measures. Due to the limited public trading history and significant volatility in the price of HashiCorp's common stock, certain items, which could be material, cannot be calculated without unreasonable efforts. In particular, the measures and effects of our stock-based compensation expense specific to our equity compensation awards and employer payroll tax-related items on employee stock transactions are directly impacted by the timing of employee stock transactions and unpredictable fluctuations in our stock price, which we expect to have a significant impact on our future GAAP financial results.\n2. Higher Cloud mix expected to normalize our Gross Margins in the High 70s.",
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      "text": "Metrics\nRevenue\nNon-GAAP Gross Margin\nSales & Marketing\nResearch & Development\nGeneral & Administrative\nOperating Margin\nTTM Free Cash Flow Margin\nFY2022 Actuals\n$321M\n85%\n64%\n30%\n18%\n-28%\n-20%\nFY2023 Actuals\n$476M\n85%\n63%\n31%\n17%\n-26%\n-20%\nFY2024 1H Actuals\n$281M\n83%\n58%\n32%\n15%\n-22%\n-10%\nFY2025\nLow-Mid 80s2\nHigh 40s\nMid 20s\nLow Teens\n(4%) -(6%)\n~5%\nLong-Term Targets¹\n$2B+\n78-80%\n28-30%\n18-20%\n6-8%\n20% +\n20% +",
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      "text": "Long-Term Model Outlook",
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