PALO ALTO, Calif.,
March 13, 2019 /PRNewswire/ -- Cloudera, Inc. (NYSE:
CLDR), the enterprise data cloud company, reported results for its
fourth quarter and fiscal year 2019, ended January 31, 2019.
Total revenue was $144.5 million, an
increase of 37% from the fourth quarter of fiscal 2018.
Subscription revenue was $123.0
million, an increase of 42% from the fourth quarter of
fiscal 2018.
"Our strong fourth quarter results showcase how customers are
already embracing the new Cloudera's vision, as evidenced by early
cross-sell motions to deliver data management and analytics from
the Edge to AI," said Tom Reilly,
chief executive officer, Cloudera. "Having completed the merger
with Hortonworks, we are now squarely focused on delivering a
powerful combined, integrated platform purpose-built for enterprise
customers. Enterprises want an enterprise data cloud, which offers
the flexibility of both hybrid and multi-cloud delivery, as well as
the versatility of multi-function analytics, all with common
security and governance. As the open source data management and
analytics standard, we believe Cloudera is uniquely positioned to
deliver these capabilities at the data layer, bring the enterprise
data cloud to our more than 2,000 customers and lead this new
market."
The merger with Hortonworks closed on January 3, 2019. As such, there is no comparative
year-over-year financial information for the combined company.
Unless otherwise stated, the information presented is on a combined
company basis under ASC 6061 and ASC
340-402.
GAAP loss from operations for the fourth quarter of fiscal 2019
was $87.0 million. For reference,
GAAP loss from operations for the fourth quarter of fiscal 2018 was
$38.1 million for standalone
Cloudera.
Non-GAAP loss from operations for the fourth quarter of fiscal
2019 was $30.2 million. For
reference, non-GAAP loss from operations for the fourth
quarter of fiscal 2018 was $9.0
million for standalone Cloudera.
Operating cash flow for the fourth quarter of fiscal 2019 was
$40.2 million. For reference,
operating cash flow for the fourth quarter of fiscal 2018 was
negative $22.0 million for standalone
Cloudera.
GAAP net loss per share for the fourth quarter of fiscal 2019
was $0.45 per share, based on
weighted-average shares outstanding of 190.4 million shares. For
reference, GAAP net loss per share for the fourth quarter of fiscal
2018 was $0.25 per share for
standalone Cloudera, based on weighted-average shares outstanding
of 142.9 million shares.
Non-GAAP net loss per share for the fourth quarter of fiscal
2019 was $0.15 per share, based on
weighted-average shares outstanding of 190.4 million shares. For
reference, non-GAAP net loss per share for the fourth quarter of
fiscal 2018 was $0.05 per share for
standalone Cloudera, based on weighted-average shares outstanding
of 142.9 million shares.
For fiscal year 2019, total revenue was $479.9 million and subscription revenue was
$406.3 million. The Hortonworks
business, which closed its fiscal year on December 31, 2018, and its books as a standalone
entity on January 2, 2019,
contributed $15 million of
subscription revenue to the combined company's results in fiscal
year 2019. For reference, standalone Cloudera year-over-year
subscription revenue growth for fiscal year 2019 was 29%.
GAAP loss from operations for fiscal year 2019 was $193.8 million. For reference, GAAP loss from
operations for fiscal year 2018 was $374.2
million for standalone Cloudera.
Non-GAAP loss from operations for fiscal year 2019 was
$67.3 million. For reference,
non-GAAP loss from operations fiscal year 2018 was $80.4 million for standalone Cloudera.
Operating cash flow for fiscal year 2019 was $34.3 million. For reference, operating cash flow
for fiscal year 2018 was negative $42.3
million for standalone Cloudera.
GAAP net loss per share for fiscal year 2019 was $1.21 per share, based on weighted-average shares
outstanding of 159.8 million shares. For reference, GAAP net loss
per share for fiscal year 2018 was $3.24 per share for standalone Cloudera, based on
weighted-average shares outstanding of 114.1 million shares.
Non-GAAP net loss per share for fiscal year 2019 was
$0.41 per share, based on
weighted-average shares outstanding of 159.8 million shares. For
reference, non-GAAP net loss per share for fiscal year 2018 was
$0.57 per share for standalone
Cloudera, based on non-GAAP weighted-average shares outstanding of
133.1 million shares.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial statement tables included in this press
release. An explanation of these measures is also included below
under the heading Non‑GAAP Financial Measures. See financial
statement tables below for additional information regarding
historical and forward-looking stock-based compensation expenses
and shares outstanding.
As of January 31, 2019, the Company had total cash, cash
equivalents, marketable securities and restricted cash of
$540.6 million.
Recent Business and Financial Highlights
Fourth Quarter Fiscal 2019:
- Adjusted annualized recurring revenue was $680.6 million, representing 24% year-over-year
growth
- Non-GAAP subscription gross margin for the quarter was 88%
- Operating cash flow was $40.2
million, including $23.0
million of merger-related payments
- Customers with annual recurring revenue greater than
$100,000 were 976, up more than 85 in
the period from October 3 (merger
announcement) to January 31,
2019
- Completed merger with Hortonworks, creating an open-source
powerhouse to build the industry's first enterprise data cloud from
the Edge to AI
- Cloudera was named among Leaders in Cloud Hadoop/Spark
Platforms Report by Independent Research Firm
Full Year Fiscal 2019:
- Total revenue was $479.9
million
- Subscription revenue was $406.3
million
- Non-GAAP subscription gross margin for the year was 88%
- Operating cash flow was positive for the fiscal year, a full
year ahead of schedule
Business Outlook
The outlook for the first quarter of fiscal 2020, ending
April 30, 2019, is:
- Total revenue in the range of $187
million to $190 million
- Subscription revenue in the range of $154 million to $156 million
- Non-GAAP net loss per share in the range of $0.25 to $0.22 per
share
- Weighted-average shares outstanding of approximately 271
million shares
The outlook for fiscal 2020, ending January 31, 2020, is:
- Total revenue in the range of $835
million to $855 million,
representing approximately 76% year-over-year growth
- Subscription revenue in the range of $695 million to $705
million, representing approximately 72% year-over-year
growth
- Operating cash flow in the range of negative $40 million to negative $30 million
- Non-GAAP net loss per share in the range of $0.36 to $0.32 per
share
- Weighted-average shares outstanding of approximately 279
million shares
- Adjusted ARR of $800 million to
$825 million, representing 18% to 21%
year-over-year growth
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors
to discuss its fourth quarter and full year fiscal 2019 results and
the outlook for its first quarter of fiscal 2020 and full year
fiscal 2020 at 2:00 p.m. Pacific Time
today. Participants can listen via webcast by visiting the Investor
Relations section of Cloudera's website. A replay of the webcast
will be available for two weeks following the call.
The conference call can also be accessed as follows:
- Participant Toll Free Number: +1-833-231-7247
- Participant International Number: +1-647-689-4091
- Conference ID: 2066939
1 Accounting
Standards Codification ("ASC") 606 "Revenue from Contracts with
Customers"
|
2 ASC 340-40 "Other
Assets and Deferred Costs - Contracts with Customers"
|
About Cloudera
At Cloudera, we believe that data can make what is impossible
today, possible tomorrow. We empower people to transform complex
data into clear and actionable insights. Cloudera delivers an
enterprise data cloud for any data, anywhere, from the Edge to AI.
Powered by the relentless innovation of the open source community,
Cloudera advances digital transformation for the world's largest
enterprises. Learn more at cloudera.com.
Connect with Cloudera
About Cloudera:
cloudera.com/about-cloudera.html
Read our VISION blog: vision.cloudera.com/ and Engineering blog:
blog.cloudera.com/
Follow us on Twitter: twitter.com/cloudera and LinkedIn:
linkedin.com/cloudera/
Visit us on Facebook: facebook.com/cloudera
See us on YouTube: youtube.com/user/clouderahadoop
Join the Cloudera Community: community.cloudera.com
Read about our customers' successes:
cloudera.com/customers.html
Cloudera and associated marks are trademarks or
registered trademarks of Cloudera, Inc. All other company and
product names may be trademarks of their respective owners.
Forward-Looking Statements
Statements in this press release that are not historical in nature
are forward-looking statements that, within the meaning of the
federal securities laws including the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, involve known and
unknown risks and uncertainties. Words such as "may", "will",
"expect", "intend", "plan", "believe", "seek", "could", "estimate",
"judgment", "targeting", "should", "anticipate", "goal" and
variations of these words and similar expressions, are also
intended to identify forward-looking statements. The
forward-looking statements in this press release address a variety
of subjects, including anticipated benefits from the merger with
Hortonworks and our "Business Outlook" for our first quarter of
fiscal 2020 and our full year fiscal 2020 operating results.
Readers are cautioned that actual results could differ materially
from those implied by such forward-looking statements due to a
variety of factors, including global economic conditions,
competitive pressures and pricing declines, intellectual property
infringement claims, and other risks or uncertainties that are
described under the caption "Risk Factors" in our Quarterly Report
on Form 10-Q filed with the Securities and Exchange Commission
(SEC), and in our other SEC filings, including in a registration
statement on Form S-4 containing a joint proxy statement/prospectus
of Cloudera and Hortonworks. Although we believe the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, we can give no assurances that our
expectations will be attained. We undertake no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Non-GAAP Financial Measures
We report all financial information required in accordance with
U.S. generally accepted accounting principles (GAAP). To supplement
our unaudited condensed consolidated financial statements presented
in accordance with GAAP, we use certain non-GAAP measures of
financial performance. The presentation of these non-GAAP financial
measures is not intended to be considered in isolation from, as a
substitute for, or superior to, the financial information prepared
and presented in accordance with GAAP, and may be different from
non-GAAP financial measures used by other companies. In addition,
these non-GAAP measures have limitations in that they do not
reflect all of the amounts associated with the results of our
operations as determined in accordance with GAAP. The non-GAAP
financial measures used by us include non-GAAP subscription gross
margins, non-GAAP loss from operations, non-GAAP operating margin,
non-GAAP net loss, and historical and forward-looking non-GAAP net
loss per share. These non-GAAP financial measures exclude
stock-based compensation, acquisition- and disposition-related
expenses (if any), and amortization of acquired intangible assets
from the Cloudera unaudited condensed consolidated statement of
operations. In addition, we use non-GAAP weighted-average shares
outstanding to calculate non-GAAP net loss per share. This non-GAAP
measure includes the impact of anti-dilutive restricted stock units
and stock options outstanding, on a weighted basis.
For a description of these items, including the reasons why
management adjusts for them, and reconciliations of historical
non-GAAP financial measures to the most directly comparable GAAP
financial measures, please see the section of the accompanying
tables titled "Use of Non-GAAP Financial Information" as well as
the related tables that precede it. We may consider whether other
significant non-recurring items that arise in the future should
also be excluded in calculating the non-GAAP financial measures we
use.
We believe that these non-GAAP financial measures, when taken
together with the corresponding GAAP financial measures, provide
meaningful supplemental information regarding our performance by
excluding certain items that may not be indicative of our core
business, operating results or future outlook. Management uses, and
believes that investors benefit from referring to, these non-GAAP
financial measures in assessing our operating results, as well as
when planning, forecasting and analyzing future periods. We use
these non‑GAAP financial measures in conjunction with traditional
GAAP measures to communicate with our board of directors concerning
our financial performance. These non-GAAP financial measures also
facilitate comparisons of our performance to prior periods.
Adjusted Annualized Recurring Revenue
Adjusted annualized recurring revenue ("adjusted ARR") is a
non-GAAP performance metric, which we will use to assess the health
and trajectory of our business. We intend to disclose contracted
quarter-end ARR when all information becomes available. Until this
work can be completed, we are providing annualized recurring
revenue based on reported subscription revenue, or adjusted ARR.
Adjusted ARR equals quarterly GAAP subscription revenue adjusted to
(1) add Hortonworks' quarterly results, (2) subtract Hortonworks'
post-merger results (in the case of Q4 fiscal 2019 only), (3)
reverse the effects of purchase price adjustments, and (4) subtract
non-recurring partner-related revenue and subscription revenue with
certain related parties, multiplied by four quarters to annualize.
For the fourth quarter of fiscal 2019, and the comparative period a
year ago, adjusted ARR, as reconciled to GAAP results, was as
follows, in millions:
|
|
Fourth quarter
of
|
|
Fourth quarter
of
|
|
|
|
Fiscal
2019
|
|
Fiscal
2018
|
|
GAAP quarterly
subscription revenue
|
|
$
|
123.0
|
|
|
$
|
86.8
|
|
|
Adjustments for
Hortonworks revenue, non-recurring partner revenue and revenue from
related parties
|
|
$
|
47.2
|
|
(1)
|
$
|
50.0
|
|
(2)
|
Subtotal
|
|
$
|
170.2
|
|
|
$
|
136.8
|
|
|
Adjusted
ARR
|
|
$
|
680.8
|
|
|
$
|
547.2
|
|
|
|
|
(1)
|
The adjustment amount
related to Hortonworks represents the pre-merger Hortonworks
quarterly subscription revenue for the three month period ended
December 31, 2018 less the post-merger quarterly subscription
revenue from Hortonworks from January 3, 2019 to January 31, 2019
included in the GAAP quarterly subscription revenue for the fourth
quarter of fiscal 2019. This revenue amount is presented under ASC
606.
|
|
|
(2)
|
The adjustment amount
related to Hortonworks represents the pre-merger Hortonworks
quarterly subscription revenue for the three month period ended
December 31, 2017. This revenue amount is presented under ASC 605
as Hortonworks adopted ASC 606 under the modified retrospective
approach on January 1, 2018. The difference between ASC 606 and ASC
605 for this period is not material.
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
123,015
|
|
|
$
|
86,828
|
|
|
$
|
406,333
|
|
|
$
|
302,617
|
|
Services
|
21,500
|
|
|
18,907
|
|
|
73,608
|
|
|
69,676
|
|
Total
revenue
|
144,515
|
|
|
105,735
|
|
|
479,941
|
|
|
372,293
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
18,565
|
|
|
14,729
|
|
|
63,329
|
|
|
70,902
|
|
Services
|
22,090
|
|
|
18,098
|
|
|
72,785
|
|
|
87,133
|
|
Total cost of
revenue
|
40,655
|
|
|
32,827
|
|
|
136,114
|
|
|
158,035
|
|
Gross
profit
|
103,860
|
|
|
72,908
|
|
|
343,827
|
|
|
214,258
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
52,787
|
|
|
38,925
|
|
|
173,814
|
|
|
215,695
|
|
Sales and
marketing
|
82,918
|
|
|
56,520
|
|
|
253,164
|
|
|
287,196
|
|
General and
administrative
|
55,120
|
|
|
15,548
|
|
|
110,613
|
|
|
85,539
|
|
Total operating
expenses
|
190,825
|
|
|
110,993
|
|
|
537,591
|
|
|
588,430
|
|
Loss from
operations
|
(86,965)
|
|
|
(38,085)
|
|
|
(193,764)
|
|
|
(374,172)
|
|
Interest income,
net
|
2,591
|
|
|
1,560
|
|
|
9,011
|
|
|
5,150
|
|
Other income
(expense), net
|
676
|
|
|
1,080
|
|
|
(2,478)
|
|
|
1,429
|
|
Net loss before
provision for income taxes
|
(83,698)
|
|
|
(35,445)
|
|
|
(187,231)
|
|
|
(367,593)
|
|
Provision for income
taxes
|
(1,823)
|
|
|
(869)
|
|
|
(5,418)
|
|
|
(2,079)
|
|
Net loss
|
$
|
(85,521)
|
|
|
$
|
(36,314)
|
|
|
$
|
(192,649)
|
|
|
$
|
(369,672)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.45)
|
|
|
$
|
(0.25)
|
|
|
$
|
(1.21)
|
|
|
$
|
(3.24)
|
|
Weighted-average
shares used in computing net loss per share, basic and
diluted
|
190,408
|
|
|
142,857
|
|
|
159,816
|
|
|
114,141
|
|
|
|
(1) Amounts include stock‑based compensation expense as
follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of
revenue – subscription
|
$
|
2,899
|
|
|
$
|
2,683
|
|
|
$
|
9,959
|
|
|
$
|
24,826
|
|
Cost of
revenue – services
|
3,952
|
|
|
3,429
|
|
|
11,492
|
|
|
31,843
|
|
Research and
development
|
15,428
|
|
|
10,004
|
|
|
41,430
|
|
|
100,143
|
|
Sales and
marketing
|
13,637
|
|
|
7,672
|
|
|
27,918
|
|
|
90,420
|
|
General and
administrative
|
13,718
|
|
|
4,538
|
|
|
26,566
|
|
|
42,774
|
|
Total stock‑based compensation expense
|
$
|
49,634
|
|
|
$
|
28,326
|
|
|
$
|
117,365
|
|
|
$
|
290,006
|
|
|
|
(2) Amounts include amortization of acquired intangible
assets as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of
revenue – subscription
|
$
|
1,385
|
|
|
$
|
622
|
|
|
$
|
3,251
|
|
|
$
|
2,230
|
|
Sales and
marketing
|
5,773
|
|
|
178
|
|
|
5,878
|
|
|
1,493
|
|
Total
amortization of acquired intangible assets
|
$
|
7,158
|
|
|
$
|
800
|
|
|
$
|
9,129
|
|
|
$
|
3,723
|
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(as a percentage
of total revenue)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
85
|
%
|
|
82
|
%
|
|
85
|
%
|
|
81
|
%
|
Services
|
15
|
|
|
18
|
|
|
15
|
|
|
19
|
|
Total
revenue
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
13
|
|
|
14
|
|
|
13
|
|
|
19
|
|
Services
|
15
|
|
|
17
|
|
|
15
|
|
|
23
|
|
Total cost of
revenue
|
28
|
|
|
31
|
|
|
28
|
|
|
42
|
|
Gross
profit
|
72
|
|
|
69
|
|
|
72
|
|
|
58
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
37
|
|
|
37
|
|
|
36
|
|
|
58
|
|
Sales and
marketing
|
57
|
|
|
53
|
|
|
53
|
|
|
77
|
|
General and
administrative
|
38
|
|
|
15
|
|
|
23
|
|
|
23
|
|
Total operating
expenses
|
132
|
|
|
105
|
|
|
112
|
|
|
158
|
|
Loss from
operations
|
(60)
|
|
|
(36)
|
|
|
(40)
|
|
|
(100)
|
|
Interest income,
net
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
Other income
(expense), net
|
—
|
|
|
1
|
|
|
(1)
|
|
|
1
|
|
Net loss before
provision for income taxes
|
(58)
|
|
|
(33)
|
|
|
(39)
|
|
|
(98)
|
|
Provision for income
taxes
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
Net loss
|
(59)
|
%
|
|
(34)
|
%
|
|
(40)
|
%
|
|
(99)
|
%
|
|
(1) Amounts include stock‑based compensation expense as a
percentage of total revenue as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of
revenue – subscription
|
2
|
%
|
|
3
|
%
|
|
2
|
%
|
|
7
|
%
|
Cost of
revenue – services
|
3
|
|
|
3
|
|
|
2
|
|
|
9
|
|
Research and
development
|
11
|
|
|
9
|
|
|
9
|
|
|
27
|
|
Sales and
marketing
|
9
|
|
|
7
|
|
|
6
|
|
|
24
|
|
General and
administrative
|
9
|
|
|
4
|
|
|
6
|
|
|
11
|
|
Total
stock-based compensation expense
|
34
|
%
|
|
26
|
%
|
|
25
|
%
|
|
78
|
%
|
|
(2)
Amounts include amortization of acquired intangible assets as a
percentage of total revenue as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of
revenue – subscription
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Sales and
marketing
|
4
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Total
amortization of acquired intangible assets
|
5
|
%
|
|
1
|
%
|
|
2
|
%
|
|
1
|
%
|
Cloudera,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
January 31,
2019
|
|
January 31,
2018
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
158,672
|
|
|
$
|
43,247
|
|
Short-term marketable
securities
|
322,005
|
|
|
327,842
|
|
Accounts receivable,
net
|
242,980
|
|
|
130,318
|
|
Contract
assets
|
4,824
|
|
|
2,933
|
|
Deferred
costs
|
32,100
|
|
|
22,278
|
|
Prepaid expenses and
other current assets
|
38,281
|
|
|
31,470
|
|
Total current
assets
|
798,862
|
|
|
558,088
|
|
Property and
equipment, net
|
27,619
|
|
|
17,600
|
|
Marketable
securities, noncurrent
|
56,541
|
|
|
71,580
|
|
Intangible assets,
net
|
679,326
|
|
|
5,855
|
|
Goodwill
|
586,456
|
|
|
33,621
|
|
Deferred costs,
noncurrent
|
36,913
|
|
|
37,703
|
|
Restricted
cash
|
3,367
|
|
|
18,052
|
|
Other
assets
|
7,559
|
|
|
9,312
|
|
TOTAL
ASSETS
|
$
|
2,196,643
|
|
|
$
|
751,811
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
|
8,185
|
|
|
$
|
2,722
|
|
Accrued
compensation
|
53,590
|
|
|
41,393
|
|
Other contract
liabilities
|
17,177
|
|
|
9,284
|
|
Other accrued
liabilities
|
24,548
|
|
|
12,971
|
|
Deferred revenue,
current portion
|
390,965
|
|
|
210,577
|
|
Total current
liabilities
|
494,465
|
|
|
276,947
|
|
Deferred revenue,
less current portion
|
116,604
|
|
|
26,823
|
|
Other contract
liabilities, less current portion
|
1,296
|
|
|
3,266
|
|
Other
liabilities
|
22,209
|
|
|
16,601
|
|
TOTAL
LIABILITIES
|
634,574
|
|
|
323,637
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Common
stock
|
13
|
|
|
7
|
|
Additional paid-in
capital
|
2,711,340
|
|
|
1,385,592
|
|
Accumulated other
comprehensive loss
|
(42)
|
|
|
(832)
|
|
Accumulated
deficit
|
(1,149,242)
|
|
|
(956,593)
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
1,562,069
|
|
|
428,174
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
2,196,643
|
|
|
$
|
751,811
|
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net loss
|
$
|
(85,521)
|
|
|
$
|
(36,314)
|
|
|
$
|
(192,649)
|
|
|
$
|
(369,672)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
9,669
|
|
|
2,407
|
|
|
17,428
|
|
|
12,102
|
|
Stock-based
compensation
|
49,634
|
|
|
28,326
|
|
|
117,365
|
|
|
290,006
|
|
Accretion and
amortization of marketable securities
|
(745)
|
|
|
(145)
|
|
|
(1,406)
|
|
|
512
|
|
Amortization of
deferred costs
|
8,840
|
|
|
6,237
|
|
|
30,634
|
|
|
23,284
|
|
Gain on disposal of
fixed assets
|
(3)
|
|
|
—
|
|
|
(25)
|
|
|
(111)
|
|
Release of deferred
tax valuation allowance
|
—
|
|
|
—
|
|
|
—
|
|
|
(806)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
16,070
|
|
|
(64,202)
|
|
|
54,231
|
|
|
(28,780)
|
|
Contract
assets
|
(4,712)
|
|
|
(2,793)
|
|
|
(1,891)
|
|
|
(285)
|
|
Prepaid expenses and
other assets
|
8,149
|
|
|
(10,735)
|
|
|
16,497
|
|
|
(16,194)
|
|
Deferred
costs
|
(18,246)
|
|
|
(11,546)
|
|
|
(39,665)
|
|
|
(34,557)
|
|
Accounts
payable
|
3,234
|
|
|
1,659
|
|
|
3,795
|
|
|
(667)
|
|
Accrued
compensation
|
(10,928)
|
|
|
6,410
|
|
|
(17,962)
|
|
|
5,179
|
|
Accrued expenses and
other liabilities
|
1,203
|
|
|
(1,323)
|
|
|
5,413
|
|
|
7,664
|
|
Total contract
liabilities(*)
|
63,603
|
|
|
60,033
|
|
|
42,508
|
|
|
70,057
|
|
Net cash
provided by (used in) operating activities
|
40,247
|
|
|
(21,986)
|
|
|
34,273
|
|
|
(42,268)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
marketable securities and other investments
|
(93,823)
|
|
|
(106,172)
|
|
|
(462,737)
|
|
|
(620,329)
|
|
Sales of marketable
securities and other investments
|
20,693
|
|
|
21,633
|
|
|
56,702
|
|
|
79,069
|
|
Maturities of
marketable securities and other investments
|
89,275
|
|
|
87,820
|
|
|
435,478
|
|
|
321,552
|
|
Cash used in business
combinations, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,937)
|
|
Cash acquired in
business combination
|
42,557
|
|
|
—
|
|
|
42,557
|
|
|
—
|
|
Capital
expenditures
|
(766)
|
|
|
(3,949)
|
|
|
(10,086)
|
|
|
(12,954)
|
|
Proceeds from sale of
equipment
|
16
|
|
|
—
|
|
|
45
|
|
|
145
|
|
Net cash
provided by (used in) investing activities
|
57,952
|
|
|
(668)
|
|
|
61,959
|
|
|
(234,454)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Net proceeds from
issuance of common stock in initial public offering
|
—
|
|
|
—
|
|
|
—
|
|
|
237,422
|
|
Net proceeds from
issuance of common stock in follow-on offering
|
—
|
|
|
(795)
|
|
|
—
|
|
|
46,008
|
|
Taxes paid related to
net share settlement of restricted stock units
|
(7,736)
|
|
|
(9,278)
|
|
|
(16,218)
|
|
|
(59,781)
|
|
Proceeds from
employee stock plans
|
3,084
|
|
|
12,452
|
|
|
21,844
|
|
|
23,673
|
|
Net cash
provided by (used in) financing activities
|
(4,652)
|
|
|
2,379
|
|
|
5,626
|
|
|
247,322
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
508
|
|
|
727
|
|
|
(1,118)
|
|
|
1,067
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
94,055
|
|
|
(19,548)
|
|
|
100,740
|
|
|
(28,333)
|
|
Cash, cash
equivalents and restricted cash — Beginning of period
|
67,984
|
|
|
80,847
|
|
|
61,299
|
|
|
89,632
|
|
Cash, cash
equivalents and restricted cash — End of period
|
$
|
162,039
|
|
|
$
|
61,299
|
|
|
$
|
162,039
|
|
|
$
|
61,299
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
$
|
1,706
|
|
|
$
|
854
|
|
|
$
|
4,775
|
|
|
$
|
2,694
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property
and equipment in accounts payable and other accrued
liabilities
|
$
|
208
|
|
|
$
|
1,130
|
|
|
$
|
208
|
|
|
$
|
1,130
|
|
Fair value of common
stock issued as consideration for business combinations
|
$
|
1,154,230
|
|
|
$
|
—
|
|
|
$
|
1,154,230
|
|
|
$
|
2,081
|
|
Fair value of
share-based compensation awards assumed
|
$
|
48,197
|
|
|
$
|
—
|
|
|
$
|
48,197
|
|
|
$
|
—
|
|
Conversion of
redeemable convertible preferred stock to common stock
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
657.687
|
|
|
(*) Total contract
liabilities include deferred revenue, current and noncurrent and
other contract liabilities, current and noncurrent.
|
Use of Non-GAAP Financial Information
In addition to the reasons stated under "Non-GAAP Financial
Measures" above, which are generally applicable to each of the
items Cloudera excludes from its non-GAAP financial measures,
Cloudera believes it is appropriate to exclude or give effect to
certain items for the following reasons:
- Stock-based compensation expense. We exclude stock-based
compensation expense from our non-GAAP financial measures
consistent with how we evaluate our operating results and prepare
our operating plans, forecasts and budgets. Further, when
considering the impact of equity award grants, we focus on overall
stockholder dilution rather than the accounting charges associated
with such equity grants. The exclusion of the expense facilitates
the comparison of results and business outlook for future periods
with results for prior periods in order to better understand the
long term performance of our business.
- Amortization of acquired intangible assets. We exclude
the amortization of acquired intangible assets from our non-GAAP
financial measures. Although the purchase accounting for an
acquisition necessarily reflects the accounting value assigned to
intangible assets, our management team excludes the GAAP impact of
acquired intangible assets when evaluating our operating results.
Likewise, our management team excludes amortization of acquired
intangible assets from our operating plans, forecasts and budgets.
The exclusion of the expense facilitates the comparison of results
and business outlook for future periods with results for prior
periods in order to better understand the long term performance of
our business.
- Assumed preferred stock conversion. For periods prior to
the closing of our initial public offering (IPO) on May 3, 2017, we give effect to the automatic
conversion of all outstanding shares of preferred stock to common
stock, as if such conversion had occurred at the beginning of the
period, in our calculations of non-GAAP weighted-average shares,
diluted, and non-GAAP net loss per share, diluted. The inclusion of
these shares facilitates the comparison of results and business
outlook for future periods with results for prior periods in order
to better understand the long term performance of our
business.
- Assumed IPO issuance. We include the common shares
issued in our IPO, on a weighted basis, as if the shares were
issued on the date of our effectiveness. Our IPO was effective in
the first quarter of fiscal 2018 and closed in the second quarter
of fiscal 2018.
Cloudera,
Inc.
|
Three Months Ended
January 31, 2019
|
GAAP Results
Reconciled to non-GAAP Results
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Stock-based
compensation
expense
|
|
Amortization
of acquired
intangible
assets
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
18,565
|
|
|
$
|
(2,899)
|
|
|
$
|
(1,385)
|
|
|
$
|
14,281
|
|
Subscription gross
margin
|
85
|
%
|
|
2
|
%
|
|
1
|
%
|
|
88
|
%
|
Cost of revenue-
Services
|
22,090
|
|
|
(3,952)
|
|
|
—
|
|
|
18,138
|
|
Services gross
margin
|
(3)
|
%
|
|
18
|
%
|
|
—
|
%
|
|
16
|
%
|
Gross
profit
|
103,860
|
|
|
6,851
|
|
|
1,385
|
|
|
112,096
|
|
Total gross
margin
|
72
|
%
|
|
5
|
%
|
|
1
|
%
|
|
78
|
%
|
Research and
development
|
52,787
|
|
|
(15,428)
|
|
|
—
|
|
|
37,359
|
|
Sales and
marketing
|
82,918
|
|
|
(13,637)
|
|
|
(5,773)
|
|
|
63,508
|
|
General and
administrative
|
55,120
|
|
|
(13,718)
|
|
|
—
|
|
|
41,402
|
|
Loss from
operations
|
(86,965)
|
|
|
49,634
|
|
|
7,158
|
|
|
(30,173)
|
|
Operating
margin
|
(60)
|
%
|
|
34
|
%
|
|
5
|
%
|
|
(21)
|
%
|
Net loss
|
(85,521)
|
|
|
49,634
|
|
|
7,158
|
|
|
(28,729)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.45)
|
|
|
$
|
0.26
|
|
|
$
|
0.04
|
|
|
$
|
(0.15)
|
|
Cloudera,
Inc.
|
Three Months Ended
January 31, 2018
|
GAAP Results
Reconciled to non-GAAP Results
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Stock-based
compensation
expense
|
|
Amortization
of acquired
intangible
assets
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
14,729
|
|
|
$
|
(2,683)
|
|
|
$
|
(622)
|
|
|
$
|
11,424
|
|
Subscription gross
margin
|
83
|
%
|
|
3
|
%
|
|
1
|
%
|
|
87
|
%
|
Cost of revenue-
Services
|
18,098
|
|
|
(3,429)
|
|
|
—
|
|
|
14,669
|
|
Services gross
margin
|
4
|
%
|
|
18
|
%
|
|
—
|
%
|
|
22
|
%
|
Gross
profit
|
72,908
|
|
|
6,112
|
|
|
622
|
|
|
79,642
|
|
Total gross
margin
|
69
|
%
|
|
6
|
%
|
|
1
|
%
|
|
75
|
%
|
Research and
development
|
38,925
|
|
|
(10,004)
|
|
|
—
|
|
|
28,921
|
|
Sales and
marketing
|
56,520
|
|
|
(7,672)
|
|
|
(178)
|
|
|
48,670
|
|
General and
administrative
|
15,548
|
|
|
(4,538)
|
|
|
—
|
|
|
11,010
|
|
Loss from
operations
|
(38,085)
|
|
|
28,326
|
|
|
800
|
|
|
(8,959)
|
|
Operating
margin
|
(36)
|
%
|
|
27
|
%
|
|
1
|
%
|
|
(8)
|
%
|
Net loss
|
(36,314)
|
|
|
28,326
|
|
|
800
|
|
|
(7,188)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.25)
|
|
|
$
|
0.20
|
|
|
$
|
0.01
|
|
|
$
|
(0.05)
|
|
Cloudera,
Inc.
|
Twelve Months
Ended January 31, 2019
|
GAAP Results
Reconciled to non-GAAP Results
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Stock-based
compensation
expense
|
|
Amortization
of acquired
intangible
assets
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
63,329
|
|
|
$
|
(9,959)
|
|
|
$
|
(3,251)
|
|
|
$
|
50,119
|
|
Subscription gross
margin
|
84
|
%
|
|
2
|
%
|
|
1
|
%
|
|
88
|
%
|
Cost of revenue-
Services
|
72,785
|
|
|
(11,492)
|
|
|
—
|
|
|
61,293
|
|
Services gross
margin
|
1
|
%
|
|
16
|
%
|
|
—
|
%
|
|
17
|
%
|
Gross
profit
|
343,827
|
|
|
21,451
|
|
|
3,251
|
|
|
368,529
|
|
Total gross
margin
|
72
|
%
|
|
4
|
%
|
|
1
|
%
|
|
77
|
%
|
Research and
development
|
173,814
|
|
|
(41,430)
|
|
|
—
|
|
|
132,384
|
|
Sales and
marketing
|
253,164
|
|
|
(27,918)
|
|
|
(5,878)
|
|
|
219,368
|
|
General and
administrative
|
110,613
|
|
|
(26,566)
|
|
|
—
|
|
|
84,047
|
|
Loss from
operations
|
(193,764)
|
|
|
117,365
|
|
|
9,129
|
|
|
(67,270)
|
|
Operating
margin
|
(40)
|
%
|
|
24
|
%
|
|
2
|
%
|
|
(14)
|
%
|
Net Loss
|
(192,649)
|
|
|
117,365
|
|
|
9,129
|
|
|
(66,155)
|
|
Net loss per share,
basic and diluted
|
$
|
(1.21)
|
|
|
$
|
0.73
|
|
|
$
|
0.06
|
|
|
$
|
(0.41)
|
|
Cloudera,
Inc.
|
Twelve Months
Ended January 31, 2018
|
GAAP Results
Reconciled to non-GAAP Results
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Stock-based
compensation
expense
|
|
Amortization
of acquired
intangible
assets
|
|
Non-GAAP
weighted-
average
shares
outstanding
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
70,902
|
|
|
$
|
(24,826)
|
|
|
$
|
(2,230)
|
|
|
$
|
—
|
|
|
$
|
43,846
|
|
Subscription gross
margin
|
77
|
%
|
|
8
|
%
|
|
1
|
%
|
|
—
|
%
|
|
86
|
%
|
Cost of revenue-
Services
|
87,133
|
|
|
(31,843)
|
|
|
—
|
|
|
—
|
|
|
55,290
|
|
Services gross
margin
|
(25)
|
%
|
|
46
|
%
|
|
—
|
%
|
|
—
|
%
|
|
21
|
%
|
Gross
profit
|
214,258
|
|
|
56,669
|
|
|
2,230
|
|
|
—
|
|
|
273,157
|
|
Total gross
margin
|
58
|
%
|
|
15
|
%
|
|
1
|
%
|
|
—
|
%
|
|
73
|
%
|
Research and
development
|
215,695
|
|
|
(100,143)
|
|
|
—
|
|
|
—
|
|
|
115,552
|
|
Sales and
marketing
|
287,196
|
|
|
(90,420)
|
|
|
(1,493)
|
|
|
—
|
|
|
195,283
|
|
General and
administrative
|
85,539
|
|
|
(42,774)
|
|
|
—
|
|
|
—
|
|
|
42,765
|
|
Loss from
operations
|
(374,172)
|
|
|
290,006
|
|
|
3,723
|
|
|
—
|
|
|
(80,443)
|
|
Operating
margin
|
(100)
|
%
|
|
78
|
%
|
|
1
|
%
|
|
—
|
%
|
|
(22)
|
%
|
Net Loss
|
(369,672)
|
|
|
290,006
|
|
|
3,723
|
|
|
—
|
|
|
(75,943)
|
|
Net loss per share,
basic and diluted (1)
|
$
|
(3.24)
|
|
|
$
|
2.54
|
|
|
$
|
0.03
|
|
|
$
|
0.10
|
|
|
$
|
(0.57)
|
|
|
|
(1)
See below for a reconciliation of
weighted-average shares outstanding used to calculate non-GAAP net
loss per share
|
GAAP
weighted-average shares reconciled to non-GAAP weighted-average
shares
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Years Ended
January 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
GAAP weighted-average
shares, basic and diluted
|
190,408
|
|
|
142,857
|
|
|
159,816
|
|
|
114,141
|
|
Assumed preferred
stock conversion
|
—
|
|
|
—
|
|
|
—
|
|
|
18,676
|
|
Assumed IPO
issuance
|
—
|
|
|
—
|
|
|
—
|
|
|
236
|
|
Non-GAAP
weighted-average shares, diluted
|
190,408
|
|
|
142,857
|
|
|
159,816
|
|
|
133,053
|
|
Cloudera,
Inc.
|
Reconciliation of
non-GAAP Financial Guidance
|
(unaudited)
|
|
|
Fiscal
2020
|
(in
millions)
|
Q1
|
|
FY
|
GAAP net
loss
|
($130) -
($122)
|
|
|
($364) -
($353)
|
|
Stock-based
compensation expense (1)
|
42
|
|
|
184
|
|
Amortization of
acquired intangible assets
|
20
|
|
|
80
|
|
Non-GAAP net
loss
|
($68) -
($60)
|
|
|
($100) -
($89)
|
|
|
(1) Stock-based
compensation expense is impacted by variables such as stock price
and employee behavior, each of which are inherently difficult to
forecast. As a result, the guidance presented above is
subject to a number of uncertainties and assumptions that may cause
actual results to differ materially.
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cloudera-reports-fourth-quarter-and-fiscal-year-2019-financial-results-300811971.html
SOURCE Cloudera, Inc.