PALO ALTO, Calif., June 8, 2017 /PRNewswire/ -- Cloudera (NYSE:
CLDR), provider of the leading global platform for machine learning
and advanced analytics, today reported results for its first
quarter fiscal 2018, ended April 30,
2017. Total revenue was $79.6
million, an increase of 41% from the first quarter fiscal
2017. Subscription revenue was $64.7
million, an increase of 59% from the year-ago period.
Subscription revenue represented 81% of total revenue, up from 72%
in first quarter fiscal 2017.
"We had a strong first quarter as a public company, making
progress against many of our key objectives," said Tom Reilly, chief executive officer at Cloudera.
"We are proud of the role that Cloudera is playing in helping solve
some of the world's most challenging problems through data. In Q1,
we continued our innovation leadership in machine learning with the
introduction of Cloudera Data Science Workbench, in IoT with the
general availability of Apache Kudu and in cloud analytics with our
first Platform-as-a-Service offering, Cloudera Altus. In addition,
I am pleased with the success that our customers are experiencing
in becoming data- and insight-driven enterprises and its
corresponding effect on our business with our net expansion rate of
142% for the quarter."
GAAP loss from operations for the first quarter fiscal 2018 was
$222.3 million, compared to a GAAP
loss from operations of $43.5 million
for the first quarter fiscal 2017. Non-GAAP loss from operations
for the quarter was $30.3 million,
compared to a non-GAAP loss from operations of $37.0 million in the year-ago period.
Operating cash flow for the quarter was positive $5.0 million compared to operating cash flow of
negative $23.6 million in the first
quarter fiscal 2017. Our generation of positive operating cash flow
in the quarter was driven by strong collections and continued
improvement in operating efficiencies.
Based on weighted-average shares outstanding of 38.5 million
shares, GAAP net loss per share for the first quarter fiscal 2018
was $5.78 per share, compared to a
GAAP net loss per share in the first quarter fiscal 2017 of
$1.20 per share, based on
weighted-average shares outstanding of 35.9 million shares. First
quarter fiscal 2018 GAAP operating results included a $191.1 million stock-based compensation
charge primarily due to achievement of the liquidity event vesting
condition for the majority of RSUs granted to employees as well as
$0.9 million relating to the
amortization of acquired intangible assets. Collectively, the
impact on net loss per share was negative $4.99 per share. Operating results for the same
period a year ago included stock-based compensation expense of
$5.7 million and amortization of
acquired intangible assets of $0.9
million. First quarter fiscal 2018 GAAP net loss per share
was impacted by the timing of our initial public offering as the
offering became effective in the first quarter and closed in the
second quarter fiscal 2018. See tables below for additional
information regarding historical and forward-looking stock-based
compensation expenses and shares outstanding.
Based on non-GAAP weighted-average shares outstanding of 114.0
million shares, non-GAAP net loss per share for the first quarter
fiscal 2018 was $0.27 per share,
compared to non-GAAP net loss per share in the first quarter fiscal
2017 of $0.33 per share, based on
non-GAAP weighted-average shares outstanding of 110.8 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."
As of April 30, 2017, the company
had total cash, cash equivalents, marketable securities and
restricted cash of $275.3 million,
excluding initial public offering net proceeds of $233.0 million.
Recent Business and Financial Highlights
- Subscription revenue was up 59% year-over-year to $64.7 million
- Subscription revenue represented 81% of total revenue, up from
72% in year-ago period
- Non-GAAP subscription gross margin for the quarter was 84%, 500
basis points higher than first quarter fiscal 2017
- Dollar-based net expansion rate was 142% for the quarter
- Introduced Cloudera Data Science Workbench, a self-service data
science environment that enables data scientists to build, scale
and deploy machine learning solutions using the most popular
programming languages and deep learning frameworks
- Launched Apache Kudu, an open source datastore designed for
real-time IoT, time series and database applications
- Announced Cloudera Altus, our first Platform-as-a-Service
offering -- designed to deliver the speed, convenience and
elasticity of public cloud infrastructure, easing the creation for
Cloudera customers of new cloud workloads and accelerating the
migration of existing workloads to Cloudera's platform running in
the cloud
- Launched Solutions Gallery on our company website, featuring
more than 100 business solutions built by partners on our
platform
Business Outlook
The outlook for the second quarter fiscal 2018, ending
July 31, 2017, is:
- Total revenue in the range of $85 to $86
million, representing 32% to 33% year-over-year growth
- Subscription revenue in the range of $70
million to $71 million, representing 38% to 40%
year-over-year growth
- Operating cash flow in the range of negative $30 million to $27 million
- Non-GAAP net loss per share in the range of $0.26 to $0.24 per share
- Non-GAAP weighted-average shares outstanding of approximately
137 million shares
The outlook for fiscal 2018, ending January 31, 2018, is:
- Total revenue in the range of $345
million to $350 million, representing 32% to 34%
year-over-year growth
- Subscription revenue in the range of $280 million to $285 million, representing 40% to
42% year-over-year growth
- Operating cash flow in the range of negative $72 million to $68 million
- Non-GAAP net loss per share in the range of $1.07 to $1.04 per share
- Non-GAAP weighted-average shares outstanding of approximately
133 million shares
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors
to discuss its first quarter fiscal 2018 results and the outlook
for its second quarter fiscal 2018 and fiscal 2018 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 Dial-In Number: +1-877-201-0168
- Participant International Dial-In Number: +1-647-788-4901
- Conference ID: 25758133
About Cloudera
Cloudera delivers the modern platform
for machine learning and advanced analytics, built on the latest
open source technologies. The world's leading organizations trust
Cloudera to help solve their most challenging business problems by
efficiently capturing, storing, processing and analyzing vast
amounts of data. Learn more at cloudera.com.
Connect with Cloudera
About Cloudera:
http://www.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
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 the "Business Outlook" for our second
quarter fiscal 2018 and fiscal 2018 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 the final prospectus pursuant to Rule
424(b)(4) filed with the Securities and Exchange Commission, or the
SEC, on April 28, 2017 and in our
other SEC filings. 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 forward-looking non-GAAP
gross margins,historical and forward-looking non-GAAP operating
income (loss), non-GAAP net loss, non-GAAP net loss per share.
These non-GAAP financial measures exclude stock-based compensation,
acquisition- and disposition-related expenses (if any),
amortization of acquired intangible assets, and charitable
contributions made to the Cloudera Foundation 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 assumed conversion of all outstanding shares of
preferred stock to common stock and the impact of anti-dilutive
RSUs and 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.
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except share and per share data)
|
(unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
Revenue:
|
|
|
|
Subscription
|
$
|
64,671
|
|
$
|
40,672
|
Services
|
14,925
|
|
15,813
|
Total
revenue
|
79,596
|
|
56,485
|
Cost of
revenue:(1) (2)
|
|
|
|
Subscription
|
26,472
|
|
9,351
|
Services
|
33,640
|
|
11,684
|
Total cost of
revenue
|
60,112
|
|
21,035
|
Gross
profit
|
19,484
|
|
35,450
|
Operating
expenses:(1) (2)
|
|
|
|
Research and
development
|
95,831
|
|
24,515
|
Sales and
marketing
|
110,443
|
|
46,142
|
General and
administrative
|
35,550
|
|
8,309
|
Total operating
expenses
|
241,824
|
|
78,966
|
Loss from
operations
|
(222,340)
|
|
(43,516)
|
Interest income,
net
|
649
|
|
740
|
Other income,
net
|
22
|
|
163
|
Net loss before
provision for income taxes
|
(221,669)
|
|
(42,613)
|
Provision for income
taxes
|
(650)
|
|
(500)
|
Net loss
|
$
|
(222,319)
|
|
$
|
(43,113)
|
Net loss per share,
basic and diluted
|
$
|
(5.78)
|
|
$
|
(1.20)
|
Weighted-average
shares used in computing net loss per share, basic and
diluted
|
38,487,424
|
|
35,920,537
|
__________
|
(1)
Amounts include stock‑based compensation
expense as follows (in thousands):
|
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
$
|
15,700
|
|
$
|
334
|
Cost of revenue –
services
|
20,337
|
|
474
|
Research and
development
|
67,901
|
|
1,555
|
Sales and
marketing
|
60,541
|
|
1,559
|
General and
administrative
|
26,603
|
|
1,741
|
Total stock‑based
compensation expense
|
$
|
191,082
|
|
$
|
5,663
|
|
(2)
Amounts include amortization of acquired
intangible assets as follows (in thousands):
|
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
$
|
514
|
|
$
|
455
|
Sales and
marketing
|
430
|
|
430
|
Total amortization of
acquired intangible assets
|
$
|
944
|
|
$
|
885
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(as a percentage
of total revenues)
|
(unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
|
|
|
|
Revenue:
|
|
|
|
Subscription
|
81
|
%
|
|
72
|
%
|
Services
|
19
|
|
|
28
|
|
Total
revenue
|
100
|
|
|
100
|
|
Cost of
revenue:(1) (2)
|
|
|
|
Subscription
|
33
|
|
|
16
|
|
Services
|
43
|
|
|
21
|
|
Total cost of
revenue
|
76
|
|
|
37
|
|
Gross
margin
|
24
|
|
|
63
|
|
Operating
expenses:(1) (2)
|
|
|
|
Research and
development
|
120
|
|
|
43
|
|
Sales and
marketing
|
139
|
|
|
82
|
|
General and
administrative
|
44
|
|
|
15
|
|
Total operating
expenses
|
303
|
|
|
140
|
|
Loss from
operations
|
(279)
|
|
|
(77)
|
|
Interest income,
net
|
1
|
|
|
1
|
|
Other income,
net
|
—
|
|
|
—
|
|
Net loss before
provision for income taxes
|
(278)
|
|
|
(76)
|
|
Provision for income
taxes
|
(1)
|
|
|
(1)
|
|
Net loss
|
(279)
|
%
|
|
(77)
|
%
|
__________
|
(1)
Amounts include stock‑based compensation
expense as a percentage of total revenue as follows:
|
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
20
|
%
|
|
—
|
%
|
Cost of revenue –
services
|
26
|
|
|
1
|
|
Research and
development
|
85
|
|
|
3
|
|
Sales and
marketing
|
76
|
|
|
3
|
|
General and
administrative
|
33
|
|
|
3
|
|
Total stock-based
compensation expense
|
240
|
%
|
|
10
|
%
|
|
(2)
Amounts include amortization of acquired
intangible assets as a percentage of total revenue as
follows:
|
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
1
|
%
|
|
1
|
%
|
Sales and
marketing
|
—
|
|
|
1
|
|
Total amortization of
acquired intangible assets
|
1
|
%
|
|
2
|
%
|
Cloudera,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
April
30, 2017
|
|
January
31, 2017
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
51,572
|
|
$
|
74,186
|
Short-term marketable
securities
|
170,202
|
|
160,770
|
Accounts receivable,
net
|
53,022
|
|
101,549
|
Prepaid expenses and
other current assets
|
13,552
|
|
13,197
|
Total current
assets
|
288,348
|
|
349,702
|
Property and
equipment, net
|
10,617
|
|
13,104
|
Marketable
securities, noncurrent
|
38,117
|
|
20,710
|
Intangible assets,
net
|
6,107
|
|
7,051
|
Goodwill
|
31,516
|
|
31,516
|
Restricted
cash
|
15,448
|
|
15,446
|
Other
assets
|
6,973
|
|
5,015
|
TOTAL
ASSETS
|
$
|
397,126
|
|
$
|
442,544
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS'
DEFICIT
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
|
2,421
|
|
$
|
3,550
|
Accrued
compensation
|
20,709
|
|
33,376
|
Other accrued
liabilities
|
12,788
|
|
9,918
|
Deferred revenue,
current portion
|
186,683
|
|
192,242
|
Total current
liabilities
|
222,601
|
|
239,086
|
Deferred revenue,
less current portion
|
26,313
|
|
25,182
|
Other
liabilities
|
3,993
|
|
4,345
|
TOTAL
LIABILITIES
|
252,907
|
|
268,613
|
Redeemable
convertible preferred stock
|
657,687
|
|
657,687
|
STOCKHOLDERS'
DEFICIT:
|
|
|
|
Common
stock
|
2
|
|
2
|
Additional paid-in
capital
|
385,359
|
|
192,795
|
Accumulated other
comprehensive loss
|
(513)
|
|
(556)
|
Accumulated
deficit
|
(898,316)
|
|
(675,997)
|
TOTAL STOCKHOLDERS'
DEFICIT
|
(513,468)
|
|
(483,756)
|
TOTAL LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS'
DEFICIT
|
$
|
397,126
|
|
$
|
442,544
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net loss
|
$
|
(222,319)
|
|
$
|
(43,113)
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
Depreciation and
amortization
|
3,642
|
|
2,405
|
Stock-based
compensation
|
191,082
|
|
5,663
|
Accretion and
amortization of marketable securities
|
542
|
|
782
|
Changes in assets and
liabilities:
|
|
|
|
Accounts
receivable
|
48,527
|
|
15,863
|
Prepaid expenses and
other assets
|
1,379
|
|
1,319
|
Accounts
payable
|
(1,921)
|
|
(972)
|
Accrued
compensation
|
(12,667)
|
|
(9,437)
|
Accrued expenses and
other liabilities
|
1,142
|
|
855
|
Deferred
revenue
|
(4,428)
|
|
3,081
|
Net cash provided by
(used in) operating activities
|
4,979
|
|
(23,554)
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Purchases of
marketable securities
|
(110,347)
|
|
(40,044)
|
Sales of marketable
securities
|
31,675
|
|
19,441
|
Maturities of
marketable securities
|
51,420
|
|
64,665
|
Cash used in business
combinations, net of cash acquired
|
—
|
|
(2,700)
|
Capital
expenditures
|
(175)
|
|
(5,149)
|
Net cash provided by
(used in) investing activities
|
(27,427)
|
|
36,213
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Proceeds from
exercise of stock options
|
1,482
|
|
829
|
Payment of deferred
offering costs
|
(1,647)
|
|
—
|
Net cash provided by
(used in) financing activities
|
(165)
|
|
829
|
Effect of exchange
rate changes
|
1
|
|
238
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
(22,612)
|
|
13,726
|
Cash, cash
equivalents and restricted cash — Beginning of period
|
89,632
|
|
35,994
|
Cash, cash
equivalents and restricted cash — End of period
|
$
|
67,020
|
|
$
|
49,720
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
Cash paid for income
taxes
|
$
|
629
|
|
$
|
397
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
|
|
|
Purchases of property
and equipment in other accrued liabilities
|
$
|
71
|
|
$
|
419
|
Deferred offering
costs in accounts payable and other accrued liabilities
|
$
|
1,190
|
|
$
|
—
|
Cloudera,
Inc.
|
Three Months Ended
April 30, 2017
|
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
weighted-average
shares
outstanding
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
26,472
|
|
|
$
|
(15,700)
|
|
|
$
|
(514)
|
|
|
$
|
—
|
|
|
$
|
10,258
|
|
Subscription gross
margin
|
59
|
%
|
|
24
|
%
|
|
1
|
%
|
|
—
|
%
|
|
84
|
%
|
Cost of revenue-
Services
|
33,640
|
|
|
(20,337)
|
|
|
—
|
|
|
—
|
|
|
13,303
|
|
Services gross
margin
|
(125)%
|
|
|
136
|
%
|
|
—
|
%
|
|
—
|
%
|
|
11
|
%
|
Gross
profit
|
19,484
|
|
|
36,037
|
|
|
514
|
|
|
—
|
|
|
56,035
|
|
Total gross
margin
|
24
|
%
|
|
45
|
%
|
|
1
|
%
|
|
—
|
%
|
|
70
|
%
|
Research and
development
|
95,831
|
|
|
(67,901)
|
|
|
—
|
|
|
—
|
|
|
27,930
|
|
Sales and
marketing
|
110,443
|
|
|
(60,541)
|
|
|
(430)
|
|
|
—
|
|
|
49,472
|
|
General and
administrative
|
35,550
|
|
|
(26,603)
|
|
|
—
|
|
|
—
|
|
|
8,947
|
|
Loss from
operations
|
(222,340)
|
|
|
191,082
|
|
|
944
|
|
|
—
|
|
|
(30,314)
|
|
Operating
margin
|
(279)%
|
|
|
240
|
%
|
|
1
|
%
|
|
—
|
%
|
|
(38)%
|
|
Net loss
|
(222,319)
|
|
|
191,082
|
|
|
944
|
|
|
—
|
|
|
(30,293)
|
|
Net loss per share,
basic and diluted (1)
|
$
|
(5.78)
|
|
|
$
|
4.97
|
|
|
$
|
0.02
|
|
|
$
|
0.52
|
|
|
$
|
(0.27)
|
|
___________
|
|
(1)
See below for a reconciliation of
weighted-average shares outstanding used to calculate non-GAAP net
loss per share
|
Cloudera,
Inc.
|
Three Months Ended
April 30, 2016
|
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
weighted-average
shares
outstanding
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
9,351
|
|
|
$
|
(334)
|
|
|
$
|
(455)
|
|
|
$
|
—
|
|
|
$
|
8,562
|
|
Subscription gross
margin
|
77
|
%
|
|
1
|
%
|
|
1
|
%
|
|
—
|
%
|
|
79
|
%
|
Cost of revenue-
Services
|
11,684
|
|
|
(474)
|
|
|
—
|
|
|
—
|
|
|
11,210
|
|
Services gross
margin
|
26
|
%
|
|
3
|
%
|
|
—
|
%
|
|
—
|
%
|
|
29
|
%
|
Gross
profit
|
35,450
|
|
|
808
|
|
|
455
|
|
|
—
|
|
|
36,713
|
|
Total gross
margin
|
63
|
%
|
|
1
|
%
|
|
1
|
%
|
|
—
|
%
|
|
65
|
%
|
Research and
development
|
24,515
|
|
|
(1,555)
|
|
|
—
|
|
|
—
|
|
|
22,960
|
|
Sales and
marketing
|
46,142
|
|
|
(1,559)
|
|
|
(430)
|
|
|
—
|
|
|
44,153
|
|
General and
administrative
|
8,309
|
|
|
(1,741)
|
|
|
—
|
|
|
—
|
|
|
6,568
|
|
Loss from
operations
|
(43,516)
|
|
|
5,663
|
|
|
885
|
|
|
0
|
|
|
(36,968)
|
|
Operating
margin
|
(77)%
|
|
|
10
|
%
|
|
2
|
%
|
|
0
|
%
|
|
(65)%
|
|
Net loss
|
(43,113)
|
|
|
5,663
|
|
|
885
|
|
|
0
|
|
|
(36,565)
|
|
Net loss per share,
basic and diluted (1)
|
$
|
(1.20)
|
|
|
$
|
0.16
|
|
|
$
|
0.02
|
|
|
$
|
0.69
|
|
|
$
|
(0.33)
|
|
___________
|
(1)
See below for a reconciliation of
weighted-average shares outstanding used to calculate non-GAAP net
loss per share
|
Cloudera,
Inc.
|
GAAP
weighted-average shares reconciled to non-GAAP weighted-average
shares
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
April 30,
|
|
2017
|
|
2016
|
GAAP weighted-average
shares, basic and diluted
|
38,487
|
|
35,921
|
Assumed preferred
stock conversion
|
74,907
|
|
74,907
|
Assumed IPO
issuance
|
582
|
|
—
|
Non-GAAP
weighted-average shares, diluted
|
113,976
|
|
110,828
|
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 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 weight-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.
|
Reconciliation of
non-GAAP Financial Guidance
|
(unaudited)
|
|
|
Fiscal
2018
|
(in
millions)
|
Q2
|
|
FY
|
GAAP net
loss
|
($80) -
(79)
|
|
($455) -
(453)
|
Stock-based
compensation expense(1)
|
41 - 43
|
|
308 - 310
|
Amortization of
acquired intangible assets
|
1
|
|
3
|
Donation to Cloudera
Foundation
|
2
|
|
2
|
Non-GAAP net
loss
|
($36) -
(33)
|
|
($142) -
(138)
|
|
|
|
|
GAAP weighted-average
shares, basic and diluted
|
133 - 135
|
|
112 - 114
|
Assumed preferred
stock conversion
|
2
|
|
19
|
Assumed IPO
issuance
|
1
|
|
1
|
Non-GAAP
weighted-average shares, diluted
|
136 - 138
|
|
132 - 134
|
|
(1) Stock-based
compensation expense in fiscal 2018 is expected to be $38 million
to $40 million in the third quarter and $34 million to $38
million in the fourth quarter. These amounts are 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cloudera-reports-first-quarter-fiscal-year-2018-financial-results-300471359.html
SOURCE Cloudera