PALO ALTO, Calif., Sept. 7, 2017 /PRNewswire/ -- Cloudera, Inc.
(NYSE: CLDR), the modern platform for machine learning and
analytics optimized for the cloud, today reported results for its
second quarter fiscal 2018, ended July 31, 2017. Total revenue
was $89.8 million, an increase of 39%
from the second quarter fiscal 2017. Subscription revenue was
$74.0 million, an increase of 46%
from the year-ago period. Subscription revenue represented 82% of
total revenue, up from 79% in second quarter fiscal 2017.
"In our fiscal second quarter, we outperformed on sales,
customer acquisition, customer expansion and cash flow objectives,"
said Tom Reilly, chief executive
officer at Cloudera. "The enterprise machine learning and analytics
market is quickly emerging and we continue to lead its direction
through technology and product innovation. In Q2, we exhibited
strong momentum in the areas that drive sustained growth for
Cloudera: machine learning, analytics and the cloud. Also, we are
especially pleased to have strengthened our market position through
the acquisition of a recognized leader in machine learning applied
research, development and solutions, Fast Forward Labs."
GAAP loss from operations for the second quarter fiscal 2018 was
$65.7 million, compared to a GAAP
loss from operations of $38.8 million
for the second quarter fiscal 2017. Non-GAAP loss from operations
for the quarter was $25.3 million,
compared to a non-GAAP loss from operations of $32.3 million in the year-ago period.
Operating cash flow for the quarter was negative $22.8 million compared to operating cash flow of
negative $28.5 million in the
second quarter fiscal 2017.
GAAP net loss per share for the second quarter fiscal 2018 was
$0.48 per share, based on
weighted-average shares outstanding of 134.5 million shares,
compared to a GAAP net loss per share in the second quarter fiscal
2017 of $1.07 per share, based on
weighted-average shares outstanding of 36.3 million shares. See
tables below for additional information regarding historical and
forward-looking stock-based compensation expenses and shares
outstanding.
Non-GAAP net loss per share for the second quarter fiscal 2018
was $0.17 per share, based on
non-GAAP weighted-average shares outstanding of 136.5 million
shares, compared to non-GAAP net loss per share in the second
quarter fiscal 2017 of $0.29 per
share, based on non-GAAP weighted-average shares outstanding of
111.2 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 July 31, 2017, the company
had total cash, cash equivalents, marketable securities and
restricted cash of $493.8
million.
Recent Business and Financial Highlights:
- Subscription revenue was up 46% year-over-year to $74.0 million
- Subscription revenue represented 82% of total revenue, up from
79% in year-ago period
- Non-GAAP subscription gross margin for the quarter was 85%, 200
basis points higher than second quarter fiscal 2017
- Dollar-based net expansion rate was 140% for the quarter
- 45 net new Global 8000 customers added
- Acquired Fast Forward Labs, leading machine learning and
applied artificial intelligence research and development company,
deepening Cloudera's expertise in the application of machine
learning to practical business problems
- Recognized by Microsoft for machine learning and analytics on
Azure; named 2017 U.S. Enterprise Partner Group Data Platform ISV
Partner of the Year
- Achieved Service Capability & Performance (SCP) Standards
certification for delivering world class customer service and
support, the only modern data platform vendor to have earned this
distinction
Business Outlook
The outlook for the third quarter fiscal 2018, ending
October 31, 2017, is:
- Total revenue in the range of $90 to $92
million, representing 34% to 37% year-over-year growth
- Subscription revenue in the range of $74
million to $76 million, representing 40% to 44%
year-over-year growth
- Non-GAAP net loss per share in the range of $0.25 to $0.23 per share
- Non-GAAP weighted-average shares outstanding of approximately
138 million shares
The outlook for fiscal 2018, ending January 31, 2018, is:
- Total revenue in the range of $355
million to $360 million, representing 36% to 38%
year-over-year growth
- Subscription revenue in the range of $290 million to $295 million, representing 45% to
47% year-over-year growth
- Operating cash flow in the range of negative $65 million to $60 million
- Non-GAAP net loss per share in the range of $0.95 to $0.93 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 second quarter fiscal 2018 results and the outlook
for its third 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 Number: +1-833-231-7247
- Participant International Number: +1-647-689-4091
- Conference ID: 67627548
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. We
deliver the modern platform for machine learning and analytics
optimized for the cloud. The world's largest enterprises trust
Cloudera to help solve their most challenging business problems.
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
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.
Global 8000 Customer List
As previously disclosed in our final prospectus dated
April 27, 2017 and filed with the
Securities and Exchange Commission on April
28, 2017 we periodically update the Global 8000 list based
on the FORBES Global 2000 list and information from Data.com. The
FORBES Global 2000 list is updated annually in the second quarter
of the calendar year and we have since restated our previously
disclosed numbers of customers to allow for comparability.
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 our belief that the enterprise machine
learning and analytics market will quickly emerge and that we will
continue to lead its direction through technology and product
innovation, our expectation that we will continue our momentum in
machine learning, analytics and the cloud, and our"Business
Outlook" for our third 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 our Form 10-Q filed with the Securities and Exchange Commission,
or the SEC, on June 9, 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 donations of common
stock 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 per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
73,986
|
|
|
$
|
50,688
|
|
|
$
|
138,657
|
|
|
$
|
91,360
|
|
Services
|
15,842
|
|
|
13,768
|
|
|
30,767
|
|
|
29,581
|
|
Total
revenue
|
89,828
|
|
|
64,456
|
|
|
169,424
|
|
|
120,941
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
15,215
|
|
|
9,706
|
|
|
41,687
|
|
|
19,057
|
|
Services
|
16,755
|
|
|
11,633
|
|
|
50,395
|
|
|
23,317
|
|
Total cost of
revenue
|
31,970
|
|
|
21,339
|
|
|
92,082
|
|
|
42,374
|
|
Gross
profit
|
57,858
|
|
|
43,117
|
|
|
77,342
|
|
|
78,567
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
42,844
|
|
|
26,635
|
|
|
138,675
|
|
|
51,150
|
|
Sales and
marketing
|
62,135
|
|
|
46,902
|
|
|
172,578
|
|
|
93,044
|
|
General and
administrative
|
18,564
|
|
|
8,367
|
|
|
54,114
|
|
|
16,676
|
|
Total operating
expenses
|
123,543
|
|
|
81,904
|
|
|
365,367
|
|
|
160,870
|
|
Loss from
operations
|
(65,685)
|
|
|
(38,787)
|
|
|
(288,025)
|
|
|
(82,303)
|
|
Interest income,
net
|
1,440
|
|
|
708
|
|
|
2,089
|
|
|
1,448
|
|
Other income
(expense), net
|
817
|
|
|
(178)
|
|
|
839
|
|
|
(15)
|
|
Net loss before
provision for income taxes
|
(63,428)
|
|
|
(38,257)
|
|
|
(285,097)
|
|
|
(80,870)
|
|
Provision for income
taxes
|
(801)
|
|
|
(470)
|
|
|
(1,451)
|
|
|
(970)
|
|
Net loss
|
$
|
(64,229)
|
|
|
$
|
(38,727)
|
|
|
$
|
(286,548)
|
|
|
$
|
(81,840)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.48)
|
|
|
$
|
(1.07)
|
|
|
$
|
(3.28)
|
|
|
$
|
(2.27)
|
|
Weighted-average
shares used in computing net loss per share, basic and
diluted
|
134,506
|
|
|
36,257
|
|
|
87,293
|
|
|
36,090
|
|
_____________
|
(1)
Amounts include stock‑based compensation
expense as follows (in thousands):
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
$
|
3,693
|
|
|
$
|
374
|
|
|
$
|
19,393
|
|
|
$
|
708
|
|
Cost of revenue –
services
|
3,890
|
|
|
457
|
|
|
24,227
|
|
|
931
|
|
Research and
development
|
13,128
|
|
|
1,458
|
|
|
81,029
|
|
|
3,013
|
|
Sales and
marketing
|
12,137
|
|
|
1,474
|
|
|
72,678
|
|
|
3,033
|
|
General and
administrative
|
6,603
|
|
|
1,815
|
|
|
33,206
|
|
|
3,556
|
|
Total stock‑based
compensation expense
|
$
|
39,451
|
|
|
$
|
5,578
|
|
|
$
|
230,533
|
|
|
$
|
11,241
|
|
|
(2)
Amounts include amortization of acquired
intangible assets as follows (in thousands):
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
$
|
510
|
|
|
$
|
514
|
|
|
$
|
1,024
|
|
|
$
|
969
|
|
Sales and
marketing
|
431
|
|
|
431
|
|
|
861
|
|
|
861
|
|
Total amortization of
acquired intangible assets
|
$
|
941
|
|
|
$
|
945
|
|
|
$
|
1,885
|
|
|
$
|
1,830
|
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(as a percentage
of total revenues)
|
(unaudited)
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
82
|
%
|
|
79
|
%
|
|
82
|
%
|
|
76
|
%
|
Services
|
18
|
|
|
21
|
|
|
18
|
|
|
24
|
|
Total
revenue
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
17
|
|
|
15
|
|
|
24
|
|
|
16
|
|
Services
|
19
|
|
|
18
|
|
|
30
|
|
|
19
|
|
Total cost of
revenue
|
36
|
|
|
33
|
|
|
54
|
|
|
35
|
|
Gross
margin
|
64
|
|
|
67
|
|
|
46
|
|
|
65
|
|
Operating
expenses:(1) (2) (3)
|
|
|
|
|
|
|
|
Research and
development
|
48
|
|
|
41
|
|
|
82
|
|
|
42
|
|
Sales and
marketing
|
69
|
|
|
73
|
|
|
102
|
|
|
77
|
|
General and
administrative
|
20
|
|
|
13
|
|
|
32
|
|
|
14
|
|
Total operating
expenses
|
137
|
|
|
127
|
|
|
216
|
|
|
133
|
|
Loss from
operations
|
(73)
|
|
|
(60)
|
|
|
(170)
|
|
|
(68)
|
|
Interest income,
net
|
1
|
|
|
1
|
|
|
1
|
|
|
1
|
|
Other income
(expense), net
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
Net loss before
provision for income taxes
|
(71)
|
|
|
(59)
|
|
|
(168)
|
|
|
(67)
|
|
Provision for income
taxes
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
Net loss
|
(72)
|
%
|
|
(60)
|
%
|
|
(169)
|
%
|
|
(68)
|
%
|
___________
|
(1)
Amounts include stock‑based compensation
expense as a percentage of total revenue as follows:
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
4
|
%
|
|
1
|
%
|
|
11
|
%
|
|
1
|
%
|
Cost of revenue –
services
|
4
|
|
|
1
|
|
|
14
|
|
|
1
|
|
Research and
development
|
15
|
|
|
2
|
|
|
48
|
|
|
2
|
|
Sales and
marketing
|
14
|
|
|
2
|
|
|
43
|
|
|
2
|
|
General and
administrative
|
7
|
|
|
3
|
|
|
20
|
|
|
3
|
|
Total stock-based
compensation expense
|
44
|
%
|
|
9
|
%
|
|
136
|
%
|
|
9
|
%
|
|
(2) Amounts include
amortization of acquired intangible assets as a percentage of total
revenue as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Cost of revenue –
subscription
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Sales and
marketing
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Total amortization of
acquired intangible assets
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
2
|
%
|
Cloudera,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
July 31, 2017
|
|
January
31, 2017
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
68,936
|
|
$
|
74,186
|
Short-term marketable
securities
|
325,744
|
|
160,770
|
Accounts receivable,
net
|
84,805
|
|
101,549
|
Prepaid expenses and
other current assets
|
17,509
|
|
13,197
|
Total current
assets
|
496,994
|
|
349,702
|
Property and
equipment, net
|
13,027
|
|
13,104
|
Marketable
securities, noncurrent
|
81,072
|
|
20,710
|
Intangible assets,
net
|
5,166
|
|
7,051
|
Goodwill
|
31,516
|
|
31,516
|
Restricted
cash
|
18,048
|
|
15,446
|
Other
assets
|
3,994
|
|
5,015
|
TOTAL
ASSETS
|
$
|
649,817
|
|
$
|
442,544
|
LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
(DEFICIT)
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
|
6,326
|
|
$
|
3,550
|
Accrued
compensation
|
32,254
|
|
33,376
|
Other accrued
liabilities
|
15,670
|
|
9,918
|
Deferred revenue,
current portion
|
194,252
|
|
192,242
|
Total current
liabilities
|
248,502
|
|
239,086
|
Deferred revenue,
less current portion
|
36,869
|
|
25,182
|
Other
liabilities
|
9,058
|
|
4,345
|
TOTAL
LIABILITIES
|
294,429
|
|
268,613
|
Redeemable
convertible preferred stock
|
—
|
|
657,687
|
STOCKHOLDERS' EQUITY
(DEFICIT):
|
|
|
|
Common
stock
|
7
|
|
2
|
Additional paid-in
capital
|
1,318,447
|
|
192,795
|
Accumulated other
comprehensive loss
|
(521)
|
|
(556)
|
Accumulated
deficit
|
(962,545)
|
|
(675,997)
|
TOTAL STOCKHOLDERS'
EQUITY (DEFICIT)
|
355,388
|
|
(483,756)
|
TOTAL LIABILITIES,
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
(DEFICIT)
|
$
|
649,817
|
|
$
|
442,544
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net loss
|
$
|
(64,229)
|
|
|
$
|
(38,727)
|
|
|
$
|
(286,548)
|
|
|
$
|
(81,840)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
3,352
|
|
|
2,548
|
|
|
6,994
|
|
|
4,953
|
|
Stock-based
compensation
|
39,451
|
|
|
5,578
|
|
|
230,533
|
|
|
11,241
|
|
Accretion and
amortization of marketable securities
|
(128)
|
|
|
1,184
|
|
|
414
|
|
|
1,966
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(31,783)
|
|
|
(11,852)
|
|
|
16,744
|
|
|
4,011
|
|
Prepaid expenses and
other assets
|
(740)
|
|
|
(2,103)
|
|
|
639
|
|
|
(784)
|
|
Accounts
payable
|
3,595
|
|
|
2,844
|
|
|
1,674
|
|
|
1,872
|
|
Accrued
compensation
|
7,684
|
|
|
6,309
|
|
|
(4,983)
|
|
|
(3,128)
|
|
Accrued expenses and
other liabilities
|
1,828
|
|
|
151
|
|
|
2,970
|
|
|
1,006
|
|
Deferred
revenue
|
18,125
|
|
|
5,523
|
|
|
13,697
|
|
|
8,604
|
|
Net cash used in
operating activities
|
(22,845)
|
|
|
(28,545)
|
|
|
(17,866)
|
|
|
(52,099)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
marketable securities
|
(276,807)
|
|
|
(50,365)
|
|
|
(387,154)
|
|
|
(90,409)
|
|
Sales of marketable
securities
|
11,523
|
|
|
14,931
|
|
|
43,198
|
|
|
34,372
|
|
Maturities of
marketable securities
|
66,184
|
|
|
65,280
|
|
|
117,604
|
|
|
129,945
|
|
Cash used in business
combinations, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,700)
|
|
Capital
expenditures
|
(1,796)
|
|
|
(986)
|
|
|
(1,971)
|
|
|
(6,135)
|
|
Net cash provided by
(used in) investing activities
|
(200,896)
|
|
|
28,860
|
|
|
(228,323)
|
|
|
65,073
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Net proceeds from
issuance of common stock in initial public offering
|
239,333
|
|
|
—
|
|
|
237,686
|
|
|
—
|
|
Proceeds from
employee stock plans
|
4,450
|
|
|
804
|
|
|
5,932
|
|
|
1,633
|
|
Net cash provided by
financing activities
|
243,783
|
|
|
804
|
|
|
243,618
|
|
|
1,633
|
|
Effect of exchange
rate changes
|
(78)
|
|
|
(204)
|
|
|
(77)
|
|
|
34
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
19,964
|
|
|
915
|
|
|
(2,648)
|
|
|
14,641
|
|
Cash, cash
equivalents and restricted cash — Beginning of period
|
67,020
|
|
|
49,720
|
|
|
89,632
|
|
|
35,994
|
|
Cash, cash
equivalents and restricted cash — End of period
|
$
|
86,984
|
|
|
$
|
50,635
|
|
|
$
|
86,984
|
|
|
$
|
50,635
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
$
|
723
|
|
|
$
|
257
|
|
|
$
|
1,352
|
|
|
$
|
654
|
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property
and equipment in other accrued liabilities
|
$
|
3,054
|
|
|
$
|
570
|
|
|
$
|
3,054
|
|
|
$
|
570
|
|
Deferred offering
costs in accounts payable and other accrued liabilities
|
$
|
264
|
|
|
$
|
—
|
|
|
$
|
264
|
|
|
$
|
—
|
|
Conversion of
redeemable convertible preferred stock to common stock
|
$
|
657,687
|
|
|
$
|
—
|
|
|
$
|
657,687
|
|
|
$
|
—
|
|
Cloudera,
Inc.
|
Three Months Ended
July 31, 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
|
$
|
15,215
|
|
|
$
|
(3,693)
|
|
|
$
|
(510)
|
|
|
$
|
—
|
|
|
$
|
11,012
|
|
Subscription gross
margin
|
79
|
%
|
|
5
|
%
|
|
1
|
%
|
|
—
|
%
|
|
85
|
%
|
Cost of revenue-
Services
|
16,755
|
|
|
(3,890)
|
|
|
—
|
|
|
—
|
|
|
12,865
|
|
Services gross
margin
|
(6)
|
%
|
|
25
|
%
|
|
—
|
%
|
|
—
|
%
|
|
19
|
%
|
Gross
profit
|
57,858
|
|
|
7,583
|
|
|
510
|
|
|
—
|
|
|
65,951
|
|
Total gross
margin
|
64
|
%
|
|
8
|
%
|
|
1
|
%
|
|
—
|
%
|
|
73
|
%
|
Research and
development
|
42,844
|
|
|
(13,128)
|
|
|
—
|
|
|
—
|
|
|
29,716
|
|
Sales and
marketing
|
62,135
|
|
|
(12,137)
|
|
|
(431)
|
|
|
—
|
|
|
49,567
|
|
General and
administrative
|
18,564
|
|
|
(6,603)
|
|
|
—
|
|
|
—
|
|
|
11,961
|
|
Loss from
operations
|
(65,685)
|
|
|
39,451
|
|
|
941
|
|
|
—
|
|
|
(25,293)
|
|
Operating
margin
|
(73)
|
%
|
|
44
|
%
|
|
1
|
%
|
|
—
|
%
|
|
(28)
|
%
|
Net loss
|
(64,229)
|
|
|
39,451
|
|
|
941
|
|
|
—
|
|
|
(23,837)
|
|
Net loss per share,
basic and diluted (1)
|
$
|
(0.48)
|
|
|
$
|
0.29
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
(0.17)
|
|
______________
|
(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
July 31, 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
|
$
|
9,706
|
|
|
$
|
(374)
|
|
|
$
|
(514)
|
|
|
$
|
—
|
|
|
$
|
8,818
|
|
Subscription gross
margin
|
81
|
%
|
|
1
|
%
|
|
1
|
%
|
|
—
|
%
|
|
83
|
%
|
Cost of revenue-
Services
|
11,633
|
|
|
(457)
|
|
|
—
|
|
|
—
|
|
|
11,176
|
|
Services gross
margin
|
16
|
%
|
|
3
|
%
|
|
—
|
%
|
|
—
|
%
|
|
19
|
%
|
Gross
profit
|
43,117
|
|
|
831
|
|
|
514
|
|
|
—
|
|
|
44,462
|
|
Total gross
margin
|
67
|
%
|
|
1
|
%
|
|
1
|
%
|
|
—
|
%
|
|
69
|
%
|
Research and
development
|
26,635
|
|
|
(1,458)
|
|
|
—
|
|
|
—
|
|
|
25,177
|
|
Sales and
marketing
|
46,902
|
|
|
(1,474)
|
|
|
(431)
|
|
|
—
|
|
|
44,997
|
|
General and
administrative
|
8,367
|
|
|
(1,815)
|
|
|
—
|
|
|
—
|
|
|
6,552
|
|
Loss from
operations
|
(38,787)
|
|
|
5,578
|
|
|
945
|
|
|
|
|
(32,264)
|
|
Operating
margin
|
(60)
|
%
|
|
9
|
%
|
|
1
|
%
|
|
|
|
(50)
|
%
|
Net loss
|
(38,727)
|
|
|
5,578
|
|
|
945
|
|
|
—
|
|
|
(32,204)
|
|
Net loss per share,
basic and diluted (1)
|
$
|
(1.07)
|
|
|
$
|
0.15
|
|
|
$
|
0.03
|
|
|
$
|
0.60
|
|
|
$
|
(0.29)
|
|
______________
|
(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
July 31,
|
|
Six Months Ended
July 31,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
GAAP weighted-average
shares, basic and diluted
|
134,506
|
|
|
36,257
|
|
|
87,293
|
|
|
36,090
|
|
Assumed preferred
stock conversion
|
1,628
|
|
|
74,907
|
|
|
37,661
|
|
|
74,907
|
|
Assumed IPO
issuance
|
375
|
|
|
—
|
|
|
477
|
|
|
—
|
|
Non-GAAP
weighted-average shares, diluted
|
136,509
|
|
|
111,164
|
|
|
125,431
|
|
|
110,997
|
|
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 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)
|
Q3
|
|
FY
|
GAAP net
loss
|
($70) -
(67)
|
|
|
($427) -
(425)
|
|
Stock-based
compensation expense
|
34
|
|
|
298
|
|
Amortization of
acquired intangible assets
|
1
|
|
|
3
|
|
Non-GAAP net
loss
|
($35) -
(32)
|
|
|
($126) -
(124)
|
|
|
|
|
|
GAAP weighted-average
shares, basic and diluted
|
137 - 139
|
|
|
112 - 114
|
|
Assumed preferred
stock conversion
|
—
|
|
|
19
|
|
Assumed IPO
issuance
|
—
|
|
|
1
|
|
Non-GAAP
weighted-average shares, diluted
|
137 - 139
|
|
|
132 - 134
|
|
|
(1) Stock-based
compensation expense in fiscal 2018 is expected to be $34 million
in the third quarter and $33 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.
|
View original
content:http://www.prnewswire.com/news-releases/cloudera-reports-second-quarter-fiscal-year-2018-financial-results-300515917.html
SOURCE Cloudera, Inc.