PALO ALTO, Calif., Dec. 5, 2019 /PRNewswire/ -- Cloudera, Inc.
(NYSE: CLDR), the enterprise data cloud company, reported results
for its third quarter of fiscal year 2020, ended October 31,
2019. Total revenue for the third quarter was $198.3 million, and subscription revenue was
$166.9 million. Annualized Recurring
Revenue grew 13% year-over-year.
"I am pleased to report that we executed well in Q3, building on
the positive momentum generated in Q2. We delivered strong
operating and financial results across the board and launched the
Cloudera Data Platform to a great reception from customers,
partners and industry analysts," said Marty
Cole, chairman of the board and interim chief executive
officer, Cloudera. "Customers now have a highly competitive set of
cloud-native services from Cloudera, and we've made hybrid cloud
data management and analytics a reality via the industry's first
enterprise data cloud."
Except where noted, all numbers reported for prior periods are
presented for Cloudera on a standalone basis, since there is no
comparative year-over-year financial information for the combined
company.
GAAP loss from operations for the third quarter of fiscal 2020
was $82.5 million, compared to a GAAP
loss from operations of $25.7 million
for the third quarter of fiscal 2019.
Non-GAAP loss from operations for the third quarter of fiscal
2020 was $8.2 million, compared to a
non-GAAP loss from operations of $3.1
million for the third quarter of fiscal 2019.
Operating cash flow for the third quarter of fiscal 2020, which
includes $6.1 million of
merger-related payments, was negative $5.9
million, compared to operating cash flow of negative
$6.8 million for the third quarter of
fiscal 2019.
GAAP net loss per share for the third quarter of fiscal 2020 was
$0.29 per share, based on
weighted-average shares outstanding of 283.3 million shares,
compared to a GAAP net loss per share of $0.17 per share for the third quarter of fiscal
2019, based on weighted-average shares outstanding of 152.2 million
shares. See financial statement tables below for additional
information regarding historical and forward-looking stock-based
compensation expense and shares outstanding.
Non-GAAP net loss per share for the third quarter of fiscal 2020
was $0.03 per share, based on
weighted-average shares outstanding of 283.3 million shares,
compared to a non-GAAP net loss per share of $0.02 per share for the third quarter of fiscal
2019, based on weighted-average shares outstanding of 152.2
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 October 31, 2019, the company had total cash, cash
equivalents, marketable securities and restricted cash of
$502.2 million.
Recent Business and Financial Highlights
- Annualized Recurring Revenue was $697.4
million, representing 13% year-over-year growth
- Non-GAAP subscription gross margin for the quarter was 86%
- Operating cash flow was negative $5.9
million, including $6.1
million of merger-related payments
- Customers with Annualized Recurring Revenue greater than
$100,000 were 977, up 24 from the
prior quarter
- Launched the Cloudera Data Platform (CDP) on Amazon Web
Services and Microsoft Azure
- Delivered CDP Data Center, our next-generation on-premises
offering, representing the strongest elements of the former
Cloudera and Hortonworks platforms and new innovations for better
scalability, performance and private cloud readiness
- Cloudera debuted as a Strong Performer in The Forrester Wave:
Streaming Analytics, Q3 2019 and was named one of "The 11 providers
that matter most" in streaming analytics
Business Outlook
The outlook for the fourth quarter of fiscal 2020, ending
January 31, 2020, is:
- Total revenue in the range of $200
million to $203 million
- Subscription revenue in the range of $173 million to $176
million
- Non-GAAP net loss per share in the range of $0.04 to $0.02 per
share
- Weighted-average shares outstanding of approximately 294
million shares
The outlook for fiscal 2020, ending January 31, 2020,
is:
- Annualized Recurring Revenue in the range of $700 million to $720
million
- Total revenue in the range of $782
million to $785 million
- Subscription revenue in the range of $659 million to $662
million
- Operating cash flow in the range of negative $55 million to negative $45 million, including $60
million of merger-related payments
- Non-GAAP net loss per share in the range of $0.21 to $0.19 per
share
- Weighted-average shares outstanding of approximately 281
million shares
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors
to discuss its third quarter fiscal 2020 results and the outlook
for its fourth quarter of fiscal 2020 and full year fiscal 2020 at
2:00 PM 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: 4252879
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 statements about our short-term and
long-term goals and targets, including expectations regarding the
acceptance by our enterprise customers of enterprise data cloud and
the Cloudera Data Platform, and our "Business Outlook" for
our fourth 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 Annual Report on Form 10-K and our Quarterly Reports on Form
10-Q filed with the Securities and Exchange Commission (SEC), and
in our other SEC filings. You can obtain copies of the company's
SEC filings on the SEC's website at www.sec.gov. 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 and audited 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 cost of revenue-subscription, non-GAAP cost of
revenue-services, non-GAAP subscription gross margin, non-GAAP
services gross margin, non-GAAP gross margin, non-GAAP gross
profit, non-GAAP operating expenses, 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 and audited
condensed consolidated statement of operations.
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.
Annualized Recurring Revenue
Annualized Recurring Revenue ("ARR") is a non-GAAP performance
metric, which we use to assess the health and trajectory of our
business. ARR equals the annualized value of all recurring
subscription contracts with active entitlements as of the end of
the period, including pre-merger Hortonworks contracts. ARR does
not reflect non-recurring partner revenue, subscription revenue
with certain related parties, custom engineering and premium add-on
support.
Cloudera,
Inc.
Condensed
Consolidated Statements of Operations
(in thousands,
except per share data)
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2019
|
|
2018
(As Adjusted)*
|
|
2019
|
|
2018
(As Adjusted)*
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
166,932
|
|
|
$
|
100,757
|
|
|
$
|
485,872
|
|
|
$
|
283,318
|
|
Services
|
31,360
|
|
|
18,231
|
|
|
96,599
|
|
|
52,108
|
|
Total
revenue
|
198,292
|
|
|
118,988
|
|
|
582,471
|
|
|
335,426
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
|
Subscription
|
30,224
|
|
|
13,996
|
|
|
88,636
|
|
|
44,764
|
|
Services
|
27,404
|
|
|
15,980
|
|
|
87,355
|
|
|
50,695
|
|
Total cost of
revenue
|
57,628
|
|
|
29,976
|
|
|
175,991
|
|
|
95,459
|
|
Gross
profit
|
140,664
|
|
|
89,012
|
|
|
406,480
|
|
|
239,967
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
66,657
|
|
|
37,563
|
|
|
196,572
|
|
|
121,027
|
|
Sales and
marketing
|
117,783
|
|
|
55,055
|
|
|
349,657
|
|
|
170,246
|
|
General and
administrative
|
38,691
|
|
|
22,067
|
|
|
135,568
|
|
|
55,493
|
|
Total operating
expenses
|
223,131
|
|
|
114,685
|
|
|
681,797
|
|
|
346,766
|
|
Loss from
operations
|
(82,467)
|
|
|
(25,673)
|
|
|
(275,317)
|
|
|
(106,799)
|
|
Interest income,
net
|
2,756
|
|
|
2,440
|
|
|
9,203
|
|
|
6,420
|
|
Other income
(expense), net
|
(46)
|
|
|
(1,126)
|
|
|
291
|
|
|
(3,154)
|
|
Loss before provision
for income taxes
|
(79,757)
|
|
|
(24,359)
|
|
|
(265,823)
|
|
|
(103,533)
|
|
Provision for income
taxes
|
(2,365)
|
|
|
(1,498)
|
|
|
(6,472)
|
|
|
(3,595)
|
|
Net loss
|
$
|
(82,122)
|
|
|
$
|
(25,857)
|
|
|
$
|
(272,295)
|
|
|
$
|
(107,128)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.29)
|
|
|
$
|
(0.17)
|
|
|
$
|
(0.98)
|
|
|
$
|
(0.72)
|
|
Weighted-average
shares used in computing net loss per share, basic and
diluted
|
283,267
|
|
|
152,245
|
|
|
277,260
|
|
|
149,507
|
|
|
* As adjusted to
reflect the impact of the full retrospective adoption of Topic
606.
|
|
(1)
|
Amounts include
stock‑based compensation expense as follows (in
thousands):
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
Cost of revenue –
subscription
|
$
|
4,306
|
|
|
$
|
2,016
|
|
|
$
|
12,314
|
|
|
$
|
7,060
|
|
Cost of revenue –
services
|
4,620
|
|
|
2,290
|
|
|
13,076
|
|
|
7,540
|
|
Research and
development
|
19,697
|
|
|
7,805
|
|
|
55,991
|
|
|
26,002
|
|
Sales and
marketing
|
17,400
|
|
|
5,504
|
|
|
46,199
|
|
|
14,281
|
|
General and
administrative
|
8,191
|
|
|
4,275
|
|
|
37,238
|
|
|
12,848
|
|
Total stock-based
compensation expense
|
$
|
54,214
|
|
|
$
|
21,890
|
|
|
$
|
164,818
|
|
|
$
|
67,731
|
|
|
|
(2)
|
Amounts include
amortization of acquired intangible assets as follows (in
thousands):
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of revenue –
subscription
|
$
|
2,761
|
|
|
$
|
622
|
|
|
$
|
8,358
|
|
|
$
|
1,866
|
|
Sales and
marketing
|
17,264
|
|
|
35
|
|
|
51,764
|
|
|
105
|
|
Total amortization of
acquired intangible assets
|
$
|
20,025
|
|
|
$
|
657
|
|
|
$
|
60,122
|
|
|
$
|
1,971
|
|
Cloudera,
Inc.
Condensed
Consolidated Statements of Operations
(as a percentage
of total revenue)
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2019
|
|
2018
(As Adjusted)*
|
|
2019
|
|
2018
(As Adjusted)*
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
84
|
%
|
|
85
|
%
|
|
83
|
%
|
|
84
|
%
|
Services
|
16
|
|
|
15
|
|
|
17
|
|
|
16
|
|
Total
revenue
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Cost of
revenue(1) (2):
|
|
|
|
|
|
|
|
Subscription
|
15
|
|
|
12
|
|
|
15
|
|
|
13
|
|
Services
|
14
|
|
|
13
|
|
|
15
|
|
|
15
|
|
Total cost of
revenue
|
29
|
|
|
25
|
|
|
30
|
|
|
28
|
|
Gross
margin
|
71
|
|
|
75
|
|
|
70
|
|
|
72
|
|
Operating
expenses(1) (2):
|
|
|
|
|
|
|
|
Research and
development
|
34
|
|
|
32
|
|
|
34
|
|
|
36
|
|
Sales and
marketing
|
59
|
|
|
46
|
|
|
60
|
|
|
51
|
|
General and
administrative
|
20
|
|
|
19
|
|
|
23
|
|
|
17
|
|
Total operating
expenses
|
113
|
|
|
97
|
|
|
117
|
|
|
104
|
|
Loss from
operations
|
(42)
|
|
|
(22)
|
|
|
(47)
|
|
|
(32)
|
|
Interest income,
net
|
1
|
|
|
2
|
|
|
2
|
|
|
2
|
|
Other income
(expense), net
|
—
|
|
|
(1)
|
|
|
—
|
|
|
(1)
|
|
Loss before provision
for income taxes
|
(41)
|
|
|
(21)
|
|
|
(45)
|
|
|
(31)
|
|
Provision for income
taxes
|
(1)
|
|
|
(1)
|
|
|
(2)
|
|
|
(1)
|
|
Net loss
|
(42)
|
%
|
|
(22)
|
%
|
|
(47)
|
%
|
|
(32)
|
%
|
|
* As adjusted to
reflect the impact of the full retrospective adoption of Topic
606.
|
|
|
(1)
|
Amounts include
stock‑based compensation expense as a percentage of total revenue
as follows:
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of revenue –
subscription
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
Cost of revenue –
services
|
2
|
|
|
2
|
|
|
2
|
|
|
2
|
|
Research and
development
|
10
|
|
|
7
|
|
|
10
|
|
|
8
|
|
Sales and
marketing
|
9
|
|
|
5
|
|
|
8
|
|
|
4
|
|
General and
administrative
|
4
|
|
|
4
|
|
|
6
|
|
|
4
|
|
Total stock-based
compensation expense
|
27
|
%
|
|
20
|
%
|
|
28
|
%
|
|
20
|
%
|
(2)
|
Amounts include
amortization of acquired intangible assets as a percentage of total
revenue as follows:
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Cost of revenue –
subscription
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Sales and
marketing
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
Total amortization of
acquired intangible assets
|
10
|
%
|
|
1
|
%
|
|
10
|
%
|
|
1
|
%
|
Cloudera,
Inc.
Condensed
Consolidated Balance Sheets
(in
thousands)
(unaudited)
|
|
|
October 31,
2019
|
|
January 31,
2019
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
113,203
|
|
|
$
|
158,672
|
|
Marketable
securities, current
|
292,812
|
|
|
322,005
|
|
Accounts receivable,
net
|
162,454
|
|
|
242,980
|
|
Contract
assets
|
5,522
|
|
|
4,824
|
|
Deferred
costs
|
42,987
|
|
|
32,100
|
|
Prepaid expenses and
other current assets
|
28,968
|
|
|
38,281
|
|
Total current
assets
|
645,946
|
|
|
798,862
|
|
Property and
equipment, net
|
24,524
|
|
|
27,619
|
|
Marketable
securities, non-current
|
92,867
|
|
|
56,541
|
|
Intangible assets,
net
|
625,137
|
|
|
679,326
|
|
Goodwill
|
590,361
|
|
|
586,456
|
|
Deferred costs,
non-current
|
29,648
|
|
|
36,913
|
|
Restricted
cash
|
3,352
|
|
|
3,367
|
|
Operating lease
right-of-use assets
|
209,920
|
|
|
—
|
|
Other
assets
|
11,160
|
|
|
7,559
|
|
TOTAL
ASSETS
|
$
|
2,232,915
|
|
|
$
|
2,196,643
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
|
12,204
|
|
|
$
|
8,185
|
|
Accrued
compensation
|
58,552
|
|
|
53,590
|
|
Other contract
liabilities, current
|
7,732
|
|
|
17,177
|
|
Other accrued
liabilities
|
25,581
|
|
|
24,548
|
|
Operating lease
liabilities, current
|
28,915
|
|
|
—
|
|
Deferred revenue,
current
|
364,442
|
|
|
390,965
|
|
Total current
liabilities
|
497,426
|
|
|
494,465
|
|
Operating lease
liabilities, non-current
|
197,776
|
|
|
—
|
|
Deferred revenue,
non-current
|
80,729
|
|
|
116,604
|
|
Other contract
liabilities, non-current
|
931
|
|
|
1,296
|
|
Other
liabilities
|
7,192
|
|
|
22,209
|
|
TOTAL
LIABILITIES
|
784,054
|
|
|
634,574
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Common
stock
|
14
|
|
|
13
|
|
Additional paid-in
capital
|
2,869,406
|
|
|
2,711,340
|
|
Accumulated other
comprehensive income (loss)
|
978
|
|
|
(42)
|
|
Accumulated
deficit
|
(1,421,537)
|
|
|
(1,149,242)
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
1,448,861
|
|
|
1,562,069
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
2,232,915
|
|
|
$
|
2,196,643
|
|
Cloudera,
Inc.
Condensed
Consolidated Statements of Cash Flows
(in
thousands)
(unaudited)
|
|
|
Three Months Ended
October 31,
|
|
Nine Months Ended
October 31,
|
|
2019
|
|
2018
(As
Adjusted)*
|
|
2019
|
|
2018
(As
Adjusted)*
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net loss
|
$
|
(82,122)
|
|
|
$
|
(25,857)
|
|
|
$
|
(272,295)
|
|
|
$
|
(107,128)
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
33,956
|
|
|
2,691
|
|
|
103,020
|
|
|
7,759
|
|
Stock-based
compensation expense
|
54,214
|
|
|
21,890
|
|
|
164,818
|
|
|
67,731
|
|
Accretion and
amortization of marketable securities
|
(702)
|
|
|
(466)
|
|
|
(2,362)
|
|
|
(661)
|
|
Amortization of
deferred costs
|
12,606
|
|
|
7,991
|
|
|
33,579
|
|
|
21,794
|
|
Loss (gain) on
disposal of fixed assets
|
—
|
|
|
(2)
|
|
|
459
|
|
|
(22)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(1,708)
|
|
|
3,973
|
|
|
78,952
|
|
|
38,161
|
|
Contract
assets
|
47
|
|
|
(29)
|
|
|
(698)
|
|
|
2,821
|
|
Prepaid expenses and
other assets
|
157
|
|
|
(3,949)
|
|
|
(3,056)
|
|
|
8,348
|
|
Deferred
costs
|
(15,393)
|
|
|
(7,865)
|
|
|
(37,200)
|
|
|
(21,419)
|
|
Accounts
payable
|
7,854
|
|
|
(22)
|
|
|
4,193
|
|
|
561
|
|
Accrued
compensation
|
3,767
|
|
|
2,403
|
|
|
(2,323)
|
|
|
(7,034)
|
|
Accrued expenses and
other liabilities
|
(6,649)
|
|
|
597
|
|
|
(22,994)
|
|
|
4,210
|
|
Other contract
liabilities
|
(325)
|
|
|
(493)
|
|
|
(9,810)
|
|
|
(108)
|
|
Deferred
revenue
|
(11,592)
|
|
|
(7,646)
|
|
|
(61,693)
|
|
|
(20,987)
|
|
Net cash used in
operating activities
|
(5,890)
|
|
|
(6,784)
|
|
|
(27,410)
|
|
|
(5,974)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
marketable securities and other investments
|
(81,273)
|
|
|
(116,538)
|
|
|
(392,497)
|
|
|
(368,914)
|
|
Proceeds from sale of
marketable securities and other investments
|
17,356
|
|
|
3,715
|
|
|
56,741
|
|
|
36,009
|
|
Maturities of
marketable securities and other investments
|
96,228
|
|
|
115,300
|
|
|
331,630
|
|
|
346,203
|
|
Cash used in business
combinations, net of cash acquired
|
(4,500)
|
|
|
—
|
|
|
(4,500)
|
|
|
—
|
|
Capital
expenditures
|
(1,767)
|
|
|
(1,628)
|
|
|
(6,488)
|
|
|
(9,291)
|
|
Net cash provided by
(used in) investing activities
|
26,044
|
|
|
849
|
|
|
(15,114)
|
|
|
4,007
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Taxes paid related to
net share settlement of restricted stock units
|
(5,439)
|
|
|
(4,094)
|
|
|
(21,085)
|
|
|
(8,482)
|
|
Proceeds from
employee stock plans
|
10,413
|
|
|
7,430
|
|
|
19,633
|
|
|
18,760
|
|
Net cash provided by
(used in) financing activities
|
4,974
|
|
|
3,336
|
|
|
(1,452)
|
|
|
10,278
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
—
|
|
|
(411)
|
|
|
(1,508)
|
|
|
(1,626)
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
25,128
|
|
|
(3,010)
|
|
|
(45,484)
|
|
|
6,685
|
|
Cash, cash
equivalents and restricted cash — Beginning of period
|
91,427
|
|
|
70,994
|
|
|
162,039
|
|
|
61,299
|
|
Cash, cash
equivalents and restricted cash — End of period
|
$
|
116,555
|
|
|
$
|
67,984
|
|
|
$
|
116,555
|
|
|
$
|
67,984
|
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
$
|
1,962
|
|
|
$
|
1,171
|
|
|
$
|
5,607
|
|
|
$
|
3,069
|
|
Cash paid for
operating lease liabilities
|
$
|
2,864
|
|
|
$
|
—
|
|
|
$
|
27,898
|
|
|
$
|
—
|
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property
and equipment in accounts payable and other accrued
liabilities
|
$
|
138
|
|
|
$
|
202
|
|
|
$
|
138
|
|
|
$
|
202
|
|
Right-of-use assets
obtained in exchange for new operating lease liabilities
|
$
|
775
|
|
|
$
|
—
|
|
|
$
|
3,741
|
|
|
$
|
—
|
|
|
* As adjusted to
reflect the impact of the full retrospective adoption of Topic
606.
|
Cloudera,
Inc.
Three Months Ended
October 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
|
$
|
30,224
|
|
|
$
|
(4,306)
|
|
|
$
|
(2,761)
|
|
|
$
|
23,157
|
|
Subscription gross
margin
|
82
|
%
|
|
3
|
%
|
|
2
|
%
|
|
86
|
%
|
Cost of revenue-
Services
|
27,404
|
|
|
(4,620)
|
|
|
—
|
|
|
22,784
|
|
Services gross
margin
|
13
|
%
|
|
15
|
%
|
|
—
|
%
|
|
27
|
%
|
Gross
profit
|
140,664
|
|
|
8,926
|
|
|
2,761
|
|
|
152,351
|
|
Total gross
margin
|
71
|
%
|
|
5
|
%
|
|
1
|
%
|
|
77
|
%
|
Research and
development
|
66,657
|
|
|
(19,697)
|
|
|
—
|
|
|
46,960
|
|
Sales and
marketing
|
117,783
|
|
|
(17,400)
|
|
|
(17,264)
|
|
|
83,119
|
|
General and
administrative
|
38,691
|
|
|
(8,191)
|
|
|
—
|
|
|
30,500
|
|
Loss from
operations
|
(82,467)
|
|
|
54,214
|
|
|
20,025
|
|
|
(8,228)
|
|
Operating
margin
|
(42)
|
%
|
|
27
|
%
|
|
10
|
%
|
|
(4)
|
%
|
Net loss
|
(82,122)
|
|
|
54,214
|
|
|
20,025
|
|
|
(7,883)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.29)
|
|
|
$
|
0.19
|
|
|
$
|
0.07
|
|
|
$
|
(0.03)
|
|
Cloudera,
Inc.
Three Months Ended
October 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
|
$
|
13,996
|
|
|
$
|
(2,016)
|
|
|
$
|
(622)
|
|
|
$
|
11,358
|
|
Subscription gross
margin
|
86
|
%
|
|
2
|
%
|
|
1
|
%
|
|
89
|
%
|
Cost of revenue-
Services
|
15,980
|
|
|
(2,290)
|
|
|
—
|
|
|
13,690
|
|
Services gross
margin
|
12
|
%
|
|
13
|
%
|
|
—
|
%
|
|
25
|
%
|
Gross
profit
|
89,012
|
|
|
4,306
|
|
|
622
|
|
|
93,940
|
|
Total gross
margin
|
75
|
%
|
|
4
|
%
|
|
1
|
%
|
|
79
|
%
|
Research and
development
|
37,563
|
|
|
(7,805)
|
|
|
—
|
|
|
29,758
|
|
Sales and
marketing
|
55,055
|
|
|
(5,504)
|
|
|
(35)
|
|
|
49,516
|
|
General and
administrative
|
22,067
|
|
|
(4,275)
|
|
|
—
|
|
|
17,792
|
|
Loss from
operations
|
(25,673)
|
|
|
21,890
|
|
|
657
|
|
|
(3,126)
|
|
Operating
margin
|
(22)
|
%
|
|
18
|
%
|
|
1
|
%
|
|
(3)
|
%
|
Net loss
|
(25,857)
|
|
|
21,890
|
|
|
657
|
|
|
(3,310)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.17)
|
|
|
$
|
0.14
|
|
|
$
|
—
|
|
|
$
|
(0.02)
|
|
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.
Cloudera,
Inc.
Reconciliation of
Non-GAAP Financial Guidance
(unaudited)
|
|
|
Fiscal
2020
|
(in
millions)
|
Q4
|
|
FY
|
GAAP net
loss
|
($84) -
($78)
|
|
|
($357) -
($351)
|
|
Stock-based
compensation expense (*)
|
52
|
|
|
218
|
|
Amortization of
acquired intangible assets
|
20
|
|
|
80
|
|
Non-GAAP net
loss
|
($12) -
($6)
|
|
|
($59) -
($53)
|
|
|
(*) 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.
|
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SOURCE Cloudera, Inc.