PALO ALTO, Calif., March 10, 2020 /PRNewswire/ -- Cloudera, Inc.
(NYSE: CLDR), the enterprise data cloud company, reported results
for its fourth quarter and fiscal year 2020, ended January 31, 2020. Total revenue for the fourth
quarter was $211.7 million, and
subscription revenue was $182.0
million. Annualized Recurring Revenue grew 11%
year-over-year.
"We continue to execute well, delivering another strong quarter
in Q4 on financial and operational metrics. I am especially pleased
that we're seeing strong interest in CDP, with many customers
across our base building plans for CDP Public Cloud adoption," said
Rob Bearden, chief executive
officer, Cloudera. "In fiscal 2020, we finished the hard work of
merger integration and completely re-positioned the company for
long-term success. I could not be more enthusiastic about the
set-up for Cloudera as we enter the next phase of the market's
evolution, helping our customers realize true hybrid and
multi-cloud data solutions. We believe the opportunity for Cloudera
has never been bigger and, with CDP Private Cloud expected in Q2,
we believe it expands even further. Also, consistent with guidance,
we plan to generate substantial non-GAAP operating income and cash
flow in fiscal 2021."
Except where noted, all prior period amounts include the
results of Hortonworks beginning January 3,
2019, the date the Company merged with Hortonworks.
GAAP loss from operations for the fourth quarter of fiscal 2020
was $64.4 million, compared to a GAAP
loss from operations of $87.0 million
for the fourth quarter of fiscal 2019.
Non-GAAP income from operations for the fourth quarter of fiscal
2020 was $11.0 million, compared to a
non-GAAP loss from operations of $30.2
million for the fourth quarter of fiscal 2019.
Operating cash flow for the fourth quarter of fiscal 2020 was
negative $9.4 million, which includes
$16.1 million of merger-related
payments, compared to operating cash flow of $40.2 million for the fourth quarter of fiscal
2019.
GAAP net loss per share for the fourth quarter of fiscal 2020
was $0.22, compared to a GAAP net
loss per share of $0.45 for the
fourth quarter of fiscal 2019.
Non-GAAP net income per share for the fourth quarter of fiscal
2020 was $0.04, compared to a
non-GAAP net loss per share of $0.15
for the fourth quarter of fiscal 2019.
For fiscal year 2020, total revenue was $794.2 million and subscription revenue was
$667.8 million.
GAAP loss from operations for fiscal year 2020 was $339.8 million, compared to a GAAP loss from
operations of $193.8 million for
fiscal year 2019.
Non-GAAP loss from operations for fiscal year 2020 was
$39.4 million, compared to a non-GAAP
loss from operations of $67.3 million
for fiscal year 2019.
Operating cash flow for fiscal year 2020 was negative
$36.8 million, which includes
$60.5 million of merger-related
payments, compared to operating cash flow of $34.3 million for fiscal year 2019.
GAAP net loss per share for fiscal year 2020 was $1.20, compared to a GAAP net loss per share of
$1.21 for fiscal year 2019.
Non-GAAP net loss per share for fiscal year 2020 was
$0.13, compared to a non-GAAP net
loss per share of $0.41 for fiscal
year 2019.
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 January 31, 2020, Cloudera
had total cash, cash equivalents, marketable securities and
restricted cash of $486.5
million.
Recent Business and Financial Highlights
- Annualized Recurring Revenue at the conclusion of the quarter
was $731.2 million, representing 11%
year-over-year growth
- GAAP subscription gross margin for the quarter was 84%
- Non-GAAP subscription gross margin for the quarter was 88%
- Non-GAAP income from operations for the quarter was
$11.0 million, including $7.0 million of merger-related spending
- Customers with Annualized Recurring Revenue greater than
$100,000 were 1004, up 27 from the
prior quarter
- Cloudera's board of directors authorized the repurchase of up
to $100 million of Cloudera common
stock
- Cloudera appointed Robert
Bearden as president and chief executive officer. An
experienced enterprise software executive and open source software
luminary, he has served on Cloudera's board of directors since the
merger of Cloudera and Hortonworks
- Cloudera Data Platform debuted on Microsoft Azure
Marketplace
- Introduced the first Apache NiFi and Apache Kafka public cloud
services on CDP, Flow Management and Streams Messaging on Data
Hub
- Introduced the initial release of Cloudera Streaming Analytics,
powered by Apache Flink, expanding the Cloudera data lifecycle
capabilities with real-time streaming analytics
Share Repurchase Authorization
Cloudera's board of directors has authorized the repurchase of
up to $100 million of Cloudera's
common stock, through open market purchases, block trades and/or in
privately negotiated transactions or pursuant to Rule 10b5-1 plans,
in compliance with applicable securities laws and other legal
requirements. The timing, volume and nature of any repurchases will
be determined by Cloudera's management based on its evaluation of
the capital needs of the business, market conditions, applicable
legal requirements and other factors. No time limit was set for the
completion of the repurchase program, and the program may be
suspended or discontinued at any time. Cloudera currently expects
to fund the repurchase program using Cloudera's cash balance.
Business Outlook
The outlook for the first quarter of fiscal 2021, ending
April 30, 2020, is:
- Total revenue in the range of $202
million to $207 million
- Subscription revenue in the range of $180 million to $183
million
- Non-GAAP operating loss/income in the range of negative
$3 million to positive $2 million
- Non-GAAP net loss/income per share in the range of negative
$0.01 to positive $0.01
- Basic and diluted weighted-average share counts of
approximately 302 million and 314 million shares, respectively
The outlook for fiscal 2021, ending January 31, 2021, is:
- Total revenue in the range of $860
million to $880 million
- Subscription revenue in the range of $750 million to $760
million
- Non-GAAP operating income in the range of $82 million to $92
million
- Non-GAAP net income per share in the range of $0.25 to $0.29
- Diluted weighted-average share count of approximately 322
million shares
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors
to discuss its fourth quarter of fiscal 2020 results and the
outlook for its first quarter of fiscal 2021 and full year fiscal
2021 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: 2995364
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,
the Cloudera Data Platform, the share repurchase program, and our
"Business Outlook" for our first quarter of fiscal 2021 and our
full year fiscal 2021 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 our 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 income (loss) from
operations, non-GAAP operating margin, non-GAAP net income (loss),
and historical and forward-looking non-GAAP net income (loss) per
share. These non-GAAP financial measures exclude stock-based
compensation, acquisition- and disposition-related expenses (if
any), extraordinary non-cash real estate impairment charges (if
any), and amortization of acquired intangible assets from our
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
financial statement tables titled "Use of Non-GAAP Financial
Information" as well as the related financial statement 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 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.
|
Consolidated
Statements of Operations
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
181,954
|
|
|
$
|
123,015
|
|
|
$
|
667,826
|
|
|
$
|
406,333
|
|
Services
|
29,766
|
|
|
21,500
|
|
|
126,365
|
|
|
73,608
|
|
Total
revenue
|
211,720
|
|
|
144,515
|
|
|
794,191
|
|
|
479,941
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
29,103
|
|
|
18,565
|
|
|
117,739
|
|
|
63,329
|
|
Services
|
27,408
|
|
|
22,090
|
|
|
114,763
|
|
|
72,785
|
|
Total cost of
revenue
|
56,511
|
|
|
40,655
|
|
|
232,502
|
|
|
136,114
|
|
Gross
profit
|
155,209
|
|
|
103,860
|
|
|
561,689
|
|
|
343,827
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
66,994
|
|
|
52,787
|
|
|
263,566
|
|
|
173,814
|
|
Sales and
marketing
|
117,884
|
|
|
82,918
|
|
|
467,541
|
|
|
253,164
|
|
General and
administrative
|
34,768
|
|
|
55,120
|
|
|
170,336
|
|
|
110,613
|
|
Total operating
expenses
|
219,646
|
|
|
190,825
|
|
|
901,443
|
|
|
537,591
|
|
Loss from
operations
|
(64,437)
|
|
|
(86,965)
|
|
|
(339,754)
|
|
|
(193,764)
|
|
Interest income,
net
|
2,484
|
|
|
2,591
|
|
|
11,687
|
|
|
9,011
|
|
Other income
(expense), net
|
(106)
|
|
|
676
|
|
|
185
|
|
|
(2,478)
|
|
Loss before provision
for income taxes
|
(62,059)
|
|
|
(83,698)
|
|
|
(327,882)
|
|
|
(187,231)
|
|
Provision for income
taxes
|
(2,228)
|
|
|
(1,823)
|
|
|
(8,700)
|
|
|
(5,418)
|
|
Net loss
|
$
|
(64,287)
|
|
|
$
|
(85,521)
|
|
|
$
|
(336,582)
|
|
|
$
|
(192,649)
|
|
Net loss per share,
basic
|
$
|
(0.22)
|
|
|
$
|
(0.45)
|
|
|
$
|
(1.20)
|
|
|
$
|
(1.21)
|
|
Weighted-average
shares used in computing net loss per share, basic
|
291,193
|
|
|
190,408
|
|
|
280,772
|
|
|
159,816
|
|
|
|
(1)
|
Amounts include
stock-based compensation expense as follows (in
thousands):
|
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cost of revenue –
subscription
|
$
|
4,285
|
|
|
$
|
2,899
|
|
|
$
|
16,599
|
|
|
$
|
9,959
|
|
Cost of revenue –
services
|
4,533
|
|
|
3,952
|
|
|
17,609
|
|
|
11,492
|
|
Research and
development
|
19,563
|
|
|
15,428
|
|
|
75,554
|
|
|
41,430
|
|
Sales and
marketing
|
17,161
|
|
|
13,637
|
|
|
63,360
|
|
|
27,918
|
|
General and
administrative
|
9,994
|
|
|
13,718
|
|
|
47,232
|
|
|
26,566
|
|
Total stock-based
compensation expense
|
$
|
55,536
|
|
|
$
|
49,634
|
|
|
$
|
220,354
|
|
|
$
|
117,365
|
|
|
|
(2)
|
Amounts include
amortization of acquired intangible assets as follows (in
thousands):
|
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cost of revenue –
subscription
|
$
|
2,855
|
|
|
$
|
1,385
|
|
|
$
|
11,213
|
|
|
$
|
3,251
|
|
Sales and
marketing
|
17,047
|
|
|
5,773
|
|
|
68,811
|
|
|
5,878
|
|
Total amortization of
acquired intangible assets
|
$
|
19,902
|
|
|
$
|
7,158
|
|
|
$
|
80,024
|
|
|
$
|
9,129
|
|
Cloudera,
Inc.
|
Consolidated
Statements of Operations
|
(as a percentage
of total revenue)
|
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
86
|
%
|
|
85
|
%
|
|
84
|
%
|
|
85
|
%
|
Services
|
14
|
|
|
15
|
|
|
16
|
|
|
15
|
|
Total
revenue
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
14
|
|
|
13
|
|
|
15
|
|
|
13
|
|
Services
|
13
|
|
|
15
|
|
|
14
|
|
|
15
|
|
Total cost of
revenue
|
27
|
|
|
28
|
|
|
29
|
|
|
28
|
|
Gross
profit
|
73
|
|
|
72
|
|
|
71
|
|
|
72
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
31
|
|
|
37
|
|
|
33
|
|
|
36
|
|
Sales and
marketing
|
56
|
|
|
57
|
|
|
59
|
|
|
53
|
|
General and
administrative
|
16
|
|
|
38
|
|
|
22
|
|
|
23
|
|
Total operating
expenses
|
103
|
|
|
132
|
|
|
114
|
|
|
112
|
|
Loss from
operations
|
(30)
|
|
|
(60)
|
|
|
(43)
|
|
|
(40)
|
|
Interest income,
net
|
1
|
|
|
2
|
|
|
2
|
|
|
2
|
|
Other income
(expense), net
|
—
|
|
|
—
|
|
|
—
|
|
|
(1)
|
|
Loss before provision
for income taxes
|
(29)
|
|
|
(58)
|
|
|
(41)
|
|
|
(39)
|
|
Provision for income
taxes
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
Net loss
|
(30)
|
%
|
|
(59)
|
%
|
|
(42)
|
%
|
|
(40)
|
%
|
|
|
(1)
|
Amounts include
stock-based compensation expense as a percentage of total revenue
as follows:
|
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cost of revenue –
subscription
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
Cost of revenue –
services
|
2
|
|
|
3
|
|
|
2
|
|
|
2
|
|
Research and
development
|
9
|
|
|
11
|
|
|
10
|
|
|
9
|
|
Sales and
marketing
|
8
|
|
|
9
|
|
|
8
|
|
|
6
|
|
General and
administrative
|
5
|
|
|
9
|
|
|
6
|
|
|
6
|
|
Total stock-based
compensation expense
|
26
|
%
|
|
34
|
%
|
|
28
|
%
|
|
25
|
%
|
|
|
(2)
|
Amounts include
amortization of acquired intangible assets as a percentage of total
revenue as follows:
|
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Cost of revenue –
subscription
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Sales and
marketing
|
8
|
|
|
4
|
|
|
9
|
|
|
1
|
|
Total amortization of
acquired intangible assets
|
9
|
%
|
|
5
|
%
|
|
10
|
%
|
|
2
|
%
|
Cloudera,
Inc.
|
Consolidated
Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
January 31,
2020
|
|
January 31,
2019
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and
cash equivalents
|
$
|
107,638
|
|
|
$
|
158,672
|
|
Marketable securities, current
|
253,361
|
|
|
322,005
|
|
Accounts
receivable, net
|
249,971
|
|
|
242,980
|
|
Contract
assets
|
4,648
|
|
|
4,824
|
|
Deferred
costs
|
54,776
|
|
|
32,100
|
|
Prepaid
expenses and other current assets
|
37,507
|
|
|
38,281
|
|
Total current
assets
|
707,901
|
|
|
798,862
|
|
Property and
equipment, net
|
21,988
|
|
|
27,619
|
|
Marketable
securities, non-current
|
122,193
|
|
|
56,541
|
|
Intangible assets,
net
|
605,236
|
|
|
679,326
|
|
Goodwill
|
590,361
|
|
|
586,456
|
|
Deferred costs,
non-current
|
35,260
|
|
|
36,913
|
|
Restricted
cash
|
3,352
|
|
|
3,367
|
|
Operating lease
right-of-use assets
|
204,642
|
|
|
—
|
|
Other
assets
|
8,857
|
|
|
7,559
|
|
TOTAL
ASSETS
|
$
|
2,299,790
|
|
|
$
|
2,196,643
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
|
3,858
|
|
|
$
|
8,185
|
|
Accrued
compensation
|
61,826
|
|
|
53,590
|
|
Other
contract liabilities, current
|
12,225
|
|
|
17,177
|
|
Other
accrued liabilities
|
22,297
|
|
|
24,548
|
|
Operating lease liabilities, current
|
19,181
|
|
|
—
|
|
Deferred
revenue, current
|
460,561
|
|
|
390,965
|
|
Total current
liabilities
|
579,948
|
|
|
494,465
|
|
Operating lease
liabilities, non-current
|
192,324
|
|
|
—
|
|
Deferred revenue,
non-current
|
81,116
|
|
|
116,604
|
|
Other contract
liabilities, non-current
|
810
|
|
|
1,296
|
|
Other
liabilities
|
7,223
|
|
|
22,209
|
|
TOTAL
LIABILITIES
|
861,421
|
|
|
634,574
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
|
|
|
Common
stock
|
15
|
|
|
13
|
|
Additional paid-in capital
|
2,923,905
|
|
|
2,711,340
|
|
Accumulated other comprehensive income (loss)
|
273
|
|
|
(42)
|
|
Accumulated deficit
|
(1,485,824)
|
|
|
(1,149,242)
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
1,438,369
|
|
|
1,562,069
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
2,299,790
|
|
|
$
|
2,196,643
|
|
Cloudera,
Inc.
|
Consolidated
Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net loss
|
$
|
(64,287)
|
|
|
$
|
(85,521)
|
|
|
$
|
(336,582)
|
|
|
$
|
(192,649)
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
23,033
|
|
|
9,669
|
|
|
92,156
|
|
|
17,428
|
|
Amortization of
operating lease right-of-use assets
|
11,743
|
|
|
—
|
|
|
45,640
|
|
|
—
|
|
Stock-based
compensation expense
|
55,536
|
|
|
49,634
|
|
|
220,354
|
|
|
117,365
|
|
Accretion and
amortization of marketable securities
|
68
|
|
|
(745)
|
|
|
(2,294)
|
|
|
(1,406)
|
|
Amortization of
deferred costs
|
13,973
|
|
|
8,840
|
|
|
47,552
|
|
|
30,634
|
|
Loss (gain) on
disposal of fixed assets
|
(45)
|
|
|
(3)
|
|
|
414
|
|
|
(25)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(87,908)
|
|
|
16,070
|
|
|
(8,956)
|
|
|
54,231
|
|
Contract
assets
|
874
|
|
|
(4,712)
|
|
|
176
|
|
|
(1,891)
|
|
Prepaid expenses and
other assets
|
(5,400)
|
|
|
8,149
|
|
|
(8,456)
|
|
|
16,497
|
|
Deferred costs
|
(31,375)
|
|
|
(18,246)
|
|
|
(68,575)
|
|
|
(39,665)
|
|
Accounts payable
|
(8,282)
|
|
|
3,234
|
|
|
(4,089)
|
|
|
3,795
|
|
Accrued compensation
|
7,893
|
|
|
(10,928)
|
|
|
5,570
|
|
|
(17,962)
|
|
Accrued expenses and other liabilities
|
(4,795)
|
|
|
1,203
|
|
|
109
|
|
|
5,413
|
|
Other contract
liabilities
|
4,372
|
|
|
6,030
|
|
|
(5,438)
|
|
|
5,922
|
|
Operating lease
liabilities
|
(23,161)
|
|
|
—
|
|
|
(51,059)
|
|
|
—
|
|
Deferred revenue
|
98,345
|
|
|
57,573
|
|
|
36,652
|
|
|
36,586
|
|
Net cash
(used in) provided by operating activities
|
(9,416)
|
|
|
40,247
|
|
|
(36,826)
|
|
|
34,273
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
marketable securities and other investments
|
(101,755)
|
|
|
(93,823)
|
|
|
(494,252)
|
|
|
(462,737)
|
|
Proceeds from sale of
marketable securities and other investments
|
29,998
|
|
|
20,693
|
|
|
86,739
|
|
|
56,702
|
|
Maturities of
marketable securities and other investments
|
81,927
|
|
|
89,275
|
|
|
413,557
|
|
|
435,478
|
|
Cash used in business
combinations, net of cash acquired
|
—
|
|
|
—
|
|
|
(4,500)
|
|
|
—
|
|
Cash acquired in
business combination
|
—
|
|
|
42,557
|
|
|
—
|
|
|
42,557
|
|
Capital
expenditures
|
(715)
|
|
|
(766)
|
|
|
(7,203)
|
|
|
(10,086)
|
|
Proceeds from sale of
equipment
|
—
|
|
|
16
|
|
|
—
|
|
|
45
|
|
Net cash provided by
(used in) investing activities
|
9,455
|
|
|
57,952
|
|
|
(5,659)
|
|
|
61,959
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Taxes paid related to net share
settlement of restricted stock units
|
(11,536)
|
|
|
(7,736)
|
|
|
(32,621)
|
|
|
(16,218)
|
|
Proceeds from employee stock
plans
|
6,031
|
|
|
3,084
|
|
|
25,664
|
|
|
21,844
|
|
Net cash
(used in) provided by financing activities
|
(5,505)
|
|
|
(4,652)
|
|
|
(6,957)
|
|
|
5,626
|
|
Effect of exchange rate changes on
cash, cash equivalents and restricted cash
|
(99)
|
|
|
508
|
|
|
(1,607)
|
|
|
(1,118)
|
|
Net
(decrease) increase in cash, cash equivalents and restricted
cash
|
(5,565)
|
|
|
94,055
|
|
|
(51,049)
|
|
|
100,740
|
|
Cash, cash equivalents and
restricted cash — Beginning of period
|
116,555
|
|
|
67,984
|
|
|
162,039
|
|
|
61,299
|
|
Cash, cash equivalents and
restricted cash — End of period
|
$
|
110,990
|
|
|
$
|
162,039
|
|
|
$
|
110,990
|
|
|
$
|
162,039
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
$
|
2,153
|
|
|
$
|
1,706
|
|
|
$
|
7,760
|
|
|
$
|
4,775
|
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property and equipment
in accounts payable and other accrued liabilities
|
$
|
45
|
|
|
$
|
208
|
|
|
$
|
45
|
|
|
$
|
208
|
|
Fair value of common stock issued
as consideration for business combinations
|
$
|
—
|
|
|
$
|
1,154,230
|
|
|
$
|
—
|
|
|
$
|
1,154,230
|
|
Fair value of share-based
compensation awards assumed
|
$
|
—
|
|
|
$
|
48,197
|
|
|
$
|
—
|
|
|
$
|
48,197
|
|
Right-of-use assets obtained in
exchange for new operating lease liabilities
|
$
|
3,651
|
|
|
$
|
—
|
|
|
$
|
7,392
|
|
|
$
|
—
|
|
Cloudera,
Inc.
|
Three Months Ended
January 31, 2020
|
GAAP Results
Reconciled to Non-GAAP Results
|
(in thousands,
except percentage and 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
|
$
|
29,103
|
|
|
$
|
(4,285)
|
|
|
$
|
(2,855)
|
|
|
|
|
$
|
—
|
|
|
$
|
21,963
|
|
Subscription gross
margin
|
84
|
%
|
|
2
|
%
|
|
2
|
%
|
|
|
|
—
|
%
|
|
88
|
%
|
Cost of revenue-
Services
|
27,408
|
|
|
(4,533)
|
|
|
—
|
|
|
|
|
—
|
|
|
22,875
|
|
Services gross
margin
|
8
|
%
|
|
15
|
%
|
|
—
|
%
|
|
|
|
—
|
%
|
|
23
|
%
|
Gross
profit
|
155,209
|
|
|
8,818
|
|
|
2,855
|
|
|
|
|
—
|
|
|
166,882
|
|
Total gross
margin
|
73
|
%
|
|
4
|
%
|
|
1
|
%
|
|
|
|
—
|
%
|
|
79
|
%
|
Research and
development
|
66,994
|
|
|
(19,563)
|
|
|
—
|
|
|
|
|
—
|
|
|
47,431
|
|
Sales and
marketing
|
117,884
|
|
|
(17,161)
|
|
|
(17,047)
|
|
|
|
|
—
|
|
|
83,676
|
|
General and
administrative
|
34,768
|
|
|
(9,994)
|
|
|
—
|
|
|
|
|
—
|
|
|
24,774
|
|
(Loss) income from
operations
|
(64,437)
|
|
|
55,536
|
|
|
19,902
|
|
|
|
|
—
|
|
|
11,001
|
|
Operating
margin
|
(30)
|
%
|
|
26
|
%
|
|
9
|
%
|
|
|
|
—
|
%
|
|
5
|
%
|
Net (loss)
income
|
(64,287)
|
|
|
55,536
|
|
|
19,902
|
|
|
|
|
—
|
|
|
11,151
|
|
Net (loss) income per
share, basic
|
(0.22)
|
|
|
0.19
|
|
|
0.07
|
|
|
|
|
—
|
|
|
0.04
|
|
Net (loss) income per
share, diluted (1)
|
$
|
(0.22)
|
|
|
$
|
0.18
|
|
|
$
|
0.06
|
|
|
|
|
$
|
0.02
|
|
|
$
|
0.04
|
|
|
|
(1)
|
See below for a
reconciliation of weighted-average shares outstanding used to
calculate non-GAAP net income per share
|
Cloudera,
Inc.
|
Three Months Ended
January 31, 2019
|
GAAP Results
Reconciled to Non-GAAP Results
|
(in thousands,
except percentage and 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
|
$
|
(0.45)
|
|
|
$
|
0.26
|
|
|
$
|
0.04
|
|
|
|
|
$
|
(0.15)
|
|
Cloudera,
Inc.
|
Twelve Months
Ended January 31, 2020
|
GAAP Results
Reconciled to Non-GAAP Results
|
(in thousands,
except percentage and per share amounts)
|
(unaudited)
|
|
|
GAAP
|
|
Stock-based
compensation
expense
|
|
Amortization
of
acquired
intangible assets
|
|
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
117,739
|
|
|
$
|
(16,599)
|
|
|
$
|
(11,213)
|
|
|
|
|
$
|
89,927
|
|
Subscription gross
margin
|
82
|
%
|
|
2
|
%
|
|
2
|
%
|
|
|
|
87
|
%
|
Cost of revenue-
Services
|
114,763
|
|
|
(17,609)
|
|
|
—
|
|
|
|
|
97,154
|
|
Services gross
margin
|
9
|
%
|
|
14
|
%
|
|
—
|
%
|
|
|
|
23
|
%
|
Gross
profit
|
561,689
|
|
|
34,208
|
|
|
11,213
|
|
|
|
|
607,110
|
|
Total gross
margin
|
71
|
%
|
|
4
|
%
|
|
1
|
%
|
|
|
|
76
|
%
|
Research and
development
|
263,566
|
|
|
(75,554)
|
|
|
—
|
|
|
|
|
188,012
|
|
Sales and
marketing
|
467,541
|
|
|
(63,360)
|
|
|
(68,811)
|
|
|
|
|
335,370
|
|
General and
administrative
|
170,336
|
|
|
(47,232)
|
|
|
—
|
|
|
|
|
123,104
|
|
Loss from
operations
|
(339,754)
|
|
|
220,354
|
|
|
80,024
|
|
|
|
|
(39,376)
|
|
Operating
margin
|
(43)
|
%
|
|
28
|
%
|
|
10
|
%
|
|
|
|
(5)
|
%
|
Net Loss
|
(336,582)
|
|
|
220,354
|
|
|
80,024
|
|
|
|
|
(36,204)
|
|
Net loss per share,
basic
|
$
|
(1.20)
|
|
|
$
|
0.78
|
|
|
$
|
0.29
|
|
|
|
|
$
|
(0.13)
|
|
Cloudera,
Inc.
|
Twelve Months
Ended January 31, 2019
|
GAAP Results
Reconciled to Non-GAAP Results
|
(in thousands,
except percentage and per share amounts)
|
(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
|
$
|
(1.21)
|
|
|
$
|
0.73
|
|
|
$
|
0.06
|
|
|
|
|
$
|
(0.41)
|
|
Cloudera,
Inc.
|
GAAP
weighted-average shares reconciled to non-GAAP weighted-average
shares
|
(in
thousands)
|
(unaudited)
|
|
|
Three Months Ended
January 31,
|
|
Year Ended January
31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
GAAP weighted-average
shares, basic
|
291,193
|
|
|
190,408
|
|
|
280,772
|
|
|
159,816
|
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
|
|
|
Stock options,
unvested restricted stock units and ESPP
|
16,572
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Non-GAAP
weighted-average shares, diluted
|
307,765
|
|
|
190,408
|
|
|
280,772
|
|
|
159,816
|
|
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 we exclude from our non-GAAP financial measures, we believe
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.
- Extraordinary non-cash real estate impairment charges.
We currently lease approximately 225,000 square feet of space for
our current corporate headquarters in Palo Alto, California under a lease agreement
that expires in 2027. Upon the completion of the merger with
Hortonworks, we added approximately 92,000 square feet of space in
Santa Clara, California under a
lease agreement that expires in 2026 and we anticipate that we will
relocate our corporate headquarters to this space during fiscal
2021. Extraordinary non-cash real estate impairment charges relate
to potential impairment charges that we may incur as part of our
relocation. 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
2021
|
(in
millions)
|
First
Quarter
|
|
Full
Year
|
GAAP operating
loss
|
($72) -
($67)
|
|
|
($197) -
($187)
|
|
Stock-based
compensation expense (*)
|
49
|
|
|
181
|
|
Amortization of
acquired intangible assets
|
20
|
|
|
78
|
|
Extraordinary
non-cash real estate impairment charges
|
—
|
|
|
20
|
|
Non-GAAP operating
(loss) income
|
($3) - $2
|
|
|
$82 -
$92
|
|
|
|
Fiscal
2021
|
(in
millions)
|
First
Quarter
|
|
Full
Year
|
GAAP net
loss
|
($72) -
($66)
|
|
|
($198) -
($186)
|
|
Stock-based
compensation expense (*)
|
49
|
|
|
181
|
|
Amortization of
acquired intangible assets
|
20
|
|
|
78
|
|
Extraordinary
non-cash real estate impairment charges
|
—
|
|
|
20
|
|
Non-GAAP net (loss)
income
|
($3) - $3
|
|
|
$81 -
$93
|
|
|
(*) 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.