PALO ALTO, Calif.,
Sept. 5, 2018 /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
2019, ended July 31, 2018. Total revenue was $110.3 million, an increase of 23% as compared to
the second quarter of fiscal 2018. Subscription revenue was
$93.1 million, an increase of 26% as
compared to the second quarter of fiscal 2018. Subscription revenue
represented 84% of total revenue, up from 82% in the second quarter
of fiscal 2018.
"In Q2 we made substantial progress in our product and
go-to-market transitions, delivering strong financial results in
the quarter and accomplishing many of our goals for sustained
success in our market," said Tom
Reilly, chief executive officer. "We continue to innovate in
highly differentiating ways. With three new modern data warehouse
offerings, we are well-positioned to disrupt the legacy data
warehouse industry."
GAAP loss from operations for the second quarter of fiscal 2019
was $33.9 million, compared to a GAAP
loss from operations of $65.7 million
for the second quarter of fiscal 2018. Non-GAAP loss from
operations for the second quarter of fiscal 2019 was $12.7 million, compared to a non-GAAP loss from
operations of $25.3 million in the
second quarter of fiscal 2018.
Operating cash flow for the second quarter of fiscal 2019 was
negative $23.6 million compared to
operating cash flow of negative $22.8
million in the second quarter of fiscal 2018.
GAAP net loss per share for the second quarter of fiscal 2019
was $0.22 per share, based on
weighted-average shares outstanding of 149.5 million shares,
compared to a GAAP net loss per share in the second quarter of
fiscal 2018 of $0.48 per share, based
on weighted-average shares outstanding of 134.5 million shares. See
financial statement 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 of fiscal
2019 was $0.08 per share, based on
non-GAAP weighted-average shares outstanding of 149.5 million
shares, compared to non-GAAP net loss per share in the second
quarter of fiscal 2018 of $0.17 per
share, based on non-GAAP weighted-average shares outstanding of
136.5 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, 2018, the company had total cash, cash
equivalents, marketable securities and restricted cash of
$458.2 million.
Recent Business and Financial Highlights
- Subscription revenue was up 26% year-over-year to $93.1 million
- Subscription revenue represented 84% of total revenue, up from
82% in the second quarter of fiscal 2018
- Non-GAAP subscription gross margin for the quarter was 87%, up
from 85% in the second quarter of fiscal 2018
- Customers with annual recurring revenue greater than
$100,000 were 568, up 30 for the
quarter
- Dollar-based net expansion rate was 128% for the quarter
- Non-GAAP operating loss improved more than 16 percentage points
in the second quarter compared to the year-ago period
- Introduced Cloudera Altus Data Warehouse, a modern data
warehouse as-a-service, available on Microsoft Azure and AWS
- Introduced Cloudera Data Warehouse, a modern data warehouse for
self-service analytics, built with a hybrid cloud-native
architecture that handles 50PB data workloads and enables hybrid
compute, storage, and control for workload portability across
public clouds and enterprise data centers
- Introduced Cloudera Workload XM, a new intelligent workload
experience management cloud service that provides end-to-end
visibility across the entire data warehouse, helping improve
performance, reduce downtime and optimize utilization across the
complete lifecycle of analytics workloads
Business Outlook
The outlook for the third quarter of fiscal 2019, ending
October 31, 2018, is:
- Total revenue in the range of $113
million to $114 million,
representing approximately 20% year-over-year growth
- Subscription revenue in the range of $96
million to $97 million,
representing approximately 24% year-over-year growth
- Non-GAAP net loss per share in the range of $0.12 to $0.10 per
share
- Weighted-average shares outstanding of approximately 152
million shares
The outlook for fiscal 2019, ending January 31, 2019, is:
- Total revenue in the range of $440
million to $450 million,
representing approximately 21% year-over-year growth
- Subscription revenue in the range of $372 million to $377
million, representing approximately 24% year-over-year
growth
- Operating cash flow of approximately negative $35 million
- Non-GAAP net loss per share in the range of $0.53 to $0.50 per
share
- Weighted-average shares outstanding of approximately 151
million shares
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors
to discuss its second quarter fiscal 2019 results and the outlook
for its third quarter of fiscal 2019 and full year fiscal 2019 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: 8388004
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.
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
"Business Outlook" for our third quarter of fiscal 2019 and our
full year fiscal 2019 operating results. Readers are cautioned that
actual results could differ materially from those implied by such
forward-looking statements due to a variety of factors, including
global economic conditions, competitive pressures and pricing
declines, intellectual property infringement claims, and other
risks or uncertainties that are described under the caption "Risk
Factors" in our Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission (SEC), and in our other SEC
filings. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
we can give no assurances that our expectations will be attained.
We undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Non-GAAP Financial Measures
We report all financial
information required in accordance with U.S. generally accepted
accounting principles (GAAP). To supplement our unaudited condensed
consolidated financial statements presented in accordance with
GAAP, we use certain non-GAAP measures of financial performance.
The presentation of these non-GAAP financial measures is not
intended to be considered in isolation from, as a substitute for,
or superior to, the financial information prepared and presented in
accordance with GAAP, and may be different from non-GAAP financial
measures used by other companies. In addition, these non-GAAP
measures have limitations in that they do not reflect all of the
amounts associated with the results of our operations as determined
in accordance with GAAP. The non-GAAP financial measures used by us
include non-GAAP subscription gross margins, non-GAAP loss from
operations, non-GAAP net loss, non-GAAP operating loss margin, and
historical and forward-looking non-GAAP net loss per share. These
non-GAAP financial measures exclude stock-based compensation,
acquisition- and disposition-related expenses (if any), and
amortization of acquired intangible assets from the Cloudera
unaudited condensed consolidated statement of operations. In
addition, we use non-GAAP weighted-average shares outstanding to
calculate non-GAAP net loss per share. This non-GAAP measure
includes the assumed conversion of all outstanding shares of
preferred stock to common stock and the impact of anti-dilutive
restricted stock units and stock options outstanding, on a weighted
basis.
For a description of these items, including the reasons why
management adjusts for them, and reconciliations of historical
non-GAAP financial measures to the most directly comparable GAAP
financial measures, please see the section of the accompanying
tables titled "Use of Non-GAAP Financial Information" as well as
the related tables that precede it. We may consider whether other
significant non-recurring items that arise in the future should
also be excluded in calculating the non-GAAP financial measures we
use.
We believe that these non-GAAP financial measures, when taken
together with the corresponding GAAP financial measures, provide
meaningful supplemental information regarding our performance by
excluding certain items that may not be indicative of our core
business, operating results or future outlook. Management uses, and
believes that investors benefit from referring to, these non-GAAP
financial measures in assessing our operating results, as well as
when planning, forecasting and analyzing future periods. We use
these non-GAAP financial measures in conjunction with traditional
GAAP measures to communicate with our board of directors concerning
our financial performance. These non-GAAP financial measures also
facilitate comparisons of our performance to prior periods.
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
$
|
93,123
|
|
|
$
|
73,986
|
|
|
$
|
179,022
|
|
|
$
|
138,657
|
|
Services
|
17,215
|
|
|
15,842
|
|
|
34,023
|
|
|
30,767
|
|
Total
revenue
|
110,338
|
|
|
89,828
|
|
|
213,045
|
|
|
169,424
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
14,961
|
|
|
15,215
|
|
|
30,768
|
|
|
41,687
|
|
Services
|
17,171
|
|
|
16,755
|
|
|
34,715
|
|
|
50,395
|
|
Total cost of
revenue
|
32,132
|
|
|
31,970
|
|
|
65,483
|
|
|
92,082
|
|
Gross
profit
|
78,206
|
|
|
57,858
|
|
|
147,562
|
|
|
77,342
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
39,800
|
|
|
42,844
|
|
|
83,464
|
|
|
138,675
|
|
Sales and
marketing
|
55,166
|
|
|
62,135
|
|
|
114,943
|
|
|
172,578
|
|
General and
administrative
|
17,090
|
|
|
18,564
|
|
|
33,426
|
|
|
54,114
|
|
Total operating
expenses
|
112,056
|
|
|
123,543
|
|
|
231,833
|
|
|
365,367
|
|
Loss from
operations
|
(33,850)
|
|
|
(65,685)
|
|
|
(84,271)
|
|
|
(288,025)
|
|
Interest income,
net
|
2,173
|
|
|
1,440
|
|
|
3,980
|
|
|
2,089
|
|
Other income
(expense), net
|
(907)
|
|
|
817
|
|
|
(2,028)
|
|
|
839
|
|
Net loss before
provision for income taxes
|
(32,584)
|
|
|
(63,428)
|
|
|
(82,319)
|
|
|
(285,097)
|
|
Provision for income
taxes
|
(791)
|
|
|
(801)
|
|
|
(2,097)
|
|
|
(1,451)
|
|
Net loss
|
$
|
(33,375)
|
|
|
$
|
(64,229)
|
|
|
$
|
(84,416)
|
|
|
$
|
(286,548)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.22)
|
|
|
$
|
(0.48)
|
|
|
$
|
(0.57)
|
|
|
$
|
(3.28)
|
|
Weighted-average
shares used in computing net loss per share, basic and
diluted
|
149,505
|
|
|
134,506
|
|
|
148,115
|
|
|
87,293
|
|
|
|
(1)
Amounts include stock-based compensation expense as follows (in
thousands):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
|
Six Months Ended
July 31,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Cost of revenue –
subscription
|
$
|
2,496
|
|
|
$
|
3,693
|
|
|
$
|
5,044
|
|
|
$
|
19,393
|
|
Cost of revenue –
services
|
|
2,776
|
|
|
3,890
|
|
|
5,250
|
|
|
24,227
|
|
Research and
development
|
|
8,336
|
|
|
13,128
|
|
|
18,197
|
|
|
81,029
|
|
Sales and
marketing
|
|
2,698
|
|
|
12,137
|
|
|
8,777
|
|
|
72,678
|
|
General and
administrative
|
|
4,169
|
|
|
6,603
|
|
|
8,573
|
|
|
33,206
|
|
Total stock-based
compensation expense
|
$
|
20,475
|
|
|
$
|
39,451
|
|
|
$
|
45,841
|
|
|
$
|
230,533
|
|
|
|
|
|
(2) Amounts include amortization of acquired intangible
assets as follows (in thousands):
|
|
|
|
Three Months Ended
July 31,
|
|
|
Six Months Ended
July 31,
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Cost of revenue –
subscription
|
$
|
622
|
|
|
$
|
510
|
|
|
$
|
1,244
|
|
|
$
|
1,024
|
|
Sales and
marketing
|
|
35
|
|
|
431
|
|
|
70
|
|
|
|
861
|
|
Total amortization of
acquired intangible assets
|
$
|
657
|
|
|
$
|
941
|
|
|
$
|
1,314
|
|
|
$
|
1,885
|
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Operations
|
(as a percentage
of total revenues)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Subscription
|
84
|
%
|
|
82
|
%
|
|
84
|
%
|
|
82
|
%
|
Services
|
16
|
|
|
18
|
|
|
16
|
|
|
18
|
|
Total
revenue
|
100
|
|
|
100
|
|
|
100
|
|
|
100
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
Subscription
|
13
|
|
|
17
|
|
|
15
|
|
|
24
|
|
Services
|
16
|
|
|
19
|
|
|
16
|
|
|
30
|
|
Total cost of
revenue
|
29
|
|
|
36
|
|
|
31
|
|
|
54
|
|
Gross
profit
|
71
|
|
|
64
|
|
|
69
|
|
|
46
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
Research and
development
|
37
|
|
|
48
|
|
|
39
|
|
|
82
|
|
Sales and
marketing
|
50
|
|
|
69
|
|
|
54
|
|
|
102
|
|
General and
administrative
|
15
|
|
|
20
|
|
|
16
|
|
|
32
|
|
Total operating
expenses
|
102
|
|
|
137
|
|
|
109
|
|
|
216
|
|
Loss from
operations
|
(31)
|
|
|
(73)
|
|
|
(40)
|
|
|
(170)
|
|
Interest income,
net
|
2
|
|
|
1
|
|
|
2
|
|
|
1
|
|
Other income
(expense), net
|
(1)
|
|
|
1
|
|
|
(1)
|
|
|
1
|
|
Net loss before
provision for income taxes
|
(30)
|
|
|
(71)
|
|
|
(39)
|
|
|
(168)
|
|
Provision for income
taxes
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
Net loss
|
(31)
|
%
|
|
(72)
|
%
|
|
(40)
|
%
|
|
(169)
|
%
|
|
|
(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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cost of revenue –
subscription
|
2
|
%
|
|
4
|
%
|
|
2
|
%
|
|
11
|
%
|
Cost of revenue –
services
|
3
|
|
|
4
|
|
|
3
|
|
|
14
|
|
Research and
development
|
8
|
|
|
15
|
|
|
9
|
|
|
48
|
|
Sales and
marketing
|
2
|
|
|
14
|
|
|
4
|
|
|
43
|
|
General and
administrative
|
4
|
|
|
7
|
|
|
4
|
|
|
20
|
|
Total stock-based
compensation expense
|
19
|
%
|
|
44
|
%
|
|
22
|
%
|
|
136
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Cost of revenue –
subscription
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Sales and
marketing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total amortization of
acquired intangible assets
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
Cloudera,
Inc.
|
Condensed
Consolidated Balance Sheets
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
July 31,
2018
|
|
January 31,
2018
|
ASSETS
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
|
52,970
|
|
|
$
|
43,247
|
|
Short-term marketable
securities
|
325,413
|
|
|
327,842
|
|
Accounts receivable,
net
|
96,364
|
|
|
130,579
|
|
Prepaid expenses and
other current assets
|
20,534
|
|
|
31,470
|
|
Total current
assets
|
495,281
|
|
|
533,138
|
|
Property and
equipment, net
|
22,089
|
|
|
17,600
|
|
Marketable
securities, noncurrent
|
61,747
|
|
|
71,580
|
|
Intangible assets,
net
|
4,540
|
|
|
5,855
|
|
Goodwill
|
33,621
|
|
|
33,621
|
|
Restricted
cash
|
18,024
|
|
|
18,052
|
|
Other
assets
|
7,696
|
|
|
9,312
|
|
TOTAL
ASSETS
|
$
|
642,998
|
|
|
$
|
689,158
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Accounts
payable
|
$
|
2,543
|
|
|
$
|
2,722
|
|
Accrued
compensation
|
31,286
|
|
|
41,393
|
|
Other accrued
liabilities
|
13,871
|
|
|
13,454
|
|
Deferred revenue,
current portion
|
253,779
|
|
|
257,141
|
|
Total current
liabilities
|
301,479
|
|
|
314,710
|
|
Deferred revenue,
less current portion
|
30,500
|
|
|
34,870
|
|
Other
liabilities
|
19,745
|
|
|
16,601
|
|
TOTAL
LIABILITIES
|
351,724
|
|
|
366,181
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
Common
stock
|
8
|
|
|
7
|
|
Additional paid-in
capital
|
1,438,493
|
|
|
1,385,592
|
|
Accumulated other
comprehensive loss
|
(1,021)
|
|
|
(832)
|
|
Accumulated
deficit
|
(1,146,206)
|
|
|
(1,061,790)
|
|
TOTAL
STOCKHOLDERS' EQUITY
|
291,274
|
|
|
322,977
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
642,998
|
|
|
$
|
689,158
|
|
Cloudera,
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net loss
|
$
|
(33,375)
|
|
|
$
|
(64,229)
|
|
|
$
|
(84,416)
|
|
|
$
|
(286,548)
|
|
Adjustments to
reconcile net loss to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,676
|
|
|
3,352
|
|
|
5,068
|
|
|
6,994
|
|
Stock-based
compensation
|
20,475
|
|
|
39,451
|
|
|
45,841
|
|
|
230,533
|
|
Accretion and
amortization of marketable securities
|
(210)
|
|
|
(128)
|
|
|
(195)
|
|
|
414
|
|
Gain on disposal of
fixed assets
|
—
|
|
|
—
|
|
|
(20)
|
|
|
—
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(31,647)
|
|
|
(31,783)
|
|
|
34,366
|
|
|
16,744
|
|
Prepaid expenses and
other assets
|
4,130
|
|
|
(740)
|
|
|
12,297
|
|
|
639
|
|
Accounts
payable
|
704
|
|
|
3,595
|
|
|
583
|
|
|
1,674
|
|
Accrued
compensation
|
5,190
|
|
|
7,684
|
|
|
(9,437)
|
|
|
(4,983)
|
|
Accrued expenses and
other liabilities
|
2,945
|
|
|
1,828
|
|
|
3,999
|
|
|
2,970
|
|
Deferred
revenue
|
5,559
|
|
|
18,125
|
|
|
(7,276)
|
|
|
13,697
|
|
Net cash
provided by (used in) operating activities
|
(23,553)
|
|
|
(22,845)
|
|
|
810
|
|
|
(17,866)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of
marketable securities and other investments
|
(138,133)
|
|
|
(276,807)
|
|
|
(252,376)
|
|
|
(387,154)
|
|
Sales of marketable
securities and other investments
|
19,038
|
|
|
11,523
|
|
|
32,294
|
|
|
43,198
|
|
Maturities of
marketable securities and other investments
|
116,690
|
|
|
66,184
|
|
|
230,903
|
|
|
117,604
|
|
Capital
expenditures
|
(3,449)
|
|
|
(1,796)
|
|
|
(7,690)
|
|
|
(1,971)
|
|
Proceeds from sale of
equipment
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
Net cash provided by
(used in) investing activities
|
(5,854)
|
|
|
(200,896)
|
|
|
3,158
|
|
|
(228,323)
|
|
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
|
4,249
|
|
|
4,450
|
|
|
11,330
|
|
|
5,932
|
|
Shares withheld
related to net share settlement of restricted stock
units
|
(3,482)
|
|
|
—
|
|
|
(4,388)
|
|
|
—
|
|
Net cash provided by
financing activities
|
767
|
|
|
243,783
|
|
|
6,942
|
|
|
243,618
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(834)
|
|
|
(78)
|
|
|
(1,215)
|
|
|
(77)
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
(29,474)
|
|
|
19,964
|
|
|
9,695
|
|
|
(2,648)
|
|
Cash, cash
equivalents and restricted cash — Beginning of period
|
100,468
|
|
|
67,020
|
|
|
61,299
|
|
|
89,632
|
|
Cash, cash
equivalents and restricted cash — End of period
|
$
|
70,994
|
|
|
$
|
86,984
|
|
|
$
|
70,994
|
|
|
$
|
86,984
|
|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
$
|
737
|
|
|
$
|
723
|
|
|
$
|
1,898
|
|
|
$
|
1,352
|
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
Purchases of property
and equipment in other accrued liabilities
|
$
|
561
|
|
|
$
|
3,054
|
|
|
$
|
561
|
|
|
$
|
3,054
|
|
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, 2018
|
GAAP Results
Reconciled to non-GAAP Results
|
(in thousands,
except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Stock-based
compensation
expense
|
|
Amortization
of
acquired
intangible
assets
|
|
Non-GAAP
|
Cost of revenue-
Subscription
|
$
|
14,961
|
|
|
$
|
(2,496)
|
|
|
$
|
(622)
|
|
|
$
|
11,843
|
|
Subscription gross
margin
|
84
|
%
|
|
3
|
%
|
|
1
|
%
|
|
87
|
%
|
Cost of revenue-
Services
|
17,171
|
|
|
(2,776)
|
|
|
—
|
|
|
14,395
|
|
Services gross
margin
|
—
|
%
|
|
16
|
%
|
|
—
|
%
|
|
16
|
%
|
Gross
profit
|
78,206
|
|
|
5,272
|
|
|
622
|
|
|
84,100
|
|
Total gross
margin
|
71
|
%
|
|
5
|
%
|
|
1
|
%
|
|
76
|
%
|
Research and
development
|
39,800
|
|
|
(8,336)
|
|
|
—
|
|
|
31,464
|
|
Sales and
marketing
|
55,166
|
|
|
(2,698)
|
|
|
(35)
|
|
|
52,433
|
|
General and
administrative
|
17,090
|
|
|
(4,169)
|
|
|
—
|
|
|
12,921
|
|
Loss from
operations
|
(33,850)
|
|
|
20,475
|
|
|
657
|
|
|
(12,718)
|
|
Operating
margin
|
(31)
|
%
|
|
19
|
%
|
|
1
|
%
|
|
(12)
|
%
|
Net loss
|
(33,375)
|
|
|
20,475
|
|
|
657
|
|
|
(12,243)
|
|
Net loss per share,
basic and diluted
|
$
|
(0.22)
|
|
|
$
|
0.14
|
|
|
$
|
—
|
|
|
$
|
(0.08)
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
weighted-average shares reconciled to non-GAAP weighted-average
shares
|
(in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
GAAP weighted-average
shares, basic and diluted
|
149,505
|
|
|
134,506
|
|
|
148,115
|
|
|
87,293
|
|
Assumed preferred
stock conversion
|
—
|
|
|
1,628
|
|
|
—
|
|
|
37,661
|
|
Assumed IPO
issuance
|
—
|
|
|
375
|
|
|
—
|
|
|
477
|
|
Non-GAAP
weighted-average shares, diluted
|
149,505
|
|
|
136,509
|
|
|
148,115
|
|
|
125,431
|
|
Use of Non-GAAP Financial Information
In addition to the reasons stated under "Non-GAAP Financial
Measures" above, which are generally applicable to each of the
items Cloudera excludes from its non-GAAP financial measures,
Cloudera believes it is appropriate to exclude or give effect to
certain items for the following reasons:
- Stock-based compensation expense. We exclude stock-based
compensation expense from our non-GAAP financial measures
consistent with how we evaluate our operating results and prepare
our operating plans, forecasts and budgets. Further, when
considering the impact of equity award grants, we focus on overall
stockholder dilution rather than the accounting charges associated
with such equity grants. The exclusion of the expense facilitates
the comparison of results and business outlook for future periods
with results for prior periods in order to better understand the
long term performance of our business.
- Amortization of acquired intangible assets. We exclude
the amortization of acquired intangible assets from our non-GAAP
financial measures. Although the purchase accounting for an
acquisition necessarily reflects the accounting value assigned to
intangible assets, our management team excludes the GAAP impact of
acquired intangible assets when evaluating our operating results.
Likewise, our management team excludes amortization of acquired
intangible assets from our operating plans, forecasts and budgets.
The exclusion of the expense facilitates the comparison of results
and business outlook for future periods with results for prior
periods in order to better understand the long term performance of
our business.
- Assumed preferred stock conversion. For periods prior to
the closing of our initial public offering (IPO) on May 3, 2017, we give effect to the automatic
conversion of all outstanding shares of preferred stock to common
stock, as if such conversion had occurred at the beginning of the
period, in our calculations of non-GAAP weighted-average shares,
diluted, and non-GAAP net loss per share, diluted. The inclusion of
these shares facilitates the comparison of results and business
outlook for future periods with results for prior periods in order
to better understand the long term performance of our
business.
- Assumed IPO issuance. We include the common shares
issued in our IPO, on a weighted basis, as if the shares were
issued on the date of our effectiveness. Our IPO was effective in
the first quarter of fiscal 2018 and closed in the second quarter
of fiscal 2018.
Cloudera,
Inc.
|
Reconciliation of
non-GAAP Financial Guidance
|
(unaudited)
|
|
|
|
|
|
|
|
|
Fiscal
2019
|
(in
millions)
|
Q3
|
|
FY
|
GAAP net
loss
|
($42) -
(39)
|
|
|
($178) -
(174)
|
|
Stock-based
compensation expense (1)
|
23
|
|
|
95
|
|
Amortization of
acquired intangible assets
|
1
|
|
|
3
|
|
Non-GAAP net
loss
|
($18) -
(15)
|
|
|
($80) -
(76)
|
|
|
(1) Stock-based
compensation expense is impacted by variables such as stock price
and employee behavior, each of which are inherently difficult to
forecast. As a result, the guidance presented above is
subject to a number of uncertainties and assumptions that may cause
actual results to differ materially.
|
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SOURCE Cloudera, Inc.