Cloudera Reports Third Quarter Fiscal Year 2018 Financial Results
PALO ALTO, Calif., Dec. 7, 2017 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), the modern platform for machine learning and analytics optimized for the cloud, reported results for its third quarter of fiscal 2018, ended October 31, 2017. Total revenue was $94.6 million, an increase of 41% from the third quarter of fiscal 2017. Subscription revenue was $78.1 million, an increase of 48% from the year-ago period. Subscription revenue represented 83% of total revenue, up from 78% in the third quarter of fiscal 2017.
"We had another strong quarter in Q3, exceeding expectations on financial measures while increasing our competitive advantage in cloud analytics through significant new product innovation," said Tom Reilly, chief executive officer at Cloudera. "We are now at the scale where we can execute on multiple fronts concurrently. In addition to substantial enhancements to our machine learning and analytics platform, we expanded our cloud Platform-as-a-Service offerings with an extension of Cloudera Altus Data Engineering to Microsoft Azure as well as a new data warehouse cloud service, Cloudera Altus Analytic DB. Also, our financial model is exhibiting consistent operating leverage as we march toward operating cash flow break-even."
GAAP loss from operations for the third quarter of fiscal 2018 was $56.6 million, compared to a GAAP loss from operations of $44.0 million for the third quarter of fiscal 2017. Non-GAAP loss from operations for the third quarter of fiscal 2018 was $24.4 million, compared to a non-GAAP loss from operations of $37.7 million in the year-ago period.
Operating cash flow for the third quarter of fiscal 2018 was negative $2.4 million compared to operating cash flow of negative $32.5 million in the third quarter of fiscal 2017.
GAAP net loss per share for the third quarter of fiscal 2018 was $0.40 per share, based on weighted-average shares outstanding of 138.5 million shares, compared to a GAAP net loss per share in the third quarter of fiscal 2017 of $1.20 per share, based on weighted-average shares outstanding of 36.6 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 third quarter of fiscal 2018 was $0.17 per share, based on non-GAAP weighted-average shares outstanding of 138.5 million shares, compared to non-GAAP net loss per share in the third quarter of fiscal 2017 of $0.34 per share, based on non-GAAP weighted-average shares outstanding of 111.5 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 October 31, 2017, the company had total cash, cash equivalents, marketable securities and restricted cash of $484.0 million.
Recent Business and Financial Highlights:
-- Subscription revenue was up 48% year-over-year to $78.1 million
-- Subscription revenue represented 83% of total revenue, up from 78% in
the year-ago period
-- Non-GAAP subscription gross margin for the quarter was 86%, more than
250 basis points higher than the third quarter of fiscal 2017
-- Dollar-based net expansion rate was 135% for the quarter
-- 23 net new Global 8000 customers added
-- Launched Cloudera Shared Data Experience (SDX), which delivers a
consistent software framework of data management, governance and
security tools across cloud, multi-cloud and on-premises deployments
using the same data regardless of where it resides
(https://www.cloudera.com/products/sdx.html)
-- Introduced Cloudera Altus Analytic DB, Platform-as-a-Service, the first
data warehouse cloud service that brings the warehouse to the data,
allowing enterprises to quickly perform self-service business
intelligence and SQL analytic workloads in the cloud
-- Announced the release of Cloudera Altus Data Engineering,
Platform-as-a-Service, for the Microsoft Azure cloud platform
-- Cloudera Data Science Workbench was voted "Winner -- Best Data Science
Platform" in the Datanami Readers' Choice Awards
-- Appointed Rosemary Schooler,Vice President and General Manager, Global
IoT Sales, Intel Corporation, to Cloudera board of directors
Business Outlook
The outlook for the fourth quarter of fiscal 2018, ending January 31, 2018, is:
-- Total revenue in the range of $97 million to $99 million, representing
33% to 36% year-over-year growth
-- Subscription revenue in the range of $80 million to $82 million,
representing 43% to 46% year-over-year growth
-- Non-GAAP net loss per share in the range of $0.24 to $0.22 per share
-- Non-GAAP weighted-average shares outstanding of approximately 142
million shares
The outlook for fiscal 2018, ending January 31, 2018, is:
-- Total revenue in the range of $361 million to $363 million, representing
38% to 39% year-over-year growth
-- Subscription revenue in the range of $297 million to $299 million,
representing 48% to 49% year-over-year growth
-- Operating cash flow in the range of negative $50 million to $45 million
-- Non-GAAP net loss per share in the range of $0.84 to $0.82 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 third quarter of fiscal 2018 results and the outlook for its fourth quarter of fiscal 2018 and full year 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: 6488823
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 www.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
We periodically update the Global 8000 list based on the FORBES Global 2000 list and information from Data.com, using the most recently published FORBES Global 2000 list (which is updated by Forbes annually) and the most recent Data.com information (which is continuously updated by Data.com). Our customer count is subject to ongoing adjustment and, when adjustments occur, previously disclosed numbers of customers are updated 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 fourth quarter of fiscal 2018 and full year 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 Prospectus filed pursuant to Rule 424(b)filed with the Securities and Exchange Commission, or the SEC, on September 28, 2017, our most recently filed Quarterly Report on Form 10-Q, 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, 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), 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 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 Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
Revenue:
Subscription $78,105 $52,733 $216,762 $144,093
Services 16,464 14,525 47,231 44,106
------ ------ ------ ------
Total revenue 94,569 67,258 263,993 188,199
Cost of revenue:(1) (2)
Subscription 14,486 9,787 56,173 28,844
Services 18,640 12,652 69,035 35,969
------ ------ ------ ------
Total cost of revenue 33,126 22,439 125,208 64,813
------ ------ ------- ------
Gross profit 61,443 44,819 138,785 123,386
Operating expenses:(1) (2)
Research and development 38,095 25,968 176,770 77,118
Sales and marketing 64,061 54,206 236,639 147,250
General and
administrative 15,877 8,633 69,991 25,309
------ ----- ------ ------
Total operating expenses 118,033 88,807 483,400 249,677
------- ------ ------- -------
Loss from operations (56,590) (43,988) (344,615) (126,291)
Interest income, net 1,501 695 3,590 2,143
Other income (expense),
net (490) (296) 349 (311)
---- ---- --- ----
Net loss before benefit
from (provision for)
income taxes (55,579) (43,589) (340,676) (124,459)
Benefit from (provision
for) income taxes 241 (456) (1,210) (1,426)
--- ---- ------ ------
Net loss $(55,338) $(44,045) $(341,886) $(125,885)
======== ======== ========= =========
Net loss per share, basic
and diluted $(0.40) $(1.20) $(3.27) $(3.47)
====== ====== ====== ======
Weighted-average shares
used in computing net
loss per share, basic
and diluted 138,506 36,598 104,551 36,261
======= ====== ======= ======
(1) Amounts include stock?based compensation expense as follows (in thousands):
Three Months Ended Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
Cost of revenue -
subscription $2,750 $343 $22,143 $1,051
Cost of revenue -
services 4,187 432 28,414 1,363
Research and development 9,110 1,313 90,139 4,326
Sales and marketing 10,070 1,463 82,748 4,496
General and
administrative 5,030 1,766 38,236 5,322
Total stock?based
compensation expense $31,147 $5,317 $261,680 $16,558
======= ====== ======== =======
(2) Amounts include amortization of acquired intangible assets as follows (in thousands):
Three Months Ended Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
Cost of revenue -
subscription $584 $514 $1,608 $1,483
Sales and marketing 454 431 1,315 1,292
Total amortization of
acquired intangible
assets $1,038 $945 $2,923 $2,775
====== ==== ====== ======
Cloudera, Inc.
Condensed Consolidated Statements of Operations
(as a percentage of total revenues)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
Revenue:
Subscription 83% 78% 82% 77%
Services 17 22 18 23
--- --- --- ---
Total revenue 100 100 100 100
Cost of revenue:(1) (2)
Subscription 15 15 21 15
Services 20 18 26 19
--- --- --- ---
Total cost of revenue 35 33 47 34
Gross margin 65 67 53 66
--- --- --- ---
Operating expenses:(1) (2)
Research and development 40 39 67 41
Sales and marketing 68 80 90 78
General and
administrative 17 13 26 14
--- --- --- ---
Total operating expenses 125 132 183 133
--- --- --- ---
Loss from operations (60) (65) (130) (67)
Interest income, net 2 1 1 1
Other income (expense),
net (1) - - -
--- --- --- ---
Net loss before benefit
from (provision for)
income taxes (59) (64) (129) (66)
Benefit from (provision
for) income taxes - (1) (1) (1)
--- --- --- ---
Net loss (59)% (65)% (130)% (67)%
==== ==== ===== ====
(1) Amounts include stock?based compensation expense as a percentage of total revenue as follows:
Three Months Ended Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
Cost of revenue -
subscription 3% 1% 8% 1%
Cost of revenue -
services 4 1 11 1
Research and development 10 2 34 2
Sales and marketing 11 2 31 2
General and
administrative 5 2 15 3
Total stock-based
compensation expense 33% 8% 99% 9%
=== === === ===
(2) Amounts include amortization of acquired intangible assets as a percentage of total revenue as follows:
Three Months Ended Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
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)
October 31, January 31,
2017 2017
---- ----
ASSETS
CURRENT ASSETS:
Cash and
cash
equivalents $62,797 $74,186
Short-term
marketable
securities 326,717 160,770
Accounts
receivable,
net 66,170 101,549
Prepaid
expenses
and other
current
assets 23,786 13,197
------ ------
Total
current
assets 479,470 349,702
Property and
equipment,
net 15,578 13,104
Marketable
securities,
noncurrent 76,464 20,710
Intangible
assets, net 6,655 7,051
Goodwill 33,621 31,516
Restricted
cash 18,050 15,446
Other assets 4,673 5,015
TOTAL ASSETS $634,511 $442,544
======== ========
LIABILITIES, REDEEMABLE
CONVERTIBLE PREFERRED STOCK
AND STOCKHOLDERS' EQUITY
(DEFICIT)
CURRENT LIABILITIES:
Accounts
payable $1,761 $3,550
Accrued
compensation 40,029 33,376
Other
accrued
liabilities 16,931 9,918
Deferred
revenue,
current
portion 197,013 192,242
------- -------
Total
current
liabilities 255,734 239,086
Deferred
revenue,
less
current
portion 35,074 25,182
Other
liabilities 13,615 4,345
------ -----
TOTAL
LIABILITIES 304,423 268,613
------- -------
Redeemable
convertible
preferred
stock - 657,687
STOCKHOLDERS' EQUITY
(DEFICIT):
Common stock 7 2
Additional
paid-in
capital 1,348,578 192,795
Accumulated
other
comprehensive
loss (614) (556)
Accumulated
deficit (1,017,883) (675,997)
---------- --------
TOTAL
STOCKHOLDERS'
EQUITY
(DEFICIT) 330,088 (483,756)
------- --------
TOTAL
LIABILITIES,
REDEEMABLE
CONVERTIBLE
PREFERRED
STOCK AND
STOCKHOLDERS'
EQUITY
(DEFICIT) $634,511 $442,544
======== ========
Cloudera, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(55,338) $(44,045) $(341,886) $(125,885)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization 2,701 2,518 9,695 7,471
Stock-based compensation 31,147 5,317 261,680 16,558
Release of deferred tax
valuation allowance (806) - (806) -
Accretion and amortization of
marketable securities 243 454 657 2,420
Loss on disposal of fixed assets (111) - (111) -
Changes in assets and liabilities:
Accounts receivable 18,792 (2,155) 35,536 1,856
Prepaid expenses and other
assets (6,098) 1,162 (5,459) 378
Accounts payable (4,000) (962) (2,326) 910
Accrued compensation 3,752 7,456 (1,231) 4,328
Accrued expenses and other
liabilities 6,472 2,492 9,442 3,498
Deferred revenue 830 (4,757) 14,527 3,847
--- ------ ------ -----
Net cash used in operating
activities (2,416) (32,520) (20,282) (84,619)
------ ------- ------- -------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of marketable
securities (127,003) (13,367) (514,157) (103,776)
Sales of marketable securities 14,238 16,766 57,436 51,138
Maturities of marketable
securities 116,128 25,287 233,732 155,232
Cash used in business
combinations, net of cash
acquired (1,937) - (1,937) (2,700)
Capital expenditures (7,034) (799) (9,005) (6,934)
Proceeds from sale of fixed
assets 145 - 145 -
--- --- --- ---
Net cash provided by (used in)
investing activities (5,463) 27,887 (233,786) 92,960
------ ------ -------- ------
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of
common stock in initial public
offering (264) - 237,422 -
Net proceeds from follow-on
offering 46,803 - 46,803 -
Taxes paid related to net share
settlement of restricted stock
units (50,503) - (50,503) -
Proceeds from employee stock
plans 5,289 920 11,221 2,553
Net cash provided by financing
activities 1,325 920 244,943 2,553
----- --- ------- -----
Effect of exchange rate changes 417 (28) 340 6
--- --- --- ---
Net increase (decrease) in cash,
cash equivalents and restricted
cash (6,137) (3,741) (8,785) 10,900
Cash, cash equivalents and
restricted cash -Beginning of
period 86,984 50,635 89,632 35,994
------ ------ ------ ------
Cash, cash equivalents and
restricted cash -End of period $80,847 $46,894 $80,847 $46,894
======= ======= ======= =======
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for income taxes $488 $377 $1,840 $1,031
==== ==== ====== ======
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING
AND FINANCING ACTIVITIES
Purchases of property and
equipment in other accrued
liabilities $261 $36 $261 $36
==== === ==== ===
Fair value of common stock
issued as consideration for
business combination $2,081 $ - $2,081 $ -
====== === === ====== === ===
Offering costs in accounts
payable and other accrued
liabilities $858 $ - $858 $ -
==== === === ==== === ===
Conversion of redeemable
convertible preferred stock to
common stock $ - $ - $657,687 $ -
=== === === === ======== === ===
Cloudera, Inc.
Three Months Ended October 31, 2017
GAAP Results Reconciled to non-GAAP Results
(in thousands, except per share amounts)
(unaudited)
GAAP Stock-based Amortization of Non-GAAP Non-GAAP
compensation acquired weighted-
expense intangible assets average shares
outstanding
---
Cost of revenue- Subscription $14,486 $(2,750) $(584) $ - $11,152
Subscription gross margin 81% 4% 1% - % 86%
Cost of revenue- Services 18,640 (4,187) - - 14,453
Services gross margin (13)% 25% - % - % 12%
Gross profit 61,443 6,937 584 - 68,964
Total gross margin 65% 7% 1% - % 73%
Research and development 38,095 (9,110) - - 28,985
Sales and marketing 64,061 (10,070) (454) - 53,537
General and administrative 15,877 (5,030) - - 10,847
Loss from operations (56,590) 31,147 1,038 - (24,405)
Operating margin (60)% 33% 1% - % (26)%
Net loss (55,338) 31,147 1,038 - (23,153)
Net loss per share, basic and diluted $(0.40) $0.22 $0.01 $ - $(0.17)
Cloudera, Inc.
Three Months Ended October 31, 2016
GAAP Results Reconciled to non-GAAP Results
(in thousands, except per share amounts)
(unaudited)
GAAP Stock-based
compensation
expense Amortization of Non-GAAP Non-GAAP
acquired weighted-
intangible assets average shares
outstanding
---
Cost of revenue- Subscription $9,787 $(343) $(514) $ - $8,930
Subscription gross margin 81% 1% 1% - % 83%
Cost of revenue- Services 12,652 (432) - - 12,220
Services gross margin 13% 3% - % - % 16%
Gross profit 44,819 775 514 - 46,108
Total gross margin 67% 1% 1% - % 69%
Research and development 25,968 (1,313) - - 24,655
Sales and marketing 54,206 (1,463) (431) - 52,312
General and administrative 8,633 (1,766) - - 6,867
Loss from operations (43,988) 5,317 945 (37,726)
Operating margin (65)% 8% 1% (56)%
Net loss (44,045) 5,317 945 - (37,783)
Net loss per share, basic and diluted (1) $(1.20) $0.15 $0.03 $0.68 $(0.34)
(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 Nine Months Ended
October 31, October 31,
----------- -----------
2017 2016 2017 2016
---- ---- ---- ----
GAAP weighted-
average shares,
basic and diluted 138,506 36,598 104,551 36,261
Assumed preferred
stock conversion - 74,907 24,969 74,907
Assumed IPO
issuance - - 316 -
--- --- --- ---
Non-GAAP
weighted-average
shares, diluted 138,506 111,505 129,836 111,168
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) Q4 FY
------------ --- ---
GAAP net loss ($66) - (63) ($408) - (405)
Stock-based
compensation
expense (1) 31 292
Amortization of
acquired
intangible
assets 1 4
Non-GAAP net
loss ($34) - (31) ($112) - (109)
GAAP weighted-
average
shares, basic
and diluted 142 - 143 112 - 114
Assumed
preferred
stock
conversion - 19
Assumed IPO
issuance - 1
--- ---
Non-GAAP
weighted-
average
shares,
diluted 142 - 143 132 - 134
(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.
Investor Relations Contact:
Kevin Cook
investor-relations@cloudera.com
+1 (650) 644-3900
Press Contact:
Deborah Wiltshire
press@cloudera.com
+1 (650) 644-3900
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SOURCE Cloudera, Inc.
