Cloudera Reports Fourth Quarter and Fiscal Year 2019 Financial Results
PALO ALTO, Calif., March 13, 2019 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), the enterprise data cloud company, reported results for its fourth quarter and fiscal year 2019, ended January 31, 2019. Total revenue was $144.5 million, an increase of 37% from the fourth quarter of fiscal 2018. Subscription revenue was $123.0 million, an increase of 42% from the fourth quarter of fiscal 2018.
"Our strong fourth quarter results showcase how customers are already embracing the new Cloudera's vision, as evidenced by early cross-sell motions to deliver data management and analytics from the Edge to AI," said Tom Reilly, chief executive officer, Cloudera. "Having completed the merger with Hortonworks, we are now squarely focused on delivering a powerful combined, integrated platform purpose-built for enterprise customers. Enterprises want an enterprise data cloud, which offers the flexibility of both hybrid and multi-cloud delivery, as well as the versatility of multi-function analytics, all with common security and governance. As the open source data management and analytics standard, we believe Cloudera is uniquely positioned to deliver these capabilities at the data layer, bring the enterprise data cloud to our more than 2,000 customers and lead this new market."
The merger with Hortonworks closed on January 3, 2019. As such, there is no comparative year-over-year financial information for the combined company. Unless otherwise stated, the information presented is on a combined company basis under ASC 606(1) and ASC 340-40(2).
GAAP loss from operations for the fourth quarter of fiscal 2019 was $87.0 million. For reference, GAAP loss from operations for the fourth quarter of fiscal 2018 was $38.1 million for standalone Cloudera.
Non-GAAP loss from operations for the fourth quarter of fiscal 2019 was $30.2 million. For reference, non-GAAP loss from operations for the fourth quarter of fiscal 2018 was $9.0 million for standalone Cloudera.
Operating cash flow for the fourth quarter of fiscal 2019 was $40.2 million. For reference, operating cash flow for the fourth quarter of fiscal 2018 was negative $22.0 million for standalone Cloudera.
GAAP net loss per share for the fourth quarter of fiscal 2019 was $0.45 per share, based on weighted-average shares outstanding of 190.4 million shares. For reference, GAAP net loss per share for the fourth quarter of fiscal 2018 was $0.25 per share for standalone Cloudera, based on weighted-average shares outstanding of 142.9 million shares.
Non-GAAP net loss per share for the fourth quarter of fiscal 2019 was $0.15 per share, based on weighted-average shares outstanding of 190.4 million shares. For reference, non-GAAP net loss per share for the fourth quarter of fiscal 2018 was $0.05 per share for standalone Cloudera, based on weighted-average shares outstanding of 142.9 million shares.
For fiscal year 2019, total revenue was $479.9 million and subscription revenue was $406.3 million. The Hortonworks business, which closed its fiscal year on December 31, 2018, and its books as a standalone entity on January 2, 2019, contributed $15 million of subscription revenue to the combined company's results in fiscal year 2019. For reference, standalone Cloudera year-over-year subscription revenue growth for fiscal year 2019 was 29%.
GAAP loss from operations for fiscal year 2019 was $193.8 million. For reference, GAAP loss from operations for fiscal year 2018 was $374.2 million for standalone Cloudera.
Non-GAAP loss from operations for fiscal year 2019 was $67.3 million. For reference, non-GAAP loss from operations fiscal year 2018 was $80.4 million for standalone Cloudera.
Operating cash flow for fiscal year 2019 was $34.3 million. For reference, operating cash flow for fiscal year 2018 was negative $42.3 million for standalone Cloudera.
GAAP net loss per share for fiscal year 2019 was $1.21 per share, based on weighted-average shares outstanding of 159.8 million shares. For reference, GAAP net loss per share for fiscal year 2018 was $3.24 per share for standalone Cloudera, based on weighted-average shares outstanding of 114.1 million shares.
Non-GAAP net loss per share for fiscal year 2019 was $0.41 per share, based on weighted-average shares outstanding of 159.8 million shares. For reference, non-GAAP net loss per share for fiscal year 2018 was $0.57 per share for standalone Cloudera, based on non-GAAP weighted-average shares outstanding of 133.1 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. See financial statement tables below for additional information regarding historical and forward-looking stock-based compensation expenses and shares outstanding.
As of January 31, 2019, the Company had total cash, cash equivalents, marketable securities and restricted cash of $540.6 million.
Recent Business and Financial Highlights
Fourth Quarter Fiscal 2019:
-- Adjusted annualized recurring revenue was $680.6 million, representing
24% year-over-year growth
-- Non-GAAP subscription gross margin for the quarter was 88%
-- Operating cash flow was $40.2 million, including $23.0 million of
merger-related payments
-- Customers with annual recurring revenue greater than $100,000 were 976,
up more than 85 in the period from October 3 (merger announcement) to
January 31, 2019
-- Completed merger with Hortonworks, creating an open-source powerhouse to
build the industry's first enterprise data cloud from the Edge to AI
-- Cloudera was named among Leaders in Cloud Hadoop/Spark Platforms Report
by Independent Research Firm
Full Year Fiscal 2019:
-- Total revenue was $479.9 million
-- Subscription revenue was $406.3 million
-- Non-GAAP subscription gross margin for the year was 88%
-- Operating cash flow was positive for the fiscal year, a full year ahead
of schedule
Business Outlook
The outlook for the first quarter of fiscal 2020, ending April 30, 2019, is:
-- Total revenue in the range of $187 million to $190 million
-- Subscription revenue in the range of $154 million to $156 million
-- Non-GAAP net loss per share in the range of $0.25 to $0.22 per share
-- Weighted-average shares outstanding of approximately 271 million shares
The outlook for fiscal 2020, ending January 31, 2020, is:
-- Total revenue in the range of $835 million to $855 million, representing
approximately 76% year-over-year growth
-- Subscription revenue in the range of $695 million to $705 million,
representing approximately 72% year-over-year growth
-- Operating cash flow in the range of negative $40 million to negative $30
million
-- Non-GAAP net loss per share in the range of $0.36 to $0.32 per share
-- Weighted-average shares outstanding of approximately 279 million shares
-- Adjusted ARR of $800 million to $825 million, representing 18% to 21%
year-over-year growth
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors to discuss its fourth quarter and full year fiscal 2019 results and the outlook for its first quarter of fiscal 2020 and full year fiscal 2020 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: 2066939
1 Accounting Standards
Codification ("ASC") 606
"Revenue from Contracts with
Customers"
2 ASC 340-40 "Other Assets and
Deferred Costs -Contracts
with Customers"
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 anticipated benefits from the merger with Hortonworks and our "Business Outlook" for our first 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 Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), and in our other SEC filings, including in a registration statement on Form S-4 containing a joint proxy statement/prospectus of Cloudera and Hortonworks. 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 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 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 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.
Adjusted Annualized Recurring Revenue
Adjusted annualized recurring revenue ("adjusted ARR") is a non-GAAP performance metric, which we will use to assess the health and trajectory of our business. We intend to disclose contracted quarter-end ARR when all information becomes available. Until this work can be completed, we are providing annualized recurring revenue based on reported subscription revenue, or adjusted ARR. Adjusted ARR equals quarterly GAAP subscription revenue adjusted to (1) add Hortonworks' quarterly results, (2) subtract Hortonworks' post-merger results (in the case of Q4 fiscal 2019 only), (3) reverse the effects of purchase price adjustments, and (4) subtract non-recurring partner-related revenue and subscription revenue with certain related parties, multiplied by four quarters to annualize. For the fourth quarter of fiscal 2019, and the comparative period a year ago, adjusted ARR, as reconciled to GAAP results, was as follows, in millions:
Fourth quarter of Fourth quarter of
Fiscal 2019 Fiscal 2018
GAAP
quarterly
subscription
revenue $
123.0 $
86.8
Adjustments
for related
Hortonworks parties
revenue,
non-
recurring
partner
revenue
and
revenue
from $
47.2 (1) $
50.0 (2)
Subtotal $
170.2 $
136.8
Adjusted
ARR $
680.8 $
547.2
(1) The adjustment amount related to
Hortonworks represents the pre-
merger Hortonworks quarterly
subscription revenue for the
three month period ended
December 31, 2018 less the
post-merger quarterly
subscription revenue from
Hortonworks from January 3,
2019 to January 31, 2019
included in the GAAP quarterly
subscription revenue for the
fourth quarter of fiscal 2019.
This revenue amount is
presented under ASC 606.
(2) The adjustment amount related to
Hortonworks represents the pre-
merger Hortonworks quarterly
subscription revenue for the
three month period ended
December 31, 2017. This revenue
amount is presented under ASC
605 as Hortonworks adopted ASC
606 under the modified
retrospective approach on
January 1, 2018. The difference
between ASC 606 and ASC 605 for
this period is not material.
Cloudera, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
Revenue:
Subscription $
123,015 $
86,828 $
406,333 $
302,617
Services 21,500 18,907 73,608 69,676
Total revenue 144,515 105,735 479,941 372,293
Cost of revenue:(1) (2)
Subscription 18,565 14,729 63,329 70,902
Services 22,090 18,098 72,785 87,133
Total cost of revenue 40,655 32,827 136,114 158,035
Gross profit 103,860 72,908 343,827 214,258
Operating expenses:(1) (2)
Research and development 52,787 38,925 173,814 215,695
Sales and marketing 82,918 56,520 253,164 287,196
General and
administrative 55,120 15,548 110,613 85,539
Total operating expenses 190,825 110,993 537,591 588,430
Loss from operations (86,965) (38,085) (193,764) (374,172)
Interest income, net 2,591 1,560 9,011 5,150
Other income (expense),
net 676 1,080 (2,478) 1,429
Net loss before provision
for income taxes (83,698) (35,445) (187,231) (367,593)
Provision for income
taxes (1,823) (869) (5,418) (2,079)
Net loss $
(85,521) $
(36,314) $
(192,649) $
(369,672)
Net loss per share, basic
and diluted $
(0.45) $
(0.25) $
(1.21) $
(3.24)
Weighted-average shares
used in computing net
loss per share, basic
and diluted 190,408 142,857 159,816 114,141
(1)
Amounts include stock?based compensation expense as follows (in thousands):
Three Months Ended January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
Cost of revenue -
subscription $
2,899 $
2,683 $
9,959 $
24,826
Cost of revenue -
services 3,952 3,429 11,492 31,843
Research and development 15,428 10,004 41,430 100,143
Sales and marketing 13,637 7,672 27,918 90,420
General and
administrative 13,718 4,538 26,566 42,774
Total stock?based
compensation expense $
49,634 $
28,326 $
117,365 $
290,006
(2)
Amounts include amortization of acquired intangible assets as follows (in thousands):
Three Months Ended January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
Cost of revenue -
subscription $
1,385 $
622 $
3,251 $
2,230
Sales and marketing 5,773 178 5,878 1,493
Total amortization of
acquired intangible
assets $
7,158 $
800 $
9,129 $
3,723
Cloudera, Inc.
Condensed Consolidated Statements of Operations
(as a percentage of total revenue)
(unaudited)
Three Months Ended January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
Revenue:
Subscription 85 82 85 81
% % % %
Services 15 18 15 19
Total revenue 100 100 100 100
Cost of revenue:(1) (2)
Subscription 13 14 13 19
Services 15 17 15 23
Total cost of revenue 28 31 28 42
Gross profit 72 69 72 58
Operating expenses:(1) (2)
Research and development 37 37 36 58
Sales and marketing 57 53 53 77
General and
administrative 38 15 23 23
Total operating expenses 132 105 112 158
Loss from operations (60) (36) (40) (100)
Interest income, net 2 1 2 1
Other income (expense),
net - 1 (1) 1
Net loss before provision
for income taxes (58) (33) (39) (98)
Provision for income
taxes (1) (1) (1) (1)
Net loss (59) (34) (40)
% % %
% (99)
===
(1)
Amounts include stock?based compensation expense as a percentage of total revenue as follows:
Three Months Ended January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
Cost of revenue - 2 3 2 7
subscription % % % %
Cost of revenue -
services 3 3 2 9
Research and development 11 9 9 27
Sales and marketing 9 7 6 24
General and
administrative 9 4 6 11
Total stock-based 34 26 25 78
compensation expense % % % %
===
(2) Amounts include amortization of acquired intangible assets as a percentage of total revenue as follows:
Three Months Ended January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
Cost of revenue - 1 1 1 1
subscription % % % %
Sales and marketing 4 1
Total amortization of
acquired intangible % % % %
assets 5 1 2 1
===
Cloudera, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
January 31, January 31,
2019 2018
---
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $
158,672 $
43,247
Short-term marketable
securities 322,005 327,842
Accounts receivable, net 242,980 130,318
Contract assets 4,824 2,933
Deferred costs 32,100 22,278
Prepaid expenses and other
current assets 38,281 31,470
Total current assets 798,862 558,088
Property and equipment, net 27,619 17,600
Marketable securities,
noncurrent 56,541 71,580
Intangible assets, net 679,326 5,855
Goodwill 586,456 33,621
Deferred costs, noncurrent 36,913 37,703
Restricted cash 3,367 18,052
Other assets 7,559 9,312
TOTAL ASSETS $
2,196,643 $
751,811
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $
8,185 $
2,722
Accrued compensation 53,590 41,393
Other contract liabilities 17,177 9,284
Other accrued liabilities 24,548 12,971
Deferred revenue, current
portion 390,965 210,577
Total current liabilities 494,465 276,947
Deferred revenue, less current
portion 116,604 26,823
Other contract liabilities,
less current portion 1,296 3,266
Other liabilities 22,209 16,601
TOTAL LIABILITIES 634,574 323,637
STOCKHOLDERS' EQUITY:
Common stock 13 7
Additional paid-in capital 2,711,340 1,385,592
Accumulated other comprehensive
loss (42) (832)
Accumulated deficit (1,149,242) (956,593)
TOTAL STOCKHOLDERS' EQUITY 1,562,069 428,174
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $
2,196,643 $
751,811
Cloudera, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $
(85,521) $
(36,314) $
(192,649) $
(369,672)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 9,669 2,407 17,428 12,102
Stock-based compensation 49,634 28,326 117,365 290,006
Accretion and amortization of
marketable securities (745) (145) (1,406) 512
Amortization of deferred
costs 8,840 6,237 30,634 23,284
Gain on disposal of fixed
assets (3) (25) (111)
Release of deferred tax
valuation allowance - (806)
Changes in assets and liabilities:
Accounts receivable 16,070 (64,202) 54,231 (28,780)
Contract assets (4,712) (2,793) (1,891) (285)
Prepaid expenses and other
assets 8,149 (10,735) 16,497 (16,194)
Deferred costs (18,246) (11,546) (39,665) (34,557)
Accounts payable 3,234 1,659 3,795 (667)
Accrued compensation (10,928) 6,410 (17,962) 5,179
Accrued expenses and other
liabilities 1,203 (1,323) 5,413 7,664
Total contract liabilities(*) 63,603 60,033 42,508 70,057
Net cash provided by (used
in) operating activities 40,247 (21,986) 34,273 (42,268)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of marketable
securities and other
investments (93,823) (106,172) (462,737) (620,329)
Sales of marketable
securities and other
investments 20,693 21,633 56,702 79,069
Maturities of marketable
securities and other
investments 89,275 87,820 435,478 321,552
Cash used in business
combinations, net of cash
acquired - (1,937)
Cash acquired in business
combination 42,557 42,557
Capital expenditures (766) (3,949) (10,086) (12,954)
Proceeds from sale of
equipment 16 45 145
Net cash provided by (used
in) investing activities 57,952 (668) 61,959 (234,454)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of
common stock in initial
public offering - 237,422
Net proceeds from issuance of
common stock in follow-on
offering - (795) 46,008
Taxes paid related to net
share settlement of
restricted stock units (7,736) (9,278) (16,218) (59,781)
Proceeds from employee stock
plans 3,084 12,452 21,844 23,673
Net cash provided by (used
in) financing activities (4,652) 2,379 5,626 247,322
Effect of exchange rate
changes on cash, cash
equivalents and restricted
cash 508 727 (1,118) 1,067
Net increase (decrease) in
cash, cash equivalents and
restricted cash 94,055 (19,548) 100,740 (28,333)
Cash, cash equivalents and
restricted cash -Beginning
of period 67,984 80,847 61,299 89,632
Cash, cash equivalents and
restricted cash -End of
period $
162,039 $
61,299 $
162,039 $
61,299
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash paid for income taxes $
1,706 $
854 $
4,775 $
2,694
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING
AND FINANCING ACTIVITIES
Purchases of property and
equipment in accounts
payable and other accrued
liabilities $
208 $
1,130 $
208 $
1,130
Fair value of common stock
issued as consideration for
business combinations $
1,154,230
$ $
1,154,230 $
2,081
Fair value of share-based
compensation awards assumed $
48,197
$ $
48,197
$
Conversion of redeemable
convertible preferred stock
to common stock
$
$
$ $
657.687
(*) Total contract liabilities
include deferred revenue,
current and noncurrent and
other contract liabilities,
current and noncurrent.
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.
Three Months Ended January 31, 2019
GAAP Results Reconciled to non-GAAP Results
(in thousands, except per share amounts)
(unaudited)
GAAP Stock-based Amortization Non-GAAP
compensation of acquired
expense intangible
assets
---
Cost of revenue-
Subscription $
18,565 $
(2,899) $
(1,385) $
14,281
Subscription gross 85 2 1 88
margin
%
%
%
%
Cost of revenue-
Services 22,090 (3,952) 18,138
Services gross (3) 18 % 16
margin
%
%
%
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 and diluted $
(0.45) $
0.26 $
0.04 $
(0.15)
Cloudera, Inc.
Three Months Ended January 31, 2018
GAAP Results Reconciled to non-GAAP Results
(in thousands, except per share amounts)
(unaudited)
GAAP Stock-based Amortization Non-GAAP
compensation of acquired
expense intangible
assets
---
Cost of revenue-
Subscription $
14,729 $
(2,683) $
(622) $
11,424
Subscription gross 83 3 1 87
margin
%
%
%
%
Cost of revenue-
Services 18,098 (3,429) 14,669
Services gross 4 18 % 22
margin %
%
%
Gross profit 72,908 6,112 622 79,642
Total gross margin 69 6 1 75
%
%
%
%
Research and
development 38,925 (10,004) 28,921
Sales and marketing 56,520 (7,672) (178) 48,670
General and
administrative 15,548 (4,538) 11,010
Loss from operations (38,085) 28,326 800 (8,959)
Operating margin (36) 27 1 (8)
%
%
%
%
Net loss (36,314) 28,326 800 (7,188)
Net loss per share,
basic and diluted $
(0.25) $
0.20 $
0.01 $
(0.05)
Cloudera, Inc.
Twelve Months Ended January 31, 2019
GAAP Results Reconciled to non-GAAP Results
(in thousands)
(unaudited)
GAAP Stock-based Amortization Non-GAAP
compensation of acquired
expense intangible
assets
---
Cost of revenue-
Subscription $
63,329 $
(9,959) $
(3,251) $
50,119
Subscription gross 84 2 1 88
margin
%
%
%
%
Cost of revenue-
Services 72,785 (11,492) 61,293
Services gross 1 16 % 17
margin %
%
%
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 and diluted $
(1.21) $
0.73 $
0.06 $
(0.41)
Cloudera, Inc.
Twelve Months Ended January 31, 2018
GAAP Results Reconciled to non-GAAP Results
(in thousands)
(unaudited)
GAAP Stock-based Amortization Non-GAAP Non-GAAP
compensation of acquired weighted-
expense intangible average
assets shares
outstanding
---
Cost of revenue-
Subscription $
70,902 $
(24,826) $
(2,230)
$ $
43,846
Subscription gross 77 8 1 % 86
margin
% %
%
%
Cost of revenue-
Services 87,133 (31,843) 55,290
Services gross (25) 46 % % 21
margin
%
%
%
Gross profit 214,258 56,669 2,230 273,157
Total gross margin 58 15 1 % 73
%
%
%
%
Research and
development 215,695 (100,143) 115,552
Sales and marketing 287,196 (90,420) (1,493) 195,283
General and
administrative 85,539 (42,774) 42,765
Loss from operations (374,172) 290,006 3,723 (80,443)
Operating margin (100) 78 1 % (22)
%
%
%
%
Net Loss (369,672) 290,006 3,723 (75,943)
Net loss per share,
basic and diluted
(1) $
(3.24) $
2.54 $
0.03 $
0.10 $
(0.57)
(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 January 31, Years Ended January 31,
---
2019 2018 2019 2018
---
GAAP weighted-
average shares,
basic and diluted 190,408 142,857 159,816 114,141
Assumed preferred
stock conversion 18,676
Assumed IPO
issuance 236
Non-GAAP
weighted-average
shares, diluted 190,408 142,857 159,816 133,053
Cloudera, Inc.
Reconciliation of non-GAAP Financial Guidance
(unaudited)
Fiscal 2020
(in millions) Q1 FY
---
GAAP net loss ($130) -($122) ($364) -($353)
Stock-based compensation
expense (1) 42 184
Amortization of acquired
intangible assets 20 80
Non-GAAP net loss ($68) -($60) ($100) -($89)
(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.
