Cloudera Reports Fourth Quarter and Fiscal Year 2020 Financial Results
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, January 31,
2020 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 Amortization of Non-GAAP Non-GAAP
compensation acquired weighted-average
expense intangible assets shares outstanding
---
Cost of revenue-
Subscription $
29,103 $
(4,285) $
(2,855)
$ $
21,963
Subscription gross 84 2 2 % 88
margin
%
%
%
%
Cost of revenue-
Services 27,408 (4,533) 22,875
Services gross 8 15 % % 23
margin %
%
%
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 Amortization of Non-GAAP
compensation 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 $
(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 Amortization of Non-GAAP
compensation acquired
expense intangible assets
---
Cost of revenue-
Subscription $
117,739 $
(16,599) $
(11,213) $
89,927
Subscription gross 82 2 2 87
margin % % %
%
Cost of revenue-
Services 114,763 (17,609) 97,154
Services gross 9 14 % 23
margin %
%
%
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 Amortization of Non-GAAP
compensation 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 $
(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.
