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Cloudera Reports Fourth Quarter and Fiscal Year 2019 Financial Results

March 13, 2019
- Merger with Hortonworks complete
- Q4 adjusted annualized recurring revenue up 24% year-over-year
- Operating cash flow positive for fourth quarter and fiscal year 2019

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 6061 and ASC 340-402.

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 Hortonworks revenue, non-recurring partner revenue and revenue from related parties


$

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 – subscription

2

%


3

%


2

%


7

%

  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 compensation expense

34

%


26

%


25

%


78

%


(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 – subscription

1

%


1

%


1

%


1

%

  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,
2019


January 31,
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
compensation
expense


Amortization
of acquired
intangible
assets


Non-GAAP

Cost of revenue- Subscription

$

18,565



$

(2,899)



$

(1,385)



$

14,281


Subscription gross margin

85

%


2

%


1

%


88

%

Cost of revenue- Services

22,090



(3,952)





18,138


Services gross margin

(3)

%


18

%


%


16

%

Gross profit

103,860



6,851



1,385



112,096


Total gross margin

72

%


5

%


1

%


78

%

Research and development

52,787



(15,428)





37,359


Sales and marketing

82,918



(13,637)



(5,773)



63,508


General and administrative

55,120



(13,718)





41,402


Loss from operations

(86,965)



49,634



7,158



(30,173)


Operating margin

(60)

%


34

%


5

%


(21)

%

Net loss

(85,521)



49,634



7,158



(28,729)


Net loss per share, basic 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
compensation
expense


Amortization
of acquired
intangible
assets


Non-GAAP

Cost of revenue- Subscription

$

14,729



$

(2,683)



$

(622)



$

11,424


Subscription gross margin

83

%


3

%


1

%


87

%

Cost of revenue- Services

18,098



(3,429)





14,669


Services gross margin

4

%


18

%


%


22

%

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
compensation
expense


Amortization
of acquired
intangible
assets


Non-GAAP

Cost of revenue- Subscription

$

63,329



$

(9,959)



$

(3,251)



$

50,119


Subscription gross margin

84

%


2

%


1

%


88

%

Cost of revenue- Services

72,785



(11,492)





61,293


Services gross margin

1

%


16

%


%


17

%

Gross profit

343,827



21,451



3,251



368,529


Total gross margin

72

%


4

%


1

%


77

%

Research and development

173,814



(41,430)





132,384


Sales and marketing

253,164



(27,918)



(5,878)



219,368


General and administrative

110,613



(26,566)





84,047


Loss from operations

(193,764)



117,365



9,129



(67,270)


Operating margin

(40)

%


24

%


2

%


(14)

%

Net Loss

(192,649)



117,365



9,129



(66,155)


Net loss per share, basic 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
compensation
expense


Amortization
of acquired
intangible
assets


Non-GAAP
weighted-
average
shares
outstanding


Non-GAAP

Cost of revenue- Subscription

$

70,902



$

(24,826)



$

(2,230)



$



$

43,846


Subscription gross margin

77

%


8

%


1

%


%


86

%

Cost of revenue- Services

87,133



(31,843)







55,290


Services gross margin

(25)

%


46

%


%


%


21

%

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.

 

Cloudera, Inc. (PRNewsfoto/Cloudera, Inc.)

 

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SOURCE Cloudera, Inc.

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Cloudera
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