Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, CCA, ERP

Cloudera Reports Third Quarter Fiscal Year 2018 Financial Results


PALO ALTO, Calif., Dec. 7, 2017 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), the modern platform for machine learning and analytics optimized for the cloud, reported results for its third quarter of fiscal 2018, ended October 31, 2017. Total revenue was $94.6 million, an increase of 41% from the third quarter of fiscal 2017. Subscription revenue was $78.1 million, an increase of 48% from the year-ago period. Subscription revenue represented 83% of total revenue, up from 78% in the third quarter of fiscal 2017.

"We had another strong quarter in Q3, exceeding expectations on financial measures while increasing our competitive advantage in cloud analytics through significant new product innovation," said Tom Reilly, chief executive officer at Cloudera. "We are now at the scale where we can execute on multiple fronts concurrently. In addition to substantial enhancements to our machine learning and analytics platform, we expanded our cloud Platform-as-a-Service offerings with an extension of Cloudera Altus Data Engineering to Microsoft Azure as well as a new data warehouse cloud service, Cloudera Altus Analytic DB. Also, our financial model is exhibiting consistent operating leverage as we march toward operating cash flow break-even."

GAAP loss from operations for the third quarter of fiscal 2018 was $56.6 million, compared to a GAAP loss from operations of $44.0 million for the third quarter of fiscal 2017. Non-GAAP loss from operations for the third quarter of fiscal 2018 was $24.4 million, compared to a non-GAAP loss from operations of $37.7 million in the year-ago period.

Operating cash flow for the third quarter of fiscal 2018 was negative $2.4 million compared to operating cash flow of negative $32.5 million in the third quarter of fiscal 2017.

GAAP net loss per share for the third quarter of fiscal 2018 was $0.40 per share, based on weighted-average shares outstanding of 138.5 million shares, compared to a GAAP net loss per share in the third quarter of fiscal 2017 of $1.20 per share, based on weighted-average shares outstanding of 36.6 million shares. See financial statement tables below for additional information regarding historical and forward-looking stock-based compensation expenses and shares outstanding.

Non-GAAP net loss per share for the third quarter of fiscal 2018 was $0.17 per share, based on non-GAAP weighted-average shares outstanding of 138.5 million shares, compared to non-GAAP net loss per share in the third quarter of fiscal 2017 of $0.34 per share, based on non-GAAP weighted-average shares outstanding of 111.5 million shares.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading Non?GAAP Financial Measures.

As of October 31, 2017, the company had total cash, cash equivalents, marketable securities and restricted cash of $484.0 million.

Recent Business and Financial Highlights:

Business Outlook

The outlook for the fourth quarter of fiscal 2018, ending January 31, 2018, is:

The outlook for fiscal 2018, ending January 31, 2018, is:

Conference Call and Webcast Information

Cloudera is hosting a conference call for analysts and investors to discuss its third quarter of fiscal 2018 results and the outlook for its fourth quarter of fiscal 2018 and full year fiscal 2018 at 2:00 p.m. Pacific Time today. Participants can listen via webcast by visiting the Investor Relations section of Cloudera's website. A replay of the webcast will be available for two weeks following the call.

The conference call can also be accessed as follows:

About Cloudera
At Cloudera, we believe that data can make what is impossible today, possible tomorrow. We empower people to transform complex data into clear and actionable insights. We deliver the modern platform for machine learning and analytics optimized for the cloud. The world's largest enterprises trust Cloudera to help solve their most challenging business problems. Learn more at www.cloudera.com

Connect with Cloudera
About Cloudera: cloudera.com/about-cloudera.html 
Read our VISION blog: vision.cloudera.com/ and Engineering blog: blog.cloudera.com/
Follow us on Twitter: twitter.com/cloudera
Visit us on Facebook: facebook.com/cloudera
See us on YouTube: youtube.com/user/clouderahadoop
Join the Cloudera Community: community.cloudera.com
Read about our customers' successes: cloudera.com/customers.html

Cloudera and associated marks are trademarks or registered trademarks of Cloudera, Inc. All other company and product names may be trademarks of their respective owners.

Global 8000 Customer List

We periodically update the Global 8000 list based on the FORBES Global 2000 list and information from Data.com, using the most recently published FORBES Global 2000 list (which is updated by Forbes annually) and the most recent Data.com information (which is continuously updated by Data.com).  Our customer count is subject to ongoing adjustment and, when adjustments occur, previously disclosed numbers of customers are updated to allow for comparability.

Forward-Looking Statements

Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including our belief that the enterprise machine learning and analytics market will quickly emerge and that we will continue to lead its direction through technology and product innovation, our expectation that we will continue our momentum in machine learning, analytics and the cloud, and our"Business Outlook" for our fourth quarter of fiscal 2018 and full year fiscal 2018 operating results. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including global economic conditions, competitive pressures and pricing declines, intellectual property infringement claims, and other risks or uncertainties that are described under the caption "Risk Factors" in our Prospectus filed pursuant to Rule 424(b)filed with the Securities and Exchange Commission, or the SEC, on September 28, 2017, our most recently filed Quarterly Report on Form 10-Q, and in our other SEC filings. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

We report all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). To supplement our unaudited condensed consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the results of our operations as determined in accordance with GAAP. The non-GAAP financial measures used by us include non-GAAP subscription gross margins, non-GAAP loss from operations, non-GAAP net loss, and historical and forward-looking non-GAAP net loss per share. These non-GAAP financial measures exclude stock-based compensation, acquisition- and disposition-related expenses (if any), amortization of acquired intangible assets, and donations of common stock made to the Cloudera Foundation from the Cloudera unaudited condensed consolidated statement of operations. In addition, we use non-GAAP weighted-average shares outstanding to calculate non-GAAP net loss per share. This non-GAAP measure includes the assumed conversion of all outstanding shares of preferred stock to common stock and the impact of anti-dilutive restricted stock units and stock options outstanding, on a weighted basis.

For a description of these items, including the reasons why management adjusts for them, and reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled "Use of Non-GAAP Financial Information" as well as the related tables that precede it. We may consider whether other significant non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures we use.

We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results or future outlook. Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results, as well as when planning, forecasting and analyzing future periods. We use these non?GAAP financial measures in conjunction with traditional GAAP measures to communicate with our board of directors concerning our financial performance. These non-GAAP financial measures also facilitate comparisons of our performance to prior periods.

Cloudera, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)


















Three Months Ended
October 31,


Nine Months Ended
October 31,


2017


2016


2017


2016

Revenue:








Subscription

$

78,105



$

52,733



$

216,762



$

144,093


Services

16,464



14,525



47,231



44,106


Total revenue

94,569



67,258



263,993



188,199


Cost of revenue:(1) (2)








Subscription

14,486



9,787



56,173



28,844


Services

18,640



12,652



69,035



35,969


Total cost of revenue

33,126



22,439



125,208



64,813


Gross profit

61,443



44,819



138,785



123,386


Operating expenses:(1) (2)








Research and development

38,095



25,968



176,770



77,118


Sales and marketing

64,061



54,206



236,639



147,250


General and administrative

15,877



8,633



69,991



25,309


Total operating expenses

118,033



88,807



483,400



249,677


Loss from operations

(56,590)



(43,988)



(344,615)



(126,291)


Interest income, net

1,501



695



3,590



2,143


Other income (expense), net

(490)



(296)



349



(311)


Net loss before benefit from (provision for) income taxes

(55,579)



(43,589)



(340,676)



(124,459)


Benefit from (provision for) income taxes

241



(456)



(1,210)



(1,426)


Net loss

$

(55,338)



$

(44,045)



$

(341,886)



$

(125,885)


Net loss per share, basic and diluted

$

(0.40)



$

(1.20)



$

(3.27)



$

(3.47)


Weighted-average shares used in computing net loss per share, basic and diluted

138,506



36,598



104,551



36,261






















(1)     Amounts include stock?based compensation expense as follows (in thousands):



Three Months Ended
October 31,


Nine Months Ended
October 31,


2017


2016



2017


2016

Cost of revenue ? subscription

$

2,750



$

343



$

22,143



$

1,051


Cost of revenue ? services

4,187



432



28,414



1,363


Research and development

9,110



1,313



90,139



4,326


Sales and marketing

10,070



1,463



82,748



4,496


General and administrative

5,030



1,766



38,236



5,322


Total stock?based compensation expense

$

31,147



$

5,317



$

261,680



$

16,558





(2)     Amounts include amortization of acquired intangible assets as follows (in thousands):



















Three Months Ended
October 31,


Nine Months Ended
October 31,


2017


2016


2017


2016

Cost of revenue ? subscription

$

584



$

514



$

1,608



$

1,483


Sales and marketing

454



431



1,315



1,292


Total amortization of acquired intangible assets

$

1,038



$

945



$

2,923



$

2,775



 

Cloudera, Inc.

Condensed Consolidated Statements of Operations

(as a percentage of total revenues)

(unaudited)















Three Months Ended
October 31,


Nine Months Ended
October 31,


2017


2016


2017


2016









Revenue:








Subscription

83

%


78

%


82

%


77

%

Services

17



22



18



23


Total revenue

100



100



100



100


Cost of revenue:(1) (2)








Subscription

15



15



21



15


Services

20



18



26



19


Total cost of revenue

35



33



47



34


Gross margin

65



67



53



66


Operating expenses:(1) (2)








Research and development

40



39



67



41


Sales and marketing

68



80



90



78


General and administrative

17



13



26



14


Total operating expenses

125



132



183



133


Loss from operations

(60)



(65)



(130)



(67)


Interest income, net

2



1



1



1


Other income (expense), net

(1)



?



?



?


Net loss before benefit from (provision for) income taxes

(59)



(64)



(129)



(66)


Benefit from (provision for) income taxes

?



(1)



(1)



(1)


Net loss

(59)

%


(65)

%


(130)

%


(67)

%














(1)     Amounts include stock?based compensation expense as a percentage of total revenue as follows:















Three Months Ended
October 31,


Nine Months Ended
October 31,


2017


2016


2017


2016

Cost of revenue ? subscription

3

%


1

%


8

%


1

%

Cost of revenue ? services

4



1



11



1


Research and development

10



2



34



2


Sales and marketing

11



2



31



2


General and administrative

5



2



15



3


Total stock-based compensation expense

33

%


8

%


99

%


9

%













(2)    Amounts include amortization of acquired intangible assets as a percentage of total revenue as follows:















Three Months Ended
October 31,


Nine Months Ended
October 31,


2017


2016


2017


2016

Cost of revenue ? subscription

1

%


1

%


1

%


1

%

Sales and marketing

?



?



?



?


Total amortization of acquired intangible assets

1

%


1

%


1

%


1

%

 

Cloudera, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)











October 31,

2017


January 31,

2017

ASSETS




CURRENT ASSETS:




Cash and cash equivalents

$

62,797



$

74,186


Short-term marketable securities

326,717



160,770


Accounts receivable, net

66,170



101,549


Prepaid expenses and other current assets

23,786



13,197


Total current assets

479,470



349,702


Property and equipment, net

15,578



13,104


Marketable securities, noncurrent

76,464



20,710


Intangible assets, net

6,655



7,051


Goodwill

33,621



31,516


Restricted cash

18,050



15,446


Other assets

4,673



5,015


TOTAL ASSETS

$

634,511



$

442,544


LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)




CURRENT LIABILITIES:




Accounts payable

$

1,761



$

3,550


Accrued compensation

40,029



33,376


Other accrued liabilities

16,931



9,918


Deferred revenue, current portion

197,013



192,242


Total current liabilities

255,734



239,086


Deferred revenue, less current portion

35,074



25,182


Other liabilities

13,615



4,345


TOTAL LIABILITIES

304,423



268,613


Redeemable convertible preferred stock

?



657,687


STOCKHOLDERS' EQUITY (DEFICIT):




Common stock

7



2


Additional paid-in capital

1,348,578



192,795


Accumulated other comprehensive loss

(614)



(556)


Accumulated deficit

(1,017,883)



(675,997)


TOTAL STOCKHOLDERS' EQUITY (DEFICIT)

330,088



(483,756)


TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)

$

634,511



$

442,544


 

Cloudera, Inc.


Condensed Consolidated Statements of Cash Flows


(in thousands)


(unaudited)






















Three Months Ended
October 31,


Nine Months Ended
October 31,



2017


2016


2017


2016


CASH FLOWS FROM OPERATING ACTIVITIES









Net loss

$

(55,338)



$

(44,045)



$

(341,886)



$

(125,885)



Adjustments to reconcile net loss to net cash used in operating activities:









Depreciation and amortization

2,701



2,518



9,695



7,471



Stock-based compensation

31,147



5,317



261,680



16,558



Release of deferred tax valuation allowance

(806)



?



(806)



?



Accretion and amortization of marketable securities

243



454



657



2,420



Loss on disposal of fixed assets

(111)



?



(111)



?



Changes in assets and liabilities:









Accounts receivable

18,792



(2,155)



35,536



1,856



Prepaid expenses and other assets

(6,098)



1,162



(5,459)



378



Accounts payable

(4,000)



(962)



(2,326)



910



Accrued compensation

3,752



7,456



(1,231)



4,328



Accrued expenses and other liabilities

6,472



2,492



9,442



3,498



Deferred revenue

830



(4,757)



14,527



3,847



Net cash used in operating activities

(2,416)



(32,520)



(20,282)



(84,619)



CASH FLOWS FROM INVESTING ACTIVITIES









Purchases of marketable securities

(127,003)



(13,367)



(514,157)



(103,776)



Sales of marketable securities

14,238



16,766



57,436



51,138



Maturities of marketable securities

116,128



25,287



233,732



155,232



Cash used in business combinations, net of cash acquired

(1,937)



?



(1,937)



(2,700)



Capital expenditures

(7,034)



(799)



(9,005)



(6,934)



Proceeds from sale of fixed assets

145



?



145



?



Net cash provided by (used in) investing activities

(5,463)



27,887



(233,786)



92,960



CASH FLOWS FROM FINANCING ACTIVITIES









Net proceeds from issuance of common stock in initial public offering

(264)



?



237,422



?



Net proceeds from follow-on offering

46,803



?



46,803



?



Taxes paid related to net share settlement of restricted stock units

(50,503)



?



(50,503)



?



Proceeds from employee stock plans

5,289



920



11,221



2,553



Net cash provided by financing activities

1,325



920



244,943



2,553



Effect of exchange rate changes

417



(28)



340



6



Net increase (decrease) in cash, cash equivalents and restricted cash

(6,137)



(3,741)



(8,785)



10,900



Cash, cash equivalents and restricted cash ? Beginning of period

86,984



50,635



89,632



35,994



Cash, cash equivalents and restricted cash ? End of period

$

80,847



$

46,894



$

80,847



$

46,894



SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION









Cash paid for income taxes

$

488



$

377



$

1,840



$

1,031



SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES









Purchases of property and equipment in other accrued liabilities

$

261



$

36



$

261



$

36



Fair value of common stock issued as consideration for business combination

$

2,081



$

?



$

2,081



$

?



Offering costs in accounts payable and other accrued liabilities

$

858



$

?



$

858



$

?



Conversion of redeemable convertible preferred stock to common stock

$

?



$

?



$

657,687



$

?



 

Cloudera, Inc.

Three Months Ended October 31, 2017

GAAP Results Reconciled to non-GAAP Results

(in thousands, except per share amounts)

(unaudited) 























GAAP


Stock-based
compensation
expense


Amortization of
acquired
intangible assets


Non-GAAP
weighted-
average shares outstanding


Non-GAAP

Cost of revenue- Subscription

$

14,486



$

(2,750)



$

(584)



$

?



$

11,152


Subscription gross margin

81

%


4

%


1

%


?

%


86

%

Cost of revenue- Services

18,640



(4,187)



?



?



14,453


Services gross margin

(13)

%


25

%


?

%


?

%


12

%

Gross profit

61,443



6,937



584



?



68,964


Total gross margin

65

%


7

%


1

%


?

%


73

%

Research and development

38,095



(9,110)



?



?



28,985


Sales and marketing

64,061



(10,070)



(454)



?



53,537


General and administrative

15,877



(5,030)



?



?



10,847


Loss from operations

(56,590)



31,147



1,038



?



(24,405)


Operating margin

(60)

%


33

%


1

%


?

%


(26)

%

Net loss

(55,338)



31,147



1,038



?



(23,153)


Net loss per share, basic and diluted

$

(0.40)



$

0.22



$

0.01



$

?



$

(0.17)


 

Cloudera, Inc.

Three Months Ended October 31, 2016

GAAP Results Reconciled to non-GAAP Results

(in thousands, except per share amounts)

(unaudited) 























GAAP


Stock-based compensation expense


Amortization of
acquired
intangible assets


Non-GAAP
weighted-
average shares outstanding


Non-GAAP

Cost of revenue- Subscription

$

9,787



$

(343)



$

(514)



$

?



$

8,930


Subscription gross margin

81

%


1

%


1

%


?

%


83

%

Cost of revenue- Services

12,652



(432)



?



?



12,220


Services gross margin

13

%


3

%


?

%


?

%


16

%

Gross profit

44,819



775



514



?



46,108


Total gross margin

67

%


1

%


1

%


?

%


69

%

Research and development

25,968



(1,313)



?



?



24,655


Sales and marketing

54,206



(1,463)



(431)



?



52,312


General and administrative

8,633



(1,766)



?



?



6,867


Loss from operations

(43,988)



5,317



945





(37,726)


Operating margin

(65)

%


8

%


1

%




(56)

%

Net loss

(44,045)



5,317



945



?



(37,783)


Net loss per share, basic and diluted (1)

$

(1.20)



$

0.15



$

0.03



$

0.68



$

(0.34)







(1)  See below for a reconciliation of weighted-average shares outstanding used to calculate non-GAAP net loss per share

 

Cloudera, Inc.

GAAP weighted-average shares reconciled to non-GAAP weighted-average shares

(in thousands)

(unaudited) 















Three Months Ended
October 31,


Nine Months Ended
October 31,


2017


2016


2017


2016

GAAP weighted-average shares, basic and diluted

138,506



36,598



104,551



36,261


Assumed preferred stock conversion

?



74,907



24,969



74,907


Assumed IPO issuance

?



?



316



?


Non-GAAP weighted-average shares, diluted

138,506



111,505



129,836



111,168


 

Use of Non-GAAP Financial Information

In addition to the reasons stated under "Non-GAAP Financial Measures" above, which are generally applicable to each of the items Cloudera excludes from its non-GAAP financial measures, Cloudera believes it is appropriate to exclude or give effect to certain items for the following reasons:

Cloudera, Inc.

Reconciliation of non-GAAP Financial Guidance

(unaudited)









Fiscal 2018

(in millions)

Q4


FY

GAAP net loss

($66) - (63)



($408) - (405)


Stock-based compensation expense (1)

31



292


Amortization of acquired intangible assets

1



4


Non-GAAP net loss

($34) - (31)



($112) - (109)






GAAP weighted-average shares, basic and diluted

142 - 143



112 - 114


Assumed preferred stock conversion

?



19


Assumed IPO issuance

?



1


Non-GAAP weighted-average shares, diluted

142 - 143



132 - 134









(1)   Stock-based compensation expense is impacted by variables such as stock price and employee behavior, each of which are inherently difficult to forecast.  As a result, the guidance presented above is subject to a number of uncertainties and assumptions that may cause actual results to differ materially.

Investor Relations Contact:
Kevin Cook
[email protected]
+1 (650) 644-3900

Press Contact:
Deborah Wiltshire
[email protected]
+1 (650) 644-3900

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

 

SOURCE Cloudera, Inc.


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