Subjects: ERN, CCA, ERP
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, | ||||||||||
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 | |||||||||||||||||||||||||||
Cost of revenue- Subscription | $ | 29,103 | $ | (4,285) | $ | (2,855) | $ | ? | $ | 21,963 | |||||||||||||||||||||
Subscription gross margin | 84 | % | 2 | % | 2 | % | ? | % | 88 | % | |||||||||||||||||||||
Cost of revenue- Services | 27,408 | (4,533) | ? | ? | 22,875 | ||||||||||||||||||||||||||
Services gross margin | 8 | % | 15 | % | ? | % | ? | % | 23 | % | |||||||||||||||||||||
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 | ||||||||||||||||||||||
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 | $ | (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 | ||||||||||||||||||||||
Cost of revenue- Subscription | $ | 117,739 | $ | (16,599) | $ | (11,213) | $ | 89,927 | |||||||||||||||||
Subscription gross margin | 82 | % | 2 | % | 2 | % | 87 | % | |||||||||||||||||
Cost of revenue- Services | 114,763 | (17,609) | ? | 97,154 | |||||||||||||||||||||
Services gross margin | 9 | % | 14 | % | ? | % | 23 | % | |||||||||||||||||
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 | ||||||||||||||||||||||
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 | $ | (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. |
SOURCE Cloudera, Inc.
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