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Subjects: ERN, CCA, ERP

Cloudera Reports First Quarter Fiscal 2021 Financial Results


PALO ALTO, Calif., June 3, 2020 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), the enterprise data cloud company, reported results for its first quarter of fiscal 2021, ended April 30, 2020. Total revenue for the first quarter was $210.5 million, an increase of 12% as compared to the first quarter of fiscal 2020. Subscription revenue was $187.1 million, an increase of 21% as compared to the first quarter of fiscal 2020. Annualized Recurring Revenue grew 11% year-over-year.

"We executed extremely well in Q1, particularly as the pandemic was in full effect for more than half of our fiscal quarter," said Rob Bearden, chief executive officer, Cloudera. "We believe that remote working environments have placed heightened importance on data, data analysis and data security, which has increased the value of data architecture design and the criticality of hybrid cloud solutions. In addition, CDP Public Cloud is accomplishing exactly what we had hoped in that it has enabled a hybrid multi-cloud architecture for our customers and enhanced our value proposition with customers who plan to take advantage of public cloud infrastructure for certain types of workloads."

First quarter Fiscal 2021 results

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. Unlike the prior comparable period in fiscal 2020, our non-GAAP financial measures now also exclude extraordinary non-cash real estate impairment charges. However, we did not have any such impairment charges in the first quarter of fiscal 2021. An explanation of these measures is also included below under the heading Non-GAAP Financial Measures.

As of April 30, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $518.7 million.

Recent Business and Financial Highlights

Business Outlook

The outlook for the second quarter of fiscal 2021, ending July 31, 2020, is:

The outlook for fiscal 2021, ending January 31, 2021, is:

The business outlook is based on the assumption that the recessionary impact of the coronavirus pandemic (COVID-19) will peak in Cloudera's second and third quarters of fiscal 2021 and moderate in the fourth quarter of our fiscal 2021.

Conference Call and Webcast Information

Cloudera is hosting a conference call for analysts and investors to discuss its first quarter fiscal 2021 results and the outlook for its second 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:

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 assumptions, goals and targets, including expectations regarding the acceptance by our enterprise customers of enterprise data cloud, the Cloudera Data Platform, expected delivery of CDP Private Cloud, our competitive position, the degree to which the existing use of our solutions encourages continued use, and our "Business Outlook" for our  second 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, the impact of and uncertainties related to COVID-19, 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. Additionally, these forward-looking statements, particularly our guidance, involve risk, uncertainties and assumptions, including those related to the impact of COVID-19 on our business and global economic conditions. Many of these assumptions relate to matters that are beyond our control and changing rapidly, including, but not limited to, the timeframes for and severity of the impact of COVID-19 on our customers' purchasing decisions and the length of our sales cycles, particularly for customers in certain industries highly affected by COVID-19. 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. ARR does not reflect non-recurring partner revenue, subscription revenue with certain related parties, custom engineering, remote operation and management services, or premium add-on support. The definition of ARR was revised in the fourth quarter of fiscal 2020 to exclude certain items that are considered non-recurring. Additional information, including a comparison of the ARR figures under the prior and current definition, is available in the supplemental materials on Cloudera's Investor Relations website.

 

Cloudera, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)



Three Months Ended April 30,


2020



2019

Revenue:





Subscription

$

187,085



$

154,838

Services

23,375



32,630

Total revenue

210,460



187,468

Cost of revenue:(1) (2)





Subscription

28,636



29,337

Services

25,605



31,896

Total cost of revenue

54,241



61,233

Gross profit

156,219



126,235

Operating expenses:(1) (2)





Research and development

64,216



64,173

Sales and marketing

113,135



119,383

General and administrative

34,675



46,432

Total operating expenses

212,026



229,988

Loss from operations

(55,807)



(103,753)

Interest income

2,241



3,291

Other income (expense), net

(2,497)



233

Loss before provision for income taxes

(56,063)



(100,229)

Provision for income taxes

(1,951)



(2,901)

Net loss

$

(58,014)



$

(103,130)

Net loss per share, basic and diluted

$

(0.20)



$

(0.38)

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

295,293



271,352

 

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



Three Months Ended April 30,


2020


2019





Cost of revenue ? subscription

$

3,992


$

3,819

Cost of revenue ? service

3,987


4,260

Research and development

19,824


17,841

Sales and marketing

15,823


13,364

General and administrative

9,812


9,587

Total stock-based compensation expense

$

53,438


$

48,871

 

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



Three Months Ended April 30,


2020



2019






Cost of revenue ? subscription

$

3,079



$

2,910

Sales and marketing

16,597



17,250

Total amortization of acquired intangible assets

$

19,676



$

20,160

 

Cloudera, Inc.

Condensed Consolidated Balance Sheets

(in thousands)






April 30,

2020


January 31,

2020



(unaudited)




ASSETS




Current assets:




Cash and cash equivalents

$

160,925



$

107,638


Marketable securities

251,025



253,361


Accounts receivable, net

165,236



249,971


Deferred costs

48,618



54,776


Prepaid expenses and other current assets

32,605



42,155


Total current assets

658,409



707,901


Property and equipment, net

20,578



21,988


Marketable securities, non-current

103,376



122,193


Intangible assets, net

585,560



605,236


Goodwill

590,361



590,361


Deferred costs, non-current

35,416



35,260


Operating lease right-of-use assets

196,715



204,642


Other assets

9,563



12,209


TOTAL ASSETS

$

2,199,978



$

2,299,790


LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:






Accounts payable

$

3,431



$

3,858


Accrued compensation

47,390



61,826


Other contract liabilities

11,728



12,225


Other accrued liabilities

21,166



22,297


Operating lease liabilities

28,404



19,181


Deferred revenue

427,475



460,561


Total current liabilities

539,594



579,948


Operating lease liabilities, non-current

183,945



192,324


Deferred revenue, non-current

75,519



81,926


Other accrued liabilities, non-current

7,457



7,223


TOTAL LIABILITIES

806,515



861,421


STOCKHOLDERS' EQUITY:






Common stock

15



15


Additional paid-in capital

2,937,795



2,923,905


Accumulated other comprehensive income

289



273


Accumulated deficit

(1,544,636)



(1,485,824)


TOTAL STOCKHOLDERS' EQUITY

1,393,463



1,438,369


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

2,199,978



$

2,299,790


 

Cloudera, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)








Three Months Ended April 30,




2020


2019








CASH FLOWS FROM OPERATING ACTIVITIES





Net loss


$

(58,014)



$

(103,130)


Adjustments to reconcile net loss to net cash provided by operating activities:







Depreciation and amortization


22,573



23,316


Non-cash lease expense


11,301



11,315


Stock-based compensation expense


53,438



48,871


Amortization of deferred costs


16,625



9,652


Other


3,522



(510)


Changes in assets and liabilities:







Accounts receivable


81,828



95,496


Prepaid expenses and other assets


10,526



(522)


Deferred costs


(10,623)



(9,412)


Accounts payable


307



(2,605)


Accrued compensation


(18,412)



(12,530)


Other accrued liabilities


(2,895)



(28)


Other contract liabilities


(497)



(5,122)


Operating lease liabilities


(2,508)



(11,079)


Deferred revenue


(38,814)



(32,252)


   Net cash provided by operating activities


68,357



11,460


CASH FLOWS FROM INVESTING ACTIVITIES







Purchases of marketable securities and other investments


(80,860)



(196,453)


Proceeds from sale of marketable securities and other investments


66,059



9,271


Maturities of marketable securities and other investments


36,794



129,998


Capital expenditures


(1,089)



(2,693)


   Net cash provided by (used in) investing activities


20,904



(59,877)


CASH FLOWS FROM FINANCING ACTIVITIES







Repurchases of common stock


(25,974)



?


Taxes paid related to net share settlement of restricted stock units


(14,017)



(7,797)


Proceeds from employee stock plans


4,977



5,949


   Net cash used in financing activities


(35,014)



(1,848)


Effect of exchange rate changes on cash, cash equivalents and restricted cash


(960)



(1,060)


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


53,287



(51,325)


Cash, cash equivalents and restricted cash ? Beginning of period


110,990



162,039


Cash, cash equivalents and restricted cash ? End of period


$

164,277



$

110,714


 


Reconciliation of cash, cash equivalents and restricted cash as shown in the statement of cash flows:




As of April 30,




2020


2019








Cash and cash equivalents


$

160,925



$

107,362



Restricted cash included in Other assets


3,352



3,352



Total cash, cash equivalents and restricted cash


$

164,277



$

110,714



 

Cloudera, Inc.

Three Months Ended April 30, 2020

GAAP Results Reconciled to Non-GAAP Results

(in thousands, except percentage and 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

$

28,636



$

(3,992)



$

(3,079)



$

?



$

21,565


Subscription gross margin

85

%


2

%


2

%


?

%


88

%

Cost of revenue- Services

25,605



(3,987)



?



?



21,618


Services gross margin

(10)

%


17

%


?

%


?

%


8

%

Gross profit

156,219



7,979



3,079



?



167,277


Total gross margin

74

%


4

%


1

%


?

%


79

%

Research and development

64,216



(19,824)



?



?



44,392


Sales and marketing

113,135



(15,823)



(16,597)



?



80,715


General and administrative

34,675



(9,812)



?



?



24,863


(Loss) income from operations

(55,807)



53,438



19,676



?



17,307


Operating margin

(27)

%


25

%


9

%


?

%


8

%

Net (loss) income

(58,014)



53,438



19,676



?



15,100


Net (loss) income per share, basic

(0.20)



0.18



0.07



?



0.05


Net (loss) income per share, diluted (1)

$

(0.20)



$

0.17



$

0.06



$

0.02



$

0.05




(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 April 30, 2019

GAAP Results Reconciled to Non-GAAP Results

(in thousands, except percentage and per share amounts)

(unaudited) 





















GAAP


Stock-Based
Compensation
Expense


Amortization of
Acquired
Intangible Assets


Non-GAAP









Cost of revenue- Subscription

$

29,337



$

(3,819)



$

(2,910)



$

22,608


Subscription gross margin

81

%


2

%


2

%


85

%

Cost of revenue- Services

31,896



(4,260)



?



27,636


Services gross margin

2

%


13

%


?

%


15

%

Gross profit

126,235



8,079



2,910



137,224


Total gross margin

67

%


4

%


2

%


73

%

Research and development

64,173



(17,841)



?



46,332


Sales and marketing

119,383



(13,364)



(17,250)



88,769


General and administrative

46,432



(9,587)



?



36,845


Loss from operations

(103,753)



48,871



20,160



(34,722)


Operating margin

(55)

%


26

%


11

%


(19)

%

Net loss

(103,130)



48,871



20,160



(34,099)


Net loss per share, basic and diluted

$

(0.38)



$

0.18



$

0.07



$

(0.13)


 

Cloudera, Inc.

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

(in thousands)

(unaudited) 





Three Months Ended April 30,



2020



2019


GAAP weighted-average shares, basic

295,293



271,352


Effect of dilutive securities:






Stock options, unvested restricted stock units and ESPP

10,863



?


Non-GAAP weighted-average shares, diluted

306,156



271,352


 

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:

Cloudera, Inc.

Reconciliation of Non-GAAP Financial Guidance

(unaudited)



Fiscal 2021

(in millions)

Q2


FY

GAAP operating loss

($47) - ($42)


($226) - ($191)

Stock-based compensation expense (*)

(45)


(183)

Amortization of acquired intangible assets

(20)


(78)

Extraordinary non-cash real estate impairment charges

?


(50) - (25)

Non-GAAP operating income

$18 - $23 


$85 - $95 






Fiscal 2021

(in millions)

Q2


FY

GAAP net loss

($46) - ($43)


($230) - ($192)

Stock-based compensation expense (*)

(45)


(183)

Amortization of acquired intangible assets

(20)


(78)

Extraordinary non-cash real estate impairment charges

?


(50) - (25)

Non-GAAP net income

$19 - $22 


$81 - $94 



(*)

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.)

 

SOURCE Cloudera, Inc.


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