Delaware (State or other jurisdiction of incorporation or organization) | 001-38069 (Commission File Number) | 26-2922329 (I.R.S. Employer Identification Number) |
395 Page Mill Road Palo Alto, CA 94306 | ||
(Address of principal executive offices and zip code) | ||
(650) 362-0488 | ||
(Registrant's telephone number, including area code) | ||
___________________________________ |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Number | Description | |
99.1 |
Date: April 3, 2018 | CLOUDERA, INC | |
By: | /s/ David Middler | |
Name: | David Middler | |
Title: | Chief Legal Officer |
• | Q4 revenue up 42% year-over-year |
• | Q4 subscription revenue up 50% year-over-year |
• | Net expansion rate of 136% |
• | Subscription revenue was up 50% year-over-year to $84.3 million |
• | Non-GAAP subscription gross margin for the quarter was 86%, more than 200 basis points higher than the fourth quarter of fiscal 2017 |
• | Dollar-based net expansion rate was 136% for the quarter |
• | International revenue grew 66% year-over-year |
• | 32 net new Global 8000 customers added |
• | Non-GAAP operating loss improved approximately 3,000 basis points as compared to the year-ago quarter |
• | Cloudera Altus was named a winner of the 2017-2018 Cloud Awards for Most Innovative Use of Data in the Cloud (https://www.cloud-awards.com/2018-shortlist/) |
• | Cloudera was recognized on four separate occasions for leading security industry awards |
• | Cloudera was named a winner of two IoT Breakthrough Awards, the Overall Connected Car Innovation of the Year (with Navistar) and Connected Car Insurance Solution of the Year (with Octo Telematics) (http://iotbreakthrough.com/winners/) |
• | Subscription revenue was up 50% year-over-year to $301.0 million |
• | Non-GAAP subscription gross margin for the year was 85%, more than 300 basis points higher than fiscal year 2017 |
• | International revenue grew 62% year-over-year |
• | 132 net new Global 8000 customers added |
• | Non-GAAP operating loss improved more than 2,700 basis points as compared to the prior fiscal year |
• | Total revenue in the range of $101 million to $102 million, representing approximately 28% year-over-year growth |
• | Subscription revenue in the range of $85 million to $86 million, representing approximately 32% year-over-year growth |
• | Non-GAAP net loss per share in the range of $0.19 to $0.17 per share |
• | Weighted-average shares outstanding of approximately 147 million shares |
• | Total revenue in the range of $435 million to $445 million, representing approximately 20% year-over-year growth |
• | Subscription revenue in the range of $370 million to $375 million, representing approximately 24% year-over-year growth |
• | Operating cash flow in the range of negative $40 million to $35 million |
• | Non-GAAP net loss per share in the range of $0.62 to $0.59 per share |
• | Weighted-average shares outstanding of approximately 152 million shares |
• | Participant Toll Free Number: +1-833-231-7247 |
• | Participant International Number: +1-647-689-4091 |
• | Conference ID: 3093228 |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue: | |||||||||||||||
Subscription | $ | 84,260 | $ | 56,159 | $ | 301,022 | $ | 200,252 | |||||||
Services | 19,190 | 16,668 | 66,421 | 60,774 | |||||||||||
Total revenue | 103,450 | 72,827 | 367,443 | 261,026 | |||||||||||
Cost of revenue:(1) (2) | |||||||||||||||
Subscription | 14,729 | 9,860 | 70,902 | 38,704 | |||||||||||
Services | 18,098 | 12,315 | 87,133 | 48,284 | |||||||||||
Total cost of revenue | 32,827 | 22,175 | 158,035 | 86,988 | |||||||||||
Gross profit | 70,623 | 50,652 | 209,408 | 174,038 | |||||||||||
Operating expenses:(1) (2) (3) | |||||||||||||||
Research and development | 38,925 | 25,191 | 215,695 | 102,309 | |||||||||||
Sales and marketing | 61,828 | 55,911 | 298,467 | 203,161 | |||||||||||
General and administrative | 15,548 | 30,598 | 85,539 | 55,907 | |||||||||||
Total operating expenses | 116,301 | 111,700 | 599,701 | 361,377 | |||||||||||
Loss from operations | (45,678 | ) | (61,048 | ) | (390,293 | ) | (187,339 | ) | |||||||
Interest income, net | 1,560 | 613 | 5,150 | 2,756 | |||||||||||
Other income (expense), net | 1,080 | (236 | ) | 1,429 | (547 | ) | |||||||||
Net loss before provision for income taxes | (43,038 | ) | (60,671 | ) | (383,714 | ) | (185,130 | ) | |||||||
Provision for income taxes | (869 | ) | (761 | ) | (2,079 | ) | (2,187 | ) | |||||||
Net loss | $ | (43,907 | ) | $ | (61,432 | ) | $ | (385,793 | ) | $ | (187,317 | ) | |||
Net loss per share, basic and diluted | $ | (0.31 | ) | $ | (1.67 | ) | $ | (3.38 | ) | $ | (5.15 | ) | |||
Weighted-average shares used in computing net loss per share, basic and diluted | 142,857 | 36,836 | 114,141 | 36,406 |
(1) | Amounts include stock‑based compensation expense as follows (in thousands): |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Cost of revenue – subscription | $ | 2,683 | $ | 375 | $ | 24,826 | $ | 1,426 | |||||||
Cost of revenue – services | 3,429 | 440 | 31,843 | 1,803 | |||||||||||
Research and development | 10,004 | 1,280 | 100,143 | 5,606 | |||||||||||
Sales and marketing | 7,672 | 1,261 | 90,420 | 5,757 | |||||||||||
General and administrative | 4,538 | 1,800 | 42,774 | 7,122 | |||||||||||
Total stock‑based compensation expense | $ | 28,326 | $ | 5,156 | $ | 290,006 | $ | 21,714 |
(2) | Amounts include amortization of acquired intangible assets as follows (in thousands): |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Cost of revenue – subscription | $ | 622 | $ | 514 | $ | 2,230 | $ | 1,997 | |||||||
Sales and marketing | 178 | 431 | 1,493 | 1,723 | |||||||||||
Total amortization of acquired intangible assets | $ | 800 | $ | 945 | $ | 3,723 | $ | 3,720 |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Revenue: | |||||||||||
Subscription | 81 | % | 77 | % | 82 | % | 77 | % | |||
Services | 19 | 23 | 18 | 23 | |||||||
Total revenue | 100 | 100 | 100 | 100 | |||||||
Cost of revenue:(1) (2) | |||||||||||
Subscription | 14 | 14 | 19 | 15 | |||||||
Services | 18 | 16 | 24 | 18 | |||||||
Total cost of revenue | 32 | 30 | 43 | 33 | |||||||
Gross profit | 68 | 70 | 57 | 67 | |||||||
Operating expenses:(1) (2) (3) | |||||||||||
Research and development | 37 | 35 | 59 | 39 | |||||||
Sales and marketing | 60 | 76 | 81 | 78 | |||||||
General and administrative | 15 | 42 | 23 | 21 | |||||||
Total operating expenses | 112 | 153 | 163 | 138 | |||||||
Loss from operations | (44 | ) | (84 | ) | (106 | ) | (72 | ) | |||
Interest income, net | 1 | 1 | 1 | 1 | |||||||
Other income (expense), net | 1 | — | — | — | |||||||
Net loss before provision for income taxes | (42 | ) | (83 | ) | (105 | ) | (71 | ) | |||
Provision for income taxes | — | (1 | ) | — | (1 | ) | |||||
Net loss | (42) | % | (84) | % | (105) | % | (72) | % |
(1) | Amounts include stock‑based compensation expense as a percentage of total revenue as follows: |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Cost of revenue – subscription | 3 | % | 1 | % | 7 | % | 1 | % | |||
Cost of revenue – services | 3 | 1 | 9 | 1 | |||||||
Research and development | 10 | 2 | 27 | 2 | |||||||
Sales and marketing | 7 | 1 | 24 | 1 | |||||||
General and administrative | 4 | 2 | 12 | 3 | |||||||
Total stock-based compensation expense | 27 | % | 7 | % | 79 | % | 8 | % |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Cost of revenue – subscription | 1 | % | 1 | % | 1 | % | 1 | % | |||
Sales and marketing | — | — | — | — | |||||||
Total amortization of acquired intangible assets | 1 | % | 1 | % | 1 | % | 1 | % |
January 31, 2018 | January 31, 2017 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 43,247 | $ | 74,186 | |||
Short-term marketable securities | 327,842 | 160,770 | |||||
Accounts receivable, net | 130,579 | 101,549 | |||||
Prepaid expenses and other current assets | 31,470 | 13,197 | |||||
Total current assets | 533,138 | 349,702 | |||||
Property and equipment, net | 17,600 | 13,104 | |||||
Marketable securities, noncurrent | 71,580 | 20,710 | |||||
Intangible assets, net | 5,855 | 7,051 | |||||
Goodwill | 33,621 | 31,516 | |||||
Restricted cash | 18,052 | 15,446 | |||||
Other assets | 9,312 | 5,015 | |||||
TOTAL ASSETS | $ | 689,158 | $ | 442,544 | |||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 2,722 | $ | 3,550 | |||
Accrued compensation | 41,393 | 33,376 | |||||
Other accrued liabilities | 13,454 | 9,918 | |||||
Deferred revenue, current portion | 257,141 | 192,242 | |||||
Total current liabilities | 314,710 | 239,086 | |||||
Deferred revenue, less current portion | 34,870 | 25,182 | |||||
Other liabilities | 16,601 | 4,345 | |||||
TOTAL LIABILITIES | 366,181 | 268,613 | |||||
Redeemable convertible preferred stock | — | 657,687 | |||||
STOCKHOLDERS’ EQUITY (DEFICIT): | |||||||
Common stock | 7 | 2 | |||||
Additional paid-in capital | 1,385,592 | 192,795 | |||||
Accumulated other comprehensive loss | (832 | ) | (556 | ) | |||
Accumulated deficit | (1,061,790 | ) | (675,997 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 322,977 | (483,756 | ) | ||||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 689,158 | $ | 442,544 |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||
Net loss | $ | (43,907 | ) | $ | (61,432 | ) | $ | (385,793 | ) | $ | (187,317 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||
Depreciation and amortization | 2,407 | 2,663 | 12,102 | 10,134 | |||||||||||
Stock-based compensation | 28,326 | 5,156 | 290,006 | 21,714 | |||||||||||
Donation of common stock to the Cloudera Foundation | — | 21,574 | — | 21,574 | |||||||||||
Accretion and amortization of marketable securities | (145 | ) | 447 | 512 | 2,867 | ||||||||||
Loss on disposal of fixed assets | — | — | (111 | ) | — | ||||||||||
Release of deferred tax valuation allowance | — | — | (806 | ) | — | ||||||||||
Changes in assets and liabilities: | |||||||||||||||
Accounts receivable | (64,324 | ) | (53,995 | ) | (28,788 | ) | (52,139 | ) | |||||||
Prepaid expenses and other assets | (10,735 | ) | (3,678 | ) | (16,194 | ) | (3,300 | ) | |||||||
Accounts payable | 1,659 | (1,191 | ) | (667 | ) | (281 | ) | ||||||||
Accrued compensation | 6,410 | 6,894 | 5,179 | 11,222 | |||||||||||
Accrued expenses and other liabilities | (1,337 | ) | (3,782 | ) | 8,105 | (284 | ) | ||||||||
Deferred revenue | 59,660 | 55,402 | 74,187 | 59,249 | |||||||||||
Net cash used in operating activities | (21,986 | ) | (31,942 | ) | (42,268 | ) | (116,561 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||
Purchases of marketable securities | (106,172 | ) | — | (620,329 | ) | (103,776 | ) | ||||||||
Sales of marketable securities | 21,633 | 23,517 | 79,069 | 74,655 | |||||||||||
Maturities of marketable securities | 87,820 | 52,560 | 321,552 | 207,792 | |||||||||||
Cash used in business combinations, net of cash acquired | — | — | (1,937 | ) | (2,700 | ) | |||||||||
Capital expenditures | (3,949 | ) | (451 | ) | (12,954 | ) | (7,385 | ) | |||||||
Proceeds from sale of equipment | — | — | 145 | — | |||||||||||
Net cash provided by (used in) investing activities | (668 | ) | 75,626 | (234,454 | ) | 168,586 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||
Net proceeds from (payments for) issuance of common stock in initial public offering | — | (2,056 | ) | 237,422 | (2,056 | ) | |||||||||
Net proceeds from issuance of common stock in follow-on offering | (795 | ) | — | 46,008 | — | ||||||||||
Shares withheld related to net share settlement of restricted stock units | (9,278 | ) | — | (59,781 | ) | — | |||||||||
Proceeds from employee stock plans | 12,452 | 1,041 | 23,673 | 3,594 | |||||||||||
Net cash provided by financing activities | 2,379 | (1,015 | ) | 247,322 | 1,538 | ||||||||||
Effect of exchange rate changes | 727 | 69 | 1,067 | 75 | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (19,548 | ) | 42,738 | (28,333 | ) | 53,638 | |||||||||
Cash, cash equivalents and restricted cash — Beginning of year | 80,847 | 46,894 | 89,632 | 35,994 | |||||||||||
Cash, cash equivalents and restricted cash — End of year | $ | 61,299 | $ | 89,632 | $ | 61,299 | $ | 89,632 | |||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||||||||||
Cash paid for income taxes | $ | 854 | $ | 658 | $ | 2,694 | $ | 1,689 | |||||||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||||||||||
Purchases of property and equipment in other accrued liabilities | $ | 1,130 | $ | 44 | $ | 1,130 | $ | 44 | |||||||
Fair value of common stock issued as consideration for business combinations | $ | — | $ | — | $ | 2,081 | $ | — | |||||||
Deferred offering costs in accounts payable and other accrued liabilities | $ | — | $ | 747 | $ | — | $ | 747 | |||||||
Conversion of redeemable convertible preferred stock to common stock | $ | — | $ | — | $ | 657,687 | $ | — |
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 | % | 86 | % | |||||||
Cost of revenue- Services | 18,098 | (3,429 | ) | — | 14,669 | ||||||||||
Services gross margin | 6 | % | 18 | % | — | % | 24 | % | |||||||
Gross profit | 70,623 | 6,112 | 622 | 77,357 | |||||||||||
Total gross margin | 68 | % | 6 | % | 1 | % | 75 | % | |||||||
Research and development | 38,925 | (10,004 | ) | — | 28,921 | ||||||||||
Sales and marketing | 61,828 | (7,672 | ) | (178 | ) | 53,978 | |||||||||
General and administrative | 15,548 | (4,538 | ) | — | 11,010 | ||||||||||
Loss from operations | (45,678 | ) | 28,326 | 800 | (16,552 | ) | |||||||||
Operating margin | (44 | )% | 27 | % | 1 | % | (16 | )% | |||||||
Net Loss | (43,907 | ) | 28,326 | 800 | (14,781 | ) | |||||||||
Net loss per share, basic and diluted | $ | (0.31 | ) | $ | 0.20 | $ | 0.01 | $ | (0.10 | ) |
GAAP | Stock-based compensation expense | Amortization of acquired intangible assets | Donation to Cloudera Foundation | Non-GAAP weighted-average shares outstanding | Non-GAAP | ||||||||||||||||||
Cost of revenue- Subscription | $ | 9,860 | $ | (375 | ) | $ | (514 | ) | $ | — | $ | — | $ | 8,971 | |||||||||
Subscription gross margin | 82 | % | 1 | % | 1 | % | — | % | — | % | 84 | % | |||||||||||
Cost of revenue- Services | 12,315 | (440 | ) | — | — | — | 11,875 | ||||||||||||||||
Services gross margin | 26 | % | 3 | % | — | % | — | % | — | % | 29 | % | |||||||||||
Gross profit | 50,652 | 815 | 514 | — | — | 51,981 | |||||||||||||||||
Total gross margin | 70 | % | 1 | % | 1 | % | — | % | — | % | 71 | % | |||||||||||
Research and development | 25,191 | (1,280 | ) | — | — | — | 23,911 | ||||||||||||||||
Sales and marketing | 55,911 | (1,261 | ) | (431 | ) | — | — | 54,219 | |||||||||||||||
General and administrative | 30,598 | (1,800 | ) | — | (21,574 | ) | — | 7,224 | |||||||||||||||
Loss from operations | (61,048 | ) | 5,156 | 945 | 21,574 | — | (33,373 | ) | |||||||||||||||
Operating margin | (84 | )% | 7 | % | 1 | % | 29 | % | — | % | (46 | )% | |||||||||||
Net Loss | (61,432 | ) | 5,156 | 945 | 21,574 | — | (33,757 | ) | |||||||||||||||
Net loss per share, basic and diluted (1) | $ | (1.67 | ) | $ | 0.14 | $ | 0.03 | $ | 0.59 | $ | 0.61 | $ | (0.30 | ) |
(1) | See below for a reconciliation of weighted-average shares outstanding used to calculate non-GAAP net loss per share |
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 | 76 | % | 8 | % | 1 | % | — | % | 85 | % | |||||||||
Cost of revenue- Services | 87,133 | (31,843 | ) | — | — | 55,290 | |||||||||||||
Services gross margin | (31 | )% | 48 | % | — | % | — | % | 17 | % | |||||||||
Gross profit | 209,408 | 56,669 | 2,230 | — | 268,307 | ||||||||||||||
Total gross margin | 57 | % | 15 | % | 1 | % | — | % | 73 | % | |||||||||
Research and development | 215,695 | (100,143 | ) | — | — | 115,552 | |||||||||||||
Sales and marketing | 298,467 | (90,420 | ) | (1,493 | ) | — | 206,554 | ||||||||||||
General and administrative | 85,539 | (42,774 | ) | — | — | 42,765 | |||||||||||||
Loss from operations | (390,293 | ) | 290,006 | 3,723 | — | (96,564 | ) | ||||||||||||
Operating margin | (106 | )% | 79 | % | 1 | % | — | % | (26 | )% | |||||||||
Net Loss | (385,793 | ) | 290,006 | 3,723 | — | (92,064 | ) | ||||||||||||
Net loss per share, basic and diluted (1) | $ | (3.38 | ) | $ | 2.54 | $ | 0.03 | $ | 0.12 | $ | (0.69 | ) |
(1) | See below for a reconciliation of weighted-average shares outstanding used to calculate non-GAAP net loss per share |
GAAP | Stock-based compensation expense | Amortization of acquired intangible assets | Donation to Cloudera Foundation | Non-GAAP weighted-average shares outstanding | Non-GAAP | ||||||||||||||||||
Cost of revenue- Subscription | $ | 38,704 | $ | (1,426 | ) | $ | (1,997 | ) | $ | — | $ | — | $ | 35,281 | |||||||||
Subscription gross margin | 81 | % | 1 | % | 1 | % | — | % | — | % | 82 | % | |||||||||||
Cost of revenue- Services | 48,284 | (1,803 | ) | — | — | — | 46,481 | ||||||||||||||||
Services gross margin | 21 | % | 3 | % | — | % | — | % | — | % | 24 | % | |||||||||||
Gross profit | 174,038 | 3,229 | 1,997 | — | — | 179,264 | |||||||||||||||||
Total gross margin | 67 | % | 1 | % | 1 | % | — | % | — | % | 69 | % | |||||||||||
Research and development | 102,309 | (5,606 | ) | — | — | — | 96,703 | ||||||||||||||||
Sales and marketing | 203,161 | (5,757 | ) | (1,723 | ) | — | — | 195,681 | |||||||||||||||
General and administrative | 55,907 | (7,122 | ) | — | (21,574 | ) | — | 27,211 | |||||||||||||||
Loss from operations | (187,339 | ) | 21,714 | 3,720 | 21,574 | — | (140,331 | ) | |||||||||||||||
Operating margin | (72 | )% | 8 | % | 1 | % | 8 | % | — | % | (54 | )% | |||||||||||
Net Loss | (187,317 | ) | 21,714 | 3,720 | 21,574 | — | (140,309 | ) | |||||||||||||||
Net loss per share, basic and diluted (1) | $ | (5.15 | ) | $ | 0.60 | $ | 0.10 | $ | 0.59 | $ | 2.60 | $ | (1.26 | ) |
(1) | See below for a reconciliation of weighted-average shares outstanding used to calculate non-GAAP net loss per share |
Three Months Ended January 31, | Year Ended January 31, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
GAAP weighted-average shares, basic and diluted | 142,857 | 36,836 | 114,141 | 36,406 | |||||||
Assumed preferred stock conversion | — | 74,907 | 18,676 | 74,907 | |||||||
Assumed IPO issuance | — | — | 236 | — | |||||||
Non-GAAP weighted-average shares, diluted | 142,857 | 111,743 | 133,053 | 111,313 |
• | 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. |
• | Donation of common stock to the Cloudera Foundation. During the fourth quarter of fiscal 2017, we issued 1,175,063 shares of common stock to the Cloudera Foundation for no consideration. This resulted in a one‑time non‑cash charge of $21.6 million, which was recorded in general and administrative expenses on the consolidated statement of operations. Our management team does not consider this expense when evaluating our operating performance and we do not expect to make future grants of shares to the Cloudera Foundation and therefore consider this charge non‑recurring and exclude the GAAP impact of the donation when evaluating our operating results. 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. |
Fiscal 2019 | |||||
(in millions) | Q1 | FY | |||
GAAP net loss | ($58) - (55) | ($213) - (209) | |||
Stock-based compensation expense (1) | 29 | 116 | |||
Amortization of acquired intangible assets | 1 | 3 | |||
Non-GAAP net loss | ($28) - (25) | ($94) - (90) |