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: June 6, 2018 | CLOUDERA, INC | |
By: | /s/ David Middler | |
Name: | David Middler | |
Title: | Chief Legal Officer |
• | Q1 revenue up 29% year-over-year |
• | Q1 subscription revenue up 33% year-over-year |
• | Net expansion rate of 132% |
• | Subscription revenue was up 33% year-over-year to $85.9 million |
• | Subscription revenue represented 84% of total revenue, up from 81% in the first quarter of fiscal 2018 |
• | Non-GAAP subscription gross margin for the quarter was 85%, up from 84% in the first quarter of fiscal 2018 |
• | Dollar-based net expansion rate was 132% for the quarter |
• | Non-GAAP operating loss improved more than 14 percentage points compared to the year-ago period |
• | Introduced Altus with Shared Data Experience (beta), or SDX, the industry’s first machine learning and analytics Platform-as-a-Service that provides and retains business context for shared cloud-based data |
• | Released Altus Data Engineering for Azure and announced availability of Altus Analytic Database for Azure (beta), powering machine learning on Microsoft Azure |
• | Announced Cloudera Data Science Workbench 1.4, with new capabilities to build, train, and deploy models in a unified workflow helping data scientists accelerate everyday workflows from research to production |
• | Announced availability of Cloudera Enterprise 6 (beta), Cloudera’s most powerful platform for machine learning and analytics with significant advances in performance and enterprise quality showcasing innovations in search, streaming, scale and control |
• | Recognized by customers as a Gartner Peer Insights Customers’ Choice 2018, for the Best Data Management Solutions for Analytics |
• | Big Data Excellence Awards |
◦ | Big Data Technology Provider of the Year |
◦ | IoT Infrastructure of the Year (with partners Red Hat and Eurotech) |
• | Named General Managers to newly formed business units to accelerate innovation and leadership in machine learning, analytics, and cloud |
• | Total revenue in the range of $107 million to $108 million, representing approximately 20% year-over-year growth |
• | Subscription revenue in the range of $90 million to $91 million, representing approximately 22% year-over-year growth |
• | Non-GAAP net loss per share in the range of $0.15 to $0.13 per share |
• | Weighted-average shares outstanding of approximately 150 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: 3085608 |
Three Months Ended April 30, | |||||||
2018 | 2017 | ||||||
Revenue: | |||||||
Subscription | $ | 85,899 | $ | 64,671 | |||
Services | 16,808 | 14,925 | |||||
Total revenue | 102,707 | 79,596 | |||||
Cost of revenue:(1) (2) | |||||||
Subscription | 15,807 | 26,472 | |||||
Services | 17,544 | 33,640 | |||||
Total cost of revenue | 33,351 | 60,112 | |||||
Gross profit | 69,356 | 19,484 | |||||
Operating expenses:(1) (2) | |||||||
Research and development | 43,664 | 95,831 | |||||
Sales and marketing | 59,777 | 110,443 | |||||
General and administrative | 16,336 | 35,550 | |||||
Total operating expenses | 119,777 | 241,824 | |||||
Loss from operations | (50,421 | ) | (222,340 | ) | |||
Interest income, net | 1,807 | 649 | |||||
Other income (expense), net | (1,121 | ) | 22 | ||||
Net loss before provision for income taxes | (49,735 | ) | (221,669 | ) | |||
Provision for income taxes | (1,306 | ) | (650 | ) | |||
Net loss | $ | (51,041 | ) | $ | (222,319 | ) | |
Net loss per share, basic and diluted | $ | (0.35 | ) | $ | (5.78 | ) | |
Weighted-average shares used in computing net loss per share, basic and diluted | 146,678 | 38,487 |
(1) | Amounts include stock‑based compensation expense as follows (in thousands): |
Three Months Ended April 30, | |||||||
2018 | 2017 | ||||||
Cost of revenue – subscription | $ | 2,548 | $ | 15,700 | |||
Cost of revenue – services | 2,474 | 20,337 | |||||
Research and development | 9,861 | 67,901 | |||||
Sales and marketing | 6,079 | 60,541 | |||||
General and administrative | 4,404 | 26,603 | |||||
Total stock‑based compensation expense | $ | 25,366 | $ | 191,082 |
(2) | Amounts include amortization of acquired intangible assets as follows (in thousands): |
Three Months Ended April 30, | |||||||
2018 | 2017 | ||||||
Cost of revenue – subscription | $ | 622 | $ | 514 | |||
Sales and marketing | 35 | 430 | |||||
Total amortization of acquired intangible assets | $ | 657 | $ | 944 |
Three Months Ended April 30, | |||||
2018 | 2017 | ||||
Revenue: | |||||
Subscription | 84 | % | 81 | % | |
Services | 16 | 19 | |||
Total revenue | 100 | 100 | |||
Cost of revenue:(1) (2) | |||||
Subscription | 15 | 33 | |||
Services | 17 | 43 | |||
Total cost of revenue | 32 | 76 | |||
Gross profit | 68 | 24 | |||
Operating expenses:(1) (2) | |||||
Research and development | 43 | 120 | |||
Sales and marketing | 58 | 139 | |||
General and administrative | 16 | 44 | |||
Total operating expenses | 117 | 303 | |||
Loss from operations | (49 | ) | (279 | ) | |
Interest income, net | 1 | 1 | |||
Other income (expense), net | (1 | ) | — | ||
Net loss before provision for income taxes | (49 | ) | (278 | ) | |
Provision for income taxes | (1 | ) | (1 | ) | |
Net loss | (50) | % | (279) | % |
(1) | Amounts include stock‑based compensation expense as a percentage of total revenue as follows: |
Three Months Ended April 30, | |||||
2018 | 2017 | ||||
Cost of revenue – subscription | 3 | % | 20 | % | |
Cost of revenue – services | 2 | 26 | |||
Research and development | 10 | 85 | |||
Sales and marketing | 6 | 76 | |||
General and administrative | 4 | 33 | |||
Total stock-based compensation expense | 25 | % | 240 | % |
Three Months Ended April 30, | |||||
2018 | 2017 | ||||
Cost of revenue – subscription | 1 | % | 1 | % | |
Sales and marketing | — | — | |||
Total amortization of acquired intangible assets | 1 | % | 1 | % |
April 30, 2018 | January 31, 2018 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 82,445 | $ | 43,247 | |||
Short-term marketable securities | 346,833 | 327,842 | |||||
Accounts receivable, net | 64,686 | 130,579 | |||||
Prepaid expenses and other current assets | 24,249 | 31,470 | |||||
Total current assets | 518,213 | 533,138 | |||||
Property and equipment, net | 21,891 | 17,600 | |||||
Marketable securities, noncurrent | 39,357 | 71,580 | |||||
Intangible assets, net | 5,198 | 5,855 | |||||
Goodwill | 33,621 | 33,621 | |||||
Restricted cash | 18,023 | 18,052 | |||||
Other assets | 6,822 | 9,312 | |||||
TOTAL ASSETS | $ | 643,125 | $ | 689,158 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 2,161 | $ | 2,722 | |||
Accrued compensation | 30,236 | 41,393 | |||||
Other accrued liabilities | 13,780 | 13,454 | |||||
Deferred revenue, current portion | 246,996 | 257,141 | |||||
Total current liabilities | 293,173 | 314,710 | |||||
Deferred revenue, less current portion | 32,134 | 34,870 | |||||
Other liabilities | 18,286 | 16,601 | |||||
TOTAL LIABILITIES | 343,593 | 366,181 | |||||
STOCKHOLDERS’ EQUITY: | |||||||
Common stock | 7 | 7 | |||||
Additional paid-in capital | 1,413,431 | 1,385,592 | |||||
Accumulated other comprehensive loss | (1,075 | ) | (832 | ) | |||
Accumulated deficit | (1,112,831 | ) | (1,061,790 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY | 299,532 | 322,977 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 643,125 | $ | 689,158 |
Three Months Ended April 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ | (51,041 | ) | $ | (222,319 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Depreciation and amortization | 2,392 | 3,642 | |||||
Stock-based compensation | 25,366 | 191,082 | |||||
Accretion and amortization of marketable securities | 15 | 542 | |||||
Gain on disposal of fixed assets | (20 | ) | — | ||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 66,013 | 48,527 | |||||
Prepaid expenses and other assets | 8,167 | 1,379 | |||||
Accounts payable | (121 | ) | (1,921 | ) | |||
Accrued compensation | (14,627 | ) | (12,667 | ) | |||
Accrued expenses and other liabilities | 1,054 | 1,142 | |||||
Deferred revenue | (12,835 | ) | (4,428 | ) | |||
Net cash provided by operating activities | 24,363 | 4,979 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchases of marketable securities | (114,243 | ) | (110,347 | ) | |||
Sales of marketable securities | 13,256 | 31,675 | |||||
Maturities of marketable securities | 114,213 | 51,420 | |||||
Capital expenditures | (4,241 | ) | (175 | ) | |||
Proceeds from sale of equipment | 27 | — | |||||
Net cash provided by (used in) investing activities | 9,012 | (27,427 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Shares withheld related to net share settlement of restricted stock units | (906 | ) | — | ||||
Proceeds from employee stock plans | 7,081 | 1,482 | |||||
Payment of offering costs | — | (1,647 | ) | ||||
Net cash provided by (used in) financing activities | 6,175 | (165 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (381 | ) | 1 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 39,169 | (22,612 | ) | ||||
Cash, cash equivalents and restricted cash — Beginning of period | 61,299 | 89,632 | |||||
Cash, cash equivalents and restricted cash — End of period | $ | 100,468 | $ | 67,020 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||
Cash paid for income taxes | $ | 1,161 | $ | 629 | |||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||
Purchases of property and equipment in other accrued liabilities | $ | 1,706 | $ | 71 | |||
Offering costs in accounts payable and other accrued liabilities | $ | — | $ | 1,190 |
GAAP | Stock-based compensation expense | Amortization of acquired intangible assets | Non-GAAP | ||||||||||||
Cost of revenue- Subscription | $ | 15,807 | $ | (2,548 | ) | $ | (622 | ) | $ | 12,637 | |||||
Subscription gross margin | 82 | % | 3 | % | 1 | % | 85 | % | |||||||
Cost of revenue- Services | 17,544 | (2,474 | ) | — | 15,070 | ||||||||||
Services gross margin | (4 | )% | 15 | % | — | % | 10 | % | |||||||
Gross profit | 69,356 | 5,022 | 622 | 75,000 | |||||||||||
Total gross margin | 68 | % | 5 | % | 1 | % | 73 | % | |||||||
Research and development | 43,664 | (9,861 | ) | — | 33,803 | ||||||||||
Sales and marketing | 59,777 | (6,079 | ) | (35 | ) | 53,663 | |||||||||
General and administrative | 16,336 | (4,404 | ) | — | 11,932 | ||||||||||
Loss from operations | (50,421 | ) | 25,366 | 657 | (24,398 | ) | |||||||||
Operating margin | (49 | )% | 25 | % | 1 | % | (24 | )% | |||||||
Net Loss | (51,041 | ) | 25,366 | 657 | (25,018 | ) | |||||||||
Net loss per share, basic and diluted | $ | (0.35 | ) | $ | 0.17 | $ | 0.01 | $ | (0.17 | ) |
GAAP | Stock-based compensation expense | Amortization of acquired intangible assets | Non-GAAP weighted-average shares outstanding | Non-GAAP | |||||||||||||||
Cost of revenue- Subscription | $ | 26,472 | $ | (15,700 | ) | $ | (514 | ) | $ | — | $ | 10,258 | |||||||
Subscription gross margin | 59 | % | 24 | % | 1 | % | — | % | 84 | % | |||||||||
Cost of revenue- Services | 33,640 | (20,337 | ) | — | — | 13,303 | |||||||||||||
Services gross margin | (125 | )% | 136 | % | — | % | — | % | 11 | % | |||||||||
Gross profit | 19,484 | 36,037 | 514 | — | 56,035 | ||||||||||||||
Total gross margin | 24 | % | 45 | % | 1 | % | — | % | 70 | % | |||||||||
Research and development | 95,831 | (67,901 | ) | — | — | 27,930 | |||||||||||||
Sales and marketing | 110,443 | (60,541 | ) | (430 | ) | — | 49,472 | ||||||||||||
General and administrative | 35,550 | (26,603 | ) | — | — | 8,947 | |||||||||||||
Loss from operations | (222,340 | ) | 191,082 | 944 | — | (30,314 | ) | ||||||||||||
Operating margin | (279 | )% | 240 | % | 1 | % | — | % | (38 | )% | |||||||||
Net Loss | (222,319 | ) | 191,082 | 944 | — | (30,293 | ) | ||||||||||||
Net loss per share, basic and diluted (1) | $ | (5.78 | ) | $ | 4.97 | $ | 0.02 | $ | 0.52 | $ | (0.27 | ) |
(1) | See below for a reconciliation of weighted-average shares outstanding used to calculate non-GAAP net loss per share |
Three Months Ended April 30, | |||||
2018 | 2017 | ||||
GAAP weighted-average shares, basic and diluted | 146,678 | 38,487 | |||
Assumed preferred stock conversion | — | 74,907 | |||
Assumed IPO issuance | — | 582 | |||
Non-GAAP weighted-average shares, diluted | 146,678 | 113,976 |
• | Stock-based compensation expense. We exclude stock-based compensation expense from our non-GAAP financial measures consistent with how we evaluate our operating results and prepare our operating plans, forecasts and budgets. Further, when considering the impact of equity award grants, we focus on overall stockholder dilution rather than the accounting charges associated with such equity grants. The exclusion of the expense facilitates the comparison of results and business outlook for future periods with results for prior periods in order to better understand the long term performance of our business. |
• | Amortization of acquired intangible assets. We exclude the amortization of acquired intangible assets from our non-GAAP financial measures. Although the purchase accounting for an acquisition necessarily reflects the accounting value assigned to intangible assets, our management team excludes the GAAP impact of acquired intangible assets when evaluating our operating results. Likewise, our management team excludes amortization of acquired intangible assets from our operating plans, forecasts and budgets. The exclusion of the expense facilitates the comparison of results and business outlook for future periods with results for prior periods in order to better understand the long term performance of our business. |
• | Assumed preferred stock conversion. For periods prior to the closing of our initial public offering (IPO) on May 3, 2017, we give effect to the automatic conversion of all outstanding shares of preferred stock to common stock, as if such conversion had occurred at the beginning of the period, in our calculations of non-GAAP weighted-average shares, diluted, and non-GAAP net loss per share, diluted. The inclusion of these shares facilitates the comparison of results and business outlook for future periods with results for prior periods in order to better understand the long term performance of our business. |
• | Assumed IPO issuance. We include the common shares issued in our IPO, on a weighted basis, as if the shares were issued on the date of our effectiveness. Our IPO was effective in the first quarter of fiscal 2018 and closed in the second quarter of fiscal 2018. |
Fiscal 2019 | |||||
(in millions) | Q2 | FY | |||
GAAP net loss | ($49) - (46) | ($201) - (197) | |||
Stock-based compensation expense (1) | 25 | 104 | |||
Amortization of acquired intangible assets | 1 | 3 | |||
Non-GAAP net loss | ($23) - (20) | ($94) - (90) |