SANTA CLARA, Calif.,
Aug. 30, 2021 /PRNewswire/
-- Cloudera, Inc. (NYSE: CLDR), the enterprise data cloud
company, reported results for its second quarter of fiscal 2022,
ended July 31, 2021. Total revenue for the second quarter was
$236.1 million, an increase of 10% as
compared to the second quarter of fiscal 2021. Subscription revenue
was $213.3 million, an increase of
11% as compared to the second quarter of fiscal 2021. Annualized
Recurring Revenue grew 13% year-over-year.
"Excellent fiscal second quarter performance, including strong
ARR growth, was driven by continued adoption of our CDP hybrid and
multi-cloud solution-set," said Rob
Bearden, chief executive officer of Cloudera. "We are also
pleased to announce that shareholders have approved our proposed
transaction with CD&R and KKR, which we believe will accelerate
our hybrid data cloud strategy and enable further investment in
product innovation."
Separately, Cloudera today announced that Chief Financial
Officer, Jim Frankola, will
transition from his role as CFO to a newly created position,
Strategic Advisor, upon closing of the transaction with CD&R
and KKR. Kevin Cook, currently
Senior Vice President, Finance will succeed Mr. Frankola as Chief
Financial Officer.
"I greatly appreciate Jim's professionalism, expertise and many
contributions to Cloudera's development and achievements over
almost ten years of service," said Mr. Bearden. "I thank Jim for
his dedication to Cloudera and being a valued colleague to me, and
I look forward to working with him in his new role. I also look
forward to continuing to work with Kevin to drive Cloudera's
growth, financial and strategic objectives."
In addition, it was announced that Chief Product Officer,
Arun Murthy, will depart Cloudera
effective immediately.
Second Quarter Fiscal 2022 Results
- GAAP loss from operations for the second quarter of fiscal 2022
was $32.9 million, compared to
$36.5 million for the second quarter
of fiscal 2021
- Non-GAAP income from operations for the second quarter of
fiscal 2022 was $44.5 million,
compared to $29.8 million for the
second quarter of fiscal 2021
- Operating cash flow for the second quarter of fiscal 2022 was
negative $12.2 million, compared to
$32.4 million for the second quarter
of fiscal 2021
- GAAP net loss per share for the second quarter of fiscal 2022
was $0.11 per share, compared to
$0.12 per share for the second
quarter of fiscal 2021
- Non-GAAP net income per share for the second quarter of fiscal
2022 was $0.15 per share, compared to
$0.10 per share for the second
quarter of fiscal 2021
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 July 31, 2021, Cloudera had total cash, cash
equivalents, marketable securities and restricted cash of
$796.1 million.
Recent Business and Financial Highlights
- Annualized Recurring Revenue at the conclusion of the second
quarter of fiscal 2022 was $832
million, representing 13% year-over-year growth
- GAAP subscription gross margin for the quarter was 88%, up from
85% in the second quarter of fiscal 2021
- Non-GAAP subscription gross margin for the quarter was 91%, up
from 89% in the second quarter of fiscal 2021
- CDP Private Cloud 7.1.7 became generally available
- Cloudera selected by LG Uplus to strengthen its 5G market
leadership position
- CDP DataFlow for the Public Cloud became available on AWS
- Cloudera to offer CDP on Alibaba
Cloud in the Greater China Region
- Cloudera DataFlow won DBTA Readers' Choice Award for "Best Data
Integration Solution"
Update on Transaction with Clayton, Dubilier & Rice and KKR
On June 1, 2021, Cloudera
announced that it had entered into a definitive agreement to be
acquired by affiliates of Clayton,
Dubilier & Rice, LLC (CD&R) and Kohlberg Kravis Roberts
& Co. L.P. (KKR). Please refer to the definitive proxy
statement dated July 19, 2021 for
additional details regarding the transaction. At the special
meeting of stockholders of Cloudera held on August 25, 2021, Cloudera stockholders approved
the proposed transaction. The transaction is expected to close in
the second half of 2021, subject to customary closing conditions,
including receipt of regulatory approvals. Upon closing of the
transaction, Cloudera will become a private company, and its common
stock will no longer be listed on any public market.
Suspension of Guidance
Due to the announced transaction with CD&R and KKR, Cloudera
will not provide financial guidance for the third quarter of fiscal
2022 and has suspended its financial guidance for the full year
2022.
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.
Important Information and Where to Find It
Information regarding the proposed transaction between Cloudera
and affiliates of CD&R and KKR can be found in the definitive
proxy statement filed on July 19,
2021 and subsequent SEC filings regarding the transaction,
including, but not limited to, the Current Report on Form 8-K filed
on August 18, 2021. Cloudera may also
file other documents with the SEC regarding the proposed
transaction. This document is not a substitute for the Proxy
Statement or any other document which Cloudera may file with the
SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL
BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO
THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY
CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION AND RELATED MATTERS. Investors and security holders may
obtain free copies of the Proxy Statement and other documents that
are filed or will be filed with the SEC by Cloudera through the
website maintained by the SEC at www.sec.gov, Cloudera's investor
relations website at
https://investors.cloudera.com/home/default.aspx or by contacting
the Cloudera investor relations department at the following:
Kevin Cook
investor-relations@cloudera.com
650-644-3900
Cautionary Statement Regarding Forward-Looking Statements
About the Proposed Transaction
This communication contains "forward-looking statements" within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements are based on Cloudera's current expectations, estimates
and projections and include statements about the expected date of
closing of the proposed transaction, which is subject to change.
All forward-looking statements by their nature address matters that
involve risks and uncertainties, many of which are beyond our
control, and are not guarantees of future results, such as
statements about the consummation of the proposed transaction and
the anticipated benefits thereof. These and other forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions that could cause actual
results to differ materially from those expressed in any
forward-looking statements, including the failure to consummate the
proposed transaction or to make or take any filing or other action
required to consummate the transaction on a timely matter or at
all. Accordingly, there are or will be important factors that could
cause actual results to differ materially from those indicated in
such statements and, therefore, you should not place undue reliance
on any such statements and caution must be exercised in relying on
forward-looking statements. Important risk factors that may cause
such a difference include, but are not limited to: (i) the
completion of the proposed transaction on anticipated terms and
timing, including obtaining stockholder and regulatory approvals,
anticipated tax treatment, unforeseen liabilities, future capital
expenditures, revenues, expenses, earnings, synergies, economic
performance, indebtedness, financial condition, losses, future
prospects, business and management strategies for the management,
expansion and growth of Cloudera's business and other conditions to
the completion of the transaction; (ii) conditions to the closing
of the transaction may not be satisfied; (iii) the transaction may
involve unexpected costs, liabilities or delays; (iv) the outcome
of any legal proceedings related to the transaction; (v) the
failure by CD&R and KKR to obtain the necessary debt financing
arrangements set forth in the commitment letters received in
connection with the transaction; (vi) potential litigation relating
to the proposed transaction; and (vii) unpredictability and
severity of catastrophic events, including, but not limited to,
acts of terrorism or outbreak of war or hostilities, as well as
Cloudera's response to any of the aforementioned factors. While the
list of factors presented here is considered representative, such
list should not be considered to be a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of forward
looking statements. Consequences of material differences in results
as compared with those anticipated in the forward-looking
statements could include, among other things, business disruption,
operational problems, financial loss, legal liability to third
parties and similar risks, any of which could have a material
adverse effect on Cloudera's financial condition, results of
operations, or liquidity. Cloudera does not assume any obligation
to publicly provide revisions or updates to any forward-looking
statements, whether as a result of new information, future
developments or otherwise, should circumstances change, except as
otherwise required by securities and other applicable laws.
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.
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 operating margin, and
historical and forward-looking non-GAAP income/loss from
operations, non-GAAP net income/loss, and non-GAAP net income/loss
per share. These non-GAAP financial measures exclude stock-based
compensation, extraordinary non-cash real estate impairment
charges, 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 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.
|
Cloudera,
Inc.
|
|
Condensed
Consolidated Statements of Operations
|
|
(in thousands,
except per share data)
|
|
(unaudited)
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Subscription
|
$
|
213,300
|
|
|
$
|
191,522
|
|
|
$
|
413,956
|
|
|
$
|
378,607
|
|
|
Services
|
22,757
|
|
|
22,814
|
|
|
46,384
|
|
|
46,189
|
|
|
Total
revenue
|
236,057
|
|
|
214,336
|
|
|
460,340
|
|
|
424,796
|
|
|
Cost of
revenue:(1) (2)
|
|
|
|
|
|
|
|
|
Subscription
|
25,457
|
|
|
27,929
|
|
|
49,049
|
|
|
56,565
|
|
|
Services
|
19,516
|
|
|
21,710
|
|
|
39,042
|
|
|
47,315
|
|
|
Total cost of
revenue
|
44,973
|
|
|
49,639
|
|
|
88,091
|
|
|
103,880
|
|
|
Gross profit
|
191,084
|
|
|
164,697
|
|
|
372,249
|
|
|
320,916
|
|
|
Operating
expenses:(1) (2)
|
|
|
|
|
|
|
|
|
Research and
development
|
70,785
|
|
|
62,304
|
|
|
136,610
|
|
|
126,520
|
|
|
Sales and
marketing
|
110,257
|
|
|
105,760
|
|
|
218,085
|
|
|
218,895
|
|
|
General and
administrative
|
42,895
|
|
|
33,167
|
|
|
84,159
|
|
|
67,842
|
|
|
Total operating
expenses
|
223,937
|
|
|
201,231
|
|
|
438,854
|
|
|
413,257
|
|
|
Loss from
operations
|
(32,853)
|
|
|
(36,534)
|
|
|
(66,605)
|
|
|
(92,341)
|
|
|
Interest (expense)
income, net
|
(3,621)
|
|
|
1,444
|
|
|
(7,104)
|
|
|
3,685
|
|
|
Other income (expense),
net
|
26
|
|
|
980
|
|
|
(674)
|
|
|
(1,517)
|
|
|
Loss before provision
for income taxes
|
(36,448)
|
|
|
(34,110)
|
|
|
(74,383)
|
|
|
(90,173)
|
|
|
Benefit (provision) for
income taxes
|
3,243
|
|
|
(1,887)
|
|
|
777
|
|
|
(3,838)
|
|
|
Net loss
|
$
|
(33,205)
|
|
|
$
|
(35,997)
|
|
|
$
|
(73,606)
|
|
|
$
|
(94,011)
|
|
|
Net loss per share,
basic and diluted
|
$
|
(0.11)
|
|
|
$
|
(0.12)
|
|
|
$
|
(0.25)
|
|
|
$
|
(0.32)
|
|
|
Weighted-average shares
used in computing net loss per share, basic and diluted
|
294,330
|
|
|
300,103
|
|
|
293,447
|
|
|
297,724
|
|
|
|
(1) Amounts include
stock-based compensation expense as follows (in
thousands):
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Cost of revenue –
subscription
|
$
|
4,162
|
|
|
$
|
3,684
|
|
|
$
|
8,454
|
|
|
$
|
7,676
|
|
|
Cost of revenue –
service
|
2,518
|
|
|
3,004
|
|
|
5,213
|
|
|
6,991
|
|
|
Research and
development
|
22,506
|
|
|
17,057
|
|
|
43,767
|
|
|
36,881
|
|
|
Sales and
marketing
|
16,024
|
|
|
14,031
|
|
|
31,879
|
|
|
29,854
|
|
|
General and
administrative
|
13,339
|
|
|
8,841
|
|
|
27,860
|
|
|
18,653
|
|
|
Total stock-based
compensation expense
|
$
|
58,549
|
|
|
$
|
46,617
|
|
|
$
|
117,173
|
|
|
$
|
100,055
|
|
|
|
(2) Amounts include
amortization of acquired intangible assets as follows (in
thousands):
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Cost of revenue –
subscription
|
$
|
2,058
|
|
|
$
|
3,080
|
|
|
$
|
3,081
|
|
|
$
|
6,159
|
|
|
Sales and
marketing
|
16,725
|
|
|
16,596
|
|
|
33,353
|
|
|
33,193
|
|
|
Total amortization of
acquired intangible assets
|
$
|
18,783
|
|
|
$
|
19,676
|
|
|
$
|
36,434
|
|
|
$
|
39,352
|
|
|
Cloudera,
Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(in
thousands)
|
|
|
July
31,
2021
|
|
January
31,
2021
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
134,075
|
|
|
$
|
298,672
|
|
|
Marketable
securities
|
302,989
|
|
|
297,721
|
|
|
Accounts receivable,
net
|
177,823
|
|
|
316,098
|
|
|
Deferred contract
costs
|
49,347
|
|
|
53,048
|
|
|
Prepaid expenses and
other current assets
|
29,907
|
|
|
32,382
|
|
|
Total current
assets
|
694,141
|
|
|
997,921
|
|
|
Property and equipment,
net
|
15,925
|
|
|
18,065
|
|
|
Marketable securities,
non-current
|
355,684
|
|
|
173,281
|
|
|
Intangible assets,
net
|
537,995
|
|
|
532,630
|
|
|
Goodwill
|
620,724
|
|
|
599,291
|
|
|
Deferred contract
costs, non-current
|
24,112
|
|
|
31,170
|
|
|
Operating lease
right-of-use assets
|
131,668
|
|
|
146,424
|
|
|
Other assets
|
10,498
|
|
|
9,819
|
|
|
TOTAL
ASSETS
|
$
|
2,390,747
|
|
|
$
|
2,508,601
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
1,969
|
|
|
$
|
2,713
|
|
|
Accrued
compensation
|
56,463
|
|
|
56,643
|
|
|
Other accrued
liabilities
|
30,331
|
|
|
30,196
|
|
|
Operating lease
liabilities
|
23,152
|
|
|
19,574
|
|
|
Contract
liabilities
|
475,853
|
|
|
553,983
|
|
|
Total current
liabilities
|
587,768
|
|
|
663,109
|
|
|
Long-term
debt
|
485,273
|
|
|
487,089
|
|
|
Operating lease
liabilities, non-current
|
155,446
|
|
|
169,296
|
|
|
Contract liabilities,
non-current
|
44,761
|
|
|
54,414
|
|
|
Other accrued
liabilities, non-current
|
5,350
|
|
|
6,763
|
|
|
TOTAL
LIABILITIES
|
1,278,598
|
|
|
1,380,671
|
|
|
STOCKHOLDERS'
EQUITY:
|
|
|
|
|
Common
stock
|
15
|
|
|
15
|
|
|
Additional paid-in
capital
|
2,835,956
|
|
|
2,776,690
|
|
|
Accumulated other
comprehensive (loss) income
|
(861)
|
|
|
580
|
|
|
Accumulated
deficit
|
(1,722,961)
|
|
|
(1,649,355)
|
|
|
TOTAL STOCKHOLDERS'
EQUITY
|
1,112,149
|
|
|
1,127,930
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
$
|
2,390,747
|
|
|
$
|
2,508,601
|
|
|
Cloudera,
Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Three Months Ended
July 31,
|
|
Six Months Ended
July 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
Net
loss
|
$
|
(33,205)
|
|
|
$
|
(35,997)
|
|
|
$
|
(73,606)
|
|
|
$
|
(94,011)
|
|
|
Adjustments to
reconcile net loss to net cash (used in) provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
20,655
|
|
|
22,366
|
|
|
40,283
|
|
|
44,939
|
|
|
Non-cash lease
expense
|
10,314
|
|
|
11,391
|
|
|
21,365
|
|
|
22,692
|
|
|
Stock-based
compensation expense
|
58,549
|
|
|
46,617
|
|
|
117,173
|
|
|
100,055
|
|
|
Amortization of
deferred contract costs
|
16,315
|
|
|
16,785
|
|
|
32,935
|
|
|
33,410
|
|
|
Other
|
1,745
|
|
|
1,604
|
|
|
2,927
|
|
|
5,126
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(46,860)
|
|
|
18,512
|
|
|
138,654
|
|
|
100,340
|
|
|
Prepaid expenses and
other assets
|
6,342
|
|
|
4,102
|
|
|
2,565
|
|
|
14,628
|
|
|
Deferred contract
costs
|
(13,413)
|
|
|
(11,667)
|
|
|
(22,176)
|
|
|
(22,290)
|
|
|
Accounts
payable
|
644
|
|
|
(1,137)
|
|
|
(247)
|
|
|
(830)
|
|
|
Accrued
compensation
|
11,325
|
|
|
11,766
|
|
|
2,757
|
|
|
(6,646)
|
|
|
Other accrued
liabilities
|
(8,487)
|
|
|
(1,384)
|
|
|
(6,723)
|
|
|
(4,279)
|
|
|
Operating lease
liabilities
|
(6,322)
|
|
|
(18,698)
|
|
|
(16,893)
|
|
|
(21,206)
|
|
|
Contract
liabilities
|
(29,800)
|
|
|
(31,812)
|
|
|
(89,002)
|
|
|
(71,123)
|
|
|
Net cash (used in)
provided by operating activities
|
(12,198)
|
|
|
32,448
|
|
|
150,012
|
|
|
100,805
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
Purchases of marketable
securities
|
(96,876)
|
|
|
(192,709)
|
|
|
(478,889)
|
|
|
(273,569)
|
|
|
Proceeds from sale of
marketable securities
|
73,550
|
|
|
38,113
|
|
|
76,450
|
|
|
104,172
|
|
|
Maturities of
marketable securities
|
89,389
|
|
|
86,916
|
|
|
210,243
|
|
|
123,710
|
|
|
Cash used in business
combinations, net of cash acquired
|
(56,427)
|
|
|
—
|
|
|
(56,427)
|
|
|
—
|
|
|
Capital
expenditures
|
(362)
|
|
|
(3,341)
|
|
|
(1,937)
|
|
|
(4,430)
|
|
|
Net cash provided by
(used in) investing activities
|
9,274
|
|
|
(71,021)
|
|
|
(250,560)
|
|
|
(50,117)
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
Repurchases of common
stock
|
(10,143)
|
|
|
—
|
|
|
(29,088)
|
|
|
(25,974)
|
|
|
Principal repayment
of debt
|
(1,250)
|
|
|
—
|
|
|
(2,500)
|
|
|
—
|
|
|
Taxes paid related to
net share settlement of restricted stock units
|
(22,614)
|
|
|
(9,266)
|
|
|
(40,670)
|
|
|
(23,283)
|
|
|
Proceeds from employee
stock plans
|
2,702
|
|
|
28,662
|
|
|
9,191
|
|
|
33,639
|
|
|
Net cash (used in)
provided by financing activities
|
(31,305)
|
|
|
19,396
|
|
|
(63,067)
|
|
|
(15,618)
|
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(797)
|
|
|
1,423
|
|
|
(982)
|
|
|
463
|
|
|
Net (decrease)
increase in cash, cash equivalents and restricted cash
|
(35,026)
|
|
|
(17,754)
|
|
|
(164,597)
|
|
|
35,533
|
|
|
Cash, cash
equivalents and restricted cash — Beginning of period
|
172,453
|
|
|
164,277
|
|
|
302,024
|
|
|
110,990
|
|
|
Cash, cash
equivalents and restricted cash — End of period
|
$
|
137,427
|
|
|
$
|
146,523
|
|
|
$
|
137,427
|
|
|
$
|
146,523
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash as shown in the
statement of cash flows:
|
|
|
As of July
31,
|
|
|
2021
|
|
2020
|
|
Cash and cash
equivalents
|
|
$
|
134,075
|
|
|
$
|
143,171
|
|
|
Restricted cash
included in Other assets
|
|
3,352
|
|
|
3,352
|
|
|
Total cash, cash
equivalents and restricted cash
|
|
$
|
137,427
|
|
|
$
|
146,523
|
|
|
Cloudera,
Inc.
|
|
Three Months Ended
July 31, 2021
|
|
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
|
$
|
25,457
|
|
|
$
|
(4,162)
|
|
|
$
|
(2,058)
|
|
|
$
|
19,237
|
|
|
Subscription gross
margin
|
88
|
%
|
|
2
|
%
|
|
1
|
%
|
|
91
|
%
|
|
Cost of revenue-
Services
|
19,516
|
|
|
(2,518)
|
|
|
—
|
|
|
16,998
|
|
|
Services gross
margin
|
14
|
%
|
|
11
|
%
|
|
—
|
%
|
|
25
|
%
|
|
Gross
profit
|
191,084
|
|
|
6,680
|
|
|
2,058
|
|
|
199,822
|
|
|
Total gross
margin
|
81
|
%
|
|
3
|
%
|
|
1
|
%
|
|
85
|
%
|
|
Research and
development
|
70,785
|
|
|
(22,506)
|
|
|
—
|
|
|
48,279
|
|
|
Sales and
marketing
|
110,257
|
|
|
(16,024)
|
|
|
(16,725)
|
|
|
77,508
|
|
|
General and
administrative
|
42,895
|
|
|
(13,339)
|
|
|
—
|
|
|
29,556
|
|
|
(Loss) income from
operations
|
(32,853)
|
|
|
58,549
|
|
|
18,783
|
|
|
44,479
|
|
|
Operating
margin
|
(14)
|
%
|
|
25
|
%
|
|
8
|
%
|
|
19
|
%
|
|
Net (loss)
income
|
(33,205)
|
|
|
58,549
|
|
|
18,783
|
|
|
44,127
|
|
|
Net (loss) income per
share, basic
|
(0.11)
|
|
|
0.20
|
|
|
0.06
|
|
|
0.15
|
|
|
Net (loss) income per
share, diluted (1)
|
$
|
(0.11)
|
|
|
$
|
0.20
|
|
|
$
|
0.06
|
|
|
$
|
0.15
|
|
|
|
(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
July 31, 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
|
|
Cost of revenue-
Subscription
|
$
|
27,929
|
|
|
$
|
(3,684)
|
|
|
$
|
(3,080)
|
|
|
$
|
21,165
|
|
|
Subscription gross
margin
|
85
|
%
|
|
2
|
%
|
|
2
|
%
|
|
89
|
%
|
|
Cost of revenue-
Services
|
21,710
|
|
|
(3,004)
|
|
|
—
|
|
|
18,706
|
|
|
Services gross
margin
|
5
|
%
|
|
13
|
%
|
|
—
|
%
|
|
18
|
%
|
|
Gross profit
|
164,697
|
|
|
6,688
|
|
|
3,080
|
|
|
174,465
|
|
|
Total gross
margin
|
77
|
%
|
|
3
|
%
|
|
1
|
%
|
|
81
|
%
|
|
Research and
development
|
62,304
|
|
|
(17,057)
|
|
|
—
|
|
|
45,247
|
|
|
Sales and
marketing
|
105,760
|
|
|
(14,031)
|
|
|
(16,596)
|
|
|
75,133
|
|
|
General and
administrative
|
33,167
|
|
|
(8,841)
|
|
|
—
|
|
|
24,326
|
|
|
(Loss) income from
operations
|
(36,534)
|
|
|
46,617
|
|
|
19,676
|
|
|
29,759
|
|
|
Operating
margin
|
(17)
|
%
|
|
22
|
%
|
|
9
|
%
|
|
14
|
%
|
|
Net (loss)
income
|
(35,997)
|
|
|
46,617
|
|
|
19,676
|
|
|
30,296
|
|
|
Net (loss)
income per share, basic
|
(0.12)
|
|
|
0.15
|
|
|
0.07
|
|
|
0.10
|
|
|
Net (loss) income per
share, diluted (1)
|
$
|
(0.12)
|
|
|
$
|
0.15
|
|
|
$
|
0.07
|
|
|
$
|
0.10
|
|
|
|
(1) See below for a
reconciliation of weighted-average shares outstanding used to
calculate non-GAAP net income per share
|
|
Cloudera,
Inc.
|
|
Reconciliation of
weighted-average shares used for non-GAAP net income per
share
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
Three Months Ended
July 31,
|
|
2021
|
|
2020
|
|
Weighted-average
shares, basic
|
294,330
|
|
|
300,103
|
|
|
Effect of dilutive
securities:
|
|
|
|
|
Stock options,
unvested restricted stock units and ESPP
|
9,790
|
|
|
12,592
|
|
|
Weighted-average
shares, diluted
|
304,120
|
|
|
312,695
|
|
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 exclude extraordinary non-cash real estate impairment charges
from our non-GAAP financial measures. Extraordinary non-cash real
estate impairment charges relate to charges that we incur as a
result of activities with respect to our leased office locations.
The exclusion of the impairment charges 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.
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SOURCE Cloudera, Inc.
