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Cloudera Reports 37% Rise in Revenue

March 14, 2019

Cloudera reported results for its fourth quarter and fiscal year 2019, ended January 31, 2019. Total revenue was $144.5 million, an increase of 37% from the fourth quarter of fiscal 2018. Subscription revenue was $123.0 million, an increase of 42% from the fourth quarter of fiscal 2018.

"Our strong fourth quarter results showcase how customers are already embracing the new Cloudera's vision, as evidenced by early cross-sell motions to deliver data management and analytics from the Edge to AI," said Tom Reilly, chief executive officer, Cloudera. "Having completed the merger with Hortonworks, we are now squarely focused on delivering a powerful combined, integrated platform purpose-built for enterprise customers. Enterprises want an enterprise data cloud, which offers the flexibility of both hybrid and multi-cloud delivery, as well as the versatility of multi-function analytics, all with common security and governance. As the open source data management and analytics standard, we believe Cloudera is uniquely positioned to deliver these capabilities at the data layer, bring the enterprise data cloud to our more than 2,000 customers and lead this new market."

The merger with Hortonworks closed on January 3, 2019. As such, there is no comparative year-over-year financial information for the combined company. Unless otherwise stated, the information presented is on a combined company basis under ASC 6061 and ASC 340-402.

GAAP loss from operations for the fourth quarter of fiscal 2019 was $87.0 million. For reference, GAAP loss from operations for the fourth quarter of fiscal 2018 was $38.1 million for standalone Cloudera.

Non-GAAP loss from operations for the fourth quarter of fiscal 2019 was $30.2 million. For reference, non-GAAP loss from operations for the fourth quarter of fiscal 2018 was $9.0 million for standalone Cloudera.

Operating cash flow for the fourth quarter of fiscal 2019 was $40.2 million. For reference, operating cash flow for the fourth quarter of fiscal 2018 was negative $22.0 million for standalone Cloudera.

GAAP net loss per share for the fourth quarter of fiscal 2019 was $0.45 per share, based on weighted-average shares outstanding of 190.4 million shares. For reference, GAAP net loss per share for the fourth quarter of fiscal 2018 was $0.25 per share for standalone Cloudera, based on weighted-average shares outstanding of 142.9 million shares.

Non-GAAP net loss per share for the fourth quarter of fiscal 2019 was $0.15 per share, based on weighted-average shares outstanding of 190.4 million shares. For reference, non-GAAP net loss per share for the fourth quarter of fiscal 2018 was $0.05 per share for standalone Cloudera, based on weighted-average shares outstanding of 142.9 million shares.

For fiscal year 2019, total revenue was $479.9 million and subscription revenue was $406.3 million. The Hortonworks business, which closed its fiscal year on December 31, 2018, and its books as a standalone entity on January 2, 2019, contributed $15 million of subscription revenue to the combined company's results in fiscal year 2019. For reference, standalone Cloudera year-over-year subscription revenue growth for fiscal year 2019 was 29%.

GAAP loss from operations for fiscal year 2019 was $193.8 million. For reference, GAAP loss from operations for fiscal year 2018 was $374.2 million for standalone Cloudera.

Non-GAAP loss from operations for fiscal year 2019 was $67.3 million. For reference, non-GAAP loss from operations fiscal year 2018 was $80.4 million for standalone Cloudera.

Operating cash flow for fiscal year 2019 was $34.3 million. For reference, operating cash flow for fiscal year 2018 was negative $42.3 million for standalone Cloudera.

GAAP net loss per share for fiscal year 2019 was $1.21 per share, based on weighted-average shares outstanding of 159.8 million shares. For reference, GAAP net loss per share for fiscal year 2018 was $3.24 per share for standalone Cloudera, based on weighted-average shares outstanding of 114.1 million shares.

Non-GAAP net loss per share for fiscal year 2019 was $0.41 per share, based on weighted-average shares outstanding of 159.8 million shares. For reference, non-GAAP net loss per share for fiscal year 2018 was $0.57 per share for standalone Cloudera, based on non-GAAP weighted-average shares outstanding of 133.1 million shares.

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. See financial statement tables below for additional information regarding historical and forward-looking stock-based compensation expenses and shares outstanding.

As of January 31, 2019, the Company had total cash, cash equivalents, marketable securities and restricted cash of $540.6 million.

Fourth Quarter Fiscal 2019:

  • Adjusted annualized recurring revenue was $680.6 million, representing 24% year-over-year growth
  • Non-GAAP subscription gross margin for the quarter was 88%
  • Operating cash flow was $40.2 million, including $23.0 million of merger-related payments
  • Customers with annual recurring revenue greater than $100,000 were 976, up more than 85 in the period from October 3 (merger announcement) to January 31, 2019 
  • Completed merger with Hortonworks, creating an open-source powerhouse to build the industry's first enterprise data cloud from the Edge to AI
  • Cloudera was named among Leaders in Cloud Hadoop/Spark Platforms Report by Independent Research Firm  

Full Year Fiscal 2019:

  • Total revenue was $479.9 million
  • Subscription revenue was $406.3 million
  • Non-GAAP subscription gross margin for the year was 88%
  • Operating cash flow was positive for the fiscal year, a full year ahead of schedule

Business Outlook

The outlook for the first quarter of fiscal 2020, ending April 30, 2019, is:

  • Total revenue in the range of $187 million to $190 million
  • Subscription revenue in the range of $154 million to $156 million
  • Non-GAAP net loss per share in the range of $0.25 to $0.22 per share
  • Weighted-average shares outstanding of approximately 271 million shares

The outlook for fiscal 2020, ending January 31, 2020, is:

  • Total revenue in the range of $835 million to $855 million, representing approximately 76% year-over-year growth
  • Subscription revenue in the range of $695 million to $705 million, representing approximately 72% year-over-year growth
  • Operating cash flow in the range of negative $40 million to negative $30 million
  • Non-GAAP net loss per share in the range of $0.36 to $0.32 per share
  • Weighted-average shares outstanding of approximately 279 million shares
  • Adjusted ARR of $800 million to $825 million, representing 18% to 21% year-over-year growth

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