—Cloudera, Inc., (NYSE: CLDR), provider of the leading global platform for machine learning and advanced analytics, today reported results for its first quarter fiscal 2018, ended April 30, 2017. Total revenue was $79.6 million, an increase of 41% from the first quarter fiscal 2017. Subscription revenue was $64.7 million, an increase of 59% from the year-ago period. Subscription revenue represented 81% of total revenue, up from 72% in first quarter fiscal 2017.
“We had a strong first quarter as a public company, making progress against many of our key objectives,” said Tom Reilly, chief executive officer at Cloudera. “We are proud of the role that Cloudera is playing in helping solve some of the world’s most challenging problems through data. In Q1, we continued our innovation leadership in machine learning with the introduction of Cloudera Data Science Workbench, in IoT with the general availability of Apache Kudu and in cloud analytics with our first Platform-as-a-Service offering, Cloudera Altus. In addition, I am pleased with the success that our customers are experiencing in becoming data- and insight-driven enterprises and its corresponding effect on our business with our net expansion rate of 142% for the quarter.”
GAAP loss from operations for the first quarter fiscal 2018 was $222.3 million, compared to a GAAP loss from operations of $43.5 million for the first quarter fiscal 2017. Non-GAAP loss from operations for the quarter was $30.3 million, compared to a non-GAAP loss from operations of $37.0 million in the year-ago period.
Operating cash flow for the quarter was positive $5.0 million compared to operating cash flow of negative $23.6 million in the first quarter fiscal 2017. Our generation of positive operating cash flow in the quarter was driven by strong collections and continued improvement in operating efficiencies.
Based on weighted-average shares outstanding of 38.5 million shares, GAAP net loss per share for the first quarter fiscal 2018 was $5.78 per share, compared to a GAAP net loss per share in the first quarter fiscal 2017 of $1.20 per share, based on weighted-average shares outstanding of 35.9 million shares. First quarter fiscal 2018 GAAP operating results included a $191.1 million stock-based compensation charge primarily due to achievement of the liquidity event vesting condition for the majority of RSUs granted to employees as well as $0.9 million relating to the amortization of acquired intangible assets. Collectively, the impact on net loss per share was negative $4.99 per share. Operating results for the same period a year ago included stock-based compensation expense of $5.7 million and amortization of acquired intangible assets of $0.9 million. First quarter fiscal 2018 GAAP net loss per share was impacted by the timing of our initial public offering as the offering became effective in the first quarter and closed in the second quarter fiscal 2018. See tables below for additional information regarding historical and forward-looking stock-based compensation expenses and shares outstanding.
Based on non-GAAP weighted-average shares outstanding of 114.0 million shares, non-GAAP net loss per share for the first quarter fiscal 2018 was $0.27 per share, compared to non-GAAP net loss per share in the first quarter fiscal 2017 of $0.33 per share, based on non-GAAP weighted-average shares outstanding of 110.8 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.”
As of April 30, 2017, the company had total cash, cash equivalents, marketable securities and restricted cash of $275.3 million, excluding initial public offering net proceeds of $233.0 million.
Recent Business and Financial Highlights:
- Subscription revenue was up 59% year-over-year to $64.7 million
- Subscription revenue represented 81% of total revenue, up from 72% in year-ago period
- Non-GAAP subscription gross margin for the quarter was 84%, 500 basis points higher than first quarter fiscal 2017
- Dollar-based net expansion rate was 142% for the quarter
- Introduced Cloudera Data Science Workbench, a self-service data science environment that enables data scientists to build, scale and deploy machine learning solutions using the most popular programming languages and deep learning frameworks
- Launched Apache Kudu, an open source datastore designed for real-time IoT, time series and database applications
- Launched Solutions Gallery on our company website, featuring more than 100 business solutions built by partners on our platform
Business Outlook:
The outlook for the second quarter fiscal 2018, ending July 31, 2017, is:
- Total revenue in the range of $85 to $86 million, representing 32% to 33% year-over-year growth
- Subscription revenue in the range of $70 million to $71 million, representing 38% to 40% year-over-year growth
- Operating cash flow in the range of negative $30 million to $27 million
- Non-GAAP net loss per share in the range of $0.26 to $0.24 per share
- Non-GAAP weighted-average shares outstanding of approximately 137 million shares
The outlook for fiscal 2018, ending January 31, 2018, is:
- Total revenue in the range of $345 million to $350 million, representing 32% to 34% year-over-year growth
- Subscription revenue in the range of $280 million to $285 million, representing 40% to 42% year-over-year growth
- Operating cash flow in the range of negative $72 million to $68 million
- Non-GAAP net loss per share in the range of $1.07 to $1.04 per share
- Non-GAAP weighted-average shares outstanding of approximately 133 million shares
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors to discuss its first quarter fiscal 2018 results and the outlook for its second quarter fiscal 2018 and fiscal 2018 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:
- Participant Toll Free Dial-In Number: +1-877-201-0168
- Participant International Dial-In Number: +1-647-788-4901
- Conference ID: 25758133
