The Cloud

Cloudera Deep in the Red in First Quarter

A hefty charge for stock-based compensation led to the newly public tech company's sizable GAAP net loss.
Cloudera Deep in the Red in First Quarter

Machine learning and advanced analytics company Cloudera reported a $222.3 million net loss from operations in its first public earnings release late on Thursday. The report caused a sharp drop in its share price in the first hour after the numbers were posted.

The Palo Alto, Calif.-based company, which went public on April 28, recorded revenue of $79.6 million, up 41% compared with a year ago, with 81% of the revenue coming from subscriptions. Cloudera also reported positive cash flow of $5 million, an improvement on negative cash flow of $23.6 million in the year-ago period.

But a $191.1 million charge for stock-based compensation resulting from the vesting of employees’ restricted stock units produced a steep net loss. On a GAAP basis, Cloudera had a net loss of $5.78 per share for the quarter ending April 30, compared with a GAAP net loss of $1.20 per share in the year-ago period.

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On a non-GAAP basis, the loss from operations was $30.3 million, smaller than the $37 million posted in the year-ago period.

“We had a strong first quarter as a public company, making progress against many of our key objectives,” said Tom Reilly, chief executive officer of Cloudera, in a press release.

“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.”

For its fiscal second quarter, which ends on July 31, Cloudera is forecasting total revenue in the range of $85 million to $86 million, a year-over-year increase of about 33%. It is also projecting a non-GAAP net loss per share in the range of $0.26 to $0.24.

For the fiscal year ending January 31, 2018, Cloudera expects total revenue of $345 to $350 million, an increase of as much as 34% over the previous year. The firm projects its non-GAAP net loss per share to be in the range of $1.07 to $1.04.

As of April 30, 2017, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $275.3 million on its balance sheet. That number excludes the subsequent $233 million in net proceeds from its initial public offering.