x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 26-2922329 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) |
Large accelerated filer | ¨ | Accelerated filer | ¨ | |
Non-accelerated filer | x | Smaller reporting company | ¨ | |
(Do not check if a smaller reporting company) | Emerging growth company | x | ||
If an emerging growth company, indicate by checkmark if the registrant has not elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2 (B) of the Securities Act | ¨ |
Page | ||
Part I. Financial Information | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Part II. Other Information | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
July 31, 2017 | January 31, 2017 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 68,936 | $ | 74,186 | |||
Short-term marketable securities | 325,744 | 160,770 | |||||
Accounts receivable, net | 84,805 | 101,549 | |||||
Prepaid expenses and other current assets | 17,509 | 13,197 | |||||
Total current assets | 496,994 | 349,702 | |||||
Property and equipment, net | 13,027 | 13,104 | |||||
Marketable securities, noncurrent | 81,072 | 20,710 | |||||
Intangible assets, net | 5,166 | 7,051 | |||||
Goodwill | 31,516 | 31,516 | |||||
Restricted cash | 18,048 | 15,446 | |||||
Other assets | 3,994 | 5,015 | |||||
TOTAL ASSETS | $ | 649,817 | $ | 442,544 | |||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 6,326 | $ | 3,550 | |||
Accrued compensation | 32,254 | 33,376 | |||||
Other accrued liabilities | 15,670 | 9,918 | |||||
Deferred revenue, current portion | 194,252 | 192,242 | |||||
Total current liabilities | 248,502 | 239,086 | |||||
Deferred revenue, less current portion | 36,869 | 25,182 | |||||
Other liabilities | 9,058 | 4,345 | |||||
TOTAL LIABILITIES | 294,429 | 268,613 | |||||
Commitments and contingencies (Note 6) | |||||||
Redeemable convertible preferred stock | — | 657,687 | |||||
STOCKHOLDERS’ EQUITY (DEFICIT): | |||||||
Common stock | 7 | 2 | |||||
Additional paid-in capital | 1,318,447 | 192,795 | |||||
Accumulated other comprehensive loss | (521 | ) | (556 | ) | |||
Accumulated deficit | (962,545 | ) | (675,997 | ) | |||
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 355,388 | (483,756 | ) | ||||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 649,817 | $ | 442,544 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Subscription | $ | 73,986 | $ | 50,688 | $ | 138,657 | $ | 91,360 | |||||||
Services | 15,842 | 13,768 | 30,767 | 29,581 | |||||||||||
Total revenue | 89,828 | 64,456 | 169,424 | 120,941 | |||||||||||
Cost of revenue:(1) (2) | |||||||||||||||
Subscription | 15,215 | 9,706 | 41,687 | 19,057 | |||||||||||
Services | 16,755 | 11,633 | 50,395 | 23,317 | |||||||||||
Total cost of revenue | 31,970 | 21,339 | 92,082 | 42,374 | |||||||||||
Gross profit | 57,858 | 43,117 | 77,342 | 78,567 | |||||||||||
Operating expenses:(1) (2) | |||||||||||||||
Research and development | 42,844 | 26,635 | 138,675 | 51,150 | |||||||||||
Sales and marketing | 62,135 | 46,902 | 172,578 | 93,044 | |||||||||||
General and administrative | 18,564 | 8,367 | 54,114 | 16,676 | |||||||||||
Total operating expenses | 123,543 | 81,904 | 365,367 | 160,870 | |||||||||||
Loss from operations | (65,685 | ) | (38,787 | ) | (288,025 | ) | (82,303 | ) | |||||||
Interest income, net | 1,440 | 708 | 2,089 | 1,448 | |||||||||||
Other income (expense), net | 817 | (178 | ) | 839 | (15 | ) | |||||||||
Net loss before provision for income taxes | (63,428 | ) | (38,257 | ) | (285,097 | ) | (80,870 | ) | |||||||
Provision for income taxes | (801 | ) | (470 | ) | (1,451 | ) | (970 | ) | |||||||
Net loss | $ | (64,229 | ) | $ | (38,727 | ) | $ | (286,548 | ) | $ | (81,840 | ) | |||
Net loss per share, basic and diluted | $ | (0.48 | ) | $ | (1.07 | ) | $ | (3.28 | ) | $ | (2.27 | ) | |||
Weighted-average shares used in computing net loss per share, basic and diluted | 134,506 | 36,257 | 87,293 | 36,090 |
(1) | Amounts include stock‑based compensation expense as follows (in thousands): |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Cost of revenue – subscription | $ | 3,693 | $ | 374 | $ | 19,393 | $ | 708 | |||||||
Cost of revenue – services | 3,890 | 457 | 24,227 | 931 | |||||||||||
Research and development | 13,128 | 1,458 | 81,029 | 3,013 | |||||||||||
Sales and marketing | 12,137 | 1,474 | 72,678 | 3,033 | |||||||||||
General and administrative | 6,603 | 1,815 | 33,206 | 3,556 |
(2) | Amounts include amortization of acquired intangible assets as follows (in thousands): |
Three Months Ended July 31, | Six Months Ended July 31, | |||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||
Cost of revenue – subscription | $ | 510 | $ | 514 | $ | 1,024 | 969 | |||||||
Sales and marketing | 431 | 431 | 861 | 861 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net loss | $ | (64,229 | ) | $ | (38,727 | ) | $ | (286,548 | ) | $ | (81,840 | ) | |||
Other comprehensive income, net of tax: | |||||||||||||||
Foreign currency translation gains (losses) | (34 | ) | (204 | ) | (26 | ) | 33 | ||||||||
Unrealized gain on investments | 26 | 84 | 61 | 353 | |||||||||||
Total other comprehensive income, net of tax | (8 | ) | (120 | ) | 35 | 386 | |||||||||
Comprehensive loss | $ | (64,237 | ) | $ | (38,847 | ) | $ | (286,513 | ) | $ | (81,454 | ) |
Six Months Ended July 31, | |||||||
2017 | 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ | (286,548 | ) | $ | (81,840 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 6,994 | 4,953 | |||||
Stock-based compensation | 230,533 | 11,241 | |||||
Accretion and amortization of marketable securities | 414 | 1,966 | |||||
Changes in assets and liabilities: | |||||||
Accounts receivable | 16,744 | 4,011 | |||||
Prepaid expenses and other assets | 639 | (784 | ) | ||||
Accounts payable | 1,674 | 1,872 | |||||
Accrued compensation | (4,983 | ) | (3,128 | ) | |||
Accrued expenses and other liabilities | 2,970 | 1,006 | |||||
Deferred revenue | 13,697 | 8,604 | |||||
Net cash used in operating activities | (17,866 | ) | (52,099 | ) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
Purchases of marketable securities | (387,154 | ) | (90,409 | ) | |||
Sales of marketable securities | 43,198 | 34,372 | |||||
Maturities of marketable securities | 117,604 | 129,945 | |||||
Cash used in business combinations, net of cash acquired | — | (2,700 | ) | ||||
Capital expenditures | (1,971 | ) | (6,135 | ) | |||
Net cash provided by (used in) investing activities | (228,323 | ) | 65,073 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
Net proceeds from issuance of common stock in initial public offering | 237,686 | — | |||||
Proceeds from employee stock plans | 5,932 | 1,633 | |||||
Net cash provided by financing activities | 243,618 | 1,633 | |||||
Effect of exchange rate changes | (77 | ) | 34 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (2,648 | ) | 14,641 | ||||
Cash, cash equivalents and restricted cash — Beginning of period | 89,632 | 35,994 | |||||
Cash, cash equivalents and restricted cash — End of period | $ | 86,984 | $ | 50,635 | |||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||||
Cash paid for income taxes | $ | 1,352 | $ | 654 | |||
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | |||||||
Purchases of property and equipment in other accrued liabilities | $ | 3,054 | $ | 570 | |||
Deferred offering costs in accounts payable and other accrued liabilities | $ | 264 | $ | — | |||
Conversion of redeemable convertible preferred stock to common stock | $ | 657,687 | $ | — |
As of July 31, | |||||||
2017 | 2016 | ||||||
Cash and cash equivalents | $ | 68,936 | $ | 50,609 | |||
Restricted cash | 18,048 | 26 | |||||
Cash, cash equivalents and restricted cash | $ | 86,984 | $ | 50,635 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
Cash equivalents:(1) | |||||||||||||||
Money market funds | $ | 6,173 | $ | — | $ | — | $ | 6,173 | |||||||
Corporate notes and obligations | 4,000 | — | — | 4,000 | |||||||||||
Commercial paper | 15,097 | — | — | 15,097 | |||||||||||
Municipal securities | 6,000 | — | (1 | ) | 5,999 | ||||||||||
Reverse repurchase agreements(2) | 9,000 | — | — | 9,000 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | 17,816 | — | (4 | ) | 17,812 | ||||||||||
Asset-backed securities | 45,521 | — | (22 | ) | 45,499 | ||||||||||
Corporate notes and obligations | 192,811 | 47 | (105 | ) | 192,753 | ||||||||||
Commercial paper | 80,554 | 1 | (1 | ) | 80,554 | ||||||||||
Municipal securities | 14,348 | 13 | (3 | ) | 14,358 | ||||||||||
Certificates of deposit | 49,850 | 7 | (3 | ) | 49,854 | ||||||||||
U.S. treasury securities | 5,985 | 1 | — | 5,986 | |||||||||||
Total cash equivalents and marketable securities | $ | 447,155 | $ | 69 | $ | (139 | ) | $ | 447,085 |
(1) | Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of July 31, 2017. |
(2) | As part of our cash management strategy, we invest in reverse repurchase agreements. Such reverse repurchase agreements are tri-party repurchase agreements and have maturities of three months or less at the time of investment and are collateralized by U.S. treasury securities at 102% of the principal amount. In a tri-party repurchase agreement, a third-party custodian bank functions as an independent intermediary to facilitate transfer of cash and holding the collateral on behalf of the underlying investor for the term of the agreement thereby minimizing risk and exposure to both parties. These reverse repurchase agreements are included within cash equivalents due to their high liquidity and relatively low risk. |
Amortized Cost | Unrealized Gains | Unrealized Losses | Estimated Fair Value | ||||||||||||
Cash equivalents:(1) | |||||||||||||||
Money market funds | $ | 49,390 | $ | — | $ | — | $ | 49,390 | |||||||
U.S. agency obligations | 3,249 | — | — | 3,249 | |||||||||||
Corporate notes and obligations | 2,050 | — | — | 2,050 | |||||||||||
Commercial paper | 3,998 | — | — | 3,998 | |||||||||||
Marketable securities: | |||||||||||||||
Asset-backed securities | 39,281 | — | (17 | ) | 39,264 | ||||||||||
Corporate notes and obligations | 105,698 | 5 | (116 | ) | 105,587 | ||||||||||
Municipal securities | 16,128 | — | (23 | ) | 16,105 | ||||||||||
Certificate of deposit | 15,500 | 20 | — | 15,520 | |||||||||||
U.S. treasury securities | 5,004 | — | — | 5,004 | |||||||||||
Total cash equivalents and marketable securities | $ | 240,298 | $ | 25 | $ | (156 | ) | $ | 240,167 |
(1) | Included in “cash and cash equivalents” in the accompanying consolidated balance sheet as of January 31, 2017. |
Less than 12 months | Greater than 12 months | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
U.S. agency obligations | $ | 17,813 | $ | (4 | ) | $ | — | $ | — | $ | 17,813 | $ | (4 | ) | |||||||||
Asset-backed securities | 44,278 | (21 | ) | 1,221 | (1 | ) | 45,499 | (22 | ) | ||||||||||||||
Corporate notes and obligations | 106,474 | (86 | ) | 8,391 | (19 | ) | 114,865 | (105 | ) | ||||||||||||||
Commercial paper | 14,980 | (1 | ) | — | — | 14,980 | (1 | ) | |||||||||||||||
Municipal securities | 11,001 | (3 | ) | 1,974 | (1 | ) | 12,975 | (4 | ) | ||||||||||||||
Certificates of deposit | 20,997 | (3 | ) | — | — | 20,997 | (3 | ) | |||||||||||||||
Total | $ | 215,543 | $ | (118 | ) | $ | 11,586 | $ | (21 | ) | $ | 227,129 | $ | (139 | ) |
Level 1 | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. |
Level 2 | Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. |
Level 3 | Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 6,173 | $ | — | $ | — | $ | 6,173 | |||||||
Corporate notes and obligations | 4,000 | 4,000 | |||||||||||||
Commercial paper | — | 15,097 | — | 15,097 | |||||||||||
Municipal securities | — | 5,999 | — | 5,999 | |||||||||||
Reverse repurchase agreement | — | 9,000 | — | 9,000 | |||||||||||
Marketable securities: | |||||||||||||||
U.S. agency obligations | — | 17,812 | — | 17,812 | |||||||||||
Asset-backed securities | — | 45,499 | — | 45,499 | |||||||||||
Corporate notes and obligations | — | 192,753 | — | 192,753 | |||||||||||
Commercial paper | — | 80,554 | — | 80,554 | |||||||||||
Municipal securities | — | 14,358 | — | 14,358 | |||||||||||
Certificates of deposit | — | 49,854 | — | 49,854 | |||||||||||
U.S. treasury securities | — | 5,986 | — | 5,986 | |||||||||||
Restricted cash: | |||||||||||||||
Money market funds | 14,672 | — | — | 14,672 | |||||||||||
Total financial assets | $ | 20,845 | $ | 440,912 | $ | — | $ | 461,757 |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Cash equivalents: | |||||||||||||||
Money market funds | $ | 49,390 | $ | — | $ | — | $ | 49,390 | |||||||
U.S. agency obligations | — | 3,249 | — | 3,249 | |||||||||||
Corporate notes and obligations | — | 2,050 | — | 2,050 | |||||||||||
Commercial paper | — | 3,998 | — | 3,998 | |||||||||||
Marketable securities: | |||||||||||||||
Asset-backed securities | — | 39,264 | — | 39,264 | |||||||||||
Corporate notes and obligations | — | 105,587 | — | 105,587 | |||||||||||
Municipal securities | — | 16,105 | — | 16,105 | |||||||||||
Certificate of deposit | — | 15,520 | — | 15,520 | |||||||||||
U.S. treasury securities | — | 5,004 | — | 5,004 | |||||||||||
Restricted cash: | |||||||||||||||
Money market funds | 15,446 | — | — | 15,446 | |||||||||||
Total financial assets | $ | 64,836 | $ | 190,777 | $ | — | $ | 255,613 |
As of | |||||||
July 31, 2017 | January 31, 2017 | ||||||
Computer equipment and software | $ | 18,165 | $ | 17,981 | |||
Office furniture and equipment | 5,956 | 4,350 | |||||
Leasehold improvements | 9,400 | 8,468 | |||||
Construction in progress | 2,310 | — | |||||
Property and equipment, gross | 35,831 | 30,799 | |||||
Less: accumulated depreciation and amortization | (22,804 | ) | (17,695 | ) | |||
Property and equipment, net | $ | 13,027 | $ | 13,104 |
Gross Fair Value | Accumulated Amortization | Net Book Value | Weighted Average Remaining Useful Life (in years) | ||||||||||
Developed technology | $ | 10,155 | $ | (5,563 | ) | $ | 4,592 | 2.5 | |||||
Customer relationships and other acquired intangible assets | 6,125 | (5,551 | ) | 574 | 0.3 | ||||||||
Total | $ | 16,280 | $ | (11,114 | ) | $ | 5,166 | 2.3 |
Gross Fair Value | Accumulated Amortization | Net Book Value | Weighted Average Remaining Useful Life (in years) | ||||||||||
Developed technology | $ | 10,155 | $ | (4,548 | ) | $ | 5,607 | 2.9 | |||||
Customer relationships and other acquired intangible assets | 6,125 | (4,681 | ) | 1,444 | 0.8 | ||||||||
Total | $ | 16,280 | $ | (9,229 | ) | $ | 7,051 | 2.5 |
Remaining six months of fiscal 2018 | $ | 1,590 | |
2019 | 2,031 | ||
2020 | 1,140 | ||
2021 | 347 | ||
2022 | 58 | ||
Total intangible assets, net | $ | 5,166 |
As of | |||||||
July 31, 2017 | January 31, 2017 | ||||||
Accrued salaries and benefits | $ | 3,234 | $ | 2,330 | |||
Accrued bonuses | 10,369 | 15,338 | |||||
Accrued commissions | 7,896 | 11,856 | |||||
Employee stock purchase plan withholdings | 3,861 | — | |||||
Accrued compensation-related taxes and other | 6,894 | 3,852 | |||||
Total accrued compensation | $ | 32,254 | $ | 33,376 |
As of | |||||||
July 31, 2017 | January 31, 2017 | ||||||
Accrued taxes | $ | 2,241 | $ | 1,585 | |||
Deferred real estate costs | 523 | 47 | |||||
Accrued professional costs | 2,196 | 2,147 | |||||
Customer deposits | 252 | 301 | |||||
Deferred sublease income | 1,266 | 861 | |||||
Accrued self-insurance costs | 938 | 746 | |||||
Other | 8,254 | 4,231 | |||||
Total other accrued liabilities | $ | 15,670 | $ | 9,918 |
Minimum Lease Payments | Sublease Rental Proceeds | Net Minimum Lease Payments | |||||||||
Remaining six months of fiscal 2018 | $ | 7,131 | (5,361 | ) | 1,770 | ||||||
2019 | 31,903 | (13,295 | ) | 18,608 | |||||||
2020 | 33,525 | (13,693 | ) | 19,832 | |||||||
2021 | 33,562 | (14,101 | ) | 19,461 | |||||||
2022 | 30,700 | (10,861 | ) | 19,839 | |||||||
2023 and thereafter | 159,884 | (4,278 | ) | 155,606 | |||||||
Total | $ | 296,705 | $ | (61,589 | ) | $ | 235,116 |
Options Outstanding | Weighted- Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||
(in thousands) | ||||||||||||||
Balance — January 31, 2017 | 23,239,679 | $ | 4.67 | 6.0 | $ | 319,016 | ||||||||
Granted | 39,300 | 20.67 | — | — | ||||||||||
Exercised | (895,118 | ) | 2.31 | — | — | |||||||||
Canceled | (172,419 | ) | 12.30 | — | — | |||||||||
Balance — July 31, 2017 | 22,211,442 | $ | 4.73 | 5.4 | $ | 279,685 |
Restricted Stock Units Outstanding | ||||||
Number of Restricted Stock Units | Weighted- Average Grant Date Fair Value Per Share | |||||
Balance —January 31, 2017 | 21,374,022 | $ | 22.36 | |||
Granted | 3,531,520 | 16.55 | ||||
Canceled | (666,479 | ) | 16.43 | |||
Vested and converted to shares | (41,115 | ) | 22.38 | |||
Balance —July 31, 2017 | 24,197,948 | $ | 15.25 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue: | |||||||||||||||
Subscription | $ | 73,986 | $ | 50,688 | $ | 138,657 | $ | 91,360 | |||||||
Services | 15,842 | 13,768 | 30,767 | 29,581 | |||||||||||
Total revenue | $ | 89,828 | $ | 64,456 | $ | 169,424 | $ | 120,941 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Contribution margin: | |||||||||||
Subscription | $62,974 | 41,870 | 117,387 | 73,980 | |||||||
Services | 2,977 | 2,592 | 4,599 | 7,195 | |||||||
Total segment contribution margin | $65,951 | $44,462 | $121,986 | $81,175 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Segment contribution margin | $ | 65,951 | $ | 44,462 | $ | 121,986 | $ | 81,175 | |||||||
Amortization of acquired intangible assets | (941 | ) | (945 | ) | (1,885 | ) | (1,830 | ) | |||||||
Stock-based compensation expense | (39,451 | ) | (5,578 | ) | (230,533 | ) | (11,241 | ) | |||||||
Corporate costs, such as research and development, corporate general and administrative and other | (91,244 | ) | (76,726 | ) | (177,593 | ) | (150,407 | ) | |||||||
Loss from operations | $ | (65,685 | ) | $ | (38,787 | ) | $ | (288,025 | ) | $ | (82,303 | ) |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Numerator: | |||||||||||||||
Net loss | $ | (64,229 | ) | $ | (38,727 | ) | $ | (286,548 | ) | $ | (81,840 | ) | |||
Denominator: | |||||||||||||||
Weighted-average shares used in computing net loss per share, basic and diluted | 134,506 | 36,257 | 87,293 | 36,090 | |||||||||||
Net loss per share, basic and diluted | $ | (0.48 | ) | $ | (1.07 | ) | $ | (3.28 | ) | $ | (2.27 | ) |
As of July 31, | |||||
2017 | 2016 | ||||
Redeemable convertible preferred stock on an as-if converted basis | — | 74,907 | |||
Stock options to purchase common stock | 22,211 | 23,819 | |||
Restricted stock units | 18,172 | 14,017 | |||
Shares issuable pursuant to the ESPP | 1,004 | — | |||
Total | 41,387 | 112,743 |
• | the subscription revenue in a given quarter from end user customers that had subscription revenue in the same quarter of the prior year, |
• | the subscription revenue attributable to that same group of customers in that prior quarter. |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Revenue: | |||||||||||||||
Subscription | $ | 73,986 | $ | 50,688 | $ | 138,657 | $ | 91,360 | |||||||
Services | 15,842 | 13,768 | 30,767 | 29,581 | |||||||||||
Total revenue | 89,828 | 64,456 | 169,424 | 120,941 | |||||||||||
Cost of revenue:(1) (2) | |||||||||||||||
Subscription | 15,215 | 9,706 | 41,687 | 19,057 | |||||||||||
Services | 16,755 | 11,633 | 50,395 | 23,317 | |||||||||||
Total cost of revenue | 31,970 | 21,339 | 92,082 | 42,374 | |||||||||||
Gross profit | 57,858 | 43,117 | 77,342 | 78,567 | |||||||||||
Operating expenses:(1) (2) | |||||||||||||||
Research and development | 42,844 | 26,635 | 138,675 | 51,150 | |||||||||||
Sales and marketing | 62,135 | 46,902 | 172,578 | 93,044 | |||||||||||
General and administrative | 18,564 | 8,367 | 54,114 | 16,676 | |||||||||||
Total operating expenses | 123,543 | 81,904 | 365,367 | 160,870 | |||||||||||
Loss from operations | (65,685 | ) | (38,787 | ) | (288,025 | ) | (82,303 | ) | |||||||
Interest income, net | 1,440 | 708 | 2,089 | 1,448 | |||||||||||
Other income (expense), net | 817 | (178 | ) | 839 | (15 | ) | |||||||||
Net loss before provision for income taxes | (63,428 | ) | (38,257 | ) | (285,097 | ) | (80,870 | ) | |||||||
Provision for income taxes | (801 | ) | (470 | ) | (1,451 | ) | (970 | ) | |||||||
Net loss | $ | (64,229 | ) | $ | (38,727 | ) | $ | (286,548 | ) | $ | (81,840 | ) |
(1) | Amounts include stock‑based compensation expense as follows: |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Cost of revenue – subscription | $ | 3,693 | $ | 374 | $ | 19,393 | $ | 708 | |||||||
Cost of revenue – services | 3,890 | 457 | 24,227 | 931 | |||||||||||
Research and development | 13,128 | 1,458 | 81,029 | 3,013 | |||||||||||
Sales and marketing | 12,137 | 1,474 | 72,678 | 3,033 | |||||||||||
General and administrative | 6,603 | 1,815 | 33,206 | 3,556 | |||||||||||
Total stock‑based compensation expense | $ | 39,451 | $ | 5,578 | $ | 230,533 | $ | 11,241 |
(2) | Amounts include amortization of acquired intangible assets as follows: |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Cost of revenue – subscription | $ | 510 | $ | 514 | $ | 1,024 | $ | 969 | |||||||
Sales and marketing | 431 | 431 | 861 | 861 | |||||||||||
Total amortization of acquired intangible assets | $ | 941 | $ | 945 | $ | 1,885 | $ | 1,830 |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Revenue: | |||||||||||
Subscription | 82 | % | 79 | % | 82 | % | 76 | % | |||
Services | 18 | 21 | 18 | 24 | |||||||
Total revenue | 100 | 100 | 100 | 100 | |||||||
Cost of revenue(1) (2): | |||||||||||
Subscription | 17 | 15 | 24 | 16 | |||||||
Services | 19 | 18 | 30 | 19 | |||||||
Total cost of revenue | 36 | 33 | 54 | 35 | |||||||
Gross margin | 64 | 67 | 46 | 65 | |||||||
Operating expenses(1) (2): | |||||||||||
Research and development | 48 | 41 | 82 | 42 | |||||||
Sales and marketing | 69 | 73 | 102 | 77 | |||||||
General and administrative | 20 | 13 | 32 | 14 | |||||||
Total operating expenses | 137 | 127 | 216 | 133 | |||||||
Loss from operations | (73 | ) | (60 | ) | (170 | ) | (68 | ) | |||
Interest income, net | 1 | 1 | 1 | 1 | |||||||
Other income (expense), net | 1 | — | 1 | — | |||||||
Net loss before provision for income taxes | (71 | ) | (59 | ) | (168 | ) | (67 | ) | |||
Provision for income taxes | (1 | ) | (1 | ) | (1 | ) | (1 | ) | |||
Net loss | (72 | )% | (60 | )% | (169 | )% | (68 | )% |
(1) | Amounts include stock‑based compensation expense as a percentage of total revenue as follows: |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Cost of revenue – subscription | 4 | % | 1 | % | 11 | % | 1 | % | |||
Cost of revenue – services | 4 | 1 | 14 | 1 | |||||||
Research and development | 15 | 2 | 48 | 2 | |||||||
Sales and marketing | 14 | 2 | 43 | 2 | |||||||
General and administrative | 7 | 3 | 20 | 3 | |||||||
Total stock‑based compensation expense | 44 | % | 9 | % | 136 | % | 9 | % |
(2) | Amounts include amortization of acquired intangible assets as a percentage of total revenue as follows: |
Three Months Ended July 31, | Six Months Ended July 31, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Cost of revenue – subscription | 1 | % | 1 | % | 1 | % | 1 | % | |||
Sales and marketing | — | — | — | 1 | |||||||
Total amortization of acquired intangible assets | 1 | % | 1 | % | 1 | % | 2 | % |
Three Months Ended July 31, | Change | Six Months Ended July 31, | Change | ||||||||||||||||||||||||||
2017 | 2016 | Amount | % | 2017 | 2016 | Amount | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Subscription | $ | 73,986 | $ | 50,688 | $ | 23,298 | 46 | % | $ | 138,657 | $ | 91,360 | $ | 47,297 | 52 | % | |||||||||||||
Services | 15,842 | 13,768 | 2,074 | 15 | % | 30,767 | 29,581 | 1,186 | 4 | % | |||||||||||||||||||
Total revenue | $ | 89,828 | $ | 64,456 | $ | 25,372 | 39 | % | $ | 169,424 | $ | 120,941 | $ | 48,483 | 40 | % | |||||||||||||
As a percentage of total revenue: | |||||||||||||||||||||||||||||
Subscription | 82 | % | 79 | % | 82 | % | 76 | % | |||||||||||||||||||||
Services | 18 | % | 21 | % | 18 | % | 24 | % | |||||||||||||||||||||
Total revenue | 100 | % | 100 | % | 100 | % | 100 | % |
Three Months Ended July 31, | Change | Six Months Ended July 31, | Change | ||||||||||||||||||||||||||
2017 | 2016 | Amount | % | 2017 | 2016 | Amount | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Subscription | $ | 15,215 | $ | 9,706 | $ | 5,509 | 57 | % | $ | 41,687 | $ | 19,057 | $ | 22,630 | 119 | % | |||||||||||||
Services | 16,755 | 11,633 | 5,122 | 44 | % | 50,395 | 23,317 | 27,078 | 116 | % | |||||||||||||||||||
Total cost of revenue | $ | 31,970 | $ | 21,339 | $ | 10,631 | 50 | % | $ | 92,082 | $ | 42,374 | $ | 49,708 | 117 | % | |||||||||||||
Gross profit | $ | 57,858 | $ | 43,117 | $ | 14,741 | 34 | % | $ | 77,342 | $ | 78,567 | $ | (1,225 | ) | (2 | )% | ||||||||||||
Gross margin: | |||||||||||||||||||||||||||||
Subscription | 79 | % | 81 | % | 70 | % | 79 | % | |||||||||||||||||||||
Services | (6 | )% | 16 | % | (64 | )% | 21 | % | |||||||||||||||||||||
Total gross margin | 64 | % | 67 | % | 46 | % | 65 | % | |||||||||||||||||||||
Cost of revenue, as a percentage of total revenue: | |||||||||||||||||||||||||||||
Subscription | 17 | % | 15 | % | 24 | % | 16 | % | |||||||||||||||||||||
Services | 19 | % | 18 | % | 30 | % | 19 | % | |||||||||||||||||||||
Total cost of revenue | 36 | % | 33 | % | 54 | % | 35 | % |
Three Months Ended July 31, | Change | Six Months Ended July 31, | Change | ||||||||||||||||||||||||||
2017 | 2016 | Amount | % | 2017 | 2016 | Amount | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Research and development | $ | 42,844 | $ | 26,635 | $ | 16,209 | 61 | % | $ | 138,675 | $ | 51,150 | $ | 87,525 | 171 | % | |||||||||||||
Sales and marketing | 62,135 | 46,902 | $ | 15,233 | 32 | % | 172,578 | 93,044 | $ | 79,534 | 85 | % | |||||||||||||||||
General and administrative | 18,564 | 8,367 | $ | 10,197 | 122 | % | 54,114 | 16,676 | $ | 37,438 | 225 | % | |||||||||||||||||
Total operating expenses | $ | 123,543 | $ | 81,904 | $ | 41,639 | 51 | % | $ | 365,367 | $ | 160,870 | $ | 204,497 | 127 | % | |||||||||||||
Operating expenses, as a percentage of total revenue: | |||||||||||||||||||||||||||||
Research and development | 48 | % | 41 | % | 82 | % | 42 | % | |||||||||||||||||||||
Sales and marketing | 69 | % | 73 | % | 102 | % | 77 | % | |||||||||||||||||||||
General and administrative | 20 | % | 13 | % | 32 | % | 14 | % | |||||||||||||||||||||
Total operating expenses | 137 | % | 127 | % | 216 | % | 133 | % |
Three Months Ended July 31, | Change | Six Months Ended July 31, | Change | ||||||||||||||||||||||||||
2017 | 2016 | Amount | % | 2017 | 2016 | Amount | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Provision for income taxes | $ | (801 | ) | $ | (470 | ) | $ | (331 | ) | 70 | % | $ | (1,451 | ) | $ | (970 | ) | $ | (481 | ) | 50 | % |
Six Months Ended July 31, | |||||||
2017 | 2016 | ||||||
(in thousands) | |||||||
Cash used in operating activities | $ | (17,866 | ) | $ | (52,099 | ) | |
Cash provided by (used in) investing activities | (228,323 | ) | 65,073 | ||||
Cash provided by financing activities | 243,618 | 1,633 | |||||
Effect of exchange rate changes | (77 | ) | 34 | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (2,648 | ) | $ | 14,641 |
• | investments in our research and development team and in the development of new solutions and enhancements of our platform, including contributions to the open source data management ecosystem; |
• | investments in sales and marketing, including expanding our sales force, increasing our customer base, increasing market awareness of our platform and development of new technologies; |
• | expanding of our operations and infrastructure, including internationally; |
• | hiring additional employees; and |
• | incurring costs associated with general administration, including legal, accounting and other expenses related to being a public company. |
• | legacy data management product providers such as HP, IBM, Oracle and Teradata; |
• | public cloud providers who include proprietary data management, machine learning and analytics offerings, such as Amazon Web Services, Google Cloud Platform and Microsoft Azure; |
• | strategic and technology partners who may also offer our competitors’ technology or otherwise partner with them, including our strategic partners who provide Partner Solutions (as defined below) as they may offer a substantially similar solution based on a competitor’s technology; and |
• | open source companies, including Hortonworks and MapR, as well as internal IT organizations that provide open source self‑support for their enterprises. |
• | greater name recognition, longer operating histories and larger customer bases; |
• | larger sales and marketing budgets and resources and the capacity to leverage their sales efforts and marketing expenditures across a broader portfolio of products; |
• | broader, deeper or otherwise more established relationships with technology, channel and distribution partners and customers; |
• | wider geographic presence or greater access to larger customer bases; |
• | greater focus in specific geographies; |
• | lower labor and research and development costs; |
• | larger and more mature intellectual property portfolios; and |
• | substantially greater financial, technical and other resources to provide support, to make acquisitions and to develop and introduce new products. |
• | the budgeting cycles and purchasing practices of our customers, including their tendency to purchase in the fourth quarter of our fiscal year, and near the end of each quarter; |
• | the achievement of milestones in connection with delivery of services, impacting the timing of services revenue recognition; |
• | subscriptions from the Global 8000 and other large enterprises; |
• | price competition; |
• | our ability to attract and retain new customers; |
• | our ability to expand penetration within our existing customer base; |
• | the timing and success of new solutions by us and our competitors; |
• | changes in customer requirements or market needs and our ability to make corresponding changes to our business; |
• | changes in the competitive landscape, including consolidation among our competitors or customers; |
• | general economic conditions, both domestically and in our foreign markets; |
• | the timing and amount of certain payments and expenses, such as research and development expenses, sales commissions and stock‑based compensation, including the recording of stock‑based compensation expense as a result of the vesting and settlement of restricted stock units (RSUs) including in connection with our initial public offering; |
• | our inability to adjust certain fixed costs and expenses, particularly in research and development, for changes in demand; |
• | increases or decreases in our revenue and expenses caused by fluctuations in foreign currency exchange rates, as an increasing portion of our revenue is collected and expenses are incurred and paid in currencies other than the U.S. dollar; |
• | the cost of and potential outcomes of existing and future claims or litigation, which could have a material adverse effect on our business; |
• | future accounting pronouncements and changes in our accounting policies; and |
• | changes in tax laws or tax regulations. |
• | expenditure of significant financial and product development resources in efforts to analyze, correct, eliminate or work around errors or defects; |
• | loss of existing or potential customers or channel partners; |
• | delayed or lost revenue; |
• | delay or failure to attain market acceptance; |
• | delay in the development or release of new solutions or services; |
• | negative publicity, which will harm our reputation; |
• | warranty claims against us, which could result in an increase in our provision for doubtful accounts; |
• | an increase in collection cycles for accounts receivable or the expense and risk of litigation; and |
• | harm to our results of operations. |
• | recruiting, training, integrating and retaining new employees, particularly for our sales and research and development teams; |
• | developing and improving our internal administrative infrastructure, particularly our financial, operational, compliance, recordkeeping, communications and other internal systems; |
• | managing our international operations and the risks associated therewith; |
• | maintaining high levels of satisfaction with our platform among our customers; and |
• | effectively managing expenses related to any future growth. |
• | a relatively large number of transactions occur at the end of the quarter. Invoicing of those transactions may or may not occur before the end of the quarter based on a number of factors including receipt of information from the customer, volume of transactions and holidays. A shift of a few days has little economic impact on our business, but will shift deferred revenue from one period into the next; |
• | multi‑year upfront billings may distort trends; |
• | subscriptions that have deferred start dates; and |
• | services that are invoiced upon delivery. |
• | our failure to predict market demand accurately in terms of platform functionality, including curating new open source projects, and to supply a platform that meets this demand in a timely fashion; |
• | delays in releasing to the market our new components or enhancements to our platform to the market; |
• | defects, errors or failures; |
• | complexity in the implementation or utilization of the new components and enhancements; |
• | negative publicity about their performance or effectiveness; |
• | introduction or anticipated introduction of competing platforms by our competitors; |
• | poor business conditions for our end‑customers, causing them to delay IT purchases; and |
• | reluctance of customers to purchase platforms incorporating open source software or to purchase hybrid platforms. |
• | an acquisition may negatively impact our results of operations because it: |
– | may require us to incur charges, including integration and restructuring costs, both one‑time and ongoing, as well as substantial debt or liabilities, including unanticipated and unknown liabilities, |
– | may cause adverse tax consequences, substantial depreciation or deferred compensation charges, |
– | may result in acquired in‑process research and development expenses or in the future may require the amortization, write‑down or impairment of amounts related to deferred compensation, goodwill and other intangible assets, or |
– | may not generate sufficient financial returns for us to offset our acquisition costs; |
• | we may encounter difficulties or unforeseen expenditures in integrating the business, technologies, products, personnel or operations of any company that we acquire, particularly if key personnel of the acquired company decide not to work for us; |
• | an acquisition and integration process is complex, expensive and time consuming, and may disrupt our ongoing business, divert resources, increase our expenses and distract our management; |
• | an acquisition may result in a delay or reduction of customer purchases for both us and the company acquired due to customer uncertainty about continuity and effectiveness of service from either company; |
• | an acquisition may result in increased regulatory and compliance requirements; |
• | an acquisition may result in increased uncertainty if we enter into businesses, markets or business models in which we have limited or no prior experience and in which competitors have stronger market positions; |
• | we may encounter difficulties in maintaining the key business relationships and the reputations of the businesses we acquire, and we may be dependent on unfamiliar affiliates and partners of the companies we acquire; |
• | we mail fail to maintain sufficient controls, policies and procedures, including integrating any acquired business into our control environment; |
• | we may fail to achieve anticipated synergies, including with respect to complementary software or services; |
• | we may obtain unanticipated or unknown liabilities, including intellectual property or other claims, or become exposed to unanticipated risks in connection with any acquisition; and |
• | an acquisition may involve the entry into geographic or business markets in which we have little or no prior experience. |
• | challenges caused by distance, language, cultural and ethical differences and the competitive environment; |
• | heightened risks of unethical, unfair or corrupt business practices, actual or claimed, in certain geographies and of improper or fraudulent sales arrangements that may impact financial results and result in restatements of, and irregularities in, financial statements; |
• | foreign exchange restrictions and fluctuations in currency exchange rates, including that, because a majority of our international contracts are denominated in U.S. dollars, an increase in the strength of the U.S. dollar may make doing business with us less appealing to a non‑U.S. dollar denominated customer; |
• | application of multiple and conflicting laws and regulations, including complications due to unexpected changes in foreign laws and regulatory requirements; |
• | risks associated with trade restrictions and foreign import requirements, including the importation, certification and localization of our solutions required in foreign countries, as well as changes in trade, tariffs, restrictions or requirements; |
• | new and different sources of competition; |
• | potentially different pricing environments, longer sales cycles and longer accounts receivable payment cycles and collections issues; |
• | management communication and integration problems resulting from cultural differences and geographic dispersion; |
• | potentially adverse tax consequences, including multiple and possibly overlapping tax structures, the complexities of foreign value‑added tax systems, restrictions on the repatriation of earnings and changes in tax rates; |
• | greater difficulty in enforcing contracts, accounts receivable collection and longer collection periods; |
• | the uncertainty and limitation of protection for intellectual property rights in some countries; |
• | increased financial accounting and reporting burdens and complexities; |
• | lack of familiarity with locals laws, customs and practices, and laws and business practices favoring local competitors or partners; and |
• | political, social and economic instability abroad, terrorist attacks and security concerns in general. |
• | overall performance of the equity markets; |
• | actual or anticipated fluctuations in our operating results or net revenue expansion rate; |
• | changes in the financial projections we may provide to the public or our failure to meet these projections; |
• | failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors; |
• | recruitment or departure of key personnel; |
• | the economy as a whole and market conditions in our industry; |
• | rumors and market speculation involving us or other companies in our industry; |
• | announcements by us or our competitors of significant technical innovations, acquisitions, strategic partnerships, joint ventures, or capital commitments; |
• | actual or anticipated developments in our business or our competitors’ businesses or the competitive landscape generally; |
• | developments or disputes concerning our intellectual property or our offerings, or third‑party proprietary rights; |
• | announced or completed acquisitions of businesses or technologies by us or our competitors; |
• | changes in operating performance and stock market valuations of other technology companies generally, or those in our industry in particular; |
• | changes in accounting standards, policies, guidelines, interpretations or principles; |
• | new laws or regulations or new interpretations of existing laws or regulations applicable to our business; |
• | lawsuits threatened or filed against us; |
• | other events or factors, including those resulting from war, incidents of terrorism, or responses to these events; |
• | the expiration of contractual lock‑up or market standoff agreements; and |
• | sales of shares of our common stock by us or our stockholders. |
• | a classified board of directors with three‑year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our board of directors; |
• | the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer; |
• | the exclusive right of our board of directors to elect a director to fill a vacancy created by the expansion of our board of directors or the resignation, death or removal of a director, which prevents stockholders from being able to fill vacancies on our board of directors; |
• | a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders; |
• | the requirement that a special meeting of stockholders may be called only by the chairman of our board of directors, our chief executive officer, our lead director, or a majority vote of our board of directors, which could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors; |
• | the requirement for the affirmative vote of holders of at least 662/3% of the voting power of all of the then outstanding shares of the voting stock, voting together as a single class, to amend the provisions of our amended and restated certificate of incorporation relating to the issuance of preferred stock and management of our business or our amended and restated bylaws, which may inhibit the ability of an acquirer to effect such amendments to facilitate an unsolicited takeover attempt; |
• | the ability of our board of directors to amend the bylaws, which may allow our board of directors to take additional actions to prevent an unsolicited takeover and inhibit the ability of an acquirer to amend the bylaws to facilitate an unsolicited takeover attempt; |
• | the requirement that in order for a stockholder to be eligible to propose a nomination or other business to be considered at an annual meeting of our stockholders, such stockholder must have continuously beneficially owned at least 1% of the Company’s outstanding common stock for a period of one year before giving such notice, which may discourage, delay or deter stockholders or a potential acquirer from conducting a solicitation of proxies to elect the their own slate of directors or otherwise attempting to obtain control of us or influence over our business; and |
• | advance notice procedures with which stockholders must comply to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders’ meeting, which may discourage, delay or deter stockholders or a potential acquirer from conducting a solicitation of proxies to elect the their own slate of directors or otherwise attempting to obtain control of us or influence over our business. |
Incorporated by Reference | Filed Herewith | |||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | |||||||
31.01 | X | |||||||||||
31.02 | X | |||||||||||
32.01* | X | |||||||||||
32.02* | X | |||||||||||
101.INS | XBRL Instance Document | X | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | ||||||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document | X | ||||||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | X | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X |
* | This certification is deemed not filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act. |
CLOUDERA, INC. | |||
Date: September 12, 2017 | By: | /s/ Thomas J. Reilly | |
Thomas J. Reilly | |||
Chief Executive Officer and Director | |||
(Principal Executive Officer) | |||
Date: September 12, 2017 | By: | /s/ Jim Frankola | |
Jim Frankola | |||
Chief Financial Officer | |||
(Principal Financial Officer) |
Date: September 12, 2017 | /s/ Thomas J. Reilly Thomas J. Reilly Chief Executive Officer (Principal Executive Officer) |
Date: September 12, 2017 | /s/ Jim Frankola Jim Frankola Chief Financial Officer (Principal Financial Officer) |
1. | the Quarterly Report on Form 10-Q of the Company for the period ended July 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein. |
Date: September 12, 2017 | /s/ Thomas J. Reilly Thomas J. Reilly Chief Executive Officer (Principal Executive Officer) |
1. | the Quarterly Report on Form 10-Q of the Company for the period ended July 31, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the periods presented therein. |
Date: September 12, 2017 | /s/ Jim Frankola Jim Frankola Chief Financial Officer (Principal Financial Officer) |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jul. 31, 2017 |
Aug. 31, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Cloudera, Inc. | |
Entity Central Index Key | 0001535379 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2017 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 131,481,143 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
||||||
Revenue: | |||||||||
Subscription | $ 73,986,000 | $ 50,688,000 | $ 138,657,000 | $ 91,360,000 | |||||
Services | 15,842,000 | 13,768,000 | 30,767,000 | 29,581,000 | |||||
Total revenue | 89,828,000 | 64,456,000 | 169,424,000 | 120,941,000 | |||||
Cost of revenue: | |||||||||
Subscription | [1],[2] | 15,215,000 | 9,706,000 | 41,687,000 | 19,057,000 | ||||
Services | [1],[2] | 16,755,000 | 11,633,000 | 50,395,000 | 23,317,000 | ||||
Total cost of revenue | [1],[2] | 31,970,000 | 21,339,000 | 92,082,000 | 42,374,000 | ||||
Gross profit | 57,858,000 | 43,117,000 | 77,342,000 | 78,567,000 | |||||
Operating expenses: | |||||||||
Research and development | [1],[2] | 42,844,000 | 26,635,000 | 138,675,000 | 51,150,000 | ||||
Sales and marketing | [1],[2] | 62,135,000 | 46,902,000 | 172,578,000 | 93,044,000 | ||||
General and administrative | [1],[2] | 18,564,000 | 8,367,000 | 54,114,000 | 16,676,000 | ||||
Total operating expenses | [1],[2] | 123,543,000 | 81,904,000 | 365,367,000 | 160,870,000 | ||||
Loss from operations | (65,685,000) | (38,787,000) | (288,025,000) | (82,303,000) | |||||
Interest income, net | 1,440,000 | 708,000 | 2,089,000 | 1,448,000 | |||||
Other income (expense), net | 817,000 | (178,000) | 839,000 | (15,000) | |||||
Net loss before provision for income taxes | (63,428,000) | (38,257,000) | (285,097,000) | (80,870,000) | |||||
Provision for income taxes | (801,000) | (470,000) | (1,451,000) | (970,000) | |||||
Net loss | $ (64,229,000) | $ (38,727,000) | $ (286,548,000) | $ (81,840,000) | |||||
Net loss per share, basic and diluted (in dollars per share) | $ (0.48) | $ (1.07) | $ (3.28) | $ (2.27) | |||||
Weighted-average shares used in computing net loss attributable to common stockholders, basic and diluted (in shares) | 134,506 | 36,257 | 87,293 | 36,090 | |||||
|
Condensed Consolidated Statements of Operations - Parenthetical - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
|
Amortization expense of intangible assets | $ 900 | $ 900 | $ 1,900 | $ 1,800 |
Cost of revenue – subscription | ||||
Stock-based compensation expense | 3,693 | 374 | 19,393 | 708 |
Amortization expense of intangible assets | 510 | 514 | 1,024 | 969 |
Cost of revenue – services | ||||
Stock-based compensation expense | 3,890 | 457 | 24,227 | 931 |
Research and development | ||||
Stock-based compensation expense | 13,128 | 1,458 | 81,029 | 3,013 |
Sales and marketing | ||||
Stock-based compensation expense | 12,137 | 1,474 | 72,678 | 3,033 |
Amortization expense of intangible assets | 431 | 431 | 861 | 861 |
General and administrative | ||||
Stock-based compensation expense | $ 6,603 | $ 1,815 | $ 33,206 | $ 3,556 |
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (64,229) | $ (38,727) | $ (286,548) | $ (81,840) |
Other comprehensive income, net of tax: | ||||
Foreign currency translation gains (losses) | (34) | (204) | (26) | 33 |
Unrealized gain on investments | 26 | 84 | 61 | 353 |
Total other comprehensive income, net of tax | (8) | (120) | 35 | 386 |
Comprehensive loss | $ (64,237) | $ (38,847) | $ (286,513) | $ (81,454) |
Organization and Description of Business |
6 Months Ended |
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Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Cloudera, Inc. was incorporated in the state of Delaware on June 27, 2008 and is headquartered in Palo Alto, California. We sell subscriptions and services for our data management, machine learning and advanced analytics platform. This platform delivers an integrated suite of capabilities for data management, machine learning and advanced analytics, affording customers an agile, scalable and cost‑effective solution for transforming their businesses. Unless the context requires otherwise, the words “we,” “us,” “our,” the “Company” and “Cloudera” refer to Cloudera, Inc. and its subsidiaries taken as a whole. As of July 31, 2017 and January 31, 2017, we had an accumulated deficit totaling $962.5 million and $676.0 million, respectively. We have funded our operations primarily with the net proceeds we received through the sale of our common stock in our initial public offering (“IPO”), private sales of equity securities and proceeds from the sale of our subscriptions and services. Management believes that currently available resources will be sufficient to fund our cash requirements for at least the next twelve months. Initial Public Offering On May 3, 2017, we completed our IPO in which we issued and sold 17,250,000 shares of common stock, inclusive of the underwriters’ over-allotment option, at a public offering price of $15.00 per share. We received net proceeds of $235.4 million after deducting underwriting discounts and commissions of $18.1 million and other issuance costs of $5.3 million. In conjunction with the IPO, we donated $2.4 million, or 1% of the net proceeds, to fund the Cloudera Foundation’s activities. Immediately prior to the closing of the IPO, all 74,907,415 shares of our then-outstanding redeemable convertible preferred stock automatically converted into shares of common stock and we reclassified $657.7 million from temporary equity to additional paid in capital on our condensed consolidated balance sheet. |
Summary of Significant Accounting Policies |
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Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The condensed consolidated financial statements include the results of Cloudera, Inc. and its wholly owned subsidiaries which are located in various countries, including the United States, Australia, China, Germany, Hungary and the United Kingdom. All intercompany balances and transactions have been eliminated upon consolidation. The condensed consolidated balance sheet as of January 31, 2017 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of our management, the information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2017 are not necessarily indicative of results to be expected for the full year ending January 31, 2018 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended January 31, 2017, included in our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (Securities Act), with the SEC on April 28, 2017. Significant Accounting Policies There have been no changes to our significant accounting policies described in the prospectus filed with the SEC pursuant to Rule 424(b) under the Securities Act, on April 28, 2017. Fiscal Year Our fiscal year ends on January 31. References to fiscal 2018, for example, refers to the fiscal year ended January 31, 2018. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, the useful lives of property and equipment and intangible assets, allowance for doubtful accounts, stock‑based compensation expense, annual bonus attainment, self‑insurance costs incurred, the fair value of tangible and intangible assets acquired and liabilities assumed resulting from business combinations, the fair value of common stock prior to our IPO, the assessment of elements in a multi‑element arrangement and the valuation assigned to each element, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates. Segments We operate as two operating segments – subscription and services. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is our chief executive officer, in deciding how to allocate resources and assess performance. Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of short‑term, highly liquid investments with original maturities of three months or less from the date of purchase. Restricted cash represents cash on deposit with financial institutions in support of letters of credit outstanding in favor of certain landlords for office space. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the condensed consolidated balance sheets. Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands):
Concentration of Credit Risk and Significant Customers Financial instruments that subject us to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. Our cash is deposited with high credit quality financial institutions. At times such deposits may be in excess of the Federal Depository Insurance Corporation insured limits. We have not experienced any losses on these deposits. At July 31, 2017, one customer represented 18% of accounts receivable. At January 31, 2017, another customer represented 21% of accounts receivable. For the three and six months ended July 31, 2017 and 2016, no single customer accounted for 10% or more of revenue. Revenue Recognition We generate revenue from subscriptions and services. Subscription arrangements are typically one to three years in length but may be up to seven years in limited cases. Arrangements with our customers typically do not include general rights of return. Incremental direct costs incurred related to the acquisition or origination of a customer contract are expensed as incurred. Revenue recognition commences when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred; (iii) the fee is fixed or determinable; and (iv) collection is probable. Subscription revenue Subscription revenue relates to term (or time‑based) subscription agreements for both open source and proprietary software. Subscriptions include internet, email and phone support, bug fixes, and the right to receive unspecified software updates and upgrades released when and if available during the subscription term. Revenue for subscription arrangements is recognized ratably over the contractual term of the arrangement beginning on the date access to the subscription is made available to the customer. Services revenue Services revenue relates to professional services for the implementation and use of our subscriptions, training and education services and related reimbursable travel costs. For time and materials and fixed fee arrangements, revenue is recognized as the services are performed or upon acceptance, if applicable. For milestone‑based arrangements, revenue is recognized upon acceptance or subsequent to completion upon the lapse of any acceptance period. Revenue for training and education services is recognized upon delivery, except for On‑Demand Training, which is recognized ratably over the contractual term. Multiple‑element arrangements Arrangements with our customers generally include multiple elements such as subscription and services. We allocate revenue to each element of the arrangement based on vendor‑specific objective evidence of each element’s fair value (VSOE) when we can demonstrate sufficient evidence of the fair value. VSOE for elements of an arrangement is based upon the normal pricing and discounting practices for those elements when sold separately on a stand‑alone basis. We have established VSOE for some of our services. If VSOE for one or more undelivered elements does not exist, revenue recognition does not commence until delivery of both the subscription and services have commenced, or when VSOE of the undelivered elements has been established. Once revenue recognition commences, revenue for the arrangement is recognized ratably over the longest service period in the arrangement. Reseller arrangements We recognize subscription revenue for sales through resellers or other indirect sales channels. Subscription revenue from these sales is generally recognized upon sell‑through to an end user customer. Where payments to us are believed to be contingent upon payment by the end user to the reseller, subscription revenue is not recognized until cash is collected. Deferred revenue Deferred revenue consists of amounts billed to or collected from customers under a binding agreement provided delivery of the related subscription and services has commenced. Stock‑Based Compensation We recognize stock‑based compensation expense for all stock‑based payments. Employee stock‑based compensation cost is estimated at the grant date based on the fair value of the equity for financial reporting purposes and is recognized as expense over the requisite service period. Prior to our IPO, fair value of our common stock for financial reporting purposes was determined considering objective and subjective factors and required judgment to determine the fair value of common stock for financial reporting purposes as of the date of each equity grant or modification. We have elected to calculate the fair value of options based on the Black‑Scholes option‑pricing model. The Black‑Scholes model requires the use of various assumptions including expected option life and expected stock price volatility. We estimate the expected term for stock options using the simplified method due to the lack of historical exercise activity. The simplified method calculates the expected term as the midpoint between the vesting date and the contractual expiration date of the award. We estimate the options’ volatility using volatilities of a group of public companies in a comparable industry, stage of life cycle, and size. The interest rate is derived from government bonds with a similar term as the options’ expected lives. We have not declared nor do we expect to declare dividends. Therefore, there is no dividend impact on the valuation of options. We are using the straight‑line (single‑option) method for employee expense attribution for stock options. We have granted RSUs to our employees and members of our board of directors under the 2008 Equity Incentive Plan (2008 Plan). The employee RSUs vest upon the satisfaction of both a service‑based condition and a liquidity event‑related performance condition. The service‑based condition for the majority of these awards is generally satisfied pro‑rata over four years. The liquidity event‑related performance condition is satisfied upon the occurrence of a qualifying liquidity event, such as the effective date of an IPO, or six months following the effective date of an IPO. During the quarter ended April 30, 2017, the majority of RSUs were modified such that the liquidity event‑related performance condition is satisfied upon the effective date of an IPO, rather than six months following an IPO. The modification established a new measurement date for these modified RSUs. The liquidity event‑related performance condition is viewed as a performance‑based criterion for which the achievement of such liquidity event is not deemed probable for accounting purposes until the event occurs. The liquidity event‑related performance condition was achieved for the majority of our RSUs and became probable of being achieved for the remaining RSUs on April 27, 2017, the effective date of our IPO. We recognized stock‑based compensation expense using the accelerated attribution method with a cumulative catch‑up of stock‑based compensation expense in the amount of $181.5 million attributable to service prior to such effective date. Shares subject to RSUs in which the liquidity event-related performance condition was satisfied upon the effective date of the IPO will be issued on a date to be determined by the board of directors that will be after the second full trading day following the release of earnings by us for the second quarter of fiscal 2018 to the extent the service‑based condition has been met. Prior to our IPO, stock‑based compensation expense was also recorded when a holder of an economic interest in Cloudera purchased shares from an employee for an amount in excess of the fair value of the common stock at the time of the purchase. We recognized any excess value transferred in these transactions as stock‑based compensation expense in the consolidated statement of operations. Options and other equity awards granted to non‑employees are accounted for at their estimated fair value using the Black‑Scholes method. These awards are subject to periodic re‑measurement over the period during which services are rendered. Stock‑based compensation expense is recognized over the vesting period on a straight‑line basis. Net Loss Per Share Attributable to Common Stockholders We follow the two‑class method when computing net loss per common share as we issue shares that meet the definition of participating securities. The two‑class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two‑class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Prior to the automatic conversion into shares of common stock as a result of our IPO, our redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in our losses. For periods in which we have reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti‑dilutive. JOBS Act Accounting Election We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to retain the ability to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. Recently Adopted Accounting Standards In March 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016‑09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share‑Based Payment Accounting, or ASU 2016‑09, which simplifies the accounting and reporting of share‑based payment transactions, including adjustments to how excess tax benefits and payments for tax withholdings should be classified and provides the election to eliminate the estimate for forfeitures. For public entities, this standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. For all other entities, this standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period for which financial statements have not been issued or made available for issuance. We early adopted this standard in the first quarter of fiscal 2018. As a result of this adoption, we have elected to account for forfeitures as they occur. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606), or ASU 2014‑09, which amended the existing FASB Accounting Standards Codification. ASU 2014‑09 establishes a principle for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services and also provides guidance on the recognition of costs related to obtaining and fulfilling customer contracts. For public entities, this standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. For all other entities, this standard is effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted. We are currently in the process of assessing the adoption methodology, which allows ASU 2014‑09 to be applied either retrospectively to each prior period presented or with the cumulative effect recognized as of the date of initial application. Our final determination will depend on a number of factors, such as the significance of the impact of the new standard on our financial results, system readiness, including that of software procured from third‑party providers, and our ability to accumulate and analyze the information necessary to assess the impact on prior period financial statements, as necessary. We are also currently evaluating the impact ASU 2014‑09 will have on our consolidated financial statements. We are in the initial stages of our evaluation of the impact of ASU 2014‑09 on our accounting policies, processes, and system requirements. We have assigned internal resources in addition to engaging third party service providers to assist in the evaluation. While we continue to assess all potential impacts under ASU 2014‑09, there is the potential for significant impacts on the timing of our revenue recognition and contract acquisition costs, such as sales commissions. Accounting for certain sales commissions under ASU 2014‑09 is different than our current accounting policy which is to expense sales commissions as incurred whereas such costs will be deferred and amortized under ASU 2014‑09. Additionally, we preliminarily believe that the amortization period for such deferred commission costs will be longer than the contract term, as ASU 2014‑09 requires entities to determine whether the costs relate to specific anticipated contracts. While we continue to assess the potential impacts of ASU 2014‑09, including the areas described above, and anticipate ASU 2014‑09 could have a material impact on our consolidated financial statements, we do not know and cannot reasonably estimate the quantitative impact on our financial statements at this time. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, or ASU 2017-09, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under ASU 2017-09, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. This standard is effective for all entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements. |
Cash Equivalents and Marketable Securities |
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Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities The following are the fair values of our cash equivalents and marketable securities as of July 31, 2017 (in thousands):
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The following are the fair values of our cash equivalents and marketable securities as of January 31, 2017 (in thousands):
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Maturities of our noncurrent marketable securities generally ranged from one to four years at both July 31, 2017 and January 31, 2017. As of July 31, 2017, the following marketable securities were in an unrealized loss position (in thousands):
No marketable securities held as of January 31, 2017 had been in a continuous unrealized loss position for more than twelve months. The unrealized loss for each of these fixed rate marketable securities ranged from less than $1,000 to $15,000 as of July 31, 2017 and less than $1,000 to $26,000 as of January 31, 2017. We do not believe any of the unrealized losses represent an other‑than‑temporary impairment based on our evaluation of available evidence as of July 31, 2017 and January 31, 2017. We expect to receive the full principal and interest on all of these marketable securities and have the ability and intent to hold these investments until a recovery of fair value. Realized gains and realized losses on our cash equivalents and marketable securities are included in other income (expense), net on the condensed consolidated statement of operations and were not material for the three and six months ended July 31, 2017 and 2016. Reclassification adjustments out of accumulated other comprehensive loss into net loss were not material for the three and six months ended July 31, 2017 and 2016. |
Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement Our financial assets and liabilities consist principally of cash and cash equivalents, marketable securities, restricted cash, accounts receivable, and accounts payable. We measure and record certain financial assets and liabilities at fair value on a recurring basis. The estimated fair value of accounts receivable and accounts payable approximates their carrying value due to their short‑term nature. Cash equivalents, marketable securities and restricted cash are recorded at estimated fair value. All of our cash equivalents and marketable securities are classified within Level 1 or Level 2 because the cash equivalents and marketable securities are valued using quoted market prices or alternative pricing sources and models utilizing observable market inputs. We follow a three‑level valuation hierarchy for disclosure of fair value measurements as follows:
The following table represents our financial assets and liabilities according to the fair value hierarchy, measured at fair value as of July 31, 2017 (in thousands):
The following table represents our financial assets and liabilities according to the fair value hierarchy, measured at fair value as of January 31, 2017 (in thousands):
We value our Level 1 assets using quoted prices in active markets for identical instruments. We value our Level 2 assets with the help of a third‑party pricing service using quoted market prices for similar instruments, nonbinding market prices that are corroborated by observable market data, or pricing models such as discounted cash flow techniques. We use such pricing data as the primary input, to which we have not made any material adjustments during the periods presented, to make our determination and assessments as to the ultimate valuation of these assets. There were no transfers into or out of Level 1, Level 2 or Level 3 assets and liabilities for the three and six months ended July 31, 2017 and 2016. |
Balance Sheet Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net The cost and accumulated depreciation and amortization of property and equipment are as follows (in thousands):
Construction in progress primarily consists of leasehold improvements that have not been placed into service as of July 31, 2017. Depreciation expense was $2.4 million and $1.6 million for the three months ended July 31, 2017 and 2016, respectively, and $5.1 million and $3.1 million for the six months ended July 31, 2017 and 2016, respectively. Intangible Assets Intangible assets consisted of the following as of July 31, 2017 (dollars in thousands):
Intangible assets consisted of the following as of January 31, 2017 (dollars in thousands):
Amortization expense for intangible assets was $0.9 million for both the three months ended July 31, 2017 and 2016, and $1.9 million and $1.8 million for the six months ended July 31, 2017 and 2016, respectively. The expected future amortization expense of these intangible assets as of July 31, 2017 is as follows (in thousands, by fiscal year):
Accrued Compensation Accrued compensation consists of the following (in thousands):
Other Accrued Liabilities Other accrued liabilities consists of the following (in thousands):
Other includes amounts owed to third‑party vendors that provide marketing, corporate event planning and cloud‑computing services. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Letters of Credit As of both July 31, 2017 and January 31, 2017, we had a total of $19.9 million and $16.8 million, respectively, in letters of credit outstanding in favor of certain landlords for office space. These letters of credit renew annually and expire at various dates through 2027. Operating Leases We lease facilities space under non‑cancelable operating leases with various expiration dates. Future minimum lease payments and sublease proceeds under non-cancelable operating leases at July 31, 2017 are as follows (in thousands, by fiscal year):
In February 2017, we entered into a new sublease agreement to sublet office space in Palo Alto, California. The sublease has a 45 month term commencing in the third quarter of fiscal 2018. Rental proceeds committed under this sublease are reflected above in the amounts of $1.6 million in fiscal 2018, $4.0 million in fiscal 2019, $4.1 million in fiscal 2020, $4.3 million in fiscal 2021 and $0.7 million in fiscal 2022. In June 2017, we entered into a new non‑cancelable operating lease agreement to rent office space in San Francisco, California. The lease has an 87 months term, commences in January 2018 and ends in April 2025 with an option to renew for an additional 60 months. Total minimum lease payments under the lease agreement, included in the table above, are $34.5 million, of which $0.4 million was required to be prepaid upon execution of the lease agreement. Rental expense related to our non‑cancelable operating leases was approximately $3.3 million and $2.2 million for the three months ended July 31, 2017 and 2016, respectively, and $5.7 million and $4.1 million for the six months ended July 31, 2017 and 2016, respectively. Deferred rent We account for operating leases containing predetermined fixed increases of the base rental rate during the lease term on a straight‑line basis over the lease term. We recorded the difference between amounts charged to operations and amounts payable under our operating leases as deferred rent in the consolidated balance sheets. Indemnification From time to time, we enter into certain types of contracts that contingently require us to indemnify various parties against claims from third parties. These contracts primarily relate to (i) certain real estate leases under which we may be required to indemnify property owners for environmental and other liabilities and other claims arising from our use of the applicable premises, (ii) our bylaws, under which we must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with us, (iii) contracts under which we must indemnify directors and certain officers for liabilities arising out of their relationship with us, (iv) contracts under which we may be required to indemnify customers or partners against certain claims, including claims from third parties asserting, among other things, infringement of their intellectual property rights, and (v) procurement, consulting, or license agreements under which we may be required to indemnify vendors, consultants or licensors for certain claims, including claims that may be brought against them arising from our acts or omissions with respect to the supplied products, technology or services. From time to time, we may receive indemnification claims under these contracts in the normal course of business. In addition, under these contracts we may have to modify the accused infringing intellectual property and/or refund amounts received. In the event that one or more of these matters were to result in a claim against us, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on our future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not incurred any material costs, and have not accrued any liabilities in the consolidated financial statements as a result of these provisions. Contingencies In the ordinary course of business, we are or may be involved in a variety of litigation matters, suits, investigations, and proceedings, including actions with respect to intellectual property claims, government investigations, labor and employment claims, breach of contract claims, tax, and other matters. Regardless of the outcome, these litigation matters can have an adverse impact on us because of defense costs, diversion of management resources, harm to reputation, and other factors. In addition, it is possible that an unfavorable resolution of one or more such litigation matters could, in the future, materially and adversely affect our financial position, results of operations, and cash flows in a particular period or subject us to an injunction that could seriously harm our business. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. With respect to our outstanding legal matters management believes that the amount or estimable range of possible loss will not, either individually or in the aggregate, have a material adverse effect on our business, consolidated financial position, results of operations, or cash flows. However, the outcome of litigation is inherently uncertain. Therefore, if one or more of these legal matters were resolved against us for amounts in excess of management’s expectations, our results of operations and financial condition including in a particular reporting period, could be materially adversely affected. |
Stockholders' Equity |
6 Months Ended |
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Jul. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Convertible Preferred Stock There were no outstanding shares of convertible preferred stock as of July 31, 2017. Immediately prior to the closing of our IPO on May 3, 2017, all shares of our outstanding redeemable convertible preferred stock automatically converted into an aggregate of 74,907,415 shares of common stock and we reclassified $657.7 million from temporary equity to additional paid in capital on our condensed consolidated balance sheet. Preferred Stock In March 2017, our board of directors approved an increase to our authorized preferred stock to become effective on the closing of our IPO. At July 31, 2017 there were 20,000,000 shares of preferred stock, par value $0.00005, authorized and no shares of preferred stock issued and outstanding. Common Stock In March 2017 and April 2017, our board of directors and stockholders, respectively, approved an increase to our authorized common stock. At July 31, 2017 there were 1,200,000,000 shares of common stock, par value $0.00005, authorized and 131,250,336 shares of common stock issue and outstanding. The number of shares of common stock issued and outstanding at July 31, 2017 excludes 6,025,651 shares of common stock subject to RSUs that vested upon or subsequent to the effective date of our IPO and will be issued on a date to be determined by our board of directors. At January 31, 2017, there were 160,000,000 shares of common stock, par value $0.00005, authorized and 38,156,688 shares of common stock issue and outstanding. |
Stock Option Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Plans | Stock Option Plans We maintain two share-based compensation plans: the 2017 Equity Incentive Plan (2017 Plan), and the 2008 Equity Incentive Plan (2008 Plan) and collectively with the 2017 Plan, the Stock Plans. In March 2017, our board of directors adopted our 2017 Plan, which our stockholders approved in March 2017. The 2017 Plan became effective on April 27, 2017, the effective date of our IPO, and serves as the successor to our 2008 Plan. We do not expect to grant any additional awards under the 2008 Plan. Outstanding awards under the 2008 Plan continue to be subject to the terms and conditions of the 2008 Plan. In March 2017, we increased the number of shares of common stock reserved for grant under the 2008 Plan by 2,000,000 shares. In March 2017, we adopted the 2017 Plan with a reserve of 30,000,000 shares of our common stock for issuance under our 2017 Plan, plus an additional number of shares of common stock equal to any shares reserved but not issued or subject to outstanding awards under our 2008 Plan on the effective date of our 2017 Plan, plus, on and after the effective date of our 2017 Plan, (i) shares that are subject to outstanding awards under the 2008 Plan which cease to be subject to such awards, (ii) shares issued under the 2008 Plan which are forfeited or repurchased at their original issue price, and (iii) shares subject to awards under the 2008 Plan that are used to pay the exercise price of an option or withheld to satisfy the tax withholding obligations related to any award. The number of shares reserved for issuance under our 2017 Plan will increase automatically on the first day of February of each calendar year during the term of the 2017 Plan by a number of shares of common stock equal to the lesser of (i) 5% of the total outstanding shares our common stock as of the immediately preceding January 31st or (ii) a number of shares determined by our board of directors. As of July 31, 2017 there are 79,258,322 shares of common stock reserved and available for future issuance under the Stock Plans. The Stock Plans provide for stock options to be granted at an exercise price not less than 100% of the fair market value at the grant date as determined by our board of directors, unless, with respect to incentive stock options, the optionee is a 10% stockholder, in which case the option price will not be less than 110% of such fair market value. Options granted generally have a maximum term of ten years from the grant date, are exercisable upon vesting unless otherwise designated for early exercise by the board of directors at the time of grant, and generally vest over a four year period, with 25% vesting after one year and then ratably on a monthly basis for the remaining three years. The following tables summarize stock option activity and related information under the Stock Plans:
The total intrinsic value of options exercised during the six months ended July 31, 2017 and 2016 was $12.2 million and $12.4 million, respectively. The intrinsic value is the difference between the current fair market value of the stock for accounting purposes at the time of exercise and the exercise price of the stock option. As we have accumulated net operating losses, no future tax benefit related to option exercises has been recognized. The weighted‑average grant‑date value for purposes of recognizing stock‑based compensation expense of employee options granted during the six months ended July 31, 2017 and 2016 was $8.83 and $10.24 per share, respectively. The unamortized stock‑based compensation expense for options of $18.5 million at July 31, 2017 will be recognized over the average remaining vesting period of 1.7 years. We issue RSUs to employees and directors under the Stock Plans. For new employee grants, the RSUs generally meet the service‑based condition over a four-year period, with 25% met after one year and then ratably on a quarterly basis for the remaining three years. For continuing employee grants, the RSUs generally meet the service‑based condition pro‑rata quarterly over the four‑year period (without a one‑year cliff). The employee RSUs issued prior to our IPO under the 2008 Plan have two vesting conditions: (1) a service‑based condition and (2) a liquidity event‑related performance condition which is considered a performance‑based condition. On March 8, 2017, our board of directors modified the terms of the majority of our RSUs. Prior to the modification, if the liquidity event‑related performance condition was an IPO, employees were required to continue to provide service for six months following the effective date of an IPO. The modification removed the requirement, for the majority of RSUs, that the RSU recipient must continue to provide service for six months following the effective date of an IPO in order to vest in the award, with such shares to be issued on a date to be determined by our board of directors. All other significant terms of the RSUs remained unchanged. The modification established a new measurement date for these modified RSUs. The liquidity event‑related performance condition was achieved for the majority of our RSUs and became probable of being achieved for the remaining RSUs on April 27, 2017, the effective date of our IPO. We recognized stock‑based compensation expense using the accelerated attribution method with a cumulative catch‑up of stock‑based compensation expense in the amount of $181.5 million attributable to service prior to such effective date. Restricted stock activity for our Stock Plans is as follows:
The unamortized stock‑based compensation expense for RSUs of $153.2 million at July 31, 2017 will be recognized over the average remaining vesting period of 1.6 years. The number of RSUs outstanding at July 31, 2017 in the table above includes 6,025,651 shares of common stock subject to RSUs that vested upon or subsequent to the effective date of our IPO and will be issued on a date to be determined by our board of directors. 2017 Employee Stock Purchase Plan In March 2017, we adopted our 2017 Employee Stock Purchase Plan (ESPP). The ESPP became effective on April 27, 2017, the effective date of our IPO. Our ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the United States Internal Revenue Code of 1986, as amended (Code). Purchases will be accomplished through participation in discrete offering periods. The first offering period and purchase period began on April 27, 2017 and will end on December 20, 2017 (or such other date determined by our board of directors or our compensation committee). Each subsequent offering period will be for six months (commencing each June 21 and December 21) and will consist of one six‑month purchase period, unless otherwise determined by our board of directors or our compensation committee. Under our ESPP, eligible employees will be able to acquire shares of our common stock by accumulating funds through payroll deductions. Our employees generally are eligible to participate in our ESPP if they are employed by us for at least 20 hours per week and more than five months in a calendar year. Employees who are 5% stockholders, or would become 5% stockholders as a result of their participation in our ESPP, are ineligible to participate in our ESPP. We may impose additional restrictions on eligibility. Our eligible employees are able to select a rate of payroll deduction between 1% and 15% of their base cash compensation. The purchase price for shares of our common stock purchased under our ESPP is 85% of the lesser of the fair market value of our common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of each purchase period in the applicable offering period. No participant has the right to purchase shares of our common stock in an amount, when aggregated with purchase rights under all our employee stock purchase plans that are also in effect in the same calendar year(s), that has a fair market value of more than $25,000, determined as of the first day of the applicable purchase period, for each calendar year in which that right is outstanding. In addition, no participant is permitted to purchase more than 2,500 shares during any one purchase period or such lesser amount determined by our compensation committee or our board of directors. Once an employee is enrolled in our ESPP, participation will be automatic in subsequent offering periods. An employee’s participation automatically ends upon termination of employment for any reason. We initially reserved 3,000,000 shares of our common stock for issuance under our ESPP. The number of shares reserved for issuance under our ESPP will increase automatically on February 1st of each of the first 10 calendar years following the first offering date by the number of shares equal to the lesser of either (i) 1% of the total outstanding shares of our common stock as of the immediately preceding January 31st (rounded to the nearest whole share) or (ii) a number of shares of our common stock determined by our board of directors. As of July 31, 2017, $3.9 million has been withheld on behalf of employees for a future purchase under the ESPP and is recorded in other accrued compensation. |
Income Taxes |
6 Months Ended |
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Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income taxes Our quarterly income taxes reflect an estimate of our corresponding year’s annual effective tax rate and include, when applicable, adjustments for discrete items. For the six months ended July 31, 2017, our tax provision was $1.5 million, compared to $1.0 million for the same period a year ago. The tax provision for the six months ended July 31, 2017 primarily relates to income taxes of our non-U.S. operations as our U.S. operations were in a loss position and we maintain a full valuation allowance against our U.S. deferred tax assets. |
Related Party Transactions |
6 Months Ended |
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Jul. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Intel Corporation We have been engaged in commercial transactions with Intel Corporation (Intel), a holder of our common stock, representing approximately 20% of outstanding shares as of July 31, 2017, with the right to designate a person that our board of directors must nominate for election, or nominate for re-election, to our board of directors, including a multi‑year subscription and services agreement, and a collaboration and optimization agreement. The aggregate revenue we recognized from Intel was $5.3 million and $3.9 million for the six months ended July 31, 2017 and 2016, respectively. There was $3.0 million and $2.3 million in accounts receivable due from Intel as of July 31, 2017 and January 31, 2017, respectively. There was $2.8 million and $2.1 million in deferred revenue as of July 31, 2017 and January 31, 2017, respectively. Cloudera Foundation In January 2017, the Cloudera Foundation, an independent non‑profit organization, was created to provide our products, skills and people, to help solve important social problems around the world. We donated 1,175,063 shares of our common stock to the Cloudera Foundation during the fourth quarter of fiscal 2017. In conjunction with the IPO, we donated $2.4 million, or 1% of the net proceeds, to fund the Cloudera Foundation’s activities. We do not control the Cloudera Foundation’s activities, and accordingly, we do not consolidate the financial statements of the Cloudera Foundation. Other related parties Certain members of our board of directors currently serve on the board of directors or as an executive of two companies that are our customers. The aggregate revenue we recognized from these customers was $3.4 million and $2.1 million for the six months ended July 31, 2017 and 2016, respectively. There was $0.6 million and $4.5 million in accounts receivable due from these customers as of July 31, 2017 and January 31, 2017, respectively. There was $5.7 million and $5.5 million in deferred revenue as of July 31, 2017 and January 31, 2017, respectively. |
Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The results of the reportable segments are derived directly from our management reporting system and are based on our methods of internal reporting which are not necessarily in conformity with GAAP. Management measures the performance of each segment based on several metrics, including contribution margin, as defined below. Management does not use asset information to assess performance and make decisions regarding allocation of resources. Therefore, depreciation and amortization expense is not allocated among segments. Contribution margin is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. Segment contribution margin includes segment revenue less the related cost of sales excluding certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level. These unallocated costs include stock‑based compensation expense, amortization of acquired intangible assets, direct sales and marketing costs, research and development costs, corporate general and administrative costs, such as legal and accounting, interest income, interest expense, and other income (expense). Financial information for each reportable segment was as follows (in thousands):
The reconciliation of segment financial information to our loss from operations is as follows (in thousands):
Sales outside of the United States represented approximately 28% and 23% of our total revenue for the three months ended July 31, 2017 and 2016, respectively, and 27% and 24% of our total revenue for the six months ended July 31, 2017 and 2016, respectively. All revenues from external customers are attributed to individual countries on an end‑customer basis, based on domicile of the purchasing entity, if known, or the location of the customer’s headquarters if the specific purchasing entity within the customer is unknown. As of July 31, 2017 and January 31, 2017, assets located outside the United States were 2% and 3% of total assets, respectively. |
Net Loss Per Share Attributable to Common Stockholders |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The following table sets forth the calculation of basic and diluted net loss per share attributable to common stockholders during the periods presented (in thousands, except per share data):
The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti‑dilutive (in thousands):
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Subsequent Events |
6 Months Ended |
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Jul. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In September 2017, we acquired Fast Forward Labs, a leading machine learning and applied artificial intelligence research company based in New York. This acquisition will be accounted for as a business combination. The estimated purchase price is not material. |
Summary of Significant Accounting Policies (Policies) |
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Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. The condensed consolidated financial statements include the results of Cloudera, Inc. and its wholly owned subsidiaries which are located in various countries, including the United States, Australia, China, Germany, Hungary and the United Kingdom. All intercompany balances and transactions have been eliminated upon consolidation. The condensed consolidated balance sheet as of January 31, 2017 has been derived from the audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of our management, the information contained herein reflects all adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. All such adjustments are of a normal, recurring nature. The results of operations for the three and six months ended July 31, 2017 are not necessarily indicative of results to be expected for the full year ending January 31, 2018 or for any other interim period or for any other future year. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended January 31, 2017, included in our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (Securities Act), with the SEC on April 28, 2017. |
Fiscal Year | Our fiscal year ends on January 31. References to fiscal 2018, for example, refers to the fiscal year ended January 31, 2018. |
Use of Estimates | The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to such estimates include revenue recognition, the useful lives of property and equipment and intangible assets, allowance for doubtful accounts, stock‑based compensation expense, annual bonus attainment, self‑insurance costs incurred, the fair value of tangible and intangible assets acquired and liabilities assumed resulting from business combinations, the fair value of common stock prior to our IPO, the assessment of elements in a multi‑element arrangement and the valuation assigned to each element, and contingencies. These estimates and assumptions are based on management’s best estimates and judgment. Management regularly evaluates its estimates and assumptions using historical experience and other factors; however, actual results could differ significantly from these estimates. |
Segments | We operate as two operating segments – subscription and services. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker, who is our chief executive officer, in deciding how to allocate resources and assess performance. |
Cash, Cash Equivalents and Restricted Cash | Cash equivalents consist of short‑term, highly liquid investments with original maturities of three months or less from the date of purchase. Restricted cash represents cash on deposit with financial institutions in support of letters of credit outstanding in favor of certain landlords for office space. Cash as reported on the condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as shown on the condensed consolidated balance sheets. |
Concentration of Credit Risk and Significant Customers | Financial instruments that subject us to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, restricted cash, and accounts receivable. Our cash is deposited with high credit quality financial institutions. At times such deposits may be in excess of the Federal Depository Insurance Corporation insured limits. We have not experienced any losses on these deposits. |
Revenue Recognition | We generate revenue from subscriptions and services. Subscription arrangements are typically one to three years in length but may be up to seven years in limited cases. Arrangements with our customers typically do not include general rights of return. Incremental direct costs incurred related to the acquisition or origination of a customer contract are expensed as incurred. Revenue recognition commences when all of the following criteria are met: (i) persuasive evidence of an arrangement exists; (ii) delivery has occurred; (iii) the fee is fixed or determinable; and (iv) collection is probable. Subscription revenue Subscription revenue relates to term (or time‑based) subscription agreements for both open source and proprietary software. Subscriptions include internet, email and phone support, bug fixes, and the right to receive unspecified software updates and upgrades released when and if available during the subscription term. Revenue for subscription arrangements is recognized ratably over the contractual term of the arrangement beginning on the date access to the subscription is made available to the customer. Services revenue Services revenue relates to professional services for the implementation and use of our subscriptions, training and education services and related reimbursable travel costs. For time and materials and fixed fee arrangements, revenue is recognized as the services are performed or upon acceptance, if applicable. For milestone‑based arrangements, revenue is recognized upon acceptance or subsequent to completion upon the lapse of any acceptance period. Revenue for training and education services is recognized upon delivery, except for On‑Demand Training, which is recognized ratably over the contractual term. Multiple‑element arrangements Arrangements with our customers generally include multiple elements such as subscription and services. We allocate revenue to each element of the arrangement based on vendor‑specific objective evidence of each element’s fair value (VSOE) when we can demonstrate sufficient evidence of the fair value. VSOE for elements of an arrangement is based upon the normal pricing and discounting practices for those elements when sold separately on a stand‑alone basis. We have established VSOE for some of our services. If VSOE for one or more undelivered elements does not exist, revenue recognition does not commence until delivery of both the subscription and services have commenced, or when VSOE of the undelivered elements has been established. Once revenue recognition commences, revenue for the arrangement is recognized ratably over the longest service period in the arrangement. Reseller arrangements We recognize subscription revenue for sales through resellers or other indirect sales channels. Subscription revenue from these sales is generally recognized upon sell‑through to an end user customer. Where payments to us are believed to be contingent upon payment by the end user to the reseller, subscription revenue is not recognized until cash is collected. Deferred revenue Deferred revenue consists of amounts billed to or collected from customers under a binding agreement provided delivery of the related subscription and services has commenced. |
Stock-Based Compensation | We recognize stock‑based compensation expense for all stock‑based payments. Employee stock‑based compensation cost is estimated at the grant date based on the fair value of the equity for financial reporting purposes and is recognized as expense over the requisite service period. Prior to our IPO, fair value of our common stock for financial reporting purposes was determined considering objective and subjective factors and required judgment to determine the fair value of common stock for financial reporting purposes as of the date of each equity grant or modification. We have elected to calculate the fair value of options based on the Black‑Scholes option‑pricing model. The Black‑Scholes model requires the use of various assumptions including expected option life and expected stock price volatility. We estimate the expected term for stock options using the simplified method due to the lack of historical exercise activity. The simplified method calculates the expected term as the midpoint between the vesting date and the contractual expiration date of the award. We estimate the options’ volatility using volatilities of a group of public companies in a comparable industry, stage of life cycle, and size. The interest rate is derived from government bonds with a similar term as the options’ expected lives. We have not declared nor do we expect to declare dividends. Therefore, there is no dividend impact on the valuation of options. We are using the straight‑line (single‑option) method for employee expense attribution for stock options. We have granted RSUs to our employees and members of our board of directors under the 2008 Equity Incentive Plan (2008 Plan). The employee RSUs vest upon the satisfaction of both a service‑based condition and a liquidity event‑related performance condition. The service‑based condition for the majority of these awards is generally satisfied pro‑rata over four years. The liquidity event‑related performance condition is satisfied upon the occurrence of a qualifying liquidity event, such as the effective date of an IPO, or six months following the effective date of an IPO. During the quarter ended April 30, 2017, the majority of RSUs were modified such that the liquidity event‑related performance condition is satisfied upon the effective date of an IPO, rather than six months following an IPO. The modification established a new measurement date for these modified RSUs. The liquidity event‑related performance condition is viewed as a performance‑based criterion for which the achievement of such liquidity event is not deemed probable for accounting purposes until the event occurs. The liquidity event‑related performance condition was achieved for the majority of our RSUs and became probable of being achieved for the remaining RSUs on April 27, 2017, the effective date of our IPO. We recognized stock‑based compensation expense using the accelerated attribution method with a cumulative catch‑up of stock‑based compensation expense in the amount of $181.5 million attributable to service prior to such effective date. Shares subject to RSUs in which the liquidity event-related performance condition was satisfied upon the effective date of the IPO will be issued on a date to be determined by the board of directors that will be after the second full trading day following the release of earnings by us for the second quarter of fiscal 2018 to the extent the service‑based condition has been met. Prior to our IPO, stock‑based compensation expense was also recorded when a holder of an economic interest in Cloudera purchased shares from an employee for an amount in excess of the fair value of the common stock at the time of the purchase. We recognized any excess value transferred in these transactions as stock‑based compensation expense in the consolidated statement of operations. Options and other equity awards granted to non‑employees are accounted for at their estimated fair value using the Black‑Scholes method. These awards are subject to periodic re‑measurement over the period during which services are rendered. Stock‑based compensation expense is recognized over the vesting period on a straight‑line basis. |
Net Loss Per Share Attributable to Common Stockholders | We follow the two‑class method when computing net loss per common share as we issue shares that meet the definition of participating securities. The two‑class method determines net income (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two‑class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Prior to the automatic conversion into shares of common stock as a result of our IPO, our redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in our losses. For periods in which we have reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, because potentially dilutive common shares are not assumed to have been issued if their effect is anti‑dilutive. |
JOBS Act Accounting Election | We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We have elected to retain the ability to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates. |
Recently Adopted Accounting Standards | In March 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016‑09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share‑Based Payment Accounting, or ASU 2016‑09, which simplifies the accounting and reporting of share‑based payment transactions, including adjustments to how excess tax benefits and payments for tax withholdings should be classified and provides the election to eliminate the estimate for forfeitures. For public entities, this standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. For all other entities, this standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted for any entity in any interim or annual period for which financial statements have not been issued or made available for issuance. We early adopted this standard in the first quarter of fiscal 2018. As a result of this adoption, we have elected to account for forfeitures as they occur. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers (Topic 606), or ASU 2014‑09, which amended the existing FASB Accounting Standards Codification. ASU 2014‑09 establishes a principle for recognizing revenue upon the transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services and also provides guidance on the recognition of costs related to obtaining and fulfilling customer contracts. For public entities, this standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. For all other entities, this standard is effective for annual reporting periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted. We are currently in the process of assessing the adoption methodology, which allows ASU 2014‑09 to be applied either retrospectively to each prior period presented or with the cumulative effect recognized as of the date of initial application. Our final determination will depend on a number of factors, such as the significance of the impact of the new standard on our financial results, system readiness, including that of software procured from third‑party providers, and our ability to accumulate and analyze the information necessary to assess the impact on prior period financial statements, as necessary. We are also currently evaluating the impact ASU 2014‑09 will have on our consolidated financial statements. We are in the initial stages of our evaluation of the impact of ASU 2014‑09 on our accounting policies, processes, and system requirements. We have assigned internal resources in addition to engaging third party service providers to assist in the evaluation. While we continue to assess all potential impacts under ASU 2014‑09, there is the potential for significant impacts on the timing of our revenue recognition and contract acquisition costs, such as sales commissions. Accounting for certain sales commissions under ASU 2014‑09 is different than our current accounting policy which is to expense sales commissions as incurred whereas such costs will be deferred and amortized under ASU 2014‑09. Additionally, we preliminarily believe that the amortization period for such deferred commission costs will be longer than the contract term, as ASU 2014‑09 requires entities to determine whether the costs relate to specific anticipated contracts. While we continue to assess the potential impacts of ASU 2014‑09, including the areas described above, and anticipate ASU 2014‑09 could have a material impact on our consolidated financial statements, we do not know and cannot reasonably estimate the quantitative impact on our financial statements at this time. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting, or ASU 2017-09, which clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under ASU 2017-09, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. This standard is effective for all entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our consolidated financial statements. |
Deferred Rent | We account for operating leases containing predetermined fixed increases of the base rental rate during the lease term on a straight‑line basis over the lease term. We recorded the difference between amounts charged to operations and amounts payable under our operating leases as deferred rent in the consolidated balance sheets. |
Indemnification | From time to time, we enter into certain types of contracts that contingently require us to indemnify various parties against claims from third parties. These contracts primarily relate to (i) certain real estate leases under which we may be required to indemnify property owners for environmental and other liabilities and other claims arising from our use of the applicable premises, (ii) our bylaws, under which we must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with us, (iii) contracts under which we must indemnify directors and certain officers for liabilities arising out of their relationship with us, (iv) contracts under which we may be required to indemnify customers or partners against certain claims, including claims from third parties asserting, among other things, infringement of their intellectual property rights, and (v) procurement, consulting, or license agreements under which we may be required to indemnify vendors, consultants or licensors for certain claims, including claims that may be brought against them arising from our acts or omissions with respect to the supplied products, technology or services. From time to time, we may receive indemnification claims under these contracts in the normal course of business. In addition, under these contracts we may have to modify the accused infringing intellectual property and/or refund amounts received. In the event that one or more of these matters were to result in a claim against us, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on our future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain officers. To date, we have not incurred any material costs, and have not accrued any liabilities in the consolidated financial statements as a result of these provisions. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Cash and Cash Equivalents | Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands):
The following are the fair values of our cash equivalents and marketable securities as of July 31, 2017 (in thousands):
___________
The following are the fair values of our cash equivalents and marketable securities as of January 31, 2017 (in thousands):
___________
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Cash as Reported on the Condensed Consolidated Statements of Cash Flows | Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands):
|
Cash Equivalents and Marketable Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Cash and Cash Equivalents | Cash as reported on the condensed consolidated statements of cash flows consists of the following (in thousands):
The following are the fair values of our cash equivalents and marketable securities as of July 31, 2017 (in thousands):
___________
The following are the fair values of our cash equivalents and marketable securities as of January 31, 2017 (in thousands):
___________
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Schedule of Fair Value of Marketable Securities | The following are the fair values of our cash equivalents and marketable securities as of July 31, 2017 (in thousands):
___________
The following are the fair values of our cash equivalents and marketable securities as of January 31, 2017 (in thousands):
___________
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Schedule of Marketable Securities in an Unrealized Loss Position | As of July 31, 2017, the following marketable securities were in an unrealized loss position (in thousands):
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Fair Value Measurement (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities According to the Fair Value Hierarchy, Measured at Fair Value | The following table represents our financial assets and liabilities according to the fair value hierarchy, measured at fair value as of July 31, 2017 (in thousands):
The following table represents our financial assets and liabilities according to the fair value hierarchy, measured at fair value as of January 31, 2017 (in thousands):
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Balance Sheet Components (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cost and Accumulated Depreciation and Amortization of Property and Equipment | The cost and accumulated depreciation and amortization of property and equipment are as follows (in thousands):
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Schedule of Intangible Assets | Intangible assets consisted of the following as of July 31, 2017 (dollars in thousands):
Intangible assets consisted of the following as of January 31, 2017 (dollars in thousands):
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Schedule of Expected Future Amortization Expense of Intangible Assets | The expected future amortization expense of these intangible assets as of July 31, 2017 is as follows (in thousands, by fiscal year):
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Accrued Compensation and Other Accrued Liabilities | Accrued compensation consists of the following (in thousands):
Other Accrued Liabilities Other accrued liabilities consists of the following (in thousands):
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule | Future minimum lease payments and sublease proceeds under non-cancelable operating leases at July 31, 2017 are as follows (in thousands, by fiscal year):
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Stock Option Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | The following tables summarize stock option activity and related information under the Stock Plans:
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Schedule of Restricted Stock Activity | Restricted stock activity for our Stock Plans is as follows:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information by Reportable Segment | Financial information for each reportable segment was as follows (in thousands):
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Reconciliation of Segment Financial Information to Loss from Operations | The reconciliation of segment financial information to our loss from operations is as follows (in thousands):
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Net Loss Per Share Attributable to Common Stockholders (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the calculation of basic and diluted net loss per share attributable to common stockholders during the periods presented (in thousands, except per share data):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of common stock equivalents were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti‑dilutive (in thousands):
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Organization and Description of Business - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
May 03, 2017 |
Jul. 31, 2017 |
Jan. 31, 2017 |
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Subsequent Event [Line Items] | |||
Accumulated deficit | $ (962,545) | $ (675,997) | |
Common stock issued (in shares) | 38,156,688 | ||
Convertible preferred stock (in shares) | 74,907,415 | ||
Redeemable convertible preferred stock | $ 0 | $ (657,687) | |
Affiliated Entity | Cloudera Foundation | Donation to Non-Profit Affiliate | |||
Subsequent Event [Line Items] | |||
Cash donation | $ 2,400 | ||
IPO proceeds donated (as a percent) | 1.00% | ||
IPO | |||
Subsequent Event [Line Items] | |||
Common stock issued (in shares) | 17,250,000 | ||
Public offering price (in dollars per share) | $ 15.00 | ||
Aggregate net proceeds from stock offering | $ 235,400 | ||
Underwriting and commissions | 18,100 | ||
Other issuance costs | $ 5,300 |
Summary of Significant Accounting Policies - Cash as Reported on the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands |
Jul. 31, 2017 |
Jan. 31, 2017 |
Jul. 31, 2016 |
Jan. 31, 2016 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 68,936 | $ 74,186 | $ 50,609 | |
Restricted cash | 18,048 | 15,446 | 26 | |
Cash, cash equivalents and restricted cash | $ 86,984 | $ 89,632 | $ 50,635 | $ 35,994 |
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Apr. 27, 2017
USD ($)
|
Jul. 31, 2017
segment
|
Jan. 31, 2017 |
|
Concentration Risk [Line Items] | |||
Number of operating segments | segment | 2 | ||
Restricted stock units | |||
Concentration Risk [Line Items] | |||
Award vesting period (in years) | 4 years | ||
Equity Incentive Plan 2008 | Restricted stock units | |||
Concentration Risk [Line Items] | |||
Award vesting period (in years) | 4 years | ||
Stock-based compensation expense | $ | $ 181.5 | ||
Subscription Arrangement, Limited Case | |||
Concentration Risk [Line Items] | |||
Revenue recognition period (in years) | 7 years | ||
Minimum | Subscription Arrangement | |||
Concentration Risk [Line Items] | |||
Revenue recognition period (in years) | 1 year | ||
Maximum | Subscription Arrangement | |||
Concentration Risk [Line Items] | |||
Revenue recognition period (in years) | 3 years | ||
Customer Concentration Risk | Accounts Receivable | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 18.00% | 21.00% |
Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jul. 31, 2017 |
Jan. 31, 2017 |
|
Cash and Cash Equivalents [Line Items] | ||
Unrealized losses, greater than 12 months | $ 21,000 | $ 0 |
Unrealized loss, less than 12 months | $ 118,000 | |
Minimum | ||
Cash and Cash Equivalents [Line Items] | ||
Marketable securities term | 1 year | |
Unrealized loss, less than 12 months | $ 1,000 | 1,000 |
Maximum | ||
Cash and Cash Equivalents [Line Items] | ||
Marketable securities term | 4 years | |
Unrealized loss, less than 12 months | $ 15,000 | $ 26,000 |
Balance Sheet Components - Schedule of Cost and Accumulated Depreciation and Amortization of Property and Equipment (Details) - USD ($) $ in Thousands |
Jul. 31, 2017 |
Jan. 31, 2017 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 35,831 | $ 30,799 |
Accumulated depreciation and amortization | (22,804) | (17,695) |
Property and equipment, net | 13,027 | 13,104 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 18,165 | 17,981 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,956 | 4,350 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,400 | 8,468 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,310 | $ 0 |
Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation | $ 2.4 | $ 1.6 | $ 5.1 | $ 3.1 |
Amortization expense of intangible assets | $ 0.9 | $ 0.9 | $ 1.9 | $ 1.8 |
Balance Sheet Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jul. 31, 2017 |
Jan. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 16,280 | $ 16,280 |
Accumulated Amortization | (11,114) | (9,229) |
Net Book Value | $ 5,166 | $ 7,051 |
Weighted Average Remaining Useful Life (in years) | 2 years 3 months 18 days | 2 years 6 months |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 10,155 | $ 10,155 |
Accumulated Amortization | (5,563) | (4,548) |
Net Book Value | $ 4,592 | $ 5,607 |
Weighted Average Remaining Useful Life (in years) | 2 years 6 months | 2 years 10 months 24 days |
Customer relationships and other acquired intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Fair Value | $ 6,125 | $ 6,125 |
Accumulated Amortization | (5,551) | (4,681) |
Net Book Value | $ 574 | $ 1,444 |
Weighted Average Remaining Useful Life (in years) | 3 months 18 days | 9 months 18 days |
Balance Sheet Components - Schedule of Expected Future Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands |
Jul. 31, 2017 |
Jan. 31, 2017 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Remaining six months of fiscal 2018 | $ 1,590 | |
2019 | 2,031 | |
2020 | 1,140 | |
2021 | 347 | |
2022 | 58 | |
Net Book Value | $ 5,166 | $ 7,051 |
Balance Sheet Components - Accrued Compensation and Other Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jul. 31, 2017 |
Jan. 31, 2017 |
---|---|---|
Accrued Compensation | ||
Accrued salaries and benefits | $ 3,234 | $ 2,330 |
Accrued bonuses | 10,369 | 15,338 |
Accrued commissions | 7,896 | 11,856 |
Employee stock purchase plan withholdings | 3,861 | 0 |
Accrued compensation-related taxes and other | 6,894 | 3,852 |
Total accrued compensation | 32,254 | 33,376 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued taxes | 2,241 | 1,585 |
Deferred real estate costs | 523 | 47 |
Accrued professional costs | 2,196 | 2,147 |
Customer deposits | 252 | 301 |
Deferred sublease income | 1,266 | 861 |
Accrued self-insurance costs | 938 | 746 |
Other | 8,254 | 4,231 |
Total other accrued liabilities | $ 15,670 | $ 9,918 |
Stock Option Plans - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Apr. 30, 2017 |
Jan. 31, 2017 |
Jul. 31, 2017 |
|
Options Outstanding | |||
Options outstanding at the beginning of the period (in shares) | 23,239,679 | ||
Granted (in shares) | 39,300 | ||
Exercised (in shares) | (895,118) | ||
Canceled (in shares) | (172,419) | ||
Options outstanding at the end of the period (in shares) | 23,239,679 | 22,211,442 | |
Weighted- Average Exercise Price | |||
Options outstanding at the beginning of the period (in dollars per share) | $ 4.67 | ||
Granted (in dollars per share) | 20.67 | ||
Exercised (in dollars per share) | 2.31 | ||
Canceled (in dollars per share) | 12.30 | ||
Options outstanding at the end of the period (in dollars per share) | $ 4.67 | $ 4.73 | |
Additional Information | |||
Weighted-Average Remaining Contractual Term (Years) | 5 years 4 months 24 days | 6 years | |
Aggregate Intrinsic Value Beginning of Period | $ 319,016 | ||
Aggregate Intrinsic Value End of Period | $ 319,016 | $ 279,685 |
Stock Option Plans - Schedule of Restricted Stock Activity (Details) - Restricted stock units |
6 Months Ended |
---|---|
Jul. 31, 2017
$ / shares
shares
| |
Number of Restricted Stock Units | |
Number of Restricted Stock Units Outstanding Beginning of Period (in shares) | shares | 21,374,022 |
Granted (in shares) | shares | 3,531,520 |
Canceled (in shares) | shares | (666,479) |
Vested and converted to shares (in shares) | shares | (41,115) |
Number of Restricted Stock Units Outstanding End of Period (in shares) | shares | 24,197,948 |
Weighted- Average Grant Date Fair Value Per Share | |
Weighted- Average Grant Date Fair Value Per Share Beginning of Period (in dollars per share) | $ / shares | $ 22.36 |
Granted (in dollars per share) | $ / shares | 16.55 |
Canceled (in dollars per share) | $ / shares | 16.43 |
Vested and converted to shares (in dollars per share) | $ / shares | 22.38 |
Weighted- Average Grant Date Fair Value Per Share End of Period (in dollars per share) | $ / shares | $ 15.25 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
|
Income Tax Disclosure [Abstract] | ||||
Tax provision | $ 801 | $ 470 | $ 1,451 | $ 970 |
Segment Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
|
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 89,828,000 | $ 64,456,000 | $ 169,424,000 | $ 120,941,000 |
Contribution margin | 65,951,000 | 44,462,000 | 121,986,000 | 81,175,000 |
Subscription | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 73,986,000 | 50,688,000 | 138,657,000 | 91,360,000 |
Contribution margin | 62,974,000 | 41,870,000 | 117,387,000 | 73,980,000 |
Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 15,842,000 | 13,768,000 | 30,767,000 | 29,581,000 |
Contribution margin | $ 2,977,000 | $ 2,592,000 | $ 4,599,000 | $ 7,195,000 |
Segment Information - Reconciliation of Segment Financial Information to Loss from Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
|||||
Segment Reporting Information [Line Items] | ||||||||
Contribution margin | $ 65,951 | $ 44,462 | $ 121,986 | $ 81,175 | ||||
Amortization of acquired intangible assets | (900) | (900) | (1,900) | (1,800) | ||||
Loss from operations | (65,685) | (38,787) | (288,025) | (82,303) | ||||
Operating Expenses | [1],[2] | 123,543 | 81,904 | 365,367 | 160,870 | |||
Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Contribution margin | 65,951 | 44,462 | 121,986 | 81,175 | ||||
Segment Reconciling Items | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Amortization of acquired intangible assets | (941) | (945) | (1,830) | (1,885) | ||||
Stock-based compensation expense | (39,451) | (5,578) | (11,241) | (230,533) | ||||
Corporate, Non-Segment | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Loss from operations | $ (91,244) | $ (76,726) | ||||||
Operating Expenses | $ (150,407) | $ (177,593) | ||||||
|
Segment Information - Narrative (Details) - Non-US - Geographic Concentration |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
Jan. 31, 2017 |
|
Total Revenue | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (as a percent) | 28.00% | 23.00% | 27.00% | 24.00% | |
Total Assets | |||||
Concentration Risk [Line Items] | |||||
Concentration risk (as a percent) | 2.00% | 3.00% |
Net Loss Per Share Attributable to Common Stockholders - Schedule of the Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2017 |
Jul. 31, 2016 |
Jul. 31, 2017 |
Jul. 31, 2016 |
|
Numerator [Abstract] | ||||
Net loss | $ (64,229) | $ (38,727) | $ (286,548) | $ (81,840) |
Denominator [Abstract] | ||||
Weighted-average shares used in computing net loss attributable to common stockholders, basic and diluted (in shares) | 134,506 | 36,257 | 87,293 | 36,090 |
Net loss per share, basic and diluted (in shares) | $ (0.48) | $ (1.07) | $ (3.28) | $ (2.27) |
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