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Hortonworks Reports Second Quarter 2017 Revenue of $61.8 Million, Up 42 Percent Year Over Year




8.2017 (PresseBox) – Hortonworks, Inc.® (NASDAQ: HDP), a leading innovator of open and connected data platforms, today announced financial results for the second quarter of 2017.
?The second quarter of 2017 was a significant milestone for Hortonworks, as we set another record revenue target by growing revenue 42 percent year over year,? said Rob Bearden, chief executive officer and chairman of the board of directors of Hortonworks. ?The team executed very well and was focused on meeting a set of challenging goals, including significantly expanding our partnership with IBM. We have gained momentum each quarter this year by growing our footprint with existing customers and adding key new enterprise customers. We are on track for our most productive year ever.?
Second Quarter 2017 Financial Highlights
Revenue: Total GAAP revenue was $61.8 million for the second quarter of 2017, an increase of 42 percent compared to the second quarter of 2016.
Gross Profit: Total GAAP gross profit was $41.4 million for the second quarter of 2017, compared to $25.6 million for the same period last year. Non-GAAP gross profit was $43.4 million for the second quarter of 2017, compared to $27.0 million for the same period last year. GAAP gross margin was 67 percent for the second quarter of 2017, compared to 59 percent for the same period last year. Non-GAAP gross margin was 70 percent for the second quarter of 2017, compared to 62 percent for the same period last year.
Operating Loss: GAAP operating loss was $54.5 million for the second quarter of 2017, compared to $64.3 million for the same period last year. Non-GAAP operating loss was $27.0 million for the second quarter of 2017, compared to $41.6 million for the same period last year. GAAP operating margin was negative 88 percent for the second quarter of 2017, compared to negative 147 percent for the same period last year. Non-GAAP operating margin was negative 44 percent for the second quarter of 2017, compared to negative 95 percent for the same period last year.
Net Loss: GAAP net loss was $56.1 million for the second quarter of 2017, or $0.87 per basic and diluted share, compared to a GAAP net loss of $64.2 million, or $1.12 per basic and diluted share, in the second quarter of 2016. Non-GAAP net loss was $28.6 million for the second quarter of 2017, or $0.44 per basic and diluted share, compared to a non-GAAP net loss of $41.5 million, or $0.72 per basic and diluted share, for the same period last year.
Deferred Revenue: Deferred revenue was $216.2 million as of June 30, 2017, a 17 percent increase over the $185.4 million reported as of December 31, 2016 and a 64 percent increase over the $131.8 million reported as of June 30, 2016.
Cash & Investments: Cash and investments totaled $71.8 million as of June 30, 2017, compared to $89.2 million as of December 31, 2016 and $130.1 million as of June 30, 2016.
Operating Cash: Operating cash used was $11.7 million for the second quarter of 2017, compared to $14.1 million for the same period last year.  
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release.
Recent Business Highlights
Hortonworks Named a Leader in Big Data Warehouse Report by Independent Research Firm. In June, we announced that Hortonworks was among the select companies that Forrester Research, Inc. invited to participate in its June 2017 report titled The Forrester Wave?: Big Data Warehouse (BDW), Q2 2017. In this evaluation, Hortonworks was cited as a Leader. The Forrester Report noted, ?Hortonworks delivers a viable open source BDW platform. Hortonworks delivers actionable intelligence from all kinds of data-in-motion and data-at-rest. Through its open source strategy, Hortonworks continually evolves its offering by working closely with partners across the Enterprise Data Warehouse ecosystem of tools and vendors. The vendor provides a cost-effective, nimble, and scalable architecture to implement big data warehouses, whether on-premises or in the cloud. All of the technology built into the Hortonworks Data Platform (HDPTM) is an Apache open source project. Enterprises like Hortonworks? storage and compute processing, broad data ingestion, data governance, and open source support when deploying BDW.?
IBM, Hortonworks Expand Partnership to Help Businesses Accelerate Data-Driven Decision Making. In June, we announced an expansion of our relationship with IBM that is focused on extending data science and machine learning to more developers and across the Apache Hadoop ecosystem. The companies are combining HDP with IBM Data Science Experience and IBM Big SQL into new integrated solutions:
– IBM is adopting HDP for its Hadoop distribution and will integrate it with Data Science Experience and Machine Learning. As a result, this solution will combine for users the rich data security, governance and operational functionality provided by HDP, and the advanced analytics and management of the Data Science Experience. IBM will migrate existing IBM BigInsights users to HDP.
– Hortonworks will resell the IBM Data Science Experience with HDP and adopt it as its strategic data science platform, giving developers a fast on-ramp to data science capabilities, including machine learning, advanced analytics and statistics. Also, Hortonworks and IBM will create new solution bundles that integrate HDP with IBM Big SQL, IBM?s structured query language engine for Hadoop.
Hortonworks Congratulates 2017 Americas Data Heroes Award Winners. In June, we announced the winners of the 2017 Americas Data Heroes Awards. The awards recognized Hortonworks customers who significantly transformed their enterprises by leveraging connected data platforms, highlighting real business value derived from data. The winners were business leaders from TMW Systems, Inc., DHISCO, Inc., Walgreens Boots Alliance, Inc. and Yale New Haven Health System.
Hortonworks DataFlow 3.0 Simplifies Development of Streaming Analytics Applications. In June, we announced the general availability of Hortonworks DataFlow (HDFTM) 3.0, the next generation of our open source data-in-motion platform. HDF enables customers to collect, curate, analyze and act on all data in real time, across the data center and cloud. New features include Streaming Analytics Manager for simplifying the process and speeding a streaming application?s time to market, and a new shared repository of schemas which gives customers end-to-end data governance and increased operational efficiency.
Hortonworks Introduces First Unified Support Subscription Spanning Cloud and Data Center. In June, we announced Hortonworks Flex Support Subscription, a new software support subscription to provide seamless support that is transferable between cloud and on-premises deployments, allowing for simpler adoption of a connected data architecture.
Mitsubishi Fuso Selects Hortonworks To Power Real-Time Analytics. In May, we announced that Mitsubishi Fuso Truck and Bus Corporation has deployed Microsoft Azure HDInsight powered by HDP in the public cloud to power the company?s connected data architecture. 
Financial Outlook
As of August 3, 2017, Hortonworks is providing the following financial outlook for its third quarter and full year 2017:
For the third quarter of 2017, we expect:
Total GAAP revenue of $63.0 million.
GAAP operating margin between negative 95 percent and negative 90 percent, which includes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $32.0 million.
Non-GAAP operating margin between negative 43 percent and negative 39 percent, which excludes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $32.0 million.
For the full year 2017, we expect:
Total GAAP revenue of $247.0 million.
GAAP operating margin between negative 95 percent and negative 90 percent, which includes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $117.0 million.
Non-GAAP operating margin between negative 47 percent and negative 42 percent, which excludes stock-based compensation and related expenses and amortization of purchased intangibles of approximately $117.0 million.
GAAP operating margin outlook includes estimates of stock-based compensation and related expenses and amortization of purchased intangibles in future periods and assumes, among other things, the occurrence of no additional acquisitions, investments or restructuring and no further revisions to stock-based compensation and related expenses.
Second Quarter 2017 Earnings Conference Call and Webcast Details
Hortonworks will hold a conference call and webcast to discuss the Q2 2017 results, Q3 2017 and FY 2017 outlook and related matters at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on Thursday, August 3, 2017. Interested parties may access the call by dialing (877) 930-7786 in the U.S. or (253) 336-7423 from international locations. In addition, a live audio webcast of the conference call will be available on the Hortonworks Investor Relations website at http://investors.hortonworks.com.
Shortly after the conclusion of the conference call, a replay of the audio webcast will be available on the Hortonworks Investor Relations website for approximately seven days.





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