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Hortonworks Reports Financial Results For Third Quarter 2015

The following excerpt is from the company's SEC filing.

Hortonworks, Inc.

(NASDAQ: HDP), the leader in Open Enterprise Hadoop, today announced financial results for the third quarter 2015.

We are pleased with our third quarter performance which was highlighted by support subscription revenue growth of 168% year-over-year and solid customer momentum with the addition of 152 new support subscription logos, said Rob Bearden, chief executive officer and chairman of the board of directors of Hortonworks. As leading enterprise organizations continue to deploy the Hortonworks Data Platform in production at scale, as evidenced by our 156% dollar-based net expansion rate over the trailing four quarters, we are excited to serve as their trusted IT partner during this transformational period in the data management industry.

Third quarter 2015 financial highlights:

Revenue:

Total GAAP revenue was $33.1 million for the third quarter of 2015, an increase of 159 percent compared to the third quarter of 2014.

Gross Billings:

Gross billings were $43.8 million for the third quarter of 2015, a 104 percent increase over the $21.5 million in the same period last year.

Gross Profit:

Total GAAP gross profit was $18.3 million for the third quarter of 2015, compared to gross profit of $3.2 million in the same period last year. Non-GAAP gross profit for the third quarter of 2015 was $19.1 million compared to $3.4 million in the third quarter of 2014. Non-GAAP gross margin was 58 percent for the third quarter 2015, compared to 26 percent during the same period last year.

Operating Loss:

GAAP operating loss for the third quarter totaled $44.4 million, compared to a loss of $37.4 million during the third quarter last year. Non-GAAP operating loss for the third quarter was $32.5 million, compared to a loss of $31.1 million for the same period last year.

Net Loss:

GAAP net loss for the third quarter was $44.5 million or $1.01 per basic and diluted share, compared to a net loss of $39.5 million or $8.98 per basic and diluted share in the third quarter of 2014. Non-GAAP net loss for the third quarter of 2015 was $32.5 million or $0.74 per basic and diluted share, compared to a net loss of $30.9 million or $7.02 per basic and diluted share in the same period last year.

Adjusted EBITDA:

Adjusted EBITDA for the third quarter of 2015 resulted in a loss of $20.7 million, compared to a loss of $22.0 million for the third quarter of 2014.

Deferred Revenue:

Deferred revenue was $90.1 million, an 89 percent increase over the $47.7 million reported as of September 30, 2014 and a 43 percent increase over the $62.9 million reported as of December 31, 2014.

Cash & Investments:

As of September 30, 2015, Hortonworks had cash and investments of $116.3 million, compared to $204.5 million as of December 31, 2014.

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 DataFlow.

In August, Hortonworks announced it acquired Onyara, Inc., the creator of and key contributor to Apache NiFi, a top-level open source project. This acquisition will make it easy for customers to automate and secure data flows and to collect, conduct and curate real-time business insights and actions derived from data-in-motion. As a result of the acquisition of Onyara, Hortonworks introduced Hortonworks DataFlow (HDF) powered by Apache NiFi which is complementary to the industrys leading Open Enterprise Hadoop platform, Hortonworks Data Platform (HDP). The combination of these two platforms enables Internet-of-Anything (IoAT) applications with two way connections and security from the edge to the datacenter.

OpenSOC.

In September, Hortonworks announced it partnered with ManTech and B23 to foster a vibrant open community to accelerate the development of OpenSOC, an open source cyber security analytic platform that was co-developed by engineers at Cisco and Hortonworks and built to rapidly detect and respond to advanced security threats. Additionally, James Sirota, the lead architect for OpenSOC, joined Hortonworks to head the security solutions effort.

In September, ODPi, a nonprofit organization accelerating the delivery of Big Data solutions powering a well-defined platform called ODPi Core, announced new members (bringing the total to 27), technical milestone achievements, its formal governance structure and that it will be hosted at The Linux Foundation as a Collaborative Project. Originally launched as the Open Data Platform (ODP) in February 2015, membership investments have nearly doubled since then as the Hadoop community rallies around the ODPi Core which currently consists of Apache Hadoop (inclusive of HDFS, YARN and MapReduce) and Apache Ambari.

LHP Telematics.

In October, Hortonworks announced LHP Telematics (LHPT), an industry leader in creating custom telematics solutions for both the heavy equipment OEM marketplace and aftermarket construction fleets, is using HDP to turn data into actionable insights for the Metro Transit of St. Louis (MTL). By using HDP, LHPT helps keep MTL buses operating safely and reliably, serving the greater St. Louis region all year round.

In August, Hortonworks and Ernst & Young LLP (EY) announced a strategic business relationship to provide new data management offerings that leverage and extend HDP together with EYs data and information management services. EY has built expertise and solutions around Hadoop to help data-driven organizations leverage newly available structured and unstructured data to gain better insight, increase operational efficiency, improve profitability and reduce costs with the goal of obtaining a competitive edge in the marketplace. Additionally, EY became a Platinum Level partner in the Hortonworks System Integrator program.

Neustar.

In September, Hortonworks and Neustar announced a co-development and collaboration effort to further the IoAT relating to device registry, security, policy management and enforcement. The results from this collaboration will be contributed to the open source Apache community in order to accelerate mass adoption of IoAT devices and technology.

In August, Hortonworks and NEC Corporation agreed to partner in the field of distributed...


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