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Hortonworks Reports Financial Results for First Quarter 2016

SANTA CLARA, Calif., May 4, 2016 /PRNewswire/ -- Hortonworks, Inc. [® ] HDP, +2.49% a leading innovator of open and connected data platforms, today announced financial results for the first quarter 2016.

"We are pleased with our first quarter performance that was highlighted by an acceleration of support subscription billings, which grew 122% year-over-year," said Rob Bearden, chief executive officer and chairman of the board of directors of Hortonworks. "As our enterprise customers realize transformative business insights from new use cases that are made possible by our Connected Data Platforms, we look forward to making even greater value-added contributions in 2016."

First Quarter 2016 Financial Highlights

  • Revenue: Total GAAP revenue was $41.3 million for the first quarter of 2016, an increase of 85 percent compared to the first quarter of 2015.
  • Gross Billings: Gross billings were $53.7 million for the first quarter of 2016, a 91 percent increase over gross billings of $28.1 million in the same period last year.
  • Gross Profit: Total GAAP gross profit was $25.0 million for the first quarter of 2016, compared to gross profit of $10.9 million in the same period last year. Non-GAAP gross profit for the first quarter of 2016 was $26.3 million compared to $11.1 million in the first quarter of 2015. Non-GAAP gross margin was 64 percent for the first quarter of 2016, compared to 50 percent during the same period last year.
  • Operating Loss: GAAP operating loss for the first quarter of 2016 totaled $65.3 million, compared to a loss of $40.9 million during the first quarter last year. Non-GAAP operating loss for the first quarter of 2016 was $34.9 million, compared to a loss of $32.8 million for the same period last year.
  • Net Loss: GAAP net loss for the first quarter of 2016 was $65.8 million, or $1.26 per basic and diluted share, compared to a net loss of $40.6 million, or $0.98 per basic and diluted share, in the first quarter of 2015. Non-GAAP net loss for the first quarter of 2016 was $35.4 million, or $0.68 per basic and diluted share, compared to a net loss of $32.4 million, or $0.78 per basic and diluted share, in the same period last year.
  • Adjusted EBITDA: Adjusted EBITDA for the first quarter of 2016 resulted in a loss of $21.1 million, compared to a loss of $26.1 million for the first quarter of 2015.
  • Deferred Revenue: Deferred revenue was $119.1 million for the first quarter of 2016, a 12 percent increase over the $106.8 million reported as of December 31, 2015 and a 73 percent increase over the $68.7 million reported as of March 31, 2015.
  • Cash & Investments: As of March 31, 2016, Hortonworks had cash and investments of $149.0 million, compared to $96.9 million as of December 31, 2015 and $170.6 million as of March 31, 2015.

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

  • Arizona State University. In April 2016, Hortonworks announced that Arizona State University (ASU) is using Hortonworks Data Platform (HDP®) to further cancer research. With HDP, ASU researchers have the tools they need to store, process, and query more data at a faster pace, allowing researchers to ask better questions and uncover new links between genetics and cancer.
  • Expanded Relationship with Pivotal. In April 2016, Hortonworks and Pivotal Software, Inc. (Pivotal) announced a significant expansion of their strategic relationship centered on the HDP and Pivotal HDB [®] . This strategic relationship brings together Hortonworks' expertise and support for data management and processing with Pivotal's top analytics engine for Apache [®] Hadoop [TM] . Pivotal will standardize on Pivotal HDP, support subscription software that is 100% identical to HDP, and Hortonworks will offer professional customer support and professional implementation services for Hortonworks HDB powered by Apache HAWQ, support subscription software that is 100% identical to Pivotal HDB.
  • Expanded Partnership with Syncsort. In April 2016, Hortonworks announced a new partnership with Syncsort Incorporated (Syncsort) to deliver an integrated process to help customers quickly and efficiently bring legacy data onto HDP. Hortonworks will resell Syncsort's DMX-h for onboarding ETL processing in Hadoop.
  • Key HDP Updates. In April 2016, Hortonworks announced several key updates to HDP including integration of Apache Ranger for comprehensive security and Apache Atlas for trusted governance, Cloudbreak 1.2 for automated provisioning for Hadoop in any cloud, Apache Ambari for simplifying cluster operations and Apache Zeppelin data science visualization.
  • Apache Metron. In April 2016, Hortonworks announced it is accelerating cybersecurity with Apache Metron. Metron is an incubating open source Apache project dedicated to providing an extensible and scalable advanced security analytics platform to detect and mitigate security risks in real time.
  • HDF 1.2. In March 2016, Hortonworks announced new streaming analytics capabilities in Hortonworks DataFlow (HDF™) version 1.2, starting with support for Apache Kafka and Apache Storm. With expanded streaming analytics capabilities in HDF, customers can accelerate the value of Big Data initiatives by transforming development time from months to minutes.
  • Centrica. In March 2016, Hortonworks announced that Centrica plc (Centrica), the world's leading energy and services company and home of brands such as British Gas, had chosen HDP and HDF to power its data analytics and simplify the estate of its IT portfolio. With Hortonworks Connected Data Platforms, Centrica has been able to successfully transform its organization into a fully functional data-driven business, enabling the business community to explore information that will bring value to customers and end-users.
  • Customer Momentum in Canada. In March 2016, Hortonworks celebrated strong business momentum in Canada with significant customer wins, increased partnerships and growth in Hortonworks' presence in Canada. A number of leading Canadian organizations, including Royal Bank of Canada Inc., TELUS Corporation and Opta Information Intelligence Inc. recognized Hortonworks' extensive industry experience and chose Hortonworks as a central partner in their Big Data initiatives.
  • HDP 2.4 and New Distribution Strategy. In March 2016, Hortonworks announced a new distribution strategy and new product advancements for HDP. Beginning with the new HDP 2.4 and moving forward, Hortonworks' distribution strategy for HDP will consist of two different release cadences: Core Apache Hadoop components will be updated annually and aligned with the ODPi consortium, and Extended Services which run on top of the Core will be logically grouped together and released continually throughout the year to match the pace of innovation occurring within each project team in the community. HDP 2.4 features the general availability of Apache Spark 1.6, Apache Ambari 2.2 and SmartSense [TM] 1.2.
  • Partnership with Hewlett Packard Enterprise to Accelerate Apache Spark. In March 2016, Hortonworks and Hewlett Packard Labs, the central research organization of Hewlett Packard Enterprise announced a new collaboration to enhance Apache Spark. The collaboration will center on an entirely new class of analytic workloads that benefit from large pools of shared memory.
  • Precision Medicine Initiative. In February 2016, Hortonworks announced its commitment to the White House's Precision Medicine Initiative, a bold new research effort to revolutionize how the United States improves health and treats disease. Hortonworks pledged to assist researchers and research organizations in using Big Data to address the challenges and opportunities of precision medicine.

Financial Outlook

As of May 4, 2016, Hortonworks is providing the following non-GAAP financial outlook for its second quarter and full year 2016:

For the second quarter of 2016, we expect:

  • Total non-GAAP revenue to be $45.0 million.
  • Gross billings to be $62.5 million.
  • Adjusted EBITDA resulting in a loss of $18.0 million.

For the full year 2016, we expect:

  • Total non-GAAP revenue to be $190.0 million.
  • Gross billings to be $265.0 million.
  • Adjusted EBITDA resulting in a loss of $52.0 million.

First Quarter Earnings Conference Call and Webcast Details

Hortonworks will hold a conference call and...


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