Hortonworks, Inc (HDP) saw its loss narrow to $54.84 million, or $0.89 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $65.75 million, or $1.26 a share. On the other hand, adjusted net loss for the quarter narrowed to $30.89 million, or $0.50 a share from a loss of $35.37 million or $0.68 a share, a year ago. Revenue during the quarter surged 35.39 percent to $55.97 million from $41.34 million in the previous year period. Gross margin for the quarter expanded 766 basis points over the previous year period to 68.10 percent.
Operating loss for the quarter was $54.40 million, compared with an operating loss of $65.30 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $30.46 million compared to operating loss of $34.92 million in prior year period.
“Our momentum in the market has continued, as we grew first quarter revenue by 35 percent compared to the first quarter of 2016,” said Rob Bearden, chief executive officer and chairman of the board of directors of Hortonworks. “We recorded solid customer wins across the food, healthcare analytics, software security, mobile gaming and financial services industries, where our connected data architecture was the platform of choice for their modern data applications and real-time computing analytics requirements.”
For the second-quarter, Hortonworks, Inc expects revenue to be $57 million. Hortonworks, Inc projects revenue to be in the range of $235 million to $240 million for financial year 2017.
Operating cash flow remains negative
Hortonworks, Inc has spent $9 million cash to meet operating activities during the quarter as against cash outgo of $35.67 million in the last year period. Cash flow from investing activities was $12.08 million for the quarter as against cash outgo of $52.59 million in the last year period.
Cash flow from financing activities was $4.23 million for the quarter, down 95.35 percent or $86.58 million, when compared with the last year period.
Cash and cash equivalents stood at $60.93 million as on Mar. 31, 2017, up 58.22 percent or $22.42 million from $38.51 million on Mar. 31, 2016.
Working capital turns negative
Working capital of Hortonworks, Inc has turned negative to $16.73 million on Mar. 31, 2017 from positive $70.59 million on Mar. 31, 2016. Current ratio was at 0.91 as on Mar. 31, 2017, down from 1.55 on Mar. 31, 2016.
Days sales outstanding went down to 98 days for the quarter compared with 131 days for the same period last year.
At the same time, days payable outstanding went down to 34 days for the quarter from 43 for the same period last year.
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