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Cloudera Beats Street

March 11, 2021

Cloudera reported results for its fourth quarter and fiscal year 2021, ended January 31, 2021. Total revenue for the fourth quarter was $226.6 million, an increase of 7% as compared to the fourth quarter of fiscal 2020. Subscription revenue was $206.8 million, an increase of 14% as compared to the fourth quarter of fiscal 2020. Annualized Recurring Revenue grew 10% year-over-year.

The firm had Q4 Non-GAAP EPS of $0.15 which topped expectations by $0.04. Cloudera's revenue of $226.56M was $5.13M greater the consensus estimate.

"Cloudera Data Platform demonstrated significant momentum in the quarter," said Rob Bearden, chief executive officer, Cloudera. "Customers migrating to CDP increased from about 10% of our customer base at the time we reported Q3 to more than 15% of our customer base today. Most impressively, ARR from CDP now exceeds $60 million of total ARR. The adoption of CDP for hybrid data cloud and data lifecycle use cases is what will drive future growth and we're very happy with this progress to date."

Fourth Quarter Fiscal 2021 Results

  • GAAP loss from operations for the fourth quarter of fiscal 2021 was $51.6 million, including an impairment charge of $35.8 million for right-of-use and other lease related assets, compared to $64.4 million for the fourth quarter of fiscal 2020
  • Non-GAAP income from operations for the fourth quarter of fiscal 2021 was $50.5 million, compared to $11.0 million for the fourth quarter of fiscal 2020
  • Operating cash flow for the fourth quarter of fiscal 2021 was $36.7 million, compared to negative $9.4 million for the fourth quarter of fiscal 2020
  • GAAP net loss per share for the fourth quarter of fiscal 2021 was $0.18 per share, compared to $0.22 per share for the fourth quarter of fiscal 2020
  • Non-GAAP diluted net income per share for the fourth quarter of fiscal 2021 was $0.15 per share, compared to $0.04 per share for the fourth quarter of fiscal 2020

Fiscal Year 2021 Results

  • For fiscal year 2021, total revenue was $869.3 million, an increase of 9% year-over-year
  • Subscription revenue for fiscal year 2021 was $782.8 million, an increase of 17% year-over-year
  • GAAP loss from operations for fiscal year 2021 was $156.3 million, including an impairment charge of $35.8 million for right-of-use and other lease related assets, compared to $339.8 million for fiscal year 2020
  • Non-GAAP income from operations for fiscal year 2021 was $146.8 million, compared to a non-GAAP loss from operations of $39.4 million for fiscal year 2020
  • Operating cash flow for fiscal year 2021 was $155.8 million, compared to negative $36.8 million for fiscal year 2020
  • GAAP net loss per share for fiscal year 2021 was $0.54 per share, compared to $1.20 per share for fiscal year 2020
  • Non-GAAP diluted net income per share for fiscal year 2021 was $0.45, compared to a non-GAAP net loss per share of $0.13 for fiscal year 2020

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading Non-GAAP Financial Measures.

As of January 31, 2021, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $773.0 million.

Recent Business and Financial Highlights

  • Annualized Recurring Revenue at the conclusion of fiscal 2021 was $778 million, representing 10% year-over-year growth
  • GAAP subscription gross margin for the quarter was 87%, up from 84% in the fourth quarter of fiscal 2020
  • Non-GAAP subscription gross margin for the quarter was 91%, up from 88% in the fourth quarter of fiscal 2020
  • Closed a covenant lite, $500 million senior secured term loan
  • Repurchased 26 million shares of Cloudera common stock
  • CDP Operational Database now available on Amazon Web Services (AWS) and Microsoft Azure
  • CDP Public Cloud SOC 2 Type II Certified
  • Partnered with NVIDIA to accelerate processing for enterprise data engineering and data science workflows on Cloudera Data Platform
  • Launched Applied ML Prototypes, complete ML use cases with pre-built AI apps for CDP Machine Learning
  • CDP Data Warehouse delivers better price performance in GigaOm benchmark testing

Business Outlook

The outlook for the first quarter of fiscal 2022, ending April 30, 2021, is:

  • Total revenue in the range of $216 million to $218 million
  • Subscription revenue in the range of $195 million to $197 million
  • Non-GAAP operating income in the range of $28 million to $33 million
  • Non-GAAP net income per share in the range of $0.07 to $0.09 per share
  • Diluted weighted-average share count of approximately 303 million shares

The outlook for fiscal 2022, ending January 31, 2022, is:

  • Total revenue in the range of $907 million to $927 million
  • Subscription revenue in the range of $822 million to $832 million
  • Non-GAAP operating income in the range of $137 million to $147 million
  • Non-GAAP net income per share in the range of $0.35 to $0.39 per share
  • Diluted weighted-average share count of approximately 308 million shares

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