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Cloudera Profit Tops Expectations

September 4, 2020

Cloudera reported results for its second quarter of fiscal 2021, ended July 31, 2020. Total revenue for the second quarter was $214.3 million, an increase of 9% as compared to the second quarter of fiscal 2020. Subscription revenue was $191.5 million, an increase of 17% as compared to the second quarter of fiscal 2020. Annualized Recurring Revenue grew 12% year-over-year.

The firm had a profit of $0.10 per share besting expectations by three cents.

"We achieved a major milestone last month with the general availability of Cloudera Data Platform Private Cloud, significantly advancing our Enterprise Data Cloud strategy," said Rob Bearden, chief executive officer, Cloudera. "CDP offers a powerful hybrid architecture that separates compute and storage while maintaining data context for greater agility, ease of use and more efficient infrastructure consumption. With CDP, we are participating in the fastest growing segment of the market through cloud-native services. Uniquely, we also benefit from demand for hybrid and multi-cloud solutions that allow enterprises to optimize the performance, cost and security of workloads and use cases."

Second quarter Fiscal 2021 results

  • GAAP loss from operations for the second quarter of fiscal 2021 was $36.5 million, compared to $89.1 million for the second quarter of fiscal 2020
  • Non-GAAP income from operations for the second quarter of fiscal 2021 was $29.8 million, compared to a non-GAAP loss from operations of $7.4 million for the second quarter of fiscal 2020
  • Operating cash flow for the second quarter of fiscal 2021 was $32.4 million, compared to negative $33.0 million for the second quarter of fiscal 2020
  • GAAP net loss per share for the second quarter of fiscal 2021 was $0.12 per share, compared to $0.31 per share for the second quarter of fiscal 2020
  • Non-GAAP net income per share for the second quarter of fiscal 2021 was $0.10 per share, compared to a non-GAAP net loss per share of $0.02 per share for the second quarter of fiscal 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 July 31, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $568.7 million.

Recent Business and Financial Highlights

  • Annualized Recurring Revenue at the conclusion of the second quarter of fiscal 2021 was $739 million, representing 12% year-over-year growth
  • GAAP subscription gross margin for the quarter was 85%, up from 82% in the second quarter of fiscal 2020
  • Non-GAAP subscription gross margin for the quarter was 89%, up from 86% in the second quarter of fiscal 2020
  • Cloudera Data Platform (CDP) Private Cloud is now generally available
  • CDP Public Cloud is now available on AWS Marketplace in strategic collaboration agreement with AWS
  • Sarah Shin was promoted to new role of Chief Diversity Officer

Business Outlook

The outlook for the third quarter of fiscal 2021, ending October 31, 2020, is:

  • Total revenue in the range of $207 million to $210 million
  • Subscription revenue in the range of $187 million to $190 million
  • Non-GAAP operating income in the range of $27 million to $31 million
  • Non-GAAP net income per share in the range of $0.08 to $0.10 per share
  • Diluted weighted-average share count of approximately 320 million shares

The outlook for fiscal 2021, ending January 31, 2021, is:

  • Total revenue in the range of $839 million to $853 million
  • Subscription revenue in the range of $755 million to $765 million
  • Non-GAAP operating income in the range of $102 million to $112 million
  • Non-GAAP net income per share in the range of $0.32 to $0.35
  • Diluted weighted-average share count of approximately 315 million shares

The business outlook is based on the assumption that the recessionary impact of the coronavirus pandemic (COVID-19) will continue through Cloudera's fourth quarter of our fiscal 2021.

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