Cloudera Reports 3rd Quarter Fiscal 2021 Financial Results
SANTA CLARA, Calif., Dec. 4, 2020 — Cloudera, Inc. (NYSE: CLDR), an enterprise data cloud company, reported results for its third quarter of fiscal 2021, ended October 31, 2020. Total revenue for the third quarter was $217.9 million, an increase of 10% as compared to the third quarter of fiscal 2020. Subscription revenue was $197.4 million, an increase of 18% as compared to the third quarter of fiscal 2020. Annualized Recurring Revenue grew 12% year-over-year.
“In the third quarter, CDP Private Cloud became generally available, we announced three new upcoming cloud-native services on CDP Public Cloud, and the number of CDP Public Cloud paying customers increased by more than 40%. With CDP Private Cloud now in-market, our hybrid multi-cloud offerings can be implemented by customers and our Enterprise Data Cloud vision is nearly complete. We are beginning to see an acceleration of migrations by existing customers from legacy Cloudera and Hortonworks platforms to CDP,” said Rob Bearden, chief executive officer, Cloudera. “We believe that Cloudera has never been better-positioned to capture more of the rapidly growing data management and analytics market opportunity for hybrid multi-cloud solutions. As a result, we have announced today that the board has authorized the repurchase of an additional $500 million in shares of our stock.”
Third Quarter Fiscal 2021 Results
- GAAP loss from operations for the third quarter of fiscal 2021 was $12.3 million, compared to $82.5 million for the third quarter of fiscal 2020
- Non-GAAP income from operations for the third quarter of fiscal 2021 was $49.3 million, compared to a non-GAAP loss from operations of $8.2 million for the third quarter of fiscal 2020
- Operating cash flow for the third quarter of fiscal 2021 was $18.4 million, compared to negative $5.9 million for the third quarter of fiscal 2020
- GAAP net loss per share for the third quarter of fiscal 2021 was $0.04 per share, compared to $0.29 per share for the third quarter of fiscal 2020
- Non-GAAP net income per share for the third quarter of fiscal 2021 was $0.15 per share, compared to a non-GAAP net loss per share of $0.03 per share for the third 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 October 31, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $567.5 million.
Recent Business and Financial Highlights
- Annualized Recurring Revenue at the conclusion of the third quarter of fiscal 2021 was $756 million, representing 12% year-over-year growth
- GAAP subscription gross margin for the quarter was 87%, up from 82% in the third quarter of fiscal 2020
- Non-GAAP subscription gross margin for the quarter was 91%, up from 86% in the third quarter of fiscal 2020
- Cloudera recognized as a leader in The Forrester Wave(TM): Notebook-Based Predictive Analytics and Machine Learning, Q3 2020
- Acquired Eventador, a provider of cloud-native services for streaming analytics, to deliver more customer value for real-time analytics use cases
- Three new enterprise data cloud services designed specifically for data specialists were announced for Cloudera Data Platform (CDP): CDP Data Engineering; CDP Operational Database; and CDP Data Visualization
The outlook for the fourth quarter of fiscal 2021, ending January 31, 2021 is:
- Total revenue in the range of $219 million to $222 million
- Subscription revenue in the range of $199 million to $202 million
- Non-GAAP operating income in the range of $35 million to $40 million
- Non-GAAP net income per share in the range of $0.10 to $0.12 per share
- Diluted weighted-average share count of approximately 323 million shares
The outlook for fiscal 2021, ending January 31, 2021, is:
- Total revenue in the range of $862 million to $865 million
- Subscription revenue in the range of $775 million to $778 million
- Non-GAAP operating income in the range of $131 million to $136 million
- Non-GAAP net income per share in the range of $0.40 to $0.42 per share
- Diluted weighted-average share count of approximately 317 million shares
The business outlook is based on the assumption that the recessionary impact of the coronavirus pandemic (COVID-19) will continue at least through Cloudera’s fourth quarter fiscal 2021.
Share Repurchase Authorization
Cloudera’s board of directors has authorized the repurchase of up to an additional $500 million in shares of our common stock, through open market purchases, block trades and/or in privately negotiated transactions, pursuant to Rule 10b5-1 plans, or other repurchase mechanisms, in compliance with applicable securities laws and other legal requirements. The timing, volume and nature of any repurchases will be determined by Cloudera’s management based on their evaluation of the capital needs of the business, market conditions, applicable legal requirements and other factors. The repurchase program will be executed consistent with our capital allocation strategy, balancing investment to grow the business over the long-term and return of capital to shareholders. No time limit was set for the completion of the repurchase program, the program may be suspended or discontinued at any time and the program does not obligate Cloudera to purchase any shares. The amount of shares Cloudera has been authorized to repurchase may be increased or decreased at any time by our board of directors. The repurchase program is conditioned upon the closing of an institutional term loan, which we believe can be closed during our current fiscal quarter. Cloudera currently expects to fund the repurchase program using proceeds from this term loan, and/or with our existing cash or cash generated from operations. Cloudera’s ability to secure proceeds from and the timing of closing such an institutional term loan are subject to market conditions and other factors beyond our control.
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors to discuss its third quarter fiscal 2021 results and the outlook for its fourth quarter of fiscal 2021 and full year fiscal 2021 at 1:30 p.m. Pacific Time December 3. Participants can listen via webcast by visiting the Investor Relations section of Cloudera’s website. A replay of the webcast will be available for two weeks following the call.
The conference call can also be accessed as follows:
Participant Toll Free Number: +1-833-579-0900
Participant International Number: +1-778-560-2567
Conference ID: 2257327
At Cloudera, we believe that data can make what is impossible today, possible tomorrow. We empower people to transform complex data into clear and actionable insights. Cloudera delivers an enterprise data cloud for any data, anywhere, from the Edge to AI. Powered by the relentless innovation of the open source community, Cloudera advances digital transformation for the world’s largest enterprises. Learn more at cloudera.com.
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