Cloudera Reports First Quarter Fiscal 2021 Financial Results
PALO ALTO, Calif., June 4, 2020 — Cloudera, Inc. reported results for its first quarter of fiscal 2021, ended April 30, 2020. Total revenue for the first quarter was $210.5 million, an increase of 12% as compared to the first quarter of fiscal 2020. Subscription revenue was $187.1 million, an increase of 21% as compared to the first quarter of fiscal 2020. Annualized Recurring Revenue grew 11% year-over-year.
“We executed extremely well in Q1, particularly as the pandemic was in full effect for more than half of our fiscal quarter,” said Rob Bearden, chief executive officer, Cloudera. “We believe that remote working environments have placed heightened importance on data, data analysis and data security, which has increased the value of data architecture design and the criticality of hybrid cloud solutions. In addition, CDP Public Cloud is accomplishing exactly what we had hoped in that it has enabled a hybrid multi-cloud architecture for our customers and enhanced our value proposition with customers who plan to take advantage of public cloud infrastructure for certain types of workloads.”
First quarter Fiscal 2021 results
- GAAP loss from operations for the first quarter of fiscal 2021 was $55.8 million, compared to $103.8 million for the first quarter of fiscal 2020
- Non-GAAP income from operations for the first quarter of fiscal 2021 was $17.3 million, compared to a non-GAAP loss from operations of $34.7 million for the first quarter of fiscal 2020
- Operating cash flow for the first quarter of fiscal 2021 was $68.4 million, compared to $11.5 million for the first quarter of fiscal 2020
- GAAP net loss per share for the first quarter of fiscal 2021 was $0.20 per share, compared to $0.38 per share for the first quarter of fiscal 2020
- Non-GAAP net income per share for the first quarter of fiscal 2021 was $0.05 per share, compared to a non-GAAP net loss per share of $0.13 per share for the first 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. Unlike the prior comparable period in fiscal 2020, our non-GAAP financial measures now also exclude extraordinary non-cash real estate impairment charges. However, we did not have any such impairment charges in the first quarter of fiscal 2021. An explanation of these measures is also included below under the heading Non-GAAP Financial Measures.
As of April 30, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $518.7 million.
Recent Business and Financial Highlights
- Annualized Recurring Revenue at the conclusion of the first quarter of fiscal 2021 was $723.4 million, representing 11% year-over-year growth
- GAAP subscription gross margin for the quarter was 85%, up from 81% in the first quarter of fiscal 2020
- Non-GAAP subscription gross margin for the quarter was 88%, up from 85% in the first quarter of fiscal 2020
- Expanded our partnership with Google Cloud Platform (GCP) to integrate CDP Public Cloud with GCP and offer the joint product on GCP Marketplace
- CDP Private Cloud will debut at an upcoming virtual event, IBM and Cloudera: The Journey to Hybrid Cloud and AI, on June 11, 2020
- Introduced new MLOps features and extended SDX to machine learning models as part of our CDP Machine Learning public cloud service
- Four Cloudera channel leaders recognized as CRN 2020 Women of the Channel
The outlook for the second quarter of fiscal 2021, ending July 31, 2020, is:
- Total revenue in the range of $206 million to $209 million
- Subscription revenue in the range of $186 million to $189 million
- Non-GAAP operating income in the range of $18 million to $23 million
- Non-GAAP net income per share in the range of $0.06 to $0.07 per share
- Diluted weighted-average share count of approximately 311 million shares
The outlook for fiscal 2021, ending January 31, 2021, is:
- Total revenue in the range of $825 million to $845 million
- Subscription revenue in the range of $745 million to $755 million
- Non-GAAP operating income in the range of $85 million to $95 million
- Non-GAAP net income per share in the range of $0.26 to $0.30
- Diluted weighted-average share count of approximately 312 million shares
The business outlook is based on the assumption that the recessionary impact of the coronavirus pandemic (COVID-19) will peak in Cloudera’s second and third quarters of fiscal 2021 and moderate in the fourth quarter of our fiscal 2021.
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors to discuss its first quarter fiscal 2021 results and the outlook for its second quarter of fiscal 2021 and full year fiscal 2021 at 2:00 p.m. Pacific Time today. 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.
For the full announcement and graphics, visit https://www.cloudera.com/about/news-and-blogs/press-releases/2020-06-03-cloudera-reports-first-quarter-fiscal-year-2021-financial-results.html
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.