Cloudera Reports Fourth Quarter Fiscal Year 2020 Financial Results

PALO ALTO, Calif., March 11, 2020 — Cloudera, Inc., the enterprise data cloud company, reported results for its fourth quarter and fiscal year 2020, ended January 31, 2020. Total revenue for the fourth quarter was $211.7 million, and subscription revenue was $182.0 million. Annualized Recurring Revenue grew 11% year-over-year.

“We continue to execute well, delivering another strong quarter in Q4 on financial and operational metrics. I am especially pleased that we’re seeing strong interest in CDP, with many customers across our base building plans for CDP Public Cloud adoption,” said Rob Bearden, chief executive officer, Cloudera. “In fiscal 2020, we finished the hard work of merger integration and completely re-positioned the company for long-term success. I could not be more enthusiastic about the set-up for Cloudera as we enter the next phase of the market’s evolution, helping our customers realize true hybrid and multi-cloud data solutions. We believe the opportunity for Cloudera has never been bigger and, with CDP Private Cloud expected in Q2, we believe it expands even further. Also, consistent with guidance, we plan to generate substantial non-GAAP operating income and cash flow in fiscal 2021.”

Except where noted, all prior period amounts include the results of Hortonworks beginning January 3, 2019, the date the Company merged with Hortonworks.

GAAP loss from operations for the fourth quarter of fiscal 2020 was $64.4 million, compared to a GAAP loss from operations of $87.0 million for the fourth quarter of fiscal 2019.

Non-GAAP income from operations for the fourth quarter of fiscal 2020 was $11.0 million, compared to a non-GAAP loss from operations of $30.2 million for the fourth quarter of fiscal 2019.

Operating cash flow for the fourth quarter of fiscal 2020 was negative $9.4 million, which includes $16.1 million of merger-related payments, compared to operating cash flow of $40.2 million for the fourth quarter of fiscal 2019.

GAAP net loss per share for the fourth quarter of fiscal 2020 was $0.22, compared to a GAAP net loss per share of $0.45 for the fourth quarter of fiscal 2019.

Non-GAAP net income per share for the fourth quarter of fiscal 2020 was $0.04, compared to a non-GAAP net loss per share of $0.15 for the fourth quarter of fiscal 2019.

For fiscal year 2020, total revenue was $794.2 million and subscription revenue was $667.8 million.

GAAP loss from operations for fiscal year 2020 was $339.8 million, compared to a GAAP loss from operations of $193.8 million for fiscal year 2019.

Non-GAAP loss from operations for fiscal year 2020 was $39.4 million, compared to a non-GAAP loss from operations of $67.3 million for fiscal year 2019.

Operating cash flow for fiscal year 2020 was negative $36.8 million, which includes $60.5 million of merger-related payments, compared to operating cash flow of $34.3 million for fiscal year 2019.

GAAP net loss per share for fiscal year 2020 was $1.20, compared to a GAAP net loss per share of $1.21 for fiscal year 2019.

Non-GAAP net loss per share for fiscal year 2020 was $0.13, compared to a non-GAAP net loss per share of $0.41 for fiscal year 2019.

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, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $486.5 million.

Recent Business and Financial Highlights

• Annualized Recurring Revenue at the conclusion of the quarter was $731.2 million, representing 11% year-over-year growth
• GAAP subscription gross margin for the quarter was 84%
• Non-GAAP subscription gross margin for the quarter was 88%
• Non-GAAP income from operations for the quarter was $11.0 million, including $7.0 million of merger-related spending
• Customers with Annualized Recurring Revenue greater than $100,000 were 1004, up 27 from the prior quarter
• Cloudera’s board of directors authorized the repurchase of up to $100 million of Cloudera common stock
• Cloudera appointed Robert Bearden as president and chief executive officer. An experienced enterprise software executive and open source software luminary, he has served on Cloudera’s board of directors since the merger of Cloudera and Hortonworks
• Cloudera Data Platform debuted on Microsoft Azure Marketplace
• Introduced the first Apache NiFi and Apache Kafka public cloud services on CDP, Flow Management and Streams Messaging on Data Hub
• Introduced the initial release of Cloudera Streaming Analytics, powered by Apache Flink, expanding the Cloudera data lifecycle capabilities with real-time streaming analytics

Share Repurchase Authorization

Cloudera’s board of directors has authorized the repurchase of up to $100 million of Cloudera’s common stock, through open market purchases, block trades and/or in privately negotiated transactions or pursuant to Rule 10b5-1 plans, 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 its evaluation of the capital needs of the business, market conditions, applicable legal requirements and other factors. No time limit was set for the completion of the repurchase program, and the program may be suspended or discontinued at any time. Cloudera currently expects to fund the repurchase program using Cloudera’s cash balance.

Business Outlook

The outlook for the first quarter of fiscal 2021, ending April 30, 2020, is:

• Total revenue in the range of $202 million to $207 million
• Subscription revenue in the range of $180 million to $183 million
• Non-GAAP operating loss/income in the range of negative $3 million to positive $2 million
• Non-GAAP net loss/income per share in the range of negative $0.01 to positive $0.01
• Basic and diluted weighted-average share counts of approximately 302 million and 314 million shares, respectively

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

• Total revenue in the range of $860 million to $880 million
• Subscription revenue in the range of $750 million to $760 million
• Non-GAAP operating income in the range of $82 million to $92 million
• Non-GAAP net income per share in the range of $0.25 to $0.29
• Diluted weighted-average share count of approximately 322 million shares

About Cloudera

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.

Source: Cloudera