Cloudera Reports Second Quarter Fiscal Year 2020 Financial Results
PALO ALTO, Calif., September 6, 2019 — Cloudera, Inc., the enterprise data cloud company, reported results for its second quarter of fiscal year 2020, ended July 31, 2019. Total revenue for the second quarter was $196.7 million, and subscription revenue was $164.1 million. Annualized Recurring Revenue grew 16% year-over-year.
“We executed better in Q2, exceeding expectations on all our financial measures. Most importantly, we delivered an initial release of our cloud-native data management and analytics offering, Cloudera Data Platform. We already have a select group of customers evaluating this rich set of public cloud services, CDP Data Hub, Data Warehouse, and Machine Learning,” said Marty Cole, chairman of the board and interim chief executive officer, Cloudera. “We are focused on meeting our customers’ demands for hybrid and multi-cloud solutions that support use cases from the Edge to AI. That is the promise of CDP and the enterprise data cloud. Also, our internal metrics and pipeline generation have materially improved from Q1 levels. Together with solid execution in our second quarter, we are ‘on plan’ for achieving our objectives for this fiscal year.”
All numbers reported for prior periods are presented for Cloudera on a standalone basis since the merger with Hortonworks, Inc. closed on January 3, 2019, and, as such, there is no comparative year-over-year financial information for the combined company.
GAAP loss from operations for the second quarter of fiscal 2020 was $89.1 million, compared to a GAAP loss from operations of $29.4 million for the second quarter of fiscal 2019.
Non-GAAP loss from operations for the second quarter of fiscal 2020 was $7.4 million, compared to a non-GAAP loss from operations of $8.3 million for the second quarter of fiscal 2019.
Operating cash flow for the second quarter of fiscal 2020, which includes $13.3 million of merger-related payments, was negative $33.0 million, compared to operating cash flow of negative $23.6 million for the second quarter of fiscal 2019.
GAAP net loss per share for the second quarter of fiscal 2020 was $0.31 per share, based on weighted-average shares outstanding of 276.8 million shares, compared to a GAAP net loss per share of $0.19 per share for the second quarter of fiscal 2019, based on weighted-average shares outstanding of 149.5 million shares. See financial statement tables below for additional information regarding historical and forward-looking stock-based compensation expenses and shares outstanding.
Non-GAAP net loss per share for the second quarter of fiscal 2020 was $0.02 per share, based on weighted-average shares outstanding of 276.8 million shares, compared to a non-GAAP net loss per share of $0.05 per share for the second quarter of fiscal 2019, based on weighted-average shares outstanding of 149.5 million shares.
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, 2019, the company had total cash, cash equivalents, marketable securities and restricted cash of $508.6 million.
Recent Business and Financial Highlights
- Annualized Recurring Revenue was $681.9 million, representing 16% year-over-year growth
- Non-GAAP subscription gross margin for the quarter was 86%
- Operating cash flow was negative $33.0 million, including $13.3 million of merger-related payments
- Customers with annualized recurring revenue greater than $100,000 were 953, up 24 from the previous quarter
- Delivered the initial release of our cloud-native data management and analytics offering, Cloudera Data Platform, including Data Hub, Data Warehouse, and Machine Learning public cloud services
- Announced a new open source licensing and distribution framework, aligning Cloudera’s model with the industry standard set by Red Hat
- Entered into an agreement to acquire Arcadia Data, a provider of cloud-native AI-powered business intelligence and real-time analytics
- Expanded our strategic partnership with IBM resulting in our best historical customer bookings quarter with IBM
- Cloudera was named an Overall Leader for Analytical Data Infrastructure by Dresner Advisory Services in their 2019 Industry Excellence Awards
The outlook for the third quarter of fiscal 2020, ending October 31, 2019, is:
- Annualized Recurring Revenue in the range of $685 million to $695 million
- Total revenue in the range of $187 million to $190 million
- Subscription revenue in the range of $162 million to $164 million
- Non-GAAP net loss per share in the range of $0.08 to $0.06 per share
- Weighted-average shares outstanding of approximately 283 million shares
The outlook for fiscal 2020, ending January 31, 2020, is:
- Annualized Recurring Revenue in the range of $685 million to $720 million
- Total revenue in the range of $765 million to $775 million
- Subscription revenue in the range of $645 million to $655 million
- Operating cash flow in the range of negative $80 million to negative $65 million, including $60 million of non-recurring merger-related payments
- Non-GAAP net loss per share in the range of $0.28 to $0.24 per share
- Weighted-average shares outstanding of approximately 280 million shares
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors to discuss its second quarter of fiscal 2020 results and the outlook for its third quarter of fiscal 2020 and full year fiscal 2020 at 2:00 PM 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.
The conference call can also be accessed as follows:
- Participant Toll Free Number: +1-833-231-7247
- Participant International Number: +1-647-689-4091
- Conference ID: 8872765
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.