Cloudera: Fiscal 1Q20 Financial Results

Cloudera, Inc. reported results for its first quarter of fiscal year 2020 ended April 30, 2019.

Total revenue for the quarter was $187.5 million, and subscription revenue was $154.8 million.

Annualized recurring revenue grew 21% year-over-year.

“We continue to make substantial progress toward our goal of delivering the industry’s first enterprise data cloud, designed for powerful analytics across hybrid and multi-cloud environments with common security and governance,” said Tom Reilly, CEO. “Our enterprise customers are excited about extending their analytic workloads to the public cloud through Cloudera Data Platform, which will be available this summer. While some customers in the first quarter elected to postpone renewal and expansion of their agreements in anticipation of the new platform’s release, affecting our full year outlook, this customer feedback and enthusiasm validates demand for enterprise data cloud solutions in our target market. Customers are benefiting from our offerings today, solving complex data management and analytic use cases spanning the Edge to AI, and we look forward to helping them accelerate their journey to the cloud with Cloudera Data Platform.”

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.

1FQ20 financial results:

• GAAP loss from operations was $103.8 million, compared to GAAP loss from operations of $51.7 million for 1FQ19.
• Non-GAAP loss from operations was $34.7 million, compared to a non-GAAP loss from operations of $25.7 million for 1FQ19.
• Operating cash flow, which includes $25.0 million of merger-related payments, was $11.5 million, compared to operating cash flow of $24.4 million for 1FQ19.
• GAAP net loss per share was $0.38 per share, based on weighted-average shares outstanding of 271.4 million shares, compared to a GAAP net loss per share of $0.36 per share for 1FQ19, based on weighted-average shares outstanding of 146.7 million shares.
• Non-GAAP net loss per share was $0.13 per share, based on weighted-average shares outstanding of 271.4 million shares, compared to a non-GAAP net loss per share of $0.18 per share for 1FQ19, based on weighted-average shares outstanding of 146.7 million shares.

As of April 30, 2019, the company had total cash, cash equivalents, marketable securities and restricted cash of $547.5 million.

1FQ20 highlights:
• Annualized recurring revenue was $672.0 million, representing 21% Y/Yr growth
• Non-GAAP subscription gross margin for the quarter was 85%
• Operating cash flow was $11.5 million, including $25.0 million of merger-related payments
• Customers with annualized recurring revenue greater than $100,000 were 929
• Expanded partnership with IBM to include all Cloudera product offerings and to add services
• Brought to market two new products: Cloudera Edge Management, an edge management solution for IoT and streaming data, and Cloudera Flow Management, a no-code, high-scale data ingestion, and management solution

Business outlook or 2FQ20
• Total revenue in the range of $180 million to $183 million
• Subscription revenue in the range of $155 million to $157 million
• Non-GAAP net loss per share in the range of $0.11 to $0.08 per share
• Weighted-average shares outstanding of approximately 274 million shares

The outlook for FY20, ending January 31, 2020:
• Annualized recurring revenue growth of 0% to 10%
• Total revenue in the range of $745 million to $765 million and subscription revenue between $635 million to $645 million.
• Subscription revenue in the range of $635 million to $645 million
• Operating cash flow in the range of negative $95 million to negative $75 million, including $59 million of non-recurring merger-related payments
• Non-GAAP net loss per share in the range of $0.32 to $0.28 per share
• Weighted-average shares outstanding of approximately 280 million shares