Cloudera: Fiscal 2Q21 Financial Results

(in $ million)	2Q20	2Q21	6 mo. 20	6 mo. 21
Revenue	196.7	214.3	384.2	424.8
*Growth*		9%		*11%*
Net income (loss)	(87.0)	(36.0)	(190.2)	(94.0)

Cloudera, Inc. reported results for its second quarter of fiscal 2021, ended July 31, 2020.

Total revenue for 2FQ21 was $214.3 million, an increase of 9% as compared to 2FQ20.

Subscription revenue was $191.5 million, an increase of 17% as compared to 2FQ20. Annualized Recurring Revenue grew 12% Y/Y.

“We achieved a major milestone last month with the availability of Cloudera Data Platform (CDP) Private Cloud, advancing our Enterprise Data Cloud strategy,” said Rob Bearden, CEO. “CDP offers a powerful hybrid architecture that separates compute and storage while maintaining data context for greater agility, ease of use and more efficient infrastructure consumption. With CDP, we are participating in the fastest growing segment of the market through cloud-native services. Uniquely, we also benefit from demand for hybrid and multi-cloud solutions that allow enterprises to optimize the performance, cost and security of workloads and use cases.“

2FQ21 results
• GAAP loss from operations was $36.5 million, compared to $89.1 million for 2FQ20
• Non-GAAP income from operations was $29.8 million, compared to a non-GAAP loss from operations of $7.4 million for 2FQ20
• Operating cash flow was $32.4 million, compared to negative $33.0 million for 2FQ20
• GAAP net loss per share was $0.12 per share, compared to $0.31 per share for 2FQ20
• Non-GAAP net income per share was $0.10 per share, compared to a non-GAAP net loss per share of $0.02 per share for 2FQ20

As of July 31, 2020, the company had total cash, cash equivalents, marketable securities and restricted cash of $568.7 million.

Recent Business and Financial Highlights
• Annualized Recurring Revenue at the conclusion of 2FQ21 was $739 million, representing 12% Y/Y growth
• GAAP subscription gross margin for 2FQ21 was 85%, up from 82% in 2FQ20
• Non-GAAP subscription gross margin for 2FQ21 was 89%, up from 86% in 2FQ20
• Cloudera Data Platform (CDP) Private Cloud is now available
• CDP Public Cloud is now available on AWS Marketplace in strategic collaboration agreement with AWS
• Sarah Shin was promoted to new role of chief diversity officer

Business outlook for 3FQ21, ending October 31, 2020:
• Revenue in the range of $207 million to $210 million
• Subscription revenue in the range of $187 million to $190 million
• Non-GAAP operating income in the range of $27 million to $31 million
• Non-GAAP net income per share in the range of $0.08 to $0.10 per share
• Diluted weighted-average share count of approximately 320 million shares

Outlook for FY21, ending January 31, 2021:
• Revenue in the range of $839 million to $853 million
• Subscription revenue in the range of $755 million to $765 million
• Non-GAAP operating income in the range of $102 million to $112 million
• Non-GAAP net income per share in the range of $0.32 to $0.35
• Diluted weighted-average share count of approximately 315 million shares

The business outlook is based on the assumption that the recessionary impact of Covid-19 will continue through Cloudera’s 4FQ21 of FY21.