SANTA CLARA, Calif., March 10, 2021 /PRNewswire/ -- Cloudera, Inc. (NYSE: CLDR), the enterprise data cloud company, reported results for its fourth quarter and fiscal year 2021, ended January 31, 2021. Total revenue for the fourth quarter was $226.6 million, an increase of 7% as compared to the fourth quarter of fiscal 2020. Subscription revenue was $206.8 million, an increase of 14% as compared to the fourth quarter of fiscal 2020. Annualized Recurring Revenue grew 10% year-over-year.
"Cloudera Data Platform demonstrated significant momentum in the quarter," said Rob Bearden, chief executive officer, Cloudera. "Customers migrating to CDP increased from about 10% of our customer base at the time we reported Q3 to more than 15% of our customer base today. Most impressively, ARR from CDP now exceeds $60 million of total ARR. The adoption of CDP for hybrid data cloud and data lifecycle use cases is what will drive future growth and we're very happy with this progress to date."
Fourth Quarter Fiscal 2021 Results
- GAAP loss from operations for the fourth quarter of fiscal 2021 was $51.6 million, including an impairment charge of $35.8 million for right-of-use and other lease related assets, compared to $64.4 million for the fourth quarter of fiscal 2020
- Non-GAAP income from operations for the fourth quarter of fiscal 2021 was $50.5 million, compared to $11.0 million for the fourth quarter of fiscal 2020
- Operating cash flow for the fourth quarter of fiscal 2021 was $36.7 million, compared to negative $9.4 million for the fourth quarter of fiscal 2020
- GAAP net loss per share for the fourth quarter of fiscal 2021 was $0.18 per share, compared to $0.22 per share for the fourth quarter of fiscal 2020
- Non-GAAP diluted net income per share for the fourth quarter of fiscal 2021 was $0.15 per share, compared to $0.04 per share for the fourth quarter of fiscal 2020
Fiscal Year 2021 Results
- For fiscal year 2021, total revenue was $869.3 million, an increase of 9% year-over-year
- Subscription revenue for fiscal year 2021 was $782.8 million, an increase of 17% year-over-year
- GAAP loss from operations for fiscal year 2021 was $156.3 million, including an impairment charge of $35.8 million for right-of-use and other lease related assets, compared to $339.8 million for fiscal year 2020
- Non-GAAP income from operations for fiscal year 2021 was $146.8 million, compared to a non-GAAP loss from operations of $39.4 million for fiscal year 2020
- Operating cash flow for fiscal year 2021 was $155.8 million, compared to negative $36.8 million for fiscal year 2020
- GAAP net loss per share for fiscal year 2021 was $0.54 per share, compared to $1.20 per share for fiscal year 2020
- Non-GAAP diluted net income per share for fiscal year 2021 was $0.45, compared to a non-GAAP net loss per share of $0.13 for fiscal year 2020
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, 2021, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $773.0 million.
Recent Business and Financial Highlights
- Annualized Recurring Revenue at the conclusion of fiscal 2021 was $778 million, representing 10% year-over-year growth
- GAAP subscription gross margin for the quarter was 87%, up from 84% in the fourth quarter of fiscal 2020
- Non-GAAP subscription gross margin for the quarter was 91%, up from 88% in the fourth quarter of fiscal 2020
- Closed a covenant lite, $500 million senior secured term loan
- Repurchased 26 million shares of Cloudera common stock
- CDP Operational Database now available on Amazon Web Services (AWS) and Microsoft Azure
- CDP Public Cloud SOC 2 Type II Certified
- Partnered with NVIDIA to accelerate processing for enterprise data engineering and data science workflows on Cloudera Data Platform
- Launched Applied ML Prototypes, complete ML use cases with pre-built AI apps for CDP Machine Learning
- CDP Data Warehouse delivers better price performance in GigaOm benchmark testing
Business Outlook
The outlook for the first quarter of fiscal 2022, ending April 30, 2021, is:
- Total revenue in the range of $216 million to $218 million
- Subscription revenue in the range of $195 million to $197 million
- Non-GAAP operating income in the range of $28 million to $33 million
- Non-GAAP net income per share in the range of $0.07 to $0.09 per share
- Diluted weighted-average share count of approximately 303 million shares
The outlook for fiscal 2022, ending January 31, 2022, is:
- Total revenue in the range of $907 million to $927 million
- Subscription revenue in the range of $822 million to $832 million
- Non-GAAP operating income in the range of $137 million to $147 million
- Non-GAAP net income per share in the range of $0.35 to $0.39 per share
- Diluted weighted-average share count of approximately 308 million shares
The business outlook is based on the assumption that the recessionary impact of the coronavirus pandemic (COVID-19) will continue at least through Cloudera's first quarter fiscal 2022.
Conference Call and Webcast Information
Cloudera is hosting a conference call for analysts and investors to discuss its fourth quarter fiscal 2021 results and the outlook for its first quarter of fiscal 2022 and full year fiscal 2022 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.
The conference call can also be accessed as follows:
- Participant Toll Free Number: +1-833-579-0900
- Participant International Number: +1-778-560-2567
- Conference ID: 7339087
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.
Connect with Cloudera
About Cloudera: https://www.cloudera.com/about.html
Read our VISION blog: https://blog.cloudera.com and Engineering blog: https://blog.cloudera.com
Follow us on Twitter: https://twitter.com/cloudera and LinkedIn: https://www.linkedin.com/company/cloudera
Visit us on Facebook: https://www.facebook.com/cloudera
See us on YouTube: https://www.youtube.com/user/clouderahadoop
Join the Cloudera Community: https://community.cloudera.com
Read about our customers' successes: https://www.cloudera.com/customers.html
Cloudera and associated marks are trademarks or registered trademarks of Cloudera, Inc. All other company and product names may be trademarks of their respective owners.
Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this press release address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets, including our "Business Outlook" for our first quarter of fiscal 2022 and our full year fiscal 2022 operating results. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including global economic conditions, competitive pressures and pricing declines, intellectual property infringement claims, the impact of and uncertainties related to COVID-19, and other risks or uncertainties that are described under the caption "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), and in our other SEC filings. You can obtain copies of our SEC filings on the SEC's website at www.sec.gov. Additionally, these forward-looking statements, particularly our guidance, involve risk, uncertainties and assumptions, including those related to the impact of COVID-19 on our business and global economic conditions. Many of these assumptions relate to matters that are beyond our control and changing rapidly, including, but not limited to, the timeframes for and severity of the impact of COVID-19 on our customers' purchasing decisions and the length of our sales cycles, particularly for customers in certain industries highly affected by COVID-19. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
We report all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). To supplement our unaudited and audited condensed consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures of financial performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the results of our operations as determined in accordance with GAAP. The non-GAAP financial measures used by us include non-GAAP cost of revenue-subscription, non-GAAP cost of revenue-services, non-GAAP subscription gross margin, non-GAAP services gross margin, non-GAAP gross margin, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating margin, and historical and forward-looking non-GAAP income/loss from operations, non-GAAP net income/loss, and non-GAAP net income/loss per share. These non-GAAP financial measures exclude stock-based compensation, amortization of acquired intangible assets, extraordinary non-cash real estate impairment charges, and acquisition and disposition-related expenses (if any) from our unaudited and audited condensed consolidated statement of operations.
For a description of these items, including the reasons why management adjusts for them, and reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying financial statement tables titled "Use of Non-GAAP Financial Information" as well as the related financial statement tables that precede it. We may consider whether other significant non-recurring items that arise in the future should also be excluded in calculating the non-GAAP financial measures we use.
We believe that these non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our core business, operating results or future outlook. Management uses, and believes that investors benefit from referring to, these non-GAAP financial measures in assessing our operating results, as well as when planning, forecasting and analyzing future periods. We use these non-GAAP financial measures in conjunction with traditional GAAP measures to communicate with our board of directors concerning our financial performance. These non-GAAP financial measures also facilitate comparisons of our performance to prior periods.
Annualized Recurring Revenue
Annualized Recurring Revenue ("ARR") is a performance metric, which we use to assess the health and trajectory of our business. ARR equals the annualized value of recurring subscription contracts with active entitlements as of the end of the period. ARR does not reflect non-recurring partner revenue, subscription revenue with certain related parties, custom engineering, remote operation and management services, or premium add-on support.
CDP ARR is comprised of CDP Public Cloud SKUs, annualized based on quarterly consumption revenue, CDP Private Cloud SKUs, calculated based on the annualized value of recurring subscription agreements with active entitlements as of quarter-end, and legacy SKUs that are otherwise contractually entitled to run CDP.
