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Cloudera's (CLDR) Q4 Earnings and Revenues Increase Y/Y

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·4 min read
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Cloudera CLDR reported fourth-quarter fiscal 2021 adjusted earnings of 15 cents per share, which beat the Zacks Consensus Estimate by 36.4%. The figure increased 275% year over year. The upside was mainly driven by steady revenue growth and efficient cost management.

Revenues of $226.6 million beat the consensus mark by 2.49% and increased 7% year over year. The uptick can be attributed to rapid adoption of its cloud-based products and services.

The company reported better-than-guided fourth-quarter fiscal 2021 results. Annualized recurring revenues (ARR) at the end of fiscal 2021 was $778 million, up 10% year over year.

Similar to its Zacks Internet-Software industry peers like Anaplan PLAN, Nice NICE and Workday WDAY, Cloudera benefited from subscription-based business model. Subscription revenues (91.3% of revenues) rose 13.7% year over year to $206.8 million, benefiting from rapid adoption of its cloud-based products and services.

Anaplan’s fourth-quarter fiscal 2021 subscription revenues (91.9% of total revenues) rallied 25.7% year over year to $112.6 million. NICE’s fourth-quarter 2020 cloud revenues (50.4% of revenues) rose 31.2% year over year to $219 million. Workday reported fourth-quarter fiscal 2021 subscription revenues (88.9% of total revenues) of $1.01 billion, up 19.8% year over year.

Cloudera has outperformed Nice, Anaplan, Workday and the industry on a year-to-date basis.

Year to Date Performance

Quarter Details

Cloudera’s services (8.7% of revenues) declined 33.6% year over year to $19.8 million, mainly due to coronavirus-led business disruption globally.

In the reported quarter, non-GAAP gross margin expanded 610 basis points (bps) on a year-over-year basis to 85%. Non-GAAP subscription gross margin expanded 270 bps year over year to 90.6%. Meanwhile, non-GAAP services gross margin expanded 250 bps on a year-over-year basis to 25.6%.

Research and development (R&D) and sales and marketing (S&M) expenses declined 9.7% and 12.1% on a year-over-year basis to $42.8 million and $73.5 million, respectively. General and administrative (G&A) expenses rose 3.6% year over year to $25.7 million. Moreover, as a percentage of revenues, R&D, S&M and G&A expenses declined 350 bps, 710 bps and 40 bps, respectively.

For the fourth quarter of fiscal 2021, this Zacks Rank #3 (Hold) company reported non-GAAP income from operations of $50.5 million against non-GAAP income from operations of $11 million reported in the year-ago quarter. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Balance Sheet & Cash Flow

As of Jan 31, 2021, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $773 million compared with $567.5 million reported in the previous quarter.

Moreover, reported operating cash outflow was $36.6 million compared with $18.3 million in the previous quarter.

Guidance

First-Quarter Fiscal 2022

Cloudera expects revenues between $216 million and $218 million. Subscription revenues are estimated between $195 million and $197 million.

Non-GAAP net earnings are expected between 7 cents and 9 cents per share.

Fiscal 2022

Cloudera expects revenues between $907 million and $927 million. Subscription revenues are estimated between $822 million and $832 million.

Non-GAAP net earnings are expected between 35 cents to 39 cents.

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