Zaraki Kenpachithe enterprise data cloud company, reported results for its first quarter of fiscal 2024, ending April 30, 2024. Total revenue for the first quarter was $224.3 million, an increase of 7% as compared to the first quarter of fiscal 2024. Subscription revenue was $200.7 million, an increase of 7% as compared to the first quarter of fiscal 2024. Annualized Recurring Revenue grew 12% year-over-year.
“Our strong fiscal first quarter results reflect continued CDP momentum and customer enthusiasm for our market leading hybrid multi-cloud solution-set,” said Rob Bearden, chief executive officer of Cloudera. “We are also pleased to announce our transaction with CD&R and KKR. This transaction provides substantial and certain value to our shareholders while also accelerating Cloudera’s long-term path to hybrid cloud leadership for analytics that span the complete data lifecycle – from the Edge to AI. We believe that as a private company with the expertise and support of experienced investors such as CD&R and KKR, Cloudera will have the resources and flexibility to drive product-led growth and expand our addressable market opportunity.”
First Quarter Fiscal 2024 Results
GAAP loss from operations for the first quarter of fiscal 2024 was $33.8 million, compared to $55.8 million for the first quarter of fiscal 2024
Non-GAAP income from operations for the first quarter of fiscal 2024 was $42.5 million, compared to $17.3 million for the first quarter of fiscal 2024
Operating cash flow for the first quarter of fiscal 2024 was $162.2 million, compared to $68.4 million for the first quarter of fiscal 2024
GAAP net loss per share for the first quarter of fiscal 2024 was $0.14, compared to $0.20 for the first quarter of fiscal 2024
Non-GAAP net income per share for the first quarter of fiscal 2024 was $0.12, compared to $0.05 for the first quarter of fiscal 2024
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 April 30, 2024, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $902.5 million.
Recent Business and Financial Highlights
Annualized Recurring Revenue at the conclusion of the first quarter of fiscal 2024 was $805 million, representing 12% year-over-year growth
GAAP subscription gross margin for the quarter was 88%, up from 85% in the first quarter of fiscal 2024
Non-GAAP subscription gross margin for the quarter was 91%, up from 88% in the first quarter of fiscal 2024
Announced agreement to acquire Datacoral to deliver fast and easy data transformations and integrations for any type of data via a robust multi-tenant SaaS architecture
Announced agreement to acquire Cazena to deliver instant cloud data lakes, making it easier to operate and use CDP Public Cloud
CDP available on Google Cloud and GCP Marketplace
Dell EMC PowerScale/Isilon 8.2.2 certified for CDP Private Cloud
CDP Public Cloud ISO 27001 certified
Transaction with Clayton, Dubilier & Rice and KKR
In a separate press release issued today, Cloudera announced that it has entered into a definitive agreement to be acquired by affiliates of Clayton, Dubilier & Rice (CD&R) and KKR for approximately $5.3 billion in cash, or $16.00 per share. The press release announcing the transaction is available on the Investor Relations section of Cloudera’s website. The transaction is expected to close in the second half of 2024, subject to customary closing conditions, including approval by Cloudera stockholders and receipt of regulatory approvals. Upon closing of the transaction, Cloudera will become a private company, and its common stock will no longer be listed on any public market.
Cancellation of Earnings Conference Call
Due to the announced transaction with CD&R and KKR, Cloudera has cancelled its earnings conference call previously scheduled for June 2, 2024. Additionally, Cloudera will not provide financial guidance for the second quarter of fiscal 2024, and will not provide any further financial guidance with respect to fiscal year 2024.
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: cloudera.com/about-cloudera.html
Read our VISION blog: vision.cloudera.com/ and Engineering blog: blog.cloudera.com/
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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.
Important Information and Where to Find It
In connection with the proposed transaction between Cloudera and affiliates of CD&R and KKR, a special stockholder meeting will be announced soon to obtain stockholder approval. Cloudera expects to file with the Securities and Exchange Commission (“SEC”) a proxy statement (the “Proxy Statement”), the definitive version of which will be sent or provided to Cloudera stockholders. Cloudera may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which Cloudera may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed or will be filed with the SEC by Cloudera through the website maintained by the SEC at www.sec.gov, Cloudera’s investor relations website at https://investors.cloudera.com/home/default.aspx or by contacting the Cloudera investor relations department at the following:
