Cloudera reported third-quarter fiscal 2021 adjusted earnings of 15 cents per share in contrast to the Zacks Consensus Estimate of a loss of 4 cents per share. The company had reported a loss of 3 cents per share in the year-ago quarter. The robust bottom-line improvement was mainly driven by steady revenue growth and efficient cost management.
Revenues of $217.9 million beat the consensus mark by 4.3% and increased 9.9% year over year driven by rapid adoption of its cloud-based products and services.
The company reported better-than-guided third-quarter fiscal 2021 results. Annualized recurring revenues (ARR) were $756 million, up 12% year over year.
Similar to its Zacks Internet-Software industry peers like Anaplan , Nice (NICE - Free Report) and Zuora (ZUO - Free Report) , Cloudera benefited from subscription-based business model. Subscription revenues (90.6% of revenues) rose 18.2% year over year to $197.4 million, benefiting from rapid adoption of its cloud-based products and services.
Anaplan’s third-quarter fiscal 2021 subscription revenues (91.4% of total revenues) soared 31.4% year over year to $104.7 million. NICE’s third-quarter 2020 cloud revenues rose 33.9% year over year to $201.7 million. Zuora reported third-quarter fiscal 2021 subscription revenues of $62 million, an increase of 14.8% year over year.
Cloudera has underperformed Nice, Anaplan and the industry while outperforming Zuora on a year-to-date basis.
Year to Date Performance
Quarter Details
Cloudera’s services (9.4% of revenues) declined 34.5% year over year to $20.5 million mainly due to coronavirus-led business disruption globally.
In the reported quarter, non-GAAP gross margin expanded 800 basis points (bps) on a year-over-year basis to 84.8%. Non-GAAP subscription gross margin expanded 440 bps year over year to 90.5%. Meanwhile, non-GAAP services gross margin expanded 240 bps on a year-over-year basis to 29.8%.
Research and development (R&D), sales and marketing (S&M) and general and administrative (G&A) expenses declined 15%, 16.3% and 14.8% on a year-over-year basis to $39.9 million, $69.5 million and $26 million, respectively. Moreover, as a percentage of revenues, R&D, S&M and G&A expenses declined 540 bps, 1000 bps and 340 bps, respectively.
For the third quarter of fiscal 2021, this Zacks Rank #3 (Hold) company reported non-GAAP income from operations of $49.3 million against non-GAAP loss from operations of $8.2 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 Oct 31, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $567.5 million compared with $568.7 million reported in the previous quarter.
Moreover, reported operating cash outflow was $18.3 million compared with $32.4 million in the previous quarter.
Guidance
Fourth-Quarter Fiscal 2021
Cloudera expects revenues between $219 million and $222 million. The Zacks Consensus Estimate for revenues is currently pegged at $208.7 million, which indicates year-over-year growth of 5.2%.
Subscription revenues are estimated between $199 million and $202 million.
Non-GAAP net earnings are expected between 10 cents and 12 cents per share. The Zacks Consensus Estimate is pegged at 9 cents per share.
Fiscal 2021
Cloudera expects revenues between $862 million and $865 million. The Zacks Consensus Estimate for revenues is currently pegged at $849.7 million, which suggests year-over-year growth of 7%.
Subscription revenues are estimated between $775 million and $778 million.
Non-GAAP net earnings are expected between 40 cents to 42 cents. The Zacks Consensus Estimate for earnings is pegged at 33 cents per share.
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Cloudera reported third-quarter fiscal 2021 adjusted earnings of 15 cents per share in contrast to the Zacks Consensus Estimate of a loss of 4 cents per share. The company had reported a loss of 3 cents per share in the year-ago quarter. The robust bottom-line improvement was mainly driven by steady revenue growth and efficient cost management.
Revenues of $217.9 million beat the consensus mark by 4.3% and increased 9.9% year over year driven by rapid adoption of its cloud-based products and services.
The company reported better-than-guided third-quarter fiscal 2021 results. Annualized recurring revenues (ARR) were $756 million, up 12% year over year.
Similar to its Zacks Internet-Software industry peers like Anaplan , Nice (NICE - Free Report) and Zuora (ZUO - Free Report) , Cloudera benefited from subscription-based business model. Subscription revenues (90.6% of revenues) rose 18.2% year over year to $197.4 million, benefiting from rapid adoption of its cloud-based products and services.
Anaplan’s third-quarter fiscal 2021 subscription revenues (91.4% of total revenues) soared 31.4% year over year to $104.7 million. NICE’s third-quarter 2020 cloud revenues rose 33.9% year over year to $201.7 million. Zuora reported third-quarter fiscal 2021 subscription revenues of $62 million, an increase of 14.8% year over year.
Cloudera has underperformed Nice, Anaplan and the industry while outperforming Zuora on a year-to-date basis.
Year to Date Performance
Quarter Details
Cloudera’s services (9.4% of revenues) declined 34.5% year over year to $20.5 million mainly due to coronavirus-led business disruption globally.
In the reported quarter, non-GAAP gross margin expanded 800 basis points (bps) on a year-over-year basis to 84.8%. Non-GAAP subscription gross margin expanded 440 bps year over year to 90.5%. Meanwhile, non-GAAP services gross margin expanded 240 bps on a year-over-year basis to 29.8%.
Research and development (R&D), sales and marketing (S&M) and general and administrative (G&A) expenses declined 15%, 16.3% and 14.8% on a year-over-year basis to $39.9 million, $69.5 million and $26 million, respectively. Moreover, as a percentage of revenues, R&D, S&M and G&A expenses declined 540 bps, 1000 bps and 340 bps, respectively.
For the third quarter of fiscal 2021, this Zacks Rank #3 (Hold) company reported non-GAAP income from operations of $49.3 million against non-GAAP loss from operations of $8.2 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 Oct 31, 2020, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $567.5 million compared with $568.7 million reported in the previous quarter.
Moreover, reported operating cash outflow was $18.3 million compared with $32.4 million in the previous quarter.
Guidance
Fourth-Quarter Fiscal 2021
Cloudera expects revenues between $219 million and $222 million. The Zacks Consensus Estimate for revenues is currently pegged at $208.7 million, which indicates year-over-year growth of 5.2%.
Subscription revenues are estimated between $199 million and $202 million.
Non-GAAP net earnings are expected between 10 cents and 12 cents per share. The Zacks Consensus Estimate is pegged at 9 cents per share.
Fiscal 2021
Cloudera expects revenues between $862 million and $865 million. The Zacks Consensus Estimate for revenues is currently pegged at $849.7 million, which suggests year-over-year growth of 7%.
Subscription revenues are estimated between $775 million and $778 million.
Non-GAAP net earnings are expected between 40 cents to 42 cents. The Zacks Consensus Estimate for earnings is pegged at 33 cents per share.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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