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Cloudera's (CLDR) Q1 Earnings and Revenues Beat, Improve Y/Y

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Cloudera (CLDR - Free Report) reported first-quarter fiscal 2022 adjusted earnings of 12 cents per share, which beat the Zacks Consensus Estimate by 50%. The bottom line also surged 140% year over year.

Revenues of $224.3 million beat the consensus mark by 3.22% and also increased 6.6% year over year. The uptick can be attributed to rapid adoption of its cloud-based products and services.

The company reported better-than-guided first-quarter fiscal 2022 results. Annualized recurring revenues (ARR) at the end of the fiscal first quarter were $805 million, up 12% year over year.

Similar to its Zacks Internet-Software industry peers like Anaplan (PLAN - Free Report) , Nice (NICE - Free Report) and Workday (WDAY - Free Report) , Cloudera benefited from its subscription-based business model. Subscription revenues (89.5% of revenues) rose 7.3% year over year to $200.7 million, benefiting from the fast uptake of its cloud-based products and services.

Anaplan’s first-quarter fiscal 2022 subscription revenues (91.2% of total revenues) rallied 26% year over year to $118.3 million. NICE’s first-quarter 2021 cloud revenues (50.3% of revenues) surged 33% year over year to $230 million. Workday reported first-quarter fiscal 2021 subscription revenues (87.8% of total revenues) of $1.03 billion, up 17% year over year.

Cloudera, Inc. Price, Consensus and EPS Surprise

Cloudera, Inc. Price, Consensus and EPS Surprise

Cloudera, Inc. price-consensus-eps-surprise-chart | Cloudera, Inc. Quote

Quarter in Detail

Cloudera’s services (10.5% of revenues) rose 1.1% year over year to $23.6 million.

In the reported quarter, non-GAAP gross margin expanded 490 basis points (bps) on a year-over-year basis to 84.3%. Non-GAAP subscription gross margin expanded 240 bps year over year to 90.9%. Non-GAAP services gross margin as a percentage of revenues was 28.8%, significantly up from 7.5% reported in the year-ago quarter.

Research and development (R&D) inched up 0.4% to $44.6 million year over year while sales and marketing (S&M) expenses declined 6.7% on a year-over-year basis to $75.3 million. General and administrative (G&A) expenses rose 7.6% year over year to $26.7 million. As a percentage of revenues, both R&D and S&M contracted 120 bps and 480 bps while G&A expenses rose 10 bps.

For the first quarter of fiscal 2021, this currently Zacks Rank #3 (Hold) company reported non-GAAP income from operations of $42.5 million compared with non-GAAP income from operations of $17.3 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 $902.5 million compared with $773 million reported in the previous quarter.

Moreover, reported operating cash flow was $162.2 million compared with $36.6 million in the previous quarter.

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