Tech Stock Under Pressure: Cloudera Inc (NYSE: CLDR)

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Cloudera Inc (NYSE: CLDR) stock fell over 0.3% in the pre-market session of June 3rd, 2021 (Source: Google finance) on lower-than-expected result for the first quarter of FY 22.

Subscription revenue was $200.7 million, which represents an increase of 7% as compared to the first quarter of fiscal 2021. Annualized Recurring Revenue rose 12% year-over-year. The company has delivered Non-GAAP income from operations for the first quarter of fiscal 2022 of $42.5 million, compared to $17.3 million for the first quarter of fiscal 2021. The company generated operating cash flow for the first quarter of fiscal 2022 of $162.2 million, compared to $68.4 million for the first quarter of fiscal 2021.

Cloudera plan for IPO

Annualized Recurring Revenue at the ending of the first quarter of fiscal 2022 was $805 million, representing 12% year-over-year growth. Non-GAAP subscription gross margin for the quarter was 91%, up from 88% in the first quarter of fiscal 2021. As of April 30, 2021, Cloudera had total cash, cash equivalents, marketable securities and restricted cash of $902.5 million. Meanwhile, the company will not provide financial guidance for the second quarter of fiscal 2022, and will not provide any further financial guidance with respect to fiscal year 2022.

On the other hand, the company has agreed to acquire Datacoral and Cazena in two separate transactions for approximately $5.3 billion in cash, or $16.00 per share. The additions of Datacoral and Cazena will support the evolution of Cloudera’s public cloud offering and expand Cloudera’s market opportunity as the company moves beyond big data to self-service. The two acquisitions mark an important milestone as Cloudera continues to execute its strategic plan to build a leader in the hybrid cloud space. The acquisitions are expected to close in Cloudera’s current fiscal 2022 second quarter, ending July 31, 2021, after fulfilling the 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.

CLDR in the first quarter of FY 22 has reported the adjusted earnings per share of 12 cents, beating the analysts’ estimates for the adjusted earnings per share of 8 cents, according to the Zacks Investment Research. The company had reported the adjusted revenue growth of 7 percent to $224.3 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $217.3 million.

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