Cloudera, Inc. revenue growth accelerated to 65.5% in FY2020 vs. 28.9% a year earliner
03/10/2020 • About Cloudera, Inc. (
$CLDR) • By InTwits
Cloudera, Inc. reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Cloudera, Inc. is a fast growth stock: FY2020 revenue growth was 65.5%, 5 year revenue CAGR was 48.7% at FY2020 ROIC -22.1%
- The company operates at negative EBITDA Margin: -27.4%
- Cloudera, Inc. spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2016-FY2020 is 18.1%. Average EBITDA Margin for the same period was -54.5%
- Cloudera, Inc. has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.5%. At the same time it's in pair with industry average of 3.7%
- CAPEX is quite volatile: $32m in 2020, $10m in 2019, $7m in 2018, $11m in 2017, $15m in 2016
- The company has unprofitable business model: ROIC is -22.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 65.5%. Revenue growth showed slowdown in FY20Q4 - it was 46.5% YoY. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 9.3 pp from -36.7% to -27.4% in FY2020. EBITDA Margin followed a growing trend at 21.2 pp per annum in FY2016-FY2020.
Gross Margin decreased slightly on 0.91 pp from 71.6% to 70.7% in FY2020. SG&A as a % of Revenue increased on 4.5 pp from 75.8% to 80.3% in FY2020. SG&A as a % of Revenue followed a declining trend at -9.9 pp per annum in FY2016-FY2020.
Net Income margin decreased on 2.2 pp from -40.1% to -42.4% in FY2020.
Investments (CAPEX, working capital and M&A)
Cloudera, Inc.'s CAPEX/Revenue was 0.91% in FY2020. The company's CAPEX/Revenue decreased slightly on 1.9 pp from 2.8% in FY2017 to 0.91% in FY2020. It's average CAPEX/Revenue for the last three years was 2.2%.
Return on investment
The company operates at negative ROIC (-22.1%) and ROE (-22.4%). ROIC decreased on 2.7 pp from -19.5% to -22.1% in FY2020. ROE decreased on 3.1 pp from -19.4% to -22.4% in FY2020.
Leverage (Debt)
Debt level is 0.3x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2020. Debt surged while cash dropped on 32.2%.
Cloudera, Inc. has no short term refinancing risk: cash is higher than short term debt (561.2%).
Management team
The company's CFO is James W Frankola "Jim". James W Frankola "Jim" has 8 years tenure at the company.
Financial and operational results
FY ended 01/31/2020
Cloudera, Inc. ($CLDR) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 166.0 | 261.0 | 372.3 | 479.9 | 794.2 | 65.5% |
| Gross Profit | 90.7 | 174.0 | 214.3 | 343.8 | 561.7 | 63.4% |
| SG&A | 196.0 | 259.1 | 372.7 | 363.8 | 637.9 | 75.3% |
| EBITDA | -196.1 | -177.2 | -362.1 | -176.3 | -217.7 | |
| EBIT | -204.6 | -187.3 | -374.2 | | | |
| Tax | 1.1 | 2.2 | 2.1 | | | |
| Net Income | -203.1 | -187.3 | -369.7 | -192.6 | -336.6 | |
| Stock Based Compensation | 63.6 | 21.7 | 290.0 | | | |
Balance Sheet
|
|---|
| Cash | 36.0 | 74.2 | 43.2 | 158.7 | 107.6 | -32.2% |
| Accounts Receivable | 49.4 | 101.5 | 130.3 | | | |
| Accounts Payable | 4.1 | 3.6 | 2.7 | | | |
| Short Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 19.2 | |
| Long Term Debt | 0.0 | 0.0 | 0.0 | 0.0 | 192.3 | |
Cash flow
|
|---|
| Capex | 5.5 | 7.4 | 13.0 | 10.1 | 7.2 | -28.6% |
Ratios
|
|---|
| Revenue growth | 52.2% | 57.2% | 42.6% | 28.9% | 65.5% | |
| EBITDA growth | | -9.6% | 104.3% | -51.3% | 23.5% | |
|
|---|
| Gross Margin | 54.6% | 66.7% | 57.6% | 71.6% | 70.7% | -0.9% |
| EBITDA Margin | -118.1% | -67.9% | -97.3% | -36.7% | -27.4% | 9.3% |
| EBIT Margin | -123.2% | -71.8% | -100.5% | | |
| SG&A, % of revenue | 118.0% | 99.2% | 100.1% | 75.8% | 80.3% | 4.5% |
| SBC, % of revenue | 38.3% | 8.3% | 77.9% | | |
| Net Income Margin | -122.3% | -71.8% | -99.3% | -40.1% | -42.4% | -2.2% |
| CAPEX, % of revenue | 3.3% | 2.8% | 3.5% | 2.1% | 0.9% | -1.2% |
|
|---|
| ROIC | | -76.7% | -124.2% | -19.5% | -22.1% | -2.7% |
| ROE | | | | -19.4% | -22.4% | -3.1% |
People
|
|---|
| Insider ownership | 6.1% | 6.1% | 6.1% | | | |
| Employees | | 1,470 | 1,648 | | | |
| Revenue/Employee, th. $ | | 178 | 226 | | | |
Cloudera, Inc. ($CLDR) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 187 | 197 | 198 | 212 | | 82.5% | 74.1% | 66.6% | 46.5% |
| EBITDA | -62 | -47 | -41 | -34 | | - | - | - | - |
| Net Income | -103 | -87 | -82 | -64 | | - | - | - | - |
Balance Sheet
|
|---|
| Cash | 107 | 88 | 113 | 108 | | 30.2% | 66.3% | 75.2% | -32.2% |
| Short Term Debt | 26 | 21 | 29 | 19 | | - | - | - | - |
| Long Term Debt | 218 | 205 | 198 | 192 | | - | - | - | - |
Ratios
|
|---|
| Gross Margin | 67.3% | 71.0% | 70.9% | 73.3% | | -0.2% | -0.6% | -3.9% | 1.4% |
| EBITDA Margin | -32.9% | -23.9% | -20.9% | -15.9% | | 13.8% | -0.2% | -1.6% | 37.6% |
| Net Income Margin | -55.0% | -44.2% | -41.4% | -30.4% | | -5.3% | -18.6% | -19.7% | 28.8% |
Peers in Application Software
Below we provide Cloudera, Inc. benchmarking against other companies in Application Software industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VirnetX Holding Corp ($VHC) | - | -0.2% | -95.9% | 34.9% | 355,942.4% |
| AudioEye, Inc. ($AEYE) | - | 175.5% | 106.6% | 90.2% | 90.2% |
| Integrated Ventures Inc ($INTV) | - | - | - | -8.9% | 62.7% |
| Smartsheet Inc. ($SMAR) | - | 64.3% | 66.1% | 59.7% | 52.4% |
| Coupa Software Incorporated ($COUP) | - | 59.9% | 39.6% | 39.4% | 49.7% |
| |
|---|
| Median (92 companies) | 12.0% | 14.8% | 15.1% | 19.4% | 14.5% |
|---|
| Cloudera, Inc. ($CLDR) | - | 57.2% | 42.6% | 28.9% | 65.5% |
Top companies by Gross margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Aware, Inc. ($AWRE) | 90.3% | 94.6% | 92.3% | 89.7% | 92.8% |
| Alteryx, Inc. ($AYX) | 81.3% | 83.4% | 91.0% | 90.6% | 91.1% |
| Autodesk, Inc. ($ADSK) | 85.2% | 83.2% | 85.2% | 88.9% | 90.1% |
| Smith Micro Software, Inc. ($SMSI) | 73.2% | 77.9% | 83.5% | 90.9% | 89.9% |
| Cadence Design Systems, Inc. ($CDNS) | 85.9% | 87.8% | 87.9% | 88.6% | 88.6% |
| |
|---|
| Median (89 companies) | 64.2% | 64.4% | 66.0% | 67.9% | 69.4% |
|---|
| Cloudera, Inc. ($CLDR) | 54.6% | 66.7% | 57.6% | 71.6% | 70.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VirnetX Holding Corp ($VHC) | -1,837.2% | -1,118.0% | -40,379.4% | -23,127.1% | 52.2% |
| j2 Global, Inc. ($JCOM) | 41.7% | 36.5% | 35.7% | 38.6% | 40.5% |
| Intelligent Systems Corporation ($INS) | -5.4% | -12.8% | 33.6% | 43.6% | 40.4% |
| Adobe Inc. ($ADBE) | 31.2% | 34.2% | 35.3% | 35.8% | 39.7% |
| SS&C Technologies Holdings, Inc. ($SSNC) | 34.9% | 37.9% | 27.7% | 38.2% | 38.3% |
| |
|---|
| Median (89 companies) | -4.7% | -3.3% | -3.3% | 4.5% | 7.7% |
|---|
| Cloudera, Inc. ($CLDR) | -118.1% | -67.9% | -97.3% | -36.7% | -27.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| MicroStrategy Incorporated ($MSTR) | 0.5% | 0.8% | 1.4% | 2.1% | 234.8% |
| Integrated Ventures Inc ($INTV) | - | - | 199.9% | 15.2% | 27.2% |
| Intelligent Systems Corporation ($INS) | 3.8% | 9.7% | 4.3% | 4.9% | 19.2% |
| LivePerson, Inc. ($LPSN) | 5.5% | 7.9% | 8.8% | 16.3% | 11.4% |
| PROS Holdings, Inc. ($PRO) | 4.7% | 0.8% | 0.7% | 2.1% | 11.3% |
| |
|---|
| Median (87 companies) | 2.9% | 2.3% | 2.4% | 3.0% | 2.6% |
|---|
| Cloudera, Inc. ($CLDR) | 3.3% | 2.8% | 3.5% | 2.1% | 0.9% |
Top companies by ROIC, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| VirnetX Holding Corp ($VHC) | -210.9% | -256.8% | -416.3% | -247.2% | 137.3% |
| Manhattan Associates, Inc. ($MANH) | 99.3% | 102.5% | 80.9% | 71.7% | 53.4% |
| Citrix Systems, Inc. ($CTXS) | 16.1% | 16.7% | 25.2% | 29.8% | 33.5% |
| Sonic Foundry, Inc. ($SOFO) | -18.1% | -50.6% | -786.4% | - | 31.3% |
| Paycom Software, Inc. ($PAYC) | 75.4% | 51.1% | 47.5% | 47.5% | 28.7% |
| |
|---|
| Median (92 companies) | -9.5% | -10.2% | -9.8% | -4.2% | -1.8% |
|---|
| Cloudera, Inc. ($CLDR) | - | -76.7% | -124.2% | -19.5% | -22.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Dropbox, Inc. ($DBX) | - | -3.8x | - | 2.4x | 1,341.0x |
| Avaya Holdings Corp. ($AVYA) | - | - | 7.4x | - | 77.9x |
| Alteryx, Inc. ($AYX) | - | - | 2.5x | 6.1x | 32.2x |
| Five9, Inc. ($FIVN) | -6.7x | -8.6x | 7.3x | 5.3x | 17.6x |
| Synchronoss Technologies, Inc. ($SNCR) | - | - | - | - | 11.6x |
| |
|---|
| Median (54 companies) | -0.9x | -0.8x | -0.7x | 0.4x | 0.2x |
|---|
