Benzinga | Jun 1, 2021 10:04AM EDT

Cloudera Stock Gains on Going Private Deal, Q2 Earnings Beat

* Cloudera Inc (NYSE:CLDR) reported first-quarter FY22 revenue growth of 7% year-on-year to $224.3 million, beating the analyst consensus of $218.8 million.

* Subscription revenue rose 7% Y/Y to $200.7 million, Services revenue rose 1.1% Y/Y to $23.6 million.

* Non-GAAP subscription gross margin expanded 300 basis points to 91%. Non-GAAP services gross margin expanded 2,100 basis points to 29%. Overall Non-GAAP gross margin expanded 500 basis points to 84%.

* Non-GAAP operating income rose 146% Y/Y $42.5 million, with the margin expanding 1,100 basis points to 19%.

* Non-GAAP EPS of $0.12 beat the analyst consensus of $0.08.

* Cloudera held $902.5 million in cash and equivalents and generated $162.2 million in operating cash flow.

* Cloudera agreed to acquire Datacoral and Cazena in two separate transactions.

* Clayton, Dubilier & Rice, and KKR & Co Inc (NYSE: KKR) inked an agreement to acquire Cloudera in an all-cash transaction valued at $5.3 billion. Cloudera will become a private company under the arrangement. It led to the cancellation of its June 2 quarterly earnings call. The company will also not provide any guidance for Q2 and the rest of FY22.

* Price action: CLDR shares traded higher by 23.8% at $15.92 in the market session on the last check Tuesday.