Benzinga | Aug 30, 2021 10:44AM EDT

Cloudera Tops Q2 Consensus; Names Kevin Cook Finance Chief

* Enterprise data cloud company Cloudera Inc (NYSE:CLDR) reported second-quarter FY22 revenue growth of 10% year-on-year to $236.1 million beating the analyst consensus of $227.2 million.

* Segments: Subscription revenue was $213.3 million, up 11% Y/Y. Service revenue remained flat at $22.8 million.

* Annualized Recurring Revenue grew 13% Y/Y.

* The non-GAAP subscription gross margin improved 200 bps to 91%.

* The non-GAAP operating income improved by 49.3% Y/Y to $44.5 million.

* Non-GAAP EPS of $0.15 beat the consensus of $0.09.

* Cloudera held $796.1 million in cash and equivalents and used $12.2 million in operating cash flow.

* Additionally, the shareholder approval for Clayton, Dubilier & Rice, LLC (CD&R) and KKR & Co Inc's (NYSE:KKR) takeover of Cloudera is likely to accelerate its hybrid data cloud strategy.

* Cloudera named SVP Finance Kevin Cook to succeed CFO Jim Frankola, who will transition to a newly created position, Strategic Advisor, upon closing the transaction with CD&R and KKR.

* In addition, Chief Product Officer, Arun Murthy, will depart the company effective immediately.

* Cloudera suspended its Q3 outlook due to the transaction.

* Price Action: CLDR shares traded lower by 0.06% at $15.94 on the last check Monday.