Cloudera, Inc. (NYSE:CLDR) Q1 2020 Earnings Conference Call Transcript
Jun 05, 2019 • 05:00 pm ET
good to be here with all of you today. Although today's call is focused on our fiscal first quarter results, I want to address briefly the other news we announced today. In a separate release we announced that Tom Reilly will be retiring effective July 31, 2019 and that the Board has appointed me Interim CEO. I will work closely with Tom over the coming weeks to help ensure a smooth transition and to lead the Company's executive team while the Board conducts a search for a permanent CEO. The Board has formed a search committee and engaged a leading executive recruiting firm to identify Cloudera's next Chief Executive.
I want to take this opportunity to express my thanks to Tom for all of his contributions to Cloudera over the past six years. Tom has been an important part of Cloudera's growth and he has led us through many major milestones. We certainly wish him well in his future endeavors. I look forward to working more directly with our talented employees, supporting our customers and expanding our key partnerships. I continue to be very excited about Cloudera's future.
Tom, over to you to discuss this quarter's results.
Thank you, Marty, for the kind words. Likewise, I'm very excited about Cloudera's future and the innovation we are bringing to market. However, for several reasons I have decided that this summer is the right time for me to retire. I've reached agreement with the Board that I will resign from my role as CEO of Cloudera at the end of our fiscal quarter. Cloudera is well positioned with the merger integration largely complete, an exciting roadmap in place, and an aligned and seasoned executive team.
The Company will benefit from a new leader who will bring a different perspective and experience with large scale operations. All right, let's turn to discussion of our first quarter fiscal year 2020 results. With respect to Q1, we'll cover three topics in addition to providing detailed financial information. First, we'll offer a quick update on the merger with Hortonworks. Second, we'll discuss the factors that are affecting customer buying behavior and its impact on our full year outlook. And lastly, we'll update our progress in delivering the Cloudera Data Platform, CDP, our next-generation cloud offering.
Total revenue in the first quarter was $187 million, subscription revenue was $155 million and operating cash flow was positive $11 million. The year-over-year comparisons on these numbers are not meaningful as Q1 results benefit from the merger with Hortonworks. Annualized recurring revenue was $672 million at the conclusion of the quarter, representing 21% year-over-year growth.
Now let's get to the details with a quick merger update. Integration execution on the merger continues to go well. We're now operating as one company with one strategy and one vision. People relate integration work is done and we're pleased with the way that the merged executive team is functioning. The cost synergies that we estimate at the time of the merger announcement have