Cloudera, Inc. (NYSE:CLDR) Q3 2020 Earnings Conference Call - Final Transcript
Dec 05, 2019 • 05:00 pm ET
Data Platform, which we refer to as CDP. The launch has been well received by customers, partners and industry analysts. As we previewed in our last earnings call, we are implementing licensing and distribution changes and this is also having a positive impact on our business performance.
Over the last two weeks, we made CDP Data Center available well ahead of schedule and announced enhancements to our partner program, Cloudera Connect. In the quarter, our field team continued to ramp its performance, exceeding expectations across a number of dimensions. And we are experiencing improved operating leverage and moving towards substantial positive operating cash flow in fiscal 2021. These accomplishments all represent good progress for the business.
During this call, we will recap the major announcements we made at the Strata Data Conference in September, describe our early progress with CDP Public Cloud and introduce CDP Data Center. Arun will be available during the Q&A session to help us answer any CDP-specific questions you may have.
With regard to our Q3 financial performance. Total revenue was $198 million. Subscription revenue was $167 million and operating cash flow was negative $6 million. Annualized recurring revenue was $697 million at the conclusion of the third quarter, representing 13% year-over-year organic growth. Each of these results exceeded expectations.
We also had another good quarter in terms of adding customers. We now have 977 customers who exceed $100,000 of ARR, a net increase of 24 in Q3. And we had an impressive increase in customers representing greater than $1 million of ARR to more than 150 in total.
As I have been on the ground over the past two quarters, I have had the opportunity to spend time engaging directly with our customers and partners. It is gratifying to gauge their high-level of satisfaction with our products and our road map. This is particularly noticeable among our largest customers. They remain stable and continue to perform mission-critical use cases with our products. Their enthusiasm for CDP is significant. For my time with customers, I have been further convinced that Cloudera's enterprise data cloud strategy is on target and the market opportunity is real.
I am now going to turn to recent product announcements and our early progress with CDP. We made two major announcements at the Strata Data Conference in September. First, we launched Cloudera Data Platform for public cloud, launching three cloud-native services; Cloudera Data Warehouse, Cloudera Machine Learning and Cloudera Data Hub. These offerings all provide easy, self-service access to enterprise data and analytics.
CDP Public Cloud represents a highly competitive set of cloud native services, with the key differentiation of a single pane of glass for securing and managing all environments. Although these public cloud services are distinct and fully functional as discrete offerings, our customers tell us they want the comprehensive capabilities of a multi-function platform with solutions that are hybrid and multi-cloud capable.
CDP is different than other offerings in the data management and analytics market today because CDP is