This report does not constitute a rating action. Most of Cloudera?s revenue growth over the past one to two years was the result of its customer migration effort to the Cloudera Data Platform (CDP), which enabled the company to convert customer contracts and unlock premium pricing terms. With 93% of customers on CDP as of April 30, 2025, annual revenue growth has slowed to the low-single-digit percent and flattish in fiscal 2025. Cloudera is now realigning its long-term growth strategy through R&D and go-to-market (GTM) initiatives that it believes will increase brand and product awareness, leading to customer upsells and new logo acquisitions. While this may accelerate top-line growth over the next 12-24 months, we expect investments will compress free
