Cornerstone OnDemand Announces First Quarter 2013 Financial Results
- Record quarterly revenue of $37.7 million, up 57% year-over-year
- Record quarterly gross profit of $26.4 million, up 54% year-over-year
- Record first quarter bookings of $35.9 million, up 50% year-over-year1
- Ended the quarter with over 1,300 clients and over 11 million users2
Revenue for the first quarter of 2013 was $37.7 million, representing a 57% increase compared to the same period in 2012.
Bookings, which the Company defines as gross revenue plus the change in deferred revenue for the period, were $35.9 million for the first quarter of 2013, representing a 50% increase compared to the same period in 2012.1 Deferred revenue at March 31, 2013 was $90.5 million, representing a 62% increase compared to the balance at March 31, 2012.
“As our results demonstrate, the momentum at Cornerstone has continued unabated,” said Adam Miller, the Company’s President and CEO. “Even with our success, we have addressed just a fraction of the estimated 400 million potential global seats for our software, leaving us with an enormous market opportunity ahead. Through the continued build out of our global distribution capabilities across segments, geographies and verticals, we believe we are well-positioned to capture that opportunity."
Gross profit for the first quarter of 2013 was $26.4 million, representing a 54% year-over-year increase compared to the same period in 2012. Non-GAAP gross profit for the first quarter of 2013 was $27.3 million, representing a 54% year-over-year increase compared to the same period in 2012.1 Gross margin for the first quarter of 2013 was 70.1%. On a non-GAAP basis, gross margin for the first quarter was 72.2%.1
The Company’s net loss for the first quarter of 2013 was $9.9 million, or $0.20 net loss per share. Non-GAAP net loss for the first quarter of 2013 was $5.3 million, or $0.10 net loss per share.1
At March 31, 2013, the Company’s total cash and cash equivalents were $76.2 million and accounts receivable were $37.2 million, yielding a total of approximately $113.4 million.
The Company ended the quarter with over 1,300 clients and over 11 million users.2
1. Bookings, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net loss and non-GAAP net loss per share are non-GAAP financial measures. Please see the discussion in the section “Non-GAAP Financial Measures” and the reconciliations at the end of this release.
2. Includes contracted clients and active users of any combination of our cloud-based solutions, excluding Cornerstone Small Business Solution, or “CSB”.
Quarterly Conference Call
Cornerstone OnDemand will host a conference call to discuss its first quarter 2013 results at 2:00 p.m. PT (5:00 p.m. ET) today. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company’s Investor Relations Web site at http://investors.cornerstoneondemand.com/events.cfm. The live call can be accessed by dialing (888) 359-3624 (U.S.) or (719) 325-2361 (outside the U.S.) and referencing passcode: 5136257. A replay of the call will also be available at http://investors.cornerstoneondemand.com/events.cfm or via telephone until 11:59 p.m. PT on May 5, 2013 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (outside the U.S.), and referencing passcode: 5136257.