Cornerstone OnDemand Announces Fourth Quarter and Fiscal Year 2013 Financial Results
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Cornerstone OnDemand Announces Fourth Quarter and Fiscal Year 2013 Financial Results  

Record quarterly revenue of $54.9 million, up 51% year-over-year
Record full year revenue of $185.1 million, up 57% year-over-year
Record quarterly bookings of $84.5 million, up 51% year-over-year1
Record annual bookings of $231.7 million , up 50%  year-over-year1
Ended the year with over 1,600 clients and over 14 million users2

SANTA MONICA, Calif. – February 11, 2014Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its fourth quarter and fiscal year ended December 31, 2013.

Revenue for the fourth quarter of 2013 was $54.9 million, representing a 51% increase compared to the same period in 2012. Revenue for the full fiscal year of 2013 was $185.1 million, an increase of 57% compared to revenue for the same period in 2012.

Bookings, which the Company defines as gross revenue plus the change in deferred revenue for the period, were $84.5 million for the fourth quarter of 2013, representing a 51% increase compared to the same period in 2012. 1 Bookings for the full fiscal year of 2013 were $231.7 million, representing a 50% increase compared to the same period in 2012.1 Deferred revenue at December 31, 2013 was $138.8 million, which was 50% higher than the balance at December 31, 2012.

“The fourth quarter capped another year of solid execution and record results for Cornerstone,” said Adam Miller, the company's President and CEO. “Our business has the benefit of many vectors of available growth, and we made strong progress across all of these dimensions last year. We saw our business expand in each of our segments, verticals, and geographies, as well as within our installed base. Quite simply, we believe that what we do–helping organizations to recruit, train and manage their people–is applicable to any group of people, anywhere in the world, and 2013 provided further validation of this belief.” 

Gross profit for the fourth quarter of 2013 was $39.4 million, representing a 53% increase compared to the same period in 2012. Gross profit for the full fiscal year of 2013 was $131.6 million, an increase of 58% compared to the same period in 2012. Gross margin for the fourth quarter of 2013 was 71.8%. Gross margin for the full fiscal year of 2013 was 71.1%.

Non-GAAP gross profit for the fourth quarter of 2013 was $40.4 million, representing a 52% increase compared to the same period in 2012.1 Non-GAAP gross profit for the full fiscal year of 2013 was $135.3 million, an increase of 55% compared to the same period in 2012.1 Non-GAAP gross margin for the fourth quarter of 2013 was 73.7%.1 Non-GAAP gross margin for the full fiscal year of 2013 was 73.0%.1

The Company’s net loss for the fourth quarter of 2013 was $10.8 million, or $0.21 net loss per share. The Company’s net loss for the full fiscal year of 2013 was $40.4 million, or $0.79 net loss per share. 

Non-GAAP net loss for the fourth quarter of 2013 was $1.7 million, or $0.03 net loss per share. Non-GAAP net loss for the full fiscal year of 2013 was $12.5 million, or $0.24 net loss per share.1

For the full fiscal year of 2013, net cash provided by operating activities was $17.4 million as compared to $10.3 million for the same period in 2012. For the full fiscal year of 2013, non-GAAP net cash provided by operating activities was $20.6 million as compared to $11.2 million for the same period in 2012.1

At December 31, 2013, the Company’s total cash and cash equivalents were $109.6 million, short-term investments were $199.9 million, and accounts receivable were $67.2 million, yielding a total of approximately $376.7 million. The Company’s investment in marketable securities had a weighted-average maturity date of approximately seven months.

The Company ended the quarter with over 1,600 clients and over 14 million users.2

 

1

 

Bookings, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net loss, non-GAAP net loss per share, and non-GAAP net cash provided by operating activities 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 our core solution, excluding Cornerstone for Small Business (CSB) and Cornerstone for Salesforce.

Quarterly Conference Call

Cornerstone OnDemand, Inc. will host a conference call to discuss its fourth quarter and fiscal year 2013 results at 2:00 p.m. PST (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) 357-3694 (U.S.) or (973) 890-8276 (outside the U.S.) and referencing passcode: 57088476. A replay of the call will also be available at http://investors.cornerstoneondemand.com/events.cfm or via telephone until 11:59 p.m. PST on February 14, 2014 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 57088476.

About Cornerstone OnDemand

Cornerstone OnDemand, Inc. is a leading global provider of comprehensive talent management solutions delivered as Software-as-a-Service (SaaS). We enable organizations to meet the challenges they face in empowering their people and maximizing the productivity of their human capital. Our core solution consists of the Cornerstone Recruiting Cloud, the Cornerstone Performance Cloud, the Cornerstone Learning Cloud and the Cornerstone Extended Enterprise Cloud. In addition to our core solution, we offer Cornerstone for Small Business and Cornerstone for Salesforce. Our clients use our solutions to source and recruit top talent, develop employees throughout their careers, engage employees effectively, improve business execution, cultivate future leaders, and integrate with their external networks of customers, vendors and distributors. We currently empower more than 14 million users across 191 countries and in 41 languages. www.csod.com

Note: Cornerstone® and Cornerstone OnDemand® are registered trademarks of Cornerstone OnDemand, Inc.

Forward-looking Statements

This release contains forward-looking statements, including statements regarding Cornerstone OnDemand’s future financial performance, market growth, the demand for and benefits from the use of Cornerstone OnDemand’s solutions, and general business conditions. Any forward-looking statements contained in this press release are based upon Cornerstone OnDemand’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Cornerstone OnDemand’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Cornerstone OnDemand disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from Cornerstone OnDemand’s current expectations. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, our ability to attract new clients; the extent to which clients renew their subscriptions for our solution; our ability to compete as the talent management provider for organizations of all sizes; changes in the proportion of our client base that is comprised of enterprise or mid-sized organizations; our ability to manage our growth, including additional headcount and entry into new geographies; the timing and success of solutions offered by our competitors; unpredictable macro-economic conditions; reductions in information technology spending; the success of our new product and service introductions; a disruption in our hosting network infrastructure; costs and reputational harm that could result from defects in our solution; the success of our strategic relationships with third parties; the loss of any of our key employees; failure to protect our intellectual property; acts of terrorism or other vandalism, war or natural disasters; changes in current tax or accounting rules; unanticipated costs or liabilities related to businesses that we acquire; and other risks and uncertainties. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in Cornerstone OnDemand’s reports filed with the SEC, including its Form 10-Q filed with the SEC on November 6, 2013.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP. Cornerstone OnDemand has provided in this release certain measures that have not been prepared in accordance with GAAP. These non-GAAP financial measures include (i) non-GAAP revenue, which is defined as gross revenue plus revenue not recognized in the period due to the impact of purchase accounting rules on deferred revenue acquired through acquisitions, (ii) bookings, which are defined as gross revenue plus the change in deferred revenue for the period, (iii) non-GAAP net cash provided by operating activities, which excludes payment of premium on investments net of related amortization, acquisition and acquisition-related costs and employer-related taxes from stock-based compensation, (iv) non-GAAP net loss and non-GAAP net loss per share, which are based on non-GAAP revenue and exclude, for the periods in which they are present, stock-based compensation and employer-related payroll taxes, amortization of intangible assets, acquisition costs, adjustments to taxes related to acquisition adjustments, accretion of debt discount and amortization of debt issuance costs, (v) non-GAAP gross profit and non-GAAP gross margin, which are calculated based on non-GAAP revenue and exclude stock-based compensation and amortization of certain intangible assets reflected in cost of revenue, (vi) non-GAAP loss from operations and non-GAAP operating margin, which are calculated based on operating loss and exclude adjustments to revenue, stock-based compensation and employer-related taxes, acquisition costs, and amortization of intangible assets, and (vii) non-GAAP operating expenses which include non-GAAP sales and marketing expense, non-GAAP research and development expense, and non-GAAP general and administrative expense exclude stock based compensation and employer-related taxes, acquisition related costs, and amortization of intangible assets.

Cornerstone OnDemand’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating Cornerstone OnDemand’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Cornerstone excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

 

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.

Cornerstone OnDemand, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)

 

 

December 31,
 2013

 

December 31, 2012

Assets

 

 

 

Cash and cash equivalents

$

109,583

 

 

$

76,442

 

Short-term investments

199,925

 

 

 

Accounts receivable, net

67,191

 

 

47,528

 

Deferred commissions

16,634

 

 

9,354

 

Prepaid expenses and other current assets

14,118

 

 

8,249

 

Total current assets

407,451

 

 

141,573

 

 

 

 

 

Capitalized software development costs, net

10,665

 

 

7,007

 

Property and equipment, net

14,436

 

 

7,947

 

Intangible assets, net

4,632

 

 

6,887

 

Goodwill

8,193

 

 

8,193

 

Other assets, net

5,978

 

 

227

 

Total Assets

$

451,355

 

 

$

171,834

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Liabilities:

 

 

 

Accounts payable

$

10,037

 

 

$

4,849

 

Accrued expenses

22,288

 

 

14,986

 

Deferred revenue, current portion

135,322

 

 

87,759

 

Capital lease obligations, current portion

905

 

 

1,643

 

Debt, current portion

519

 

 

916

 

Other liabilities

4,203

 

 

3,885

 

Total current liabilities

173,274

 

 

114,038

 

 

 

 

 

Convertible notes, net

217,965

 

 

 

Other liabilities, non-current

3,111

 

 

3,592

 

Deferred revenue, net of current portion

3,500

 

 

4,493

 

Capital lease obligations, net of current portion

218

 

 

1,227

 

Other long-term debt, net of current portion

392

 

 

1,836

 

Total liabilities

398,460

 

 

125,186

 

 

 

 

 

Stockholders’ Equity:

 

 

 

Common stock

5

 

 

5

 

Additional paid-in capital

289,307

 

 

242,767

 

Accumulated deficit

(236,467

)

 

(196,041

)

Accumulated other comprehensive income (loss)

50

 

 

(83

)

Total stockholders’ equity

52,895

 

 

46,648

 

Total Liabilities and Stockholders’ Equity

$

451,355

 

 

$

171,834

 

 

 

Cornerstone OnDemand, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2013

 

2012

 

2013

 

2012

Revenue

$

54,856

 

 

$

36,426

 

 

$

185,129

 

 

$

117,914

 

Cost of revenue 1, 2

15,488

 

 

10,722

 

 

53,548

 

 

34,591

 

Gross profit

39,368

 

 

25,704

 

 

131,581

 

 

83,323

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing 1

31,852

 

 

21,280

 

 

109,737

 

 

73,563

 

Research and development 1

5,893

 

 

4,261

 

 

21,260

 

 

14,886

 

General and administrative 1

9,215

 

 

7,566

 

 

33,572

 

 

25,912

 

Amortization of certain acquired intangible assets

251

 

 

251

 

 

1,004

 

 

739

 

Total operating expenses

47,211

 

 

33,358

 

 

165,573

 

 

115,100

 

Loss from operations

(7,843

)

 

(7,654

)

 

(33,992

)

 

(31,777

)

Other income (expense):

 

 

 

 

 

 

 

Interest income

205

 

 

 

 

357

 

 

 

Interest expense

(3,001

)

 

(84

)

 

(6,563

)

 

(442

)

Other, net

(213

)

 

82

 

 

(356

)

 

40

 

Other income (expense), net

(3,009

)

 

(2

)

 

(6,562

)

 

(402

)

Loss before income tax benefit

(10,852

)

 

(7,656

)

 

(40,554

)

 

(32,179

)

Income tax benefit

97

 

 

239

 

 

128

 

 

789

 

Net loss

$

(10,755

)

 

$

(7,417

)

 

$

(40,426

)

 

$

(31,390

)

Net loss per share, basic and diluted

$

(0.21

)

 

$

(0.15

)

 

$

(0.79

)

 

$

(0.63

)

Weighted average common shares outstanding, basic and diluted

52,185

 

 

50,486

 

 

51,427

 

 

49,929

 

 

 

1

 

Includes stock-based compensation and employer-related taxes as follows:

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2013

 

2012

 

2013

 

2012

Cost of revenue

$

746

 

 

$

356

 

 

$

2,324

 

 

$

1,669

 

Sales and marketing

3,486

 

 

1,800

 

 

10,651

 

 

4,101

 

Research and development

702

 

 

354

 

 

2,129

 

 

982

 

General and administrative

1,936

 

 

1,494

 

 

6,905

 

 

5,652

 

                  Total

$

6,870

 

 

$

4,004

 

 

$

22,009

 

 

$

12,404

 

 

 

2

 

Cost of revenue includes amortization of intangibles as follows:

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2013

 

2012

 

2013

 

2012

Cost of revenue

$

313

 

 

$

305

 

 

$

1,252

 

 

$

964

 

                               
 

Cornerstone OnDemand, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2013

 

2012

 

2013

 

2012

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(10,755

)

 

$

(7,417

)

 

$

(40,426

)

 

$

(31,390

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

2,703

 

 

2,098

 

 

9,700

 

 

7,037

 

Accretion of debt discount and amortization of debt issuance costs

2,006

 

 

37

 

 

4,273

 

 

143

 

Purchased investment premium, net of amortization

1,000

 

 

 

 

(2,031

)

 

 

Unrealized foreign exchange (gain) loss

(133

)

 

(145

)

 

242

 

 

(182

)

Stock-based compensation expense

6,577

 

 

3,909

 

 

20,840

 

 

12,207

 

Deferred income taxes

(515

)

 

(398

)

 

(865

)

 

(965

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(11,001

)

 

(2,196

)

 

(19,046

)

 

(12,254

)

Deferred commissions

(4,044

)

 

(5,119

)

 

(7,085

)

 

(5,691

)

Prepaid expenses and other assets

(1,808

)

 

(780

)

 

(6,057

)

 

(4,188

)

Accounts payable

2,071

 

 

(1,466

)

 

5,082

 

 

190

 

Accrued expenses

4,520

 

 

5,201

 

 

6,828

 

 

6,325

 

Deferred revenue

28,668

 

 

19,584

 

 

45,230

 

 

35,327

 

Other liabilities

206

 

 

780

 

 

746

 

 

3,735

 

Net cash provided by operating activities

19,495

 

 

14,088

 

 

17,431

 

 

10,294

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of investment securities

 

 

 

 

(203,959

)

 

 

Maturities of investment securities

723

 

 

 

 

6,182

 

 

 

Purchases of property and equipment

(2,295

)

 

(1,776

)

 

(8,762

)

 

(2,123

)

Capitalized software costs

(1,919

)

 

(1,368

)

 

(6,906

)

 

(5,030

)

Cash paid for acquisition, net of cash acquired

 

 

 

 

 

 

(12,428

)

Net cash used in investing activities

(3,491

)

 

(3,144

)

 

(213,445

)

 

(19,581

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from convertible notes and payments of debt issuance costs

 

 

 

 

245,664

 

 

 

Payments for convertible note hedges

 

 

 

 

(49,537

)

 

 

Proceeds from the issuance of warrants

 

 

 

 

23,225

 

 

 

Proceeds from issuance of debt

 

 

1,043

 

 

1,914

 

 

1,043

 

Repayment of debt

(137

)

 

(260

)

 

(4,038

)

 

(1,510

)

Principal payments under capital lease obligations

(358

)

 

(523

)

 

(1,747

)

 

(1,919

)

Proceeds from stock option and warrant exercises

4,209

 

 

714

 

 

13,447

 

 

2,698

 

Net cash provided by financing activities

3,714

 

 

974

 

 

228,928

 

 

312

 

Effect of exchange rate changes on cash and cash equivalents

224

 

 

32

 

 

227

 

 

8

 

Net increase (decrease) in cash and cash equivalents

19,942

 

 

11,950

 

 

33,141

 

 

(8,967

)

Cash and cash equivalents at beginning of period

89,641

 

 

64,492

 

 

76,442

 

 

85,409

 

Cash and cash equivalents at end of period

$

109,583

 

 

$

76,442

 

 

$

109,583

 

 

$

76,442

 

 

Cornerstone OnDemand, Inc.
RECONCILIATIONS OF REVENUE TO NON-GAAP REVENUE, GROSS MARGIN TO NON-GAAP GROSS MARGIN, LOSS FROM OPERATIONS TO NON-GAAP LOSS FROM OPERATIONS AND OPERATING MARGIN TO NON-GAAP OPERATING MARGIN
(in thousands)
(unaudited)

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2013

 

2012

 

2013

 

2012

Revenue

$

54,856

 

 

$

36,426

 

 

$

185,129

 

 

$

117,914

 

Cost of revenue

15,488

 

 

10,722

 

 

53,548

 

 

34,591

 

Gross profit

$

39,368

 

 

$

25,704

 

 

$

131,581

 

 

$

83,323

 

Gross margin

71.8

%

 

70.6

%

 

71.1

%

 

70.7

%

 

 

 

 

 

 

 

 

Revenue

$

54,856

 

 

$

36,426

 

 

$

185,129

 

 

$

117,914

 

Adjustments to revenue 1

 

 

293

 

 

169

 

 

1,440

 

Non-GAAP revenue

$

54,856

 

 

$

36,719

 

 

$

185,298

 

 

$

119,354

 

 

 

 

 

 

 

 

 

Cost of revenue

$

15,488

 

 

$

10,722

 

 

$

53,548

 

 

$

34,591

 

Adjustments to costs of revenue

 

 

 

 

 

 

 

Amortization of intangible assets

(313

)

 

(305

)

 

(1,252

)

 

(964

)

Stock based compensation and employer-related taxes

(746

)

 

(356

)

 

(2,324

)

 

(1,669

)

Total adjustments to cost of revenue

(1,059

)

 

(661

)

 

(3,576

)

 

(2,633

)

Non-GAAP costs of revenue

14,429

 

 

10,061

 

 

49,972

 

 

31,958

 

Non-GAAP gross profit

$

40,427

 

 

$

26,658

 

 

$

135,326

 

 

$

87,396

 

Non-GAAP gross margin

73.7

%

 

72.6

%

 

73.0

%

 

73.2

%

 

 

 

 

 

 

 

 

Loss from operations

$

(7,843

)

 

$

(7,654

)

 

$

(33,992

)

 

$

(31,777

)

Operating margin

(14.3

)%

 

(21.0

)%

 

(18.4

)%

 

(26.9

)%

Adjustments to loss from operations

 

 

 

 

 

 

 

Adjustments to revenue 1

 

 

293

 

 

169

 

 

1,440

 

Stock-based compensation and employer-related taxes

6,870

 

 

4,004

 

 

22,009

 

 

12,404

 

Acquisition costs

 

 

 

 

 

 

747

 

Amortization of intangible assets

564

 

 

556

 

 

2,256

 

 

1,703

 

Total adjustments to loss from operations

7,434

 

 

4,853

 

 

24,434

 

 

16,294

 

Non-GAAP loss from operations

$

(409

)

 

$

(2,801

)

 

$

(9,558

)

 

$

(15,483

)

Non-GAAP operating margin

(0.7

)%

 

(7.6

)%

 

(5.2

)%

 

(13.0

)%

 

 

1

 

Due to purchase accounting rules, upon acquisition, Cornerstone recorded an adjustment of $1.6 million to reduce the balance of deferred revenue related to the assumed client contracts acquired from Sonar Limited. As a result of this adjustment, $0.2 million of revenue was not recognized during the year ended December 31, 2013, and $0.3 million and $1.4 million for the three months and year ended December 31, 2012, respectively. Therefore, revenue is adjusted by an increase of $0.2 million to arrive at non-GAAP revenue for the year ended December 31, 2013, and $0.3 million and $1.4 million for the three months and year ended December 31, 2012, respectively.

 

 

 

 

 

Cornerstone OnDemand, Inc.
RECONCILIATIONS OF NET LOSS TO NON-GAAP NET LOSS AND NON-GAAP NET LOSS PER SHARE
(in thousands, except per share amounts)
(unaudited)

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2013

 

2012

 

2013

 

2012

Net loss

$

(10,755

)

 

$

(7,417

)

 

$

(40,426

)

 

$

(31,390

)

Adjustments to net loss

 

 

 

 

 

 

 

Stock-based compensation and employer-related payroll taxes

6,870

 

 

4,004

 

 

22,009

 

 

12,404

 

Acquisition related:

 

 

 

 

 

 

 

Adjustments to revenue 1

 

 

293

 

 

169

 

 

1,440

 

Amortization of intangible assets

492

 

 

492

 

 

1,969

 

 

1,446

 

Acquisition costs

 

 

 

 

 

 

747

 

Adjustments for income tax benefit 2

(391

)

 

(302

)

 

(742

)

 

(964

)

Accretion of debt discount and amortization of debt issuance costs 3

2,005

 

 

 

 

4,272

 

 

 

Other amortization costs and other expenses

72

 

 

64

 

 

287

 

 

358

 

Total adjustments to net loss

9,048

 

 

4,551

 

 

27,964

 

 

15,431

 

Non-GAAP net loss

$

(1,707

)

 

$

(2,866

)

 

$

(12,462

)

 

$

(15,959

)

Weighted-average common shares outstanding, basic and diluted

52,185

 

 

50,486

 

 

51,427

 

 

49,929

 

Non-GAAP net loss per share

$

(0.03

)

 

$

(0.06

)

 

$

(0.24

)

 

$

(0.32

)

 

 

1

 

As of December 31, 2013, approximately $0.2 million in estimated revenues were not recognized during the year ended December 31, 2013, and $0.3 million and $1.4 million for the three months and year ended December 31, 2012, respectively, due to purchase accounting rules.

2

 

Income tax effects related to acquisition related adjustments.

3

 

Debt discount accretion and debt issuance cost amortization has been recorded in connection with our issuance of $253.0 million in convertible notes on June 17, 2013. These expenses represent non-cash charges that have been recorded in accordance with the authoritative accounting literature for such transactions.

 

Cornerstone OnDemand, Inc.
CALCULATIONS OF BOOKINGS
(dollars in thousands)
(unaudited)

 

 

Deferred Revenue Balance

 

Three Months Ended December 31, 2013

 

 

 

 

Revenue

 

 

$

54,856

 

Deferred revenue at September 30, 2013

$

109,212

 

 

 

Deferred revenue at December 31, 2013

138,822

 

 

 

Change in deferred revenue

29,610

 

 

29,610

 

Bookings

 

 

$

84,466

 

 

 

 

 

 

Deferred Revenue Balance

 

Three Months Ended December 31, 2012

 

 

 

 

Revenue

 

 

$

36,426

 

Deferred revenue at September 30, 2012

$

72,622

 

 

 

Deferred revenue at December 31, 2012

92,252

 

 

 

Change in deferred revenue

19,630

 

 

19,630

 

Bookings

 

 

$

56,056

 

 

 

 

 

Percentage period-over-period increase in bookings for the three months ended December 31, 2013

 

 

51

%

 

 

 

 

 

Deferred Revenue Balance

 

Year Ended     December 31, 2013

 

 

 

 

Revenue

 

 

$

185,129

 

Deferred revenue at December 31, 2012

$

92,252

 

 

 

Deferred revenue at December 31, 2013

138,822

 

 

 

Change in deferred revenue

46,570

 

 

46,570

 

Bookings

 

 

$

231,699

 

 

 

 

 

 

Deferred Revenue Balance

 

Year Ended     December 31, 2012

 

 

 

 

Revenue

 

 

$

117,914

 

Deferred revenue at December 31, 2011

$

55,880

 

 

 

Deferred revenue at December 31, 2012

92,252

 

 

 

Change in deferred revenue

36,372

 

 

36,372

 

Bookings

 

 

$

154,286

 

 

 

 

 

Percentage period-over-period increase in bookings for the year ended December 31, 2013

 

 

50

%

 

Cornerstone OnDemand, Inc.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP NET CASH PROVIDED BY OPERATING ACTIVITIES
(in thousands)
(unaudited)

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2013

 

2012

 

2013

 

2012

Net cash provided by operating activities

$

19,495

 

 

$

14,088

 

 

$

17,431

 

 

$

10,294

 

Payment of acquisition related costs

 

 

 

 

 

 

747

 

Payment of employer related taxes from stock-based compensation

293

 

 

95

 

 

1,169

 

 

198

 

Purchased investment premium, net of amortization

(1,000

)

 

 

 

2,031

 

 

 

Non-GAAP net cash provided by operating activities

$

18,788

 

 

$

14,183

 

 

$

20,631

 

 

$

11,239

 

 
 

Cornerstone OnDemand, Inc.

 

Investor Relations Contact:

Alexandra Geller
Cornerstone OnDemand
Phone: +1 (310) 752-1870
ageller@csod.com

or

Media Contact:
Elizabeth Flax
Cornerstone OnDemand
Phone: +1 (310) 752-1860
eflax@csod.com

Source: Cornerstone OnDemand

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