Cornerstone OnDemand Announces Second Quarter 2013 Financial Results
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Cornerstone OnDemand Announces Second Quarter 2013 Financial Results  

        Record quarterly revenue of $44.3 million, up 66% year-over-year

        Record second quarter bookings of $48.9 million, up 55% year-over-year1

        Record quarterly gross profit of $31.2 million, up 66% year-over-year

        Operating margin increased by 1,180 basis points year-over-year

        Ended the quarter with over 1,400 clients and over 12 million users2

 

SANTA MONICA, Calif. – August 6, 2013Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its quarter ended June 30, 2013.

Revenue for the second quarter of 2013 was $44.3 million, representing a 66% increase compared to the same period in 2012. Revenue for the first six months of 2013 was $82.0 million, an increase of 62% 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 $48.9 million for the second quarter of 2013, representing a 55% increase compared to the same period in 2012. 1 Bookings for the first six months of 2013 were $84.8 million, representing a 53% increase compared to the same period in 2012.1 Deferred revenue at June 30, 2013 was $95.0 million, which was 57% higher than the balance at June 30, 2012.

“In a quarter that saw many software companies come up short, Cornerstone recorded one of its best performances to date,” said Adam Miller, the Company’s President & CEO. “With our solution improving, global distribution capabilities expanding, and direct competition weakening, our momentum has continued to build and we are excited about the road ahead.”

Gross profit for the second quarter of 2013 was $31.2 million, representing a 66% increase compared to the same period in 2012. Gross profit for the first six months of 2013 was $57.6 million, an increase of 60% compared to the same period in 2012.

The Company’s net loss for the second quarter of 2013 was $8.7 million, or $0.17 net loss per share. The Company's net loss for the first six months of 2013 was $18.6 million, or $0.36 net loss per share. Operating margin for the second quarter of 2013 increased by 1,180 basis points compared to the same period in 2012.

Non-GAAP net loss for the second quarter of 2013 was $3.5 million, or a $0.07 net loss per share, and non-GAAP net loss for the first six months of 2013 was $8.9 million, or $0.17 net loss per share.1 Non-GAAP operating margin for the second quarter of 2013 increased by 830 basis points compared to the same period in 2012.

At June 30, 2013, the Company’s total cash and cash equivalents were $290.3 million, and accounts receivable were $44.1 million, yielding a total of approximately $334.4 million

The Company ended the quarter with over 1,400 clients and over 12 million users.2

 

1

 

Bookings, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating 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 our core solution, excluding Cornerstone for Small Business (CSB) and Cornerstone for Salesforce.

 
Quarterly Conference Call

Cornerstone OnDemand will host a conference call to discuss its second 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) 539-3612 (U.S.) or (719) 457-2085 (outside the U.S.) and referencing passcode: 5721221. 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 August 9, 2013 by dialing (888) 203-1112 (U.S.) or (719) 457-0820 (outside the U.S.), and referencing passcode: 5721221.

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 12 million users across 190 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; increased demands on our infrastructure and costs associated with operating as a public company; 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 May 9, 2013.

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with 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 used in operating activities, which excludes 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, and (vi) non-GAAP operating margin, which is calculated based on operating loss and exclude adjustments to revenue, stock-based compensation and employer-related taxes, acquisition 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)

(unaudited)

 

 

June 30,
2013

 

December 31, 2012

Assets

 

 

 

Cash and cash equivalents

$

290,264

 

 

$

76,442

 

Accounts receivable, net

44,136

 

 

47,528

 

Deferred commissions

10,881

 

 

9,354

 

Prepaid expenses and other current assets

11,280

 

 

8,249

 

Total current assets

356,561

 

 

141,573

 

 

 

 

 

Capitalized software development costs, net

8,814

 

 

7,007

 

Property and equipment, net

11,557

 

 

7,947

 

Intangible assets, net

5,758

 

 

6,887

 

Goodwill

8,193

 

 

8,193

 

Other assets, net

6,312

 

 

227

 

Total Assets

$

397,195

 

 

$

171,834

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Liabilities:

 

 

 

Accounts payable

$

11,052

 

 

$

4,849

 

Accrued expenses

13,522

 

 

14,986

 

Deferred revenue, current portion

92,399

 

 

87,759

 

Capital lease obligations, current portion

1,300

 

 

1,643

 

Debt, current portion

496

 

 

916

 

Other liabilities

3,653

 

 

3,885

 

Total current liabilities

122,422

 

 

114,038

 

 

 

 

 

Convertible notes, net

214,529

 

 

 

Other liabilities, non-current

3,395

 

 

3,592

 

Deferred revenue, net of current portion

2,641

 

 

4,493

 

Capital lease obligations, net of current portion

583

 

 

1,227

 

Other long-term debt, net of current portion

678

 

 

1,836

 

Total liabilities

344,248

 

 

125,186

 

 

 

 

 

Stockholders’ Equity:

 

 

 

Common stock

5

 

 

5

 

Additional paid-in capital

266,965

 

 

242,767

 

Accumulated deficit

(214,658

)

 

(196,041

)

Accumulated other comprehensive income (loss)

635

 

 

(83

)

Total stockholders’ equity

52,947

 

 

46,648

 

Total Liabilities and Stockholders’ Equity

$

397,195

 

 

$

171,834

 

 

Cornerstone OnDemand, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Revenue

$

44,346

 

 

$

26,718

 

 

$

82,003

 

 

$

50,720

 

Cost of revenue 1, 2

13,164

 

 

7,890

 

 

24,416

 

 

14,734

 

Gross profit

31,182

 

 

18,828

 

 

57,587

 

 

35,986

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing 1

26,274

 

 

17,422

 

 

49,284

 

 

33,659

 

Research and development 1

5,232

 

 

3,431

 

 

9,651

 

 

6,524

 

General and administrative 1

7,530

 

 

5,792

 

 

16,096

 

 

11,746

 

Amortization of certain acquired intangible assets

251

 

 

237

 

 

502

 

 

237

 

Total operating expenses

39,287

 

 

26,882

 

 

75,533

 

 

52,166

 

Loss from operations

(8,105

)

 

(8,054

)

 

(17,946

)

 

(16,180

)

Other income (expense):

 

 

 

 

 

 

 

Interest expense

(505

)

 

(94

)

 

(584

)

 

(237

)

Other, net

(209

)

 

(420

)

 

(222

)

 

(181

)

Other income (expense), net

(714

)

 

(514

)

 

(806

)

 

(418

)

Loss before income tax benefit

(8,819

)

 

(8,568

)

 

(18,752

)

 

(16,598

)

Income tax benefit

136

 

 

334

 

 

135

 

 

252

 

Net loss

$

(8,683

)

 

$

(8,234

)

 

$

(18,617

)

 

$

(16,346

)

Net loss per share, basic and diluted

$

(0.17

)

 

$

(0.17

)

 

$

(0.36

)

 

$

(0.33

)

Weighted average common shares outstanding, basic and diluted

51,153

 

 

49,763

 

 

51,031

 

 

49,573

 

 

1

 

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

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Cost of revenue

$

517

 

 

$

520

 

 

$

957

 

 

$

1,011

 

Sales and marketing

2,054

 

 

662

 

 

3,740

 

 

1,177

 

Research and development

445

 

 

202

 

 

789

 

 

355

 

General and administrative

1,500

 

 

1,118

 

 

3,070

 

 

2,507

 

                  Total

$

4,516

 

 

$

2,502

 

 

$

8,556

 

 

$

5,050

 

 

2

 

Cost of revenue includes amortization of intangibles as follows:

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Cost of revenue

$

313

 

 

$

292

 

 

$

626

 

 

$

354

 

                               

 

Cornerstone OnDemand, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Cash flows from operating activities:

 

 

 

 

 

 

 

Net loss

$

(8,683

)

 

$

(8,234

)

 

$

(18,617

)

 

$

(16,346

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

2,323

 

 

1,816

 

 

4,447

 

 

2,977

 

Accretion of debt discount and amortization of debt issuance costs

286

 

 

10

 

 

286

 

 

78

 

Unrealized foreign exchange loss

280

 

 

376

 

 

566

 

 

175

 

Stock-based compensation expense

4,347

 

 

2,482

 

 

8,346

 

 

4,981

 

Deferred income taxes

(249

)

 

(361

)

 

(378

)

 

(361

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts receivable

(7,068

)

 

(7,193

)

 

2,484

 

 

2,032

 

Deferred commissions

31

 

 

60

 

 

(1,810

)

 

(219

)

Prepaid expenses and other assets

(2,140

)

 

(317

)

 

(3,215

)

 

(586

)

Accounts payable

2,669

 

 

(814

)

 

3,917

 

 

612

 

Accrued expenses

1,829

 

 

1,892

 

 

(1,448

)

 

(409

)

Deferred revenue

4,509

 

 

4,655

 

 

4,238

 

 

4,293

 

Other liabilities

274

 

 

239

 

 

70

 

 

413

 

Net cash used in operating activities

(1,592

)

 

(5,389

)

 

(1,114

)

 

(2,360

)

Cash flows from investing activities:

 

 

 

 

 

 

 

Purchases of property and equipment

(910

)

 

(142

)

 

(2,377

)

 

(188

)

Capitalized software costs

(1,479

)

 

(1,198

)

 

(3,414

)

 

(2,462

)

Cash paid for acquisition, net of cash acquired

 

 

(12,428

)

 

 

 

(12,428

)

Net cash used in investing activities

(2,389

)

 

(13,768

)

 

(5,791

)

 

(15,078

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from the issuance of convertible notes, net

246,043

 

 

 

 

246,043

 

 

 

Payments for convertible note hedges

(49,537

)

 

 

 

(49,537

)

 

 

Proceeds from the issuance of warrants

23,225

 

 

 

 

23,225

 

 

 

Proceeds from issuance of debt

 

 

 

 

1,914

 

 

 

Repayment of debt

(3,415

)

 

(786

)

 

(3,776

)

 

(996

)

Principal payments under capital lease obligations

(528

)

 

(480

)

 

(987

)

 

(929

)

Proceeds from stock option and warrant exercises

2,414

 

 

447

 

 

4,140

 

 

1,041

 

Net cash provided by (used in) financing activities

218,202

 

 

(819

)

 

221,022

 

 

(884

)

Effect of exchange rate changes on cash and cash equivalents

(127

)

 

(242

)

 

(295

)

 

(119

)

Net increase (decrease) in cash and cash equivalents

214,094

 

 

(20,218

)

 

213,822

 

 

(18,441

)

Cash and cash equivalents at beginning of period

76,170

 

 

87,186

 

 

76,442

 

 

85,409

 

Cash and cash equivalents at end of period

$

290,264

 

 

$

66,968

 

 

$

290,264

 

 

$

66,968

 

 

Cornerstone OnDemand, Inc.

RECONCILIATION 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

 

Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Revenue

$

44,346

 

 

$

26,718

 

 

$

82,003

 

 

$

50,720

 

Cost of revenue

13,164

 

 

7,890

 

 

24,416

 

 

14,734

 

Gross profit

$

31,182

 

 

$

18,828

 

 

$

57,587

 

 

$

35,986

 

Gross margin

70.3

%

 

70.5

%

 

70.2

%

 

71.0

%

 

 

 

 

 

 

 

 

Revenue

$

44,346

 

 

$

26,718

 

 

$

82,003

 

 

$

50,720

 

Adjustments to revenue 1

36

 

 

719

 

 

169

 

 

719

 

Non-GAAP revenue

$

44,382

 

 

$

27,437

 

 

$

82,172

 

 

$

51,439

 

 

 

 

 

 

 

 

 

Cost of revenue

$

13,164

 

 

$

7,890

 

 

$

24,416

 

 

$

14,734

 

Adjustments to costs of revenue

 

 

 

 

 

 

 

Amortization of intangible assets

(313

)

 

(292

)

 

(626

)

 

(354

)

Stock based compensation and employer-related taxes

(517

)

 

(520

)

 

(957

)

 

(1,011

)

Total adjustments to cost of revenue

(830

)

 

(812

)

 

(1,583

)

 

(1,365

)

Non-GAAP costs of revenue

12,334

 

 

7,078

 

 

22,833

 

 

13,369

 

Non-GAAP gross profit

$

32,048

 

 

$

20,359

 

 

$

59,339

 

 

$

38,070

 

Non-GAAP gross margin

72.2

%

 

74.2

%

 

72.2

%

 

74.0

%

 

 

 

 

 

 

 

 

Loss from operations

$

(8,105

)

 

$

(8,054

)

 

$

(17,946

)

 

$

(16,180

)

Operating margin

(18.3

)%

 

(30.1

)%

 

(21.9

)%

 

(31.9

)%

Adjustments to loss from operations

 

 

 

 

 

 

 

Adjustments to revenue 1

36

 

 

719

 

 

169

 

 

719

 

Stock-based compensation and employer-related taxes

4,516

 

 

2,502

 

 

8,556

 

 

5,050

 

Acquisition costs

 

 

179

 

 

 

 

747

 

Amortization of intangible assets

564

 

 

529

 

 

1,128

 

 

591

 

Total adjustments to loss from operations

5,116

 

 

3,929

 

 

9,853

 

 

7,107

 

Non-GAAP loss from operations

$

(2,989

)

 

$

(4,125

)

 

$

(8,093

)

 

$

(9,073

)

Non-GAAP operating margin

(6.7

)%

 

(15.0

)%

 

(9.8

)%

 

(17.6

)%

 

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, $36,000 and $0.2 million of revenue was not recognized during the three and six months ended June 30, 2013, respectively, and $0.7 million for both the three and six months ended June 30, 2012, respectively.  Therefore, revenue is adjusted by an increase of $36,000 and $0.2 million to arrive at non-GAAP revenue for the three and six months ended June 30, 2013, respectively, and $0.7 million for both the three and six months ended June 30, 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

 

Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Net loss

$

(8,683

)

 

$

(8,234

)

 

$

(18,617

)

 

$

(16,346

)

Adjustments to net loss

 

 

 

 

 

 

 

Stock-based compensation and employer-related payroll taxes

4,516

 

 

2,502

 

 

8,556

 

 

5,050

 

Acquisition related:

 

 

 

 

 

 

 

Adjustments to revenue 1

36

 

 

719

 

 

169

 

 

719

 

Amortization of intangible assets

492

 

 

465

 

 

984

 

 

465

 

Acquisition costs

 

 

179

 

 

 

 

747

 

Adjustments for income tax benefit 2

(249

)

 

(360

)

 

(378

)

 

(360

)

Accretion of debt discount and amortization of debt issuance costs 3

286

 

 

 

 

286

 

 

 

Other amortization costs and other expenses

72

 

 

71

 

 

144

 

 

201

 

Total adjustments to net loss

5,153

 

 

3,576

 

 

9,761

 

 

6,822

 

Non-GAAP net loss

$

(3,530

)

 

$

(4,658

)

 

$

(8,856

)

 

$

(9,524

)

Weighted-average common shares outstanding, basic and diluted

51,153

 

 

49,763

 

 

51,031

 

 

49,573

 

Non-GAAP net loss per share

$

(0.07

)

 

$

(0.09

)

 

$

(0.17

)

 

$

(0.19

)

 

1

 

As of June 30, 2013, approximately $36,000 and $0.2 million in estimated revenues were not recognized during the three and six months ended June 30, 2013, respectively, and $0.7 million for both the three and six months ended June 30, 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 June 30, 2013

 

 

 

 

Revenue

 

 

$

44,346

 

Deferred revenue at March 31, 2013

$

90,534

 

 

 

Deferred revenue at June 30, 2013

95,040

 

 

 

Change in deferred revenue

4,506

 

 

4,506

 

Bookings

 

 

$

48,852

 

 

 

 

 

 

Deferred Revenue Balance

 

Three Months Ended June 30, 2012

 

 

 

 

Gross revenue

 

 

$

26,718

 

Deferred revenue at March 31, 2012

$

55,837

 

 

 

Deferred revenue at June 30, 2012

60,653

 

 

 

Change in deferred revenue

4,816

 

 

4,816

 

Bookings

 

 

$

31,534

 

 

 

 

 

Percentage period-over-period increase in bookings for the three months ended June 30, 2013

 

 

55

%

 

 

 

 

 

Deferred Revenue Balance

 

Six Months Ended   June 30, 2013

 

 

 

 

Gross revenue

 

 

$

82,003

 

Deferred revenue at December 31, 2012

$

92,252

 

 

 

Deferred revenue at June 30, 2013

95,040

 

 

 

Change in deferred revenue

2,788

 

 

2,788

 

Bookings

 

 

$

84,791

 

 

 

 

 

 

Deferred Revenue Balance

 

Six Months Ended   June 30, 2012

 

 

 

 

Gross revenue

 

 

$

50,720

 

Deferred revenue at December 31, 2011

$

55,880

 

 

 

Deferred revenue at June 30, 2012

60,653

 

 

 

Change in deferred revenue

4,773

 

 

4,773

 

Bookings

 

 

$

55,493

 

 

 

 

 

Percentage period-over-period increase in bookings for the six months ended June 30, 2013

 

 

53

%

 

Cornerstone OnDemand, Inc.

RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO NON-GAAP NET CASH USED IN OPERATING ACTIVITIES

(in thousands)

(unaudited)

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2013

 

2012

 

2013

 

2012

Net cash used in operating activities

$

(1,592

)

 

$

(5,389

)

 

$

(1,114

)

 

$

(2,360

)

Payment of acquisition related costs

 

 

89

 

 

 

 

192

 

Payment of employer related taxes from stock-based compensation

178

 

 

20

 

 

236

 

 

69

 

Non-GAAP net cash used in operating activities

$

(1,414

)

 

$

(5,280

)

 

$

(878

)

 

$

(2,099

)

 

 

 

 

 

 

 

 

Net cash used in investing activities 1

$

(2,389

)

 

$

(13,768

)

 

$

(5,791

)

 

$

(15,078

)

Net cash provided by (used in) financing activities

$

218,202

 

 

$

(819

)

 

$

221,022

 

 

$

(884

)

 

1

 

Includes purchases of property and equipment and capitalized software development costs.

Cornerstone OnDemand, Inc.

 

Investor Relations Contact:
Carolyn Bass
Phone: +1 (415) 445-3232
ir@csod.com

or

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

Source: Cornerstone OnDemand

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