Cornerstone OnDemand, Inc. Announces First Quarter 2012 Financial Results
- Record quarterly revenue of $24.0 million, up 52% year-over-year
- Record quarterly gross profit of $17.2 million, up 54% year-over-year
- Record Q1 Bookings 1 of $24.0 million, up 67% year-over-year
- Quarterly gross margin of 71%, consistent year-over-year, and Non-GAAP gross margin1 of 74%, up 230 basis points year-over-year
- Ended the quarter with over 891 clients and approximately 8.2 million users
SANTA MONICA, Calif. – May 14, 2012 – (BUSINESS WIRE) - Learning and talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its quarter ended March 31, 2012.
Revenue for the first quarter of 2012 was $24.0 million, representing a 52% increase compared to the same period in 2011.
Bookings1, which the company defines as revenue plus the change in deferred revenue, were $24.0 million for the first quarter of 2012, representing a 67% increase compared to the first quarter of 2011. Deferred revenue at March 31, 2012 was $55.8 million, which was 72% higher than the balance at March 31, 2011.
“We are extremely pleased with our first quarter and our continued innovation with the launch of our Recruiting Cloud and Volunteer Management System,” said Adam Miller, President and CEO of Cornerstone. “We continue to acquire marquee accounts and grow existing accounts. As our bookings demonstrate, the momentum of our business has not slowed down. The expansion of our products and services, as well as the growth of our global sales teams and our acquisition of Sonar6, has allowed us to grow our total addressable market with new and existing clients alike.”
Gross profit for the first quarter of 2012 was $17.2 million, representing a 54% year-over-year improvement compared to the same period in 2011. Gross margin for the first quarter of 2012 was 71.5% compared to 70.9% in the same period in 2011. Non-GAAP gross margin1 for the first quarter of 2012 was 73.5% compared to 71.2% in the same period of 2011.
In accordance with Generally Accepted Accounting Principles, or on a "GAAP" basis, Cornerstone's net loss for the first quarter of 2012 was $8.1 million, or $(0.16) per share, compared to a net loss of $47.6 million, or $(3.65) per share, for the first quarter of 2011.
Non-GAAP net loss1 for the first quarter of 2012 was $4.9 million, or $(0.10) per share, compared to non-GAAP net loss1 of $3.7 million, or $(0.26) per share, for the same period in 2011.
During the first quarter of 2012, net cash provided by operating activities was $3.0 million and non-GAAP net cash provided by operating activities1 was $3.2 million.
At March 31, 2012, Cornerstone’s total cash and cash equivalents were $87.2 million and accounts receivable were $25.1 million.
Cornerstone ended the quarter with 891 clients and approximately 8.2 million users, representing 59% and 57% year-over-year growth and 11% and 9% when compared to the prior quarter, of Cornerstone’s client base and users, respectively.
1 Bookings, non-GAAP net cash provided by (used in) operating activities, non-GAAP net loss, non-GAAP net loss per share, and non-GAAP gross margin 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.
Quarterly Conference Call
Cornerstone OnDemand will host a conference call to discuss its first quarter 2012 results at 2:00 p.m. PT (5:00 p.m. ES) 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: 80975882. A replay of the call will also be available at http://investors.cornerstoneondemand.com/events.cfm or via telephone until 12:00 a.m. PT on May 18, 2012 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 80975882.