|By RealWire News Distribution||
|February 19, 2014 05:14 AM EST||
- 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-year
- Record annual bookings of $231.7 million, up 50% year-over-year
- Ended the year with over 1,600 clients and over 14 million users
SANTA MONICA, Calif.- Talent 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. Bookings for the full fiscal year of 2013 were $231.7 million, representing a 50% increase compared to the same period in 2012. 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. 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. Non-GAAP gross margin for the fourth quarter of 2013 was 73.7%. Non-GAAP gross margin for the full fiscal year of 2013 was 73.0%.
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.
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.
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.
 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.
 Includes contracted clients and active users of our core solution, excluding Cornerstone for Small Business (CSB) and Cornerstone for Salesforce.
About Cornerstone OnDemand
Cornerstone OnDemand is a leader in cloud-based applications for talent management. The company's solutions help organisations recruit, train, manage and connect their employees, empowering their people and increasing workforce productivity. Based in Santa Monica, California, the company's solutions are used by more than 1600 clients worldwide, spanning over 14 million users across 191 countries and 41 languages. For more information about Cornerstone, visit cornerstoneondemand.co.uk. Read Cornerstone's blog at csod.com/blog. Follow Cornerstone on Twitter at twitter.com/CSODEMEA. Like Cornerstone on Facebook at facebook.com/CSODcommunity.
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.
Jo Ashford / Lawrie Benfield
Tel: 08453 707 024
Email: [email protected]
Scott Guthrie's keynote presentation "Journey to the intelligent cloud" is a must view video. This is from AzureCon 2015, September 29, 2015 I have reproduced some screen shots in case you are unable to view this long video for one reason or another. One of the highlights is 3 datacenters coming on line in India.
Oct. 7, 2015 12:00 PM EDT Reads: 243
SYS-CON Events announced today that IBM Cloud Data Services has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IBM Cloud Data Services offers a portfolio of integrated, best-of-breed cloud data services for developers focused on mobile computing and analytics use cases.
Oct. 7, 2015 12:00 PM EDT Reads: 669
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Bryan Forrester, Senior Vice President of Sales at eFolder, will present how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He will also demonstrate how easy it is to search and restore cloud application data using Cloudfinder.
Oct. 7, 2015 12:00 PM EDT Reads: 441
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of at least three separate application components: the software embedded in the device, the backend big-data service, and the mobile application for the end user's controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/...
Oct. 7, 2015 12:00 PM EDT Reads: 144
SYS-CON Events announced today that Spirent Communications, the leader in testing navigation and positioning systems, will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Spirent Communications enables innovations in communications technologies that help connect people. Whether it is service provider, data centers, enterprise IT networks, mobile communications, connected vehicles or the Inte...
Oct. 7, 2015 12:00 PM EDT
Nowadays, a large number of sensors and devices are connected to the network. Leading-edge IoT technologies integrate various types of sensor data to create a new value for several business decision scenarios. The transparent cloud is a model of a new IoT emergence service platform. Many service providers store and access various types of sensor data in order to create and find out new business values by integrating such data.
Oct. 7, 2015 12:00 PM EDT Reads: 459
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Bradley Holt, Developer Advocate at IBM Cloud Data Services, will demonstrate techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, ...
Oct. 7, 2015 11:45 AM EDT Reads: 468
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Oct. 7, 2015 11:45 AM EDT Reads: 129
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, will look at di...
Oct. 7, 2015 11:30 AM EDT Reads: 536
Saviynt Inc. has announced the availability of the next release of Saviynt for AWS. The comprehensive security and compliance solution provides a Command-and-Control center to gain visibility into risks in AWS, enforce real-time protection of critical workloads as well as data and automate access life-cycle governance. The solution enables AWS customers to meet their compliance mandates such as ITAR, SOX, PCI, etc. by including an extensive risk and controls library to detect known threats and b...
Oct. 7, 2015 11:15 AM EDT
SYS-CON Events announced today that Luxoft Holding, Inc., a leading provider of software development services and innovative IT solutions, has been named “Bronze Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Luxoft’s software development services consist of core and mission-critical custom software development and support, product engineering and testing, and technology consulting.
Oct. 7, 2015 11:15 AM EDT Reads: 571
The enterprise is being consumerized, and the consumer is being enterprised. Moore's Law does not matter anymore, the future belongs to business virtualization powered by invisible service architecture, powered by hyperscale and hyperconvergence, and facilitated by vertical streaming and horizontal scaling and consolidation. Both buyers and sellers want instant results, and from paperwork to paperless to mindless is the ultimate goal for any seamless transaction. The sweetest sweet spot in innov...
Oct. 7, 2015 11:00 AM EDT Reads: 144
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Oct. 7, 2015 11:00 AM EDT Reads: 855
Learn how Backup as a Service can help your customer base protect their data. In his session at 17th Cloud Expo, Stefaan Vervaet, Director of Strategic Alliances at HGST, will discuss the challenges of data protection in an era of exploding storage requirements, show you the benefits of a backup service for your cloud customers, and explain how the HGST Active Archive and CommVault are already enabling this service today with customer examples.
Oct. 7, 2015 11:00 AM EDT Reads: 681
For almost two decades, businesses have discovered great opportunities to engage with customers and even expand revenue through digital systems, including web and mobile applications. Yet, even now, the conversation between the business and the technologists that deliver these systems is strained, in large part due to misaligned objectives. In his session at DevOps Summit, James Urquhart, Senior Vice President of Performance Analytics at SOASTA, Inc., will discuss how measuring user outcomes –...
Oct. 7, 2015 11:00 AM EDT Reads: 407