Click here to close now.




















Welcome!

Blog Feed Post

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-year[1]
  • Record annual bookings of $231.7 million, up 50% year-over-year[1]
  • Ended the year with over 1,600 clients and over 14 million users[2]

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.[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.

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.

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.

Media Contact:
Rocket Communication
Jo Ashford / Lawrie Benfield
Tel: 08453 707 024
Email: [email protected]

Source: RealWire

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

Latest Stories
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Scrum Alliance has announced the release of its 2015 State of Scrum Report. Almost 5,000 individuals and companies worldwide participated in this year's survey. Most organizations in the market today are still leading and managing under an Industrial Age model. Not only is the speed of change growing exponentially, Agile and Scrum frameworks are showing companies how to draw on the full talents and capabilities of those doing the work in order to continue innovating for success.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.