SYS-CON MEDIA Authors: Adine Deford, Cynthia Dunlop, Harry Trott, Xenia von Wedel, Peter Silva

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
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!