EX-99.1 2 d394278dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO

August 9, 2012

Cornerstone OnDemand Announces Second Quarter 2012 Financial Results

 

  •  

Q2 Bookings1 of $31.5 million, up 51% year-over-year

 

  •  

Record quarterly revenue of $26.7 million, up 54% year-over-year based on gross revenue2

 

  •  

Record quarterly gross profit of $18.8 million, up 52% year-over-year based on gross revenue2

 

  •  

Quarterly gross margin of 70%, up 378 basis-points year-over-year, and non-GAAP gross margin1 of 74%, up 224 basis points year-over-year

 

  •  

Ended the quarter with over 1,000 clients and over 9.4 million users3

SANTA MONICA, Calif. — August 9, 2012 — Learning and talent management software provider Cornerstone OnDemand (NASDAQ: CSOD) today announced results for its quarter ended June 30, 2012.

Revenue for the second quarter of 2012 was $26.7 million, representing a 54% increase compared to gross revenue2 for the same period in 2011.

Gross profit for the second quarter of 2012 was $18.8 million, representing a 52% year-over-year improvement compared to the same period in 2011, after excluding the $2.5 million reduction of revenue related to a common stock warrant issued in the same period in 2011.

Gross margin for the second quarter of 2012 was 70% compared to 71% in the same period in 2011, after excluding the $2.5 million reduction of revenue described above.

Bookings1, which Cornerstone defines as gross revenue plus the change in deferred revenue for the period, were $31.5 million for the second quarter of 2012, representing a 51% increase compared to the same period of 2011 and a 32% sequential increase from the first quarter of 2012. Deferred revenue at June 30, 2012 was $60.7 million, which was 69% higher than the balance at June 30, 2011 and 9% higher than the balance at March 31, 2012.

Cornerstone ended the quarter with over 1,000 clients and over 9.4 million users, representing 55% and 57% year-over-year growth and 12% and 15% sequential quarter growth, of Cornerstone’s client base and users, respectively.3

“We have clearly seen a positive impact from the acquisitions of our primary competitors, not only in the segments of SMB and mid-market, but also in the large enterprise segment. Cornerstone’s momentum continued unabated through the first half of 2012, and we are investing in expanding our worldwide sales coverage to meet global demand while remaining fully committed to our clients’ success,” said Adam Miller, Cornerstone’s President and CEO.

Cornerstone’s net loss for the second quarter of 2012 was $8.2 million, or $0.17 loss per share, compared to a net loss of $7.1 million, or $0.15 loss per share, for the second quarter of 2011.

Cornerstone closed the acquisition of Sonar Limited, a provider of cloud-based talent management solutions, on April 5, 2012. Due to purchase accounting rules applicable to the acquisition, Cornerstone recorded an adjustment of $1.6 million to reduce to fair value the balance of deferred revenue attributable to contracts assumed from Sonar Limited. This fair value adjustment has the impact of reducing the amount of revenue attributable to contracts assumed from Sonar Limited by $0.7 million for the quarter ended June 30, 2012. Non-GAAP revenue, which excludes this $0.7 million reduction, was $27.4 million, representing a 58% increase compared to the same period of 2011.1

Non-GAAP gross profit for the second quarter of 2012 was $20.4 million, representing a 63% year-over-year improvement compared to non-GAAP gross profit for the same period in 2011. 1 Non-GAAP gross margin for the second quarter of 2012 was 74% compared to 72% in the same period of 2011.1

Non-GAAP net loss for the second quarter of 2012 was $4.7 million, or $(0.09) per share, compared to non-GAAP net loss of $3.4 million, or $(0.07) per share, for the same period in 2011.1 Non-GAAP net loss is based on non-GAAP revenue and excludes, for the periods in which they are present, stock-based compensation and employer-related payroll taxes, amortization of intangible assets, acquisition costs, amortization of debt discount and issuance costs, early debt retirement expense, change in the fair value of preferred stock warrant liabilities, adjustments to taxes related to acquisition adjustments, and accretion related to preferred stock.1

During the second quarter of 2012, net cash used in operating activities was $5.4 million compared to cash used of $5.0 million in the same period in 2011. Non-GAAP net cash used in operating activities was $5.3 million for the second quarter of 2012 compared to cash used of $5.0 million in the same period in 2011.1 Net cash used in operating activities was $2.4 million for the six months ended June 30, 2012 compared to cash used of $3.6 million during the same period in 2011.1 Non-GAAP net cash used in operating activities was $2.1 million compared to cash used of $3.6 million in the same period in 2011.1

At June 30, 2012, Cornerstone’s total cash and cash equivalents were $67.0 million and accounts receivable were $32.8 million, yielding a total of $99.8 million.

 

1 

Non-GAAP revenue, bookings, non-GAAP net cash used in operating activities, non-GAAP net loss, non-GAAP net loss per share, non-GAAP gross profit, 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.

2 

Gross revenue in the second quarter of 2011 excludes the impact of a non-cash reduction of revenue related to a common stock warrant issued to ADP of $2.5 million. Net revenue and net loss for the second quarter of 2011 was impacted by this non-cash reduction of revenue.

3 

Includes contracted clients and active users of any combination of our four integrated cloud-based solutions, consisting of recruiting, learning, performance, and extended enterprise as of the end of the period. Our client and user counts exclude our Cornerstone Small Business Solution, or “CSB”.

Quarterly Conference Call

Cornerstone OnDemand will host a conference call to discuss its second quarter 2012 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) 357-3694 (U.S.) or (973) 890-8276 (outside the U.S.) and referencing passcode: 17894091. 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 August 13, 2012 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 17894091.

About Cornerstone OnDemand

Cornerstone OnDemand is a leading global provider of a comprehensive learning and talent management solution. We enable organizations to meet the challenges they face in empowering their people and maximizing the productivity of their human capital. Our integrated software-as-a-service (SaaS) solution consists of the Cornerstone Recruiting Cloud, the Cornerstone Performance Cloud, the Cornerstone Learning Cloud and the Cornerstone Extended Enterprise Cloud. Our clients use our solution to source and recruit top talent, develop employees throughout their careers, engage all employees effectively, improve business execution, cultivate future leaders, and integrate with their external networks of customers, vendors and distributors. We currently empower approximately 9.4 million users across 180 countries and in 34 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. Important factors that could cause actual results to differ materially from those in the 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 is included in Cornerstone OnDemand’s reports filed with the SEC, including its Form 10-K filed with the SEC on March 6, 2012, and subsequent report filed with the SEC, including its Form 10-Q filed on May 15, 2012.

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, amortization of debt discount and issuance costs, early debt retirement expense, change in the fair value of preferred stock warrant liabilities, and accretion related to preferred stock, and (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.

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 measure. 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, 2012     December 31, 2011  

Assets

     

Cash and cash equivalents

    $ 66,968      $ 85,409   

Accounts receivable, net

      32,754        34,110   

Deferred commissions

      3,776        3,537   

Prepaid expenses and other current assets, net

      4,363        3,789   
  

 

 

    

 

 

  

Total current assets

      107,861        126,845   

Capitalized software development, net

      5,528        4,106   

Property and equipment, net

      4,957        3,663   

Intangible assets, net

      7,999        609   

Goodwill

      8,193        —     

Other assets, net

      140        139   
  

 

 

    

 

 

  

Total Assets

    $ 134,678      $ 135,362   
  

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

     

Liabilities

     

Accounts payable

    $ 4,686      $ 3,834   

Accrued expenses

      8,050        8,039   

Deferred revenue, current portion

      57,462        52,338   

Capital lease obligations, current portion

      1,655        1,617   

Short term debt

      622        265   

Other liabilities

      703        996   
  

 

 

    

 

 

  

Total current liabilities

      73,178        67,089   

Other liabilities, non-current

      2,837        806   

Deferred revenue, net of current portion

      3,191        3,542   

Capital lease obligation, net of current portion

      1,567        1,056   

Long-term debt, net of current portion

      1,186        409   
  

 

 

    

 

 

  

Total liabilities

      81,959        72,902   

Stockholders’ Equity

     

Common stock

      5        5   

Additional paid-in capital

      233,519        226,916   

Accumulated deficit

      (180,997 )      (164,651 ) 

Accumulated other comprehensive income

      192        190   
  

 

 

    

 

 

  

Total stockholders’ equity

      52,719        62,460   
  

 

 

    

 

 

  

Total Liabilities and Stockholders’ Equity

    $ 134,678      $ 135,362   
  

 

 

    

 

 

  

Cornerstone OnDemand, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  
     2012     2011     2012     2011  

Gross revenue

    $ 26,718      $ 17,370      $ 50,720      $ 33,117   

Common stock warrant charge 1

      —          (2,500 )      —          (2,500 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net revenue

      26,718        14,870        50,720        30,617   

Cost of revenue 2, 3

      7,890        4,953        14,734        9,532   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      18,828        9,917        35,986        21,085   

Operating expenses:

         

Sales and marketing 2

      17,422        10,868        33,659        20,713   

Research and development 2

      3,431        2,616        6,524        4,938   

General and administrative 2

      5,792        3,585        11,746        7,138   

Amortization of certain acquired intangible assets

      237        —          237        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      26,882        17,069        52,166        32,789   
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss from operations

      (8,054 )      (7,152 )      (16,180 )      (11,704 ) 

Other income (expense):

         

Interest expense

      (94 )      (63 )      (237 )      (747 ) 

Change in fair value of preferred stock warrant liabilities

      —          —          —          (42,559 ) 

Other, net

      (420 )      187        (181 )      423   
  

 

 

    

 

 

    

 

 

    

 

 

  

Other income (expense), net

      (514 )      124        (418 )      (42,883 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Loss before income tax benefit (provision) for income taxes

      (8,568 )      (7,028 )      (16,598 )      (54,587 ) 

Income tax benefit (provision)

      334        (46 )      252        (80 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net loss

      (8,234 )      (7,074 )      (16,346 )      (54,667 ) 

Accretion of redeemable preferred stock

      —          —          —          (5,208 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net loss attributable to common stockholders

    $ (8,234 )    $ (7,074 )    $ (16,346 )    $ (59,875 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net loss per share attributable to common stockholders, basic and diluted

    $ (0.17 )    $ (0.15 )    $ (0.33 )    $ (1.92 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average common shares outstanding, basic and diluted

      49,763        47,765        49,573        31,201   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

1 

During the second quarter of 2011, we recorded a $2.5 million reduction of revenue associated with a common stock warrant to ADP.

2 

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

 

     Three Months Ended
June  30,		      Six Months Ended
June 30,		  
     2012      2011      2012      2011  

Cost of revenue

    $ 520       $ 55       $ 1,011       $ 101   

Sales and marketing

      662         258         1,177         470   

Research and development

      202         366         355         480   

General and administrative

      1,118         455         2,507         888   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 2,502       $ 1,134       $ 5,050       $ 1,939   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

3 

Cost of revenue includes amortization of intangible assets as follows:

 

     Three Months Ended
June  30,		      Six Months Ended
June  30,		  
     2012      2011      2012      2011  

Cost of revenue

    $ 292       $ 32       $ 354       $ 64   

Cornerstone OnDemand, Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

     Three Months Ended     Six Months Ended  
     June 30,     June 30,  
     2012     2011     2012     2011  

Cash flows from operating activities:

         

Net loss

    $ (8,234 )    $ (7,074 )    $ (16,346 )    $ (54,667 ) 

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

         

Depreciation and amortization

      1,816        886        2,977        1,709   

Non-cash interest expense

      10        59        78        446   

Change in fair value of preferred stock warrant liabilities

      —          —          —          42,559   

Charges related to the issuance of common stock warrant

      —          2,500        —          2,500   

Unrealized foreign exchange loss (gain)

      376        (50 )      175        (224 ) 

Stock-based compensation expense

      2,482        1,134        4,981        1,939   

Deferred income tax

      (361 )      —          (361 )      —     

Non-cash charitable contribution of common stock

      —          —          —          193   

Changes in operating assets and liabilities, net of effects from acquisition:

         

Accounts receivable

      (7,193 )      (4,838 )      2,032        966   

Deferred commissions

      60        42        (219 )      (263 ) 

Prepaid expenses and other assets

      (317 )      (454 )      (586 )      (1,531 ) 

Accounts payable

      (814 )      (1,666 )      612        (202 ) 

Accrued expenses

      1,892        1,072        (409 )      1,062   

Deferred revenue

      4,655        3,501        4,293        2,086   

Other liabilities

      239        (99 )      413        (169 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net cash used in operating activities

      (5,389 )      (4,987 )      (2,360 )      (3,596 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from investing activities:

         

Purchases of property and equipment

      (142 )      (705 )      (188 )      (769 ) 

Capitalized software costs

      (1,198 )      (699 )      (2,462 )      (1,362 ) 

Purchase of available-for-sale securities

      —          (34,079 )      —          (34,079 ) 

Cash paid for acquisition, net of cash acquired

      (12,428 )      —          (12,428 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Net cash used in investing activities

      (13,768 )      (35,483 )      (15,078 )      (36,210 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash flows from financing activities:

         

Proceeds from initial public offering, net of underwriting discounts and commissions

      —          —          —          90,539   

Proceeds from issuance of preferred stock upon warrant exercises

      —          —          —          3,163   

Proceeds for issuance of debt

      —          669        —          669   

Payments of initial public offering costs

      —          (2,180 )      —          (3,436 ) 

Repayment of debt

      (786 )      (23 )      (996 )      (9,095 ) 

Principal payments under capital lease and financing obligations

      (480 )      (374 )      (929 )      (772 ) 

Payments of withholding tax on net exercise of stock-based awards

      —          (48 )      —          (48 ) 

Proceeds from stock option and warrant exercises

      447        39        1,041        377   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net cash used in financing activities

      (819 )      (1,917 )      (884 )      81,397   
  

 

 

    

 

 

    

 

 

    

 

 

  

Effect of exchange rate changes on cash and cash equivalents

      (242 )      —          (119 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Net (decrease) increase in cash and cash equivalents

      (20,218 )      (42,387 )      (18,441 )      41,591   

Cash and cash equivalents at beginning of period

      87,186        91,045        85,409        7,067   
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 66,968      $ 48,658      $ 66,968      $ 48,658   
  

 

 

    

 

 

    

 

 

    

 

 

  

Cornerstone OnDemand, Inc.

RECONCILIATION OF REVENUE TO NON-GAAP REVENUE AND GROSS MARGIN TO NON-GAAP GROSS MARGIN

(dollars in thousands)

(unaudited)

 

     Three Months Ended
June 30,		     Six Months Ended
June 30,		  
     2012     2011     2012     2011  

Gross revenue

    $ 26,718      $ 17,370      $ 50,720      $ 33,117   

Common stock warrant charge 1

      —          (2,500 )      —          (2,500 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net revenue

      26,718        14,870        50,720        30,617   

Cost of revenue

      7,890        4,953        14,734        9,532   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

    $ 18,828      $ 9,917      $ 35,986      $ 21,085   
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross margin

      70 %      67 %      71 %      69 % 

Reconciliation between gross margin and non-GAAP gross margin

         

Net Revenue

    $ 26,718      $ 14,870      $ 50,720      $ 30,617   

Adjustments to net revenue

         

Common stock warrant charge

      —          2,500        —          2,500   

Adjustments to revenue 2

      719        —          719        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total adjustments to net revenue

      719        2,500        719        2,500   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP revenue

    $ 27,437      $ 17,370      $ 51,439      $ 33,117   
  

 

 

    

 

 

    

 

 

    

 

 

  

Cost of revenue

    $ 7,890      $ 4,953      $ 14,734      $ 9,532   

Adjustments to costs of revenue

         

Amortization of intangible assets

      (292 )      (32 )      (354 )      (64 ) 

Stock based compensation and employer-related taxes

      (520 )      (55 )      (1,011 )      (101 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total adjustments to cost of revenue

      (812 )      (87 )      (1,365 )      (165 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted costs of revenue

      7,078        4,866        13,369        9,367   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP gross profit

   $ 20,359      $ 12,504      $ 38,070      $ 23,750   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP gross margin

      74 %      72 %      74 %      72 % 

 

1 

During the second quarter of 2011, we recorded a $2.5 million reduction of revenue associated with a common stock warrant to ADP.

2 

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

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
June 30,		     Six Months Ended
June 30,		  
     2012     2011     2012     2011  

Net loss

    $ (8,234 )    $ (7,074 )    $ (16,346 )    $ (54,667 ) 

Adjustments to net loss

         

Common stock warrant charge

      —          2,500        —          2,500   

Stock-based compensation and employer-related payroll taxes

      2,502        1,134        5,050        1,939   

Acquisition related:

         

Adjustments to revenue 1

      719        —          719        —     

Amortization of intangible assets

      465        —          465        —     

Acquisition costs

      179        —          747        —     

Adjustments to benefit (provision) for income taxes 2

      (360 )      —          (360 )      —     

Change in fair value of preferred stock warrant liabilities

      —          —          —          42,559   

Other amortization costs and other expenses

      71        69        201        608   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total adjustments to net loss

      3,576        3,703        6,822        47,606   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net loss

    $ (4,658 )    $ (3,371 )    $ (9,524 )    $ (7,061 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted-average common shares outstanding, basic and diluted

     49,763        47,765        49,573        31,201   
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net loss per share

    $ (0.09 )    $ (0.07 )    $ (0.19 )    $ (0.23 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 

1 

As of June 30, 2012, approximately $0.7 million in estimated revenues were not recognized during the three months ended June 30, 2012 due to purchase accounting rules.

2 

Income tax effects related to acquisition related adjustments.

Cornerstone OnDemand, Inc.

CALCULATION OF BOOKINGS (DEFINED AS GROSS REVENUE PLUS CHANGE IN DEFERRED REVENUE)

(dollars in thousands)

(unaudited)

 

     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   
     

 

 

  
     Deferred  Revenue
Balance		      Three Months Ended
June 30, 2011		  

Gross revenue

       $ 17,370   

Deferred revenue at March 31, 2011

    $ 32,403      

Deferred revenue at June 30, 2011

      35,904      
  

 

 

     

Change in deferred revenue

      3,501         3,501   
     

 

 

  

Bookings

       $ 20,871   
     

 

 

  

Percentage period-over-period increase in bookings for the three months ended June 30, 2012

  

      51 % 
     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   
     

 

 

  
     Deferred Revenue
Balance		      Six Months Ended
June 30, 2011		  

Gross revenue

       $ 33,117   

Deferred revenue at December 31, 2010

    $ 33,818      

Deferred revenue at June 30, 2011

      35,904      
  

 

 

     

Change in deferred revenue

      2,086         2,086   
     

 

 

  

Bookings

       $ 35,203   
     

 

 

  

Percentage period-over-period increase in bookings for the six months ended June 30, 2012

  

      58 % 

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
June 30,		     Six Months Ended
June 30,		  
     2012     2011     2012     2011  

Net cash used in operating activities

    $ (5,389 )    $ (4,987 )    $ (2,360 )    $ (3,596 ) 

Acquisition and acquisition related costs

      89        —          192        —     

Employer related taxes from stock-based compensation

      20        —          69        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net cash used in operating activities

    $ (5,280 )    $ (4,987 )    $ (2,099 )    $ (3,596 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net cash used in investing activities 1

    $ (13,768 )    $ (35,483 )    $ (15,078 )    $ (36,210 ) 

Net cash used in financing activities

    $ (819 )    $ (1,917 )    $ (884 )    $ 81,397   

 

1 

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

Cornerstone OnDemand, Inc.

Investor Relations Contact:

Carolyn Bass, +1 (415) 445-3232

ir@csod.com

or

Media Contact:

Susan Lewis, +1-303-804-0494

slewis@csod.com

Source: Cornerstone OnDemand