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Press release from Business Wire

Cornerstone OnDemand Announces Fourth Quarter and Fiscal Year 2012 Financial Results

<ul> <li class='bwlistitemmargb'> <b>Record quarterly revenue of $36.4 million, up 63% year-over-year</b> </li> <li class='bwlistitemmargb'> <b>Record quarterly non-GAAP revenue of $36.7 million, up 64% year-over-year</b><sup><b>1</b></sup> </li> </ul> <ul> <li class='bwlistitemmargb'> <b>Record full year revenue of $117.9 million, up 56% year-over-year</b><sup><b>2</b></sup> </li> </ul> <ul> <li class='bwlistitemmargb'> <b>Record full year non-GAAP revenue of $119.4 million, up 58% year-over-year</b><sup><b>1,2</b></sup> </li> </ul> <ul> <li class='bwlistitemmargb'> <b>Record annual bookings</b><sup><b> </b></sup><b>of $154.3 million, up 58% year-over-year</b><sup><b>1</b></sup> </li> </ul> <ul> <li class='bwlistitemmargb'> <b>Record net cash provided by operating activities of $10.3 million, up from $1.8 million in 2011</b> </li> </ul> <ul> <li class='bwlistitemmargb'> <b>Record full year non-GAAP gross margin of 73.2%</b><sup><b>1</b></sup> </li> </ul> <ul> <li class='bwlistitemmargb'> <b>Ended the year with over 1,200 clients and over 10.5 million users</b><sup><b>3</b></sup> </li> </ul> <p> </p>

Tuesday, February 12, 2013

Cornerstone OnDemand Announces Fourth Quarter and Fiscal Year 2012 Financial Results16:02 EST Tuesday, February 12, 2013 SANTA MONICA, Calif. (Business Wire) -- Learning and talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its fourth quarter and fiscal year ended December 31, 2012. “Through all of the consolidation that took place during 2012, our business continued to excel, and Cornerstone OnDemand is today the clear independent SaaS leader in learning and talent management,” said Adam Miller, the Company's President and CEO. “We are extremely proud of what our team was able to accomplish this past year. Our persistent drive to innovate has provided our clients with a best-of-breed, end-to-end talent management solution. With a truly global market opportunity, and our relentless focus on client success, we look forward to continued growth in the future.” Revenue for the fourth quarter of 2012 was $36.4 million, representing a 63% increase compared to the same period in 2011. Non-GAAP revenue for the fourth quarter of 2012 was $36.7 million, representing a 64% increase compared to the same period in 2011.1 Revenue for the full fiscal year 2012 was $117.9 million, representing a 56% increase compared to gross revenue for the full fiscal year 2011.2 Non-GAAP revenue for the full fiscal year 2012 was $119.4 million, representing a 58% increase compared to the full fiscal year 2011.1 Bookings, which the Company defines as gross revenue plus the change in deferred revenue for the period, were $56.1 million for the fourth quarter of 2012, representing a 46% increase compared to the same period in 2011.1 Bookings for the full fiscal year 2012 were $154.3 million, representing a 58% increase compared to the full fiscal year 2011.1 Deferred revenue at December 31, 2012 was $92.3 million, representing a 65% increase compared to the balance at December 31, 2011. Gross profit for the fourth quarter of 2012 was $25.7 million, representing a 61% year-over-year increase compared to the same period in 2011. Gross profit for the full fiscal year 2012 was $83.3 million, representing a 54% increase compared to gross profit for the full fiscal year 2011, based on gross revenue.2 Gross margin for the full fiscal year 2012 was 70.7%. On a non-GAAP basis, gross margin for the full fiscal year 2012 was 73.2%.1 The Company's net loss for the fourth quarter of 2012 was $7.4 million, or $0.15 net loss per share. Non-GAAP net loss for the fourth quarter of 2012 was $2.9 million, or $0.06 net loss per share. Net loss for the full fiscal year 2012 was $31.4 million, or $0.63 net loss per share. Non-GAAP net loss for the full fiscal year 2012 was $16.0 million, or $0.32 net loss per share. 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 fourth quarter of 2012, net cash provided by operating activities was $14.1 million as compared to $4.9 million in the same period in 2011. For the full fiscal year 2012, net cash provided by operating activities was $10.3 million as compared to $1.8 million for the full fiscal year 2011. At December 31, 2012, the Company's total cash and cash equivalents were $76.4 million and accounts receivable were $47.5 million, yielding a total of approximately $124.0 million. The Company ended the quarter with over 1,200 clients and over 10.5 million users, representing 53% and 41% year-over-year growth of the Company's client base and users, respectively.3   1 Non-GAAP revenue, bookings, non-GAAP net cash provided by 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. Due to purchase accounting rules applicable to the acquisition of Sonar Limited we completed during the second quarter of 2012, the Company 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 $0.3 million for the quarter ended December 31, 2012 and $1.4 million for the full fiscal year 2012. Our non-GAAP revenue calculation adds back these fair value adjustments.   2 Comparative year-over-year changes of revenue or gross profit uses gross revenue for the full fiscal year 2011. Gross revenue for the full fiscal year 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 full fiscal year 2011 was impacted by this non-cash reduction of revenue.   3 Includes contracted clients and active users of any combination of our cloud-based solutions, excluding Cornerstone Small Business Solution, or “CSB”. Quarterly Conference Call Cornerstone OnDemand will host a conference call to discuss its fourth quarter and fiscal year 2012 results at 2:00 p.m. PST (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: 92587407. A replay of the call will also be available at http://investors.cornerstoneondemand.com/events.cfm or via telephone until 11:59 p.m. PST on February 16, 2013 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 92587407. About Cornerstone OnDemand Cornerstone OnDemand, Inc. is a leading global provider of comprehensive learning and talent management solutions. 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 employees effectively, improve business execution, cultivate future leaders, and integrate with their external networks of customers, vendors and distributors. We currently empower more than 10.5 million users across 189 countries and in 38 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 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; 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 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 14, 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 provided by 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 measures. 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)           December 31, 2012December 31, 2011Assets Cash and cash equivalents $ 76,442 $ 85,409 Accounts receivable, net 47,528 34,110 Deferred commissions 9,354 3,537 Prepaid expenses and other current assets, net   8,249     3,789   Total current assets 141,573 126,845   Capitalized software development, net 7,007 4,106 Property and equipment, net 7,947 3,663 Intangible assets, net 6,887 609 Goodwill 8,193 - Other assets, net   227     139   Total Assets $ 171,834   $ 135,362     Liabilities and Stockholders' EquityLiabilities Accounts payable $ 4,849 $ 3,834 Accrued expenses 14,986 8,039 Deferred revenue, current portion 87,759 52,338 Capital lease obligations, current portion 1,643 1,617 Debt, current portion 916 265 Other liabilities   3,885     996   Total current liabilities 114,038 67,089   Other liabilities, non-current 3,592 806 Deferred revenue, net of current portion 4,493 3,542 Capital lease obligations, net of current portion 1,227 1,056 Long-term debt, net of current portion   1,836     409   Total liabilities 125,186 72,902   Stockholders' Equity Common stock 5 5 Additional paid-in capital 242,767 226,916 Accumulated deficit (196,041 ) (164,651 ) Accumulated other comprehensive (loss) income   (83 )   190   Total stockholders' equity   46,648     62,460   Total Liabilities and Stockholders' Equity $ 171,834   $ 135,362                 Cornerstone OnDemand, Inc.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share data)   Three Months Ended December 31,Year Ended December 31,   2012     2011     2012     2011     Gross revenue $ 36,426 $ 22,386 $ 117,914 $ 75,522 Common stock warrant charge 1   -     -     -     (2,500 ) Net revenue 36,426 22,386 117,914 73,022 Cost of revenue 2, 3   10,722     6,382     34,591     21,285   Gross profit 25,704 16,004 83,323 51,737   Operating expenses: Sales and marketing 2 21,280 13,529 73,563 45,773 Research and development 2 4,261 2,541 14,886 10,149 General and administrative 2 7,566 4,545 25,912 15,122 Amortization of certain acquired intangible assets   251     -     739     -   Total operating expenses   33,358     20,615     115,100     71,044   Loss from operations (7,654 ) (4,611 ) (31,777 ) (19,307 ) Other income (expense): Interest income - 5 - 20 Interest expense (84 ) (105 ) (442 ) (902 ) Change in fair value of preferred stock warrant liabilities - - - (42,559 ) Withdrawn secondary offering expense - - - (555 ) Other, net   82     (196)   40     (416) Other income (expense), net   (2)   (296)   (402)   (44,412) Loss before income tax benefit (provision) (7,656 ) (4,907 ) (32,179 ) (63,719 ) Income tax benefit (provision)   239     (49)   789     (181)Net loss (7,417 ) (4,956 ) (31,390 ) (63,900 ) Accretion of redeemable preferred stock   -     -     -     (5,208)Net loss attributable to common stockholders$(7,417)$(4,956)$(31,390)$(69,108)Net loss per share attributable to common stockholders, basic and diluted$(0.15)$(0.10)$(0.63)$(1.74)Weighted-average common shares outstanding, basic and diluted   50,486     48,597     49,929     39,824     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 December 31,Year Ended December 31,   2012     2011     2012     2011     Cost of revenue $ 356 $ 421 $ 1,669 $ 597 Sales and marketing 1,800 597 4,101 1,422 Research and development 354 152 982 765 General and administrative   1,494     702     5,652     2,047   Total $4,004   $1,872   $12,404   $4,831     3 Cost of revenue includes amortization of intangible assets as follows:   Three Months Ended December 31,Year Ended December 31,   2012     2011     2012     2011     Cost of revenue $ 305 $ 32 $ 964 $ 128       Cornerstone OnDemand, Inc.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)   Three Months EndedYear EndedDecember 31,December 31,   2012     2011     2012     2011     Cash flows from operating activities: Net loss $ (7,417 ) $ (4,956 ) $ (31,390 ) $ (63,900 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 2,098 1,019 7,037 3,714 Non-cash interest expense 37 61 143 579 Change in fair value of preferred stock warrant liabilities - - - 42,559 Charges related to the issuance of common stock warrant - - - 2,500 Unrealized foreign exchange (gain) loss (145 ) 202 (182 ) 460 Stock-based compensation expense 3,909 1,543 12,206 4,502 Deferred income taxes (398 ) - (1,050 ) - Withdrawn secondary offering expense - - - 555 Non-cash charitable contribution of common stock - - - 193 Changes in operating assets and liabilities, net of effects from acquisition: Accounts receivable (2,196 ) (11,111 ) (12,254 ) (13,308 ) Deferred commissions (5,119 ) (728 ) (5,691 ) (1,274 ) Prepaid expenses and other assets (780 ) (272 ) (4,188 ) (1,804 ) Accounts payable (1,466 ) 566 190 915 Accrued expenses 5,201 1,535 6,325 3,314 Deferred revenue 19,584 16,076 35,327 22,161 Other liabilities   780     937     3,822     666   Net cash provided by operating activities   14,088     4,872     10,295     1,832   Cash flows from investing activities: Purchases of property and equipment (1,776 ) - (2,123 ) (784 ) Capitalized software costs (1,368 ) (741 ) (5,030 ) (3,022 ) Purchase of available-for-sale securities - - - (34,079 ) Proceeds from maturities of available-for-sale securities - 17,000 - 34,000 Cash paid for acquisition, net of cash acquired   -     -     (12,428)   -   Net cash (used in) provided by investing activities   (3,144)   16,259     (19,581)   (3,885)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 from issuance of debt 1,043 - 1,043 669 Payments of initial public offering costs - - - (3,436 ) Payments of withdrawn secondary offering costs - - - (555 ) Repayment of debt (260 ) (56 ) (1,510 ) (9,207 ) Principal payments under capital lease obligations (523 ) (818 ) (1,919 ) (1,977 ) Payments of withholding tax on net exercise of stock-based awards - - - (48 ) Proceeds from stock option and warrant exercises   714     876     2,697     1,491   Net cash provided by financing activities   974     2     311     80,639   Effect of exchange rate changes on cash and cash equivalents   32     (99)   8     (244)Net increase (decrease) in cash and cash equivalents 11,950 21,034 (8,967 ) 78,342 Cash and cash equivalents at beginning of period   64,492     64,375     85,409     7,067   Cash and cash equivalents at end of period$76,442   $85,409   $76,442   $85,409               Cornerstone OnDemand, Inc.RECONCILIATIONS OF REVENUE TO NON-GAAP REVENUE AND GROSS MARGIN TO NON-GAAP GROSS MARGIN(dollars in thousands)(unaudited)   Three Months Ended December 31,   Year Ended December 31,   2012     2011     2012     2011       Gross revenue $ 36,426 $ 22,386 $ 117,914 $ 75,522 Common stock warrant charge 1   -     -     -     (2,500) Net revenue 36,426 22,386 117,914 73,022 Cost of revenue   10,722     6,382     34,591     21,285   Gross profit$25,704   $16,004   $83,323   $51,737   Gross margin70.6%71.5%70.7%70.9%   Net revenue $ 36,426 $ 22,386 $ 117,914 $ 73,022 Adjustments to net revenue Common stock warrant charge 1 - - - 2,500 Adjustments to revenue 2   293     -     1,440     -   Total adjustments to net revenue   293     -     1,440     2,500   Non-GAAP revenue$36,719   $22,386   $119,354   $75,522     Cost of revenue $ 10,722 $ 6,382 $ 34,591 $ 21,285 Adjustments to costs of revenue Amortization of intangible assets (305 ) (32 ) (964 ) (128 ) Stock based compensation and employer-related taxes   (356)   (421)   (1,669)   (597) Total adjustments to cost of revenue   (661)   (453)   (2,633)   (725) Non-GAAP costs of revenue   10,061     5,929     31,958     20,560   Non-GAAP gross profit$26,658   $16,457   $87,396   $54,962   Non-GAAP gross margin72.6%73.5%73.2%72.8%   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, $0.3 million and $1.4 million of revenue was not recognized during the three and twelve months ended December 31, 2012, respectively. Therefore, revenue is adjusted by an increase of $0.3 million and $1.4 million to arrive at non-GAAP revenue for the three and twelve months ended December 31, 2012, respectively.               Cornerstone OnDemand, Inc.RECONCILIATIONS OF NET LOSS TO NON-GAAP NET LOSS AND NON-GAAP NET LOSS PER SHARE(in thousands, except per share amounts)(unaudited)   Three Months EndedDecember 31,   Year Ended December 31,   2012     2011     2012     2011       Net loss$(7,417)$(4,956)$(31,390)$(63,900) Adjustments to net loss Common stock warrant charge - - - 2,500 Stock-based compensation and employer-related payroll taxes 4,004 1,872 12,404 4,831 Acquisition related: Adjustments to revenue 1 293 - 1,440 - Amortization of intangible assets 492 - 1,446 - Acquisition costs - - 747 - Adjustments to benefit (provision) for income taxes 2 (302 ) - (964 ) - Change in fair value of preferred stock warrant liabilities - - - 42,559 Withdrawn secondary offering expense - - - 555 Other amortization costs and other expenses   64     70     358     748   Total adjustments to net loss   4,551     1,942     15,431     51,193   Non-GAAP net loss$(2,866)$(3,014)$(15,959)$(12,707)Weighted-average common shares outstanding, basic and diluted   50,486     48,597     49,929     39,824   Non-GAAP net loss per share$(0.06)$(0.06)$(0.32)$(0.32)     1 As of December 31, 2012, approximately $0.3 million and $1.4 million in estimated revenues were not recognized during the three and twelve months ended December 31, 2012, respectively, due to purchase accounting rules.   2 Income tax effects related to acquisition related adjustments.       Cornerstone OnDemand, Inc.CALCULATIONS OF BOOKINGS (DEFINED AS GROSS REVENUE PLUS CHANGE IN DEFERRED REVENUE)(dollars in thousands)(unaudited)   Deferred RevenueBalanceThree Months Ended December 31, 2012     Gross revenue $ 36,426   Deferred revenue at September 30, 2012 $ 72,622 Deferred revenue at December 31, 2012   92,252 Change in deferred revenue 19,630   19,630     Bookings$56,056       Deferred RevenueBalanceThree Months EndedDecember 31, 2011       Gross revenue $ 22,386   Deferred revenue at September 30, 2011 $ 39,875 Deferred revenue at December 31, 2011   55,880 Change in deferred revenue 16,005   16,005     Bookings$38,391     Percentage period-over-period increase in bookings for the three months ended December 31, 2012   46%       Deferred RevenueBalanceYear EndedDecember 31, 2012       Gross revenue $ 117,914   Deferred revenue at December 31, 2011 $ 55,880 Deferred revenue at December 31, 2012   92,252 Change in deferred revenue 36,372   36,372     Bookings$154,286       Deferred RevenueBalanceYear EndedDecember 31, 2011       Gross revenue $ 75,522   Deferred revenue at December 31, 2010 $ 33,818 Deferred revenue at December 31, 2011   55,880 Change in deferred revenue 22,062   22,062     Bookings$97,584     Percentage period-over-period increase in bookings for the year ended December 31, 2012 58 %               Cornerstone OnDemand, Inc.RECONCILIATIONS OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP NET CASH PROVIDED BY OPERATINGACTIVITIES(in thousands)(unaudited)   Three Months Ended December 31,Year Ended December 31,   2012     2011   2012     2011     Net cash provided by operating activities $ 14,088 $ 4,872 $ 10,295 $ 1,832 Payment of acquisition related costs - - 747 - Payment of employer related taxes from stock-based compensation   95     329   198     329   Non-GAAP net cash provided by operating activities$14,183   $5,201$11,240   $2,161     Net cash (used in) provided by investing activities 1 $ (3,144 ) $ 16,259 $ (19,581 ) $ (3,885 ) Net cash provided by financing activities $ 974 $ 2 $ 311 $ 80,639     1 Includes purchases of property and equipment and capitalized software development costs. Cornerstone OnDemand, Inc.Investor Relations Contact:Carolyn Bass, +1 (415) 445-3232ir@csod.comorMedia Contact:Michelle Haworth, +1-310-752-0178mhaworth@csod.com