PLEASANTON, CA — (Marketwired) — 05/02/13 — Callidus Software Inc. (NASDAQ: CALD)
Record Q1 SaaS Billings Growth of 51% Year over Year
Record SaaS Revenues, up 23% Year over Year
Record Q1 New Subscription Customers, up 32% Year over Year
Record level of Total Contracted Backlog in excess of $120 Million at quarter-end
Callidus Software Inc. (NASDAQ: CALD), a leading provider of hiring, learning, marketing and selling cloud software today announced financial results for the first quarter ended March 31, 2013.
“I am pleased with our first quarter performance, our 10th consecutive double-digit revenue growth quarter,” said Leslie Stretch, President and CEO, CallidusCloud. “We had record billings growth, record SaaS revenues and added 158 new subscription customers in the quarter. We reduced net DSO-s again down 14 days to 73 days. This strong performance is a great lead in to our CallidusCloud C3 Customer Conference starting Monday where we are expecting record attendance!”
Total revenue was $25.5 million for the first quarter, representing an increase of 16% compared to the same quarter last year. Total recurring revenues, which include SaaS revenues and maintenance and support, were $19.6 million, up 16% compared to the first quarter of 2012. Service and other revenues of $5.9 million were up 15% as compared to the same quarter of 2012.
Total GAAP gross margin was 50% for the first quarter up from 46% in the same quarter in 2012.
Non-GAAP gross margin was 55% for the first quarter of 2013 up from 53% for the first quarter of 2012. Non-GAAP gross margin for the first quarter of 2013 excludes $0.6 million of stock-based compensation expense and $0.5 million of amortization of acquired intangibles.
First quarter 2013 GAAP recurring revenue gross margin was 62% up from 55% for the first quarter of 2012. First quarter non-GAAP recurring revenue gross margin, which excludes $0.2 million of stock-based compensation and $0.5 million of amortization of acquired intangibles was 66%, up from 61% for the first quarter of 2012.
GAAP net loss was $6.6 million, or ($0.18) per share, for the first quarter of 2013, which included $2.6 million of stock-based compensation expense, $0.8 million of convertible note related interest and amortization expense, $0.8 million of amortization of acquired intangibles, $0.3 million of patent litigation defense costs and $1.2 million of restructuring costs. This compares to a GAAP net loss of $7.0 million, or ($0.20) per share, for the first quarter of 2012, which included $3.2 million of stock-based compensation expense, $0.8 million of convertible note related expense items, $0.4 million of acquisition related expense, a tax benefit from release of valuation allowance of $0.2 million, $0.6 million of patent litigation defense costs, $0.8 million of amortization of acquired intangible assets and $0.4 million of restructuring costs.
Non-GAAP net loss was $0.8 million, or ($0.02) per fully diluted share, for the quarter, compared to non-GAAP net loss of $1.0 million, or ($0.03) per fully diluted share for the same period last year excluding the items identified above.
Cash and short term investments ended the quarter at $22.9 million down from $29.2 million in fourth quarter of 2012 primarily due to payment of acquisition related earn-outs and escrows. Cash in the first quarter of 2013 was impacted by the timing of a couple of large deals that became multiyear deals and closed later in the quarter.
CallidusCloud released a version of SalesSelector, Spring 2013, which combines video interviewing, sales assessments and social networks to streamline and improve the accuracy of talent selection. The new release gives recruiters the ability to promote jobs and screen candidates across social channels such as LinkedIn and Twitter.
CallidusCloud sponsored key industry events including the Forrester Sales Enablement Forum 2013, Marketing Sherpa, Sales Management Association Chapter Events, DevLearn, eLearning DevCon, mLearningCon and Training 2013.
CallidusCloud expanded its partner ecosystem with 5 new partners. Market Evolve and Sputnik-3 in South Africa and Business Intelligence Solutions, Navagate and Praxis Sales Consulting in North America.
Total revenue for the second quarter of 2013 is expected to be between $24.5 million and $25.5 million. GAAP operating expenses are expected to be between $17.5 million and $18.5 million in the second quarter of 2013, which includes stock-based compensation expense of approximately $2.4 million, amortization of acquired intangibles of $0.8 million, restructuring costs of $0.6 million, and $0.4 million of patent litigation defense costs.
A conference call to discuss the first quarter results and outlook is scheduled for 1:30 p.m. Pacific Daylight Time (PDT) today. The conference call will be available via live webcast at the Investor Relations section of CallidusCloud-s website.
866-383-8119 (International callers: 617-597-5344)
90618271
A webcast replay will be available on the Investor Relations section of our website under Calendar of Events.
For more information, please visit:
Callidus Software Inc. (NASDAQ: CALD), doing business as CallidusCloud, is a leading provider of cloud software. CallidusCloud enables organizations to drive performance and productivity across their business with our hiring, learning, marketing and selling clouds. From back office to the field, from desktop to mobile, we ensure organizations have the right tools to be more effective and perform better. The combined power of our clouds, our people, and our partners fuels growth, empowers the work force and delivers real value. CallidusCloud drives performance and productivity for over 1,800 leading organizations. Small, medium and large enterprises across multiple industries and geographies rely on CallidusCloud for quicker hiring, simpler learning, better marketing, and smarter selling.
For more information, please visit .
The forward-looking statements included in this press release, including discussion of our commercial prospects, estimates of second quarter 2013 revenues, operating expenses, stock-based compensation expense, amortization of acquired intangibles, restructuring, and patent litigation defense costs reflect management-s best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions, timing and size of orders, potential material fluctuations in financial results and future growth rates, decreases in customer spending, uncertainty regarding purchasing trends in the SPM market, customer cancellations or non-renewal of maintenance contracts or on-demand services, our potential inability to manage effectively any growth we experience, uncertainty regarding the demand for and profitability of our on-demand services, increased competition or new entrants in the marketplace, and other risks detailed in Callidus- reports filed with the Securities and Exchange Commission, including its Form 10-K for 2012 which may be obtained by contacting CallidusCloud-s Investor Relations department at 925-251-2248, or from the Investor Relations section of Callidus Software-s website (). Actual results may differ materially from those presently reported. We assume no obligation to update the information contained in this release.
Callidus has provided in this release financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP gross margin, non-GAAP recurring revenue gross margin, non-GAAP net loss, non-GAAP net loss per share. Callidus uses non-GAAP measures internally in analyzing its financial results and believes that they are useful to investors, as a supplement to GAAP measures, in evaluating Callidus- operating performance. Callidus believes that the use of these non-GAAP measures provides additional insight for investors to use in evaluation of ongoing operating results and trends and in comparing its financial measures with other companies in Callidus- industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial measures exclude stock-based compensation expense, a benefit from a purchase acquisition-related adjustment, restructuring expense, acquisition related expense, patent litigation defense cost, convertible note interest expense, amortization of convertible note issuance cost and amortization of acquired intangibles. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
©2013. Callidus Software Inc. All rights reserved. Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, TrueComp Manager, ActekSoft, ACom3, ForceLogix, Salesforce Assessments, iCentera, Webcom, LeadFormix, Litmos, the Litmos logo, Rapid Intake, and 6FigureJobs are trademarks, service marks, or registered trademarks of Callidus Software Inc. and its affiliates in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.
Carolyn Bass and Steve Pasko
Market Street Partners
(415) 445-3238 or (415) 445-3232
Giles House
CallidusCloud
925-251-2200
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