Cornerstone OnDemand Announces Net Loss for First Quarter

Santa Monica, Calif. — May 14

In accordance with Generally Accepted Accounting Principles, or on a GAAP basis, Cornerstone's net loss for the first quarter of 2012 was $8.1 million, or 16 cents per share, compared to a net loss of $47.6 million, or $3.65 per share, for the first quarter of 2011.

Revenue for the first quarter of 2012 was $24 million, a 52 percent increase compared to the same period in 2011.

Bookings, which the company defines as revenue plus the change in deferred revenue, were $24 million for the first quarter of 2012, a 67 percent increase compared to the first quarter of 2011.

Gross profit for the first quarter of 2012 was $17.2 million, a 54 percent year-over-year improvement compared to the same period in 2011.

Gross margin for the first quarter of 2012 was 71.5 percent compared to 70.9 percent in the same period in 2011. Non-GAAP gross margin for the first quarter of 2012 was 73.5 percent, compared to 71.2 percent in the same period of 2011.

During the first quarter of 2012, net cash provided by operating activities was $3 million and non-GAAP net cash provided by operating activities was $3.2 million.

On March 31, Cornerstone’s total cash and cash equivalents were $87.2 million and accounts receivable were $25.1 million.

Cornerstone ended the quarter with 891 clients and roughly 8.2 million users, representing 59 percent and 57 percent year-over-year growth and 11 percent and 9 percent when compared to the prior quarter, of Cornerstone’s client base and users, respectively.

Source: Cornerstone OnDemand