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Cornerstone OnDemand Announces Fourth Quarter and Fiscal Year 2015 Financial Results

  • Record quarterly revenue of $95.9 million, up 26% year-over-year

  • Record full year revenue of $339.7 million, up 29% year-over-year

  • Record quarterly bookings of $142.0 million, up 24% year-over-year1

  • Record full year bookings of $400.5 million, up 72% year-over-year1

  • Ended the quarter with approximately 2,600 clients and over 23.8 million users2

SANTA MONICA, Calif. — February 10, 2016 — Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its fourth quarter and year ended December 31, 2015.

Revenue for the fourth quarter of 2015 was $95.9 million, representing a 26% increase compared to the same period in 2014. Revenue for the full year of 2015 was $339.7 million, representing a 29% increase compared to the same period in 2014.

Non-GAAP revenue for the fourth quarter of 2015 was $96.0 million, representing a 25% increase compared to the same period in 2014.1 Non-GAAP revenue for the full year of 2015 was $340.6 million, representing a 29% increase compared to the same period in 2014.1

Bookings, which the Company defines as revenue plus the change in deferred revenue for the period, were $142.0 million for the fourth quarter of 2015, representing a 24% increase compared to the same period in 2014.1 Bookings for the full year of 2015 were $400.5 million, representing a 27% increase compared to the same period in 2014.1 Deferred revenue at December 31, 2015 was $252.1 million, representing a 32% increase compared to the balance at December 31, 2014.

"Strong sales for the fourth quarter finished out another year of solid execution for Cornerstone,” said Adam Miller, the Company’s President and CEO. “Despite major headwinds from significant foreign exchange movements, we had an outstanding year at the top end of the market, further expanded our global presence, and enhanced our strategic alliances, all while improving win rates and achieving higher client retention. As the number one talent management player in the world with a massive global market opportunity, we are enthusiastic about the path ahead."

The Company’s operating loss for the fourth quarter of 2015 was $(14.8) million, yielding an operating loss margin of (15)%, compared to an operating loss of $(14.2) million, yielding an operating loss margin of (19)%, for the fourth quarter of 2014. The Company’s operating loss for the full year of 2015 was $(68.7) million, yielding an operating loss margin of (20)%, compared to an operating loss of $(49.9) million, yielding an operating loss margin of (19)%, for the full year of 2014.

Non-GAAP operating income for the fourth quarter of 2015 was $0.4 million, yielding a non-GAAP operating income margin of 0%, compared to a non-GAAP operating loss of $(2.0) million, yielding a non-GAAP operating loss margin of (3)%, for the fourth quarter of 2014.1 Non-GAAP operating loss for the full year of 2015 was $(13.5) million, yielding a non-GAAP operating loss margin of (4)%, compared to a non-GAAP operating loss of $(10.3) million, yielding a non-GAAP operating loss margin of (4)%, for the full year of 2014.1

The Company’s net loss for the fourth quarter of 2015 was $(18.8) million, yielding a net loss margin of (20)%, or a $(0.35) net loss per share, compared to a net loss of $(18.2) million, yielding a net loss margin of (24)%, or a $(0.34) net loss per share, for the fourth quarter of 2014. The Company’s net loss for the full year of 2015 was $(85.5) million, yielding a net loss margin of (25)%, or a $(1.58) net loss per share, compared to a net loss of $(64.9) million, yielding a net loss margin of (25)%, or a $(1.22) net loss per share, for the full year of 2014.

Non-GAAP net loss for the fourth quarter of 2015 was $(1.0) million, yielding a non-GAAP net loss margin of (1)%, or a $(0.02) non-GAAP net loss per share, compared to a non-GAAP net loss of $(3.9) million, yielding a non-GAAP net loss margin of (5)%, or a $(0.07) non-GAAP net loss per share, for the fourth quarter of 2014.1 Non-GAAP net loss for the full year of 2015 was $(21.2) million, yielding a non-GAAP net loss margin of (6)%, or a $(0.39) non-GAAP net loss per share, compared to a non-GAAP net loss of $(17.0) million, yielding a non-GAAP net loss margin of (6)%, or a $(0.32) non-GAAP net loss per share, for the full year of 2014.1

For the full year of 2015, net cash provided by operating activities was $43.8 million as compared to $33.0 million for the same period in 2014. For the full year of 2015, non-GAAP net cash provided by operating activities was $45.0 million as compared to $33.3 million for the same period in 2014.1

The Company ended the quarter with approximately 2,600 clients and over 23.8 million users.2

1

Bookings, non-GAAP revenue, non-GAAP operating (loss) income, non-GAAP operating (loss) income margin, non-GAAP net loss, non-GAAP net loss margin, and non-GAAP net loss per share are non-GAAP financial measures. Please see the discussion in the section titled “Non-GAAP Financial Measures” and the reconciliations at the end of this press release.

2

Includes contracted clients and active users of our Enterprise and Mid-Market solution, excluding Cornerstone for Salesforce and Cornerstone Growth Edition.

Quarterly Conference Call

Cornerstone OnDemand, Inc. will host a conference call to discuss its fourth quarter and fiscal year 2015 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. The live call can be accessed by dialing (877) 445-4619 (U.S.) or (484) 653-6763 (outside the U.S.) and referencing passcode: 33460514. A replay of the call will also be available at http://investors.cornerstoneondemand.com/investors/news-and-events/events/default.aspx or via telephone until 11:59 p.m. PT on February 13, 2016 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 33460514.

A propos de Cornerstone OnDemand

Cornerstone OnDemand (NASDAQ : CSOD) est l’un des leaders des logiciels cloud de gestion de la formation et du capital humain. Recrutement, intégration, formation, gestion de la performance et de la rémunération, plans de succession, gestion des données RH, gestion des effectifs et analytique RH : la plateforme est pensée pour développer pleinement le potentiel des organisations et des personnes.

Plus de 3 250 clients et plus de 36 millions d’utilisateurs utilisent aujourd’hui le logiciel de Cornerstone OnDemand, dans 192 pays et en 43 langues.

Pour en savoir plus, rendez-vous sur Cornerstone, ou sur Twitter.

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