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Callidus Software Inc. Q2 2010 Earnings Call Transcript

We also signed six multi-year contracts, including renewal of one of our largest on-demand lines, who made a three-year irrevocable commitment at a total contract value of approximately $16.5 million. Four other customers made multi-year commitments in excess of $1 million.

Our total deferred revenue increased once again to new a high of $29.2 million. We grew billings by 75% over Q2 of 2009. Billings are calculated as the change in the current portion of deferred revenue plus returning revenue.

Q2 was also a big quarter for customers going into production, as we went live with over 24 customers, including AXA Hungary, CareFirst of Maryland, Claro Brazil, JPMorgan Chase, Vivo Brazil, Vodafone Spain, Sanofi Aventis, Konica Minolta and Lenovo with Truquito [ph]. We’ve since taken another five company’s live in Q3, including Fujitsu and Veragie [ph] on the monitor platform.

Let me now talk about our services business. Whilst we faced challenges in growing a profitable business in consulting services, a large part of the challenge was due to the nature of our returning revenue business model. Revenue does not always flow consistently with bookings and is often dependent on customers’ production status with our solutions, a common situation for on-demand businesses.

Climbing up production stages may vary based on a number of factors, depending on the customers’ needs and their circumstances. We are carefully monitoring go-live dates, to ensure that we begin to recognize revenue as early as feasible. Even with these challenges, I am pleased to report that we had one of our best consulting bookings quarter in the recent times.

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