Callidus CEO Discusses Q3 2010 Results - Earnings Call Transcript
These statements revolve a number of risks and uncertainties. Our actual results may differ materially from any future performance suggested in our forward looking statements. We refer you to the Company’s Form 10K for the year 2009 as well as the Company’s Form 10Qs for the first and second quarter of 2010 on file with the SEC for important risk factors that could cause actual results to differ materially from those contained in any forward looking statements.
We expressly disclaim any obligation to update this forward looking information. On today’s call, Leslie will begin with comments about our overall business and financial results and then Ron will discuss the financials in greater detail. We will conclude with a Q&A session. With that said, let me now turn things over to Leslie.
Thank you, Lorna. Good afternoon everyone. Today I want to talk about five chocolates, firstly our Q3 performance and customer activity, secondly our progress in the services business, thirdly our sales talent lifecycle proposition and our solutions roadmap, fourthly, our outlook for Q4, and lastly I want to share some thoughts on 2011, our growth aspirations and specifically our gross margin expansion plans.Let us start with a look at Q3 performance and business highlights. In the quarter, we grew total revenue sequentially for the third quarter in a row and we also grew total revenues year-over-year. We achieved year on year growth of 18% in the recurring revenue line and non GAAP operating income of approximately $400,000, meeting our previously stated commitment to be profitable in the second half. Our GAAP operating expenses were down sequentially and year over year, again reflecting our continued discipline in managing costs and our drive to achieve value from all of our resources.On the customer front, we signed 21 on demand deals in the quarter along with several license deals in emerging markets. Our subsidiary Aztecsoft again performed well in both bookings and revenue in Q3. We signed deals across the globe, in Mexico, in Colombia, in Hong Kong, in Belgium, in Germany, in Canada, the USA and the United Kingdom. We signed deals and delivered services across the broad spectrum of our products, including incentive compensation, objective and quota management, on boarding and channel management.
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