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Cornerstone OnDemand's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Our discussion will include forward-looking statements such as statements regarding our business strategy, demand for our products, certain projected financial results and operating metrics, product development, customer satisfaction and retention, customer attrition rate, market or business growth, our revenue run rate, investment activity in our business, visibility into our business model and results, the effect of capitalized development costs, spending on R&D, professional services and other aspects of our business, our appraisal of our competitors and their products, and our ability to compete effectively.

Words such as expect, believe, anticipate, plan, illustrate, intent, estimate, and other similar words are also intended to identify such forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions. If any of the risks or uncertainties materializes or any of the assumptions prove incorrect, actual results could differ materially from those expressed or implied by the forward-looking statements we make.

These risks, uncertainties, assumptions, as well as other information on potential factors that could affect our financial results, are included in today’s press release, the risk factors section of our most recent form 10-K, and subsequent periodic filings with the SEC.

With that, I’ll turn the call over to Adam.

Adam Miller

Thanks Perry, and thank you to everyone participating in Cornerstone OnDemand’s first quarter earnings call. I am pleased to report that we continued to build upon the momentum of our business in Q1, with another very strong quarter.

On a GAAP basis, revenues for the quarter came in at $24 million, representing a year over year increase of 52%, and bookings came in at $24 million as well, representing a year over year increase of 67%.

We have added 85 new clients during the quarter, bringing the size of our global and mid-market client count to nearly 900, which is up 58% year over year. Our client additions in the first quarter were comprised of marquee names in both the private and public sectors, including Regis Corporation, the Container Store, USAID, the U.S. Small Business Association, the Denver Public Library, a multi-billion dollar global chemical company, and one of the world’s preeminent media companies. Our domestic and EMEA sales teams picked up right where they left off at the end of 2011, and finished the quarter strong.

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