Revenue for the second quarter of 2012 was $26.7 million, representing a 54% increase compared to gross revenue 2 for the same period in 2011.
Gross profit for the second quarter of 2012 was $18.8 million, representing a 52% year-over-year improvement compared to the same period in 2011, after excluding the $2.5 million reduction of revenue related to a common stock warrant issued in the same period in 2011.
Gross margin for the second quarter of 2012 was 70% compared to 71% in the same period in 2011, after excluding the $2.5 million reduction of revenue described above.Bookings 1, which Cornerstone defines as gross revenue plus the change in deferred revenue for the period, were $31.5 million for the second quarter of 2012, representing a 51% increase compared to the same period of 2011 and a 32% sequential increase from the first quarter of 2012. Deferred revenue at June 30, 2012 was $60.7 million, which was 69% higher than the balance at June 30, 2011 and 9% higher than the balance at March 31, 2012. Cornerstone ended the quarter with over 1,000 clients and over 9.4 million users, representing 55% and 57% year-over-year growth and 12% and 15% sequential quarter growth, of Cornerstone’s client base and users, respectively. 3 “We have clearly seen a positive impact from the acquisitions of our primary competitors, not only in the segments of SMB and mid-market, but also in the large enterprise segment. Cornerstone’s momentum continued unabated through the first half of 2012, and we are investing in expanding our worldwide sales coverage to meet global demand while remaining fully committed to our clients’ success,” said Adam Miller, Cornerstone’s President and CEO.