Revenues for the second quarter came in at $26.7 million, representing a year-over-year increase of 54%, and bookings came in at $31.5 million, representing a year-over-year increase of 51%. We are very pleased with this bookings growth, particularly given the difficult compare against our extremely strong second quarter in 2011, where our bookings grew at approximately 90% year-over-year. We also added approximately 120 new enterprise and mid-market clients during the quarter bringing the size of our organic client base to over 1,000 of the world’s leading organizations.
Our client additions in Q2 were comprised of more key names across the globe with both our domestic and EMEA sales teams continue to perform exceptionally well. New client additions during the quarter include National Instruments, (inaudible), Visa Europe, the largest security systems company in the world, the web’s premier professional social networking site and one of the largest consumer products companies in Europe and one of the largest financial institutions in Asia.
While other companies have talked about macro economic softness, we have seen no slowdown in demand for Cornerstone. Over the years, we have grown through multiple recessionary periods and in the first half of 2012, we saw some of the strongest sales pipelines in our history in our major geographic regions.
We believe this is due to our ability to provide positive business impact for our clients, helping them to improve compliance, increase employee productivity and engagement through our performance management and social collaboration tools, save training and administrative costs and enable the extended enterprise often providing a positive ROI in the first year of purchase.As Cornerstone has continued to grow at an industry leading pace, I remain most proud of our ability to make our client successful. This is evidenced by our retention rate, which averaged approximately 95% from 2002 through 2011 and remains on pace to do the same again this year. Our combination of growth and retention help us to increase the size of our user base to over 9.4 million users in the second quarter, which represents one of the largest SaaS subscriber bases in the world.Read the rest of this transcript for free on seekingalpha.com
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