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Cornerstone OnDemand Announces Second Quarter 2013 Financial Results

Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its quarter ended June 30, 2013.

Revenue for the second quarter of 2013 was $44.3 million, representing a 66% increase compared to the same period in 2012. Revenue for the first six months of 2013 was $82.0 million, an increase of 62% compared to revenue for the same period in 2012.

Bookings, which the Company defines as gross revenue plus the change in deferred revenue for the period, were $48.9 million for the second quarter of 2013, representing a 55% increase compared to the same period in 2012. 1 Bookings for the first six months of 2013 were $84.8 million, representing a 53% increase compared to the same period in 2012. 1 Deferred revenue at June 30, 2013 was $95.0 million, which was 57% higher than the balance at June 30, 2012.

“In a quarter that saw many software companies come up short, Cornerstone recorded one of its best performances to date,” said Adam Miller, the Company’s President & CEO. “With our solution improving, global distribution capabilities expanding, and direct competition weakening, our momentum has continued to build and we are excited about the road ahead.”

Gross profit for the second quarter of 2013 was $31.2 million, representing a 66% increase compared to the same period in 2012. Gross profit for the first six months of 2013 was $57.6 million, an increase of 60% compared to the same period in 2012.

The Company’s net loss for the second quarter of 2013 was $8.7 million, or $0.17 net loss per share. The Company’s net loss for the first six months of 2013 was $18.6 million, or $0.36 net loss per share. Operating margin for the second quarter of 2013 increased by 1,180 basis points compared to the same period in 2012.

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