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Cornerstone OnDemand Announces Fourth Quarter And Fiscal Year 2013 Financial Results

Stocks in this article: CSOD

Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its fourth quarter and fiscal year ended December 31, 2013.

Revenue for the fourth quarter of 2013 was $54.9 million, representing a 51% increase compared to the same period in 2012. Revenue for the full fiscal year of 2013 was $185.1 million, an increase of 57% 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 $84.5 million for the fourth quarter of 2013, representing a 51% increase compared to the same period in 2012. 1 Bookings for the full fiscal year of 2013 were $231.7 million, representing a 50% increase compared to the same period in 2012. 1 Deferred revenue at December 31, 2013 was $138.8 million, which was 50% higher than the balance at December 31, 2012.

“The fourth quarter capped another year of solid execution and record results for Cornerstone,” said Adam Miller, the company’s President and CEO. “Our business has the benefit of many vectors of available growth, and we made strong progress across all of these dimensions last year. We saw our business expand in each of our segments, verticals, and geographies, as well as within our installed base. Quite simply, we believe that what we do—helping organizations to recruit, train and manage their people—is applicable to any group of people, anywhere in the world, and 2013 provided further validation of this belief.”

Gross profit for the fourth quarter of 2013 was $39.4 million, representing a 53% increase compared to the same period in 2012. Gross profit for the full fiscal year of 2013 was $131.6 million, an increase of 58% compared to the same period in 2012. Gross margin for the fourth quarter of 2013 was 71.8%. Gross margin for the full fiscal year of 2013 was 71.1%.

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