Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its quarter ended March 31, 2014.
Revenue for the first quarter of 2014 was $57.4 million, representing a 52% increase compared to the same period in 2013.
Bookings, which the Company defines as revenue plus the change in deferred revenue for the period, were $49.7 million for the first quarter of 2014, representing a 38% increase compared to the same period in 2013. 1 Deferred revenue at March 31, 2014 was $131.1 million, which was 45% higher than the balance at March 31, 2013.
“The first quarter once again demonstrated that the Cornerstone solution is applicable to organizations of all sizes, in every region and in every vertical,” said Adam Miller, the company’s President and CEO. “We believe that the combination of our huge market opportunity and weakened competitive environment, coupled with growing worldwide distribution, a track-record of innovation, and a blue-chip client roster, positions Cornerstone to be the long-term technology leader in our space.”Gross profit for the first quarter of 2014 was $40.0 million, representing a 52% increase compared to the same period in 2013. Gross margin for the first quarter of 2014 was 69.7% compared to 70.1% in the first quarter of 2013. Non-GAAP gross profit for the first quarter of 2014 was $41.1 million, representing a 51% increase compared to the same period in 2013. 1 Non-GAAP gross margin for the first quarter of 2014 was 71.6% compared to 72.2% in the first quarter of 2013. 1 The Company’s net loss for the first quarter of 2014 was $15.8 million yielding a net loss margin of (27.5)%, or $0.30 net loss per share, compared to a net loss of $9.9 million yielding a net loss margin of (26.4)%, or $0.20 net loss per share, in the first quarter of 2013.
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