Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its quarter ended June 30, 2014.
Revenue for the second quarter of 2014 was $61.5 million, representing a 39% 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 $70.1 million for the second quarter of 2014, representing a 44% increase compared to the same period in 2013. 1 Bookings also increased by $20.4 million, or 41%, quarter-over-quarter, which represents the highest percentage increase on a quarter-over-quarter basis since 2011. 1 Bookings for the first six months of 2014 were $119.8 million, representing a 41% increase compared to the same period in 2013. 1 Deferred revenue at June 30, 2014 was $139.7 million, which was 47% higher than the balance at June 30, 2013.
“We have invested significantly in recent years to ensure that our business is positioned for success across verticals, segments, and geographies, and we saw several of these investments begin to pay dividends for us in the second quarter,” said Adam Miller, the company’s President and CEO. “In addition to our core businesses, we saw strong performances from our Strategic Accounts, Asia-Pacific and Major Accounts teams. And with the sizeable, untapped market opportunity that remains, it feels like we are just getting started.”Gross profit for the second quarter of 2014 was $44.1 million, representing a 41% increase compared to the same period in 2013. Gross margin for the second quarter of 2014 was 71.7% compared to 70.3% in the second quarter of 2013. Non-GAAP gross profit for the second quarter of 2014 was $45.0 million, representing a 40% increase compared to the same period in 2013. 1 Non-GAAP gross margin for the second quarter of 2014 was 73.1% compared to 72.2% in the second quarter of 2013. 1 The Company’s net loss for the second quarter of 2014 was $16.6 million yielding a net loss margin of 27.1%, or a $0.31 net loss per share, compared to a net loss of $8.7 million yielding a net loss margin of 19.6%, or a $0.17 net loss per share, in the second quarter of 2013.
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