Saba Software (SABA) Q1 2012 Earnings Call September 27, 2011 5:00 pm ET Executives Bobby Yazdani - Founder, Chairman of the Board and Chief Executive Officer Roy Lobo - Investor Relations William Slater - Chief Financial Officer, Principal Accounting Officer and Executive Vice President Analysts Ian Kell - Northland Securities Inc., Research Division Mark W. Schappel - The Benchmark Company, LLC, Research Division Scott R. Berg - Feltl and Company, Inc., Research Division Eric Martinuzzi - Craig-Hallum Capital Group LLC, Research Division Kevin Liu - B. Riley & Co., LLC, Research Division Presentation Operator
For information concerning factors that could cause actual results to differ materially from those in the forward-looking statements, we encourage you to review our annual report on Form 10-K for the year ended May 31, 2011 and subsequent Saba periodic reports, which are available through the Investor Relations section of our website or through the SEC's website at sec.gov. We assume no duty or obligation to publicly update or revise any forward-looking statements. In addition, we intend to discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP results is included with the financial statements accompanying our earnings release.With that, I would now like to turn the call over to Bobby Yazdani, our Founder and Chief Executive Officer. Bobby? Bobby Yazdani Thank you, Roy. I am pleased to announce that the first quarter of fiscal year 2012 got off to a strong start. Total billings grew 18% in the quarter, which is at the high end of our fiscal year guidance of 16% to 18%. Total non-GAAP revenue grew 14% in the quarter to $30.9 million, ahead of analysts' expectations. Cloud billings grew 81% and Cloud revenue grew 59% in the quarter. The strength we experienced in the quarter was spread across all geographies. In the current economic environment where job creation is very gradual and markets are global, organizations are looking to rapidly and continuously scale their people and transform the way they work and perform across their value chain. In addition, organizations are looking for a state-of-the-art, reliable, unified and complete solution delivered in the Cloud. Saba is uniquely positioned to address these requirements. We are one vendor that can deliver on these tenets and we are establishing ourself as the vendor of choice and a strategic partner to our global enterprises, whether they are large enterprises or mid-market enterprises.