- Total quarterly billings up 18% with cloud billings growing 81% year-over-year
- Cloud revenue grew 59% year-over-year
- Subscription revenue up 26% year-over-year; representing 61% of total revenues
- Subscription revenue gross margin expanded to 77%
- Total deferred revenue increased 29% year-over-year to $43.9 million
HRchitect featured Saba in our May 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems and top Learning Management Systems vendors that businesses should consider. A.G. Lambert, the VP of Marketing with Saba appeared on the HRchitect WebMingle on August 14, 2009. Matt Lafata with HRchitect attended the 2010 Saba Global Summit and Analyst Day in Boston, MA. Matt Lafata & Tiffany Appleby attended the Saba Global Sales Rally FY12 in June 2011 in Redwood City, CA.
If you are looking for a new Talent Management System, or any HR system, don’t rely solely on “recommendations” or published reports. Do yourself a huge favor and talk to HRchitect first. After 14 years, HRchitect has unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation. Simply put, do not invest in any kind of HR technology without consulting with the experts first. HRchitect is always available to help!
Saba (NASDAQ:SABA), the premier People Cloud provider, today reported financial results for its first quarter ended August 31, 2011.
“We started fiscal year 2012 with strong quarterly performance in billings and revenue growth, and gross margin expansion,” said Bobby Yazdani, Founder and CEO, Saba. “Our strength this quarter was broad-based across geographies and market segments — global enterprises, large enterprises, and mid-market enterprises. As we continue to make significant progress on our transition to the cloud, Saba is establishing itself as the vendor of choice and strategic partner to organizations seeking to transform the way their people network — employees, partners, customers, and franchisees — works, collaborates, and learns.”
Results for the First Quarter Fiscal Year 2012
Revenues: Total GAAP revenues were $30.6 million in the first quarter of fiscal year 2012, up 13% from $27.2 million in the same quarter last year. Total non-GAAP revenues in the first quarter of fiscal year 2012 were $30.9 million, up 14%, compared to $27.2 million in the same quarter last year. Non-GAAP revenues reflect the impact to revenue of fair value adjustments to deferred revenue due to acquisitions.
Deferred Revenue: Total deferred revenue was $43.8 million at the end of the first quarter of fiscal year 2012, up 29% year-over-year.
Earnings (Loss) per Share: GAAP loss per share was $0.20 in the first quarter of fiscal year 2012 compared to a loss per share of $0.06 in the same period last year. Non-GAAP loss per share was $0.12 in the first quarter of fiscal year 2012 compared to breakeven in the first quarter last fiscal year. First quarter fiscal year 2012 loss per share reflects increased levels of investment in operations for future growth.
Our non-GAAP results are calculated by adjusting GAAP results for the impact of certain items including (i) non-cash amortization of intangibles, (ii) non-cash share-based compensation expenses, (iii) non-operating reorganization costs, (iv) the impact to revenue of fair value adjustments to deferred revenue due to acquisitions and (v) other acquisition related costs. A reconciliation of GAAP to non-GAAP results is included in the financial statements accompanying this press release.
Cash: Cash flow from operations was a usage of $3.4 million in the first quarter of fiscal year 2012, and cash and cash equivalents at August 31, 2011 were $20.8 million. Saba typically uses cash in the first half of the fiscal year and generates positive cash flow in the second half of the fiscal year due to strong subscription renewals in the third and fourth quarters.
The following statements are based on current expectations as of the date of this release. These statements are forward-looking, and actual results may differ materially. Saba does not undertake any obligations to update these forward-looking statements.
For fiscal year 2012, ending May 31, 2012, Saba reiterates its forecast of total GAAP revenues to be in the range of $130 million to $133 million and total billings to grow in the range of 16% to 18% in fiscal year 2012 over fiscal year 2011.
The Company also reiterates its forecast for GAAP net loss to range from $0.39 to $0.45 per share and non-GAAP net loss to range from $0.17 to $0.23 per share. Saba also confirms that it expects to return to non-GAAP profitability in the second half of fiscal year 2012.
Fiscal year 2012 non-GAAP outlook excludes non-cash amortization of intangibles, non-cash stock-based compensation expenses, the impact to revenue of fair value adjustments to deferred revenue due to acquisitions, other acquisition-related costs and non-operating reorganization costs.
For more information on Saba, please visit www.saba.com
Matt Lafata, HRchitect