- Record quarterly revenue of $24.0 million, up 52% year-over-year
- Record quarterly gross profit of $17.2 million, up 54% year-over-year
- Record Q1 Bookings of $24.0 million, up 67% year-over-year
- Quarterly gross margin of 71%, consistent year-over-year, and Non-GAAP gross margin of 74%, up 230 basis points year-over-year
- Ended the quarter with over 891 clients and approximately 8.2 million users
HRchitect featured Cornerstone OnDemand in our first 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. Charles Coy participated in the HRchitect WebMingle on January 16, 2009 and again on December 8, 2011. HRchitect attended and sponsored Cornerstone’s user conference in 2009 and 2010.
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 15 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!
Revenue for the first quarter of 2012 was $24.0 million, representing a 52% increase compared to the same period in 2011.
Bookings, which the company defines as revenue plus the change in deferred revenue, were $24.0 million for the first quarter of 2012, representing a 67% increase compared to the first quarter of 2011. Deferred revenue at March 31, 2012 was $55.8 million, which was 72% higher than the balance at March 31, 2011.
“We are extremely pleased with our first quarter and our continued innovation with the launch of our Recruiting Cloud and Volunteer Management System,” said Adam Miller, President and CEO of Cornerstone. “We continue to acquire marquee accounts and grow existing accounts. As our bookings demonstrate, the momentum of our business has not slowed down. The expansion of our products and services, as well as the growth of our global sales teams and our acquisition of Sonar6, has allowed us to grow our total addressable market with new and existing clients alike.”
Gross profit for the first quarter of 2012 was $17.2 million, representing a 54% year-over-year improvement compared to the same period in 2011. Gross margin for the first quarter of 2012 was 71.5% compared to 70.9% in the same period in 2011. Non-GAAP gross margin for the first quarter of 2012 was 73.5% compared to 71.2% in the same period of 2011.
In accordance with Generally Accepted Accounting Principles, or on a “GAAP” basis, Cornerstone’s net loss for the first quarter of 2012 was $8.1 million, or $(0.16) per share, compared to a net loss of $47.6 million, or $(3.65) per share, for the first quarter of 2011.
Non-GAAP net loss for the first quarter of 2012 was $4.9 million, or $(0.10) per share, compared to non-GAAP net loss of $3.7 million, or $(0.26) per share, for the same period in 2011.
During the first quarter of 2012, net cash provided by operating activities was $3.0 million and non-GAAP net cash provided by operating activities was $3.2 million.
At March 31, 2012, Cornerstone’s total cash and cash equivalents were $87.2 million and accounts receivable were $25.1 million.
Cornerstone ended the quarter with 891 clients and approximately 8.2 million users, representing 59% and 57% year-over-year growth and 11% and 9% when compared to the prior quarter, of Cornerstone’s client base and users, respectively.
For more information on Cornerstone OnDemand, please visit www.cornerstoneondemand.com
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