- Record quarterly revenue of $57.4 million, up 52% year-over-year
- Record first quarter bookings of $49.7 million, up 38% year-over-year1
- Record quarterly gross profit of $40.0 million, up 52% year-over-year
- Ended the quarter with over 1,700 clients and over 14.5 million users2
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.
Non-GAAP net loss for the first quarter of 2014 was $5.1 million yielding a non-GAAP net loss margin of (8.8)%, or $0.10 net loss per share, compared to a non-GAAP net loss of $5.3 million yielding a non-GAAP net loss margin of (14.1)%, or $0.10 net loss per share, in the first quarter of 2013.1 This represents a non-GAAP net loss margin improvement of 530 basis points.1
For the first quarter of 2014, net cash provided by operating activities was $0.9 million as compared to $0.5 million for the same period in 2013.
At March 31, 2014, the Company’s total cash and cash equivalents were $108.7 million, investments were $200.5 million, and accounts receivable were $52.5 million, yielding a total of approximately $361.7 million.
The Company ended the quarter with over 1,700 clients and over 14.5 million users.2
To learn more about HRchitect and how we can help your organization, please visit www.HRchitect.com. HRchitect is the leader in HR systems strategic consulting. As the premier Human Capital Management (HCM) Systems consulting firm, we offer end-to-end HR technology consulting services focused around strategic planning, evaluation/selection, project management and implementation of HR systems, Talent Management Systems, Talent Acquisition Systems, and Workforce Management software. After more than 17 years in business working on over 2000 successful engagements for more than 900 clients across the globe, HRchitect is a name you can trust as your one-stop shop for all your HR technology consulting needs.
Matt Lafata, HRchitect
|Bookings, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net loss, non-GAAP net loss margin and non-GAAP net loss per share are non-GAAP financial measures. Please see the discussion in the section “Non-GAAP Financial Measures” and the reconciliations at the end of this release.|
|Includes contracted clients and active users of our Enterprise and Mid-Market solution, excluding Cornerstone for Salesforce and Cornerstone Growth Edition, formerly known as Cornerstone for Small Business.|