Fri, Nov. 6, 11:51 AM
- While Cornerstone OnDemand (NASDAQ:CSOD) missed Q3 estimates, it guided on its earnings call (webcast) for Q4 revenue of $96.7M-$98.2M, in-line with a $97.5M consensus. Full-year EPS guidance of -$0.35 is below a -$0.33 consensus, but full-year op. cash flow guidance of $43M has been maintained.
- Perhaps getting more attention: The cloud talent management software firm expects 2016 revenue growth to be "largely consistent" with 2015 growth. The midpoint of Cornerstone's 2015 revenue guidance implies 29% growth, while the 2016 consensus is for 27% growth.
- Top-line performance: Recent sales pressures are blamed on forex and service delivery timings. Bookings rose 26% Y/Y in Q3 to $103.7M, a slowdown from Q2's 30% growth but still well above revenue of $87.3M (+28%). Clients rose by ~100 Q/Q to 2,400+, and end-users by 1.7M to 22.2M. The deferred revenue balance rose 34% to $206M.
- Financials: Gross margin (non-GAAP) was 73%, up from Q2's 70% and flat Y/Y. GAAP operating expenses rose 32% Y/Y to $77.1M, with $53.3M spent on sales/marketing, $10.5M on R&D, and $13.2M on G&A. Cornerstone ended Q3 with $214M in cash, and $231M in convertible debt.
- Q3 results, PR
Thu, Nov. 5, 4:12 PM
Wed, Nov. 4, 5:35 PM
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Wed, May 6, 7:10 PM
- In addition to beating Q1 revenue estimates (while missing on EPS), Cornerstone OnDemand (NASDAQ:CSOD) has guided on its CC (webcast) for 2015 revenue of $337.5M-$341.5M, up from prior guidance of $336M-$341M and mostly above a $337.9M consensus. EPS guidance of -$0.30 is slightly below a -$0.29 consensus.
- The cloud talent management software vendor's Q1 bookings totaled $63.5M, +28% Y/Y but trailing revenue of $74.4M (seasonality played a role). The deferred revenue balance rose 38% to $180.9M.
- GAAP operating expenses rose 27% Y/Y to $67M, a much slower pace than Q4's 42%. The customer base rose by ~100 Q/Q to over 2,200, and end-users by ~1M to over 19.1M.
- Shares have risen to $31.25 AH. Cornerstone says it plans to show off analytics tools and a cloud app platform (PaaS) solution (presumably for apps that integrate with Cornerstone's) at its May 11-13 Convergence conference.
- Q1 results, PR
Wed, May 6, 4:04 PM
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Thu, Feb. 12, 12:51 AM
- Though Cornerstone OnDemand (NASDAQ:CSOD) beat Q4 revenue estimates and posted in-line EPS, it guided on its CC (transcript) for Q1 revenue of $72M-$73M (below a $76.4M consensus), and full-year revenue of $336M-$341M and EPS of -$0.29 (below a consensus of $341.6M and -$0.14).
- The cloud talent management software insists a strong dollar is the main culprit. CEO Adam Miller: "[T]he guidance is solely reflecting the FX hit, otherwise it’s exactly where the Street was, I think from next year perspective ... our pipeline is much stronger at the beginning of this year for strategic accounts than it was a year ago, and we’re feeling good about our ability to compete at the end of the market with the largest best-known companies in the world."
- Q4 bookings totaled $115.2M, +35% Y/Y and soundly exceeding revenue of $76.4M. For the whole of 2014, bookings rose 36% to $316.1M. That helped the deferred revenue balance rise 38% to $191.3M.
- 197 clients were added in Q4, raising the total base to over 2,100. GAAP operating expenses rose 42% Y/Y to $67M.
- Shares fell 6.7% in AH trading to $33.50.
- Q4 results, PR
Wed, Feb. 11, 4:10 PM
Tue, Feb. 10, 5:35 PM
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Fri, Jan. 30, 11:54 AM
- Salesforce (CRM -2.2%), ServiceNow (NOW -2.2%), Paylocity (PCTY -5.8%), Castlight (CSLT -4.1%), Cornerstone OnDemand (CSOD -3.6%), InContact (SAAS -2.2%), and Zendesk (ZEN -2.1%) are selling off after cloud ERP/HR/e-commerce software vendor NetSuite (N -11.7%) offered light Q1 and 2015 sales guidance to go with a Q4 beat. The Nasdaq is down 0.4%.
- As one would expect, NetSuite states forex has much to do with its guidance. On the CC (transcript), CFO Ronald Gill noted "the weighted average value of the foreign currencies in which we recognize international revenue has fallen more than 8% against the dollar." However, it's worth noting only 27% of NetSuite's Q4 revenue was international.
- NetSuite's Q4 numbers were solid: Subscription/support revenue grew 34%, and billings rose 34% to $201M (well above revenue of $157.9M). 54 customers were added for NetSuite's SuiteCommerce e-commerce software platform - CEO Zach Nelson humbly observes that was more than 3x the 17 customer adds rival Demandware (DWRE -1.6%) reported for Q3 (a seasonally weaker quarter).
- ServiceNow, the top player in the cloud IT service desk software market, provided above-consensus guidance on Wednesday.
Nov. 5, 2014, 4:07 PM
Nov. 4, 2014, 5:35 PM
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Oct. 22, 2014, 1:22 PM
- Enterprise software vendors are having a rough day after VMware (VMW -5.6%) provided light Q4 guidance to go with a Q3 beat.
- On its CC (transcript), VMware also reported its bookings fell Q/Q in Q3. They were hurt by Russian and German softness, and a failure to close a major enterprise license agreement (ELA) with a federal client. ELAs made up 29% of Q3 bookings, down from 37% in Q2.
- Rivals Oracle (ORCL -1.5%), Red Hat (RHT -3.3%), and Citrix (CTXS -1.5%) are among the decliners, as are Splunk (SPLK -4.7%), Tableau (DATA -2.8%), Qlik (QLIK -2.5%), and MicroStrategy (MSTR -0.9%). Oracle provided light guidance last month.
- Several enterprise cloud software stocks are also selling off: N -2.5%. VEEV -2.9%. ZEN -4.2%. CSOD -2.3%. SAAS -3.2%. NOW -1.7%.
- Nomura and Raymond James have downgraded VMware. Nomura thinks 2015 guidance (expected in January) will also be light, and believes slow vSphere server virtualization growth (affected by competition and high penetration rates) will remain a headwind, given it's still over half of VMware's business. "Growth has to come from the vCloud Suite ... other newer products are just too small still to matter."
- Some of those "other newer products" are doing well: VMware's end-user computing license bookings (boosted by the AirWatch acquisition) rose over 60% Y/Y in Q3, and its much-hyped NSX software-defined networking platform now has 250+ paying customers (up from just 100 a few months ago).
- A slew of enterprise tech names sold off on Monday in response to IBM's Q3 report. Big Blue's software sales fell 2% Y/Y in Q3, after rising 1% in Q2. CA, Citrix, and ServiceNow report after the bell.
Aug. 29, 2014, 1:00 PM
- Low expectations and a high short interest (11.9M shares as of Aug. 15) are proving a good mix for Veeva (VEEV +18.1%) following its FQ2 beat and guidance hike. Several firms have raised their targets.
- Workday (WDAY +5.5%), which sold off yesterday (and took peers down with it) following its FQ2 report, is following Veeva higher. As are Veeva partner Salesforce (CRM +2.1%) and several other cloud software names. NOW +2.9%. CTCT +3.4%. JIVE +2.5%. CSOD +2%. ULTI +1.9%. MKTO +1.9%.
- "We like [Veeva's] momentum with new products, the pace of customer deployments, and view the second-half guidance as likely conservative," says Deutsche (Buy).
- Pac Crest (Outperform) likes the fact Veeva's billings and subscription revenue each rose over 60% Y/Y, and that its large deal activity also grew. It sees a $5B addressable market for life sciences CRM/content management software.
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