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Callidus Software Announces First Quarter 2012 Results - Q1 Revenues of $22.0 Million up 11% Over Q1 of 2011; Q1 SaaS Revenue up 28% Year Over Year; Q1 SaaS Billings up 25% Year Over Year (NASDAQ: CALD) - Callidussoftware.com
Callidus Software Announces First Quarter 2012 Results

 

PRZOOM - /newswire/ - Pleasanton, CA, United States, 2012/05/02 - Q1 Revenues of $22.0 Million up 11% Over Q1 of 2011; Q1 SaaS Revenue up 28% Year Over Year; Q1 SaaS Billings up 25% Year Over Year (NASDAQ: CALD) - Callidussoftware.com. NASDAQ: CALD

   
 
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Callidus Software, Inc., the leader in Sales Performance Management (SPM), today announced financial results for the first quarter ended March 31, 2012.

"I was pleased with our recurring revenue growth as well as the addition of over 120 new logos in the quarter - a new quarterly record. We continued to expand our gross margin and in particular our recurring revenue gross margin, which on a non-GAAP basis is up 1,000 basis points year on year. Our acquisitions all performed well, improving our cross sell performance. We believe we have a significant revenue growth opportunity ahead of us and we plan to meet that head on with a 50% increase in sales heads by the end of this year."

Financial Highlights for the First Quarter 2012

• Total revenue was $22.0 million for the first quarter, representing an increase of 11% compared to the same quarter last year. Total recurring revenues, which include SaaS revenues and maintenance and support, were $16.9 million, up 15% compared to the first quarter of 2011. SaaS revenues of $12.8 million were up 28% while maintenance and support revenues of $4.1 million were down 13% as compared to the first quarter of 2011. Service and other revenues were $5.1 million, consistent with the first quarter of 2011.
• Total GAAP gross margin was 46% for the first quarter up from 39% in the same quarter in 2011.
• Non-GAAP gross margin represented a quarterly record at 53% for the first quarter, up from 45% in the first quarter of 2011. Non-GAAP gross margin for the first quarter of 2012 excludes $1.0 million of stock-based compensation expense and $492,000 of amortization of acquired intangibles.
• First quarter non-GAAP recurring revenue gross margins which exclude $547,000 of stock-based compensation and $486,000 of amortization of acquired intangibles were 61%, up from 51% for the first quarter of 2011.
• GAAP net loss was $7.0 million, or ($0.20) per share, for the first quarter of 2012, which included $3.2 million of stock-based compensation expense, $442,000 of restructuring expense, $766,000 amortization of acquired intangible assets, $837,000 convertible note related items, $613,000 patent litigation cost, $370,000 acquisition related expense and a tax benefit of $224,000 due to the recognition of deferred tax liabilities related to the intangible assets from our acquisition during the first quarter. This compares to a GAAP net loss of $2.4 million, or ($0.07) per share, for the first quarter of 2011, which included $2.4 million of stock-based compensation expense, $39,000 of restructuring expense, $190,000 of amortization of acquired intangible assets, $146,000 acquisition related expense and $300,000 of patent litigation cost.
• Non-GAAP net loss was $979,000, or ($0.03) per fully diluted share, for the quarter, compared to non-GAAP net income of $641,000, or $0.02 per fully diluted share, for the same period last year. The company's non-GAAP results for the first quarter of 2012 exclude the effects of $3.2 million of stock-based compensation expense, $766,000 of amortization of acquired intangibles, $370,000 of acquisition related expenses, $613,000 of patent litigation costs, $837,000 of convertible note related items, $442,000 of restructuring expense and a tax benefit of $224,000 due to the recognition of deferred tax liabilities related to the intangible assets from acquisitions.

Business Highlights for the First Quarter 2012
• Acquired a leader in next-generation marketing automation and leads management, LeadFormix. By uniting sales and marketing, LeadFormix award-winning Cloud solutions produce richer, targeted leads for sales along with easier access to qualified decision makers.
• Acquired two new deep domain patents that cover technologies and processes critical to the CallidusCloud™ space. With these two newly acquired patents, CallidusCloud now has more than 26 patents either issued, pending, provisionally filed, or in process.
• The CallidusCloud™ Sales Effectiveness suite was selected as a finalist for the prestigious CODiE™ Awards in the "Best Cloud Application/Service," "Best Human Capital Management Solution," and "Best Financial Management Solution" categories.
• Callidus received a "Strong Positive" rating in the latest MarketScope for Insurance Incentive Compensation Management Applications by Gartner, Inc.

Financial Outlook
Total revenue for the second quarter of 2012 is expected to be between $22.5 million and $23.5 million. GAAP operating expenses are expected to be between $17.7 million and $18.7 million in the second quarter of 2012, which includes stock-based compensation of approximately $3.8 million, amortization of acquired intangibles of $800,000 and $250,000 of acquisition related expenses.

Conference Call
A conference call to discuss the first quarter results and outlook is scheduled for 1:30 pm. Pacific Daylight Time (PDT) today. The conference call will be available via live webcast at the Investor Relations section of Callidus Software's website.

Dial-in number: 866.730.5765 (International callers: 857.350.1589)

Passcode: 80429181

Replay: A webcast replay will be available after 6:30 pm. PT on May 2, 2012 through May 10, 2012. The webcast replay will be available at the Investor Relations section of our website under Calendar of Events.

The time or manner of the webcast may change for technical or administrative reasons outside of Callidus Software's control.

About Callidus Software
Callidus Software (calliduscloud.com) is the market and technology leader in sales effectiveness and cloud computing. Our customers gain a competitive advantage by maximizing sales cost efficiencies and driving improvements in sales effectiveness. CallidusCloud's award-winning multi-tenant SaaS applications set the standard for performance management of a company's sales force and channel partners. Over 2.5 million users rely on our solutions to power their performance.

Forward-Looking Statements
The forward-looking statements included in this press release, including discussion of our commercial prospects, estimates of second quarter 2012 revenues, operating expenses, stock-based compensation expense and amortization of acquired intangibles expenses reflect management's best judgment based on factors currently known and involve risks and uncertainties. These risks and uncertainties include, but are not limited to, potential disruption of customer purchase decisions resulting from global economic conditions, timing and size of orders, potential material fluctuations in financial results and future growth rates, decreases in customer spending, uncertainty regarding purchasing trends in the SPM market, customer cancellations or non-renewal of maintenance contracts or on-demand services, our potential inability to manage effectively any growth we experience, uncertainty regarding the demand for and profitability of our on-demand services, increased competition or new entrants in the marketplace, and other risks detailed in Callidus' reports filed with the Securities and Exchange Commission (SEC), including its Form 10-K for 2011 which may be obtained by contacting Callidus Software's Investor Relations department at 925-251-2248, or from the Investor Relations section of Callidus Software's website (CallidusCloud Investor Relations). Actual results may differ materially from those presently reported. We assume no obligation to update the information contained in this release.

Non-GAAP Financial Measures
Callidus has provided in this release financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP recurring revenue gross profit, operating expense, income (loss) from operations, net loss and net loss per share. Callidus uses non-GAAP measures internally in analyzing its financial results and believes that they are useful to investors, as a supplement to GAAP measures, in evaluating Callidus' operating performance. Callidus believes that the use of these non-GAAP measures provides additional insight for investors to use in evaluation of ongoing operating results and trends and in comparing its financial measures with other companies in Callidus' industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial measures exclude stock-based compensation expense, restructuring expense, acquisition related expense, patent litigation cost, convertible note interest expense, amortization of convertible note issuance cost, gain from extinguishment of convertible note and amortization of acquired intangibles. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

©2012. Callidus Software Inc. All rights reserved. Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, TrueComp Manager, ActekSoft, ACom3, ForceLogix, Salesforce Assessments, iCentera, Webcom, LeadFormix, Litmos, the Litmos logo, and Rapid Intake are trademarks, service marks, or registered trademarks of Callidus Software Inc. and its affiliates in the United States and other countries. All other brand, service or product names are trademarks or registered trademarks of their respective companies or owners.

Investor Relations Contact:
Carolyn Bass, Market Street Partners
P: 415-445-3232 - E: carolyn[.]marketstreetpartners.com.

 
 
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Callidus Software Announces First Quarter 2012 Results

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Contact: Rajendran Nair - CallidusSoftware.com 
925-251-2255 pr[.]calliduscloud.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Callidus Software, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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