Callidus Software Announces Quarterly Revenue of $20.4 Million, Up 19% Year-Over-Year
Record Recurring Revenue of $15.4 Million, Up 16% Year-Over-Year; New Recurring Revenue Up 30% Year-Over-Year
(firmenpresse) - PLEASANTON, CA -- (Marketwire) -- 08/02/11 -- Callidus Software Inc. (NASDAQ: CALD), the leader in , today announced financial results for the second quarter ending June 30, 2011.
"I am happy to report $15.4 million of total recurring revenue and $10.8 million in new recurring revenue for the quarter -- both all-time records for Callidus," said Leslie Stretch, President and CEO, Callidus Software. "Overall we grew Q2 total revenue by 19% year-over-year. We grew new recurring revenue, which excludes maintenance revenue, 30% year-over-year. And we achieved non-GAAP profitability for the fourth consecutive quarter, demonstrating the strength of our SaaS-based business."
"Callidus' Sales Talent Management value proposition -- linking all stages of the sales lifecycle to improve sales force effectiveness -- continues to propel our growth. In the quarter, we continued to drive market expansion of the suite with the strategic acquisition of Litmos Limited, the rapid, mobile learning management platform that helps optimize sales and channel partner onboarding, certification, and skill development, followed by the acquisition of iCentera, a pure play SaaS platform that helps equip the sales force and channel with the knowledge they need to effectively do their job -- anywhere, anytime, on any device. These acquisitions extend our position as leader in this vital market and add to our cross sell opportunities for our 2.5 million-strong user base."
Total revenue was $20.4 million, representing an increase of 19% compared to the second quarter last year. Recurring revenues, which include subscription and support, were $15.4 million, up 16% compared to the second quarter of 2010. Service revenues were $4.2 million, up 20% compared to the second quarter of 2010. License revenues were $0.8 million, up from $0.4 million reported in the second quarter of 2010.
Total gross profit was 39%, down from 40% in the second quarter of 2010.
GAAP operating expenses were $12.0 million, up $1.5 million or 15% from the same quarter in 2010.
Non-GAAP operating expenses were $9.0 million, up $0.7 million or approximately 8% from Q2 2010. Non-GAAP operating expenses exclude restructuring expense, stock-based compensation expense, acquisition related expense, patent litigation cost and amortization of acquired intangible assets.
GAAP net loss was $4.7 million, or ($0.14) per share, which included $3.7 million of stock-based compensation expense, $255,000 amortization of acquired intangible assets, $392,000 convertible note interest expense, $278,000 patent litigation cost, $237,000 acquisition related expense, and $60,000 amortization of convertible note issuance cost. This compares to a GAAP net loss of $3.7 million, or ($0.12) per share, for the second quarter of 2010, which included $1.9 million of stock-based compensation expense, $451,000 of restructuring expense, and $159,000 amortization of acquired intangible assets.
Non-GAAP income per fully diluted share in the second quarter was essentially breakeven compared to a non-GAAP loss per fully diluted share of $(0.04) in the prior year. The company's non-GAAP results exclude the effects of stock-based compensation expense, amortization of acquired intangibles, acquisition related expenses, patent litigation cost, convertible note interest expense, amortization of convertible note issuance cost, and restructuring expense previously noted.
In the quarter the company issued $80.5 million of 4.75% Convertible Senior Notes due 2016. Net proceeds after a concurrent buyback of $14.4 million and $3.2 million in debt issuance costs were approximately $62.9 million.
Callidus acquired mobile, rapid learning management system (LMS) vendor, Litmos Limited. Litmos delivers a fast growing online and mobile training system with 150 clients and growing. The platform is designed from the ground up to be a quick, flexible, easy-to-use platform that enables organizations to create content in multiple formats, distribute the content to users across devices, and track results in real-time.
Callidus sponsored a number of leading industry conferences around the globe, including the 2nd Annual Sales & Marketing Excellence Brazil Congress, held June 15 - 16, 2011 in Brazil; the 5th Asian Insurance CFO Summit, held May 24-26 in Hong Kong; the WorldatWork Total Rewards Conference and Exhibition, held May 23-25 in San Diego; ACORD LOMA Insurance Systems Forum, held May 22-24 in San Diego; the 9th Annual Sales Force Effectiveness USA Summit, held May 18-19 in New Jersey; and the 12th Annual Asian Banker Summit, held April 6-8 in Hong Kong.
Callidus extended its sales performance analytics solution with the launch of its new Sales Performance Visualizer solution, powered by Panopticon, the leading provider of visual data analysis software for real-time and historical time series data. The new solution extends the Monaco On Demand Reporting and Analytics platform with a robust visualization tool that provides real-time visibility into large sales and financial performance data sets across the enterprise. The solution is already deployed at one of the largest global pharmaceutical companies.
Callidus expanded its technology footprint, signing a new strategic partnership with NetSuite, the industry's leading provider of cloud-based financials and ERP software suites. The partnership will enable NetSuite customers to experience Callidus' Monaco On Demand SPM solution blended seamlessly with the NetSuite Financials/ERP/CRM Platform.
Callidus signed a new strategic partnership with Mapping Analytics, the creator of the ProAlign® Sales Territory Alignment and Optimization solution. The partnership extends the Monaco On Demand SPM suite's class-leading territory management capabilities with a powerful mapping visualization solution.
Total revenue for the third quarter of 2011 is expected to be between $20.5 million and $21.5 million. GAAP operating expenses, including stock-based compensation of approximately $3.0 million, amortization of acquired intangibles of $0.5 million, and approximately $700,000 in acquisition related expenses, and legal costs to defend our IP, are expected to be between $13.7 million and $14.7 million in the third quarter of 2011.
A conference call to discuss the second quarter 2011 results and outlook is scheduled for 1:30 p.m. Pacific Daylight Time (PDT) today. The conference call will be available via live webcast at the Investor Relations section of Callidus Software's website at .
866.783.2142
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A webcast replay will be available after 6:30 p.m. PT on August 2, 2011 through August 10, 2011. 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.
Callidus Software (NASDAQ: CALD) is the market and technology leader in (SPM). Callidus customers gain a competitive advantage by maximizing sales cost efficiencies and driving improvements in sales effectiveness. Our award-winning Software-as-a-Service (SaaS) applications set the standard for performance management of a company's sales force and channel partners. Over 2 million employees and channel partners have their performance managed by Callidus Software. For more information, please visit .
The forward-looking statements included in this press release, including estimates of third quarter 2011 total revenues, operating expenses, and stock-based compensation expense 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, increased legal expense related to pending patent litigation, 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 2010 and the Form 10-Q for the first quarter of 2011,copies of 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 (). Actual results may differ materially from those presently reported. We assume no obligation to update the information contained in this release.
Callidus has provided in this release financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP 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 pursuant to SFAS 123®, restructuring expense, acquisition related expense, patent litigation cost, convertible note interest expense, amortization of convertible note issuance cost 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.
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