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Written by / Agency / Source: Callidus Software, Inc.

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CallidusCloud Reports 31% SaaS Billings Growth - Generates $5.2 million in cash from operations during Q2 2013 on $25.9 million in total revenue [NASDAQ: CALD] - CallidusCloud.com
CallidusCloud Reports 31% SaaS Billings Growth

 

NewswireToday - /newswire/ - Pleasanton, CA, United States, 2013/08/01 - Generates $5.2 million in cash from operations during Q2 2013 on $25.9 million in total revenue [NASDAQ: CALD] - CallidusCloud.com. NASDAQ: CALD

   
 
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Callidus Software Inc., a leading provider of sales and marketing effectiveness software today announced financial results for the second quarter ended June 30, 2013.

“I was pleased with our performance in Q2, with revenue and billings results outperforming expectations and the continued expansion of our gross margin,” said Leslie Stretch, President and CEO, CallidusCloud. “In the quarter we added 183 net new subscription logos, up 25% year over year, and generated $5.2 million of cash from operations. We expect this momentum in the business to continue through 2013 and beyond.”

Financial Highlights for the Second Quarter 2013

Total revenue was $25.9 million for the second quarter, an increase of 9% over the same quarter in the prior year. Total recurring revenues were $19.6 million, which includes SaaS revenues of $15.8 million and maintenance revenues of $3.8 million, an increase of 9% compared to the same quarter in the prior year. Service and other revenues of $6.3 million increased 10% as compared to the same quarter in the prior year.

Non-GAAP Performance
• Non-GAAP total gross margin (reconciled later in this press release) was 59% compared to 53% for the same quarter in the prior year. Non-GAAP recurring revenue gross margin (reconciled later in this press release) was 68% compared to 61% for the same quarter in the prior year.
• Non-GAAP operating income (reconciled later in this press release) was $0.4 million compared to non-GAAP operating loss of $0.8 million for the same quarter in the prior year.
• Non-GAAP net loss was $0.8 million, or ($0.02) per fully diluted share, compared to non-GAAP net loss of $0.8 million, or ($0.02) per fully diluted share for the same quarter in the prior year. Non-GAAP net loss is reconciled later in this press release.

GAAP Performance
• GAAP total gross margin was 55% compared to 47% in the same quarter prior year. GAAP recurring revenue gross margin was 65% compared to 56% in the same quarter prior year.
• GAAP net loss was $6.2 million, or ($0.16) per share, compared to a net loss of $5.3 million, or ($0.15) per share, for the same period prior year.
• Days Sales Outstanding (DSO) on a gross basis improved to 85 days from 87 days in the prior quarter. Adjusting for a $3.1 million increase in total deferred revenue, DSO on a net basis was 71 days compared to 73 days in the first quarter of 2013.
• Cash and short term investments ended the quarter at $27.2 million, compared to $22.9 million in first quarter of 2013.
• Cash generated from operations was $5.2 million and $2.4 million for the current quarter and year to date 2013, respectively.
• Deferred revenue increased to a record $47.4 million which represents a 45% year over year increase in SaaS deferred revenue.

Business Highlights for the Second Quarter 2013
• There was record attendance at C3, CallidusCloud’s annual user conference that was held in May 2013. Over 750 attendees registered, representing a 70% increase over 2012. Leading analysts from Gartner, Forrester Research, and Aberdeen joined customer speakers as the conference hosted 7 keynotes and 32 breakout sessions on sales and marketing effectiveness.
• CallidusCloud sponsored key industry events including: Gartner 360 Summit; Accord Loma; Sirius Decisions Summit; SuiteWorld; mLearnCon
• CallidusCloud further expanded its partner ecosystem with 10 new resellers and consulting partners including PWC as global consulting partner.

Financial Outlook for 2013 Third Quarter and Full Year
For the third quarter of 2013, the Company expects total revenue to be in the range of $26 to $27 million. GAAP operating expenses are expected to be in the range of $16.6 to $17.6 million. Non-GAAP operating expenses are expected to be in the range of $13.6 to $14.6 million.

For the full year of 2013 the company expects revenue to be in the range of $106 to $109 million, representing a narrowing of previous guidance of $105 to $110 million. GAAP operating loss is expected to be in the range of $13 to $14 million. Non-GAAP operating income is expected to be in the range of $3.5 to $4.5 million, representing a reduction from the prior guidance range of $4.0 to $5.0 million.

Conference Call
In conjunction with this announcement CallidusCloud will host a conference call at 1:30 pm. Pacific Daylight Time (PDT) today to discuss the second quarter 2013 results and outlook for the third quarter 2013 and full year 2013. The conference call will be available via live webcast at the Investor Relations section of CallidusCloud’s website.

Dial-in: 866-318-8611 (International callers: 617-399-5130)
Passcode: 61743110
Replay information: A webcast replay will be available on the Investor Relations section of our website under Calendar of Events.

About CallidusCloud

Callidus Software, Inc. (calliduscloud.com), doing business as CallidusCloud®, is a leading provider of cloud software. CallidusCloud enables organizations to accelerate and maximize their lead to money process with sales and marketing effectiveness cloud software. CallidusCloud maximizes and accelerates sales and marketing processes for over 2,000 leading organizations. Small, medium and large enterprises across multiple industries and geographies rely on CallidusCloud for better marketing, and smarter selling.

Note on Forward-Looking Statements
The forward-looking statements included in this press release, including discussion of our commercial prospects, estimates of revenues, operating expenses, stock-based compensation expense, amortization of acquired intangibles, restructuring, and patent litigation defense costs 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, relative growth of our recurring revenue, potential decreases in customer spending, uncertainty regarding purchasing trends in the cloud software market, customer cancellations or non-renewal of maintenance contracts or on-demand services, our potential inability to manage effectively any growth we experience, our ability to develop new products and services, increased competition or new entrants in the marketplace, potential impact of acquisitions and investments, and other risks detailed in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K which may be obtained by contacting CallidusCloud’s Investor Relations department at 925-251-2248, or from the Investor Relations section of CallidusCloud’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
CallidusCloud has provided in this release financial information that has not been prepared in accordance with GAAP. This information includes non-GAAP gross margin, non-GAAP recurring revenue gross margin, non-GAAP net loss, non-GAAP net loss per share. CallidusCloud 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 CallidusClouds’ operating performance. CallidusCloud 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 CallidusClouds’ industry, many of which present non-GAAP financial measures that may resemble our non-GAAP financial measures. As noted, our non-GAAP financial measures exclude stock-based compensation expense, a benefit from a purchase acquisition-related adjustment, restructuring expense, acquisition related expense, patent litigation defense 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.

©2013. 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, Rapid Intake, and 6FigureJobs 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
Cameron Jung / Steve Pasko - Market Street Partners
P: 415-445-3238 / 415-445-3232 - E: cald[.]marketstreetpartners.com.

 
 
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CallidusCloud Reports 31% SaaS Billings Growth

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Publisher Contact: Giles House - CallidusCloud.com 
925-251-2200 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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