Taleo Announces Second Quarter Results
Billings up 36% Year Over Year; Deferred Subscription and Support Revenue up 45% Year Over Year; Added 275 New Customers; 7 Greater Than $250k in Annual Subscription Value
(firmenpresse) - DUBLIN, CA -- (Marketwire) -- 08/04/11 -- Taleo Corporation (NASDAQ: TLEO), the global leader of SaaS-based Talent Management solutions, today announced strong results for its second quarter 2011.
"We saw exceptional growth and momentum across key metrics in our second quarter," said Michael Gregoire, Taleo's Chairman and CEO. "We are seeing more customers standardizing on Taleo across all areas of talent management and they tell us that the talent intelligence they garner from Taleo is giving them a powerful competitive advantage."
Taleo delivered the following results for the second quarter 2011:
: Subscription revenue for the second quarter was $55.2 million, an increase of 15% on a year-over-year basis. Subscription revenue was reduced by a $6.5 million reserve for the settlement of claims asserted by the United States government. The claims related to a subcontract entered into in 2002 through which services were provided to the Transportation Security Administration ("TSA Settlement"). For further details on the TSA Settlement, please see our report on Form 8-K filed on August 4, 2011. Professional services revenue for the second quarter was $14.5 million, an increase of 74% on a year-over-year basis. Total revenue for the second quarter was $69.7 million, an increase of 24% on a year-over-year basis, which includes the reduction of $6.5 million reserve for the TSA Settlement.
Non-GAAP subscription revenue for the second quarter was $63.6 million, an increase of 32% on a year-over-year basis. Non-GAAP professional services revenues for the second quarter was $15.2 million, an increase of 82% on a year-over-year basis. Non-GAAP subscription revenue for the second quarter has not been reduced for the $6.5 million TSA Settlement. Total second quarter non-GAAP revenue was $78.7 million, an increase of 39% on a year-over-year basis.
Second quarter net loss per share was $(0.20), compared to a net loss per share of $(0.04) a year ago.
Significant items impacting net loss per share included:
Non-GAAP net income per fully diluted share was $0.27, compared to non-GAAP net income per fully diluted share of $0.14 a year ago.
An explanation of the non-GAAP measures used in this press release is included in the section below titled "Non-GAAP Financial Measures" and a reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release.
: Cash generated from operations for the first half of 2011 totaled $19.4 million as compared to $21.3 million in the first half of 2010. Cash flow in 2011 has been impacted by the settlement of the Kenexa lawsuits, acquisition related spending and working capital requirements. Total cash and cash equivalents finished the quarter at $148.4 million, a decrease of $96.5 million from the prior year due primarily to the acquisitions of Learn.com and Cytiva.
: In the second quarter, 275 new customers chose Taleo's Talent Management solutions for recruiting, performance, learning and/or compensation management, including: Western Union, Bausch & Lomb Incorporated, Devon Energy, Invesco and Volkswagen Group of America. In the second quarter we were awarded 7 new contracts of $250,000 or larger in first year subscription revenue, underscoring the market interest in larger, global deployments and in multiple component suite solutions.
: Billings, defined as the change in short-term deferred subscription revenue plus non-GAAP subscription revenue, was $69.2 million in the second quarter, up 36% year-over-year.
Taleo will host a conference call to discuss its second quarter 2011 results at 1:30 p.m. Pacific Time today. A live audio webcast of the conference call, together with detailed financial information, can be accessed through the company's Investor Relations Web site at . Please join the conference call at least 10 minutes early to register. A replay of the conference call will be available until midnight PT on August 9, 2011 at , or via dial-in at 800-642-1687 or 706-645-9291. The pass code for the replay is .
(NASDAQ: TLEO) helps organizations improve the performance of their business by unlocking the power of their people. Taleo is the only company to provide solutions in every category of . Through its cloud-based platform, Taleo optimizes recruiting, performance management, learning and compensation -- and integrates them all so managers have the insights they need to achieve . Customers also plug into Taleo's unique community to harness the power of proven best practices, millions of users, and Taleo-ready partner solutions. From small and medium sized businesses to large enterprises, more than 5,000 organizations rely on Taleo every day to pursue growth, innovation and customer success.
This release contains forward-looking statements, including statements regarding Taleo's future financial performance, market growth, the demand for and benefits from the use of Taleo's solutions, and general business conditions. Any forward-looking statements contained in this press release are based upon Taleo's historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent Taleo's expectations as of the date of this press announcement. Subsequent events may cause these expectations to change, and Taleo disclaims any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Further information on potential factors that could affect actual results is included in Part II, Item 1A of Taleo's Quarterly Report on Form 10-Q, as filed with the SEC on May 9, 2011, and in other reports filed by Taleo with the SEC.
Taleo has provided in this release financial information that has not been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. This information includes non-GAAP revenue and non-GAAP earnings per share. Taleo uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Taleo's ongoing operational performance. The non-GAAP measures include amounts excluded from GAAP revenue due to the write down of deferred revenue associated with purchase accounting for the Worldwide Compensation, Learn.com and Cytiva acquisitions and the reduction in GAAP revenue from the TSA Settlement, and exclude costs associated with acquisition-related transaction costs, stock-based compensation expense, amortization of acquisition-related intangibles and accrual for TSA settlement expenses, the refundable tax credits related to 2009 and 2010, the gain on re-measurement of a previously held interest in Worldwide Compensation, the gain on settlement of the Worldwide Compensation escrow account, and income taxes associated with certain non-GAAP adjustments. Second quarter loss per share calculations are based on 40.9 million basic weighted average shares outstanding, while second quarter non-GAAP EPS calculations are based on 44.0 million fully diluted weighted average shares outstanding. The fully diluted weighted average shares outstanding used to compute non-GAAP earnings per share have been calculated without giving consideration to the treasury stock method.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure. A reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release.
A historical reconciliation of GAAP to non-GAAP financial measures for past periods can be located on the investor relations section of .
Caroline Japic
925-452-3833
Mike Magaro
925-452-3120
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Datum: 04.08.2011 - 14:09 Uhr
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