Callidus Software Announces Quarterly Revenues of $21.1 Million, up 14% Year-Over-Year
Record Recurring Revenues of $16.0 Million, up 21% Year-Over-Year; New Recurring Revenues up 36% Year-Over-Year
(firmenpresse) - PLEASANTON, CA -- (Marketwire) -- 10/27/11 -- Callidus Software Inc. (NASDAQ: CALD), the leader in , today announced financial results for the third quarter ending September 30, 2011.
"We delivered another quarter of solid results, posting record quarterly recurring revenue and 36% growth in non-maintenance recurring revenues also known as New Recurring Revenues, a testament to our full transition to a software as a service recurring revenue model," said Leslie Stretch, President and CEO, Callidus Software. "Our acquisitions to date in 2011, including the strategic Rapid Intake and iCentera acquisitions during the quarter, significantly expand our total addressable market. These acquisitions bring our customer base to over 800 clients on a recurring plan, dramatically increase our cross-selling opportunities for our 2.5 million-strong user base, and extend our position as leader in the vital sales effectiveness SaaS market."
Total revenue was $21.1 million, representing an increase of 14% compared to the third quarter last year. Recurring revenues, which include subscription and support, were $16.0 million, up 21% compared to the third quarter of 2010. Service revenues were $4.0 million, up 12% compared to the third quarter of 2010. License revenues were $1.0 million, down from $1.6 million reported in the third quarter of 2010.
Total GAAP gross margin was 42%, down from 45% in the third quarter of 2010 and an improvement from 39% in the prior quarter.
GAAP operating expenses were $13.2 million, up $3.2 million or 32% from the same quarter in 2010.
Non-GAAP operating expenses were $9.9 million, up $1.6 million or 19% from Q3 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 $4.6 million, or ($0.14) per share, which included $2.8 million of stock-based compensation expense, $409,000 amortization of acquired intangible assets, $874,000 convertible note interest expense, gain on extinguishment of debt of $904,000, amortization of convertible note issuance cost of $156,000, $494,000 patent litigation cost, $698,000 acquisition related expense, impairment of marketable securities for $375,000, and $99,000 in restructuring expenses. This compares to a GAAP net loss of $1.6 million, or ($0.05) per share, for the third quarter of 2010, which included $1.4 million of stock-based compensation expense, $157,000 amortization of acquired intangible assets, and $24,000 of patent litigation costs.
Non-GAAP income per fully diluted share in the third quarter was $0.01 consistent with the prior year. The company's non-GAAP results exclude the effects of stock-based compensation expense, amortization of acquired intangibles, convertible note interest expense, gain on extinguishment of debt, amortization of convertible note issuance cost, patent litigation cost, acquisition related expenses, impairment of marketable securities, and restructuring expense.
During the quarter the company repurchased $21.0 million aggregate principal amount of its 4.75% Convertible Senior Notes due 2016 at an aggregate purchase price of approximately $19.2 million through privately negotiated transactions.
Callidus acquired the leading provider of on-demand business content management and portal software for sales, . iCentera's patented SaaS and mobile platform replaces static portals with a single source of truth for the distribution of product, competitive, and customer content to sales teams and partners on any device.
Callidus also acquired the leader in collaborative rapid e-learning authoring, . Rapid Intake is an easy to use eLearning and mLearning solution that lets designers and subject matter experts collaboratively capture, storyboard, develop, review, test, and publish courses on any device.
At the beginning of the fourth quarter, Callidus acquired the leader in SaaS-based product configuration, pricing, quoting, and proposals management, Webcom provides a 100% multi-tenant, SaaS solution that specializes in boosting sales through faster, more accurate quotes, and collaborative-based selling, across companies with simple product catalogs all the way to multi-channel sales networks.
Callidus announced the launch of , the latest version of its class-leading multi-tenant SaaS Sales Performance Management suite. The Summer 2011 version of Monaco includes a new Modeling and Simulation module, which enables business users to rapidly model quotas, territories, and incentives in their production system.
Callidus announced the launch of , a new SaaS solution that enables organizations to quickly and easily deploy bonus, stock, and merit-based rewards programs across the sales network.
Further expanding its sales mobility platform, Callidus announced the launch of , a next-generation coaching app for the iPad, powered by ForceLogix On Demand Sales Coaching platform. The new MySalesCoach app delivers a fast, easy user experience that helps enforce a culture of pervasive coaching throughout the sales organization.
Callidus also announced the launch of its new solution, delivering a unique combination of online video interviewing, assessment testing, and team benchmarking.
Callidus sponsored and presented at a number of leading industry conferences around the globe, including: Gold sponsor of Salesforce.com Dreamforce 2011, where Comcast's Director of Sales Effectiveness, Jason Bowers, presented on using Sales Coaching; the 2011 Spotlight on Sales Compensation conference, organized by WorldatWork®; and the CFO Summit Europe 2011.
Callidus was named the Company of the Year in Computer Software in the Eighth Annual International Stevie Awards, the preeminent indicator of achievement in the global business community. Callidus Call Center also has been designated a 'Certified Support Staff Excellence Center' by the Technology Services Industry Association (TSIA).
Total revenue for the fourth quarter of 2011 is expected to be between $22.0 million and $23.0 million. GAAP operating expenses, including stock-based compensation of approximately $3.0 million, amortization of acquired intangibles of $700,000, and approximately $850,000 in acquisition related expenses and patent litigation costs, are expected to be between $15.5 million and $16.5 million in the fourth quarter of 2011.
A conference call to discuss the third 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 .
: 866.804.6928 International callers: 857.350.1674
67612281
: A webcast replay will be available after 6:30 p.m. PT on October 27, 2011 through November 4, 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 multi-tenant SaaS applications set the standard for performance management of a company's sales force and channel partners. Over 2.5 million users have their performance managed by Callidus Software. For more information, please visit .
©1997-2011 Callidus Software Inc. All rights reserved. Callidus Software, the Callidus Software logo, TrueComp Manager, ActekSoft and ACom3 are trademarks, service marks, or registered trademarks of Callidus Software Inc. 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.
The forward-looking statements included in this press release, including discussion of our commercial prospects, estimates of fourth quarter 2011 total revenues, operating expenses, stock-based compensation expense, amortization of acquired intangibles, acquisition related expenses and patent litigation 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, 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 and second quarters 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, 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.
©1997-2011 Callidus Software Inc. All rights reserved. Callidus Software, the Callidus Software logo, TrueComp Manager, ActekSoft and ACom3 are trademarks, service marks, or registered trademarks of Callidus Software Inc. 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.
Linda Wells
415-445-3236
Lorna Heynike
Callidus Software Inc.
925-251-2207
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Datum: 27.10.2011 - 14:05 Uhr
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