Taleo Announces Record Quarterly Revenues of $83 Million, up 41% Year-Over-Year; Subscription Revenue Growth up 38% to $67 Million
Record Quarterly Non-GAAP Revenue of $85 Million, up 44% Year-Over-Year; Non-GAAP Subscription Revenue of $68 Million, up 40% Year-Over-Year; Current Deferred Revenue Rose to a Record $111 Million, up 41% Year-Over-Year; Added 270 New Customers With 7 Transactions of $250,000 or Greater
(firmenpresse) - DUBLIN, CA -- (Marketwire) -- 11/01/11 -- Taleo Corporation (NASDAQ: TLEO), the global leader of SaaS-based Talent Management solutions, today announced strong results for its third quarter 2011.
"Taleo continued to drive change and build business momentum in Q3 with global expansion and solid execution against our growth initiatives resulting in strong top-line metrics," said Michael Gregoire, Taleo's Chairman and CEO. "Our customers tell us they view the talent intelligence they gain from Taleo as a competitive differentiator and are making it a part of their corporate strategy to recruit, grow and retain the talent they need to drive long-term growth."
Taleo delivered the following results for the third quarter 2011:
: Subscription revenue for the third quarter was $67 million, an increase of 38% on a year-over-year basis. Professional services revenue for the third quarter was $16 million, an increase of 59% on a year-over-year basis. Total revenue for the third quarter was $83 million, an increase of 41% on a year-over-year basis.
Non-GAAP subscription revenue for the third quarter was $68 million, an increase of 40% on a year-over-year basis. Non-GAAP professional services revenues for the third quarter was $17 million, an increase of 66% on a year-over-year basis. Total third quarter non-GAAP revenue was $85 million, an increase of 44% on a year-over-year basis.
Third quarter net loss per share was $(0.08), compared to net income per fully diluted share of $0.04 a year ago.
Non-GAAP net income per fully diluted share was $0.30, compared to non-GAAP net income per fully diluted share of $0.25 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.
: Year-to-date cash flow from operations totaled $25 million down from $37 million generated in the comparable period a year ago. Cash flow year-to-date was negatively impacted by litigation settlements aggregating nearly $10 million and the payment of acquisition related costs of an additional $10 million. Cash generated from operations for the third quarter of 2011 totaled $6 million as compared to $15 million in the third quarter of 2010. Cash flow for the third quarter was negatively impacted by the payment of $6.5 million in connection with the TSA settlement disclosed in August 2011, and acquisition related spending and working capital requirements totaling an additional $6 million. Total cash and cash equivalents finished the quarter at $111 million, a decrease of $31 million year-to-date due primarily to the acquisitions of Cytiva and Jobpartners.
: In the third quarter, 270 new customers chose Taleo's Talent Management solutions for recruiting, performance, learning and/or compensation management, including: Abbott Laboratories, Cliffs Natural Resources, Inc., Credit Suisse Securities, LLC., John Muir Health Systems and Petco. In the third 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 $71 million in the third quarter, up 50% year-over-year.
Taleo will host a conference call to discuss its third 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 November 10, 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 August 8, 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, Cytiva, and Jobpartner acquisitions, and the reduction in GAAP revenue from the TSA settlement, and exclude costs associated with stock-based compensation expense, amortization of acquisition-related intangibles, acquisition-related transaction costs, and 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.
Third quarter loss per share calculations are based on 41.2 million basic weighted average shares outstanding, while third quarter non-GAAP EPS calculations are based on 43.7 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: 01.11.2011 - 15:03 Uhr
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