- Record quarterly revenue of $95.9 million, up 26% year-over-year
- Record full year revenue of $339.7 million, up 29% year-over-year
- Record quarterly bookings of $142.0 million, up 24% year-over-year
- Record full year bookings of $400.5 million, up 72% year-over-year
- Ended the quarter with approximately 2,600 clients and over 23.8 million users
SANTA MONICA, Calif. — February 10, 2016 — Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its fourth quarter and year ended December 31, 2015.
Revenue for the fourth quarter of 2015 was $95.9 million, representing a 26% increase compared to the same period in 2014. Revenue for the full year of 2015 was $339.7 million, representing a 29% increase compared to the same period in 2014.
Non-GAAP revenue for the fourth quarter of 2015 was $96.0 million, representing a 25% increase compared to the same period in 2014. Non-GAAP revenue for the full year of 2015 was $340.6 million, representing a 29% increase compared to the same period in 2014.
Bookings, which the Company defines as revenue plus the change in deferred revenue for the period, were $142.0 million for the fourth quarter of 2015, representing a 24% increase compared to the same period in 2014. Bookings for the full year of 2015 were $400.5 million, representing a 27% increase compared to the same period in 2014. Deferred revenue at December 31, 2015 was $252.1 million, representing a 32% increase compared to the balance at December 31, 2014.
“Strong sales for the fourth quarter finished out another year of solid execution for Cornerstone,” said Adam Miller, the Company’s President and CEO. “Despite major headwinds from significant foreign exchange movements, we had an outstanding year at the top end of the market, further expanded our global presence, and enhanced our strategic alliances, all while improving win rates and achieving higher client retention. As the number one talent management player in the world with a massive global market opportunity, we are enthusiastic about the path ahead.”
The Company’s operating loss for the fourth quarter of 2015 was $(14.8) million, yielding an operating loss margin of (15)%, compared to an operating loss of $(14.2) million, yielding an operating loss margin of (19)%, for the fourth quarter of 2014. The Company’s operating loss for the full year of 2015 was $(68.7) million, yielding an operating loss margin of (20)%, compared to an operating loss of $(49.9) million, yielding an operating loss margin of (19)%, for the full year of 2014.
Non-GAAP operating income for the fourth quarter of 2015 was $0.4 million, yielding a non-GAAP operating income margin of 0%, compared to a non-GAAP operating loss of $(2.0) million, yielding a non-GAAP operating loss margin of (3)%, for the fourth quarter of 2014.1 Non-GAAP operating loss for the full year of 2015 was $(13.5) million, yielding a non-GAAP operating loss margin of (4)%, compared to a non-GAAP operating loss of $(10.3) million, yielding a non-GAAP operating loss margin of (4)%, for the full year of 2014.
The Company’s net loss for the fourth quarter of 2015 was $(18.8) million, yielding a net loss margin of (20)%, or a $(0.35) net loss per share, compared to a net loss of $(18.2) million, yielding a net loss margin of (24)%, or a $(0.34) net loss per share, for the fourth quarter of 2014. The Company’s net loss for the full year of 2015 was $(85.5) million, yielding a net loss margin of (25)%, or a $(1.58) net loss per share, compared to a net loss of $(64.9) million, yielding a net loss margin of (25)%, or a $(1.22) net loss per share, for the full year of 2014.
Non-GAAP net loss for the fourth quarter of 2015 was $(1.0) million, yielding a non-GAAP net loss margin of (1)%, or a $(0.02) non-GAAP net loss per share, compared to a non-GAAP net loss of $(3.9) million, yielding a non-GAAP net loss margin of (5)%, or a $(0.07) non-GAAP net loss per share, for the fourth quarter of 2014.1 Non-GAAP net loss for the full year of 2015 was $(21.2) million, yielding a non-GAAP net loss margin of (6)%, or a $(0.39) non-GAAP net loss per share, compared to a non-GAAP net loss of $(17.0) million, yielding a non-GAAP net loss margin of (6)%, or a $(0.32) non-GAAP net loss per share, for the full year of 2014.
For the full year of 2015, net cash provided by operating activities was $43.8 million as compared to $33.0 million for the same period in 2014. For the full year of 2015, non-GAAP net cash provided by operating activities was $45.0 million as compared to $33.3 million for the same period in 2014.
The Company ended the quarter with approximately 2,600 clients and over 23.8 million users.
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