Callidus Software Inc. (NASDAQ:CALD), a global leader in
cloud-based sales, marketing, learning and customer experience
solutions, today announced financial results for the year ended
December 31, 2017.
Recent Acquisition AnnouncementOn January 29,
2018, CallidusCloud entered into a merger agreement with SAP
America, Inc. (“SAP”) under which SAP will acquire CallidusCloud
for $36.00 per share in an all-cash transaction valued at
approximately $2.5 billion, inclusive of CallidusCloud’s net
cash.
In light of this, CallidusCloud will not hold a conference call
to discuss these financial results.
Financial Highlights for the Fourth Quarter
2017 SaaS revenue was $54.6 million, an increase of 30%
over the same quarter in the prior year. Maintenance revenue was
$450,000, resulting in total recurring revenue of $55.0 million.
SaaS revenue growth continued to benefit from success in our Lead
to Money suite. Professional services revenue was $14.1 million.
Total revenue was $69.5 million for the fourth quarter, an increase
of 24% year-over-year. Normalized SaaS billings growth was 28% for
the trailing twelve-month period. Normalized billings growth for
the quarter was 38%. Cash and short-term investments were $150.5
million. Cash flow from operations for the quarter was $13.0
million, compared to $9.0 million in the same quarter of the prior
year.
GAAP Performance
- Recurring revenue gross margin was 73%, compared to 74% for the
same quarter in the prior year.
- Overall gross margin was 62%, consistent with the corresponding
period in the prior year.
- Operating loss was $3.8 million, compared to $4.2 million for
the same quarter in the prior year.
- Pre-tax loss was $3.4 million, compared to $4.4 million for the
same quarter in the prior year.
Non-GAAP PerformanceThe following non-GAAP measures are
described below and are reconciled to the corresponding GAAP
measures at the end of this press release.
- Recurring revenue gross margin was 77%, consistent with the
corresponding period in the prior year.
- Overall gross margin was 67%, compared to 66% for the same
quarter in the prior year.
- Operating income was $8.6 million, compared to $5.8 million for
the same quarter in the prior year.
- Pre-tax income was $9.0 million, compared to $5.6 million for
the same quarter in the prior year.
Financial Highlights for the Full Year 2017
SaaS revenue was $198.2 million, an increase of 31% over the prior
year, while maintenance revenue was $2.8 million, resulting in
total recurring revenue of $201.0 million. Professional services
revenue was $51.7 million. Total reported revenue was $253.1
million for the year, an increase of 22%. Cash flow from operations
for the full year was $43.0 million, reflecting a 44% increase over
last year.
GAAP Performance
- Recurring revenue gross margin was 72%, compared to 74% in the
prior year.
- Overall gross margin was 61%, compared to 62% in the prior
year.
- Operating loss was $21.4 million, compared to $17.4 million in
the prior year.
- Pre-tax loss was $20.5 million, compared to $17.8 million in
the prior year.
Non-GAAP PerformanceThe following non-GAAP measures are
described below and are reconciled to the corresponding GAAP
measures at the end of this press release.
- Recurring revenue gross margin was 76%, compared to 77% in the
prior year.
- Overall gross margin was 65%, compared to 66% in the prior
year.
- Operating income was $24.1 million, compared to $18.1 million
in the prior year.
- Pre-tax income was $25.1 million, compared to $17.7 million in
the prior year.
Financial Outlook
Following the announcement made on January 29, 2018, regarding
CallidusCloud’s entry into a definitive agreement to be acquired by
SAP, the Company will not provide outlook for its 2018 financial
results. Furthermore, the Company is withdrawing all previously
issued financial guidance for the full year 2018.
For more information, please visit:
http://www.calliduscloud.com/about-us/investor-relations/
About CallidusCloudCallidus Software Inc.
(NASDAQ:CALD), doing business as CallidusCloud®, is the global
leader in cloud-based sales, marketing, learning and customer
experience solutions. CallidusCloud enables organizations to
accelerate and maximize their Lead to Money process with a complete
suite of solutions that identify the right leads, ensure proper
territory and quota distribution, enable sales forces, automate
configure price quote, and streamline sales compensation – driving
bigger deals, faster. Over 6,400 leading organizations, across
all industries, rely on CallidusCloud to optimize the Lead to Money
process to close more deals for more money in record time.
For more information, please
visit www.calliduscloud.com.
Non-GAAP Financial MeasuresIn this release,
CallidusCloud has provided additional 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 operating expenses, non-GAAP operating income, and
non-GAAP net income before provision for income taxes.
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 CallidusCloud’s
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
CallidusCloud’s industry, many of which present non-GAAP financial
measures that may resemble our non-GAAP financial measures.
Non-GAAP financial measures should not be considered in isolation
from, or as a substitute for, financial information prepared in
accordance with GAAP.
Our non-GAAP measures reflect adjustments based on the following
items:
Stock-based compensation expense: We have excluded the effect of
stock-based compensation expense from our non-GAAP gross profit,
recurring revenue gross profit, operating expenses, operating
income, and net income before provision for income taxes. We
believe the exclusion of stock-based compensation expense provides
a useful comparison of our operating results to our peers.
Restructuring and other expense: We have excluded the effect of
restructuring and other expense from our non-GAAP operating
expenses, operating income and net income before provision for
income taxes. Restructuring and other expense consists of employee
severance and facility exit costs. We feel it is useful to
investors to understand the effects of these items on our financial
results.
Patent litigation and settlement costs: We have excluded patent
litigation and settlement costs from our non-GAAP gross profit,
recurring revenue gross profit, operating expenses, operating
income, and net income before provision for income taxes. We
believe patent litigation and settlement costs are not indicative
of our ongoing business operations, and are inconsistent in amount
and frequency; as such we exclude these costs during our evaluation
of our business performance.
Non-cash amortization of acquired intangible assets: We have
excluded the effect of amortization of acquired intangibles which
include developed technology, customer relationships, trade names,
domain names, patents and licenses, and order backlog from our
non-GAAP gross profit, recurring revenue gross profit, operating
expenses, operating income, other income and expense, and net
income before provision for income taxes. Amortization of acquired
intangibles are significantly affected by timing, and as such, can
be inconsistent in amount and nature.
Acquisition-related costs: We have excluded the costs related to
acquisitions from our non-GAAP operating expenses, operating
income, net income and net income before provision for income
taxes. These costs include legal and transactional costs associated
with acquisition activities as well as expense related to earnouts
that we would not have otherwise incurred in the periods presented
as part of our continuing operations. We believe the exclusion of
acquisition-related costs provides a useful comparison of our
operating results to our peers.
Cash taxes: Cash taxes are defined as GAAP current income tax
expense excluding the related tax amount for non-cash and non-GAAP
items.
Additionally, CallidusCloud believes the following supplemental
non-GAAP financial information is useful to investors and others in
assessing its operating performance. A calculation of the
supplemental non-GAAP financial information is provided in the
table titled “Non-GAAP Supplemental Financial Information.”
- SaaS billings is calculated as SaaS revenue plus the sequential
change in SaaS deferred revenue in a period.
- Normalized SaaS billings is calculated as SaaS revenue plus the
sequential change in SaaS deferred revenue, reduced by the
remaining deferred revenue acquired during the period, plus or
minus the effect of multiple year SaaS billings in that
period.
We believe that normalized SaaS billings provide valuable
insight into the sales of our solutions and the performance of our
business. We do not consider normalized SaaS billings as a
substitute for revenue recognition or revenue measurement.
Note on Forward-Looking StatementsThe
forward-looking statements included in this press release,
including for example statements regarding the proposed merger with
SAP and estimates of future revenues, 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, the risk that parties may be unable to consummate the
proposed merger with SAP due to failure to satisfy conditions to
the completion of the merger, including the receipt of stockholder
approval or regulatory approval, which might not be obtained on the
terms expected, on the anticipated schedule or at all, and other
risks detailed in periodic reports we file with the Securities and
Exchange Commission, including our most recent Quarterly Report on
Form 10-Q which may be obtained by contacting CallidusCloud’s
Investor Relations department at 415-445-3232, or from the Investor
Relations section of CallidusCloud’s website
(http://www.calliduscloud.com/about-us/investor-relations/). Actual
results may differ materially from those presently reported. We
assume no obligation to update the information contained in this
release.
© 2018 Callidus Software Inc. All rights reserved. Callidus,
Callidus Software, the Callidus Software logo, CallidusCloud, the
CallidusCloud logo, Badgeville, BridgeFront, Clicktools, Datahug,
iCentera, Lead to Money, LeadFormix, LeadRocket, Learning Heroes,
LearningSeat, Learnpass, Litmos, the Litmos logo, OrientDB,
Producer Pro, RevSym, SalesGenius, Surve, Syncfrog, Thunderbridge,
and ViewCentral 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
Carolyn BassMarket Street Partners(415)
445-3232cald@marketstreetpartners.com
|
|
|
CALLIDUS SOFTWARE INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share data) |
(unaudited) |
|
Three Months Ended December 31, |
|
|
Twelve Months Ended December
31, |
|
2017 |
|
2016 |
|
|
2017 |
|
2016 |
Revenue: |
|
|
|
|
|
|
|
|
Recurring |
$ |
55,021 |
|
|
$ |
44,225 |
|
|
|
$ |
201,006 |
|
|
$ |
162,586 |
|
Services
and license |
|
14,490 |
|
|
|
11,857 |
|
|
|
|
52,085 |
|
|
|
44,132 |
|
Total
revenue |
|
69,511 |
|
|
|
56,082 |
|
|
|
|
253,091 |
|
|
|
206,718 |
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
Recurring |
|
15,074 |
|
|
|
11,671 |
|
|
|
|
55,482 |
|
|
|
42,719 |
|
Services
and license |
|
11,088 |
|
|
|
9,537 |
|
|
|
|
43,010 |
|
|
|
35,358 |
|
Total
cost of revenue |
|
26,162 |
|
|
|
21,208 |
|
|
|
|
98,492 |
|
|
|
78,077 |
|
Gross profit |
|
43,349 |
|
|
|
34,874 |
|
|
|
|
154,599 |
|
|
|
128,641 |
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Sales and
marketing |
|
24,599 |
|
|
|
21,659 |
|
|
|
|
93,439 |
|
|
|
78,601 |
|
Research
and development |
|
10,130 |
|
|
|
8,585 |
|
|
|
|
37,681 |
|
|
|
31,712 |
|
General
and administrative |
|
12,375 |
|
|
|
9,350 |
|
|
|
|
43,738 |
|
|
|
35,795 |
|
Income
from settlement and patent licensing |
|
— |
|
|
|
(500 |
) |
|
|
|
— |
|
|
|
(500 |
) |
Restructuring and other |
|
61 |
|
|
|
— |
|
|
|
|
1,189 |
|
|
|
482 |
|
Total
operating expenses |
|
47,165 |
|
|
|
39,094 |
|
|
|
|
176,047 |
|
|
|
146,090 |
|
Operating loss |
|
(3,816 |
) |
|
|
(4,220 |
) |
|
|
|
(21,448 |
) |
|
|
(17,449 |
) |
Interest income and
other income (expense) |
|
379 |
|
|
|
(67 |
) |
|
|
|
1,021 |
|
|
|
(122 |
) |
Interest expense |
|
(8 |
) |
|
|
(137 |
) |
|
|
|
(66 |
) |
|
|
(267 |
) |
Loss before provision
(benefit) for income taxes |
|
(3,445 |
) |
|
|
(4,424 |
) |
|
|
|
(20,493 |
) |
|
|
(17,838 |
) |
Provision (benefit) for
income taxes |
|
(1,243 |
) |
|
|
373 |
|
|
|
|
(220 |
) |
|
|
1,128 |
|
Net
loss |
$ |
(2,202 |
) |
|
$ |
(4,797 |
) |
|
|
$ |
(20,273 |
) |
|
$ |
(18,966 |
) |
Net loss per
share |
|
|
|
|
|
|
|
|
Basic and Diluted |
$ |
(0.03 |
) |
|
$ |
(0.08 |
) |
|
|
$ |
(0.31 |
) |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing net loss per
share: |
|
|
|
|
|
|
|
|
Basic and Diluted |
|
65,995 |
|
|
|
63,663 |
|
|
|
|
65,272 |
|
|
|
58,852 |
|
|
|
|
|
|
|
|
|
|
|
|
CALLIDUS SOFTWARE INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2017 |
|
2016 |
ASSETS |
Current assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
75,251 |
|
|
$ |
148,008 |
|
Short-term investments |
|
|
75,248 |
|
|
|
39,266 |
|
Accounts
receivable, net |
|
|
76,750 |
|
|
|
55,464 |
|
Prepaid
and other current assets |
|
|
24,007 |
|
|
|
18,275 |
|
Total
current assets |
|
|
251,256 |
|
|
|
261,013 |
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
57,058 |
|
|
|
35,456 |
|
Goodwill |
|
|
96,092 |
|
|
|
63,957 |
|
Intangible assets,
net |
|
|
36,641 |
|
|
|
21,659 |
|
Deposits and other
non-current assets |
|
|
6,400 |
|
|
|
4,416 |
|
Total
assets |
|
$ |
447,447 |
|
|
$ |
386,501 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
3,973 |
|
|
$ |
3,573 |
|
Accrued
payroll and related expenses |
|
|
21,079 |
|
|
|
17,831 |
|
Accrued
expenses |
|
|
26,190 |
|
|
|
15,126 |
|
Deferred
revenue |
|
|
133,313 |
|
|
|
99,758 |
|
Total
current liabilities |
|
|
184,555 |
|
|
|
136,288 |
|
|
|
|
|
|
|
|
Deferred revenue,
non-current |
|
|
506 |
|
|
|
3,209 |
|
Deferred income taxes,
non-current |
|
|
2,252 |
|
|
|
1,541 |
|
Other non-current
liabilities |
|
|
15,175 |
|
|
|
8,602 |
|
Total
liabilities |
|
|
202,488 |
|
|
|
149,640 |
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
Common
stock |
|
|
66 |
|
|
|
64 |
|
Additional paid-in capital |
|
|
583,490 |
|
|
|
559,200 |
|
Treasury
stock |
|
|
(14,430 |
) |
|
|
(14,430 |
) |
Accumulated other comprehensive loss |
|
|
(1,062 |
) |
|
|
(5,141 |
) |
Accumulated deficit |
|
|
(323,105 |
) |
|
|
(302,832 |
) |
Total
stockholders’ equity |
|
|
244,959 |
|
|
|
236,861 |
|
Total
liabilities and stockholders’ equity |
|
$ |
447,447 |
|
|
$ |
386,501 |
|
|
|
|
|
|
|
|
CALLIDUS SOFTWARE INC. |
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(In thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, |
|
|
2017 |
|
2016 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net
loss |
|
$ |
(20,273 |
) |
|
$ |
(18,966 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
Depreciation expense |
|
|
11,738 |
|
|
|
8,041 |
|
Amortization of intangible assets |
|
|
8,677 |
|
|
|
6,431 |
|
Provision
for doubtful accounts |
|
|
1,602 |
|
|
|
1,548 |
|
Stock-based compensation |
|
|
33,420 |
|
|
|
29,123 |
|
Excess
tax benefits from stock-based compensation |
|
|
- |
|
|
|
(59 |
) |
Deferred
income taxes |
|
|
(1,660 |
) |
|
|
210 |
|
Loss on
disposal of property and equipment |
|
|
5 |
|
|
|
23 |
|
Loss on
foreign currency from mark-to-market derivatives |
|
|
180 |
|
|
|
23 |
|
Net
amortization on investments |
|
|
125 |
|
|
|
170 |
|
|
|
|
|
|
|
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable |
|
|
(19,517 |
) |
|
|
(12,439 |
) |
Prepaid
and other current assets |
|
|
(2,091 |
) |
|
|
(6,118 |
) |
Other
non-current assets |
|
|
(1,877 |
) |
|
|
(426 |
) |
Accounts
payable |
|
|
622 |
|
|
|
(1,088 |
) |
Accrued
expenses |
|
|
707 |
|
|
|
(1,237 |
) |
Accrued
payroll and related expenses |
|
|
2,766 |
|
|
|
5,321 |
|
Accrued
restructuring and other expenses |
|
|
56 |
|
|
|
252 |
|
Deferred
revenue |
|
|
28,480 |
|
|
|
18,970 |
|
Net cash
provided by operating activities |
|
|
42,960 |
|
|
|
29,779 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases
of investments |
|
|
(80,738 |
) |
|
|
(37,409 |
) |
Proceeds
from maturities of investments |
|
|
37,009 |
|
|
|
16,715 |
|
Proceeds
from sale of investments |
|
|
5,644 |
|
|
|
726 |
|
Purchases
of property and equipment |
|
|
(19,519 |
) |
|
|
(15,599 |
) |
Purchases
of intangible assets |
|
|
(458 |
) |
|
|
(962 |
) |
Acquisitions, net of cash acquired |
|
|
(44,790 |
) |
|
|
(22,574 |
) |
Change in
restricted cash |
|
|
(1,355 |
) |
|
|
- |
|
Net cash
used in investing activities |
|
|
(104,207 |
) |
|
|
(59,103 |
) |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds
from follow-on offering, net of issuance costs |
|
|
- |
|
|
|
100,345 |
|
Proceeds
from issuance of common stock |
|
|
5,951 |
|
|
|
4,384 |
|
Restricted stock units acquired to settle employee withholding
liability |
|
|
(15,184 |
) |
|
|
(3,479 |
) |
Excess
tax benefits from stock-based compensation |
|
|
- |
|
|
|
59 |
|
Payment
of consideration related to acquisitions |
|
|
(2,400 |
) |
|
|
(510 |
) |
Net cash
(used in) provided by financing activities |
|
|
(11,633 |
) |
|
|
100,799 |
|
Effect of foreign
currency exchange rates on cash and cash equivalents |
|
|
123 |
|
|
|
(699 |
) |
Net (decrease) increase
in cash and cash equivalents |
|
|
(72,757 |
) |
|
|
70,776 |
|
Cash and cash
equivalents at beginning of period |
|
|
148,008 |
|
|
|
77,232 |
|
Cash and cash
equivalents at end of period |
|
$ |
75,251 |
|
|
$ |
148,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALLIDUS SOFTWARE INC. |
GAAP TO NON-GAAP ADJUSTMENT
SUMMARY |
(In thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
GAAP to Non-GAAP adjustments include stock-based compensation,
amortization of acquired intangible assets, patent litigation and
settlement costs, acquisition-related costs, restructuring and
other expenses as follows: |
|
|
|
Three Months EndedDecember 31, |
|
|
Twelve Months Ended December
31, |
|
|
2017 |
|
2016 |
|
|
2017 |
|
2016 |
Cost of revenue: |
|
|
|
|
|
|
|
|
|
Recurring |
|
$ |
2,334 |
|
|
$ |
1,410 |
|
|
|
$ |
7,661 |
|
|
$ |
5,067 |
|
Services
and license |
|
|
571 |
|
|
|
530 |
|
|
|
|
2,340 |
|
|
|
2,097 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Sales and
marketing |
|
|
2,949 |
|
|
|
3,091 |
|
|
|
|
11,026 |
|
|
|
10,707 |
|
Research
and development |
|
|
2,041 |
|
|
|
1,556 |
|
|
|
|
7,157 |
|
|
|
5,147 |
|
General
and administrative |
|
|
4,476 |
|
|
|
3,396 |
|
|
|
|
16,170 |
|
|
|
12,010 |
|
Restructuring and other |
|
|
61 |
|
|
|
- |
|
|
|
|
1,189 |
|
|
|
482 |
|
Total |
|
$ |
12,432 |
|
|
$ |
9,983 |
|
|
|
$ |
45,543 |
|
|
$ |
35,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CALLIDUS SOFTWARE INC. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(In thousands, except for percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
$ |
43,349 |
|
|
$ |
34,874 |
|
|
$ |
154,599 |
|
|
$ |
128,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin |
|
|
62% |
|
|
|
62% |
|
|
|
61% |
|
|
|
62% |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
1,037 |
|
|
|
819 |
|
|
|
4,087 |
|
|
|
3,736 |
|
Non-cash
amortization of acquired intangible assets |
|
|
1,868 |
|
|
|
1,121 |
|
|
|
5,914 |
|
|
|
3,428 |
|
Non-GAAP
gross profit |
|
$ |
46,254 |
|
|
$ |
36,814 |
|
|
$ |
164,600 |
|
|
$ |
135,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin |
|
|
67% |
|
|
|
66% |
|
|
|
65% |
|
|
|
66% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP recurring revenue gross profit
reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue gross profit |
|
$ |
39,947 |
|
|
$ |
32,554 |
|
|
$ |
145,524 |
|
|
$ |
119,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring
revenue gross margin |
|
|
73% |
|
|
|
74% |
|
|
|
72% |
|
|
|
74% |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
466 |
|
|
|
289 |
|
|
|
1,748 |
|
|
|
1,639 |
|
Non-cash
amortization of acquired intangible assets |
|
|
1,868 |
|
|
|
1,121 |
|
|
|
5,914 |
|
|
|
3,428 |
|
Non-GAAP
recurring revenue gross profit |
|
$ |
42,281 |
|
|
$ |
33,964 |
|
|
$ |
153,186 |
|
|
$ |
124,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
recurring revenue gross margin |
|
|
77% |
|
|
|
77% |
|
|
|
76% |
|
|
|
77% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
operating expense reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
$ |
47,165 |
|
|
$ |
39,094 |
|
|
$ |
176,047 |
|
|
$ |
146,090 |
|
Operating
expenses, as a % of total revenue |
|
|
68% |
|
|
|
70% |
|
|
|
70% |
|
|
|
71% |
|
Subtract: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
(7,046 |
) |
|
|
(7,394 |
) |
|
|
(29,548 |
) |
|
|
(25,387 |
) |
Non-cash
amortization of acquired intangible assets |
|
|
(514 |
) |
|
|
(490 |
) |
|
|
(1,921 |
) |
|
|
(1,797 |
) |
Patent
litigation and settlement costs |
|
|
(31 |
) |
|
|
(29 |
) |
|
|
(115 |
) |
|
|
(115 |
) |
Acquisition-related costs |
|
|
(1,875 |
) |
|
|
(130 |
) |
|
|
(2,769 |
) |
|
|
(565 |
) |
Restructuring and other |
|
|
(61 |
) |
|
|
- |
|
|
|
(1,189 |
) |
|
|
(482 |
) |
Non-GAAP operating
expenses |
|
$ |
37,638 |
|
|
$ |
31,051 |
|
|
$ |
140,505 |
|
|
$ |
117,744 |
|
Non-GAAP
operating expenses, as a % of total revenue |
|
|
54% |
|
|
|
55% |
|
|
|
56% |
|
|
|
57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALLIDUS SOFTWARE INC. |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
MEASURES |
(In thousands, except for percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
Non-GAAP
operating income (loss) reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
$ |
(3,816 |
) |
|
$ |
(4,220 |
) |
|
$ |
(21,448 |
) |
|
$ |
(17,449 |
) |
Operating
loss, as a % of total revenue |
|
|
(5)% |
|
|
|
(8)% |
|
|
|
(8)% |
|
|
|
(8)% |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
8,083 |
|
|
|
8,214 |
|
|
|
33,635 |
|
|
|
29,123 |
|
Non-cash
amortization of acquired intangible assets |
|
|
2,382 |
|
|
|
1,610 |
|
|
|
7,835 |
|
|
|
5,225 |
|
Patent
litigation and settlement costs |
|
|
31 |
|
|
|
29 |
|
|
|
115 |
|
|
|
115 |
|
Acquisition-related costs |
|
|
1,875 |
|
|
|
130 |
|
|
|
2,769 |
|
|
|
565 |
|
Restructuring and other |
|
|
61 |
|
|
|
- |
|
|
|
1,189 |
|
|
|
482 |
|
Non-GAAP operating
income |
|
$ |
8,616 |
|
|
$ |
5,763 |
|
|
$ |
24,095 |
|
|
$ |
18,061 |
|
Non-GAAP
operating income, as a % of total revenue |
|
|
12% |
|
|
|
10% |
|
|
|
10% |
|
|
|
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income (loss) before provision (benefit) for
income taxes reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss before
provision (benefit) for income taxes |
|
$ |
(3,445 |
) |
|
$ |
(4,424 |
) |
|
$ |
(20,493 |
) |
|
$ |
(17,838 |
) |
Net loss
before provision (benefit) for income taxes, as a % of total
revenue |
|
|
(5)% |
|
|
|
(8)% |
|
|
|
(8)% |
|
|
|
(9)% |
|
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
8,083 |
|
|
|
8,214 |
|
|
|
33,635 |
|
|
|
29,123 |
|
Non-cash
amortization of acquired intangible assets |
|
|
2,382 |
|
|
|
1,610 |
|
|
|
7,835 |
|
|
|
5,225 |
|
Patent
litigation and settlement costs |
|
|
31 |
|
|
|
29 |
|
|
|
115 |
|
|
|
115 |
|
Acquisition-related costs |
|
|
1,875 |
|
|
|
130 |
|
|
|
2,769 |
|
|
|
565 |
|
Restructuring and other |
|
|
61 |
|
|
|
- |
|
|
|
1,189 |
|
|
|
482 |
|
Non-GAAP net income
before provision (benefit) for income taxes |
|
$ |
8,987 |
|
|
$ |
5,559 |
|
|
$ |
25,050 |
|
|
$ |
17,672 |
|
Non-GAAP
net income before provision (benefit) for income taxes, as a %
of total revenue |
|
|
13% |
|
|
|
10% |
|
|
|
10% |
|
|
|
9% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash taxes |
|
$ |
557 |
|
|
$ |
224 |
|
|
$ |
1,277 |
|
|
$ |
791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
- basic |
|
|
65,995 |
|
|
|
63,663 |
|
|
|
65,272 |
|
|
|
58,852 |
|
Weighted average shares
- diluted |
|
|
67,768 |
|
|
|
65,637 |
|
|
|
67,212 |
|
|
|
60,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALLIDUS SOFTWARE INC. |
Non-GAAP Supplemental Financial
Information |
(In thousands, except for percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Trailing Twelve Months Ended |
|
|
|
December 31, |
|
|
December 31, |
SaaS Billings |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
SaaS
revenue |
|
$ |
54,565 |
|
|
$ |
42,104 |
|
|
$ |
198,206 |
|
|
$ |
151,524 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add
back: |
|
|
|
|
|
|
|
|
|
|
|
|
Increase
in SaaS deferred revenue |
|
|
21,381 |
|
|
|
11,474 |
|
|
|
30,237 |
|
|
|
27,628 |
|
SaaS
billings |
|
$ |
75,946 |
|
|
$ |
53,578 |
|
|
$ |
228,443 |
|
|
$ |
179,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS
billings growth rate |
|
|
42% |
|
|
|
55% |
|
|
|
28% |
|
|
|
41% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normalized Billings |
|
|
|
|
|
|
|
|
|
|
|
|
SaaS
billings |
|
$ |
75,946 |
|
|
$ |
53,578 |
|
|
$ |
228,443 |
|
|
$ |
179,152 |
|
Multi-year billings |
|
|
33 |
|
|
|
1,434 |
|
|
|
2,833 |
|
|
|
1,698 |
|
Remaining deferred revenue from acquisitions |
(1,215 |
) |
|
|
(814 |
) |
|
|
(1,724 |
) |
|
|
(1,450 |
) |
Normalized SaaS billings |
|
$ |
74,764 |
|
|
$ |
54,198 |
|
|
$ |
229,552 |
|
|
$ |
179,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normalized SaaS billings growth rate |
|
|
38% |
|
|
|
48% |
|
|
|
28% |
|
|
|
36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Callidus (NASDAQ:CALD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Callidus (NASDAQ:CALD)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024