Attached files
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| 8-K - CALLIDUS SOFTWARE INC. 8-K - CALLIDUS SOFTWARE INC | callidus8k.htm |
Exhibit 99.1
CallidusCloud Reports 34% SaaS Billings Growth on Record $30.7 Million Revenue
SaaS revenue grows 26%: Generates $5.2 million in Cash From Operations
PLEASANTON, Calif., October 31, 2013 — Callidus Software Inc. (NASDAQ: CALD), a leading provider of Cloud sales and marketing effectiveness software, today announced financial results for the third quarter ended September 30, 2013.
“I was very pleased with our Q3 performance. We enjoyed record SaaS bookings and record total revenue. We achieved record recurring revenue margins, a record 12 percent non-GAAP operating income, and our gross margins expanded once again,” said Leslie Stretch, President and CEO, CallidusCloud. “I’m excited about the opportunities ahead as we continue to innovate and bring new Cloud offerings to market.”
Financial Highlights for the Third Quarter 2013
Total revenue was $30.7 million for the third quarter, an increase of 28% over the prior year. Total recurring revenue was $21.1 million, which includes SaaS revenue of $17.1 million and maintenance revenue of $4.0 million. SaaS revenue increased 26% over the prior year and increased 8% sequentially from Q2 of this year. Services and other revenue of $8.8 million (net of a one-time benefit related to service revenue), increased 38% compared to the same quarter in the prior year.
GAAP Performance
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·
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Total gross margin was 62% compared to 50% in the same quarter prior year. Recurring revenue gross margin was 65% compared to 60% in the same quarter prior year.
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·
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Net loss was $1.4 million, or ($0.04) per share, compared to a net loss of $6.4 million, or ($0.18) per share, for the same period prior year.
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·
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Days Sales Outstanding (DSO) on a gross basis improved to 67 days from 85 days in the prior quarter. Adjusting for a $2.3 million increase in total deferred revenue, DSO on a net basis was 59 days compared to 71 days in the second quarter of 2013.
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·
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Cash and short term investments ended the quarter at $34.1 million, compared to $27.2 million in the second quarter of 2013.
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·
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Cash generated from operations was $5.2 million and $7.6 million for the current quarter and year to date 2013, respectively.
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·
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Deferred revenue increased to a record $49.6 million which represents a 48% year over year increase in SaaS deferred revenue.
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Non-GAAP Performance
The following non-GAAP measures are described below and reconciled to the corresponding GAAP measures at the end of this release.
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·
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Total gross margin was 65% compared to 56% for the same quarter in the prior year. Recurring revenue gross margin was 69% compared to 65% for the same quarter in the prior year.
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Operating income was $3.7 million compared to an operating loss of $0.6 million for the same quarter in the prior year.
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·
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Net income was $3.3 million, or $0.07 per fully diluted share, compared to a net loss of $0.9 million, or ($0.03) per fully diluted share for the same quarter in the prior year.
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Business Highlights for the Third Quarter 2013
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Gartner research released the inaugural Magic Quadrant for the Sales Performance Management market. CallidusCloud is the leader in the Magic Quadrant based on our ability to execute and completeness of our vision.
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CallidusCloud sponsored key industry events including the World Art Work Spotlight on Sales Compensation in Chicago, Boxworks in San Francisco, the AppDirect Partner Summit in San Francisco and the Blues Sales Compensation and Channel Performance Conference in Florida.
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CallidusCloud was honored with 20 awards at the International Business Awards and the American Business Awards held in Barcelona, San Francisco and Chicago. Awards included Most Innovative Technology Company of the Year, Company of the Year, New Product of the Year, Marketing Team of the Year and Best Website.
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·
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CallidusCloud announced Thunderbridge, a new innovative Big Sales Data solution set to revolutionize critical sales decision making by providing industry specific data visualizations.
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Financial Outlook for 2013 - Fourth Quarter and Full Year
For the fourth quarter of 2013, the Company expects total revenue to be between $28.0 to $29.0 million. GAAP operating loss is expected to be between $1.9 and $2.3 million with ($0.10) to ($0.11) GAAP loss per share. Non-GAAP operating income is expected to be between $1.6 and $2.2 million with $.03 to $.04 non-GAAP fully diluted earnings per share
For the full year of 2013 the Company expects total revenue to be between $110.2 to $111.2 million, representing an increase to previous guidance of $108.5 to $109.5 million. GAAP operating loss is expected to be between $12.0 and $12.4 million with ($0.48) to ($0.49) GAAP loss per share. Non-GAAP operating income is expected to be between $5.0 to $5.6 million with $0.06 and $0.07 non-GAAP fully diluted earnings per share. This represents an improvement from the prior guidance range of $3.5 to $4.5 million non-GAAP operating income for the year.
Preliminary Outlook for 2014
For the full year of 2014, the Company expects total revenue to be between $125.0 to $126.0 million, and is targeting SaaS revenue growth of over 25%.
Conference Call
In conjunction with this announcement CallidusCloud will host a conference call at 1:30 p.m. Pacific Daylight Time (PDT) today to discuss the third quarter 2013 results and outlook for the fourth quarter 2013 and full year 2013. The conference call will be available via live webcast at the Investor Relations section of CallidusCloud’s website.
Webcast site: http://www.calliduscloud.com/about-us/investor-relations/
Dial-in: 866-318-8614 (International callers: 617-399-5133)
Passcode: 23028297
Replay information: A webcast replay will be available on the Investor Relations section of our website under Calendar of Events.
For more information, please visit: http://www.calliduscloud.com/about-us/investor-relations/
About CallidusCloud
Callidus Software Inc. (NASDAQ:CALD), doing business as CallidusCloud, is a leading provider of cloud software. CallidusCloud® enables organizations to accelerate and maximize their lead to money process with sales and marketing effectiveness cloud software. CallidusCloud maximizes and accelerates sales and marketing processes for over 2,000 leading organizations. Small, medium and large enterprises across multiple industries and geographies rely on CallidusCloud for better marketing and smarter selling.
For more information, please visit www.calliduscloud.com.
Note on Forward-Looking Statements
The forward-looking statements included in this press release, including discussion of our commercial prospects, estimates of revenues, operating expenses, stock-based compensation expense, amortization of acquired intangibles, restructuring, and patent litigation defense costs 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, relative growth of our recurring revenue, potential decreases in customer spending, uncertainty regarding purchasing trends in the cloud software market, customer cancellations or non-renewal of maintenance contracts or on-demand services, our potential inability to manage effectively any growth we experience, our ability to develop new products and services, increased competition or new entrants in the marketplace, potential impact of acquisitions and investments, and other risks detailed in reports we file with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K which may be obtained by contacting CallidusCloud’s Investor Relations department at 925-251-2248, or from the Investor Relations section of CallidusCloud’s website (CallidusCloud Investor Relations). Actual results may differ materially from those presently reported. We assume no obligation to update the information contained in this release.
Non-GAAP Financial Measures
In this release, CallidusCloud has provided 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 net loss, and non-GAAP net loss per share. 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 CallidusClouds’ 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 CallidusClouds’ industry, many of which present non-GAAP financial measures that may resemble our non-GAAP financial measures. Our non-GAAP financial measures exclude stock-based compensation expense, a benefit from a purchase acquisition-related adjustment, restructuring expense, acquisition related expense, patent litigation defense cost, convertible note interest expense, amortization of convertible note issuance cost 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.
©2013. Callidus Software Inc. All rights reserved. Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, TrueComp Manager, ActekSoft , ACom3, Salesforce Assessments, iCentera, Webcom, Litmos, the Litmos logo, LeadFormix, Rapid Intake, and 6FigureJobs 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
Ed Keaney
Market Street Partners
(415) 445-3238
cald@marketstreetpartners.com
Press Contact:
Giles House
CallidusCloud
925-251-2200
pr@calliduscloud.com
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CALLIDUS SOFTWARE INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except for per share data)
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(unaudited)
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||||||||||||||||
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2013
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2012
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2013
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2012
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Revenues:
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Recurring
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$ | 21,119 | $ | 17,533 | $ | 60,359 | $ | 52,446 | ||||||||
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Services and other
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9,559 | 6,392 | 21,791 | 17,273 | ||||||||||||
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Total revenues
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30,678 | 23,925 | 82,150 | 69,719 | ||||||||||||
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Cost of revenues:
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Recurring (1) (2)
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7,303 | 6,989 | 21,687 | 22,434 | ||||||||||||
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Services and other (1) (2)
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4,475 | 5,078 | 14,436 | 14,266 | ||||||||||||
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Total cost of revenues
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11,778 | 12,067 | 36,123 | 36,700 | ||||||||||||
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Gross profit
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18,900 | 11,858 | 46,027 | 33,019 | ||||||||||||
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Operating expenses:
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Sales and marketing (1) (2)
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8,981 | 8,322 | 24,516 | 23,544 | ||||||||||||
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Research and development (1) (2)
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4,146 | 3,947 | 12,984 | 12,037 | ||||||||||||
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General and administrative (1) (2) (3) (4)
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5,757 | 4,785 | 16,889 | 14,639 | ||||||||||||
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Acquisition related contingent consideration
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- | 50 | - | (1,787 | ) | |||||||||||
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Restructuring
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141 | (53 | ) | 1,699 | 561 | |||||||||||
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Total operating expenses
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19,025 | 17,051 | 56,088 | 48,994 | ||||||||||||
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Operating loss
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(125 | ) | (5,193 | ) | (10,061 | ) | (15,975 | ) | ||||||||
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Interest income and other income (expense) (5) (6)
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(831 | ) | (721 | ) | (2,670 | ) | (2,460 | ) | ||||||||
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Loss before provision (benefit) for income taxes
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(956 | ) | (5,914 | ) | (12,731 | ) | (18,435 | ) | ||||||||
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Provision (benefit) for income taxes (7)
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457 | 444 | 1,700 | 213 | ||||||||||||
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Net loss
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$ | (1,413 | ) | $ | (6,358 | ) | $ | (14,431 | ) | $ | (18,648 | ) | ||||
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Net loss per share - basic and diluted
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Net loss per share
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$ | (0.04 | ) | $ | (0.18 | ) | $ | (0.38 | ) | $ | (0.53 | ) | ||||
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Shares used in basic and diluted per share computation
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38,648 | 35,853 | 37,873 | 35,070 | ||||||||||||
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(1) Stock-based compensation included in amounts above by category:
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Cost of recurring
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234 | 351 | 612 | 1,280 | ||||||||||||
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Cost of services
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218 | 573 | 860 | 1,623 | ||||||||||||
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Sales and marketing
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769 | 997 | 1,924 | 2,937 | ||||||||||||
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Research and development
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384 | 477 | 1,317 | 1,376 | ||||||||||||
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General and administrative
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939 | 1,024 | 3,632 | 3,701 | ||||||||||||
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Total stock-based compensation
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2,544 | 3,422 | 8,345 | 10,917 | ||||||||||||
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(2) Acquisition, acquired and settlement related asset amortization
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Cost of recurring
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521 | 540 | 1,548 | 1,514 | ||||||||||||
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Cost of services
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12 | (6 | ) | 37 | 38 | |||||||||||
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Sales and marketing
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234 | 233 | 693 | 646 | ||||||||||||
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General and administrative
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60 | 60 | 177 | 180 | ||||||||||||
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Total acquisition related asset amortization
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827 | 827 | 2,455 | 2,378 | ||||||||||||
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(3) Acquisition related expense
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- | 183 | - | 820 | ||||||||||||
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(4) Patent litigation costs
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341 | 166 | 1,002 | 786 | ||||||||||||
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(5) Interest expense on convertible notes
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704 | 704 | 2,110 | 2,110 | ||||||||||||
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(6) Amortization of convertible note issuance costs
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134 | 134 | 402 | 402 | ||||||||||||
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(7) Tax benefit from release of valuation allowance
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- | - | - | (224 | ) | |||||||||||
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CALLIDUS SOFTWARE INC.
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CONSOLIDATED BALANCE SHEETS
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(In thousands except per share data)
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September 30,
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December 31,
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2013
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2012
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ASSETS
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Current assets:
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Cash and cash equivalents
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$ | 25,192 | $ | 16,400 | ||||
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Short-term investments
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8,886 | 12,771 | ||||||
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Accounts receivable, net
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23,304 | 22,567 | ||||||
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Deferred income taxes
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40 | 40 | ||||||
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Prepaid and other current assets
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7,761 | 6,718 | ||||||
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Total current assets
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65,183 | 58,496 | ||||||
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Property and equipment, net
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12,381 | 10,580 | ||||||
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Goodwill
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31,207 | 31,207 | ||||||
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Intangible assets, net
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18,083 | 21,196 | ||||||
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Deferred income taxes, noncurrent
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392 | 392 | ||||||
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Deposits and other assets
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3,243 | 2,872 | ||||||
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Total assets
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$ | 130,489 | $ | 124,743 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$ | 1,415 | $ | 4,705 | ||||
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Accrued payroll and related expenses
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5,868 | 5,854 | ||||||
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Accrued expenses
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6,635 | 8,164 | ||||||
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Deferred income taxes
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944 | 944 | ||||||
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Deferred revenue
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42,054 | 35,483 | ||||||
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Capital lease obligations
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1,232 | 921 | ||||||
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Total current liabilities
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58,148 | 56,071 | ||||||
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Deferred revenue, noncurrent
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7,592 | 3,702 | ||||||
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Deferred income taxes, noncurrent
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345 | 160 | ||||||
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Other liabilities
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1,908 | 2,159 | ||||||
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Capital lease obligations, noncurrent
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1,460 | 8 | ||||||
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Convertible notes
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59,215 | 59,215 | ||||||
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Total liabilities
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128,668 | 121,315 | ||||||
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Stockholders’ equity:
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Common stock
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39 | 34 | ||||||
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Additional paid-in capital
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268,228 | 255,331 | ||||||
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Treasury stock
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(14,430 | ) | (14,430 | ) | ||||
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Accumulated other comprehensive income
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161 | 239 | ||||||
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Accumulated deficit
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(252,177 | ) | (237,746 | ) | ||||
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Total stockholders’ equity
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1,821 | 3,428 | ||||||
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Total liabilities and stockholders’ equity
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$ | 130,489 | $ | 124,743 | ||||
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CALLIDUS SOFTWARE INC.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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(In thousands)
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Nine Months Ended September 30,
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2013
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2012
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Cash flows from operating activities:
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Net loss
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$ | (14,431 | ) | $ | (18,648 | ) | ||
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Adjustments to reconcile net loss to net cash used in operating activities:
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Depreciation expense
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3,278 | 2,184 | ||||||
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Amortization of intangible assets
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3,621 | 3,818 | ||||||
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Provision for doubtful accounts and service remediation reserves
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846 | 188 | ||||||
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Stock-based compensation
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8,345 | 10,917 | ||||||
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Release of valuation allowance
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- | (350 | ) | |||||
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Gain on disposal of property and equipment
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2 | (6 | ) | |||||
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Amortization of convertible notes issuance cost
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402 | 402 | ||||||
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Net amortization on investments
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63 | 310 | ||||||
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Acquisition-related contingent consideration
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- | (1,787 | ) | |||||
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Changes in operating assets and liabilities:
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Accounts receivable
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(1,583 | ) | (7,627 | ) | ||||
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Prepaid and other current assets
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(1,043 | ) | (1,809 | ) | ||||
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Other assets
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(773 | ) | 322 | |||||
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Accounts payable
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(3,250 | ) | (129 | ) | ||||
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Accrued expenses
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1,517 | 741 | ||||||
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Accrued payroll and related expenses
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462 | (267 | ) | |||||
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Accrued restructuring
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(476 | ) | 37 | |||||
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Deferred revenue
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10,461 | 1,635 | ||||||
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Deferred income taxes
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185 | 111 | ||||||
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Net cash provided by (used in) operating activities
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7,626 | (9,958 | ) | |||||
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Cash flows from investing activities:
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Purchases of investments
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(5,634 | ) | (16,536 | ) | ||||
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Proceeds from maturities and sale of investments
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9,450 | 31,811 | ||||||
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Purchases of property and equipment
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(1,714 | ) | (4,927 | ) | ||||
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Proceeds from disposal of property and equipment
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- | 6 | ||||||
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Purchases of intangible assets
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(634 | ) | (4,485 | ) | ||||
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Acquisitions, net of cash acquired
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- | (7,721 | ) | |||||
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Net cash provided by (used in) investing activities
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1,468 | (1,852 | ) | |||||
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Cash flows from financing activities:
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Proceeds from issuance of common stock
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5,375 | 5,222 | ||||||
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Repurchase of common stock from employees for payment of taxes on vesting of restricted stock units
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(818 | ) | (2,079 | ) | ||||
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Payment of consideration related to acquisitions
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(3,078 | ) | (1,160 | ) | ||||
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Repayment of debt assumed through acquisition
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- | (30 | ) | |||||
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Payment of principal under capital leases
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(1,709 | ) | (887 | ) | ||||
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Net cash (used in) provided by financing activities
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(230 | ) | 1,066 | |||||
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Effect of exchange rates on cash and cash equivalents
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(72 | ) | 58 | |||||
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Net increase (decrease) in cash and cash equivalents
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8,792 | (10,686 | ) | |||||
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Cash and cash equivalents at beginning of period
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16,400 | 17,383 | ||||||
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Cash and cash equivalents at end of period
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$ | 25,192 | $ | 6,697 | ||||
CALLIDUS SOFTWARE INC.
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RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
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(In thousands, except for percentages and per share data)
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(unaudited)
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Three months ended
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Nine months ended
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September 30,
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September 30,
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2013
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2012
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2013
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2012
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Non-GAAP gross profit reconciliation
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Gross profit
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$ | 18,900 | $ | 11,858 | $ | 46,027 | $ | 33,019 | |||||||||
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Profit margin, as a % of total revenues
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62 | % | 50 | % | 56 | % | 47 | % | |||||||||
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Add back:
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Non-cash stock-based compensation
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452 | 924 | 1,472 | 2,903 | |||||||||||||
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Non-cash amortization of acquired intangible assets
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533 | 534 | 1,585 | 1,552 | |||||||||||||
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Non-GAAP gross profit
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$ | 19,885 | $ | 13,316 | $ | 49,084 | $ | 37,474 | |||||||||
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Profit margin, as a % of total revenues
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65 | % | 56 | % | 60 | % | 54 | % | |||||||||
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Non-GAAP recurring revenue gross profit reconciliation
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Recurring revenue gross profit
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$ | 13,816 | $ | 10,544 | $ | 38,672 | 30,012 | ||||||||||
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Recurring revenue profit margin, as a % of recurring revenues
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65 | % | 60 | % | 64 | % | 57 | % | |||||||||
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Add back:
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Non-cash stock-based compensation
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234 | 351 | 612 | 1,280 | |||||||||||||
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Non-cash amortization of acquired intangible assets
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521 | 540 | 1,548 | 1,514 | |||||||||||||
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Non-GAAP Recurring revenue gross profit
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$ | 14,571 | $ | 11,435 | $ | 40,832 | $ | 32,806 | |||||||||
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Recurring revenue profit margin, as a % of recurring revenues
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69 | % | 65 | % | 68 | % | 63 | % | |||||||||
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Non-GAAP operating expense reconciliation:
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Operating expenses
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$ | 19,025 | 17,051 | $ | 56,088 | 48,994 | |||||||||||
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Operating expenses, as a % of total revenues
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62 | % | 71 | % | 68 | % | 70 | % | |||||||||
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Add back:
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Non-cash stock-based compensation
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(2,092 | ) | (2,498 | ) | (6,873 | ) | (8,014 | ) | |||||||||
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Non-cash amortization of acquired intangible assets
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(294 | ) | (293 | ) | (870 | ) | (826 | ) | |||||||||
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Acquisition-related expense
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- | (183 | ) | - | (820 | ) | |||||||||||
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Patent litigation and settlement costs
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(341 | ) | (166 | ) | (1,002 | ) | (786 | ) | |||||||||
|
Acquisition-related adjustment
|
- | (50 | ) | - | 1,787 | ||||||||||||
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Restructuring
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(141 | ) | 53 | (1,699 | ) | (561 | ) | ||||||||||
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Non-GAAP Operating Expenses
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$ | 16,157 | $ | 13,914 | $ | 45,644 | $ | 39,774 | |||||||||
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Non-GAAP Operating expenses, as a % of total revenues
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53 | % | 58 | % | 56 | % | 57 | % | |||||||||
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Non-GAAP operating income (loss) reconciliation:
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Operating loss
|
$ | (125 | ) | (5,193 | ) | $ | (10,061 | ) | (15,975 | ) | |||||||
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Operating loss, as a % of total revenues
|
0 | % | -22 | % | -12 | % | -23 | % | |||||||||
|
Add back:
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Non-cash stock-based compensation
|
2,544 | 3,422 | 8,345 | 10,917 | |||||||||||||
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Non-cash amortization of acquired intangible assets
|
827 | 827 | 2,455 | 2,378 | |||||||||||||
|
Acquisition-related expense
|
- | 183 | - | 820 | |||||||||||||
|
Patent litigation and settlement costs
|
341 | 166 | 1,002 | 786 | |||||||||||||
|
Acquisition-related adjustment
|
- | 50 | - | (1,787 | ) | ||||||||||||
|
Restructuring
|
141 | (53 | ) | 1,699 | 561 | ||||||||||||
|
Non-GAAP Operating income (loss)
|
$ | 3,728 | $ | (598 | ) | $ | 3,440 | $ | (2,300 | ) | |||||||
|
Non-GAAP Operating income (loss), as a % of total revenues
|
12 | % | -2 | % | 4 | % | -3 | % | |||||||||
CALLIDUS SOFTWARE INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except for percentages and per share data)
(unaudited)
|
Three months ended
|
Nine months ended
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September 30,
|
September 30,
|
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|
2013
|
2012
|
2013
|
2012
|
|||||||||||||
|
Non-GAAP net loss reconciliation:
|
||||||||||||||||
|
Net loss
|
$ | (1,413 | ) | $ | (6,358 | ) | $ | (14,431 | ) | (18,648 | ) | |||||
|
Net loss, as a % of total revenues
|
-5 | % | -27 | % | -18 | % | -27 | % | ||||||||
|
Add back:
|
||||||||||||||||
|
Non-cash stock-based compensation
|
2,544 | 3,422 | 8,345 | 10,917 | ||||||||||||
|
Non-cash amortization of acquired intangible assets
|
827 | 827 | 2,455 | 2,378 | ||||||||||||
|
Acquisition related expenses
|
- | 183 | - | 820 | ||||||||||||
|
Patent litigation and settlement costs
|
341 | 166 | 1,002 | 786 | ||||||||||||
|
Acquisition-related adjustment
|
- | 50 | - | (1,787 | ) | |||||||||||
|
Restructuring
|
141 | (53 | ) | 1,699 | 561 | |||||||||||
|
Interest expense on convertible notes
|
704 | 704 | 2,110 | 2,110 | ||||||||||||
|
Amortization of convertible note issuance cost
|
134 | 134 | 402 | 402 | ||||||||||||
|
Tax benefit from release of valuation allowance
|
- | - | - | (224 | ) | |||||||||||
|
Non-GAAP Net income (loss)
|
$ | 3,278 | $ | (925 | ) | $ | 1,582 | $ | (2,685 | ) | ||||||
| Non-GAAP Net income (loss), as a % of total revenues | 11 | % | -4 | % | 2 | % | -4 | % | ||||||||
|
Non-GAAP net income (loss) per share reconciliation:
|
||||||||||||||||
|
Net loss per basic and diluted share
|
$ | (0.04 | ) | (0.18 | ) | $ | (0.38 | ) | $ | (0.53 | ) | |||||
|
Add back:
|
||||||||||||||||
|
Non-cash stock-based compensation
|
0.07 | 0.10 | 0.22 | 0.30 | ||||||||||||
|
Non-cash amortization of acquired intangible assets
|
0.02 | 0.02 | 0.06 | 0.07 | ||||||||||||
|
Acquisition related expenses
|
- | 0.01 | - | 0.02 | ||||||||||||
|
Patent litigation and settlement costs
|
0.01 | - | 0.03 | 0.02 | ||||||||||||
|
Acquisition-related adjustment
|
- | - | - | (0.05 | ) | |||||||||||
|
Restructuring
|
- | - | 0.04 | 0.02 | ||||||||||||
|
Interest expense on convertible notes
|
0.02 | 0.02 | 0.06 | 0.06 | ||||||||||||
|
Amortization of convertible note issuance cost
|
- | - | 0.01 | 0.01 | ||||||||||||
|
Tax benefit from release of valuation allowance
|
- | - | - | - | ||||||||||||
|
Diluted shares impact on non-GAAP basis
|
(0.01 | ) | - | (0.01 | ) | - | ||||||||||
|
Non-GAAP net income (loss) per diluted share
|
$ | 0.07 | $ | (0.03 | ) | $ | 0.03 | $ | (0.08 | ) | ||||||
|
Basic and fully diluted shares reconciliation:
|
||||||||||||||||
|
Basic shares
|
38,648 | 35,853 | 37,873 | 35,070 | ||||||||||||
|
Add back:
|
||||||||||||||||
|
Weighted average effect of dilutive securities
|
9,383 | - | 9,037 | - | ||||||||||||
|
Diluted shares
|
48,031 | 35,853 | 46,910 | 35,070 | ||||||||||||
CALLIDUS SOFTWARE INC.
FINANCIAL OUTLOOK
(In thousands)
(unaudited)
The guidance figures provided below and elsewhere in this press release are forward-looking statements, reflect a number of estimates, assumptions and other uncertainties, and are approximate in nature because of the company's future performance is difficult to predict. Such guidance is based on information available on the date of this press release, and the company assumes no obligation to update it.
|
Three months ended
|
|||||||
|
December 31, 2013
|
|||||||
|
GAAP
|
Non-GAAP
|
||||||
|
Total Revenue
|
$ | 28,000 - $29,000 | $ | 28,000 - $29,000 | |||
|
Operating Income (a)
|
$ | (2,300) - ($1,900) | $ | 1,600 - $2,200 | |||
|
Net income (loss) per diluted share (c)
|
$ | (0.11) - ($0.10) | $ | 0.03 - $0.04 | |||
|
Twelve months ended
|
|||||||
|
December 31, 2013
|
|||||||
|
GAAP
|
Non-GAAP
|
||||||
|
Total Revenue
|
$ | 110,200 - $111,200 | $ | 110,200 - $111,200 | |||
|
Operating Income (b)
|
$ | (12,400) - ($12,000) | $ | 5,000 - $5,600 | |||
|
Net income (loss) per diluted share (c)
|
$ | (0.49) - ($0.48) | $ | 0.06 - $0.07 | |||
|
(a)
|
Estimated non-GAAP amounts above for the three months ending December 31, 2013, reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $825 - $875 thousand, estimated stock-based compensation expense of approximately $2.7 - $2.9 million, patent litigation and settlement costs of approximately $350 - $390 thousand.
|
|
(b)
|
Estimated non-GAAP amounts above for the twelve months ending December 31, 2013, reflect adjustments that exclude the estimated amortization of acquired intangible assets of approximately $3.3 – $3.4 million, estimated stock-based compensation expense of approximately $11.0 - $11.3 million, patent litigation and settlement costs of approximately $1.35 - $1.45 million, and restructuring expense of approximately $1.7 - $1.9 million.
|
|
(c)
|
Non-GAAP EPS is on a fully diluted basis.
|