EX-99.1 2 exhibit991q2fy2014.htm EXHIBIT 99.1 Exhibit 99.1 Q2 FY2014


Cornerstone OnDemand Announces Second Quarter 2014 Financial Results  
 
•
Record second quarter bookings of $70.1 million, up 44% year-over-year1
•
Record quarterly revenue of $61.5 million, up 39% year-over-year
•
Record quarterly gross profit of $44.1 million, up 41% year-over-year
•
Record second quarter client additions, ending the quarter with over 1,800 clients.2 
SANTA MONICA, Calif. – August 6, 2014 – Talent management software provider Cornerstone OnDemand, Inc. (NASDAQ: CSOD) today announced results for its quarter ended June 30, 2014.
Revenue for the second quarter of 2014 was $61.5 million, representing a 39% increase compared to the same period in 2013.
Bookings, which the Company defines as revenue plus the change in deferred revenue for the period, were $70.1 million for the second quarter of 2014, representing a 44% increase compared to the same period in 2013. 1 Bookings also increased by $20.4 million, or 41%, quarter-over-quarter, which represents the highest percentage increase on a quarter-over-quarter basis since 2011.1 Bookings for the first six months of 2014 were $119.8 million, representing a 41% increase compared to the same period in 2013. 1 Deferred revenue at June 30, 2014 was $139.7 million, which was 47% higher than the balance at June 30, 2013.

“We have invested significantly in recent years to ensure that our business is positioned for success across verticals, segments, and geographies, and we saw several of these investments begin to pay dividends for us in the second quarter,” said Adam Miller, the company’s President and CEO. “In addition to our core businesses, we saw strong performances from our Strategic Accounts, Asia-Pacific and Major Accounts teams. And with the sizeable, untapped market opportunity that remains, it feels like we are just getting started.”
Gross profit for the second quarter of 2014 was $44.1 million, representing a 41% increase compared to the same period in 2013. Gross margin for the second quarter of 2014 was 71.7% compared to 70.3% in the second quarter of 2013.
Non-GAAP gross profit for the second quarter of 2014 was $45.0 million, representing a 40% increase compared to the same period in 2013.1 Non-GAAP gross margin for the second quarter of 2014 was 73.1% compared to 72.2% in the second quarter of 2013.1
The Company’s net loss for the second quarter of 2014 was $16.6 million yielding a net loss margin of 27.1%, or a $0.31 net loss per share, compared to a net loss of $8.7 million yielding a net loss margin of 19.6%, or a $0.17 net loss per share, in the second quarter of 2013.
Non-GAAP net loss for the second quarter of 2014 was $5.9 million yielding a non-GAAP net loss margin of 9.5%, or an $0.11 net loss per share, compared to a non-GAAP net loss of $3.5 million yielding a non-GAAP net loss margin of 8.0%, or a $0.07 net loss per share, in the second quarter of 2013.1  
At June 30, 2014, the Company’s total cash and cash equivalents were $96.6 million, investments were $199.4 million, and accounts receivable were $69.1 million, yielding a total of approximately $365.2 million.
As announced in the fourth quarter of 2013, the Company has launched the Cornerstone Innovation Fund, a strategic initiative created to invest in, advise and collaborate with, promising cloud startups. During the quarter, the Company made its first strategic investment of $0.5 million.
The Company ended the quarter with over 15.5 million users, representing the addition of approximately 1 million users.2
 
1

Bookings, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net loss, non-GAAP net loss margin and non-GAAP net loss per share are non-GAAP financial measures. Please see the discussion in the section “Non-GAAP Financial Measures” and the reconciliations at the end of this release.
2

Includes contracted clients and active users of our Enterprise and Mid-Market solution, excluding Cornerstone for Salesforce and Cornerstone Growth Edition, formerly known as Cornerstone for Small Business.




Quarterly Conference Call
Cornerstone OnDemand, Inc. will host a conference call to discuss its second quarter 2014 results at 2:00 p.m. PT (5:00 p.m. ET) 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 http://investors.cornerstoneondemand.com/events.cfm. The live call can be accessed by dialing (888) 357-3694 (U.S.) or (973) 890-8276 (outside the U.S.) and referencing passcode: 69285681. A replay of the call will also be available at http://investors.cornerstoneondemand.com/events.cfm or via telephone until 11:59 p.m. PT on August 7, 2014 by dialing (855) 859-2056 (U.S.) or (404) 537-3406 (outside the U.S.), and referencing passcode: 69285681.
About Cornerstone OnDemand
Cornerstone OnDemand, Inc. is a leader in cloud-based applications for talent management. Our solutions help organizations recruit, train, manage and engage their employees, empowering their people and increasing workforce productivity. Based in Santa Monica, California, our solutions are used by over 1,800 clients worldwide, spanning more than 15.5 million users across 191 countries and in 42 languages. For more information about Cornerstone OnDemand, Inc., visit www.csod.com.
Note: Cornerstone® and Cornerstone OnDemand® are registered trademarks of Cornerstone OnDemand, Inc.
Forward-looking Statements
This release contains forward-looking statements, including statements regarding Cornerstone OnDemand’s future financial performance, market growth, the demand for and benefits from the use of Cornerstone OnDemand’s solutions, and general business conditions. Any forward-looking statements contained in this press release are based upon Cornerstone OnDemand’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 Cornerstone OnDemand’s expectations as of the date of this press release. Subsequent events may cause these expectations to change, and Cornerstone OnDemand 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 from Cornerstone OnDemand’s current expectations. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, our ability to attract new clients; the extent to which clients renew their subscriptions for our solution; the timing of when consulting services are delivered to our new and existing clients by our services organization and implementation subcontractors; the complexity of deployments and product implementations, which can impact the timing of when revenue is recognized from new and existing clients; our ability to compete as the talent management provider for organizations of all sizes; changes in the proportion of our client base that is comprised of enterprise or mid-sized organizations; our ability to manage our growth, including additional headcount and entry into new geographies; the timing and success of solutions offered by our competitors; unpredictable macro-economic conditions; reductions in information technology spending; the success of our new product and service introductions; a disruption in our hosting network infrastructure; costs and reputational harm that could result from defects in our solution; the success of our strategic relationships with third parties; the loss of any of our key employees; failure to protect our intellectual property; acts of terrorism or other vandalism, war or natural disasters; changes in current tax or accounting rules; unanticipated costs or liabilities related to businesses that we acquire; and other risks and uncertainties. Further information on factors that could cause actual results to differ materially from the results anticipated by our forward-looking statements is included in Cornerstone OnDemand’s reports filed with the SEC, including its Form 10-Q filed with the SEC on May 9, 2014.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, Cornerstone OnDemand has provided in this release certain measures that have not been prepared in accordance with GAAP. These non-GAAP financial measures include (i) non-GAAP revenue, which is defined as revenue plus revenue not recognized in the period due to the impact of purchase accounting rules on deferred revenue acquired through acquisitions, (ii) bookings, which are defined as revenue plus the change in deferred revenue for the period, (iii) non-GAAP net cash used in operating activities, which excludes payment of premium on investments net of related amortization and employer-related taxes from stock-based compensation, (iv) non-GAAP net loss and non-GAAP net loss per share, which are based on non-GAAP revenue and exclude, for the periods in which they are present, stock-based compensation and employer-related payroll taxes, amortization of intangible assets, adjustments to taxes related to acquisition adjustments, accretion of debt discount and amortization of debt issuance costs, and other amortization costs and other expenses, (v) non-GAAP net loss margin, which is defined as non-GAAP net loss divided by non-GAAP revenue, (vi) non-GAAP gross profit and non-GAAP gross margin, which are calculated based on non-GAAP revenue and exclude stock-based compensation and employer-related taxes and amortization of certain intangible assets reflected in cost of revenue, (vii) non-GAAP loss from operations and non-GAAP operating margin, which are calculated based on operating loss and exclude adjustments to revenue, stock-based compensation and employer-related taxes, and amortization of intangible assets, and (viii) non-GAAP operating




expenses, which exclude stock-based compensation, employer-related taxes, and amortization of intangible assets, and (ix) non-GAAP sales and marketing expense, non-GAAP research and development expense, and non-GAAP general and administrative expense, each of which excludes stock-based compensation and employer-related taxes attributable to the corresponding GAAP financial measures.
Cornerstone OnDemand’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating Cornerstone OnDemand’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items Cornerstone excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry.

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 measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.




Cornerstone OnDemand, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
June 30,
2014
 
December 31, 2013
Assets
 
 
 
Cash and cash equivalents
$
96,578

 
$
109,583

Short-term investments
145,183

 
199,925

Accounts receivable, net
69,128

 
67,191

Deferred commissions
19,047

 
16,634

Prepaid expenses and other current assets
12,690

 
14,118

Total current assets
342,626

 
407,451

 
 
 
 
Capitalized software development costs, net
13,088

 
10,665

Property and equipment, net
19,376

 
14,436

Long-term investments
54,263

 
—

Intangible assets, net
3,543

 
4,632

Goodwill
8,193

 
8,193

Other assets, net
5,373

 
5,978

Total Assets
$
446,462

 
$
451,355

 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
Liabilities:
 
 
 
Accounts payable
$
12,932

 
$
10,037

Accrued expenses
21,862

 
22,288

Deferred revenue, current portion
136,147

 
135,322

Capital lease obligations, current portion
557

 
905

Debt, current portion
469

 
519

Other liabilities
1,288

 
4,203

Total current liabilities
173,255

 
173,274

 
 
 
 
Convertible notes, net
221,485

 
217,965

Other liabilities, non-current
3,815

 
3,111

Deferred revenue, net of current portion
3,565

 
3,500

Capital lease obligations, net of current portion
47

 
218

Debt, net of current portion
162

 
392

Total liabilities
402,329

 
398,460

 
 
 
 
Stockholders’ Equity:
 
 
 
Common stock
5

 
5

Additional paid-in capital
313,339

 
289,307

Accumulated deficit
(268,889
)
 
(236,467
)
Accumulated other comprehensive (loss) income
(322
)
 
50

Total stockholders’ equity
44,133

 
52,895

Total Liabilities and Stockholders’ Equity
$
446,462

 
$
451,355






Cornerstone OnDemand, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Revenue
$
61,468

 
$
44,346

 
$
118,877

 
$
82,003

Cost of revenue 1, 2
17,409

 
13,164

 
34,813

 
24,416

Gross profit
44,059

 
31,182

 
84,064

 
57,587

Operating expenses:
 
 
 
 
 
 
 
Sales and marketing 1
39,608

 
26,274

 
74,747

 
49,284

Research and development 1
6,900

 
5,232

 
13,783

 
9,651

General and administrative 1
10,455

 
7,530

 
20,909

 
16,096

Amortization of certain acquired intangible assets
213

 
251

 
464

 
502

Total operating expenses
57,176

 
39,287

 
109,903

 
75,533

Loss from operations
(13,117
)
 
(8,105
)
 
(25,839
)
 
(17,946
)
Other income (expense):
 
 
 
 
 
 
 
Interest income
190

 
—

 
413

 
—

Interest expense
(3,028
)
 
(505
)
 
(6,038
)
 
(584
)
Other, net
(477
)
 
(209
)
 
(605
)
 
(222
)
Other income (expense), net
(3,315
)
 
(714
)
 
(6,230
)
 
(806
)
Loss before income tax (provision) benefit
(16,432
)
 
(8,819
)
 
(32,069
)
 
(18,752
)
Income tax (provision) benefit
(200
)
 
136

 
(353
)
 
135

Net loss
$
(16,632
)
 
$
(8,683
)
 
$
(32,422
)
 
$
(18,617
)
Net loss per share, basic and diluted
$
(0.31
)
 
$
(0.17
)
 
$
(0.61
)
 
$
(0.36
)
Weighted average common shares outstanding, basic and diluted
53,197

 
51,153

 
52,963

 
51,031

1

Includes stock-based compensation and employer-related taxes as follows:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Cost of revenue
$
587

 
$
517

 
$
1,389

 
$
957

Sales and marketing
4,421

 
2,054

 
8,135

 
3,740

Research and development
817

 
445

 
1,620

 
789

General and administrative
2,367

 
1,500

 
5,188

 
3,070

                  Total
$
8,192

 
$
4,516

 
$
16,332

 
$
8,556

2

Cost of revenue includes amortization of intangibles as follows:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Cost of revenue
$
312

 
$
313

 
$
624

 
$
626





Cornerstone OnDemand, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Cash flows from operating activities:
 
 
 
 
 
 
 
Net loss
$
(16,632
)
 
$
(8,683
)
 
$
(32,422
)
 
$
(18,617
)
Adjustments to reconcile net loss to net cash used in operating activities:
 
 
 
 
 
 
 
Depreciation and amortization
3,213

 
2,323

 
6,285

 
4,447

Accretion of debt discount and amortization of debt issuance costs
2,055

 
286

 
4,086

 
286

Purchased investment premium, net of amortization
(269
)
 
—

 
657

 
—

Unrealized foreign exchange loss
264

 
280

 
135

 
566

Stock-based compensation expense
8,134

 
4,347

 
16,026

 
8,346

Deferred income taxes
—

 
(249
)
 
—

 
(378
)
Changes in operating assets and liabilities:
 
 
 
 
 
 
 
Accounts receivable
(16,162
)
 
(7,068
)
 
(1,265
)
 
2,484

Deferred commissions
(2,912
)
 
31

 
(2,171
)
 
(1,810
)
Prepaid expenses and other assets
(598
)
 
(2,140
)
 
1,906

 
(3,215
)
Accounts payable
1,549

 
2,669

 
2,637

 
3,917

Accrued expenses
4,928

 
1,829

 
(473
)
 
(1,448
)
Deferred revenue
7,624

 
4,509

 
(456
)
 
4,238

Other liabilities
649

 
274

 
(2,223
)
 
70

Net cash used in operating activities
(8,157
)
 
(1,592
)
 
(7,278
)
 
(1,114
)
Cash flows from investing activities:
 
 
 
 
 
 
 
Purchases of investments
(65,171
)
 
—

 
(82,675
)
 
—

Maturities of investments
66,243

 
—

 
82,255

 
—

Purchases of property and equipment
(4,073
)
 
(910
)
 
(7,269
)
 
(2,377
)
Capitalized software costs
(2,314
)
 
(1,479
)
 
(4,663
)
 
(3,414
)
Net cash used in investing activities
(5,315
)
 
(2,389
)
 
(12,352
)
 
(5,791
)
Cash flows from financing activities:
 
 
 
 
 
 
 
Proceeds from the issuance of convertible notes, net
—

 
246,043

 
—

 
246,043

Payments for convertible note hedges
—

 
(49,537
)
 
—

 
(49,537
)
Proceeds from the issuance of warrants
—

 
23,225

 
—

 
23,225

Proceeds from issuance of debt
—

 
—

 
—

 
1,914

Repayment of debt
(142
)
 
(3,415
)
 
(281
)
 
(3,776
)
Principal payments under capital lease obligations
(200
)
 
(528
)
 
(518
)
 
(987
)
Proceeds from stock option and warrant exercises
1,729

 
2,414

 
7,338

 
4,140

Net cash provided by financing activities
1,387

 
218,202

 
6,539

 
221,022

Effect of exchange rate changes on cash and cash equivalents
(22
)
 
(127
)
 
86

 
(295
)
Net (decrease) increase in cash and cash equivalents
(12,107
)
 
214,094

 
(13,005
)
 
213,822

Cash and cash equivalents at beginning of period
108,685

 
76,170

 
109,583

 
76,442

Cash and cash equivalents at end of period
$
96,578

 
$
290,264

 
$
96,578

 
$
290,264





Cornerstone OnDemand, Inc.
RECONCILIATIONS OF REVENUE TO NON-GAAP REVENUE, GROSS PROFIT AND GROSS MARGIN TO NON-GAAP GROSS PROFIT AND NON-GAAP GROSS MARGIN, LOSS FROM OPERATIONS TO NON-GAAP LOSS FROM OPERATIONS AND OPERATING MARGIN TO NON-GAAP OPERATING MARGIN
(in thousands)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Revenue
$
61,468

 
$
44,346

 
$
118,877

 
$
82,003

Cost of revenue
17,409

 
13,164

 
34,813

 
24,416

Gross profit
$
44,059

 
$
31,182

 
$
84,064

 
$
57,587

Gross margin
71.7
 %
 
70.3
 %
 
70.7
 %
 
70.2
 %
 
 
 
 
 
 
 
 
Revenue
$
61,468

 
$
44,346

 
$
118,877

 
$
82,003

Adjustments to revenue 1
—

 
36

 
—

 
169

Non-GAAP revenue
$
61,468

 
$
44,382

 
$
118,877

 
$
82,172

 
 
 
 
 
 
 
 
Cost of revenue
$
17,409

 
$
13,164

 
$
34,813

 
$
24,416

Adjustments to costs of revenue
 
 
 
 
 
 
 
Amortization of intangible assets
(312
)
 
(313
)
 
(624
)
 
(626
)
Stock based compensation and employer-related taxes
(587
)
 
(517
)
 
(1,389
)
 
(957
)
Total adjustments to cost of revenue
(899
)
 
(830
)
 
(2,013
)
 
(1,583
)
Non-GAAP costs of revenue
16,510

 
12,334

 
32,800

 
22,833

Non-GAAP gross profit
$
44,958

 
$
32,048

 
$
86,077

 
$
59,339

Non-GAAP gross margin
73.1
 %
 
72.2
 %
 
72.4
 %
 
72.2
 %
 
 
 
 
 
 
 
 
Loss from operations
$
(13,117
)
 
$
(8,105
)
 
$
(25,839
)
 
$
(17,946
)
Operating margin
(21.3
)%
 
(18.3
)%
 
(21.7
)%
 
(21.9
)%
Adjustments to loss from operations
 
 
 
 
 
 
 
Adjustments to revenue 1
—

 
36

 
—

 
169

Stock-based compensation and employer-related taxes
8,192

 
4,516

 
16,332

 
8,556

Amortization of intangible assets
525

 
564

 
1,088

 
1,128

Total adjustments to loss from operations
8,717

 
5,116

 
17,420

 
9,853

Non-GAAP loss from operations
$
(4,400
)
 
$
(2,989
)
 
$
(8,419
)
 
$
(8,093
)
Non-GAAP operating margin
(7.2
)%
 
(6.7
)%
 
(7.1
)%
 
(9.8
)%
1

Due to purchase accounting rules, upon acquisition, Cornerstone recorded an adjustment of $1.6 million to reduce the balance of deferred revenue related to the assumed client contracts acquired from Sonar Limited. As a result of this adjustment, $36,000 and $0.2 million of revenue was not recognized during the three and six months ended June 30, 2013, respectively. Therefore, revenue is adjusted by an increase of $36,000 and $0.2 million to arrive at non-GAAP revenue for the three and six months ended June 30, 2013, respectively.








Cornerstone OnDemand, Inc.
RECONCILIATIONS OF NET LOSS TO NON-GAAP NET LOSS, NON-GAAP NET LOSS MARGIN AND NON-GAAP NET LOSS PER SHARE
(in thousands, except per share amounts)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Net loss
$
(16,632
)
 
$
(8,683
)
 
$
(32,422
)
 
$
(18,617
)
Net loss margin
(27.1
)%
 
(19.6
)%
 
(27.3
)%
 
(22.7
)%
Adjustments to net loss
 
 
 
 
 
 
 
Stock-based compensation and employer-related payroll taxes
8,192

 
4,516

 
16,332

 
8,556

Acquisition related:

 

 

 

Adjustments to revenue 1
—

 
36

 
—

 
169

Amortization of intangible assets
454

 
492

 
946

 
984

Adjustments for income tax benefit 2
—

 
(249
)
 
—

 
(378
)
Accretion of debt discount and amortization of debt issuance costs 3
2,055

 
286

 
4,086

 
286

Other amortization costs and other expenses
71

 
72

 
142

 
144

Total adjustments to net loss
10,772

 
5,153

 
21,506

 
9,761

Non-GAAP net loss
$
(5,860
)
 
$
(3,530
)
 
$
(10,916
)
 
$
(8,856
)
Non-GAAP net loss margin
(9.5
)%
 
(8.0
)%
 
(9.2
)%
 
(10.8
)%
Weighted-average common shares outstanding, basic and diluted
53,197

 
51,153

 
52,963

 
51,031

Non-GAAP net loss per share
$
(0.11
)
 
$
(0.07
)
 
$
(0.21
)
 
$
(0.17
)
1

As of June 30, 2013, approximately $36,000 and $0.2 million in estimated revenue was not recognized during the three and six months ended June 30, 2013, respectively, due to purchase accounting rules.
2

Income tax effects related to acquisition related adjustments.
3

Debt discount accretion and debt issuance cost amortization has been recorded in connection with our issuance of $253.0 million in convertible notes on June 17, 2013. These expenses represent non-cash charges that have been recorded in accordance with the authoritative accounting literature for such transactions.




Cornerstone OnDemand, Inc.
CALCULATIONS OF BOOKINGS
(dollars in thousands)
(unaudited)
 
Deferred Revenue Balance
 
Three Months Ended June 30, 2014
 
 
 
 
Revenue
 
 
$
61,468

Deferred revenue at March 31, 2014
$
131,072

 
 
Deferred revenue at June 30, 2014
139,712

 
 
Change in deferred revenue
8,640

 
8,640

Bookings


 
$
70,108

 
 
 
 
 
Deferred Revenue Balance
 
Three Months Ended June 30, 2013
 
 
 
 
Revenue
 
 
$
44,346

Deferred revenue at March 31, 2013
$
90,534

 
 
Deferred revenue at June 30, 2013
95,040

 
 
Change in deferred revenue
4,506

 
4,506

Bookings
 
 
$
48,852

 
 
 
 
Percentage period-over-period increase in bookings for the three months ended June 30, 2014
 
 
44
%
 
 
 
 
 
Deferred Revenue Balance
 
Six Months Ended June 30, 2014
 
 
 
 
Revenue
 
 
$
118,877

Deferred revenue at December 31, 2013
$
138,822

 
 
Deferred revenue at June 30, 2014
139,712

 
 
Change in deferred revenue
890

 
890

Bookings
 
 
$
119,767

 
 
 
 
 
Deferred Revenue Balance
 
Six Months Ended June 30, 2013
 
 
 
 
Revenue
 
 
$
82,003

Deferred revenue at December 31, 2012
$
92,252

 
 
Deferred revenue at June 30, 2013
95,040

 
 
Change in deferred revenue
2,788

 
2,788

Bookings
 
 
$
84,791

 
 
 
 
Percentage period-over-period increase in bookings for the six months ended June 30, 2014
 
 
41
%







Cornerstone OnDemand, Inc.
RECONCILIATION OF NET CASH USED IN OPERATING ACTIVITIES TO NON-GAAP NET CASH USED IN OPERATING ACTIVITIES
(in thousands)
(unaudited)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2014
 
2013
 
2014
 
2013
Net cash used in operating activities
$
(8,157
)
 
$
(1,592
)
 
$
(7,278
)
 
$
(1,114
)
Payment of employer related taxes from stock-based compensation
58

 
178

 
306

 
236

Purchased investment premium, net of amortization
269

 
—

 
(657
)
 
—

Non-GAAP net cash used in operating activities
$
(7,830
)
 
$
(1,414
)
 
$
(7,629
)
 
$
(878
)






Cornerstone OnDemand, Inc.

Investor Relations Contact:
Alexandra Geller
Cornerstone OnDemand
Phone: +1 (310) 752-1870
ageller@csod.com
or
Media Contact:
Elizabeth Flax
Cornerstone OnDemand
Phone: +1 (310) 752-1860
eflax@csod.com

Source: Cornerstone OnDemand