CallidusCloud Announces Fourth Quarter and Full Year 2015 Total Revenue of $46.8 Million and $173.1 Million
DUBLIN, CA -- (Marketwired) -- 02/09/16 -- Callidus Software Inc. (NASDAQ: CALD)
- Q4 SaaS Revenue Increases 34% to $32.6 Million
- Q4 Non-GAAP Earnings per Share Increases 59% to $0.08
- Annual Operating Cash Flow Increases 189% to $26.5 Million
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, 2015.
"We finished 2015 with a strong fourth quarter. We had record total revenues, excellent SaaS growth (off a higher base) and we continued to make money," said Leslie Stretch, president and CEO, CallidusCloud. "We expect our sales and marketing investments to continue to drive momentum in 2016 as we focus on delivering a world-class customer experience, and profitable growth."
Financial Highlights for the Fourth Quarter 2015 Total reported revenue was $46.8 million for the fourth quarter, an increase of 23% and includes $0.9 million of revenue from the Bridgefront acquisition. Total recurring revenue was $36.0 million, which includes SaaS revenue of $32.6 million and maintenance revenue of $3.4 million. SaaS revenue increased 34% over the same quarter in the prior year, benefiting from the continued success in our Lead to Money suite and revenue from Bridgefront. Excluding the Bridgefront revenue, SaaS revenue increased 30% over the same quarter last year. Services and license revenue was $10.8 million, consisting of $10.6 million in services revenue, a 10% increase over prior year, and $0.2 million in license revenue. Cash and short-term investments were $97.2 million. Cash flow from operations for the quarter was $5.9 million, compared to cash used for operations of $965 thousand in the same quarter of the prior year.
GAAP Performance
- Recurring revenue gross margin was 75%, compared to 73% for the same quarter in the prior year.
- Overall gross margin was 63%, compared to 61% for the same quarter in the prior year.
- Operating loss was $1.8 million compared to $3.5 million for the same quarter in the prior year.
- Net loss was $2.1 million, or ($0.04) on a per share basis, compared to net loss of $4.1 million, or ($0.08) on a per share basis for the same quarter in the prior year.
Non-GAAP Performance The following non-GAAP measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
- Recurring revenue gross margin was 77%, compared to 76% for the same quarter in the prior year.
- Overall gross margin was 66%, compared to 64%, for the same quarter in the prior year.
- Operating income was $4.7 million, compared to $2.9 million for the same quarter in the prior year.
- Net income was $4.4 million, or $0.08 per fully diluted share, compared to $2.3 million, or $0.05 per fully diluted share, for the same quarter in the prior year.
Financial Highlights for the Full Fiscal 2015 Total revenue was $173.1 million for the full fiscal year, an increase of 27% and includes $1.5 million of revenue from the BridgeFront acquisition. Total recurring revenue was $129.9 million, which includes SaaS revenue of $115.5 million and maintenance revenue of $14.4 million. SaaS revenue increased 38% over the prior year, including $1.5 million of SaaS revenue from BridgeFront. Services and license revenue of $43.2 million consisted of $41.5 million in services revenue, a 28% increase over prior year, and $1.7 million in license revenue. Cash flow from operations for the full year was $26.5 million, reflecting a 189% increase over last year.
GAAP Performance
- Recurring revenue gross margin was 74%, compared to 69% in the prior year.
- Operating loss was $11.7 million compared to $13.5 million in the prior year.
- Net loss was $13.1 million, or ($0.24) on a per share basis, compared to a net loss of $11.6 million, or ($0.24) per share in the prior year.
Non-GAAP Performance The following non-GAAP measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
- Recurring revenue gross margin was 78% compared to 73% in the prior year.
- Operating income was $12.7 million compared to $8.7 million in the prior year.
- Net income was $11.2 million, or $0.20 per fully diluted share, compared to $7.1 million, or $0.14 per fully diluted share in the prior year.
Business Highlights for the Fourth Quarter 2015
- CallidusCloud unveiled its next-generation version of its multi-award-winning incentive and commissions platform at an exclusive summit for executives from High Tech companies. The packed house, full of top customers and prospects, was treated to a first look at the new innovations in the platform including the new guided UI that makes unlocking the power of incentives easier than ever. President and CEO Leslie Stretch was joined by leaders from the customer and partner community who shared their first hand experiences with the audience.
- In December, CallidusCloud hosted its first partner summit bringing together thought leaders and industry experts from its partner ecosystem. At the summit a program of incentives and enablement activities was announced to accelerate the adoption of Lead to Money amongst leading systems integrators, consulting partners and independent software vendors.
- CallidusCloud announced a unique new mobile Configure Price Quote application enabling remote users and field personnel to reduce the time it takes to generate quotes and proposals on the go. The new app provides salespeople the ability to configure value-rich quotes in the field and seamlessly sync them up for sending when back online. The mobile app provides access to critical product, pricing and configuration information in the field and eliminates the need for re-keying between systems, speeding up the sale.
- The Litmos mobile learning platform joined the ADP marketplace in October, making the award-winning platform available to the thousands of users of ADP's Human Capital Management technologies. Litmos users will now be able to access pre-integrated workforce data in real-time through one intuitive platform.
Financial Outlook for 2016 - First Quarter and Full Year
For the first quarter of 2016, the Company expects total revenue to be between $47.8 million and $48.8 million, including $750 thousand of revenue from BridgeFront. GAAP operating loss is expected to be between $4.5 million and $6.0 million, with GAAP net loss per share between $0.09 and $0.11. Non-GAAP operating income is expected to be between $2.6 million and $3.6 million, with non-GAAP income per diluted share between $0.04 and $0.06.
For the full year of 2016, the Company is maintaining its previous revenue guidance of $210.0 million to $215.0 million, including $3.0 million of revenue from BridgeFront. We are projecting full-year SaaS revenue growth to be 30% to 35%, including $3.0 million from BridgeFront. GAAP operating loss is expected to be between $15.0 million and $18.0 million, with GAAP net loss per share between $0.29 and $0.33. Non-GAAP operating income is expected to be between $17.0 million and $19.0 million, with non-GAAP income per diluted share between $0.25 and $0.29.
Conference Call
In conjunction with this announcement CallidusCloud will host a conference call at 1:30 p.m. Pacific Standard Time (PST) today to discuss the fourth quarter and outlook for the first quarter 2016 and full year 2016. 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: 877-280-4960 (International callers: 857-244-7317) Passcode: 66768068 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 the global leader in cloud-based sales, marketing and learning 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. Approximately 4,600 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 Measures
In 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, non-GAAP net income, and non-GAAP net income per diluted 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 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, net income and net income per diluted share. 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, net income and net income per diluted share. Restructuring and other expense consists of employee severance, facility exit costs, impairment of intangible assets and incremental depreciation expense as a result of the change in the estimated useful life of assets abandoned. We feel it is useful to investors to understand the effects of these items on our financial results.
Patent litigation and settlement costs and patent litigation estimates: We have excluded the effect of patent infringement and litigation defense costs, settlement costs and patent litigation estimates from our non-GAAP gross profit, recurring revenue gross profit, operating expenses, operating income, net income and net income per diluted share. We believe patent litigation and settlement costs and patent litigation estimates 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.
Convertible note interest expense, conversion costs and amortization of convertible note issuance costs: We have excluded the costs of convertible note interest expense, redemption inducement and issuance costs from our non-GAAP net income and net income per diluted share. We believe that these costs are not indicative of our continuing operations or meaningful in evaluating current versus past business results.
Amortization and gain on sale of acquired intangible assets: We have excluded the effect of amortization and gain on sale of acquired intangibles which include developed technology, customer relationships, trade names, domain names, patents and licenses from our non-GAAP gross profit, recurring revenue gross profit, operating expenses, operating income, other income and expense, net income and net income per diluted share. Amortization and gain on sale 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 per diluted share. 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.
Note on Forward-Looking Statements
The forward-looking statements included in this press release, including for example discussion of our commercial prospects, estimates of future revenues, operating income/loss and expenses, earnings per share, stock-based compensation expenses, amortization of acquired intangible assets, restructuring and other expenses, and patent litigation and settlement costs and estimates 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, changes in staffing levels, and other risks detailed in periodic 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 415-445-3238, 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.
�2016 Callidus Software Inc. All rights reserved. Callidus, Callidus Software, the Callidus Software logo, CallidusCloud, the CallidusCloud logo, 6FigureJobs, BridgeFront, Clicktools, iCentera, Lead to Money, LeadFormix, LeadRocket, Learnpass, Litmos, the Litmos logo, Love Your LMS, Portals for Mortals, Producer Pro, SalesGenius, Surve, Syncfrog, Thunderbridge and TrueComp 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.
CALLIDUS SOFTWARE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended
December 31, December 31, December 31, December 31,
------------- ------------- ------------- -------------
2015 2014 2015 2014
------------- ------------- ------------- -------------
Revenue:
Recurring $ 36,004 $ 28,326 $ 129,911 $ 99,807
Services and
license 10,780 9,800 43,176 36,811
------------- ------------- ------------- -------------
Total revenue 46,784 38,126 173,087 136,618
Cost of revenue:
Recurring 9,073 7,576 34,306 31,282
Services and
license 8,104 7,288 32,145 24,756
------------- ------------- ------------- -------------
Total cost of
revenue 17,177 14,864 66,451 56,038
------------- ------------- ------------- -------------
Gross profit 29,607 23,262 106,636 80,580
------------- ------------- ------------- -------------
Operating
expenses:
Sales and
marketing 15,408 13,352 58,785 47,040
Research and
development 7,202 5,469 26,088 20,307
General and
administrative 8,877 8,142 33,290 26,255
Income from
settlement and
patent
licensing (500) (500) (500) (500)
Restructuring
and other 394 316 628 1,025
------------- ------------- ------------- -------------
Total
operating
expenses 31,381 26,779 118,291 94,127
------------- ------------- ------------- -------------
Operating loss (1,774) (3,517) (11,655) (13,547)
Interest income
and other
income
(expense), net (108) (444) (522) 3,504
Interest expense (31) (77) (180) (506)
------------- ------------- ------------- -------------
Loss before
provision for
income taxes (1,913) (4,038) (12,357) (10,549)
Provision for
income taxes 225 71 791 1,012
------------- ------------- ------------- -------------
Net loss $ (2,138) $ (4,109) $ (13,148) $ (11,561)
============= ============= ============= =============
Net loss per
share
Basic and
Diluted $ (0.04) $ (0.08) $ (0.24) $ (0.24)
============= ============= ============= =============
Weighted average
shares used in
computing net
loss per share:
Basic and
Diluted 56,390 48,987 54,719 47,457
============= ============= ============= =============
CALLIDUS SOFTWARE INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, December 31,
2015 2014
-------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 77,232 $ 34,200
Short-term investments 19,977 2,766
Accounts receivable, net 43,461 41,623
Prepaid and other current assets 11,385 10,384
-------------- --------------
Total current assets 152,055 88,973
Property and equipment, net 20,540 18,755
Goodwill 50,146 46,970
Intangible assets, net 14,885 17,757
Deposits and other assets 4,016 3,843
-------------- --------------
Total assets $ 241,642 $ 176,298
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,635 $ 2,056
Accrued payroll and related expenses 12,510 9,051
Accrued expenses 11,018 18,343
Deferred revenue 74,644 61,427
Capital lease obligations - 1,001
-------------- --------------
Total current liabilities 101,807 91,878
Deferred revenue, noncurrent 5,186 10,195
Deferred income taxes, noncurrent 1,477 561
Revolving line of credit - 10,481
Other noncurrent liabilities 4,371 4,709
-------------- --------------
Total liabilities 112,841 117,824
-------------- --------------
Stockholders' equity:
Common stock 56 49
Additional paid-in capital 428,776 344,312
Treasury stock (14,430) (14,430)
Accumulated other comprehensive loss (1,735) (739)
Accumulated deficit (283,866) (270,718)
-------------- --------------
Total stockholders' equity 128,801 58,474
-------------- --------------
Total liabilities and stockholders'
equity $ 241,642 $ 176,298
============== ==============
CALLIDUS SOFTWARE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Twelve Months Ended December 31,
2015 2014
--------------- ---------------
Cash flows from operating activities:
Net loss $ (13,148) $ (11,561)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation expense 6,011 5,503
Amortization of intangible assets 5,687 4,971
Gain on sale of intangible assets - (3,862)
Provision for doubtful accounts 1,897 852
Stock-based compensation 18,592 11,813
Deferred income taxes 26 (86)
Release of valuation allowance - (265)
Excess tax benefits from stock-based
compensation (91) -
Loss on disposal of property and
equipment 10 43
Amortization of convertible notes
issuance cost - 58
Net amortization on investments 133 27
Changes in operating assets and
liabilities:
Accounts receivable (2,944) (11,746)
Prepaid and other current assets (972) (3,749)
Other noncurrent assets (549) (1,088)
Accounts payable 1,413 (794)
Accrued expenses and other
liabilities 67 6,696
Accrued payroll and related expenses 3,459 1,149
Accrued restructuring and other
expenses (131) (181)
Deferred revenue 7,009 11,371
--------------- ---------------
Net cash provided by operating activities 26,469 9,151
--------------- ---------------
Cash flows from investing activities:
Purchases of investments (24,479) (2,784)
Proceeds from maturities and sale of
investments 7,119 7,850
Purchases of property and equipment
(net) (13,128) (7,121)
Proceeds from sale of intangible assets,
net of expense - 4,651
Purchases of intangible assets (827) (1,112)
Acquisitions, net of cash acquired (4,365) (15,488)
--------------- ---------------
Net cash (used in) investing activities (35,680) (14,004)
--------------- ---------------
Cash flows from financing activities:
Proceeds from follow-on offering, net of
issuance costs 64,372 -
Proceeds from issuance of common stock 4,484 4,852
Restricted stock units acquired to
settle employee withholding liability (3,070) (1,723)
Excess tax benefits from stock-based
compensation 91 -
Proceeds (repayment) from/to line of
credit (10,481) 10,481
Payment of consideration related to
acquisitions (1,802) (630)
Repayment of debt - (645)
Payment of principal under capital
leases (1,001) (1,294)
--------------- ---------------
Net cash provided by financing activities 52,593 11,041
--------------- ---------------
Effect of exchange rates on cash and cash
equivalents (350) (283)
--------------- ---------------
Net increase in cash and cash equivalents 43,032 5,905
Cash and cash equivalents at beginning of
period 34,200 28,295
--------------- ---------------
Cash and cash equivalents at end of period $ 77,232 $ 34,200
=============== ===============
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 and estimates, interest expense on convertible notes, amortization of convertible note issuance costs, debt conversion expense, restructuring and other expenses, acquisition-related costs and gain on sale of domain names and trademarks as follows:
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------------- -----------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
Cost of revenues:
Recurring $ 1,165 $ 724 $ 3,956 $ 4,234
Services and license 304 302 1,191 1,073
Operating expenses:
Sales and marketing 1,892 1,526 6,818 4,594
Research and development 840 619 3,031 2,012
General and
administrative 1,642 2,953 8,160 9,278
Restructuring and other 675 316 1,151 1,025
Interest income and other
income (expense) (3,508)
----------- ----------- ----------- -----------
Total $ 6,518 $ 6,440 $ 24,307 $ 18,708
=========== =========== =========== ===========
CALLIDUS SOFTWARE INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except for percentages and per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------------ ------------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
Non-GAAP gross profit
reconciliation:
Gross profit $ 29,607 $ 23,262 $ 106,636 $ 80,580
Gross margin 63% 61% 62% 59%
Add back:
Non-cash stock-based
compensation 725 603 2,386 1,938
Non-cash amortization
of acquired
intangible assets 746 657 2,760 2,413
Patent litigation
estimate - (234) - 956
----------- ----------- ----------- -----------
Non-GAAP gross profit $ 31,078 $ 24,288 $ 111,782 $ 85,887
----------- ----------- ----------- -----------
Gross margin 66% 64% 65% 63%
Non-GAAP recurring
revenue gross profit
reconciliation:
Recurring revenue gross
profit $ 26,931 $ 20,750 $ 95,605 $ 68,525
Recurring revenue
gross margin 75% 73% 74% 69%
Add back:
Non-cash stock-based
compensation 431 312 1,237 912
Non-cash amortization
of acquired
intangible assets 735 646 2,719 2,366
Patent litigation
estimate - (234) - 956
----------- ----------- ----------- -----------
Non-GAAP recurring
revenue gross profit $ 28,097 $ 21,474 $ 99,561 $ 72,759
----------- ----------- ----------- -----------
Recurring revenue
gross margin 78% 76% 77% 73%
Non-GAAP operating expense reconciliation:
Operating expenses $ 31,382 $ 26,779 $ 118,292 $ 94,127
Operating expenses, as
a % of total revenues 67% 70% 68% 69%
Subtract:
Non-cash stock-based
compensation (3,943) (3,294) (16,205) (9,875)
Non-cash amortization
of acquired
intangible assets (401) (434) (1,678) (1,387)
Patent litigation and
settlement costs (29) (753) (123) (1,925)
Acquisition-related
costs (279) (449) (523) (708)
Restructuring and
other (394) (316) (628) (1,025)
Patent litigation
estimate - (168) (1,989)
----------- ----------- ----------- -----------
Non-GAAP operating
expenses $ 26,336 $ 21,365 $ 99,135 $ 77,218
----------- ----------- ----------- -----------
Non-GAAP operating
expenses, as a % of
total revenues 56% 56% 57% 57%
CALLIDUS SOFTWARE INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except for percentages and per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------- ---------------------
2015 2014 2015 2014
--------- --------- --------- ---------
Non-GAAP operating income
(loss) reconciliation:
Operating loss $ (1,774) $ (3,517) $ (11,655) $ (13,547)
Operating loss, as a % of
total revenues (4)% (9)% (7)% (10)%
Add back:
Non-cash stock-based
compensation 4,668 3,897 18,592 11,813
Non-cash amortization of
acquired intangible
assets 1,147 1,091 4,440 3,800
Patent litigation and
settlement costs 29 753 123 1,925
Acquisition-related costs 279 449 523 708
Restructuring and other 394 316 628 1,025
Patent litigation estimate - (66) - 2,945
--------- --------- --------- ---------
Non-GAAP operating income $ 4,743 $ 2,923 $ 12,651 $ 8,669
--------- --------- --------- ---------
Non-GAAP operating income
(loss), as a % of total
revenues 10% 8% 7% 6%
Non-GAAP net income (loss)
reconciliation:
Net loss $ (2,138) $ (4,109) $ (13,148) $ (11,561)
Net loss, as a % of total
revenues (5)% (11)% (8)% (8)%
Add back:
Non-cash stock-based
compensation 4,668 3,897 18,592 11,813
Non-cash amortization of
acquired intangible
assets 1,147 1,091 4,440 3,800
Patent litigation and
settlement costs 29 753 123 1,925
Acquisition-related costs 279 449 523 727
Restructuring and other 394 316 628 1,025
Patent litigation estimate - (66) - 2,945
Interest expense on
convertible notes - - - 277
Amortization of
convertible note issuance
cost - - - 58
Gain on sale of domain
names and trademarks - - - (3,862)
--------- --------- --------- ---------
Non-GAAP net income $ 4,379 $ 2,331 $ 11,158 $ 7,147
--------- --------- --------- ---------
Non-GAAP net income
(loss), as a % of total
revenues 9% 6% 6% 5%
Non-GAAP net income (loss)
per share reconciliation:
Net loss per basic and
diluted share $ (0.04) $ (0.08) $ (0.24) $ (0.24)
Add back:
Non-cash stock-based
compensation 0.08 0.08 0.34 0.25
Non-cash amortization of
acquired intangible
assets 0.02 0.02 0.08 0.08
Patent litigation and
settlement costs - 0.02 - 0.03
Acquisition-related costs 0.01 0.01 0.01 0.02
Restructuring and other 0.01 - 0.01 0.02
Patent litigation estimate - - - 0.06
Interest expense on
convertible notes - - - 0.01
Amortization of
convertible note issuance
cost - - - (0.01)
Gain on sale of domain
names and trademarks - - - (0.08)
--------- --------- --------- ---------
Non-GAAP net income per
diluted share $ 0.08 $ 0.05 $ 0.20 $ 0.14
--------- --------- --------- ---------
Basic and fully diluted
shares reconciliation:
GAAP Basic shares 56,390 48,987 54,719 47,547
--------- --------- --------- ---------
Add back:
Weighted average effect of
diluted securities 1,740 1,909 1,650 2,575
--------- --------- --------- ---------
Diluted shares (a) 58,130 50,896 56,369 50,122
--------- --------- --------- ---------
(a) Shares used in the per share calculation for reconciling items GAAP and
Non-GAAP financial measures
CALLIDUS SOFTWARE INC.
FINANCIAL OUTLOOK
(unaudited)
(In thousands, except per share data)
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 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
March 31, 2016
-----------------------------------------
GAAP Non-GAAP
--------------------- -------------------
Total revenue $47,800 - $48,800 $47,800 - $48,800
Operating income (loss) (a) ($4,500) - ($6,000) $2,600 - $3,600
Net income (loss) per diluted
share (c) ($0.09) - ($0.11) $0.04 - $0.06
Twelve Months Ended
December 31, 2016
-----------------------------------------
GAAP Non-GAAP
--------------------- -------------------
Total revenue $210,000 - $215,000 $210,000 - $215,000
Operating income (loss) (b) ($15,000) - ($18,000) $17,000 - $19,000
Net income (loss) per diluted
share (c) ($0.29) - ($0.33) $0.25 - $0.29
(a) Estimated non-GAAP amounts above for the three months ending March 31,
2016 reflect adjustments that exclude the estimated amortization of
acquired intangible assets of approximately $1.1 - $1.3 million,
estimated stock-based compensation expense of approximately $6.5 - $7.0
million, patent litigation costs and restructuring and other expenses of
approximately $0.1 - $0.4 million, and approximately $0.1 million in
expense related to BridgeFront acquisition earnout.
(b) Estimated non-GAAP amounts above for the twelve months ending December
31, 2016 reflect adjustments that exclude the estimated amortization of
acquired intangible assets of approximately $4.7 - $5.2 million,
estimated stock-based compensation expense of approximately $27.0 -
$28.5 million, patent litigation costs, restructuring and other expenses
of approximately $0.7 - $1.5 million, and approximately $0.3 million in
expense related to BridgeFront acquisition earnout.
(c) Non-GAAP fully diluted share count is between 58.5 million and 61.0
million. GAAP share count is between 56.5 million and 59.0 million.
Investor Relations Contact Ed Keaney Market Street Partners (415) 445-3238 [email protected]
Source: Callidus Software Inc.