CallidusCloud Announces Third Quarter SaaS Revenue Increases 26% to $38.7 Million
DUBLIN, CA -- (Marketwired) -- 11/01/16 -- Callidus Software Inc. (NASDAQ: CALD)
- Total Q3 Revenue of $52.5 Million
- Operating Cash Flow of $7.8 Million
- Completed Follow-on Offering Raising $87.1 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 third quarter ended September 30, 2016.
"Q3 was a great quarter with solid sales execution, strong financial performance, and a successful follow-on offering," said Leslie Stretch, president and CEO of CallidusCloud. "We anticipate our sales momentum will continue in 2017."
Financial Highlights for the Third Quarter 2016 SaaS revenue was $38.7 million, an increase of 26% over the same quarter in the prior year, while maintenance revenue was $2.8 million, resulting in total recurring revenue of $41.5 million. SaaS revenue growth continues to benefit from success in our Lead to Money suite. Professional services revenue was $11.0 million. Total reported revenue was $52.5 million for the third quarter, an increase of 17%. SaaS billings growth rate was 31% and normalized billings growth was 26% over last year. Cash and short-term investments were $186.2 million, including $87.1 million in net proceeds from our September 2016 follow-on stock offering. Cash flow from operations for the quarter was $7.8 million, compared to cash flow from operations of $9.9 million in the same quarter of the prior year.
GAAP Performance
- Recurring revenue gross margin was 74%, consistent with the corresponding period in the prior year.
- Overall gross margin was 62%, compared to 61% for the same quarter in the prior year.
- Operating loss was $3.6 million compared to $2.0 million for the same quarter in the prior year.
- Net loss was $3.9 million, or ($0.07) on a per share basis, compared to net loss of $2.2 million, or ($0.04) 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%, consistent with the corresponding period in the prior year.
- Overall gross margin was 65%, compared to 64% for the same quarter in the prior year.
- Operating income was $5.0 million, compared to $3.5 million for the same quarter in the prior year.
- Net income was $4.8 million, or $0.08 per fully diluted share, compared to $3.2 million, or $0.06 per fully diluted share, for the same quarter in the prior year.
Business Highlights for the Third Quarter 2016
- CallidusCloud was named in the top 20 of this year's Selling Power 50 Best Companies to Sell For list. The list recognizes companies that have great sales processes including training, coaching and compensation strategies.
- CallidusCloud released powerful new innovations in its Lead to Money suite including new compensation plan distribution and performance visualizations in Commissions and voice-driven coaching objectives in Sales Performance Manager.
- CallidusCloud's Litmos Learning Platform was named a leader in Learning Management Systems, and also earned the highest overall score for satisfaction among more than 100 vendors, by G2 Crowd, an industry-leading review platform.
- CallidusCloud completed a follow-on stock offering of 5.1 million shares, resulting in $87.1 million in net cash proceeds to the Company. The offering, which was over-subscribed, brings new investors into the stock and further strengthens our financial condition.
Financial Outlook for 2016 - Fourth Quarter and Full Year
For the fourth quarter of 2016, the Company expects SaaS revenue to be between $41.0 million and $42.0 million. Maintenance revenue is expected to be between $2.0 million and $2.2 million. The Company expects total revenue to be between $54.0 million and $55.0 million. GAAP operating loss is expected to be between $3.6 million and $4.1 million, with GAAP net loss per share between $0.06 and $0.07. Non-GAAP operating income is expected to be between $4.7 million and $5.7 million, with non-GAAP income per diluted share between $0.06 and $0.08. We expect normalized billings for the fourth quarter to be between 25 and 30%.
For the full year of 2016, the Company is updating SaaS revenue guidance to be between $150.4 million and $151.4 million, or a 30 to 31% growth rate. Maintenance revenue is expected to be between $10.9 million and $11.1 million. The Company expects total revenue to be between $204.6 million and $205.6 million. GAAP operating loss is expected to be between $16.8 million and $17.3 million, with GAAP net loss per share between $0.31 and $0.32. The Company is updating non-GAAP operating income to be between $17.0 million and $18.0 million, with non-GAAP income per diluted share between $0.25 and $0.27.
Preliminary Outlook for 2017
For the full year of 2017, the Company expects SaaS revenue to be between $189.0 million and $196.0 million, representing 25 to 30% growth, and maintenance revenue between $5.0 million and $6.0 million. Total revenue is expected to be between $240.0 million and $246.0 million.
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 and outlook for the fourth 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: 866-324-2828 (International callers: 678-509-7525) Passcode: 94533428 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, learning and customer experience solutions. CallidusCloud enables organizations to accelerate and maximize their Lead to Money process with a complete suite of solutions that identify the right leads, ensure proper territory and quota distribution, enable sales forces, automate configure price quote, and streamline sales compensation -- driving bigger deals, faster. Approximately 5,000 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.
Amortization 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 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.
Taxes: We have excluded the tax expense related to the acquisitions from our non-GAAP operating net income and net income per diluted share. These costs include the tax expense relating to the difference between book and tax goodwill that we would not have otherwise incurred in presenting taxes on our normal operating activities.
Additionally, the Company believes the following supplemental non-GAAP financial information is useful to investors and others in assessing its operating performance. A calculation of the supplemental non-GAAP financial information is provided in the table titled "Non-GAAP Supplemental Financial Information."
- SaaS billings is calculated as SaaS revenue plus the change in SaaS deferred revenue in a period.
- Normalized SaaS billings is calculated as SaaS revenue plus the change in SaaS deferred revenue in a period plus or minus the effect of multiple year SaaS billings in that period.
We believe that normalized SaaS billings provide valuable insight into the sales of our solutions and the performance of our business. We do not consider normalized SaaS billings as a substitute for revenue recognition or revenue measurement.
Note on Forward-Looking 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, acquisition-related costs, 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 Quarterly Report on Form 10-Q 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, TrueComp, ViewCentral and Badgeville 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)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
Revenue:
Recurring $ 41,465 $ 34,301 $ 118,361 $ 93,907
Services and license 11,042 10,643 32,275 32,396
---------- ---------- ---------- ----------
Total revenue 52,507 44,944 150,636 126,303
Cost of revenue:
Recurring 10,948 9,034 31,047 25,233
Services and license 9,229 8,318 25,822 24,041
---------- ---------- ---------- ----------
Total cost of revenue 20,177 17,352 56,869 49,274
---------- ---------- ---------- ----------
Gross profit 32,330 27,592 93,767 77,029
---------- ---------- ---------- ----------
Operating expenses:
Sales and marketing 18,357 14,855 56,942 43,377
Research and development 8,637 6,846 23,127 18,886
General and administrative 8,894 7,883 26,445 24,413
Restructuring and other 80 - 482 234
---------- ---------- ---------- ----------
Total operating expenses 35,968 29,584 106,996 86,910
---------- ---------- ---------- ----------
Operating loss (3,638) (1,992) (13,229) (9,881)
Interest income and other
income (expense), net (3) (38) (55) (414)
Interest expense (48) (26) (130) (149)
---------- ---------- ---------- ----------
Loss before provision for
income taxes (3,689) (2,056) (13,414) (10,444)
Provision for income taxes 258 187 755 566
---------- ---------- ---------- ----------
Net loss $ (3,947) $ (2,243) $ (14,169) $ (11,010)
========== ========== ========== ==========
Net loss per share
Basic and Diluted $ (0.07) $ (0.04) $ (0.25) $ (0.20)
========== ========== ========== ==========
Weighted average shares used
in computing net loss per
share:
Basic and Diluted 58,009 56,104 57,237 54,156
========== ========== ========== ==========
CALLIDUS SOFTWARE INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
September 30, December 31,
2016 2015
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 167,116 $ 77,232
Short-term investments 19,123 19,977
Accounts receivable, net 48,444 43,461
Prepaid and other current assets 14,699 11,385
------------- -------------
Total current assets 249,382 152,055
Property and equipment, net 31,566 20,540
Goodwill 56,682 50,146
Intangible assets, net 17,684 14,885
Deposits and other non current assets 3,947 4,016
------------- -------------
Total assets $ 359,261 $ 241,642
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,572 $ 3,636
Accrued payroll and related expenses 13,983 12,510
Accrued expenses 18,627 11,017
Deferred revenue 88,690 74,644
------------- -------------
Total current liabilities 124,872 101,807
Deferred revenue, noncurrent 4,308 5,186
Deferred income taxes, noncurrent 1,455 1,477
Other noncurrent liabilities 6,401 4,371
------------- -------------
Total liabilities 137,036 112,841
------------- -------------
Stockholders' equity:
Common stock 63 56
Additional paid-in capital 538,225 428,776
Treasury stock (14,430) (14,430)
Accumulated other comprehensive loss (3,597) (1,735)
Accumulated deficit (298,036) (283,866)
------------- -------------
Total stockholders' equity 222,225 128,801
------------- -------------
Total liabilities and stockholders' equity $ 359,261 $ 241,642
============= =============
CALLIDUS SOFTWARE INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
Nine Months Ended
September 30,
2016 2015
---------- ----------
Cash flows from operating activities:
Net loss $ (14,169) $ (11,010)
Adjustments to reconcile net loss to net cash used
provided by activities:
Depreciation expense 5,656 4,501
Amortization of intangible assets 4,616 3,985
Provision for doubtful accounts 1,227 1,097
Stock-based compensation 20,910 13,924
Loss on foreign currency from market-to-market
derivative (1) -
Excess tax benefits from stock-based
compensation (26) (29)
Deferred income taxes 13 (381)
Loss on disposal of property and equipment 22 10
Net amortization on investments 132 78
Changes in operating assets and liabilities:
Accounts receivable (6,037) 3,373
Prepaid and other current assets (3,374) 487
Other noncurrent assets 118 104
Accounts payable 19 3
Accrued expenses (225) 17
Accrued payroll and related expenses 1,473 14
Accrued restructuring and other expenses 314 (99)
Deferred revenue 10,101 4,448
---------- ----------
Net cash provided by operating activities 20,769 20,522
---------- ----------
Cash flows from investing activities:
Purchases of investments (12,113) (19,444)
Proceeds from maturities and sale of investments 12,876 3,554
Purchases of property and equipment (7,091) (9,548)
Purchases of intangible assets (687) (524)
Acquisitions, net of cash acquired (11,500) (4,365)
---------- ----------
Net cash used in investing activities (18,515) (30,327)
---------- ----------
Cash flows from financing activities:
Proceeds from follow-on offering, net of issuance
costs 87,144 64,372
Proceeds from issuance of common stock 4,082 4,236
Restricted stock units acquired to settle employee
withholding liability (2,705) (2,656)
Excess tax benefits from stock-based compensation 26 29
Repayment of line of credit - (10,482)
Payment of consideration related to acquisitions (510) (1,802)
Payment of principal under capital leases - (778)
---------- ----------
Net cash provided by financing activities 88,037 52,919
---------- ----------
Effect of exchange rates on cash and cash
equivalents (407) (197)
---------- ----------
Net increase in cash and cash equivalents 89,884 42,917
Cash and cash equivalents at beginning of period 77,232 34,200
---------- ----------
Cash and cash equivalents at end of period $ 167,116 $ 77,117
========== ==========
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, acquisition-related costs, tax impact from acquisitions and
restructuring and other expenses as follows:
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------- ----------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
Cost of revenues:
Recurring $ 1,334 $ 984 $ 3,656 $ 2,789
Services and license 530 287 1,567 886
Operating expenses:
Sales and marketing 2,675 1,657 7,616 4,926
Research and development 1,251 745 3,592 2,192
General and administrative 2,782 1,533 8,614 6,517
Restructuring and other 80 244 482 478
Taxes 82 - 142 -
---------- ---------- ---------- ----------
Total $ 8,734 $ 5,450 $ 25,669 $ 17,788
========== ========== ========== ==========
CALLIDUS SOFTWARE INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
(In thousands, except for percentages)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2016 2015 2016 2015
-------- -------- -------- --------
Non-GAAP gross profit
reconciliation:
Gross profit $ 32,330 $ 27,592 $ 93,767 $ 77,029
Gross margin 62% 61% 62% 61%
Add back:
Non-cash stock-based compensation 918 546 2,916 1,661
Non-cash amortization of acquired
intangible assets 946 725 2,306 2,015
Non-GAAP gross profit $ 34,194 $ 28,863 $ 98,989 $ 80,705
Gross margin 65% 64% 66% 64%
Non-GAAP recurring revenue gross
profit reconciliation:
Recurring revenue gross profit $ 30,517 $ 25,267 $ 87,314 $ 68,674
Recurring revenue gross margin 74% 74% 74% 73%
Add back:
Non-cash stock-based compensation 388 269 1,350 806
Non-cash amortization of acquired
intangible assets 946 715 2,306 1,984
Non-GAAP recurring revenue gross
profit $ 31,851 $ 26,251 $ 90,970 $ 71,464
Recurring revenue gross margin 77% 77% 77% 76%
Non-GAAP operating expense
reconciliation:
Operating expenses $ 35,968 $ 29,584 $106,996 $ 86,910
Operating expenses, as a % of
total revenues 69% 66% 71% 69%
Subtract:
Non-cash stock-based compensation (5,928) (3,469) (17,993) (12,262)
Non-cash amortization of acquired
intangible assets (501) (437) (1,308) (1,278)
Patent litigation and settlement
costs (29) (29) (86) (94)
Acquisition-related costs (250) (244) (435) (244)
Restructuring and other (80) - (482) (234)
Non-GAAP operating expenses $ 29,180 $ 25,405 $ 86,692 $ 72,798
Non-GAAP operating expenses, as a
% of total revenues 56% 57% 58% 58%
CALLIDUS SOFTWARE INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)
(In thousands, except for percentages and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2016 2015 2016 2015
-------- -------- -------- --------
Non-GAAP operating income (loss)
reconciliation:
Operating loss $ (3,638) $ (1,992) $(13,229) $ (9,881)
Operating loss, as a % of
total revenues (7)% (4)% (9)% (8)%
Add back:
Non-cash stock-based
compensation 6,846 4,015 20,910 13,924
Non-cash amortization of
acquired intangible assets 1,447 1,162 3,614 3,293
Patent litigation and
settlement costs 29 29 86 94
Acquisition-related costs 250 244 435 244
Restructuring and other 80 - 482 234
-------- -------- -------- --------
Non-GAAP operating income $ 5,014 $ 3,458 $ 12,298 $ 7,908
-------- -------- -------- --------
Non-GAAP operating income, as
a % of total revenues 10% 8% 8% 6%
Non-GAAP net income (loss)
reconciliation:
Net loss $ (3,947) $ (2,243) $(14,169) $(11,010)
Net loss, as a % of total
revenues (8)% (5)% (9)% (9)%
Add back:
Non-cash stock-based
compensation 6,846 4,015 20,910 13,924
Non-cash amortization of
acquired intangible assets 1,447 1,162 3,614 3,293
Patent litigation and
settlement costs 29 29 86 94
Acquisition-related costs 250 244 435 244
Restructuring and other 80 - 482 234
Taxes 82 - 142 -
-------- -------- -------- --------
Non-GAAP net income $ 4,787 $ 3,207 $ 11,500 $ 6,779
-------- -------- -------- --------
Non-GAAP net income, as a % of
total revenues 9% 7% 8% 5%
Non-GAAP net income (loss) per
share reconciliation:
Net loss per basic and diluted
share $ (0.07) $ (0.04) $ (0.25) $ (0.20)
Add back:
Non-cash stock-based
compensation 0.11 0.07 0.35 0.25
Non-cash amortization of
acquired
intangible assets 0.02 0.02 0.06 0.06
Patent litigation and
settlement costs - - - -
Acquisition-related costs 0.01 0.01 0.01 0.01
Restructuring and other - - 0.01 -
Taxes - - - -
Diluted share impact on GAAP
loss 0.01 - 0.01 -
-------- -------- -------- --------
Non-GAAP net income per diluted
share $ 0.08 $ 0.06 $ 0.19 $ 0.12
-------- -------- -------- --------
Basic and fully diluted shares
reconciliation:
Basic shares 58,009 56,104 57,237 54,156
-------- -------- -------- --------
Add back:
Weighted average effect of
dilutive securities 2,212 1,386 2,008 1,551
-------- -------- -------- --------
Diluted shares 60,221 57,490 59,245 55,707
-------- -------- -------- --------
CALLIDUS SOFTWARE INC.
Non-GAAP Supplemental Financial Information
(unaudited)
(In thousands, except for percentages)
Three Months Ended
September 30,
----------------------------
SaaS Billings 2016 2015
------------- -------------
SaaS revenue $ 38,723 $ 30,795
Add back:
Increase in SaaS deferred revenue 6,503 3,690
------------- -------------
SaaS billings $ 45,226 $ 34,485
------------- -------------
SaaS billings growth rate 31%
Normalized Billings
SaaS billings $ 45,226 $ 34,485
Multi-year billings impact (1,181) 539
------------- -------------
Normalized SaaS billings $ 44,045 $ 35,024
------------- -------------
Normalized SaaS billings growth rate 26%
CALLIDUS SOFTWARE INC.
FINANCIAL OUTLOOK
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.
REVENUE GUIDANCE
(In thousands)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, 2016 December 31, 2016
------------------- -------------------
SaaS revenue $41,000 - $42,000 $150,400 - $151,400
Maintenance revenue $2,000 - $2,200 $10,900 - $11,100
Total revenue $54,000 - $55,000 $204,600 - $205,600
RECONCILIATION OF GAAP TO NON-GAAP FORWARD LOOKING GUIDANCE MEASURES
(In thousands, except for per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, 2016 December 31, 2016
-------------------- --------------------
From To From To
--------- --------- --------- ---------
Non-GAAP operating income (loss)
reconciliation:
GAAP operating loss $ (3,600) $ (4,100) $ (16,800) $ (17,300)
--------- --------- --------- ---------
Add back:
Non-cash stock-based
compensation 6,600 7,100 27,500 28,000
Non-cash amortization of
acquired intangible assets 1,400 1,800 5,000 5,400
Acquisition, patent litgation,
restructuring and other 300 900 1,300 1,900
--------- --------- --------- ---------
Non-GAAP operating income $ 4,700 $ 5,700 $ 17,000 $ 18,000
--------- --------- --------- ---------
Three Months Ended Twelve Months Ended
December 31, 2016 December 31, 2016
-------------------- --------------------
Non-GAAP net income (loss) per
share reconciliation: From To From To
--------- --------- --------- ---------
GAAP net loss per basic share $ (0.06) $ (0.07) $ (0.31) $ (0.32)
--------- --------- --------- ---------
Add back:
Non-cash stock-based
compensation 0.10 0.11 0.45 0.46
Non-cash amortization of
acquired intangible assets 0.02 0.03 0.08 0.09
Acquisition, patent litgation,
restructuring and other - 0.01 0.02 0.03
Taxes - - - -
Diluted share impact on GAAP
earnings - - 0.01 0.01
--------- --------- --------- ---------
Non-GAAP net income per diluted
share $ 0.06 $ 0.08 $ 0.25 $ 0.27
--------- --------- --------- ---------
Shares used to calculate
guidance:
Basic shares 63,500 64,000 58,500 59,000
--------- --------- --------- ---------
Diluted shares 66,000 66,500 61,000 61,500
--------- --------- --------- ---------
Investor Relations Contact Ed Keaney Market Street Partners (415) 445-3238 [email protected]
Source: Callidus Software Inc.