Callidus Software Announces Third Quarter 2008 Results
Tuesday October 28, 4:01 pm ET
Strong Total Revenues $28.3 Million; Recurring Revenues $10.9 Million, Up 83% Year Over Year; Callidus On-Demand Payees Over 73,000, Up From 23,000 One Year Ago
SAN JOSE, CA--(MARKET WIRE)--Oct 28, 2008 -- Callidus Software Inc. (NasdaqGM:CALD - News), the leader in Sales Performance Management (SPM), today announced financial results for the third quarter ended September 30, 2008.
Total third quarter revenues were $28.3 million, up 14% compared to the third quarter of 2007. Third quarter 2008 license revenues were $6.8 million, while third quarter services and other revenues were $10.6 million.
Subscription and support revenues for the third quarter were $10.9 million, an increase of 83% over the third quarter of 2007. The net new Annual Contract Value (ACV) of on-demand bookings in the third quarter was $1.3 million, down from $2.6 million in the third quarter of 2007, bringing the cumulative ACV to $24.8 million.
Third quarter GAAP net loss was $1.4 million or ($0.05) per share, which included $2.0 million of stock-based compensation expense and $500,000 of amortization of acquired intangible assets. This compares to net loss of $4.0 million, or ($0.14) per share, for the third quarter of 2007, which included $1.2 million of stock-based compensation expense and no amortization of acquired intangible assets.
Non-GAAP net income, which excludes stock-based compensation expense pursuant to SFAS 123(R) and amortization of acquired intangible assets, was $1.1 million for the third quarter of 2008, compared to a non-GAAP net loss of $2.8 million for the same period last year.
Cash and investments totaled $45.7 million at September 30, 2008, a decrease of $3.0 million from June 30, 2008.
"Against the background of the most challenging economy in recent history we delivered strong quarterly revenues because we provide the market-leading solutions to properly address the fundamental business problems of sales performance and incentive compensation management. Pay-for-performance and end-to-end visibility of incentives and their effects has never been more important," said Leslie Stretch, president and CEO at Callidus Software. "I am also especially pleased that our continued focus on profitability has resulted in Callidus achieving a non-GAAP profit this quarter. We continue to add world-class brands to our customer roster in both our on-demand and on-premise businesses. Our subscription and support recurring revenues were a significant contributor to our total revenue and margin performance."
Recent Business Highlights
-- Callidus added approximately 10,000 payees to its Callidus On-Demand
service, bringing the cumulative total to over 73,000 payees, up from
23,000 one year ago.
-- Callidus launched Callidus Plan Communicator, a product built natively
on Salesforce.com's platform-as-a-service, Force.com, to help companies
streamline the compensation plan distribution and approval process.
-- Callidus received a Positive rating in Gartner's 2008 Sales Incentive
Compensation Management MarketScope report.
-- Callidus won CRM Magazine's 2008 CRM Market Leader award for the
Incentive Management category.
-- Callidus hosted its first EMEA thought leadership Sales Performance
Management conference.
-- Callidus announced an expanded partnership with OpenSymmetry to deploy
and implement Callidus' on-demand and on-premise solutions, expanding
market coverage for Callidus' solutions.
Financial Outlook
-- Total revenue for the fourth quarter of 2008 is expected to be between
$25.5 million and $27 million.
-- GAAP Operating expenses, including stock-based compensation of
approximately $2.0 million, are expected to be between $14.5 million and
$15.5 million in the fourth quarter of 2008.
