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CallidusCloud Announces Third Quarter SaaS Revenue Increases 26% to $38.7 Million




DUBLIN, CA — (Marketwired) — 11/01/16 — Callidus Software Inc. (NASDAQ: CALD)

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.”

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.

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.

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.

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.

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.

866-324-2828 (International callers: 678-509-7525)
94533428
A webcast replay will be available on the Investor Relations section of our website under Calendar of Events.

For more information, please visit:

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 .

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.

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 (). 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.

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.

Ed Keaney
Market Street Partners
(415) 445-3238





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