Cornerstone OnDemand, Inc (CSOD) saw its loss narrow to $16.21 million, or $0.29 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $18.24 million, or $0.33 a share. On an adjusted basis, net profit for the quarter was $4.81 million, when compared with net loss $0.25 million in the last year period. Revenue during the quarter grew 12.34 percent to $111.58 million from $99.32 million in the previous year period. Gross margin for the quarter expanded 144 basis points over the previous year period to 69.57 percent. Operating margin for the quarter stood at negative 11.78 percent as compared to a negative 16.77 percent for the previous year period.
Operating loss for the quarter was $13.15 million, compared with an operating loss of $16.66 million in the previous year period.
However, the adjusted operating profit for the quarter stood at $4.92 million compared to operating loss of $1.06 million in prior year period.
“The demand environment for what we do has remained strong, and in the first quarter new client additions once again included several of the world’s leading companies,” said Adam Miller, the Company’s President and Chief executive officer. “Our dominance in the industry has allowed us to maintain consistent growth in our core business, and in Q1 we saw a return to solid performances across Europe.”
For the second-quarter 2017, Cornerstone OnDemand, Inc expects revenue to be in the range of $115 million to $118 million.
For fiscal year 2017, Cornerstone OnDemand, Inc expects revenue to be in the range of $477 million to $487 million.
Operating cash flow remains negative
Cornerstone OnDemand, Inc has spent $7.24 million cash to meet operating activities during the quarter as against cash outgo of $14.85 million in the last year period. The company has spent $20.25 million cash to meet investing activities during the quarter as against cash outgo of $2.46 million in the last year period.
Cash flow from financing activities was $3.47 million for the quarter, down 14.27 percent or $0.58 million, when compared with the last year period.
Cash and cash equivalents stood at $59.86 million as on Mar. 31, 2017, down 36.67 percent or $34.67 million from $94.53 million on Mar. 31, 2016.
Working capital increases
Cornerstone OnDemand, Inc has recorded an increase in the working capital over the last year. It stood at $152.12 million as at Mar. 31, 2017, up 8.06 percent or $11.35 million from $140.77 million on Mar. 31, 2016. Current ratio was at 1.51 as on Mar. 31, 2017, down from 1.51 on Mar. 31, 2016.
Days sales outstanding went down to 82 days for the quarter compared with 88 days for the same period last year.
At the same time, days payable outstanding went down to 38 days for the quarter from 46 for the same period last year.
Debt moves up marginally
Cornerstone OnDemand, Inc has witnessed an increase in total debt over the last one year. It stood at $240.79 million as on Mar. 31, 2017, up 3.99 percent or $9.24 million from $231.55 million on Mar. 31, 2016. Cornerstone Ondemand has witnessed an increase in long-term debt over the last one year. It stood at $240.79 million as on Mar. 31, 2017, up 3.99 percent or $9.24 million from $231.55 million on Mar. 31, 2016. Total debt was 41.67 percent of total assets as on Mar. 31, 2017, compared with 44.07 percent on Mar. 31, 2016. Debt to equity ratio was at 8.15 as on Mar. 31, 2017, down from 31.78 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
