CURRENT REPORT | ||
PURSUANT TO SECTION 13 OR 15(d) OF THE | ||
SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) |
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Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | |||||
Emerging growth company | |||||
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Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
Cornerstone OnDemand, Inc. | ||
/s/ Chirag Shah | ||
Chirag Shah | ||
Chief Financial Officer |
1 Non-GAAP operating income, non-GAAP operating income margin, non-GAAP net income, non-GAAP diluted net income per share, unlevered free cash flow, and unlevered free cash flow margin are non-GAAP financial measures. See the discussion in the section titled “Non-GAAP Financial Measures and Other Key Metrics” and the reconciliations at the end of this press release. | |||||
2 In order to translate the financial outlook for entities reporting in GBP and EUR to USD, the following exchange rates have been applied: | |||||
Exchange rate applied to revenue for the second quarter of 2021 | $1.37 USD per GBP | ||||
Exchange rate applied to revenue and annual recurring revenue for fiscal 2021 | $1.37 USD per GBP | ||||
Exchange rate applied to revenue for the second quarter of 2021 | $1.19 USD per EUR | ||||
Exchange rate applied to revenue and annual recurring revenue for fiscal 2021 | $1.19 USD per EUR |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 128,862 | $ | 153,151 | |||||||
Accounts receivable, net | 137,191 | 221,461 | |||||||||
Deferred commissions, current portion | 45,587 | 45,786 | |||||||||
Prepaid expenses and other current assets | 35,615 | 30,615 | |||||||||
Total current assets | 347,255 | 451,013 | |||||||||
Capitalized software development costs, net | 51,559 | 50,812 | |||||||||
Property and equipment, net | 27,982 | 32,271 | |||||||||
Operating right-of-use assets | 69,470 | 74,419 | |||||||||
Deferred commissions, net of current portion | 88,132 | 89,698 | |||||||||
Long-term investments | 1,750 | 8,565 | |||||||||
Intangible assets, net | 412,343 | 436,290 | |||||||||
Goodwill | 961,593 | 961,322 | |||||||||
Deferred tax assets | 19,152 | 19,169 | |||||||||
Other assets | 12,246 | 11,010 | |||||||||
Total assets | $ | 1,991,482 | $ | 2,134,569 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable, accrued expenses, and other current liabilities | $ | 104,496 | $ | 129,908 | |||||||
Deferred revenue, current portion | 425,988 | 446,886 | |||||||||
Operating lease liabilities, current portion | 12,866 | 10,830 | |||||||||
Debt, current portion | 10,047 | 10,047 | |||||||||
Total current liabilities | 553,397 | 597,671 | |||||||||
Debt, net of current portion | 1,077,714 | 1,176,239 | |||||||||
Deferred revenue, net of current portion | 3,002 | 5,184 | |||||||||
Operating lease liabilities, net of current portion | 61,563 | 65,911 | |||||||||
Deferred tax liabilities | 7,854 | 11,936 | |||||||||
Other liabilities, non-current | 5,315 | 8,754 | |||||||||
Total liabilities | 1,708,845 | 1,865,695 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.0001 par value | 7 | 6 | |||||||||
Additional paid-in capital | 860,980 | 835,069 | |||||||||
Accumulated deficit | (577,114) | (564,662) | |||||||||
Accumulated other comprehensive loss | (1,236) | (1,539) | |||||||||
Total stockholders’ equity | 282,637 | 268,874 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,991,482 | $ | 2,134,569 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue | $ | 209,273 | $ | 150,136 | |||||||
Cost of revenue 1,2 | 60,536 | 41,924 | |||||||||
Gross profit | 148,737 | 108,212 | |||||||||
Operating expenses: | |||||||||||
Sales and marketing 1,2 | 69,735 | 55,330 | |||||||||
Research and development 1 | 30,770 | 24,085 | |||||||||
General and administrative 1,2 | 31,562 | 24,725 | |||||||||
Acquisition-related and integration | 1,530 | 6,811 | |||||||||
Restructuring1 | 6,089 | — | |||||||||
Total operating expenses | 139,686 | 110,951 | |||||||||
Income (loss) from operations | 9,051 | (2,739) | |||||||||
Other income (expense): | |||||||||||
Interest expense | (18,770) | (5,501) | |||||||||
Other, net | (4,904) | (5,364) | |||||||||
Other expense, net | (23,674) | (10,865) | |||||||||
Loss before income tax provision | (14,623) | (13,604) | |||||||||
Income tax benefit (provision) | 2,171 | (171) | |||||||||
Net loss | $ | (12,452) | $ | (13,775) | |||||||
Net loss per share, basic and diluted | $ | (0.19) | $ | (0.22) | |||||||
Weighted average common shares outstanding, basic and diluted | 65,397 | 61,631 | |||||||||
1 Includes stock-based compensation as follows: | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cost of revenue | $ | 2,056 | $ | 2,701 | |||||||
Sales and marketing | 6,297 | 8,584 | |||||||||
Research and development | 4,055 | 4,800 | |||||||||
General and administrative | 5,873 | 7,085 | |||||||||
Restructuring | 1,201 | — | |||||||||
Total | $ | 19,482 | $ | 23,170 |
2 Includes amortization of intangible assets as follows: | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cost of revenue | $ | 9,490 | $ | 1,663 | |||||||
Sales and marketing | 14,182 | 83 | |||||||||
General and administrative | 603 | — | |||||||||
Total | $ | 24,275 | $ | 1,746 | |||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (12,452) | $ | (13,775) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 36,800 | 11,964 | |||||||||
Accretion of debt discount and amortization of debt issuance costs | 4,184 | 1,090 | |||||||||
Net foreign currency and other loss | 4,928 | 5,179 | |||||||||
Stock-based compensation expense | 19,482 | 23,170 | |||||||||
Deferred income taxes | (4,203) | — | |||||||||
Bad debt (recoveries) expense | (306) | 447 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 81,394 | 35,516 | |||||||||
Deferred commissions | 2,248 | 582 | |||||||||
Prepaid expenses and other assets | (6,488) | (6,550) | |||||||||
Accounts payable, accrued expenses, and other current liabilities | (28,338) | (18,135) | |||||||||
Deferred revenue | (21,515) | (35,557) | |||||||||
Other liabilities, non-current | 2,377 | 2,057 | |||||||||
Net cash provided by operating activities | 78,111 | 5,988 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of marketable investments | — | (20,419) | |||||||||
Maturities and sales of investments | — | 272,173 | |||||||||
Capital expenditures | (943) | (971) | |||||||||
Capitalized software costs | (7,721) | (7,389) | |||||||||
Cash paid for acquisitions, net of cash acquired | — | (18,639) | |||||||||
Net cash (used in) provided by investing activities | (8,664) | 224,755 | |||||||||
Cash flows from financing activities | |||||||||||
Repayment of debt | (102,512) | — | |||||||||
Proceeds from employee stock plans | 7,511 | 10,130 | |||||||||
Net cash (used in) provided by financing activities | (95,001) | 10,130 | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,187 | (626) | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (24,367) | 240,247 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 155,854 | 215,907 | |||||||||
Cash, cash equivalents, and restricted cash at end of period1 | $ | 131,487 | $ | 456,154 | |||||||
Supplemental cash flow data | |||||||||||
Cash paid for interest | $ | 18,976 | $ | 8,625 | |||||||
Cash paid for income taxes | 2,674 | 955 | |||||||||
Non-cash investing and financing activities: | |||||||||||
Capitalized stock-based compensation | 1,278 | 2,190 | |||||||||
1 Below is a reconciliation of cash, cash equivalents, and restricted cash: | |||||||||||
As of March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash and cash equivalents | $ | 128,862 | $ | 456,154 | |||||||
Restricted cash included in prepaid expenses and other current assets | 396 | — | |||||||||
Restricted cash included in other assets | 2,229 | — | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 131,487 | $ | 456,154 |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Reconciliation of cost of revenue, gross profit, and gross margin: | |||||||||||
Revenue | $ | 209,273 | $ | 150,136 | |||||||
Cost of revenue | 60,536 | 41,924 | |||||||||
Gross profit | $ | 148,737 | $ | 108,212 | |||||||
Gross margin | 71.1 | % | 72.1 | % | |||||||
Cost of revenue | $ | 60,536 | $ | 41,924 | |||||||
Adjustments to cost of revenue: | |||||||||||
Stock-based compensation1 | (2,056) | (2,138) | |||||||||
Amortization of intangible assets | (9,490) | (1,663) | |||||||||
Total adjustments to cost of revenue | (11,546) | (3,801) | |||||||||
Non-GAAP cost of revenue | 48,990 | 38,123 | |||||||||
Non-GAAP gross profit | $ | 160,283 | $ | 112,013 | |||||||
Non-GAAP gross margin | 76.6 | % | 74.6 | % | |||||||
Reconciliation of income (loss) from operations and operating margin: | |||||||||||
Income (loss) from operations | $ | 9,051 | $ | (2,739) | |||||||
Operating margin | 4.3 | % | (1.8) | % | |||||||
Adjustments to income (loss) from operations: | |||||||||||
Stock-based compensation1, 3 | 18,281 | 19,109 | |||||||||
Amortization of intangible assets | 24,275 | 1,746 | |||||||||
Acquisition-related and integration2 | 1,530 | 6,811 | |||||||||
Restructuring3 | 6,089 | — | |||||||||
Total adjustments to income (loss) from operations | 50,175 | 27,666 | |||||||||
Non-GAAP operating income | $ | 59,226 | $ | 24,927 | |||||||
Non-GAAP operating margin | 28.3 | % | 16.6 | % | |||||||
1 The difference between stock-based compensation presented above and stock-based compensation as reported in the consolidated statement of operations for the three months ended March 31, 2020, represents an amount accrued for cash bonuses as of December 31, 2019, which was settled in equity during the first quarter of 2020. | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2020 | |||||||||||
Cost of revenue | $ | 2,138 | |||||||||
Sales and marketing | 7,674 | ||||||||||
Research and development | 3,386 | ||||||||||
General and administrative | 5,911 | ||||||||||
Total | $ | 19,109 | |||||||||
2 Expenses related to the acquisitions of Saba Software, Inc. and Clustree SAS primarily consisting of external professional services directly associated with the acquisitions, such as advisory fees, accounting and legal costs, filing fees, due diligence, and integration costs. | |||||||||||
3 Stock-based compensation related to restructuring is presented in the restructuring line item. |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net loss | $ | (12,452) | $ | (13,775) | |||||||
Adjustments to net loss | |||||||||||
Stock-based compensation1, 3 | 18,281 | 19,109 | |||||||||
Amortization of intangible assets | 24,275 | 1,746 | |||||||||
Acquisition-related and integration2 | 1,530 | 6,811 | |||||||||
Restructuring3 | 6,089 | — | |||||||||
Accretion of debt discount and amortization of debt issuance costs4 | 4,184 | 1,090 | |||||||||
Income tax benefit | (365) | — | |||||||||
Fair value adjustment on strategic investments5 | 6,862 | — | |||||||||
Total adjustments to net loss | 60,856 | 28,756 | |||||||||
Non-GAAP net income | $ | 48,404 | $ | 14,981 | |||||||
Non-GAAP basic net income per share | $ | 0.74 | $ | 0.24 | |||||||
Non-GAAP diluted net income per share | $ | 0.70 | $ | 0.23 | |||||||
Weighted-average common shares outstanding, basic | 65,397 | 61,631 | |||||||||
Non-GAAP weighted-average common shares outstanding, diluted | 69,576 | 66,188 |
1 The difference between stock-based compensation presented above and stock-based compensation as reported in the consolidated statement of operations for the three months ended March 31, 2020, represents an amount accrued for cash bonuses as of December 31, 2019, which was settled in equity during the first quarter of 2020. | ||
2 Expenses related to the acquisitions of Saba Software, Inc. and Clustree SAS primarily consisting of external professional services directly associated with the acquisitions, such as advisory fees, accounting and legal costs, filing fees, due diligence, and integration costs. | ||
3 Stock-based compensation related to restructuring is presented in the restructuring line item. | ||
4 Debt discount accretion and debt issuance cost amortization have been recorded in connection with our issuance of (i) $1.0047 billion of term loan debt on April 22, 2020; and (ii) $300.0 million in convertible notes on December 8, 2017 as well as the modification of these convertible notes on April 20, 2020 to extend the maturity date from July 1, 2021 to March 17, 2023. These expenses represent non-cash charges that have been recorded in accordance with the authoritative accounting literature for such transactions. | ||
5 A write-down of approximately $6.9 million was recognized during the three months ended March 31, 2021 related to a strategic investment. |
Three Months Ended | |||||||||||
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Reconciliation of unlevered free cash flow: | |||||||||||
Net cash provided by operating activities | $ | 78,111 | $ | 5,988 | |||||||
Capital expenditures | (943) | (971) | |||||||||
Capitalized software costs | (7,721) | (7,389) | |||||||||
Cash paid for interest | 18,976 | 8,625 | |||||||||
Unlevered free cash flow | $ | 88,423 | $ | 6,253 | |||||||
Unlevered free cash flow margin | 42.3 | % | 4.2 | % |
FY 2020 | FY 2021 | |||||||||||||||||||||||||
Q1'20 | Q2'20 | Q3'20 | Q4'20 | Q1’21 | FY18 | FY19 | FY20 | |||||||||||||||||||
SELECTED METRICS: | ||||||||||||||||||||||||||
Number of customers1 | 3,522 | 6,308 | 6,229 | 6,157 | 6,084 | 3,333 | 3,508 | 6,157 | ||||||||||||||||||
% y/y | 4.6 | % | 84.3 | % | 80.8 | % | 75.5 | % | 72.7 | % | 2.6 | % | 5.3 | % | 75.5 | % | ||||||||||
% q/q | 0.4 | % | 79.1 | % | (1.3) | % | (1.2) | % | (1.2) | n/a | n/a | n/a | ||||||||||||||
Number of employees | 1,975 | 3,184 | 3,027 | 2,919 | 2,818 | 1,953 | 1,993 | 2,919 | ||||||||||||||||||
% y/y | (2.1) | % | 56.5 | % | 52.4 | % | 46.5 | % | 42.7 | % | 3.3 | % | 2.0 | % | 46.5 | % | ||||||||||
% q/q | (0.9) | % | 61.2 | % | (4.9) | % | (3.6) | % | (3.5) | n/a | n/a | n/a | ||||||||||||||
Net annual dollar retention rate2 | n/a | n/a | n/a | n/a | n/a | 105.7 | % | 104.6 | % | 95.1 | % | |||||||||||||||
Annual recurring revenue (in thousands) | n/a | n/a | n/a | n/a | n/a | 510,000 | 575,000 | 840,000 | ||||||||||||||||||
Net cash provided by operating activities (in thousands) | 5,988 | 22,774 | 33,147 | 35,025 | 78,111 | 90,253 | 115,549 | 96,934 | ||||||||||||||||||
Unlevered free cash flow (in thousands) | 6,253 | 15,394 | 55,929 | 36,356 | 88,423 | 63,471 | 90,203 | 113,932 | ||||||||||||||||||
Unlevered free cash flow margin | 4.2 | % | 8.4 | % | 28.0 | % | 17.6 | % | 42.3 | % | 11.8 | % | 15.6 | % | 15.4 | % | ||||||||||
FINANCIAL DATA (in thousands, except percentages): | ||||||||||||||||||||||||||
Revenue | 150,136 | 184,358 | 199,498 | 206,924 | 209,273 | 537.891 | 576,523 | 740,916 | ||||||||||||||||||
Subscription revenue | 144,421 | 177,217 | 185,643 | 197,878 | 200,584 | 473.052 | 542,968 | 705,159 | ||||||||||||||||||
% y/y growth | 10.0 | % | 33.7 | % | 35.1 | % | 39.6 | % | 38.9 | % | n/a | 14.8 | % | 29.9 | % | |||||||||||
Subscription revenue % of total revenue | 96.2 | % | 96.1 | % | 93.1 | % | 95.6 | % | 95.8 | % | 87.9 | % | 94.2 | % | 95.2 | % | ||||||||||
Income (loss) from operations | (2,739) | (22,368) | (1,618) | (4,826) | 9,051 | (7.769) | 11,933 | (31,551) | ||||||||||||||||||
MARGIN DATA: | ||||||||||||||||||||||||||
Gross margin | 72.1 | % | 68.5 | % | 67.7 | % | 69.8 | % | 71.1 | % | 73.2 | % | 74.1 | % | 69.4 | % | ||||||||||
Sales and marketing % of revenue | 36.9 | % | 35.2 | % | 36.0 | % | 35.5 | % | 33.3 | % | 41.8 | % | 39.5 | % | 35.8 | % | ||||||||||
Research and development % of revenue | 16.0 | % | 15.4 | % | 14.9 | % | 14.9 | % | 14.7 | % | 14.3 | % | 17.5 | % | 15.2 | % | ||||||||||
General and administrative % of revenue | 16.5 | % | 13.8 | % | 14.5 | % | 15.2 | % | 15.1 | % | 16.7 | % | 15.0 | % | 14.9 | % | ||||||||||
Acquisition-related and integration % of revenue | 4.5 | % | 10.9 | % | 2.4 | % | 2.7 | % | 0.7 | % | 0.2 | % | — | 5.0 | % | |||||||||||
Restructuring % of revenue | — | 5.3 | % | 0.7 | % | 3.9 | % | 2.9 | % | 1.7 | % | — | 2.6 | % | ||||||||||||
Operating margin | (1.8) | % | (12.1) | % | (0.8) | % | (2.3) | % | 4.3 | % | (1.4) | % | 2.1 | % | (4.3) | % | ||||||||||
NON-GAAP MARGIN DATA: | ||||||||||||||||||||||||||
Non-GAAP gross margin | 74.6 | % | 73.7 | % | 73.5 | % | 75.2 | % | 76.6 | % | 74.1 | % | 76.0 | % | 74.2 | % | ||||||||||
Non-GAAP sales and marketing % of revenue | 31.7 | % | 26.4 | % | 25.3 | % | 25.4 | % | 23.5 | % | 37.2 | % | 34.7 | % | 26.9 | % | ||||||||||
Non-GAAP research and development % of revenue | 13.8 | % | 13.9 | % | 12.7 | % | 12.3 | % | 12.8 | % | 12.1 | % | 14.8 | % | 13.1 | % | ||||||||||
Non-GAAP general and administrative % of revenue | 12.5 | % | 11.8 | % | 12.1 | % | 12.3 | % | 12.0 | % | 13.2 | % | 11.1 | % | 12.2 | % | ||||||||||
Non-GAAP operating margin | 16.6 | % | 21.6 | % | 23.4 | % | 25.2 | % | 28.3 | % | 11.8 | % | 15.4 | % | 22.1 | % | ||||||||||
Non-GAAP research and development plus capitalized software % of revenue | 18.7 | % | 17.2 | % | 16.1 | % | 15.6 | % | 16.5 | % | 16.8 | % | 19.1 | % | 16.8 | % | ||||||||||
FOREIGN EXCHANGE RATES: | ||||||||||||||||||||||||||
GBP to USD average period rate | 1.28 | 1.26 | 1.29 | 1.32 | 1.38 | 1.34 | 1.28 | 1.29 | ||||||||||||||||||
GBP to USD end of period spot rate | 1.23 | 1.23 | 1.28 | 1.37 | 1.38 | 1.27 | 1.32 | 1.37 | ||||||||||||||||||
EUR to USD average period rate | 1.10 | 1.11 | 1.17 | 1.19 | 1.21 | 1.18 | 1.12 | 1.14 | ||||||||||||||||||
EUR to USD end of period spot rate | 1.10 | 1.12 | 1.17 | 1.23 | 1.17 | 1.14 | 1.12 | 1.23 | ||||||||||||||||||
1 During the second quarter of 2020, we adjusted our method of determining customer count to exclude customers that are sold through resellers that share one tenant or instance of our product. The numbers included here reflect this change. We continue to exclude customers from our Cornerstone for Salesforce, PiiQ, Grovo, Workpop, and Clustree products from our customer count metrics. | ||||||||||||||||||||||||||
2 During 2020, we adjusted our method of determining our net annual dollar retention rate. Prior to 2020, incremental sales were only included to the extent those sales offset any decrease in annual recurring revenue from the original amount on the first day of the fiscal year and therefore, the historical net annual dollar retention rate could never exceed 100%. Beginning in 2020, this ratio includes all customers. Previously, Cornerstone for Salesforce, Cornerstone PiiQ, Grovo, and Workpop customers were excluded from the calculation. The percentages included here reflect these changes. |
FY 2020 | FY 2021 | |||||||||||||||||||||||||
Q1'20 | Q2'20 | Q3'20 | Q4'20 | Q1’21 | FY18 | FY19 | FY20 | |||||||||||||||||||
NON-GAAP RECONCILIATIONS FOR SELECTED METRICS (in thousands, except percentages): | ||||||||||||||||||||||||||
Net cash provided by operating activities | 5,988 | 22,774 | 33,147 | 35,025 | 78,111 | 90,253 | 115,549 | 96,934 | ||||||||||||||||||
Capital expenditures | (971) | (1,304) | (635) | (2,875) | (943) | (14,895) | (18,034) | (5,785) | ||||||||||||||||||
Capitalized software costs | (7,389) | (6,135) | (6,772) | (6,779) | (7,721) | (25,515) | (24,668) | (27,075) | ||||||||||||||||||
Cash paid for interest | 8,625 | 59 | 30,189 | 10,985 | 18,976 | 13,628 | 17,356 | 49,858 | ||||||||||||||||||
Unlevered free cash flow | 6,253 | 15,394 | 55,929 | 36,356 | 88,423 | 63,471 | 90,203 | 113,932 | ||||||||||||||||||
Unlevered free cash flow margin | 4.2 | % | 8.4 | % | 28.0 | % | 17.6 | % | 42.3 | % | 11.8 | % | 15.6 | % | 15.4 | % | ||||||||||
Gross margin | 72.1 | % | 68.5 | % | 67.7 | % | 69.8 | % | 71.1 | % | 73.2 | % | 74.1 | % | 69.4 | % | ||||||||||
Stock-based compensation | 1.4 | % | 1.2 | % | 1.1 | % | 0.9 | % | 1.0 | % | 0.7 | % | 1.1 | % | 1.0 | % | ||||||||||
Amortization of intangible assets | 1.1 | % | 4.0 | % | 4.7 | % | 4.5 | % | 4.5 | % | 0.2 | % | 0.8 | % | 3.8 | % | ||||||||||
Non-GAAP gross margin | 74.6 | % | 73.7 | % | 73.5 | % | 75.2 | % | 76.6 | % | 74.1 | % | 76.0 | % | 74.2 | % | ||||||||||
Sales and marketing % of revenue | 36.9 | % | 35.2 | % | 36.0 | % | 35.5 | % | 33.3 | % | 41.8 | % | 39.5 | % | 35.8 | % | ||||||||||
Stock-based compensation | (5.1) | % | (3.0) | % | (3.5) | % | (3.3) | % | (3.1) | % | (4.6) | % | (4.8) | % | (3.6) | % | ||||||||||
Amortization of intangible assets | (0.1) | % | (5.8) | % | (7.2) | % | (6.8) | % | (6.7) | % | — | % | — | % | (5.3) | % | ||||||||||
Non-GAAP sales and marketing % of revenue | 31.7 | % | 26.4 | % | 25.3 | % | 25.4 | % | 23.5 | % | 37.2 | % | 34.7 | % | 26.9 | % | ||||||||||
Research and development % of revenue | 16.0 | % | 15.4 | % | 14.9 | % | 14.9 | % | 14.7 | % | 14.3 | % | 17.5 | % | 15.2 | % | ||||||||||
Stock-based compensation | (2.2) | % | (1.5) | % | (2.2) | % | (2.6) | % | (1.9) | % | (2.2) | % | (2.7) | % | (2.1) | % | ||||||||||
Non-GAAP research and development % of revenue | 13.8 | % | 13.9 | % | 12.7 | % | 12.3 | % | 12.8 | % | 12.1 | % | 14.8 | % | 13.1 | % | ||||||||||
General and administrative % of revenue | 16.5 | % | 13.8 | % | 14.5 | % | 15.2 | % | 15.1 | % | 16.7 | % | 15.0 | % | 14.9 | % | ||||||||||
Stock-based compensation | (4.0) | % | (1.8) | % | (2.1) | % | (2.6) | % | (2.8) | % | (3.5) | % | (3.9) | % | (2.5) | % | ||||||||||
Amortization of intangible assets | — | % | (0.2) | % | (0.3) | % | (0.3) | % | (0.3) | % | — | % | — | % | (0.2) | % | ||||||||||
Non-GAAP general and administrative % of revenue | 12.5 | % | 11.8 | % | 12.1 | % | 12.3 | % | 12.0 | % | 13.2 | % | 11.1 | % | 12.2 | % | ||||||||||
Operating margin | (1.8) | % | (12.1) | % | (0.8) | % | (2.3) | % | 4.3 | % | (1.4) | % | 2.1 | % | (4.3) | % | ||||||||||
Stock-based compensation | 12.7 | % | 7.4 | % | 8.9 | % | 9.3 | % | 8.8 | % | 11.1 | % | 12.5 | % | 9.5 | % | ||||||||||
Amortization of intangible assets | 1.2 | % | 10.1 | % | 12.2 | % | 11.6 | % | 11.6 | % | 0.2 | % | 0.8 | % | 9.3 | % | ||||||||||
Acquisition-related and integration | 4.5 | % | 10.9 | % | 2.4 | % | 2.7 | % | 0.7 | % | 0.2 | % | — | % | 5.0 | % | ||||||||||
Restructuring | — | % | 5.3 | % | 0.7 | % | 3.9 | % | 2.9 | % | 1.7 | % | — | % | 2.6 | % | ||||||||||
Non-GAAP operating margin | 16.6 | % | 21.6 | % | 23.4 | % | 25.2 | % | 28.3 | % | 11.8 | % | 15.4 | % | 22.1 | % | ||||||||||
Research and development plus capitalized software % of revenue | 20.9 | % | 18.7 | % | 18.3 | % | 18.2 | % | 18.4 | % | 19.0 | % | 21.8 | % | 18.9 | % | ||||||||||
Stock-based compensation | (2.2) | % | (1.5) | % | (2.2) | % | (2.6) | % | (1.9) | % | (2.2) | % | (2.7) | % | (2.1) | % | ||||||||||
Non-GAAP research and development plus capitalized software % of revenue | 18.7 | % | 17.2 | % | 16.1 | % | 15.6 | % | 16.5 | % | 16.8 | % | 19.1 | % | 16.8 | % |
Cover |
May 06, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 06, 2021 |
Entity Registrant Name | Cornerstone OnDemand, Inc. |
Entity File Number | 001-35098 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 13-4068197 |
Entity Address, Address Line One | 1601 Cloverfield Blvd. |
Entity Address, Address Line Two | Suite 620 South |
Entity Address, City or Town | Santa Monica |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90404 |
City Area Code | 310 |
Local Phone Number | 752-0200 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | CSOD |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001401680 |
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