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News and Information Article
Record Q4 Revenues $24.1 million; Up 40% Year Over Year
Record Fiscal Year 2006 Revenues $76.1 Million, Up 24%
SAN JOSE, Calif., Jan. 25 /-FirstCall/ -- Callidus Software
Inc. (Nasdaq: CALD), a leading provider of Sales Performance Management
(SPM) and Enterprise Incentive Management (EIM) software, today announced
financial results for the fourth quarter and the year ended December 31,
2006.
Total fourth quarter revenues were the highest in the Companys history
at $24.1 million, an increase of 40% compared to the fourth quarter 2005.
Fourth quarter license revenues were $9.1 million, an increase of 25%
compared to the fourth quarter 2005. Fourth quarter maintenance and service
revenues were $15.0 million, an increase of 50% compared to the fourth
quarter 2005. In addition, hosted on-demand bookings were $1.6 million in
the fourth quarter compared to zero in the fourth quarter of 2005.
Fourth quarter net income was $0.1 million, or $0.00 per share, and
included $1.1 million of stock-based compensation expense. This compares to
a net loss of $1.5 million, or ($0.06) per share, for the fourth quarter of
2005 which included a reversal of $0.4 million of stock-based compensation
expense.
For fiscal year 2006, total revenues were up 24% from $61.5 million in
2005 to $76.1 million. License revenues were up 56% from $17.8 million in
2005 to $27.8 million in 2006. Net loss for fiscal 2006, including $4.8
million of stock-based compensation, was $8.7 million, or ($0.31) per
share. This compares to 2005 net loss of $8.6 million, or ($0.33) per share
which included $0.5 million of stock-based compensation expense.
Stock-based compensation expense increased in 2006 with the adoption of new
accounting rules compared to 2005.
"Our record revenues in the quarter helped us achieve a record year.
License revenues were strong, and I am particularly pleased with our
maintenance and service revenues which reflected the hard work weve done
to build new services to generate revenue," said Robert Youngjohns,
president and CEO. "We continue to build momentum and expand our product
offering in Sales Performance Management; we believe there is substantial
opportunity for growth in both our traditional enterprise software model
and through our hosted on-demand offering," Mr. Youngjohns concluded.
Recent Business Highlights
* Some of the customers purchasing Callidus solutions in the fourth
quarter included, AAA Michigan, ABN Amro, Mentor Graphics, Network
Appliance, Nokia, North Carolina Farm Bureau, Proximus, Safety-Kleen
Systems, Sun Life Financial, Sybase and UCB Pharma.
* Callidus held its sixth annual user conference, Callidus
TrueConnection(R), with record attendance of nearly 500 attendees. The
event featured over 50 sessions devoted to best practices in sales
performance and incentive compensation. Customer presentations included
Allstate, BellSouth, CUNA Mutual, Embarq, HP, HSBC, Network Appliance,
Telus Communications and Wachovia. Partners at the conference included
Accenture, Actuate, Compensation Technologies, Deloitte Consulting LLP,
Hexaware Technologies, IBM, Iconixx Corporation, Saama Technologies and
SAP.
* Callidus received a "Positive" rating from Gartner, Inc. in the firms
MarketScope for North American Insurance Incentive Compensation
Management Applications, 2006. Gartner indicated North American
insurance companies are showing renewed interest in upgrading producer
compensation systems to better manage and service their producers. The
report recognizes Callidus as one of the leading incentive compensation
management solution vendors for the insurance industry. Only three
companies were ranked "Positive" and no higher rankings were given.
* Callidus and SAP completed their first sale of Callidus products in the
fourth quarter, within 90 days of executing the cooperative development
agreement. In September, Callidus announced that SAP is authorized to
promote and market TrueComp(R) and TrueInformation(R) products in the
United States and Canada. In December, Callidus TrueComp became an
SAP-endorsed business solution.
* Callidus signed an agreement with The TerrAlign Group, Inc. to promote
TerrAlign(R), an advanced territory design and optimization application
with the power, speed, and flexibility for the largest, most
sophisticated field forces. The ability for Callidus to promote
TerrAlign quickly broadens Callidus product offering in the Sales
Performance Management space. The TerrAlign Group is also authorized to
promote Callidus industry leading products to their installed based and
prospective customers. Callidus completed the first TerrAlign-referred
sale of its products in the fourth quarter, within 90 days of executing
the partnership agreement.
* Callidus announced Callidus Virtual Training, an online virtual training
center for administrators and users of Callidus Softwares best of breed
TrueComp(R) Manager software. Callidus Virtual Training makes TrueComp
knowledge accessible anywhere, anytime for global compensation
professionals.
Q1 2007 Financial Outlook
* Total revenues for the first quarter 2007 are expected to be between
$20.5 million and $22.0 million. This would represent a 21% to 29%
increase compared to first quarter 2006 total revenues of $17.0 million.
* Operating expenses, including stock-based compensation, are expected to
be between $14.4 million and $14.9 million.
* Total stock-based compensation is expected to be approximately
$1.2 million.
Conference Call
A conference call to discuss the fourth quarter results is scheduled
for today at 1:30 p.m. Pacific Time (PT). The conference call will be
available via live-webcast at the Investor Relations section of Callidus
website at http://www.callidussoftware.com. To participate in the call by
telephone, the dial-in number is 866-770-7146 (international
+1-617-213-8068), passcode 78199005.
A telephone playback and webcast replay of the conference call will be
available after 3:30 p.m. PT today through February 8, 2007. The telephone
replay will be available by calling 888-286-8010 (international:
+1-617-801-6888), passcode 87976821. The webcast replay will be available
at the Investor Relations section of Callidus website under Calendar of
Events.
About Callidus Software
Founded in 1996, Callidus Software Inc. (http://www.callidussoftware.com) is
an industry leading Sales Performance Management (SPM) and Enterprise
Incentive Management (EIM) provider to global companies across multiple
industries. Callidus products allow enterprises to develop and manage
incentive compensation linked to the achievement of strategic business
objectives. Through its TrueComp(R) Grid architecture, Callidus Software
delivers a solution that combines the power and scalability of grid
computing with the flexibility of rules-based interface. Customers/Partners
include 7-Eleven, Accenture, CUNA Mutual, HP, IBM, Philips Medical Systems,
Sun Microsystems and Wachovia. Callidus Software is publicly traded on the
NASDAQ under the symbol CALD.
Non-GAAP Financial Measures
The non-GAAP financial measures provided in this press release are a
supplement to, and not a substitute for, our financial results presented in
accordance with generally accepted accounting principles (GAAP) in the
United States. The non-GAAP financial measures reflect our bookings of
hosted on-demand services. Total contract values of booked contracts
represent the fees payable over the non-cancellable terms of the contracts,
generally 2 to 5 years, and exclude implementation costs sold on a time and
materials basis. The non-GAAP financial measures provide what we believe is
an additional tool for investors to use in understanding our operational
results and trends. These non-GAAP financial results are used internally by
management to evaluate our operations, plan and forecast for future periods
and to allocate resources within the organization.
Note on Forward-Looking Statements
The forward looking statements included in this press release,
including with respect to building momentum and expanding our product
offering, the substantial market opportunity for traditional enterprise
software and on- demand hosted solutions, recurring revenues expected to be
derived from the Companys hosted on-demand contracts, estimates of first
quarter 2007 total revenues, operating expenses and stock-based
compensation expense, reflect managements best judgment based on factors
currently known and involve risks and uncertainties. These risks and
uncertainties include, but are not limited to, timing and size of software
license orders, potential material fluctuations in financial results and
future growth rates, decreases in customer spending, customer cancellation
or non-renewal of software maintenance contracts or on-demand services,
uncertainty regarding the demand for our hosted on-demand offering,
increased competition or new entrants in the marketplace, litigation and
other risks detailed in Callidus reports filed with the Securities and
Exchange Commission (SEC), including its Form 10-K and its Form 10-Q for
the third quarter of 2006, copies of which may be obtained by contacting
Callidus Softwares Investor Relations department at 408-808-6577, or from
the Investor Relations section of Callidus Softwares website
(http://www.callidussoftware.com). Actual results may differ materially from those
presently reported. We assume no obligation to update the information
contained in this release.
NOTE: Callidus Software, the Callidus Software logo, Callidus
TrueAnalytics, TrueComp, TrueComp Grid, TrueComp Manager, TrueInformation,
TrueResolution, TrueQuota, TrueConnection, and TrueProducer, are
trademarks, servicemarks, or registered trademarks or servicemarks of
Callidus Software Inc. 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
(unaudited)
Three months ended Year Ended
December 31, December 31,
2006 2005 2006 2005
Revenues:
License revenues $9,104 $7,261 $27,773 $17,843
Maintenance and
service revenues 14,958 9,978 48,335 43,610
Total revenues 24,062 17,239 76,108 61,453
Cost of revenues:
License revenues 157 118 546 377
Maintenance and
service revenues (1) 10,224 7,581 34,794 30,284
Total cost of revenues 10,381 7,699 35,340 30,661
Gross profit 13,681 9,540 40,768 30,792
Operating expenses:
Sales and marketing (1) 7,534 5,194 25,463 18,552
Research and development (1) 3,726 3,482 14,558 12,606
General and administrative (1) 3,093 2,813 12,367 9,744
Total operating expenses 14,353 11,489 52,388 40,902
Operating loss (672) (1,949) (11,620) (10,110)
Interest and other income, net 712 419 2,709 1,491
Income (loss) before
provision for income taxes 40 (1,530) (8,911) (8,619)
Provision (benefit)
for income taxes (62) (43) (62) (14)
Income (loss) before
cumulative effect of a
change in accounting principle 102 (1,487) (8,849) (8,605)
Cumulative effect of a change
in accounting principle -- -- 128 --
Net Income (loss) $102 $(1,487) $(8,721) $(8,605)
Basic net income
(loss) per share $0.00 $(0.06) $(0.31) $(0.33)
Diluted net income
(loss) per share $0.00 $(0.06) $(0.31) $(0.33)
Shares used in
basic per share computation 28,260 26,752 27,690 26,268
Shares used in
diluted per share computation 30,018 26,752 27,690 26,268
(1) Stock-based compensation included in amounts above by category:
Cost of maintenance
and service revenues $265 $20 $1,025 $109
Sales and marketing 251 (470) 1,045 (226)
Research and development 235 (1) 917 226
General and administrative 337 81 1,766 435
Total stock-based
compensation $1,088 $(370) $4,753 $544
CALLIDUS SOFTWARE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
December 31, December 31,
Assets 2006 2005
Current assets:
Cash and cash equivalents $12,082 $23,705
Short-term investments 40,857 40,000
Accounts receivable, net 23,064 11,063
Prepaid and other current assets 3,939 1,581
Total current assets 79,942 76,349
Property and equipment, net 4,086 2,801
Deposits and other assets 1,166 1,494
Total assets $85,194 $80,644
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable $899 $756
Accrued payroll and related expenses 6,647 6,383
Accrued expenses 3,721 2,043
Deferred revenue 13,726 12,205
Total current liabilities 24,993 21,387
Other liabilities 1,243 377
Long-term deferred revenue 1,578 729
Total liabilities 27,814 22,493
Stockholders equity
Common stock 28 27
Additional paid-in capital 193,499 186,232
Deferred stock-based compensation -- (445)
Accumulated other comprehensive income 408 171
Accumulated deficit (136,555) (127,834)
Total stockholders equity 57,380 58,151
Total liabilities and stockholders equity $85,194 $80,644
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