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Actionable news in CALD: Callidus Software, Inc.,

Calliduscloud Announces Third Quarter 2015 Results

The following excerpt is from the company's SEC filing.

Q3 SaaS Revenue of $30.2 Million, a 40% Year-over-Year Increase

Record Q3 Revenue of $44.3 Million, a 27% Year-over-Year Increase

Year to Date Operating Cash Flow, a 103% Year-over-Year Increase

Raises 2015 Revenue Guidance – $171.0 Million to $172.0 Million

Issues 2016 Revenue Guidance – $207.0 Million to $212.0 Million

*All revenue numbers

EXCLUDE

the BridgeFront acquisition

Callidus Software Inc. (NASDAQ:

), a global leader in cloud-based sales, marketing, learning and customer experience solutions, today ann ounced financial results for the third quarter ended September 30, 2015.

“Q3 was another great quarter. We had record total revenue and record SaaS revenue growth of 40% and we expanded our gross margin while we continued to make money,” said Leslie Stretch, president and CEO of CallidusCloud. “Our Lead to Money suite delivers unique competitive value to our customers and our ability to execute is better than ever. As a result, we are raising our full year guidance and expect continued momentum throughout 2016.”

Financial Highlights for the Third Quarter 2015

Total reported revenue was $44.9 million for the third quarter, an increase of 28% and includes $600 thousand of revenue from the Bridgefront acquisition. Total recurring revenue was $34.3 million, which includes SaaS revenue of $30.8 million and maintenance revenue of $3.5 million. SaaS revenue increased 43% over the same quarter in the prior year, benefiting from the continued success in our Lead to Money suite and $600 thousand of revenue from Bridgefront. Excluding the Bridgefront revenue, SaaS revenue increased 40% over the same quarter last year. Services and license revenue was $10.6 million, consisting of $10.2 million in services revenue, a 21% increase over prior year, and $400 thousand in license revenue, a decrease of approximately $600 thousand from the prior year. Cash and short-term investments were $95.7 million and cash flow from operations was $9.9 million in the quarter. Cash flow from operations year-to-date was $20.5 million through September 30, 2015, reflecting a 103% increase over last year.

GAAP Performance

Recurring revenue gross margin was 74%, compared to 65% for the same quarter in the prior year.

Overall gross margin was 61%, compared to 55% for the same quarter in the prior year.

Operating loss was $2.0 million compared to $4.9 million for the same quarter in the prior year.

Net loss was $2.2 million, or ($0.04) on a per share basis, compared to net loss of $5.2 million, or ($0.11) on a per share basis for the same quarter in the prior year.

Cash from operations was $9.9 million in the current quarter compared to $3.7 million 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%, compared to 73% for the same quarter in the prior year.

Overall gross margin was 64%, compared to 62%, for the same quarter in the prior year.

Operating income was $3.5 million, compared to $2.8 million for the same quarter in the prior year.

Net income was $3.2 million, or $0.06 per fully diluted share, compared to $2.5 million, or $0.05 per fully diluted share, for the same quarter in the prior year.

Business Highlights for the Third Quarter 2015

In August the leading insurers in North America gathered in Chicago for an exclusive summit addressing the key challenges ahead for the insurance industry and how CallidusCloud’s new solutions including Producer Pro will deliver faster time to market, faster time to coverage and the very best agent experience for insurance sales. The exclusive event brought together senior management from the top insurers in North America.

CallidusCloud was honored with 6 gold ‘Stevie’ awards at the International Business Awards in August including the prestigious ‘Grand Stevie’ award reserved only for the most successful companies. The company picked up 22 awards in total including best new cloud application for the Lead to Money suite, best lead generation solution and most innovative company of the year.

CallidusCloud and ServiceMax announced a partnership that will enable service personnel to configure price and quote proposals, while in front of customers to accelerate sales. ServiceMax leads the $18 billion global market for field software and this partnership enables ServiceMax-equipped field technicians to capitalize on revenue opportunities with CallidusCloud’s CPQ solution.

CallidusCloud announced a partnership with Seal Software to enable customers to unlock hidden value from contracts.

The partnership will enable companies to transform contracts into powerful searchable and actionable sources of information to uncover revenue opportunities, highlight risks and ensure compliance

. Seal Software is the leading provider of contract discovery and extraction software.

CallidusCloud was a sponsor at Salesforce.com’s annual Dreamforce customer conference in San Francisco in September. At the conference CallidusCloud partnered with Appirio and DocuSign to host exclusive VIP customer lounges in prime branding locations and events that were oversubscribed.

Financial Outlook for 2015 – Fourth Quarter and Full Year

For the fourth quarter of 2015, including

$750 thousand of revenue from BridgeFront, the Company expects total revenue to be between $46.0 million and $47.0 million. GAAP operating loss is expected to be between $1.5 million and $3.5 million, with GAAP net loss per share between $0.03 and $0.07. Non-GAAP operating income is expected to be between $4.1 million and $5.6 million, with non-GAAP income per diluted share between $0.06 and $0.09

For the full year of 2015, including $1.3 million of revenue from BridgeFront, the Company is increasing previous revenue guidance to the range of $172.3 million to $173.3 million. We are projecting full-year SaaS revenue growth to be 37%, including $1.3 million from BridgeFront. GAAP operating loss is expected to be between $11.4 million and $13

4 million, with GAAP net loss per share between $0.23 and $0.27. Non-GAAP operating income is expected to be between $12.0 million and $13.5 million, with non-GAAP income per diluted share between $0.18 and $0.21.

Preliminary Outlook for 2016

For the full year of 2016, the Company expects total revenue to be between $210.0 and $215.0 million, including $750 thousand per quarter, or $3.0 million for the full year from BridgeFront. Additionally we are projecting SaaS revenue growth for the year of 30% plus.

Conference Call

In conjunction with this announcement CallidusCloud will host a conference call at 1:30 p.m. Pacific...


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