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Actionable news in CALD: Callidus Software, Inc.,

Calliduscloud Announces Fourth Quarter And Full Year 2015 Total Revenue Of $46.8 Million And $173.1 Million

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

Reaffirms 2016 Total Revenue Guidance of $210.0 Million to $215.0 Million

Q4 SaaS Revenue Increases 34% to $32.6 Million

Q4 Non-GAAP Earnings per Share Increases 59% to $0.08

Annual Operating Cash Flow Increases 189% to $26.5 Million

Callidus Software Inc. (NASDAQ:

a global leader in cloud-based sales, marketing, learning and customer experience solutions,

today announced financial results for the year ended December 31, 2015.

"We finished 2015 with a strong fourth quarter. We had record total revenues, excellent SaaS growth (off a higher base) and we continued to make money," said Leslie Stretch, president and CEO, CallidusCloud. "We expect our sales and marketing investments to continue to drive momentum in 2016 as we focus on delivering a world-class customer experience, and profitable growth."

Financial Highlights for the Fourth Quarter 2015

Total reported revenue was $46.8 million for the fourth quarter, an increase of 23% and includes $0.9 million of revenue from the Bridgefront acquisition. Total recurring revenue was $36.0 million, which includes SaaS revenue of $32.6 million and maintenance revenue of $3.4 million. SaaS revenue increased 34% over the same quarter in the prior year, benefiting from the continued success in our Lead to Money suite and revenue from Bridgefront. Excluding the Bridgefront revenue, SaaS revenue increased 30% over the same quarter last year. Services and license revenue was $10.8 million, consisting of $10.6 million in services revenue, a 10% increase over prior year, and $0.2 million in license revenue. Cash and short-term investments were $97.2 million. Cash flow from operations for the quarter was $5.9 million, compared to cash used for operations of $965 thousand in the same quarter of the prior year.

GAAP Performance

Recurring revenue gross margin was 75%, compared to 73% for the same quarter in the prior year.

Overall gross margin was 63%, compared to 61% for the same quarter in the prior year.

Operating loss was $1.8 million compared to $3.5 million for the same quarter in the prior year.

Net loss was $2.1 million,

or ($0.04) on a per share basis

, compared to net loss of $4.1 million, or ($0.08) 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%, compared to 76% for the same quarter in the prior year.

Overall gross margin was 66%, compared to 64%, for the same quarter in the prior year.

Operating income was $4.7 million, compared to $2.9 million for the same quarter in the prior year.

Net income was $4.4

per fully diluted share, compared to $2.3 million, or $0.05 per fully diluted share, for the same quarter in the prior year.

Financial Highlights for the Full Fiscal 2015

Total revenue was $173.1 million for the full fiscal year, an increase of 27% and includes $1.5 million of revenue from the BridgeFront acquisition. Total recurring revenue was $129.9 million, which includes SaaS revenue of $115.5 million and maintenance revenue of $14.4 million. SaaS revenue increased 38% over the prior year, including $1.5 million of SaaS revenue from BridgeFront. Services and license revenue of $43.2 million consisted of $41.5 million in services revenue, a 28% increase over prior year, and $1.7 million in license revenue. Cash flow from operations for the full year was $26.5 million, reflecting a 189% increase over last year.

Recurring revenue gross margin was 74%, compared to 69% in the prior year.

Operating loss was $11.7 million compared to $13.5 million in the prior year.

Net loss was $13.1 million, or ($0.24) on a per share basis, compared to a net loss of $11.6 million, or ($0.24) per share in the prior year.

Recurring revenue gross margin was 78% compared to 73% in the prior year.

Operating income was $12.7 million compared to $8.7 million in the prior year.

Net income was $11.2 million, or $0.20 per fully diluted share, compared to $7.1 million, or $0.14 per fully diluted share in the prior year.

Business Highlights for the Fourth Quarter 2015

CallidusCloud unveiled its next-generation version of its multi-award-winning incentive and commissions platform at an exclusive summit for executives from High Tech companies. The packed house, full of top customers and prospects, was treated to a first look at the new innovations in the platform including the new guided UI that makes unlocking the power of incentives easier than ever. President and CEO Leslie Stretch was joined by leaders from the customer and partner community who shared their first hand experiences with the audience.

In December, CallidusCloud hosted its first partner summit bringing together thought leaders and industry experts from its partner ecosystem. At the summit a program of incentives and enablement activities was announced to accelerate the adoption of Lead to Money amongst leading systems integrators, consulting partners and independent software vendors.

CallidusCloud announced a unique new mobile Configure Price Quote application enabling remote users and field personnel to reduce the time it takes to generate quotes and proposals on the go. The new app

provides salespeople the ability to configure value-rich quotes in the field and seamlessly sync them up for sending when back online. The mobile app provides access to critical product, pricing and configuration information in the field and eliminates the need for re-keying between systems, speeding up the sale.

The Litmos mobile learning platform joined the ADP marketplace in October, making the award-winning platform available to the thousands of users of ADP's Human Capital Management technologies. Litmos users will now be able to access pre-integrated workforce data in real-time through one intuitive platform.

Financial Outlook for 2016 – First Quarter and Full Year

For the first quarter of 2016, the Company expects total revenue to be between $47.8 million and $48.8 million, including

$750 thousand of revenue from BridgeFront. GAAP operating loss is expected to be between $4.5 million and $6.0 million, with GAAP net loss per share between $0.09 and $0.11. Non-GAAP operating income is expected to be between $2.6 million and $3.6 million

with non-GAAP income per diluted share between $0.04 and $0.06.

For the full year of 2016, the Company is maintaining its previous revenue guidance of $210.0 million to $215.0 million, including $3.0 million of revenue from BridgeFront. We are projecting full-year SaaS revenue growth to be 30% to 35%, including $3.0 million from BridgeFront. GAAP operating loss is expected to be between $15.0 million and $18.0 million, with GAAP net loss per share between $0.29 and $0.33. Non-GAAP operating income is expected to be between $17.0 million and $19.0 million

with non-GAAP income per diluted share between...


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