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Saba Announces Second Quarter Fiscal Year 2012 Results
Bracknell, UK, Saba , the premier People Cloud provider, today reported financial results for its second quarter ended November 30, 2011.
-Cloud deferred revenue grew 113% year-over-year
-Cloud revenue grew 64% year-over-year
-Subscription revenue grew 23% year-over-year;
-Subscription gross margin expanded to 77%
Total deferred revenue increased 33% year-over-year to $47.3 million
"With cloud billings growing over 80% for the second straight quarter, we believe we have emerged as one of the fastest growing public cloud businesses,"
Results for the Second Quarter Fiscal Year 2012
Revenues: Total GAAP revenues were $30.4 million in the second quarter of fiscal year 2012, up 4% from $29.2 million in the same quarter last year. Total non-GAAP revenues in the second quarter of fiscal year 2012 were $30.6 million, up 5%, compared to $29.2 million in the same quarter last year. On a GAAP basis, cloud revenues in the second quarter increased 64% to $9.7 million from $5.9 million in the same quarter of the prior year. Non-GAAP revenues reflect the impact to revenue of fair value adjustments to deferred revenue due to acquisitions.
Deferred Revenue: Total deferred revenue was $47.3 million at the end of the second quarter of fiscal year 2012, up 33% year-over-year. Deferred revenue from cloud subscriptions grew 113% year-over-year to $23.8 million at the end of the second quarter.
Earnings (Loss) per Share: GAAP loss per share was $0.16 in the second quarter of fiscal year 2012 compared to a loss per share of $0.03 in the same period last year. Non-GAAP loss per share was $0.10 in the second quarter of fiscal year 2012 compared to earnings per share of $0.02 in the second quarter of the last fiscal year.
Our non-GAAP results are calculated by adjusting GAAP results for the impact of certain items including (i) non-cash amortization of intangibles, (ii) non-cash share-based compensation expenses, (iii) non-operating reorganization costs, (iv) the impact to revenue of fair value adjustments to deferred revenue due to acquisitions and (v) other acquisition related costs. A reconciliation of GAAP to non-GAAP results is included in the financial statements accompanying this press release.
Cash: Cash used in operations was $4.4 million in the second quarter of fiscal year 2012, and cash and cash equivalents at November 30, 2011 were $15.0 million. Saba typically uses cash in the first half of the fiscal year and generates positive cash flow in the second half of the fiscal year due to strong subscription renewals in the third and fourth quarters.
Read the full release: http://www.saba.com/
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Saba enables organizations to build a transformative workplace that leverages the advent of social networking in business and the ubiquity of mobile to empower an organization’