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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Callidus Software, Inc. (delisted) | NASDAQ:CALD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 36.00 | 0.05 | 199,999.95 | 0 | 01:00:00 |
|
Delaware
|
|
77-0438629
|
(State or Other Jurisdiction of
|
|
(I.R.S. Employer
|
Incorporation or Organization)
|
|
Identification Number)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
(Do not check if a smaller reporting company)
|
|
Emerging growth company
o
|
|
Page
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
143,099
|
|
|
$
|
148,008
|
|
Short-term investments
|
40,133
|
|
|
39,266
|
|
||
Accounts receivable, net of allowances of $1,264 and $1,536 at March 31, 2017 and December 31, 2016, respectively
|
52,029
|
|
|
55,464
|
|
||
Prepaid and other current assets
|
20,182
|
|
|
18,275
|
|
||
Total current assets
|
255,443
|
|
|
261,013
|
|
||
Property and equipment, net
|
42,087
|
|
|
35,456
|
|
||
Goodwill
|
64,111
|
|
|
63,957
|
|
||
Intangible assets, net
|
19,312
|
|
|
21,659
|
|
||
Deposits and other noncurrent assets
|
4,420
|
|
|
4,416
|
|
||
Total assets
|
$
|
385,373
|
|
|
$
|
386,501
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
6,078
|
|
|
$
|
3,573
|
|
Accrued payroll and related expenses
|
13,262
|
|
|
17,831
|
|
||
Accrued expenses
|
20,859
|
|
|
15,126
|
|
||
Deferred revenue
|
102,926
|
|
|
99,758
|
|
||
Total current liabilities
|
143,125
|
|
|
136,288
|
|
||
Deferred revenue, noncurrent
|
1,860
|
|
|
3,209
|
|
||
Deferred income taxes, noncurrent
|
1,575
|
|
|
1,541
|
|
||
Other noncurrent liabilities
|
8,043
|
|
|
8,602
|
|
||
Total liabilities
|
154,603
|
|
|
149,640
|
|
||
Commitments and contingencies (Note 5)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
|
||
Preferred stock, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 100,000 shares authorized; 67,202 and 66,031 shares issued and 64,863 and 63,692 shares outstanding at March 31, 2017 and December 31, 2016, respectively
|
65
|
|
|
64
|
|
||
Additional paid-in capital
|
559,411
|
|
|
559,200
|
|
||
Treasury stock; 2,339 shares at March 31, 2017 and December 31, 2016
|
(14,430
|
)
|
|
(14,430
|
)
|
||
Accumulated other comprehensive loss
|
(4,546
|
)
|
|
(5,141
|
)
|
||
Accumulated deficit
|
(309,730
|
)
|
|
(302,832
|
)
|
||
Total stockholders’ equity
|
230,770
|
|
|
236,861
|
|
||
Total liabilities and stockholders’ equity
|
$
|
385,373
|
|
|
$
|
386,501
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Revenue:
|
|
|
|
||||
Recurring
|
$
|
46,197
|
|
|
$
|
37,606
|
|
Services and license
|
11,944
|
|
|
10,772
|
|
||
Total revenue
|
58,141
|
|
|
48,378
|
|
||
Cost of revenue:
|
|
|
|
|
|
||
Recurring
|
13,022
|
|
|
9,962
|
|
||
Services and license
|
9,940
|
|
|
8,261
|
|
||
Total cost of revenue
|
22,962
|
|
|
18,223
|
|
||
Gross profit
|
35,179
|
|
|
30,155
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
|
|
||
Sales and marketing
|
22,691
|
|
|
18,903
|
|
||
Research and development
|
9,301
|
|
|
7,242
|
|
||
General and administrative
|
9,366
|
|
|
8,255
|
|
||
Restructuring and other
|
597
|
|
|
316
|
|
||
Total operating expenses
|
41,955
|
|
|
34,716
|
|
||
Operating loss
|
(6,776
|
)
|
|
(4,561
|
)
|
||
Interest income and other expense, net
|
65
|
|
|
225
|
|
||
Interest expense
|
(19
|
)
|
|
(43
|
)
|
||
Loss before provision for income taxes
|
(6,730
|
)
|
|
(4,379
|
)
|
||
Provision for income taxes
|
168
|
|
|
156
|
|
||
Net loss
|
$
|
(6,898
|
)
|
|
$
|
(4,535
|
)
|
Net loss per share
|
|
|
|
|
|
||
Basic and diluted
|
$
|
(0.11
|
)
|
|
$
|
(0.08
|
)
|
|
|
|
|
||||
Weighted average shares used in computing net loss per share:
|
|
|
|
||||
Basic and diluted
|
64,368
|
|
|
56,690
|
|
||
|
|
|
|
||||
Comprehensive loss:
|
|
|
|
||||
Net loss
|
$
|
(6,898
|
)
|
|
$
|
(4,535
|
)
|
Unrealized gain on available-for-sale securities
|
(3
|
)
|
|
48
|
|
||
Foreign currency translation adjustments
|
598
|
|
|
(395
|
)
|
||
Comprehensive loss
|
$
|
(6,303
|
)
|
|
$
|
(4,882
|
)
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net loss
|
$
|
(6,898
|
)
|
|
$
|
(4,535
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Depreciation expense
|
2,641
|
|
|
1,688
|
|
||
Amortization of intangible assets
|
1,899
|
|
|
1,360
|
|
||
Provision for doubtful accounts
|
205
|
|
|
529
|
|
||
Stock-based compensation
|
8,250
|
|
|
6,453
|
|
||
Loss on foreign currency from market-to-market derivative
|
1
|
|
|
78
|
|
||
Excess tax benefit from stock-based compensation
|
—
|
|
|
(21
|
)
|
||
Deferred income taxes
|
1
|
|
|
71
|
|
||
Loss on disposal of property and equipment
|
3
|
|
|
—
|
|
||
Net amortization on investments
|
65
|
|
|
(45
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
3,231
|
|
|
195
|
|
||
Prepaid and other current assets
|
(2,401
|
)
|
|
437
|
|
||
Other noncurrent assets
|
29
|
|
|
(3
|
)
|
||
Accounts payable
|
2,423
|
|
|
(558
|
)
|
||
Accrued expenses
|
(774
|
)
|
|
1,073
|
|
||
Accrued payroll and related expenses
|
(4,577
|
)
|
|
(3,188
|
)
|
||
Accrued restructuring and other expenses
|
(210
|
)
|
|
(266
|
)
|
||
Deferred revenue
|
1,819
|
|
|
2,844
|
|
||
Net cash provided by operating activities
|
5,707
|
|
|
6,112
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Purchases of investments
|
(2,823
|
)
|
|
(3,700
|
)
|
||
Proceeds from maturities and sale of investments
|
2,852
|
|
|
3,600
|
|
||
Purchases of property and equipment
|
(2,312
|
)
|
|
(1,521
|
)
|
||
Purchases of intangible assets
|
—
|
|
|
(267
|
)
|
||
Acquisitions, net of cash acquired
|
(495
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(2,778
|
)
|
|
(1,888
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Proceeds from issuance of common stock
|
2,574
|
|
|
1,467
|
|
||
Restricted stock units acquired to settle employee withholding liability
|
(10,613
|
)
|
|
(1,085
|
)
|
||
Excess tax benefit from stock-based compensation
|
—
|
|
|
21
|
|
||
Payment of consideration related to acquisitions
|
(100
|
)
|
|
(104
|
)
|
||
Net cash (used in) provided by financing activities
|
(8,139
|
)
|
|
299
|
|
||
Effect of foreign currency exchange rates on cash and cash equivalents
|
301
|
|
|
75
|
|
||
Net (decrease) increase in cash and cash equivalents
|
(4,909
|
)
|
|
4,598
|
|
||
Cash and cash equivalents at beginning of period
|
148,008
|
|
|
77,232
|
|
||
Cash and cash equivalents at end of period
|
$
|
143,099
|
|
|
$
|
81,830
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||
Cash paid for income taxes
|
$
|
118
|
|
|
$
|
261
|
|
Cash paid for interest on line of credit
|
$
|
37
|
|
|
$
|
—
|
|
Non-cash investing and financing activities:
|
|
|
|
||||
Purchases of property and equipment through accounts payable and other current and non current accrued liabilities
|
$
|
6,398
|
|
|
$
|
3,548
|
|
|
Fair Value
|
||
Net liabilities assumed
|
$
|
(600
|
)
|
Intangible assets
|
5,350
|
|
|
Goodwill
|
8,138
|
|
|
Total purchase price, net of cash acquired
|
$
|
12,888
|
|
|
Fair Value
|
|
Weighted Average Useful Life
|
|
Consolidated statements of comprehensive loss
Classification: Amortization expense
|
||
Developed technology
|
$
|
3,800
|
|
|
4 years
|
|
Cost of sales
|
Customer contracts and related relationships
|
$
|
1,250
|
|
|
6 years
|
|
Sales and marketing expense
|
Trademarks / trade names / domain names
|
150
|
|
|
3 years
|
|
General and administrative
|
|
Order backlog
|
150
|
|
|
2 years
|
|
Cost of sales
|
|
Total intangible assets subject to amortization
|
$
|
5,350
|
|
|
|
|
|
March 31, 2017
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
Cash
|
|
$
|
102,607
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
102,607
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
||||||||
Money market funds
|
|
40,492
|
|
|
—
|
|
|
—
|
|
|
40,492
|
|
||||
Total cash equivalents
|
|
40,492
|
|
|
—
|
|
|
—
|
|
|
40,492
|
|
||||
Total cash and cash equivalents
|
|
$
|
143,099
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
143,099
|
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
|
||||||||
Certificates of deposits
|
|
$
|
1,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,200
|
|
U.S. government and agency obligations
|
|
20,619
|
|
|
13
|
|
|
(14
|
)
|
|
20,618
|
|
||||
Corporate notes and obligations
|
|
18,316
|
|
|
9
|
|
|
(10
|
)
|
|
18,315
|
|
||||
Total short-term investments
|
|
$
|
40,135
|
|
|
$
|
22
|
|
|
$
|
(24
|
)
|
|
$
|
40,133
|
|
December 31, 2016
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Estimated
Fair Value
|
||||||||
Cash
|
|
$
|
147,680
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
147,680
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds
|
|
328
|
|
|
—
|
|
|
—
|
|
|
328
|
|
||||
Total cash equivalents
|
|
328
|
|
|
—
|
|
|
—
|
|
|
328
|
|
||||
Total cash and cash equivalents
|
|
$
|
148,008
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
148,008
|
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Certificate of deposits
|
|
$
|
1,200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,200
|
|
U.S. government and agency obligations
|
|
19,351
|
|
|
19
|
|
|
(18
|
)
|
|
19,352
|
|
||||
Corporate notes and obligations
|
|
18,716
|
|
|
18
|
|
|
(20
|
)
|
|
18,714
|
|
||||
Total short-term investments
|
|
$
|
39,267
|
|
|
$
|
37
|
|
|
$
|
(38
|
)
|
|
$
|
39,266
|
|
Contractual maturity
|
Amortized
Cost
|
|
Estimated
Fair value
|
||||
Less than 1 year
|
$
|
34,775
|
|
|
$
|
34,761
|
|
Between 1 and 2 years
|
5,360
|
|
|
5,372
|
|
||
Total
|
$
|
40,135
|
|
|
$
|
40,133
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
|
|
|
Quoted Prices in
Active Markets for
Identical Assets
|
|
Significant
Other Observable
Inputs
|
|
Significant
Unobservable
Inputs
|
||||||||
March 31, 2017
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds (1)
|
|
$
|
40,492
|
|
|
$
|
40,492
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of deposit (2)
|
|
1,200
|
|
|
—
|
|
|
1,200
|
|
|
—
|
|
||||
U.S. government and agency obligations (2)
|
|
20,618
|
|
|
—
|
|
|
20,618
|
|
|
—
|
|
||||
Corporate notes and obligations (2)
|
|
18,315
|
|
|
—
|
|
|
18,315
|
|
|
—
|
|
||||
Foreign currency derivative contracts (3)
|
|
15
|
|
|
—
|
|
|
15
|
|
|
$
|
—
|
|
|||
Total
|
|
$
|
80,640
|
|
|
$
|
40,492
|
|
|
$
|
40,148
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency derivative contracts (4)
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
Total
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
|
|
|
Quoted Prices in
Active Markets for Identical Assets |
|
Significant
Other Observable Inputs |
|
Significant
Unobservable Inputs |
||||||||
December 31, 2016
|
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds (1)
|
|
$
|
328
|
|
|
$
|
328
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of deposit (2)
|
|
1,200
|
|
|
—
|
|
|
1,200
|
|
|
—
|
|
||||
U.S. government and agency obligations (2)
|
|
19,352
|
|
|
—
|
|
|
19,352
|
|
|
—
|
|
||||
Corporate notes and obligations (2)
|
|
18,714
|
|
|
—
|
|
|
18,714
|
|
|
—
|
|
||||
Foreign currency derivative contracts (3)
|
|
76
|
|
|
—
|
|
|
76
|
|
|
$
|
—
|
|
|||
Total
|
|
$
|
39,670
|
|
|
$
|
328
|
|
|
$
|
39,342
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency derivative contracts (4)
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
—
|
|
Total
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
|
Unconditional
Purchase
Commitments (1)
|
|
Operating
Lease
Commitments (2)
|
||||
Years ending:
|
|
|
|
|
||||
Remainder of 2017
|
|
$
|
11,800
|
|
|
$
|
2,964
|
|
2018
|
|
14,523
|
|
|
4,584
|
|
||
2019
|
|
11,269
|
|
|
4,277
|
|
||
2020
|
|
3,008
|
|
|
4,379
|
|
||
2021
|
|
—
|
|
|
4,049
|
|
||
2022 and beyond
|
|
—
|
|
|
2,693
|
|
||
Future minimum payments
|
|
$
|
40,600
|
|
|
$
|
22,946
|
|
(1)
|
Primarily represents amounts associated with agreements that are enforceable, legally binding and specific terms, including: software purchases, data center equipment purchases and maintenance agreements. In addition, amounts include unconditional purchase agreements during the normal course of business with various vendors for future services.
|
(2)
|
The Company has facilities under non-cancellable operating lease agreements that expire at various dates through 2022.
|
|
December 31, 2016
|
|
Additions
|
|
Adjustments
|
|
Cash
Payments
|
|
March 31, 2017
|
||||||||||
Severance and termination related costs
|
$
|
—
|
|
|
$
|
496
|
|
|
$
|
—
|
|
|
$
|
(286
|
)
|
|
$
|
210
|
|
Facilities related costs
|
269
|
|
|
101
|
|
|
—
|
|
|
(101
|
)
|
|
269
|
|
|||||
Total accrued restructuring and other expenses
|
$
|
269
|
|
|
$
|
597
|
|
|
$
|
—
|
|
|
$
|
(387
|
)
|
|
$
|
479
|
|
|
December 31, 2015
|
|
Additions
|
|
Adjustments
|
|
Cash
Payments |
|
March 31, 2016
|
||||||||||
Facilities related costs
|
$
|
17
|
|
|
$
|
316
|
|
|
$
|
18
|
|
|
$
|
(68
|
)
|
|
$
|
283
|
|
Total accrued restructuring and other expenses
|
$
|
17
|
|
|
$
|
316
|
|
|
$
|
18
|
|
|
$
|
(68
|
)
|
|
$
|
283
|
|
|
Three Months Ended March 31,
|
||||
|
2017
|
|
2016
|
||
Restricted Stock Units
|
3,790
|
|
|
3,417
|
|
Stock Options
|
399
|
|
|
637
|
|
ESPP Shares
|
19
|
|
|
19
|
|
Total
|
4,208
|
|
|
4,073
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Stock options
|
$
|
145
|
|
|
$
|
145
|
|
Restricted stock units
|
|
|
|
||||
Performance-based awards
|
1,420
|
|
|
1,179
|
|
||
Service-based awards
|
6,338
|
|
|
4,758
|
|
||
ESPP shares
|
347
|
|
|
371
|
|
||
Total stock-based compensation
|
$
|
8,250
|
|
|
$
|
6,453
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cost of recurring revenue
|
$
|
423
|
|
|
$
|
509
|
|
Cost of services and license
|
631
|
|
|
512
|
|
||
Sales and marketing
|
2,537
|
|
|
2,154
|
|
||
Research and development
|
1,632
|
|
|
1,170
|
|
||
General and administrative
|
3,027
|
|
|
2,108
|
|
||
Total stock-based compensation
|
$
|
8,250
|
|
|
$
|
6,453
|
|
|
Three Months Ended March 31,
|
||||
Employee Stock Purchase Plan
|
2017
|
|
2016
|
||
Expected life (in years)
|
0.50 to 1.00
|
|
|
0.50 to 1.00
|
|
Risk-free interest rate
|
0.65% to 0.82%
|
|
|
0.42% to 0.51%
|
|
Volatility
|
33.0% to 33.1%
|
|
|
45% to 51%
|
|
Dividend yield
|
None
|
|
|
None
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
United States and Canada
|
$
|
47,525
|
|
|
$
|
39,885
|
|
EMEA
|
6,485
|
|
|
4,876
|
|
||
Asia Pacific
|
2,965
|
|
|
2,542
|
|
||
Other
|
1,166
|
|
|
1,075
|
|
||
|
$
|
58,141
|
|
|
$
|
48,378
|
|
|
Three Months Ended March 31, 2017
|
|
Percentage
of Revenues |
|
Three Months Ended March 31, 2016
|
|
Percentage
of Revenues |
|
Increase
(Decrease) |
|
Percentage
Change |
||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Recurring
|
$
|
46,197
|
|
|
79%
|
|
$
|
37,606
|
|
|
78%
|
|
$
|
8,591
|
|
|
23%
|
Services and license
|
11,944
|
|
|
21%
|
|
10,772
|
|
|
22%
|
|
1,172
|
|
|
11%
|
|||
Total revenues
|
$
|
58,141
|
|
|
100%
|
|
$
|
48,378
|
|
|
100%
|
|
$
|
9,763
|
|
|
20%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Cost of revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Recurring
|
$
|
13,022
|
|
|
28%
|
|
$
|
9,962
|
|
|
26%
|
|
$
|
3,060
|
|
|
31%
|
Services and license
|
9,940
|
|
|
83%
|
|
8,261
|
|
|
77%
|
|
1,679
|
|
|
20%
|
|||
Total cost of revenue
|
$
|
22,962
|
|
|
39%
|
|
$
|
18,223
|
|
|
38%
|
|
$
|
4,739
|
|
|
26%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Recurring
|
$
|
33,175
|
|
|
72%
|
|
$
|
27,644
|
|
|
74%
|
|
$
|
5,531
|
|
|
20%
|
Services and license
|
2,004
|
|
|
17%
|
|
2,511
|
|
|
23%
|
|
(507
|
)
|
|
(20)%
|
|||
Total gross profit
|
$
|
35,179
|
|
|
61%
|
|
$
|
30,155
|
|
|
62%
|
|
$
|
5,024
|
|
|
17%
|
|
Three Months Ended March 31, 2017
|
|
Percentage
of Total Revenues |
|
Three Months Ended March 31, 2016
|
|
Percentage of Total Revenues
|
|
Increase (Decrease)
|
|
Percentage Change
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sales and marketing
|
$
|
22,691
|
|
|
39%
|
|
$
|
18,903
|
|
|
39%
|
|
$
|
3,788
|
|
|
20%
|
Research and development
|
9,301
|
|
|
16%
|
|
7,242
|
|
|
15%
|
|
2,059
|
|
|
28%
|
|||
General and administrative
|
9,366
|
|
|
16%
|
|
8,255
|
|
|
17%
|
|
1,111
|
|
|
13%
|
|||
Restructuring and other expenses
|
597
|
|
|
1%
|
|
316
|
|
|
1%
|
|
281
|
|
|
89%
|
|||
Total operating expenses
|
$
|
41,955
|
|
|
72%
|
|
$
|
34,716
|
|
|
72%
|
|
$
|
7,239
|
|
|
21%
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
|
Increase (Decrease)
|
|
Percentage Change
|
||||||
Stock-based compensation:
|
|
|
|
|
|
|
|
|
|
|
|||
Cost of recurring revenue
|
$
|
423
|
|
|
$
|
509
|
|
|
$
|
(86
|
)
|
|
(17)%
|
Cost of services revenue
|
631
|
|
|
512
|
|
|
119
|
|
|
23%
|
|||
Sales and marketing
|
2,537
|
|
|
2,154
|
|
|
383
|
|
|
18%
|
|||
Research and development
|
1,632
|
|
|
1,170
|
|
|
462
|
|
|
39%
|
|||
General and administrative
|
3,027
|
|
|
2,108
|
|
|
919
|
|
|
44%
|
|||
Total stock-based compensation
|
$
|
8,250
|
|
|
$
|
6,453
|
|
|
$
|
1,797
|
|
|
28%
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
|
Increase (Decrease)
|
|
Percentage Change
|
||||||
Other income (expense), net
|
|
|
|
|
|
|
|
|
|
|
|||
Interest income and other expense, net
|
$
|
65
|
|
|
$
|
225
|
|
|
$
|
(160
|
)
|
|
(71)%
|
Interest expense
|
(19
|
)
|
|
(43
|
)
|
|
24
|
|
|
56%
|
|||
|
$
|
46
|
|
|
$
|
182
|
|
|
$
|
(136
|
)
|
|
(75)%
|
Provision for income taxes
|
$
|
168
|
|
|
$
|
156
|
|
|
$
|
12
|
|
|
8%
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net cash provided by operating activities
|
$
|
5,707
|
|
|
$
|
6,112
|
|
Net cash used in investing activities
|
$
|
(2,778
|
)
|
|
$
|
(1,888
|
)
|
Net cash (used in) provided by financing activities
|
$
|
(8,139
|
)
|
|
$
|
299
|
|
•
|
timing of customer budget cycles;
|
•
|
the priority our customers place on our products compared to other business investments;
|
•
|
size, timing and contract terms of new customer contracts, and unpredictable and often lengthy sales cycles;
|
•
|
reduced renewals of subscription and maintenance agreements;
|
•
|
competitive factors, including new product introductions, upgrades and discounted pricing or special payment terms offered by our competitors, as well as strategic actions by us or our competitors, such as acquisitions, divestitures, spin-offs, joint ventures, strategic investments or changes in business strategy;
|
•
|
technical difficulties, errors or service interruptions in our solutions that may cause customer dissatisfaction with our solutions;
|
•
|
consolidation among our customers, which may alter their buying patterns, or business failures that may reduce demand for our solutions;
|
•
|
operating expenses associated with expansion of our sales force or business and our product development efforts;
|
•
|
cost, timing and management efforts related to the introduction of new features to our solutions;
|
•
|
our ability to obtain, maintain and protect our intellectual property rights and adequately safeguard the information imported into our solutions or otherwise provided to us by our customers;
|
•
|
changes in the regulatory environment, including with respect to security, or privacy laws and regulations, or their enforcement; and
|
•
|
extraordinary expenses such as impairment charges, litigation or other payments related to settlement of disputes.
|
•
|
customer attrition as customers decide not to renew for any reason;
|
•
|
our inability to maintain or increase the prices customers pay for our solutions, due to competitive pricing pressures or limited demand;
|
•
|
our inability to reduce operating costs through technology-based efficiencies and streamlined processes;
|
•
|
increased direct and indirect cost of third-party services, including hosting facilities and professional services contractors performing implementation and support services;
|
•
|
higher personnel and personnel-related costs;
|
•
|
increased costs to integrate products or personnel that we acquire, including time and expense associated with new sales personnel reaching full productivity; and
|
•
|
increased costs to license and maintain and replace third-party software embedded in our solutions or to create alternatives to such third-party software.
|
•
|
anticipated benefits, such as increased revenue, may not materialize if, for example, a larger than expected number of customers choose not to renew their contracts or if we are unable to cross-sell the acquired company's solutions to our existing customer base;
|
•
|
we may have difficulty integrating and managing the acquired technologies or products with our existing product lines, and maintaining uniform standards, controls, procedures and policies across locations;
|
•
|
we may experience challenges in, and have difficulty penetrating, new markets where we have little or no prior experience and where competitors have stronger market positions;
|
•
|
integrating the financial systems and personnel of the acquired business and retaining key employees may be difficult, and, to the extent we issue shares of stock or other rights to purchase stock to such individuals, existing stockholders may be diluted;
|
•
|
our ongoing business and management's attention may be disrupted or diverted by transition or integration, or by the complexity of overseeing geographically and culturally diverse locations;
|
•
|
we may find that the acquired businesses or assets do not further our business strategy, or that we overpaid for the businesses or assets, or that we do not realize the expected operating efficiencies or product integration benefits;
|
•
|
our use of cash consideration for one or more significant acquisitions may require us to use a substantial portion of our available cash or incur substantial debt, and if we incur substantial debt, it could result in material limitations on the conduct of our business;
|
•
|
we may fail to uncover or realize the significance of, or otherwise become exposed to, liabilities and other issues assumed from an acquired business, such as claims from terminated employees or third-parties and unfavorable revenue recognition or other accounting practices; and
|
•
|
we may experience customer confusion as a result of product overlap, particularly when we offer, price and support various product lines differently.
|
•
|
rapid technological advances,
|
•
|
changing customer needs, and
|
•
|
frequent new product introductions and enhancements.
|
•
|
require costly litigation to resolve;
|
•
|
absorb significant management time;
|
•
|
cause us to enter into unfavorable royalty or license agreements;
|
•
|
require us to discontinue the sale of, or materially modify, all or a portion of our products or services;
|
•
|
require us to indemnify our customers or third-party service providers; and
|
•
|
require us to expend additional development resources to redesign our products or services.
|
•
|
greater difficulty in supporting and localizing our solutions;
|
•
|
complying with numerous regulatory requirements, taxes, trade and export laws and tariffs that may conflict or change unexpectedly, including labor, tax, privacy and data protection;
|
•
|
using international resellers and complying with anti-bribery and anti-corruption laws;
|
•
|
greater difficulty in establishing, staffing and managing foreign operations;
|
•
|
greater difficulty in maintaining acceptable quality standards in support, product development and professional services by our international third-party service providers;
|
•
|
differing abilities to protect our intellectual property rights; and
|
•
|
possible political and economic instability.
|
•
|
the complex nature of some of our products;
|
•
|
the need to educate potential customers about the uses and benefits of our solutions;
|
•
|
budget cycles of our potential customers that affect the timing of purchases;
|
•
|
the expiration date of existing point solutions that we seek to replace;
|
•
|
customer requirements for competitive evaluation and often lengthy internal approval processes and protracted contract negotiations (particularly of large organizations) before purchasing our solutions; and
|
•
|
potential delays of purchases due to announcements or planned introductions of new solutions by us or our competitors.
|
•
|
our flexibility to plan for, or react to, changes in our business and industry conditions;
|
•
|
our ability to use our cash flows, or obtain additional financing, for future working capital, capital expenditures, acquisitions or other general corporate purposes;
|
•
|
place us at a competitive disadvantage compared to our less leveraged competitors; and
|
•
|
increase our vulnerability to the impact of adverse economic and industry conditions.
|
•
|
our actual and anticipated operating performance and the performance of other similar companies;
|
•
|
actual and anticipated fluctuations in our financial results;
|
•
|
failure of securities analysts to maintain coverage of us;
|
•
|
ratings changes by any securities analysts who follow us;
|
•
|
failure to meet our projected results or the published operating estimates or expectations of securities analysts and investors;
|
•
|
failure to achieve revenue or earnings expectations;
|
•
|
price and volume fluctuations in the overall stock market, including as a result of trends in the global economy;
|
•
|
significant sales by existing investors, coupled with limited trading volume for our stock;
|
•
|
announcements by us or our competitors of significant contracts, results of operations, projections, or new technologies;
|
•
|
lawsuits threatened or filed against us;
|
•
|
adverse publicity;
|
•
|
acquisitions, commercial relationships, joint-ventures or capital commitments;
|
•
|
changes in our management team or board of directors;
|
•
|
publication of research reports, particularly those that are inaccurate or unfavorable, about us or our industry by securities analysts; and
|
•
|
other events or factors, including those resulting from war, incidents or terrorism or responses to these events.
|
|
|
CALLIDUS SOFTWARE INC.
|
|
|
|
|
|
Date:
|
May 5, 2017
|
By:
|
/s/ ROXANNE OULMAN
|
|
|
|
Roxanne Oulman
|
|
|
|
Executive Vice President, Chief Financial Officer
|
|
|
|
(duly authorized officer)
|
Exhibit
Number
|
|
Description
|
10.1
|
|
Amendment Number Four, dated May 8, 2015, to Credit Agreement by and among Wells Fargo Bank National Association, as administrative agent, the lender that is a party thereto, and Callidus Software Inc., dated May 13, 2014.
|
10.2
|
|
Amendment Number Five, dated November 7, 2016, to Credit Agreement by and among Wells Fargo Bank, National Association, as administrative agent, the lender that is a party thereto, and Callidus Software Inc., dated May 13, 2014.
|
10.3
|
|
Amendment Number Six, dated March 20, 2017, to Credit Agreement by and among Wells Fargo Bank, National Association, as administrative agent, the lender that is a party thereto, and Callidus Software Inc., dated May 13, 2014.
|
31.1
|
|
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
|
31.2
|
|
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
|
32.1
|
|
Certifications of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350.
|
101
|
|
Interactive Data Files Pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016, (ii) Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2017 and 2016, (iii) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and 2016 and (iv) Notes to Condensed Consolidated Financial Statements.
|
1 Year Callidus Chart |
1 Month Callidus Chart |
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