Cornerstone OnDemand tops Q4 revenue expectations
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Cornerstone OnDemand published its fourth quarter financial results on Tuesday, topping the market's revenue expectations.
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The human capital management software provider posted non-GAAP earnings of 24 cents per share on revenue of $138.2 million.
Analysts were looking for earnings of 24 cents per share on revenue of $129.88 million.
"2018 was a transformational year for Cornerstone, and we are proud of our results," CEO Adam Miller said in a statement. "The changes we made to our business in 2018 delivered innovative products, more recurring revenue, more profits and healthy, growing cash flow to benefit our clients, partners, employees and shareholders."
Subscription revenue for the fourth quarter of 2018 was $126.3 million. The company ended the quarter with 3,535 clients and 40.2 million users.
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For the full year of 2018, non-GAAP net income per share came to 74 cents on revenue of $537.9 million. Subscription revenue was $473.1 million. Annual recurring revenue as of December 31, 2018 was $510 million.
For Q1, Cornerstone OnDemand expects revenue between $134.5 million and $136.5 million.