Callidus Software Inc. (CALD) saw its loss widen to $3.95 million, or $0.07 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $2.24 million, or $0.04 a share. On the other hand, adjusted net income for the quarter stood at $4.79 million, or $0.08 a share compared with $3.21 million or $0.06 a share, a year ago.
Revenue during the quarter grew 16.83 percent to $52.51 million from $44.94 million in the previous year period. Gross margin for the quarter expanded 18 basis points over the previous year period to 61.57 percent. Operating margin for the quarter stood at negative 6.93 percent as compared to a negative 4.43 percent for the previous year period.
Operating loss for the quarter was $3.64 million, compared with an operating loss of $1.99 million in the previous year period.
However, the adjusted operating income for the quarter stood at $5.01 million compared to $3.46 million in the prior year period. At the same time, adjusted operating margin improved 186 basis points in the quarter to 9.55 percent from 7.69 percent in the last year period.
"Q3 was a great quarter with solid sales execution, strong financial performance, and a successful follow-on offering," said Leslie Stretch, president and chief executive officer of CallidusCloud. "We anticipate our sales momentum will continue in 2017."
For fiscal year 2016, Callidus Software Inc. projects revenue to be in the range of $204.60 million to $205.60 million. It projects operating loss to be in the range of $16.80 million to $17.30 million. It projects adjusted operating income to be in the range of $17 million to $18 million. It forecasts diluted earnings per share to be in the range of $0.25 to $0.27 on adjusted basis for the same period.
For the fourth-quarter, Callidus Software Inc. projects revenue to be in the range of $54 million to $55 million. It projects operating loss to be in the range of $3.60 million to $4.10 million. It projects adjusted operating income to be in the range of $4.70 million to $5.70 million. It forecasts diluted earnings per share to be in the range of $0.06 to $0.08 on an adjusted basis for the same period.
Operating cash flow improves marginally
Callidus Software Inc. has generated cash of $20.77 million from operating activities during the nine month period, up 1.20 percent or $0.25 million, when compared with the last year period.
The company has spent $18.52 million cash to meet investing activities during the nine month period as against cash outgo of $30.33 million in the last year period.
Cash flow from financing activities was $88.04 million for the nine month period, up 66.36 percent or $35.12 million, when compared with the last year period.
Cash and cash equivalents stood at $167.12 million as on Sep. 30, 2016, up 116.70 percent or $90 million from $77.12 million on Sep. 30, 2015.
Working capital increases sharply
Callidus Software Inc. has recorded an increase in the working capital over the last year. It stood at $124.51 million as at Sep. 30, 2016, up 163.78 percent or $77.31 million from $47.20 million on Sep. 30, 2015. Current ratio was at 2 as on Sep. 30, 2016, up from 1.49 on Sep. 30, 2015.
Days sales outstanding went down to 80 days for the quarter compared with 82 days for the same period last year.
At the same time, days payable outstanding was almost stable at 15 days for the quarter, when compared with the previous year period.
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