Cornerstone OnDemand Inc

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2021 10-Q, filed Aug 6, 2021. Its latest SEC filing is a SC 13G/A from Feb 10, 2022.

The sections below describe the company as of the FY2020 annual report.

What Did They Do?

Sells software and learning content that helps organizations recruit, train, develop, and manage their employees.

How Did They Make Money?

Organizations pay recurring fees for access to its software, content, and support; subscriptions are billed annually in advance, with payment due within 30 days of the invoice. Implementation and training services may be billed upfront, by time and materials, or included with a subscription.

FY2020 revenue

Who Were Their Customers?

Organizations ranging from multinational and domestic businesses to public-sector, healthcare, education, nonprofit, and small-business customers buy its software, content, and services directly or through distributors such as payroll companies, human resource consultancies, and global system integrators.

Did Revenues Turn Into Profits?

Not on paper. It lost $40M in FY2020, but brought in more cash than it spent: $91.1M of free cash flow.

Operating income, FY2020

−4% of revenue

▼ Now a loss vs FY2019 ($11.9M, 2%)

Net income, FY2020

−5% of revenue

▲ +886% (Loss) vs FY2019 (−$4.1M, −1%)

Free cash flow, FY2020

12% of revenue

▼ −7% vs FY2019 ($97.5M, 17%)

How Were They Changing?

Since the FY2020 annual report

Latest quarter: Q2 FY2021, the three months to Jun 30, 2021

Revenue: ▲ +16%; vs $184.4M in Q2 FY2020
Net income: ▼ −97% (Loss); vs −$12M in Q2 FY2020

Oct 15, 2021 Clearlake completed its acquisition of Cornerstone Cornerstone became privately held, and its shares were no longer listed on the public market.
Aug 6, 2021 Cornerstone agreed to be acquired by Clearlake The merger agreement set cash consideration at $57.50 per share.

Grew. Revenue grew 75% in 4 years, from $423.1M in FY2016 to $740.9M in FY2020, about 15% a year.

Broader software portfolio The older report described a human capital management platform; the latest report says its Saba acquisition expanded its cloud-based learning, talent management, and talent-experience software offerings.

Who Did They Compete With?

Competes with iCIMS, Oracle, SAP America, SkillSoft, Docebo, Workday, Talentsoft, and LinkedIn Learning

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