Kenexa Announces Financial Results for Fourth Quarter and Full Year 2010…from Kenexa

February 9, 2011

 

HRchitect featured Kenexa in our release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Acquisition Systems and top Talent Management Systems vendors that businesses should consider. Derek Bluestone, VP Product Marketing appeared on the HRchitect WebMingle on June 17, 2010. HRchitect’s Matt Lafata, one of the industry’s leading talent management systems analysts, attended the Kenexa Analyst Day in May, 2010 and the Kenexa World Conference in 2009 and 2010.

If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. HRchitect has unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation. Simply put, do not invest in any kind of HR technology without consulting with the experts first. HRchitect is always available to help!

Kenexa (Nasdaq: KNXA), a global provider of business solutions for human resources, today announced operating results for the fourth quarter and full year, ended December 31, 2010. 

For the fourth quarter of 2010, Kenexa reported total GAAP revenue of $61.0 million, with non-GAAP revenue of $64.1 million after eliminating the $3.1 million GAAP adjustment to Salary.com’s deferred revenue. Non-GAAP revenue increased 64% compared to $39.1 million for the fourth quarter of 2009. In 2009, all revenues are reported using GAAP. Within total non-GAAP revenue, subscription revenue was $48.6 million for the fourth quarter of 2010, an increase of 46% compared with $33.3 million in the fourth quarter of 2009. Professional services and other revenue was $15.5 million for the fourth quarter of 2010, an increase of 170% compared to $5.7 million for the fourth quarter of 2009. 

“We are pleased with the Company’s performance in the fourth quarter, which was highlighted by revenue and profitability that were better than our expectations,” said Rudy Karsan, Chief Executive Officer of Kenexa. “The fourth quarter represented a strong close to a successful year for Kenexa. In the face of a challenging economic environment, we returned the Company’s total revenue to solid organic growth, expanded our market opportunity and value proposition with the acquisition of Salary.com, and increased investments in sales, marketing and R&D to position Kenexa for continued market share gains as the economic environment improves.“

Karsan added, “We are still early in the new year, but we are more optimistic about the economic environment and jobs market for 2011 as compared to our view in recent quarters. We believe Kenexa is well positioned to benefit from the increased level of investment in our business, and our optimism is reflected by the solid increase in our revenue growth outlook for 2011.” 

Non-GAAP income from operations, which excludes share-based compensation expense, amortization of acquired intangibles, fees related to our acquisitions and the purchase accounting adjustment to Salary.com’s deferred revenue, was $7.4 million for the three months ended December 31, 2010. This was above the Company’s guidance of $6.0 million to $6.9 million and represented an increase of 123% compared to non-GAAP income from operations of $3.3 million for the three months ended December 31, 2009. 

Non-GAAP net income available to common shareholders, which excludes the items listed above as well as the accretion of the noncontrolling interest in our variable interest entity, was $5.4 million for the three months ended December 31, 2010, compared to $2.9 million for the three months ended December 31, 2009. Non-GAAP net income available to common shareholders was $0.23 per diluted share for the quarter ended December 31, 2010, above the Company’s guidance of $0.19 to $0.22 and up 77% compared to $0.13 per diluted share in the fourth quarter of 2009.  

Kenexa’s loss from operations for the three months ended December 31, 2010, determined in accordance with GAAP, was $3.6 million, compared to income from operations of $0.8 million for the same period of 2009. GAAP net loss available to common shareholders was approximately $6.9 million, or loss of $0.30 per basic share for the three months ended December 31, 2010, compared to net income of $0.3 million, or $0.01 per diluted share, in the same period of 2009.

A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Kenexa had cash and cash equivalents of $52.5 million at December 31, 2010, a decrease from $90.4 million at the end of the prior quarter due to payments associated with the Salary.com acquisition. The Company generated cash from operations of $3.3 million during the fourth quarter of 2010 and $11.5 million excluding non-recurring payments and fees associated with the Salary.com acquisition. Deferred revenue was $76.1 million at December 31, 2010, an increase of 52% from December 31, 2009. 

Other Fourth Quarter and Recent Highlights  

  • More than 50 “preferred partner” customers were added during the quarter (defined as customers that spend more than $50,000 annually).
  • The average annual revenue from the Company’s top 80 customers was greater than $1.2 million, an increase from the $1.0 million level in the fourth quarter of 2009.
  • Kenexa joined with General Information Services (GIS) and Sterling Infosystems, leading providers of background screening services, to provide full-service background screenings for Kenexa’s Integrated Talent Management solutions, including Kenexa 2x BrassRing™ and Kenexa 2x Recruit™.

 Full Year 2010 Financial Results

For the full year 2010, Kenexa reported total GAAP revenue of $196.3 million, with non-GAAP revenue of $199.4 million after eliminating the $3.1 million GAAP adjustment to Salary.com’s deferred revenue. Non-GAAP revenue increased 26% compared to $157.7 million for the full year 2009. Subscription revenue was $157.7 million and professional services revenue was $41.7 million for the full year 2010, compared to $133.9 million and $23.8 million, respectively, in the year ago period.  

Non-GAAP income from operations, which excludes share-based compensation expense, amortization of acquired intangibles, expenses related to our acquisitions and the deferred revenue write-down related to the Salary.com acquisition, was $17.7 million for the year ended December 31, 2010, representing a 9% non-GAAP operating margin and compared to $15.9 million in the year ended December 31, 2009. Non-GAAP net income was $14.4 million, or $0.62 per diluted share, for the year ended December 31, 2010, compared to $0.62 in the year ago period. 

Kenexa’s loss from operations for the full year 2010, determined in accordance with GAAP, was $0.3 million compared with a loss from operations of $29.0 million for 2009. GAAP net loss was $5.8 million or loss of $0.25 per basic share for the full year 2010, compared to a net loss of $31.1 million or a loss of $1.38 per basic share for the full year 2009. GAAP loss from operations, net loss and loss per share included the impact of a non-cash goodwill impairment charge of $33.3 million for the full year 2009.

A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Business Outlook

Based on information as of today, February 8, 2011, the Company is issuing financial guidance as follows: 

First Quarter 2011*: The Company expects GAAP revenue to be $57.0 million to $59.0 million. Excluding the GAAP adjustment to Salary.com’s deferred revenue, the Company expects non-GAAP revenue to be $60.0 million to $62.0 million, and non-GAAP operating income to be $4.4 million to $4.8 million. Assuming an effective tax rate for reporting purposes of approximately 20% and approximately 23.5 million shares outstanding, Kenexa expects its non-GAAP net income per diluted share to be $0.13 to $0.14. 

Full Year 2011*: The Company expects GAAP revenue to be $240 million to $248 million. Excluding the GAAP adjustment to Salary.com’s deferred revenue, the Company expects non-GAAP revenue to be $248 million to $256 million, and non-GAAP operating income to be $21.0 million to $27.0 million. Assuming an effective tax rate for reporting purposes of approximately 20% and approximately 24 million shares outstanding, Kenexa expects its non-GAAP net income per diluted share to be $0.62 to $0.82.

* Kenexa’s non-GAAP results will exclude stock based compensation expense, amortization of intangibles associated with acquisitions, fees related to closing the Salary.com acquisition and the purchase accounting reduction to Salary.com’s revenue.

For more information on Kenexa, please visit www.kenexa.com
Matt Lafata, HRchitect

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Kenexa Announces Agreement to Acquire Salary.com…from Kenexa

September 1, 2010

 

Reiterates financial guidance for the third quarter 2010

HRchitect featured Kenexa in our May 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Acquisition Systems and top Talent Management Systems vendors that businesses should consider. Ron Hanscome, VP of Product Strategy with Kenexa appeared on the HRchitect WebMingle on June 26, 2009 and Derek Bluestone, VP Product Marketing appeared on June 17, 2010. If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. We have unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation. Simply put, do not invest in any kind of HR technology without consulting with the experts first. HRchitect is here to help!

Kenexa Corporation (Nasdaq: KNXA) and Salary.com, Inc. (Nasdaq: SLRY) today announced that they have entered into an agreement for Kenexa’s acquisition of Salary.com in an all cash tender offer and merger for $4.07 per share, or approximately $80 million.  Kenexa, a global provider of business solutions for human resources, expects to complete the cash tender offer and close the transaction during the fourth quarter of 2010.  The completion of the transaction is subject to a majority of the outstanding Salary.com shares being tendered, as well as satisfactory completion of other customary closing conditions, including certain regulatory approvals.

Kenexa expects to finance the deal through a combination of its cash balances and borrowings against its credit facility, which was recently put in place.  The agreement has been unanimously approved by the board of directors of both companies, and Salary.com’s board intends to recommend that the Salary.com stockholders tender their shares in the offer. 

Kenexa’s Chief Executive Officer, Rudy Karsan, stated, “We are very excited to announce the acquisition of Salary.com, which provides Kenexa with significant domain expertise and a strong leadership position in the area of on-demand compensation management solutions.  Salary.com’s value proposition spans both software and proprietary content, similar to Kenexa, and their compensation management solutions are highly synergistic with our broad suite of talent acquisition and retention solutions.  We believe Kenexa is increasingly being recognized in the market place as having the broadest and deepest suite of talent management solutions, and the addition of Salary.com’s solutions and customer base will further strengthen our competitive position.” 

Karsan added, “We believe there is a tremendous opportunity to take Salary.com’s best-in-class compensation management solutions to Kenexa’s customer base, which includes some of the largest corporations in the world.  In addition, Salary.com has several thousand customers that provide a fertile opportunity for Kenexa to deliver our suite of software, services and content.  We believe Salary.com’s acquisition by Kenexa is a major positive for both of our respective companies, employees, partners, customers and prospects.”     

Salary.com provides on-demand compensation software that helps businesses and individuals manage pay and performance.   The company is the industry leader in market pricing and compensation analysis software that helps customers benchmark, compensate and reward its employees.  Salary.com’s compensation solutions were designed by Certified Compensation Professionals (CCP®) and enable corporations to analyze pay competitiveness, simplify cumbersome survey participation and automate market pricing all in a single, web-based solution.  Salary.com also provides companies with access to a wealth of employer reported compensation data that spans thousands of jobs.

Kenexa believes the acquisition of Salary.com is compelling for a number of reasons, including the following: 

  • Compensation management is highly synergistic with Kenexa’s current suite of talent acquisition and retention solutions
  • Salary.com has established a market leadership position in the on-demand, compensation management market
  • Salary.com and Kenexa have complementary business models as both companies deliver a combination of software and proprietary content through a subscription-based, on-demand model
  • Kenexa believes there is a significant opportunity to expand Salary.com’s adoption in large organizations and on a global basis
  • Kenexa expects the transaction will have a positive impact on its non-GAAP operating results

Kenexa’s management will provide additional, updated financial guidance that includes the expected contribution from Salary.com on its third quarter 2010 financial results conference call, assuming the acquisition has closed in advance.   

Upon completion of the Salary.com acquisition, Kenexa’s non-GAAP results will exclude stock-based compensation expense and amortization of intangibles associated with acquisitions as they have in the past, in addition to non-recurring professional fees associated with completing the transaction and the purchase accounting reduction to Salary.com’s deferred revenue. 

Salary.com’s interim chief executive officer, Paul Daoust, said, “Over the last several quarters, Salary.com has executed an aggressive restructuring plan to enable the company to focus on our core businesses and areas of competitive advantage.  We believe Salary.com’s acquisition by Kenexa will enable us to capitalize on our market leading software and data in compensation, talent management and consumer offerings.  Salary.com will now have access to a much larger global sales and services organization, greater R&D resources and overall financial strength to provide our customers with confidence that we will be able to meet their needs from a long-term perspective.  We believe that the combination of Salary.com and Kenexa will provide a unique, end-to-end value proposition that positions our combined organization very well in front of an eventual improvement in the economy and hiring environment.”

Reiterates Financial Guidance for the Third Quarter 2010

On September 1, 2010, Kenexa’s management reiterated that the Company is on track to meet the financial guidance it previously issued on August 3, 2010.  The Company continues to expect revenue to be $45 million to $47 million, and non-GAAP operating income to be $3.4 million to $3.6 million. Assuming an effective tax rate for reporting purposes of approximately 20% and approximately 23.2 million shares outstanding, Kenexa expects its non-GAAP net income per diluted share to be $0.12 to $0.13.

For more information on Kenexa, please visit www.kenexa.com
Matt Lafata, HRchitect

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Salary.com Announces CEO Transition…from Salary.com

February 23, 2010

 

HRchitect featured Salary.com in our 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems and top HRIS vendors that businesses should consider. If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. We have unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation.

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand talent management, payroll, and compensation solutions, today announced that Kent Plunkett has announced his resignation as chief executive officer, effective immediately. Mr. Plunkett will continue to serve as chairman of the board. Salary.com also announced that its board of directors has appointed Paul R. Daoust as interim chief executive officer while it conducts a formal search for a permanent chief executive officer.

Kent Plunkett stated, “I am incredibly proud of what the people who built Salary.com have achieved since we founded the company over 10 years ago. Salary.com is recognized as the global leader in compensation management data and software, and our emerging suite of SaaS-based human capital management solutions is in a strong competitive position. We have recorded 35 consecutive quarters of revenue growth and I remain optimistic about the company’s long term growth potential.” Plunkett added, “It is time for me to step aside and provide the opportunity for fresh leadership to serve Salary.com’s amazing customers and employees. I am highly confident in Paul’s leadership of the company’s executive transition plan and believe that Salary.com has a very strong foundation for our next chief executive to grow the company to the next level.”

Paul Daoust is a recognized leader in the human resources industry with over forty years of operating experience, and he has been a member of the Salary.com board of directors since 2006. Daoust previously spent 28 years with Watson Wyatt Worldwide, one of the world’s largest human resource consulting firms. For five of those years, Daoust served as chief operating officer and contributed to the doubling of Watson Wyatt’s revenue and a tripling of its profits. After his career at Watson Wyatt, Daoust served as chief executive officer of HighRoads, Inc., a privately-held, technology-enabled solutions company providing benefits lifecycle management. After four years as chief executive officer, Daoust transitioned to non-executive chairman in 2005 and he continues to serve HighRoads in that role. Daoust also currently serves on various boards in the human capital industry.

Robert Trevisani, Salary.com’s lead director, stated, “The board of directors would like to thank Kent for his lifetime worth of contributions to Salary.com. His passion and dedication have helped the company evolve into a market leader in on-demand Human Resource solutions. The Board is confident that with Paul joining as interim chief executive officer, Salary.com has the leadership in place that will enable the company to continue prospering while it searches for its next permanent chief executive officer.”

For more information on Salary.com, please visit www.salary.com
Matt Lafata, HRchitect

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Salary.com Launches Talent Management Solution for Skills Gap Analysis and Assessment…from Salary.com

January 13, 2010

 

Salary.com SkillsManager Enables Organizations to Capture Employee Skills and Develop Them in Line With Business Strategy

HRchitect featured Salary.com in our 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems and top HRIS vendors that businesses should consider. If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. We have unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation.

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand talent management, payroll and compensation solutions, today announced the North American launch of Salary.com SkillsManager, adding a best-of-breed skills gap analysis and assessment solution to Salary.com’s talent management portfolio.

Salary.com SkillsManager is an enterprise SaaS solution that allows organizations to use custom and off-the-shelf job models with functional competencies from Salary.com to create a company inventory of employee skills, conduct employee skill assessments, and analyze skills gaps at the individual, department and organizational levels. The workforce analytics in Salary.com SkillsManager allow organizations to identify and assign employees who have the requisite skills for a project and create targeted, skill-based learning programs that are in line with their business strategy. Salary.com SkillsManager provides easy-to-use tools to build job profiles, map skills, and design learning paths.

“Organizations today need to be agile and efficient, and Salary.com SkillsManager helps companies respond to business challenges quickly by empowering them to best understand and utilize their employees’ skills,” said Brent Kleiman, SVP, marketing and strategy at Salary.com. “We know that most companies keep an excellent inventory of their hardware and IT systems, but have never even approached developing an inventory of their most important investment and valuable resource — the skills of their workforce. Salary.com SkillsManager makes that possible.”

Salary.com SkillsManager is invaluable in helping organizations maximize the utilization of employee skills rather than hire contractors with redundant skills, and reduce costs by targeting only key training needs. Salary.com SkillsManager also helps organizations mitigate operational risks by identifying potential key skill losses from attrition, and for some key industries, reduces the risk of non-compliance by proactively identifying skill gaps and shortages.

Salary.com will host a webinar called “Skills Management: HR’s Path to Organizational Success,” on several dates throughout January 2010. To register for an upcoming session, visit http://events.salary.com.

Companies have an opportunity to participate in a Salary.com SkillsManager pilot program that’s designed to help companies discover the immediate business benefits and ROI that Salary.com SkillsManager can deliver. The program provides three months of full use of Salary.com SkillsManager for 250 employees. To learn more about Salary.com SkillsManager and the pilot program, visit: http://www.salary.com/competencies/skills_management.asp.

Salary.com SkillsManager adds another component to the company’s best-of-breed talent management product line. Salary.com’s TalentManager® Suite provides robust functionality and configurability that HR professionals require while delivering easy-to-use solutions that managers and employees demand.

For more information on Salary.com, please visit www.salary.com
Matt Lafata, HRchitect

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Salary.com Announces Second Quarter 2010 Financial Results…from Salary.com

November 6, 2009

 

Reports 34th Consecutive Quarter of Revenue Growth; Achieves Positive Operating Cash Flow for Second Quarter in a Row

HRchitect featured Salary.com in our 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems and top HRIS vendors that businesses should consider. If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. We have unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation.

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand talent management, payroll, and compensation solutions, recently announced financial results for its second quarter of fiscal 2010, which ended September 30, 2009.

Revenue in the second quarter of 2010 was $11.6 million, an increase of 10% over the second quarter of fiscal 2009. Bookings were $12.2 million, an increase of 9% over the second quarter of fiscal 2009. Non-GAAP operating cash flow, which excludes cash payments for severance, was positive with a cash inflow of $0.5 million in the second quarter of 2010. GAAP operating cash flow was an inflow of $0.4 million in the second quarter of 2010.

Kent Plunkett, founder and chief executive officer, stated, “We are pleased to have completed our 34th consecutive quarter of revenue growth and achieved positive operating cash flow from operations for the second quarter in a row. Our broad strategy of offering an array of integrated, best-in-breed human capital management tools and data again contributed to larger overall transaction sizes in the second quarter, with 14 transactions over $100,000 in the quarter and six of those larger than $250,000. We believe Salary.com’s strong execution is reflected in continued bookings and cash flow growth as we continue to gain momentum as a human capital management leader.”

Second Quarter 2010 Financial Summary

–  Second quarter revenue was $11.6 million, an increase of 10% over the second quarter of fiscal 2009.

–  On a GAAP basis, for the second quarter of fiscal 2010, Salary.com reported a net loss of $4.7 million, or ($0.29) per diluted share, compared to a net loss of $6.3 million, or ($0.39) per diluted share, in the second quarter of fiscal 2009.

–  On a non-GAAP basis, excluding stock-based compensation, amortization of intangibles and restructuring expenses, Salary.com reported a net loss of $1.9 million, or ($0.12) per diluted share, for the second quarter of fiscal 2010, compared to a net loss of $3.0 million, or ($0.18) per diluted share, in the second quarter of fiscal 2009.

–  Cash and cash equivalents as of September 30, 2009 were $16.1 million, compared to $17.0 million as of June 30, 2009.

–  Current deferred revenue was $27.3 million as of September 30, 2009, compared to $27.4 million as of June 30, 2009.  Total deferred revenue grew to $29.9 million as of September 30, 2009, from $29.3 million as of June 30, 2009.

–  Excluding non-recurring cash payments for severance, non-GAAP cash flow from operations was a net inflow of $0.5 million in the second quarter of fiscal 2010. Including the non-recurring payments for severance, GAAP cash flow from operations was a net inflow of $0.4 million, a $1.4 million improvement compared to the same period a year ago.

Additional Second Quarter Business Highlights

–  During the second quarter, Salary.com added approximately 100 customers, and ended the quarter with approximately 3,600 enterprise customers.

–  New customer additions in the second quarter of fiscal 2010 included: Boston Medical Center, Caraco Pharmaceutical Laboratories, Ltd., Casio America, Inc., The Cooper Health System, Emergint Technologies Inc., and Washington Mills Management, Inc.

–  During the second quarter, Salary.com held user conferences in Boston, Chicago, New York, San Francisco, and Singapore, with over 500 customers attending.  The user groups offered four separate tracks for different human resources disciplines and featured industry experts from Gartner, IDC, and Bersin & Associates as speakers.

–  At the HR Technology Conference in October, Salary.com won the Talent Management Shootout in a vote by hundreds of human resources professionals.  TalentManager won the contest against three competitors after a demonstration of its easy-to-learn and easy-to-use features and the seamless integration of TalentManager’s data-driven content with Salary.com’s performance, competency, goal management, compensation planning, succession planning, career planning, and employee development software and data solutions. Bersin and Associates published the reasons they believe Salary.com won the Shootout in a blog post.

–  During the second quarter, Salary.com repurchased approximately 179,000 shares at an average purchase price of $3.01 per share.  To date, the Company has repurchased approximately 1.3 million shares at an average price of $2.03 per share.

Bryce Chicoyne, Salary.com’s chief financial officer said, “Our effective execution in the second quarter resulted in an increase in bookings, revenue, and operating cash flow on both a year-over-year and sequential basis, and I am proud of that accomplishment. We remain committed to long-term revenue growth and cash flow generation and are managing the company with that in mind. Larger deal trends and a continued strong customer retention rate are fueling our optimism for long-term growth.”

Business Outlook

For the third quarter of fiscal 2010, Salary.com expects total revenue in the range of $11.4 million to $11.9 million. Non-GAAP net loss is expected to be in the range of $1.7 million to $2.2 million. Non-GAAP net loss excludes non-cash stock-based compensation expenses in the range of $1.7 million to $2.0 million, amortization of intangibles in the range of $1.2 million to $1.3 million, and restructuring charges of approximately $100,000. GAAP net loss for the third quarter of fiscal 2010 is expected to be in the range of $4.7 million to $5.8 million. Weighted average diluted shares for the quarter are estimated to be approximately 16.2 million shares.

For the full year fiscal 2010, we expect revenue to be in the range of $46.5 million to $50.5 million. Non-GAAP net loss is expected to be in the range of $4.8 million to $8.8 million. Non-GAAP net loss excludes non-cash impact of stock-based compensation in the range of $8.0million to $10.0 million, amortization of intangibles in the range of $4.8 million to $5.1 million, and restructuring charges of approximately $200,000. On a GAAP basis, net loss for fiscal 2010 is expected to be in the range of $19.3 million to $23.3 million. Non-GAAP cash flow from operations, which excludes $500,000 in severance, is expected to be in the range of $1.2 million to $2.2 million in fiscal 2010. Weighted average diluted shares for the year are estimated to be approximately 16.3 million shares.

For more information on Salary.com, please visit www.salary.com

 

Matt Lafata, HRchitect

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HRchitect “Beauty Pageants” For Top Vendors in the HR Technology Arena Returns with a Full Schedule for Remainder of 2009

August 19, 2009

 

HRchitect, the leader in HR systems strategic consulting and the premier Human Capital Management (HCM) and Talent Management systems consulting firm, announced the return of the wildly popular and groundbreaking webinar series entitled, “Assessing the Talent Management and HR Systems Landscape, an HRchitect Beauty Pageant.”

HRchitect conducted ten successful Beauty Pageants from November 2008 through May of 2009 and took a short hiatus for the summer months. The events will return on August 21, 2009 with Talent Acquisition Systems followed by Talent Management Systems on September 4, 2009. Best of all, these are free to the HR community and any other interested parties.

Each ‘Beauty Pageant’ focuses on a different category of HR technology such as Talent Management Systems, Talent Acquisition Systems, and HR/Payroll Systems and will feature up to six contestants.  The contestants are all top vendors in each specific category. 

The Talent Acquisition Systems Pageant is up first and will feature Hodes IQ, HRsmart, iCIMS (last year’s winner), SilkRoad, and Taleo. Talent Management Systems follows and at press time the confirmed vendor contestants are Jobpartners, Saba, Salary.com, and SumTotal Systems.

“The world of HR technology continues to puzzle many people,” commented Matt Lafata, Vice-President of Sales & Marketing for HRchitect and the host of the Beauty Pageants, “and what better way to try and help solve that than through a fun and informative beauty pageant? Our continuous mission is to educate the public about HR technology options and we feel that these short, 8-10 minute presentations from multiple vendors, is a great way to do it AND keep people’s attention. The feedback we have received from these Beauty Pageants is absolutely tremendous and we are looking forward to producing many more of these events.”

HRchitect developed a format to help guide each vendor with an outline of what should be covered during each portion of the pageant.  HRchitect came up with pageant categories and a guideline for vendors to loosely follow but of course leaves it up to each vendor to follow their own format:

Evening gown – To start off each portion, we are asking the vendor to come out in their best ‘outfit’ – corporate overview, history, specific identity, financial viability, marquee clients, leadership team, etc. This will be the grand entrance.

Swimsuit – Here the vendors will show some skin in this portion – usability, configurability, etc.

Talent – This portion will cover functionality, technology/integration, global ability, etc.

Interview – This will be the Q & A section from the audience. 

At the end of each Beauty Pageant, the audience votes to determine who walks away with the crown and industry bragging rights.

“These beauty pageants are designed to give the audience a quick overview of the leading vendors and showcase their uniqueness and creativity,” added Tiffany Appleby, Director of Marketing for HRchitect and Production Manager for the Beauty Pageants. “Past participants have gotten extremely creative in their presentations and we thank them for their time and efforts in doing this. We truly believe this is a really great opportunity for anyone who is looking at purchasing any kind of HR technology solution to be able to learn more about several of the top systems in each category in a fun and informative format.”

The upcoming schedule of Beauty Pageants is as follows, and registration is available on the HRchitect web site:

August 21, 2009 – Talent Acquisition Systems

September 4, 2009 – Talent Management Systems

September 25, 2009 – Learning Management Systems

October 9 – Background Screening

October 16 – Mid-Market Talent Acquisition Systems

October 30 – Onboarding

November 6 – Performance Management Systems

November 20 – HR/Payroll Systems

December 4 – Workforce Management

December 11 – Compensation Management

Visit www.HRchitect.com to register for any of these free Beauty Pageants and learn more about some of the exciting educational and innovative events that HRchitect has coming up over the coming months.

 
Matt Lafata, HRchitect

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Salary.com Announces First Quarter 2010 Financial Results…from Salary.com

August 11, 2009

 

Reports 33rd Consecutive Quarter of Revenue Growth; Achieves Positive Operating Cash Flow

HRchitect featured Salary.com in our 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems and top HRIS vendors that businesses should consider. If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. We have unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation.

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand HRMS/payroll, compensation and talent management solutions, today announced financial results for its first quarter of fiscal 2010, which ended June 30, 2009.

Revenue in the first quarter of 2010 was $11.4 million, an increase of 18% over the first quarter of fiscal 2009. Bookings were $12.4 million, an increase of 14% over the first quarter of fiscal 2009. Non-GAAP operating cash flow, which excludes cash payments for severance, was positive with a cash inflow of $0.4 million in the first quarter of 2010. GAAP operating cash flow was an inflow of $0.1 million in the first quarter of 2010.

Kent Plunkett, founder and chief executive officer, stated, “We are pleased to have completed our 33rd consecutive quarter of revenue growth. We delivered solid bookings growth and returned Salary.com to a cash flow generating position in the first quarter of 2010. Our customers continue to see value in our suite of integrated software and data solutions for human resources professionals. Our vision of this broad on-demand TotalHR offering is continuing to resonate with buyers, and reinforces our position as a human capital management leader.”

First Quarter 2010 Financial Summary

–  First quarter revenue was $11.4 million, an increase of 18% over the first quarter of fiscal 2009.

–  On a GAAP basis, for the first quarter of fiscal 2010, Salary.com reported a net loss of $5.1 million, or ($0.32) per diluted share, compared to a net loss of $6.2 million, or ($0.39) per diluted share, in the first quarter of fiscal 2009.

–  On a non-GAAP basis, excluding stock-based compensation expense and amortization of intangibles, Salary.com reported a net loss of $2.5 million, or ($0.16) per diluted share, for the first quarter of fiscal 2010, compared to a net loss of $3.4 million, or ($0.22) per diluted share,  in the first quarter of fiscal 2009.

–  Cash and cash equivalents as of June 30, 2009 were $17.0 million, compared to $21.1 million as of March 31, 2009.

–  Current deferred revenue grew to $27.4 million as of June 30, 2009, an increase from $26.5 million as of March 31, 2009.  Total deferred revenue was $29.3 million as of June 30, 2009, an increase from $28.3 million as of March 31, 2009.

–  Excluding non-recurring cash payments for severance, non-GAAP cash flow from operations was a net inflow of $0.4 million in the first quarter of fiscal 2010. Including the non-recurring payments, GAAP cash flow from operations was a net inflow of $0.1 million, a $2.2 million improvement compared to the same period a year ago.

Additional First Quarter Business Highlights

–  Salary.com ended the first quarter with approximately 3500 enterprise customers, an increase of over 20% from the first quarter of fiscal 2009.

–  New customer additions in the first quarter of fiscal 2010 included Avery Dennison, CVS Pharmacy, Inc., Eaton Corporation, Kent State University, In-n-Out Burger, and Great Lakes Synergy Corporation.

–  During the first quarter, Salary.com repurchased approximately 862,000 shares at an average purchase price of $1.79 per share.  To date, the Company has repurchased approximately 1.2 million shares at an average price of $1.92 per share.

Bryce Chicoyne, Salary.com’s chief financial officer, said, “I am pleased with the company’s execution in the first quarter, which resulted in our return to positive operating cash flow. We remain committed to generating positive cash flow on a full-year basis. Additionally, we had a successful quarter in our share repurchase program. We are encouraged by the trends we are seeing in our sales pipeline and believe customers are recognizing the value of our on-demand compensation management, payroll/HRIS and talent management products.”

Business Outlook

For the second quarter of fiscal 2010, Salary.com expects total revenue in the range of $11.4 million to $11.9 million. Non-GAAP net loss, which excludes non-cash stock-based compensation expenses of approximately $1.7 million, and amortization of intangibles of approximately $1.2 million, is expected to be in the range of $1.9 million to $2.4 million. GAAP net loss for the second quarter of fiscal 2010 is expected to be in the range of $4.8 million to $5.3 million. Weighted average diluted shares for the quarter are estimated to be approximately 16.3 million shares.

Salary.com is raising its prior guidance for fiscal 2010. We expect revenue to be in the range of $46.5 million to $50.5 million and cash flow from operations is expected to be a positive $1.2 million to $2.2 million. Non-GAAP net loss, which excludes non-cash impact of stock-based compensation expense of approximately $10.0 million, and amortization of intangibles of approximately $4.5 million, is expected to be in the range of $4.8 million to $8.8 million. On a GAAP basis, net loss for fiscal 2010 is expected to be in the range of $19.3 million to $23.3 million. Weighted average diluted shares for the year are estimated to be approximately 16.5 million shares.

For more information on Salary.com, please visit www.salary.com

 
Matt Lafata, HRchitect

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Salary.com Announces CompetencyManager — An Innovative Solution for Building and Deploying Job Models and Competency Libraries…from Salary.com

July 19, 2009

 

CompetencyManager Launches as Industry-First Software Solution Providing Centralized Job Model Management on a Deep Foundation of Job Models and Competency Libraries

HRchitect featured Salary.com in our 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems and top HRIS vendors that businesses should consider. If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. We have unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation.

Salary.com, Inc., a leading provider of on-demand compensation, payroll, and talent management solutions, announced today the launch of CompetencyManager, an industry first, patent-pending, SaaS competency management and development software solution.

CompetencyManager provides the data and tools any company could utilize to easily design, create, validate, implement, export and maintain competencies and job models within its competency-based HR applications. The software allows users to leverage Salary.com’s comprehensive competency libraries, import third-party competency data or create their own. In addition, CompetencyManager enables users to store competency libraries, frameworks, job models, competencies and related data sets all in a single, online tool, and then export this data to the appropriate HR application. Subscribers to CompetencyManager benefit from online access to more than 1,200 functional job models and robust competency libraries, including behavioral statements, learning references, development statements, coaching tips, writing assistance and interview questions.

“Companies often fail to effectively launch and sustain competency management programs because these programs are usually too time consuming and too difficult to accomplish successfully without the right tools,” said Brent Kleiman, SVP, Marketing & Strategy at Salary.com. “For the first time, there is a scalable, data-rich job model productivity solution that reduces the time and cost to build, deploy and manage a competency program.”

CompetencyManager was developed by Salary.com’s team of HR software experts and the Salary.com Human Capital Management Consulting team, which has over the past 20 years developed over 300 global clients’ complex and large-scale needs in implementing a high performance culture, including Northrop Grumman, MetLife and Unisys. Additionally, extensive input from other existing Salary.com competency customers shaped the unique advantages of this software such as: Job Mapping, Calibration, Collaboration, and Governance.

For more information on Salary.com, please visit www.salary.com

 
Matt Lafata, HRchitect

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Salary.com Launches Enhanced HR/Payroll Solutions…from Salary.com

June 20, 2009

 

Employers Use New Salary.com HR/Payroll Tool to Control Costs and Maximize Efficiency

HRchitect includes Salary.com in our list of top Talent Management Systems and top HRIS vendors that businesses should consider. If you are looking for a new Talent Management System, or any HR system, talk to HRchitect first. We have unparalleled knowledge of the HR and Talent Management vendor community and can save you time and money in selection and implementation.

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation, payroll and talent management solutions, has begun the national rollout of its new on-demand HR/Payroll offerings. Salary.com’s HR/Payroll solutions provide an integrated application for businesses with disparate HR, payroll and benefits solutions.

“We understand that controlling costs and maximizing efficiency are imperative to employers in this economy,” said Brent Kleiman, SVP, Marketing & Strategy at Salary.com. “By integrating tools to administer HR, employee benefits and payroll in an on-demand model, we offer employers a single application and database to manage their business without paper-based approaches that utilize disjointed or outdated interfaces. The application drives efficiencies and cost savings that are significant for our marketplace. That speaks volumes in today’s economic environment.”

About HR/Payroll

Salary.com offers businesses of all sizes a comprehensive set of HR, Payroll and Benefits administration software solutions delivered on-demand with little to no investment of in-house IT resources. Salary.com HR/Payroll solutions are integrated modules that can be configured to meet a client’s unique needs and are all accessible via a secure web-based system:

– Payroll & Tax Management: define and process earnings, deductions, taxes, accruals, labor distributions and event-triggered calculations

– Benefits Management: enroll and administer all deductions for health, welfare, dental, vision, and other benefits offered to employees, including related employer contributions

– Human Resources Administration: track HR-related information including employment history, performance, job information, position and salary information, career development, and leave programs

For more information on Salary.com, please visit www.salary.com

 
Matt Lafata, HRchitect

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Salary.com Expands Leadership in Functional Job-Competency Models…from Salary.com

May 2, 2009

 

Now Offers Over 1,000 Unique Job Profiles – The Largest Single Source of Off-the-Shelf, Job-Specific Functional Competency Models to Empower Talent Management Initiatives

HRchitect featured Salary.com in our May 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems vendors that businesses should consider.

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation, payroll and talent management solutions, announced recently that it has expanded its set of functional job-competency models. Functional job-competency models are a complete role-based set of skills, behaviors, proficiencies and learning references that help employers and human resources professionals meet the rising need for insight into critical skills. Salary.com now offers over 1,000 unique job profiles containing functional and technical competency descriptions. Salary.com’s off-the-shelf content provides critical data quickly — helping clients execute key business initiatives, drive their talent management software and extract the full value from investments in HR technology.

Salary.com competencies have addressed over 300 global clients’ complex and large-scale needs in implementing a high performance culture, including Northrop Grumman, U.S. Bancorp and Unisys. In addition to expanding the number of job competencies, the new release also includes the introduction of a new Software Industry Job Model, as well as new job families, jobs, competencies and technology tools relevant to the Insurance, Manufacturing, Retail and Information Technology industries.

“The expanded dataset reinforces Salary.com’s commitment to competency-driven talent management. Our goal is to better serve customers who want to deploy competencies to manage performance, design learning programs and build a strong pipeline of internal leaders,” said Doug Crisman, Salary.com vice president of talent management. “According to Bersin & Associates, while more than 90% of human resources professionals view competencies as critical to effective talent management, fewer than 30% have them well-implemented. Integrating a foundation of comprehensive competency data into an organization’s talent management processes improves workforce planning and ensures the right people with the right skills are in the right jobs.”

For more information on Salary.com, please visit www.salary.com.
Matt Lafata, HRchitect

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Workstream Crowned HRchitect’s 2009 Compensation Planning Winner! …from Workstream

April 22, 2009

 

Workstream showcases its leading compensation planning capabilities by being named the winner of HRchitect’s 2009 Compensation Planning Software Beauty Pageant.

 

HRchitect featured Workstream in our May 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems vendors that businesses should consider.

 

Compensation and HR professionals throughout the nation gathered virtually on Friday, April 17th to view compensation planning solutions from leading vendors in the space as part of the latest in a series of HR technology webinars presented by HRchitect, the leader in HR systems strategic consulting. Workscape, Salary.com (NASDAQ: SLRY), and HCR Software delivered strong presentations, but in the end, the audience selected Workstream (NASDAQ: WSTM) as the 2009 winner.

 

Workstream’s selection as the winning entrant reflects the company’s position as the provider that best demonstrates how their compensation planning software can help organizations maximize their compensation dollars. Workstream Compensation streamlines cumbersome and inefficient processes while helping clients inspire their people and transform their organizations through tools that recognize and motivate superior performance.

 

“Workstream, under the Kidiri brand, was the original pioneer in the compensation planning space and we remain committed to being the preeminent enterprise solution on the market. It is great to see that our continued investment in the compensation domain and our compensation product is being recognized. Our clients benefit from the solution’s ability to guide managers to the right decisions through superior decision support tools, including real-time graphical dashboards and dynamic in-line analytic displays. Not only can we substantially simplify the process, but we can also help planning managers leverage their compensation dollars and make award decisions based upon merit, budget, and market data.” Scott Pruitt SVP, Sales & Marketing Workstream.

 

“As we highlighted in our 2008 HRchitect’s report, “The Suite Life of Integrated Talent Management,” Workstream’s Compensation product is robust and proven with a blue-chip list of customers. With the dramatic turnaround of their financial position, including another profitable quarter for Q3 FY09, Workstream is positioned to lead once again” Matt Lafata, Vice-President, Sales & Marketing HRchitect.

 

Workstream provides on-demand compensation, performance, and talent management solutions and services that help companies manage the entire employee lifecycle. Workstream’s talent management solution provides a unified view of all Workstream products and services, including Workstream’s dynamic Pay for Performance solution. Beyond mere process automation, Workstream’s TalentCenter enables strategy execution by providing superior decision support to help users align decisions with organizational strategy and vision.

 

Access to Workstream’s talent management solution is offered on a subscription basis under an on-demand software delivery model to help companies build high performing workforces, while controlling costs. With offices across North America, Workstream services such customers as Kaiser Permanente, Marshfield Clinic, Chevron, The Gap, Nordstrom, and Wells Fargo.

 

For more information on Workstream please visit www.workstreaminc.com  

Matt Lafata, HRchitect

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Salary.com Increases Authorization for Share Repurchase Program…from Salary.com

April 22, 2009

 

HRchitect includes Salary.com in our list of top Talent Management Systems and top HRIS vendors that businesses should consider.

 

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation, talent management and payroll solutions, today announced that on April 17, 2009, its Board of Directors increased the size of its share repurchase program from $2.5 million to $7.5 million. The share repurchase program was initially authorized on December 15, 2008 for a period of twelve months. Under the program, Salary.com may repurchase shares of Salary.com common stock from time to time at prevailing prices in the open market or in negotiated transactions off the market. The Company expects to use cash on hand and cash generated from future operations to fund repurchases of its common stock.

 

Kent Plunkett, Chief Executive Officer of Salary.com, said, “Our Board of Directors and senior management team have confidence in the ability of Salary.com to execute in a fiscally responsible manner in this environment. This increase in authorization reflects our commitment to maximizing shareholder value for all of our investors and our belief that our own shares are a compelling investment.”

 

To date, Salary.com has purchased approximately 853,000 shares of Salary.com common stock, at an average price of $1.59 per share from the current authorization. Salary.com management will determine the timing and amount of any repurchase based on its evaluation of market conditions, business considerations and other factors. The program does not require the Company to repurchase any specific number of shares and may be extended, modified, suspended or discontinued at any time, at the Company’s discretion.

 

For more information, please visit www.salary.com

Matt Lafata, HRchitect

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Salary.com Makes Deloitte’s Technology Fast 500 List…from Salary.com

April 11, 2009

 

Salary.com Makes Deloitte’s Technology Fast 500 List for Fourth Year in a Row as a Fastest Growing Company — Attributes Continued Revenue Growth to Scope of Best-in-Breed Solutions That Streamline and Empower HR to Attract, Reward, & Retain Talent

 

HRchitect featured Salary.com in our May 2008 release of The Suite Life of Integrated Talent Management and also includes them in our list of top Talent Management Systems vendors that businesses should consider. Salary.com HRMS & Payroll is also included in our list of top HRIS vendors that businesses should consider.

 

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation, talent management and payroll solutions, today announced that it ranked as number 293 on Deloitte’s 2008 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America.

 

“Our fourth year on the Technology Fast 500 underscores Salary.com’s strength in identifying and exceeding customer needs for critical software that ensures HR professionals are attracting, developing, and retaining their talent to the best possible advantage,” commented Salary.com’s CEO Kent Plunkett. Plunkett credits Salary.com’s consistent performance and revenue growth to the company’s commitment to providing customers with a span of on-demand solutions that are best-in-breed — from compensation benchmarking and pay analytics tools, to software that eases the management of employee performance review processes and succession planning, streamlines compensation planning, and strategically links employee pay to performance, most notably with the newest offering of HRMS & Payroll.

 

“Deloitte’s Technology Fast 500 recognizes companies who have achieved extraordinary growth in North America’s most innovative and competitive market sectors,” said Phil Asmundson, Deloitte LLP vice chairman and national managing partner for Technology, Media and Telecommunications. “We congratulate Salary.com on this significant accomplishment.”

 

For more information on Salary.com, please visit www.salary.com

 

Matt Lafata, HRchitect

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Salary.com Announces Three New Talent Management Clients…from Salary.com

March 20, 2009

 

Salary.com Announces Three New Talent Management Clients in the Hospitality, Medical and Manufacturing Industries

 

HRchitect includes Salary.com in our list of top Talent Management Systems vendors that businesses should consider and the Salary.com HRMS and Payroll System in our list of top HRIS vendors that businesses should consider.

 

Salary.com, Inc. (NASDAQ: SLRY), a leading provider of on-demand compensation, talent management and payroll solutions, announced today that Krispy Kreme Doughnuts, Community Lifecare and Advanced Drainage Systems have selected Salary.com’s TalentManager to improve employee performance review processes, manage succession planning, streamline compensation planning and strategically link employee pay to performance.

 

“The current economic environment is increasing the need for organizations to identify top performers and take proactive measures to retain key talent,” said Brent Kleiman, senior vice president of product marketing, Salary.com. “Salary.com’s integrated suite of talent management, competencies, compensation, HRMS and payroll on-demand software provides executives with the complete, unified view of their workforce they need to make strategic talent management decisions.”

 

TalentManager empowers HR executives at Krispy Kreme Doughnuts, Community Lifecare and Advanced Drainage Systems with the information they need to make talent management decisions based on consistent and coherent performance, compensation and employee profile data. Meanwhile, managers at these companies will have a centralized, easy-to-use and integrated platform for conducting employee evaluations, making compensation recommendations and ensuring top performers are retained, rewarded and developed, while decreasing the risk of overpayment and involuntary turnover.

 

For more information on Salary.com, please visit www.salary.com

Matt Lafata, HRchitect

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Spectrum wins HRchitect’s HRIS beauty pageant…from Spectrum

February 28, 2009

 

HRchitect includes Spectrum in our list of top HRIS vendors that businesses should consider. Spectrum also participated in the HRchitect Beauty Pageant on HRIS on February 20, 2009, where they were crowned the winner.

 

On Friday, February 20, Spectrum Human Resource Systems Corp. took the crown in HRchitect’s Mid-Market HRIS Beauty Pageant webinar, beating out contenders NuView Systems, Inc., Salary.com, Inc., and PDS.

The webinar was the latest in HRchitect’s beauty pageant webinar series, which pits industry-leading technology providers against each other for the votes of webinar attendees. Spectrum won over the attendees with a presentation of its latest HRIS, the revolutionary iVantage® 5.0.

In her presentation, Spectrum President and CEO Sybll Romley outlined what she feels separates Spectrum from its competitors. She said that HR professionals creating HR systems translates into better HR products and services.

“It was an honor to win because all of the contestants are strong players in this market,” said Romley. “And to be recognized by HR professionals confirms our belief that potential customers value our dedication to HR.”

iVantage 5.0 offers flexibility, customization and ease of use unlike any other HR system to date. With Spectrum’s exceptional service and cutting-edge technology, the company provides an HRIS experience never seen before.

According to HRchitect, the beauty pageant series has created a buzz in the HR industry since its first webinar last November. Each pageant focuses on a different area of HR technology and provides a venue for webinar attendees to learn about several industry leaders and their products in a “fun and informative format.”

 

For more information on Spectrum, please visit www.spectrumhr.com


Matt Lafata, HRchitect

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