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SuccessFactors Announces Record Fourth Quarter and Fiscal 2010 Results

SAN MATEO, Calif. Feb. 9, 2011 SuccessFactors, Inc. December 31, 2010

$88.5 million Lars Dalgaard $40 million $200 million

Results for the fourth quarter fiscal 2010

  • Q4 FY10 Non-GAAP Revenue December 31, 2010 $61.7 million $55.5 million to $56.5 million $42.2 million December 31, 2009
  • Q4 FY10 Non-GAAP Operating Profit December 31, 2010 $372,000 $5.4 million $9.1 million $4.8 million December 31, 2010
  • Q4 FY10 Total Deferred Revenue and Backlog December 31, 2010 $234.4 million $206.1 million September 30, 2010 $181.6 million December 31, 2009 December 31, 2010 $183.1 million $143.1 million December 31, 2009
  • Q4 FY10 Cash Flow Generated from Operations December 31, 2010 $13.9 million $8.2 million December 31, 2009
  • Q4 FY10 Net Loss per Common Share December 31, 2010 $0.05 $0.00 $9.1 million $4.8 million $1.5 million $0.01 $8.5 million $3.1 million $3.5 million $0.01 $3.0 million

SuccessFactors’ results for fiscal year 2010

  • FY 2010 Non-GAAP Revenue $209.4 million $203.2 million to $203.7 million $153.1 million
  • FY 2010 Cash Flow Generated from Operations December 31, 2010 $43.4 million $15.4 million December 31, 2010 $356.5 million $33.2 million September 30, 2010
  • FY 2010 Net Loss per Common Share December 31, 2010 $0.17 $0.07 $27.2 million $7.9 million $5.0 million ($0.04) $10.4 million

For Additional Fourth Quarter Fiscal 2010 Highlights please visit http://www.successfactors.com/press-releases/

Guidance

February 9, 2011

  • Q1 FY11 $62.5 million to $63.5 million
  • Full Year 2011 $265 million to $270 million

Q410 Financial Results Conference Call

2:00 p.m. (PT) 5:00 p.m. (ET) http://www.successfactors.com/investor February 19, 2011

Use of Non-GAAP Financial Information

SuccessFactors provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). To help understand SuccessFactors’ past financial performance and future results, SuccessFactors has supplemented its financial results that it provides in accordance with GAAP, with non-GAAP financial measures. The method SuccessFactors uses to produce non-GAAP financial results is not computed according to GAAP and may differ from the methods used by other companies. The non-GAAP measures used by SuccessFactors in this press release exclude the impact of stock-based compensation expense, the amortization of intangible assets, integration costs, future cash consideration and any revaluation of contingent consideration or write-downs for fair value accounting related to business combinations and any unrealized foreign exchange gain/loss on an intercompany loan related to the acquisition of Inform. The company defines billings as revenue plus change in total deferred revenue. Non-GAAP revenue includes revenue from acquired companies that is required to be written down for GAAP purposes under purchase accounting rules.

About SuccessFactors, Inc.

http://www.successfactors.com/

Execution Is The Difference™

http://twitter.com/SuccessFactors

http://facebook.com/SuccessFactors

"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are SuccessFactors’ current expectations and beliefs. These forward-looking statements include statements about expected non-GAAP revenue, non-GAAP net income and market demand.  Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to retain customers and to experience high customer renewal rates; whether customers renew their agreements for additional modules or users; pricing pressures; the fact that the business execution market is at an early stage of development, and may not develop as rapidly as we anticipate; risks related to the integration of the acquisitions, including retaining customers and employees and managing geographically-dispersed operations; competitive factors; outages or security breaches; our ability to develop, and market acceptance of, new services; the impact of any discovered product defects or outages; our ability to continue to sell our services outside the HR area; our ability to manage our growth; our ability to successfully expand our sales force and its effectiveness; whether our resellers and other partners will be successful in marketing our products; our ability to continue to manage expenses; the impact of unforeseen expenses, including as a result of integrating acquisitions; and general economic conditions worldwide.  If any such risks or uncertainties materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.

Further information on these and other factors that could affect these forward-looking statements is included in the section entitled "Risk Factors" in our Annual Report on Form 10-K and in our most recent report on Form 10-Q and in other filings we make with the Securities and Exchange Commission from time to time.

www.successfactors.com/investor

CONTACT:

Investors

Karen Moran

SuccessFactors, Inc.

Investor Relations

650-645-4439

[email protected]

Media

Andrea Meyer

SuccessFactors, Inc.

Public Relations

415-370-7329

[email protected]

SuccessFactors, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

As of December 31,

As of December 31,

2010

2009

(unaudited)

(1)

Assets:

Current assets:

Cash and cash equivalents

$                                    75,384

$                                    76,618

Marketable securities

281,073

246,629

Accounts receivable, net of allowance for doubtful accounts

80,440

57,611

Deferred commissions

7,106

5,950

Prepaid expenses and other current assets

8,022

5,679

Total current assets

452,025

392,487

Restricted cash

913

931

Property and equipment, net

8,737

5,787

Deferred commissions, less current portion

12,854

9,233

Goodwill

64,077

Intangible assets

37,832

Other assets

975

259

Total assets

$                                  577,413

$                                  408,697

Liabilities and stockholders’ equity:

Current liabilities:

Accounts payable

$                                      7,254

$                                         794

Accrued expenses and other current liabilities

11,433

7,220

Accrued employee compensation

23,467

14,546

Deferred revenue

219,868

160,356

Contingent consideration

5,200

Total current liabilities

267,222

182,916

Deferred revenue, net of current portion

14,577

21,268

Long-term taxes payable

1,987

1,643

Contingent consideration, less current portion

21,050

Other long-term liabilities

1,248

367

Total liabilities

306,084

206,194

Stockholders’ equity:

Common stock

78

72

Additional paid-in capital

499,342

421,419

Accumulated other comprehensive income

3,258

(89)

Accumulated deficit

(231,349)

(218,899)

Total stockholders’ equity

271,329

202,503

Total liabilities and stockholders’ equity

$                                  577,413

$                                  408,697

(1)  The condensed consolidated balance sheet as of December 31, 2009 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

SuccessFactors, Inc.

Condensed Consolidated Statement of Operations

(unaudited, in thousands)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2010

2009

2010

2009

With Adoption

With Adoption

of ASU 2009-13

of ASU 2009-13

Revenue

Subscription and support

$            46,652

$ 34,191

$          163,682

$ 122,028

Professional services and other

13,500

8,018

42,244

31,026

Total revenue

60,152

42,209

205,926

153,054

Cost of revenue (1)

Subscription and support

8,313

5,065

26,552

17,763

Professional services and other

9,377

4,991

29,939

17,560

Total cost of revenue

17,690

10,056

56,491

35,323

Total gross profit

42,462

32,153

149,435

117,731

Operating expenses: (1)

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