Intrinsic value of Cornerstone OnDemand - CSOD

Previous Close

$51.35

  Intrinsic Value

$8.37

stock screener

  Rating & Target

str. sell

-84%

Previous close

$51.35

 
Intrinsic value

$8.37

 
Up/down potential

-84%

 
Rating

str. sell

We calculate the intrinsic value of CSOD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.60
  12.74
  11.97
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
Revenue, $m
  548
  617
  691
  769
  851
  937
  1,026
  1,120
  1,217
  1,319
  1,424
  1,534
  1,648
  1,766
  1,889
  2,017
  2,150
  2,288
  2,432
  2,582
  2,738
  2,901
  3,071
  3,248
  3,432
  3,625
  3,827
  4,037
  4,257
  4,487
Variable operating expenses, $m
  481
  541
  605
  673
  744
  818
  896
  977
  1,062
  1,149
  1,235
  1,330
  1,428
  1,531
  1,638
  1,749
  1,864
  1,984
  2,109
  2,239
  2,374
  2,515
  2,662
  2,815
  2,975
  3,143
  3,317
  3,500
  3,690
  3,890
Fixed operating expenses, $m
  111
  114
  116
  119
  122
  124
  127
  130
  133
  135
  138
  142
  145
  148
  151
  154
  158
  161
  165
  168
  172
  176
  180
  184
  188
  192
  196
  200
  205
  209
Total operating expenses, $m
  592
  655
  721
  792
  866
  942
  1,023
  1,107
  1,195
  1,284
  1,373
  1,472
  1,573
  1,679
  1,789
  1,903
  2,022
  2,145
  2,274
  2,407
  2,546
  2,691
  2,842
  2,999
  3,163
  3,335
  3,513
  3,700
  3,895
  4,099
Operating income, $m
  -45
  -38
  -31
  -23
  -15
  -6
  3
  13
  23
  34
  51
  63
  75
  87
  100
  114
  128
  143
  159
  175
  192
  210
  229
  249
  269
  291
  313
  337
  362
  388
EBITDA, $m
  -26
  -18
  -9
  1
  11
  21
  33
  44
  57
  70
  83
  97
  112
  127
  143
  159
  177
  195
  214
  233
  254
  275
  298
  321
  346
  372
  399
  427
  457
  489
Interest expense (income), $m
  4
  29
  31
  37
  43
  49
  55
  62
  70
  77
  85
  93
  102
  111
  120
  129
  139
  150
  160
  172
  183
  195
  208
  221
  235
  249
  264
  279
  296
  313
  330
Earnings before tax, $m
  -74
  -69
  -67
  -65
  -63
  -61
  -59
  -57
  -54
  -51
  -42
  -39
  -36
  -32
  -29
  -25
  -21
  -17
  -12
  -8
  -3
  2
  8
  14
  20
  27
  34
  41
  49
  58
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  2
  4
  5
  7
  9
  11
  13
  16
Net income, $m
  -74
  -69
  -67
  -65
  -63
  -61
  -59
  -57
  -54
  -51
  -42
  -39
  -36
  -32
  -29
  -25
  -21
  -17
  -12
  -8
  -3
  2
  6
  10
  15
  20
  25
  30
  36
  42

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  910
  1,025
  1,148
  1,277
  1,413
  1,556
  1,705
  1,860
  2,022
  2,190
  2,366
  2,548
  2,737
  2,934
  3,138
  3,351
  3,572
  3,801
  4,041
  4,290
  4,549
  4,819
  5,101
  5,395
  5,702
  6,022
  6,356
  6,706
  7,071
  7,454
Adjusted assets (=assets-cash), $m
  910
  1,025
  1,148
  1,277
  1,413
  1,556
  1,705
  1,860
  2,022
  2,190
  2,366
  2,548
  2,737
  2,934
  3,138
  3,351
  3,572
  3,801
  4,041
  4,290
  4,549
  4,819
  5,101
  5,395
  5,702
  6,022
  6,356
  6,706
  7,071
  7,454
Revenue / Adjusted assets
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
  0.602
Average production assets, $m
  61
  69
  77
  86
  95
  105
  115
  125
  136
  148
  160
  172
  185
  198
  212
  226
  241
  256
  272
  289
  307
  325
  344
  364
  384
  406
  429
  452
  477
  503
Working capital, $m
  -201
  -227
  -254
  -283
  -313
  -345
  -378
  -412
  -448
  -485
  -524
  -564
  -606
  -650
  -695
  -742
  -791
  -842
  -895
  -950
  -1,008
  -1,068
  -1,130
  -1,195
  -1,263
  -1,334
  -1,408
  -1,486
  -1,567
  -1,651
Total debt, $m
  574
  678
  788
  905
  1,027
  1,155
  1,289
  1,429
  1,575
  1,726
  1,884
  2,048
  2,218
  2,395
  2,579
  2,771
  2,970
  3,176
  3,392
  3,616
  3,849
  4,092
  4,346
  4,610
  4,886
  5,175
  5,476
  5,790
  6,119
  6,463
Total liabilities, $m
  819
  923
  1,033
  1,150
  1,272
  1,400
  1,534
  1,674
  1,820
  1,971
  2,129
  2,293
  2,463
  2,640
  2,824
  3,016
  3,214
  3,421
  3,637
  3,861
  4,094
  4,337
  4,591
  4,855
  5,131
  5,420
  5,721
  6,035
  6,364
  6,708
Total equity, $m
  91
  103
  115
  128
  141
  156
  170
  186
  202
  219
  237
  255
  274
  293
  314
  335
  357
  380
  404
  429
  455
  482
  510
  539
  570
  602
  636
  671
  707
  745
Total liabilities and equity, $m
  910
  1,026
  1,148
  1,278
  1,413
  1,556
  1,704
  1,860
  2,022
  2,190
  2,366
  2,548
  2,737
  2,933
  3,138
  3,351
  3,571
  3,801
  4,041
  4,290
  4,549
  4,819
  5,101
  5,394
  5,701
  6,022
  6,357
  6,706
  7,071
  7,453
Debt-to-equity ratio
  6.310
  6.610
  6.870
  7.080
  7.270
  7.430
  7.560
  7.680
  7.790
  7.880
  7.960
  8.040
  8.110
  8.170
  8.220
  8.270
  8.310
  8.360
  8.390
  8.430
  8.460
  8.490
  8.520
  8.550
  8.570
  8.590
  8.610
  8.630
  8.650
  8.670
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -74
  -69
  -67
  -65
  -63
  -61
  -59
  -57
  -54
  -51
  -42
  -39
  -36
  -32
  -29
  -25
  -21
  -17
  -12
  -8
  -3
  2
  6
  10
  15
  20
  25
  30
  36
  42
Depreciation, amort., depletion, $m
  19
  20
  22
  24
  25
  27
  29
  31
  34
  36
  32
  34
  37
  40
  42
  45
  48
  51
  54
  58
  61
  65
  69
  73
  77
  81
  86
  90
  95
  101
Funds from operations, $m
  -55
  -49
  -45
  -42
  -38
  -34
  -30
  -25
  -20
  -15
  -10
  -5
  1
  7
  13
  20
  27
  34
  42
  50
  59
  67
  75
  83
  92
  101
  110
  121
  131
  143
Change in working capital, $m
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -85
Cash from operations, $m
  -31
  -23
  -18
  -13
  -8
  -2
  3
  9
  15
  22
  29
  36
  43
  51
  59
  67
  76
  85
  95
  105
  116
  127
  137
  148
  160
  172
  185
  198
  212
  227
Maintenance CAPEX, $m
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
New CAPEX, $m
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Cash from investing activities, $m
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -42
  -44
  -47
  -50
  -54
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -89
  -94
  -99
  -104
  -110
  -115
  -121
Free cash flow, $m
  -49
  -43
  -40
  -37
  -34
  -31
  -28
  -24
  -21
  -17
  -13
  -9
  -4
  0
  5
  10
  16
  22
  28
  34
  41
  47
  53
  59
  66
  73
  81
  89
  97
  106
Issuance/(repayment) of debt, $m
  40
  104
  110
  116
  122
  128
  134
  140
  146
  152
  158
  164
  170
  177
  184
  191
  199
  207
  215
  224
  233
  243
  254
  265
  276
  288
  301
  315
  329
  344
Issuance/(repurchase) of shares, $m
  142
  81
  80
  78
  77
  76
  74
  72
  70
  68
  60
  57
  55
  52
  49
  46
  43
  40
  36
  33
  29
  25
  22
  19
  16
  12
  9
  5
  1
  0
Cash from financing (excl. dividends), $m  
  182
  185
  190
  194
  199
  204
  208
  212
  216
  220
  218
  221
  225
  229
  233
  237
  242
  247
  251
  257
  262
  268
  276
  284
  292
  300
  310
  320
  330
  344
Total cash flow (excl. dividends), $m
  134
  142
  150
  157
  165
  173
  180
  188
  195
  203
  205
  213
  221
  230
  239
  248
  258
  268
  279
  291
  303
  316
  329
  343
  358
  374
  391
  408
  427
  450
Retained Cash Flow (-), $m
  -142
  -81
  -80
  -78
  -77
  -76
  -74
  -72
  -70
  -68
  -60
  -57
  -55
  -52
  -49
  -46
  -43
  -40
  -36
  -33
  -29
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -37
  -38
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -8
  61
  70
  79
  88
  97
  106
  116
  125
  135
  145
  155
  166
  178
  189
  202
  215
  228
  243
  258
  274
  289
  301
  314
  327
  342
  357
  373
  390
  412
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -8
  56
  61
  65
  68
  70
  72
  72
  72
  71
  69
  66
  63
  60
  56
  51
  47
  42
  37
  33
  28
  24
  20
  16
  13
  10
  8
  6
  4
  3
Current shareholders' claim on cash, %
  60.8
  55.9
  51.9
  48.5
  45.8
  43.5
  41.5
  39.8
  38.4
  37.1
  36.1
  35.3
  34.5
  33.9
  33.3
  32.8
  32.4
  32.1
  31.8
  31.5
  31.3
  31.1
  31.0
  30.9
  30.8
  30.7
  30.7
  30.6
  30.6
  30.6

Cornerstone OnDemand, Inc. is a cloud computing company. The Company provides learning and human capital management software, delivered as Software-as-a-Service (SaaS). Its human capital management platform combines the talent management solutions with analytics and human resources (HR) administration solutions to enable organizations to manage the employee lifecycle. Its enterprise human capital management platform consists of four product suites: its Recruiting suite, which helps organizations to source and attract candidates, assess and select applicants, onboard new hires and manage the entire recruiting process; its Learning suite, which enables clients to manage training and development programs; its Performance suite, which provides tools to manage goal setting, performance reviews, compensation management and succession planning, and HR Administration suite, which supports employee records administration, workforce planning and compliance reporting.

FINANCIAL RATIOS  of  Cornerstone OnDemand (CSOD)

Valuation Ratios
P/E Ratio -43.3
Price to Sales 6.9
Price to Book 107.5
Price to Tangible Book
Price to Cash Flow 82.9
Price to Free Cash Flow 241.9
Growth Rates
Sales Growth Rate 24.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.7%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 881.5%
Total Debt to Equity 881.5%
Interest Coverage -16
Management Effectiveness
Return On Assets -10.6%
Ret/ On Assets - 3 Yr. Avg. -13.1%
Return On Total Capital -26.7%
Ret/ On T. Cap. - 3 Yr. Avg. -28.5%
Return On Equity -382.9%
Return On Equity - 3 Yr. Avg. -306.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 67.8%
Gross Margin - 3 Yr. Avg. 68.7%
EBITDA Margin -7.1%
EBITDA Margin - 3 Yr. Avg. -13.3%
Operating Margin -13.2%
Oper. Margin - 3 Yr. Avg. -17.3%
Pre-Tax Margin -15.6%
Pre-Tax Margin - 3 Yr. Avg. -21.5%
Net Profit Margin -15.8%
Net Profit Margin - 3 Yr. Avg. -21.9%
Effective Tax Rate -1.5%
Eff/ Tax Rate - 3 Yr. Avg. -1.8%
Payout Ratio 0%

CSOD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CSOD stock intrinsic value calculation we used $481.985 million for the last fiscal year's total revenue generated by Cornerstone OnDemand. The default revenue input number comes from 0001 income statement of Cornerstone OnDemand. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CSOD stock valuation model: a) initial revenue growth rate of 13.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for CSOD is calculated based on our internal credit rating of Cornerstone OnDemand, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Cornerstone OnDemand.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CSOD stock the variable cost ratio is equal to 88%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $109 million in the base year in the intrinsic value calculation for CSOD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Cornerstone OnDemand.

Corporate tax rate of 27% is the nominal tax rate for Cornerstone OnDemand. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CSOD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CSOD are equal to 11.2%.

Life of production assets of 2.4 years is the average useful life of capital assets used in Cornerstone OnDemand operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CSOD is equal to -36.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $22.12 million for Cornerstone OnDemand - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 57.693 million for Cornerstone OnDemand is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Cornerstone OnDemand at the current share price and the inputted number of shares is $3.0 billion.

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COMPANY NEWS

▶ Cornerstone to Present at Upcoming Investor Conferences   [Nov-15-18 04:01PM  Business Wire]
▶ Is Cornerstone OnDemand Inc (NASDAQ:CSOD) Overpaying Its CEO?   [Nov-14-18 11:43AM  Simply Wall St.]
▶ Cornerstone OnDemand: 3Q Earnings Snapshot   [05:27PM  Associated Press]
▶ IBD Stock Of The Day: Ceridian Aims To Make Work Life A Better Place   [Sep-13-18 02:55PM  Investor's Business Daily]
▶ [$$] Cornerstone OnDemand Acquires Workpop   [Sep-12-18 01:29PM  The Wall Street Journal]
▶ Cornerstone to Present at HR Technology Conference and Expo   [Aug-30-18 08:00AM  Business Wire]
▶ Cornerstone OnDemand: 2Q Earnings Snapshot   [04:41PM  Associated Press]
▶ Assurance Maximizes Employee Potential with Cornerstone   [Jul-31-18 08:00AM  Business Wire]
▶ Cornerstone to Present at Upcoming Investor Conferences   [Jul-24-18 04:01PM  Business Wire]
▶ Cornerstone Reveals Winners of 2018 Partner Awards   [Jun-07-18 08:01AM  Business Wire]
▶ Cornerstone OnDemand: 1Q Earnings Snapshot   [May-08-18 04:55PM  Associated Press]
▶ Cornerstone OnDemand Foundation Launches VolunteerReady.org   [Mar-27-18 08:00AM  Business Wire]
▶ Today's Bell Ringer, March 13, 2018   [Mar-13-18 09:15AM  CNBC Videos]
▶ Cornerstone OnDemand reports 4Q loss   [Feb-13-18 05:05PM  Associated Press]
▶ Cornerstone OnDemand Announces Corporate Governance Changes   [Jan-17-18 08:00AM  Business Wire]
▶ [$$] Silver Lake, LinkedIn Invest in Cornerstone OnDemand   [Nov-08-17 09:23PM  The Wall Street Journal]
▶ Cornerstone gets $300 million from Silver Lake, LinkedIn to fund growth   [05:58PM  American City Business Journals]
▶ Cornerstone OnDemand reports 3Q loss   [04:27PM  Associated Press]

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