Saba Software, Inc.: A Wright Investors' Service Research Report

Company FundamentalsCompany Fundamentals\Company Profile
A Wright Investors' Service Research Report:
Saba Software, Inc.
440 Wheelers Farms Road

Milford, CT 06461 U.S.A.
COMPANY PROFILE
Figures in U.S. Dollars
Key Data
Wright Quality Rating:CCNN

Saba Software, Inc. (Saba) is a provider of learning and talent management
solutions providing a set of People Cloud Applications that include enterprise
learning, talent management, testing and assessment and collaboration solutions
delivered through the Saba People Cloud. The Saba People Cloud consists of a range
of integrated People Cloud Applications, service-oriented architecture, a multitenant people cloud infrastructure, and a people cloud community of human capital
experts, partners, practitioners and thought leaders. The Saba People Cloud enables
organizations to transform the way they develop, engage and inspire their people
network of employees, partners and customers by providing solutions that help
clients to mobilize their people network, cultivate a development culture, accelerate
innovation and creativity and leverage a unified, flexible, multi-tenant cloud. On
March 19, 2012, the Company acquired HumanConcepts, organizational modeling and
visualization provider.
Stock Chart
Officers
Non Executive Chairman
William V. Russell
Ticker:
SABA
2011 Sales:
116,657,000
Major Industry:
Electronics
Sub Industry:
Miscellaneous Electronics
Country:
United States
Currency:
President & Chief Executive
U.S. Dollars
Shawn Farshchi
Chief Financial Officer
Mark W. Robinson
Fiscal Year Ends:

May
Employees
735
Exchanges:
NAS
Share Type:
Common
Market Capitalization:
366,363,643
Stock Price (11/22/2013): 12.30

Recent stock performance
1 Week
3.3%
4 Weeks
9.3%
13 Weeks
23.0%
52 Weeks
56.7%
Most Recent Qtr

Last 12 Months
Earnings / Dividends (as of 11/30/2011)

Earnings
-0.16
-0.52
Ratio Analysis
Total Shares
Outstanding:
29,785,662
Dividends
0.00
0.00
Closely Held Shares:

1,479,074
Price / Earnings Ratio

Price / Sales Ratio
Price / Book Ratio
N/A Dividend Yield

3.14 Payout Ratio
0.00%
N/A
10.20 % Held by Insiders 4.97%

Address
Redwood Shores, CALIFORNIA 94065

UNITED STATES
Phone
+1 650 581-2500
Home Page
http://www.saba.com
Company Fundamentals\Comparative Business Analysis
Comparative Business Analysis: Saba
Software, Inc.
Report Date: November 29, 2013

Company Description
Saba Software, Inc. (Saba) is a provider of learning and talent management solutions providing a set of People
Cloud Applications that include enterprise learning, talent management, testing and assessment and collaboration
solutions delivered through the Saba People Cloud. The Saba People Cloud consists of a range of integrated
People Cloud Applications, service-oriented architecture, a multi-tenant people cloud infrastructure, and a people
cloud community of human capital experts, partners, practitioners and thought leaders. The Saba People Cloud
enables organizations to transform the way they develop, engage and inspire their people network of employees,
partners and customers by providing solutions that help clients to mobilize their people network, cultivate a
development culture, accelerate innovation and creativity and leverage a unified, flexible, multi-tenant cloud. On
March 19, 2012, the Company acquired HumanConcepts, organizational modeling and visualization provider.
Competitor Analysis
Saba Software, Inc. operates in the Prepackaged software sector. This analysis compares Saba Software with
three other companies: YuMe Inc (2012 sales of $116.74 million ), Cornerstone OnDemand, Incorporation
(2012 sales: $117.91 million of which 100% was Learning & Talent Man), and China Information Technology
Incorporation (2012 sales of $86.38 million of which 54% was DT Segment). Note: not all of these companies
have the same fiscal year: the most recent data for each company are being used.
Sales Analysis
During the fourth calendar quarter of 2011, sales at Saba Software totalled $30.40 million. This is an increase of
4.5% from the $29.08 million in sales at the company during the fourth quarter of 2010. During the previous 10
quarters, sales at Saba Software have increased compared with the same quarter in the previous year. Saba
Software reported sales of $116.66 million for the fiscal year ending May of 2011. This represents an increase of
6.5% versus 2010, when the company's sales were $109.57 million.
Recent Sales at Saba Software
117
108 103 110
100
71
2006 2007 2008 2009 2010 2011

(Figures in Millions of U.S. Dollars)
Most of the company's 2011 sales were in its home market of the United States: in 2011, this region's sales were
$74.40 million, which is equivalent to 63.8% of total sales. In 2011, sales in Rest of the World were up at a rate
that was much higher than the company as a whole: in this region, sales increased 32.1% to $25.22 million. Saba
Software currently has 735 employees. With sales of $116.66 million , this equates to sales of US$158,717 per
employee.
Sales Comparisons (Most Recent Fiscal Year)
Sales/
Emp
(US$) Largest Region
Year
Ended
Sales
Sales
(mlns) Growth
Saba Software
May
2011
116.657
6.5%
158,717 the United States (63.8%)
YuMe Inc
Dec 2012 116.744
70.3%
N/A the United States (95.0%)
Cornerstone OnDemand, Incorporation
Dec 2012 117.914
61.5%
157,219 the United States (69.4%)
Company
China Information Technology

Incorporation
Dec 2012
86.377 -24.6%
60,068
the United States

(100.0%)
Recent Stock Performance

In recent years, this stock has performed terribly. In 2000, the stock traded as high as $164.00, versus $12.30
on 11/22/2013. (In 2000, the stock retreated significantly from its high, and by the end of the year was at
$63.00). During each of the previous 4 calendar years, this stock has increased in value (at the end of December
2008, the stock was at $1.55). For the 52 weeks ending 11/22/2013, the stock of this company was up 56.7%
to $12.30. During the past 13 weeks, the stock has increased 23.0%. During the 12 months ending 11/30/2011,
the company has experienced losses totalling $0.52 per share. Note that the earnings number includes a $.02
charge in 2011. This company is currently trading at 3.14 times sales. The three companies vary greatly in terms
of price to sales ratio: trading from 1.84 times all the way up to 21.29 times their annual sales. Saba Software is
trading at 10.20 times book value. However, at the end of fiscal year 2011, this company's intangible assets
($50.19 million) were higher than its common equity ($43.42 million), which means that the price to book ratio is
not a very useful indicator.
Summary of company valuations (as of 11/22/2013).
Price/ Price/
Book Sales
52 Wk
Pr Chg
Company
P/E
Saba Software
N/A
10.20
3.14
56.70%
11.1
N/A
2.47
N/A
N/A
66.72
21.29
76.68%
China Information Technology Incorporation
N/A
1.72
YuMe Inc
1.84 448.60%
The market capitalization of this company is $366.36 million . The capitalization of the floating stock (i.e., that
which is not closely held) is $348.17 million .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company also reported losses during the
previous 12 months. The company has not paid any dividends during the previous 6 calendar years.
Profitability Analysis
On the $116.66 million in sales reported by the company in 2011, the cost of goods sold totalled $40.07 million,
or 34.3% of sales (i.e., the gross profit was 65.7% of sales). This gross profit margin is lower than the company
achieved in 2010, when cost of goods sold totalled 31.4% of sales. The company's earnings before interest,
taxes, depreciation and amorization (EBITDA) were -$595,000.00 , or -0.5% of sales. This EBITDA margin is
worse than the company achieved in 2010, when the EBITDA margin was equal to 8.7% of sales. In 2011,
earnings before extraordinary items at Saba Software were -$7.26 million, or -6.2% of sales. This profit margin is
lower than the level the company achieved in 2010, when the profit margin was 2.6% of sales. The company's
return on equity in 2011 was -14.8%. This was significantly worse than the 6.0% return the company achieved
in 2010. (Extraordinary items have been excluded).
Profitability Comparison
Company
Gross
Earnings
Profit EBITDA before
Year Margin Margin extras
Saba Software
2011
65.7%
-0.5%
-6.2%
Saba Software
2010
68.6%
8.7%
2.6%
YuMe Inc
2012
48.4%
8.5%
0.1%
2012
76.0% -21.0%
-26.6%
China Information Technology Incorporation 2012
40.8% -46.4% -103.8%
During the fourth quarter of 2011, Saba Software reported a loss per share of $0.16. The company also reported
losses during the fourth quarter of 2010, of $0.04 per share.
Research and Development
Research and Development Expenses at Saba Software in 2011 were $18.49 million, which is equivalent to 15.9%
of sales. In 2010, Saba Software spent $17.79 million on R&D, which was 16.2% of sales. The company's
expenditures on R&D in 2011 were higher than all three comparable companies (as a percentage of sales): YuMe
Inc spent 2.4% of its sales on R&D, Cornerstone OnDemand, Incorporation spent 12.6%, and China Information
Technology Incorporation spent 5.7%. During each of the previous 3 years, the company has increased the
amount of money it has spent on Research and Development (in 2008, Saba Software spent $16.50 million versus
$18.49 million in 2011).
Financial Position
At the end of 2011, Saba Software had negative working capital, as current liabilities were $66.23 million while
total current assets were only $57.03 million. The fact that the company has negative working capital could
indicate that the company will have problems in expanding. However, negative working capital in and of itself is
not necessarily bad, and could indicate that the company is very efficient at turning over inventory, or that the
company has large financial subsidiaries. As of May 2011, the accounts receivable for the company were $27.68
million, which is equivalent to 87 days of sales. This is slightly higher than at the end of 2010, when Saba
Software had 78 days of sales in accounts receivable. The 87 days of accounts receivable at Saba Software are
lower than all three comparable companies: YuMe Inc had 150 days, Cornerstone OnDemand, Incorporation had
147 days, while China Information Technology Incorporation had 438 days outstanding at the end of the fiscal
year 2011.
Financial Positions
Company
Days R&D/
Year AR
Sales
Saba Software
2011
YuMe Inc
2012
150
2012
147 12.6%
China Information Technology Incorporation 2012
87 15.9%
438
2.4%
5.7%
Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS:
Per Share- U.S. Dollars
Year
Calendar
Year
Price
Saba Software, Inc.
Value Ratios
Equity Capital
Market
Price/ Price/
Price Earnings Book Dividend
Last
Ratio
Ratio
Yield
Earnings
Dividends
%
% Profit
Book
12 Month
%
12 Month
Earned
Rate
Value
Earnings
%
Payout Dividends
Growth (ROE) Begin Yr Per Share Change Ratio Per Share
2003
3.46
n/c
1.7
0.0% -59.6% -59.6%
1.98
BCE
-1.18
n/c
n/c
2004
4.04
n/c
4.9
0.0% -58.6% -58.6%
0.82
BE
-0.48
n/c
n/c
0.00
0.00
2005
4.08
n/c
5.1
0.0% -17.4% -17.4%
0.80
BE
-0.14
n/c
n/c
0.00
2006
6.23
n/c
5.8
0.0% -36.2% -36.2%
1.08
BE
-0.39
n/c
n/c
0.00
2007
5.14
n/c
3.0
0.0% -15.6% -15.6%
1.73
BCE
-0.27
n/c
n/c
0.00
2008
1.55
n/c
1.0
0.0%
-5.5%
-5.5%
1.63
BCE
-0.09
n/c
n/c
0.00
2009
4.14
59.1
2.6
0.0%
4.4%
4.4%
1.60
BCE
0.07
n/c
0.0%
0.00
2010
6.12
n/c
3.7
0.0%
-3.0%
-3.0%
1.67
BE
-0.05
n/c
n/c
0.00
2011
7.89
n/c
4.7
0.0% -31.7% -31.7%
1.67
BE
-0.53
n/c
n/c
0.00
2012
8.74
n/c
7.2
0.0%
n/c
n/c
1.21
n/a
n/c
n/c
0.00
12.30
n/c
10.2
0.0%
n/a
n/a
1.21
-0.52
n/c
n/c
0.00
11/22/2013
(A): ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 1:4 REVERSE IN 2003
(B): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.02 CHG IN 2011, INCLS NOM PRETAX CR
IN FIS 2010 (NOM PRETAX CR RESTRUCT NOV & NOM PRETAX CR RESTRUCT AUG), INCLS $.02 PRETAX CHG
RESTRUCT IN 2009 ($.01 PRETAX CHG MAY & $.01 PRETAX CHG FEB), INCLS $.02 PRETAX CHG AUG 2007, INCLS
$.01 PRETAX CR RESTRUCT FEB 2007 & $.01 PRETAX CHG NOV 2006, INCLS $.06 PRETAX CHG IN FIS 2006 ($.02
PRETAX CHG RESTRUCT MAY & $.04 PRETAX CHG FEB), INCLS $ NOM PRETAX CHG MAY 2005, INCLS $.16 PRETAX
CHG IN FIS 2004 ( NOM PRETAX CHG RESTRUCT MAY & $.16 PRETAX CHG( $.03 RESTRUCT) AUG), INCLS $.15
PRETAX CHG RESTRUCT IN FIS 2003 (NOM PRETAX CHG MAY, $.08 PRETAX CHG FEB & $.07 PRETAX CHG NOV),
INCLS $.48 PRETAX CHG ($.28 RESTRUCT) IN FIS 2002 ($.12 PRETAX CHG RESTRUCT MAY, $.16 PRETAX CHG
RESTRUCT NOV & $.20 PRETAX CHG AUG)
(C): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - ADOPTED SFAS 123R FOR
SHARE-BASED PAYMENT IN FIS 2007,EARNINGS IMPACT IMMATERIAL, - ADOPTED FIN 48 FOR ACCOUNTING FOR
UNCERTAINTY IN INCOME TAXES IN FIS 2008, NO EARNINGS IMPACT, - ADOPTED SFAS 123R FOR SHARE-BASED
PAYMENT IN FIS 2007, EARNINGS IMPACT IMMATERIAL, ADOPTED SFAS 146 FOR COSTS ASSOCIATED WITH EXIT OR
DISPOSAL ACTIVITIES, SFAS 142 FOR GOODWILL & OTHER INTANGIBLE ASSETS & SFAS 148 FOR STOCK-BASED
COMPENSATION - TRANSITION & DISCLOSURE AS AN AMENDMENT TO SFAS 123 IN FIS 2003, EARNINGS IMPACT
NOT SPECIFIED IN THE FIRST TWO CASES & NO EARNINGS IMPACT IN THE LAST CASE, ADOPTED EITF 00-14 FOR
INCOME STATEMENT CHARACTERIZATION OF REIMBURSEMENTS RECEIVED FOR OUT OF POCKET EXPENSES
INCURRED, SFAS 141 FOR BUSINESS COMBINATIONS & SFAS 142 FOR GOODWILL AND OTHER INTANGIBLE ASSETS IN
FIS 2002, NO EARNINGS IMPACT IN ALL CASES, - ADOPTED SAB 101 FOR REVENUE RECOGNITION IN FINANCIAL
STATEMENTS IN FISCAL 2001, EARNINGS IMPACT IMMATERIAL
(D): ACQ'D - CENTRA SOFTWARE INC IN FIS 2006, THINQ LEARNING SOLUTIONS INC IN FIS 2005, ULTRIS INC IN FIS
2002, HUMAN PERFORMANCE TECHNOLOGIES INC IN FIS 2001
(E): BASED ON FULLY DILUTED SHARES
Company Fundamentals\Sales Analysis
SALES ANALYSIS:
Saba Software, Inc.
Figures in thousands of U.S. Dollars
Cost of
Goods Sold
Sales
YearAmount
to-year
in
Growth thousands
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
After Tax
Sales
Income
Per
Per
Number Employee Employee
Year
2002
54,594
2.9%
10,104 18.5%
-16,214
29.7%
-25,467
46.6%
333
163,946
-76,477
2003
44,416
18.6%
10,530 23.7%
-11,883
26.8%
-17,207
38.7%
285
155,846
-60,375
2004
34,471
22.4%
10,507 30.5%
-10,268
29.8%
-12,683
36.8%
258
133,609
-49,159
2005
42,210
22.5%
12,223 29.0%
-2,385 -5.7%
-3,416 -8.1%
334
126,377
-10,228
2006
71,147
68.6%
23,738 33.4%
-3,518 -4.9%
-6,931 -9.7%
516
137,882
-13,432
2007
99,867
40.4%
33,793 33.8%
-1,649 -1.7%
-7,974 -8.0%
573
174,288
-13,916
2008
107,777
7.9%
36,899 34.2%
3,826
3.5%
-3,542 -3.3%
577
186,789
-6,139
2009
102,821
-4.6%
37,682 36.6%
5,670
5.5%
-2,355 -2.3%
554
185,597
-4,251
2010
109,570
6.6%
34,427 31.4%
9,642
8.8%
2.6%
598
183,227
4,838
2011
116,657
6.5%
40,071 34.3%
-7,263 -6.2%
735
158,717
-9,882
% of
Sales
-595 -0.5%
Amount
in
thousands
Employees
Amount
in
thousands
% of
Sales
Amount
in
thousands
After Tax Income

before
Extraordinary
Charges and
Credits
2,893
% of
Sales
Company Fundamentals\Price Analysis
PRICE ANALYSIS:
Saba Software, Inc.
Low
Price
Closing
Price
Jan - Mar
4.440 2.000
2.680
n/a
n/a
Apr - Jun
6.620 2.480
4.550
69.8%
n/a
Jul - Sep
5.580 3.520
3.690
-18.9%
n/a
Oct - Dec
4.270 3.260
3.460
-6.2%
n/a
Jan - Mar
4.730 3.350
4.000
15.6%
49.3%
Apr - Jun
4.660 3.310
3.750
-6.3%
-17.6%
Jul - Sep
4.330 3.220
4.070
8.5%
10.3%
Oct - Dec
4.550 3.250
4.040
-0.7%
16.8%
Jan - Mar
6.430 3.990
5.050
25.0%
26.3%
Apr - Jun
5.090 3.750
4.700
-6.9%
25.3%
Jul - Sep
4.700 3.650
3.980
-15.3%
-2.2%
Oct - Dec
4.300 3.000
4.080
2.5%
1.0%
Jan - Mar
6.750 4.010
6.450
58.1%
27.7%
Apr - Jun
7.140 4.950
5.460
-15.3%
16.2%
Jul - Sep
5.950 4.880
5.270
-3.5%
32.4%
Oct - Dec
6.250 5.000
6.230
18.2%
52.7%
Jan - Mar
7.750 5.790
6.545
5.1%
1.5%
Apr - Jun
7.000 4.960
5.130
-21.6%
-6.0%
Jul - Sep
5.590 4.090
4.880
-4.9%
-7.4%
Oct - Dec
5.350 4.210
5.140
5.3%
-17.5%
Jan - Mar
5.110 3.220
3.750
-27.0%
-42.7%
Apr - Jun
4.150 2.850
3.210
-14.4%
-37.4%
Jul - Sep
3.700 2.250
3.360
4.7%
-31.1%
Oct - Dec
3.400 0.910
1.550
-53.9%
-69.8%
Jan - Mar
1.980 1.150
1.690
9.0%
-54.9%
Apr - Jun
4.080 1.580
3.850
127.8%
19.9%
Jul - Sep
4.480 3.050
4.210
9.4%
25.3%
Oct - Dec
4.400 3.850
4.140
-1.7%
167.1%
Jan - Mar
5.810 4.080
4.950
19.6%
192.9%
Apr - Jun
5.300 4.580
5.150
4.0%
33.8%
Jul - Sep
5.680 4.670
5.440
5.6%
29.2%
Quarter
2003
2004
2005
2006
2007
2008
2009
2010
High
Price
Quarterly
%Change
12 months
%Change
2011
2012
Oct - Dec
6.510 5.310
6.120
12.5%
47.8%
Jan - Mar
10.000 5.910
9.828
60.6%
98.5%
Apr - Jun
10.620 8.300
9.030
-8.1%
75.3%
Jul - Sep
10.040 5.210
5.760
-36.2%
5.9%
Oct - Dec
8.400 5.070
7.890
37.0%
28.9%
Jan - Mar
13.110 7.330
9.810
24.3%
-0.2%
Apr - Jun
10.770 7.190
9.280
-5.4%
2.8%
Jul - Sep
10.040 7.240
9.990
7.7%
73.4%
Oct - Dec
10.500 7.241
8.740
-12.5%
10.8%
12.300
23.0%
56.7%
11/22/2013
Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS:

Fiscal Year Ends in May
Saba Software, Inc.
Earnings Per Share

12 Months
Dividends Per Share
Quarterly Reported Earnings

Q2
Nov.
12 Months
Quarterly Reported Dividends
Calendar
%
Years
Earnings Change
Q3
Feb.
Q4
May
Q1
Aug.
2002
-1.43
n/c
-0.32
-0.32
-0.17
-0.62
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2003
BCE 1.18
n/c
-0.36
-0.20
-0.45
-0.17
A 0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2004
BE -0.48
n/c
-0.17
-0.16
-0.11
-0.04
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
%
Dividends Change
Q3
Feb.
Q4
May
Q1
Aug.
Q2
Nov.
%
Payout
2005
BE -0.14
n/c
-0.03
-0.04
-0.08
0.01
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2006
BE -0.39
n/c
-0.09
-0.17
-0.10
-0.03
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2007
BCE 0.27
n/c
-0.04
-0.11
-0.08
-0.04
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2008
BCE 0.09
n/c
0.01
-0.01
-0.08
-0.01
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2009
BCE 0.07
n/c
0.05
-0.04
0.04
0.02
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2010
BE -0.05
n/c
0.01
0.03
-0.05
-0.04
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
2011
BE -0.53
n/c
-0.00
-0.17
-0.20
-0.16
0.00
n/c
0.00
0.00
0.00
0.00
0.0%
n/c
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
n/c
2012
(A):
n/a
ALL ITEMS ADJUSTED FOR STOCK SPLITS OR DIVIDENDS - 1:4 REVERSE IN 2003
(B):
INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS $.02 CHG IN 2011, INCLS NOM
PRETAX CR IN FIS 2010 (NOM PRETAX CR RESTRUCT NOV & NOM PRETAX CR RESTRUCT AUG), INCLS $.02
PRETAX CHG RESTRUCT IN 2009 ($.01 PRETAX CHG MAY & $.01 PRETAX CHG FEB), INCLS $.02 PRETAX CHG
AUG 2007, INCLS $.01 PRETAX CR RESTRUCT FEB 2007 & $.01 PRETAX CHG NOV 2006, INCLS $.06 PRETAX CHG
IN FIS 2006 ($.02 PRETAX CHG RESTRUCT MAY & $.04 PRETAX CHG FEB), INCLS $ NOM PRETAX CHG MAY 2005,
INCLS $.16 PRETAX CHG IN FIS 2004 ( NOM PRETAX CHG RESTRUCT MAY & $.16 PRETAX CHG( $.03 RESTRUCT)
AUG), INCLS $.15 PRETAX CHG RESTRUCT IN FIS 2003 (NOM PRETAX CHG MAY, $.08 PRETAX CHG FEB & $.07
PRETAX CHG NOV)
(C):
INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - ADOPTED SFAS 123R
FOR SHARE-BASED PAYMENT IN FIS 2007,EARNINGS IMPACT IMMATERIAL, - ADOPTED FIN 48 FOR
ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES IN FIS 2008, NO EARNINGS IMPACT, - ADOPTED SFAS
123R FOR SHARE-BASED PAYMENT IN FIS 2007, EARNINGS IMPACT IMMATERIAL, ADOPTED SFAS 146 FOR
COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES, SFAS 142 FOR GOODWILL & OTHER INTANGIBLE
ASSETS & SFAS 148 FOR STOCK-BASED COMPENSATION - TRANSITION & DISCLOSURE AS AN AMENDMENT
TO SFAS 123 IN FIS 2003, EARNINGS IMPACT NOT SPECIFIED IN THE FIRST TWO CASES & NO EARNINGS
IMPACT IN THE LAST CASE
(D):
ACQ'D - CENTRA SOFTWARE INC IN FIS 2006, THINQ LEARNING SOLUTIONS INC IN FIS 2005
(E):
BASED ON FULLY DILUTED SHARES
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size
Balance Sheet - (Common Size): Saba
Software, Inc.
Figures are expressed as Percent of Total Assets.

Total Assets are in millions of U.S. Dollars.
Fiscal Year
Fiscal Year End Date
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007
Assets
Total Assets
113.6
103.4
99.7
98.9
101.6
22.8%
31.0%
26.2%
17.2%
18.3%
Receivables (Net)
24.4%
22.6%
20.1%
22.3%
20.6%
Inventories -Total
0.0%
0.0%
0.0%
0.0%
0.0%
Raw Materials
0.0%
0.0%
0.0%
0.0%
0.0%
Work in Process
0.0%
0.0%
0.0%
0.0%
0.0%
Finished Goods
0.0%
0.0%
0.0%
0.0%
0.0%
Progress Payments & Other
0.0%
0.0%
0.0%
0.0%
0.0%
Other Current Assets
3.0%
1.7%
2.3%
2.9%
2.7%
Current Assets - Total
50.2%
55.3%
48.5%
42.4%
41.6%
Long Term Receivables
0.0%
0.0%
0.0%
0.0%
0.0%
Investment in Associated
Companies
0.0%
0.0%
0.0%
0.0%
0.0%
Other Investments
0.4%
0.3%
0.3%
0.0%
0.0%
Property Plant and Equipment Gross
20.2%
20.1%
20.4%
18.9%
15.2%
Accumulated Depreciation
17.4%
17.0%
15.6%
13.6%
11.6%
2.8%
3.1%
4.8%
5.3%
3.6%
46.6%
41.4%
46.5%
52.3%
54.8%
2.4%
1.7%
1.5%
1.6%
1.0%
Cash & Short Term Investments

Cash
Short Term Investments
Prepaid Expenses
Property Plant and Equipment

Net
Other Assets
Deferred Charges
Tangible Other Assets
Intangible Other Assets
44.2%
39.8%
45.0%
50.7%
53.8%
100.0%
100.0%
100.0%
100.0%
100.0%
Total Liabilities & Shareholders'

Equity
113.6
103.4
99.7
98.9
101.6
Accounts Payable
5.2%
3.1%
2.6%
4.1%
4.7%
Short Term Debt & Current Portion

of Long Term Debt
1.1%
0.4%
0.6%
0.7%
2.6%
Accrued Payroll
7.1%
7.8%
5.9%
6.0%
5.7%
Other Current Liabilities
42.1%
35.9%
35.8%
34.2%
33.3%
Current Liabilities - Total
55.4%
47.3%
45.0%
44.9%
46.3%
Long Term Debt
0.0%
0.0%
0.0%
0.3%
2.3%
Long Term Debt Excluding

Capitalized Leases
0.0%
0.0%
0.0%
0.3%
2.3%
Total Assets
Liabilities & Shareholders'
Equity
Income Taxes Payable

Dividends Payable
Capitalized Lease Obligations
0.0%
Provision for Risks and Charges

Deferred Income
2.9%
2.5%
2.7%
2.0%
1.6%
Deferred Taxes
0.0%
0.0%
0.0%
0.0%
0.0%
Other Liabilities
3.5%
2.8%
3.6%
3.8%
2.7%
Total Liabilities
61.8%
52.6%
51.3%
51.0%
52.9%
Non-Equity Reserves
0.0%
0.0%
0.0%
0.0%
0.0%
Minority Interest
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
0.0%
Deferred Taxes - Credit

Deferred Taxes - Debit
Deferred Tax Liability in Untaxed
Reserves
Preferred Stock Issued for

ESOP
ESOP Guarantees - Preferred

Issued
Common Equity
Equity
38.2%
47.4%
48.7%
49.0%
47.1%
100.0%
100.0%
100.0%
100.0%
100.0%
Financial Statement Analyses\Balance Sheet - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Saba
Software, Inc.
Figures are the Percent Changes from the Prior Year.
Fiscal Year
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007
Assets
Total Assets
9.8%
3.7%
0.8%
-2.6%
-5.1%
-19.0%
22.8%
53.5%
-8.6%
-21.0%
18.5%
16.7%
-9.4%
5.7%
10.1%
90.8%
-20.4%
-22.4%
4.6%
2.1%
-0.2%
18.3%
15.2%
-0.7%
-6.6%
Other Investments
68.1%
0.0%
10.4%
2.1%
8.8%
20.7%
5.0%
12.4%
12.9%
15.8%
13.9%
-6.1%

Net
-1.0%
-33.2%
-9.2%
42.8%
68.9%
Other Assets
23.6%
-7.6%
-10.3%
-7.1%
-6.6%
61.1%
12.0%
-1.0%
59.0%
-4.0%

Cash
Receivables (Net)
Inventories -Total
Raw Materials
Work in Process
Finished Goods
Prepaid Expenses

Companies
Deferred Charges
22.1%
-8.3%
-10.6%
-8.3%
-6.7%
9.8%
3.7%
0.8%
-2.6%
-5.1%
9.8%
3.7%
0.8%
-2.6%
-5.1%
82.9%
22.8%
-34.8%
-15.8%
-45.7%
170.9%
-28.6%
-4.3%
-75.3%
14.3%
-0.8%
37.5%
-0.8%
2.9%
-8.2%
28.7%
4.0%
5.7%
-0.0%
11.0%
28.7%
9.0%
1.0%
-5.5%
-1.8%
Long Term Debt
-100.0%
-89.1%
-41.2%

Capitalized Leases
-100.0%
-89.1%
-41.2%
Total Assets
Equity
Equity
Accounts Payable
of Long Term Debt
Accrued Payroll
Dividends Payable

Deferred Income
27.8%
-6.2%
34.5%
26.9%
203.8%
Other Liabilities
33.5%
-17.5%
-4.9%
35.4%
-2.3%
Total Liabilities
28.9%
6.4%
1.4%
-6.1%
-2.7%
Deferred Taxes
Reserves
Non-Equity Reserves
Minority Interest
Preferred Stock
ESOP

Issued
Common Equity
Equity
-11.4%
0.9%
0.2%
1.2%
-7.6%
9.8%
3.7%
0.8%
-2.6%
-5.1%
Financial Statement Analyses\Balance Sheet - Five-Year Averages
Balance Sheet - (5 Year Averages): Saba
Software, Inc.
Figures in millions of U.S. Dollars.
Fiscal Year
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007
Assets
Total Assets
103.5
102.1
92.3
78.7
67.1
23.9
23.4
20.1
18.3
19.1
Receivables (Net)
22.8
21.1
19.4
16.8
14.2
Inventories -Total
0.0
0.0
0.0
0.0
0.0
Raw Materials
0.0
0.0
0.0
0.0
0.0
Work in Process
0.0
0.0
0.0
0.0
0.0
Finished Goods
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2.6
2.5
2.4
2.2
1.9
49.4
47.0
42.0
37.2
35.2
0.0
0.0
0.0
0.0
0.0
Companies
0.0
0.0
0.0
0.0
0.0
Other Investments
0.2
0.1
0.1
0.0
0.0
19.6
18.0
16.4
14.8
13.5
15.6
14.2
13.1
12.2
11.4
4.0
3.8
3.3
2.6
2.0
49.9
51.3
46.9
38.9
29.9
1.7
1.4
1.2
1.1
1.0

Cash
Prepaid Expenses

Net
Other Assets
Deferred Charges
48.2
49.9
45.7
37.8
28.9
103.5
102.1
92.3
78.7
67.1
103.5
102.1
92.3
78.7
67.1
Accounts Payable
4.1
4.7
5.0
4.8
4.4

of Long Term Debt
1.1
1.3
1.7
2.4
2.4
Accrued Payroll
6.7
6.4
5.4
4.7
4.0
37.7
34.2
30.2
25.7
21.6
49.6
46.6
42.3
37.7
32.5
Long Term Debt
0.5
1.3
2.0
2.1
2.3

Capitalized Leases
0.5
1.3
2.0
2.1
2.3
Deferred Income
2.4
1.9
1.4
0.9
0.5
Deferred Taxes
0.0
0.0
0.0
0.0
0.0
Other Liabilities
3.4
3.2
3.2
2.9
2.7
Total Liabilities
56.0
53.0
48.8
43.6
38.0
Non-Equity Reserves
0.0
0.0
0.0
0.0
0.0
Minority Interest
0.0
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
0.0
Total Assets
Equity
Equity

Dividends Payable


Reserves

ESOP

Issued
Common Equity
Equity
47.5
49.2
43.5
35.1
29.1
103.5
102.1
92.3
78.7
67.1
Financial Statement Analyses\Income Statement - Common Size
Income Statement - (Common Size): Saba
Software, Inc.
Figures are expressed as Percent of Net Sales or Revenues.

Net Sales or Revenues are in millions of U.S. Dollars.
Fiscal Year
Net Sales or Revenues
2011
2009
2008
2007
109.6
102.8
107.8
99.9
34.3% 31.4%
36.6%
34.2%
33.8%
5.6%
6.0%
5.4%
5.5%
Gross Income
61.0% 63.0%
57.4%
60.3%
60.6%
Selling, General & Administrative Expenses
66.2% 59.9%
57.4%
62.2%
68.0%
0.0%
0.0%
0.0%
Cost of Goods Sold

Depreciation, Depletion & Amortization
Other Operating Expenses

Operating Expenses - Total
Operating Income
116.7
2010
4.7%
0.0%
0.0%
105.2% 96.9% 100.0% 101.9% 107.4%

-5.2%
3.1%
0.0%
-1.9%
-7.4%
Extraordinary Credit - Pretax
0.0%
0.0%
0.0%
0.0%
0.2%
Extraordinary Charge - Pretax
0.0%
0.0%
0.5%
0.6%
0.2%
Non-Operating Interest Income
0.0%
0.1%
0.1%
0.6%
0.2%
Pretax Equity in Earnings
0.0%
0.0%
0.0%
0.0%
0.0%
Other Income/Expense - Net
0.0%
0.0%
0.0%
0.0%
0.0%
Earnings before Interest, Taxes, Depreciation &

Amortization (EBITDA)
-0.5%
8.8%
5.5%
3.5%
-1.7%
Earnings before Interest & Taxes(EBIT)
-5.2%
3.2%
-0.5%
-1.9%
-7.2%
0.4%
0.0%
0.0%
0.1%
0.5%
0.0%
0.0%
Reserves - Increase/Decrease
Interest Expense on Debt

Interest Capitalized
Pretax Income
-5.6%
3.2%
-0.5%
-2.0%
-7.6%
Income Taxes
0.6%
0.6%
1.8%
1.2%
0.3%
Minority Interest
0.0%
0.0%
0.0%
0.0%
0.0%
Equity in Earnings
0.0%
0.0%
0.0%
0.0%
0.0%
After Tax Other Income/Expense
0.0%
0.0%
0.0%
0.0%
Discontinued Operations
0.0%
0.0%
0.0%
0.0%
0.0%
-6.2%
2.6%
-2.3%
-3.3%
-8.0%
Net Income before Extraordinary Items/Preferred

Dividends
Extraordinary Items & Gain/Loss Sale of Assets
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Dividend Requirements
0.0%
0.0%
0.0%
0.0%
0.0%
-6.2%
2.6%
-2.3%
-3.3%
-8.0%
Net Income after Preferred Dividends - available

to Common
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Saba
Software, Inc.
Figures are the Percent Changes from the Prior Year.
Fiscal Year
Cost of Goods Sold
Gross Income
2011
2010
2009
2008
2007
6.5%
6.6%
-4.6%
7.9%
40.4%
16.4%
-8.6%
2.1%
9.2%
42.4%
-10.6%
-0.6%
4.7%
6.3% 104.4%
3.0%
17.0%
-9.3%
7.4%
35.4%
17.5%
11.3%
12.0%
-1.3%
35.9%
15.6%
3.3%
-6.4%
2.4%
40.3%

Operating Income
-279.1% 21,018.8%
-100.0%

100.0%
-100.0%
-100.0%
123.6%
271.8% -84.8%
14.7%
309.2%
91.2%
-6.7%
Earnings before Interest, Taxes,
Depreciation & Amortization (EBITDA)
-106.2%
-270.9%
6,457.1%
70.1% 48.2%
-77.4%
80.7%
-65.7%
9.0%
-65.5% 38.1% 294.1%
19.6%
Pretax Income
-284.3%
Income Taxes
17.7%
Minority Interest
Equity in Earnings
Net Income before Extraordinary
Items/Preferred Dividends
-351.1%
Extraordinary Items & Gain/Loss Sale of

Assets
Net Income after Preferred Dividends available to Common
-351.1%
Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Saba
Software, Inc.
Figures in millions of U.S. Dollars.
Fiscal Year
2011 2010 2009 2008 2007
107.3
98.2 84.8 71.1 58.4
36.6
33.3 28.9 23.4 18.2
Cost of Goods Sold

5.8
5.3
4.2
3.4
3.2
Gross Income
64.9
59.7 51.7 44.3 37.0
67.4
61.9 55.3 49.9 45.3

Operating Income
0.0
0.0
-0.0
-0.0
-0.0
109.7 100.5 88.3 76.7 66.7

-2.4
-2.3
-3.5
-5.6
-8.3
0.0
0.0
0.0
0.0
0.0
0.3
0.5
0.5
0.8
1.1
0.2
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.0
-0.0
-0.0
Earnings before Interest, Taxes, Depreciation &

Amortization (EBITDA)
3.4
2.8
0.4
-2.8
-5.9
-2.4
-2.5
-3.8
-6.2
-9.2
0.2
0.2
0.2
0.2
0.3
0.0
0.0

Pretax Income
-2.7
-2.7
-4.0
-6.4
-9.4
Income Taxes
1.0
0.9
0.8
0.5
0.2
Minority Interest
0.0
0.0
0.0
0.0
0.0
Equity in Earnings
0.0
0.0
0.0
0.0
0.0
0.0
0.0

Net Income before Extraordinary Items/Preferred Dividends
Extraordinary Items & Gain/Loss Sale of Assets
0.0
0.0
0.0
0.0
0.0
-3.6
-3.6
-4.8
-6.9
-9.6
0.0
0.0
0.0
0.0
0.0

Net Income after Preferred Dividends - available to
Common
0.0
0.0
0.0
0.0
0.0
-3.6
-3.6
-4.8
-6.9
-9.6
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Saba
Software, Inc.
Currency figures are in millions of U.S. Dollars.

Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year
Total Capital
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007

43.4
49.0
48.6
48.7
50.2
Short Term Debt
2.8%
0.9%
1.3%
1.3%
5.3%
Long Term Debt
0.0%
0.0%
0.0%
0.5%
4.6%
Other Liabilities
9.0%
6.0%
7.3%
7.7%
5.5%
Total Liabilities
161.6%
111.0%
105.3%
103.5%
106.9%
Minority Interest
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
0.0%
-490.7%
-420.9%
-430.8%
-424.4%
-404.8%
Common Equity
100.0%
100.0%
100.0%
99.5%
95.4%
Total Capital
100.0%
100.0%
100.0%
100.0%
100.0%
Short Term Debt
0.1
-0.0
-0.0
-0.2
0.0
Long Term Debt
0.0
0.0
-0.0
-0.2
-0.2
Other Liabilities
0.1
-0.1
-0.0
0.1
-0.0
Total Liabilities
1.6
0.3
0.1
-0.3
-0.1
Minority Interest
0.0
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
0.0
Retained Earnings
-0.7
0.3
-0.2
-0.4
-0.8
Common Equity
-0.6
0.0
0.0
0.1
-0.4
Total Capital
-0.6
0.0
-0.0
-0.1
-0.6
170.9%
-28.6%
-4.3%
-75.3%
14.3%
-100.0%
-89.1%
-41.2%
-4.9%
35.4%
-2.3%
Percent of Total Capital
Retained Earnings
Year to Year Net Changes
Year to Year Percent Changes

Short Term Debt
Long Term Debt
Other Liabilities
33.5%
-17.5%
Total Liabilities
28.9%
6.4%
1.4%
-6.1%
-2.7%
Common Equity
-11.4%
0.9%
0.2%
1.2%
-7.6%
Total Capital
-11.4%
0.9%
-0.4%
-3.0%
-10.0%
70.2
54.4
51.2
50.4
53.7
22.4%
6.0%
1.4%
-6.5%
-2.7%
43.4
49.0
48.6
48.5
47.9
-12.9%
0.9%
0.2%
1.2%
-8.2%
Operating Activities
4.0
11.7
12.7
5.1
-2.5
Financing Activities
-2.4
-4.4
-0.3
-3.1
0.2
Investing Activities
8.9
0.8
2.1
3.3
2.9
Minority Interest
Preferred Stock
Retained Earnings
Total Liabilities & Common

Equity
Total Liabilities
Net Change in Liabilities as
% of Total Liabilities
Common Equity
Net Change in Common Equity as
% of Common Equity
Cash Flow
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Saba
Software, Inc.
Fiscal Year
Receivables Turnover
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007

4.2
4.7
5.1
4.9
4.8
79.8
72.2
74.7
72.8
71.7
5.1
5.3
5.1
5.8
6.5
37.1
34.5
21.6
20.6
27.2
23.8%
29.4%
30.2%
31.4%
35.6%
Depreciation, Depletion &

Amortization
Year to Year Change
-0.1
-0.0
0.0
0.0
0.3

Amortization
Year to Year % Change
-10.6%
-0.6%
4.7%
6.3%
104.4%
Receivables - Number of Days

Inventory Turnover
Inventory - Number of Days
Gross Property, Plant & Equipment
Turnover
Net Property, Plant & Equipment
Turnover
Amortization
% of Gross Property, Plant &
Equipment
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Saba
Software, Inc.
Figures are expressed as the ratio of Net Sales.

Net Sales are in millions of U.S. Dollars.
Fiscal Year
Net Sales
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007

116.7
109.6
102.8
107.8
99.9
22.2%
29.2%
25.4%
15.8%
18.6%
23.7%
21.3%
19.5%
20.5%
20.9%
Inventories
0.0%
0.0%
0.0%
0.0%
0.0%
2.9%
1.6%
2.2%
2.7%
2.8%
Total Current Assets
48.9%
52.2%
47.0%
38.9%
42.3%
0.4%
0.2%
0.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Investments in Associated
Companies
0.0%
0.0%
0.0%
0.0%
0.0%
0.4%
0.2%
0.3%
0.0%
0.0%
Property, Plant & Equipment Gross
19.7%
19.0%
19.8%
17.3%
15.5%
17.0%
16.1%
15.2%
12.5%
11.8%
2.7%
2.9%
4.6%
4.9%
3.7%
Other Assets
45.4%
39.1%
45.1%
48.0%
55.8%
Total Assets
97.4%
94.4%
97.0%
91.8%
101.7%
Cash & Cash Equivalents

Short-Term Investments
Accounts Receivable
Total Long Term Receivables &

Investments
Other Investments
Property Plant & Equipment - Net
Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Saba
Software, Inc.
Values per Employee are in U.S. Dollars.
Fiscal Year
Employees
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007

735
598
554
577
573
158,717
183,227
185,597
186,789
174,288
-9,882
4,838
-4,251
-6,139
-13,916
Cash Earnings
1,543
18,090
13,966
9,239
-113
Working Capital
-8,067
13,786
6,260
-4,229
-8,302
1,659
753
1,137
1,581
8,712
Total Capital
59,079
81,983
87,662
84,475
87,660
Total Assets
154,524
172,983
180,005
171,458
177,335
22.9%
7.9%
-4.0%
0.7%
11.0%
-13.4%
-1.3%
-0.6%
7.2%
26.4%
51.2%
Values per Employee

Sales
Net Income
Total Debt
Year to Year % Change per

Employee
Employees
Sales
Net Income
-304.3%
Cash Earnings
-91.5%
29.5%
Working Capital
-158.5%
120.2%
Total Debt
120.4%
-33.8%
-28.1%
-81.9%
-28.6%
Total Capital
-27.9%
-6.5%
3.8%
-3.6%
-19.0%
Total Assets
-10.7%
-3.9%
5.0%
-3.3%
-14.5%
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Saba
Software, Inc.
Fiscal Year
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007
EBIT/Total Interest Expense
-13.2
505.7
-15.1
-12.7
-15.2
EBIT/Net Interest
-13.2
EBIT/(Total Interest Exp + Pfd Div)
-13.2
505.7
-15.1
-12.7
-15.2
EBITDA/Total Interest Expense
-1.3
1,377.4
182.9
23.8
-3.5
EBITDA/Net Interest
-1.3
EBITDA/(Total Interest Exp + Pfd

Div)
-1.3
-22.6
EBIT/Dividends on Common Shares

EBIT/(Dividends on Common + Pfd)
EBITDA/Dividends on Com Shares

EBITDA/(Dividends on Com + Pfd)
-5.2
1,377.4
182.9
23.8
-3.5
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Saba
Software, Inc.
Fiscal Year
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007
Long Term Debt % of EBIT
0.0%
Long Term Debt % of EBITDA
0.0%
0.0%
6.6%
Long Term Debt % of Total Assets
0.0%
0.0%
0.0%
0.3%
2.3%
Long Term Debt % of Total Capital
0.0%
0.0%
0.0%
0.5%
4.6%
Long Term Debt % of Com Equity
0.0%
0.0%
0.0%
0.5%
4.9%
4.7%
11.1%
23.8%
Total Debt % of EBIT
12.7%
Total Debt % of EBITDA

Total Debt % of Total Assets
1.1%
0.4%
0.6%
0.9%
4.9%
Total Debt % of Total Capital
2.8%
0.9%
1.3%
1.9%
9.9%
Total Debt % of Total Capital &

Short Term Debt
2.7%
0.9%
1.3%
1.8%
9.4%
Total Debt % of Common Equity
2.8%
0.9%
1.3%
1.9%
10.4%
Minority Interest % of EBIT
0.0%
Minority Interest % of EBITDA
0.0%
0.0%
0.0%
Minority Interest % of Total Assets
0.0%
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Total Capital
0.0%
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Com Equity
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of EBIT
0.0%
Preferred Stock % of EDITDA
0.0%
0.0%
0.0%
Preferred Stock % of Total Assets
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Capital
0.0%
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Equity
0.0%
0.0%
0.0%
0.0%
0.0%
Common Equity % of Total Assets
38.2%
47.4%
48.7%
49.0%
47.1%
Common Equity % of Total Capital
100.0%
100.0%
100.0%
99.5%
95.4%
Total Capital % of Total Assets
38.2%
47.4%
48.7%
49.3%
49.4%
Capital Expenditure % of Sales
1.6%
0.7%
2.0%
3.2%
3.0%
Fixed Assets % of Common Equity
7.2%
6.5%
9.8%
10.8%
7.7%
Working Capital % of Total Capital
-13.7%
16.8%
7.1%
-5.0%
-9.5%
0.0%
0.0%
0.0%
0.0%
0.0%
93.0% 2,404.0% 1,228.1%
584.5%
-1.3%
Dividend Payout
Funds From Operations % of Total
Debt
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Saba
Software, Inc.
Fiscal Year
Total Current Assets % Net Sales
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007

48.9%
52.2%
47.0%
38.9%
42.3%
45.5%
56.0%
54.0%
40.5%
44.0%
0.9
1.1
1.0
0.9
0.8
Receivables % of Current Assets
48.5%
40.9%
41.4%
52.6%
49.5%
Receivable Turnover - number of

days
79.8
72.2
74.7
72.8
71.7
0.0%
0.0%
0.0%
0.0%
0.0%
24.4%
22.6%
20.1%
22.3%
20.6%
0.9
1.2
1.1
0.9
0.9
Total Debt % of Total Capital
2.7%
0.9%
1.3%
1.8%
9.4%
Funds from Operations % of

Current Liabilities
1.8%
22.1%
17.2%
12.0%
-0.1%
2,098.8%
-2.8%
584.5%
-1.3%
Cash % of Current Assets

Cash & Equivalents % of Current
Assets
Quick Ratio
Inventories % of Current Assets

Inventory Turnover - number of
days
Inventory to Cash & Equivalents number of days
Receivables % of Total Assets
Current Ratio
Funds from Operations % of Long

Term Debt
Funds from Operations % of Total
Debt
Funds from Operations % of Total
Capital
93.0% 2,404.0% 1,228.1%

2.6%
22.1%
15.9%
10.9%
-0.1%
Operating Activities
4.0
11.7
12.7
5.1
-2.5
Financing Activities
-2.4
-4.4
-0.3
-3.1
0.2
Investing Activities
8.9
0.8
2.1
3.3
2.9
Cash Flow (in milllions of U.S.

Dollars)
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Saba
Software, Inc.
Figures are expressed as per unit of respective shares.

Figures are in U.S. Dollars.
Fiscal Year
Sales
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007

4.12
3.90
3.52
3.70
3.47
Operating Income
-0.21
0.12
0.00
-0.07
-0.26
Pre-tax Income
-0.23
0.13
-0.02
-0.08
-0.26
Net Income (Continuing Operations)
-0.26
0.10
-0.08
-0.12
-0.28
Net Income Before Extra Items
-0.26
0.10
-0.08
-0.12
-0.28
0.00
0.00
0.00
0.00
0.00
Net Income After Extraordinary

Items
-0.26
0.10
-0.08
-0.12
-0.28
Net Income Available to Common

Shares
-0.26
0.10
-0.08
-0.12
-0.28
Fully Diluted Earnings
-0.53
-0.05
0.07
-0.09
-0.27
0.00
0.00
0.00
0.00
0.00
-0.28
0.23
0.38
0.24
0.02
1.21
1.67
1.67
1.60
1.63
-7.53
-7.34
-7.17
-7.10
-7.06
4.01
3.68
3.42
3.40
3.53
Extraordinary Items
Common Dividends
Cash Earnings
Book Value
Retained Earnings
Assets
Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Saba
Software, Inc.
Currency figures are in U.S. Dollars.
Fiscal Year
2011
2010
2009
2008
2007
5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007
Gross Income Margin
61.0%
63.0%
57.4%
60.3%
60.6%
Operating Income Margin
-5.2%
3.1%
0.0%
-1.9%
-7.4%
Pretax Income Margin
-5.6%
3.2%
-0.5%
-2.0%
-7.6%
EBIT Margin
-5.2%
3.2%
-0.5%
-1.9%
-7.2%
Net Income Margin
-6.2%
2.6%
-2.3%
-3.3%
-8.0%
Return on Equity - Total
-15.6%
5.9%
-4.9%
-7.3%
-16.0%
Return on Invested Capital
-14.7%
5.9%
-4.7%
-6.7%
-13.8%
-6.4%
2.9%
-2.4%
-3.4%
-7.4%
1.0
1.1
1.0
1.1
1.0
2.8%
0.9%
1.3%
1.9%
10.4%
459,000
7,000
31,000
161,000
470,000
Return on Assets
Asset Turnover
Financial Leverage
Effective Tax Rate
Cash Flow % Sales
18.1%
1.0%
9.9%
7.5%
4.9%
-0.1%
Selling, General & Administrative

Expenses % of Sales
66.2%
59.9%
57.4%
62.2%
68.0%
Research & Development Expense
15.9%
16.2%
16.9%
15.3%
17.1%
Operating Income Return On Total

Capital
-11.4%
0.9%
-0.4%
-3.0%
-10.0%
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Saba
Software, Inc.
Currency figures are in millions of U.S. Dollars.

Wright Quality Rating
Investment Acceptance Rating

Total Market Value of Shares Outstanding - Three Year Average
- Current Year
Public Market Value (Excludes Closely Held) - Three Year Average
- Current Year
Trading Volume - Three Year Average
- Current Year
Turnover Rate - Three Year Average
- Current Year
Stock Exchange Listings
Number of Institutional Investors
Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding
CCNN
CCNN
296
355
281
337
527
730
178.4%
310.0%
NAS
32
195
5.0%
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Saba
Software, Inc.

Financial Strength Rating
Total Shareholders' Equity (Millions of U.S. Dollars)
Total Shareholders' Equity as % Total Capital
CNN
CNN
35
100.0%
Preferred Stock as % of Total Capital
0.0%
Long Term Debt as % of Total Capital
0.0%
Long Term Debt (Millions of U.S. Dollars)
Lease Obligations (Millions of U.S. Dollars)
Long Term Debt including Leases (Millions of U.S. Dollars)
Total Debt as % of Total Capital
2.4%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
Dividends
-13.2
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
Dividends
-13.2
Quick Ratio (Cash & Receivables / Current Liabilities)
0.7
Current Ratio (Current Assets / Current Liabilities)
0.8
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Saba
Software, Inc.

Profitability & Stability Rating
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal
- Basic Trend
Cash Earnings Return on Equity - Time-Weighted Average
- Basic Trend
CC
NN
CC
NN
-9.9%
2.4%
8.3%
3.8%
Cash Earnings Return on Equity - Stability Index
18.4%
Return On Assets (Time-Weighted Average)
-3.8%
Pre-Tax Income as % of Total Assets (Time-Weighted Average)
-2.5%
Operating Income as % of Total Assets (Time-Weighted Average)
-2.4%
Operating Income as % of Total Capital (Adjusted Rate)
-6.3%
Pre-Tax Income as % of Total Assets (Time-Weighted Average)
-2.5%
Operating Income as % of Total Assets (Time-Weighted Average)
-2.4%
Operating Income as % of Total Capital (Adjusted Rate)
-6.3%
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Saba
Software, Inc.
Figures are expressed on a Per Share Basis.
CCN
Growth Rating
CCN
Normal Earnings Growth
0.0%
Cash Earnings Growth
25.0%
Cash Earnings Stability Index
18.6%
Earned Equity Growth
-9.9%
Dividend Growth
0.0%
Operating Income Growth
0.0%
Assets Growth
Sales/Revenues Growth
-4.1%
3.3%
Wright Quality Rating Analyses\Explanation of Wright Quality Rating

Since 1970, Wright Investors' Service has rated all of the companies in its database (when there is
sufficient information available). The Wright Quality Rating, measures the overall investment quality
of a company.
Wright Quality Ratings are based on numerous individual measures of quality, grouped into four
principal components: (1) Investment Acceptance (i.e. stock liquidity), (2) Financial Strength, (3)
Profitability & Stability, and (4) Growth. The ratings are based on established principles using 5-6
years of corporate record and other investment data.
The ratings consist of three letters and a number. Each letter reflects a composite qualitative
measurement of numerous individual standards which may be summarized as follows:
A = Outstanding; B = Excellent; C = Good; D = Fair; L = Limited; N = Not Rated.

The number component of the Quality Rating is also a composite measurement of the annual
corporate growth, based on earnings and modified by growth rates of equity, dividends, and sales
per common share. The Growth rating may vary from 0 (lowest) to 20 (highest). (See sample Quality
Rating below.)
Example:
Wright Quality Rating: BAC8
Investment Acceptance
Financial Strength
Profitability & Stability
Growth
B Excellent
A Outstanding
C Good
8
The highest quality rating assigned by Wright is AAA20. This rating would be assigned to a
company that has a large and broad base of shareholders, an outstanding balance sheet and strong
and stable profitability. The company would also have experienced superior growth over the past
several years.
The Wright Quality Rating assigned to a company also takes into consideration country and industry
variations. If there is not sufficient information available, the quality rating will not be assigned or an
N (not-rated) will be applied for that particular quality criteria.
Copyright 2000-2013. Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for
quotations by established news media. No pages in this report may be reproduced, stored in a retrieval
system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise without prior written permission. Wright Quality Rating is a
registered trademark of The Winthrop Corporation.
Information is believed reliable, but accuracy, completeness and opinions are not guaranteed. This report is
provided for general information only, is not to be considered investment advice, and should not be relied
upon for investment decisions. This report is provided as is, without warranty of any kind, express or
implied, including, but not limited to warranties of merchantability, fitness for a particular purpose or noninfringement.

Saba Software, Inc.: A Wright Investors' Service Research Report

Caricato da

Informazioni sul documento

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Saba Software, Inc.: A Wright Investors' Service Research Report

Caricato da

Copyright:

Formati disponibili

Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Saba Software, Inc.

440 Wheelers Farms Road

Wright Quality Rating:CCNN

Fiscal Year Ends:

Stock Price (11/22/2013): 12.30

Most Recent Qtr

Earnings / Dividends (as of 11/30/2011)

Closely Held Shares:

Price / Earnings Ratio

N/A Dividend Yield

10.20 % Held by Insiders 4.97%

Redwood Shores, CALIFORNIA 94065

Company Fundamentals\Comparative Business Analysis

Comparative Business Analysis: Saba

Report Date: November 29, 2013

2006 2007 2008 2009 2010 2011

158,717 the United States (63.8%)

Dec 2012 116.744

N/A the United States (95.0%)

Cornerstone OnDemand, Incorporation

Dec 2012 117.914

157,219 the United States (69.4%)

China Information Technology

the United States

Recent Stock Performance

Cornerstone OnDemand, Incorporation

China Information Technology Incorporation

Cornerstone OnDemand, Incorporation

China Information Technology Incorporation 2012

40.8% -46.4% -103.8%

Cornerstone OnDemand, Incorporation

China Information Technology Incorporation 2012

Company Fundamentals\Summary Analysis

Saba Software, Inc.

0.0% -59.6% -59.6%

0.0% -58.6% -58.6%

0.0% -17.4% -17.4%

0.0% -36.2% -36.2%

0.0% -15.6% -15.6%

0.0% -31.7% -31.7%

Company Fundamentals\Sales Analysis

Saba Software, Inc.

Figures in thousands of U.S. Dollars

After Tax Income

Company Fundamentals\Price Analysis

Saba Software, Inc.

Per Share- U.S. Dollars

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS:

Saba Software, Inc.

Earnings Per Share

Dividends Per Share

Quarterly Reported Earnings

Quarterly Reported Dividends

BASED ON FULLY DILUTED SHARES

Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Saba

Figures are expressed as Percent of Total Assets.

5/31/2011 5/31/2010 5/31/2009 5/31/2008 5/31/2007

Progress Payments & Other

Other Current Assets