Feltl: Saba's 3Q12 Preliminary Results Strong

In a research report published this morning by Feltl & Company, Saba Software's

billings remain impressive. According to Feltl, “Saba reports preliminary 3Q12 results; SaaS billings remain impressive. Saba reported preliminary components to its 3Q12 results. Full 3Q12 results will not be available until the company files its 10-Q upon completion of an internal accounting review. Preliminary results versus our estimates: Total revenue of $32M vs. our $33.1M estimate; Non-GAAP EPS of ($0.04) vs our ($0.04) estimate; Cloud billings growth 63% Y/Y vs. our 37% estimate. We believe this implies total SaaS billings of $18.5M vs. our $15.6M estimate; Cloud revenues growth 56% Y/Y vs. our 67% estimate. We believe this implies Cloud revenues of $13.7M vs. our $11.4M estimate; Cloud deferred revenues grew 102% Y/Y vs. our 78% Y/Y estimate. We believe this implies Cloud deferred revenues of $31.8M vs. our $28.0M estimate.” Feltl maintains its Buy rating and $16 PT on Saba Software, which is currently trading at $10.25.