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S&P turns Cornerstone view to negative
S&P said it changed its outlook for Cornerstone OnDemand Inc. to negative from stable and affirmed its B- issuer rating.
“The negative outlook reflects our expectation that Cornerstone will generate large negative FOCF and decrease liquidity in 2023. While Cornerstone has strong recurring revenue, adequate liquidity, no near-term maturities and is expected to improve EBITDA, we believe there is risk that Cornerstone can face additional business operations or macroeconomic headwinds that hurt its profitability such that Cornerstone underperforms our forecast in 2024,” S&P said in a press release.
The agency said it had forecasted Cornerstone’s FOCF to improve from an $80 million deficit, but now projects the company’s 2023 FOCF deficit will be more than $70 million.
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