SParikh wrote: This article speaks true to the importance and capitalizing of the cloud. Me having experience dealing with cloud based tech and consulting and integration services, I realize the need for a secure and consistant cloud service. Many people are concerned with the privacy, or lack thereof, that could occur with storing personal documents into a non-physical storage unit. I can see, though with companies such as ours and Metacloud, we are working toward a more secure and easy to use cloud system for both personal and professional use.
Spursh Parikh
www.sererra.com
Ultimate
Software (Nasdaq:ULTI), a leading cloud provider of people
management solutions, announced today its financial results for the
fourth quarter and year ended December 31, 2012. For the quarter ended
December 31, 2012, Ultimate reported recurring revenues of $73.4
million, a 28% increase, and total revenues of $92.2 million, a 27%
increase, both compared with 2011’s fourth quarter. GAAP net income for
the fourth quarter of 2012 was $6.3 million, or $0.22 per diluted share,
versus GAAP net income of $2.0 million, or $0.07 per diluted share, for
the fourth quarter of 2011.
Non-GAAP net income, which excludes stock-based compensation and
amortization of acquired intangible assets, was $10.8 million, or $0.38
per diluted share, for the fourth quarter of 2012, compared with
non-GAAP net income of $6.6 million, or $0.24 per diluted share, for the
fourth quarter of 2011. See “Use of Non-GAAP Financial Information”
below.
For 2012, recurring revenues increased 25% to $266.4 million, and total
revenues increased 23% to $332.3 million, both as compared with the
prior year. For 2012, GAAP net income was $14.6 million or $0.52 per
diluted share, compared with GAAP net income of $4.3 million, or $0.15
per diluted share, for 2011. For 2012, non-GAAP net income was $28.5
million, or $1.00 per diluted share, compared with non-GAAP net income
of $18.1 million, or $0.65 per diluted share, for 2011.
“Our fourth quarter and 2012 financial performance were in line with our
expectations and our business plan. Our 2012 execution puts us in
position to reach our 2013 goal of achieving more than $400 million in
revenues, and it gives us a solid foundation for taking advantage of
many future opportunities,” said Scott Scherr, CEO, president, and
founder of Ultimate.
“A year ago we were honored to have been ranked #25 on FORTUNE’s 100
Best Companies to Work For list. This year we are honored to move up to
#9. This recognition reflects our passion for putting our ‘People First’
and having them put our clients first through product development and
customer services,” added Scherr.
Ultimate’s financial results teleconference will be held today, February
5, 2013, at 5:00 p.m. Eastern Time, through Vcall at www.investorcalendar.com/IC/CEPage.asp?ID=170357.
The call will be available for replay at the same address beginning at
9:00 p.m. Eastern Time the same day. Windows Media Player software is
required to listen to the call and can be downloaded from the site.
Forward-looking information about future company performance will be
discussed during the teleconference call.
Financial Highlights
Recurring revenues grew by 28% for the fourth quarter of 2012 and by
25% for the 2012 year — both compared with 2011’s comparable periods.
The increase was primarily attributable to revenue growth from our
Software-as-a-Service (“SaaS”) offering. Recurring revenues for the
fourth quarter of 2012 were 80% of total revenues as compared with 79%
of total revenues for 2011’s fourth quarter. Recurring revenues were
80% of total revenues for the 2012 year versus 79% for 2011.
Ultimate’s total revenues for the fourth quarter of 2012 increased by
27% compared with those for the fourth quarter of 2011. Ultimate’s
total revenues for 2012 increased by 23% compared with those for 2011.
Our operating income increased 64%, on a non-GAAP basis, for the
fourth quarter of 2012 to $18.7 million as compared with $11.4 million
for the same period of 2011. Non-GAAP operating income for 2012 was
$49.5 million compared with $31.5 million for 2011. Our non-GAAP
operating margin was 20.3% for the fourth quarter of 2012 versus 15.7%
for the fourth quarter of 2011. Our non-GAAP operating margin was
14.9% for 2012 versus 11.7% for 2011.
Ultimate’s annualized retention rate exceeded 96% for its existing
recurring revenue customer base as of December 31, 2012.
Net income, on a non-GAAP basis, for the fourth quarter of 2012
increased to $10.8 million compared with $6.6 million for the fourth
quarter of 2011. Non-GAAP net income for 2012 increased to $28.5
million compared with $18.1 million for 2011.
The combination of cash, cash equivalents, and marketable securities
was $69.4 million as of December 31, 2012, compared with $55.3 million
as of December 31, 2011. Cash flows from operating activities for the
quarter ended December 31, 2012 were $9.3 million, compared with $4.8
million for the same period of 2011. For the year ended December 31,
2012, Ultimate generated $41.7 million in cash from operations
compared with $28.4 million for the year ended December 31, 2011.
Days sales outstanding were 71 days at December 31, 2012, which was
consistent with days sales outstanding at December 31, 2011.
Stock Repurchases
During the year ended December 31, 2012, we paid $9.8 million to
repurchase 112,022 shares of our issued and outstanding $0.01 par value
common stock (“Common Stock”), under our previously announced stock
repurchase plan (“Stock Repurchase Plan”). As of December 31, 2012, we
had 946,165 shares available for repurchase in the future under our
Stock Repurchase Plan.
During the year ended December 31, 2012, unrelated to the Stock
Repurchase Plan, we also paid $20.4 million to acquire 228,044 shares of
our Common Stock to settle the employee tax withholding liability
resulting from the vesting of our employees’ restricted stock holdings.
Business Highlights
We expanded UltiPro’s global HCM capabilities, made significant
advances in payroll processing speed for very large organizations,
increased configurability of our talent management solutions, and
extended our partnership ecosystem with partners such as Yammer, a
leading provider of Enterprise Social Networks; CERTPOINT, a
recognized leader in Learning Management Systems; Ping Identity, a
leader in identity security and single sign-on connection; and
Informatica, an industry-leading data integration platform that makes
UltiPro’s connectivity more flexible, reliable, and efficient.
We held our Ultimate Partner Forum, known as Connections, in March
2012 and had the largest attendance in our history — more than 1,200
attendees. Our customers, partners, and HR industry influencers came
to learn about our product roadmap, industry best practices, and how
to implement our product enhancements into their businesses.
Ultimate’s 2013 Connections conference will be held on March 12-15,
2013, in Las Vegas. Keynote speakers will be Pat Riley, president and
former head coach of the Miami Heat and author of the book, The
Winner Within; Shawn Achor, author of the best-selling book, The
Happiness Advantage; and Cali Ressler and Jody Thompson,
co-creators of the Results-Only Work Environment and authors of the
book, Why Work Sucks and How to Fix It.
Our customer support services were awarded Service Capability &
Performance (SCP) certification for best practices for the 14th
consecutive year. The SCP Standards represent the global benchmark for
service excellence and are recognized by leading technology companies
around the world.
InformationWeek magazine honored Ultimate by selecting us as
one of the top 100 most innovative users of information technology in
the United States.
Ultimate was recognized by Achievers as one of Achievers’ 50 Most
Engaged Workplaces in the United States.
In January 2013, Ultimate was ranked #9 on FORTUNE’s “100 Best
Companies to Work For” list. Ultimate is the only human capital
management provider and the highest ranked cloud vendor on the 2013
list. This honor builds on our #25 rank on FORTUNE’s 2012 list and our
previous recognition twice as the #1 medium-size company to work for
in America by The Great Place to Work Institute.
Financial Outlook
Ultimate provides the following financial guidance for 2013:
For the first quarter of 2013:
Recurring revenues of approximately $77.0 million,
Total revenues of approximately $98.0 million, and
Operating margin, on a non-GAAP basis (discussed below), of
approximately 13%.
For the year 2013:
Recurring revenues to increase by approximately 25% over 2012,
Total revenues to increase by approximately 23% over 2012, and
Operating margin, on a non-GAAP basis (discussed below), of
approximately 17%.
Operating margin expectations were determined on a non-GAAP basis using
the methodologies identified under the caption “Use of Non-GAAP
Financial Information” in this press release. Non-cash stock-based
compensation expense for 2013 is expected to be approximately $37.5
million.
Forward-Looking Statements
Certain statements in this press release are, and certain statements on
the teleconference call may be, forward-looking statements within the
meaning provided under the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are made only as of the date
hereof. These statements involve known and unknown risks and
uncertainties that may cause Ultimate’s actual results to differ
materially from those stated or implied by such forward-looking
statements, including risks and uncertainties associated with
fluctuations in Ultimate’s quarterly operating results, concentration of
Ultimate’s product offerings, development risks involved with new
products and technologies, competition, contract renewals with business
partners, compliance by our customers with the terms of their contracts
with us, and other factors disclosed in Ultimate’s filings with the
Securities and Exchange Commission. Ultimate undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
About Ultimate
Ultimate is a leading cloud-based provider of people management
solutions, with more than 10 million people records in the cloud. Built
on the belief that people are the most important ingredient of any
business, Ultimate’s award-winning UltiPro delivers HR, payroll, and
talent management solutions that seamlessly connect people with the
information and resources they need to work more effectively. Founded in
1990, the company is headquartered in Weston, Florida, and has more than
1,600 professionals focused on developing the highest quality solutions
and services. In 2013, Ultimate was ranked #9 on FORTUNE’S “100 Best
Companies to Work For” list. Ultimate has more than 2,500 customers with
employees in 115 countries, including Adobe Systems Incorporated,
Culligan International, Major League Baseball, The New York Yankees
Baseball Team, Pep Boys, and Texas Roadhouse. More information on
Ultimate’s products and services for people management can be found at www.ultimatesoftware.com.
UltiPro is a registered trademark of The Ultimate Software Group, Inc.
All other trademarks referenced are the property of their respective
owners.
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2012
2011
2012
2011
Revenues:
Recurring
$
73,416
$
57,146
$
266,430
$
213,785
Services
18,402
14,911
64,563
53,195
License
360
681
1,275
2,218
Total revenues
92,178
72,738
332,268
269,198
Cost of revenues:
Recurring
20,392
16,748
78,121
63,505
Services
18,243
13,235
66,063
52,341
License
72
154
280
488
Total cost of revenues
38,707
30,137
144,464
116,334
Gross profit
53,471
42,601
187,804
152,864
Operating expenses:
Sales and marketing
19,238
15,496
72,565
63,145
Research and development
14,943
13,763
60,693
51,356
General and administrative
6,857
5,561
25,433
21,931
Total operating expenses
41,038
34,820
158,691
136,432
Operating income
12,433
7,781
29,113
16,432
Other (expense) income:
Interest and other expense
(122
)
(36
)
(476
)
(401
)
Other income, net
12
14
102
91
Total other expense, net
(110
)
(22
)
(374
)
(310
)
Income before income taxes
12,323
7,759
28,739
16,122
Provision for income taxes
(6,025
)
(5,783
)
(14,107
)
(11,840
)
Net income
$
6,298
$
1,976
$
14,632
$
4,282
Net income per share:
Basic
$
0.23
$
0.08
$
0.55
$
0.17
Diluted
$
0.22
$
0.07
$
0.52
$
0.15
Weighted average shares outstanding:
Basic
27,207
26,055
26,778
25,814
Diluted
28,571
27,838
28,375
27,806
The following table sets forth the stock-based compensation expense
resulting from stock-based arrangements (excluding the income tax
effect, or “gross”) and the amortization of acquired intangibles that
are recorded in Ultimate’s unaudited condensed consolidated statements
of operations for the periods indicated (in thousands):
For the Three Months
Ended December 31,
For the Twelve Months
Ended December 31,
2012
2011
2012
2011
Stock-based compensation expense:
Cost of recurring revenues
$
699
$
382
$
2,508
$
1,402
Cost of services revenues
875
357
2,729
1,464
Sales and marketing
2,529
1,580
7,861
6,824
Research and development
603
428
2,451
1,625
General and administrative
1,589
903
4,863
3,694
Total non-cash stock-based compensation expense
$
6,295
$
3,650
$
20,412
$
15,009
Amortization of acquired intangibles:
General and administrative
$
—
$
—
$
—
$
83
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
As of
As of
December 31,
December 31,
2012
2011
ASSETS
Current assets:
Cash and cash equivalents
$
58,817
$
46,149
Investments in marketable securities
9,223
7,584
Accounts receivable, net
70,774
56,186
Prepaid expenses and other current assets
25,949
22,944
Deferred tax assets, net
1,372
1,277
Total current assets before funds held for clients
166,135
134,140
Funds held for clients
281,007
118,660
Total current assets
447,142
252,800
Property and equipment, net
38,068
24,486
Capitalized software, net
508
1,765
Goodwill
3,025
3,025
Investments in marketable securities
1,311
1,546
Other assets, net
16,687
15,056
Deferred tax assets, net
18,543
20,142
Total assets
$
525,284
$
318,820
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
7,584
$
6,265
Accrued expenses
15,055
11,589
Deferred revenue
90,674
83,416
Capital lease obligations
2,968
2,694
Other borrowings
2,311
–
Total current liabilities before client fund obligations
118,592
103,964
Client fund obligations
281,007
118,660
Total current liabilities
399,599
222,624
Deferred revenue
1,302
3,147
Deferred rent
2,777
3,384
Capital lease obligations
2,469
2,175
Other borrowings
2,601
–
Income taxes payable
1,866
1,866
Total liabilities
410,614
233,196
Stockholders’ equity:
Preferred Stock, $.01 par value
–
–
Series A Junior Participating Preferred Stock, $.01 par value
–
–
Common Stock, $.01 par value
314
302
Additional paid-in capital
266,130
242,100
Accumulated other comprehensive income (loss)
109
(57)
Accumulated deficit
(33,339)
(47,971)
233,214
194,374
Treasury stock, at cost
(118,544)
(108,750)
Total stockholders’ equity
114,670
85,624
Total liabilities and stockholders’ equity
$
525,284
$
318,820
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For the Twelve Months Ended
December 31,
2012
2011
Cash flows from operating activities:
Net income
$
14,632
$
4,282
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
13,623
11,620
Provision for doubtful accounts
1,159
1,586
Non-cash stock-based compensation expense
20,412
15,009
Income taxes
13,814
11,507
Excess tax benefits from employee stock plan
(12,310
)
(8,504
)
Changes in operating assets and liabilities:
Accounts receivable
(15,747)
(10,202
)
Prepaid expenses and other current assets
(1,880
)
(4,331
)
Other assets
(1,631
)
(3,483
)
Accounts payable
1,319
1,582
Accrued expenses and deferred rent
2,859
877
Deferred revenue
5,413
8,468
Net cash provided by operating activities
41,663
28,411
Cash flows from investing activities:
Purchases of marketable securities
(13,643
)
(14,610
)
Maturities of marketable securities
12,239
14,794
Net purchases of client funds securities
(162,347
)
(45,785
)
Purchases of property and equipment
(17,326
)
(13,671
)
Net cash used in investing activities
(181,077
)
(59,272
)
Cash flows from financing activities:
Repurchases of Common Stock
(9,794)
(17,310
)
Net proceeds from issuances of Common Stock
11,284
13,282
Excess tax benefits from employee stock plan
12,310
8,504
Shares acquired to settle employee tax withholding liability
(20,384
)
(10,941
)
Principal payments on capital lease obligations
(3,418
)
(3,016
)
Repayments of other borrowings
(429)
–
Net increase in client fund obligations
162,347
45,785
Net cash provided by financing activities
151,916
36,304
Effect of foreign currency exchange rate changes on cash
166
(183)
Net increase in cash and cash equivalents
12,668
5,260
Cash and cash equivalents, beginning of period
46,149
40,889
Cash and cash equivalents, end of period
$
58,817
$
46,149
Supplemental disclosure of cash flow information:
Cash paid for interest
$
419
$
241
Cash paid for income taxes
$
471
$
604
Supplemental disclosure of non-cash financing activities:
Ultimate entered into capital lease obligations to acquire new
equipment totaling $4.0 million and $3.0 million for the twelve
months ended December 31, 2012 and 2011, respectively. Ultimate
purchased perpetual licenses with third-party vendors, totaling $6.5
million, payable over a three year period, of which payments
totaling $2.7 million were made during the twelve months ended
December 31, 2012.
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
Unaudited Reconciliation of Non-GAAP Financial Measures to GAAP
Financial Measures
(In thousands, except per share amounts)
For the Three Months Ended December 31,
For the Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP operating income reconciliation:
Operating income
$
12,433
$
7,781
$
29,113
$
16,432
Operating income, as a % of total revenues
13.5
%
10.7
%
8.8
%
6.1
%
Add back:
Non-cash stock-based compensation expense
6,295
3,650
20,412
15,009
Non-cash amortization of acquired intangible assets
—
—
—
83
Non-GAAP operating income
$
18,728
$
11,431
$
49,525
$
31,524
Non-GAAP operating income, as a % of total revenues
20.3
%
15.7
%
14.9
%
11.7
%
Non-GAAP net income reconciliation:
Net income
$
6,298
$
1,976
$
14,632
$
4,282
Add back:
Non-cash stock-based compensation expense
6,295
3,650
20,412
15,009
Non-cash amortization of acquired intangible assets
—
—
—
83
Income tax effect
(1,766
)
929
(6,540
)
(1,238
)
Non-GAAP net income
$
10,827
$
6,555
$
28,504
$
18,136
Non-GAAP net income, per diluted share, reconciliation: (1)
Net income, per diluted share
$
0.22
$
0.07
$
0.52
$
0.15
Add back:
Non-cash stock-based compensation expense
0.22
0.13
0.71
0.54
Non-cash amortization of acquired intangible assets
—
—
—
—
Income tax effect
(0.06
)
0.04
(0.23
)
(0.04
)
Non-GAAP net income, per diluted share
$
0.38
$
0.24
$
1.00
$
0.65
Shares used in calculation of GAAP and non-GAAP net income per share:
Basic
27,207
26,055
26,778
25,814
Diluted
28,571
27,838
28,375
27,806
(1) The non-GAAP net income per diluted share reconciliation is
calculated on a diluted weighted average share basis for GAAP net
income periods.
Use of Non-GAAP Financial Information
This press release contains non-GAAP financial measures. Ultimate
believes that non-GAAP measures of financial results provide useful
information to management and investors regarding certain financial and
business trends relating to Ultimate’s financial condition and results
of operations. Ultimate’s management uses these non-GAAP results to
compare Ultimate’s performance to that of prior periods for trend
analyses, for purposes of determining executive incentive compensation,
and for budget and planning purposes. These measures are used in monthly
financial reports prepared for management and in quarterly financial
reports presented to Ultimate’s Board of Directors. These measures may
be different from non-GAAP financial measures used by other companies.
These non-GAAP measures should not be considered in isolation or as an
alternative to such measures determined in accordance with generally
accepted accounting principles in the United States (GAAP). The
principal limitation of these non-GAAP financial measures is that they
exclude significant expenses that are required by GAAP to be recorded.
In addition, they are subject to inherent limitations as they reflect
the exercise of judgment by management about which expenses are excluded
from the non-GAAP financial measures.
To compensate for these limitations, Ultimate presents its non-GAAP
financial measures in connection with its GAAP results. Ultimate
strongly urges investors and potential investors in Ultimate’s
securities to review the reconciliation of its non-GAAP financial
measures to the comparable GAAP financial measures that are included in
this press release (under the caption “Unaudited Reconciliation of
Non-GAAP Financial Measures to GAAP Financial Measures”) and not to rely
on any single financial measure to evaluate its business.
Ultimate presents the following non-GAAP financial measures in this
press release: non-GAAP operating income, non-GAAP operating income as a
percentage of total revenues (or non-GAAP operating margin), non-GAAP
net income and non-GAAP net income, per diluted share. We exclude the
following items from these non-GAAP financial measures as appropriate:
Stock-based compensation expense. Ultimate’s non-GAAP financial
measures exclude stock-based compensation expense, which consists of
expenses for stock options and stock and stock unit awards recorded in
accordance with Accounting Standards Codification 718, “Compensation –
Stock Compensation.” For the three and twelve months ended December 31,
2012, stock-based compensation expense was $6.3 million and $20.4
million, respectively, on a pre-tax basis. For the three and twelve
months ended December 31, 2011, stock-based compensation expense was
$3.7 million and $15.0 million, respectively, on a pre-tax basis.
Stock-based compensation expense is excluded from the non-GAAP financial
measures because it is a non-cash expense that Ultimate does not
consider part of ongoing operations when assessing its financial
performance. Ultimate believes that such exclusion facilitates the
comparison of results of ongoing operations for current and future
periods with such results from past periods. For GAAP net income
periods, non-GAAP reconciliations are calculated on a diluted weighted
average share basis.
Amortization of acquired intangible assets. In accordance with
GAAP, operating expenses include amortization of acquired intangible
assets over the estimated useful lives of such assets. There was no
amortization of acquired intangible assets for the three and twelve
months ended December 31, 2012. There was no amortization of acquired
intangible assets for the three months ended December 31, 2011. For the
twelve months ended December 31, 2011, the amortization of acquired
intangible assets was $83 thousand. Amortization of acquired intangible
assets is excluded from Ultimate’s non-GAAP financial measures because
it is a non-cash expense that Ultimate does not consider part of ongoing
operations when assessing its financial performance. Ultimate believes
that such exclusion facilitates comparisons to its historical operating
results and to the results of other companies in the same industry,
which have their own unique acquisition histories.
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n the cloud doesn't matter whether you are running on an Open Source platform or not - it is NOT free because you pay for the service. And for long Open Source project have been funded through the services premiums that you pay. I would argue that Open Source vendors have mastered the ...
Over the weekend Barron’s put out a piece touting AMD’s chances of taking share in the mainstream server market that belongs to Intel with its SeaMicro microserver acquisition, a development that would tickle its tiny stock price, if it ever happened. But even the thought of it, althou...
Cloud computing is the game changer for the life sciences industry, according to an article on PharmaBiz.com.
Globally, pharma majors are deploying cloud technology because it provides data security, compliance and transparency, according to Vikram Anand, associate vice president, clo...
Red Hat made its power play Wednesday. One it’s been itching to make for a couple of years. One that it hopes will ultimately jam a stick through the spokes of VMware’s front wheel. And to make sure that happens it’ll be telling everybody who’ll listen that its widgetry is a third the ...
Metacloud plays hardball.
It has no patience with pilots or proofs-of-concept. It’ll only do production Infrastructure-as-a-Service installations, which is kind of uppity for a start-up that only hit the radar last October – even if it did come out of the closet with an unidentified ...
The personal cloud will be the main catalyst in bringing services otherwise unavailable to developing nations.
While businesses have been deploying cloud technology for some time, it's only recently that personal cloud services have emerged. The rise of the personal cloud means conten...
