Record Recurring Revenues of $85.2 Million, Up by 26%
Record Total Revenues of $103.1 Million, Up by 25%
WESTON, Fla.--(BUSINESS WIRE)--
Ultimate Software (Nasdaq: ULTI), a leading cloud provider of people
management solutions, announced today its financial results for the
third quarter of 2013. For the quarter ended September 30, 2013,
Ultimate reported recurring revenues of $85.2 million, a 26% increase,
and total revenues of $103.1 million, a 25% increase, both compared with
2012’s third quarter. GAAP net income for the third quarter of 2013 was
$6.3 million, or $0.22 per diluted share, versus GAAP net income of $4.7
million, or $0.16 per diluted share, for the third quarter of 2012.
Non-GAAP net income, which excludes stock-based compensation, was $11.7
million, or $0.40 per diluted share, for the third quarter of 2013,
compared with non-GAAP net income of $8.1 million, or $0.29 per diluted
share, for the third quarter of 2012. See “Use of Non-GAAP Financial
“In this year’s third quarter, we again executed according to plan with
both our recurring and total revenues coming in slightly above
guidance,” said Scott Scherr, CEO, president, and founder of Ultimate.
“Our operating margin was also on the positive side of our target, and
we are well-positioned to achieve our 2013 objectives.
“We showcased two new products at the HR Technology Conference in Las
Vegas earlier this month that strategically extend the capabilities of
our HCM offering, and both generated market enthusiasm,” added Scherr.
“The first was our new UltiPro Recruiting solution with its
candidate-centric design, new state-of-the-art user interface,
gamification, collaboration tools, mobility, and integration with
popular social networks. The second was our acquisition of EmployTouch
that provides us with an acclaimed tablet-based time collection and
employee self-service device called TouchBase for our customers and
gives us a pool of talented engineers to help us continue innovating as
we grow our UltiPro product suite.”
Ultimate’s financial results teleconference will be held today, October
29, 2013, at 5:00 p.m. Eastern Time, through Vcall at www.investorcalendar.com/IC/CEPage.asp?ID=170360.
The call will be available for replay at the same address beginning at
9:00 p.m. Eastern Time today. 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.