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Ultimate Reports Q3 2012 Financial Results

Ultimate Software (Nasdaq:ULTI), a leading cloud provider of people management solutions, announced today its financial results for the third quarter of 2012. For the quarter ended September 30, 2012, Ultimate reported recurring revenues of $67.5 million, a 23% increase, and total revenues of $82.6 million, a 22% increase, both compared with 2011’s third quarter. GAAP net income for the third quarter of 2012 was $4.7 million, or $0.16 per diluted share, versus GAAP net income of $1.1 million, or $0.04 per diluted share, for the third quarter of 2011.

Non-GAAP net income, which excludes stock-based compensation and amortization of acquired intangible assets, was $8.1 million, or $0.29 per diluted share, for the third quarter of 2012, compared with non-GAAP net income of $4.9 million, or $0.18 per diluted share, for the third quarter of 2011. See “Use of Non-GAAP Financial Information” below.

“Our third quarter results were consistent with expectations in our three most important goal areas: growth in recurring revenues, customer retention, and growth in our operating margin. Our recurring revenues were up by more than 23% for the quarter to $67.5 million while our annualized customer retention rate was greater than 96% and our operating margin was just over 17%,” said Scott Scherr, CEO, president, and founder of Ultimate. “Our new customers continued to attach talent, time, and tax management products to their core purchases, and market demand metrics for our solutions continued to be strong in the third quarter.

“In early October, we showcased our latest version of UltiPro at the HR Technology Conference. With this release, we have strengthened our go-to-market strategy by delivering deeper global HCM capabilities and a number of other enhancements, such as significant advances in payroll processing speed for very large organizations, more configurable talent management for richer employee performance management, and cloud connectivity through an ecosystem of partners that includes CERTPOINT Systems, Informatica, and Yammer. All of our cloud customers are live on this release.”

Ultimate’s financial results teleconference will be held today, October 30, 2012, at 5:00 p.m. Eastern Time, through Vcall at http://www.investorcalendar.com/IC/CEPage.asp?ID=167841. 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 23% for the third quarter of 2012 compared with 2011’s third quarter. The increase was primarily attributable to revenue growth from our Software-as-a-Service (“SaaS”) offering. Recurring revenues for the third quarter of 2012 were 82% of total revenues as compared with 81% of total revenues for the same period of last year.
  • Our operating income increased 65%, on a non-GAAP basis, for the third quarter of 2012 to $14.2 million as compared with $8.6 million for the same period last year. Our non-GAAP operating margin was 17.2% for this year’s third quarter versus 12.7% for last year’s third quarter.
  • Ultimate’s annualized retention rate exceeded 96% for its existing recurring revenue customer base as of September 30, 2012.
  • The combination of cash, cash equivalents, and marketable securities was $82.9 million as of September 30, 2012, compared with $55.3 million as of December 31, 2011. Cash flows from operating activities for the quarter ended September 30, 2012 were $9.6 million, compared with $8.4 million for the same period last year. For the nine months ended September 30, 2012, Ultimate generated $32.3 million in cash from operations compared with $23.6 million for the nine months ended September 30, 2011.
  • Days sales outstanding were 64 days at September 30, 2012, representing a reduction of seven days compared with days sales outstanding at December 31, 2011.

Financial Outlook

Ultimate provides the following financial guidance for the 2012 full year and preliminary financial guidance for the 2013 full year:

For the year 2012:

  • Recurring revenues to increase by approximately 25% over 2011,
  • Total revenues to increase by approximately 23% over 2011, and
  • Operating margin, on a non-GAAP basis (discussed below), of approximately 15%.

For the year 2013, preliminary:

  • Recurring revenues to increase by approximately 26% over 2012,
  • Total revenues to increase by approximately 24% 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 2012 and 2013 is expected to be approximately $20.0 million and $37.0 million, respectively.

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 SaaS provider of people management solutions, with more than 8,000,000 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, talent, time, and tax 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 1,500 professionals focused on developing the highest quality solutions and services. In 2012, Ultimate was ranked #25 on FORTUNE’S “100 Best Companies to Work For” list. Ultimate has more than 2,300 customers with employees in 115 countries, including Adobe Systems Incorporated, The Container Store, Culligan International, Major League Baseball, The New York Yankees Baseball Team, 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 September 30,

  For the Nine Months

Ended September 30,

2012   2011   2012   2011
Revenues:
Recurring $ 67,505 $ 54,689 $ 193,014 $ 156,639
Services 15,127 12,794 46,161 38,284
License   267   915   1,537  
Total revenues 82,632   67,750   240,090   196,460  
Cost of revenues:
Recurring 19,390 16,521 57,729 46,757
Services 16,454 13,073 47,820 39,106
License   61   208   334  
Total cost of revenues 35,844 29,655   105,757   86,197  
Gross profit 46,788   38,095   134,333   110,263  
Operating expenses:
Sales and marketing 17,218 15,002 53,327 47,649
Research and development 14,065 13,256 45,750 37,593
General and administrative 6,224   4,995   18,495   16,370  
Total operating expenses 37,507   33,253   117,572   101,612  
Operating income 9,281 4,842 16,761 8,651
Other (expense) income:
Interest and other expense (178 ) (64 ) (354 ) (365 )
Other income, net 47   17   90   77  
Total other expense, net (131 ) (47 ) (264 ) (288 )
Income before income taxes 9,150 4,795 16,497 8,363
Provision for income taxes (4,493 ) (3,710 ) (8,163 ) (6,057 )
Net income $ 4,657   $ 1,085   $ 8,334   $ 2,306  
Net income per share:
Basic $ 0.17   $ 0.04   $ 0.31   $ 0.09  
Diluted $ 0.16   $ 0.04   $ 0.29   $ 0.08  
Weighted average shares outstanding:
Basic 26,852   25,767   26,634   25,733  
Diluted 28,495   27,747   28,312   27,790  
 

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 September 30,

 

For the Nine Months

Ended September 30,

2012   2011   2012   2011
Stock-based compensation expense:
Cost of recurring revenues $ 658 $ 341 $ 1,809 $ 1,020
Cost of services revenues 688 360 1,854 1,107
Sales and marketing 1,886 1,734 5,332 5,244
Research and development 532 403 1,848 1,197
General and administrative 1,136   902   3,274   2,791
Total non-cash stock-based compensation expense $ 4,900   $ 3,740   $ 14,117   $ 11,359
Amortization of acquired intangibles:
General and administrative $   $ 27   $   $ 83
 
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
As of   As of
September 30, December 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents $ 73,143 $ 46,149
Investments in marketable securities 8,709 7,584
Accounts receivable, net 57,472 56,186
Prepaid expenses and other current assets 24,689 22,944
Deferred tax assets, net 1,353 1,277
Total current assets before funds held for clients 165,366 134,140
Funds held for clients 144,196 118,660
Total current assets 309,562 252,800
Property and equipment, net 35,547 24,486
Capitalized software, net 752 1,765
Goodwill 3,025 3,025
Investments in marketable securities 1,069 1,546
Other assets, net 16,329 15,056
Deferred tax assets, net 19,637 20,142
Total assets $ 385,921 $ 318,820
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 4,912 $ 6,265
Accrued expenses 17,577 11,589
Deferred revenue 83,334 83,416
Capital lease obligations 3,096 2,694
Other borrowings 2,362
Total current liabilities before client fund obligations 111,281 103,964
Client fund obligations 144,196 118,660
Total current liabilities 255,477 222,624
Deferred revenue 1,720 3,147
Deferred rent 2,919 3,384
Capital lease obligations 2,641 2,175
Other borrowings 2,765
Income taxes payable 1,866 1,866
Total liabilities 267,388 233,196
 
Stockholders’ equity:
Preferred Stock, $.01 par value
Series A Junior Participating Preferred Stock, $.01 par value
Common Stock, $.01 par value 309 302
Additional paid-in capital 266,371 242,100
Accumulated other comprehensive income (loss) 240 (57)
Accumulated deficit (39,637) (47,971)
227,283 194,374
Treasury stock, at cost (108,750) (108,750)
Total stockholders’ equity 118,533 85,624
Total liabilities and stockholders’ equity $ 385,921 $ 318,820
 
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
  For the Nine Months Ended
September 30,
2012   2011
Cash flows from operating activities:
Net income $ 8,334 $ 2,306
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 9,961 8,688
Provision for doubtful accounts 722 1,220
Non-cash stock-based compensation expense 14,117 11,359
Income taxes 7,933 5,933
Excess tax benefits from employee stock plan (7,504 ) (4,323 )
Changes in operating assets and liabilities:
Accounts receivable (2,008) (262 )
Prepaid expenses and other current assets (620 ) (2,789 )
Other assets (1,273 ) (2,440 )
Accounts payable (1,353) 466
Accrued expenses and deferred rent 5,523 2,183
Deferred revenue (1,509 ) 1,285  
Net cash provided by operating activities 32,323   23,626  
Cash flows from investing activities:
Purchases of marketable securities (10,706 ) (10,801 )
Maturities of marketable securities 10,058 10,122
Net purchases of client funds securities (25,536 ) (27,821 )
Purchases of property and equipment (12,243 ) (10,728 )
Net cash used in investing activities (38,427 ) (39,228 )
Cash flows from financing activities:
Repurchases of Common Stock (17,310 )
Net proceeds from issuances of Common Stock 7,555 8,421
Excess tax benefits from employee stock plan 7,504 4,323
Shares acquired to settle employee tax withholding liability (5,076 ) (3,874 )
Principal payments on capital lease obligations (2,504 ) (2,238 )
Repayments of borrowings (214)
Net increase in client fund obligations 25,536   27,821  
Net cash provided by financing activities 32,801   17,143  
Effect of foreign currency exchange rate changes on cash 297   (214)  
Net increase in cash and cash equivalents 26,994 1,327
Cash and cash equivalents, beginning of period 46,149   40,889  
Cash and cash equivalents, end of period $ 73,143   $ 42,216  
Supplemental disclosure of cash flow information:
Cash paid for interest $ 308   $ 184  
Cash paid for income taxes $ 365   $ 547  
Supplemental disclosure of non-cash financing activities:
 
Ultimate entered into capital lease obligations to acquire new equipment totaling $3.4 million and $2.3 million for the nine months ended September 30, 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 $2.5 million were made during the nine months ended September 30, 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 September 30,   For the Nine Months Ended September 30,
2012   2011   2012   2011
Non-GAAP operating income reconciliation:  
Operating income $ 9,281 $ 4,842 $ 16,761 $ 8,651
Operating income, as a % of total revenues 11.2 % 7.1 % 7.0 % 4.4 %
Add back:
Non-cash stock-based compensation expense 4,900 3,740 14,117 11,359
Non-cash amortization of acquired intangible assets   27     83  
Non-GAAP operating income $ 14,181   $ 8,609   $ 30,878   $ 20,093  
Non-GAAP operating income, as a % of total revenues 17.2 % 12.7 % 12.9 % 10.2 %
Non-GAAP net income reconciliation:
Net income $ 4,657 $ 1,085 $ 8,334 $ 2,306
Add back:
Non-cash stock-based compensation expense 4,900 3,740 14,117 11,359
Non-cash amortization of acquired intangible assets 27 83
Income tax effect (1,409 ) 90   (4,696 ) (2,173 )
Non-GAAP net income $ 8,148   $ 4,942   $ 17,755   $ 11,575  
Non-GAAP net income, per diluted share, reconciliation: (1)
Net income, per diluted share $ 0.16 $ 0.04 $ 0.29 $ 0.08
Add back:
Non-cash stock-based compensation expense 0.17 0.13 0.50 0.41
Non-cash amortization of acquired intangible assets
Income tax effect (0.04 ) 0.01   (0.16 ) (0.07 )
Non-GAAP net income, per diluted share $ 0.29   $ 0.18   $ 0.63   $ 0.42  
Shares used in calculation of GAAP and non-GAAP net income per share:
Basic 26,852   25,767   26,634   25,733  
Diluted 28,495   27,747   28,312   27,790  
(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 (and 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 nine months ended September 30, 2012, stock-based compensation expense was $4.9 million and $14.1 million, respectively, on a pre-tax basis. For the three and nine months ended September 30, 2011, stock-based compensation expense was $3.7 million and $11.4 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 nine months ended September 30, 2012. For the three and nine months ended September 30, 2011, the amortization of acquired intangible assets was $27 thousand and $83 thousand, respectively. 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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