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Ultimate Reports Q1 2014 Financial Results

Ultimate Software (Nasdaq: ULTI), a leading cloud provider of people management solutions, announced today its financial results for the first quarter of 2014. For the quarter ended March 31, 2014, Ultimate reported recurring revenues of $97.4 million, a 25% increase, and total revenues of $121.1 million, a 24% increase, both compared with 2013’s first quarter. GAAP net income for the first quarter of 2014 was $6.9 million, or $0.23 per diluted share, versus GAAP net income of $4.5 million, or $0.16 per diluted share, for the first quarter of 2013.

Non-GAAP net income, which excludes stock-based compensation expense and amortization of acquired intangible assets, was $13.8 million, or $0.47 per diluted share, for the first quarter of 2014, compared with non-GAAP net income of $9.2 million, or $0.32 per diluted share, for the first quarter of 2013. See “Use of Non-GAAP Financial Information” below.

“We exceeded our recurring revenue, total revenue, and operating margin objectives in this year’s first quarter, and our customer retention rate remained consistent at greater than 96%. These results position us well to achieve our 2014 goals,” said Scott Scherr, founder, president and CEO of Ultimate.

“In early April, we held our Connections conference for customers, industry analysts, and business leaders and had 1,573 attendees, up 27% over last year’s event. We showcased UltiPro’s expanded global HCM capabilities, including bidirectional global payroll integration and additional language support, and our new candidate-focused UltiPro Recruiting solution. Customers who began using UltiPro Recruiting in December 2013 can now give applicants the ability to securely submit applications in seconds using the LinkedIn profile feature, saving the candidate from having to navigate through multiple systems or having to copy and paste information from an existing profile in order to complete an application. Among the business advantages are ease, convenience, and accuracy.”

Ultimate’s financial results teleconference will be held today, April 29, 2014, at 5:00 p.m. Eastern Time, through Vcall at www.investorcalendar.com/IC/CEPage.asp?ID=172439. 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.

Financial Highlights

  • Recurring revenues grew by 25% for the first quarter of 2014 compared with 2013’s first quarter. The increase was primarily attributable to revenue growth from our cloud offering. Recurring revenues were 80% of total revenues for the first quarter of 2014.
  • Ultimate’s total revenues for the first quarter of 2014 increased by 24% compared with those for the first quarter of 2013.
  • Our operating income increased 48%, on a non-GAAP basis, for the first quarter of 2014 to $23.5 million as compared with $15.9 million for the same period of 2013. Our non-GAAP operating margin was 19.4% for the first quarter of 2014 versus 16.2% for the first quarter of 2013.
  • Ultimate’s annualized retention rate exceeded 96% for its existing recurring revenue customer base as of March 31, 2014.
  • Net income, on a non-GAAP basis, for the first quarter of 2014 increased to $13.8 million compared with $9.2 million for the first quarter of 2013.
  • Cash flows from operating activities for the quarter ended March 31, 2014 increased 41% to $25.6 million, compared with $18.1 million for the same period of 2013. The combination of cash, cash equivalents, and marketable securities was $101.7 million as of March 31, 2014, compared with $90.2 million as of December 31, 2013.
  • Days sales outstanding were 61 days at March 31, 2014, representing a reduction of nine days compared with days sales outstanding at December 31, 2013.

Stock Repurchases

  • During the three months ended March 31, 2014, we used $10.2 million to acquire 61,739 shares of our common stock to settle the employee tax withholding liability resulting from the vesting of our employees' restricted stock holdings.
  • In addition, as of March 31, 2014, we had 946,165 shares of our outstanding common stock available for repurchase in the future under our previously announced stock repurchase plan.

Financial Outlook

Ultimate provides the following financial guidance for the second quarter ending June 30, 2014, and full year 2014:

For the second quarter of 2014:

  • Recurring revenues of approximately $100 million,
  • Total revenues of approximately $120 million, and
  • Operating margin, on a non-GAAP basis (discussed below), of approximately 18%.

For the year 2014:

  • Recurring revenues to increase by approximately 25% over 2013,
  • Total revenues to increase by approximately 23% over 2013, and
  • Operating margin, on a non-GAAP basis (discussed below), of approximately 20%.

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.

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 Software

Ultimate is a leading cloud provider of people management solutions, with more than 15 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, talent, compensation, and time 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 2,000 professionals focused on developing the highest quality solutions and services. In 2014, Ultimate was ranked #20 on FORTUNE’s list of the 100 Best Companies to Work For; recognized as a ‘Leader’ in Nucleus Research’s HCM Technology Value Matrix; and awarded the highest rating by Constellation Research in its Cloud Buyer’s Bill of Rights Certification. Ultimate has approximately 2,700 customers with employees in 150 countries, including Adobe Systems Incorporated, Bloomin’ Brands, Culligan International, Major League Baseball, Pep Boys, Texas Rangers Baseball, 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 March 31,

2014   2013
Revenues:
Recurring $ 97,418 $ 78,082
Services 23,208 19,445
License 452   390  
Total revenues 121,078   97,917  
Cost of revenues:
Recurring 26,954 21,828
Services 22,074 19,728
License 72   90  
Total cost of revenues 49,100   41,646  
Gross profit 71,978   56,271  
Operating expenses:
Sales and marketing 28,829 22,910
Research and development 19,720 16,130
General and administrative 11,059   8,927  
Total operating expenses 59,608   47,967  
Operating income 12,370 8,304
Other income (expense):
Interest and other expense (66 ) (80 )
Other income, net 75   41  
Total other income (expense) 9   (39 )
Income before income taxes 12,379 8,265
Provision for income taxes (5,496 ) (3,745 )
Net income $ 6,883   $ 4,520  
Net income per share:        
Basic $ 0.24   $ 0.16  
Diluted $ 0.23   $ 0.16  
Weighted average shares outstanding:
Basic 28,196   27,476  
Diluted 29,309   28,704  
 

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 income for the periods indicated (in thousands):

 

For the Three Months
Ended March 31,

2014   2013
Stock-based compensation expense:
Cost of recurring revenues $ 1,240 $ 864
Cost of services revenues 1,055 960
Sales and marketing 4,797 3,096
Research and development 1,270 770
General and administrative 2,476   1,907  
Total non-cash stock-based compensation expense $ 10,838   $ 7,597  
 
Amortization of acquired intangibles:
General and administrative 289    
Total amortization of acquired intangibles $ 289   $  
 
 
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
As of As of
March 31, December 31,
2014 2013
ASSETS
Current assets:
Cash and cash equivalents $ 91,080 $ 79,794
Investments in marketable securities 8,288 8,682
Accounts receivable, net 82,256 85,676
Prepaid expenses and other current assets 31,578 29,374
Deferred tax assets, net 982   1,015  
Total current assets before funds held for clients 214,184 204,541
Funds held for clients 711,154   262,227  
Total current assets 925,338 466,768
Property and equipment, net 67,385 58,186
Goodwill 25,813 26,942
Investments in marketable securities 2,320 1,771
Intangible assets, net 7,822 8,274
Other assets, net 17,593 17,340
Deferred tax assets, net 20,116   18,913  
Total assets $ 1,066,387   $ 598,194  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 8,769 $ 6,422
Accrued expenses 27,196 26,040
Deferred revenue 103,481 102,686
Capital lease obligations 3,231 2,949
Other borrowings 2,267   2,264  
Total current liabilities before client fund obligations 144,944 140,361
Client fund obligations 711,154   262,227  
Total current liabilities 856,098 402,588
Deferred revenue 341 498
Deferred rent 2,495 2,687
Capital lease obligations 2,748 2,240
Other borrowings 297 593
Deferred income tax liability 1,244   1,371  
Total liabilities 863,223   409,977  
 
Stockholders’ equity:
Preferred Stock, $.01 par value
Series A Junior Participating Preferred Stock, $.01 par value
Common Stock, $.01 par value 324 321
Additional paid-in capital 324,589 315,691
Accumulated other comprehensive loss (2,279 ) (1,442 )
Accumulated deficit (926 ) (7,809 )
321,708 306,761
Treasury stock, at cost (118,544 ) (118,544 )
Total stockholders’ equity 203,164   188,217  
Total liabilities and stockholders’ equity $ 1,066,387   $ 598,194  
 
 
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
 

For the Three Months
Ended March 31,

2014   2013
Cash flows from operating activities:
Net income $ 6,883 $ 4,520
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 4,242 3,749
Provision for doubtful accounts 490 613
Non-cash stock-based compensation expense 10,838 7,597
Income taxes 5,261 3,689
Excess tax benefits from employee stock plan (6,558 ) (4,337 )
Changes in operating assets and liabilities:
Accounts receivable 2,931 102
Prepaid expenses and other current assets (2,204 ) (3,139 )
Other assets (253 ) (296 )
Accounts payable 2,350 (1,399 )
Accrued expenses and deferred rent 966 5,981
Deferred revenue 638   1,009  
Net cash provided by operating activities 25,584   18,089  
Cash flows from investing activities:
Purchases of marketable securities (2,833 ) (3,600 )
Maturities of marketable securities 2,675 4,885
Net purchases of client funds securities (448,926 ) (361,436 )
Purchases of property and equipment (11,205 ) (6,211 )
Net cash used in investing activities (460,289 ) (366,362 )
Cash flows from financing activities:
Net proceeds from issuances of Common Stock 2,295 2,881
Excess tax benefits from employee stock plan 6,558 4,337
Shares acquired to settle employee tax withholding liability (10,216 ) (6,159 )
Principal payments on capital lease obligations (919 ) (896 )
Other borrowings 203
Payments on other borrowings (293 )
Net increase in client fund obligations 448,926   361,436  
Net cash provided by financing activities 446,351   361,802  
Effect of foreign currency exchange rate changes on cash (360 ) (265 )
Net increase in cash and cash equivalents 11,286 13,264
Cash and cash equivalents, beginning of period 79,794   58,817  
Cash and cash equivalents, end of period $ 91,080   $ 72,081  
 
Supplemental disclosure of cash flow information:
Cash paid for interest $ 73   $ 92  
Cash paid for taxes $ 163   $ 124  
 
Non-cash investing and financing activities:
Capital lease obligations to acquire new equipment $ 1,709   $ 908  
Stock consideration adjustment recorded for acquisitions $ (818 ) $  
 
 
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 March 31,

2014   2013
Non-GAAP operating income reconciliation:
Operating income $ 12,370 $ 8,304
Operating income, as a % of total revenues 10.2 % 8.5 %
Add back:
Non-cash stock-based compensation expense 10,838 $ 7,597
Non-cash amortization of acquired intangible assets 289    
Non-GAAP operating income $ 23,497   $ 15,901  
Non-GAAP operating income, as a % of total revenues 19.4 % 16.2 %
 
Non-GAAP net income reconciliation:
Net income $ 6,883 $ 4,520
Add back:
Non-cash stock-based compensation expense 10,838 $ 7,597
Non-cash amortization of acquired intangible assets 289
Income tax effect (4,258 ) (2,919 )
Non-GAAP net income $ 13,752   $ 9,198  
 
Non-GAAP net income, per diluted share, reconciliation: (1)
Net income, per diluted share $ 0.23 $ 0.16
Add back:
Non-cash stock-based compensation expense 0.37 0.26
Non-cash amortization of acquired intangible assets 0.01
Income tax effect (0.14 ) (0.10 )
Non-GAAP net income, per diluted share $ 0.47   $ 0.32  
Shares used in calculation of GAAP and non-GAAP net income per share:
Basic 28,196   27,476  
Diluted 29,309   28,704  

(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 months ended March 31, 2014, stock-based compensation expense was $10.8 million, on a pre-tax basis. For the three months ended March 31, 2013, stock-based compensation expense was $7.6 million, 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. For the three months ended March 31, 2014, the amortization of acquired intangible assets was $0.3 million. There was no amortization of acquired intangible assets for the three months ended March 31, 2013. 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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