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Ultimate Reports Q2 2014 Financial Results

Ultimate Software (Nasdaq:ULTI), a leading cloud provider of people management solutions, announced today its financial results for the second quarter of 2014. For the quarter ended June 30, 2014, Ultimate reported recurring revenues of $102.1 million, a 26% increase, and total revenues of $122.0 million, a 25% increase, both compared with 2013’s second quarter. GAAP net income for the second quarter of 2014 was $6.4 million, or $0.22 per diluted share, versus GAAP net income of $4.9 million, or $0.17 per diluted share, for the second quarter of 2013.

Non-GAAP net income, which excludes stock-based compensation expense and amortization of acquired intangible assets, was $13.4 million, or $0.46 per diluted share, for the second quarter of 2014, compared with non-GAAP net income of $9.7 million, or $0.34 per diluted share, for the second quarter of 2013. See “Use of Non-GAAP Financial Information” below.

“This year’s second quarter results position us well to achieve our 2014 goals and give us a solid foundation for our future goals. Recurring revenues increased by 26% to $102 million and total revenues by 25% to $122 million, both compared with those in Q2 2013, and our non-GAAP operating margin was on the positive side of our target at 18.7%. At the same time, our customer retention rate continued to remain above 96% for the trailing 12 months ending June 30, 2014,” said Scott Scherr, founder, president, and CEO of Ultimate.

“We are honored by recent recognition we received: Forbes ranking Ultimate #8 on its 2014 list of the ‘Most Innovative Growth Companies’; Great Places to Work ranking us #4 on its list of ‘Ten Great Places to Work for Millennials’; and InformationWeek ranking us #50 on its ‘Elite 100’ list and featuring Ultimate’s platform-as-a-service UCloud in its article, ‘20 Great Ideas to Steal in 2014.’ We are also very pleased that G2 Crowd, the business software review site that ranks companies based upon user comments and social data, has listed Ultimate as a ‘Leader’ in HR Management Software and positioned UltiPro as the highest in customer satisfaction in its quadrant.”

Ultimate’s financial results teleconference will be held today, July 29, 2014, at 5:00 p.m. Eastern Time, through Vcall at www.investorcalendar.com/IC/CEPage.asp?ID=172440. 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 26% for the second quarter of 2014 compared with 2013’s second quarter. The increase was primarily attributable to revenue growth from our cloud offering. Recurring revenues were 84% of total revenues for the second quarter of 2014.
  • Ultimate’s total revenues for the second quarter of 2014 increased by 25% compared with those for the second quarter of 2013.
  • Our operating income increased by 36%, on a non-GAAP basis, for the second quarter of 2014 to $22.9 million as compared with $16.8 million for the same period of 2013. Our non-GAAP operating margin was 18.7% for the second quarter of 2014 versus 17.2% for the second quarter of 2013.
  • Ultimate’s annualized retention rate exceeded 96% for its existing recurring revenue customer base as of June 30, 2014.
  • Net income, on a non-GAAP basis, for the second quarter of 2014 increased to $13.4 million compared with $9.7 million for the second quarter of 2013.
  • Cash flows from operating activities for the quarter ended June 30, 2014 were $15.4 million, compared with $14.4 million for the same period of 2013. For the six months ended June 30, 2014, Ultimate generated $41.0 million in cash from operations, compared with $32.5 million for the six months ended June 30, 2013. The combination of cash, cash equivalents, and marketable securities was $91.3 million as of June 30, 2014, compared with $90.2 million as of December 31, 2013.
  • Days sales outstanding were 63 days at June 30, 2014, representing a reduction of seven days compared with days sales outstanding at December 31, 2013.

Stock Repurchases

  • During the six months ended June 30, 2014, we used $10.7 million to acquire 66,068 shares of issued and outstanding $0.01 par value common stock (“Common Stock”) to settle the employee tax withholding liability resulting from the vesting of our employees' restricted stock holdings.
  • During the six months ended June 30, 2014, we paid $20.0 million to repurchase 162,791 shares of our issued and outstanding Common Stock, under our previously announced stock repurchase plan (“Stock Repurchase Plan”). As of June 30, 2014, we had 783,374 shares of Common Stock available for repurchase in the future under our Stock Repurchase Plan.

Financial Outlook

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

For the third quarter of 2014:

  • Recurring revenues of approximately $107 million,
  • Total revenues of approximately $127 million, and
  • Operating margin, on a non-GAAP basis (discussed below), of approximately 19%.

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 17 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; ranked #8 on Forbes’ 2014 list of the ‘Most Innovative Growth Companies’; ranked #4 on Great Places to Work/Great Rated’s 2014 list of ‘Ten Great Places to Work for Millennials’; ranked #50 on InformationWeek’s ‘Elite 100’ list; 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 June 30,

 

For the Six Months Ended
June 30,

2014     2013   2014     2013  
Revenues:
Recurring $ 102,108 $ 80,754 $ 199,526 $ 158,836
Services 19,841 16,392 43,049 35,837
License 48   323   500   713  
Total revenues 121,997   97,469   243,075   195,386  
Cost of revenues:
Recurring 28,422 22,543 55,376 44,371
Services 21,037 18,030 43,111 37,758
License 11   73   83   163  
Total cost of revenues 49,470   40,646   98,570   82,292  
Gross profit 72,527   56,823   144,505   113,094  
Operating expenses:
Sales and marketing 29,462 22,672 58,291 45,582
Research and development 20,433 16,864 40,153 32,994
General and administrative 11,244   8,285   22,303   17,212  
Total operating expenses 61,139   47,821   120,747   95,788  
Operating income 11,388 9,002 23,758 17,306
Other income (expense):
Interest and other expense (106 ) (56 ) (172 ) (136 )
Other income, net 96   6   171   47  
Total other (expense) income (10 ) (50 ) (1 ) (89 )
Income before income taxes 11,378 8,952 23,757 17,217
Provision for income taxes (5,015 ) (4,050 ) (10,511 ) (7,795 )
Net income $ 6,363   $ 4,902   $ 13,246   $ 9,422  
Net income per share:                
Basic $ 0.23   $ 0.18   $ 0.47   $ 0.34  
Diluted $ 0.22   $ 0.17   $ 0.45   $ 0.33  
Weighted average shares outstanding:
Basic 28,252   27,735   28,224   27,606  
Diluted 29,218   28,875   29,284   28,812  
 

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 June 30,

  For the Six Months Ended
June 30,
2014     2013   2014     2013
Stock-based compensation expense:    
Cost of recurring revenues $ 1,382 $ 973 $ 2,622 $ 1,837
Cost of services revenues 1,133 864 2,188 1,824
Sales and marketing 4,937 3,185 9,734 6,281
Research and development 1,178 816 2,448 1,586
General and administrative 2,548   1,940   5,024   3,847
Total non-cash stock-based compensation expense $ 11,178   $ 7,778   $ 22,016   $ 15,375
 
Amortization of acquired intangibles:
General and administrative 286     575  
Total amortization of acquired intangibles $ 286   $   $ 575   $
 
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
   
As of As of
June 30, December 31,
2014   2013  
ASSETS
Current assets:
Cash and cash equivalents $ 80,967 $ 79,794
Investments in marketable securities 7,780 8,682
Accounts receivable, net 84,354 85,676
Prepaid expenses and other current assets 32,528 29,374
Deferred tax assets, net 949   1,015  
Total current assets before funds held for clients 206,578 204,541
Funds held for clients 461,901   262,227  
Total current assets 668,479 466,768
Property and equipment, net 75,147 58,186
Goodwill 26,169 26,942
Investments in marketable securities 2,548 1,771
Intangible assets, net 7,704 8,274
Other assets, net 18,603 17,340
Deferred tax assets, net 21,250   18,913  
Total assets $ 819,900   $ 598,194  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 7,341 $ 6,422
Accrued expenses 26,647 26,040
Deferred revenue 103,649 102,686
Capital lease obligations 3,576 2,949
Other borrowings 670   2,264  
Total current liabilities before client fund obligations 141,883 140,361
Client fund obligations 461,901   262,227  
Total current liabilities 603,784 402,588
Deferred revenue 256 498
Deferred rent 2,724 2,687
Capital lease obligations 3,369 2,240
Other borrowings 128 593
Deferred income tax liability 1,244   1,371  
Total liabilities 611,505   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 342,493 315,691
Accumulated other comprehensive loss (1,334 ) (1,442 )
Accumulated deficit 5,437   (7,809 )
346,920 306,761
Treasury stock, at cost (138,525 ) (118,544 )
Total stockholders’ equity 208,395   188,217  
Total liabilities and stockholders’ equity $ 819,900   $ 598,194  
 
THE ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
  For the Six Months Ended
June 30,
2014     2013  
Cash flows from operating activities:
Net income $ 13,246 $ 9,422
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 8,955 7,742
Provision for doubtful accounts 1,096 1,131
Non-cash stock-based compensation expense 22,016 15,375
Income taxes 10,253 7,679
Excess tax benefits from employee stock plan (12,651 ) (8,623 )
Changes in operating assets and liabilities:
Accounts receivable 226 (1,070 )
Prepaid expenses and other current assets (3,154 ) (3,982 )
Other assets (1,263 ) 654
Accounts payable 919 (1,216 )
Accrued expenses and deferred rent 644 3,312
Deferred revenue 721   2,047  
Net cash provided by operating activities 41,008   32,471  
Cash flows from investing activities:
Purchases of marketable securities (6,085 ) (6,800 )
Maturities of marketable securities 6,208 7,452
Net purchases of client funds securities (199,674 ) (162,868 )
Purchases of property and equipment (21,014 ) (14,069 )
Net cash used in investing activities (220,565 ) (176,285 )
Cash flows from financing activities:
Repurchases of Common Stock (19,981 )
Net proceeds from issuances of Common Stock 3,029 5,706
Excess tax benefits from employee stock plan 12,651 8,623
Shares acquired to settle employee tax withholding liability (10,727 ) (6,693 )
Principal payments on capital lease obligations (1,930 ) (1,803 )
Repayments of other borrowings (2,059 ) (1,728 )
Net increase in client fund obligations 199,674   162,868  
Net cash provided by financing activities 180,657   166,973  
Effect of foreign currency exchange rate changes on cash 73   (783 )
Net increase in cash and cash equivalents 1,173 22,376
Cash and cash equivalents, beginning of period 79,794   58,817  
Cash and cash equivalents, end of period $ 80,967   $ 81,193  
 
Supplemental disclosure of cash flow information:
Cash paid for interest $ 152   $ 176  
Cash paid for taxes $ 314   $ 265  
 
Non-cash investing and financing activities:
Capital lease obligations to acquire new equipment $ 3,677   $ 1,224  
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 June 30,

For the Six Months Ended
June 30,

2014     2013   2014   2013  
Non-GAAP operating income reconciliation:
Operating income 11,388 9,002 23,758 17,306
Operating income, as a % of total revenues 9.3 % 9.2 % 9.8 % 8.9 %
Add back:
Non-cash stock-based compensation expense $ 11,178 $ 7,778 $ 22,016 $ 15,375
Non-cash amortization of acquired intangible assets 286     575    
Non-GAAP operating income $ 22,852   $ 16,780   $ 46,349   $ 32,681  
Non-GAAP operating income, as a % of total revenues 18.7 % 17.2 % 19.1 % 16.7 %
 
Non-GAAP net income reconciliation:
Net income $ 6,363 $ 4,902 $ 13,246 $ 9,422
Add back:
Non-cash stock-based compensation expense 11,178 $ 7,778 $ 22,016 $ 15,375
Non-cash amortization of acquired intangible assets 286 575
Income tax effect (4,464 ) (2,978 ) (8,722 ) (5,894 )
Non-GAAP net income $ 13,363   $ 9,702   27,115   $ 18,903  
 
Non-GAAP net income, per diluted share, reconciliation: (1)
Net income, per diluted share $ 0.22 $ 0.17 0.45 0.33
Add back:
Non-cash stock-based compensation expense 0.38 0.27 0.75 0.53
Non-cash amortization of acquired intangible assets 0.01 0.02
Income tax effect (0.15 ) (0.10 ) (0.29 ) (0.20 )
Non-GAAP net income, per diluted share $ 0.46   $ 0.34   $ 0.93   $ 0.66  
Shares used in calculation of GAAP and non-GAAP net income per share:
Basic 28,252   27,735   28,224   27,606  
Diluted 29,218   28,875   29,284   28,812  
(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 six months ended June 30, 2014, stock-based compensation expense was $11.2 million and $22.0 million, respectively, on a pre-tax basis. For the three and six months ended June 30, 2013, stock-based compensation expense was $7.8 million and $15.4 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. For the three and six months ended June 30, 2014, the amortization of acquired intangible assets was $0.3 million and $0.6 million, respectively. There was no amortization of acquired intangible assets for the three and six months ended June 30, 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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