Incorporated today announced financial results, company
advancements, and customer successes for Fiscal 2018. Kronos revenue for
the year was $1.4 billion. Earnings before interest, tax, depreciation,
and amortization (EBITDA) was $383 million1.
"Kronos just closed the best quarter in the best year of the company's
41-year history. Kronites worldwide should be extremely proud," said
Aron Ain, Kronos chief executive officer. "Our internal revolutionary
start-up tasked years ago with 'putting ourselves out of business' has
completely changed the face of workforce management with Workforce
Dimensions. Market adoption of Workforce Dimensions far exceeded even
our most optimistic expectations in less than a year of availability.
Simultaneously, investments in and success of our fast-growing HCM, HR,
and payroll offerings opened the door to new customer opportunities
where Kronite vertical expertise is a true differentiator. Our future as
a SaaS (News - Alert) organization truly has unlimited potential for our employees, our
partners, and, of course, our customers around the globe."
Workforce Dimensions Growth Soars Beyond Expectations, Further
Accelerating SaaS Success
New and longtime customers flocked to Workforce
Dimensions, the groundbreaking workforce management solution from
Kronos, which catapulted overall subscription revenue growth to 30
percent as the fastest-growing part of the business.
HCM Business Surges on Continued Workforce Ready Success, Kronos
Kronos HCM has quickly grown into a significant business, driven
primarily by continued Workforce Ready growth and complemented by
Workforce Dimensions and Workforce Central customers adding HR
applications and payroll services.
SaaS Deals Across All Product Suites Combine to Set ARR Bookings
Kronos again delivered exceptional SaaS growth, with more than 28,000
organizations worldwide now leveraging a Kronos Cloud solution across
Workforce Dimensions, Workforce Ready, and Workforce Central, including
nearly all new customers.
Record Year for Large Deals as Kronos Vertical Industry Teams Surpass
Kronos topped last year's record-setting mark for $1 million+ deals in
Fiscal 2018, strengthening its position as the worldwide leader in
global enterprise workforce management.
Future of Work is Now Driven by Investments in Innovation, Partners,
and Customer Success
Kronos invested a record $182 million on R&D in Fiscal 2018 to deliver
next-generation enhancements, features, and functionality.
Led by the vision of CEO Aron Ain - a three-time
winner of Glassdoor's Top CEOs honor and author of WorkInspired:
How to Build an Organization Where Everyone Loves to Work -
Kronos has grown to 5,600 Kronites worldwide while continuing to secure
top workplace honors around the globe.
Fourth Quarter Customer Success Around the Globe
In the fourth quarter of Fiscal 2018, Kronos signed agreements with
organizations around the world, including: 7-Eleven Stores, a
retailer with nearly 2,000 convenience stores across mainland China,
Hong Kong, and Macau; Accolade Wines, the number one wine company
in the U.K. by volume, producing some of the world's best-known brands; Anderson
Hospital, an independent, non-profit hospital serving patients
throughout Madison County, Illinois; Advanced Plastics Ltd., a
supplier of technical injection moulded products located in the U.K.; Belmont
Village, a leading developer, owner, and operator of premier senior
living communities in the U.S.; Federated Co-operatives Limited (FCL),
a wholesaling, manufacturing, marketing, and administrative
co-operative owned by more than 170 independent retail co-operative
associations in Canada; Grupo Comercial Control, a Mexican
retailer with more than 50 years of experience and locations in more
than 50 cities across the country; Hamilton Health Care System, a
non-profit, fully integrated system of care serving northwest Georgia; Hong
Kong Civil Aviation Department, the first wing of government in
Greater China; Hy-Vee, an employee-owned chain of more than 245
supermarkets located throughout the Midwestern U.S.; Lakeland, a
British kitchenware retail chain; Nevada Department of Corrections,
the state agency that houses 14,000 felons in 18 facilities across the
state; Sheetz, a family-owned chain of 500+ convenience stores
located in several U.S. states; Telenomics, one of the largest O2 (News - Alert)
mobile network operator franchise partners in the U.K.; Watco
Companies, a Kansas-based company providing transportation, terminal
and port, supply chain, and mechanical solutions for customers across
North America and Australia; Waterside Holiday Group, a premium
holiday park operator on the south coast of the U.K.; and Ziemann
Sicherheit, a provider of case security services in Germany.
About Kronos Incorporated
Kronos is a leading provider of workforce management and human capital
management cloud solutions. Kronos industry-centric workforce
applications are purpose-built for businesses, healthcare providers,
educational institutions, and government agencies of all sizes. Tens of
thousands of organizations - including half of the Fortune 1000®
- and more than 40 million people in over 100 countries use Kronos every
day. Visit www.kronos.com.
Kronos: Workforce Innovation That Works.
© 2018 Kronos Incorporated. All rights reserved. Kronos and the Kronos
logo are registered trademarks and Workforce Innovation That Works is a
registered trademark of Kronos Incorporated or a related company. See a
complete list of Kronos
trademarks. All other trademarks, if any, are property of their
Footnote 1: All financial information within this press release is
presented using non-GAAP financial measures. Kronos believes that
non-GAAP measures of financial results provide useful information
regarding certain financial and business trends relating to Kronos'
results of operations. Non-GAAP revenue consists of GAAP revenue
excluding the effect of the write-down of deferred revenue associated
with purchase accounting for certain acquisitions and includes timing
adjustments related to international product deliveries which management
includes when evaluating operating results. EBITDA consists of GAAP
income from operations excluding: (1) share-based compensation expense
for stock options and stock awards in accordance with ASC (News - Alert) 718 and
compensation expenses related to ordinary dividends; (2) depreciation of
property, plant, and equipment; (3) amortization of intangible assets;
(4) acquisition-related deferred revenue write-downs and expenses
including advisory, legal, accounting, acquired employee-related costs,
and integration costs; and (5) unusual costs or one-time expenses that
are excluded from the definition of EBITDA under the terms of the
company's Credit Agreement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181105005627/en/
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