UKG (Ultimate Kronos (News - Alert) Group), a leading global provider of human capital management (HCM), payroll, HR service delivery (HRSD), and workforce management solutions, today announced financial results for the third quarter of Fiscal 2021, ending June 30, 2021.
Total revenue for the quarter achieved double-digit growth, increasing to $811 million with subscription revenue excluding float growing 20% year over year.1 Earnings before interest, tax, depreciation, and amortization (EBITDA) excluding float continued growing year over year to $208 million.
"The momentum we are experiencing is incredible," said Aron Ain, chairman and CEO at UKG. "We continue to grow in every area of the business - adding amazing new customers and earning accolades for our solutions and culture - all while we invest in our people, grow our brand, and deliver on the promise of UKG to customers all over the world."
"We are excited about our success this quarter and how it bodes for the opportunities ahead as we close out our first fiscal year as UKG," said Chris Todd, president at UKG. "Our customer retention remains high as existing customers continue to migrate to our flagship cloud solutions while continuing to choose our full suite of solutions. We are also thrilled to welcome hundreds of new customers from across the world to our UKG family and look forward to the transformational results they will achieve for their people and their business by leveraging our solutions."
At UKG (Ultimate Kronos Group), our purpose is people. Built from a merger that created one of the largest cloud companies in the world, UKG believes organizations succeed when they focus on their people. As a leading global provider of HCM, payroll, HR service delivery, and workforce management solutions, UKG delivers award-winning Pro, Dimensions, and Ready solutions to help tens of thousands of organizations across geographies and in every industry drive better business outcomes, improve HR effectiveness, streamline the payroll process, and help make work a better, more connected experience for everyone. UKG has 13,000 employees around the globe and is known for an inclusive workplace culture. The company has earned numerous awards for culture, products, and services, including consecutive years on Fortune's 100 Best Companies to Work For list. To learn more, visit ukg.com.
© 2021 UKG Inc. All rights reserved. For a full list of UKG trademarks, please visit ukg.com/trademarks. All other trademarks, if any, are property of their respective owners. All specifications are subject to change.
Footnote 1: UKG fiscal results are pro forma as though Kronos Incorporated and Ultimate Software were combined for all periods presented. Ultimate Software's results have also been pro forma to align with the UKG fiscal year calendar, which closes September 30. All financial information within this press release is presented using non-GAAP financial measures and are approximate amounts. UKG believes that non-GAAP measures of financial results provide useful information regarding certain financial and business trends relating to UKG 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 mergers and acquisitions. EBITDA consists of EBITDA per the definition under the Company's credit agreement, which excludes items such as: (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 and prepaid commissions write-downs and expenses including advisory, legal, accounting, acquired employee-related costs, and integration costs; and (5) unusual costs or one-time expenses. For purposes of calculating growth rates, prior years have been restated for acquisitions, dispositions, and pro forma for the combination of Kronos Incorporated and Ultimate Software.
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