UKG, a leading provider of HR, payroll, and workforce management solutions for all people, today announced financial results for the second quarter of Fiscal 2022, ending March 31, 2022.
Total revenue for the quarter was $895 million, with subscription revenue excluding float growing 16% year over year.1
"Our sales team had an incredible quarter, with bookings up 24% compared with the previous year and well exceeding our plan," said Chris Todd, president at UKG. "Our sales success covered the entire spectrum of opportunities, including customers new to UKG, existing customers expanding their UKG solutions, and migrating customers to newer flagship solutions. Over 70% of new customers selected UKG's full suite of HR, payroll, and workforce management solutions, showing how organizations around the world are drawn to our comprehensive suite that represents our complete offering and value proposition."
"Our special culture at UKG is the fuel that powers our business," said Aron Ain, chairman and CEO at UKG. "I am delighted by the growth of our business, which is a credit to our product design teams, who recognize that life and work are interconnected, and driven further by how U Krewers care for one another and our customers. Our deep understanding of people and work opens up better and happier outcomes for everyone."
"The quarter's results demonstrate the strength of our business," said Todd. "We build value for our customers through intelligent systems and meaningful relationships that deliver a premium experience. We are grateful for the confidence our customers have in us, and we are proud that our technology helps them support their teams."
At UKG, our purpose is people. As strong believers in the power of culture and belonging as the secret to success, we champion great workplaces and build lifelong partnerships with our customers to show what's possible when businesses invest in their people. Born from a historic merger that created one of the world's leading HCM cloud companies, our Life-work Technology approach to HR, payroll, and workforce management solutions for all people helps more than 70,000 organizations around the globe and across every industry anticipate and adapt to their employees' needs beyond just work. To learn more, visit ukg.com.
Footnote 1: UKG fiscal results are pro forma as though Kronos Incorporated and Ultimate Software were combined for all periods presented. Ultimate'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 amounts are approximate. 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 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 and Ultimate.
Copyright 2022 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.
View source version on businesswire.com:
[ Back To Call Center Management Homepage ]
CALL FOR CONTENT