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Kronos Announces Strong Third Quarter Fiscal 2018 ResultsKronos Incorporated today announced financial results, company advancements, and customer successes for the third quarter of Fiscal 2018. Kronos (News - Alert) recognized revenue for the quarter was $336 million. Earnings before interest, tax, depreciation, and amortization (EBITDA) was $91 million1. "I'm so proud of this company and our people," said Aron Ain, Kronos chief executive officer. "What we are doing to reshape the future of work with Workforce Dimensions is nothing short of remarkable, and our overall success was truly a team effort, as we showed strong growth across various market segments. The mix of SaaS (News - Alert) deals was the highest ever this quarter - spread nicely across the Workforce Dimensions, Workforce Central, and Kronos Workforce Ready product suites - as the Kronos Cloud showed significant growth. We entered the fourth quarter of Fiscal 2018 with exceptional momentum, eyeing $1.4 billion in annual revenue and fortifying the building blocks for an even brighter future with innovative offerings and growing SaaS success." Workforce Dimensions Deals Triple in the Third Quarter Versus First Two Quarters Combined Customer interest and sales momentum surged in the third quarter for Workforce Dimensions, as organizations future-proofed their workforce management solutions with a breakthrough user interface; embedded artificial intelligence and machine learning algorithms; the industry's first personal digital assistant; and its open cloud platform, Kronos D5.
Record Number of $1 Million+ Product Bookings, ARR Deals Drive Kronos Cloud Business More than 27,000 organizations worldwide leverage a Kronos Cloud solution, including an all-time high percentage of net-new customers in the quarter, breaking the latest mark set in the second quarter of Fiscal 2018.
Workforce Ready Recognized as Innovator and Leader, as Kronos Payroll Momentum (News - Alert) Surges Kronos Workforce Ready was recognized for rapid growth, product innovation, and dedication to customer success in the NelsonHall 2018 Next Generation HCM Technology Report, while organizations of all sizes and across all industries are leveraging Kronos Payroll with Workforce Ready or Workforce Dimensions to improve payroll accuracy, reduce processing time, mitigate compliance risk, and create the perfect paycheck for both hourly and salaried employees.
Kronos vertical industry teams had strong quarters, led by services and distribution (89 percent growth), retail (65 percent growth), and manufacturing (29 percent growth), as Kronos continues to be recognized for customer success.
Kronite Engagement Continues to Drive Record-Breaking Success for the Company Led by CEO Aron Ain - who ranked 27 out of 100 CEOs in Glassdoor's Top CEOs in 2018 and who is publishing a book in the fall about how to create an inspiring organization where everyone loves to work - Kronos third quarter accolades for its WorkInspired culture included:
Third Quarter Customer Success Around the Globe In the third quarter of Fiscal 2018, Kronos signed agreements with organizations around the world, including: Catholic Social Services, a Canadian organization with more than 120 programs offering safe places, strengthened relationships, and compassionate support; Correct Care Solutions, an international leader in public healthcare with 12,000+ employees serving patients in correctional environments, state psychiatric hospitals, and forensic mental health facilities across the U.S. and Australia; County of Gloucester, one of the 21 county governments located in the state of New Jersey; Dairy Farm, a leading pan-Asian retailer with more than 7,000 locations, headquartered in Hong Kong; Gerdau, the leading producer of long steel in the Americas and one of the leading suppliers of special steel worldwide; Grimmway Farms, a global produce leader and the world's largest producer of carrots; Inframark, an independent leader in water infrastructure operations and infrastructure management services serving more than 4 million customers across the U.S.; International Students House, a charitable organization in the U.K. that offers accommodation, social, and support services to British and overseas students; Munson Healthcare, a regional, non-profit healthcare system comprised of nine hospitals, serving tens of thousands of patients annually across northern Michigan; Nourish, a health food retailer in Ireland; Olathe School District, the second largest school district in the state of Kansas serving more than 30,000 students in 53 schools; Osmose, a leading provider of inspection, life-extension, and rehabilitation services and products for electric and telecommunications utilities across North America; SINE, a pharmaceutical company based in Shanghai, China; and Southwest Key Programs, an organization committed to keeping children out of institutions and home with their families through youth justice alternatives, immigrant children's shelters, and education programs. Supporting Resources
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 respective owners. 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. Product bookings represent gross product value of product orders and the product equivalent value of SaaS orders. 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 related to relocation of corporate HQ and certain consulting and financing-related 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/20180731005499/en/ |