TMCnet News
Kronos Announces Second Quarter Results as Subscription Revenue and HCM Growth Continue to SurgeKronos Incorporated today announced financial results, company advancements, and customer successes for the second quarter of Fiscal 2019. Subscription revenue increased 29% in the quarter with total company revenue reaching $354 million. "Strategic investments in our products, people, and customer success have driven growth each quarter and positioned Kronos (News - Alert) for an exciting future full of unlimited potential," said Aron Ain, Kronos chief executive officer. "Workforce Dimensions continues to surpass expectations; Kronos HCM solutions - including payroll services - is on an exciting trajectory; and international growth excelled in the quarter. Our success continues to be fueled by great people, with Kronite employee engagement at an all-time high worldwide. Kronos is a special place today and, with our continued investments into the business, we will excel well into the future." Subscription Revenue Grows Incredibly Fast Across SaaS (News - Alert) Solutions Subscription revenue was up 29% in the quarter and now represents the largest revenue category.
Workforce Dimensions Drives the Future of Work - and the Future of Kronos - with Highly Diversified, Rapid Adoption Workforce Dimensions continues to out-perform company expectations as adoption has spread across every global region and industry vertical with second-quarter deals seeing nearly an even split between existing customer migrations and new Kronos customers.
Award-winning Kronos HCM Cloud Solutions Propel Success for Organizations of All Sizes Kronos HCM bookings rose 32% in the second quarter and 42% over the last 12 months.
International regions grew by 43% in the quarter - led by Latin America at 48% and Europe, Middle East, and Africa at 42% - as Kronos continues its focus on customer experience innovation and employee engagement around the world.
Second Quarter Customer Success Around the Globe In the second quarter of Fiscal 2019, Kronos signed agreements with organizations around the world, including: ArrowXL, the U.K.'s leading two-person delivery company that delivers to 200,000 households across the U.K. and Ireland each month on behalf of e-tailers and retailers; INTEGRIS Health, Oklahoma's largest non-profit health system; Iron Mountain Services Private Limited, the global delivery center for Iron Mountain, a global business dedicated to storing, protecting, and managing information and assets; ISS, one of the world's leading facility services companies located in Hong Kong; Melba Support Services, a disability services and support organization in Australia; Owensboro Health, a regional healthcare system serving 15 counties in Western Kentucky and Southern Indiana and one of the largest employers in Kentucky; Perekrestok, Russia's largest supermarket chain; R&F Group, one of the top real estate development enterprises in China; Rencol, part of the Saint-Gobain Group, a U.K. manufacturer of high-quality tolerance rings; St. Elizabeth Healthcare, which operates five facilities throughout Northern Kentucky and more than 115 primary care and specialty offices in Indiana, Kentucky, and Ohio; Temple University, a top-ranked research university with 40,000 students located in Philadelphia, Pennsylvania; Tutera Senior Living & Health Care, one of the nation's premier providers of independent living, assisted living, skilled nursing, and home health and hospice care; and The Wilburn Company, a provider of premier cleaning services to businesses and facilities across the state of Maryland. 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. © 2019 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. EBITDA consists of GAAP income from operations excluding: (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 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/20190430005606/en/ |