UKG Achieves Record Fiscal 2022, Surpassing Subscription and Revenue Goals
UKG, a leading provider of HR, payroll, and workforce management solutions for all people, today announced fourth quarter and fiscal year 2022 results, ending September 30, 2022. Fourth quarter revenue grew to $960 million and full-year revenue increased to $3.656 billion. Subscription revenue grew 15% in fiscal 2022, compared with the prior year. 1
"We closed fiscal 2022 with unbelievably strong momentum. The fourth quarter was our most successful quarter in company history, despite the inflationary environment we are in," said Chris Todd, CEO at UKG. "There continues to be healthy demand for UKG solutions across the entire business. Net new customers continue to select UKG full HCM suite solutions at a record pace across the SMB, mid-market, and enterprise segments, while existing customers continue to add on additional UKG products and migrate to the most modern solutions. I absolutely love our customers, the products we deliver, and our strategy that inspires organizations worldwide to make strategic investments in UKG to help their businesses and their people thrive."
Fourth Quarter and Fiscal 2022 Consolidated Business Highlights
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: 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 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 and dispositions.
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.
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