LOWELL, Mass. & WESTON, Fla.--(BUSINESS WIRE)--Aug 16, 2022--
UKG, a leading provider of HR, payroll, and workforce management solutions for all people, today announced financial results for the third quarter of Fiscal 2022, ending June 30, 2022.
Total revenue for the quarter was $925 million, with subscription revenue excluding float growing 15% year over year. 1
“We had another outstanding quarter, building on an incredible Q2, with strong bookings growth that exceeded our plan,” said Chris Todd, CEO at UKG. “More than 70% of new customers selected the UKG full suite of HR, payroll, and workforce management solutions — an all-time high. Customer migrations to our modern workforce management solution are also up 64% from the same quarter last year, with a significant number of these customers attaching our HR and payroll solutions. The demand for our products continues to be high, as organizations around the world seek a single solution to find, hire, retain, and inspire great people.”
“I couldn’t be prouder or more excited to lead this incredible company and the dedicated group of U Krewers who continue to outperform expectations quarter after quarter, year after year,” said Todd, who became CEO of UKG on July 1. “As UKG continues to grow and thrive, we are more committed than ever to empowering and inspiring workforces worldwide through the use of innovative, life-work technology that allows people to be the best version of themselves both inside and outside of work.”
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 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 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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PUB: 08/16/2022 10:00 AM/DISC: 08/16/2022 10:02 AM