Executives
Mitchell Dauerman - CFO
Scott Scherr - CEO
Analysts
Richard Davis - Needham
Steve Koenig - KeyBanc Capital Markets
David Cohen - JP Morgan
Unidentified Analyst
Mark Marcon - R.W. Baird
Ultimate Software (ULTI) Q1 2008 Earnings Call April 30, 2008 5:00 PM ET
Operator
Ladies and gentlemen, welcome to Ultimate Software's first quarter 2008 financial results conference call. Your presenters today will be Mr. Scott Scherr, Chief Executive Officer, President, President and Founder of Ultimate Software, and Mitchell K. Dauerman, Executive Vice President and Chief Financial Officer. Following the presentation, we will conduct a question-and-answer session. Institutions on how to signal will be given at that time. Today's conference is being recorded. We will begin with comments from Mitchell K. Dauerman. Please go ahead, sir.
Mitchell Dauerman
Thank you, Margaret. Good afternoon everyone and thank you for your interest in Ultimate Software. Before we begin, please be aware that we will be discussing our business outlook and will be making other forward-looking statements regarding our current expectations of future events and a future financial performance of the company.
These forward-looking statements are based on information available to us as of today's date, and are subject to risks and uncertainties. We encourage you to review our filings with the SEC at www.sec.gov for additional information on risk factors that could cause actual results to differ materially from our current expectations. We assume no duty or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
I'm going to discuss the financial results for our first quarter 2008. Unless otherwise noted, our discussion will be on a non-GAAP basis for all costs, gross margins, net income, and EPS when comparing to the same period in the prior year. The primary difference between GAAP and non-GAAP financial information is non-cash stock-based compensation. Please refer to the reconciliation of the financial information on a GAAP basis to that on a non-GAAP basis attached to the press release, which is published on our website.
Now turning to the first quarter results. ARR for the quarter grew 41% to $8.5 million. Total revenues grew by 19% to $43.5 million, and recurring revenues grew by 32% to $25.7 million. On a non-GAAP pretax basis, net income was $5.1 million, compared to $4.2 million for the same quarter last year. Pretax EPS was $0.19 per share compared to $0.15 per share last year. On an after-tax non-GAAP net income, on an after-tax basis, non-GAAP net income was $3.1 million or $0.12 per share. GAAP net income after-tax was $290,000 or $0.01 per share.
Recurring revenues drove the revenue growth in Q1, increasing by 32% over Q1 '07. Recurring revenues continued to increase as a result of the strength of our Intersourcing model, with 85% of our new Enterprise clients selecting Intersourcing versus license in the quarter, and 100% of our new workplace clients selecting Intersource.
Services revenues grew by 16% for the quarter to $14.1 million. The services gross margin for the quarter was 24.8% versus 20.5% last year. An increase in billable hours was the main reason for the margin expansion, which includes the favorable impact on utilization from the elimination of our Q1 all-team meeting.
Beginning with 2008, we are combining our former twice a year meetings for the entire team held in Q1 and Q3, into a single meeting held in Q3. Our target gross margin for services for the year remains at 24%. The $4.1million increase in our total operating expenses against last year's first quarter was mostly due to higher labor costs, and this includes the impact of hiring additional workplace salespeople. These additions to our sales team, which Scott will discuss later, were hired a little bit earlier in the year than we had planned. We also had higher sales commissions in the quarter which correlates with the growth in our recurring revenues.
For the quarter, operating income was $4.8 million compared to $3.8 million last year for the same quarter. As a percentage of total revenues, operating margins expanded to 11.1% from 10.4% last year. We recorded income taxes on a GAAP basis at a 40% effective tax rate. Our non-GAAP effective tax rate was 39.1%, and our cash tax rate currently is expected to be less than 5% of GAAP net income.
Now, turning to the balance sheet, total cash in investments in marketable securities were $33.5 million at the end of March. We generated $10.5 million in cash from operations for the quarter, and we invested $3.9 million total capital expenditures. As a part of our stock repurchase program, we used $9.5 million in the quarter to acquire 334,500 shares of our common stock. We have a 1,213,000 shares authorized for repurchase today. The decrease of 300,000 shares in our weighted average diluted share count since 12/31/07 to 26.5 million shares at March 31, reflects the favorable impact of our stock-repurchase plan.
Accounts receivable decreased to $29.9 million compared to $34.7 million at December 31, and DSOs were 63 days at the end of March, compared to 76 days at the end of December. Deferred revenues increased 600,000 from year-end to $52.3 million, and it reflects the growth in our Intersourcing business, offset in part by the first quarter seasonality in annual maintenance billings. It is typical in the first quarter that maintenance revenues recognized in the income statement will exceed the annual maintenance billings recorded as deferred revenue on the balance sheet.
Turning to our upcoming conference schedule, during the next quarter, we will be at conferences hosted by R. W. Baird, Canaccord Adams, J.P. Morgan, and Wedbush during May, and Oppenheimer and William Blair during June. If you're available at those conferences to meet, please let us know.
Now, I'll turn the call over to Scott.
Scott Scherr
Thanks, Mitch. I want to thank you all for participating in our call this evening. Q1 was a strong start to our 2008 season. New ARR, the primary driver of our growth, was $8.5 million, up by 41%. Recurring revenues grew to $35.7 million, an increase of 32%. And total revenues grew to $43.5 million, a 19% increase, both compared with Q1 of 2007.
Looking at sales for the quarter, we continue to see the market favoring our software as a service model Intersourcing. 85% of our new Enterprise clients chose Intersourcing, and 100% of our workplace customers were Intersourcing since we only offer companies with 200 to 700 employees, our software as a service solution. Our Enterprise and workplace sales teams successfully delivered the highest attach-rates for recruitment, performance management, and time and attendance since we introduced those solutions.
The result was that the average per employee per month fee for our new Enterprise customers was at an all-time high of $9 per employee, and for new workplace customers, the average was $12.50 per employee. These numbers reflect the inclusion of our additional products and our strong validation of our strategy to extend the UltiPro product line to enable HR leaders to attract, retain, and manage the most important asset of any business, the people who make it happen.
An important milestone for our workplace initiative was that this sales team contributed approximately 15% of our new ARR generated in Q1. Previously, I told you that our goal for expanding our workplace sales force was to have 20 franchise players by the end of this year. I'm happy to report that as of this call, we have already attained that goal.
On the service side of the business, our professional consultant's team had a productive first quarter with implementations. They brought 40 customers live on our core UltiPro solution. To name a few, Air Wisconsin Airlines went live at the end of March. They are the largest privately held regional and commuter airline with 2,000 plus employees, operating regional jet flights such as US Airways Express in 70 cities nationwide.
The airline has been using an ERP vendor that had scheduled a major upgrade, when they selected UltiPro through Intersourcing. They with UltiPro to help improve service to employees. Since so many are pilots and flight attendants, they needed a portal for good communications, and to strengthen relationships and commitment.
NuStar Energy is one of the nation's largest operators of petroleum product terminals and petroleum liquid pipelines with 1300 employees and $3.5 billion in assets. They were formerly known as Valero LP. They too, selected Intersourcing. They were impressed with our customer references on support services, and wanted to reduce reliance on their internal and contracted IT resources.
PSS World Medical is a national distributor of medical products to physicians and elder care providers. They have more than 3600 employees and operations in all 50 states. PSS World Medical chose UltiPro through Intersourcing as well, to improve the strategic contribution of its HR team and to consolidate all their workforce information into one solution for improved data management and reporting.
Complete Production Service, a leading provider of specialized oil and gas services and equipment on the New York Stock Exchange went live in January this year. They have 6400 employees and chose our on-site license model.
Our marketing team introduced a new type of thought leadership activity in the first quarter, interactive workshops and strategic HR for business leaders to nurture prospect relationships and provide value to the HR community. With the help of our customers, we had some impressive results. More than 300 attendees in Dallas at the Gaylord Texan Hotel and 250 attendees in Philadelphia at the Union League. It was very exciting to hear our customers sharing their success stories on talent acquisition, retention, and management, and other strategic topics, and to see such a positive response from the audiences.
Some of the customers who spoke for us were Joy Rothschild, Senior Vice President of HR from the Omni Hotels, who talked about the onboarding process at the 10,000-employee hotel chain. Patrick Sterling and Mark Simpson, two senior level HR Executives from Texas Roadhouse who talked about how to build and maintain a legendary culture when you have more than 20,000 employees. Dan Dargene, an Attorney from the Winstead Law Firm in Dallas who talked about how to avoid the pitfalls of FLSA compliance and Lorraine Koc, HR Vice President and General Counsel at Deb Shops, who shared the step-by-step approach to safeguard employee's personal data and avoid potential lawsuits that her team developed for the popular 3700-employee retail chain.
Gartner's Senior Analyst and Vice President, Jim Holincheck, gave the opening keynote on talent management at both workshops and will do so again on May 6 in the Los Angeles area when we host our third event in this series. We again, have a stellar cast of speakers from our customers, including the Kendall Jackson Wines Company, Herman Miller, the well-known office furniture manufacturer, Boeing Employees' Credit Union, Max's Restaurants, Pleasant Holidays Travel Company, First Horizon National Bank, San Diego Convention Center, and the law firm of Cooley Godward Kronish.
As we do at the end of every quarter, I met with our entire sales force this month to review, train, and keep everyone up to speed on where we are at this point in time. It is clear that we have achieved a leadership position in the markets we serve. We compete as we always have with a strong product that we consistently extend and make better for our customers. We work very closely with our customers on product enhancements through many on-line collaboration sessions that we call Explorer Campfire Meetings.
We gather their detailed input every step of the way in development to produce product superiority and to align with HR strategic priority. We couple that with a passion for excellence in customer services, and we build relationships with HR and finance leaders through the finest and most tenured sales and marketing teams in our industry. That's how we got to where we are today. And that's how we will continue to pave our future success.
As always, I thank you for your continued support. It's greatly appreciated. Let's move to the Q&A.
Questions-and-Answers Session
Operator
Thank you. (Operator Instructions). We'll take our first question from Richard Davis from Needham.
Richard Davis - Needham
Hey, thanks very much. I guess, Scott, with regard to when you guys -- you're winning a large proportion of deals, but at some point you also probably compete with Point Solution folks, and it looks like in many cases you beat them. When you win, and what do the buyers say why you're winning? Is it because you've already had a -- now this would be let's say an extension, for example. You have great customer service and they say look, we'll just add it on and it's easy. And then when you do lose, what is the reasoning behind it other than presumably they are not very smart?
Scott Scherr
Thanks, Richard. Well, one I think which I've said, in the first quarter, our win rate, when we're allowed to go through our process, which our process means like they allow us to basically do an analysis of the need. Do a presentation to those needs. And then give them a proposal within ROI, like around 90%, but I think that -- remember, everything keys off our integrated HR payroll. And then I think on the other solutions, if they're using a solution you're talking about, then they might say, hey, we are using that solution, its fine with us now. We say fine, we do have a solution. If it's ever down the road, it doesn't work out, we have an integrated solution for recruitment or performance management, or attendance. But 100%, we don't sell anything standalone other than HR payroll, everything is attached to that. I would say that what we are finding, which is very exciting, is that the attached rates on the 200 to 700 market workplace are superior to our Enterprise which have been very good. And I think as that those people can't afford the people you're talking about. So when they see us, they are thinking, hey, I got this company that has 300, 400, 500 employees, and I can get the same system that Texas Roadhouse has or Omni Hotel has. So I just don't think we compete against those people head on.
Richard Davis - Needham
Right.
Scott Scherr
Did that answer the question?
Richard Davis - Needham
That's good. And then, do you think about international expansion and if so, should we be thinking about it? Or is that, you still have so much opportunity in North America?
Scott Scherr
Yeah, I'm not thinking about it. I don't think you should think about it.
Richard Davis - Needham
Okay.
Scott Scherr
We are below 2% penetration in 2 to 7 -- we are around, I think 6%, probably 4% to 6% in over 700. So, we get a lot of runway where we are, and I think we just got to keep getting better and better, and keep penetrating the United States, and obviously Canada which we have a solution for now.
Richard Davis - Needham
Got it. Okay. Thanks a lot.
Scott Scherr
Thanks, Richard.
Operator
And we'll go next to Steve Koenig, KeyBanc Capital Markets.
Steve Koenig - KeyBanc Capital Markets
Thanks a lot. Good afternoon.
Scott Scherr
Hello, Steve.
Mitchell Dauerman
Hi, Steve.
Steve Koenig - KeyBanc Capital Markets
Question for either one of you that wants to take it. I guess you are a little bit lighter than, like a penny lighter than consensus this quarter. I understand sales and marketing was up a bit because of the excellent recurring revenue production. R&D was up a [tad]. I'd say, I guess my question is looking out over the year, any change in your outlook for the seasonality of how those earnings come in? Or did we on the street just kind of get it wrong for Q1 and there is no change to kind of how you expect the seasonal patterns of earnings to come in?
Mitchell Dauerman
Steve, it is Mitch. I think that the short answer is that the street probably got it a little bit wrong. We don't give quarterly guidance, and I know you're relatively new to covering us, but for the other people who have been around, they know we give annual guidance. First quarter as we said, is typically seasonably lighter. In fact, we were actually ahead of our estimate, so -- and I think the other thing is the street may be light in the fourth quarter. So, it's probably just a flip but again, as you'll get to know what our goal is, annual guidance plans for the year and achieving those, and building off for those.
Steve Koenig - KeyBanc Capital Markets
Okay. Thanks a lot.
Operator
And we'll go next to David Cohen, JP Morgan.
David Cohen - JP Morgan
Hi. Thanks, guys. Would you talk a little bit about the workplace sales cycle? How long it's taking -- obviously not that long, but just sort of the mechanics of how the workplace sales force function?
Scott Scherr
Yes. I think -- I mean just in a general basis, it looks like the sales cycle looks like it's around two to three months, as opposed to Enterprise which we always talk about three to nine months on the Enterprise side. I think we were -- time-to-life is running at less than 90 days. That's been good. So, all the metrics that we thought -- I mean on this call a year ago, I had one person reporting to me who was handling south Florida, working that market. Today, we have literally 20 people who we have hired in the first quarter, only five of those people were actually on quota because we quoted them the seventh month from when they start with us. An Enterprise person, we quoted the tenth month. So, I think it's -- I mean, I don't know how I could be more excited or more happy, or more anything about what's happened to workplace over the past 12 months. But --
David Cohen - JP Morgan
Okay.
Scott Scherr
So I mean, we have 20 people that I -- I thought we would get to the 20 sometime around July, if everything worked exactly right. And we are there now. So, now I think it's -- to make sure we train those people, get those people on, kind of like show them the ultimate way. Sell value. Sell what we're all about. So I think it's going to make a contribution to '08, but it's going to obviously make a huge contribution to '09, getting that on earlier. My gut is, I'm six months ahead of my plan with everything. And I'm not going to stop hiring quality people in the places that I thought we would be hiring them in 2009 and 2010. So we're going to keep going.
David Cohen - JP Morgan
Okay. And then, you talked about the ROI, and the ARR numbers suggest certainly that the clients are seeing that. Any concerns around the macro environment that clients or prospects might at some point slow down or decide that they don't want to make the investment to get the payback? Or do you think that's just not going to be a problem given the value proposition?
Scott Scherr
Yeah, I think one of the reasons which I would normally talk about, our internal marketing and things we do. But if I took those same marketing events last year in the first two, we had about 50 customers come. This year, as I mentioned in my prepared remarks, we had 300 in Dallas and 200 in Philly, and we already have like over 200 committed in L.A. and, I mean I attended the whole sessions and met with our customers and also, what I would call prospects obviously, because they are there. But, I think there is a big thing about, that people are realizing, and companies are realizing that the employees are the most important asset of a company, and how you recruit those employees and once you get them, how you maintain those employees and motivate those employees, and keep those employees, is very important. We provide tools that help companies do that. So I certainly didn't see a first quarter and I think our results speak for themselves. I don't see it from speaking with any of our -- I've already been this over the last month with the whole workforce sales team and the whole Enterprise sales team. So, I just don't see it now.
David Cohen - JP Morgan
Okay, great. And then just a quick question, Mitch. What was the contribution from Ceridian in the quarter if there were some left, all right?
Mitchell Dauerman
The contribution was one, two -- hang on, Dave. About 1.4.
David Cohen - JP Morgan
And that's done now?
Mitchell Dauerman
Keeping in mind, as I think you know, the revenue recognition for the contract would expire March 9.
David Cohen - JP Morgan
Right. So that's now done?
Mitchell Dauerman
Done.
David Cohen - JP Morgan
Great. Thanks very much, guys.
Scott Scherr
Thank you.
Operator
And our next question comes from Raghavan Sarathy, Ferris, Baker Watts.
Unidentified Analyst
Hi, this is Leo filling in for Rag Sarathy. Just got a couple questions. You talked about a little --about attachment rates earlier such that there are -- can you give us flavor of what kind of rates you are seeing for all three recruitment management, performance management, and time and attendance modules?
Scott Scherr
I purposely try to get away from that because we are adding new modules. So, the call will get longer because I keep adding, if we have to keep going every module we add but I would tell you that -- so, I'll answer your question. I mean on time and attendance, we were over 35% for the first time. On the talent management side, we were over 50% total, combined, high 50s for the first time. And we had other modules, like salary planning and other things that we've added, and onboarding and some other stuff that we've had. That's why I tried to talk about the $9 and the $12.50, rather than, basically every quarter on this call talk about as we keep adding products. If we do that, I would -- I'm just trying to help you here but, I think on the -- I mean, we have -- on the Enterprise side, we're up to $15 right now after Q1 of opportunity, value that if a client wanted. And on the workplace, that we are up to $17. I believe we'll exit the year on the Enterprise side at somewhere around $18 which I've always said. And I think on the workplace side, it will be definitely north of $20, on the workplace side. So I think it's consistent with what we've said. I just don't want to like that, now every quarter have to go through like this litany of -- I thought by giving the $9 and $12.50, that would be like good enough, I guess.
Unidentified Analyst
Right, right. Now, that's definitely helpful. I appreciate that. So I'll go to the second question, so some software's company has indicated that January and February months were good, but activity slows down in March. Could you give some color on the linearity that you saw in quarter from the new ARR?
Scott Scherr
I think we [announced at some] -- once we went to Intersourcing, we kind of like -- again, we've got so far away from that, we were a license shop -- when you are getting all of your business, the last couple of days. But my gut is, if you ask me, we're pretty much the same. We're probably the first two months, we probably get 50% of our business and the last month we get 50%. And I don't think it was anything different in the first quarter. And I don't think it is going to be anything -- what date is today? I mean it's the end of April but I don't think it will be any different in April, May and June. So I think things are good.
Unidentified Analyst
Okay, all right. Thanks a lot, guys.
Scott Scherr
Thank you.
Operator
We'll now go to Mark Marcon, R.W. Baird.
Mark Marcon - R.W. Baird
Good afternoon, Mitch and Scott. Wondering with regards to the salespeople that you've hired in workplace, and getting up to 20, how many of those would you say were actually trained at this point or productive? And as a follow-up to that, you mentioned that you could potentially keep going. Where do you think you could end up the year at this point, given that you're already six months ahead?
Scott Scherr
I'll take exactly. So, in Q1 we had five at quarter and in this quarter, we are going to have nine at quarter. The goal was that in Q3, we would have 15 a quarter and Q4, we would have 15 -- at still, 20 at quarter. Did you get that?
Mark Marcon - R.W. Baird
I did.
Scott Scherr
Okay. So, I think that's -- I think it's a little ahead of our goal. I moved it ahead because I didn't think we'd be at the full 20. I think -- we broke the country in four pieces and basically, we're the first two pieces, we've accomplished and now we go after the third and fourth piece. But we're going to go after -- I said along, if we get a quality person in the industry who we believe is an A player, then we're going to hire that person. And we're going them the UltiPro product, we're getting them everything we have, and I think we're going to get that person if we can get in front of that person. So, we get eight players, they come to us or by some way, they're recommended to us. We get in front of them, I'm going to get to 38 as fast as I can. I've always said by 2000 -- going into 2011, I'm going to have 38 workplace franchise players, and we're going to have 26 franchise Enterprise players. And that gets us to which I think most of you know, which is our third championship which is the breakthrough $400 million, 30% operating margin in 2012, and that's our goal. I think -- and there is no one at Ultimate who doesn't know that goal, and probably no one on this [quarter] doesn't know the goal.
That's the goal, I mean; I think we are ahead of it. I think we are ahead of the curve on it. And I think I'm going to hire them as fast as I can, as long as they are A players, quality players. There hasn't been one yet we've hired that hasn't been down here and I've met, that's been through the process. And they have to see our product, they have to see our pricing. They know what the competition is, we are not hiring anyone who is not in the industry, who is not an A player. So, I look them in the eye, and is there anyway you can tell, this is what I'm giving you. Is there anyway you can tell after knowing all these things, and once you know the industry. Obviously, they have a family. I don't want to be responsible for someone failing in a place. And they can't stop from smirking, to tell you the truth about -- hey, you're going to give me this opportunity, with this product, with this pricing, and this and this -- yes, that's what I'm giving you. And this is what you'll make to be successful. Really, that's how it goes. And then, for every person we hire, they know someone else. It's called the endless referral system. You get someone and then they -- we call it getting ultimized but they get ultimized, and then they think about someone they know who is in the industry that could be there. And they can give us those names and we go after them or they come to us.
Mark Marcon - R.W. Baird
Sounds like you can get to 38 fairly soon?
Scott Scherr
I think I could, but I think the big thing is about building the infrastructure to support the 38, to have them -- we have sales [executives] now, with two managers. So in training them, I think the thing is the infrastructure. You don't want to get there too soon, because you don't want to have people without management. You want to have the infrastructure in place, the application (inaudible) who do the demos, everything that runs through the organization. We've never, as an organization, sold before we were ready to sell. And I think that's the only thing but I do think that we're -- like I said, I think we're easily six months ahead of where I thought we would be. And I'll communicate if we get a year ahead of where we're going to be. My initial goal is to go into 2011 with 38 quality salespeople in the workplace. But I have zero doubt that we will accomplish that goal. I just don't know if it is going to be the middle of 2010 or is it going to be the beginning of 2010. But I'll communicate it like I did today. As it happens, I will communicate it.
Mark Marcon - R.W. Baird
Terrific. And can you talk a little bit about the client retention rate and what you're seeing obviously, with the recurring revenue building as it is, would seems that continues to be at a very high level?
Scott Scherr
Yeah, I think we were at -- we looked at Q1. We were running 99% for so long. I think it is like -- we're thinking, I mean we're probably [98ish] right now, around 98. We have had some companies who unfortunately have been or didn't -- more so on the low end. But we've always tracked that based on a unit basis. We really didn't track it on a dollar basis. Dollar basis, I think we're still running higher, but if you took pure units, probably 98%.
Mark Marcon - R.W. Baird
Terrific. Thank you.
Scott Scherr
Okay.
Operator
And we'll take one more question from Dan Cummins with Soleil. Mr. Cummins, your line is open. Mr. Cummins your line is open.
Scott Scherr
Dan, are you there? Apparently not. Should we go to the Q&A?
Operator
And I'd like to turn it back over to Mr. Scherr for any final or closing remarks.
Scott Scherr
No, I think we should just go to the Q&A at this point. Is there anything else?
Operator
No, sir.
Scott Scherr
I have no final remarks. Thank you, all. Appreciate it.
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