I'm going to begin by reviewing our financial results for the first quarter of 2012, and then I will provide guidance for the second quarter. Unless otherwise noted, our discussion will be on a non-GAAP basis for all costs, gross margins, operating and net income, as well as EPS when comparing to the same period in the prior year. The primary difference between GAAP and non-GAAP financial information is noncash stock-based compensation. Please refer to the reconciliation of our financial information on a GAAP basis to that on a non-GAAP basis included in the press release published on our website.For the quarter, recurring revenues grew by 21.9% to $60.9 million. Total revenues grew by 21.4% to $78.3 million. Operating income increased by 32% to $6.4 million and operating margin expanded to 8.2%. Net income grew to $3.7 million compared with $2.8 million last year. The related net earnings per diluted share was $0.13 compared to $0.10 per diluted share last year.
The Ultimate Software Group's CEO Discusses Q1 2012 Results - Earnings Call Transcript
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