Ultimate Software (Nasdaq:ULTI), a leading cloud provider of people management solutions, announced today its financial results for the fourth quarter and year ended December 31, 2012. For the quarter ended December 31, 2012, Ultimate reported recurring revenues of $73.4 million, a 28% increase, and total revenues of $92.2 million, a 27% increase, both compared with 2011’s fourth quarter. GAAP net income for the fourth quarter of 2012 was $6.3 million, or $0.22 per diluted share, versus GAAP net income of $2.0 million, or $0.07 per diluted share, for the fourth quarter of 2011.
Non-GAAP net income, which excludes stock-based compensation and amortization of acquired intangible assets, was $10.8 million, or $0.38 per diluted share, for the fourth quarter of 2012, compared with non-GAAP net income of $6.6 million, or $0.24 per diluted share, for the fourth quarter of 2011. See “Use of Non-GAAP Financial Information” below.
For 2012, recurring revenues increased 25% to $266.4 million, and total revenues increased 23% to $332.3 million, both as compared with the prior year. For 2012, GAAP net income was $14.6 million or $0.52 per diluted share, compared with GAAP net income of $4.3 million, or $0.15 per diluted share, for 2011. For 2012, non-GAAP net income was $28.5 million, or $1.00 per diluted share, compared with non-GAAP net income of $18.1 million, or $0.65 per diluted share, for 2011.
“Our fourth quarter and 2012 financial performance were in line with our expectations and our business plan. Our 2012 execution puts us in position to reach our 2013 goal of achieving more than $400 million in revenues, and it gives us a solid foundation for taking advantage of many future opportunities,” said Scott Scherr, CEO, president, and founder of Ultimate.“A year ago we were honored to have been ranked #25 on FORTUNE’s 100 Best Companies to Work For list. This year we are honored to move up to #9. This recognition reflects our passion for putting our ‘People First’ and having them put our clients first through product development and customer services,” added Scherr.