UPDATE: Ultimate Software Group (ULTI) Tops Q2 EPS by 2c

(updated to added guidance numbers)

Ultimate Software Group (NASDAQ: ULTI) reported Q2 EPS of $0.93, $0.02 better than the analyst estimate of $0.91. Revenue for the quarter came in at $224.7 million versus the consensus estimate of $228.02 million.

Guidance:

Sees Q3 2017 revenues of $231-$235 million versus consensus of $245.3 million.

Sees FY 2017 revenues up 20% YoY.

"As a result of our strong Enterprise sales going upmarket in 2016 and 2017, the time-to-live periods in the backlog have expanded by 2-3 months. We also experienced the same business effect with our Mid-Market sales for which the related backlog expanded by 1-2 months. This extension of time-to-live periods caused the revision to our financial guidance for the second half of 2017, which impacted our full-year guidance for 2017. It is important to note that the extension of the time-to-live periods does not change the overall value of recurring revenues from these customers and is essentially a timing issue."

For earnings history and earnings-related data on Ultimate Software Group (ULTI) click here.

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