|By Business Wire||
|July 23, 2014 10:00 AM EDT||
Kronos Incorporated – which recently surpassed $1 billion in annual revenue1 – today announced financial results, company advancements, and customer successes for the third quarter of Fiscal 2014. Product bookings continued to accelerate, with Kronos Cloud bookings as the fastest-growing part of the business. Kronos recognized revenue for the quarter increased to $265 million. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased to $88.5 million.2
“It’s thrilling to be part of the exclusive group of software companies that have grown beyond $1 billion in annual revenue, and the first vendor to do so in the workforce management market,” said Aron Ain, Kronos chief executive officer. “Equally thrilling is the pace of our growth compared to the global workforce management market, our increasing market share, and our rapidly expanding cloud footprint. Kronos is in a fantastic position moving into the final quarter of our Fiscal 2014. Our strong financial results and the investments we are making in our company – including continued product innovation, expansion of our sales force, and delivery of a superior customer experience – all reinforce that the best days are still ahead for Kronos.”
Third-Quarter News Facts
- Outpacing the workforce management market – Deployed in more than 100 countries, Kronos is the leader in the global workforce management market. According to a global study of workforce management solutions3 published by IHS Technology (NYSE: IHS), Kronos grew more than 11 percent. The IHS report determined that the overall worldwide workforce management market grew 7.9 percent during the same period, indicating that Kronos continues to increase its market share. Only Kronos was found to have positive market share growth in all global regions during this period, while the share of other leading suppliers of workforce management solutions declined. Also according to IHS, Kronos led all vendors with more than 25 percent share of the global workforce management market. In the Americas, Kronos broadened its number-one position by increasing its share to nearly 38 percent.
- Tremendous growth of the Kronos Cloud – The Kronos Cloud is experiencing significant growth across all market segments. 77 percent of new customer bookings were from an array of Kronos Cloud offerings, bringing the total number of organizations leveraging the Kronos Cloud to nearly 12,000. Kronos workforce management cloud revenue increased 57 percent and SaaS bookings increased 97 percent during the quarter.
- Vertical expertise – Kronos experienced strong momentum across targeted vertical segments – including retail and hospitality, healthcare, services and distribution, manufacturing, and the public sector. The services and distribution sector was particularly strong, having its best-ever product bookings quarterly performance.
- Extraordinary growth in SMB sector – Product bookings in the small and midsize business (SMB) sector increased 42 percent driven by strong performance of the Workforce Ready® and Workforce Central® suites and increased traction in the SaaShr partner channel. Workforce Ready is increasingly being adopted by new customers, as well as those upgrading from prior generations of Kronos solutions. During the quarter, Kronos delivered the latest release of Workforce Ready, providing even greater value to SMBs, making it easier than ever for them to effectively manage their workforces.
- Rapid pace of innovation – Continued innovations in Kronos workforce management solutions was a key driver in the strong double-digit increase in product bookings during the quarter. Recent product releases include: the latest version of the Kronos Workforce Central suite including hundreds of enhancements; Workforce Collaboration™ social networking and collaboration; Workforce Analytics™ and Workforce Analytics on Tablet with visualization and exploration; Workforce Mobile™ and Workforce Tablet™ with geo-fencing capabilities; the latest version of the Kronos InTouch® time clock with new biometric technology; availability of Workforce Task Management™ via tablet devices; the latest version of the Kronos Workforce Ready® suite; many enhancements to meet specific vertical and global requirements; and additions and advancements to many other Kronos applications. There has never before been a timeframe in which Kronos has released so many new product offerings in such a short period of time.
- Engaged and satisfied customers – During the quarter, Kronos hosted thousands of customers in a 30-city world tour of KronosLIVE, a series of events that offered the latest insights into how Kronos’ game-changing workforce management solutions combine ease of use and deep functionality to help organizations control labor costs, minimize compliance risk, and improve workforce productivity. KronosLIVE was offered in cities throughout the U.S. and in international locations such as London, Mexico City, Montreal, Mumbai, and Shanghai. In addition, during the quarter Kronos was recognized for consistently exceeding customer expectations by Omega Management Group Corp. Kronos is one of only two companies to receive this award 14 consecutive years.
- Customer successes around the globe – In the third quarter of Fiscal 2014, Kronos signed agreements with organizations around the world such as: Allity Pty Ltd., a for-profit organization with 31 aged care facilities in Australia; CenterLight Health System, a leading resource for long-term residential and community-based healthcare; Century 21 Department Stores, a retailer located in New York City offering designer merchandise; Charleston County School District, a K-12 school system comprised of 80 schools; City of Hampton, a city in Virginia; Country Fire Authority, a volunteer- and community-based fire and emergency services organization in Australia; Crittenton Hospital Medical Center, a full continuum provider of nationally ranked clinical programs representing a wide range of medical specialties providing primary, secondary, and tertiary-level care; Department of Justice Federal Prison Industries (FPI), a U.S. government corporation that employs and provides job opportunities to inmates in the Federal Bureau of Prisons; Dulsco, a leading provider of human resource solutions and waste management services headquartered in Dubai with operations throughout the UAE and Qatar; Element Fresh, a fast-growing dining chain company with more than 20 locations in Beijing, Guangzhou, Nanjing, and Shanghai; Emory Healthcare, a comprehensive hospital system in Georgia; EnviroWaste, a company that delivers EnviroSolutions to address the waste and recycling needs of New Zealand’s communities and businesses; Hastings Entertainment, Inc., a leading multimedia entertainment retailer; Indiana University Health, a comprehensive healthcare system in Indiana; Nebraska Department of Roads, a state agency responsible for surface transportation programs; NYC Transit Authority, one of the largest transit systems in North America; Presence Health, the second-largest healthcare system in Illinois; Ridley Family Markets, a family-owned chain of grocery stores operating 24 supermarkets in Idaho, Utah, Nevada, and Wyoming; Sky Lakes Medical Center, an internationally accredited, community-owned acute-care hospital in Oregon; Silver Reef Casino, a casino resort serving the northwestern region of the U.S.; St Andrews Healthcare, one of the largest charities in the UK providing specialist mental healthcare services; Town Sports International, an operator of fitness centers in the U.S. and Switzerland; Trusthouse Services, provider of outsourced food management services, operating primarily in the education and healthcare sectors; and Wyoming Department of Health, an organization dedicated to supporting and enhancing the health of citizens in Wyoming.
- Connect with Kronos via Facebook, Twitter, Google+, LinkedIn, and YouTube.
- Subscribe to our workforce management blogs.
- Take a look at the lighter side of workforce management in our Time Well Spent cartoons.
About Kronos Incorporated
Kronos is the global leader in delivering workforce management solutions in the cloud. Tens of thousands of organizations in more than 100 countries — including more than half of the Fortune 1000® — use Kronos to control labor costs, minimize compliance risk, and improve workforce productivity. Learn more about Kronos industry-specific time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications at www.kronos.com. Kronos: Workforce Innovation That Works™.
© 2014 Kronos Incorporated. Kronos, the Kronos logo, Workforce Central, InTouch, and Workforce Ready are registered trademarks and Workforce Collaboration, Workforce Analytics, Workforce Mobile, Workforce Tablet, Workforce Task Management, and Workforce Innovation That Works are trademarks of Kronos Incorporated or a related company. All other trademarks are property of their respective owners.
Footnote 1: As announced May 7, 2014 on a last-twelve-month basis, ending March 29, 2014.
Footnote 2: All financial information within this press release is presented using non-GAAP financial measures. Kronos believes that non-GAAP measures of financial results provide useful information regarding certain financial and business trends relating to Kronos’ 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 acquisitions and includes timing adjustments related to international product deliveries which management includes when evaluating operating results. Product bookings represent gross product value of product orders and the product equivalent value of SaaS orders. EBITDA consists of GAAP income from operations excluding: (1) share-based compensation expense for stock options and stock awards in accordance with ASC 718; (2) amortization of capitalized software development costs; (3) depreciation of property, plant and equipment; (4) amortization of acquired intangible assets; (5) acquisition-related expenses including advisory, legal, accounting, acquired employee-related costs, and integration costs; and (6) consulting expenses that are excluded from the definition of EBITDA under the terms of the Company’s Credit Agreement.
Footnote 3: “The Workforce Management Solutions – World Report” (2011-2013), published April 2014 and written by Sam Grinter, market analyst at IHS.
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them to design hosted applications.
Nov. 30, 2015 03:45 PM EST
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment process from development to production scenarios using Docker containers.
Nov. 30, 2015 03:30 PM EST
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 30, 2015 03:15 PM EST Reads: 242
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data shows "less than 10 percent of IoT developers are making enough to support a reasonably sized team....
Nov. 30, 2015 03:00 PM EST Reads: 492
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 30, 2015 02:00 PM EST Reads: 366
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningful and actionable insights. In his session at @ThingsExpo, Paul Turner, Chief Marketing Officer at...
Nov. 30, 2015 01:45 PM EST Reads: 434
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Summit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, demonstrated examples of com...
Nov. 30, 2015 01:45 PM EST Reads: 430
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 30, 2015 01:00 PM EST Reads: 537
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Nov. 30, 2015 12:45 PM EST Reads: 342
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and technology requirements that will drive the Internet of Things from hype to reality.
Nov. 30, 2015 10:45 AM EST Reads: 462
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessions, I wanted to share some of my observations on emerging trends. As cyber security serves as a fou...
Nov. 30, 2015 10:30 AM EST Reads: 354
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now all corporate assets – people, objects, and spaces – can share information about themselves and thei...
Nov. 30, 2015 10:00 AM EST Reads: 292
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Yet a closer inspection at the data reveals less than half of these cloud projects involve production...
Nov. 30, 2015 09:00 AM EST Reads: 506
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true change and transformation possible.
Nov. 30, 2015 08:00 AM EST Reads: 565
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" in this scenario: microservice A (releases daily) depends on a couple of additions to backend B (re...
Nov. 30, 2015 07:00 AM EST Reads: 470
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 30, 2015 07:00 AM EST Reads: 384
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application delivery by allowing increasingly popular Mobile Backend-as-a-Service (mBaaS) platforms to quickly crea...
Nov. 30, 2015 06:00 AM EST Reads: 389
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound effect on the world, and what should we expect to see over the next couple of years.
Nov. 30, 2015 05:30 AM EST Reads: 496
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, wil...
Nov. 30, 2015 04:00 AM EST Reads: 609
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNub’s Data Stream Network.
Nov. 30, 2015 04:00 AM EST Reads: 350