Market Overview

Kronos Announces Fiscal 2017 Results

Share:

More than 24,000 Customers in the Kronos Cloud as Company Enters 40th
Year in Business

Global Workforce Management Success, Record Human Capital
Management Growth Push Kronos Over $1.3 Billion

Kronos
Incorporated
today announced financial results, company
advancements, and customer successes for Fiscal 2017. Kronos recognized
revenue for the year was $1.3 billion. Earnings before interest, tax,
depreciation, and amortization (EBITDA) was $390 million1,
up nine percent compared to Fiscal 2016.

"What another tremendously exciting year at Kronos. Kronites from every
corner of the world continue to amaze and inspire me each and every
day," said Aron Ain, Kronos chief executive officer. "As we enter our 40th
year in business, it's remarkable and near-unprecedented that we
remained profitable year-over-year with strong EBITDA growth while
aggressively and successfully transitioning the business into a pure
SaaS provider. The next phase of Kronos' history is upon us: Our
continued innovations in workforce management and human capital
management, commitment to customers and their vertical-specific needs,
and exceptionally talented and engaged team of Kronites will take us to
our next major milestone as a $2 billion global cloud company."

Kronos Cloud, Shift to SaaS Drive the Business
Kronos,
having successfully transitioned to a pure software-as-a-service (SaaS)
provider, again delivered exceptional growth in the Kronos Cloud and
ended the year with very strong subscription growth in the fourth
quarter. Kronos' annualized run-rate business is now $863 million of
annual recurring revenue.

  • In Fiscal 2017 alone, Kronos added 4,500 customers to the Kronos Cloud
    with a mix of net-new deals and customers that migrated from their
    on-premise instances to the cloud, resulting in more than 24,000
    organizations around the globe leveraging a Kronos Cloud solution.
  • In the year, 87 percent of new customer bookings came from an array of
    Kronos Cloud offerings.
  • The pace of conversions of long-standing, on-premise customers
    migrating to SaaS continues to rapidly increase with another record
    year, as hundreds of existing Kronos on-premise customers migrated to
    SaaS.
  • Significant new $1 million+ Kronos Cloud SaaS deployments included: a
    world-leading entertainment resort based in the U.S. with more than
    70,000 employees; one of the largest pharmaceutical companies in the
    world and a Fortune 500 company headquartered in the U.S.; a global
    provider of mission-critical equipment for vital applications in data
    centers, communications networks, and commercial and industrial
    environments employing tens of thousands of workers in five countries;
    one of the world's largest auto manufacturers; a nationally
    recognized U.S. integrated healthcare system; a Fortune 1000
    diversified industrial company that provides products and services to
    the energy, chemical, agriculture, transportation, and construction
    sectors.

Workforce Ready HCM Cloud Suite Represents the Fastest-growing Part
of the Business

Workforce Ready, which combines the power of
workforce management, human resources, talent acquisition, talent
management, and payroll into one unified cloud platform, had a record
year as the company continues to develop and scale its full-suite HCM
solution.

Record Year for Large, Global Deals as Kronos Deepens Vertical
Expertise

Kronos strengthened its position as the worldwide
leader in workforce management with all-time highs for product bookings
in most key vertical segments and geographic regions while the company
deepened industry expertise worldwide.

Product and Services Innovation for the Future of Workforce Solutions
Kronos
invested more than $182 million on R&D in Fiscal 2017 to deliver
next-generation enhancements, features, and functionality.

Employee Engagement Climbs to Record Heights, Landing 20+ Employer of
Choice Awards

Kronos has grown to more than 5,300 employees
and, with employee
engagement at an all-time high of 87 percent
, the company earned
more than 20 employer of choice accolades worldwide, including:

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com