|
þ
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Delaware
|
65-0694077
|
|
(State
or other jurisdiction of incorporation)
|
(I.R.S.
Employer Identification No.)
|
|
or
organization
|
2000 Ultimate Way, Weston,
FL
|
33326
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Large
accelerated filer ¨
|
Accelerated
filer þ
|
|
Non-accelerated
filer ¨
(Do
not check if a smaller reporting company)
|
Smaller
reporting company ¨
|
Page(s)
|
||||
Part
I – Financial Information:
|
||||
Item
1 – Financial Statements:
|
||||
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5-9 | ||||
9-14 | ||||
14 | ||||
Item
4 – Controls and
Procedures
|
15 | |||
Part
II – Other Information:
|
||||
Item
1A – Risk
Factors
|
15 | |||
15 | ||||
Item
6 – Exhibits
|
16 | |||
17 | ||||
Certifications
|
PART
1 – FINANCIAL INFORMATION
|
||||||||
Item
1 – Financial Statements
|
||||||||
THE
ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(In
thousands, except share data)
|
||||||||
As
of
|
As
of
|
|||||||
March
31,
|
December
31,
|
|||||||
2010
|
2009
|
|||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 25,583 | $ | 23,684 | ||||
Short-term
investments in marketable securities
|
8,286 | 8,079 | ||||||
Accounts
receivable, net of allowance for doubtful accounts of
$700
for 2010 and $600 for 2009
|
37,880 | 38,450 | ||||||
Prepaid
expenses and other current assets
|
16,649 | 15,594 | ||||||
Deferred
tax assets, net
|
1,137 | 1,128 | ||||||
Total
current assets before funds held for customers
|
89,535 | 86,935 | ||||||
Funds
held for customers
|
73,814 | 23,560 | ||||||
Total
current assets
|
163,349 | 110,495 | ||||||
Property
and equipment, net
|
18,965 | 19,496 | ||||||
Capitalized
software, net
|
4,125 | 4,463 | ||||||
Goodwill
|
3,025 | 3,198 | ||||||
Long-term
investments in marketable securities
|
1,239 | 1,444 | ||||||
Other
assets, net
|
12,185 | 12,298 | ||||||
Long-term
deferred tax assets, net
|
20,171 | 19,736 | ||||||
Total
assets
|
$ | 223,059 | $ | 171,130 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$ | 5,909 | $ | 4,476 | ||||
Accrued
expenses
|
9,112 | 9,972 | ||||||
Current
portion of deferred revenue
|
59,380 | 60,980 | ||||||
Current
portion of capital lease obligations
|
1,952 | 1,897 | ||||||
Total
current liabilities before customer funds obligations
|
76,353 | 77,325 | ||||||
Customer
funds obligations
|
73,814 | 23,560 | ||||||
Total
current liabilities
|
150,167 | 100,885 | ||||||
Deferred
revenue, net of current portion
|
7,785 | 7,579 | ||||||
Deferred
rent
|
3,113 | 3,186 | ||||||
Capital
lease obligations, net of current portion
|
1,910 | 1,710 | ||||||
Total
liabilities
|
162,975 | 113,360 | ||||||
Stockholders’
equity:
|
||||||||
Preferred
Stock, $.01 par value, 2,000,000 shares authorized, no shares issued or
outstanding
|
– | – | ||||||
Series
A Junior Participating Preferred Stock, $.01 par value, 500,000 shares
authorized, no shares issued or outstanding
|
– | – | ||||||
Common
Stock, $.01 par value, 50,000,000 shares authorized, 27,954,350 and
27,620,384 shares issued in 2010 and 2009, respectively
|
280 | 276 | ||||||
Additional
paid-in capital
|
190,133 | 184,256 | ||||||
Accumulated
other comprehensive loss
|
(834 | ) | (696 | ) | ||||
Accumulated
deficit
|
(54,155 | ) | (54,410 | ) | ||||
135,424 | 129,426 | |||||||
Treasury stock, 3,105,925 and
2,985,425 shares, at cost, for 2010 and 2009, respectively
|
(75,340 | ) | (71,656 | ) | ||||
Total
stockholders’ equity
|
60,084 | 57,770 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 223,059 | $ | 171,130 |
THE
ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||
(In
thousands, except per share amounts)
|
||||||||
For
the Three Months
|
||||||||
Ended
March 31,
|
||||||||
2010
|
2009
|
|||||||
Revenues:
|
||||||||
Recurring
|
$ | 39,476 | $ | 30,888 | ||||
Services
|
15,591 | 15,930 | ||||||
License
|
628 | 2,001 | ||||||
Total
revenues
|
55,695 | 48,819 | ||||||
Cost
of revenues:
|
||||||||
Recurring
|
11,433 | 8,906 | ||||||
Services
|
13,181 | 12,327 | ||||||
License
|
100 | 337 | ||||||
Total
cost of revenues
|
24,714 | 21,570 | ||||||
Gross
profit
|
30,981 | 27,249 | ||||||
Operating
expenses:
|
||||||||
Sales
and marketing
|
15,116 | 13,835 | ||||||
Research
and development
|
10,293 | 9,338 | ||||||
General
and administrative
|
5,016 | 4,557 | ||||||
Total
operating expenses
|
30,425 | 27,730 | ||||||
Operating
income (loss)
|
556 | (481 | ) | |||||
Other
(expense) income:
|
||||||||
Interest
expense and other
|
(48 | ) | (44 | ) | ||||
Other
income, net
|
14 | 72 | ||||||
Total
other (expense) income, net
|
(34 | ) | 28 | |||||
Income
(loss) before income taxes
|
522 | (453 | ) | |||||
(Expense)
benefit for income taxes
|
(267 | ) | 40 | |||||
Net
income (loss)
|
$ | 255 | $ | (413 | ) | |||
Net
income (loss) per share:
|
||||||||
Basic
|
$ | 0.01 | $ | (0.02 | ) | |||
Diluted
|
$ | 0.01 | $ | (0.02 | ) | |||
Weighted
average shares outstanding:
|
||||||||
Basic
|
24,755 | 24,292 | ||||||
Diluted
|
26,823 | 24,292 | ||||||
THE
ULTIMATE SOFTWARE GROUP, INC. AND SUBSIDIARIES
|
||||||||
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(In
thousands)
|
||||||||
For
the Three Months
|
||||||||
Ended
March 31,
|
||||||||
2010
|
2009
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income (loss)
|
$ | 255 | $ | (413 | ) | |||
Adjustments
to reconcile net income (loss) to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
3,021 | 2,928 | ||||||
Provision
for doubtful accounts
|
554 | 376 | ||||||
Tax
charge for equity awards
|
(516 | ) | – | |||||
Non-cash
stock-based compensation expense
|
3,391 | 3,315 | ||||||
Deferred
income taxes
|
208 | (40 | ) | |||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
16 | 5,885 | ||||||
Prepaid
expenses and other current assets
|
(1,055 | ) | (210 | ) | ||||
Other
assets
|
39 | – | ||||||
Accounts
payable
|
1,433 | (1,651 | ) | |||||
Accrued
expenses and deferred rent
|
(933 | ) | (4,499 | ) | ||||
Deferred
revenue
|
(1,394 | ) | (2,228 | ) | ||||
Net
cash provided by operating activities
|
5,019 | 3,463 | ||||||
Cash
flows from investing activities:
|
||||||||
Purchases
of property and equipment
|
(1,207 | ) | (1,173 | ) | ||||
Purchases
of marketable securities
|
(2,100 | ) | (308 | ) | ||||
Maturities
of marketable securities
|
2,098 | 3,304 | ||||||
Net
purchases of securities with customer funds
|
(50,254 | ) | (3,149 | ) | ||||
Capitalized
software
|
– | (630 | ) | |||||
Net
cash used in investing activities
|
(51,463 | ) | (1,956 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Repurchases
of common stock
|
(3,684 | ) | – | |||||
Principal
payments on capital lease obligations
|
(614 | ) | (605 | ) | ||||
Net
increase in customer fund obligations
|
50,254 | 3,149 | ||||||
Net
proceeds from issuances of Common Stock
|
2,352 | 443 | ||||||
Net
cash provided by financing activities
|
48,308 | 2,987 | ||||||
Effect
of exchange rate changes on cash
|
35 | (3 | ) | |||||
Net
increase in cash and cash equivalents
|
1,899 | 4,491 | ||||||
Cash
and cash equivalents, beginning of period
|
23,684 | 17,200 | ||||||
Cash
and cash equivalents, end of period
|
$ | 25,583 | $ | 21,691 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid for interest
|
$ | 43 | $ | 35 | ||||
Cash
paid for income taxes
|
$ | 18 | $ | 34 | ||||
Supplemental
disclosure of non-cash financing activities:
|
||||||||
- Ultimate
entered into capital lease obligations to acquire new equipment totaling
$869 and $747 for the three
|
||||||||
months
ended March 31, 2010 and March 31, 2009, respectively.
|
||||||||
- Ultimate
entered into an agreement to purchase certain source code from a
third-party vendor for $2.0 million, of which
|
||||||||
$0.5
million was paid during the three months ended March 31, 2009. There
were no payments during the three months ended
|
||||||||
March
31, 2010.
|
Common
Stock
|
Additional
Paid-in
|
Accumulated
Other Comprehensive
|
Accumulated
|
Treasury Stock
|
Total
Stockholders’
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Loss
|
Deficit
|
Shares
|
Amount
|
Equity
|
|||||||||||||||||||||||||
Balance,
December 31, 2009
|
27,620 | $ | 276 | $ | 184,256 | $ | (696 | ) | $ | (54,410 | ) | 2,985 | $ | (71,656 | ) | $ | 57,770 | |||||||||||||||
Net income
|
– | – | – | – | 255 | – | – | 255 | ||||||||||||||||||||||||
Unrealized
loss on foreign currentcy translation adjustments
|
– | – | – | (138 | ) | – | – | – | (138 | ) | ||||||||||||||||||||||
Comprehensive
income
|
– | – | – | – | – | – | – | 117 | ||||||||||||||||||||||||
Issuances
of Common Stock from exercises of stock options
|
168 | 2 | 2,350 | – | – | – | – | 2,352 | ||||||||||||||||||||||||
Issuances
of Common Stock from restricted stock releases
|
166 | 2 | – | – | – | – | – | 2 | ||||||||||||||||||||||||
Tax
charge from equity awards
|
– | – | (516 | ) | – | – | – | – | (516 | ) | ||||||||||||||||||||||
Realized
excess stock-based payment deductions
|
– | – | 652 | 652 | ||||||||||||||||||||||||||||
Repurchases
of Common Stock
|
– | – | – | – | – | 121 | (3,684 | ) | (3,684 | ) | ||||||||||||||||||||||
Non-cash
stock-based compensation
|
– | – | 3,391 | – | – | – | – | 3,391 | ||||||||||||||||||||||||
Balance,
March 31, 2010
|
27,954 | $ | 280 | $ | 190,133 | $ | (834 | ) | $ | (54,155 | ) | 3,106 | $ | (75,340 | ) | $ | 60,084 |
As
of March 31, 2010
|
As
of December 31, 2009
|
|||||||||||||||||||||||
Net
|
Net
|
|||||||||||||||||||||||
Amortized
|
Unrealized
|
Fair
|
Amortized
|
Unrealized
|
Fair
|
|||||||||||||||||||
Cost
|
Gain
|
Value
|
Cost
|
Gain
|
Value
|
|||||||||||||||||||
Corporate
debentures – bonds
|
$ | 3,028 | $ | 3 | $ | 3,031 | $ | 3,025 | $ | 3 | $ | 3,028 | ||||||||||||
Commercial
paper
|
1,199 | – | 1,199 | 1,499 | – | 1,499 | ||||||||||||||||||
Agency
bonds
|
1,404 | – | 1,404 | 1,407 | 1 | 1,408 | ||||||||||||||||||
U.S.
Treasury bills
|
1,998 | 1 | 1,999 | 1,995 | 2 | 1,997 | ||||||||||||||||||
U.S.
Treasury bonds
|
501 | 1 | 502 | 501 | – | 501 | ||||||||||||||||||
Certificates
of deposit
|
1,390 | – | 1,390 | 1,090 | – | 1,090 | ||||||||||||||||||
Total
investments
|
$ | 9,520 | $ | 5 | $ | 9,525 | $ | 9,517 | $ | 6 | $ | 9,523 |
As
of March 31, 2010
|
||||||||
Amortized
|
Fair
|
|||||||
Cost
|
Value
|
|||||||
Due
in one year or less
|
$ | 8,281 | $ | 8,286 | ||||
Due
after one year
|
1,239 | 1,239 | ||||||
Total
|
$ | 9,520 | $ | 9,525 |
|
Level
1:
|
Unadjusted
quoted prices in active markets that are accessible at the measurement
date for identical, unrestricted assets and
liabilities.
|
|
Level
2:
|
Quoted
prices in markets that are not active or financial instruments for which
all significant inputs are observable, either directly or
indirectly.
|
|
Level
3:
|
Prices
or valuations that require inputs that are both significant to the fair
value measurement and unobservable.
|
As
of March 31, 2010
|
As
of December 31, 2009
|
|||||||||||||||||||||||||||||||
Quoted
|
Quoted
|
|||||||||||||||||||||||||||||||
Prices
in
|
Other
|
Un-
|
Prices
in
|
Other
|
Un-
|
|||||||||||||||||||||||||||
Active
|
Observable
|
Observable
|
Active
|
Observable
|
Observable
|
|||||||||||||||||||||||||||
Markets
|
Inputs
|
Inputs
|
Markets
|
Inputs
|
Inputs
|
|||||||||||||||||||||||||||
Total
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
Total
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||||||||||||||
Corporate
debentures and bonds
|
$ | 3,031 | $ | – | $ | 3,031 | $ | – | $ | 3,028 | $ | – | $ | 3,028 | $ | – | ||||||||||||||||
Commercial
paper
|
1,199 | – | 1,199 | – | 1,499 | – | 1,499 | – | ||||||||||||||||||||||||
Agency
bonds
|
1,404 | – | 1,404 | 1,408 | – | 1,408 | ||||||||||||||||||||||||||
U.S.
Treasury bills
|
1,999 | – | 1,999 | 1,997 | – | 1,997 | ||||||||||||||||||||||||||
U.S.Treasury
bonds
|
502 | – | 502 | 501 | – | 501 | ||||||||||||||||||||||||||
Certificates
of deposit
|
1,390 | 1,390 | – | – | 1,090 | 1,090 | – | – | ||||||||||||||||||||||||
Total
|
$ | 9,525 | $ | 1,390 | $ | 8,135 | $ | – | $ | 9,523 | $ | 1,090 | $ | 8,433 | $ | – |
As
of
March
31,
2010
|
As
of
December
31,
2009
|
|||||||
Property
and equipment
|
$ | 74,669 | $ | 72,717 | ||||
Less: accumulated
depreciation and amortization
|
55,704 | 53,221 | ||||||
$ | 18,965 | $ | 19,496 |
For
the Three Months
ended
March 31,
|
||||||||
2010
|
2009
|
|||||||
Basic
weighted average shares outstanding
|
24,755 | 24,292 | ||||||
Effect
of dilutive equity instruments
|
2,068 | – | ||||||
Dilutive
weighted average shares outstanding
|
26,823 | 24,292 | ||||||
Options
to purchase shares of Common Stock and other stock-based awards
outstanding which are not included in the calculation of diluted income
(loss) per share because their impact is
anti-dilutive
|
391 | 6,406 |
For
the Three Months
|
||||||||
Ended
March 31,
|
||||||||
2010
|
2009
|
|||||||
Net
income (loss)
|
$ | 255 | $ | (413 | ) | |||
Other
comprehensive income (loss)
|
||||||||
Unrealized
loss on investments in
|
||||||||
marketable
available-for-sale securities
|
– | (3 | ) | |||||
Unrealized
loss on foreign currency
|
||||||||
translation
adjustments
|
(138 | ) | (61 | ) | ||||
Comprehensive
income (loss)
|
$ | 117 | $ | (477 | ) |
For
the Three Months
Ended
March 31,
|
||||||||
2010
|
2009
|
|||||||
Non-cash stock-based compensation
expense:
|
||||||||
Cost
of recurring revenues
|
$ | 217 | $ | 165 | ||||
Cost
of services revenues
|
341 | 344 | ||||||
Sales
and marketing
|
1,719 | 1,788 | ||||||
Research
and development
|
327 | 302 | ||||||
General
and administrative
|
787 | 716 | ||||||
Total
non-cash stock-based compensation expense
|
$ | 3,391 | $ | 3,315 | ||||
Weighted
|
||||||||||||||||
Average
|
||||||||||||||||
Weighted
|
Remaining
|
Aggregate
|
||||||||||||||
Average
|
Contractual
|
Intrinsic
|
||||||||||||||
Stock
Options
|
Shares
|
Exercise
Price
|
Term
(in Years)
|
Value
|
||||||||||||
Outstanding
at December 31, 2009
|
4,165 | $ | 17.79 | 5.55 | $ | 49,687 | ||||||||||
Granted
|
– | – | ||||||||||||||
Exercised
|
(168 | ) | 14.01 | |||||||||||||
Forfeited
or expired
|
(7 | ) | 26.27 | |||||||||||||
Outstanding
at March 31, 2010
|
3,990 | $ | 17.93 | 5.38 | $ | 60,010 | ||||||||||
Exercisable
at March 31, 2010
|
3,638 | $ | 16.87 | 5.13 | $ | 58,591 |
Restricted
Stock Awards
|
Restricted
Stock Unit Awards
|
|||||||||||
Weighted
|
||||||||||||
Average
|
||||||||||||
Grant
Date
|
||||||||||||
Shares
|
Fair
Value
|
Shares
|
||||||||||
Outstanding
at December 31, 2009
|
1,405 | $ | 24.36 | 247 | ||||||||
Granted
|
8 | 30.29 | 140 | |||||||||
Vested
|
(105 | ) | 21.60 | (79 | ) | |||||||
Forfeited
or expired
|
– | – | (1 | ) | ||||||||
Outstanding
at March 31, 2010
|
1,308 | $ | 24.62 | 307 |
For
the Three Months
|
||||||||
Ended
March 31,
|
||||||||
2010
|
2009
|
|||||||
Revenues:
|
||||||||
Recurring
|
70.9 | % | 63.3 | % | ||||
Services
|
28.0 | 32.6 | ||||||
License
|
1.1 | 4.1 | ||||||
Total
revenues
|
100.0 | 100.0 | ||||||
Cost
of revenues:
|
||||||||
Recurring
|
20.5 | 18.2 | ||||||
Services
|
23.7 | 25.3 | ||||||
License
|
0.2 | 0.7 | ||||||
Total
cost of revenues
|
44.4 | 44.2 | ||||||
Operating
expenses:
|
||||||||
Sales
and marketing
|
27.1 | 28.4 | ||||||
Research
and development
|
18.5 | 19.1 | ||||||
General
and administrative
|
9.0 | 9.3 | ||||||
Total
operating expenses
|
54.6 | 56.8 | ||||||
Operating
income (loss)
|
1.0 | (1.0 | ) | |||||
Other
income (expense):
|
||||||||
Interest
expense and other
|
(0.1 | ) | – | |||||
Other
income, net
|
– | 0.1 | ||||||
Total
other income, net
|
(0.1 | ) | 0.1 | |||||
Income
(loss) before income taxes
|
0.9 | (0.9 | ) | |||||
(Expense)
benefit for income taxes
|
(0.5 | ) | – | |||||
Net
income (loss)
|
0.4 | % | (0.9 | ) % |
For
the Three Months
Ended
March 31,
|
||||||||
2010
|
2009
|
|||||||
Stock-based compensation:
|
||||||||
Cost
of recurring revenues
|
$ | 217 | $ | 165 | ||||
Cost
of services revenues
|
341 | 344 | ||||||
Sales
and marketing
|
1,719 | 1,788 | ||||||
Research
and development
|
327 | 302 | ||||||
General
and administrative
|
787 | 716 | ||||||
Total
non-cash stock-based compensation expense
|
$ | 3,391 | $ | 3,315 | ||||
Amortization
of acquired intangibles:
|
||||||||
General
and administrative
|
$ | 74 | $ | 46 |
|
a)
|
Revenues
from our SaaS Offering increased 40.1% for the three months ended March
31, 2010, in comparison to the same period in 2009. This increase was
based on the revenue impact of incremental units sold that have gone Live
since March 31, 2009, including UltiPro and, to a lesser extent, Optional
Features of UltiPro. Recognition of recurring subscription
revenues for sales from our SaaS Offering begins when the related customer
goes Live.
|
|
b)
|
Maintenance
revenues decreased 2.6% for the three months ended March 31, 2010, in
comparison to the same period in 2009. This decrease was
primarily due to the fact that we no longer sell perpetual licenses to new
customers, partially offset by maintenance revenues from renewals of
existing license customers. Maintenance revenues are recognized
over the initial term of the related license contract, which is typically
12 months, and then on a monthly recurring basis thereafter as the
maintenance contracts renew
annually.
|
|
·
|
Maximum
safety of principal;
|
|
·
|
Maintenance
of appropriate liquidity for regular cash
needs;
|
|
·
|
Maximum
yields in relationship to guidelines and market
conditions;
|
|
·
|
Diversification
of risks; and
|
|
·
|
Fiduciary
control of all investments.
|
Total
Cumulative Number of
|
Maximum
Number of
|
|||||||||||||||
Shares
Purchased as Part
|
Shares
That May Yet
|
|||||||||||||||
Total
Number of
|
Average
Price
|
Of
Publicly Announced
|
Be
Purchased Under the
|
|||||||||||||
Period
|
Shares Purchased (1)
|
Paid per Share
|
Plans or Programs (1)
|
Plans or Programs
|
||||||||||||
January
1 – 31, 2010
|
– | – | 2,985,425 | 1,014,575 | ||||||||||||
February
1 – 28, 2010
|
78,700 | 29.96 | 3,064,125 | 935,875 | ||||||||||||
March
1 – 31, 2010
|
41,800 | 31.99 | 3,105,925 | 894,075 | ||||||||||||
Total
|
120,500 | $ | 30.91 | 3,105,925 | 894,075 | |||||||||||
(1) All
shares were purchased through the publicly announced Stock Repurchase Plan
in open-market transactions.
|
Number
|
Description
|
||
31.1 |
Certification
Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange
Act of 1934, as amended *
|
||
31.2 |
Certification
Pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange
Act of 1934, as amended *
|
||
32.1 |
Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted
|
||
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, as amended
*
|
|||
32.2 |
Certification
Pursuant to 18 U.S.C. Section 1350, as Adopted
|
||
Pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, as amended
*
|
The
Ultimate Software Group, Inc.
|
||
Date: May
10, 2010
|
By:
|
/s/ Mitchell K. Dauerman
|
Mitchell
K. Dauerman
|
||
Executive
Vice President, Chief Financial Officer and Treasurer (Authorized
Signatory and Principal Financial and Accounting
Officer)
|