Ultimate software group inc (ULTI)
CashFlow / Quarterly
Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent

13,176

13,381

17,085

13,680

20,994

-2,057

4,343

4,529

7,240

11,758

4,760

6,122

6,600

590

5,851

3,657

4,160

11,835

19,656

6,363

6,883

9,808

6,300

4,902

4,520

6,298

4,657

2,653

1,024

1,976

1,085

893

328

1,446

1,050

-594

255

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

17,327

14,642

15,507

9,710

9,358

8,987

8,517

8,380

8,171

7,896

6,627

6,474

6,101

5,726

5,423

5,343

5,246

5,106

5,202

4,713

4,242

4,293

4,023

3,993

3,749

3,662

3,609

3,341

3,011

2,932

2,945

2,884

2,859

2,839

2,936

3,087

3,021

Provision for doubtful accounts

3,475

1,511

1,508

2,021

2,815

1,202

1,161

1,071

2,293

506

571

830

1,306

1,297

1,450

967

973

517

651

606

490

761

631

518

613

437

311

278

133

366

105

555

560

229

282

484

554

Non-cash stock-based compensation expense

38,158

36,297

36,703

34,156

33,197

35,269

38,014

39,278

33,866

29,476

29,344

28,643

26,414

22,653

21,863

21,800

16,100

12,819

11,350

11,178

10,838

9,307

8,125

7,778

7,597

6,295

4,900

4,863

4,354

3,650

3,740

3,769

3,850

3,180

3,344

3,334

3,391

Income taxes

-13,936

-10,174

1,661

-6,797

-821

-21,374

-9,627

-2,142

4,536

-6,241

-296

-2,271

-2,400

-13,488

-5,380

-4,069

-5,243

-5,062

6,285

-4,992

-5,261

-3,955

-5,713

-3,990

-3,689

-5,881

-4,408

-2,576

-949

-5,574

-3,643

-2,811

521

-3,377

-2,031

218

208

Net amortization of premiums and accretion of discounts on available-for-sale securities

-12

182

215

155

114

-22

-24

-144

-118

-244

-234

-208

-69

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from employee stock plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,065

8,845

-

8,157

6,093

6,558

4,364

6,180

4,286

4,337

4,806

4,202

2,408

894

4,181

2,610

2,095

-382

3,017

4,604

-298

-652

Changes in operating assets and liabilities, net of business combinations:
Accounts receivable

12,338

29,647

9,490

4,792

4,302

8,313

16,119

8,584

1,460

14,820

1,087

7,933

11,164

11,421

12,731

9,802

621

12,591

4,441

2,704

-2,930

11,580

4,134

1,172

-102

13,739

4,116

2,861

-4,969

9,940

-16

-1,088

1,366

5,007

10,349

-4,703

16

Deferred contract costs, prepaid expenses and other current assets

16,701

7,270

1,414

13,825

15,006

-732

-121

5,682

4,875

4,540

3,957

4,744

1,732

3,900

2,328

3,910

1,878

59

2,201

950

2,204

461

-1,461

843

3,139

1,260

-891

1,099

412

1,542

-1,305

5,841

-1,747

-137

5,920

-1,709

-1,055

Deferred contract costs and other assets

5,935

7,391

6,148

10,042

3,914

2,158

256

1,797

1,766

5,598

2,825

4,756

3,146

3,733

2,339

2,256

2,168

1,327

681

1,010

253

225

832

-950

296

358

527

349

397

1,043

1,751

982

-293

510

-1,627

716

39

Accounts payable

825

3,989

-7,151

-1,878

-96

3,250

-986

-5,111

5,427

1,627

2,729

-590

2,084

471

-464

-2,245

2,215

-517

594

-1,428

2,347

728

-927

183

-1,399

2,672

-2,730

1,984

-607

1,116

-1,227

-185

1,878

-592

353

-987

1,433

Accrued expenses, other liabilities and deferred rent

-26,814

593

6,043

13,628

11,369

5,863

3,968

-2,287

-46

3,456

6,790

-8,410

5,567

1,686

9,639

-2,763

3,945

-1,346

5,284

-322

966

964

6,476

-2,669

5,981

-2,664

2,202

-638

3,959

-1,306

-196

1,920

459

-572

-439

2,882

-933

Deferred revenue

10,114

15,599

3,329

12,202

1,455

10,487

1,419

11,086

1,893

7,926

6,261

8,842

4,150

14,396

10,127

9,791

1,708

3,696

2,104

83

638

6,740

1,159

1,038

1,009

6,922

204

-73

-1,640

7,183

1,370

549

-634

7,669

1,422

1,839

-1,394

Net cash provided by operating activities

35,235

51,696

54,096

61,502

56,577

74,658

49,833

43,169

46,325

44,172

49,743

26,957

38,649

41,253

57,827

17,563

26,055

44,003

23,076

15,428

25,580

19,926

21,815

14,382

18,089

9,340

9,607

8,267

14,449

4,785

8,425

6,436

8,765

9,179

6,199

5,155

4,883

Cash flows from investing activities:
Purchases of property and equipment

25,018

20,873

18,127

18,191

22,871

15,584

18,470

20,781

22,759

19,680

16,092

16,022

17,621

17,096

12,235

10,362

10,941

6,845

10,241

9,809

11,205

9,459

6,893

7,858

6,211

5,083

4,795

5,237

2,211

2,943

3,119

11,604

-3,995

1,860

719

1,194

1,207

Purchases of marketable securities

79,922

75,539

36,188

53,467

114,732

15,965

29,416

29,979

92,646

49,105

20,414

39,244

98,913

77,064

10,648

2,051

1,765

2,020

2,250

3,252

2,833

1,995

1,946

3,200

3,600

2,937

3,321

2,685

4,700

3,809

3,101

11,700

-4,000

1,198

3,425

2,500

2,100

Proceeds from sales and maturities of marketable securities

87,521

73,237

31,350

54,568

44,985

18,727

30,061

30,515

42,554

48,965

18,800

37,145

18,985

5,331

2,080

2,477

1,823

2,281

1,888

3,533

2,675

1,981

1,386

2,567

4,885

2,181

4,061

2,073

3,924

4,672

1,853

4,277

3,992

1,106

3,488

2,737

2,098

Net change in money market securities and other cash equivalents held to satisfy customer funds obligations

757,792

50,520

-57,095

-586,435

572,640

85,410

-11,767

-435,087

399,403

70,960

-536,065

-381,391

309,419

522,173

-70,063

-445,889

88,085

380,248

-83,062

-249,252

448,926

-71,998

-111,778

-198,568

361,436

136,811

-13,488

-174,845

213,869

17,964

-64,772

275,717

-183,124

-26,664

51,095

-25,370

50,254

Net cash used in investing activities

-775,211

-73,695

-40,290

569,345

-665,258

-99,232

-6,058

414,842

-472,254

-90,641

501,709

354,145

-406,968

-611,002

49,260

435,953

-98,968

-387,089

72,459

239,724

-460,289

37,530

104,325

190,077

-366,362

-142,650

9,433

168,996

-216,856

-20,044

60,405

87,494

-187,127

24,712

-51,751

24,413

-51,463

Cash flows from financing activities:
Repurchases of Common Stock

-

-

-

-

-

-

-

-

-

0

0

0

29,685

12,066

340

24,552

6,191

0

0

19,981

0

-

-

-

-

-

-

-

-

-

-

-

-

0

6,797

9,303

3,684

Net proceeds from issuances of Common Stock

0

60

340

417

2,506

1,527

497

2,969

1,572

1,020

910

1,481

1,248

1,057

1,306

771

1,569

1,579

1,600

734

2,295

903

1,530

2,825

2,881

3,729

2,257

2,454

2,844

4,861

1,014

2,424

4,983

4,111

5,850

2,584

2,352

Excess tax benefits from employee stock plan

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,065

8,845

-

8,157

6,093

6,558

4,364

6,180

4,286

4,337

4,806

4,202

2,408

894

4,181

2,610

1,331

382

3,017

2,704

298

652

Shares acquired to settle employee tax withholding liabilities

66,131

9,099

3,941

1,428

50,338

30,776

2,513

1,150

33,595

44,853

2,105

681

17,883

22,493

1,744

684

10,068

7,702

1,454

511

10,216

9,780

1,585

534

6,159

15,308

748

752

3,576

7,067

243

6,007

-2,376

2,152

93

1,068

-516

Principal payments on capital lease obligations

2,247

332

1,873

1,641

1,576

1,627

1,565

1,613

1,535

1,558

1,463

1,451

1,359

1,181

1,193

1,252

1,184

1,086

1,066

1,011

919

845

893

907

896

914

891

829

784

778

806

2,112

-680

665

632

592

614

Payments of other long-term liabilities

125

124

1,751

125

1,750

0

0

0

0

100

100

100

100

100

100

269

98

465

166

1,766

293

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net change in customer funds obligations

757,689

50,685

-56,965

-586,545

648,025

85,410

-13,040

-434,154

459,392

71,273

-536,099

-381,422

389,305

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

203

-

-

-

-

-

-

-

-

-

-

-

-

Payments on other borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

214

0

0

-

-

-

-

-

-

-

-

Net increase in client fund obligations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-445,889

88,085

-

-83,062

-249,252

448,926

-71,998

-111,778

-198,568

361,436

136,811

-13,488

-174,845

213,869

17,964

-64,772

-90,531

183,124

-26,664

51,095

-25,370

50,254

Net cash provided by financing activities

689,186

41,190

-64,190

-589,322

596,867

54,534

-16,621

-433,948

425,834

25,782

-538,857

-382,173

341,526

557,363

-88,044

-464,810

80,958

351,766

-75,991

-265,694

446,351

-77,520

-106,709

-194,829

361,802

119,115

-8,882

-171,564

213,247

19,161

-71,582

-96,708

185,433

-22,353

52,127

-32,419

48,444

Effect of exchange rate changes on cash

-33

-667

-1,748

-309

-232

13

519

211

87

-326

-127

17

840

-427

-1,181

296

-1,069

-305

-588

429

-356

-1,063

297

-518

-265

-131

373

-210

134

31

-266

-10

62

50

35

-41

35

Net decrease in cash and cash equivalents

-50,823

18,524

-52,132

41,216

-12,046

29,973

27,673

24,274

-8

-21,013

12,468

-1,054

-25,953

-12,813

17,862

-10,998

6,976

8,375

18,956

-10,113

11,286

-21,127

19,728

9,112

13,264

-14,326

10,531

5,489

10,974

3,933

-3,018

-2,788

7,133

11,588

6,610

-2,892

1,899

Supplemental disclosure of cash flow information:
Cash paid for interest

119

160

166

144

126

124

136

133

105

110

108

107

101

86

96

98

91

92

83

79

73

90

92

84

92

111

170

69

69

57

58

70

56

58

60

57

43

Cash paid for taxes

1,261

1,551

2,413

1,899

1,718

499

645

665

383

182

353

688

535

275

208

117

215

114

154

151

163

95

116

141

124

106

93

131

141

57

152

128

267

24

43

118

18

Non-cash investing and financing activities:
Capital lease obligations to acquire new equipment

5,299

1,579

1,389

5,210

913

2,217

914

3,041

1,078

0

2,607

849

3,263

1,582

618

432

3,317

971

1,259

1,968

1,709

629

1,440

316

908

586

1,000

1,200

1,200

-

-

-

-

3,849

1

-867

869

Stock consideration adjustment recorded for acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,636

0

0

818

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Software Services Agreement

-

-

-

-

-

0

0

0

6,500

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock based compensation for capitalized software

1,130

890

861

748

1,034

982

1,000

1,000

1,021

1,073

872

972

986

825

770

638

780

623

458

411

238

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-