Kronos revenue for the quarter increased 10 percent to $248 million with product bookings increasing 26 percent. Earnings before interest, tax, depreciation, and amortization (EBITDA) increased 14 percent to $78.8 million.
"With an outstanding 26 percent year-over-year increase in product bookings - an all-time Kronos record - Kronos is clearly experiencing remarkable momentum," said Aron Ain, Kronos chief executive officer.
"We are 'firing on all cylinders', executing beautifully across all aspects of our business. The Kronos Cloud remains the fastest-growing aspect of our business, with workforce management cloud bookings doubling and rapid adoption in a broad spectrum of industry segments.
“Tremendous growth in the SMB sector continues to exceed company expectations, having a very positive impact on our company's trajectory. Moving into the final quarter of Fiscal 2013 - and based on enthusiastic adoption of our innovative workforce management solutions across all targeted industries - we are on track to surpass our financial targets and report another record year."
Third-Quarter News Facts
Kronos Cloud expanding rapidly - The Kronos Cloud continues to grow at a breathtaking rate. New customers are rapidly embracing the industry's most robust and comprehensive workforce management cloud platform, while existing customers are increasingly moving their on-premise deployments into the Kronos Cloud. More than 8,000 organizations now leverage the Kronos Cloud, seizing the vast benefits of cloud computing.
Groundbreaking products - Kronos delivered Workforce Central 7 during the quarter - a groundbreaking release designed to make workforce management easier than ever.
A product of the expertise and vision of Kronos staff guided by input, advice, and direction from the world's largest user base of workforce management solutions, Workforce Central 7 expands on the unrivaled Kronos user experience and contains hundreds of enhancements to further simplify the day-to-day lives of managers and employees.
From managing in the moment via the device of choice, to finding value in big data, to helping organizations effectively manage a global workforce and all its complexities with ease, Workforce Central 7 delivers on all fronts.
Accelerated SMB sector performance - In the past 15 months, Kronos launched its SMB partner network and its Workforce Ready SaaS offering for the SMB sector. By all measures, the company is outperforming expectations in the SMB sector, bringing hundreds of new organizations onto the workforce management platforms every quarter.
Global workforce management momentum - International product bookings increased year over year, with excellent momentum in Australia as both new customers signed on and existing customers expanded their use of Kronos. China also had a very strong quarter, including a major win with a global operator of theme parks. All international regions are seeing strong demand for the Kronos Cloud.
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