Investment Research report

The Ultimate Software Group, Inc.

NASDAQ:
ULTI
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Research Overview

INDEX:
S&P 500
Sector:
Technology
Position:
Short
Date:
Dec 13, 2016

After conducting a forensic financial and accounting review, Spruce Point believes The Ultimate Software Group, Inc. (Nasdaq: ULTI), a software company, is facing financial headwinds and experiencing aggressive software development cost capitalization. Based on our investigation, we estimate a 20% to 45% downside risk.

The report highlights several key concerns with the company, including:

  • Data shows suspiciously high margins in the face of public contracts received through FOIA requests
  • Evidence of aggressive capitalization of R&D and sales commissions
  • We find substantial governance issues
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