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FINANCIAL HIGHLIGHTS

*The term, "Non-GAAP Operating Income," is a non-GAAP financial measure that is defined by Ultimate as operating income excluding stock-based compensation expense and amortization of acquired intangibles. For more detail, see "Non-GAAP Measures" and "Unaudited Reconciliation of Non-GAAP Measures" in Note 4 of Notes at the end of this annual report.

14-YEAR FINANCIAL PERFORMANCE

ULTIMATE SOFTWARE // 2015 ANNUAL REPORT