Paylocity Holding Corp (PCTY) Reports Q1 2024 Earnings: Revenue Up 25% YoY
Paylocity Holding Corp (NASDAQ:PCTY) reports Q1 2024 total revenue of $317.6 million, a 25% increase YoY.
Recurring & other revenue for Q1 2024 was $291.7 million, up 19% YoY.
GAAP net income for Q1 2024 was $34.5 million or $0.61 per share.
Cash and cash equivalents totaled $305.0 million as of the first quarter of fiscal year 2024.
On November 2, 2023, Paylocity Holding Corp (NASDAQ:PCTY), a leading provider of cloud-based HCM and payroll software solutions, announced its financial results for the first quarter of fiscal year 2024, which ended on September 30, 2023.
Financial Performance
The company reported a total revenue of $317.6 million for Q1 2024, marking a 25% increase from the first quarter of fiscal year 2023. The recurring & other revenue was $291.7 million, up 19% YoY. The GAAP operating income was $41.2 million and non-GAAP operating income was $86.9 million in the first quarter of fiscal year 2024.
Net Income and Adjusted EBITDA
The GAAP net income was $34.5 million or $0.61 per share in the first quarter of fiscal year 2024 based on 56.9 million diluted weighted average common shares outstanding. The Adjusted EBITDA, a non-GAAP measure, was $104.9 million in the first quarter of fiscal year 2024.
Balance Sheet and Cash Flow
As of the first quarter of fiscal year 2024, the company's cash and cash equivalents totaled $305.0 million. The cash flow from operations for the first three months of fiscal year 2024 was $62.1 million compared to $16.4 million for the first three months of fiscal year 2023. As of September 30, 2023, Paylocity had no long-term debt and had not drawn on its credit facility.
Business Outlook
For the second quarter of 2024, Paylocity expects total revenue to be in the range of $322.5 million to $326.5 million, representing approximately 19% growth over fiscal year 2023 second quarter total revenue. The Adjusted EBITDA is expected to be in the range of $100.0 million to $103.0 million. For the full fiscal year 2024, the company expects total revenue to be in the range of $1.405 billion to $1.410 billion, representing approximately 20% growth over fiscal year 2023 total revenue. The Adjusted EBITDA is expected to be in the range of $474.0 million to $478.0 million.
CEO's Commentary
Co-Chief Executive Officer of Paylocity, Steve Beauchamp, commented on the results:
Our solid results continued into fiscal 24, with total revenue growth of 25% and recurring revenue growth of 19%, as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the marketplace."
Explore the complete 8-K earnings release (here) from Paylocity Holding Corp for further details.
This article first appeared on GuruFocus.
