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Paylocity Announces First Quarter Fiscal Year 2020 Financial Results
Q1 2020 Total Revenue of $126.7 million, up 26% year-over-year SCHAUMBURG, Ill., Oct. 30, 2019 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq:
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q1 2020 Total Revenue of $126.7 million, up 26% year-over-year SCHAUMBURG, Ill., Oct. 30, 2019 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of payroll and human capital management software solutions, today announced financial results for the first quarter of fiscal year 2020, which ended September 30, 2019.\n “We had a nice start to fiscal 2020, with $126.7 million in total revenue and 26% revenue growth over the first quarter of last fiscal year,” said Steve Beauchamp, Chief Executive Officer of Paylocity. “Last week we hosted a record number of attendees at our annual Elevate Client Conference, where we continued our commitment to providing innovative software that appeals to the modern workforce by announcing a number of enhancements across our platform, including the launch of Community, an employee-focused social communication platform designed for clients to increase employee connection, engagement and productivity.” First Quarter Fiscal 2020 Financial Highlights Revenue: Total revenue was $126.7 million, an increase of 26% from the first quarter of fiscal year 2019.Total recurring and other revenue was $121.9 million, representing 96% of total revenue and an increase of 26% from the first quarter of fiscal year 2019. Operating Income: GAAP operating income was $6.0 million in the first quarter of fiscal year 2020 versus $3.8 million in the first quarter of fiscal year 2019.Non-GAAP operating income was $21.5 million in the first quarter of fiscal year 2020 versus $15.3 million in the first quarter of fiscal year 2019. Net Income: GAAP net income was $13.9 million or $0.25 per share for the three months ended September 30, 2019 based on 55.7 million diluted weighted average common shares outstanding versus $9.9 million or $0.18 per share for the three months ended September 30, 2018 based on 55.5 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $30.5 million in the first quarter of fiscal year 2020 versus $23.3 million in the first quarter of fiscal year 2019. Balance Sheet and Cash Flow: Cash, cash equivalents and invested corporate cash totaled $131.1 million as of the end of the quarter.Cash flow from operations for the first quarter of fiscal year 2020 was $8.3 million compared to $7.3 million for the first quar...