Business
Paylocity Announces First Quarter Fiscal Year 2021 Financial Results
Q1 2021 Recurring & Other Revenue of $134.9 million, up 11% year-over-yearQ1 2021 Total Revenue of $135.8 million, up 7% year-over-year SCHAUMBURG, Ill., Nov.
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q1 2021 Recurring & Other Revenue of $134.9 million, up 11% year-over-yearQ1 2021 Total Revenue of $135.8 million, up 7% year-over-year SCHAUMBURG, Ill., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HR and payroll software solutions, today announced financial results for the first quarter of fiscal year 2021, which ended September 30, 2020.\n “Despite the challenges of the COVID-19 pandemic, we are off to a strong start in fiscal 2021, with 11% growth in recurring & other revenue and 7% total revenue growth. Our sales team continues to perform well and gain momentum during the busy Fall selling season, and we continue to be pleased with the velocity we’re seeing within our product suite, as we focus on being the most modern HCM platform. At our virtual Elevate Client Conference in September we announced the addition of Premium Video, which will give clients the ability to record, upload and embed videos across our HCM product suite. The launch of Premium Video will increase our PEPY from $400 to $420 and we remain confident and committed to reaching our target PEPY of $500 by both further expanding our product suite and adding features and functionalities to existing products,” said Steve Beauchamp, Chief Executive Officer of Paylocity. First Quarter Fiscal 2021 Financial Highlights Revenue: Total revenue was $135.8 million, an increase of 7% from the first quarter of fiscal year 2020.Recurring & other revenue was $134.9 million, representing 99% of total revenue and an increase of 11% from the first quarter of fiscal year 2020. Operating Income: GAAP operating income was $3.4 million and Non-GAAP operating income was $21.4 million in the first quarter of fiscal year 2021. Net Income: GAAP net income was $12.5 million or $0.22 per share for the three months ended September 30, 2020 based on 56.1 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $30.9 million in the first quarter of fiscal year 2021. Balance Sheet and Cash Flow: Cash, cash equivalents and invested corporate cash totaled $242.7 million as of the end of the quarter. $100 million outstanding at the end of the quarter under our credit facility. Cash flow from operations for the first quarter of fiscal year 2021 was ($1.6) million co...