Business
Paylocity Announces First Quarter Fiscal Year 2022 Financial Results
Q1 2022 Recurring & Other Revenue of $180.8 million, up 34% year-over-yearQ1 2022 Total Revenue of $181.7 million, up 34% year-over-year SCHAUMBURG, Ill.,
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q1 2022 Recurring & Other Revenue of $180.8 million, up 34% year-over-yearQ1 2022 Total Revenue of $181.7 million, up 34% year-over-year SCHAUMBURG, Ill., Nov. 04, 2021 (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 2022, which ended September 30, 2021. “We are off to a very strong start in fiscal 2022 with recurring and total revenue up 34% versus Q1 of last fiscal. Our value proposition of providing the most modern platform in the industry is resonating with clients and prospects of all sizes. During the quarter we also completed the acquisition of Blue Marble, a leading global payroll provider, to further support companies in managing and paying their employees outside the U.S. In October we also held our virtual Elevate Client Conference where we hosted a record number of attendees and highlighted numerous enhancements across our product suite,” said Steve Beauchamp, Chief Executive Officer of Paylocity. First Quarter Fiscal 2022 Financial Highlights Revenue: Total revenue was $181.7 million, an increase of 34% from the first quarter of fiscal year 2021.Recurring & other revenue was $180.8 million, an increase of 34% from the first quarter of fiscal year 2021. Operating Income: GAAP operating income was $10.3 million and Non-GAAP operating income was $36.2 million in the first quarter of fiscal year 2022. Net Income: GAAP net income was $30.9 million or $0.55 per share for the three months ended September 30, 2021 based on 56.5 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $46.1 million in the first quarter of fiscal year 2022. Balance Sheet and Cash Flow: Cash, cash equivalents and invested corporate cash totaled $69.6 million as of the end of the quarter.Cash flow from operations for the first quarter of fiscal year 2022 was ($4.1) million compared to ($1.6) million for the first quarter of fiscal year 2021. A reconciliation of GAAP to non-GAAP financial measures has been provided in this press release, including the accompanying tables. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.” Business Outlook Based on information available as of No...