Business
Paylocity Announces First Quarter Fiscal Year 2023 Financial Results
Q1 2023 Recurring & Other Revenue of $245.4 million, up 36% year-over-yearQ1 2023 Total Revenue of $253.3 million, up 39% year-over-year SCHAUMBURG, Ill.,
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q1 2023 Recurring & Other Revenue of $245.4 million, up 36% year-over-yearQ1 2023 Total Revenue of $253.3 million, up 39% year-over-year SCHAUMBURG, Ill., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HCM and payroll software solutions, today announced financial results for the first quarter of fiscal year 2023, which ended September 30, 2022. \"Our strong sales momentum continued into the first quarter of fiscal 2023, with recurring and other revenue growth of 36% and total revenue growth of 39%, as our differentiated value proposition of providing the most modern software in the industry continues to resonate in the marketplace. In September we held our annual Elevate Client Conference, where we hosted a record 4,000 clients, prospects, and partners to more than 100 virtual and in-person sessions over the course of two days. The prevailing topic throughout the Conference was the notion of leveraging software to enhance culture and connect employees more efficiently across an organization. At Elevate we also highlighted several new product enhancements across our suite, including a new centralized video hub to review, edit and share content, several additional communication features in Community, and our My Insights feature, which allows clients to customize their dashboards. Each of these product enhancements are specifically focused on driving a more modern Connected HR experience at both the employee and company level,” said Steve Beauchamp, Co-Chief Executive Officer of Paylocity. First Quarter Fiscal 2023 Financial Highlights Revenue: Total revenue was $253.3 million, an increase of 39% from the first quarter of fiscal year 2022.Recurring & other revenue was $245.4 million, an increase of 36% from the first quarter of fiscal year 2022. Operating Income: GAAP operating income was $7.1 million and Non-GAAP operating income was $55.1 million in the first quarter of fiscal year 2023. Net Income: GAAP net income was $30.4 million or $0.54 per share in the first quarter of fiscal year 2023 based on 56.7 million diluted weighted average common shares outstanding. Adjusted EBITDA: Adjusted EBITDA, a non-GAAP measure, was $66.6 million in the first quarter of fiscal year 2023. Balance Sheet and Cash Flow: Cash and cash equivalents totaled $65.5 million as of the fi...