Business
Paylocity Announces Fourth Quarter and full Fiscal Year 2023 Financial Results
Q4 2023 Recurring & Other Revenue of $282.0 million, up 24% year-over-yearQ4 2023 Total Revenue of $308.5 million, up 35% year-over-yearFY 2023 Recurring &
About this update from Paylocity Holding Corporation
[{"type":"text","content":"Q4 2023 Recurring & Other Revenue of $282.0 million, up 24% year-over-yearQ4 2023 Total Revenue of $308.5 million, up 35% year-over-yearFY 2023 Recurring & Other Revenue of $1,098.0 million, up 30% year-over-yearFY 2023 Total Revenue of $1,174.6 million, up 38% year-over-year SCHAUMBURG, Ill., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Paylocity Holding Corporation (Nasdaq: PCTY), a leading provider of cloud-based HCM and payroll software solutions, today announced financial results for the fourth quarter and full fiscal year 2023, which ended June 30, 2023. “Recurring & other revenue grew 30% in fiscal 23 as we continue to provide the most modern software in the industry. Our sustained investment in product development allows us to continue to expand our product suite, evidenced by the recent announcement of several new premium offerings and feature enhancements including Advanced Scheduling, Learning Management, and Market Pay. We’re also proud to see our commitment to ongoing product innovation recognized in the marketplace with Paylocity recently being named as a Leader in NelsonHall’s 2023 Next-Generation HCM Technology NEAT report for both the Small / Medium and Mid / Large market segments,” said Steve Beauchamp, Co-Chief Executive Officer of Paylocity. Key Recent Achievements FY 2023 Recurring & Other Revenue of $1,098.0 million, up 30% year-over-year.FY 2023 Total Revenue of $1,174.6 million, up 38% year-over-year.FY 2023 GAAP net income increased 55% to $140.8 million from $90.8 million in FY 2022 and $2.49 per diluted share from $1.61 in FY 2022.FY 2023 Adjusted EBITDA, a non-GAAP measure, increased 58% to $375.2 million from $237.8 million in FY 2022, or 31.9% of total revenue compared to 27.9% in FY 2022.FY 2023 Net cash provided by operating activities of $282.7 million.FY 2023 Free Cash Flow, a non-GAAP measure, of $215.8 million or 18.4% of total revenue.Ending FY 2023 cash and cash equivalents balance of $288.8 million.Updated financial targets given sustained revenue growth, increasing profitability and scale. Long-Term Financial Targets (1)(2) Previous Target Updated TargetTotal revenue growth20% + 20% +Adjusted gross profit70 - 75% 75 - 80%Non-GAAP total research and development10 - 15% 10 - 15%Non-GAAP sales and marketing20 - 25% 20 - 25%Non-GAAP general and administrative10 - 15% 5 - 10%Adjusted EBITDA30 - 35% 35 - 4...